TCRAP_Public/120425.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, April 25, 2012, Vol. 15, No. 82

                            Headlines


A U S T R A L I A

COOROY MOUNTAIN: White Knight Buys Business; 60 Jobs Saved
GROOVE TRAIN: Restaurant Shuts Door; Franchisee in Liquidation
INSYDE RESTAURANT: Three Directors Face Insolvent Trading Claims
LOYVIC PTY: S&P Puts 'BB+' Senior Secured Debt Rating on Watch
ULTIMATE DESIGN: In Liquidation; Unlikely to Pay 60 Creditors


C H I N A

CDC CORP: Wants to Sell Certain Assets of Non-Debtor Affiliates
CHINA TEL GROUP: Unit Has Cooperation Agreement with Aerostrong
SHENGDATECH INC: Has Until June 18 to Propose Chapter 11 Plan
MIE HOLDINGS: Fitch Affirms LTFC Issuer Default Rating at 'B'
SHENGDATECH INC: Posts $611,000 Net Loss in March 2012


H O N G  K O N G

EAST ASIA: Seng and Cheng Step Down as Liquidators
EASYNET TELECO: Placed Under Voluntary Wind-Up Proceedings
EMP-DAIWA CAPITAL: Commences Wind-Up Proceedings
CHEMTURA (HK): Commences Wind-Up Proceedings
C K & W LTD: Creditors' Proofs of Debt Due May 21

CORINTHIAN MARKETING: Members' Final Meeting Set for May 22
DEFOND ELECTRONICS: Creditors' Proofs of Debt Due May 21
FOOK CHUEN: Creditors' Proofs of Debt Due May 21
HIGHGRADE DEVELOPMENT: Commences Wind-Up Proceedings
MATE PLASTICS: Placed Under Voluntary Wind-Up Proceedings


I N D I A

B. A. HOSPITAL: ICRA Assigns '[ICRA]D' Rating to INR7.3cr Loan
BOHRA INDUSTRIES: ICRA Puts 'BB+' Rating on INR38.89cr Loans
CENTURY PHARMA: ICRA Reaffirsm 'BB+' Rating on INR10.25cr Loans
CHEMROW INDIA: Fitch Affirms Nat'l Long-Term Rating at 'B+'
E&C PROJECTS: ICRA Puts '[ICRA]B-' Rating on INR5.5cr Loans

EPICENTER TECH: ICRA Cuts Rating on INR14.75cr Loan to 'D'
LOGIX ESTATES: ICRA Assigns '[ICRA]B+' Rating to INR200cr Loan
MR LAKSHMAN: ICRA Raises Rating on INR11cr Loan to '[ICRA]C'
NEW TESTAMENT: ICRA Assigns '[ICRA]B-' Rating to INR15cr Loans
OM AGRO: Delays in Loan Payment Cues ICRA to Assign Junk Ratings

PAREKH GOLD: Delays in Loan Payment Cues ICRA Junk Ratings
PIONEER AUTO: ICRA Puts '[ICRA]BB' Rating on INR5cr Loan
REAL DIAMOND: Delays in Loan Payment Cues ICRA Junk Ratings
SARTHEE INFRA: ICRA Rates Cash Credit Loan at '[ICRA]BB'
SUNTECH INDUSTRIES: ICRA Places 'BB+' Rating on INR8.9cr Loans

UNIQUE WELDING: ICRA Puts 'BB-' Rating on INR7.38cr Loans


I N D O N E S I A

PT PERTAMINA: S&P Gives 'BB+' Rating on Senior Unsecured Notes
REPUBLIC OF INDONESIA: S&P Affirms 'BB+' Sovereign Credit Rating


J A P A N

DTC TWO: S&P Raises Rating on Class E Notes to 'BB+'
SHINOHARA MACHINERY: Hans Gronhi Buys Firm Out of Bankruptcy
TOYO CORP: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Stable


N E W  Z E A L A N D

MANCHESTER UNITY: S&P Affirms 'B+/B' Issuer Credit Ratings


P H I L I P P I N E S

BANCO FILIPINO: PDIC Files Criminal Charges Vs 8 Former Execs


S I N G A P O R E

BINJAI CREST: Creditors' Proofs of Debt Due May 21
FORGLOW BUILDERS: Court Enters Wind-Up Order
GPPV GLOBAL: Creditors' Proofs of Debt Due May 18
GPPV SOLAR : Creditors' Proofs of Debt Due May 18
HARTMANN ASIA: Creditors' Proofs of Debt Due May 21

JOINT PILING: Creditors' Proofs of Debt Due May 4


T A I W A N

CHINA BILLS: Fitch Affirms Support Rating Floor at 'B+'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
=================


COOROY MOUNTAIN: White Knight Buys Business; 60 Jobs Saved
----------------------------------------------------------
Bill Hoffman at Noosa News reports that seven months of gnawing
anxiety have ended for Cooroy Mountain Spring Water workers such
as production manager Allistair Chapman and maintenance manager
Greg Milinz.

Noosa News says staff morale is bubbling as brightly as the pure
waterfall cascading through their worksite.

No longer will the 60 employees be plagued by questions about
their work security after local white knight Peter Lavin agreed
to buy the troubled business that had gone into liquidation,
according to the report.

Noosa News reports that Mr. Lavin signed contracts on April 19
that will effectively ensure the company, which also produces the
102-year-old Wimmers soft drink line, does not fall into the
hands of the multi-national bottlers like Coca-Cola Amatil.

"It's been great news and the morale now is really good, there'll
probably be a night out to celebrate at the local pub when the
deal settles," the report quotes Mr. Chapman as saying.

                       About Cooroy Mountain

Cooroy Mountain Group employed between 70 and 100 staff, and has
operated from Cooroy Mountain since 1991, which also includes
Wimmers Soft Drink and Cooroy Mountain Transport.

Cooroy Mountain Group and four of its companies, including Cooroy
Mountain Spring Water, were placed in administration early in
September 2011.  Robert Hutson of KordaMentha was appointed
administrator.


GROOVE TRAIN: Restaurant Shuts Door; Franchisee in Liquidation
--------------------------------------------------------------
Cameron Best at geelongadvertiser.com.au reports that the Groove
Train restaurant unexpectedly shut its doors on April 16 and the
company holding the franchise placed into liquidation.

Liquidator PKF Australia has begun the process of winding up the
company GT 10 Geelong Pty Ltd, but was hopeful of finding a new
operator, the report relates.

"Our priority is to see if we could get the doors open again so
it is in everyone's interests if we can get a deal as quickly as
possible," the report quotes Luke Targett, a partner at PKF, as
saying. "Obviously there's a tremendous fit-out there and we're
in discussions with the franchisor to see if we can find someone
to take the restaurant over."

Mr. Targett said the fate of the Groove Train's employees was
unknown, geelongadvertiser.com.au notes.

The Groove Train is one of Geelong's largest restaurants.  It is
franchised in Victoria and Queensland, with new restaurants
recently opening in Bendigo, South Yarra and Surfers Paradise.


INSYDE RESTAURANT: Three Directors Face Insolvent Trading Claims
----------------------------------------------------------------
brisbanetimes.com.au reports that three directors of failed
Insyde Restaurant Group may face allegations of insolvent
trading.

According to the report, liquidator BRI Ferrier is investigating
possible insolvent trading by the directors of the group, which
operated Siana City and Boardwalk Bar and Bistro restaurants
based in the Riparian Plaza complex on Eagle Street.

Joint liquidator Ian Currie told brisbanetimes.com.au the trio
are being investigated as to whether the former company directors
are capable of compensating out-of-pocket creditors.

brisbanetimes.com.au recalls that Siana City and Boardwalk Bar
and Bistro were closed in February this year, leaving 65
employees without work, less than six months after the ground-
level bistro had been completely refurbished due to major flood
damage.

The company was also forced to close its three Fortitude Valley
restaurants including Siana Valley, Agave Mexican Bar and Grill
and The Black Espresso coffee company, owing AUD10 million to
hundreds of creditors, the report notes.

Insyde Restaurant Group operates four bars and restaurants and
two coffee shops in Brisbane.


LOYVIC PTY: S&P Puts 'BB+' Senior Secured Debt Rating on Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services' 'BB+' senior secured debt
ratings on LoyVic Pty Ltd. and IPM Australia Ltd. have been
placed on CreditWatch with negative implications. LoyVic and IPM
are respectively the financing and trading arms of the Loy Yang B
joint venture (LYB) that owns and operates the 1,000 megawatt
brown coal-fired power plant in the Australian State of Victoria.
LYB's owners comprise Mitsui Corp. (30% share) and International
Power PLC, with a 70% share (IPR; BBB-/Watch Pos). IPR is in turn
70% owned by GDF SUEZ (A/Stable/A-1).

"The CreditWatch reflects the ongoing refinancing uncertainty of
the project's AUD1.1 billion debt due June 30, 2012," Standard &
Poor's credit analyst Richard Creed said. "However, supporting
the rating is our view that LYB's owners would support the asset
if required, as LYB is an important component of their wider
portfolio. Moreover, we consider that LYB has a favorable cost-
competitive position among base load coal plants in Australia,
good age profile, and benefits from the pricing agreement with
Victoria (expiring October 2016)."

"We believe the terms and conditions of any refinance are still
uncertain including the: pricing, tenor, and amount of debt that
the project will carry after a refinance. We consider that the
impending carbon-abatement scheme coupled with the transition of
LYB to a full merchant plant in October 2016 has reduced the
debt-carrying capacity of the plant. Nonetheless, bolstering
LoyVic's capital structure and liquidity are its available
undistributed cash of about A$100 million and A$116.9 million
compensation from the carbon scheme that is expected to be
received before the end of June 2012," S&P said.

"To resolve the CreditWatch, we would need to assess the impact
of the final terms and conditions of any debt refinance.
Notwithstanding our expectations that the new debt terms and
costs will be more onerous, the rating outlook could return to
stable if we consider the amount and structure of the debt
matched the ongoing business risk, and the project sponsors
demonstrated ongoing support," S&P said.

Mr. Creed added: "We could lower the rating by up to two notches
if new debt terms, such as tight covenants, materially weakened
the project. Downward pressure could also arise if the sponsors
were to take all surplus cash without any offsetting tangible
support. In addition, should there be no material uplift in power
prices when the plant becomes fully merchant in October 2016,
there could also be downward pressure on creditworthiness."

"Importantly, if the project has not obtained some form of
indicative credit approval from lenders by the end of May, the
rating is likely to fall by multiple notches because of the
impending debt maturity," S&P said.


ULTIMATE DESIGN: In Liquidation; Unlikely to Pay 60 Creditors
-------------------------------------------------------------
The Border Mail reports that more than 60 Border and North East
businesses face losing more than AUD600,000 after Ultimate Design
& Build was placed into voluntary liquidation.

Ultimate Design owes AUD729,962.12 to 91 creditors, according to
the report.

The Border Mail discloses that a creditor listing shows The City
of Wodonga is owed AUD1,150.30.

One creditor told The Border Mail he had given up hope of
recouping any of his money.

According to the report, creditors were last week told in a
letter from liquidator Chris Chamberlain, of Chamberlain's SBR,
that Ultimate Design & Build had been placed into voluntary
liquidation.

Ultimate Design & Build is responsible for some the Border's most
prominent modern commercial buildings, including the Trotman
Building in Wodonga, Albury's Centrepoint Arcade and the Wodonga
Central building on Watson Street.  Jeffery Spierings is listed
as a company director in an Australian Securities and Investments
Commission form.


=========
C H I N A
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CDC CORP: Wants to Sell Certain Assets of Non-Debtor Affiliates
---------------------------------------------------------------
BankruptcyData.com reports that CDC Corp. filed with the U.S.
Bankruptcy Court a motion for approval of procedures related to
the sale of certain assets owned by some of the Debtor's non-
Debtor subsidiaries in the Games and Global Services groups of
companies and of the shares of those non-Debtor subsidiaries.

Many of these companies relied on their business relationships
with CDC Software, which relationships no longer exist following
the Sale of CDC to Archipelago Holdings in March 2012, according
to the filing obtained by BankruptcyData.com.

                        About CDC Corp.

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at US$100 million
to US$500 million as of the Chapter 11 filing.

The Official Committee of Equity Security Holders of CDC
Corporation is represented by Troutman Sanders.  The Committee
tapped Morgan Joseph TriArtisan LLC as its financial advisor.


CHINA TEL GROUP: Unit Has Cooperation Agreement with Aerostrong
---------------------------------------------------------------
Beijing Yunji Communications Technical Service Co., Ltd., a
wholly owned subsidiary of VelaTel Global Communications, Inc.,
formerly known as China Tel Group Inc., entered into a Strategic
Cooperation Agreement with Aerostrong Company Limited.  The
material terms of the Agreement are:

   1. The Parties will cooperate on application of jointly
      approved wireless broadband projects for which the rights
      and obligations of each Party will be set forth in a
      separate Project Agreement.  The initial Cooperation
      Projects the Parties agree to develop are: (a) Digital
      Lijiang management platform project in Guangxi Autonomous
      Region; (b) Shen Hua wireless broadband special network
      project for railway; and (c) overload wireless broadband
      surveillance projects in Shanxi Province.

   2. For each Cooperation Project, Aerostrong will be
      responsible for the development and follow-up of
      governmental markets and industrial markets.

   3. The term of the Agreement is from April 19, 2012, until all
      projects are completed and Yunji receives the last payment
      from Aerostrong.  During the term, neither Party has the
      right to terminate the Agreement except in the event of
      breach by the other Party or the business operation term of
      the other Party expires or is otherwise discontinued.
      Early termination due to breach will not affect the right
      of a Party to pursue legal liability of the other Party.

   4. For each Project, Aerostrong will: (a) prepare relevant
      materials required by clients, send relevant staff to
      coordinate with Yunji for implantation of relevant work,
      and bear relevant T&L costs; (b) where Aerostrong signs a
      Project Agreement with a project owner, remit payment to
      Yunji from payments it receives from the owner according to
      the agreement between Aerostrong and Yunji for that
      Project; and (c) designate a contact person to communicate
      with Yunji at all times during implementation of a Project.

   5. For each Project, Yunji will: (a) cooperate with Aerostrong
      and provide necessary information; (b) during development
      of Cooperation Projects, prepare tender documents,
      equipment cost estimates, site surveys, engineering cost
      estimates, overall budget control, and bear relevant costs;
      (c) during its service to Aerostrong, strictly comply with
      Chinese laws, regulations and relevant policies,
      particularly those regulations in relation with internet
      operation security, information security and state
      security, and accept supervision and to relevant advice
      from Aerostrong; and (d) designate a contact person to
      communicate with Yunji at all times during implementation
      of a Project.

   6. With the exception of information that has already come
      into the public domain through no fault or disclosure by
      the receiving party, all information provided by both
      Parties will be deemed business secret and will only be
      used for purposes of the Cooperation Projects.  Neither
      party will disclose any information to a third party,
      unless the other Party has agreed in writing, and will be
      liable for any losses caused by its unauthorized
      disclosure.

   7. Any amendment of the Agreement will be in writing in the
      form of a Supplementary Agreement.  All documents between
      the Parties will be in Chinese.

A fully executed copy of the Agreement is available for free at:

                        http://is.gd/xYH045

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

The Company reported a net loss of $21.79 in 2011, compared with
a net loss of $66.62 million in 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$12.83 million in total assets, $22.76 million in total
liabilities and a $9.92 million total stockholders' deficiency.

For 2011, Kabani & Company, Inc., in Los Angeles, California,
expressed substantial doubt as to the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has incurred a net loss for the year ended Dec. 31,
2011, cumulative losses of $253,660,984 since inception, a
negative working capital of $16,386,204 and a stockholders'
deficiency of $9,928,838.


SHENGDATECH INC: Has Until June 18 to Propose Chapter 11 Plan
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada extended
ShengdaTech, Inc.'s exclusive periods to file and solicit
acceptances for the proposed chapter 11 plan until June 18, 2012,
and Sept. 12, respectively.

As reported in the Troubled Company Reporter on Feb. 28, 2012,
the Debtor explained that though it has made progress, given the
unique complexities of the Chapter 11 case, including issues
related to the recovery of assets in the People's Republic of
China, the Debtor needs additional time to develop and negotiate
a plan of reorganization with its key creditor constituencies,
including the Committee, other key constituencies and the
Securities and Exchange Commission.

                        About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and
US$180.9 million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in the TCR on Sept. 7, 2011, the United States
Trustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (in
its role as indenture trustee for bondholders), and Zazove
Associates, LLC, to serve on the Official Committee of Unsecured
Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.


MIE HOLDINGS: Fitch Affirms LTFC Issuer Default Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has affirmed China-based MIE Holdings Corporation's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B'
with a Stable Outlook.  Its USD400m 9.75% due 2016 senior notes
have also been affirmed at 'B' with a Recovery Rating of 'RR4'.

The ratings reflect the upstream nature of MIE's operations and
the consequent exposure to potential oil price volatility.  The
ratings also reflect that its proven reserves and production
levels are in line with other oil and gas companies rated in the
'B' category. At end-2011, MIE had proven reserves of 61 million
barrels (2010: 34 million).  During 2011, the total net
production was 4.14 million barrels, including output from the
newly acquired Emir Oil in Q411.

The acquisition of Kazakhstani producer Emir Oil in September
2011 has expanded MIE's operating scale, and Fitch notes that
execution risks associated with the acquisition are decreasing.
The latter view is based on the smooth integration of Emir Oil
with MIE in the first phase and contribution from its Kazakhstani
assets since Q411.  The benefits of the acquisition have been
incorporated into the current ratings.

Despite its oil production in Kazakhstan, MIE's Chinese
operations remain the key source of cash inflow. MIE operates
three oilfields with low permeability reservoirs in China under
production-sharing contracts (PSC) with PetroChina Company
Limited ('A+'/Stable).  This high concentration of production
assets makes it vulnerable to operational disruptions.  On the
other hand, its low-cost production in China, its established
track record, and its long-term relationship with a strong
counterparty (PetroChina) provide significant support to MIE's
ratings.

The Stable Outlook reflects Fitch's expectations that MIE will
maintain a financial profile appropriate for its current ratings.
Although production from its newly acquired Kazakhstan assets is
trailing somewhat behind Fitch's initial expectations, MIE's cash
generation is benefiting from high oil prices and tax savings
from changes to the windfall tax regime in China.

MIE's ratings may be downgraded if funds from operations (FFO)-
adjusted net leverage rises above 3.0x and if FFO gross interest
cover falls below 4.5x, both on a sustained basis.  Material
adverse changes in the regulatory environment would also result
in downward rating pressure.

No positive rating action is expected in the next 12 to 18 months
given MIE's limited operating scale. Over the medium-term, a
positive rating action may be considered if MIE's proven reserves
increase to 200 million barrels of oil equivalent (boe) and
average daily production increase to 80,000 boe per day while
maintaining FFO-adjusted net leverage and net debt/operating
EBITDAR below 1.5x and 1.0x, respectively, and FFO gross interest
cover over 8.0x.

Fitch's Recovery Rating of 'RR4' currently assumes no prior-
ranking debt in the near term.  If material senior ranking debt
were to be raised by subsidiaries in the future, the instrument's
rating and Recovery Rating may be negatively affected.


SHENGDATECH INC: Posts $611,000 Net Loss in March 2012
------------------------------------------------------
BankruptcyData.com reports that ShengdaTech Inc. filed with the
U.S. Bankruptcy Court a monthly operating report for March 2012.
For the period, the Company reported a net loss of $611,000 on
zero revenue.

                        About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in the TCR on Sept. 7, 2011, the United States
Trustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (in
its role as indenture trustee for bondholders), and Zazove
Associates, LLC, to serve on the Official Committee of Unsecured
Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.


================
H O N G  K O N G
================


EAST ASIA: Seng and Cheng Step Down as Liquidators
--------------------------------------------------
Seng Sze Ka Mee Natalia and Cheng Pik Yuk stepped down as
liquidators of East Asia Property Development (Shanghai) Limited
on April 14, 2012.


EASYNET TELECO: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on April 2, 2012,
creditors of Easynet Telecommunications (Hong Kong) Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

         Nicholas James Gronow
         Fok Hei Yu
         FTI Consulting (Hong Kong) Limited
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


EMP-DAIWA CAPITAL: Commences Wind-Up Proceedings
------------------------------------------------
Members of EMP-Daiwa Capital Asia Limited, on April 11, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


CHEMTURA (HK): Commences Wind-Up Proceedings
--------------------------------------------
Members of Chemtura (HK) Holding Co Limited, on April 16, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Lau Wu Kwai King Lauren
         Yuen Tsz Chun Frank
         c/o Messrs. KLC Kennic Lui & Co
         5/F, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


C K & W LTD: Creditors' Proofs of Debt Due May 21
-------------------------------------------------
Creditors of C K & W Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 21,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 12, 2012.

The company's liquidator is:

         Cheng Siu Kau
         9th Floor, 39 Robinson Road
         Hong Kong


CORINTHIAN MARKETING: Members' Final Meeting Set for May 22
-----------------------------------------------------------
Members of Corinthian Marketing HK Limited will hold their final
general meeting on May 22, 2012, at 2:30 p.m., at 29th Floor,
Caroline Centre, Lee Gardens Two, at 28 Yun Ping Road, in Hong
Kong.

At the meeting, Osman Mohammed Arab, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DEFOND ELECTRONICS: Creditors' Proofs of Debt Due May 21
--------------------------------------------------------
Creditors of Defond Electronics Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 21, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 10, 2012.

The company's liquidator is:

         Tsang Ming Chit Stanley
         5/F, Chaiwan Industrial Centre
         20 Lee Chung Street
         Chai Wan, Hong Kong


FOOK CHUEN: Creditors' Proofs of Debt Due May 21
------------------------------------------------
Creditors of Fook Chuen Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 21, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 12, 2012.

The company's liquidator is:

         Wong Yuk Ying
         Chan On Ki
         11th Floor, Fortis Tower
         77-79 Gloucester Road
         Hong Kong


HIGHGRADE DEVELOPMENT: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Highgrade Development Limited, on April 11, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Chan Wai Hing
         Kenneth Graeme Morrison
         c/o Mazars Corporate Recovery &
         Forensic Services Limited
         42/F, Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


MATE PLASTICS: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on April 13, 2012,
creditors of Mate Plastics Manufacturing Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         James Wardell
         Jackson Ip
         Room 1601-1602, 16/F
         One Hysan Avenue
         Causeway Bay, Hong Kong


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B. A. HOSPITAL: ICRA Assigns '[ICRA]D' Rating to INR7.3cr Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]D' to the
INR7.30 crore bank lines of B. A. Hospital & Training Centre.

The rating action reflects the weak financial profile of the
company resulting in its inability to honor its interest
obligations and term loan repayments on time. Further, the rating
is constrained by the fact that B. A. Hospital is yet to
demonstrate its ability to achieve targeted occupancies and
generate adequate cashflows. Nevertheless, ICRA draws comfort
from the location advantage of the hospital by virtue of it being
15 km from the Mangalore city, and the quality of its
infrastructure.

Going forward, the company's ability to generate funds for timely
debt servicing and ability to attract and retain medical talent
as well as quickly ramp up its occupancy levels would be the key
sensitive factors for the rating.

                         About B. A. Hospital

B. A. Hospital & Training Centre was formed on Dec 04, 2008 under
the leadership of Mr. B Ahmed Hajee Mohiudeen with the aim to
provide medical facilities to the residents of Thumbay and other
nearby villages. B. A. Hospital & Training Centre has hundred
inpatient beds, twelve bedded intensive care units (ICUs)
diagnostic units, operation theaters and labour theaters.  In
addition the hospital comprises of departments like Gynecology &
Pediatrics, Medicine and Surgery, Dental Care, Casualty
& Trauma Centre.  The company is in discussion with Narayana
Hrudayalaya Hospitals for a prospective association for offering
the latter's cardiac services in the hospital premises in order
to boost the current occupancy levels of -30%.

Recent results

For FY2010-11, the company has reported an operating income of
INR0.63 crore and negative PAT of INR2.22 crore.


BOHRA INDUSTRIES: ICRA Puts 'BB+' Rating on INR38.89cr Loans
------------------------------------------------------------
ICRA has reaffirmed the ratings assigned to the bank lines of
Bohra Industries Limited at [ICRA]BB+/[ICRA]A4+. The outlook on
the long term rating is 'Stable'.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Term Loans             10.23         [ICRA]BB+ (Stable)
   Long-term Fund-based   28.66         [ICRA]BB+ (Stable)
    Limits
   Short-term Fund-based   6.0          [ICRA]A4
    Limits

The reaffirmation of ratings factors in the company's established
track record in the SSP business, proximity to indigenous source
for rock phosphate and healthy growth prospects for SSP industry
in India due to policy impetus to stimulate demand and improved
subsidy structure. However, the ratings are constrained by the
vulnerability of profitability to agro climatic & regulatory
risks associated with the fertiliser business; high financial
risk profile of BIL characterised by high gearing, tight
liquidity position & modest debt coverage indicators and past
track record of defaults and debt restructuring. ICRA also notes
that Government of India has reduced the subsidy on P&K
fertilisers for FY 2012-13 which translates into 30% reduction in
subsidy for SSP. In order to offset the impact of same, the
industry participants are in the process of increasing the MRP.
ICRA notes that BIL's liquidity position worsened during FY12 due
to significant delays in receipt of subsidy. However, the same is
expected to improve moderately due to lower reliance on subsidy
in the near term.

                      About Bohra Industries

Established in 2000, Bohra Industries Limited is engaged in the
manufacture of Single Super Phosphate fertiliser with plant in
Umara, near Udaipur (Rajasthan). The company has an installed
capacity of 2,00,000 tpa of SSP, 1,00,000 tpa of Granular SSP
(GSSP) and 1,00,000 tpa of NPK (Complex fertilisers).

Recent results:

BIL reported a turnover of INR47.78 crore and a net profit of
INR6.16 crore during 2010-11. Based on provisional unaudited
accounts, the company had a net profit of INR9.69 crore on a
turnover of INR55.04 crore in 2011-12.


CENTURY PHARMA: ICRA Reaffirsm 'BB+' Rating on INR10.25cr Loans
---------------------------------------------------------------
The rating of '[ICRA]BB+' has been reaffirmed to the INR8.00
crore cash credit facility (enhanced from INR7.00 crore) and
INR2.25 crore term loans facility (reduced from INR5.20 crore)
of  Century Pharmaceuticals Limited.  The rating of [ICRA]A4+ has
also been reaffirmed to the INR22.10 crore (enhanced from
INR15.10 crore) short-term, non-fund based limits of CPL. The
outlook on the long term rating is stable.

The reaffirmation of ratings takes into account the modest scale
of operations, although the same have witnessed healthy growth
with diversification into the export market; limited
profitability of the company which is further exposed to
volatility in raw material prices and currency fluctuations given
the high reliance on imports for meeting raw material
requirements. ICRA also notes that the product profile of the
company consists of relatively mature molecules which are exposed
to high competition;  the exposure to product  & therapeutic
segment  risks and  the recurring  biotech R&D expenditure and
uncertainty associated with the pay offs which have stretched the
company's cash flows.

The ratings continue to take into account the experience of the
promoter and the established position of the company in
manufacturing of APIs, particularly Erythromycin and other
macrolides; the established and diversified customer base of the
company, along with the recent diversification into export market
and addition of new customers which provides revenue visibility
going forward and the moderate financial profile characterized by
satisfactory gearing and moderate coverage indicators. The
ratings also favorably consider the moderate product pipeline of
the company as well as the likely benefits from setting up of the
US FDA approvable plant.  While assigning the ratings, ICRA has
also considered that the investments made by GVFL (Gujarat
Venture Finance Limited) in the form of Optionally Convertible
Debentures (OCDs), will be converted into equity shortly.

                  About Century Pharmaceuticals

Century Pharmaceuticals Limited, established in 1982, is engaged
in the manufacture and export of Active Pharmaceutical
Ingredients (APIs). The company's manufacturing facility is
located in GIDC Halol. The major products of the company are
Erythromycin and other higher macrolides, Oxytetracycline salts
and Chloramphenicol salts. In addition to the primary business of
manufacturing APIs, the company has also set up a Biotech R&D
facility in January 2008. The major shareholding in the company
is with the promoter, Mr. Janak Sheth, and family. Gujarat
Venture Finance Limited has provided venture funding of INR2.50
cr. to the company for the new biotech facility and US FDA
approvable plant and also holds 1.43% of the common equity of the
company.

Recent Results

For the year FY11, the company reported an operating income of
INR45.15 crore and profit after tax of INR1.32 crore.  During 10m
FY 2012 (provisional unaudited financials),  CPL reported an
operating income of INR41.91 crore and profit after tax of
INR0.88 crore.


CHEMROW INDIA: Fitch Affirms Nat'l Long-Term Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed Chemrow India Private Limited's
National Long-Term rating at 'Fitch B+(ind)'.  The Outlook is
Stable.

The ratings are constrained by CIPL's small scale of operations
and weak EBITDA margins.  The latter was due to the trading
nature of the company's business and volatility in ethylene vinyl
acetate (EVA, its key product) prices, which in turn depend upon
crude oil prices.  In the financial year ended March 2011 (FY11),
revenue was INR804.81m (FY10: INR631.8m) and EBITDA margin was
flat at 1.6%.  CIPL also faces high customer concentration as
around 40% of total revenue came from a single customer -- Azam
Rubber Products Ltd -- in FY11.

The ratings are also constrained by high forex risks as CIPL's
imports around 100% of its EVA requirements.  Fitch, however,
notes that CIPL has positioned itself as a key importer of EVA,
which contributed 52.7% to the FY11 revenue.  Domestic EVA
production capacity is limited and India's demand for EVA is met
mostly by imports.

The ratings draw comfort from CIPL's over 15 years of experience
in the trading of polymers for the domestic shoe industry.  The
ratings also draw comfort from 52.1% revenue growth over FY08-
FY11 and an improvement in net financial leverage in FY11 to
2.29x (FY10: 4.1x).  The latter was due to a decline in total
debt to INR30m from INR43m during the same period.  However, net
financial leverage is likely to have increased in FY12 due to
higher debt requirements in the year stemming from INR
depreciation against USD.  Also, CIPL's effective working capital
management is reflected by a negative net cash cycle of 4 days in
FY11 (FY10: negative 18 days).

Negative rating action may result from any adverse movements in
earnings or a stretch in working capital cycle leading to an
increase in financial leverage, and a fall in gross interest
coverage below 1.2x. Any significant forex losses on imports of
raw material, lowering cash accruals, would also be negative for
the ratings.  Positive rating action may result from an
improvement in operating EBITDA margins leading to an improvement
in gross interest coverage above 2x on a sustained basis.

CIPL's revenue is entirely driven by trading of chemicals. In
FY11, operations EBITDA stood at INR12.94m (FY10: INR9.7m) and
gross interest coverage was 1.63x (1.83x).

Fitch has also affirmed CIPL's bank loan ratings as follows:

  -- INR150 million non-fund-based limits (enhanced from
     INR125m): affirmed at 'Fitch B+(ind)'/'Fitch A4(ind)'

  -- INR30 million fund-based working capital limit (sub limit of
     the non-fund based limit, enhanced from INR10m): affirmed at
     'Fitch B+(ind)'/'Fitch A4(ind)'


E&C PROJECTS: ICRA Puts '[ICRA]B-' Rating on INR5.5cr Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]B-' rating to INR5.50 crore long term
fund based and non-fund based bank facilities of E&C Projects
Pvt. Ltd.  ICRA has also assigned an [ICRA] A4 rating to INR1.50
crore short term non-fund based bank facilities of ECP.

The assigned ratings are constrained by the company's high
dependence on a few orders, given its modest scale of operations,
which results in vulnerability of the company's revenues to the
execution delays as witnessed during 2011-12 with operating
income declining to -INR2.44 crore from INR12.26 crore in 2010-
11. Though the debt coverage indicators improved in 2010-11 due
to lower working capital borrowing which reduced the interest
expense; the debt coverage indicators are expected to remain
modest going forward as in the past given the leveraged capital
structure, low profitability and additional working capital
borrowing which would be required to fund the growth in
operations, which is working capital intensive. Since a part of
the total order value is retained by the customer as retention
money, the debtors of the company has remained high (35% of which
are outstanding for more than 6 months as on March 31, 2011),
which has resulted in working capital intensive nature of
operations.

Moreover, the operating profitability is expected to remain under
pressure on account of competitive pressure and limited
bargaining power with the customers, given the company's modest
positioning and limited track record. While the fixed priced
nature of orders exposes the operating profitability to
fluctuation in raw material prices such as steel, however given
the relatively shorter order execution cycle; this risk is
partially mitigated to some extent. The ratings favorably take
into account the reputed customer profile of the company with
some relationship developed over a period of time as also
reflected in repeat orders and the active involvement of the
promoter who has over a decade of experience in the designing,
fabrication and commissioning of engineering equipments. ICRA
notes that the demand for engineering equipments shall remain
strong on account of healthy demand expected from the industrial
sectors in line with the economic growth in the medium to long
term.

Going forward, ability of the company to secure regular orders
from a diversified customer base to maintain steady revenue
growth, while improving its profitability margins and working
capital intensity of operations, will be the key rating
sensitivities.

                         About E&C Projects

ECP was incorporated in FY 2002 and is engaged in engineering,
construction and commissioning of engineering equipments such as
pressure vessels, boilers and tanks. The company is promoted by
Mr. Vivek Sharma who was earlier engaged in the similar line of
business through another partnership firm Engineers & Consultants
since 1997. In FY 2002, the partnership firm was closed and the
operations were shifted to ECP.


EPICENTER TECH: ICRA Cuts Rating on INR14.75cr Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the '[ICRA]B+' rating assigned to the
INR9.0 crore term loans and INR5.75 crore long-term fund based
limits of Epicenter Technologies Private Limited to [ICRA]D. ICRA
has also  downgraded  the [ICRA]A4 rating assigned to the INR4.25
crore short-term non-fund based limits of ETPL to [ICRA]D.

The ratings revision reflects the recent instances of delays in
debt servicing by the company.

Epicenter Technologies Private Limited, set up in 2000, is a
voice based BPO company providing collection services, and query
support and sales. The company operates out of a 700 seat
facility at Bhayander, Thane. ETPL is a joint venture between
Pune based Kalyani Group, Mr. Kenneth Eldred (Chairman of Ariba
Group, USA) and Seignior Exports Private Limited.


LOGIX ESTATES: ICRA Assigns '[ICRA]B+' Rating to INR200cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR200.0 crore
proposed term loans of Logix Estates Private Limited.

The rating factors in the established track record of LEPL's
promoters in the real estate sector in Noida (Uttar Pradesh)
region. The rating is however constrained on account of execution
risks associated with the company's on-going project which is in
the initial stage of implementation and various approvals are yet
to be secured. Further, the high dependence on promoter's
contribution for project funding and tie up of debt yet to happen
exposes the project to high funding risks. ICRA notes that the
region of the upcoming project is likely to see high competitive
pressures given that a number of commercial projects are under
construction by established builders which can put pressure on
lease able area volumes and lease rentals. Going forward, LEPL's
ability to achieve optimum tenancy in its project, meet its
construction schedule, as well as ensure debt tie-up and timely
infusion of funds by the promoters would be the key rating
sensitivities.

Logix Estates Private Limited is a Special Purpose Vehicle (SPV)
incorporated with the purpose of developing a 7.08 acre plot in
Sector 105, Noida, Uttar Pradesh into a shopping mall, an
office complex and a 4 star hotel leaving scope for the
development of a  5 star hotel project in the future. The SPV is
a part of the Logix Group which has constructed built up area
(BUA) of more than 4 million sq.ft in the past. The group is
promoted by Mr. Shakti Nath who is also the Managing Director in
LBPL.

The commercial complex is being constructed on 7.08 acres of land
which has been purchased from the Noida Authority at a total
consideration of INR299 crore. The company has already paid 10%
of the cost of land plus 5% as stamp duty to the Noida Authority
and the balance payment of INR254 crore will be deferred and
repayments for the same will commence from 2H FY2013. LEPL will
pay 16 semi-annual instalments of about INR15.9 crore and
interest will be charged at 11% on the outstanding sum.

The Floor Area Ratio (FAR) approved for the complex is 400% which
will result in approximately 13 lakh sq.ft. of built up area and
approximately 14.5 lakh sq.ft of super built-up area.


MR LAKSHMAN: ICRA Raises Rating on INR11cr Loan to '[ICRA]C'
------------------------------------------------------------
ICRA has revised the rating assigned to the INR11.0 crore term
loan of Mr Lakshman (Sole Proprietorship) from '[ICRA]C' to
[ICRA]B. ICRA has also assigned long term rating of [ICRA]B to
the enhanced term loan facility of INR4.0 crore.

The ratings assigned by ICRA reflect the inherent regulatory risk
and externalities in the business model which involves
aggregation of large parcel of agriculture land and getting
approval for nonagricultural use and counter-party risk as land
is aggregated for various housing societies. ICRA also notes the
modest size of operation, the legal risks pertaining to land
titles and the event risks associated with a sole proprietorship
concern. The predictability of cash flow in the business is low.
ICRA however notes that Mr. Lakshman has over 25 years of
experience in land aggregation business and has worked for
various societies in the past. In addition the gearing level is
moderate.

Mr. Lakshman is involved in land aggregation on behalf of various
housing societies. His previous experiences include execution of
Public Works of various natures under the Agency of Bangalore
Development Authority, Bangalore Metropolitan Region Development
Authority, Bangalore International Airport Area Planning
Authority.  Mr Lakshman has also been involved in land
aggregation and development work on behalf of housing societies
for over two decades. The land development work typically involve
building roads, underground drainage, water supply lines with
over-head & ground level tanks, asphalting & electrification for
residential  layouts.

The proprietorship concern had an operating income (OI) of
INR9.00 crore and profit after tax (PAT) of INR1.45 crore in
FY2011 as against INR3.47 crore and INR0.55 crore respectively in
FY2010.


NEW TESTAMENT: ICRA Assigns '[ICRA]B-' Rating to INR15cr Loans
--------------------------------------------------------------
An '[ICRA]B-' rating has been assigned to  the INR7.85 crore,
term loans and INR7.15 crore, proposed long-term bank facilities
of The New Testament Church of Christ Society.

The rating incorporates NTCC's experience in successfully running
educational institutes like "NTCC High School" and "NTCC D T.Ed"
and managing over 2000 students in these institutes. ICRA also
favourably notes the positive response obtained by the society
for the new school "CIS" with ~290 admissions already granted as
on March 2012. However, the response for the residential
facilities has been lower than expected by the school, which
likely to impact the overall financials of the trust. The debt of
INR7.85 crore undertaken for the construction of the new school
will result in stretched coverage indicators for the trust in the
medium term and the response to the residential facilities will
remain key sensitivity for improving the same. However, equity
infusion of INR5.01 crore by the trust (INR4.25 crore infused as
on FY2012) will provide comfort to an extent to the otherwise
stretched gearing.   ICRA also notes that there has been no
funding tied up for the second phase of the project, which could
result in delays in implementation of the same, which in-turn
will impact the admissions for the next year.

The New Testament Church of Christ Society was established in
1973 by Late. Rev P D Prabhakar Rao and was registered as a trust
in June 1978, with the aim of improving quality education for
areas of Mumbai and adjoining areas. The society started its
operations by setting up a primary school "NTCC Primary School"
in 1980, after getting the requisite approvals from the BMC
(Brinhanmumabi Municipal Corporation). In 1984, the society
received the approvals for setting up the secondary and higher
secondary schools. The society was then taken over by Mr. Jeevan
Kumar Maddewad (the current Chairman )in the year 1992, post
which the trust established its college "NTCC D T Ed college" in
Marathi medium in the year 2007.

Recent Results

For the twelve months ending March 31, 2011, NTCC reported a
profit after tax (PAT) of INR0.12 crore on an operating income
(OI) of INR0.9 crore, as against a PAT of INR0.08 crore on an OI
of INR0.7 crore for the twelve months ending March 31, 2010.


OM AGRO: Delays in Loan Payment Cues ICRA to Assign Junk Ratings
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the
INR7.55 crore, fundbased limits of Om Agro Products.

The rating assigned takes into account the recent delays in
servicing interest payments by OAP and the stretched liquidity
position due to high working capital intensity, with limited
headroom available in working capital limits. The rating also
takes into account firm's small scale of operations on account of
its recent establishment, and its weak financial profile
characterised by high gearing of 3.19 times and low net profits
as on March 31, 2011. The rating also factors in high competitive
intensity faced by the firm because of presence of several large
and small players in frozen and processed food space and
risks inherent in a partnership firm.  ICRA however notes the
distribution network of the firm that is spread across various
states in India and ownership of cold storage facilities that
help save costs and also earn additional income from rent.

Incorporated in April 2009 as a partnership firm based in
Jabalpur (MP), Om Agro Products is engaged in frozen fruits and
vegetable food processing. Sister concern Om Cold Storage was
merged with Om Agro products in 2009. OAP now owns a fully
integrated cold chain containing freezing equipments and cold
storage facility. The firm is using Individual Quick Freezing
(IQF) technique and its processing facility has two tons per hour
capacity. Its deep freezing storage facility can preserve about
1500 metric tons of products under - 18 deg. C.

Firm offers wide variety of frozen products under the brand name
'PEARL' and adheres to quality parameters and norms like Food
Safety Law, FPO, GMS & GAP and is in the process of acquiring ISO
22000 which includes HACCP.

Recent Results

OAP reported a turnover of INR4.01 crore and a net profit of
INR0.02 crore during 2010-11. The firm had reported a turnover of
INR2.15 crore and a net loss of INR0.35 crore during 2009-10.


PAREKH GOLD: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' for INR15.00 Cr
fund based facilities and a short term rating of '[ICRA]D' for
INR18.00 Cr Non-fund based facilities of Parekh Gold House
Private Limited.

The assigned rating reflects ongoing delays in debt servicing by
the company. The financial profile of the company remains
stretched characterized by thin margins, high gearing and weak
coverage indicators. The company's profile remains constrained by
its small scale of operations restricting economies of scale and
the intense competition in the highly fragmented industry which
restricts bargaining power of the players. ICRA takes note of the
promoters' experience and operating track record of the company
of over twenty years in the gems and jewellery business.

Promoted by Mr. Pravin Parekh, Parekh Gold House Private Limited
is a closely held concern and is engaged in the manufacturing and
selling of gold chains. PGHPL also trades in Gold bullion. The
company has its manufacturing unit in Mumbai, and caters only to
domestic markets in the form of B2B sales.


PIONEER AUTO: ICRA Puts '[ICRA]BB' Rating on INR5cr Loan
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' for INR5.00
crore fund based limits of Pioneer Auto Service. ICRA has also
assigned short term rating of [ICRA]A4 for INR2.25 crore non fund
based limits of PAS. The long term rating carries a stable
outlook.

The assigned ratings factor the steady increase in revenue of PAS
albeit on a small base; its experienced management with more than
20 years of experience in the dealership business and the firm's
diverse portfolio as it deals in  Tractors, PVs (Passenger
Vehicles), LCVs (Light Commercial Vehicles) and 3Ws (3 Wheelers)
of the principal, Mahindra. However, the ratings are constrained
by low profitability as margins on vehicles, spares, service and
accessories are all controlled by principal and high revenue
concentration on a single principal. The ratings are also
constrained by stretched financial profile as reflected in a
gearing of 1.85 times as on March 31, 2011, and high competitive
intensity from other OEMs resulting in severe pricing pressure.

                        About Pioneer Auto

Pioneer Auto Service which was functioning as a sole
proprietorship concern from 1986 was incorporated as a
partnership firm during 2003. PAS is involved in the dealership
of tractors, LCVs, PVs and 3Ws of Mahindra. The firm is managed
by Mr. Chennupati Srinivasa Rao who has experience of over two
decades in the automobile dealership industry. The partners are
also involved in dealership of Honda motorcycles through another
partnership firm, Pioneer Auto.

Recent Results

The company reported a net profit of INR0.34 crore during the FY
2011 and an operating income of INR47.51 crore as against a net
profit and operating income of INR0.27 crore and INR34.20 crore
respectively during FY 2010.


REAL DIAMOND: Delays in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' for INR6.00
crore fund based facilities and a short term rating of '[ICRA]D'
for INR19.001 Cr Non-fund based facilities of  Real Diamond
Multi-trade Private Limited.

The assigned ratings reflect ongoing delays in debt servicing by
the company due to liquidity constraints. The company's financial
profile is characterized by thin margins, high gearing and weak
coverage indicators. The company's profile remains constrained by
its small scale of operations restricting economies of scale and
the intense competition in the highly fragmented industry which
restricts bargaining power of the players. ICRA however notes the
promoters' established experience and operating track record of
the company of over twenty years in the gems and jewellery
business.

Promoted by Mr. Pravin Parekh, Real Diamond Multi-trade Private
Limited is a closely held concern and is engaged in the
manufacturing and selling of gold chains. The company has its
manufacturing unit in Mumbai, and caters only to domestic markets
in the form of B2B sales.


SARTHEE INFRA: ICRA Rates Cash Credit Loan at '[ICRA]BB'
--------------------------------------------------------
A rating of [ICRA]BB has been assigned to the INR4.50 Cr. cash
credit facility of Sarthee Infrastructure.  The outlook for the
rating is stable.

The assigned rating is constrained by the absence of track record
of the firm; exposure to project execution risks, however
significant construction work has been completed which mitigates
the risk to a certain extent; exposure of firm's operations to
the cyclicality inherent in the real estate sector and
vulnerability of profitability to adverse fluctuations in the
cement and steel prices, although the same is mitigated to an
extent due to phased booking undertaken by the firm. While
assigning the ratings, ICRA has also noted the risks that are
inherent in proprietorship firms. The rating however favorably
factors in the experience of the partners in real estate
development and the established presence of the group in Surat,
low funding risks since financial closure has been achieved and
significant portion of equity capital infused, revenue visibility
supported by execution of current project and location advantage
being located in Surat which has witnessed modest demand from the
customers.

                    About Sarthee Infrastructure

Sarthee Infrastructure was incorporated in the year 2010 and is
engaged in construction of residential apartments and commercial
properties. The firm is based in Surat, Gujarat and is currently
focussing on execution of a residential project, Sarthee Heights,
in the Surat city. The firm is promoted by Mr. Govardhan Sarvaiya
and Mr. Arvindbhai Patel. The partners, in the past, have
successfully completed fourteen real estate projects in Surat.


SUNTECH INDUSTRIES: ICRA Places 'BB+' Rating on INR8.9cr Loans
--------------------------------------------------------------
ICRA has assigned [ICRA]B+/[ICRA]A4 ratings for the
INR9.9 crore bank facilities of M/s. Suntech Industries.

                               Amount
   Facilities                 (INR Cr)        Ratings
   ----------                 ---------       -------
   Fund Based Limits-           6.0           [ICRA]BB+
   Term Loan

   Fund Based Limits-           2.9           [ICRA]BB+
   Cash Credit

   Non-fund based Facilities    1.0           [ICRA]A4

The rating takes into account the experience of the promoters in
the energy meters industry, ongoing efforts to diversify product
offerings and customer base as well as the strong order book
position from turnkey solar power projects. The ratings, however,
are constrained by the company's weak financial risk profile and
adverse working capital cycle, mainly due to stretched
receivables from government entities; and high competitive
intensity. The company has a small scale of operations, this
coupled with low entry barrier in the industry results in modest
pricing power and weak margins.  Moreover, the ability of the
company to commercialize the newly developed products in the
backdrop of competition remains to be seen.

The ability of Suntech industries to scale up its operations and
managing its working capital cycle would be key rating
sensitivities going forward.

Recent Results

Suntech Industries reported an operating income of INR8.1 crore
in FY11. The company's operating profit before depreciation,
interest and tax at INR0.5 crore in FY11 and it reported a profit
after tax (PAT) of INR0.2 crore in FY11.

                       About Suntech Industries

Suntech Industries was set up in 1997 at Jaipur  by Mr. Vinod
Jain,  in the field of electrical and electronic items and offers
a comprehensive portfolio of products comprising of Energy Meters
and Energy Management Systems. The company is also involved in
government / private turnkey projects of Rural Electrification
and commissioning of Electrical Sub stations.

The company has been granted the ISI Certification by the Bureau
of Indian Standard Department for  its range of products in the
energy meters, plastic mouldings and electrical cables segments.


UNIQUE WELDING: ICRA Puts 'BB-' Rating on INR7.38cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' to the INR4.38 crore term and
INR3.00 crore cash credit facility of Unique Welding Products Pvt
Ltd. ICRA has also assigned an [ICRA]A4 rating to the INR0.36
crore non-fund based facilities of UWPPL. The long term rating
carries a stable outlook.

The ratings are constrained by the small scale of UWPPL's
operations limiting economies of scale, high competitive
pressures and weak financial structure characterized by higher
debt levels due to debt funded capex. The ratings also take into
account vulnerability of operating profitability to fluctuations
in prices of steel and power which constitute the major
manufacturing costs.

The ratings, however, positively consider the long experience of
the promoters in manufacturing of welding wires, a reputed client
base of the company and the current capacity expansion and
numerous upcoming auto/auto ancillaries' projects in Gujarat
(which is the major consuming sector) which is expected to have
favorable impact on company's operations going forward.

                        About Unique Welding

Unique Welding Products Pvt Ltd. was incorporated in 1990. It is
engaged in manufacturing of MIG and SAW welding wires.  UWPPL is
promoted and managed by  Kamal Mulchandani, Amar Mulchandani,
Rohit Mulchandani, Suresh Gulrajani, Komal Gulrajani and Monish
Gulrajani. The factory is located at Vithal Udhyognagar (Anand,
Gujarat).  The company's plant is ISO 9001 certified with
experienced technical and managerial staff. It has an annual
installed capacity to produce a maximum of 12000 MT (depending on
the thickness) of welding wires per annum.

Recent Results

During 11M FY 2012, the company reported a profit before tax of
INR0.22 crore (provisional unaudited financials) on an operating
income of INR17.58 crore as against profit after tax of INR0.68
crore on an operating income of INR17.60 crore in FY 2011.


=================
I N D O N E S I A
=================


PT PERTAMINA: S&P Gives 'BB+' Rating on Senior Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue
rating to the proposed issue of senior unsecured notes by PT
Pertamina (Persero) (BB+/Positive/--). "The rating on the
proposed notes is subject to our review of the final issuance
documentation. Pertamina expects to use the proceeds from the
proposed notes for general corporate purposes and to fund its
capital expenditure," S&P said.

"The issue rating reflects the long-term corporate credit rating
on Pertamina. The corporate credit rating incorporates our 'bb+'
stand-alone credit profile on Pertamina and the company's
critical role and integral link with the government of Indonesia
(BB+/Positive/B; axBBB+/axA-2), in our opinion. Pertamina is the
highest revenue generator among Indonesia's state-owned
enterprises and plays key strategic roles in the country's
upstream and downstream energy sectors. It is wholly owned by the
Ministry of State-Owned Enterprises, which has considerable
control over Pertamina's strategic direction," S&P said.

"In accordance with our criteria for rating government-related
entities, we believe there is an 'almost certain' likelihood that
the Indonesian government would provide timely and sufficient
extraordinary support to Pertamina in the event of financial
distress," S&P said.

"The stand-alone credit profile on Pertamina reflects substantial
ongoing government influence. The company benefits from more
generous production sharing contracts and has preferential access
to newly released exploration blocks and expiring cooperation
contracts. However, Pertamina's public service obligation to
distribute fuel to the domestic market at government-designated
and below-market prices tempers this benefit," S&P said.

"Pertamina's 'fair' business risk profile reflects the company's
integrated and diverse operations with dominant domestic market
positions in upstream and downstream activities. It virtually
fully controls Indonesia's refining, distribution, and marketing
structure," S&P said.

"Pertamina's financial risk profile is 'significant,' in our
view. We expect Pertamina's credit ratios to weaken due to the
company's substantial capital expenditure plans of about $6
billion-$7 billion annually in 2012-2014. This expenditure will
be partially debt funded. We expect the company's ratio of
adjusted debt to EBITDA pro forma for the proposed notes to
average 2.4x in 2012-2014. Credit metrics should remain within
tolerance levels for Pertamina's stand-alone credit profile. We
also note that the company retains some flexibility in its
capital expenditure with about 27% related to acquisitions and
discretionary in nature," S&P said.

"Pertamina has 'adequate' liquidity, as defined in our criteria.
We expect the company's sources of liquidity, including cash and
facility availability, to exceed its uses of liquidity by at
least 1.3x in the next 12 months. We also expect the company to
maintain adequate access to external funding due to its position
as the dominant integrated energy company in Indonesia, its solid
business positions, and government ownership," S&P said.

"The outlook on Pertamina is consistent with that on the
sovereign credit rating. The company remains highly sensitive to
sovereign support and action through government policies and
regulations," S&P said.


REPUBLIC OF INDONESIA: S&P Affirms 'BB+' Sovereign Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
and 'B' short-term sovereign credit ratings on the Republic of
Indonesia. The outlook remains positive.

"At the same time, Standard & Poor's affirmed its recovery rating
of '3' on Indonesia's senior unsecured foreign currency debt,
which signals our expectation of meaningful recovery of 50%-70%
in the event of a default. Our transfer and convertibility risk
assessment on Indonesia is unchanged at 'BBB-'," S&P said.

"The sovereign credit rating on Indonesia is constrained by low
per capita income, structural and institutional impediments to
higher economic growth, still-high private sector external debt,
and shallow domestic capital markets. The ratings are supported
by low reported central government fiscal deficits, declining
public sector debt burden, strengthening external liquidity, and
resilient economic performance," S&P said.

"At the same time, we have detected some policy slippages, after
a remarkable decade of entrenching democracy following the
collapse of the Suharto administration. The abandonment of a
planned electricity tariff rise, the inability to implement fuel
subsidy cuts despite rising oil prices, and a host of proposed or
actual policy measures in industry and trade, point to rising
policy uncertainty," S&P said.

"Such a policy environment puts at risk the recent strength of
domestic and foreign investment. In addition, while there are
ongoing efforts to improve infrastructure and energy provision,
implementation risks remain," Mr. Benard said.

"A law that caps the central government fiscal deficit at 3% of
GDP supports the government's fiscal management. Indonesia has
consistently reported low overall budget deficits averaging 0.4%
of GDP annually for the past 10 years, although this is also
partly attributable to recurrent under-spending of capital
budgets and to some off-budget fiscal activities," S&P said.

"The positive outlook reflects the likelihood of an upgrade if
government reforms reinforce fiscal trends, support foreign
direct investments, and allow subsidy cuts without reversing
recent improvements in inflation. The confluence of these factors
would likely lead us to raise our estimates for Indonesia's
medium-term growth prospects and, along with that, the rating,"
S&P said.

"On the other hand, if the government's subsidy spending alters
the fiscal outcome or markedly deteriorates the quality of
expenditure or if policy measures deter fresh FDI, then the
ratings could stabilize at the current level," Mr. Benard said.


=========
J A P A N
=========


DTC TWO: S&P Raises Rating on Class E Notes to 'BB+'
----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class B to D pass-through notes issued by DTC One SPC (DTC1), the
class C to E and J pass-through notes issued by DTC Two Funding
Ltd. (DTC2), and the class C and D pass-through notes issued by
DTC Three Funding Ltd. (DTC3). "At the same time, we affirmed our
ratings on classes A1 to A3, E, and X of DTC1, classes A, B, and
X of DTC2, and classes A1, A2, B, E, and X of DTC3," S&P said.

"The underlying assets of the above three transactions are
residential apartment mortgage-loans that were originated by New
Century Finance Co. Ltd. (The name of the company was changed to
Lehman Brothers Commercial Mortgages on Dec. 1, 2007), a
subsidiary of Lehman Brothers Tokyo Branch. The mortgage-loans
were extended to finance the construction costs and miscellaneous
expenses of newly constructed apartments built by Daito Trust
Construction Co. Ltd.," S&P said

Standard & Poor's received the historical data of the master
lease payment made by Daito Building Management Co. Ltd. for each
property from the servicer and used the data for the rating
analysis.

"The data indicates that the current aggregated rent from the
properties in each transaction is below our initial forecast. On
the other hand, the transactions' credit enhancement levels have
increased as the redemption of the senior notes has progressed.
In addition, the pace of the rent decrease has been moderate and
we believe that it is unlikely for the pace to accelerate
suddenly in the near future. Moreover, only one of the underlying
loans of the three transactions has defaulted since the
transactions' closings. Taking into account all these factors, we
raised our ratings on nine classes of notes and affirmed our
ratings on 13 other classes," S&P said.

"Regarding classes A-1 and A-2 of DTC3, we lowered the ratings to
'AA (sf)' on April 15, 2009, because a replacement advancing
agent had not been found since the commencement of the Civil
Rehabilitation Proceedings of Lehman Brothers Tokyo Branch, which
had acted as the advancing agent before then. As of now, the
transaction still lacks an advancing agent. However, we do not
believe that the situation in terms of the transaction exposure
to liquidity risk has worsened given that: (1) the transaction is
structured in such a way that the liquidity reserve is maintained
at a certain level over the course of the transaction; and (2)
the outstanding amount of the notes has continued to decrease. 's
affirmations of the ratings on classes A-1 and A-2 reflect this
view, in addition to the aforementioned factors relating to our
credit analysis," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

      http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED
DTC One SPC
JPY6.09 billion pass-through notes due November 2034
Class     To           From          Initial issue amount
B         AAA (sf)     AA (sf)       JPY0.32 bil.
C         AAA (sf)     AA- (sf)      JPY0.18 bil.
D         AA (sf)      BBB+ (sf)     JPY0.32 bil.

DTC Two Funding Ltd.
JPY18.9 billion pass-through notes due June 2035
Class     To           From         Initial issue amount
C         AAA (sf)     AA+ (sf)     JPY0.28 bil.
D         AA- (sf)     A (sf)       JPY0.38 bil.
E         BB+ (sf)     BB (sf)      JPY0.85 bil.
J         AA- (sf)     A (sf)       JPY8.69 bil.

DTC Three Funding Ltd.
JPY17.312 billion pass-through notes due February 2036
Class     To          From          Initial issue amount
C         AA (sf)     AA- (sf)      JPY0.54 bil.
D         A+ (sf)     BBB+ (sf)     JPY0.69 bil.

RATINGS AFFIRMED
DTC One SPC
Class       Rating         Initial issue amount
A-1         AAA (sf)       JPY0.5 bil.
A-2         AAA (sf)       JPY4.4 bil.
A-3         AAA (sf)       JPY20 mil.
E           BB (sf)        JPY0.35 bil.
X*          AAA (sf)
*Interest-only class

DTC Two Funding Ltd.
Class       Rating         Initial issue amount
A           AAA (sf)       JPY7.56 bil.
B           AAA (sf)       JPY0.47 bil.
X*          AAA (sf)
*Interest-only class

DTC Three Funding Ltd.
Class       Rating         Initial issue amount
A-1         AA (sf)        JPY8.22 bil.
A-2         AA (sf)        JPY5.61 bil.
B           AA (sf)        JPY0.87 bil.
E           BB (sf)        JPY0.776 bil.
X*          AAA (sf)
*Interest-only class


SHINOHARA MACHINERY: Hans Gronhi Buys Firm Out of Bankruptcy
------------------------------------------------------------
Tim Sheahan at ProPrint reports that Chinese B3 press
manufacturer Hans Gronhi has acquired Shinohara Machinery
Company, which filed for bankruptcy protection at the beginning
of the year.

Under the terms of the deal, ProPrint relates, Hans Gronhi has
acquired all machinery, inventory and patent technology from
Shinohara.

Hans Gronhi will integrate Shinohara's B1, B2 and B3 presses into
its own range and transfer manufacturing capabilities from Japan
to its own facility in Yingkou, China, says ProPrint.

Currie Group managing director Bernie Robinson told ProPrint that
his company had been the local agent for Shinohara since 1977 and
supported more than 700 Shinohara units in Australia.

Mr. Robinson, as cited by ProPrint, said the Hans Gronhi takeover
was good news for end users, who had been worried since learning
of Shinohara financial difficulties.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2011, printweek.com said Shinohara Machinery Company has
filed for Civil Rehabilitation Act (CRA), the Japanese bankruptcy
protection scheme similar to the U.S. Chapter 11.  According to
printweek.com, the company's UK supplier Graphic Machinery
Services has said that UK customers was not be affected by the
situation.

Based in Japan, Shinohara Machinery Co. Ltd, manufactures high-
precision equipment.


TOYO CORP: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative the outlook on its 'BB+' long-term corporate credit
rating on Toyo Corp., headquartered in Kariya, Aichi Prefecture.
"The revision of the outlook reflects our view that prospects for
solid demand for machinery and a recovery in demand for tools are
likely to lead to a gradual improvement in Toyo's earnings and
financial risk profile in the next one to two years. At the same
time, we affirmed the 'BB+' long-term corporate credit rating on
the company," S&P said.

"Toyo is a specialized trading company that purchases machines
and tools from manufacturers and sells them to auto parts makers.
The company's earnings have recovered after bottoming out in
fiscal 2009 (ended March 31, 2010). In fiscal 2011, we expect
that Toyo likely increased sales and profits despite production
cuts at Aisin Seiki Co. Ltd. (A+/Negative/A-1), its largest
customer, and other Toyota group suppliers, which temporarily
depressed Toyo's sales of tools. We believe solid demand for
machinery for maintenance purposes and for energy-efficient or
earthquake-proof machinery offset the temporary decrease in its
tools sales," S&P said.

"In our view, prospects for solid demand for machinery and a
recovery in demand for tools are likely to lead to sustained
improvement in Toyo's earnings in the next one to two years.
Moreover, its diversification of purchasing sources and avoidance
of positioning itself as a particular manufacturers' agency
helped the company to secure substitute suppliers and improve its
market share when last year's major earthquake in Japan and
flooding in Thailand led to disruptions in supply chains in the
auto industry. In our assessment of Toyo's business risk profile,
we take a positive view of this strategy because it demonstrates
the company is resilient and can successfully alleviate the
negative effects of such difficult business conditions. The
company demonstrated an ability to curb deterioration in its
financial performance, through stringent control of its costs,
amid adverse business conditions, amely weak demand, particularly
after the global financial crisis that began in 2008," S&P said.

"In our view, the potential for vehicle production in Japan to
shrink if the yen's strength persists is the medium to long-term
risk for Toyo, which generates a high proportion of sales from
Japan's auto industry. Nevertheless, Toyo is well-positioned to
offset a degree of such risk through expansion of its businesses
in overseas markets, including North America, Thailand, and
China, where Toyo's main customers, such as Aisin Seiki, are
strongly competitive," S&P said.

"Toyo's financial performance has improved in line with a
recovery in its earnings. The ratio of its debt to EBITDA
adjusted for surplus cash improved to slightly below 5x in fiscal
2010 and will likely remain the same in fiscal 2011, compared
with significantly above 5x in fiscal 2009. In the next two
years, we expect the ratio to improve to about 3x, commensurate
with its significant financial risk profile. Even so, one of the
company's financial weaknesses - high volatility in its cash flow
and financial performance due to the small size of its revenues
and assets (JPY52 billion and JPY35.5 billion as of March 31,
2011) - could prevent measures of financial performance from
improving in line with our projections," S&P said.

"Strong liquidity underpins the ratings on Toyo. We expect
sources of liquidity to exceed 1.5x uses over the next two years.
Ample cash on hand and a favorable relationship with its main
creditor banks also support the company's liquidity, in our view.
Also, Toyo's ability to monetize high quality receivables from
Aisin Seiki and other Toyota suppliers through their sale to
factoring companies enhances Toyo's liquidity," S&P said.

"We may lower the ratings on Toyo if we conclude that the
company's debt to EBITDA is unlikely to fall to 4x or less. Such
a scenario would be likely due to deterioration in profitability
and cash flow, possibly as a result of a further appreciation of
the yen or a plunge in demand for vehicles," S&P said.

"Conversely, we may raise the ratings if we believe the company
is likely to reduce debt to EBITDA to 3x or less on a sustainable
basis. However, the challenge the company faces to overcome its
volatile financial results and, thus, reduce its financial
weakness leads us to the view that a upgrade is unlikely in the
next 12 months," S&P said.


====================
N E W  Z E A L A N D
====================


MANCHESTER UNITY: S&P Affirms 'B+/B' Issuer Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+/B' issuer
credit ratings on Manchester Unity Credit Union (MUCU). The
rating outlook is stable.

"The affirmation on MUCU, a small retail-focused financial
service provider in the Hawkes Bay region of New Zealand, have
been affirmed following an announcement that the members of MUCU
have voted in favour of a transfer of engagements to Credit Union
Baywide (CUB; BB/Stable/B). The transfer of engagements was
largely prompted by MUCU's limited and gradually declining
longer-term business viability prospects, which are hampered by
its small concentrated business profile and modest operating
performance prospects. MUCU's performance prospects are
particularly constrained by its relatively weak operating
efficiency, which suffers from limited economies of scale and
rising compliance costs. Additionally, the credit union has
limited growth prospects, particularly during the current subdued
credit growth environment in New Zealand and given its limited
ability to mobilize additional new deposit funding," S&P said.

"The stable outlook reflects our expectation that key rating
factors supporting MUCU's issuer credit rating will remain
unchanged until such time that the transfer of engagements is
completed," said credit analyst Andrew Mayes. "At this time, we
expect to affirm and withdraw MUCU's ratings as it will cease to
exist as a separate legal entity."


=====================
P H I L I P P I N E S
=====================


BANCO FILIPINO: PDIC Files Criminal Charges Vs 8 Former Execs
-------------------------------------------------------------
The Philippine Deposit Insurance Corporation has recently filed
before the Department of Justice (DOJ) a criminal complaint
against eight officials of the closed Banco Filipino Savings and
Mortgage Bank (BF) for conducting business in an unsafe and
unsound manner in violation of the PDIC Charter.

Charged were BF Board of Directors and Executive Committee
members Teodoro O. Arcenas, Jr., Albert C. Aguirre, Maxy S. Abad,
Catherine C. Aguirre-Hernandez, Delfin M. Dimagiba, Ramon E.
Montano, Orlando O. Samson and Francisco A. Rivera.

PDIC alleged in its complaint that the respondents unduly favored
eleven (11) "related entities" when they approved loans
aggregating PHP3.08 billion in violation of the General Banking
Law and the Bank's policy manual, and despite adverse findings by
bank personnel evaluating the loan applications. This resulted in
loss or damage to BF. They are Related Entities because the
respondents are also directors/officers of the borrowing
companies or the companies that allowed their properties to be
used as collaterals for the loans.

In addition, the complaint stated that, as of bank closure,
respondents willfully failed to collect PHP2.99 billion of these
loans although they have been past due for periods ranging from
four to seven years. The complaint alleged that even as BF was
suffering from huge operational losses, the respondents did not
exert any effort to collect the said loans.

The complaint also stated that for the years 2008 to 2011, BF
spent PHP515.5 million in legal fees, yet none of it was spent to
collect the past due loans of the eleven (11) Related Entities.
It also added that BF advanced a total of PHP37.556 million as
real estate taxes for the collaterals of these loans.

PDIC had requested the DoJ to conduct a preliminary investigation
against the respondents and the filing of criminal charges of
conducting business in an unsafe and unsound manner.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.

Bangko Sentral ng Pilipinas closed Banco Filipino after the
bank's liabilities overwhelmed its assets by PHP8.4 billion, and
then filed charges against the bank's directors and officials.
BSP also placed the bank under the receivership of the state-run
Philippine Deposit Insurance Corp. to provide immediate relief to
the bank's 177,652 depositors.


=================
S I N G A P O R E
=================


BINJAI CREST: Creditors' Proofs of Debt Due May 21
--------------------------------------------------
Creditors of Binjai Crest Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by May 21,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


FORGLOW BUILDERS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 13, 2012,
to wind up the operations of Forglow Builders Pte Ltd.

Ng Lam Hock, Trading as Fulltech Aluminium Construction Company
filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


GPPV GLOBAL: Creditors' Proofs of Debt Due May 18
-------------------------------------------------
Creditors of GPPV Global Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by May 18,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


GPPV SOLAR : Creditors' Proofs of Debt Due May 18
-------------------------------------------------
Creditors of GPPV Solar Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by May 18,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


HARTMANN ASIA: Creditors' Proofs of Debt Due May 21
---------------------------------------------------
Creditors of Hartmann Asia Rtw Line Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by May 21, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          50 Havelock Road #02-767
          Singapore 160050


JOINT PILING: Creditors' Proofs of Debt Due May 4
-------------------------------------------------
Creditors of Joint Piling and Construction Pte Ltd are required
to file their proofs of debt by May 4, 2012, to be included in
the company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


===========
T A I W A N
===========


CHINA BILLS: Fitch Affirms Support Rating Floor at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based China Bills Finance
Corporation's ratings, including its Long-Term Foreign Currency
Issuer Default Rating 'BBB' with Stable Outlook.

CBF's affirmation reflects its longstanding leading position in
the Taiwanese money market, its satisfactory asset quality and
its continued sound balance sheet strength.  These strengths have
defended the company from the industry's structural weaknesses
such as susceptibility to interest-rate changes and reliance on
wholesale funding, and intense competition from banks.  Downward
rating pressure, if any, would come from significant weakening in
its balance sheet strengths and market position.

Fitch notes that Industrial Bank of Taiwan's (IBT, CBF's largest
shareholder with a 28% stake) intended merger with CBF may have
negative rating impact on the latter.  This is because of IBT's
higher risk profile inherent in its principal investment-based
business model and because of a likely more aggressive growth
strategy if the merger was successful.  Fitch expects the merged
entity to retain reasonable capitalisation, although it would
still lack sources of retail funding.  The merger is still
subject to shareholder and regulatory approval, which is not
expected within Fitch's rating outlook horizon.

CBF's exposure to the real estate sector remains moderate, at 20%
of its total guarantee at end-2011 and on a fully secured basis.
Asset quality should remain stable, given its cautious growth
strategy.  CBF maintains an adequate liquidity profile, backed by
solid collateral asset quality against its repos borrowing,
contingent liquidity facilities from the state-owned Bank of
Taiwan ('AAA(twn)'/Stable) and reasonably large untapped bank
facilities.  CBF's capitalisation is satisfactory, with a Tier 1
ratio at 14.1% at end-2011.  CBF aims to maintain a minimum
capital adequacy ratio of 12.5%, a level that Fitch considers
satisfactory given its modest risk profile.

After reporting strong profitability in 2011 (return on equity:
21.9%) benefiting from an one-off gain on property disposal,
CBF's core earnings are likely to remain subdued in 2012 with
interest margins under pressure from rising funding costs.  CBF's
strategic priority is to constrain its credit risk exposure by
managing its guarantee book at a conservative level.

Established in 1978, CBF is Taiwan's third largest bills finance
company, with a 21% share of the industry's assets (including
guarantees) at end-2011.

The rating actions are as follows:

  -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
     Stable

  -- Short-Term Foreign Currency IDR affirmed at 'F3'

  -- National Long-Term rating affirmed at 'A+(twn)'; Outlook
     Stable

  -- National Short-Term rating affirmed at 'F1(twn)'

  -- Viability Rating affirmed at 'bbb'

  -- Support Rating affirmed at '4'

  -- Support Rating Floor affirmed at B+'


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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