TCRAP_Public/120521.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

              Monday, May 21, 2012, Vol. 15, No. 100

                            Headlines


A U S T R A L I A

FIREPOWER HOLDINGS: Probe Into Collapse Ends; Lack of Funds Cited
MIRABELA NICKEL: Moody's Comments on Capital Raising
RETRAVISION SOUTHERN: Faces Administration Amid Cash Flow Woes


C H I N A

UNIVERSAL SOLAR: Incurs $439,000 Net Loss in First Quarter


H O N G  K O N G

APSON ELECTRONIC: Annual Meetings Set for May 21
BEKKERT COMPANY: Members' Final Meeting Set for May 31
BOUSSARD & GAVAUDAN: Creditors' Proofs of Debt Due May 28
BRIDISCO (HONG KONG): Sutton and Fok Step Down as Liquidators
CELTIC PACIFIC: Fok and Sutton Step Down as Liquidators

COMMERCIAL VEHICLE: Seng and Lo Step Down as Liquidators
DILLINGHAM CONSTRUCTION: Creditors' Proofs of Debt Due June 8
DTC ASIA: Creditors' Proofs of Debt Due June 11
EASTERN COTTON: Creditors' Proofs of Debt Due June 15
GWEN CONSTRUCTION: Creditors' Proofs of Debt Due June 1

GUANGNAN FRESH: Placed Under Voluntary Wind-Up Proceedings
HAPPY CITY: Lui Chi Kit Steps Down as Liquidator
HOOVER TECHNOLOGIES: Annual Meetings Set for May 21
INFORMATION SERVICE: Chan Cheuk Hay Appointed as Liquidator
KASTRON INVESTMENT: Creditors' Proofs of Debt Due June 15

KINGFUL INVESTMENT: Annual Meetings Set for May 21
LANDWIDE LIMITED: Members' and Creditors Meetings Set for May 22
LANDWIDE TEXTILES: Members' and Creditors Meetings Set for May 22
SUN HORSE: Annual Meetings Set for May 21
SUNLINK APSON: Annual Meetings Set for May 21

SUNLINK HI-TECH: Members' and Creditors Meetings Set for May 21
SUNLINK MSOLUTIONS: Annual Meeting Set for May 21
SUNWARE COMPUTERS: Annual Meetings Set for May 21
SUNWARE DEVELOPMENT: Annual Meeting Set for May 21
TECH-LINK T: Members' and Creditors Meetings Set for May 21

TMAX SOURCING: Creditors' Meeting Set for May 22


I N D I A

ANKUR BUSINESS: CRISIL Rates INR75MM Cash Credit at 'CRISIL B'
DESAI INFRA: CRISIL Assigns 'B-' Rating to INR167MM Loans
GANPATI HIGHTECH: CRISIL Assigns 'B+' Rating to INR80MM Loan
GARDEX: CRISIL Assigns 'B' Rating to INR229 Million Loan
GIAN CHAND: CRISIL Rates INR100MM Cash Credit at 'CRISIL B-'

HEMANT GOYAL: CRISIL Cuts Rating on INR170MM Loans to 'D'
ICICI BANK: Moody's Issues Summary Credit Opinion
INFINITY LIFESTYLE: CRISIL Cuts Rating on INR65MM Loan to 'B'
KAMAKSHYA AGRO: CRISIL Puts 'B' Rating on INR59.4MM Loans
KUWER INDUSTRIES: Delay in Loan Payment Cues CRISIL Junk Ratings

LOKSEWA SHIKSHAN: Delay in Loan Payment Cues CRISIL Junk Ratings
MANOHAR SHIP: CRISIL Cuts Rating on INR75MM Cash Credit to 'B+'
ORIENTAL PATHWAYS: Fitch Puts Rating on INR2.2-Mil. Loan at 'BB+'
PRABHAT POULTRY: Delay in Loan Payment Cues CRISIL Junk Ratings
RAVI KIRAN: Delay in Loan Payment Cues CRISIL Junk Ratings

SHELL & PEARL: Delay in Loan Payment Cues CRISIL Junk Ratings
SURESH EXPORTS: CRISIL Upgrades Rating on INR5MM Loan to 'B-'
WESTERN PETROLEUM: CRISIL Cuts Rating on INR80MM Loan to 'D'


J A P A N

J-CORE 16: Moody's Downgrades Rating on Class D Notes to 'Caa2'
TOKYO ELECTRIC: To Sell Up to JPY370BB Private Placement Bonds


N E W  Z E A L A N D

BRIDGECORP LTD: Roest Gets Six Years Jail Sentence
NZ DAIRIES: Receivers Seek Buyers as Firm Enters Receivership


S I N G A P O R E

ALPHA BOAT: Creditors' Proofs of Debt Due June 18
BORDERS PTE: Creditors' Proofs of Debt Due May 31
FYNS KRAN: Creditors' Proofs of Debt Due June 1
KXD DIGITAL: Court to Hear Wind-Up Petition on June 1
MERIDIAN JC: Placed Under Voluntary Wind-Up Proceedings


V I E T N A M

ASIA COMMERCIAL: Moody's Downgrades BFSR to 'E+'; Outlook Stable
SAIGON-HANOI COMM'L: Moody's Issues Correction to Ratings Release


                            - - - - -


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


FIREPOWER HOLDINGS: Probe Into Collapse Ends; Lack of Funds Cited
-----------------------------------------------------------------
ABC News reports that the Perth-based liquidator of failed fuel
additive company Firepower has expressed frustration that the
investigation into the collapsed company has been shut down.

ABC News notes that Worrells is the forensic accountancy firm
investigating Firepower and its founder, Tim Johnston.  Mr.
Johnston was declared bankrupt last year.

According to the report, Firepower's liquidator Bryan Hughes has
confirmed that the case is closed because investigators can no
longer afford to bankroll the investigation.

ABC News relates that Mr. Hughes said the closure of the
investigation is an unfortunate necessity.

"They [Worrells] have no further funds . . . They've approached
all creditors, including myself, as to whether we have any funds
to contribute to their investigations into his [Mr Johnston's]
bankruptcy and his personal estate," the report quotes Mr. Hughes
as saying.  "We don't and obviously other creditors are
disinclined to contribute funds."

                          About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.
According to WAtoday.com.au, Firepower has several high profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the WAtoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation
after its chairman, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.  It has 1,208 Australian shareholders who invested
between AUD80 million and AUD100 million.

The New South Wales Federal Court appointed Pitcher Partners
Perth managing partner Bryan Hughes as liquidator of Firepower
Operations, which owes creditors about AUD16 million.


MIRABELA NICKEL: Moody's Comments on Capital Raising
----------------------------------------------------
Moody's Investors Service notes the announcement by Mirabela
Nickel Ltd. (Caa1 negative) that it has completed a strategic
placement and institutional entitlement offer and expects to
raise a total of $120 million following the completion of the
retail component of the offer, which opens on May 21, 2012.

Moody's expects that successful settlement of the capital raising
should assist to alleviate Mirabela's near term liquidity
pressures while it works to improve costs and production levels
at its Santa Rita Nickel Mine in Brazil. As a result Moody's
expects the outlook on Mirabela's rating would likely change to
stable from negative following the settlement and receipt of
proceeds from the offer.

The completed US$20 million strategic placement and the
institutional component of entitlement offer are expected to
settle on May 17, 2012 and May 28, 2012, respectively. The retail
entitlement is expected to close on June 4, 2012.

Mirabela's current Caa1 rating and negative outlook currently
reflect Moody's concern around the company's ongoing liquidity
given the current weak nickel price environment combined with
continued high cash costs of production and a significant amount
of capital expenditures expected in 2012.

Mirabela's Caa1 rating continues to reflect the ongoing
uncertainty around the company's operating performance and the
weak nickel price environment. While the equity raising mitigates
the immediate concerns regarding the company's near term
liquidity, Mirabela's ability to meet its cost reduction targets
and begin generating positive cash flow will be critical to the
longer term viability of the company.

The principal methodology used in rating Mirabela Nickel Limited
was the Global Mining Industry Methodology published in May 2009.

Mirabela Nickel Ltd. based in Perth, Western Australia is a
single asset nickel producer. Mirabela's principal asset is the
Santa Rita Project in Bahia State, Brazil. The Santa Rita project
is a nickel sulphide operation with a nameplate capacity of
7.2Mtpa of ore milled and full production target between 23,000
to 25,000 tonnes of nickel in concentrate.


RETRAVISION SOUTHERN: Faces Administration Amid Cash Flow Woes
--------------------------------------------------------------
The Sydney Morning Herald reports that the fate of another
retailer is under a cloud, with fears Retravision Southern
Limited may slide into administration.

SMH, citing a trade publication, relates that Retravision
Southern, the buying and marketing company for 99 privately-owned
Retravision stores in Victoria and Tasmania, reassured employees
May 17 that they would be paid if the company fell into
administration.

"I can confirm that this morning [May 17] we did have a staff
briefing and at that meeting it was noted that things were tough
for the Retravision Southern region," a spokesman for Retravision
chairman Ian Ray told appliance retailing publication
Current.com.au, according to SMH.

"We are working through various 'work-out' solutions, and there
have been some late payments with suppliers."

SMH notes that Retravision Southern is understood to be facing
cash flow problems with difficulties paying suppliers.

Based in Blackburn, Australia, Retravision Southern Limited owns
and operates electrical and household product stores.


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C H I N A
=========


UNIVERSAL SOLAR: Incurs $439,000 Net Loss in First Quarter
----------------------------------------------------------
Universal Solar Technology, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of $438,990 on $375,035 of sales for the
three months ended March 31, 2012, compared with a net loss of
$260,382 on $955,011 of sales for the same period during the
prior year.

The Company reported a net loss of $2.70 million in 2011,
compared with a net loss of $593,808 in 2010.

The Company's balance sheet at March 31, 2012, showed $10.48
million in total assets, $14.42 million in total liabilities and
a $3.93 million total stockholders' deficiency.

At March 31, 2012, the Company had negative working capital of
$128,397 and a stockholders' deficiency of $3,938,042 and has
accumulated deficit of $4,662,661 since inception.  These factors
raise substantial doubt as to the Company's ability to continue
as a going concern.

After auditing the 2011 results, Paritz & Company, P.A., in
Hackensack, New Jersey, expressed substantial doubt about the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has not generated
cash from its operation, has stockholders' deficiency of
$3,498,282 and has incurred net loss of $4,223,671 since
inception.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/D9sN6e

                       About Universal Solar

Headquartered in Zhuhai City, Guangdong Province, in the People's
Republic of China, Universal Solar Technology, Inc., was
incorporated in the State of Nevada on July 24, 2007.  It
operates through its wholly owned subsidiary, Kuong U Science &
Technology (Group) Ltd., a company incorporated in Macau, the
People's Republic of China on May 10, 2007, and its subsidiary,
Nanyang Universal Solar Technology Co., Ltd., a wholly foreign
owned enterprise registered on Sept. 8, 2008 under the wholly
foreign-owned enterprises laws of the PRC.

The Company primarily manufactures, markets and sells silicon
wafers to manufacturers of solar cells.  In addition, the Company
manufactures photovoltaic modules with solar cells purchased from
third parties.


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


APSON ELECTRONIC: Annual Meetings Set for May 21
------------------------------------------------
Members and creditors of Apson Electronic Products Limited will
hold their annual meetings today, May 21, 2012, at 11:30 a.m.,
and 5:00 p.m., respectively at 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BEKKERT COMPANY: Members' Final Meeting Set for May 31
------------------------------------------------------
Members of Bekkert Company Limited will hold their final meeting
on May 31, 2012, at 11:00 a.m., at Rooms 1801-05, Hua Qin
International Building, at 340 Queen's Road Central, in
Hong Kong.

At the meeting, Gabardi Vittorio Luigi, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BOUSSARD & GAVAUDAN: Creditors' Proofs of Debt Due May 28
---------------------------------------------------------
Creditors of Boussard & Gavaudan Asia Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 2, 2012.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


BRIDISCO (HONG KONG): Sutton and Fok Step Down as Liquidators
-------------------------------------------------------------
Roderick John Sutton and Fok Hei Yu stepped down as liquidators
of Bridisco (Hong Kong) Limited on April 30, 2012.


CELTIC PACIFIC: Fok and Sutton Step Down as Liquidators
-------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators
of Celtic Pacific Ship Management (Overseas) Limited on April 30,
2012.


COMMERCIAL VEHICLE: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Commercial Vehicle Technology Company Limited on May 3, 2012.


DILLINGHAM CONSTRUCTION: Creditors' Proofs of Debt Due June 8
-------------------------------------------------------------
Creditors of Dillingham Construction (HK) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 8, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 4, 2012.

The company's liquidator is:

         Chong Yiu Kam
         Room D, 32/F
         Lippo Centre, Tower 1
         89 Queensway
         Hong Kong


DTC ASIA: Creditors' Proofs of Debt Due June 11
-----------------------------------------------
Creditors of DTC Asia Pacific Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 11, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


EASTERN COTTON: Creditors' Proofs of Debt Due June 15
-----------------------------------------------------
Creditors of Eastern Cotton Mills Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 15, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 3, 2012.

The company's liquidator is:

         Tam Kwan Ping Ignatius
         302 Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


GWEN CONSTRUCTION: Creditors' Proofs of Debt Due June 1
-------------------------------------------------------
Creditors of Gwen Construction Engineering Company Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by June 1, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         William Nicholas Giles
         1401 China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


GUANGNAN FRESH: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on May 11, 2012,
creditors of Guangnan Fresh and Live Foodstuffs Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Chu King Hei Victor
         Rooms 905-909, Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


HAPPY CITY: Lui Chi Kit Steps Down as Liquidator
------------------------------------------------
Lui Chi Kit stepped down as liquidator of Happy City Limited on
April 25, 2012.


HOOVER TECHNOLOGIES: Annual Meetings Set for May 21
---------------------------------------------------
Members and creditors of Hoover Technologies Limited will hold
their annual meetings today, May 21, 2012, at 11:45 a.m., and
5:30 p.m., respectively at 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


INFORMATION SERVICE: Chan Cheuk Hay Appointed as Liquidator
-----------------------------------------------------------
Chan Cheuk Hay on April 26, 2012, was appointed as liquidator of
Information Service Centre of Professional Studies Limited.

The liquidator may be reached at:

         Chan Cheuk Hay
         14 Princess Margaret Road
         Kowloon, Hong Kong


KASTRON INVESTMENT: Creditors' Proofs of Debt Due June 15
---------------------------------------------------------
Creditors of Kastron Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 15, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 2, 2012.

The company's liquidator is:

         Ho Tak Kwong
         Room 101, 1/F
         Tak Fung Building
         79-81 Connaught Road
         West, Hong Kong


KINGFUL INVESTMENT: Annual Meetings Set for May 21
--------------------------------------------------
Members and creditors of Kingful Investment Limited will hold
their annual meetings today, May 21, 2012, at 9:30 a.m., and
12:00 p.m., respectively at 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LANDWIDE LIMITED: Members' and Creditors Meetings Set for May 22
----------------------------------------------------------------
Members and creditors of Landwide Limited will hold their annual
meetings on May 22, 2012, at 9:00 a.m., and 10:00 a.m.,
respectively at 29/F, Caroline Centre, Lee Gardens Two, 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.


LANDWIDE TEXTILES: Members' and Creditors Meetings Set for May 22
-----------------------------------------------------------------
Members and creditors of Landwide Textiles Limited will hold
their annual meetings on May 22, 2012, at 9:30 a.m., and 10:30
a.m., respectively at 29/F, Caroline Centre, Lee Gardens Two, 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.


SUN HORSE: Annual Meetings Set for May 21
-----------------------------------------
Members and creditors of Sun Horse Technologies (H.K.) Limited
will hold their annual meetings today, May 21, 2012, at
11:00 a.m., and 4:00 p.m., respectively at 62/F, One Island East,
18 Westlands Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUNLINK APSON: Annual Meetings Set for May 21
---------------------------------------------
Members and creditors of Sunlink Apson Multi-Media Limited will
hold their annual meetings today, May 21, 2012, at 10:45 a.m.,
and 3:30 p.m., respectively at 62/F. One Island East, 18
Westlands Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUNLINK HI-TECH: Members' and Creditors Meetings Set for May 21
---------------------------------------------------------------
Members and creditors of Sunlink Hi-Tech Limited will hold their
annual meetings today, May 21, 2012, at 10:00 a.m., and 2:00
p.m., respectively at 62/F. One Island East, 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUNLINK MSOLUTIONS: Annual Meeting Set for May 21
-------------------------------------------------
Members and creditors of Sunlink mSolutions Limited will hold
their annual meetings today, May 21, 2012, at 9:45 a.m., and
1:30 p.m., respectively at 62/F. One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUNWARE COMPUTERS: Annual Meetings Set for May 21
-------------------------------------------------
Members and creditors of Sunware Computers Limited will hold
their annual meetings today, May 21, 2012, at 11:15 a.m., and
4:30 p.m., respectively at 62/F. One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUNWARE DEVELOPMENT: Annual Meeting Set for May 21
--------------------------------------------------
Members and creditors of Sunware Development Limited will hold
their annual meetings today, May 21, 2012, at 10:30 a.m., and
3:00 p.m., respectively at 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TECH-LINK T: Members' and Creditors Meetings Set for May 21
-----------------------------------------------------------
Members and creditors of Tech-Link T & E Limited will hold their
annual meetings today, May 21, 2012, at 10:15 a.m., and 2:30
p.m., respectively at 62/F. One Island East, 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TMAX SOURCING: Creditors' Meeting Set for May 22
------------------------------------------------
Creditors of Tmax Sourcing Limited will hold their meeting on
May 22, 2012, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 602 The Chinese Bank Building, 61-65
Des Voeux Road, Central, in Hong Kong.


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ANKUR BUSINESS: CRISIL Rates INR75MM Cash Credit at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Ankur Business Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             75         CRISIL B/Stable (Assigned)

The rating reflects ABPL's small scale of operations with
volatile sales, weak financial risk profile marked by small net
worth and high ratio of total outside liabilities to tangible net
worth (TOLTNW), and working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive
experience of ABPL's promoters in the salt trading industry and
the company's low inventory pricing risks.

Outlook: Stable

CRISIL believes that ABPL will continue to benefit over the
medium term from its promoters' experience in the salt trading
industry and established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if ABPL
achieves healthy sales growth, while maintaining its operating
margin, or improves its interest coverage and TOLTNW ratios,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the company's
operating margin declines or there is a stretch in its working
capital cycle, resulting in weakening in its financial risk
profile.

                      About Ankur Business

Incorporated in 1998, ABPL is promoted by Mr. Mahendra Kumar
Sharma. ABPL trades in branded free-flow iodised and industrial
salt. The company operates in the eastern and north-eastern
states of India, including West Bengal, Assam, Orrissa, Bihar,
Jharkhand, and Chhattisgarh. ABPL procures around 80 per cent of
its requirements from Ankur Chemfood Ltd (ACL, rated 'CRISIL
BB/Stable/CRISIL A4+').

Mr. Sharma is a director in ACL and a partner in Surendra Salt
Traders (SST). ACL and SST are independently managed and there is
no fungibility of cash flows between the two entities.

ABPL reported a profit after tax (PAT) of INR0.66 million on net
sales of INR295 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.65 million on net
sales of INR400 million for 2009-10.


DESAI INFRA: CRISIL Assigns 'B-' Rating to INR167MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Desai Infra Projects (India) Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 8        CRISIL B-/Stable (Assigned)

   Proposed Long-Term        9        CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Cash Credit             150        CRISIL B-/Stable (Assigned)

   Bank Guarantee           33        CRISIL A4 (Assigned)

The ratings reflect DIP's modest financial risk profile marked by
modest networth and high gearing, and geographical concentration
in its revenue profile. These weaknesses are partially offset by
DIP's established market position in the civil construction
industry and healthy order book position.

Outlook: Stable

CRISIL believes that DIP will continue to benefit over the medium
term from the extensive experience of its promoters in the
industry and its healthy order book. The outlook may be revised
to 'Positive' if DIP is able to significantly improve its scale
of operations and cash accruals while maintaining its
profitability and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of a decline in the
company's revenues or profitability margins, causing its
financial risk profile to weaken.

                        About Desai Infra

DIP was established as a partnership firm by Mr. Arjun Desai, a
Pune based civil contractor, along with his family members and
friends in 1994. It was reconstituted as a private limited
company in 2008. DIP executes civil construction projects for
irrigation activities such as construction of dams and canals for
Public Works Department (PWD) of Maharashtra. The company is a
registered Class I contractor for PWD.

DIP reported a profit after tax (PAT) of INR8.9 million on net
sales of INR326.5 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR18.8 million on net
sales of INR477 million for 2009-10.


GANPATI HIGHTECH: CRISIL Assigns 'B+' Rating to INR80MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Ganpati Hightech Communication Private
Limited.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             80         CRISIL B+/Stable (Assigned)
   Letter of Credit        50         CRISIL A4 (Assigned)

The rating reflects GHCPL's working-capital-intensive business,
modest scale of operations and susceptibility to intense industry
competition. These rating weaknesses are partially offset by the
extensive experience of promoter in steel industry.

Outlook: Stable

CRISIL believes that Ganpati Hightech Communication (Pvt) Ltd
(GHCPL) will continue to benefit from its promoters' extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' if GHCPL significantly increases its
revenues, while improving its operating margin. Conversely, the
outlook may be revised to 'Negative' if Ganpati's operating
margin declines, working capital cycle lengthens, or gearing
increases because of any debt-funded capital expenditure (capex).

Ganpati Hightech Communication Private Limited, part of the
Kolkata (West Bengal)-based Sav Steel group, is managed by
Mr. Sanjay Agarwal. Set up in 2008, the company trades a wide
range of various steel products including cold-rolled (CR)
sheets, strips, angles, and thermo-mechanically treated (TMT)
steel bars.


GARDEX: CRISIL Assigns 'B' Rating to INR229 Million Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Gardex.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan      229        CRISIL B/Stable (Assigned)
   Packing Credit          345        CRISIL A4 (Assigned)
   Letter of Credit         70        CRISIL A4 (Assigned)
   Bank Guarantee            6        CRISIL A4 (Assigned)
   Foreign Documentary     100        CRISIL A4 (Assigned)
   Bills Purchase

The ratings reflect Gardex's below-average financial risk
profile, marked by small net worth, high gearing, and modest debt
protection metrics, high customer concentration, moderate
vulnerability to volatility in foreign exchange rates and raw
material prices, and working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive
experience of Gardex's partners in the household appliances
industry and expected improvement in scale of operations.

Outlook: Stable

CRISIL believes that Gardex's financial risk profile will remain
constrained over the medium term by its weak capital structure.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile due to capital
infusion by the partners or lower-than-expected capital
withdrawals by the partners. Conversely, the outlook may be
revised to 'Negative' in case of more-than-expected deterioration
in the financial risk profile due to larger-than-expected debt-
funded working capital requirements or capital expenditure or
higher-than-expected capital withdrawals.

                       About Gardex

Gardex was set up in 1995 by Mr. Gautam Kapoor and his brother,
Mr. Sarat Chopra, as Filex. In 1997, Mr. Mukul Dutt (business
associate) and Mrs. Shivani Chopra (wife of Mr. Sarat Chopra)
joined as partners in the firm and its name was changed to
Gardex. Gardex manufactures a variety of household appliances,
such as axes, hammers, mattocks, bars, and files. Axes accounts
for about 30 per cent of Gardex's revenues, hammers 30 per cent,
mattocks 25 per cent, bars 15 per cent, and the remaining 5 per
cent is contributed by files.

Gardex reported a profit after tax (PAT) of INR18.3 million on
net sales of INR829.3 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR2.1 million on
net sales of INR671.3 million for 2009-10.


GIAN CHAND: CRISIL Rates INR100MM Cash Credit at 'CRISIL B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit facility of Gian Chand Mohinder Kumar.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL B-/Stable (Assigned)

The rating reflects GCMK's weak financial risk profile, marked by
large debt and weak debt protection metrics, small scale of
operations, and declining operating income over the past two
years. The rating also factors in the vulnerability of the firm's
operating margin to volatility in silver prices. These rating
weaknesses are partially offset by the extensive industry
experience of GCMK's proprietor and the healthy growth prospects
in the basmati rice industry.

Outlook: Stable

CRISIL believes that GCMK will continue to benefit over the
medium term from its longstanding presence in agricultural
trading. CRISIL, however, also believes that the firm's financial
risk profile will remain weak during this period because of large
working capital requirements. The outlook may be revised to
'Positive' if GCMK scales up its operations while it maintains
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case the firm reports more-than-expected
increase in its working capital cycle or additional decline in
its topline, exerting further pressure on its financial risk
profile.

                          About Gian Chand

GCMK, set up in 1989, is a proprietorship firm of Mr. Gian Chand
Garg. The New Delhi-based firm trades in agricultural products
mainly rice and sugar, and small proportions of other food
grains.

For 2011-12 (refers to financial year, April 1 to March 31),
GCMK's profit is estimated at INR2.4 million on net sales of
INR290.5 million, against a profit of INR2.1 million on net sales
of INR313.6 million for 2010-11.


HEMANT GOYAL: CRISIL Cuts Rating on INR170MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Hemant Goyal Motors Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               30         CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Cash Credit            130         CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Standby Line of Credit  10         CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects instances of delay by HGMPL in servicing
its term loan installments. These delays have ranged between 30
and 60 days, and have been caused by HGMPL's weak liquidity. The
company's liquidity has been weak mainly because of large working
capital requirements and a small net worth. This has resulted in
HGMPL's increased dependence on its bank lines to fund its
working capital requirements, leaving inadequate cushion for the
debiting term loan installments. The company's bank lines of
INR130 million were utilised at an average of 100 per cent over
the 11 months through February 2012. For 2012-13 (refers to
financial year, April 1 to March 31), HGMPL is expected to
generate cash accruals of around INR5.5 million, which would be
inadequate for meeting its debt obligations of around INR4.8
million and its incremental working capital requirements in the
financial year. Hence, CRISIL believes that HGMPL's liquidity
will remain weak over the medium term.

HGMPL also has a weak financial risk profile marked by a high
gearing and small net worth and is exposed to cyclicality in
demand in the automotive industry. The company, however, benefits
from its promoter's extensive experience in the automobile
dealership business.

                        About Hemant Goyal

HGMPL, incorporated in 2005, is promoted by Mr. Amit Goyal. Goyal
Motors, a proprietorship concern, was merged with HGMPL in 2007-
08 (refers to financial year, April 1 to March 31). HGMPL has
been a dealer of Tata Motors Limited's (rated CRISIL AA-
/Postive/CRISIL A1+) vehicles since 2000. HGMPL has set up its
showrooms and six service centers in Patiala, Fategarh, Barnala,
and Sangrur (all in Punjab). From February 1, 2012 onwards, three
of the six centers have been hived off to a new dealership (under
the same management), Hemant Goyal Motors (a proprietorship
concern of Ms. Pushpa Goyal [mother of Mr. Amit Goyal]).
Currently, HGMPL has one showroom at Patiala and two extension
counters at Barnala and Fatehgarh.

HGMPL is estimated to report a profit after tax (PAT) of INR2.7
million on net sales of around INR 800 million in 2011-12,
against a PAT of INR3 million on net sales of around INR932.5
million in 2010-11.


ICICI BANK: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
ICICI Bank Limited and includes certain regulatory disclosures
regarding its ratings.  The release does not constitute any
change in Moody's ratings or rating rationale for ICICI Bank
Limited.

Moody's current ratings on ICICI Bank Limited and its affiliates
are:

ICICI Bank Limited

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Long Term Bank Deposits (domestic currency) ratings of Baa2

Long Term Bank Deposits (foreign currency) ratings of Baa3

Bank Financial Strength ratings of D+

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1

Short Term Bank Deposits (domestic currency) ratings of P-2

Short Term Bank Deposits (foreign currency) ratings of P-3

ICICI Bank Ltd, Singapore Branch

Senior Unsecured (foreign currency) ratings of Baa2

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

ICICI Bank Limited, Bahrain Branch

Senior Unsecured (foreign currency) ratings of Baa2

Junior Subordinate (foreign currency) ratings of Ba1 (hyb)

Preferred Stock Non-cumulative (foreign currency) ratings of Ba3
(hyb)

ICICI Bank Limited, Hong Kong Branch

Senior Unsecured (foreign currency) ratings of Baa2

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1

ICICI Bank Limited, Dubai Branch

Senior Unsecured (foreign currency) ratings of Baa2

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1

Recent Credit Developments

On May 14, 2012, Moody's Investors Service has downgraded the
standalone bank financial strength rating (BFSR) of ICICI Bank
Limited to D+ from C-, which now maps to a baseline credit
assessment (BCA) of baa3 from baa2 on the long-term scale. As a
result of the lower BCA, which is the starting point for notching
hybrid securities, Moody's has also downgraded the hybrid ratings
of ICICI Bank Limited to Ba3 (hyb) from Ba2 (hyb). These rating
actions follow an ongoing global review affecting all banks whose
standalone ratings are higher than their respective sovereign
ratings.

The downgrade of ICICI's standalone ratings reflects Moody's
assessment that banks' creditworthiness is generally highly
correlated with that of their home government's credit strength
and takes into account (1) the extent to which their business
depends on the domestic macroeconomic and financial environment;
(2) the degree of reliance on market-based, and therefore more
confidence-sensitive, funding; and (3) their direct or indirect
exposures to domestic sovereign debt, compared with its capital
base. In this case, the key factors underpinning the conclusion
of the review are (1) the relatively low level of cross-border
diversification of ICICI's operations; (2) the high level of
balance-sheet exposures to domestic sovereign debt, compared with
its capital base; (3) its strong franchise within the operating
environment; and (4) the absence of ongoing support from foreign
ownership. As such, Moody's views its lower standalone rating --
which is now positioned at the same level of the Indian
government - as a better indicator of its credit profile.

These rating actions follow Moody's updated assessment on the
linkage between the credit profiles of sovereigns and other
institutions domiciled within the sovereign, which is discussed
in the rating implementation guidance "How Sovereign Credit
Quality May Affect Other Ratings" published on 13 February 2012,
and further detailed in the special comment "Banks and
Sovereigns: Risk Correlations Constrain Standalone Bank Credit
Assessments" published on 30 April 2012.

At the same time, the other foreign currency debt ratings,
foreign currency debt program ratings, foreign currency bank
deposit ratings and local currency bank deposit ratings of ICICI
Bank were affirmed.

The foreign currency long-term senior unsecured debt rating is at
Baa2, which is the same level as the foreign currency debt
ceiling for India.

The bank's foreign currency deposit ratings of Baa3/Prime-3 are
constrained by the corresponding sovereign ceilings for India.

All ratings carry stable outlooks.

This concludes the review that was initiated on 30 April 2012.

Summary Ratings Rationale

The ratings capture the bank's solid franchise as the second
largest commercial bank in India as well as its strong
capitalization, liquidity, and earnings profile. The ratings also
reflect the bank's high borrower concentration in the form of its
mandatory government securities portfolio, its weaker asset
quality when compared to its peers and the difficult operating
environment currently prevailing in in India, including the
intense competition it faces in its domestic markets.

Moody's believes that the probability of systemic support for
ICICI is very high, given its sizeable retail deposit franchise,
and its importance to the national payments system as India's
second largest commercial bank. Therefore, it receives a one-
notch rating uplift from its BCA.

The foreign currency senior debt rating is at Baa2, which is the
same level as the foreign currency debt ceiling for India. The
bank's foreign currency deposit ratings of Baa3/P-3 are
constrained by the sovereign ceiling.

Improving asset quality indicators with declining non-performing
assets; restructured assets have recently increased, but are
under control.

Improving net interest margins (NIMs), relatively strong fee
income, and lower provisions support profitability, but could
come under pressure.

Strong core Tier 1 capitalization levels, supported by business
consolidation in FY2009 and FY2010, and equity raised in FY2008.

Strong domestic franchise supports local funding and liquidity
profile; Relatively large international operations with one of
few Indian financial brands recognized globally.

Rating Outlook

All ratings carry stable outlooks.

What Could Change the Rating - Up

An upgrade of the standalone rating is unlikely unless the
sovereign rating is revised upwards; and the financial
fundamentals continue to be strong. An upgrade in the foreign
currency deposit ceiling would result in an upward movement in
the foreign currency deposit rating.

What Could Change the Rating - Down

The factors that could exert negative pressure on ICICI's ratings
include (1) operating expenses increasing significantly, and not
covered (at least 85%) by non-interest income; and/or (2) gross
non-performing assets -- as a percentage of customer assets -
exceeding 5%. Any major regulatory breach, resulting in a
significant adverse impact on the bank's franchise or reputation,
could also trigger an immediate rating review and downward rating
action. A downgrade of the foreign currency ceiling would result
in a downgrade of the deposit rating.

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.


INFINITY LIFESTYLE: CRISIL Cuts Rating on INR65MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Infinity Lifestyle Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' and has reaffirmed its rating on ILPL's short-term
facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             65.00      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit        30.00      CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in ILPL's financial
risk profile because of a significant increase in its gearing to
6.61 times as on March 31, 2011 from 4.82 times as on March 31,
2010. The gearing levels of the company are expected at very
aggressive levels in 2011-12 also. Gearing increased because of
the company's increased incremental working capital requirements
vis--vis an erosion in its net worth as a result of net loss of
around INR 1.1 million in 2010-11 (refers to financial year,
April 1 to March 31). Despite almost stagnant revenues in 2010-11
its working capital requirements increased, because of a
significant stretch in its debtor cycle. Debtors increased to
INR48.1 million as on March 31, 2011 from INR33.18 million as on
March 31, 2010 - of the total debtors outstanding as on March 31,
2011, INR13.16 million had been outstanding for more than six
months. The debtors position of the company stood at around INR
54 million as on February 29, 2012. The increased debtor level
also led to weakening in ILPL's liquidity, reflected in the
company's high utilisation of around 95 per cent of bank lines of
INR65 million during the past fifteen months ended February 2012.

The rating also reflects ILPL's weak financial risk profile,
marked by high gearing and small net worth, and its large working
capital requirements. These weaknesses are partially offset by
the extensive experience of ILPL's promoters, and the company's
established market position in the imitation jewellery and
crystal decoratives business.

Outlook: Stable

CRISIL believes that ILPL will continue to benefit from its
promoters' industry experience and established market position
and brand name over the medium term. The outlook may be revised
to 'Positive' if ILPL's financial risk profile improves
considerably, most likely driven by a significant increase in
revenues and an improvement in profitability, resulting in
healthy cash accruals and an improved capital structure.
Conversely, the outlook may be revised to 'Negative' if ILPL
generates less-than-expected cash accruals, or if it undertakes
larger-than-expected, debt-funded capital expenditure programme,
thereby weakening its financial risk profile.

                      About Infinity Lifestyle

ILPL was incorporated in 2001 as Infinity Decoratives Pvt Ltd and
its name was changed to the current one in October 2010. It
mainly retails crystal decorative items and imitation jewellery.
It makes around 75 per cent of its sales under its own brand,
Infinity. The company imports its products from Egypt, Thailand,
Austria, Korea, and China. It operates through 140 stores,
located in 11 Indian cities. The company's head office is in
Kolkata, and it has seven branches across India. ILPL also
retails kids accessories under its own brand Hopscotch.

ILPL reported a net loss of INR1.14 million on net sales of
INR140.59 million for 2010-11, against a net profit of INR1.75
million on net sales of INR140.21 million for 2009-10.


KAMAKSHYA AGRO: CRISIL Puts 'B' Rating on INR59.4MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Kamakshya Agro Products Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               24.9       CRISIL B/Stable (Assigned)
   Cash Credit             30         CRISIL B/Stable (Assigned)
   Standby Line of Credit   4.5       CRISIL B/Stable (Assigned)

The rating reflects KAPPL's weak financial risk profile, small
scale of operations in a highly fragmented rice industry,
exposure to unfavourable changes in government policies, and
dependency on uneven monsoon. These rating weaknesses are
partially offset by the extensive industry experience of KAPPL's
promoters.

Outlook: Stable

CRISIL believes that KAPPL will benefit over the medium term from
its promoters' extensive industry experience and established
regional position. The outlook may be revised to 'Positive' if
the company's scale of operations improves substantially,
together with improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected working capital requirement or lower-than-expected
profitability, leading to weakening in its financial risk
profile.

                         About Kamakshya Agro

Incorporated in 2010 by Mr. Sushan Sarkar and his family members,
KAPPL is engaged in rice milling. The company has a paddy milling
capacity of 72 tonnes per day at its unit in Bardhaman district
(West Bengal).


KUWER INDUSTRIES: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Kuwer
Industries Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           45.0       CRISIL D (Downgraded from
                                              'CRISIL B+/Stable')

   Rupee Term Loan       10.4       CRISIL D (Downgraded from
                                              'CRISIL B+/Stable')

   Proposed Long-Term    29.6       CRISIL D (Downgraded from
   Bank Loan Facility                         'CRISIL B+/Stable')

   Letter of Credit      25.0       CRISIL D (Downgraded from
                                              'CRISIL A4')

The rating downgrade reflects the instances of delay by KIL in
servicing its debt; the delays have been caused by the company's
weak liquidity. KIL has weak liquidity because of the negative
impact on the company's performance on account of the ban on
plastic pouches used in gutka packaging.

KIL also has a below-average financial risk profile, marked by
low operating margin and weak debt protection metrics, and small
scale of operations. The company, however, benefits from its
promoters' extensive experience in the packaging industry leading
to an established customer profile.

                       About Kuwer Industries

KIL, incorporated in 1993, manufactures holographic films. Its
product range includes flexible packaging material (used in
packaging of food, pharmaceuticals, and consumer goods), textiles
(for decorative purpose on garments), and hologram stickers. The
company's plant in Noida (Uttar Pradesh) has capacity of 2400
tonnes per annum.

KIL reported a net profit of INR2 million on net sales of INR356
million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR1.0 million on net sales of
INR320 million for 2009-10. The company has achieved the net
sales of INR210 million for 2011-12 on provisional basis.


LOKSEWA SHIKSHAN: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Loksewa Shikshan Bahuuddeshiya Mandal.  The rating
reflects instances of delay by LSSBM in servicing its debt; the
delays have been caused by the trust's stretched liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               41.0       CRISIL D (Assigned)
   Proposed Term Loan      19.0       CRISIL D (Assigned)

LSSBM also has a weak financial risk profile, marked by stretched
liquidity and weak debt protection metrics, and it is vulnerable
to regulatory risks associated with educational institutions. The
trust, however, benefits from the healthy demand prospects for
the education sector in India.

LSSBM was set up in 1961. The trust operates a primary school, a
high school, an engineering college and an arts and commerce
college. The colleges are affiliated to the University of
Amravati and the schools are affiliated to the Zilla Parishad.
All the schools and colleges are located in Malkapur
(Maharashtra). The trust's engineering college offers four year
degree courses in engineering in five streams, namely computer
science, civil, mechanical, electrical, and electronics and
telecommunications.

LSSBM reported a loss of INR12.2 million on an income of INR 55.1
million for 2010-11 (refers to financial year, April 1 to
March 31), against a loss of INR0.4 million on an income of
INR36.2 million for 2009-10.


MANOHAR SHIP: CRISIL Cuts Rating on INR75MM Cash Credit to 'B+'
---------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of Atam
Manohar Ship Breakers Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B+/Stable (Downgraded
                                     from CRISIL BB-/Stable)

   Letter of Credit        425       CRISIL A4 (Downgraded from
                                     CRISIL A4+)

The downgrade reflects the deterioration in AMSBPL's financial
risk profile, especially its liquidity, amid decline in the value
of the Indian rupee against the US dollar (USD) in the past six
months; which will lead to higher than expected outflow on the
liabilities arising out of maturing letters of credit, opened for
importing the vessels. The company has purchased a ship in
February 2012 when foreign exchange (forex) rates were about
INR49 per USD and were unhedged till the last week of April 2012.
Also, there are two more letters of credit, which are expected to
mature in July 2012 and August 2012 respectively. The rates have
now touched INR54 per USD in May 2012; this exposes the company
to significant forex risks. The company has booked a forex loss
of INR22.4 million in 2011-12 (refers to financial year, April 1
to March 31).

The ratings continue to reflect AMSBPL's exposure to risks
related to downturns and to intense competition in the ship
breaking industry, and to unfavourable regulatory changes. These
rating weaknesses are partially offset by the extensive
experience of the company's promoters in the ship breaking
industry.

Outlook: Stable

CRISIL believes that AMSBPL's overall profitability will remain
constrained by the fluctuations in forex rates. The outlook may
be revised to 'Positive' in case the company reports
substantially higher-than-expected cash accruals over the near to
medium term, most likely because of improved realisations, or if
its promoters infuse substantial equity to boost its liquidity.
Conversely, the outlook may be revised to 'Negative' if AMSBPL's
profitability declines from the current levels. .

                         About Manohar Ship

AMSBPL, incorporated in 1997, is part of the Jain group, The
company undertakes ship-breaking activities, with capacity to
break ships ranging from 800 tonnes to 50,000 tonnes at its
1,350-square-metre plot at the port of Alang (Gujarat), which is
the leading centre of the ship breaking and recycling industry in
Asia.

AMSBPL reported a profit after tax (PAT) of INR6.3 million on net
sales of INR847.1 million for 2010-11, against a PAT of INR1.7
million on net sales of INR551.1 million for 2009-10.


ORIENTAL PATHWAYS: Fitch Puts Rating on INR2.2-Mil. Loan at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned Oriental Pathways (Nagpur) Private
Limited's INR2,296.7 million senior project loans a 'Fitch
BB+(ind)' rating.  The Outlook is Stable.

OPNPL is a special purpose company, incorporated to develop,
build, operate and maintain the 50km section of National Highway
6 (NH-6) between Kondhali and Talegaon near Nagpur in
Maharashtra, under a 20-year concession from the National
Highways Authority of India (NHAI, 'Fitch AAA(ind)'/ Stable).

The rating reflects Fitch's expectation of continued support from
the project sponsors, Oriental Structural Engineers Private
Limited and Prakash Asphaltings and Toll Highways (India) Limted.
The sponsors infused INR184.25m equity into OPNPL between May
2008, when the project became operational, and January 2012, and
OSEPL intends to continue to support the project's cash flows
through timely equity injections when necessary.

Sponsor support is a critical rating factor because cash flow is
likely to be insufficient to cover debt service during several
years (Fitch adjusted base case average DSCR of about 0.78x from
2012 to 2014).  However, Fitch's calculations indicate that the
amount of support likely to be required (base case projections:
INR237.9m over three years) is manageable for a company of the
size of OSEPL; for the year ended 31 December 2011, EBITDA was
INR1.94bn and profit after tax was INR1.2bn.

Furthermore, project life coverage ratio calculations (PLCR, in
excess of 1.89x in Fitch's relatively conservative base case)
suggest that the project could retire debt even in stressed
revenue growth scenarios.  In particular, this PLCR shows the
rationale for the sponsors to help the project overcome its
difficult early years and subsequently achieve a reasonable
return.

The rating is, however, constrained by revenue risk. While toll
collection commenced in May 2008, almost a year ahead of
scheduled commercial operations date, traffic has underperformed
original projections.  However, revenue has shown consistent
growth (CAGR around 13.2%) supported by annual toll rate hikes.
Fitch notes that NHAI is upgrading and widening to four lanes the
entire NH-6 corridor (i.e. the road feeding this concession at
both ends), and expects that this could result in traffic growth
for ONPNPL.  This is because around 70%-75% of the traffic on the
project road is commercial through-traffic, continuing on from
Surat in Gujarat or Nagpur in Maharashtra to Madhya Pradesh,
Orissa and West Bengal.

The project is also exposed to a variable interest rate, though a
"take-out" loan of INR439.4m (around 19.13% of the total debt,
carrying 10.65% interest against the previous 11%) extended by
the India Infrastructure Finance Company Limited has reduced
interest costs.  A funded three-month debt service reserve
account, however, provides some comfort.

If, as per management's contention, NHAI does not enforce the
clause requiring that major maintenance works take place in FY14
due to the superior condition of the road, the sponsor support
for FY14 would be significantly reduced.  However, as this has
not been verified by an independent engineer, Fitch's base case
projections continue to factor in major maintenance expenditure
in FY14 as per concession requirements.  A significant saving in
this expenditure could benefit the project company, resulting in
a ratings upgrade.  However, any shortfall in sponsor support
could result in a ratings downgrade.


PRABHAT POULTRY: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Prabhat Poultry Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            22.5        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Rupee Term Loan        92.5        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects delay by PPPL in servicing its term debt.
The delay has been caused on account of less-than-adequate
liquidity due to substantial interest costs. In 2010-11 (refers
to financial year, April 1 to March 31), PPPL undertook a capex
programme of INR137 million, funded by term debt of INR92.5
million, which resulted in substantial interest costs. Adding to
the liquidity problem is PPPL's low operating profitability-
profit before depreciation interest and tax is estimated at
around 8 per cent for 2011-12; it was around 5.2 per cent in
2010-1 and 8.6 per cent in 2009-10.

The rating also reflects PPPL's below-average financial risk
profile, marked by modest net worth, high gearing and inadequate
debt protection metrics, and its susceptibility to risks inherent
in the poultry industry. But the company benefits from its
promoters long track record in the poultry-farming business.

                      About Prabhat Poultry

PPPL was established as a proprietorship firm in 1963, and was
reconstituted as a partnership firm in 1980 and as a private
limited company (with its current name) in 20004. The company is
based in Mumbai. PPPL's manufacturing unit is in Alibaug
(Maharashtra). It is currently managed by Mr. Pramod Mhatre and
his family. PPPL manufactures table eggs and poultry feed, and
also processes broiler chicken meat. All the products
manufactured by PPPL are sold under the Prabhat brand within
Maharashtra. Around 70 per cent of the company's revenues come
from selling eggs and the remainder from broiler chicken meat and
poultry feed.

PPPL reported a profit after tax (PAT) of INR2 million on net
sales of INR220 million for 2010-11, against a PAT of INR8
million on net sales of INR187 million for 2009-10.


RAVI KIRAN: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Ravi Kiran Plastics Pvt Ltd.  The rating reflects
instances of delay by RKPPL in servicing its debt; the delays
have been caused by the company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               16.4       CRISIL D (Assigned)
   Bank Guarantee           0.5       CRISIL D (Assigned)

   Cash Credit             47.5       CRISIL D (Assigned)

RKPPL also has a small scale of operations and large working
capital requirements. These weaknesses are partially offset by
the extensive experience of RKPPL's promoter in the plastic
industry.

                         About Ravi Kiran

RKPPL was incorporated in 1999 by Mr. Yogesh Patel when the
company took over the operations of Ravi Kiran Plastics, which
was established in 1996 as a partnership firm by Mr. Yogesh Patel
and his brother, Mr. Gopal Patel. The company manufactures
injection-moulded plastic parts, which are used in air coolers,
automobile parts, electrical parts, and drip irrigation systems.
The company has a manufacturing facility in Vadodara (Gujarat).


SHELL & PEARL: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shell
& Pearl Ceramics Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL D (Downgraded from
                                      CRISIL A4)

   Cash Credit             300        CRISIL D (Downgraded from
                                      CRISIL A4)


   Letter of Credit        110        CRISIL D (Downgraded from
                                      CRISIL A4)

   Rupee Term Loan         820        CRISIL D (Downgraded from
                                      CRISIL B+/Stable)

   Supplier Line of        100        CRISIL D (Downgraded from
   Credit                             CRISIL B+/Stable)

   Corporate Loan          300        CRISIL D (Downgraded from
                                      CRISIL B+/Stable)

The rating downgrade reflects instances of delay by SPCL in
servicing its debt. The company faced delays in installation of
its capacities. Production commenced in March 2011, which was a
delay of four months as per the original schedule. Liquidity has
come under stress, as only half of the capacities have become
operational and are running at less than 50 per cent utilisation
levels. Consequently, cash flows have been inadequate for meeting
maturing debt obligations, resulting in delays in debt repayment.

In addition to weak debt protection metrics, SPCL's weak
financial risk profile is also marked by high gearing. Moreover,
the company has limited experience in dealing with retail
customers. However, SPCL benefits from the established track
record of its promoters in the ceramics industry.

                      About Shell & Pearl

SPCL was established in 2000 by Mr. Prafulla Gattani. The company
trades in machinery, and their spare parts, used in manufacturing
ceramic/vitrified tiles, ceramic raw material for tiles,
polishing equipment, and diamond-cutting tools. The company also
undertakes implementation of ceramic tile and sanitary ware
manufacturing plants on turnkey basis. SPCL imports machinery and
other ancillary products from manufacturers in China, such as
Keda Industrial Co Ltd, Monte Bianco Diamond Application Co Ltd
and Foshan Scien Ceramics Ltd - SPCL is the exclusive agent for
these manufacturers in India.

SPCL has set up a plant for manufacturing value-added, multi-
charged, and inkjet-printed, glazed and vitrified tiles in
Jhagadia (Gujarat)- the plant has a total capacity of 18,000
square meters per day (smpd). The total cost of the project is
estimated at INR1.5 billion, which is being funded in a debt-
equity ratio of around 2:1. Of the promoters' contribution of
INR440 million, 15 per cent equity has been infused by Mr. Madhu
Dugar (a family friend of the promoters), 30 per cent of equity
has been infused by the Dharampal Premchand group, and the
remainder has been contributed by the promoters.

SPCL is estimated to report a net loss of INR265 million on net
sales of INR315 million for 2011-12 (refers to financial year,
April 1 to March 31), against a profit after tax of INR1.5
million on net sales of INR85.2 million for 2010-11.


SURESH EXPORTS: CRISIL Upgrades Rating on INR5MM Loan to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Suresh
Exports to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/ CRISIL
D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             5.0        CRISIL B-/Stable (Upgraded
                                      from CRISIL D)

   Packing Credit         45.0        CRISIL A4 (Upgraded
                                      from CRISIL D)

The rating upgrade reflects improvement in the liquidity of the
firm, driven by improvement in its working capital cycle and
simultaneous enhancement in the bank lines. The upgrade also
reflects timely repayment of the term debt obligations by the
firm over the last eight months ended February 28, 2012. The firm
did not have any long term debt outstanding as on March 31, 2012.
Suresh Export's revenues (on a provisional basis) increased by
around 80 per cent, to INR330 million in 2011-12 (refers to
financial year, April 1 to March 31), while registering moderate
operating margins of around 5.7 per cent in 2011-12. The rating
upgrade also factors in CRISIL's belief that Suresh Exports will
generate adequate cash accruals to support its large working
capital requirements.

The ratings reflect Suresh Exports' weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, and its operating margin is susceptible to volatility in
raw material prices and in the value of the Indian rupee. Also,
Suresh Exports' scale of operations is small and its revenues are
susceptible to a slowdown in exports. However, Suresh Exports
benefits from its promoters' extensive experience in the spice
processing business.

Outlook Stable

CRISIL believes that Suresh Exports' financial risk profile will
remain weak over the medium term, due to its large working
capital requirements. The outlook may be revised to 'Positive' if
there is substantial and sustained improvement in the company's
revenues and profitability margin or there is substantial
increase in its net worth, backed by equity infusion from
promoters. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in the company's profitability or in
case of significant deterioration in its capital structure on
account of larger-than-expected working capital requirements or a
large, debt-funded capex.

                       About Suresh Exports

Established in 1991 by the Wadhwani family of Maharashtra, Suresh
Export processes and exports spices such as chili, coriander
seeds, and turmeric, and pulses; the firm derives more than 90
per cent of its revenues from export of chilli. It has two units:
one in Guntur (Andhra Pradesh) with capacity of 10,000 tonnes per
annum (tpa) and the other in Nagpur (Maharashtra) with capacity
of 20,000 tpa.

Suresh Exports reported a profit after tax (PAT) of INR0.8
million on net sales of INR185.5 million for 2010-11, against a
PAT of INR11.2 million on net sales of INR171.0 million for 2009-
10.


WESTERN PETROLEUM: CRISIL Cuts Rating on INR80MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Western Petroleum to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'. The downgrade reflects devolvement of WP's
letters of credits, which remained irregular for over 30 days.
The firm's liquidity has deteriorated further, and its account
has been classified as a non-performing asset (NPA) by its
bankers.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        50.0       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Cash Credit             30.0       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

WP also has a weak financial risk profile and small scale of
operations in the petroleum distribution business. These rating
weaknesses are partially offset by the benefits that WP derives
from its strong track record in the petroleum distribution
business.

Western Petroleum, set up in 1960 by Mr. Ishwar Garodia, trades
in base oils and petroleum products. The firm's current partners
are Mr. Ishwar Garodia and his son, Mr. Vijay Kumar Garodia. WP
is a distributor for Hindustan Petroleum Corporation Ltd in
Mumbai, and sells petroleum products through petrol pump
stations.


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


J-CORE 16: Moody's Downgrades Rating on Class D Notes to 'Caa2'
---------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class C and
D Trust Certificates issued by J-CORE 16.

Details follow:

Class C, downgraded to B3 (sf); previously on 14 December 2011,
downgraded to Ba3 (sf)

Class D, downgraded to Caa2 (sf); previously on 14 December 2011,
downgraded to B2 (sf)

Deal Name: J-CORE 16 Trust

Class: Class C and D Trust Certificates

Issue Amount (initial): JPY3.5 billion

Dividend: Floating

Issue Date (initial): 29 September 2008

Final Maturity Date: May, 2015

Underlying Asset (initial): One Bond backed by multiple offices

Originator: Deutsche Bank, Tokyo Branch

Arranger: Deutsche Bank, Tokyo Branch

J-CORE16, which is backed by a bond, was effected in September
2008. The assets backing the bond are being liquidated.

The bond originally represented the securitizations of 18 office
buildings, most of which are in Tokyo. Nine of the properties
have already been sold. Excess cash flow to equity holders has
stopped since January 2010.

The bond issuer for J-CORE16 could not meet the early redemption
target amount.

Accordingly, the bond's excess cash flow redeemed part of the
bond's principal.

However, at this time, the bond has not matured and has not
defaulted.

The Originator entrusted the bond to the Asset Trustee, and
received the Class A through D trust certificates, which it then
sold through the Arranger to investors. The trust certificates
are rated by Moody's.

Ratings Rationale

Although the bond has not matured, all collaterals are likely to
sell below Moody's assumptions/backing bond amount, as all J-CORE
16 investors, including Class C and D investors, have approved
the sale. Therefore, losses from the remaining bond are highly
likely, and could negatively affect the Class C and D trust
certificates.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.

Moody's did not receive or take into account any third-party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


TOKYO ELECTRIC: To Sell Up to JPY370BB Private Placement Bonds
--------------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. plans to
sell as much as JPY370 billion (US$4.7 billion) of private
placement bonds, diluting the guarantees that back the utility's
about JPY4.3 trillion of publicly sold notes.

Bloomberg relates that three people familiar with the matter said
the facility will include JPY170 billion for refinancing of
existing non-guaranteed debt and JPY200 billion in new funding.
TEPCO, as the company is known, expects to complete the
transaction in July, the people, declining to be identified
because the details are private, told Bloomberg.

Bloomberg notes that the deal is part of TEPCO's JPY1.7 trillion
financing plan agreed on earlier this month under Japan's
JPY1 trillion bailout for the owner of the stricken Fukushima
Dai-Ichi nuclear plant.  Banks, whose loans supported TEPCO after
the March 11 disaster locked it out of the bond market, are
offering low interest rate facilities to the utility in exchange
for a repayment guarantee, the people, as cited by Bloomberg
said.

Lenders will include Development Bank of Japan (8301), Sumitomo
Mitsui Financial Group Inc. (8316) and the country's major trust
insurance companies, which will buy the securities and convert
them to loans, Bloomberg's sources said.

                       About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of TEPCO and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.


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


BRIDGECORP LTD: Roest Gets Six Years Jail Sentence
--------------------------------------------------
APNZ reports that Bridgecorp Ltd's former financial controller
Rob Roest will join the failed finance company's boss
Rod Petricevic behind bars -- but another former director escaped
prison when the men were sentenced at the High Court in Auckland
on Friday.

APNZ says Mr. Roest was jailed for six years and six months and
Peter Steigrad was ordered to complete nine months of home
detention, 200 hours of community work and ordered to pay
NZ$350,000 in reparations.

Like Mr. Petricevic, Mr. Roest was found guilty of all 10 of the
Securities Act charges he faced.  Mr. Steigrad was convicted of
six, says APNZ.

APNZ notes that Messrs. Petricevic and Roest were also found to
have acted dishonestly and guilty of knowingly making false
statements in an effort to induce investors to pour money into
Bridgecorp.

The latter charges relate to statements in Bridgecorp's offer
documents that the company had never missed a payment of interest
or principal to investors, according to the news agency.

APNZ recalls that Mr. Petricevic was sentenced last month to six
and a half years in prison.

Another former director Gary Urwin, who pleaded guilty to 10
charges of misleading investors, was sentenced last month to two
years in prison.  His lawyer David Reece told APNZ earlier this
week that his client would not be appealing the sentence.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


NZ DAIRIES: Receivers Seek Buyers as Firm Enters Receivership
-------------------------------------------------------------
NBR Online reports that receivers for New Zealand Dairies Limited
are seeking buyers for the business amid concerns from farmer
suppliers about their milk payments.

Russian Bank VTB Capital, owed about NZ$28 million, on May 17
appointed Colin Gower, Stephen Tubbs and Brian Mayo Smith of BDO
Chartered Accountants as receivers to NZ Dairies and related
company Dairy Exports New Zealand, according to NBR Online.

NBR Online says BDO called for expressions of interest as they
intended to market the companies for sale.

The report relates that the receivers noted there were already
advanced discussions in place with a number of interested parties
over purchase of the business.

NBR Online reported May 17 that dairy farmer suppliers were due
sizable payments for their milk. The total figure is thought to
be about NZ$30 million.

"The receivers' objective is to preserve the jobs and operations
in the short term," the report quotes BDO as saying in a
statement.

New Zealand Dairies Limited engages in dairy processing, baby
food production and distribution.  NZ Dairies is owned by Russian
firm Nutritek.


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


ALPHA BOAT: Creditors' Proofs of Debt Due June 18
-------------------------------------------------
Creditors of Alpha Boat International Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by June 18, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


BORDERS PTE: Creditors' Proofs of Debt Due May 31
-------------------------------------------------
Creditors of Borders Pte Ltd, which is in compulsory liquidation,
are required to file their proofs of debt by May 31, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

          Timothy James Reid
          c/o Ferrier Hodgson
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


FYNS KRAN: Creditors' Proofs of Debt Due June 1
-----------------------------------------------
Creditors of Fyns Kran (Asia) Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by June 1, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok and
          Aw Eng Hai
          C/o Foo Kon Tan Grant Thornton LLP
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


KXD DIGITAL: Court to Hear Wind-Up Petition on June 1
-----------------------------------------------------
A petition to wind up the operations of KXD Digital Entertainment
Limited will be heard before the High Court of Singapore on
June 1, 2012, at 10:00 a.m.

The Petitioner's solicitors are:

          TSMP Law Corporation
          6 Battery Road, Level 41
          Singapore 049909


MERIDIAN JC: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Feb. 1, 2012,
creditors of Meridian JC Multipurpose Co-operative Ltd resolved
to voluntarily wind up the company's operations.

The company's liquidators are Thio Khiaw Ping Kelvin and Terence
Ng Chi Hou.


=============
V I E T N A M
=============


ASIA COMMERCIAL: Moody's Downgrades BFSR to 'E+'; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of Asia Commercial Joint Stock
Bank (ACB) to E+ from D-, which now maps to a baseline credit
assessment (BCA) of b1 on the long-term scale.

At the same time, Moody's has also downgraded the bank's local
currency long-term deposit and issuer ratings to B1 from Ba3.

The outlook for these ratings is stable.

This downgrade takes place in the context of (i) an ongoing
global review affecting all banks whose standalone ratings are
higher than the rating of the government where they are
domiciled, as well as (ii) the bank's deteriorating capital and
asset quality metrics.

ACB's B1 foreign currency long-term issuer rating and B2 long-
term foreign-currency deposit rating were affirmed with a
negative outlook, following the outlook for Vietnam's foreign
currency bond and deposit ceilings.

The bank's Not-Prime short-term ratings remain unaffected.

This rating action concludes the review for downgrade on ACB that
was initiated on April 18, 2012, which derived from Moody's
updated assessment of the linkage between the credit profiles of
sovereigns and other institutions domiciled within the sovereign.
This global review is discussed in the rating implementation
guidance "How Sovereign Credit Quality May Affect Other Ratings"
published on February 13, 2012, and further detailed in the
special comment "Banks and Sovereigns: Risk Correlations
Constrain Standalone Bank Credit Assessments" published on
April 30, 2012.

Ratings Rationale

DOWNGRADE OF STANDALONE RATINGS TO THE SOVEREIGN DEBT RATING
LEVEL

The downgrade of ACB's standalone rating reflects Moody's
assessment that the creditworthiness of banks is highly
correlated with that of their home government's credit strength,
taking into account (i) the extent to which their business
depends on the domestic macroeconomic and financial environment;
(ii) the degree of reliance on market-based, and therefore more
confidence-sensitive, funding; and (iii) their direct or indirect
exposures to domestic sovereign debt, compared with their capital
base.

In ACB's case, the key drivers for the rating action were (i) the
relatively low level of cross-border diversification of its
operations; (ii) the high level of balance-sheet exposure to
domestic sovereign debt, compared with its capital base; (iii)
franchise resilience and intrinsic strength within the operating
environment; and (iv) the absence of ongoing support from foreign
ownership.

Moody's review indicated that there are little, if any, reasons
to believe that the bank would be insulated from a government
debt crisis. More particularly, Moody's notes the bank's
significant direct exposure to Vietnamese government securities,
equivalent to 124% of tier 1 capital at the end of 2011. In
addition, the bank is primarily a domestic institution with
similar macroeconomic exposures as the sovereign government.
Therefore, Moody's views the lower standalone rating -- which is
now positioned at the rating of the Vietnamese government -- as
more appropriate to capture the credit profile of the bank.

Furthermore, the revised rating reflects the balance of the ACB's
other strengths and weaknesses.

At ACB, the revised ratings also incorporate the challenges which
the bank faces in increasing its capital ratio to provide a
larger cushion to absorb losses. The bank reported a decline in
its Tier I capital ratio for two consecutive years; it was 6.1%
at end-2011, down from a high of 11.3% at end-2009, as per Basel
I calculations.

Also, in stressed conditions, the bank's ability to absorb
expected medium-term credit losses under Moody's stress-test
scenarios is weaker than its rated peers, not only because of its
relatively lower core capital levels, but also its comparatively
lower loan-loss reserves cushion.

Moody's believes that Vietnamese banks require Tier 1 capital
ratios well in excess of 9% in order to provide adequate coverage
in the current challenging economic environment in the country as
well as support future loan growth.

Separately, the bank's asset quality is deteriorating and its
true level of non-performing loans by international standards is
hard to estimate. Based on Vietnamese Accounting Standards (VAS),
non-performing loans (defined as loans 90+ days overdue)
increased to VND918 billion (0.9% of gross loans) at end-2011,
from VND 293 billion (0.3%) at end-2010. Moody's expects asset
quality risks to increase during the next two years.

On the other hand, ACB's rating also captures (i) the bank's
large franchise as the fifth-largest bank in the system, and the
largest joint-stock bank; (ii) the bank's relatively strong
profitability, good efficiency, and strong liquidity; and (iii)
the bank's disciplined credit approval and monitoring process,
progressive risk management and controls, as well as the benefits
of skills transfers from its shareholder (15% strategic stake),
Standard Chartered Bank.

Moody's continues to assess a high likelihood of systemic support
for the bank due to its importance to the banking system, but
this does not lead to any uplift in the bank's local currency
deposit rating of B1, two notches below the local currency
deposit ceiling of Ba2.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.

Headquartered in Ho Chi Minh City, Vietnam, ACB reported total
assets of VND281 trillion at the end of 2011.


SAIGON-HANOI COMM'L: Moody's Issues Correction to Ratings Release
-----------------------------------------------------------------
Moody's Investors Service issued a correction to the ratings
release of Saigon-Hanoi Commercial Joint Stock Bank.

Moody's Investors Service has placed the B2 deposit and issuer
ratings of Saigon-Hanoi Commercial Joint Stock Bank (SHB) on
review for possible downgrade. The bank's standalone bank
financial strength rating (BFSR) of E+, which maps to a baseline
credit assessment of b2, was also placed on review for possible
downgrade.

The reference to Not-Prime deposit and issuer ratings of SHB has
been removed. These ratings were placed on review for possible
downgrade due to an internal administrative error.

Ratings Rationale

Moody's decision to place SHB's ratings on review for possible
downgrade follows the bank's announcement, on May 5, 2012, that
its shareholders approved the bank's plan to merge with Hanoi
Building Commercial Joint Stock Bank (Habubank: not rated).
Habubank's shareholders had already approved the transaction on
April 28. The Vietnamese regulator, the State Bank of Vietnam,
had also indicated that it was supportive of the agreement.

Moody's said that the review was warranted principally by the
weak credit profile of Habubank and the materiality of the
transaction relative to SHB's size, creating downward pressure on
the credit quality of the bank and, ultimately, on the merged
entity compared to the relatively healthier profile of SHB pre-
merger.

SHB's reported non-performing loan (NPL) ratio was 2.2% at end-
2011, while Habubank's NPL ratio was 4.4% at the same year-end.
In addition, if loans to the troubled Vietnam Shipbuilding
Industry Group ("Vinashin") were included, Habubank's NPL ratio
would be 16.7%. Similarly, the liquidity ratio of Habubank is
substantially weaker than that of SHB, with a gross customer
loans-to- gross customer deposits ratio of 120% at end-2011 for
Habubank, compared with that of 84% for SHB at year-end.

Besides the distressed credit profile of the entity with which it
is planning to merge, Moody's anticipates that SHB's management
will be challenged by the magnitude of the transaction and the
limited synergies. Habubank is equivalent to no less than 58% of
SHB's total assets. In addition, it has a limited distribution
network, restricting cross-selling opportunities in the short
term.

The review of SHB' ratings will evaluate the financial impact of
this relatively large transaction on the bank's creditworthiness.
Among other factors, Moody's will review in detail how the
transaction is funded and how the merged entity intends to manage
provisions for its NPLs going forward. Moody's views SHB as
having limited earnings capacity, and Moody's also understands
that the significant exposures of Habubank to Vinashin have not
been fully provisioned for (by international standards). Any
government support to manage the merged entity's exposure to the
Vinashin risk will also be taken into account.

Overall, Moody's assessment will take into account the extent to
which the bank's management can reasonably be expected to
increase provisions and improve liquidity while maintaining
profitability and capital ratios at their current levels.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.

Headquartered in Hanoi, Vietnam, SHB reported consolidated total
assets of VND71 trillion as of December 2011.


                             *********

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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