TCRAP_Public/120530.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, May 30, 2012, Vol. 15, No. 107

                            Headlines


A U S T R A L I A

BETTINA LIANO: Apparel Group Saves Retailer Out of Administration
EDSON SOLAR: Administrators Seek Buyers for Manufacturer
MAITLAND EX-SERVICEMEN: Goes Into Voluntary Administration
WOW AUDIO: NAB Shuts Down Investment Arm Over Losses


C H I N A

CHINA GLASS: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg
CHINA GREEN: Reports $49,000 Net Income in First Quarter
DECOR PRODUCTS: Reports $401,000 Net Income in 1st Quarter
INDUSTRIAL & COMMERCIAL: Moody's Issues Summary Credit Opinion


H O N G  K O N G

ACTIVE-7 OPTICAL: Court Enters Wind-Up Order
C & C LOGISTICS: Arboit and Blade Appointed as Liquidators
CHAIN LINK: Creditors' Proofs of Debt Due June 12
CHAK GREEN: Court Enters Wind-Up Order
CITIFARM LIMITED: Court to Hear Wind-Up Petition on July 11

DEWEY & LEBOEUF: Files Bankruptcy, Winding Down Offices Worldwide
DEWEY & LEBOEUF: Case Summary & 20 Largest Unsecured Creditors
EAGLETRON TECHNOLOGY: Court to Hear Wind-Up Petition on July 11
EASYWIN UNIVERSAL: Court to Hear Wind-Up Petition on June 27
FORITE INDUSTRIES: Court Enters Wind-Up Order

MEI CHIU: Court to Hear Wind-Up Petition on July 18
SAI WAN: Court Enters Wind-Up Order
SILVERFACE LIMITED: Court Enters Wind-Up Order
SUN YUEN: Creditors' Proofs of Debt Due June 11
TONG HAI: Court Enters Wind-Up Order

VIC-FORM COMPANY: Court to Hear Wind-Up Petition on June 27
X10 LTD: Court Enters Wind-Up Order


I N D I A

AIR INDIA: Won't Accept Dreamliners Until Compensation Fixed
ASHIRVAAD STEELS: CARE Rates INR9cr Long-Term Loan at 'CARE B-'
DURGESHWARI INDUSTRIES: ICRA Assigns 'B-' Rating to INR17cr Loans
KABADI SHANKARSA: ICRA Assigns 'BB' Rating to INR32cr Loans
LINK ENTERPRISES: CARE Assigns 'BB-' Rating to INR4cr LT Loan

M.J. PATEL: ICRA Rates INR5cr Long-Term Loan at '[ICRA]B-'
PANCHSHEEL SOLVENT: CARE Rates INR14.10cr Loan at 'CARE BB-'
SHETRUNJAY DYEING: ICRA Assigns 'BB-' Rating to INR6.31cr Loan
STEELCON INFRATRADE: ICRA Places '[ICRA]B' Rating on INR8cr Loan
UNIQUE FUR: CARE Assigns 'CARE BB-' Rating to INR7.91cr Loans

UNITED RUBBER: ICRA Assigns 'BB-' Rating to INR16.08cr Loans


J A P A N

DCT FOUR: S&P Raises Rating on Class E Pass-Through Notes to BB+


N E W  Z E A L A N D

CRAFAR FARMS: Owner Vows to Fight for Farms Till "Death"
OTAGO RUGBY: To Settle Debts Under Rescue Package
STRATEGIC FINANCE: Investors Get Another 1.5 Cents in the Dollar


P H I L I P P I N E S

FIRST PROVINCIAL: PDIC to Pay Depositors Claims Starting June 1
MILLENNIUM BANK: Placed Under PDIC Receivership


S I N G A P O R E

INTELLIHOME PTE: Court to Hear Wind-Up Petition on June 1
OSCAR'S FOOD: Court to Hear Wind-Up Petition on June 1
POLYGON CONSTRUCTION: Court to Hear Wind-Up Petition on June 1
POWER CAPITAL: Creditors' Proofs of Debt Due June 25
PRIMETRICA ASIA: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BETTINA LIANO: Apparel Group Saves Retailer Out of Administration
-----------------------------------------------------------------
Cara Waters at SmartCompany reports that Australia's "Jean Queen"
Bettina Liano has been saved from administration by a deal with
Apparel Group, the company behind fashion brands Sportscraft,
Saba and Willow.

According to SmartCompany, administrators Ferrier Hodgson were
appointed to Bettina Liano last year but Liano has managed to
turn her company's fortunes around through an alliance with the
Apparel Group.

Under the terms of the deal, SmartCompany relates, Liano
maintains control of her business, both the Bettina Liano and
youth diffusion T by Bettina Liano brands, and retains the role
of creative director for both brands; controlling design,
marketing and continuing as chief executive of retail and online
operations.

Ms. Liano told SmartCompany thing that entering into
administration was a harrowing experience but she was determined
to fight on.

"I was solely responsible and no one could help me except for
me," the report quotes Ms. Liano as saying.  "It was harrowing
and it was like walking a tightrope: It was like a 50-foot wave
surf movie, when you fly down the face off a wave. I just flew
down the face and I didn't wipe out and now I am paddling back
out."

Ms. Liano said she worked hard to secure the deal with the
Apparel Group and went through an experience that was "about as
hard as it gets."

"Part of the administration process was part of the survival, I
did not go into liquidation and I did not go bankrupt," Ms. Liano
told SmartCompany.

According to SmartCompany, Ms. Liano will maintain five retail
stores, the online business and her Myer association with the
Bettina Liano brand and T by Bettina Liano.

Apparel Group will develop and grow the Bettina Liano brands
through an exclusive agreement to sell and supply both domestic
and international wholesale customers, the report adds.

On July 8, 2011, John Lindholm and Brendan Richards of Ferrier
Hodgson were appointed joint and several voluntary administrators
of Bettina Liano Pty Ltd pursuant to section 436A of the
Corporations Act 2001 (the Act).

                       About Bettina Liano

The Bettina Liano brand was established 28 years ago and trades
in Melbourne, Sydney and Perth through a chain of seven
boutiques.  The brand is distributed through the rest of
Australia, New Zealand, Indonesia and Malaysia through more than
120 stockists.  The brand employed 90 people in Australia.

                          *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Bettina Liano until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


EDSON SOLAR: Administrators Seek Buyers for Manufacturer
--------------------------------------------------------
SmartCompany reports that Edson Solar has collapsed into
administration, in yet another sign both the solar and
manufacturing industries remain under harsh economic pressure.

According to the report, the company was placed in administration
on May 24, with Robyn Erskine and Peter Goodin of Brooke Bird
appointed.

SmartCompany relates that the administrators are now seeking
expressions of interest for the manufacturer, which has been
operating for 50 years in both domestic and international
markets, turning over AUD8 million a year.

The company continues to trade.

Edson Solar manufactures and wholesales hot water and solar hot
water products.  The company originally started manufacturing and
distributing hot water systems and then moved into solar. All of
Edson's products are designed, engineered and assembled in
Melbourne, using its own "evacuated tube" technology.


MAITLAND EX-SERVICEMEN: Goes Into Voluntary Administration
----------------------------------------------------------
Ian Kirkwood at Newcastle Herald reports that Maitland Ex-
Servicemen's Club has gone into voluntary administration with its
board of directors still hoping a property development will get
them out of financial difficulty.

Graeme Beattie -- gbeattie@moorestephens.com.au -- and David
Mansfield -- dmansfield@moorestephens.com.au -- of accounting
firm Moore Stephens were appointed as administrators on May 21.

According to the report, Mr. Beattie said the club was also
facing a wind-up action in the Supreme Court.

"We intend to oppose this application and are hopeful a positive
outcome will allow us to work with the club to formulate a deed
of company arrangement," Newcastle Herald quotes Mr. Beattie as
saying.

Mr. Beattie declined to comment on the size of the club's debts
but said a creditors' meeting was planned and an information
meeting for members would be held today, May 30, 6:00 p.m., the
report discloses.

Newcastle Herald relates that Mr. Beattie confirmed the club was
working on plans to develop some of its spare land in Carrington
Street, Maitland.

The club would remain open in the short term and he was confident
it would be able to trade out of its problems, the report adds.


WOW AUDIO: NAB Shuts Down Investment Arm Over Losses
----------------------------------------------------
SmartCompany reports that National Australia Bank will shut down
its Integrated Capital Solutions investment arm, just months
after the division reportedly lost millions through investing in
collapsed electronics retailer WOW Sight and Sound.

SmartCompany relates that the private equity arm of NAB made a
substantial investment in WOW only two years ago that delivered
the company a board seat.

"NAB is discontinuing making further investments via Integrated
Capital Solutions and is letting the existing portfolio of
investments run their course, and be naturally exited over time,"
a spokesperson told SmartCompany on Tuesday.

Two years ago, WOW confirmed with SmartCompany the equity arm had
contributed a "significant" amount, which included a seat on the
board, although it was said to be a minority stake.

SmartCompany, citing the Australian Financial Review, discloses
that Integrated Capital Solutions shareholders lost AUD30 million
on the investment, with NAB understood to have written off
AUD25 million in debt.

ICS is run by ANZ's former private equity boss Graham Reid, the
report notes.

                            About WOW Audio

WOW Audio Visual Superstores Pty Ltd, doing business as WOW Sight
and Sound, retails communication and commercial solutions for
businesses.  The company employs about 500 employees, with 10
stores in Queensland and two in New South Wales.  WOW Audio
Visual Superstores also has a single-store presence in Victoria,
the ACT and the Northern Territory.

James Stewart, Stewart McCallum and Tim Michael of Ferrier
Hodgson were appointed receivers and managers of WOW Audio Visual
Superstores Pty Ltd, WOW Distribution Pty Ltd, and WOW
Corporation Pty Ltd on Feb. 27, 2012, by National Australia Bank
Limited.  The appointments relate to the electrical retailer, WOW
Sight and Sound.

The company owes unsecured creditors about AUD25 million.  It has
also been hit with AUD20 million in debt stemming from Aristocon
Pty Ltd, which collapsed in 2010, SMH disclosed.



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


CHINA GLASS: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term corporate credit rating on China Glass Holdings Ltd. to
negative from stable. "At the same time, we affirmed our 'B+'
long-term corporate credit rating on the China-based flat glass
producer and our 'B' issue rating on the company's outstanding
senior unsecured notes. In addition, we lowered our Greater China
credit scale ratings on China Glass to 'cnBB-' from 'cnBB' and on
the notes to 'cnB+' from 'cnBB-'," S&P said.

"The outlook revision reflects China Glass's deteriorating
profitability," said Standard & Poor's credit analyst Jian Cheng.
"The company's working capital requirement is likely to continue
to rise. Combined with weak demand and subdued prices, cash flow
generation will decline. In our view, the visibility of an
improvement in market conditions in the second half of 2012 is
low. China Glass' debt may also increase to fund rising working
capital requirements."

"We expect China Glass' adjusted gross margin to fall to about
20% in the first half of 2012 as glass prices are likely to
remain low. Glass prices dropped materially in 2011 as the
Chinese construction market cooled, particularly the property
market. In addition, the glass industry's raw material costs
remained high. The company's adjusted gross margin therefore
dropped to 23.3% in 2011 from 28.3% in the first half of the
year," S&P said.

"We may lower the rating if: (1) China Glass' profitability does
not improve in the next two quarters and its financial position
deteriorates further, such that the adjusted gross margin
consistently stays below 20%; (2) the company fails to payoff its
short-term debt and is unable to roll over its working capital
loan; or (3) the company's working capital requirement is more
than we expected and has to be funded by additional debt, such
that the adjusted ratio of total debt to EBITDA exceeds 5x," S&P
said.

"We may revise the outlook to stable if China Glass can
demonstrate an ability to perform better than the industry while
maintaining an adjusted gross margin of more than 20% and a ratio
of funds from operations to total debt of more than 20%," S&P
said.

"China Glass uses self-developed, low-cost fuel substituting
technology to reduce input cost and protect margins. However, the
technology only partly mitigates the impact of volatile raw
material prices and rising fuel costs," S&P said.

"We expect the shutdown of some glass production lines for
overhaul since last year and the cut in output by some glass
producers in the first half of 2012 to push up glass prices,"
said Mr. Cheng. "Glass demand could also rise because the Chinese
government is firm on meeting its social housing target for the
year and could complete more social housing projects in the
second half of the year."

"In our opinion, China Glass' product mix is becoming more
diversified, which should help the company to maintain its
competitiveness in the fragmented Chinese glass industry,"
S&P said.

"We believe China Glass' liquidity is 'less than adequate,' as
defined in our criteria," S&P said.


CHINA GREEN: Reports $49,000 Net Income in First Quarter
--------------------------------------------------------
China Green Creative, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $49,397 million on $682,358 of revenue for the
three months ended March 31, 2012, compared with net income of
$112,397 on $719,183 of revenue for the same period during the
prior year.

The Company reported a net loss of $344,901 on $1.93 million of
revenues for 2011, compared with a net loss of $3.35 million on
$2.78 million of revenues for 2010.

The Company's balance sheet at March 31, 2012, showed $5.52
million in total assets, $8.04 million in total liabilities and a
$2.52 million total stockholders' deficit.

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

                         http://is.gd/fduXMB

                          About China Green

China Green Creative, Inc., located in Shenzhen, Guangdong
Province, People's Republic of China, is principally engaged in
the distribution of consumer goods and electronic products in the
PRC.

After auditing the 2011 results, Madsen & Associates CPA's, Inc.,
in Salt Lake City, Utah, expressed substantial doubt about China
Green Creative's ability to continue as a going concern.  The
independent auditor noted that the Company does not have the
necessary working capital to service its debt and for its planned
activity.


DECOR PRODUCTS: Reports $401,000 Net Income in 1st Quarter
----------------------------------------------------------
Decor Products International, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing net income of US$401,355 on US$3.81 million of
net revenues for the three months ended March 31, 2012, compared
with net income of US$650,483 on US$5.03 million of net revenues
for the same period during the prior year.

The Company's balance sheet at March 31, 2012, showed US$44.93
million in total assets, US$10.81 million in total liabilities
and US$34.11 million in total stockholders' equity.

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

                         http://is.gd/mjmWGV

                        About Decor Products

Decor Products International, Inc., through its subsidiaries,
mainly engages in the manufacture and sale of furniture
decorative paper and related products in the People's Republic of
China.  The Company is headquartered in Chang'an Town, Dongguan,
Guangdong Province, between Shenzhen and Guangzhou in southern
China.

After auditing the financial statements for the year ended
Dec. 31, 2011, HKCMCPA Company Limited, in Hong Kong, China,
noted that the Company has made default in repayment of
convertible notes and promissory notes that raise substantial
doubt about its ability to continue as a going concern.


INDUSTRIAL & COMMERCIAL: Moody's Issues Summary Credit Opinion
--------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Industrial & Commercial Bank of China Ltd's affiliate and
includes certain regulatory disclosures regarding its ratings.
This release does not constitute any change in Moody's ratings or
rating rationale for Industrial & Commercial Bank of China Ltd's
affiliate.

Moody's current ratings on Industrial & Commercial Bank of China
Ltd's affiliate:

Industrial & Comm'l Bk of China (Singapore)

Senior Unsecured (foreign currency) ratings of A1

Senior Unsecured MTN Program (foreign currency) ratings of (P)A1

Rating Rationale

Moody's assigns Industrial & Commercial Bank of China Ltd (ICBC)
a bank financial strength rating (BFSR) of D+, which translates
into a Baseline Credit Assessment (BCA) of ba1. The outlook on
the BFSR is stable.

ICBC's BFSR balances three main considerations. First, the bank
has an outstanding franchise and extensive nationwide network in
China, a market that will continue to show excellent growth
prospects in all sectors of financial services. ICBC is the
largest banking group in the world by market capitalization and
deposits. Its traditional strength in corporate lending and
corporate deposit-taking has helped it diversify its income
sources and grow its fee business.

Second, since cleaning up its legacy non-performing loans (NPL)
and undergoing recapitalization prior to its Initial Public
Offering (IPO) in 2006, ICBC's financial fundamentals have been
robust. NPLs have fallen sharply, while capitalization remains
strong. It replenished its capital in the equity market in 2010
after rapid lending growth in the past two years. In addition,
its overall profitability remains healthy as a result of very
good efficiency ratios and rising operating income.

Third, ICBC still has a relatively short track record operating
as a listed bank which operates according to international
standards of corporate governance and risk management practices.
This is the principal reason why its BFSR remains in the D
category, and despite its financial metrics implying a higher
rating.

Risk management, while on an improving trend, remains an area
that will require further investment. Although there have been
important moves towards the centralization of approvals and
controls, the sheer size of the bank and its network pose
intrinsic control challenges. Finally, the extent of the bank's
independence from government influence is a complex and evolving
issue.

In particular, Moody's is concerned about the risks associated
with the rapid lending growth seen in 2009 and 2010 in the
Chinese banking sector. Specifically, lending to local government
financing vehicles (LGFVs) and to the real estate sector is
likely to become a source of NPLs as these loans season. Rapid
lending growth is a classic early warning sign of future credit
quality problems.

In mitigation, ICBC's loan growth of 25% in 2009 was below the
system average of 32%, while its loan growth of 19% in 2010 was
in line with the system average of 20%. Furthermore, the bank has
considerable buffers that would provide protection if there is a
sharp correction in asset prices.

First, Moody's estimated that a decline from a peak in housing
prices of up to 30% would likely have little negative impact on
its mortgage portfolio, given low loan-to-value ratios on most
housing loans. Second, pre-provision profitability is strong,
loan loss reserves have increased, and core capital is solid.
Third, Moody's views positively recent regulatory actions aimed
at 1) cooling the housing market, 2) proactively reviewing
exposures to LGFVs, and 3) encouraging the banks to maintain
higher capital ratios and strengthen balance sheets.

ICBC's stand-alone BFSR is D+/ba1, i.e. non-investment grade,
reflecting Moody's concern about future volatility in asset
quality. From a rating perspective, there is considerable cushion
if there is a material downturn in asset quality.

ICBC's foreign currency deposit ratings are A1/Prime-1 with a
stable outlook on the long-term deposit rating. They mainly
incorporate three elements: its BFSR of D+ (which translates into
a baseline credit assessment of ba1); very high support
assumption from the Chinese government (a component of joint
default analysis, referred to as JDA); and the China systemic
support indicator of Aa3.

Moody's consider China as a medium support country. ICBC is
considered to have very high support from the government, given
its importance to Chinese economy as the largest Chinese bank by
assets. The incorporation of systemic support results in a multi-
notch uplift in the bank's deposit rating from the ba1 baseline
credit assessment.

Rating Outlook

The outlook on all the ratings is stable, reflecting the solid
positioning of the fundamental ratings for the challenges likely
ahead.

The last rating action regarding ICBC was taken on September 27,
2010, when Moody's affirmed the ratings and changed the outlook
on ICBC's foreign currency long-term deposit rating to stable
from positive. The change in outlook reflected Moody's view that
the likelihood of an upgrade in the ratings has diminished in
view of its current challenges.

What Could Change the Rating - Up

Further positive rating pressure for the bank's BFSR and deposit
rating is dependent on how ICBC manages the conflicting demands
of maintaining asset quality and growing its businesses in a
sustainable manner.

In addition, any positive rating action on the A1 deposit rating
would require an upgrade in the government rating. This in
itself, however, would not automatically lead to an upgrade of
the bank deposit ratings.

To see an improvement in the BFSR, which would take its baseline
credit assessment to investment grade, it would be necessary for
ICBC to maintain strong financial metrics during the next 2-3
years. This is likely to include an environment of policy
tightening, and a deterioration in the real estate market and
local government finances in some regions.

Specifically, during the next 2-3 years, Moody's will see 1) if
NPLs stay below 3% of loans; 2) net income exceeds 1.8% of
average Risk-weighted assets(RWA), and pre-provision profit (PPP)
exceeds 3% of average RWA; 3) core Tier I ratio remains at 8% or
higher; and 4) the bank's ability to maintain its solvency
against portfolio stress tests at the corresponding rating level.

What Could Change the Rating - Down

Given the multi-notch upgrade of the deposit rating, when
compared to the BFSR, any indication that government support is
anything other than extremely high would be negative for the
deposit rating, but this is viewed as unlikely in the medium
term. In the very long run, there could be some transition risk
for the deposit rating as the relationship between the government
and major banks evolves, and if there is no sufficient
improvement in the bank's stand-alone financial strength rating
as an offset.

By contrast, evidence that the recent vintage of loan
originations will strain financial strength more than Moody's has
assumed will be negative for the rating. In particular, Moody's
would see the following as negative for the BFSR during the next
2-3 years: 1) NPLs surpassing 5%, or special mention loans over
10% of loans; 2) net income less than 1% of average RWA, or PPP
less than 1.5% of average RWA; and 3) core Tier 1 ratio falling
to 6% or lower. Furthermore, any signs of a slowdown, or reversal
in the trend towards improvements in risk management, controls
and corporate governance would be negative for the BFSR.

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.



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


ACTIVE-7 OPTICAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Feb. 6, 2012, to
wind up the operations of Active-7 Optical & Electrical Holdings
(HK) Limited.

The company's liquidator is Chiu Koon Shou.


C & C LOGISTICS: Arboit and Blade Appointed as Liquidators
----------------------------------------------------------
Bruno Arboit and Simon Richard Blade on March 26, 2012, were
appointed as liquidators of C & C Logistics (HK) Limited.

The liquidators may be reached at:

          Bruno Arboit
          Simon Richard Blade
          Level 22, The Center
          99 Queen's Road Central
          Central, Hong Kong


CHAIN LINK: Creditors' Proofs of Debt Due June 12
-------------------------------------------------
Creditors of Chain Link Tak Kee Newspaper and Magazine
Distribution Company Limited, which is in liquidation, are
required to file their proofs of debt by June 12, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         Lau Siu Hung
         Rooms 1909-10, Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


CHAK GREEN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Feb. 2, 2012, to
wind up the operations of Chak Green Environment Technology Co.,
Ltd.

The company's liquidator is Chiu Koon Shou.


CITIFARM LIMITED: Court to Hear Wind-Up Petition on July 11
-----------------------------------------------------------
A petition to wind up the operations of Citifarm Limited will be
heard before the High Court of Hong Kong on July 11, 2012, at
9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on May 3, 2012.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


DEWEY & LEBOEUF: Files Bankruptcy, Winding Down Offices Worldwide
-----------------------------------------------------------------
Dewey & LeBoeuf LLP collapsed into Chapter 11 bankruptcy (Bankr.
S.D.N.Y. 12-12321) in Manhattan after failing to save the law
firm amid struggles with high debt and partner defections.

Dewey, based in New York, disclosed debt of $245 million and
assets of $193 million in its chapter 11 filing late Monday.

Dewey & LeBoeuf was formed by the 2007 merger of Dewey Ballantine
LLP and LeBoeuf, Lamb, Greene & MacRae LLP.  At its peak, Dewey
employed about 2,000 people with 1,300 lawyers in 25 offices
across the globe.  Only 150 employees are left to complete the
wind-down of the business, according to a court filing.

Dewey & LeBoeuf said in a statement unlike most other Chapter 11
cases, this filing does not anticipate a return to business but
rather a managed wind-down of affairs, followed by liquidation.
Dewey & LeBoeuf expects the most significant portion of the
process to be completed in the next few months. In the interim,
the firm will be operating on a budget and according to a
timetable to be determined by the Court.

"We are proud of the dedication and professionalism that has
characterized Dewey & LeBoeuf over many years, and we intend to
bring the same focus to the unfortunate task of closing out our
affairs," said Stephen J. Horvath, Executive Partner.

The firm has asked the Court for permission to continue to pay
salaries, benefits and Paid Time Off (PTO) in the ordinary course
of business, for current employees, consistent with bankruptcy
laws.  The firm expects permission to be granted within 48 hours
following the filing. The firm will ask approximately 90
employees to remain on staff to assist in the wind-down.

                        Road to Bankruptcy

Following the merger in 2007, the firm sought to further expand
by acquiring partners and practice groups -- the "rainmakers" --
with significant books of business.  The firm entered into
compensation agreements with 100 partners for certain guaranteed
and incentive payments.

But Dewey & LeBoeuf "was formed at the onset of one of the worst
economic downturns in U.S. history," Jonathan A. Mitchell, the
chief restructuring officer, said.  "These negative economic
conditions, combined with the firm's rapid growth and partnership
compensation arrangements, created a situation where the cash
flow was insufficient to cover capital expenses and full
compensation expectations."

To deal with the cash flow problems, the partners cancelled or
deferred income of over $100 million.  In December 2011 profit
fell $30 million short for the calendar year.  In January 2012,
the firm was advised not to use the $25 million of its $100
million revolving credit facility because the facility was up for
renewal in April 2012.  The resulting contraction of working
capital by $55 million resulted in a liquidity crisis for the
firm, which contributed to its ultimate demise.

During the first quarter of 2012, the firm was confronted with
liquidity constraints that led to the precipitous resignation of
over 160 of the firm's 300 partners by May 11.

By April the firm had drawn about $75 million of a $100 million
credit line from banks including JPMorgan Chase & Co. and
Citigroup Inc., and was trying to collect money owed by clients
to pay bankers, Bloomberg News said, citing two people familiar
with Dewey's finances.

On April 27, the firm learned the Manhattan District Attorney's
office was investigating allegations of wrongdoing by Steven
Davis, the firm's sole chairman.  Two days later, Mr. Davis was
removed from all his leadership roles.

According to Mr. Mitchell, following unsuccessful negotiations
with other law firms and as a result of the continuing defaults
under its credit facilities, and the inability to renew or secure
alternative financing, the Debtor decided that it would be in the
best interests of its clients, creditors, employees and other
parties for the Debtor to wind-down its business.

                           Wind Down

Faced with the potential acceleration of $225 million in
principal amount of prepetition secured debt, the firm promptly
issued notices under the applicable Worker Adjustment and
Retraining Notification statutes on May 4, 2012, to notify its
employees that the vast majority of them would likely be
terminated.

The firm on May 11 appointed a committee comprised of (a) Janis
M. Meyer, a partner and general counsel; and (b) Stephen J.
Horvath III, Esq., the executive partner, to oversee the wind-
down.

An agreed upon budget for the wind-down contemplates funding (i)
for the remaining 150 employees in the U.S. from May 15 through
May 31, and (ii) a reduced wind-down staff of 90 employees in the
U.S. from June 1, 2012 onward.

The firm's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in
process of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed. Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo is being prepared for
closure and the liquidation of the firm's local affiliate.  The
partners of the firm in the Johannesburg office are planning to
wind down the practice.

The firm's ownership interest in its practice in Warsaw was sold
to the firm of Greenberg Traurig PA on May 11 for $6 million.
The Pension benefit Guaranty Corp. took $2 million of the
proceeds as part of a settlement.

                        Accounts Receivable

As of the Petition Date, the Debtor's assets consist principally
of $13 million in cash, accounts receivable and work-in-progress
with a face amount of approximately $255 million generated by the
firm's U.S. offices, various pieces of artwork, approximately $11
million invested in an insurance consortium, as well as potential
estate claims and causes of action against partners and other
third parties.

Liabilities include $225 million in obligations to secured
lenders, $50 million in obligations to secured personal property
lessors, $40 million in accounts payable, pension and deferred
compensation claims, and claims by employees for accrued paid
time

As of the Petition Date, it is estimated that there was
approximately $255 million in face amount of uncollected accounts
receivable and work-in-process generated by the firm's U.S.
offices.  The firm intends to use cash collateral to facilitate
the collection of its accounts receivable and continue the
orderly wind-down.


DEWEY & LEBOEUF: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Dewey & LeBoeuf LLP
        1301 Avenue of the Americas
        New York, NY 10019

Bankruptcy Case No.: 12-12321

Type of Business: Dewey & LeBoeuf was formed by the 2007 merger
                  of Dewey Ballantine LLP and LeBoeuf, Lamb,
                  Greene & MacRae LLP.  At its peak, Dewey
                  employed about 2,000 people -- roughly 1,000
                  lawyers in 25 offices across the globe and the
                  other half support staff including legal
                  secretaries, mailroom clerks and paralegals.

Chapter 11 Petition Date: May 28, 2012

Court: U.S. Bankruptcy Court
       Southern District of New York

Debtor's
Counsel:    Albert Togut, Esq.
            TOGUT, SEGAL & SEGAL LLP
            One Penn Plaza
            Suite 3335
            New York, NY 10119
            Tel: (212) 594-5000
            Fax : (212) 967-4258
            E-mail: alcourt@teamtogut.com

Debtor's
Claims and
Noticing
Agent:      EPIQ BANKRUPTCY SOLUTIONS LLC

Estimated Assets: $100 million to $500 million

Estimated Debts:  $100 million to $500 million

The petition was signed by Jonathan A. Mitchell, chief
restructuring officer.

Dewey & LeBoeuf LLP's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim   Claim Amount
        ------                     ---------------   ------------
Pension Benefit Guaranty           Pension Claim      $80,000,000
Corporation
1200 K Street, N.W.
Washington, DC 20005
Tel: (202) 326-4020
E-mail: Wagner.Scott@pbgc.gov

1301 Properties Owner LP           Property Taxes/     $3,778,350
1633 Broadway, Suite 1801          May Rent
New York, NY 10019
Tel: (212) 237-3105
E-mail: VMessina@paramount-group.com

Thompson Reuters                   Library Services-   $2,362,869
610 Opperman Drive                 Legal Research
Eagan, MN 55123
Tel: (651) 848-7836
E-mail: Chris.Cartrett@thomsonreuters.com

Bank of America                    Credit Card         $2,142,000
CA5-7055-08-01555
555 California Street, 8th Fl.
San Francisco, CA 94104
Tel: (415) 622-9688
E-mail: Daniel.Weiss@bankofamerica.com

HireCounsel                        Outsourced          $1,557,371
575 Madison Ave.                   Staffing
New York, NY 10022
Tel: (646) 356-0510
E-mail: LMestel@mestel.com

Lexis-Nexis                        Library Services-   $1,412,966
125 Park Ave.                      Legal Research
Suite 2200
New York, NY 10017
Tel: (212) 309-8100
E-mail: Carolyn.Ullerick@lexisnexis.com

Corrao Miller                      Outsourced          $1,325,000
Wiesenthal Legal Search            Staffing
Consultants, Inc.
845 Third Ave.
New York, NY 10022
Tel: (212) 328-6182
E-mail: rmiller@cmwsearch.com

1101 New York Holding LLC          May Rent             $830,789
c/o Louis Dreyfus Properties
LLC
1101 New York Ave NW,
Suite 909
Washington, DC 20005
Tel: (201) 470-4700
E-mail: DHapp@pgp.us.com

Diamond Personnel, LLC             Outsourced           $740,519
352 Seventh Avenue, 3rd Fl.        Staffing
New York, NY 10001
Tel: (212) 631-7520
E-mail: RSamlin@diamondjob.com

Flik International Corp.           Dining Services      $673,310
Compass Group Usa
3 International Drive, #200
Rye Brook, NY 10573
Tel: (914) 935-5361
E-mail: Scott.Davis@compass-usa.com

HBR Consulting LLC                 Consulting          $656,683
311 South Wacker Drive, 22/F       Services
Chicago, IL 60606
Tel: (312) 201-8400
E-mail: CPetrini-Poli@hbrconsulting.com

CCH Incorporated/Wolters           Library Services-   $653,059
Kluwer Law & Business              Legal Research
2700 Lake Cook Rd.
Riverwoods, IL 60015
E-mail: mike.sabbatis@wolterskluwer.com

McMorrow & Saverese                Recruiting          $635,000
7299 Happy Canyon Road             Services
Santa Ynez, CA 93460
Tel: (805) 693-0043
E-mail: ralphs@mcmsav.com

Williams Lea                       Outsourced          $550,393
1 Dag Hammarskj”ld Plaza,          Staffing/
8th Fl.                            Equipment
New York, NY 10017
Tel: (212) 351-9000
E-mail: Ken.Amman@williamslea.com

Commerzbank AG                     May Rent            $512,063
2 World Financial Center, 31st
Fl.
New York, NY 10281
Tel: (212) 266-7200
E-mail: robert.vassallo@commerzbank.com

Shook, Hardy & Bacon LLP           Services            $473,696
Kansas City, MO 64108
Tel: (816) 474-6550
E-mail: JMurphy@shb.com

Adams Grayson Corporation          Outsourced          $422,696
1625 Eye Street, NW., Suite 600    Staffing
Washington, DC 20006
Tel: (202) 828-1112
E-mail: PGronvall@adamsgrayson.com

Emily L. Saffitz                   Severence           $416,667
82 Washington Place, 2B            Arrangement
New York, NY 10011
Tel: (212) 751-3171
E-mail: Emily.Saffitz@tklaw.com

Swiss Post Solutions               Outsourced          $392,601
10 E. 40th Street, 9th Floor       Staffing/
New York, NY 10016                 Equipment
Tel: (212) 204-0990
E-mail: art.tatge@swisspost.com

GE Asset Management                Refund for Legal    $362,171
1600 Summer Street, #3             Services
Stamford, CT 06905
Tel: (203) 326-2300
E-mail: Matthew.Simpson@ge.com


EAGLETRON TECHNOLOGY: Court to Hear Wind-Up Petition on July 11
---------------------------------------------------------------
A petition to wind up the operations of Eagletron Technology
Limited will be heard before the High Court of Hong Kong on
July 11, 2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on May 3, 2012.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co.
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


EASYWIN UNIVERSAL: Court to Hear Wind-Up Petition on June 27
------------------------------------------------------------
A petition to wind up the operations of Easywin Universal Limited
will be heard before the High Court of Hong Kong on June 27,
2012, at 9:30 a.m.

De Monsa Investments Limited filed the petition against the
company on April 19, 2012.

The Petitioner's solicitors are:

          K. C. Ho & Fong
          De Monsa Investments Limited
          18th Floor, Henley Building
          No. 5 Queen's Road
          Central, Hong Kong


FORITE INDUSTRIES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Jan. 18, 2012, to
wind up the operations of Forite Industries Limited.

The company's liquidator is Chiu Koon Shou.


MEI CHIU: Court to Hear Wind-Up Petition on July 18
---------------------------------------------------
A petition to wind up the operations of Mei Chiu Plastic Factory
Limited will be heard before the High Court of Hong Kong on
July 18, 2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on May 16, 2012.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South China Building
          No. 1 Wyndham Street
          Central, Hong Kong


SAI WAN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on March 15, 2012,
to wind up the operations of Sai Wan Ho Limited.

The company's liquidator is Chiu Koon Shou.


SILVERFACE LIMITED: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Feb. 2, 2012, to
wind up the operations of Silverface Limited.

The company's liquidator is Chiu Koon Shou.


SUN YUEN: Creditors' Proofs of Debt Due June 11
-----------------------------------------------
Creditors of Sun Yuen Cheong Cafe (B) Limited 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:

          Teresa S W Wong
          10th Floor, Queensway Government Offices
          66 Queensway, Hong Kong


TONG HAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Tong Hai Enterprises (Hong Kong)
Limited.

The company's liquidator is Chiu Koon Shou.


VIC-FORM COMPANY: Court to Hear Wind-Up Petition on June 27
-----------------------------------------------------------
A petition to wind up the operations of Vic-Form Company Limited
will be heard before the High Court of Hong Kong on June 27,
2012, at 9:30 a.m.

Luen Wah Machine Welding & Iron Works Company Limited filed the
petition against the company on April 20, 2012.

The Petitioner's solicitors are:

          Lau & Ngan
          Room 2504-05, 25th Floor
          Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


X10 LTD: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on May 14, 2012, to
wind up the operations of X10 Ltd Limited.

The official receiver is Teresa S W Wong.



=========
I N D I A
=========


AIR INDIA: Won't Accept Dreamliners Until Compensation Fixed
------------------------------------------------------------
Nikhil Gulati at Dow Jones Newswires that India's civil aviation
minister said Tuesday that Air India Ltd. won't take the delivery
of Boeing Co.'s 787 Dreamliner planes until both parties agree on
a compensation figure for a delay in delivering the planes by the
U.S. manufacturer.

"We have to decide on a compensation mechanism before taking
delivery of the Dreamliner," Dow Jones quotes Ajit Singh as
saying.

Dow Jones relates that Mr. Singh said Air India "has worked out a
compensation package and is seeking a legal opinion on several
steps on how to take it forward."

Dow Jones notes that Mr. Singh declined to disclose the
compensation that Air India plans to seek from Boeing, but said a
panel of ministers will consider the compensation that Boeing
will need to pay to Air India.

"We have to discuss options like arbitration and where to take
this arbitration in case Boeing refuses to pay this
compensation," Mr. Singh, as cited by Dow Jones, said.

Air India, which ordered 27 Dreamliner jets, is expected to get
the first aircraft toward the end of this month, about three
years behind the original schedule, Dow Jones reports.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


ASHIRVAAD STEELS: CARE Rates INR9cr Long-Term Loan at 'CARE B-'
---------------------------------------------------------------
CARE assigns 'CARE B-' ratings to the bank facilities of
Ashirvaad Steels & Alloys Pvt. Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       9.0         CARE B- Assigned

Rating Rationale

The rating of Ashirvaad Steels & Alloys Pvt. Ltd (ASAPL) factor
in the company's small size of operations coupled with low
profitability margins, lack of backward integration vis-a-vis
volatility in prices, high project risk, and the highly
competitive steel industry. These constraints are partially
offset from long track record and rich experience of the
management. The rating also takes comfort from the company's low
customer concentration risk.

ASAPL's ability to scale up the level of operation with
improvement in profitability, successful implementation of
ongoing project and future trend in sales price realisation
vis-a-vis demand for ASAPL's products as well as price trend of
key raw materials will be the key rating sensitivities.

                      About Ashirvaad Steels

Ashirvaad Steels & Alloys Pvt. Ltd., incorporated in February,
1985 is currently, owned by Shri Omkar Singh. It is engaged in
manufacturing of Mild Steel Bars (MS Bars) and TMT Bars. The
company has an installed capacity of 24000 MTPA.

The company is in the process of expanding its MS Bar facility
(by 6,000 mtpa) at an aggregate cost of INR1030 lakhs, being
financed at a debt equity ratio of 1.4:1. The project is in the
initial stage of implementation with company having spent an
aggregate amount of INR106.2 lakhs till April 10, 2012 and the
same is likely to start commercial operation from July, 2012.

Presently, Shri Chandveer Singh (son of Shri Omkar Singh),
Managing Director, looks after the day to day affairs of the
company along with Shri Indraveer Singh (cousin of Shri Chandveer
Singh) and Shri Ankur Malik.

As per the audited results of FY11 (FY refers to period April 1
to March 31), ASAPL reported PBILDT and PAT of INR167.2lakh
(Rs.113.9 lakh in FY10) and INR5.4 lakh (Rs.4.7 lakh in FY10)
respectively on a total income of INR4215.2 lakh (Rs. 3730.6 lakh
in FY10).


DURGESHWARI INDUSTRIES: ICRA Assigns 'B-' Rating to INR17cr Loans
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR4.62 crore term
loan facilities and INR12.25 crore cash credit facilities of
Durgeshwari Industries Limited.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term Loan                 4.62     [ICRA]B- Assigned
   Cash Credit              12.25     [ICRA]B- Assigned
   Unallocated               0.13     [ICRA]B- Assigned

The assigned rating favorably factors in easy availability of raw
cotton, diversification into oil extraction and planned forward
integration into spinning activities which will provide
diversification to the revenue streams. The rating is however
constrained by the small scale of operations, low profit margins
inherent in the cotton ginning industry and stretched capital
structure of the company due to external funding for its working
capital intensive operations. ICRA also notes that the capital
structure may deteriorate further with planned debt funded
capital expenditure for the spinning unit. The rating also takes
into consideration vulnerability of margins owing to the
intervention of government policies.

                    About Durgeshwari Industries

Durgeshwari Industries Ltd was founded by the chairperson of the
company, Mr. Vijayprakash O. Agrawal in the year 1994 as
Durgeshwari Seeds Private Limited as a seed manufacturing
company. The company diversified its business into cotton
ginning-pressing in the year 2007-08 and oil extraction in 2009-
10. The company was converted into the Public Ltd Company in the
year 2011. Initially the company undertook trading of
Automobiles, Agricutural implements, Tractors and spares. But in
recent years the company has decided to focus on cotton related
activities of ginning and oil extraction. The operations of the
company are being handled by its chairperson and his Brothers.

Recent Results:

During FY11, DIL has reported an operating income of
INR78.27crores, OPBDITA of INR3.15 crores and Net Profit of
INR0.8 crores. Operating income for FY12 is INR42.04 crores
(Provisional).


KABADI SHANKARSA: ICRA Assigns 'BB' Rating to INR32cr Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the long term fund based
cash credit limit of INR4.0 crore and proposed long term limits
of INR28.0 crore of Kabadi Shankarsa & Co. ICRA has also assigned
'[ICRA]A4' rating to the short term fund based packing credit
limit of INR8 crore of KSC. The outlook of the long term rating
is Stable.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Cash Credit               4.00     [ICRA]BB(Stable)/assigned
   Packing Credit            8.00     [ICRA]A4/assigned
   Proposed Limits          28.00     [ICRA]BB(Stable)/assigned

The ratings derive comfort from the long established presence of
the firm in silk & cotton manufacturing industry supported by
reputed clientele in oversees market, with whom the firm has
maintained a strong relationship over the years translating into
repeat orders and increase in the top line. Moreover, the ratings
derive comfort from the moderately leveraged capital structure
(as indicated by gearing of 0.67x) marked by absence of any long
term debt. The ratings are, however, constrained by significant
client concentration risk with bulk of the revenues being
contributed by a single customer - IKEA and by the moderate
profitability of the firm on account of the intensely competitive
and fragmented nature of the industry with presence of several
organized and unorganized players. Moreover, the firm is exposed
to foreign exchange fluctuation as 100% of the turnover is
through export sales. These apart, the ratings factor in the
inherent risks associated with a partnership firm inter alia a
private limited company such as withdrawal of capital and limited
ability to raise capital.

                      About Kabadi Shankarsa

Incorporated in the year 1993 as a partnership firm, Kabadi
Shankarsa & Co is managed by six partners who are the successors
of late Mr. Kabadi Shankarsa. KSC is primarily engaged
manufacturing of various silk fabrics and cotton made ups and
export of the same to countries like UK, US and Europe. Almost
60% of the revenue is from Europe and the remaining 30% and 10%
are from UK and US respectively. The major client of the firm,
IKEA is Europe based and contributes to maximum of the revenue
for KSC. Apart from IKEA there are another three to four world
class customers like H&M, Next, Walmart and Kmart with whom KSC
does business. The firm operates through two manufacturing units
in Bangalore.

Recent Results

The Company reported net profit of INR4.64 crore on operating
income of INR85.21 crore for FY 2011 and net profit of INR2.22
crore(provisional) on operating income of INR52.47 crore
(provisional) for 9 months period of FY 2012.


LINK ENTERPRISES: CARE Assigns 'BB-' Rating to INR4cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Link Enterprises.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term bank facilities       4.00       'CARE BB-' Assigned
   Short term bank facilities      5.00       'CARE A4' Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

The ratings of Link Enterprises are constrained by small size of
operation, low order book position, client and geographical
concentration risk, risk of delay in project execution, volatile
input prices, working capital intensive nature of operation and
sluggish growth amidst intense competition in the construction
industry. The aforesaid constraints are partially offset by
experience of the partners and satisfactory client portfolio.

Steady flow of orders and timely execution of the same, regular
receipt of contract proceeds and ability to contain operating
expenses are the key rating sensitivities.

                      About Link Enterprises

Link Enterprises was established in April 1999 as a partnership
firm for execution of civil contract work (mostly comprising of
construction of roads and buildings) mainly for entities of state
government of Uttarakhand. Shri Anil Jaitly and Shri Amit Jaitly
of Haridwar, Uttarakhand were the main partners with 20% and 18%
share respectively while the remaining eight partners were not
very active and each had small shares. In April, 2006, the
partnership deed was reconstituted with the exit of two existing
minor partners and induction of two new minor partners. However,
the existing main partners and their percentage stake remain the
same in the reconstituted firm. The firm is recognised as class
"A" contractor by Uttarakhand Public Works Department.

As per the audited results of FY11 (refers to the period from
April 01, 2010 to March 31, 2011), LE reported a PBILDT and a PAT
of INR 3.2 crore (Rs.3.7 crore in FY10) and INR 2.6 crore
(INR3.2 crore in 2010) respectively on a total income of
INR33.0 crore (INR46.8 crore in FY10).

LE being an unlisted entity, has not yet compiled the working
results. However, the management is stated to have achieved gross
billing of INR32 crore during FY12 (provisional).


M.J. PATEL: ICRA Rates INR5cr Long-Term Loan at '[ICRA]B-'
----------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR5.00 crore long-
term fund-based bank facilities of M.J. Patel (India) Limited.
ICRA has also assigned an '[ICRA]A4' rating to the INR6.00 crore
short-term non-fund based bank facilities of MJPIL.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Long-term Fund-based     5.00      [ICRA]B- assigned
   Limit

   Short-term Non-fund      6.00      [ICRA]A4 assigned
   Based Limit

The assigned ratings are constrained by the nominal profits and
cash accruals from business on account of small scale of
operations, which further declined significantly in 2010-11 on
account of management related issues in the company. ICRA also
notes the high gearing and weak coverage indicators of MJPIL,
indicating an adverse financial risk profile; and the highly
fragmented, intensely competitive and limited value adding nature
of the steel trading business leading to weak profitability
indicators. The ratings are also constrained by the high working
capital intensity of MJPIL's business on account of its high
freehold inventory, leading to a tight liquidity profile; and
MJPIL's exposure to the cyclicality inherent in the steel
industry, which is likely to keep the cash flows volatile.
Nevertheless, the ratings favourably factor in the extensive
experience of over four decades of the promoters of MJPIL in
steel industry; and its reputed customer base including large
corporate entities primarily Public Sector Undertakings (PSU),
which mitigates counterparty risks.

                         About M.J. Patel

M.J. Patel (India) Limited is engaged in the trading of seamless
carbon and alloy steel tubes and pipes, electric resistant welded
(ERW) tubes, air pre-heater tubes, steam pipes and various
related fittings. Most of the products traded by MJPIL find
applications in the manufacture of various boiler components. The
customer base of MJPIL includes large and reputed PSUs and
private sector companies.

Recent Results:

As per the audited results of 2010-11, MJPIL reported a net loss
of INR0.02 crore on an operating income of INR12.42 crore as
compared to a profit after tax (PAT) of INR0.07 crore on an
operating income of INR22.41 crore in 2009-10. As per the
provisional results for the year 2011-12, MJPIL reported an
operating income of INR15.37 crore.


PANCHSHEEL SOLVENT: CARE Rates INR14.10cr Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Panchsheel Solvent Pvt. Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       14.10       CARE BB- Assigned

Rating Rationale

PSPL's rating is mainly constrained due to the promoters' lack of
experience in the rice bran oil industry which is exposed to the
risks emanating from low level of awareness amongst the consumer
fraternity on account of the industry being in the initial phase
of the product life cycle.

Also large number of substitute products, low margins inherent in
the edible oil industry owing to high degree of competition
resulting from its fragmented nature, subjectivity to vagaries of
the nature being an agri-based commodity, geographical
concentration and high working capital intensity further
constrain the rating.

The rating, however, draws support from proximity to raw material
sources and markets, gradual increase in demand of edible oils on
the back of growing domestic consumption and expected fillip
in acceptability of the product by the masses in view of brand
'ABIS' being well established.

Ability of the company to achieve the projected capacity
utilisation, to enhance scale of operation while realising
satisfactory profitability and simultaneously garnering market
share shall remain the key rating sensitivities.

                       About Panchsheel Solvent

Panchsheel Solvent Pvt. Ltd., incorporated in October, 2008, is a
Chhattisgarh-based company, primarily engaged in extracting
edible grade refined rice bran oil (RBO) with an installed
capacity of 1,50,000 tonnes per annum (TPA) & 30,000 TPA for
solvent extraction & refinery unit respectively. Having set up
the facility in FY11, PSPL commenced its commercial production
from April, 2011.

Shri Samir Lalani and Smt. Shabana Lalani (w/o of Shri Samir
Lalani) are the two promoters directors of the company. The day-
to-day and overall business is looked after by Shri Samir Lalani
with assistance of Smt. Shabana Lalani.


SHETRUNJAY DYEING: ICRA Assigns 'BB-' Rating to INR6.31cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to INR6.311 crore long
term fund based bank limits of Shetrunjay Dyeing & Weaving Mills
Limited.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Fund Based Limits-        4.00     [ICRA]BB- (stable) assigned
   Cash Credit Fund
   Based Limits-Term         2.31     [ICRA]BB- (stable) assigned
   Loan

The assigned ratings are constrained by SDWL's small scale of
operations in a fragmented textile industry, and high financial
risk profile as evident from low profitability leveraged capital
structure and modest debt coverage indicators. The ratings are
also constrained by high susceptibility of the margins to intense
competitive pressures as well as adverse volatility in the raw
material (majorly yarn) prices given SDWL's inability to pass on
such price increases to its final customers, as evident in the
past periods. ICRA further notes that the company has plans for
large scale capacity expansion project which is at initial
stages, and hence, timing as well as extent of debt for funding
of the same remains a key rating sensitivity.

However, the rating favorably factors in the long standing
experience of the promoters in the textile industry, its
diversified client base and favorable location of the company's
plant in Bhiwandi which is in proximity to both raw material
suppliers and downstream processing units.

                      About Shetrunjay Dyeing

Set up in April 2004 as partnership firm, Shetrunjay Dyeing &
Weaving Mills Ltd. was converted to public limited company on
January 17, 2011 with Mr. Anil Jain, Bhanwarlal Jain and Mr.
Jimesh Jain as directors of the company. The company is engaged
in the manufacturing of both grey and finished fabrics (cotton)
for menswear suiting and undertakes job work for yarn dyeing. The
registered office cum manufacturing unit is located at Bhiwandi
in Thane while job work unit for yarn dyeing is situated at
Narpoli in Thane.

Recent results:

SDWL recorded an operating income of INR55.29 Crore for the
ending March 31, 2012 (provisional figures).


STEELCON INFRATRADE: ICRA Places '[ICRA]B' Rating on INR8cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR8.00 Crore long
term fund based facilities of Steelcon Infratrade Private
Limited. ICRA has also assigned an '[ICRA]A4' rating to the
INR6.00 Crore short term non fund based facilities of SIPL.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Demand Cash Credit        8.00     [ICRA]B assigned

   Letter of Credit          6.00     [ICRA]A4 assigned

The ratings reflect SIPL's weak financial position characterized
by low profit margins, leveraged capital structure and weak debt
coverage metrics. The ratings also factor in the highly
competitive nature of the steel trading industry and exposure to
revenue volatility since volume off-take hinges on demand from
key end-user industries.

However, the ratings favorably factor in the long experience of
the promoters in the steel trading business; established
relationship with key suppliers and order backed procurement
which reduces inventory holding period and limits inventory risks
to an extent.

                     About Steelcon Infratrade

Steelcon Infratrade Private Limited was incorporated as a private
limited company in the year 2009 by Mr. Devang Gandhi. He had
also established M/s Dev Steels in 2001 and its business was
fully transferred to SIPL in 2009. SIPL is engaged in the
business of trading Thermo Mechanically Treated (TMT) steel bars,
structural steel, hot rolled sheet/coil, cold rolled sheet/coil,
galvanized sheet/coil and mild steel products. Majority (~90%) of
the revenue is derived from the trading of TMT steel bars.

Recent Results

SIPL recorded a net profit of INR0.52 crore on an operating
income of INR45.03 crore for the year ending March 31, 2011 and
sales of INR29 crore for the period ending February 2012 (as per
the provisional figures disclosed by the management).


UNIQUE FUR: CARE Assigns 'CARE BB-' Rating to INR7.91cr Loans
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Unique Fur N Fabrics Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      7.91         CARE BB- Assigned
   Short-term Bank Facilities     0.75         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Unique Fur N
Fabrics Private Limited are primarily constrained on account of
its small scale of operations, fluctuating profitability,
stressed liquidity position and leverage capital structure. The
ratings are further constrained due to its presence in the highly
fragmented and competitive segment of the textile value chain
coupled with vulnerability to fluctuation in prices of raw
material, working-capital intensive nature of operations and
proposed debt-funded capex plan.

The above constraints are partially offset by the benefits
derived from the vast experience of the promoters in the textile
industry and established marketing & distribution network.
UFPL's ability to improve its profitability margins along with
timely stabilization of operations of the recently completed
capex and achieving the envisaged level of sales along with
better working capital management are the key rating
sensitivities.

                    About Unique Fur N Fabrics

Surat-based UFPL was incorporated by Mr Vikas Kundalia and
Mr Vineet Kundalia by acquiring 'Citizen Fibres Private Limited'
in FY07 (refers to the period April 1 to March 31) and started
undertaking knitted fabric dyeing, printing and processing job-
work. UFPL assumed its present name on November 20, 2008 with the
manufacturing of technical textiles which consists of warp
knitted grey cloth, warp knitted finished fabrics and furnishing
fabrics for its clients under the brand "Unique".

As per audited results for FY11, UFPL reported a PAT of INR0.66
crore on a total income of INR14.57 crore as against a PAT of
INR0.12 crore on a total income of INR6.45 crore during FY10. As
per the provisional results for FY12, UFPL reported a PAT of 0.64
crore on a total operating income of INR17.28 crore.


UNITED RUBBER: ICRA Assigns 'BB-' Rating to INR16.08cr Loans
------------------------------------------------------------
A rating of '[ICRA]BB-' has been assigned to INR4.08 crore, long-
term loans and INR12.00 crore long-term, fund based facilities of
United Rubber Industries (India) Private Limited.  A rating of
'[ICRA]A4' has been assigned to the INR4.50 crore short-term,
fund based facilities and INR4.50 crore of short-term, non-fund
based facilities of the company. The outlook on long-term rating
is stable. The INR4.50 crore short-term, fund based facilities
are sub-limit of INR12.00 crore long-term, fund based facilities
with combined utilization limit of INR12.00 crore.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Long-term loans           4.08     [ICRA]BB- (Stable) assigned

   Long-term, fund based    12.00     [ICRA]BB- (Stable) assigned
    Facilities

   Short-term, fund based    4.50     [ICRA]A4 assigned
    Facilities

   Short-term, non-fund      4.50      [ICRA]A4 assigned
   based facilities

The rating assignment takes into account the promoters'
experience in the industry spanning over three decades and the
relationship developed by the company with key clients. The
company's competitiveness has been enhanced by the in-house R&D
facilities which have aided growth in scale of operation while
maintaining healthy profitability. The company's presence in
silicone hose manufacturing leaves scope for future growth taking
into account the rising export demand from the product segment.

Nonetheless, the rating remains constrained by the rising working
capital requirement, high gearing and relatively weak but
improving debt and interest service indicators. ICRA also notes
that the company does not have fixed off-take contracts with most
of its clients which leaves the company vulnerable to replacement
risk and has some degree of dependency on tender-based sales
which imparts volatility to the top-line due to the relatively
short-term nature of contracts. The company remains a relatively
small player in a competitive, rubber-based products
manufacturing industry and remains susceptible to industry risks
such as raw material price fluctuation.

                         About United Rubber

United Rubber Industries (I) Private Limited was incorporated in
1976 by first generation entrepreneur Mr. Ajit Rai, currently the
Managing Director of the company. The company currently
manufactures rubber and silicone base products which find wide
application across industries such as automotive, defence,
railways, power, transmission, construction and mining
industries. The company has manufacturing facility in Bhayander
(E) and has capacity to manufacture 39 lakh hoses, 4.1 lakh
moulded items, 3.3 lakh metal to rubber bonded items, 2,000
gaskets and 1.5 lakh extruded strips. The total product portfolio
offered by the company spans over 4,000 individual units.

The company's manufacturing facility has been accredited with ISO
9001 and ISO/TS 16949 certification. The company has an in-house
R&D unit with 30 rubber technologists and has received
recognition from Department of Science & Technology.

Recent Results:

For the twelve months ending, provision financial for March 31,
2012, URIIPL reported profit after tax (PAT) of INR1.9 crore on
an operating income of INR53.8 crore as compared to a PAT of
INR1.3 crore on an operating income of INR1.3 crore for the
twelve months ending March 31, 2011.



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


DCT FOUR: S&P Raises Rating on Class E Pass-Through Notes to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+ (sf)' from 'BB
(sf)' its ratings on the class E pass-through notes issued under
the DTC Four Funding Ltd. (DTC4) transaction, the class E pass-
through notes of the DTC Five Funding Ltd. (DTC5) transaction,
and the class E pass-through notes of the DTC Six Funding Ltd.
(DTC6) transaction. "At the same time, we affirmed our ratings on
the class A-1 to A-2, B, C, and D pass-through notes issued under
the DTC4 transaction and the class A, B, C, and D pass-through
notes of both the DTC5 and DTC6 transactions," S&P said.

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

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

"The data indicate that the current aggregate rental revenue from
the properties in each transaction is below our initial forecast.
On the other hand, the transactions' credit enhancement levels
have increased as the redemption of the notes has progressed. In
addition, the pace of the rent decrease has been moderate and we
believe that a sudden acceleration of the decrease is unlikely in
the near term. Moreover, only one of the transactions' underlying
loans has defaulted since the transactions' closings and the
collection from the defaulted loan was more than we expected.
Considering all these factors, we  raised our rating on three
classes of these transactions and affirmed our ratings on 16
classes," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

           http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED
DTC Four Funding Ltd.
JPY21.198 billion pass-through notes due November 2036
Class   To         From      Initial issue amount
E       BB+ (sf)   BB (sf)   JPY0.75 bil.

DTC Five Funding Ltd.
JPY20.795 billion pass-through notes due March 2037
Class   To         From      Initial issue amount
E       BB+ (sf)   BB (sf)   JPY0.72 bil.

DTC Six Funding Ltd.
JPY30.014 billion pass-through notes due July 2037
Class   To         From      Initial issue amount
E       BB+ (sf)   BB (sf)   JPY1.10 bil.

RATINGS AFFIRMED
DTC Four Funding Ltd.*
Class       Rating         Initial issue amount
A-1         AAA (sf)       JPY11.44 bil.
A-2         AAA (sf)       JPY5.72 bil.
B           AA (sf)        JPY0.84 bil.
C           A (sf)         JPY0.87 mil.
D           BBB (sf)       JPY0.84 bil.
X**         AAA (sf)

*Nonrated class F notes (initial issue amount: JPY0.738 bil.)
were also issued under this transaction.
**Interest-only class

DTC Five Funding Ltd.*
Class       Rating         Initial issue amount
A           AAA (sf)       JPY16.83 bil.
B           AA (sf)        JPY0.84 bil.
C           A (sf)         JPY0.84 mil.
D           BBB (sf)       JPY0.84 bil.
X**         AAA (sf)

*Nonrated class F notes (initial issue amount: JPY0.725 bil.)
were also issued
under this transaction.
**Interest-only class

DTC Six Funding Ltd.*
Class       Rating         Initial issue amount
A           AAA (sf)       JPY24.61 bil.
B           AA (sf)        JPY1.20 bil.
C           A (sf)         JPY1.26 mil.
D           BBB (sf)       JPY1.00 bil.
X**         AAA (sf)

*Nonrated class F notes (initial issue amount: JPY0.844 bil.)
were also issued under this transaction.
**Interest-only class



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


CRAFAR FARMS: Owner Vows to Fight for Farms Till "Death"
--------------------------------------------------------
Fairfax NZ News reports that the chances of Alan Crafar buying
back his dairy empire, Crafar Farms, appear to have been
extinguished, after an attempt to raise up to NZ$200 million fell
through.

But Mr. Crafar is refusing to accept that his dream of buying
back the 16 farms is over, and says he will stop fighting only
"when I'm dead," according to the news agency.

Fairfax NZ notes that the farms were placed in receivership in
October 2009, owing close to NZ$200 million, a debt that has
since ballooned to NZ$256 million.

According to the report, Mr. Crafar has the right to take control
back, provided he repays the debt and costs associated with the
receivership.

In the meantime, the report says, the Government has approved an
offer of NZ$200 million by a Chinese company, although that has
been appealed by a New Zealand consortium led by Michael Fay.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.


OTAGO RUGBY: To Settle Debts Under Rescue Package
-------------------------------------------------
Reuters reports that the New Zealand Rugby Union (NZRU) said that
the cash-strapped Otago Rugby Union (ORFU) will come to a
settlement with all of its creditors by the end of the month and
can look forward to a "brighter future."

The news agency relates that the ORFU faced liquidation in March
because they could not service NZ$2.35 million ($1.76 million) of
debt, pay players' wages and administrative staff or their bills.

Smaller creditors will receive everything they are owed, while
bigger companies will get NZ$5,000 and half of what they are owed
above that, according to Reuters.

According to Reuters, the terms of the rescue package, which
included a long-term loan of NZ$500,000 from the NZRU, meant the
directors had to resign and a new board has now been appointed.

"The stage is now set for the union to face the future with
confidence," the report quotes NZRU chief executive Steve Tew as
saying in a news release.  "We thank all our partners who have
worked hard over the last few months to ensure this 131-year-old
rugby institution can survive and play its part in the Otago
community."

As reported in the Troubled Company Reporter-Asia Pacific on
March 7, 2012, Sport24 said that the Otago Rugby Football Union
put off immediate liquidation on March 2 and revealed the
existence of a possible lifeline.  Faced with debts of
NZ$2.35 million, the Otago Union said earlier in the week it
would fold on March 2, but at the last minute announced that the
move had been delayed for a week, according to Sport24.

Based in Dunedin, the Otago Rugby Football Union --
http://www.orfu.co.nz/-- is the official governing body of rugby
union for the Otago Region of New Zealand.


STRATEGIC FINANCE: Investors Get Another 1.5 Cents in the Dollar
----------------------------------------------------------------
Fairfax NZ News reports that debenture investors in Strategic
Finance received a further 1.5 cents in the dollar payment from
receivers this month, taking their total recovery so far to
8.5 cents.

According to the news agency, receivers John Fisk and
Colin McCloy of PricewaterhouseCoopers said they continued to
expect investors would ultimately get back 12 to 26 cents in the
dollar of the NZ$367.8 million owed when the company collapsed in
August 2008.

At that level, the report notes, debenture investors stand to
lose about NZ$272 million to NZ$323 million.

Fairfax NZ News says investors owed a further NZ$25 million in
Strategic's bonds and deposits will get nothing back.

As well as focusing on loan recoveries, receivers said they were
continuing to investigate transactions of concern between
February 2007 and August 2008, according to Fairfax NZ News.

"Together with our legal counsel, we are assessing those concerns
with a view to deciding what legal proceedings . . . may be
available to us," the receivers said.

In the six months period to March covered by the latest
receivers' report, receiver's fees were NZ$181,115, while legal
costs were NZ$291,980, Fairfax NZ News discloses.

Loan recoveries of NZ$2.1 million were made during the period,
the news agency adds.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.



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


FIRST PROVINCIAL: PDIC to Pay Depositors Claims Starting June 1
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation will start
receiving, processing and paying valid deposit insurance claims
of depositors of the closed First Provincial Bank, Inc., on
June 1.

Claims of depositors who maintained accounts at the Head Office
located along McArthur Highway corner Juan Luna St., Ligtasan,
Tarlac City will be serviced at the bank premises from June 1 to
June 13, 2012. Claims of depositors of La Trinidad Branch will be
processed at the Gladiola Convention Center in La Trinidad,
Benguet during the same period. For the Paniqui branch, claims
servicing will be from June 1 to June 11 at the branch premises
located at M.H. del Pilar Street, Paniqui, Tarlac while claims of
depositors of Balibago Branch will be serviced from June 1 to
June 5 at the Clark Museum. These schedules are also posted at
the bank premises and on the PDIC website, www.pdic.gov.ph.

Prior to the CSO, the PDIC announced that it will issue Priority
Numbers starting on May 31, 2012 at the aforementioned designated
claims payout venues. The Priority Number corresponds to a
specific appointment date when PDIC representatives will service
the claims of depositors. Claims of the depositors will be
processed onsite, and if found valid and supported with complete
requirements, will be paid onsite.

The PDIC advised depositors to secure their Priority Numbers
early. In case the Priority Numbers issued to depositors are
beyond the schedule of appointment dates, the depositors may
still file their claims with the PDIC representatives during the
CSO. However, these claims will be processed at the PDIC - Home
Office in Makati City and notices will be sent through mail.
Depositors who will not be able to file their claims during the
CSO schedule may submit the documents personally at the PDIC, 4th
Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino Street, Makati
City, Monday to Friday, 8:00 AM to 5:00 PM, or through mail
beginning June 21, 2012.

PDIC reminded that depositors have until April 21, 2014 to file
their claims. After April 21, 2014, the PDIC will no longer
accept any claim for insured deposits.

PDIC also advised depositors with balances of P10,000 and below
and who have not received their postal money order payment to
file their deposit insurance claims.

When filing deposit insurance claims, depositors are advised to
present the duly accomplished Claim Form and Claim Status Sheet;
original and photocopy of evidence of deposit, such as a passbook
and Certificate of Time Deposit; and, original and photocopy of
two (2) valid IDs with photo and signature. Depositors who are
below 18 years old are also required to submit a photocopy of
their Birth Certificate issued by the National Statistics Office
or duly certified copy from the Local Civil Registrar. If the
claimant is not the signatory in the bank records, a notarized
Special Power of Attorney (SPA) of the depositor or parent of
minor is required. Copies of the Claim Form, Claims Status Sheet
and SPA may be downloaded from the PDIC website.

First Provincial Bank, Inc., was placed under the receivership of
the Philippine Deposit Insurance Corporation (PDIC) by virtue of
MB Resolution No. 592 dated April 19, 2012. As Receiver, PDIC
took over the bank on April 20, 2012.

First Provincial Bank is a four-unit bank with Head Office
located along MacArthur Highway cor. Juan Luna St., Tarlac City.
Its three branches are in Mabalacat, Pampanga; Paniqui, Tarlac;
and La Trinidad, Benguet. Latest available records show that as
of June 30, 2011, the Bank had 4,233 accounts with total deposit
liabilities of PHP190.5 million. According to the latest General
Information Sheet filed by the First Provincial Bank with the
Securities and Exchange Commission, the bank is owned by Blesilo
Florido P. Buan, Florido P. Buan and Romina P. Canilao.


MILLENNIUM BANK: Placed Under PDIC Receivership
-----------------------------------------------
The Monetary Board placed Millennium Bank, Inc. (A Rural Bank)
was placed under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 817
dated May 24, 2012.  As Receiver, PDIC took over the bank on
May 25, 2012.

Millennium Bank is a single-unit bank located at Del Pilar St.,
Cabanatuan City, Nueva Ecija. Latest available records show that
as of March 31, 2012, the Bank had 1,451 accounts with total
deposit liabilities of P37.52 million. According to the latest
General Information Sheet filed by Millennium Bank with the
Securities and Exchange Commission, the bank is majority owned by
Phil. Indi. Comml. Ent. (40%), Norberto Dela Merced (19.99%), and
Ma. Victoria Cristina S. Abraham (18%). Its Chairman is Ma.
Victoria Cristina S. Abraham and its President is Ma. Cristina S.
Abraham.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of P500,000.

PDIC said that depositors with valid accounts with balances of
P10,000 and below, who have no outstanding obligations with
Millennium Bank and who have updated their addresses with the
bank in the past year, need not file deposit insurance claims.
PDIC targets to start mailing payments to the depositors with
small balances to their last known addresses recorded in the bank
early July 2012.

Depositors whose accounts have balances of more than P10,000 and
have outstanding obligations should file their deposit insurance
claims. The inclusive dates and schedule of the claims settlement
operations for these accounts will be announced in August 2012
through notices to be posted in the bank premises and other
public places as well as through the PDIC website,
www.pdic.gov.ph, newspapers and radios as soon as details are
finalized.

The Depositors Forum will be conducted on Thursday, May 31, 2012
to inform depositors of the requirements and procedures for
filing deposit insurance claims. Claim forms will also be
distributed during said Forum. The schedule and venue of the
Depositors Forum will be posted in the bank premises and in the
PDIC website, www.pdic.gov.ph.

According to PDIC, depositors who have balances of P10,000 and
below but whose addresses in the bank records may not have been
updated or are incomplete may update their addresses with PDIC
representatives at the bank premises. Depositor Update Forms will
be distributed during the Depositors Forum for the depositors to
accomplish, and will also be made available at the bank premises.
These should be accompanied by a photo-bearing ID of the
depositor with his signature.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may
also call the PDIC Public Assistance Hotlines at (02) 8414630 to
(02) 8414631 or communicate through e-mail at pad@pdic.gov.ph.



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


INTELLIHOME PTE: Court to Hear Wind-Up Petition on June 1
---------------------------------------------------------
A petition to wind up the operations of Intellihome Pte Ltd will
be heard before the High Court of Singapore on June 1, 2012, at
10:00 a.m.

Schneider Electric Singapore Pte Ltd filed the petition against
the company on May 17, 2012.

The Petitioner's solicitors are:

          Attorneys Inc. LLC
          24 Raffles Place
          #25-06A Clifford Centre
          Singapore 048621


OSCAR'S FOOD: Court to Hear Wind-Up Petition on June 1
------------------------------------------------------
A petition to wind up the operations of Oscar's Food Mall (A.P.)
Pte Ltd will be heard before the High Court of Singapore on
June 1, 2012, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
May 16, 2012.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


POLYGON CONSTRUCTION: Court to Hear Wind-Up Petition on June 1
--------------------------------------------------------------
A petition to wind up the operations of Polygon Construction &
Interior Pte Ltd will be heard before the High Court of Singapore
on June 1, 2012, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
May 9, 2012.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


POWER CAPITAL: Creditors' Proofs of Debt Due June 25
----------------------------------------------------
Creditors of Power Capital Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 25, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


PRIMETRICA ASIA: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on May 18, 2012, to
wind up Primetrica Asia Pacific (S) Pte Ltd's operations.

Corporate Secretarial & Bookkeeping Pte Ltd filed the petition
against the company.

The company's liquidator is:

         Chan Yee Hong
         M/s Nexia TS Risk Advisory Pte Ltd
         100 Beach Road
         #30-00 Shaw Tower
         Singapore 189702



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

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

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

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

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

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


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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
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Friday's edition of the TCR-AP features a list of companies with
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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
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
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Peter Chapman at 240/629-3300.





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