TCRAP_Public/120531.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

            Thursday, May 31, 2012, Vol. 15, No. 108

                            Headlines


A U S T R A L I A

CMI INDUSTRIAL: Placed into Liquidation
FORESTRY TASMANIA: Opposition Seeks Details of AUD110-Mil Bailout
HASTIE GROUP: Faces Raft of Legal Actions; Auditor Questioned
HASTIE GROUP: Electrical Apprentices Find New Placements
HAWKESBURY RIVER: Liquidators In Final Wind Up Process

TRIO CAPITAL: ASIC Disputes Parliament's Finding on ARP


C H I N A

HIDILI INDUSTRY: Moody's Cuts Corporate Family Rating to 'B2'


H O N G  K O N G

AURORA FASHION: Creditors' Proofs of Debt Due June 25
BEA SYSTEMS: Tam Shui Ying Appointed as New Liquidator
DELIGHT VIEW: Placed Under Voluntary Wind-Up Proceedings
DELIGHT VIEW AZABU: Placed Under Voluntary Wind-Up Proceedings
FIORI TEXTILES: General meetings Set for June 5

GOLDEN WINMARK: Court Enters Wind-Up Order
GOODWAY INDUSTRIAL: Court to Hear Wind-Up Petition on July 11
GREAT UNION: Court Enters Wind-Up Order
HAPPY CHAIN: Court Enters Wind-Up Order
HK PAK: Chen and Kan Appointed as Liquidators

PICOTECH ELECTRONIC: Court Enters Wind-Up Order
PRECIOUS SWINE: Court Enters Wind-Up Order
SINO DYNASTY: Court Enters Wind-Up Order
SUI RICH: Court Enters Wind-Up Order
TOP ZONE: Court Enters Wind-Up Order

VERACITY INVESTMENT: Gilligan Steps Down as Liquidator
* Proskauer Hires Dewey & LeBoeuf's London Bankruptcy Team


I N D I A

ABHIRAJ ENGICON: CRISIL Puts 'B+' Rating on INR70MM Loans
ADITYA EDUCATIONAL: Loan Payment Delays Cue CRISIL Junk Ratings
COBB APPARELS: CRISIL Puts 'CRISIL B+' Rating to INR150MM Loan
FORTUNE MULTITECH: CRISIL Rates INR450MM Term Loan at 'B+'
HINDUSTAN SEMI: Delays in Loan Payment Cues CRISIL Junk Ratings

INDIAN AUTOGAS: CRISIL Assigns 'B+' Rating to INR132.5MM Loans
KAIZEN WHEELS: CRISIL Assigns 'CRISIL B-' Rating to INR84MM Loans
KALYANI RENEWABLE: CRISIL Places 'B+' Rating on INR700MM Loans
NSR ELKEMET: CRISIL Assigns 'B' Rating to INR90MM Term Loans
PRECA SOLUTIONS: CRISIL Assigns 'B-' Rating to INR200MM Loans

SHIVAM AUTOZONE: CRISIL Places 'B-' Rating on INR480MM Loans
SHUBHAM COKE: CRISIL Rates INR95MM Cash Credit at 'CRISIL B'
SUPREME HEATREATERS: CRISIL Ups Rating on INR218.4MM Loans to B+
TARUN ALLOYS: CRISIL Assigns 'B-' Rating to INR265MM Loans
TRIDENT POWER: CRISIL Rates INR550MM Long-Term Loan 'CRISIL B'

VASAVI PLAST: CRISIL Assigns 'CRISIL B' Rating to INR75MM Loans
VIDYAA VIKAS: Delay in Loan Payment Cues CRISIL Junk Ratings


I N D O N E S I A

DAVOMAS ABADI: Moody's Withdraws 'Ca' Corporate Family Rating


J A P A N

OLYMPUS CORP: Close to Striking Settlement Deal With Woodford


N E W  Z E A L A N D

CBD CONSTRUCTION: Directors' Insolvency Proposals Approved
DATASOUTH GROUP: High Court Declares Jailed Director Bankrupt
DON HA REAL ESTATE: Liquidators Says Owner's Bankruptcy Likely
WEST COAST BREWERY: Christchurch High Court Appoints Liquidators


P H I L I P P I N E S

NATIONAL POWER: Moody's Affirms 'Ba2' Sr. Unsecured Bond Rating
PHIL. LONG DISTANCE: Moody's Changes Rating Outlook to Positive
POWER SECTOR: Moody's Affirms 'Ba2' CFR; Outlook Positive
* PHILIPPINES: Moody's Assigns Positive Outlook to Four Banks
* PHILIPPINES: Moody's Changes Outlook on Ba2 Rating to Positive


S I N G A P O R E

RGM ENTERTAINMENT: Court Enters Wind-Up Order
SPACE PRODUCTION: Court to Hear Wind-Up Petition on June 1
SPEED HAULAGE: Court to Hear Wind-Up Petition on June 1
SEN NAUTICAL: Court to Hear Wind-Up Petition on June 1


                            - - - - -


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


CMI INDUSTRIAL: Placed into Liquidation
---------------------------------------
Australian Associated Press reports that workers from CMI
Industrial have been guaranteed six more months of employment
following a creditors meeting that officially placed the company
into liquidation.

But Australian Manufacturing Workers Union (AMWU) Victorian
secretary Leigh Diehm said workers who attended the two-hour
meeting on Tuesday were also shocked to hear how dire the
company's finances are, with debts reaching up to AUD40 million,
including AUD1.7 million in unfunded superannuation, AAP relates.

AAP notes that administrators and receivers last month took
control of CMI Industrial, a key supplier for Ford, after talks
failed to sort out unpaid bills with its landlord.

Being placed into liquidation, however, will allow them to find a
buyer, which could save all workers losing their jobs, according
to AAP.

About 250 workers at four Victorian plants, and 150 at a site in
Toowoomba in Queensland, will continue to work during the six-
month temporary reprieve, the report says.

AAP adds that the union now plans on pressuring the liquidators
of the company into pursuing any case of financial mismanagement.

As reported in the Troubled Company Reporter-Europe on April 30,
2012, SmartCompany reports that CMI Industrial entered
administration on April 27, 2012, putting 250 jobs at risk while
a further 1,800 Ford workers have been stood down days later.
According to the report, CMI's troubles began when the landlord
at its Campbellfield plant locked workers out earlier.  The
landlord is claiming a range of debts with unpaid rent being one
component, the report noted.

                       About CMI Industrial

Headquartered in Brisbane, Australia, CMI Industrial manufactures
of a range of specialist components for the automotive, white
goods, transportation and water storage industries. It has
facilities in Melbourne (Campbellfield and West Footscray),
Ballarat and Horsham in Victoria and Toowoomba and Bundaberg in
Queensland.


FORESTRY TASMANIA: Opposition Seeks Details of AUD110-Mil Bailout
-----------------------------------------------------------------
ABC News reports that the Tasmanian Government is under mounting
pressure to explain how a multi-million dollar budget allocation
for Forestry Tasmania will be used.

The report says the Opposition wants the Government to promise
the AUD110 million will not be used to wind up the business.

But the Government will not rule out shutting down the company,
according to ABC News.

According to the report, Shadow Treasurer Peter Gutwein alleges
that Forestry Tasmania is being used as a pawn to keep
environmental groups involved in the forest peace deal
negotiations and to appease Labor's minority government partner,
the Greens.

ABC News notes that the Government expects to receive an
independent review of Forestry Tasmania within two weeks.

                    Firm Denies Alleged Insolvency

Meanwhile, ABC News reports that the head of Forestry Tasmania
has rejected assertions the company is insolvent.  Managing
Director Bob Gordon defended the company on ABC Local Radio and
played down the need for AUD110 million cash injection.

According to the report, the Government maintains the four-year
funding deal is contingency money to help the company deal with
market pressures.

                      About Forestry Tasmania

Forestry Tasmania is a Tasmanian state government-owned
corporation. It is responsible for managing multiple use State
forest and forest reserves.


HASTIE GROUP: Faces Raft of Legal Actions; Auditor Questioned
-------------------------------------------------------------
SmartCompany reports that the fallout from the collapse of
construction services company Hastie Group has continued, with
investors warning they may ready legal action against the company
while Workplace Relations Minister Bill Shorten has flagged the
possibility of Federal Government assistance.

SmartCompany relates that the company's auditors, Deloitte Touche
Tohmatsu, have also come under scrutiny for missing a
AUD20 million irregularity, while unions are up in arms, with the
Electrical Trades Union applying to reverse a stand-down of
hundreds of workers.

According to the report, the unions claim hundreds of workers
were informed of the company's situation via text message.

SmartCompany notes that Workplace Minister Bill Shorten has said
some jobs at Hastie Group will be saved, although he has also
raised the possibility of government assistance if the company
goes into liquidation.

"In order to get the government-funded scheme for redundancies,
the company has to be actually in liquidation or have a very
strong possibility of liquidation and it's not possible to know
that this morning," Mr. Shorten told ABC Radio Wednesday,
SmartCompany relays.

"We've been asking and we're meeting with the administrator and
others during the week -- if they think they're going to
liquidate they should tell us. That can allow me to use the
discretion, but if they're not, we'd care to see who's going to
buy the business and what's going to happen with the jobs this
week," the report quotes Mr. Shorten as saying.

SmartCompany relates that the comments come as administrator PPB
Advisory said 2,700 workers had been stood down for 28 days, but
the actual number of redundancies depends on how many contracts
remain.

Meanwhile, SmartCompany says investors are reportedly growing
angry over the company's situation.  People and companies who
have invested include the investment arm of the Pratt family,
Lazard Private Equity and a syndicate of seven banks, including
the four major institutions, the report discloses.

One investor has told The Australian that some are looking at
legal options, SmartCompany relays.

                        About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were appointed Receivers and Managers over a limited
number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


HASTIE GROUP: Electrical Apprentices Find New Placements
--------------------------------------------------------
Australian Associated Press reports that dozens of apprentice
electricians caught up in the collapse of the Hastie Group have
already been found new placements, Australia's national
electrical industry group said.

According to AAP, the National Electrical and Communications
Association said about 60 of its 80 apprentices employed in group
training schemes with now-defunct Hastie Group companies across
NSW, Victoria, Queensland and the ACT have been re-assigned to
electrical contractors.

AAP relates that the NECA said in a statement that its training
arm moved to find alternative placements for the apprentices as
soon as it learned the engineering firm had gone into
administration and its companies could no longer employ them.

Most were found new contractors within 48 hours, and the
remainder are due to be placed by Friday, with the swift
redeployment set to ensure apprentices won't lose any pay or
entitlements, the NECA, as cited by AAP, said.

"The collapse of the Hastie Group is a big blow to the electrical
industry in Australia and we are pleased that we were able to
play our part in helping to soften the blow by finding
alternative companies for the apprentices," the report quotes
NECA Chief Executive Officer James Tinslay as saying.

                        About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were appointed Receivers and Managers over a limited
number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


HAWKESBURY RIVER: Liquidators In Final Wind Up Process
------------------------------------------------------
ABC News reports that Hawkesbury River Tourist Services Pty Ltd,
which operated Australia's last riverboat postman, Hawkesbury
River ferry service, has all but been wound up, after the
business went into liquidation earlier this year.

ABC News relates that the liquidator, which is in the process of
finalizing the company's affairs, said the business simply ran
out of money.

According to the report, Chad Rapsey from Lawler Partners said
all three ferries have now been sold with the proceeds being paid
to the bank.

Mr. Rapsey said 10 former staff will receive their owed
entitlements from the Federal Government but all other unsecured
creditors will be left out of pocket.

Hawkesbury River Tourist Services Pty Ltd operated the historic
Hawkesbury River ferry service at Brooklyn, north of Sydney.  The
company also operated the Dangar Island Ferry as well as other
cruises and charters.


TRIO CAPITAL: ASIC Disputes Parliament's Finding on ARP
-------------------------------------------------------
John Durie at The Australian reports that the Australian
Securities and Investments Commission (ASIC) has disputed a
parliamentary committee's finding that all Trio Capital losses
were due to fraud.

According to The Australian, the markets regulators argues that
the ARP Growth Fund -- a managed investment scheme run by Trio,
the failed fund manager -- collapsed due to bad investment
decisions.

The Australian says the distinction is important because a
finding of fraud triggers compensation payments to investors,
whereas bad investment decisions do not lead to compensation for
investors' losses.

The report notes that ASIC has also decided there was
insufficient admissible evidence to take legal action against the
alleged Trio mastermind Jack Flader.

The Australian relates that Mr. Flader, who is now based in
Thailand, was interviewed in Hong Kong in the presence of ASIC
staff and, based on that interview and others, ASIC has concluded
that it could not substantiate a case against him.

ASIC is expected to release a statement shortly detailing these
decisions, The Australian adds.

                        About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund.  The Astarra
Strategic Fund was a fund of hedge funds, which in December 2009
had reported assets of $125 million.  Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  The
Australian Securities & Investments Commission commenced an
investigation into Trio Capital in October 2009 over concerns
about the legitimacy of its investments.  Trio Capital was placed
into administration on Dec. 16, 2009, and on April 16,  2010, the
NSW Supreme Court ordered that the Astarra Strategic Fund be
wound up.  Since this time the liquidator of Trio Capital has
been unable to recover the vast majority of the investments made
by the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.



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C H I N A
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HIDILI INDUSTRY: Moody's Cuts Corporate Family Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded Hidili Industry
International Development Ltd's Corporate Family Rating and
Senior Unsecured Bond Rating to B2 from B1.

In addition, the ratings are under review for possible downgrade.

Ratings Rationale

"Hidili's ratings downgrade has been driven by Moody's concern
that the controlling shareholder's pledge of its shareholding
could weaken Hidili's compliance with the change of control
clause under the US$400 million senior unsecured notes," says
Alan Gao, a Moody's Vice President and Senior Analyst.

A shareholding disclosure notice on the Hong Kong Exchange and
Clearing Limited dated May 22, 2012 has indicated that Baring
Private Equity Asia V Holding (8) Limited has a substantial
interest in Hidili.

Moody's understands that the controlling shareholder has pledged
his interest in Hidili for his other personal pre-IPO investment.
But such pledge of shareholding interest could weaken Hidili's
compliance with the change of control clause in the US$400
million senior unsecured notes.

"The downgrade is also driven by Hidili's increased liquidity
risk and weak financial management. Hidili has yet to conclude
its financial commitment to take out the RMB600 million
commercial paper due September 2012, and RMB1.8 billion put
option under its convertible bonds due in January 2013," says
Gao.

Hidili's share price closed at HK$2.50 as of May 29, 2012, which
is substantially below the HK$11.07 conversion price of its
convertible bonds.

Thus, there is high likelihood that the company will face a
repayment of RMB1.8 billion in its put amount (including the put
premium) in January 2013.

Moody's estimates that Hidili will face a total cash shortfall
around RMB1.5 billion to RMB2.0 billion in the next 12 months
after taking account of the capex and debt repayments.

Hidili's B2 ratings continue to reflect Hidili's well-located and
good quality coal mines with long reserve-lives, serving the
southwestern region of China. The ratings have also taken into
consideration its vertically-integrated operations and low-cost
base.

In addition, the B2 ratings recognize some key challenges,
including (1) Hidili's small scale and short operating history;
(2) its client concentration and exposure to the steel industry;
(3) its long conversion cycle that weakens its cash flow.

In its review, Moody's will focus on (1) the impact of share
pledge on the ratings; (2) committed refinancing and/or asset
disposal available to take out the commercial paper and the put
amounts under the convertible bonds; and (3) the company's
profitability, operations cash flow, and credit metrics, after
refinancing debt and/or asset disposal is included.

The principal methodology used in rating Hidili was the "Global
Mining Industry Methodology" published in May 2009.

Hidili is a vertically-integrated coal mining enterprise in
southwestern China that supplies coking coal products to the
domestic steel industry. Hidili was listed on the Hong Kong Stock
Exchange in September 2007.



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


AURORA FASHION: Creditors' Proofs of Debt Due June 25
-----------------------------------------------------
Creditors of Aurora Fashion (Hong Kong) Limited, 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 commenced wind-up proceedings on May 18, 2012.

The company's liquidator is:

         Wong Kwok Hong
         Room 301, 3rd Floor
         Sun Hung Kai Centre
         30 Harbour Road
         Wanchai, Hong Kong


BEA SYSTEMS: Tam Shui Ying Appointed as New Liquidator
------------------------------------------------------
Tam Shui Ying on May 14, 2012, was appointed as liquidator of Bea
Systems Hong Kong Limited.

Tam Shui Ying replaces Fumika Sugimoto who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Tam Shui Ying
         46/F, The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


DELIGHT VIEW: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on May 15, 2012,
creditors of Delight View Enterprises Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


DELIGHT VIEW AZABU: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on May 15, 2012,
creditors of Delight View Azabu (HK) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


FIORI TEXTILES: General meetings Set for June 5
-----------------------------------------------
Creditors and contributories of Fiori Textiles Limited will hold
their general meetings on June 5, 2012, at 3:00 p.m., and
3:30 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.

At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GOLDEN WINMARK: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 16, 2012, to
wind up the operations of Golden Winmark Manufactory Limited.

The official receiver is Teresa S W Wong.


GOODWAY INDUSTRIAL: Court to Hear Wind-Up Petition on July 11
-------------------------------------------------------------
A petition to wind up the operations of Goodway Industrial (HK)
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:

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


GREAT UNION: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 16, 2012, to
wind up the operations of Great Union Garment Limited.

The official receiver is Teresa S W Wong.


HAPPY CHAIN: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 16, 2012, to
wind up the operations of Happy Chain Industries Limited.

The official receiver is Teresa S W Wong.


HK PAK: Chen and Kan Appointed as Liquidators
---------------------------------------------
Chen Yung Ngai Kenneth and Kan Lap Kee on March 12, 2012, were
appointed as liquidators of Hong Kong Pak Tat Trading Co.

The liquidators may be reached at:

          Chen Yung Ngai Kenneth
          Kan Lap Kee
          43/F The Lee Gardens
          33 Hysan Avenue
          Causeway Bay, Hong Kong


PICOTECH ELECTRONIC: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on May 16, 2012, to
wind up the operations of Picotech Electronic (Hong Kong)
Limited.

The official receiver is Teresa S W Wong.


PRECIOUS SWINE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 16, 2012, to
wind up the operations of Precious Swine Limited.

The official receiver is Teresa S W Wong.


SINO DYNASTY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 16, 2012, to
wind up the operations of Sino Dynasty Development Limited.

The official receiver is Teresa S W Wong.


SUI RICH: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 16, 2012, to
wind up the operations of Sui Rich Esat HK Co Limited.

The official receiver is Teresa S W Wong.


TOP ZONE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 16, 2012, to
wind up the operations of Top Zone Development Limited.

The official receiver is Teresa S W Wong.


VERACITY INVESTMENT: Gilligan Steps Down as Liquidator
------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Veracity
Investment Limited on May 21, 2012.


* Proskauer Hires Dewey & LeBoeuf's London Bankruptcy Team
----------------------------------------------------------
Proskauer Rose LLP disclosed the hiring in London of a team of
restructuring and insolvency lawyers led by Partners Mark
Fennessy and Hazel Miller, who join from Dewey & LeBoeuf, where
Mr. Fennessy headed the European Restructuring Practice.

Mr. Fennessy and Ms. Miller's focus are in corporate
restructuring, special situations (involving financial
restructuring mandates, including advice on funds-based,
structured products and leveraged financing transactions) and
insolvency litigation.  The two have advised on many of the major
restructurings of the past few years, ranging from structured
investment vehicles and leveraged buyout restructurings, to major
financial and corporate mandates, including MF Global, Lehman
Brothers, Wind Hellas, General Motors and several commercial
mortgage-backed securities restructurings.

"This is a first-class group of London-based restructuring
lawyers who will combine with our U.S. team to provide clients
with global service on restructuring and bankruptcy matters,"
said Proskauer Chairman Joseph M. Leccese.

"I had the pleasure of working previously with Mark and Hazel and
have great respect and admiration for them.  We are excited that
our clients will benefit from the experience of our group as we
continue to build out our capabilities globally," said Proskauer
Partner Martin Bienenstock.

"We are delighted to be joining such a dynamic firm working
alongside Proskauer's excellent team of lawyers.  This is an
excellent fit for our Group," said Mr. Fennessy.

                         About Proskauer

Founded in 1875, Proskauer Rose LLP -- http://www.proskauer.com/
-- is a global law firm widely recognized for its leadership in a
variety of legal services provided to clients worldwide from
offices in Beijing, Boca Raton, Boston, Chicago, Hong Kong,
London, Los Angeles, New Orleans, New York, Newark, Paris, Sao
Paulo and Washington, DC.



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ABHIRAJ ENGICON: CRISIL Puts 'B+' Rating on INR70MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Abhiraj Engicon Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                  7.5     CRISIL B+/Stable (Assigned)
   Bank Guarantee            25       CRISIL A4 (Assigned)
   Cash Credit               62.5     CRISIL B+/Stable (Assigned)

The ratings reflect AEPL's small scale of operations in the
intensely competitive civil construction industry, and geographic
and customer concentration; the ratings also factor in the
company's average financial risk profile marked by a moderately
high gearing and a small net worth. These rating weaknesses are
partially offset by the benefits that AEPL derives from its
promoters' extensive experience and its established market
position in the civil construction industry in Maharashtra.

Outlook: Stable

CRISIL believes that AEPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the company
reports significant improvement in its scale of operations, while
it sustains its profitability, leading to higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' if AEPL reports deterioration in its financial risk
profile, especially its liquidity, most likely because of larger-
than-expected working capital requirements, delays in
receivables, or because of large investments in group entities.

AEPL's promoters had extended unsecured loans of INR4.77 million
to the company as on March 31, 2011. These loans are interest-
free, and the promoters have undertaken to keep these loans in
the business over the medium term. Hence, for arriving at the
ratings, CRISIL has treated these interest-free unsecured loans
as neither debt nor equity.

                        About Abhiraj Engicon

AEPL was set up in 1995 in Pune (Maharashtra) as a partnership
firm by Mr. N I Rachkar and his brothers to undertake civil
construction contracts, mainly for construction of earthen dams,
canals, weirs, and storage tanks across various sites in
Maharashtra. During 2007, the partnership firm was reconstituted
as a private limited company named AEPL to avail befits of
corporatisation. AEPL is registered as a Class 1 (A) contractor
with Water Resources Department, Maharashtra.

AEPL reported a profit after tax (PAT) of INR6.0 million on net
sales of INR137 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR6.7 million on net
sales of INR129 million for 2009-10.


ADITYA EDUCATIONAL: Loan Payment Delays Cue CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Aditya Educational Society.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Proposed Term Loan         220      CRISIL D (Assigned)
   Term Loan                  200      CRISIL D

The rating reflects instances of delay by AES in servicing its
debt; the delays have been caused by the society's weak liquidity
due to delay in stabilization of the medical college.

AES's financial risk profile is expected to remain weak on
account of its large capital expenditure plan. The society,
however, benefits from the healthy demand prospects for medical
education in Andhra Pradesh and the industry experience of its
promoters.

AES was established in 2000 in Srikakulam (Andhra Pradesh) to
provide medical education like Bachelor of Medicine, Bachelor of
Surgery. However, due to difficulties faced by the previous
promoters in setting up the hospital and college, AES was taken
over by Dr. Madhukar Vilekar, Dr. Kanugula Sudheer, Dr. B S
Nehru, and Mr. Durga Balaji, in 2004. The teaching hospital and
medical college is spread across 25 acres in Srikakulam. It is
called Great Eastern Medical School & Hospital. The teaching
hospital, with 300 beds (a pre-requisite for setting up a medical
college), was started in 2008-09 (refers to financial year, April
1 to March 31) and the first batch of 100 students was admitted
in 2010-11. The college is affiliated to Dr. NTR University of
Health Sciences, Vijaywada.


COBB APPARELS: CRISIL Puts 'CRISIL B+' Rating to INR150MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Cobb Apparels Private Limited.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Cash Credit                110     CRISIL B+/Stable (Assigned)
   Proposed Long-Term          40     CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects CAPL's below average financial risk profile
marked by its modest networth, high gearing levels and subdued
debt protection indicators coupled with working capital intensive
nature of its operations. These rating weaknesses are partially
offset by the company's established position and extensive
experience of its promoters in the readymade garment industry.

Outlook: Stable

CRISIL expects CAPL to maintain a stable business risk profile on
the back of established market presence & long standing
experience of the promoters in the readymade garments industry.
The outlook may be revised to 'Positive' if the company is able
to exhibit a significant improvement in its capital structure and
debt protection indicators while maintaining a steady revenue
growth and profitability. The outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
due to lengthening of its working capital cycle or if the company
suffers a significant decline in its revenues or profitability.

                        About Cobb Apparels

Incorporated in the year 2007 by Mr. Ram Niwas Singla, CAPL is
engaged in manufacturing of readymade garments which include
formal & casual shirts, T-shirts, trousers, jackets and
accessories. All the products are marketed under the brand 'COBB'
through a network of more than 100 exclusive retail outlets
spread across India. The day-to-day operations of the company are
managed by Mr. Ram Niwas Singla along with other family members,
Mr. Atul Singla, Mr. Arindem Singla, Mr. Arvind Goel and Mr.
Deepak Singla. CAPL has its manufacturing facility located at
Delhi with a capacity to manufacture 1.2 million garments
annually.

CAPL reported a profit after tax (PAT) of INR2.56 million on net
sales of INR495.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.79 million on net
sales of INR273.16 million for 2009-10.


FORTUNE MULTITECH: CRISIL Rates INR450MM Term Loan at 'B+'
----------------------------------------------------------
CRISIL has assigned its ' CRISIL B+/Stable' rating to the term
loan facility of Fortune Multitech Pvt Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Term Loan                  450     CRISIL B+/Stable (Assigned)

The rating reflects FMPL's exposure to implementation- and
demand-related risks associated with its ongoing project and
exposure to risks and cyclicality inherent in the real estate
sector in India. These rating weaknesses are partially offset by
the funding support FMPL gets from its promoters.

Outlook: Stable

CRISIL believes that FMPL will continue to benefit from of the
industry experience of, and funding support from, its promoters.
The outlook may be revised to 'Positive' if there is a
significant improvement in FMPL's business and financial risk
profiles, most likely driven by timely implementation and high
saleability of its ongoing project, leading to healthy cash
accruals on sustained basis. Conversely, the outlook may be
revised to 'Negative' if FMPL faces time or cost overrun in the
ongoing project, significant pressure on its liquidity, or delays
in receiving customer advances, leading to pressure on revenues
and profitability and consequent weakening in debt-servicing
ability.

                       About Fortune Multitech

FMPL is engaged in residential real estate construction. The
company was incorporated as Fortune Grains India Pvt Ltd in 2010,
promoted by Mr. Ramesh Garg and his family members, to set up a
rice processing plant in Punjab, under the Mega Project scheme.
Because of policy changes of the state government, the rice mill
project was dropped and the company's name was changed to the
current one. FMPL's ongoing project involves construction of
Victoria Heights, a luxury residential real estate property, at
Peer Muchailla at Panchkula, Chandigarh in Haryana. The project
will have 396 flats. Construction on the 32,500-square-yard land
plot has already started. The cost of the project is estimated at
about INR1000 million, to be funded by customer advances of
INR200 million and debt of INR450 million and remaining through
promoter's contribution.


HINDUSTAN SEMI: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded the rating on the long term bank facilities
of Hindustan Semiconductors Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                 20      CRISIL D (Downgraded from
                                       CRISIL B/Stable)

   Term Loan                   75      CRISIL D (Downgraded from
                                       CRISIL B/Stable)

   Proposed Long-Term          15      CRISIL D (Downgraded from
   Bank Loan Facility                  CRISIL B/Stable)

The downgrade in rating follows delays in servicing interest
obligations by HSL on account of its weak liquidity. HSL's
liquidity is weak as the company does not have any operations and
was expected to meet the interest obligations through equity
infusion by promoters. In the absence of timely infusion, the
company could not meet the interest obligation and has now
applied for restructuring the obligations. Sanction for the same
is awaited.

HSL is exposed to risks related to the implementation of its
ongoing greenfield project, and expected weak financial risk
profile over the medium term, and large working capital
requirements. These weaknesses are partially offset by the
experience of HSL's promoters in the semiconductors industry, and
the moderate demand prospects for the company's product.

                     About Hindustan Semiconductors

Incorporated in August 2007, HSL is currently setting up a light-
emitting diode (LED) manufacturing facility in Wardha
(Maharashtra). The plant, once operational, will have capacity to
manufacture 180 million display LEDs per annum. The facility is
being set up at a total cost of around INR112.4 million, which is
being funded by debt to the extent of INR75 million. Till date,
the promoters have infused equity of more than INR12.5 million
and the company has drawn down INR5 million of debt. The project
has been delayed by more than 12 months and is now expected to be
commissioned by August 2012.


INDIAN AUTOGAS: CRISIL Assigns 'B+' Rating to INR132.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Indian Autogas Company Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Term Loan                  42.5    CRISIL B+/Stable (Assigned)
   Cash Credit                45      CRISIL B+/Stable (Assigned)
   Proposed Term Loan         45      CRISIL B+/Stable (Assigned)

The rating reflects IACL's moderate financial risk profile marked
by low net worth and moderate debt protection metrics and
exposure to risks related to implementation of its proposed
capital expenditure (capex) plans. The ratings also factor in
IACL's susceptibility to unfavourable regulatory policies and
industry competition in Auto LPG industry. These rating
weaknesses are partially offset by IACL's promoters' extensive
industry experience and established market position in South
India in the Auto LPG dispensing stations (ALDS) industry.

Outlook: Stable

CRISIL believes that IACL will benefit over the medium term from
its promoters' extensive industry experience and established
market position across South India. The outlook may be revised to
'Positive' in case the company significantly increases its scale
of operations while improving its profitability as a result of
successful implementation of the proposed capex, or if it
diversifies its revenue profile towards value-added services,
thereby improving its cash accruals and consequently, improving
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case higher-than-expected gearing or
delay in ramping up of revenues or profitability from the
proposed capex plans lead to deterioration in IACL's financial
risk profile.

                       About Indian Autogas

IACL, incorporated in 1995 and promoted by Mr. S M Antony Thomas,
retails auto liquefied petroleum gas through a network of 35 ALDS
across Andhra Pradesh, Karnataka, Pondicherry, Tamil Nadu, and
Maharashtra.

The company has an ongoing capex of about INR33 million to
setting up an LPG blending unit in Ernakuppam (Thiruvallur
district, Tamil Nadu) with an installed capacity of 6000 tonnes
per month. The capex is being funded in a debt-to-equity ratio of
2:1. The unit is expected to become operational by December 2012.
The company also proposes to set up 17 ALDS across South India in
2012-13 (refers to financial year, April 1 to March 31). This
capex will cost a total of INR130 million and will be funded in a
debt-to-equity ratio of 3:1.

For 2010-11, IACL reported a profit after tax (PAT) of INR2
million on net sales of INR276 million, as against a PAT of
INR2 million on net sales of INR238 million for 2009-10.


KAIZEN WHEELS: CRISIL Assigns 'CRISIL B-' Rating to INR84MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term facilities of Kaizen Wheels Pvt Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Term Loan                  40.2    CRISIL B-/Stable (Assigned)
   Cash Credit                40      CRISIL B-/Stable (Assigned)
   Proposed Long-Term Bank     3.8    CRISIL B-/Stable (Assigned)
   Loan Facility

The rating reflects KWPL's modest scale of operations, exposure
to intense market competition, and average risk profile marked by
small net worth, high gearing, and weak liquidity and debt
protection metrics. These rating weaknesses are partially offset
by the company's association with the Hyundai brand.

Outlook: Stable

CRISIL believes that KWPL will continue to benefit from its
association with the Hyundai brand. The outlook may be revised to
'Positive' if there is an improvement in KWPL's financial risk
profile, most likely driven by larger-than-expected cash accruals
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens, most likely caused by more-than-expected
working capital requirements, pressure on profitability, or
higher-than-expected gearing.

                       About Kaizen Wheels

Based in Panvel (Maharashtra), KWPL was incorporated in 2008-09
(refers to financial year, April 1 to March 31). The company
deals in Hyundai motor vehicles. The promoters of the company,
Mr. Gopal Singh Thapar and Mr. Dayanand Mapuskar, look after the
management of the company. Since commencement of operations in
April 2011, KWPL has established a stronghold in the motor
vehicle dealership market in Panvel. The company is an authorised
dealer in Hyundai 3-S (sales, services, spares) and has showrooms
in Panvel, Mahad and Alibaug (all in Maharashtra).


KALYANI RENEWABLE: CRISIL Places 'B+' Rating on INR700MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kalyani Renewable Energy India Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Proposed Long-Term        145      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Term Loan                 555      CRISIL B+/Stable (Assigned)

The rating reflects KRE's exposure to risks related to the
implementation and commissioning of its power project at Akola
(Maharashtra). This rating weakness is partially offset by the
benefits that the company derives from the assured offtake of its
power output under a power purchase agreement (PPA) by
Maharashtra State Electricity Distribution Company Ltd (MSEDCL),
and its promoter's experience in setting up biomass power plants.

Outlook: Stable

CRISIL believes that KRE will continue to benefit over the medium
term from its promoter's experience in setting up biomass power
plants, and will commence commercial operations as scheduled. The
outlook may be revised to 'Positive' if the company generates
greater-than-expected revenues and profits, after stabilising its
operations. Conversely, the outlook may be revised to 'Negative'
in case KRE reports delay in the commissioning of its project
because of unforeseen events, or its financial risk profile
deteriorates because of additional, debt-funded capital
expenditure.

                      About Kalyani Renewable

KRE, incorporated in 2006, is setting up a 15-megawatt biomass
power generation plant in Balapur Mini Industrial Area at Akola.
The plant is expected to become operational by June 2012. KRE had
entered into a PPA with MSEDCL for sale of power. The project
cost of INR854.20 million is being funded by term loans of INR555
million and promoter's equity contribution of INR299.2 million.
The promoter-director Mr. V Narayana Rao has a long-standing
entrepreneurial experience in similar lines of business. KRE is
expected to commence commercial operations in June 2012.


NSR ELKEMET: CRISIL Assigns 'B' Rating to INR90MM Term Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of NSR Elkemet Pvt Ltd (part of the NSR group).

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Proposed Term Loan          20      CRISIL B/Stable (Assigned)
   Cash Credit                 20      CRISIL B/Stable (Assigned)
   Proposed Cash Credit        50      CRISIL B/Stable (Assigned)
   Limit

The rating reflects the NSR group's below average financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics, and relatively modest scale of
operations in the intensely competitive automobile body building
industry. These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' extensive
industry experience and its established relationship with its
customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NSREPL and NS Rama Rao Body works
(NSRRBW), together referred to as the NSR group. This is because
both the entities are managed by the same promoters, are in a
similar line of business, and have fungible cash flows between
them.

Outlook: Stable

CRISIL believes that the NSR group will continue to benefit over
the medium term from its promoters' extensive industry experience
and its established relationships with its clients. The outlook
may be revised to 'Positive' if the group scales up its
operations and increase its profitability on a sustainable basis,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the NSR group reports
a delay in the stabilisation of its additional capacities, or if
it undertakes a larger-than-expected, debt-funded capital
expenditure programme, or makes any further investments in
unrelated business ventures.

                          About the Group

NSREPL was set up in 1997 by Mr. N R Ramesh and his family. The
company undertakes body building for tankers, containers, and
tippers, which are fitted on light to heavy commercial vehicles.
The products are available in various capacities ranging from
1000 litres to 40,000 litres, and containers ranging from 3
tonnes to 30 tonnes. Around 80 per cent of the pieces
manufactured by NSREPL are oil tankers, while the remaining are
water tankers, tippers, and other special containers. The
company's major customers include Tata Motors Ltd (rated 'CRISIL
AA-/Positive/CRISIL AAA(SO)/Stable/ CRISIL A1+') and Ashok
Leyland Ltd (rated 'CRISIL AA-/Stable/CRISIL A1+'). Some of
NSREPL's private customers include petrol pump owners of Bharat
Petroleum Corporation Ltd (rated 'CRISIL AAA/FAAA/Negative/CRISIL
A1+') and Indian Oil Corporation Ltd (rated 'CRISIL AAA/Negative
/CRISIL A1+').

The promoters also manage a partnership firm named NSRBW, which
is in a similar line of business. NSRBW manufactures tanker
bodies for individual customers.

The NSR group's profit after tax (PAT) is estimated at INR4
million on net sales of INR281 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR4
million on net sales of INR234 million in 2010-11; the group
reported a PAT of INR1 million on net sales of INR166 million for
2009-10.


PRECA SOLUTIONS: CRISIL Assigns 'B-' Rating to INR200MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Preca Solutions India Pvt Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Term Loan                   48     CRISIL B-/Stable (Assigned)
   Cash Credit                 40     CRISIL B-/Stable (Assigned)
   Proposed Long-Term         112     CRISIL B-/Stable (Assigned)
   Bank Loan Facility

The rating reflects PSPL's exposure to project implementation
risk on account of delays in project completion and weak
financial risk profile, marked by high project gearing, small net
worth, and weak debt protection metrics. These rating weaknesses
are partially offset by the funding support extended to PSPL by
its promoters and the healthy demand for its products.

Outlook: Stable

CRISIL believes that PSPL will benefit over the medium term from
the expected funding support from its promoters. The outlook may
be revised to 'Positive' in case of timely completion of project,
along with better-than-expected cash accruals, resulting in
overall improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overruns in implementation of project or lower-than-expected cash
accruals or larger-than-expected working capital requirements
during the initial phase of operations, resulting in pressure on
the company's liquidity.

                        About Preca Solutions

Incorporated in 2008 by Mr. Satish Gottipati , his wife Mrs
Geetha Gottipati; and his business associates, Mr. Uri Kertes, ,
PSPL is setting up a plant to manufacture pre-cast and pre-
stressed concrete elements, such as blocks, beams, slab roofs,
and columns. The company, situated in Shankarapalli (Andhra
Pradesh), is expected to start operations by June 2012. Total
cost of the project is expected to be INR237.2 million, and
expected to be funded in a debt-equity ratio of 1.9.


SHIVAM AUTOZONE: CRISIL Places 'B-' Rating on INR480MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Shivam Autozone (India) Pvt Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Term Loan                  210     CRISIL B-/Stable (Assigned)
   Proposed Long-Term          20     CRISIL B-/Stable (Assigned)
    Bank Loan Facility
   Inventory Funding          200     CRISIL B-/Stable (Assigned)
    Facility
   Cash Credit                 50     CRISIL B-/Stable (Assigned)
   Bank Guarantee              20     CRISIL A4 (Assigned)

The ratings reflect nascent stage of SAIPL's operations coupled
with exposure to risks related to intense competition in the car
dealership segment and weak financial risk profile marked by
highly geared capital structure. These rating weaknesses are
partially offset by SAIPL's promoter's extensive experience in
the passenger automobile dealership market in India.

Outlook: Stable

CRISIL believes that SAIPL will benefit from the promoter's
extensive experience in the passenger automobile dealership
market in India. The outlook may be revised to 'Positive' in case
of successful stabilisation of its operations and generation of
cash flows commensurate with the debt servicing commitments and
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower than anticipated
offtake results in weakening of the debt servicing metrics and
deterioration of its financial risk profile.

                       About Shivam Autozone

SAIPL, set up in March 2011 by Mr. Samir Jani and his wife Mrs
Ritu Jani, is an authorized dealer of Maruti Suzuki India Limited
(Maruti; rated CRISIL AAA/Stable/CRISIL A1+). The company has
been a dealership of Maruti since July 2011 and commenced sale of
vehicles from September 2011.The company has a showroom at
Kandivali, Mumbai. The current showroom is on lease basis. SAIPL
is in the process of setting up a new owned showroom at
Kandivali, Mumbai. The new showroom is expected to be opened in
May 2012.

The company also deals in Maruti spare parts, car accessories and
provides car servicing facilities. The company has rented a
stockyard in Bhiwandi.

Mr. Samir Jani and Mrs. Ritu Jani oversee the day to day
operations of the company.  Mr. Samir Jani has been in the auto
dealership segment for close to 8 years, through his dealership
of Hyundai and Honda passenger cars.


SHUBHAM COKE: CRISIL Rates INR95MM Cash Credit at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shubham Coke and Coal India Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                95       CRISIL B/Stable (Assigned)
   Letter of Credit            5       CRISIL A4 (Assigned)

The ratings reflect SCCIPL's modest scale of operations, low
operating margin, and exposure to intense competition in the
domestic coal industry; the ratings also factor in the company's
weak financial profile marked by a high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that SCCIPL derives from the healthy demand for
coal in the domestic market and its promoters' extensive
experience in the coal trading business.

Outlook: Stable

CRISIL believes that SCCIPL will continue to benefit over the
medium term from its promoter's extensive experience in coal
trading and the healthy demand drivers for coal in India. The
outlook may be revised to 'Positive' if the company improves its
profitability and generates higher-than-expected net cash
accruals over the medium term, or manages its working capital
requirements efficiently, leading to better liquidity.
Conversely, the outlook may be revised to 'Negative' if SCCIPL
reports larger-than-expected working capital requirements or
pressure on its profitability margins, along with higher-than-
expected gearing, leading to deterioration in its financial risk
profile.

                         About Shubham Coke

SCCIPL trades in various gradients of coal. The promoters, Mr.
Narendra Prajapati and Mr. Rajesh Prajapati, have been trading in
coal under the proprietorship concern Shubham Coal Trading since
1992. Subsequently, in 1999, they incorporated SCCIPL with
expansion in their scale of operations. It is a Ujjain (Madhya
Pradesh)-based company which is owned equally by both the
promoters. SCCIPL procures coal from suppliers of coal in Sarni
(Madhya Pradesh) and supplies the same to power generators, the
cement industry, the steel industry, rolling mills, soya bean
manufacturers, among others.

SCCIPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR511 million for 2010-11, as against a PAT of
INR0.9 million on net sales of INR317 million for 2010-11.


SUPREME HEATREATERS: CRISIL Ups Rating on INR218.4MM Loans to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Supreme Heatreaters Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming the rating on the company's short-
term bank facilities 'CRISIL A4'.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                105      CRISIL B+ (Upgraded from
                                       'CRISIL B/Stable')

   Letter of credit &         210      CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Proposed Long-Term Bank    113.4    CRISIL B+ (Upgraded from
   Loan Facility                       'CRISIL B/Stable')

The rating upgrade reflects expected improvement in SHPL's
liquidity, marked by improving cash accruals, followed by
increase in its profitability due to increase in revenues from
its special steel division. The rating upgrade also factors in
the improvement in the company's financial risk profile, marked
by improvement in net worth and gearing on the back of gradual
increase in accretions to reserves due to improvement in
profitability. CRISIL believes that SHPL will maintain its
financial risk profile over the medium term, supported by healthy
profitability and absence of debt-funded capital expenditure
plans.

The ratings reflect SHPL's below-average financial risk profile,
marked by high gearing, small net worth, and below-average debt
protection metrics, and working-capital-intensive operations.
These rating weaknesses are partially offset by SHPL's
established relationship with its customers and its promoters'
extensive experience in the steel processing industry.

Outlook: Stable

CRISIL believes that SHPL will continue to benefit from its
established relations with customers and its promoters' extensive
experience in the steel processing industry. The outlook may be
revised to 'Positive' in case of significant improvement in
SHPL's working capital management, or if it increases its scale
of operations, while maintaining healthy profitability.
Conversely, the outlook may be revised to 'Negative' in case
SHPL's working capital cycle is stretched, or in case its
operating profitability deteriorates substantially, thereby
adversely affecting its liquidity.

                     About Supreme Heatreaters

SHPL manufactures ball bearing steel wires and bars, stainless
steel wires and bars, and high-speed steel. The company carries
out processing activities such as annealing, pickling, peeling,
and drawing at its facility in Navi Mumbai (Maharashtra). SHPL
has a processing capacity of about 400 tonnes per month. It has
also constructed a new facility with a 250-tonne-per-annum
capacity in Khopoli (Maharashtra) to set up an electro-slag
refined special steel division.

For 2010-11, SHPL reported a net loss of INR14 million on net
sales of INR422 million, against a profit after tax of
INR9 million on net sales of INR408 million for 2009-10.


TARUN ALLOYS: CRISIL Assigns 'B-' Rating to INR265MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Tarun Alloys Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                165      CRISIL B-/Stable
   Term Loan                  100      CRISIL B-/Stable

The rating reflects TAL's below-average financial risk profile,
marked by high gearing, and working-capital-intensive operations.
The rating also factors in the vulnerability of the company's
operating margin to raw material price volatility. These rating
weaknesses are partially offset by the extensive experience of
TAL's promoters in the steel industry.

Outlook: Stable

CRISIL believes that TAL will benefit over the medium term from
its promoters' extensive experience in the steel industry. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accruals, along with improvement in capital
structure. Conversely, the outlook may be revised to 'Negative'
if the company achieves lower-than-expected offtake or its
working capital cycle further deteriorates.

                        About Tarun Alloys

Incorporated in 1995, TAL manufactures ingots, beams, and angles.
TAL started its activities with manufacturing SS ingots and
started producing beams and angels from 2011-12 (refers to
financial year, April 1 to March 31) onwards with an installed
capacity of 27,000 tonnes per annum (tpa). TAL's manufacturing
facilities are located in Bhiwadi (Rajasthan) with production
capacity of about 30,000 tonnes per annum (tpa) for ingots and
27,000 tpa for beams and angles. The company is owned and managed
by Mr. Jagjiwan Kumar Garg and his family members.

TAL reported a profit after tax (PAT) of INR1 million on net
sales of INR522 million for 2010-11, as against a PAT of INR1
million on net sales of INR465 million for 2009-10.


TRIDENT POWER: CRISIL Rates INR550MM Long-Term Loan 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Trident Power Systems Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Long-Term Loan             550      CRISIL B/Stable (Assigned)

The rating reflects TPSL's below-average financial risk profile,
marked by a small net worth, a high gearing, and weak debt
protection metrics, and susceptibility to hydrology risks. These
rating weaknesses are partially offset by TPSL's stable revenues
backed by its power wheeling and purchase agreement (PWPA) with
Transmission Corporation of Andhra Pradesh Ltd.

Outlook: Stable

CRISIL believes that TPSL's liquidity will remain weak over the
medium term because of low plant load factor. However, the
company's credit risk profile is expected to remain stable during
this period, backed by its PWPA with APTRANSCO. The outlook may
be revised to 'Positive' in case of increase in plant load factor
improving TPSL's cash flows. Conversely, the outlook may be
revised to 'Negative' if the company extends financial support to
weaker group companies, or faces delays in realising its
receivables from its customers, leading to weakening in its
financial risk profile.

                        About Trident Power

TPSL, incorporated in 1995, is engaged in hydropower generation.
The company has hydropower generation capacity of 6.5 megawatts
(MW). Its day-to-day operations are managed by its director, Mr.
J C Pavan Reddy, who has experience of more than a decade in
similar lines of business. TPSL operates two hydropower projects
in Andhra Pradesh: canal-based projects on Addanki branch canal
and Nagarjuna Sagar Right canal in Guntur and Prakasam districts
(Andhra Pradesh) respectively The company's first project (3.5
MW) commenced operations in September 1999; the second project (3
MW) commenced operations in February 2001. These projects were
funded by Indian Renewable Energy Development Agency Ltd. TPSL
has entered into a PWPA with APTRANSCO at Hyderabad. The
agreement is valid for 30 years.

TPSL reported a profit after tax (PAT) of INR10 million on net
sales of INR98 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR99 million for 2009-10.


VASAVI PLAST: CRISIL Assigns 'CRISIL B' Rating to INR75MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Vasavi Plast Industries.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                  15       CRISIL B/Stable (Assigned)
   Cash Credit                60       CRISIL B/Stable (Assigned)
   Letter of Credit           25       CRISIL A4 (Assigned)

The ratings reflect VPI's weak financial risk profile, marked by
small net worth, weak debt protection metrics, and high gearing,
exposure to risks related to highly fragmented industry marked by
intense competition. These rating weaknesses are partially offset
by the extensive industry experience of VPI's promoter,
established market position, and diversified product profile.

Outlook: Stable

CRISIL believes that VPI will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if the firm's scale of
operations, and profitability, improve significantly, while
improving the capital structure, resulting in improved financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's revenues or operating profitability
decline significantly, and if it undertakes debt-funded capital
expenditure programme over and above expected, thereby weakening
its financial risk profile.

                        About Vasavi Plast

VPI was set up in 2001 and managed by Mr. Ram Mohan Gupta. The
firm manufactures rigid poly vinyl chloride (PVC) pipes. VPI is
located in Guntakal (Andhra Pradesh). The Vasavi group, to which
VPI belongs, has two other entities engaged in a similar line of
business. The group started operations with a proprietorship
firm, Vasavi Tubes and Conductors in 1991, with a 125-tonne-per-
day PVC pipes capacity in Guntakal. It expanded its operations
and product profile by setting up two more group entities -
Vasavi Pipes Pvt Ltd and Vasavi Polymers. VPI has an installed
capacity of 400 tonnes per month, and currently operates at an
average of 80 per cent utilisation.

VPI reported a profit after tax (PAT) of INR1.3 million on net
sales of INR224.9 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.5 million on net
sales of INR191.7 million for 2009-10.


VIDYAA VIKAS: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vidyaa Vikas Educational and Charitable Trust (part
of Vidyaa Vikas group).

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Long-Term Loan            172.5     CRISIL D (Assigned)
   Overdraft Facility         30       CRISIL D (Assigned)

The rating reflects instances of delay by the Vidyaa Vikas group
in servicing its debt; the delays have been caused by cash flow
mismatches as a result of the group's large ongoing debt-funded
capital expenditure.

The Vidyaa Vikas group is also vulnerable to the highly regulated
environment in the education industry and to intense competition
from other educational institutes in the region. These rating
weaknesses are partially offset by the Vidyaa Vikas group's
established regional position and above-average financial risk
profile, marked by healthy gearing and debt protection metrics.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VVECT and Vidyaa Vikas Educational and
Medical Charitable Trust - Covai (VVEMCT), collectively referred
to as the Vidyaa Vikas group. This is because both the trusts are
in the same lines of business, managed by common trustees, and
have fungible cash flows between them.

                        About the Group

Established in 1996 and based in Tiruchengode (Tamil Nadu [TN]),
VVECT runs six educational institutions, including schools,
colleges, and a teacher training institute, imparting education
to around 11,000 students every year.

Established in 2009, VVEMCT runs a school in Karamadi near
Coimbatore (TN). Both the trusts together impart education to
more than 15,000 students every year, with more than 80 per cent
of the students being hostelites. The day-to-day operations of
the Vidyaa Vikas group are being managed by managing trustees,
Dr. S Gunasekharan, Dr. T O Singaravel, Mr. S Ramalingam, and Mr.
M Muthuswamy.

The Vidyaa Vikas group's surplus and net sales are estimated at
INR37.7 million and INR556.4 million, respectively, for 2011-12
(refers to financial year, April 1 to March 31); the group
reported a surplus of INR46.1 million on net sales of INR524.9
million for 2010-11.



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


DAVOMAS ABADI: Moody's Withdraws 'Ca' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca corporate family
rating and outlook of PT Davomas Abadi Tbk.

Ratings Rationale

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

P.T. Davomas Abadi Tbk is a producer and exporter of cocoa butter
and cocoa powder in Indonesia. Established in 1990 and listed on
the Jakarta Stock Exchange since 1994, the company has an annual
production capacity of approximately 70,000 tons each of cocoa
butter and cocoa powder.



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


OLYMPUS CORP: Close to Striking Settlement Deal With Woodford
-------------------------------------------------------------
The Japan Times Online reports that Olympus Corp. is believed to
be close to reaching a settlement with former Chief Executive
Officer Michael C. Woodford over a lawsuit filed by the ousted
chief executive, sources said Tuesday.

The report notes Mr. Woodford was fired as president and CEO of
the camera and endoscope maker last October.

While announcing the dismissal of Mr. Woodford on Oct. 14,
Olympus said the Briton had largely diverted from the management
team's direction, according to The Japan Times Online.

But Mr. Woodford has insisted that then Chairman Tsuyoshi
Kikukawa and other executives ousted him because he questioned
dubious flows of funds related to the company's past
acquisitions.

As reported in the Troubled Company Reporter-Asia Pacific on
May 29, 2012, Bloomberg News said Mr. will seek US$60 million in
a lawsuit in the U.K. against the Japanese camera maker over his
dismissal.  Mr. Woodford, fired after he questioned US$1.7
billion of payments that were later determined to be fraudulent,
will sue for damages amounting to 10 years of lost earnings.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.



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


CBD CONSTRUCTION: Directors' Insolvency Proposals Approved
----------------------------------------------------------
The Southland Times reports that Associate Judge Rob Osborne, in
the High Court in Christchurch, approved new insolvency
applications in a stoush between CBD Construction and creditor
Carters.

Judge Osborne approved insolvency proposals by Grant Blackmore
and James Fry, who sought court approval for settlement.

The Southland Times recalls that court documents show the
insolvents' applications for court-approved proposals were
refused in December after accepting a submission by Carters.

The report notes that Messrs. Blackmore and Fry were the
directors of CBD Construction, which was put in liquidation in
March 2010. According to the report, the directors filed separate
applications asking the court to approve their liquidation payout
plans, but Carters objected.

The Southland Times says liquidators had decided unsecured CBD
creditors would receive 20 cents in the dollar.

According to the report, Carters obtained judgment against each
party for NZ$237,131 but started separate bankruptcy proceedings,
which were adjourned pending the outcome of the insolvency
applications.

The Southland Times states that Carters was the only objector to
the payout plan, while other creditors were prepared to accept
15 cents in the dollar from each insolvent, a total dividend of
30 cents in the dollar. The directors proposed a new payout of
40 cents in the dollar overall, the report adds.

The report relates that Judge Osborne said he was satisfied the
insolvency debt proposals were correctly done with statements of
affairs.

All 11 creditors accepted the proposal, which left the court to
decide whether the dividend plan could be refused because Carters
objected, The Southland Times relays.

Discretion to overrule an approval to pay a dividend in an
insolvency was limited, Judge Osborne, as cited by The Southland
Times, said.

Carters' bankruptcy applications were adjourned to June 12 with
leave to seek withdrawal.

CBD was a construction industry success and liquidation flowed
solely from financial trouble at the Kawarau Falls site.

CBD Construction is a Christchurch-based construction company.
Its work included construction at the Kawarau Falls site.


DATASOUTH GROUP: High Court Declares Jailed Director Bankrupt
-------------------------------------------------------------
Fairfax NZ News reports that Datasouth former director Gavin
Clifford Bennett was declared bankrupt at the Christchurch High
Court on May 29, 2012.

The news agency notes that Mr. Bennett was not in court as he is
in prison, serving an eight-year sentence for a NZ$103 million
fraud he used to finance a free-spending, grandiose lifestyle.

According to the report, Justice Gendall ordered Mr. Bennett
bankrupt at the behest of South Canterbury Finance.

That means he cannot be a director for three years (time he will
spend behind bars anyway) and most of his assets can be sold to
pay his debts, says Fairfax NZ News.

The news agency relates that South Canterbury Finance is out of
pocket NZ$23 million from Mr. Bennett's actions, however the
failed finance company was covered by the Crown retail guarantee
scheme so the taxpayer, rather than small investors, are forced
to cover the loss.

The report states that Mr. Bennett's company, DataSouth, arranged
loan finance to provide computer systems for clients through
South Canterbury Finance, but the arrangements turned out to be a
Ponzi scheme.  The clients were real, but the money was not going
toward the computer equipment.  Instead, Bennett used the money
for expensive hotels, fine dining, female escorts and travel.

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2011, The National Business Review said that three of
four NZ-registered companies associated with IT services company
DataSouth have been placed in liquidation.  A fourth, DataSouth
Finance is now subject to a Serious Fraud Office investigation.
The investigation relates to lease deals with DataSouth clients,
bankrolled by South Canterbury Finance, NBR said.

The three companies that have been placed in liquidation --
DataSouth, DataSouth Business Solutions and DataSouth Group --
are all 100% owned by managing director and sole director Gavin
Clifford Bennett, bar DataSouth Group in which Alan Raymond
MacDonald, of Gore, has a minority stake.  HFK has been appointed
liquidator.

DataSouth Group was founded in 1993 in Christchurch and grew to
open offices in Auckland, Wellington, Melbourne and Sydney.
DataSouth is comprised of DataSouth Business Solutions Ltd and
DataSouth Finance Ltd in New Zealand; and DataSouth Business
Solutions Australia Pty Ltd (ABN 36 105 388 654) in Australia.


DON HA REAL ESTATE: Liquidators Says Owner's Bankruptcy Likely
--------------------------------------------------------------
Fairfax NZ News says that a liquidators' report revealed that
bankruptcy is likely for one-time Auckland property king Don Ha.

According to the report, liquidators of Mr. Ha's 21st Century
Real Estate are demanding that NZ$2.8 million overdrawn from his
shareholders' account be repaid.

The liquidators note that other creditors are also on the hunt
and attempts by Mr. Ha to settle have failed.

Fairfax NZ News discloses that PricewaterhouseCooper's
Craig Sanson and Colin McCloy were appointed to 21st Century Real
Estate at the request of Kiwibank, which is owed NZ$7.06 million
by the wider Don Ha group.

Fairfax NZ News says that Messrs. Sanson and McCloy's latest
report made note of a summary judgment served against Mr. Ha by
Public Trust for NZ$1.6 million in March, and an attempt by Mr.
Ha to reach a creditors' compromise.

"The compromise was overwhelmingly rejected by creditors and
bankruptcy now appears a likely outcome," Messrs. Sanson and
McCloy's report said, Fairfax NZ News relays.

Fairfax NZ News relates that the liquidators said attempts to
realise an inter-company advance were stymied after Mr. Ha, as
shareholder, placed the other company into liquidation.

Earlier reports by Messrs. Sanson and McCloy said IRD was owed
NZ$719,778 by the company, Fairfax NZ News adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 23, 2011, BusinessDay.co.nz said the receivers of Don Ha Real
Estate, the south Auckland real estate agency owned by Don Ha,
have sold the company for NZ$1.35 million -- back to another
company of which he is the principal.  Receivers Tim and David
Ruscoe of Grant Thornton were appointed in March by Kiwibank
which had a general security agreement over Don Ha Real Estate in
relation to NZ$7 million worth of mortgage debts to other
companies within the Don Ha group.  The debts were over 50
investment properties in south Auckland that Mr. Ha owned and
rented out, but had fallen behind on the payments for,
BusinessDay.co.nz noted.


WEST COAST BREWERY: Christchurch High Court Appoints Liquidators
----------------------------------------------------------------
Fairfax NZ News reports that the West Coast Brewery, run by Good
Bastards founder Paddy Sweeney, is to be liquidated owing about
NZ$334,000 to the Inland Revenue Department and trade creditors.

The West Coast Brewery is a subsidiary of Westcoast Brewing,
which was founded by Queensland entrepreneur Sweeney, and
operates the group's brewery in Westport.

The West Coast Bar & Grill on Papanui Rd, Christchurch, is run by
another subsidiary and is unaffected by the liquidation, the
report notes.

According to the report, IRD lawyer Helen Sumner told the
Christchurch High Court Tuesday that the brewery's failure to pay
its tax obligations, including KiwiSaver payments, "represents
dishonesty by the company and its management".

Fairfax NZ News relates that Ms. Sumner told the court three
proposals for repaying the debt had been put by the brewer and
the IRD had refused all of them.  A fourth was unlikely to sway
the department, Ms. Summer said.

"There has been ample time for the company to sort its debts out
. . .  Effectively, the company has not taken the [IRD]
commissioner's debt seriously," the report Ms. Sumner as saying.
"This company should be liquidated on the basis that while it
continues to fund its business from employees' payments to the
tax system it's a risk to the community and leaves the taxpayer
having to back fill those payments."

For West Coast Brewery, Lane Neave partner Ben Russell said the
company had been paying its current tax and trade creditors and
was about to create a creditors' compromise proposal.  The
company had repaid NZ$28,000 of the IRD the debt this year, the
report relays.

Mr. Neave said the company owed trade creditors about NZ$100,000
on top of an IRD bill for NZ$234,000, Fairfax NZ News notes.

The report says Justice Gendall dismissed West Coast Brewing's
request for a six-week adjournment so it could prepare a creditor
compromise and ordered the company wound up.

Iain Nellies and Wayne Deuchrass, of Insolvency Management, were
appointed liquidators, Fairfax NZ News adds.



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


NATIONAL POWER: Moody's Affirms 'Ba2' Sr. Unsecured Bond Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 senior unsecured
bond rating for National Power Corporation (NPC) and revised the
outlook to positive from stable.

The rating action follows Moody's decision to change the outlook
of the Philippine government's Ba2 long-term foreign-currency and
local-currency ratings to positive from stable.

"The senior unsecured bond rating reflects the Philippine
government's unconditional and irrevocable guarantee on NPC's
rated long-term bonds," says Mic Kang, a Moody's Vice President
and Senior Analyst.

Outstanding rated bonds under NPC amount to USD452 thousands due
in 2028 and US$133 thousands due in 2016, after the transfer of
debt to Power Sector Assets & Liabilities Management Corporation
(PSALM).

NPC has transferred 99.9% of its rated USD bonds, including
US$300 million due in 2028 and US$160 million due in 2016, to
PSALM.

The principal methodology used in this rating was Moody's
Regulated Electric and Gas Utilities, published in August 2009.

NPC is 100% owned by the government. It primarily operates and
manages the power facilities which have been transferred to
PSALM.


PHIL. LONG DISTANCE: Moody's Changes Rating Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook for Philippine Long Distance Telephone Company's (PLDT)
Baa3 local currency issuer rating and foreign currency bond
ratings.

Ratings Rationale

The change in outlook follows Moody's decision to change the
outlook for the Ba2 long-term foreign-currency rating and Baa3
foreign-currency country ceiling of the Republic of Philippines
to positive from stable.

Moody's believes that since PLDT is predominantly a domestic
entity with substantially all of its revenues coming from, and
assets based in, the Philippines, its fundamental
creditworthiness needs to closely reflect the potential risks
that it shares with the sovereign.

Despite PLDT's strong fundamental credit quality, underscored by
its manageable leverage and excellent liquidity, its Baa3 ratings
are constrained by the two-notch differential with the sovereign
rating of Ba2. But, for the moment at least, its ratings can move
in tandem with the sovereign rating.

In order to be rated significantly above the sovereign, an issuer
needs to be fundamentally stronger than the sovereign from a
credit perspective, as well as demonstrate a degree of insulation
from domestic macroeconomic and financial disruption, which
generally accompanies a sovereign default.

Given the guidelines regarding the differential between
government and corporate ratings (see Credit Policy paper
entitled "How Sovereign Credit Quality May Affect Other Ratings',
published on Feb. 13, 2012), it is unlikely that PLDT will
experience any upward rating pressure unless the sovereign rating
of the Philippines is upgraded.

Alternatively, PLDT would need to generate a substantially
greater revenue share from outside of the Philippines, a
situation that seems unlikely over the near to medium term.

"On a fundamental level, PLDT would also need to continue
exhibiting strong investment-grade characteristics. In
particular, it will need to maintain its existing sound financial
and operating profile on a sustainable basis," says Yoshio
Takahashi, a Moody's Assistant Vice President and Analyst.

Moody's would specifically like to ensure that returns for
shareholders and asset investment polices do not lead to a
material deterioration of the company's financial profile.

Negative rating pressure is unlikely, given the positive outlook.
However, the outlook could revert to stable if adjusted EBITDA
margins fall below 45% and/or adjusted debt/EBITDA exceeds 2.0x
as a result of weak operating performance or event risk. Moody's
would also view negatively any additional material investment in
non-core businesses.

Any downward rating action at the sovereign level would, in all
likelihood, result in negative rating actions for PLDT, as
Moody's would seek to maintain the current notching gap in the
absence of any further credit deterioration.

The principal methodology used in rating PLDT was the Global
Telecommunications Industry Methodology published in December
2010.

Other Factors used in this rating are described in the Rating
Implementation Guidance document: How Sovereign Credit Quality
May Affect Other Ratings, published in February 2012.

PLDT is headquartered in Manila and listed on the Philippine
Stock Exchange with American Depository Receipts traded on the
New York Stock Exchange. It is an integrated provider of fixed-
line, broadband, cellular, Information and Communications
Technology and Business Process Outsourcing services. At the end
of March 2012, PLDT had a market share of approximately 68% in
terms of subscribers for cellular telephony, 65% for fixed-line
services, and about 65% for broadband.


POWER SECTOR: Moody's Affirms 'Ba2' CFR; Outlook Positive
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
and senior unsecured bond ratings for Power Sector Assets &
Liabilities Management Corporation (PSALM) and revised the
outlook to positive from stable.

The rating action follows Moody's decision to change the outlook
of the Philippine government's Ba2 long-term foreign-currency and
local-currency ratings to positive from stable.

"PSALM's ratings are underpinned by its distinct policy role and
its close integration with the government," says Mic Kang, a
Moody's Vice President and Senior Analyst.

The company is mandated by law to restructure and reform the
Philippine power sector. The government is also supposed to
assume any remaining assets and liabilities at the end of its
corporate life.

"Also, the government has provided unconditional and irrevocable
guarantees on debt issued by PSALM and transferred from the
National Power Corporation (NPC)," adds Mr. Kang.

NPC has transferred more than 99% of its rated USD bonds,
including US$300 million due in 2028 and US$160 million due in
2016, to PSALM.

The principal methodology used in rating PSALM was the Regulated
Electric and Gas Utilities Industry Methodology, published in
August 2009.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippine Government, was established in 2001
to take ownership of, and manage, all generation-related assets,
liabilities, contracts with independent power producers, real
estate and other disposable assets of NPC, including National
Transmission Corporation, and to privatize and dispose of these
assets to liquidate NPC's financial obligations.


* PHILIPPINES: Moody's Assigns Positive Outlook to Four Banks
-------------------------------------------------------------
Moody's Investors Service has downgraded the local-currency
deposit rating of Bank of the Philippine Islands (BPI) to Ba1/NP
from Baa2/P-2, following the revision of its standalone bank
financial strength rating (BFSR) to D from C-. The BFSR now maps
to a baseline credit assessment (BCA) of ba2 on the long-term
scale. The downgrade of BPI's standalone rating is the result of
an ongoing global review affecting all banks whose standalone
ratings are higher than the rating of the country where they are
domiciled. At ba2, the standalone rating is now at the same level
as that of the government of the Philippines. Moody's systemic
support assumptions remain unchanged, which now translates into a
one-notch uplift of the local currency deposit rating of Ba1.

These rating actions conclude the review for downgrade on the
bank's C- BFSR and Baa2/P-2 local-currency deposit ratings that
was initiated on April 18, 2012. The outlook on these ratings is
stable.

At the same time, to reflect the positive outlook assigned to the
government of the Philippines on May 29, Moody's has revised the
outlook of the supported ratings of four Philippine banks,
including BPI's, to positive from stable: Ba2 foreign currency
deposit rating and Ba2 foreign currency senior unsecured debt
rating.

Ratings Rationale

Conclusion of Review of BPI

The rating action is driven by Moody's revised assessment of the
linkage between the credit profiles of sovereigns and financial
institutions globally, which is discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on February 13, 2012, and further
detailed in the special comment "Banks and Sovereigns: Risk
Correlations Constrain Standalone Bank Credit Assessments"
published on April 30, 2012.

As per the guidance, the downward revision in BPI's standalone
rating reflects Moody's view that a bank's rating ultimately
cannot be completely de-linked from the credit quality of the
government's creditworthiness.

"BPI's ba2 standalone BCA places it at the same level as the
Philippines' sovereign rating, capturing the bank's limited
insulation from a government debt crisis compared with global
peers," says Simon Chen, a Moody's analyst.

"BPI has a substantial direct exposure to the government in the
form of holdings of government securities. It also has a low
level of cross-border diversification in terms of operations and
earnings," he adds.

The BCA takes into account the balance of the bank's intrinsic
strengths and weaknesses, including its reputable domestic brand,
established position in corporate and consumer banking, and
above-industry average financial fundamentals. The other positive
components of its credit profile include its consistent
profitability, and its capital and liquidity buffers which have
remained stable despite business growth.

At the same time, the BCA recognizes the asset quality challenges
that arise from the bank's exposure to manufacturers which are
vulnerable to the persistently weak external environment.
Overall, its credit profile is comparable with similar D rated
banks globally.

BPI's long-term local currency deposit rating of Ba1 incorporates
Moody's assessment of very high systemic support, which the bank
is likely to receive, should the need arise. Its long-term
foreign currency deposit rating of Ba2 is constrained by the
Philippines' foreign currency deposit ceiling of Ba2.

Revision of Outlook

The rating actions are in line with the revision of the outlook
on the Philippines sovereign's foreign currency deposit ceiling
to positive from stable.

The affected banks' foreign currency deposit ratings are
constrained by the foreign currency deposit ceiling.

The affected banks are: (1) BDO Unibank, Inc, (2) Bank of the
Philippine Islands, (3) Land Bank of the Philippines, and (4)
Metropolitan Bank and Trust Company. Except for the foreign
currency deposit rating, all other ratings of the banks carry a
stable outlook.

The sovereign rating action on the Philippines is discussed in
greater detail in a Moody's press release of May 29, 2012.

The ratings of the four banks are listed below.

BDO Unibank, Inc

Bank Financial Strength Rating (BFSR) of D, which maps to ba2 on
the long-term scale

Global local currency deposits rated Ba1/Not Prime

Foreign currency deposits rated Ba2/Not Prime

Foreign currency senior unsecured debt rated Ba2

Bank of the Philippines Islands

BFSR of D, which maps to ba2 on the long-term scale

Global local currency deposits rated Ba1/Not Prime

Foreign currency deposits rated Ba2/Not Prime

Land Bank of the Philippines

BFSR of D-, which maps to ba3 on the long-term scale

Global local currency deposits rated Ba1/Not Prime

Foreign currency deposits rated Ba2/Not Prime

Metropolitan Bank and Trust Company

BFSR of D, which maps to ba2 on the long-term scale

Global local currency deposits rated Ba1/Not Prime

Foreign currency deposits rated Ba2/Not Prime

Local currency subordinated debt rated Ba2

Foreign currency hybrid tier-1 rated B2(hyb)

Principal Methodologies

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


* PHILIPPINES: Moody's Changes Outlook on Ba2 Rating to Positive
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
Government of the Philippines' Ba2 rating to positive from
stable.

The key drivers for the decision are:

1. Moody's expectation of continued trend fiscal and debt
consolidation; and

2. The enhanced finance-ability of government debt.

In a related rating action, Moody's also changed the outlook on
the Ba2 rating for the country's central bank, the Bangko Sentral
ng Pilipinas (BSP), to positive from stable.

Ratings Rationale for the Positive Outlook

The government of the Philippines has continued to demonstrate
prudence in its fiscal management, as characterized by low budget
deficits relative to its rating peers and a steadily declining
level of debt relative to GDP.

Such outcomes are the result of expenditure restraint and
improved revenue performance.

Moreover, despite the absence of legislative reforms, more
effective tax administration measures have resulted in revenue
growth outpacing nominal GDP growth over the past five quarters.
And although spending disbursements have accelerated since late
2011, the up tick in revenues has led to the faster-than-expected
consolidation of the country's deficits and debt burden.

Moody's expects revenue growth to improve further upon the
passage of legislation aimed at restructuring excise taxes on
alcohol and tobacco products.

Nevertheless, deeper structural reforms may be necessary for
revenue mobilization to catch up to levels similar to those of
Philippines' rating peers.

Moody's considers that active debt management, coupled with the
central bank's increasingly solid track record of inflation
management, has allowed for an improvement in the country's debt
structure, including lower average borrowing costs and foreign
currency exposure, as well as longer average maturities.

The sovereign's vulnerability to global financial market shocks
has been reduced by the build-up of foreign exchange reserves,
resulting in turn from robust current account surpluses and
healthy capital inflows in recent years.

Concern over the Philippines' relatively large stock of debt is
mitigated, to some degree, by institutional features, such as
automatic appropriations for debt servicing in the budget. In
addition, an increasingly large bond sinking fund provides an
adequate buffer that guards against near-term liquidity
pressures.

At the same time, the economy remains sensitive to external
demand, despite its relatively low level of openness to trade.
But stable remittance inflows from the country's large overseas
diaspora have supported the balance of payments and domestic
household consumption, and have helped keep real GDP growth in
positive territory every year for the past decade.

Moody's also changed to positive the outlook for the Philippines'
Baa3 long-term foreign currency (FC) bond ceiling and its Ba2
long-term FC deposit ceiling. These ceilings act as a cap on
ratings that can be assigned to the FC obligations of other
entities domiciled in the country.

Credit Triggers for a Future Rating Action

Factors that could lead to a ratings upgrade:

1. Structural improvements in revenue mobilization;

2. Continued reductions in the government debt burden (debt/GDP
ratio); and

3. An acceleration of investment spending that places the economy
on a path of stronger growth.

These developments should also be accompanied by the continued
health of the country's balance of payments and stability of the
financial system.

Although unlikely -- given the positive rating outlook -- factors
that could lead to a change in the outlook to stable, or a
negative rating action, include:

1. A destabilization of macroeconomic conditions that could lead
to an unmooring of inflation expectations and an adverse effect
on financing conditions; and

2. A shift away from the focus on good governance, resulting in
turn in a deterioration in the investment climate and,
ultimately, revenue performance.

Previous Rating Action & Methodology Used

Moody's previous rating action affecting the ratings of the
Government of the Philippines and Bangko Sentral ng Pilipinas was
taken on June 15, 2011, when these entities' issuer ratings were
upgraded by one notch to Ba2 from Ba3. At the time, the
Philippines' country ceilings for foreign currency bonds and
deposits were upgraded by one notch to Baa3 and Ba2,
respectively. Also, the country ceilings for local currency bonds
and deposits were unified at A2.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.



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


RGM ENTERTAINMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on May 11, 2012, to
wind up RGM Entertainment Pte Ltd's operations.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

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


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

Space Production AB and Daniel Christopher Noonan filed the
petition against the company on May 17, 2012.

The Petitioner's solicitors are:

          PK Wong & Associates LLC
          133 Cecil Street
          #18-02 Keck Seng Tower
          Singapore 069535


SPEED HAULAGE: Court to Hear Wind-Up Petition on June 1
-------------------------------------------------------
A petition to wind up the operations of Speed Haulage &
Warehousing Pte Ltd will be heard before the High Court of
Singapore on June 1, 2012, at 10:00 a.m.

Amgas Asia Pte Ltd filed the petition against the company on
May 17, 2012.

The Petitioner's solicitors are:

          Messrs Wong Thomas & Leong
          4 Battery Road
          #23-01 Bank of China Building
          Singapore 049908


SEN NAUTICAL: Court to Hear Wind-Up Petition on June 1
------------------------------------------------------
A petition to wind up the operations of Sen Nautical 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 18, 2012.

The Petitioner's solicitors are:

          Khattarwong LLP
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


                             *********

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

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

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


                            *********


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

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

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

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

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





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