TCRAP_Public/120604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, June 4, 2012, Vol. 15, No. 110

                            Headlines


A U S T R A L I A

ALLIGATOR AIRWAYS: In Administration; Remains Grounded
ENERGY WATCH: Owes More Than AUD8-Mil; No Assets Left After Sale
* SOUTH AUSTRALIA: Moody's Comments on 2012/13 Budget


C H I N A

MOUNTAIN CHINA: Deficit, Default Casts Doubt on Going Concern


H O N G  K O N G

ARISAIG PARTNERS: Members' Final General Meeting Set for June 25
CHINA FUJIAN: Final Meetings Set for June 26
ELITE CONSTRUCTION: Creditors' Proofs of Debt Due June 25
EXCELLENCE CONSULTANTS: Members' Final Meeting Set for June 27
FOREST BOARD: Annual Meetings Set for June 7

GOODWIN MARINE: Members and Creditors Meetings Set for June 6
GRAND MARINE: Members and Creditors Meetings Set for June 6
HOP KIN: Final Meetings Set for June 26
LA ROSE: Members' Final Meeting Set for June 29
LIMMARK KNITWEAR: Annual and Final Meetings Set for June 26

LOCO HONGKONG: Members' Final Meeting Set for June 27
MANAGEMENT RESOURCES: Creditors' Proofs of Debt Due June 28
MAYFAIR FAR: Members' Final Meeting Set for June 27
PACIFIC CAPITAL: Members' Final Meeting Set for June 28
RICHFORD LIMITED: Members' Final Meeting Set for June 27

RICO CORPORATION: Members' Final Meeting Set for June 27
SIDDONS LIMITED: Members' Final Meeting Set for June 26
TWIN CALIBER: Members' Final Meeting Set for June 26
WALK LEE: Members' Final Meeting Set for June 27
WARM CENTURY: Members' Final General Meeting Set for June 29

WONG HENG: Commences Wind-Up Proceedings
YUEFORD LIMITED: Members' Final Meeting Set for June 27


I N D I A

AQUARIOUS MARKETING: CRISIL Assigns 'B+' Rating to INR14MM Loans
GANAPATI MOTORS: CRISIL Assigns 'BB-' Rating to INR68MM Loans
MALDAR BARRELS: CRISIL Puts 'B+' Rating on INR1.18BB Loans
MANYATA INFRA: CRISIL Rates INR350MM Term Loan at 'CRISIL B-'
MIRADOR COMMERCIAL: CRISIL Rates INR360MM Loan at 'CRISIL B'

PARK HEALTH: CRISIL Upgrades Rating on INR180MM Loans to 'B+'
RAJARAJAN & SONS: CRISIL Assigns 'B' Rating to INR264.5MM Loans
RATNA CAFE: Delays in Loan Payment Prompts CRISIL Junk Ratings
SAI VENKATESWARA: CRISIL Rates INR80MM Term Loan at 'CRISIL BB-'
SHRI BASAVESHWAR: Delays in Loan Payment Cue CRISIL Junk Ratings

SJ FABRICSS: CRISIL Puts 'CRISIL B+' Rating on INR120MM Loans
SRI KRISHNA: CRISIL Puts 'CRISIL B' Rating on INR120.2MM Loans
TIJIYA ENGINEERING: CRISIL Rates INR10MM Cash Credit at 'B+'


J A P A N

RENESAS ELECTRONICS: Seeks Loans From Three Major Shareholders


M A L A Y S I A

LINEAR CORP: Posts MYR2.03 Million Net Loss in March 31 Qtr.
MITHRIL BERHAD: Posts MYR106,000 Net Loss in Qtr Ended March 31
VASTALUX ENERGY: Posts MYR67,531 Net Loss in March 31 Quarter
VTI VINTAGE: Swings to MYR319,000 Net Income in March 31 Quarter


N E W  Z E A L A N D

LOMBARD FINANCE: Former Directors Pays NZ$100,000


S I N G A P O R E

ASIASONS WFG: Creditors' Proofs of Debt Due June 29
CSL M&E: Court to Hear Wind-Up Petition June 15
EASTMARCOSSE PTE: Court to Hear Wind-Up Petition June 15
FRESICO CHINA: Creditors' Proofs of Debt Due July 2
LION HEART: Members' and Creditors' Meeting Set for June 14

LONGAINS INVESTMENT: Court to Hear Wind-Up Petition June 15


V I E T N A M

HOANG ANH: Fitch Puts 'B' Issuer Default Rating on Negative Watch


X X X X X X X X

REPUBLIC OF BANGLADESH: S&P Affirms 'BB-' Sovereign Credit Rating


                            - - - - -


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


ALLIGATOR AIRWAYS: In Administration; Remains Grounded
------------------------------------------------------
SmartCompany reports that West Australian charter airline
Alligator Airways has collapsed into administration, just days
after the civil aviation authority upheld a grounding order
against the company citing safety concerns.

Administrators KordaMentha were appointed to Alligator Airways on
May 30, SmartCompany discloses.

According to SmartCompany, a spokesperson for the Civil Aviation
Safety Authority said the current court order runs until today,
June 4, and then the aviation authority has five days to decide
whether another notice can be extended.

"That will be determined next week," a CASA spokesperson told
SmartCompany.

SmartCompany recalls that CASA upheld a grounding order on
May 18, saying the order was made after the Federal Court in
Melbourne found there were reasonable grounds the company was
engaging in, or likely to engage in, activity which "contributed
to or resulted in a serious and imminent risk to air safety".

"The prohibition order has been granted to allow CASA sufficient
time to complete its investigation," CASA said, upholding the
initial grounding handed down on May 3, SmartCompany relays.

                       About Alligator Airways

Alligator Airways flies charter flights from Kununurra and
Broome, offering customised tours and safaris as well. The
company has been operating in the Kimberley since 1983.


ENERGY WATCH: Owes More Than AUD8-Mil; No Assets Left After Sale
----------------------------------------------------------------
SmartCompany reports that Energy Watch owes more than AUD8
million to its creditors and AUD750,000 in employee entitlements,
but the business' remaining assets have been sold off as part of
the troubled company's sale.

According to the report, the utility broker's difficulties became
public when founder and former chief executive Ben Polis stepped
down from his role after making racist and offensive remarks on
his personal Facebook page.

SmartCompany relates that Energy Watch entered administration
last month and, at the same time, the business was sold to a
private consortium headed by businessman Danny Wallis.

The report says administrators of Energy Watch held a first
creditors meeting on May 29 as they attempt to untangle the
company's accounts.

Administrator Glenn Franklin, of Lawler Draper Dillon, told
SmartCompany the meeting involved discussion of the company's
financial position and that the entitlements of former employees
were a key issue.

"The liability is unpaid wages and redundancy of AUD250,000 and
superannuation that exceeds AUD500,000, so they are the priority
entitlements," the report quotes Mr. Franklin as saying.

"The unsecured debts total, we believe, somewhere in excess of
AUD8 million, owed to the Australian Tax Office, energy retailers
who paid commission in advance, advertising agencies and a
general assortment of other creditors; there is no bank
involved."

Mr. Franklin, as cited by SmartCompany, said it is unclear what
assets are remaining following Energy Watch's sale.

Unless Energy Watch is liquidated, there is no recourse against
the purchasers of Energy Watch, Mr. Franklin told SmartCompany.

"I understand there will be a deed of company arrangement put
forward so the creditors will look at the deed and give a view as
to whether they should accept; in order for creditors to accept,
it has to be a better outlook than liquidation," SmartCompany
quotes Mr. Franklin as saying.

SmartComany adds that Mr. Franklin said creditors will vote
whether to accept the deed of company arrangement or put the
company into liquidation at the next creditors meeting on
June 22.

Energy Watch Pty Ltd offered an energy price comparison service.


* SOUTH AUSTRALIA: Moody's Comments on 2012/13 Budget
-----------------------------------------------------
Moody's Investors Service says that South Australia's 2012/13
(May budget) -- which was released on May 31 -- shows a
deterioration in the state's financial performance for the
upcoming fiscal year and the expectation of further deterioration
over the next four years.

This deterioration is due to still very high levels of capital
investments, and lower expectations for GST-backed Commonwealth
transfers and revenue from property-related conveyancing duties.

At the same time, the state forecasts that the high level of
current spending will have to fall below the rate of growth in
revenues if it is to narrow the deficit (net lending/borrowing).

The state forecasts a large deficit of AUD1.9 billion, or 12.6%
of revenues in 2012/13, which would be significantly worse than
the AUD489 million, or 3.0% of revenues, projected for this same
time frame in last year's budget.

In addition, the new budget anticipates that the deficits from
2011/12 through 2014/15 will average a wider 6.9% of revenues
annually compared with last year's forecast of 2.1%.

Moody's considers that a greater focus on expenditure controls
will be critical as budget redress relies upon a very slow pace
of expenditure growth, currently forecast at only 1.8% annually
over the next four years compared with 6.6% over the past four
years.

However, Moody's believes that this slower rate of spending
growth will be challenged by ongoing requirements of the health
care sector and other services.

As part of Moody's normal monitoring process, Moody's will also
conduct an in-depth analysis of the budget and its medium-term
impact on the state's financial and debt profile.

This announcement represents an update to markets and does not
constitute a rating action.



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


MOUNTAIN CHINA: Deficit, Default Casts Doubt on Going Concern
-------------------------------------------------------------
Mountain China Resorts (Holding) Limited has an accumulated
deficit, a working capital deficiency and has defaulted on a bank
loan, which casts substantial doubt on the Company's ability to
continue as a going concern.  The Company's ability to meet its
obligations as they fall due and to continue to operate as a
going concern is dependent on further financing and ultimately,
the attainment of profitable operations.

MCR had a C23.1 million net loss on C$6.66 million of revenue for
the year ended Dec. 31, 2011, compared with a net loss of C$21.3
million on C$4.37 million of revenue in 2010.

Cash and cash equivalents totaled $15.77 million and working
capital was negative $62.79 million as at December 31, 2011.

A copy of the press release is available for free at:

                         http://is.gd/5bsZKS

Mountain China Resorts (MCG.V - News) is the premier developer of
four season destination ski resorts in China.  MCR is
transforming existing China ski properties into world-class, four
seasons luxury mountain resorts with excellent real estate
investment opportunities for discerning buyers.  In February
2009, the Company's Sun Mountain Yabuli Resort was awarded Best
Resort Makeover in Asia by TIME Magazine. Yabuli is also the
permanent home of the China Entrepreneur's Forum the leading and
most influential community of China's most distinguished and
successful entrepreneurs and business leaders with over 5,000
members from across a variety of key industries.



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


ARISAIG PARTNERS: Members' Final General Meeting Set for June 25
----------------------------------------------------------------
Members of Arisaig Partners (China) Limited will hold their final
general meeting on June 25, 2012, at 11:30 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHINA FUJIAN: Final Meetings Set for June 26
--------------------------------------------
Members and creditors of China Fujian Engineering (H.K.) Limited
will hold their final meetings on June 26, 2012, at 3:00 p.m.,
and 3:15 p.m., respectively at Room 35B1, 35th Floor, One Pacific
Place, 88 Queensway, in Hong Kong.

At the meeting, Joseph K.C. Lo and Dermot Agnew, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ELITE CONSTRUCTION: Creditors' Proofs of Debt Due June 25
---------------------------------------------------------
Creditors of Elite Construction Engineering 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 14, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


EXCELLENCE CONSULTANTS: Members' Final Meeting Set for June 27
--------------------------------------------------------------
Members of Excellence Consultants Limited will hold their final
general meeting on June 27, 2012, at 11:00 a.m., at Room 1903,
New World Tower, at 18 Queen's Road Central, in Hong Kong.

At the meeting, Watt Hung Chow, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FOREST BOARD: Annual Meetings Set for June 7
--------------------------------------------
Creditors and members of Forest Board & Paper Limited will hold
their annual meetings on June 7, 2012, at 3:00 p.m., at the
office of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, 99 Queen's Road Central, Central, in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.


GOODWIN MARINE: Members and Creditors Meetings Set for June 6
-------------------------------------------------------------
Members and creditors of Goodwin Marine & Industries Company
Limited will hold their meetings on June 6, 2012, at 2:30 p.m.,
and 2:45 p.m., respectively at 35th Floor, One Pacific Place,
88 Queensway, in Hong Kong.

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


GRAND MARINE: Members and Creditors Meetings Set for June 6
-----------------------------------------------------------
Members and creditors of Grand Marine International Limited will
hold their meetings on June 6, 2012, at 2:00 p.m., and
2:15 p.m., respectively at 35th Floor, One Pacific Place, 88
Queensway, in Hong Kong.

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


HOP KIN: Final Meetings Set for June 26
---------------------------------------
Members and creditors of Hop Kin Engineering Development Limited
will hold their final meetings on June 26, 2012, at 2:30 p.m.,
and 2:45 p.m., respectively at Room 35B1, 35th Floor, One Pacific
Place, 88 Queensway, in Hong Kong.

At the meeting, Joseph K.C. Lo and Dermot Agnew, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LA ROSE: Members' Final Meeting Set for June 29
-----------------------------------------------
Members of La Rose Noire Boulangerie Limited will hold their
final meeting on June 29, 2012, at 11:00 a.m., at Rooms 301-303
Corporation Square, at No. 8 Lam Lok Street, Kowloon Bay, in Hong
Kong.

At the meeting, Gerard Dubois and Richard Alan Wallis, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


LIMMARK KNITWEAR: Annual and Final Meetings Set for June 26
-----------------------------------------------------------
Members and creditors of Limmark Knitwear Company Limited will
hold their annual and final meetings on June 26, 2012, at 11:00
a.m., and 11:30 a.m., respectively at Rooms 901-902, 9/F, Bank
Centre, 636 Nathan Road, Kowloon, in Hong Kong.

At the meeting, Fung Chun Kai, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LOCO HONGKONG: Members' Final Meeting Set for June 27
-----------------------------------------------------
Members of Loco Hongkong Limited will hold their final general
meeting on June 27, 2012, at 10:00 a.m., at 9th Floor, Cheung
Kong Center, 2 Queen's Road Central, in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


MANAGEMENT RESOURCES: Creditors' Proofs of Debt Due June 28
-----------------------------------------------------------
Creditors of Management Resources International Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by June 28, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 16, 2012.

The company's liquidator is:

         Chan Pollyanna Shui Kin
         23rd Floor, Wing Hang Finance Centre
         60 Gloucester Road
         Wanchai, Hong Kong


MAYFAIR FAR: Members' Final Meeting Set for June 27
---------------------------------------------------
Members of Mayfair Far East Corporation Limited will hold their
final general meeting on June 27, 2012, at 11:00 a.m., at Flat F,
34th Floor, Scholastic Garden, 48 Lyttelton Road, Mid-Level West,
in Hong Kong.

At the meeting, Tong Kwong Wah Jerry, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PACIFIC CAPITAL: Members' Final Meeting Set for June 28
-------------------------------------------------------
Members of Pacific Capital Remittance Limited will hold their
final meeting on June 28, 2012, at 11:00 a.m., at 906 Hang Bong
Commercial Centre, at 28 Shanghai Street, Tsimshatsui, Kowloon,
in Hong Kong.

At the meeting, Au Wai Pong Raymond, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


RICHFORD LIMITED: Members' Final Meeting Set for June 27
--------------------------------------------------------
Members of Richford Limited will hold their final meeting on
June 27, 2012, at 11:15 a.m., at Room 1903, New World Tower, 18
Queen's Road Central, in Hong Kong.

At the meeting, Watt Hung Chow, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


RICO CORPORATION: Members' Final Meeting Set for June 27
--------------------------------------------------------
Members of Rico Corporation Limited will hold their final meeting
on June 27, 2012, at 11:30 a.m., at Room 1903, New World Tower,
18 Queen's Road Central, in Hong Kong.

At the meeting, Watt Hung Chow, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SIDDONS LIMITED: Members' Final Meeting Set for June 26
-------------------------------------------------------
Sole Member of Siddons Limited will hold their final meeting on
June 26, 2012, at 10:00 a.m., at 3806 Central Plaza, 18 Harbour
Road, Wanchai, in Hong Kong.

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


TWIN CALIBER: Members' Final Meeting Set for June 26
----------------------------------------------------
Members of Twin Caliber Limited will hold their final general
meeting on June 26, 2012, at 10:00 a.m., at 1902 MassMutual
Tower, 38 Gloucester Road, in Wanchai.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WALK LEE: Members' Final Meeting Set for June 27
------------------------------------------------
Members of Walk Lee Tung Land Investment Limited will hold their
final general meeting on June 27, 2012, at 10:00 a.m., at 19/F,
No. 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Ko Kai Lai Dominic and Wong Man Chung Francis,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


WARM CENTURY: Members' Final General Meeting Set for June 29
------------------------------------------------------------
Members of Warm Century Holdings Limited will hold their final
general meeting on June 29, 2012, at 11:00 a.m., at Room 102,
1/F, Tak Fung Building, 79-81 Connaught Road West, in Hong Kong.

At the meeting, Pang Siu Chik Alick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WONG HENG: Commences Wind-Up Proceedings
----------------------------------------
Members of Wong Heng Investment Company Limited, on May 15, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         To Fung Wo
         31/F, Chinachem Century Tower
         178 Gloucester Road
         Wanchai, Hong Kong


YUEFORD LIMITED: Members' Final Meeting Set for June 27
-------------------------------------------------------
Members of Yueford Limited will hold their final meeting on
June 27, 2012, at 11:45 a.m., at Room 1903, New World Tower, 18
Queen's Road Central, in Hong Kong.

At the meeting, Watt Hung Chow, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.



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I N D I A
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AQUARIOUS MARKETING: CRISIL Assigns 'B+' Rating to INR14MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aquarious Marketing Pvt Ltd.

                                Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Standby Letter of Credit      10        CRISIL A4 (Assigned)

   Proposed Short -Term Bank     30        CRISIL A4 (Assigned)
   Loan Facility

   Proposed Long-Term Bank        6        CRISIL B+/Stable
   Loan Facility                            (Assigned)

   Foreign Bill Discounting      24        CRISIL A4 (Assigned)

   Cash Credit                    8        CRISIL B+/Stable
                                            (Assigned)

   Export Packing Credit         12        CRISIL A4 (Assigned)

The ratings reflect AMPL's small-scale and working-capital-
intensive operations, and weak financial risk profile marked by
high gearing and weak interest coverage ratio. These rating
weaknesses are partially offset by the extensive experience of
AMPL's promoters in the tea industry and the company's adequate
cushion against the impact of volatility in tea prices.

Outlook: Stable

CRISIL believes that AMPL will continue to benefit from its
promoters' industry experience. The outlook may be revised to
'Positive' if AMPL increases its scale of operations
substantially or in case of sustained improvement in its
liquidity, driven by more-than-expected cash accruals or improved
working capital management, over the medium term. Conversely, the
outlook may be revised to 'Negative' if AMPL's financial risk
profile, especially liquidity, weakens further, most likely
caused by less-than-expected cash accruals, stretch in working
capital cycle, or larger-than-expected debt-funded capital
expenditure.

                       About Aquarious Marketing

AMPL, incorporated in 1991, exports and trades in orthodox and
Crush, Tear, Curl (CTC) tea. Around 80 per cent of the company's
revenues come from exports to around four to five customers and
the rest comes from sales to wholesalers and dealers based in
Indore (Madhya Pradesh) and Kolkata (West Bengal). AMPL's
managing director is Mr. Dikshit Arya, who has experience of
around three decades in the tea industry.


GANAPATI MOTORS: CRISIL Assigns 'BB-' Rating to INR68MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Ganapati Motors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                18       CRISIL BB-/Stable (Assigned)
   Cash Credit              50       CRISIL BB-/Stable (Assigned)
   Bank Guarantee           22       CRISIL A4+ (Assigned)

The ratings reflect Ganapati Motors' moderate financial risk
profile marked by moderate capital structure and debt protection
metrics, established relationship with its principal, and its
promoters' extensive experience in the automobile dealership
business. These rating strengths are partially offset by Ganapati
Motors' modest scale of operations and regional concentration,
and susceptibility to intense competition in the automobile
dealership market.

Outlook: Stable

CRISIL believes that Ganapati Motors will continue to benefit
over the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' if Ganapati Motors improves
its liquidity, while maintaining its business risk profile.
Conversely, the outlook may be revised to 'Negative' if Ganapati
Motors' financial risk profile weakens, most likely because of
increase in working capital requirements or large, debt-funded
capital expenditure.

                      About Ganapati Motors

Established in 2003, Ganapati Motors is an authorised automobile
dealer in passenger cars manufactured by Maruti Suzuki India Ltd
(MSIL, rated 'CRISIL AAA/Stable/CRISIL A1+'). It operates four
showrooms, two in Bhilai, and one each in Durg and Rajnandgaon
(all in Chhattisgarh). Ganapati Motors also deals in used cars
under MSIL's True Value scheme and in spares and services. It is
in the process of opening its fifth showroom in Durg, which is
expected to be operational by September 2012.

Ganapati Motors reported a net profit of INR10.0 million on net
sales of INR1.1 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a net profit of INR9.5 million on
net sales of INR735 million for 2009-10. For 2011-12, the firm's
net sales are estimated at INR1.1 billion.


MALDAR BARRELS: CRISIL Puts 'B+' Rating on INR1.18BB Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maldar Barrels Pvt Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Cash Credit               470      CRISIL B+/Stable (Assigned)
   Term Loan                  75.5    CRISIL B+/Stable (Assigned)
   Proposed Long-Term        634.5    CRISIL B+/Stable (Assigned)
    Bank Loan Facility
   Bank Guarantee             70      CRISIL A4 (Assigned)

The ratings reflect Maldar's weak financial risk profile marked
by high gearing, modest debt protection metrics and the company's
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of Maldar's
promoters in the barrel manufacturing industry.

Outlook: Stable

CRISIL believes that Maldar will maintain its credit risk profile
on the back of the promoter's experience in the industry. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile most likely
led by substantial equity infusion or significant easing of
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity deteriorates,
most likely led by further stretching of working capital
requirements, or in case of any larger-than-expected debt-funded
capital expenditure (capex) programme by the company.

                         About Maldar Barrels

Maldar manufactures plastic and steel drums and barrels. The
company was set up by Mr. Malvankar and Mr. Darankar in 1986, and
was subsequently taken over by the Dharmani family in 1998. It
has manufacturing plants in Taloja (Thane). The company is
currently being managed by Mr. Haresh Dharmani, his father Mr. J
J Dharmani and brother Mr. Lalit Dharmani.

Maldar reported a profit after tax (PAT) of INR23 million on net
sales of about INR 999 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR8 million on
net sales of INR477 million for 2009-10.


MANYATA INFRA: CRISIL Rates INR350MM Term Loan at 'CRISIL B-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term
loan facility of Manyata Infrastructure Developments Private
Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            350         CRISIL B-/Stable (Assigned)

The rating reflects MIDPL's exposure to project implementation
risks and its high dependence on promoters for servicing term
loans. The rating also reflects MIDPL's susceptibility to
slowdown in Indian real estate market and to geographical
concentration in revenues. These rating weaknesses are partially
offset by the extensive experience of MIDPL's promoters in the
residential and civil construction segment.

Outlook: Stable

CRISIL believes that MIDPL will benefit over the medium term from
its promoters' industry experience in the residential real estate
construction segment. The outlook may be revised to 'Positive' if
the company completes construction of the proposed project
earlier-than-expected, leading to higher-than-expected booking
rates, sales realizations, and high cash flows thereby aiding the
company's liquidity. Conversely, the outlook may be revised to
'Negative' if there are any delays in the implementation of its
proposed project, leading to time and cost overruns and
significant fall in realisations, or if MIDPL contracts more-
than-expected debt or if there is any support extended to group
companies, leading to weakening in its financial risk profile.

                    About Manyata Infrastructure

Based in Bengaluru, Manyata Infrastructure Developments Private
Limited is proposing to undertake a residential apartment project
at Manyata Residency, Hebbal (Bengaluru). MIDPL would have
saleable area of 1.7 million square feet (msft) in this project.
The project is awaiting approvals from the Bruhat Bengaluru
Mahanagar Palike (BBMP) and thereafter would be completed over
the ensuing 24-30 months. The promoter director Mr. Veeranna
Reddy has a long standing experience of around three decades in
the similar lines of business through the Reddy Veeranna group of
companies.


MIRADOR COMMERCIAL: CRISIL Rates INR360MM Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Mirador Commercial Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          100      CRISIL A4 (Assigned)
   Term Loan               360      CRISIL B/Stable (Assigned)

The ratings reflect MCPL's working-capital-intensive operations
and customer concentration. These rating weaknesses are partially
offset by good revenue visibility for MCPL for the medium term,
supported by its sizeable portfolio of orders.

Outlook: Stable

CRISIL believes that MCPL will benefit from its healthy revenue
visibility for the medium term, supported by its sizeable
portfolio of orders. The outlook may be revised to 'Positive' if
MCPL's financial risk profile improves beyond expectations, most
likely driven by larger-than-expected cash accruals or
improvement in working capital management. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens, most likely caused by less-than-expected
cash accruals, or by weakening in liquidity because of
deterioration in working capital management or larger-than-
expected debt-funded capital expenditure.

                      About Mirador Commercial

MCPL, incorporated in 1994, has recently started undertaking
Engineering, Procurement and Construction (EPC) contracts for
erection of power transmission towers and laying power
transmission lines. For this business MCPL acquired the
engineering division of Southern Petrochemical Industries
Corporation Ltd (SPIC) in September 2011 for INR570 million.
Before starting this business, MCPL used to trade in raw jute and
mutual fund. MCPL's main customers are Power Grid Corporation of
India Ltd (PGCIL; rated 'CRISIL AAA/Stable/CRISIL A1+'), the
Indian Railways, Rajasthan Rajya Vidyut Prasaran Nigam Ltd and
Coastal Energen Pvt Ltd.


PARK HEALTH: CRISIL Upgrades Rating on INR180MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Park Health Systems Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan           137      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term        43      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects sustained improvement in Park Health's
business risk profile, marked by the company's increasing scale
of operations and improving liquidity. The upgrade also factors
in the timely infusion of funds by Park Health's promoters to
support the company's increasing scale of operations. Park
Health's revenues are estimated at an increase of about 70 per
cent in 2011-12 (refers to financial year, April 1 to March 31)
over that of 2010-11; furthermore, the company is expected to be
profitable and generate cash accruals of about INR20 million vis-
…-vis negative cash accruals reported in the past, to support its
debt obligations. Park Health's revenues are expected to increase
by 15 to 20 per cent over the medium term, supported by the
improving operating rate of the company's facility at Hyderabad
(Andhra Pradesh).

The rating continues to reflect Park Health's weak financial risk
profile, marked by a high gearing and below-average debt
protection metrics, modest scale of operations, and geographical
concentration. These rating weaknesses are partially offset by
the benefits that the company derives from its promoters'
extensive experience in the healthcare industry.

Outlook: Stable

CRISIL believes that Park Health will continue to benefit over
the medium term from its established position in the healthcare
industry and the increasing demand for healthcare services. The
outlook may be revised to 'Positive' if Park Health significantly
improves its capital structure, while it sustains the growth in
its revenues and maintains its profitability. Conversely, the
outlook may be revised to 'Negative' if Park Health undertakes a
larger-than-expected, debt-funded capital expenditure programme,
adversely impacting its financial risk profile, particularly its
liquidity.

                          About Park Health

Park Health, incorporated in 2007, operates a 100-bed multi-
specialty hospital named Park Super Specialty Hospital, renamed
as Deccan Hospital; the hospital commenced operations in July
2009. The Hyderabad-based company is promoted by Mr. Chinchod
Damodar Reddy and his wife, Ms. Sura Supreetha Reddy. Park Health
renders primary, secondary, and tertiary medical care.

Park Health reported a net loss after tax of INR15.8 million on
net sales of INR106.0 million for 2010-11; it reported net loss
of 4.6 million on revenues of INR63.6 million for the seven
months of its operations in 2009-10. Park Health reported
revenues of about INR141 million for the nine months through
December 2011.


RAJARAJAN & SONS: CRISIL Assigns 'B' Rating to INR264.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rajarajan & Sons.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                184.5    CRISIL B/Stable (Assigned)
   Term Loan                   80      CRISIL B/Stable (Assigned)

The rating reflects RS' working capital intensive operations,
susceptibility to intense competition in the automobile
dealership industry, and low bargaining power with its principal,
Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL
A1+). These rating weaknesses are partially offset by RS' healthy
relationship with M&M, established regional presence in Tamil
Nadu (TN) and Pondicherry regions and moderate financial risk
profile marked by moderate net worth and capital structure.

Outlook: Stable

CRISIL believes that RS will continue to benefit over the medium
term from its established position in the automobile dealership
market for M&M in the TN and Pondicherry regions. The outlook may
be revised to 'Positive' if RS' financial risk profile improves,
most likely driven by an increase in its scale of operations, and
improvement in its profitability, capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case a slowdown in the automobile industry
adversely affects RS' revenues and profitability, or if the firm
undertakes any large debt-funded capital expenditure programme,
thereby weakening its capital structure.

                       About Rajarajan & Sons

Established in 2006 by Mr. K Rajarajan, RS is an authorized
dealer for M&M. The firm deals in M&M's passenger cars and
utility vehicles, sells spares and accessories, and services
vehicles. It has four showrooms -- One in Cuddalore, two in
Villupuram (both in TN) and one in Pondicherry. Vehicle sales
contribute around 93 per cent to RS's total revenues; the firm
derives the remaining 7 per cent from sales of spares and
accessories, servicing, and commission income.

RS reported a profit after tax (PAT) of INR34 million on net
sales of INR962 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR20 million on net
sales of INR568 million for 2009-10.


RATNA CAFE: Delays in Loan Payment Prompts CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Ratna Cafe. The rating reflects the delays by RC in
servicing its debt; the delays have been caused by RC's weak
liquidity.

                               Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Proposed Long-Term Bank      28.5      CRISIL D (Assigned)
   Loan Facility

   Long-Term Loan              104        CRISIL D (Assigned)

   Overdraft Facility           17.5      CRISIL D (Assigned)


RC also has an average financial risk profile, marked by moderate
gearing and debt protection metrics. The firm, however, benefits
from the experience of its promoter in the hotel industry.

Set up in 1948 by Mr. Trilok Gupta, Ratna Cafe (RC) operates a
chain of restaurants under the brand Ratna Caf‚ in Chennai (Tamil
Nadu [TN]). Mr. Rajendra Gupta (nephew of Mr. Trilok Gupta) and
his wife, Mrs. Rani Gupta, wholly acquired RC from Mr. Trilok
Gupta in 2002. Besides running four outlets, the firm also caters
to corporate clients.

In 2011, RC commissioned its centralised kitchen in Kottivakkam
(TN). The total cost of construction was INR115 million, funded
by a debt-equity mix of 3:1. The firm is currently constructing
its fifth outlet in Pondy Bazaar, Chennai for a total capital
expenditure of INR36 million funded by a debt-equity mix of 7:3.
The new outlet is expected to be commissioned by the end of 2012.

RC reported a profit after tax (PAT) of INR1.7 million on net
sales of INR 174.2 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.7 million on net
sales of INR142.1 million for 2009-10.


SAI VENKATESWARA: CRISIL Rates INR80MM Term Loan at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sai Venkateswara Enterprises.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        5       CRISIL A4+ (Assigned)
   Term Loan                80       CRISIL BB-/Stable (Assigned)

The ratings reflect strong demand prospects for SVE's hotel on
the back of increasing pilgrimage traffic in Tirupati throughout
the year. This rating strength is partially offset by SVE's
limited track record of operations and SVE's subdued financial
risk profile marked by small networth and moderate gearing.

Outlook: Stable

CRISIL expects SVE to maintain stable business risk profile in
the medium term, on the back of steady flow of pilgrim traffic to
Tirupati. The outlook may be revised to 'Positive' if the firm
exhibits significantly higher occupancy levels resulting in
better-than-envisaged net cash accruals, thereby improving its
debt servicing metrics. Conversely, the outlook may be revised to
'Negative' if the firm generates substantially lower net cash
accruals, either due to low occupancy rates or lower average room
revenue, thus affecting its ability to meet its debt servicing
commitments.

Sai Venkateswara Enterprises, established in 2009 as a
partnership firm, operates a 3-star hotel in Tirupati (Andhra
Pradesh) under the brand 'Udayee International'. The firm
commenced operations from February 2012. Udayee International has
a capacity of 120 rooms along with other amenities such as
restaurants, banquet halls, conference rooms etc. The firm's
partners are Mr. B. Giri Babu, a Tirupati-based businessman and
his wife, Mrs. B. Vasantha. The firm's office is located at
Tirupati, Andhra Pradesh.


SHRI BASAVESHWAR: Delays in Loan Payment Cue CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Shri Basaveshwar Veerashaiva Vidyavardhak Sangha.
The ratings reflect instances of delay by SBVVS in servicing its
term debt; the delays have been caused by weakening in the
trust's liquidity.

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Bank Guarantee             200       CRISIL D (Assigned)
   Term Loan                  277.1     CRISIL D (Assigned)

SBVVS has weak liquidity?its cash accruals tightly match its
maturing debt obligations. It is also vulnerable to any adverse
regulatory changes in the education business. However, the trust
benefits from healthy demand prospects for the education industry
and from funding support from its promoters.

Shri Basaveshwar Veerashaiva Vidyavardhak Sangha was established
in 1906. Mr. Veeranna C Charantimath is its chairman. SBVSS
operates about 135 institutes. Most of its institutes are in
Bagalkot (Karnataka) and some are in Mudhol (Karnataka).
Currently, SBVVS is expanding its geographic reach, with an
engineering institute at Bengaluru (Karnataka). The trust has
about 50,000 students and 5000 employees; its institutes offer
about 300 different courses in fields such as technical,
management, medical, para-medical, pharmacy, and social and rural
development. All of the courses are approved by regulatory
bodies, such as the All India Council for Technical Education and
the Karnataka state and central governments; most of the courses
are affiliated to Rajiv Gandhi University. Apart from the
institutes, SBVSS operates a 1500-bed hospital in Bagalkot.


SJ FABRICSS: CRISIL Puts 'CRISIL B+' Rating on INR120MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of SJ Fabricss Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50       CRISIL B+/Stable (Assigned)
   Proposed Long-Term       70       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects SJFPL's stretched liquidity, large inventory
requirement, and weak financial risk profile, marked by small net
worth, high total outside liabilities to tangible net worth
ratio, and weak interest coverage ratio. These rating weaknesses
are partially offset by SJFPL's established clientele and
promoters' extensive experience in the fabric industry.

Outlook: Stable

CRISIL believes that SJFPL will benefit over the medium term from
its established clientele and promoters' extensive experience in
the fabric industry. The outlook may be revised to 'Positive' in
case of sustained improvement in financial risk profile, driven
by better-than-expected working capital management or accruals,
or by fresh capital infusion by the promoters Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
liquidity or financial risk profile on account of stretched
working capital or any significant debt-funded capital
expenditure.

                       About SJ Fabricss

Incorporated in 2009, SJFPL exports synthetic fabric primarily to
Bangladesh. Around 95 per cent of the company's revenue is from
export to Bangladesh, while the rest is from export to Singapore
and sale in the domestic market. The company is owned by members
of the Jajodia and Verma families based in Kolkata (West Bengal).
SJFPL's day-to-day operations are managed by Mr. Deepak Verma.


SRI KRISHNA: CRISIL Puts 'CRISIL B' Rating on INR120.2MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sri Krishna Refineries.

                              Amount
   Facilities               (INR Mln)  Ratings
   ----------               ---------  -------
   Proposed Long-Term          20.2    CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Letter of Credit           100      CRISIL A4 (Assigned)

   Foreign Letter of Credit    12.5    CRISIL A4 (Assigned)

   Bank Guarantee               3.3    CRISIL A4 (Assigned)

   Cash Credit                100      CRISIL B/Stable (Assigned)

The ratings reflect SKR's modest scale of operations, limited
pricing flexibility because of intense competition in the edible
oil industry, and susceptibility to any adverse changes in
government regulations. These rating weaknesses are partially
offset by SKR's promoters' extensive experience and established
market position in the edible oil industry, and the firm's
established clientele and relationships with its suppliers.

Outlook: Stable

CRISIL believes that SKR will maintain its business risk profile,
supported by its established market position and promoters'
industry experience, over the medium term. The outlook may be
revised to 'Positive' in case of a higher than expected growth in
revenues while improving on its profitability leading to an
improving in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the firm's financial risk profile
weakens significantly, most likely caused by decline in cash
accruals and operating margins.

                         About Sri Krishna

Sri Krishna Refineries is in the business of refining groundnut,
palm and sunflower oil. The firm, based in Erode (Tamil Nadu),
was formed in 1969 by Mr. C Duraisamy and his brothers, Mr. C
Krishnan. After their demise, the second-generation entrepreneurs
took over the management, with Mr. Karthikeyan Krishnan, Mr. K.
Balasubramaniam (both sons of Mr. C. Krishnan) and Mr. D.
Venkateswaran and Mr. D. Shanmugasundaram (both sons of Mr. C.
Duraisamy) as the promoters. SKR sources palm oil (raw oil) from
suppliers based in Chennai, refines it, and sells it under the
Master brand. SKR has a unit in Erode for refining crude
groundnut oil and sunflower oil; the unit has capacity of 120
tonnes per day. It sells groundnut oil under the Major brand, and
sunflower oil under the brand Rider brand.

SKR reported a profit after tax (PAT) of INR4.0 million on net
sales of INR474.2 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net
sales of INR162.8 million for 2009-10.


TIJIYA ENGINEERING: CRISIL Rates INR10MM Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Tijiya Engineering Pvt Ltd.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Standby Line of Credit      10     CRISIL A4 (Assigned)
   Packing Credit              40     CRISIL A4 (Assigned)
   Bill Discounting            50     CRISIL A4 (Assigned)
   Cash Credit                 10     CRISIL B+/Stable (Assigned)

The ratings reflect TEPL's relatively small market position in
the international mild steel products industry, its average
financial risk profile, marked by small net worth and modest debt
protection metrics despite low gearing and working-capital-
intensive operations. These rating weaknesses are partially
offset by the extensive experience of TEPL's promoters in the
mild steel products industry and the benefits associated with its
partially integrated operations involving cutting, moulding,
welding, finishing, and packaging of the manufactured products
in-house.

Outlook: Stable

CRISIL believes that TEPL will continue to benefit over the
medium term from its promoters' extensive experience in the mild
steel products industry. The outlook may be revised to 'Positive'
if the company's scale of operations increases significantly,
along with a sustained improvement in profitability levels.
Conversely, the outlook may be revised to 'Negative' if there is
deterioration in its financial risk profile either on account of
lower-than-expected profitability, larger-than-expected working
capital requirements, or a large debt-funded capital expenditure
plan.

                      About Tijiya Engineering

TEPL was incorporated in 1983 as a private limited company and is
managed by Mr. Rajesh Poddar and Mr. Rajiv Poddar. The company
manufactures various mild steel products, such as barbed wire
arms, flat and round stakes, clamps, and rods for the
construction and fencing industries. TEPL also manufactures
various fasteners (of diameters of 3 to 8 and higher), such as
washers and bolts. The company exports almost its entire
production to the US and sells it under the brand, Steelex.
Moreover, TEPL sells mild steel scrap to various secondary
produces in the domestic market (which accounted for around 25
per cent of TEPL's sales in 2011-12 [refers to financial year,
April 1 to March 31]).

TEPL reported a profit after tax (PAT) of INR2.88 million on net
sales of INR208.2 million for 2011-12, as against a PAT of
INR1.38 million on net sales of INR168.3 million for 2010-11.



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


RENESAS ELECTRONICS: Seeks Loans From Three Major Shareholders
--------------------------------------------------------------
The Japan Times Online reports that sources said Renesas
Electronics Corp. plans to seek loans and other forms of support
from three major shareholders to turn around its faltering
businesses.

According to the report, the sources said the struggling company
is looking to approach NEC Corp., Hitachi Ltd. and Mitsubishi
Electric Corp.  The support would include taking on some Renesas
workers to help the company streamline its operations, the
sources, as cited by The Japan Times Online, said.

The report notes that Renesas was expected to present a business
reconstruction plan, including reducing its group workforce by up
to 14,000 jobs, at its board meeting Thursday afternoon.

The Japan Times Online relates that the sources said because the
three shareholders raised concerns about Renesas' plan to raise
more than JPY100 billion through a private placement of shares,
the chip-maker is now considering seeking subordinated loans
instead to make it easier for the three to offer financial
support with less involvement in management.

With repayment of massive bank loans due by the end of June,
Renesas plans to finalize the reconstruction plan in time for its
shareholders' meeting slated for June 26, the sources said, the
report adds.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of JPY883.11
billion.  In the previous fiscal year when the company was
created, it reported a net loss of JPY115.02 billion, The Wall
Street Journal said.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.  The company employs
about 44,000 workers world-wide.



===============
M A L A Y S I A
===============


LINEAR CORP: Posts MYR2.03 Million Net Loss in March 31 Qtr.
------------------------------------------------------------
Linear Corporation reported a net loss of MYR2.03 million on
MYR2.59 million of revenue for the quarter ended March 31,
2012, compared with a net loss of MYR1.87 million on
MYR2.54 million of revenue for the quarter ended March 31, 2011.

The Company's balance sheet as of March 31, 2012, showed
MYR44.99 million in total assets and MYR67.69 million in total
liabilities, resulting in a stockholders' deficit of
MYR22.69 million.

The company's consolidated balance sheet at March 31, 2012,
showed strained liquidity with MYR38.34 million in total current
assets available to pay MYR67.69 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at:

http://bankrupt.com/misc/Linear_Consolidated_Financial_Mar2012.pdf

                        About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia
Securities Bhd as it had triggered Paragraph 2.1 (f) of the PN17
and was unable to provide a solvency declaration to Bursa
Securities.


MITHRIL BERHAD: Posts MYR106,000 Net Loss in Qtr Ended March 31
---------------------------------------------------------------
Mithril Berhad posted a net loss of MYR106,000 on revenue of
MYR3.81 million for the quarter ended March 31, 2012, compared
with a net loss of MYR1.45 million on revenue of MYR3.54 million
in the same period last year.

At March 31, 2012, the Company's consolidated balance sheet
showed MYR53.61 million in total assets, MYR52.44 million in
total liabilities and total stockholders' equity of MYR1.67
million.

The Company's consolidated balance sheet at March 31, 2012,
showed strained liquidity with MYR1.81 million in total current
assets available to pay MYR52.44 million in total current
liabilities.

                       About Mithril Berhad

Headquartered in Kota Kinabalu, Malaysia, Mithril Berhad
-- http://www.mithril.com.my/-- manufactures bricks and
polyurethane products.  Its other activities include dealing and
distribution of bricks and building materials, development of
properties, property management and investment holding.

Mithril Berhad has been classified as an Affected Listed Issuer
pursuant to paragraph 2.1(a) of PN 17 where the consolidated
shareholders' equity stands at MYR9.12 million which is below 25%
of the paid-up share capital of MYR49.77 million and the
shareholders' equity is less than MYR40 million as required under
paragraph 8.04(2) of the Listing Requirements.


VASTALUX ENERGY: Posts MYR67,531 Net Loss in March 31 Quarter
-------------------------------------------------------------
Vastalux Energy Berhad disclosed with the Bursa Stock Exchange
its unaudited financial results for first quarter ended March 31,
2012.

The Company posted a net loss of MYR67,531 on revenues of
MYR154,799 in the quarter ended March 31, 2012, compared with a
net loss of MYR147,879 on revenues of MYR74,423 in the same
quarter of 2011.

At March 31, 2012, the Company's consolidated balance sheet
showed MYR3.73 million in total assets and MYR6.01 million in
total liabilities resulting in MYR2.28 million in total
stockholders' deficit.

The Company's consolidated balance sheet at March 31, 2012,
also showed strained liquidity with MYR2.21 million in total
current assets available to pay MYR6.01 million in total current
liabilities.

A full-text copy of the company's quarterly report is available
for free at:

       http://bankrupt.com/misc/Vastlux_Financial_March31.pdf

Vastalux Energy Berhad (KUL:VASTALX) is a Malaysia-based
investment holding company.  The Company, through Vastalux Sdn.
Bhd., is engaged in the provision of offshore and onshore hook-up
and commissioning, offshore topside and onshore facilities
maintenance services, offshore and onshore minor fabrication
works and charter of marine vessel.

Vastalux Energy Berhad has been considered a PN17 Company
pursuant to Paragraph 2.1(e) of PN17.

The PN17 criteria was triggered as a result of an expressed
modified opinion with emphasis on the company's going concern on
the latest audited consolidated financial statements for the
financial year ended December 31, 2009, and shareholders' equity
of the company on a consolidated basis as at September 30, 2010,
is less than 50% of the issued and paid-up share capital of VEB
as at September 30, 2010.

On Feb. 23, 2011, the Company announced that pursuant to the
Winding-Up of Vastalux Sdn. Bhd., the Company had triggered
additional criteria under Paragraph 2.1 (c) of the PN 17 of the
Main Market Listing Requirements.


VTI VINTAGE: Swings to MYR319,000 Net Income in March 31 Quarter
----------------------------------------------------------------
VTI Vintage Berhad posted net income of MYR319,000 on revenue of
MYR5.35 million for the quarter ended March 31, 2012, compared
with a net loss of MYR379,000 on revenue of MYR14.26 million in
the same period in 2011.

At March 31, 2012, the Company's consolidated balance sheet
showed MYR53.13 million in total assets and MYR63.39 million in
total liabilities, resulting in a stockholders' deficit of
MYR10.26 million.

The company's consolidated balance sheet at March 31, 2012,
showed strained liquidity with MYR16.10 million in total current
assets available to pay MYR63.29 million in total current
liabilities.

A full-text copy of the company's quarterly report is available
for free at: http://bankrupt.com/misc/VTI_Quarterly_Report.pdf

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and
laying of roof tiles and installation of roofing on a consignment
basis and manufacture, supply and installation of steel related
building materials.

On Feb. 25, 2010, VTI Vintage Berhad was classified as an Amended
Practice Note 17 issuer based on the criteria set by the Bursa
Malaysia Securities Bhd as it has triggered Paragraph 2.1 (a) of
the PN17.



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


LOMBARD FINANCE: Former Directors Pays NZ$100,000
-------------------------------------------------
NBR ONLINE reports that convicted former Lombard Finance
directors Sir Douglas Graham and Lawrie Bryant have met the
deadline to make NZ$100,000 reparation payments.

Both men had until May 31 to pay the reparation into Wellington
High Court, and this was done, a court official confirmed to NBR
ONLINE.

In March, NBR ONLINE recalls, Mr. Bryant and Sir Douglas,
godfather to Bryant's government spin-doctor son Nicholas, were
sentenced along with fellow directors Bill Jeffries and Michael
Reeves for their part in the collapse of the finance company in
2008.

As well as being ordered to pay reparation, company chairman Sir
Douglas and Mr. Bryant, a former royal spin doctor at Buckingham
Palace, were sentenced to do 300 hours' community service, the
report notes.

NBR ONLINE adds that the Financial Markets Authority is appealing
the non-custodial sentences handed down to the former directors,
while the directors are also appealing their convictions.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.



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


ASIASONS WFG: Creditors' Proofs of Debt Due June 29
---------------------------------------------------
Creditors of Asiasons Wfg Securities Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 29, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

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


CSL M&E: Court to Hear Wind-Up Petition June 15
-----------------------------------------------
A petition to wind up the operations of CSL M&E Pte Ltd will be
heard before the High Court of Singapore on June 15, 2012, at
10:00 a.m.

Aten Pte Ltd filed the petition against the company on May 22,
2012.

The Petitioner's solicitors are:

         WongPartnership LLP
         63 Market Street #02-01
         Singapore 048942


EASTMARCOSSE PTE: Court to Hear Wind-Up Petition June 15
--------------------------------------------------------
A petition to wind up the operations of Eastmarcosse Pte Ltd will
be heard before the High Court of Singapore on June 15, 2012, at
10:00 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on May 24, 2012.

The Petitioner's solicitors are:

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


FRESICO CHINA: Creditors' Proofs of Debt Due July 2
---------------------------------------------------
Creditors of Fresico China Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 2, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         c/o BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


LION HEART: Members' and Creditors' Meeting Set for June 14
-----------------------------------------------------------
Lion Heart Properties Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its members and creditors on
June 14, 2012, at 10:00 a.m., at One Raffles Quay, North Tower
Level 18, in Singapore 048583.

Agenda of the meeting include:

   a. to receive an update on the progress of the liquidation
      pursuant to Section 307(1) of the Act;

   b. to receive an update on the finalisation on the
      adjudication of the Proofs of Debt;

   c. to consider and where appropriate to approve the fees and
      expenses of the Liquidators and their solicitors; and

   d. discuss other business.

The company's liquidator is Seshadri Rajagopalan.


LONGAINS INVESTMENT: Court to Hear Wind-Up Petition June 15
-----------------------------------------------------------
A petition to wind up the operations of Longains Investment Pte
Ltd will be heard before the High Court of Singapore on June 15,
2012, at 10:00 a.m.

Bank Julius Baer & Co Ltd filed the petition against the company
on May 25, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road #15-01
         Straits Trading Building
         Singapore 049910



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


HOANG ANH: Fitch Puts 'B' Issuer Default Rating on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has placed Vietnam-based property developer Hoang
Anh Gia Lai JSC's 'B' Long-Term Foreign and Local Currency Issuer
Default 'B' Ratings on Negative Watch.  Its 'B-' senior unsecured
rating and the 'B-' rating on its USD90m notes have also been
placed on Negative Watch.  The Recovery Rating on the notes is
unaffected at 'RR5'.

The Negative Watch reflects HAGL's continued tight liquidity,
with its real estate inventory as of 31 March 2012 little changed
from end-2011 levels.  Also, HAGL's new non-property businesses
of iron ore mining, hydro power and plantations are yet to start
generating meaningful revenues.  Its cash balance as of 31 March
2012 was substantially lower at VND1.7trn, compared with
VND2.9trn as of 31 December 2011 due primarily to capital
expenditure of VND1.6trn incurred during Q112.

The ratings may be downgraded if HAGL's cash balance continues to
shrink as of end-June 2012.  Conversely, the ratings may be
affirmed if HAGL improves its unencumbered cash balance to
VND3trn and if its new businesses start generating meaningful
revenues.


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


REPUBLIC OF BANGLADESH: S&P Affirms 'BB-' Sovereign Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
and 'B' short-term foreign and local currency sovereign credit
ratings on the People's Republic of Bangladesh. The outlook is
stable. The transfer and convertibility (T&C) assessment remains
'BB-'.

"The ratings on Bangladesh incorporate the sovereign's limited
fiscal flexibility due to low revenue-generation capacity and
expenditure-side rigidities stemming from significant physical
and human capital development needs, and a large subsidy regime.
Low economic development and an adversarial domestic political
setting are rating constraints," S&P said.

"These constraining factors are weighed against strong and stable
economic growth, and ongoing substantial donor and multilateral
engagement, which conditions policy formulation and will help
sustain improvement in debt ratios, S&P said.

"We project the country's total revenue at 13% of GDP (including
grants) in fiscal 2012, which ranks as one of the lowest among
sovereigns we rate," said Standard & Poor's credit analyst Agost
Benard. "Limited fiscal flexibility has contributed to years of
public underinvestment, stunting the country's growth potential."

"Bangladesh's low wealth level at a per capita GDP of US$637
(2011) is a key rating constraint. Standard & Poor's believes
that such low incomes afford minimal policy and political
flexibility when responding to exogenous shocks, or if severe
policy adjustments were needed to avoid default," S&P said.

"Bangladesh's weak institutions and governance hamper investment
and development, while its volatile political setting detracts
from legislative efficiency and harbors the potential for
instability. These factors are additional rating constraints,"
S&P said.

"Such credit weaknesses are balanced against strong growth and
external support. In our view, the strength of key economic
segments--garment, remittances, and agriculture--will sustain
growth in line with recent trends, rising to about 6.7% by 2015,
as global demand recovers," Mr. Benard added.

Bangladesh benefits from substantial bilateral and multilateral
donor engagement. Donors influence policy formulation and provide
direct budgetary support, which, together with education and
health services to the general population, eases the burden on
the government.

"The stable outlook reflects strong growth prospects and ongoing
donor support, which ensures low-cost and long-maturity external
debt and minimizes refinancing risk. These factors are balanced
against lingering inflation risk and balance-of-payments pressure
as imports expand," S&P said.

"We could raise the ratings if the government succeeds in
expanding the revenue base and improving collection efficiency,
leading to a material improvement in its fiscal performance. We
could also upgrade Bangladesh if alleviating energy,
infrastructure, and administrative bottlenecks unlocks rising
investment, leading to a sizable and sustainable increase in real
GDP growth," S&P said.

"Conversely, we could downgrade the sovereign if fiscal slippages
result in rising public debt and external donor support declines
materially. We could also lower the ratings in the event of a
reversal of corrective policy actions taken so far to address
fiscal and balance-of-payments pressures, or other substantial
deviation from the policies required under the IMF Extended
Credit Facility program," S&P said.


                             *********

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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