TCRAP_Public/120612.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

            Tuesday, June 12, 2012, Vol. 15, No. 116

                            Headlines


A U S T R A L I A

BARRICK GOLD: 8 Units Plead Guilty For Failing to Lodge Reports
HASTIE GROUP: Receivers Seek Buyers for Gordon Brothers' Assets


H O N G  K O N G

BIOEM LIMITED: Court to Hear Wind-Up Petition on July 11
DELUXE CHAMPION: Court to Hear Wind-Up Petition on July 25
FIORI APPAREL: Court Enters Wind-Up Order
HOME ESSENTIALS: Court to Hear Wind-Up Petition on July 18
JIAN MAO: Court Enters Wind-Up Order

LEADFRAME TECHNOLOGY: Court Enters Wind-Up Order
PACON DEVELOPMENT: Court to Hear Wind-Up Petition on June 27
REGAL SPLENDID: Court Enters Wind-Up Order
SAITON ENGINEERING: Creditors' Proofs of Debt Due June 22
TASTE KING: Court Enters Wind-Up Order

TECH 4: Court to Hear Wind-Up Petition on Aug. 8
TUNG ON: Creditors' Proofs of Debt Due June 22
VAST SKY: Court to Hear Wind-Up Petition on July 25
WINSON HANDTAPS: Creditors' Proofs of Debt Due June 22
WINSON TRADING: Creditors' Proofs of Debt Due June 22


I N D I A

ANUSH FINLEASE: CARE Alters Rating on INR82.39cr Loan to 'CARE C'
AVESTA ENGINEERING: Delay in Loan Payment Cues CRISIL Junk Rating
BHAGWATI COTTON: CARE Assigns 'CARE B' Rating to INR8cr LT Loan
ESKAY SILK: CARE Rates INR12.09cr Long-Term Loan at 'CARE B+'
GOLDSTAR BATTERY: CRISIL Puts 'B' Rating on INR230MM Loans

HEALTH SECURE: CRISIL Assigns 'CRISIL B' Rating to INR115MM Loans
LAKSHYA FOOD: CRISIL Upgrades Rating on INR240MM Loans to 'B'
M/S VALSONS: CRISIL Cuts Rating on INR30MMM Loan to 'CRISIL B'
NIRALA RICE: CARE Rates INR5.34cr Long-Term Loan at 'CARE BB-'
RACHANA SEEDS: CARE Assigns 'B+' Rating to INR23.06cr Loans

ROYAL FASTENERS: CARE Rates INR5.49cr LT Loan at 'CARE BB+'
SAVITON LIVING: CRISIL Assigns 'B+' Rating to INR67.5MM Loans
SAVITON METPLAST: CRISIL Puts 'B+' Rating on INR85.3MM Loan
SHREE RAJMOTI: CRISIL Cuts Rating on INR600MM Loans to 'CRISIL B'
UDAY STRUCTURALS: Delay in Loan Payment Cues CRISIL Junk Ratings


J A P A N

OLYMPUS CORP: Panasonic Denies Plan to Invest in Olympus
RESTAY HOTELS: Moody's Cuts Rating on Mezzanine Loan to 'B3'


N E W  Z E A L A N D

HASTIE GROUP: Receivers Get Strong Interest for NZ Subsidiary
LOMBARD FINANCE: Receivers Likely to Make Claim vs. Third Parties


S I N G A P O R E

AVILA TANKER: Court Enters Wind-Up Order
AVILA TANKERS: Court Enters Wind-Up Order
CITIMEX INTERNATIONAL: Court to Hear Wind-Up Petition on June 15
D & Y BUILDERS: Creditors Get 100% Recovery on Claims
GAS TRADE: Court to Hear Wind-Up Petition on June 29

TAI FENG: Creditors Get 24.4437% Recovery on Claims


X X X X X X X X

* Moody's Says Asian Liquidity Stress Index Up 16.3% in May 2012
* BOND PRICING: For the Week June 4 to June 8, 2012


                            - - - - -


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


BARRICK GOLD: 8 Units Plead Guilty For Failing to Lodge Reports
---------------------------------------------------------------
Eight Western Australian subsidiaries of the Barrick Gold
Corporation have informed the Perth Magistrates' Court that they
will plead guilty to a total of 14 charges for failing to comply
with their obligations to lodge reports with the Australian
Securities and Investments Commission.

The companies are all subsidiaries of the Barrick Gold
Corporation of Canada.

The Perth Magistrates Court heard on June 8, 2012, that the eight
companies failed to lodge the group's financial reports,
directors reports, auditors reports or a concise report in the
period from May 1, 2007, to March 9, 2012. It was also alleged
the group failed to provide reports to its members for the same
period.

The eight companies are:

   -- Barrick (Cowal) Ltd;
   -- Barrick (Plutonic) Ltd;
   -- Barrick (Lawlers) NL;
   -- Barrick (Darlot) NL;
   -- Barrick (Australia Pacific) Ltd;
   -- Barrick Mining Company (Australia) Ltd;
   -- Barrick (PD) Australia Ltd; and
   -- Grants Patch Mining Ltd.

The alleged failure of these companies to lodge the required
reports was identified as part of a regular compliance program
which aims to ensure that creditors, investors and the public
have access to accurate and up to date information about
companies.

The maximum penalty for each offence relating to failing to lodge
financial reports is AUD13,750.

The matter has been adjourned to the Perth Magistrates' Court for
sentencing on Aug. 10, 2012, and is being prosecuted by the
Commonwealth Director of Public Prosecutions.

Headquartered in Toronto, Ontario, Canada, Barrick Gold Corp.
(TSE:ABX) -- http://www.barrick.com/-- is engaged in the
production and sale of gold, as well as related activities such
as exploration and mine development.  Barrick also produces some
copper and holds interests in a platinum group metals development
project and a nickel development project, both located in Africa,
and a platinum group metals project located in Russia.  Barrick
has four regional business units: North America, South America,
Australia Pacific and Africa.


HASTIE GROUP: Receivers Seek Buyers for Gordon Brothers' Assets
---------------------------------------------------------------
Hastie Group Receivers and Managers are seeking urgent
expressions of interest for the business and assets of Gordon
Brothers Industries, a Hastie Group subsidiary.  The assets
include:

   * substantial work in progress and a pipeline of contracts
     for the design, build, installation and service of
     refrigeration systems;

   * a national workforce including Melbourne head office,
     Bendigo manufacturing and state branch network; and

   * intellectual property and business name.

Gordon Brothers Industries provides industrial refrigeration
systems in Australia, with a focus on the mining, meat, food and
beverage, and chemical engineering industries.

                         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.



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


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

Choi Mow Ki filed the petition against the company on May 9,
2012.

The Petitioner's solicitors are:

          Messrs. Kelvin Cheung & Co
          Unit 101, 1st Floor
          Hong Kong Trade Centre
          161-167 Des Voeux Road
          Central, Hong Kong


DELUXE CHAMPION: Court to Hear Wind-Up Petition on July 25
----------------------------------------------------------
A petition to wind up the operations of Deluxe Champion
Development Limited will be heard before the High Court of
Hong Kong on July 25, 2012, at 9:30 a.m.

Shek Wai Chun filed the petition against the company on May 21,
2012.


FIORI APPAREL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 30, 2012, to
wind up the operations of Fiori Apparel Limited.

The acting official receiver is Alan F Fong.


HOME ESSENTIALS: Court to Hear Wind-Up Petition on July 18
----------------------------------------------------------
A petition to wind up the operations of Home Essentials (H.K.)
Limited will be heard before the High Court of Hong Kong on
July 18, 2012, at 9:30 a.m.

Tat Shing Tai Enterprises Limited filed the petition against the
company on May 11, 2012.

The Petitioner's solicitors are:

          Shaw & Ng
          Room 605, 6th Floor
          Tower One, Lippo Centre
          89 Queensway, Hong Kong


JIAN MAO: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 30, 2012, to
wind up the operations of Jian Mao Shipping & Trading Co Limited.

The acting official receiver is Alan F Fong.


LEADFRAME TECHNOLOGY: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on May 30, 2012, to
wind up the operations of Leadframe Technology Limited.

The acting official receiver is Alan F Fong.


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

The Commissioner of Inland Revenue filed the petition against the
company on March 21, 2012.


REGAL SPLENDID: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 30, 2012, to
wind up the operations of Regal splendid Limited.

The acting official receiver is Alan F Fong.


SAITON ENGINEERING: Creditors' Proofs of Debt Due June 22
---------------------------------------------------------
Creditors of Saiton Engineering Limited, which is in liquidation,
are required to file their proofs of debt by June 22, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

          Edward Middleton
          27th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


TASTE KING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 30, 2012, to
wind up the operations of Taste King Holding Limited.

The acting official receiver is Alan F Fong.


TECH 4: Court to Hear Wind-Up Petition on Aug. 8
------------------------------------------------
A petition to wind up the operations of Tech 4 Kids Limited
(formerly known as Globe Dragon Technology Development Limited)
will be heard before the High Court of Hong Kong on Aug. 8, 2012,
at 9:30 a.m.

JDH Toys Limited filed the petition against the company on
May 31, 2012.

The Petitioner's solicitors are:

          Spencer Lee & Co
          Whose address for service is Room 605B
          Tower 2, Lippo Centre
          89 Queensway, Hong Kong


TUNG ON: Creditors' Proofs of Debt Due June 22
----------------------------------------------
Creditors of The Tung On Plumbing Company Limited, which is in
liquidation, are required to file their proofs of debt by June
22, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

          Edward Middleton
          27th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


VAST SKY: Court to Hear Wind-Up Petition on July 25
---------------------------------------------------
A petition to wind up the operations of Vast Sky Investment
Limited will be heard before the High Court of Hong Kong on
July 25, 2012, at 9:30 a.m.

Tang Hang Fai filed the petition against the company on May 23,
2012.


WINSON HANDTAPS: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
Creditors of Winson Handtaps Company Limited, which is in
compulsory liquidation, are required to file their proofs of debt
by June 22, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kong Chi How Johnson
          Lo Siu Ki
          25/F, Wing On Centre
          111 Connaught Road
          Central, Hong Kong


WINSON TRADING: Creditors' Proofs of Debt Due June 22
-----------------------------------------------------
Creditors of Winson Trading (H.K.) Company Limited, which is in
compulsory liquidation, are required to file their proofs of debt
by June 22, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kong Chi How Johnson
          Lo Siu Ki
          25/F, Wing On Centre
          111 Connaught Road
          Central, Hong Kong



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


ANUSH FINLEASE: CARE Alters Rating on INR82.39cr Loan to 'CARE C'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Anush
Finlease & Construction Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      82.39       CARE C Revised
                                              From CARE D
Rating Rationale

The rating revision takes into account the improvement in debt-
servicing record of the company supported by continuous equity
infusion by the promoters. However, the rating continues to
remain constrained due to substantial cost and time overrun in
the hotel project and the inability of the company to tie-up
funds for additional costs.

The rating also factors in the inherent cyclicality associated
with the hospitality sector. The rating positively factors in
management's experience in the same line of business.

Anush Finlease and Construction Pvt Ltd, incorporated in January
1997 is promoted by Mr. Jagmohan Garg, Mr. B.L Gupta and
Mr. Pramod Mittal. AFCPL did not have any operation till 2006 and
during 2007 commenced construction of an integrated Hotel-cum-
Shopping Arcade Project in Shahdara, New Delhi under the brand
name 'Holiday Inn' of Intercontinental Holiday Group (IHG).
AFCPL is implementing an integrated standard 5-star deluxe hotel-
cum- dedicated shopping arcade comprising of 254 rooms. The
revised project cost has been estimated at INR325.13 cr
(including interest repayments during construction) proposed to
be funded through debt of INR166.09 cr (financial closure with
respect to debt of INR51 cr has not been achieved) and promoter's
contribution of INR159.04 cr. The project is now estimated to be
completed by January 2013.

As on March 25, 2012, AFCPL had incurred INR193.65 cr for the
project which was funded through debt of INR82.19 cr and
promoter's contribution of INR111.46 cr.


AVESTA ENGINEERING: Delay in Loan Payment Cues CRISIL Junk Rating
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Avesta Engineering Pvt Ltd to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Foreign-Currency Term     120.0     CRISIL D (Downgraded from
   Loan                                'CRISIL BB-/Stable')

The downgrade reflects delays by AEPL in servicing its term loan
obligations. The delays have been caused by weakening in
liquidity, as the company has not yet commenced its operations.
AEPL's export-oriented fabrication unit at the Mundra Port
special economic zone (SEZ) in Gujarat was expected to commence
operations in October 2010. However, as the company did not
receive any export orders, implementation of its ongoing project
slowed down. In the meantime, the SEZ was denotified.

AEPL is faced with risks associated with further delays in
completion, and stabilization of operations after completion, of
its ongoing project at Mundra SEZ. However, the company benefits
from its promoters' experience in project design and execution
activities pertaining to the oil and gas, nuclear energy and
petrochemicals industries.

                        About Avesta Engineering

Avesta Engineering Pvt Ltd is a 50-50 joint venture of Pyramid
Group and Bakshi Chempharma Equipments Pvt Ltd (BCEPL). AEPL was
formed in order to set up an export-oriented fabrication unit at
the Mundra SEZ.

Pyramid Group has been founded by Mr. Ashish Bajpai, a technocrat
and first-generation entrepreneur. The group undertakes project
design, procurement and management for the oil and gas,
refineries, petrochemicals, nuclear energy, and power plants
segments.

BCEPL is owned by Mr. Cawas Panthaki and Mr. Kobad Panthaki. It
is engaged in fabrication for various process industries. BCEPL
has various international certifications, including U-Stamp
certificate by American Society of Mechanical Engineers, and CE
certification by TUV Nord, Germany for export to Europe.

Pyramid Group and BCEPL have executed several assignments for
clients based in the Middle East and Europe.


BHAGWATI COTTON: CARE Assigns 'CARE B' Rating to INR8cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Bhagwati
Cotton Industries.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        8         CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Bhagwati Cotton
Industries is constrained mainly on account of its low
profitability, high leverage and weak debt protection metrics.
The rating is further constrained on account of its presence in
the highly competitive and fragmented cotton ginning business
with limited value addition, volatile raw material (cotton)
prices, impact of regulatory changes on cotton and its
constitution as a partnership firm.

The rating, however, favorably takes into account the experience
of the partners in the cotton ginning business and proximity to
cotton-producing region of Gujarat. BCI's ability to move upward
in the textile value chain along-with improvement in the capital
structure and better inventory management are the key rating
sensitivities.

BCI was started in 2004 as a partnership firm and is currently
managed by six partners with an unequal holding in the firm.
Mr. Lalit K. Ambalia, Managing Partner, is actively involved in
the business and manages the routine operations. BCI is engaged
in cotton ginning and pressing and has an installed capacity of
7,000 Metric Tonnes Per Annum (MTPA) for cotton ginning and
12,500 MTPA for cotton seeds as on March 31, 2011 at its sole
manufacturing facility located at Amreli (Gujarat).

During FY11 (refers to the period April 1 to March 31), BCI
reported total operating income of INR55.17 crore and PAT of
INR0.05 crore as against total operating income of INR49.34 crore
and PAT of INR0.05 crore in FY10. As per provisional results for
11 months ending February 2012, BCI has achieved a total income
of INR45.00 crore.


ESKAY SILK: CARE Rates INR12.09cr Long-Term Loan at 'CARE B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Eskay Silk Industries Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      12.09       CARE B+ Assigned
   Short-term Bank Facilities      1.25       CARE A4 Assigned

Rating Rationale

The ratings of Eskay Silk Industries Private Limited are
constrained by small scale of operations, thin profitability
margins, negative cash flow from operations and intense
competition from a large number of organized and unorganized
players in the sector.

The ratings however derive strength from the resourcefulness and
experience of the promoters in the textile industry.  Ability to
scale up and stabilize the increased manufacturing operations,
achieve profitability margins and improve the financial position
amidst external environment characterized by intense competition
remains the key rating sensitivities.

Eskay Silk Industries Pvt. Ltd. was promoted by Mr. Motilal Jain
and Mr. Suresh Kumar Jain in 1984. It was later taken over by
Mr. Satish Agarwal in 1991. ESIPL is engaged in trading and
manufacturing of suiting and shirting fabrics. ESIPL procures
finished cloth from weaving units situated in Maharashatra and
other neighbouring states and sells to customers locally. During
FY12, (refers to period from April 1 to March 31) it set up its
own manufacturing unit with 24 nos. Air Jet looms and fabric
processing unit with a capacity of 21.60 lakh meters per annum,
at Bhiwandi. The Group companies include Topman Fabrics Pvt. Ltd
and Topman Exports Ltd., which are in the same line of business.

During FY11, ESIPL reported net sales of INR10.90 cr and PAT of
INR0.11 cr. During FY12 (Prov.), it reported net sales of
INR20.70 cr and profit before tax (after non operating income) of
INR0.26 cr.


GOLDSTAR BATTERY: CRISIL Puts 'B' Rating on INR230MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Goldstar Battery Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan              51.9      CRISIL B/Stable (Assigned)
   Proposed Long-Term      8.1      CRISIL B/Stable (Assigned)
   Bank Loan Facility
   Corporate Loan         20        CRISIL B/Stable (Assigned)
   Bill Discounting       80        CRISIL B/Stable  (Assigned)
   Cash Credit            70        CRISIL B/Stable  (Assigned)
   Letter of Credit       50        CRISIL A4 (Assigned)

The ratings reflect GBPL's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
working-capital-intensive of operations, and exposure to customer
concentration risks. These rating weaknesses are partially offset
by the extensive industry experience of GBPL's promoters.

Outlook: Stable

CRISIL believes that GBPL will maintain its stable business risk
profile backed by its established position; however, its
financial risk profile, particularly its liquidity, will remain
weak in the near term on account of large incremental working
capital requirement. The outlook may be revised to 'Positive' if
GBPL significantly improves its capital structure and liquidity,
most likely through equity infusion by the promoters, or
improvement in accruals, while efficiently managing its
incremental working capital requirements. Conversely, the outlook
may be revised to 'Negative' in case of any unexpected pressure
on GBPL's revenues and profitability, leading to less-than-
expected cash accruals, or in case of a larger-than-expected
debt-funded capital expenditure programme or incremental working
capital requirements.

                      About Goldstar Battery

Goldstar Battery Pvt Ltd., formed in 1991, manufactures batteries
ranging from 35 Ampere Hour (AH) (for small cars) to 200 AH (for
large trucks and inverters). The company's manufacturing unit is
located in Jamnagar (Gujarat) with an installed capacity to
manufacture 50,000 batteries per month. GBPL is currently managed
by Mr. Muljibhai Pansara along with his brother, Mr. Amrutlal
Pansara, and his two sons, Mr. Navneet Pansara and Mr. Vishal
Pansara.

GBPL, on a provisional basis, reported profit after tax (PAT) of
INR4.5 million on net sales of INR387.5 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR18.9 million on net sales of INR702.1 million for 2010-11.


HEALTH SECURE: CRISIL Assigns 'CRISIL B' Rating to INR115MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Health Secure (India) Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             95        CRISIL B/Stable
   Term Loan               20        CRISIL B/Stable

The rating reflects HSPL's below average financial risk profile,
marked by small net worth and high gearing, modest scale of
operations and working capital intensive nature of operations.
These rating weaknesses are partially offset by the extensive
experience of HSPL's promoters in the pharmaceutical industry.

Outlook: Stable

CRISIL believes that HSPL will continue to benefit from the
extensive experience of its promoters in the pharmaceutical
industry, over the medium term. The outlook may be revised to
'Positive' if the company reports significant growth in revenues
and earnings, while improving its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates or there is larger-
than-expected debt-funded capital expenditure, or a stretch in
its working capital cycle.

                        About Health Secure

Health Secure (India) Pvt Ltd was incorporated in 1997 as a
private limited company. HSPL manufactures and markets
pharmaceutical formulations under its own brands and also
undertakes contract manufacturing works for Cipla Ltd and Mission
Pharma Ltd. The company is promoted by Mr. Anirudha T Wankhede
and his brother, Mr. Arvind Wankhede, along with a group of
professionals. Its manufacturing facilities are in Navi Mumbai,
and registered office is in Raigad (Maharashtra).

HSPL reported a net profit of INR3.0 million on net sales of
INR144.6 million for 2010-11 (refers to financial year, April 1
to March 31), as against a profit after tax of INR3.5 million on
net sales of INR87.2 million for 2009-10.


LAKSHYA FOOD: CRISIL Upgrades Rating on INR240MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Lakshya Food (India) Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

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

   Term Loan              165       CRISIL B/Stable

The upgrade reflects the greater-than-expected increase in
Lakshya's revenues, driven by significant improvement in capacity
utilisation, leading to improvement in the company's cash
accruals. CRISIL believes that Lakshya's revenues will continue
to improve, with expected capacity enhancements in the milk
processing unit and increasing utilisation of existing
capacities. The improvement in cash accruals has led to sharp
improvement in the financial risk profile of the company, with
gearing estimated at 1.5 times as on March 31, 2012 vis--vis
2.01 times as on March 31, 2011. Its gearing is expected to be in
the range of 1.3 to 1.5 times, over the medium term.

The company's liquidity has improved, driven by improvement in
cash accruals. CRISIL, however, believes that Lakshya's liquidity
will be constrained over the medium term by its large incremental
working capital requirements.

The rating reflect Lakshya's small scale of operations and
average financial risk profile, marked by small net worth,
average gearing, and modest debt protection metrics. The rating
also factors in the company's susceptibility to adverse
regulatory changes and to cattle-related epidemics. These rating
weaknesses are partially offset by the benefits that Lakshya
derives from its promoters' experience in the agriculture
industry, and by its moderate operating efficiency, driven by
partially integrated operations.

Outlook: Stable

CRISIL believes that Lakshya's business risk profile will improve
over the medium term, driven by increasing scale of operations
and stable operating profitability. However, the company's
financial risk profile, particularly its liquidity, will remain
constrained by large working capital requirements and proposed
large, debt-funded capital expenditure (capex) programme. The
outlook may be revised to 'Positive' in case of a continued
increase in scale of operations and profitability, leading to
larger-than-expected cash accruals. The outlook may be revised to
'Negative' in case of significant deterioration in Lakshya's
liquidity on account of less-than-expected cash accruals or if
the company undertakes large, debt-funded capex.

                          About Lakshya Food

Incorporated as a private limited company in 2007, Lakshya was
reconstituted as a public limited company in 2008. The company is
promoted by Mr. Baljit Singh Redhu and his nephews, Mr. Amardeep
Singh Redhu and Mr. Pardeep Singh Redhu. The company has a dairy
farm (with capacity to produce 18,000 litres of raw milk per
day), and a milk-processing unit (with capacity to process
150,000 litres per day), in Jind (Haryana). The company is
planning to increase the capacity of milk-processing unit to
250,000 litres per day. It sells dairy products, such as
pasteurised milk, ghee, butter, curd, and ice-cream, under the
Lakshya brand name. Lakshya's promoters also operate Redhu
Hatcheries Pvt Ltd and Redhu Farms Pvt Ltd, engaged in the
poultry hatching and farming businesses, respectively.

Lakshya reported a profit after tax (PAT) of INR12.9 million on
net sales of INR520.4 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR0.6 million on
net sales of INR71.3 million for 2009-10.


M/S VALSONS: CRISIL Cuts Rating on INR30MMM Loan to 'CRISIL B'
--------------------------------------------------------------
CRISIL has downgraded the long-term rating on the bank loan
facilities of M/S Valsons to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and reaffirmed the short-term rating at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          30       CRISIL A4
   Cash Credit             30       CRISIL B/Stable

The downgrade is driven by CRISIL's expectations of sharply lower
revenues over the medium term, driven by delays in project
initiation and execution issues in its orders on hand. This is
despite an otherwise satisfactory current order book of about
INR900 million. The aforesaid issues were also faced by the firm
in 2011-12 (refers to financial year, April 1 to March 31); its
revenue declined to INR100 million in 2011-12, a year on year
decline of almost 60 per cent. CRISIL believes that given the
challenges, the firm's ability to execute its large order book
without material time or cost overruns remains to be
demonstrated.

The ratings continue to reflect the firm's financial risk
profile, marked by high gearing and small net worth, remains
weak. These weaknesses continue to offset partially by the
experience of Valsons' promoters in the civil works industry, and
its established track record with Brihanmumbai Municipal
Corporation (BMC).

Outlook: Stable

CRISIL believes that Valsons will maintain its credit risk
profile over the medium term, backed by its established track
record with BMC. The outlook may be revised to 'Positive' in case
of higher than expected growth in Valsons' revenues and
profitability, or if its partners' capital increases
substantially on a sustained basis. Conversely, the outlook may
be revised to 'Negative' in case of delays in execution of the
firm's projects leading to liquidated damages or if its margins
come under pressure because of intensifying competition in the
sector.

                          About M/S Valsons

M/S Valsons is a partnership firm established in 1983 by
Mr. Surendra Madhani. The company is into maintenance of roads,
water lines, sewage lines, and canals, and water proofing, among
other civil works, in Mumbai. The firm does work exclusively for
the BMC, with which it is a registered Class AA contractor.

Valsons reported a profit after tax (PAT) of INR10 million on net
sales of INR252 million for 2010-11, as against a PAT of INR5
million on net sales of INR224 million for 2009-10.


NIRALA RICE: CARE Rates INR5.34cr Long-Term Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Nirala Rice Mill Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      5.34        CARE BB- Assigned
   Short-term Bank Facilities     0.60        CARE A4 Assigned

Rating Rationale

The ratings of Nirala Rice Mill Private Limited are primarily
constrained by the nascent stage along with small scale of its
operations, limited value addition in rice milling activity,
volatility associated with agro-commodity prices and high working
capital intensity of its operations resulting in high leverage.
The ratings are further constrained by its presence in a highly
fragmented and regulated rice milling industry. The aforesaid
constraints are partially offset by the rich experience of the
promoters, increasing capacity utilization, proximity to paddy
growing areas and healthy demand outlook of rice.
Ability of the company to increase its scale of operations and
profitability in the midst of high competition shall be the key
rating sensitivities.

West Bengal based NRMPL, incorporated in 2009 and promoted by
Shri. Malay Kesh and Shri. Soumen Kesh, is engaged in the
manufacturing of rice and bran. The unit is located at Burdwan,
West Bengal which is a hub for rice milling activities and has
processing capacity of 36 tonne per day (TPD). NRMPL procures A
as well as B grade paddy throughout the year from the local
farmers.

The procurement is done mainly on cash. 50% of the sales are
limited to the local market directly to the retailers. While the
rest 50% is purchased by the government agencies (Food
Corporation of India and West Bengal Controller of Food Supply)
at a fixed price [Rs. 1714.50 per quintal for crop year 2011-2012
(for the period Oct. 2011 to Sept. 2012)].

During FY11 (refers to the period from April 1to March 31), NRMPL
reported PBILDT of INR1.09 crore (INR0.09 crore in FY10) and PAT
of INR0.09 crore (INR0.01 crore in FY10) on total operating
income of INR 14.96 crore (INR1.95 crore in FY10). As per
provisional results for FY12, company has reported profit after
tax (PAT) of INR0.3 crore on a total operating income of INR18.4
crore.


RACHANA SEEDS: CARE Assigns 'B+' Rating to INR23.06cr Loans
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Rachana Seeds Industries Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       3.06        CARE B+ Assigned
   Short-term Bank Facilities      1.50        CARE A4 Assigned
   Long/Short-term Bank           20.00        CARE B+/CARE A4
   Facilities                                  Assigned

Rating Rationale

The ratings are primarily constrained by the low profitability,
high leverage and stressed liquidity of Rachana Seeds Industries
Private Limited. The ratings are further constrained on account
of the project implementation risk associated with its debt-
funded capex, susceptibility of its profit margins to
fluctuations in raw material prices and foreign exchange rates
and its presence in the highly fragmented agro-commodity
industry.

The ratings, however, derive comfort from the vast experience of
the promoters, long track record of the company in groundnut
processing industry and its proximity to raw material source and
port. RSIPL's ability to increase its scale of operations with
timely completion of the ongoing capex within envisaged cost
parameters while improving its capital structure and managing
volatile raw material prices are the key rating sensitivities.

RSIPL was started in 1985 as a partnership firm namely Rachana
Seeds Industries by Mr. Vikram Duvani along with his mother
Mrs. Sarojben Duvani. However, in February 2011, five new
partners, comprising relatives of Mr. Vikram Duvani, joined the
business and later in October 2011, the firm was reconstituted in
to a private limited company under its current name.

RSIPL is engaged in the business of processing and trading of
agro commodities mainly groundnut seeds. The company generates
more than 90% revenue from processing of groundnut seeds at its
facility located at Junagadh, Gujarat and has an installed
capacity to process 25,600 MTPA of groundnut seeds and 3,200 MTPA
of roasted blanched seeds. It is also capable of processing
groundnut as per individual customer's specifications. It sells
groundnut and groundnut seeds in the domestic market as well as
exports it to Japan, Ukraine, The Netherlands, Canada, Indonesia
and Pakistan. Exports sales comprised about 54% of total sales of
the company in FY11 (FY refers to the period from April 1 to
March 31).

During FY11, RSIPL reported a total operating income of INR53.99
crore with a PAT of INR0.42 crore as against a PAT of INR0.47
crore on a total operating income of INR67.35 crore in FY10.
As per provisional results for FY12, RSIPL has registered total
operating income of INR79.95 crore and PAT of INR1.22 crore.


ROYAL FASTENERS: CARE Rates INR5.49cr LT Loan at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+' & 'CARE A4+' ratings to the bank
facilities of Royal Fasteners (Ne) Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      5.49        CARE BB+ Assigned
   Short-term Bank Facilities     2.00        CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the company's small scale of
operations with significant dependence on a single customer,
project implementation risk and cyclicality of the industry. The
ratings also factor in the experience of the promoters in similar
line of business, satisfactory profitability and gearing ratios.
Ability of the company to improve its revenue, profitability and
capital structure, regular issuance of orders by Indian Railways
and timely receipt of contract proceed, and successful completion
of the ongoing project & deriving benefit therefrom will be the
key rating sensitivities.

Royal Fasteners (NE) Pvt. Ltd. is a private limited company,
incorporated on November 19, 2003. The company, which commenced
commercial production in 2005, is engaged in manufacturing and
supply of engineering products and railway track fittings. Its
major client is Indian Railways. The company is enlisted as RDSO
(Research Design & Standards Organisation) approved vendor for
manufacturing and supplying of Grooved Rubber Sole Plates (GRSP,
6mm & 10mm), Glass Filled Nylon (GFN) - 66 insulating Liners and
Elastic Rail Clips to Ministry of Railway, Government of India.
The company has been promoted by Mr. Kamlesh Kumar Jain and
Mr. Ajay Kumar Saraf.

GRSP and GFN Liners are two essential components of the rail
track assembly that is used for insulating rail with concrete
sleeper. RFPL, currently, has an installed capacity to
manufacture 36,00,000 nos., 15,84,000 nos. and 39,60,000 nos. of
GRSP, GFN Liners and Elastic rail clips respectively. The company
is expanding its manufacturing facilities to 60,00,000 nos. and
48,00,000 nos. of GRSP and GFN Liners respectively.  In FY11
(refers to the period April 1 to March 31), RFPL earned PAT of
INR0.3 crore on total income of INR5.9 crore. During 9MFY12, it
earned a PBT of INR0.5 crore on net sales of INR7.65 crore.


SAVITON LIVING: CRISIL Assigns 'B+' Rating to INR67.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Saviton Living Concepts (part of the
Saviton group).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan                15      CRISIL B+/Stable
   Cash Credit              52.5    CRISIL B+/Stable
   Bank Guarantee            2.5    CRISIL A4

The ratings reflect the Saviton group's weak financial risk
profile, marked by a small net worth and high gearing, the
group's small scale of operations in the moulded plastic products
industry and vulnerability to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
the Saviton group derives from its promoter's extensive
experience in the moulded plastic products and furniture
industry, and its established relationships with its customers
and suppliers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SLC and its group entity, Saviton
Metplast Pvt Ltd (SMPL), together referred to as the Saviton
group. This is because both the entities are in the same line of
business, under the same management, and have significant
operational linkages with each other. Moreover, the promoter set
up SLC as a separate entity only to avail of excise and income
tax benefits.

Outlook: Stable

CRISIL believes that the Saviton group will continue to benefit
over the medium term from its promoters' extensive experience in
the plastic products and furniture industry. The outlook may be
revised to 'Positive' in case the group reports better-than-
expected increase in its revenues, while it maintains its
profitability, leading to improvement in its cash accruals and
liquidity. Conversely, the outlook may be revised to 'Negative'
in case the Saviton group reports pressure on its financial risk
profile, particularly its liquidity, because of larger-than-
expected working capital requirements.

                           About the Group

The Saviton group promoted by Mr. P Jaiswal, comprises SLC and
SMPL. SLC was set up in 2009 and has a manufacturing facility in
a duty-free zone in Roorkee (Uttarakhand). The firm manufactures
different kinds of office furniture, mainly chairs, tables, and
office workstations. SMPL was incorporated in 2001; it has a
plastic injection moulding plant in Manesar (Haryana). SMPL
manufactures plastic moulded components for different kinds of
furniture, and polyurethane cushion for chairs and automobile
seats. The promoter set up SLC to forward-integrate into
manufacturing complete furniture and to leverage on his extensive
experience in the plastic moulded components industry.


SAVITON METPLAST: CRISIL Puts 'B+' Rating on INR85.3MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Saviton Metplast Pvt Ltd (part of the
Saviton group).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan               10       CRISIL B+/Stable (Assigned)
   Proposed Long-Term      29.8     CRISIL B+/Stable
   Bank Loan Facility
   Cash Credit             45.5     CRISIL B+/Stable
   Bank Guarantee           4.7     CRISIL A4

The ratings reflect the Saviton group's weak financial risk
profile, marked by a small net worth and high gearing, the
group's small scale of operations in the moulded plastic products
industry and vulnerability to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
the Saviton group derives from its promoter's extensive
experience in the moulded plastic products and furniture
industry, and its established relationships with its customers
and suppliers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SMPL and its group entity, Saviton
Living Concepts (SLC), together referred to as the Saviton group.
This is because both the entities are in the same line of
business, under the same management, and have significant
operational linkages with each other. Moreover, the promoter set
up SLC as a separate entity only to avail of excise and income
tax benefits.

Outlook: Stable

CRISIL believes that the Saviton group will continue to benefit
over the medium term from its promoters' extensive experience in
the plastic products and furniture industry. The outlook may be
revised to 'Positive' in case the group reports better-than-
expected increase in its revenues, while it maintains its
profitability, leading to improvement in its cash accruals and
liquidity. Conversely, the outlook may be revised to 'Negative'
in case the Saviton group reports pressure on its financial risk
profile, particularly its liquidity, because of larger-than-
expected working capital requirements.

                          About the Group

The Saviton group promoted by Mr. P Jaiswal comprises SMPL and
SLC. SMPL manufactures plastic moulded components for different
kinds of furniture, and polyurethane cushion for chairs and
automobile seats. SLC was set up in 2009 and has a manufacturing
facility in a duty-free zone in Roorkee (Uttarakhand) for
different kinds of office furniture, mainly chairs, tables, and
office workstations. The promoter set up SLC to forward-integrate
into manufacturing complete furniture and to leverage on his
extensive experience in the plastic moulded components industry.


SHREE RAJMOTI: CRISIL Cuts Rating on INR600MM Loans to 'CRISIL B'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Shree Rajmoti Industries to
'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             400      CRISIL B/Stable (Downgraded
                                    from CRISIL B+/Stable)

   Pledge Loan             200      CRISIL B/Stable

The rating downgrade reflects deterioration in Rajmoti's
financial risk profile, driven by the firm's increasing reliance
on external debt for working capital requirements. This has also
caused the total outside liability to total net worth (TOL/TNW)
ratio of the firm to deteriorate to 7.8 times as on March 31,
2012 from 5.8 times in the previous year. The TOL/TNW ratio is
expected to remain high, at around 8 times, over the medium term.
The increase in Rajmoti's working capital requirements is driven
by healthy revenue growth; strong growth in revenues is expected
over the medium term as well, which would lead to further
increase in the working capital requirements. Moreover, the
firm's accruals are expected to remain small on account of low
profitability. Thus, dependence on external borrowings will be
high. Rajmoti's liquidity also remains weak on account of the
large working capital requirements, as reflected in high bank
limit utilisation of almost 100 per cent throughout the year. Any
pressure on profitability can severely impact the liquidity
position of the firm.

CRISIL's ratings continue to reflect Rajmoti's below-average
financial risk profile, marked by small net worth, high TOL/TNW
ratio, and weak interest coverage ratio, large working capital
requirements, and susceptibility to intense competition in the
edible oil industry and commodity-like product. These rating
weaknesses are partially offset by Rajmoti's established presence
in the edible oil industry.

Outlook: Stable

CRISIL believes that Rajmoti will maintain its credit risk
profile over the medium term, backed by the firm's established
position in the groundnut oil market in Gujarat. The outlook may
be revised to 'Positive' if Rajmoti's working capital management
improve leading to improvement in the TOL/TNW ratio and operating
margin improve significantly, leading to improvement in the debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the firm's capital structure further deteriorates
because of increased working capital requirements or the firm's
inventory price risk materialises, or there is decline in the
firm's net worth due to large withdrawals by partners.

                        About Shree Rajmoti

Set up as a partnership firm in 1962, Rajmoti manufactures and
trades in double-filtered and refined groundnut oil, and refined
cottonseed oil. The Rajkot-based firm sells groundnut oil under
the brand, Rajmoti. The firm is promoted by its three partners,
Mr. Sameer Shah, Mr. Shyam Shah, and Mr. Bhavdeep Vajubhai Vala,
with a profit sharing of 28.5 per cent, 28.5 per cent, and 43 per
cent, respectively.

For 2011-12, Rajmoti, on a provisional basis, reported a book
profit of INR7.5 million on net sales of INR4.4 billion, against
a book profit of INR7.2 million on net sales of INR3.4 billion
for 2010-11.


UDAY STRUCTURALS: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Uday Structurals and Engineers Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Rupee Term Loan         80        CRISIL D
   Cash Credit             50        CRISIL D
   Letter Of Guarantee     20        CRISIL D

The ratings reflect instances of delay by USEPL in servicing its
debt; the delays have been caused by the company's weak liquidity
owing to its large working capital requirements and small bank
lines.

USEPL also has a weak financial risk profile, marked by high
gearing and modest debt protection metrics, small scale of
operations, and exposure to risks inherent in the real estate
industry. These rating weaknesses are partially offset by the
extensive industry experience of USEPL's promoters.

USEPL was incorporated in 2010 in Mumbai (Maharashtra) by Mr.
Uday Patil and his wife (with stakes of 90 per cent and 10 per
cent, respectively). A year ago, the company took over an
existing factory, which manufactures scaffoldings, and commenced
operations around 10 months ago. USEPL manufactures scaffoldings
and also undertakes real estate construction on a contractual
basis. Mr. Patil has an experience of more than two decades in
the real estate construction industry.



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


OLYMPUS CORP: Panasonic Denies Plan to Invest in Olympus
--------------------------------------------------------
Reuters reports that Panasonic Corp. has no plan to invest in
Olympus Corp., President Fumio Ohtsubo said on Thursday,
contradicting a media report it would invest in the medical
equipment maker Olympus.

Reuters relates that Kyodo news agency reported on Wednesday that
Panasonic was making final arrangements to provide up to
JPY50 billion (US$630 million) in capital to Olympus.

"I don't know where that information came from, not from us,"
Mr. Ohtsubo told Reuters on the sidelines of a meeting of the
Japan Electrical Manufacturers' Association. "There isn't any,"
he said when asked if Panasonic had a plan to invest in Olympus,
Reuters relays.

                         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.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


RESTAY HOTELS: Moody's Cuts Rating on Mezzanine Loan to 'B3'
------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings on the Senior
Specified Loan, Mezzanine Specified Loan, and Specified Bond
issued by Restay Hotels TMK.

Details follow:

Senior Specified Loan, downgraded to Ba1 (sf); previously on
April 24, 2012, Baa2 (sf) placed under review for downgrade

Mezzanine Specified Loan, downgraded to B3 (sf); previously on
April 24, 2012, Ba3 (sf) placed under review for downgrade

Specified Bond, downgraded to B3 (sf); previously on April 24,
2012, Ba3 (sf) placed under review for downgrade

Deal/Borrower Name: Restay Hotels Tokutei Mokuteki Kaisha

Class: Senior Specified Loan, Mezzanine Specified Loan and
Specified Bond

Issue Amount (initial): JPY4 billion

Dividend: Floating

Issue Date (initial): May 18, 2007

Final Maturity Date: May 2014

Underlying Asset (initial): 19 leisure hotels located in Japan

Originator: Restay Co., Ltd.

Arranger: Commertzbank Aktiengesellschaft, Tokyo Branch

Restay Hotels TMK, effected in May 2007, represents the
securitization of 19 leisure hotels in Japan.

Restay Hotels TMK borrowed the Senior and Mezzanine Specified
Loan, and then issued the Specified Bond and Preferred Share to
acquire 19 leisure hotels. The latter are underlying assets.

Moody's rates the Senior Specified Loan, Mezzanine Specified
Loan, and Specified Bond.

The interest and principal payment will be allocated on a
sequential basis, because the rated loans/bond were not
refinanced on expected maturity date (10 May 2012).

Ratings Rationale

The current rating action reflects the following:

(1) Moody's considers that the financial environment and trading
market surrounding the leisure hotel sector remains adversely
affected by the amendment of the Law Concerning Business
Affecting Public Morals (Fu-Ei-Ho, or Public Moral Law) in 2011,
as well as the deterioration in this sector's operating
environment.

(2) The continuing fall in profitability of the leisure hotel
portfolio. Thus, Moody's has re-estimated the cash flow and the
recovery assumptions of the underlying assets as lower than
estimated in the previous rating action.

The principal methodology used in this rating was "Moody's
Approach to Rating Japanese Whole Business Securitizations"
published on September 30, 2010.

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



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


HASTIE GROUP: Receivers Get Strong Interest for NZ Subsidiary
-------------------------------------------------------------
Stuff.co.nz reports that a number of New Zealand businesses have
expressed interest in buying Wellington-based Aquaheat, the
New Zealand subsidiary of collapsed Australian engineering
conglomerate Hastie Group.

McGrathNicol's Andrew Grenfell, receiver of Aquaheat's non-
operating parent Hastie Holdings NZ, said he was working with the
company's director Paul De Bernando to conclude a sale of
Aquaheat and its contracting arm, Hastie New Zealand, according
to the report.

"There have been good expressions of interest to date from
New Zealand businesses," stuff.co.nz quotes Mr. Grenfell as
saying.

Stuff.co.nz relates that Mr. Grenfell said it wasn't clear when
the business would be sold but he believed Aquaheat was a
successful business and would be sold to new owners as a going
concern. The company, which employs 180 staff, provides heating
systems to large businesses including Te Papa and Wellington
Airport.

The report adds that EPMU's Mark James said he understood there
would be no job losses in New Zealand associated with the
collapse of the Hastie Group.

The union had been in discussions about the restructuring of
Aquaheat, but that was only in response to the sharp decline in
the building construction market, and jobs wouldn't be greatly
affected, Mr. James, as cited by stuff.co.nz, said.

Mr. Grenfell said the sale of Hastie's other major New Zealand
subsidiary, Cowley Refrigeration, will be rolled in to a sales
process undertaken by his counterparts in Australia.

                         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.


LOMBARD FINANCE: Receivers Likely to Make Claim vs. Third Parties
-----------------------------------------------------------------
Businessdesk reports that the receivers for Lombard Finance &
Investments have trimmed the top end of expected recoveries and
are likely to make a claim against third parties as they seek to
claw back funds for jilted investors.

Businessdesk relates that PwC's John Fisk said in his latest
update that the receiver continued to investigate Lombard
Finance's transactions, and based on "current factual and legal
assessment, it is likely that claims will be issued against third
parties, with a view to making recoveries for the benefit of
investors."

"We are not able to comment further on the exact nature of those
claims at this stage because to do so may prejudice the claims,"
Businessdesk quotes Mr. Fisk as saying.

Businessdesk notes that the receiver estimates 3,900 secured
debenture holders owed NZ$111 million will get between 15% and
20% of their principal back.  That is down from an estimated
range of from 15% to 22%, Businessdesk discloses.

As at April 19, secured debenture holders have been paid 13 cents
in the dollar, or NZ$14.4 million in total, says Businessdesk.

Businessdesk discloses that the receiver realised NZ$2.2 million
from Lombard Finance's loan book between October 11 and April 10,
taking total net proceeds to about NZ$20 million.

Gross proceeds from the sale of loans, which include what has
been paid out to higher-ranking creditors, were about NZ$68
million as at April 10, Businessdesk adds.

At the time of receivership in 2008, the firm's loan book was
valued at NZ$136.7 million, Businessdesk notes.

                        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.



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


AVILA TANKER: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of Avila Tanker (S) Pte Ltd.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         Deloitte & Touche LLP
         care of 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


AVILA TANKERS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of Vanda Tankers (S) Pte Ltd.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         Deloitte & Touche LLP
         care of 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


CITIMEX INTERNATIONAL: Court to Hear Wind-Up Petition on June 15
----------------------------------------------------------------
A petition to wind up the operations of Citimex International
(S'pore) Pte Ltd will be heard before the High Court of Singapore
on June 15, 2012, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on May 29,
2012.

The Petitioner's solicitors are:

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


D & Y BUILDERS: Creditors Get 100% Recovery on Claims
-----------------------------------------------------
D & Y Builders Pte Ltd declared the first and final dividend on
June 6, 2012.

The company paid 100% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


GAS TRADE: Court to Hear Wind-Up Petition on June 29
----------------------------------------------------
A petition to wind up the operations of Gas Trade (S) Pte Ltd
will be heard before the High Court of Singapore on June 29,
2012, at 10:00 a.m.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company on May 31, 2012.

The Petitioner's solicitors are:

          Stamford Law Corporation
          10 Collyer Quay, #27-00
          Ocean Financial Centre
          Singapore 049315


TAI FENG: Creditors Get 24.4437% Recovery on Claims
---------------------------------------------------
Tai Feng Investment (S) Ltd declared the 4th and final dividend
on Jan. 26, 2012.

The company paid 24.4437% to the received claims.

The company's liquidator is:

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



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


* Moody's Says Asian Liquidity Stress Index Up 16.3% in May 2012
----------------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (LSI) rose to 16.3% in May from 15.3% in April as the net
number of companies with the lowest speculative-grade liquidity
score (SGL-4) increased by one to 16.

"In addition, the spate of high-yield issuance seen from January
through April came to a halt in May owing to market volatility
and concerns over corporate governance for some Chinese debt
issuers," says Laura Acres, a Moody's Vice President and Senior
Credit Officer.

"At the same time, the 12-month trailing default rate for Asian
speculative-grade companies in May was unchanged from April at
2.63%. The correlation between weak liquidity and default remains
high. About 93.8% of Asian companies at SGL-4 are rated B1 and
below, up from 93.3% in April," adds Acres.

Acres was speaking on the release of Moody's May "Asian Liquidity
Stress Index" report.

The report also points out that the number of rating downgrades
for speculative-grade companies has outpaced upgrades since the
third quarter of 2011. The ratio of downgrades to upgrades in
April and May was 6:1, the highest since the depths of the
financial crisis during the second quarter of 2009.

But the percentage of speculative-grade companies with a negative
outlook or on review for downgrade decreased to 36.7% from 39.8%
in April, although this reflected the withdrawal of two ratings
with a negative outlook and the assignment of two ratings with a
stable outlook.

Moody's expects that bond issuance by Asian high-yield companies
will remain low until the European situation shows some signs of
stability. If fallout from the euro area sovereign debt crisis
spreads and lenders clamp down, then speculative-grade companies
could have a hard time refinancing pending maturities or
addressing potential covenant violations.

Liquidity in Asia is generally weaker than in other regions,
partly because its debt capital markets are not as mature and
because companies rely more on local bank markets for funding.
Relationship banking, which relies on rolling over short-term and
uncommitted lines of credit rather than providing committed
levels of funding, is far more common in Asia than other major
economic regions.


* BOND PRICING: For the Week June 4 to June 8, 2012
---------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
CHINA CENTURY           12.00    09/30/2012   AUD       0.75
COM BK AUSTRALIA         1.50    04/19/2022   AUD      69.00
DIVERSA LTD             11.00    09/30/2014   AUD       0.12
EXPORT FIN & INS         0.50    12/16/2019   NZD      73.56
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.76
KIMBERLY METALS         10.00    08/05/2016   AUD       0.31
MIDWEST VANADIUM        11.50    02/15/2018   USD      61.00
MIDWEST VANADIUM        11.50    02/15/2018   USD      62.12
MIRABELA NICKEL          8.75    04/15/2018   USD      70.00
MIRABELA NICKEL          8.75    04/15/2018   USD      70.00
NEW S WALES TREA         0.50    09/14/2022   AUD      68.16
NEW S WALES TREA         0.50    10/07/2022   AUD      67.98
NEW S WALES TREA         0.50    10/28/2022   AUD      67.82
NEW S WALES TREA         0.50    11/18/2022   AUD      67.80
NEW S WALES TREA         0.50    12/16/2022   AUD      67.59
NEW S WALES TREA         0.50    02/02/2023   AUD      66.24
NEW S WALES TREA         0.50    03/30/2023   AUD      66.84
TREAS CORP VICT          0.50    08/25/2022   AUD      68.75
TREAS CORP VICT          0.50    03/03/2023   AUD      67.54
TREAS CORP VICT          0.50    11/12/2030   AUD      50.51


  CHINA
  -----

CHINA GOVT BOND          4.86    08/10/2014   CNY      70.20
CHINA GOVT BOND          1.64    12/15/2033   CNY  70.01
PUDONG CONSTR            6.90    10/24/2016   CNY      74.00

  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.00
RESPARCS FUNDING         8.00    12/29/2049   USD      29.44


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      69.98
EX-IM BK OF INDIA        9.45    06/15/2014   INR       9.85
JSL STAINLESS LT         0.50    12/24/2019   USD  66.87
MASCON GLOBAL LT         2.00    12/28/2012   USD  10.50
PRAKASH IND LTD          5.62    10/17/2014   USD  70.03
PRAKASH IND LTD          5.25    04/30/2015   USD  70.54
PYRAMID SAIMIRA          1.75    07/04/2012   USD   0.75
REI AGRO                 5.50    11/13/2014   USD  67.99
REI AGRO                 5.50    11/13/2014   USD  67.99
SHIV-VANI OIL            5.00    08/17/2015   USD  59.67
SUZLON ENERGY LT         5.00    04/13/2016   USD      57.47


  JAPAN
  -----

ELPIDA MEMORY            2.03    03/22/2012   JPY      24.87
ELPIDA MEMORY            2.10    11/29/2012   JPY  25.25
ELPIDA MEMORY            2.29    12/07/2012   JPY  24.87
ELPIDA MEMORY            0.70    08/01/2016   JPY      24.87
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.40
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.41
NIPPON SHEET GLA         1.22    07/28/2016   JPY      72.87
TOKYO ELEC POWER         1.39    05/28/2020   JPY      74.58
TOKYO ELEC POWER         1.31    06/24/2020   JPY      73.84
TOKYO ELEC POWER         1.95    07/24/2020   JPY      72.91
TOKYO ELEC POWER         1.63    07/16/2021   JPY      75.52
TOKYO ELEC POWER         2.35    09/29/2028   JPY      68.21
TOKYO ELEC POWER         2.40    11/28/2028   JPY      68.56
TOKYO ELEC POWER         2.21    02/27/2029   JPY      66.06
TOKYO ELEC POWER         2.11    12/10/2029   JPY      64.75
TOKYO ELEC POWER         1.96    07/29/2030   JPY      64.87
TOKYO ELEC POWER         2.37    05/28/2040   JPY      63.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ASTRAL SUPREME           3.00    08/08/2021   MYR       0.09
BERJAYA CORP BHD         5.00    04/22/2022   MYR       0.77
CRESENDO CORP B          3.75    01/11/2016   MYR       1.66
DUTALAND BHD             7.00    04/11/2013   MYR       0.41
DUTALAND BHD             7.00    04/11/2013   MYR       0.93
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.20
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.17
MALTON BHD               6.00    06/30/2018   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.50
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.17
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.99
REDTONE INTL             2.75    03/04/2020   MYR       0.09
RUBBEREX CORP            4.00    08/14/2012   MYR       0.70
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.48
SCOMI GROUP              4.00    12/14/2012   MYR       0.05
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.53
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.41
YTL CEMENT BHD           5.00    11/10/2015   MYR       0.48


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       2.50
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.20
INFRATIL LTD             8.50    09/15/2013   NZD       7.20
INFRATIL LTD             8.50    11/15/2015   NZD       6.80
INFRATIL LTD             4.97    12/29/2049   NZD      54.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.10
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.57
NZF GROUP                6.00    03/15/2016   NZD       1.87
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.20
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00


PHILIPPINES
-----------

BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      57.50
BAKRIE TELECOM          11.50    05/07/2015   USD      56.61
BLD INVESTMENT           8.62    03/23/2015   USD      73.02
BLUE OCEAN              11.00    06/28/2012   USD      38.50
BLUE OCEAN              11.00    06/28/2012   USD      38.50
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
CAPITAMALLS ASIA         3.80    01/12/2022   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      26.87
DAVOMAS INTL FIN        11.00    12/08/2014   USD      26.87
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.88    11/20/2012   SGD       1.05
UNITED ENG LTD           1.00    03/03/2014   SGD       1.30
WBL CORPORATION          2.50    06/10/2014   SGD       1.33


SOUTH KOREA
-----------

BUSAN SOLOMON            8.50    10/19/2014   KRW      70.29
BUSAN SOLOMON            8.10    04/19/2015   KRW      50.29
CN 1ST ABS               8.00    02/27/2015   KRW      32.56
CN 1ST ABS               8.30    11/27/2015   KRW      33.56
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      70.32
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      70.03
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      69.54
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      68.97
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      68.54
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      69.27
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      69.27
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      62.34
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      61.96
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      64.09
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.51
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      83.51
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      92.14
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      85.64


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      72.17
SRI LANKA GOVT           6.20    08/01/2020   LKR      72.90
SRI LANKA GOVT           7.00    10/01/2023   LKR      74.83
SRI LANKA GOVT           5.35    03/01/2026   LKR      61.47
SRI LANKA GOVT           8.00    01/01/2032   LKR      59.20


THAILAND
--------

THAILAND GOVT            0.75    01/4/2022    THB      74.67



                             *********

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
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                 *** End of Transmission ***