TCRAP_Public/120614.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, June 14, 2012, Vol. 15, No. 118

                            Headlines


A U S T R A L I A

INTEGRITY PLUS: Operators Plead Guilty to ASIC Charges
PERMO-DRIVE TECHNOLOGIES: Assets Up for Sale Following Collapse
TRIO CAPITAL: Investors Demand Release of GCSL Documents


C H I N A

GREENTOWN CHINA: Moody's Reviews 'Caa1' CFR for Upgrade
GREENTOWN CHINA: S&P Puts 'CCC+' Corp. Credit Rating on Watch Pos
SHANGHAI ZENDAI: Moody's Upgrades CFR to 'B3'; Outlook Stable


H O N G  K O N G

HK ASSOCIATION: Creditors' Proofs of Debt Due June 28
HUNGKAY INT'L: Placed Under Voluntary Wind-Up Proceedings
JUPITER NETWORKS: Creditors' Proofs of Debt Due June 30
LEXUS AUTOMATION: Members' Final Meeting Set for July 9
LINK GARMENT: Cheung Yuk Cheung Steps Down as Liquidator

MUSIC IN: Placed Under Voluntary Wind-Up Proceedings
OPTO SENSORS: Creditors' Proofs of Debt Due July 8
SULZER PUMPS: Wong Man Chung Francis Steps Down as Liquidator
TMAX SOURCING: Creditors' Proofs of Debt Due July 13
VICTORY DYEING: Wong and Arab Step Down as Liquidators

YARN HOUSE: Creditors' Meeting Set for June 15


I N D I A

EKDANT BUILDTECH: CARE Assigns 'CARE BB-' Rating to INR10cr Loan
GAYATRI SUGARS: Delays in Loan Payment Cues CARE Junk Ratings
JAIPUR INTEGRATED: CARE Reaffirms 'BB' Rating on INR25cr Loan
LATHIYA BROTHERS: ICRA Reaffirms 'BB' Rating on INR6.5cr Loan
PERFECT ENG'G: Delays in Loan Payment Cues ICRA Junk Ratings

PRAKASH CHEMICALS: CARE Rates INR6cr LT Loan at 'CARE BB+'
PRAKASH CHEMICALS AGENCIES: CARE Rates INR7.02cr Loan at 'BB+'
RADHA BIHARI: ICRA Assigns '[ICRA]B' Rating to INR8cr LT Loan
RITESH TRADEFIN: CARE Rates INR9.1cr Loan at 'CARE B+'
SAKAL AUTO: CARE Assigns 'CARE BB' Rating to INR4cr LT Loan

SHAMBHU MAHADEV: CARE Places 'CARE BB-' Rating on INR29.13cr Loan
SPY AGRO: CARE Assigns 'CARE C' Rating to INR217.44cr Loan
UMANG BOARDS: CARE Assigns 'B+' Rating to INR25.52cr Loan


J A P A N

DREAM STAGE: Closes Doors After Former Parent Bankruptcy


N E W  Z E A L A N D

ARIES HOLDINGS: NZ$8.8-Mil. Mansion Up for Mortgagee Sale
NZ DAIRIES: Receivers Get Seven Offers from Interested Buyers


S I N G A P O R E

KXD DIGITAL: Court Enters Wind-Up Order
LEHMAN BROTHERS: Creditors' Proofs of Debt Due June 22
MOUNT ELIZABETH: Creditors' Proofs of Debt Due July 7
ORION-TWO DEVELOPMENT: Creditors' Proofs of Debt Due July 10
PARADIGM SHIPPING: Court to Hear Wind-Up Petition on June 29


T A I W A N

* TAIWAN: Moody's Expects Bank Profitability to Remain Low


                            - - - - -


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


INTEGRITY PLUS: Operators Plead Guilty to ASIC Charges
------------------------------------------------------
The Australian Securities and Investments Commission said that
Brian Wood of Davistown and Jimmy Truong of St John's Park have
pleaded guilty in the Downing Centre Local Court in Sydney to
operating a Ponzi scheme called the Integrity Plus Fund.

Facing the Court on June 5, 2012, Mr. Wood pleaded guilty to a
total of 10 charges, including six counts of making false
statements to investors and four counts of fraudulently
misappropriating investors' funds. Mr. Truong pleaded guilty to
four charges of making false statements to investors. Both men
falsely stated to investors that their investments would earn
returns of 4% per month and that the capital amounts of their
investments were guaranteed.

A third man, Con Koutsoukos of Wiley Park, has not entered a plea
to three charges of making false statements to investors.

Mr. Wood and Mr. Truong will next appear in the District Court at
Sydney for sentencing on June 15, 2012. Mr. Koutsoukos's matter
has been adjourned and he will next appear at the Downing Centre
Local Court on July 3, 2012.

Between December 2004 and December 2007, the Integrity Plus
scheme raised in excess of $30 million from about 270 investors.
In December 2007, ASIC obtained injunctions from the Supreme
Court of NSW against Mr. Wood, Mr. Truong and Mr. Koutsoukos and
others preventing the operation of Integrity Plus and securing
funds for investors. In June 2008, a liquidator was appointed to
the Integrity Plus Fund.

According to The Age, liquidator Barry Taylor of HLB Mann Judd,
said the Integrity scheme was administered by PJCB International,
which was incorporated in the British West Indies.

The Age relates that Mr. Taylor said some investors in the
Integrity scheme attended seminars by a company called Future
Trading Corporation, which described itself as an "innovative
supplier of financial education material."  Most of the 270
investors were from Sydney and the southern highlands, and were
encouraged to set up self-managed superannuation funds, which
then invested in Integrity, the report notes.

Messrs. Wood and Truong were two of the "beneficial owners" of
PJCB International, The Age adds.


PERMO-DRIVE TECHNOLOGIES: Assets Up for Sale Following Collapse
---------------------------------------------------------------
Cara Waters at SmartCompany reports that Permo-Drive Technologies
Ltd was listed for sale this week by administrators PKF Chartered
Accountants.

SmartCompany notes that Permo-Drive has developed an intellectual
property that hydraulically captures kinetic energy in heavy
vehicles to reduce operating costs.  The technology converts
energy from braking into kinetic energy that saves on fuel, but
it was never commercialised and Permo-Drive has never made a
profit, the report says.

The business collapsed on June 1 and administrator Atle Crowe-
Maxwell told SmartCompany that Permo-Drive had simply run out of
money.

"They ran out of money from continuing to try and commercialise
the technology in a market where it is difficult to try and raise
capital. Things like this go well in times when people have got a
little bit of capital to tie up in something that is not core
business for them, but at the moment people are not in the mind
to put additional money in that," the report quotes Mr. Crowe-
Maxwell as saying.

SmartCompany notes that PKF advertised the sale of the business
in newspapers on Tuesday, called for expressions of interest, and
prepared an information memorandum.

According to the report, Mr. Crowe-Mawell said Permo-Drive did
not employ any staff currently and had not traded for a while.

The report says PKF is offering the group's entities, businesses
and intellectual property in its entirety for sale or
alternatively the group's intellectual property individually.

Mr. Crowe-Maxwell, as cited by SmartCompany, said so far he has
received "three or four" phone calls requesting copies of the
information memorandum and offers for the business must be made
by June 22.

Permo-Drive Technologies Ltd -- http://www.permo-drive.com/-- is
a research and development company. It was established in 2000
and has its head office and engineering centre in Lismore,
northern New South Wales, Australia.  Permo-Drive is a public
company with over 1,900 shareholders and is currently not listed
on any exchange.


TRIO CAPITAL: Investors Demand Release of GCSL Documents
--------------------------------------------------------
smh.com.au reports that investors who lost their savings in the
Trio Capital fraud have called for the release of documents,
which they hope will expose the associates of the criminal
mastermind Jack Flader.

Mr. Flader was the architect of Australia's largest
superannuation fraud in which $176 million was siphoned out of
Trio into the Cayman Islands, smh.com.au notes.

The report relates that in the wake of admissions from corporate
regulators last week that they had given up the hunt for Jack
Flader -- who operates out of Bangkok and Hong Kong -- an action
group, "The Victims of Financial Fraud", has vowed to pursue
documents which it believes may help to recover victims' losses.

"The Victims of Financial Fraud" (VOFF) condemns the failure of
ASIC to pursue the kingpin of the Trio Capital fraud, Jack Flader
and bring him to justice," the group, as cited by smh.com.au,
said a statement.

"ASIC has previously claimed that Flader was the 'ultimate
controller' of the offshore funds in Trio Capital. This claim is
despite Jack Flader coming to the attention of the ATO, APRA and
ASIC more than a decade ago, yet all failed to prevent him being
able to set up managed investment schemes in Australia."

According to the report, VOFF called on the regulators to release
all documents relating to "Global Consultants and Services Ltd"
(GCSL), the Hong Kong-based custodian of the Trio funds.
Mr. Flader was GCSL chief executive but its other officers remain
a secret, the report says.

In 2010, smh.com.au recalls, lawyers for Mr. Flader sought to
block the release of nearly 6,000 GCSL documents in the NSW
Supreme Court. The court, however, ordered the documents be
released to the Trio liquidator PPB on the basis of a
confidentiality agreement with ASIC, according to smh.com.au.

The report says ASIC argued that the documents should remain
confidential to itself and PPB due to a memorandum of
understanding the agency had with regulators in Hong Kong.



=========
C H I N A
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GREENTOWN CHINA: Moody's Reviews 'Caa1' CFR for Upgrade
-------------------------------------------------------
Moody's Investors Service has placed Greentown China Holdings
Limited's Caa1 corporate family rating and Caa2 senior unsecured
rating under review for upgrade.

The rating review follows the announcement by Greentown on June
8, 2012 that it has entered into a share subscription agreement
and an investment agreement with Wharf (Holdings) Limited, a Hong
Kong-based conglomerate.

Ratings Rationale

"Greentown's near-term liquidity position will improve if Wharf
completes its share and convertible securities subscriptions,"
says Zou Jiming, a Moody's analyst.

Greentown will receive a total of approximately HKD5.1 billion
upon fulfillment of certain conditions according to the
agreements. The company intends to apply the net proceeds for
general corporate purposes, repayment of loan, and/or general
working capital.

"The involvement of Wharf will also improve Greentown's
investment and financial management. Wharf will appoint two
directors to Greentown's board. Furthermore, Wharf requires the
establishment of an investment committee to review land
acquisitions in relation to the Greentown's gearing ratio," says
Mr. Zou.

Moody's will close the review once (a) Wharf has completed the
subscription of shares and convertible securities; and (b)
Greentown has provided its refinancing plan for its short-term
debt in 2012 as well as its debt deleverage plan for the next 2
years.

The principal methodology used in rating Greentown was the Global
Homebuilding Industry Methodology published in March 2009.

Wharf (Holdings) Limited is a company listed on Hong Kong Stock
Exchange. The principal business activities of the Wharf Group
are ownership of properties for development and letting,
investment holding, container terminals as well as
communications, media and entertainment.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. As of December 31, 2011, it had a land bank with a
total attributable gross floor area of 41 million square meters
(square meters).


GREENTOWN CHINA: S&P Puts 'CCC+' Corp. Credit Rating on Watch Pos
-----------------------------------------------------------------
Standard & Poor's Ratings Services had placed the following
ratings on China-based property developer Greentown China
Holdings Ltd. on CreditWatch with positive implications:

    The 'CCC+' long-term corporate credit rating on Greentown;

    The 'CCC' issue rating on the company's outstanding senior
    unsecured notes;

    The 'cnCCC+' long-term Greater China credit scale rating on
    Greentown; and

    The long-term 'cnCCC' Greater China credit scale rating on
    the company's notes.

"We placed the ratings on CreditWatch with positive implications
to reflect our view that Greentown's liquidity pressure is likely
to ease following the proposed sale of equity and convertible
securities to Hong Kong-based Wharf (Holdings) Ltd. (not rated),"
said Standard & Poor's credit analyst Frank Lu. "The CreditWatch
placement also reflects our uncertainty about whether Wharf's
cash injection will prompt a change in Greentown's aggressive
financial management and its high financial leverage."

"We expect Greentown to use the projected transaction proceeds of
about Hong Kong dollar 5.09 billion to meet debt repayments and
for working capital. The proceeds represent about 32% of the
company's maturities in 2012. Together with property sales in the
first five months of 2012, Greentown's liquidity position will
have reversed its deterioration," S&P said.

"The bulk of the share and securities sale will require approval
from shareholders and regulators. Both Greentown and Wharf expect
the transaction to be completed within 180 days after the
transaction was announced last Friday," S&P said.

"We aim to resolve the CreditWatch status within the next three
months after we review the progress of Greentown's share and
securities sale plan and its liquidity," said Mr. Lu.

"We may revise the outlook to stable or raise the rating by at
least one notch if we believe Greentown's liquidity will improve,
such that its sources of liquidity will be more than uses over
the next six to 12 months. This could happen if Greentown
completes the share and securities sale and it achieves at least
Chinese renminbi 28.3 billion in property sales in 2012 (our
base-case expectation)," S&P said.


SHANGHAI ZENDAI: Moody's Upgrades CFR to 'B3'; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has upgraded Shanghai Zendai Property
Limited's corporate family rating to B3 from Caa1 after the
company repaid its USD-denominated notes on June 6, 2012.

Moody's has withdrawn the company's Caa2 senior unsecured bond
rating, given the full redemption of the notes.

The rating outlook is stable.

Ratings Rationale

"The rating upgrade reflects Zendai's improved liquidity position
after the company fully repaid the US$139 million in senior
unsecured notes on June 6. The sale of its interest in the
Shanghai Bund project has raised cash for the settlement," says
Jiming Zou, a Moody's analyst.

Zendai is expected to maintain an adequate cash balance --
relative to its short-term debt -- over the next 12 months.

The proceeds of around RMB2.9 billion from the sale of the Bund
project exceeded the amount needed its repayment of USD139
million in notes in June and RMB950 million in trust loans in
April.

"Another factor supporting the upgrade was the removal of
execution and funding risk with regard to the Bund project, given
its sale," says Zou.

Furthermore, Zendai's B3 rating reflects steady income from its
investment properties and its diversified portfolio of
residential and commercial projects in 11 cities throughout
China.

Zendai's credit metrics will improve as a result of the disposal
of the Bund project and the repayment of the notes and trust
loans. Moody's expects its Debt/Book capital ratio to fall below
40% and EBITDA/Interest to rise well above 2.5x.

Although Zendai is named as a defendant in a litigation launched
by Fosun (Ba2, review for downgrade) with regard to its disposal
of the Bund project to SOHO China (unrated), Moody's expects the
impact on Zendai will be limited and this assessment is reflected
in the B3 rating.

At the same time, Zendai's rating is constrained by the company's
small business scale and slow progress in contract sales.

Moody's notes that the operating environment is lackluster, and
is characterized by continued restrictions on purchases and the
tight availability of bank credit to developers across the
country.

In the cases of Zendai itself, property sales have also lagged
expectations.

Looking ahead, Moody's expects management to refocus on existing
projects. In particular, it needs to complete and deliver a
significant number of properties this year, and after its book
sales fell 31% in 2011.

The stable outlook reflects Moody's expectation that Zendai will
meet the funding needs of its development projects with its
available cash and existing bank credit facilities.

The rating could be upgraded, if Zendai can (1) improve its
business scale through resuming growth in both contract and book
sales; and (2) show a track record in sound project execution and
prudent financial management.

In terms of credit metrics, a rating upgrade would require
EBITDA/interest above 3x and Debt/Book Capital below 50%.

The rating could be downgraded, if Zendai (1) fails to achieve
its contract and book sales with business strength weakening; (2)
makes acquisitions funded by debt that lead to a deterioration of
its credit profile; or (3) faces heightened liquidity risk.

EBITDA/Interest below 2.0x or its cash balance falling materially
below its short-term debt levels would result in a downgrade.

The principal methodology used in rating Shanghai Zendai Property
Ltd was the Global Homebuilding Industry Methodology published in
March 2009.

Shanghai Zendai Property Ltd is a mainland China property
developer that develops, invests in, and manages residential and
commercial properties in China. The group has projects under
development in 11 cities in three regions, including northern
China, Shanghai and adjacent areas, and Hainan Province.



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


HK ASSOCIATION: Creditors' Proofs of Debt Due June 28
-----------------------------------------------------
Creditors of Hong Kong Association of Secretaries and
Administrative Professionals 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's liquidator is:

         Li Pik Hung
         Suites 1501-2, 15/F
         Chinachem Johnston Plaza
         178-186 Johnston Road
         Wan Chai, Hong Kong


HUNGKAY INT'L: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on June 1, 2012,
creditors of Hungkay International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Chiu Wai Hon
         Unit 201, 2/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


JUPITER NETWORKS: Creditors' Proofs of Debt Due June 30
-------------------------------------------------------
Creditors of Jupiter Networks Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 30, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 31, 2012.

The company's liquidator is:

         Cheung Chun Kwok
         Suite 1703, 17th Floor
         Office Tower, Convention Plaza
         1 Harbour Road
         Wan Chai, Hong Kong


LEXUS AUTOMATION: Members' Final Meeting Set for July 9
-------------------------------------------------------
Members of Lexus Automation Limited will hold their final general
meeting on July 9, 2012, at 3:00 p.m., at Suite 2105, 21/F, Wing
On Centre, 111 Connaught Road, Central, in Hong Kong.

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


LINK GARMENT: Cheung Yuk Cheung Steps Down as Liquidator
--------------------------------------------------------
Cheung Yuk Cheung stepped down as liquidator of Link Garment
Company Limited on May 30, 2012.


MUSIC IN: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on May 26, 2012,
creditors of Music In You Foundation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Wong Maria Susana
         Room B1, 18/F
         Chung Hing Commercial Building
         62-63 Connaught Road, Central
         Central, Hong Kong


OPTO SENSORS: Creditors' Proofs of Debt Due July 8
--------------------------------------------------
Creditors of Opto Sensors Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 8, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 31, 2012.

The company's liquidator is:

         Lau Hoi Ping Carol
         Room 1708 Dominion Centre
         43-59 Queen's Road East
         Wanchai, Hong Kong


SULZER PUMPS: Wong Man Chung Francis Steps Down as Liquidator
-------------------------------------------------------------
Wong Man Chung Francis stepped down as liquidator of Sulzer Pumps
(China) Limited on June 1, 2012.


TMAX SOURCING: Creditors' Proofs of Debt Due July 13
----------------------------------------------------
Creditors of Tmax Sourcing Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 13, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 22, 2012.

The company's liquidators are:

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


VICTORY DYEING: Wong and Arab Step Down as Liquidators
------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Victory Dyeing Factory Limited on May 29, 2012.


YARN HOUSE: Creditors' Meeting Set for June 15
----------------------------------------------
Creditors of Yarn House Company Limited will hold their meeting
on June 15, 2012, at 10:00 a.m., for the purposes provided for in
Sections 228A(8), 242, 243, 244, 255A of the Companies Ordinance.

The meeting will be held at Unit No. 1015, 10/F, Star House, at
No. 3 Salisbury Road, Tsim Sha Tsui, Kowloon, in Hong Kong.



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EKDANT BUILDTECH: CARE Assigns 'CARE BB-' Rating to INR10cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Ekdant Buildtech Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       10.0       'CARE BB-' Assigned
   Short-term Bank Facilities       1.0       'CARE A4' Assigned

Rating Rationale

The ratings of Ekdant Buildtech Pvt. Ltd. are primarily
constrained by its short track record of operations, geographical
concentration, risk associated with delay in project execution
and receipt of payments, volatile input prices in the absence of
price escalation clause, high working capital intensity of
operations and sluggish growth witnessed in construction industry
amidst high competition.

The aforesaid constraints are partially offset by the group
support & rich experience of the promoter in execution of
construction contracts and healthy order book providing revenue
visibility in the medium term.  Ability of the company to execute
orders within stipulated time period along with maintaining a
healthy order book and achieving envisaged revenue and profit
margin would be the key rating sensitivities.

Ekdant Buildtech Pvt. Ltd., belonging to the 'Ekdant Group' of
Noida, was incorporated in March 2011 in order to take over the
complete business of 'Ekdant Construction', an existing
partnership firm (belonging to the same promoters) constituted in
September 2010 and engaged in civil construction works (primarily
real estate projects) in the National Capital Region (NCR).
Ekdant group, founded by Shri Girish Rauthan in 1996, is a well-
known Delhi based civil construction group performing all kinds
of civil works for residential complexes, commercial buildings,
multiplex & shopping malls, institutional projects etc. Shri
B.K.Singhal (Director), having more than two decades of
experience in the real estate industry and Shri Ram Singh
(Director), having more than four decades of experience look
after the day to day affairs of the company.

During FY11 (refers to the period from April 1, 2010 to March 31,
2011), EBPL reported a total operating income of INR7.0 crore and
a PAT of INR0.2 crore. As per provisional results for FY12, EBPL
has reported a total operating income of INR45.2 crore.


GAYATRI SUGARS: Delays in Loan Payment Cues CARE Junk Ratings
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Gayatri
Sugars Limited.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      121.07       CARE D Assigned

Rating Rationale

The rating takes into account the ongoing delays in debt
servicing on account of tight liquidity position of the company.

Gayatri Sugars Limited was established in 1995 by Mrs. Indira
Subbirami Reddy, Mr. Sandeep Reddy and Mrs. Sarita Reddy. The
company is engaged in the business of manufacturing white
crystal sugar, rectified spirit/extra neutral alcohol and power
generation. GSL is part of Hyderabad's Gayatri Group.

The company has an installed capacity of 65,00 Tonnes per day
(TPD) for sugarcane crushing, 50 Kilo Litres per day (KLPD) for
distillery and 25.25 MW for the cogen power plant for FY11
(refers to the period April 2010 to March 2011).

For FY11, GSL registered net sales of INR109 cr with loss of
INR10 cr. For the nine months ended December 2011, GSL registered
total income of INR126.92 cr with loss of INR22.32 cr.


JAIPUR INTEGRATED: CARE Reaffirms 'BB' Rating on INR25cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB' assigned to the
INR25.00 crore bank facilities of Jaipur Integrated Texcraft Park
Private Limited. The outlook on long term rating is stable.

                        Amount
   Facilities          (INR Cr)     Ratings
   ----------          ---------    -------
   Term Loan             25.00      [ICRA]BB (Stable)(Reaffirmed)

The rating reaffirmation takes into account significant physical
progress achieved by the project since last rating exercise.
However, ICRA notes continued delays in project execution vis a
vis its original completion schedule; as a result, the debt
repayments are expected to commence before completion of the
projection. Notwithstanding the delays, the rating takes comfort
from liquidity support available with company by way of six month
debt servicing reserve account (DSRA) and planned common debt
servicing fund (CDSF) established by collecting additional 10% of
member's monthly dues towards the SPV. Also, ICRA notes that the
SPV has taken initiative of collecting dues from unit holders in
advance from April 2012 onwards and one tranche has been
successfully collected. The rating also takes into account low
funding risk as allocated equity amounts have been infused by
unit holders, term loan has been fully disbursed, and 76% of the
revised grant from government has been received. Further,
government approval has been received for incremental grant
amounting to 6% of revised project cost on account of cost
escalation, and SPV has also secured grant of INR4 crore from
European Union's Switch Asia Project. The rating is also
supported by IL&FS' project management capability, flexibility in
structure offered as per the contract terms by allowing
replacement of non performing members, and established operations
of the unit holders. Though, the rating continues to remain
constrained on account of untested ability of unit holders to pay
combined annual dues of the order of INR8 crore in timely manner.

Going forward, ability of the SPV to handover the units without
incurring any incremental time and cost over runs; timely
commencement of operations by various members; and timely
collection of dues from these unit holders will remain key rating
sensitivities.

Jaipur Integrated Texcraft Park Private Limited is a special
purpose vehicle promoted by existing hand block printers and
garment manufacturers having operations in and around Jaipur,
Rajasthan with the specific objective of implementing an
Integrated Textile Park. The implementation includes development,
operations and maintenance of the project. The project has been
sanctioned under the Scheme for Integrated Textile Park, and the
Government of India grant for 40% of the project cost (excluding
pre-operative expenses) has been approved.


LATHIYA BROTHERS: ICRA Reaffirms 'BB' Rating on INR6.5cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]BB-' and the
short term rating of '[ICRA]A4' to the INR6.50 crore fund based
limits of Lathiya Brothers and Company. The outlook on the long
term rating is stable.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Fund based limits         6.50        [ICRA]BB-(Stable)/
                                         [ICRA]A4 reaffirmed

The ratings reflect the company's strained liquidity position
arising from consistently high receivables resulting in almost
full utilization of working capital limits. The scale of
operations remains small and are characterised by inherent thin
profitability owing to presence in CPD business. ICRA also notes
the susceptibility of business operations to adverse foreign
exchange movements. The firm's sales have declined in FY 2012,
given the persistent increase in rough diamond prices coupled
with labor issues at the firm's manufacturing facility which has
hampered production activities. The ratings however favorably
factor in the long standing experience of the partners in the cut
and polished diamonds business and the firm's conservative
capital structure over the years.

Promoted by Mr. Valjibhai K. Lathiya and his brothers, Lathiya
Brothers & Co. (LBC) commenced business as a partnership firm in
1989. LBC is engaged in export of cut and polished diamonds. The
firm has a processing unit in Surat and a sales office in Mumbai.

Recent results:

LBC recorded a net profit of Rs.0.12 crore on an operating income
of INR18.55 crore as per the provisional figures for the year
ending March 31, 2012 and a net profit of Rs.0.11 crore on an
operating income of INR20.36 crore for the year ending March 31,
2011.


PERFECT ENG'G: Delays in Loan Payment Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR17.50 crore fund-
based bank facilities and the INR6.00 crore non-fund based
facilities of Perfect Engineering Associates Private Limited.
ICRA has also assigned an '[ICRA]D' rating to the INR1.50 crore
short-term non-fund-based bank facilities of PEAPL2.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Term Loan                11.50        [ICRA]D assigned

   Long-term non-fund        6.00        [ICRA]D assigned
   based Limits

   Short-term non-fund       1.50        [ICRA]D assigned
   based Limits

The assigned rating is constrained by PEAPL's recent delays in
servicing of debt obligations due to delay in collection from its
customers; high sales concentration risks, with about 80% of the
revenues coming from Municipal Corporation Of Greater Mumbai
during last 5 years; weak coverage indicators and low cash
accruals and its small scale of operations. The rating however,
takes into account the long experience of the management in
municipal water works business; healthy order book of about
INR38.00 crore, which gives visibility to revenues in the medium
term and established relations with government departments along
with highest certification for water mechanical works from
Municipal Corporation Of Greater Mumbai.

Incorporated in 1972, Perfect Engineering Associates Pvt. Ltd. is
based out of Mumbai, Maharashtra and is involved in repair and
construction of water pipe lines and construction of water
reservoirs for various municipal corporations.

Recent Results:

In 2010-11, PEAPL reported a profit after tax (PAT) of Rs.0.23
crore on an operating income of INR15.84 crore as compared to a
PAT of INR0.65 crore on an operating income of INR16.78 crore in
2009-10. As per the provisional results for 2011-12, PEAPL has
recorded an operating income of INR23.76 crore.


PRAKASH CHEMICALS: CARE Rates INR6cr LT Loan at 'CARE BB+'
----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Prakash Chemicals Pvt. Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       6.00        CARE BB+ Assigned
   Short-term Bank Facilities      9.50        CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the modest scale of operations of
Prakash Chemicals Pvt. Ltd. risks inherent in trading operations,
its thin profitability and low capitalisation. The ratings are
further constrained by the high working capital intensity of its
operations and its presence in a highly competitive and
fragmented chemical industry.

The ratings, however, factor in the benefits derived from the
established track record of the promoters in the chemical trading
business, its established sourcing arrangements and reputed
clientele.

The ability of PCPL to increase its scale of operations, improve
its profitability and efficiently manage its working capital
would be the key rating sensitivities.

PCPL was initially constituted as a partnership firm and was
subsequently converted into a private limited company in 1994.
PCPL was established by Mr. Prakash Shah, Mr. Dilip Shah and
Mr. Manish Shah who have experience of more than three decades in
the business of chemical trading.  Currently, PCPL is being
managed by Mr. Chirag Shah, MD, who has around two decades of
experience in trading of chemicals. PCPL is involved into the
trading of various chemicals viz titanium dioxide, pigments, oleo
chemicals, emulsions, polymers, additives, colour chemicals etc
used in pharmaceuticals, cosmetic & plastics industry. PCPL has
various other group companies which are also involved in the
chemical trading business including Prakash Chemicals Agencies
Pvt. Ltd. (PCAPL; rated CARE BB+/CARE A4+).

During FY11 (refers to the period April 01, 2010 to March 31,
2011), PCPL reported total operating income of INR43.61 crore and
PAT of INR0.79 crore as compared to a total operating income of
INR31.58 crore and PAT of INR0.68 crore FY10.


PRAKASH CHEMICALS AGENCIES: CARE Rates INR7.02cr Loan at 'BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Prakash Chemicals Agencies Pvt. Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      7.02         CARE BB+ Assigned
   Short-term Bank Facilities     3.75         CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the modest scale of operations of
Prakash Chemicals Agencies Pvt. Ltd., risks inherent in trading
operations, its thin profitability and low capitalisation. The
ratings are further constrained by the company's presence in a
highly competitive and fragmented chemical industry.

The ratings, however, factor in the benefits derived from the
vast experience of the promoters in chemical trading business and
its established relationship with reputed customers and
suppliers.  The ability of PCAPL to increase its scale of
operations, improve its profitability and efficiently manage its
working capital would be the key rating sensitivities.

PCAPL, a private limited company, was initially established by
Mr. Dilip Shah, Mr. Prakash Shah and Mr. Manish Shah as a
partnership firm, which was subsequently converted into private
limited company in the year 2002. PCAPL is in the business of
trading a wide variety of basic chemicals like caustic soda lye
which is used in the dye & pharmaceutical industry, liquid
chlorine tonner which is used in synthetic rubber, hydrochloric
acid which is used in the food processing industry, poly
aluminium chloride-G-18 which used in the metal industry, citric
acid monohydrate, acetic acid & citric acid anhydrous which are
used for pH maintenance (food additives). PCAPL is an ISO
9001:2000 certified company.

During FY11 (refers to the period April 01, 2010 to March 31,
2011), around 19% of the total chemicals were procured from the
foreign market compared to around 25% during FY10. All the
imports by the company are from China. However, its sales are
mostly in the domestic market with around 1% of the total sales
in FY11 being exports.

PCAPL has various other group companies which are also involved
in the chemical trading business including Prakash Chemicals Pvt.
Ltd. (PCPL; rated CARE BB+/CARE A4+).

During FY11, PCAPL reported total operating income of INR62.07
crore and PAT of INR0.67 crore as compared to a total operating
income of INR47.34 crore and PAT of INR0.78 crore in FY10.


RADHA BIHARI: ICRA Assigns '[ICRA]B' Rating to INR8cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' assigned to the
INR8 crore bank limits of Radha Bihari Shiksha Samiti.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Long-term Fund Based      8.00        [ICRA]B (assigned)
   Limit

The rating is constrained by weak occupancy at the society's
colleges and declining enrolments over the past few years, led by
a number of factors including intense competition in the
engineering education space due to sudden mushrooming of colleges
in Western Uttar Pradesh, the weak placement record of the
colleges and the location disadvantage compared to other colleges
affiliated to Mahamaya Technical University (MTU). The rating
also takes into account the frail debt coverage indicators and
operating cash flows of the society, which would necessitate
external funding for meeting upcoming debt repayments, as well as
the deficit made by the society in FY11 because of high interest
burden and low profitability at a newly started college.

The rating draws comfort from the satisfactory operating
profitability of RBS despite weak occupancy, helped by support
from a sizeable hostel and other fee, minimal capex planned in
the medium term, the society's affiliation with MTU, whose
centralised admission process provides sustainable flow of
students, and the regular infusion by trustees in the corpus
fund, which has maintained the capital structure at satisfactory
levels. Going forward, the society's ability to improve its
occupancy from current levels and the infusion by trustees in
corpus fund to meet cash shortfalls will remain key rating
sensitivities.

RBS was established in 1995 under the Societies Registration Act,
1860. The society currently has three institutions under its
wing, located in Akbarpur, Mathura. RBS set up a new engineering
college, Murli Manohar Agarwal Institute of Technology in 2009,
which is yet to complete its first four years. The Chairman of
the society is the promoter of the Murli Manohar Agarwal group,
which has several business interests including beverages,
offshore logistics and real estate. The current Chairman of the
society is Mr. Mukesh Agarwal, who has directorships in other
group companies as well.


RITESH TRADEFIN: CARE Rates INR9.1cr Loan at 'CARE B+'
------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Ritesh Tradefin Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term bank facilities       9.1         CARE B+ Assigned
   Short-term bank facilities      1.6         CARE A4 Assigned

Rating Rationale

The ratings of Ritesh Tradefin Ltd. are constrained by the small
scale of its operations, low capacity utilization, lack of
backward integration for key raw materials, susceptibility to
volatile commodity prices and its presence in the highly
competitive and cyclical iron & steel industry.  The ratings,
however, draw support from the satisfactory track record &
reasonable experience of the promoter and favorable location of
the plant. RTL's ability to increase the scale of operations and
improve its profitability while managing raw material price
volatility in a competitive environment would be the key rating
sensitivities.

RTL was incorporated in January 1993 as a private limited company
by two brothers, Shri Shankar Lal Agarwal and Shri Naresh
Kr. Agarwal. It initially commenced operations as an investment
company dealing in securities. Subsequently, in 1999, it shifted
to manufacturing of sponge iron (with initial installed capacity
- 15,000 MTPA) and was converted into public limited company.
RTL is currently engaged in manufacturing of sponge iron (having
installed capacity - 30,000 MTPA) and structural steel (having
installed capacity - 36,000 MTPA) with plant being located at
Durgapur, West Bengal. Apart from manufacturing, it is also
involved in trading of iron and steel related materials.

During FY11 (refers to the period April 1 to March 31), RTL had
reported a total operating income of INR43.4 crore and net loss
of INR 0.4 crore. Further, as per provisional results for FY12,
the company has achieved a total operating income of INR62.2
crore.


SAKAL AUTO: CARE Assigns 'CARE BB' Rating to INR4cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Sakal Auto.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        4         CARE BB Assigned
   Short-term Bank Facilities       2         CARE A4 Assigned

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

Rating Rationale

The ratings of Sakal Auto are mainly constrained on account of
thin profitability, weak debt coverage indicators and high
working capital intensity of its operations. The ratings are
further constrained due to its limited geographical presence in a
highly competitive two- wheeler dealership industry and low
bargaining power against original equipment manufacturers (OEMs).
The above constraints far offset the benefits derived from the
partners' vast experience in auto dealership business, benefits
derived from being the sole dealer for two-wheelers of Bajaj Auto
Limited in Sabarkantha district of Gujarat with established sub-
dealership network and stable outlook for two-wheeler industry.

Increase in scale of operation with widening market presence,
improvement in overall financial risk profile with better working
capital management and diversification in to other segments of
the auto industry are the key rating sensitivities.

Himatnagar, Gujarat based SKA was established as a partnership
firm in 2006 by seven partners with Mr. Raman Prajapati and
Mr. Vijay kumar Shah being the key partners holding 50% stake in
the firm. SKA is an authorized dealer of Bajaj Auto Limited and
deals in two-wheelers segment only. SKA caters to Sabarkantha
district of Gujarat state through its single showroom and 16 sub-
dealers. SKA achieved a total operating income of INR45.00 crore
till December 31, 2011.


SHAMBHU MAHADEV: CARE Places 'CARE BB-' Rating on INR29.13cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CAREA4' ratings to the bank
facilities of Shambhu Mahadev Sugar & Allied Industries Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       29.13      CARE BB- Assigned
   Short-term Bank Facilities      13.00      CARE A4 Assigned

Rating Rationale

The ratings are constrained by Shambhu Mahadev Sugar & Allied
Industries Ltd.'s (SMSAI) relatively small size of operations and
weak financial risk profile indicated by high gearing levels
and low debt coverage indicators. Further, the ratings also take
in to account the cyclical and regulated nature of the sugar
industry. The ratings, however, derive strength from SMSAI's
experienced promoters and forward integration initiatives through
setting up of distillery. The ability of the company to improve
its operating performance thereby improving its debt protection
metrics is the key rating sensitivity.

Shambhu Mahadev Sugar & Allied Industries Limited was
incorporated by the chairman Mr Diliprao Shankarrao Apet on
March 3, 2000. SMSAI has set up a sugar factory with an installed
capacity of 2,000 TCD at Havargaon, Kallam district, Osmanabad,
Maharashtra. Trial runs for the plant were completed during FY02
(refers to the period April 01 to march 31) while the commercial
operation commenced during FY03 (Sugar Season 2003-04). To
mitigate the seasonal and cyclical nature of the sugar industry,
SMSAI started setting up a distillery with an installed capacity
of 30 KLPD in Q2FY12 with a project cost of INR24.67 crore. As on
February 29, 2012, the erection of the plant is complete. The
trial session of the distillery will start from the end of
Q1FY13.

For the year ended March 31, 2010, SMSAI's total sales was
INR86.38 crore with a PBILDT of INR10.60 crore (PBILDT margin
7.80%) and a PAT of INR0.03 crore (PAT margin 0.04%) compared to
total sales of INR45.93 crore with a PBILDT of INR7.82 crore
(PBILDT margin 19.71%) and a PAT of INR0.36 crore (PAT margin
0.78%). During 10MFY12, the company has achieved sales of
INR84.90 crore.


SPY AGRO: CARE Assigns 'CARE C' Rating to INR217.44cr Loan
----------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Spy Agro Industries Limited.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      217.44       CARE C Assigned
   Short-term Bank Facilities       2.00       CARE A4 Assigned

Rating Rationale

The ratings are constrained by the tight liquidity position of
the company, volatility in prices and availability of raw
materials, high customer concentration risk, declining PBILDT
margins, ongoing debt-funded capacity expansion, weak capital
structure and challenges of operating in the highly regulated
industry. The ratings also take into account the experience and
satisfactory track record of the promoters in the business, and
reputed clientele. The ability of the company to improve its
liquidity profile and complete the ongoing capacity expansion
without time and cost overrun are the key rating sensitivities.

SPY Agro Industries Limited, incorporated in May 2005, is a part
of the Nandi Group of Industries based out of Nandyal in Andhra
Pradesh. The group since 1978 has built a diversified presence of
businesses such as cement, dairy, PVC pipes, construction, TMT
bars etc. SPYAIL commenced its commercial operations in FY09
(refers to period April 1 to March 31). The company has a grain-
and-molasses-based distillery plant at Nandyal (Andhra Pradesh)
with an installed capacity of 145 kilo liters per day. Extra
Neutral Alcohol (ENA) is the main raw material in the
manufacture of Indian Made Foreign Liquor.

For FY11, SPY registered net sales of INR169 cr with profit of
INR2 cr. For the nine months ended December 2011, SPY registered
total income of INR125 cr with profit of INR9 cr.


UMANG BOARDS: CARE Assigns 'B+' Rating to INR25.52cr Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Umang Boards Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      25.52       CARE B+ Assigned
   Short-term Bank Facilities      7.10       CARE A4 Assigned

Rating Rationale

The ratings are constrained by the small scale of operations of
Umang Boards Private Limited, net losses incurred during the past
two years ended FY11 (refers to period April 1 to March 31) and
the high working capital intensity of its operations. The ratings
are further constrained by its susceptibility to volatile input
prices and foreign exchange fluctuation risk on imports apart
from delay in project implementation.

The ratings, however, favorably take into account the vast
experience of the promoters in the insulation paper board
industry, long track record of its operations and favorable
demand outlook.

Timely stabilization of operations of the recently commissioned
facility along with achieving the envisaged level of sales,
improvement in profitability and better working capital
management are the key rating sensitivities.

Jaipur (Rajasthan) based UBPL, incorporated in 1999 is promoted
by the Dhanuka family. Mr S.K. Dhanuka, Chairman, has an
industrial experience for more than three decades. UBPL is
engaged in the manufacturing of electrical insulation transformer
boards, laminated boards etc at its ISO 9001:2008, 14001:2003 and
18001:2007 certified facility. The company increased its
installed capacity from 660 metric tonnes per annum (MTPA) as on
March 31, 2010 to 4,660 MTPA as on March 31, 2011.

During FY11 (refers to the period April 1 to March 31), UBPL's
total operating income was INR9.46 crore (FY10: INR6.84 crore)
with a net loss of INR1.27 crore (FY10: net loss of INR0.03
crore). As per provisional figures for FY12, the company has
reported a total income of INR11.81 crore.



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


DREAM STAGE: Closes Doors After Former Parent Bankruptcy
--------------------------------------------------------
Sherdog.com reports that Japan-based promotion firm Dream Stage
Entertainment, has ceased day-to-day operations, sources close to
the situation said.

The news comes after former parent company Fighting and
Entertainment Group (FEG) declared bankruptcy in Tokyo District
Court, the report relates.

The report notes that the magnitude and frequency of Dream events
had declined, as had the general interest in Mixed Martial Arts
among the Japanese fan base.  Sherdog.com says rumors of the
company's impending demise had circulated for the better part of
two years due to waning ratings and reported financial
difficulties, and only increased with Dream's conspicuous absence
in the first half of 2012.

Real Entertainment, the company which operated Dream, last month
told Sherdog that they were still in the process of planning
Dream 18, which had been tentatively set for July at Saitama
Super Arena.  However, recent news broke that several of Real's
top employees had resigned from the organization.

A source close to One Fighting Championship, a Singapore-based
upstart which last fall formed an alliance with Dream, told
Sherdog that the promotion will likely sign much of Dream's
remaining talent.

Dream, a successor to Pride Fighting Championships, is Japan's
last remaining major promotion.



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


ARIES HOLDINGS: NZ$8.8-Mil. Mansion Up for Mortgagee Sale
---------------------------------------------------------
Amelia Wade at nzherald.co.nz reports that an NZ$8.8 million
mansion in one of Auckland's richest suburbs is up for mortgagee
sale after the companies that owned it went into liquidation.

The report relates that former property developer Paul Alexander
lived in the house, which was bought in 2006 by companies owned
by a friend.

According to the report, the luxury home was bought for NZ$7.2
million -- the fourth highest house sale in 2006 -- in a
corporate trust arrangement.  It is worth NZ$8.8 million
according to a QV evaluation in August last year, the report
relays.

nzherald.co.nz notes that the house was in the name of two
companies, St Stephens Investments and Parnell Property
Investments, which were then owned by a third company, Aries
Holdings.

All three businesses were owned by Mr. Alexander's friend and
business partner, Stephen Osborn, but Mr. Alexander and his wife
Julie lived in the mansion, the report discloses.

Early last year, the three companies resolved to wind themselves
up and appointed liquidators, says nzherald.co.nz.

Aries had secured creditors owed NZ$10.1 million, nzherald.co.nz
discloses citing a liquidator's report last year.  It said debt
to the BNZ included property law claims of NZ$4.5 million
"together with further amounts claimed by the BNZ relating to
other cross guarantees which have been subject to dispute."

The bank got possession in April and the property is being
offered for mortgagee tender, the report notes.


NZ DAIRIES: Receivers Get Seven Offers from Interested Buyers
-------------------------------------------------------------
The Timaru Herald reports that New Zealand Dairies receivers,
BDO, have received seven offers for the Studholme milk processing
factory from a mix of overseas and New Zealand companies.

A decision is expected within a fortnight, the report notes.

The Herald understands those companies interested include
New Zealand dairy giant Fonterra, Westland Milk Products and
Synlait, who had been in talks with New Zealand Dairies prior to
its collapse.

Christchurch-based merchant banker Ocean Partners has also taken
an interest in the company's assets, the Herald discloses.

According to the report, BDO co-receiver Brian Mayo-Smith said
they were going through the sale process, with indicative offers
having closed last week.

The Herald relates that Mr. Mayo-Smith said they had talked to
all the interested parties by phone or in person.

"The process is ongoing and we have also been talking to the
farmers who supply the factory as they are a key part of the
process," the report quotes Mr. Mayo-Smith as saying.

The report adds that Mr. Mayo-Smith said they may also need to
contact either the Overseas Investment Office or the Commerce
Commission as well, depending on the buyer.

                         About NZ Dairies

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

VTB Capital Limited, secured creditor of New Zealand Dairies
Limited, has appointed Colin Gower, Stephen Tubbs and Brian Mayo
Smith of BDO Chartered Accountants as Receivers. The receivership
includes New Zealand Dairies Limited and related Companies
Studholme Corporation Limited and Dairy Exports New Zealand
Limited.  VTB Capital is owed about NZ$28 million, according to
NBR Online.



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


KXD DIGITAL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of KXD Digital Entertainment Limited Pte
Ltd.

The company's liquidator is:

         Mr. Yit Chee Wah Steven
         FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way, #17-02A
         Singapore 068811


LEHMAN BROTHERS: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
Creditors of Lehman Brothers Investments Pte Ltd, which is in
creditors' voluntary 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:

          Chay Fook Yuen
          Bob Yap Cheng Ghee
          Tay Puay Cheng
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


MOUNT ELIZABETH: Creditors' Proofs of Debt Due July 7
-----------------------------------------------------
Creditors of Mount Elizabeth Ophthalmic Investments Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by July 7, 2012, to be included in the
company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


ORION-TWO DEVELOPMENT: Creditors' Proofs of Debt Due July 10
------------------------------------------------------------
Creditors of Orion-Two Development Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 10, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Lee Yin Chen
          Chai Yee Hoi
          165 Bukit Merah Central #06-3663
          Singapore 150165


PARADIGM SHIPPING: Court to Hear Wind-Up Petition on June 29
------------------------------------------------------------
A petition to wind up the operations of Paradigm Shipping 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



===========
T A I W A N
===========


* TAIWAN: Moody's Expects Bank Profitability to Remain Low
----------------------------------------------------------
Moody's Investors Service says the outlook for Taiwan's banking
system is stable. Although asset quality may weaken somewhat due
to challenging external conditions, low interest rates, sustained
economic growth and resilient property markets should limit the
extent of deterioration.

"We expect the banks to either maintain or improve their
capitalization to comply with more stringent regulatory
requirements," says Sonny Hsu, a Moody's Vice President and
Senior Analyst.

"However, Taiwanese bank profitability, which is among the
weakest in Asia Pacific, will remain low amid intense competition
and abundant liquidity, and will continue to weigh negatively on
bank ratings," he adds.

Hsu was speaking at the release of a new Moody's report titled,
"Banking System Outlook: Taiwan," which outlines Moody's
expectation for the fundamental credit conditions of the system
over the next 12 to 18 months.

According to the report, Moody's central scenario assumes that
Taiwan's economy will grow by around 3.2% in 2012, compared with
4.0% in 2011, providing an accommodating backdrop for the banks.
At the same time, headline inflation will likely increase from
the low level of 2.0% in 2011 due to rising gasoline and
electricity prices.

But, Moody's expects policy interest rates to remain little
changed throughout 2012, given the weak external demand.

"We expect only modest loan growth of mid-single digits in 2012,
which is in line with the pace of growth in 2011. The demand for
household loans, especially mortgages, is likely to be weak amid
continued sluggish property market activities," Mr. Hsu says.

Banks will aim to increase their SME and foreign lending to
improve their net interest margins, while cutting back on their
exposures to the troubled flat panel display and computer memory
semiconductor sectors.

In Moody's stress test analysis, rated Taiwanese banks for the
most part retain adequate capitalization in a cyclical economic
downturn. But, they may require capital injections in the event
of a local financial crisis.

"Although the rated banks for the most part have sufficient
capital and impairment allowances to absorb credit losses in the
stress scenarios, their weak profitability hinders the rebuilding
of capital through earnings retention," Hsu says.

Moody's rates 10 commercial banks in Taiwan, which together
accounted for 60% of total assets of locally incorporated banks
as of December 31, 2011.



                             *********

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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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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