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                     A S I A   P A C I F I C

           Tuesday, May 25, 2010, Vol. 13, No. 101

                            Headlines



A U S T R A L I A

CLIVE PEETERS: Will Honor Customer Deposits Made Before May 19
RIVIERA GROUP: To Come Out of Receivership Soon


C H I N A

CHINA CONSTRUCTION: To Delay Planned CNY75-Billion Rights Issue


H O N G  K O N G

MILLION FORTUNE: Nedderman and Yan Appointed as Liquidators
MOULIN GLOBAL: Creditors Get 3.0% Recovery on Claims
ON GAIN: Nedderman and Yan Appointed as Liquidators
PEACE CITY: Creditors Get 13.0% Recovery on Claims
PERFECT HOME: Nedderman and Yan Appointed as Liquidators

REGENT LAND: Court to Hear Wind-Up Petition on July 7
SHARPLINE INT'L: Nedderman and Yan Appointed as Liquidators
SHUN QUN: Lo and Leung Appointed as Liquidators
SILVER UP: Creditors' Proofs of Debt Due June 4
SINTEX INTERNATIONAL: Court to Hear Wind-Up Petition on July 7

SPENDERS IMAGE: Nedderman and Yan Appointed as Liquidators
UNIROSS BATTERIES: Creditors Get 100% Recovery on Claims
VIC SUCCESS: Court Enters Wind-Up Order
VIRTUE MARBLE: Nedderman and Yan Appointed as Liquidators
WILENKO DEVELOPMENT: Nedderman and Yan Appointed as Liquidators

WING KAI: Nedderman and Yan Appointed as Liquidators
WIN PROFIT: Nedderman and Yan Appointed as Liquidators
WIT TECH: Yu and Sutton Appointed as Liquidators
YICK ON: Court Enters Wind-Up Order


I N D I A

AROMA CRAFT: Assigns 'B' Rating on INR70 Million Term Loan
BATLIBOI ENVIRONMENTAL: Fitch Puts 'B+' National Long-Term Rating
BRAND ALLOYS: CRISIL Reaffirms 'BB' Rating on INR56 Mil. Term Loan
HALDIA STEELS: CRISL Reaffirms 'BB' Rating on INR356.8MM Term Loan
INTERCONTINENTAL SERVICE: CRISIL Rates Cash Credit at 'BB-'

ISPAT DAMODAR: CRISIL Reaffirms 'BB' Ratings on Various Debts
K. P. PAPERS: Delays in Loan Repayment Cue CRISIL Default Rating
PG TRADERS: CRISIL Assigns 'BB' Rating on INR150MM Cash Credit
SONIC THERMAL: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
SPECIALITY INDUSTRIAL: CRISIL Puts 'BB+' Rating on Term Loan

SOUTH KERALA: CRISIL Assigns 'P4+' Ratings on Various Bank Debts
SHYAM ENTERPRISES: CRISIL Places 'D' Rating on INR35.4M Term Loan
SPUN MICRO-PROCESSING: Fitch Assigns 'B' National Long-Term Rating
TEXCOMASH INTERNATIONAL: Fitch Puts 'B' National Long-Term Rating
TIRUPATI INFRAPROJECTS: CRISIL Cuts INR3BB Term Loan Rating to 'D'

TEMPUS INFRA: CRISIL Assigns 'B' Rating on INR200 Mil. Cash Credit
Y MAHABALESWARAPPA: CRISIL Rates INR250MM Bank Debt at 'P4'


J A P A N

AGC TRUST: Moody's Reviews 'Ba2' Rating on Class B Notes
JAPAN AIRLINES: To Issue Complimentary Coupons to Shareholders
NIPPON CARGO: Becomes Nippon Yusen's Wholly Owned Subsidiary
RENOWN INC: Shandong Ruyi to Acquire 40% Equity Stake
* S&P Raises Ratings on Eight Japanese Synthetic CDO Tranches


N E W  Z E A L A N D

A2 CORPORATION: Acquires 50% Stake in A2 Dairy in Australia
CRAFAR FARMS: Receivers Ink Conditional Sale Agreement
FELTEX CARPETS: High Court Allows Shareholders Class Action Suit


S I N G A P O R E

3RD FRONTIER: Members' Final Meeting Set for June 21
ARCELOR PROJECTS: Members' Final Meeting Set for June 23
CHINA PRINTING: Court Enters Wind-Up Order
ELCHEMI ASSETS: Court to Hear Wind-Up Petition on June 4
ESCOLSING PTE: Creditors' Proofs of Debt Due June 4


X X X X X X X X

* S&P: Global Spec.-Grade Default Rate Fell to 6.96% in April

* BOND PRICING: For the Week May 17 to May 21, 2010




                         - - - - -


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


CLIVE PEETERS: Will Honor Customer Deposits Made Before May 19
--------------------------------------------------------------
Clive Peeters Limited's Mackay branch promises to honor customer
deposits made before May 19 despite news the company has gone into
receivership, Kate Bastable at the Daily Mercury reports.

According to the report, the store's management said customers who
had made deposits could complete payment and collect their order
if the item was in stock.

"If it's not in stock they can switch to another product," the
report quoted a spokesperson as saying.  "They cannot get their
deposit back."

The Daily Mercury relates Clive Peeters' receivers and managers,
Phil Carter and Daniel Bryant of PPB, have advised deposits and
gift certificates would be honored at all Clive Peeters stores.

Messrs. Carter and Bryant said the decision followed an urgent
financial and operational review of the business, which commenced
immediately following PPB's appointment on May 19.

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2010, Clive Peeters Ltd was placed in voluntary
administration.  Colin Nicol, Keith Crawford and Matthew Caddy of
McGrathNicol were appointed voluntary administrators of Clive
Peeters and its controlled entities by a resolution of its Board
of Directors on May 19, 2010.

Messrs. Nicol, Crawford and Caddy are conducting an urgent
appraisal of the company's affairs to investigate the
circumstances leading to their appointment and to determine
whether the underlying business can be preserved so that all
relevant options including a Deed of Company Arrangement or sale
of business can be fully explored.

The National Australia Bank appointed PPB as receiver and managers
to Clive Peeters and its controlled entities following the
appointment of McGrath Nicol as voluntary administrator.

The Herald Sun, citing Clive Peeters' latest available accounts,
disclosed that the company owed National Australia Bank about
AU$38 million as of December 31.  As at December 31, 2009, the
company had total liabilities of AU$160 million, with
AU$113 million owed to trade creditors including suppliers.

                        About Clive Peeters

Clive Peeters Limited is a retailer of electrical appliances.  The
Company is engaged in the retailing of electrical and gas
appliances, bathroomware and computer products.  Clive Peeters
Limited's product range includes cooking and laundry appliances,
heating and cooling solutions, home entertainment equipment,
computers and small electrical goods.  The Company operates under
two brands, trading as Clive Peeters in Victoria, Queensland, New
South Wales and Tasmania, and trading as Rick Hart in Western
Australia.  The Company's subsidiaries include Clive Peeters
Wholesale Pty Ltd, Clive Peeters Kitchens and Bathrooms Pty Ltd,
Clive Peeters Home Entertainment (Brisbane) Pty Ltd, R H Fan Unit
Trust, Watercell Pty Ltd, Hi Fi Corporation (WA) Pty Ltd, NTFQ Pty
Ltd and Rick Hart Holdings Pty Ltd.


RIVIERA GROUP: To Come Out of Receivership Soon
-----------------------------------------------
Riviera Group is about to come out of receivership and will open a
new production line at its Gold Coast factory, The Australian
reports.

The report says Riviera used the opening day of the Sanctuary Cove
International Boat Show on Thursday to launch its 43 Open
Flybridge, the first in a series of new models that will be
released over the next 12 months.

According to the report, Chief executive John Anderson said the
industry is enjoying an improving market in the wake of the global
financial crisis but that tight times lie ahead.

                        About Riviera Group

Riviera Group -- http://www.riviera.com.au/--is a luxury boat
builder based in Australia.

Riviera Group was placed into voluntary receivership in May 2009.
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard
Hughes were appointed receivers and managers of Riviera.
According to the Brisbane Times, Mr. Campbell said the company's
sales over the past 12 months had been "significantly impacted" by
the global financial crisis.  It was proposed to sell Riviera as a
going concern after a restructuring of the company, he said.  The
Brisbane Times said Riviera shed 117 of its Gold Coast staff in
January and cut more than 300 staff from its Coomera headquarters
in 2008.  The company also closed its production line for three
weeks, from April 10 to May 5, in a bid to clear stock held by
international dealers, the Brisbane Times added.


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


CHINA CONSTRUCTION: To Delay Planned CNY75-Billion Rights Issue
---------------------------------------------------------------
Bloomberg News, citing Xinhua News Agency, reports that China
Construction Bank Corp. Chairman Guo Shuqing said the bank will
postpone its equity-based fund-raising till the end of this year
or early 2011.

China Construction Bank plans to raise up to CNY75 billion (US$11
billion) from a rights issue, Finance Asia reported on May 3.
CCB will offer 0.7 rights share for every 10 existing A- and H-
shares, Finance Asia said.  The price will be no more than CNY4.50
per rights share.

Beijing-based China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in
Hong Kong.

                           *     *     *

China Construction Bank continues to carry Moody's Investors
Service's 'D-' bank financial strength rating.  Moody's Bank
Financial Strength Ratings represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


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


MILLION FORTUNE: Nedderman and Yan Appointed as Liquidators
-----------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Million Fortune Investment
Limited.  The High Court entered an order on May 11, 2009, to wind
up the operations of Million Fortune Investment Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


MOULIN GLOBAL: Creditors Get 3.0% Recovery on Claims
----------------------------------------------------
Moulin Global Eyecare Manufacturing Limited, which is in
liquidation, will pay the second interim dividend to its creditors
on June 17, 2010.

The company will pay 3.0% for ordinary claims.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


ON GAIN: Nedderman and Yan Appointed as Liquidators
---------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of On Gain Industries Limited.  The
High Court entered an order on June 9, 2006, to wind up the
operations of On Gain Industries Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


PEACE CITY: Creditors Get 13.0% Recovery on Claims
--------------------------------------------------
Peace City Investment Limited, which is in liquidation, will pay
the first interim dividend to its creditors on June 17, 2010.

The company will pay 13.0% for ordinary claims.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


PERFECT HOME: Nedderman and Yan Appointed as Liquidators
--------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Perfect Home Design Limited.  The
High Court entered an order on July 16, 2008, to wind up the
operations of Perfect Home Design Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


REGENT LAND: Court to Hear Wind-Up Petition on July 7
-----------------------------------------------------
A petition to wind up the operations of Regent Land Asia Limited
will be heard before the High Court of Hong Kong on July 7, 2010,
at 9:30 a.m.

Wong William filed the petition against the company on April 29,
2010.

The Petitioner's solicitor is:

          William Sin & So
          Room 401, 4th Floor
          United Chinese Bank Building
          31-37 Des Voeux Road
          Central, Hong Kong


SHARPLINE INT'L: Nedderman and Yan Appointed as Liquidators
-----------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Sharpline International Limited.
The High Court entered an order on July 30, 2008, to wind up the
operations of Sharpline International Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


SHUN QUN: Lo and Leung Appointed as Liquidators
-----------------------------------------------
Lo Ka Ying and Leung Ka Lok on May 14, 2010, were appointed as
liquidators of Shun Qun Industrial Company Limited.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 3207, Tower 2
         Lippo Centre
         89 Queensway
         Admiralty, Hong Kong


SILVER UP: Creditors' Proofs of Debt Due June 4
-----------------------------------------------
Creditors of Silver Up Company Limited, which is in liquidation,
are required to file their proofs of debt by June 4, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

          Kennic Lai Hang Lui
          5th Floor Ho Lee
          38-44 D'Aguilar Street
          Central, Hong Kong


SINTEX INTERNATIONAL: Court to Hear Wind-Up Petition on July 7
--------------------------------------------------------------
A petition to wind up the operations of Sintex International
Enterprise Limited will be heard before the High Court of
Hong Kong on July 7, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on April 22, 2010.

The Petitioner's solicitors are:

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


SPENDERS IMAGE: Nedderman and Yan Appointed as Liquidators
----------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Spenders Image Limited.  The High
Court entered an order on November 10, 2009, to wind up the
operations of Spenders Image Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


UNIROSS BATTERIES: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Uniross Batteries (HK) Limited, which is in liquidation, will pay
the first and final preferential dividend to its creditors on
June 11, 2010.

The company will pay 100% for preferential claims.

The company's liquidator is:

         Yuen Tsz Chun Frank
         KLC Kennic Lui & Co.
         5th Floor, Ho Lee
         Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


VIC SUCCESS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on January 29, 2010,
to wind up the operations of Vic Success Limited.

The company's liquidator is:

         Mat Ng
         c/o John Lees Associates
         20/F Henley Building
         5 Queen's Road,
         Central, Hong Kong


VIRTUE MARBLE: Nedderman and Yan Appointed as Liquidators
---------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Virtue Marble Engineering Company
Limited.  The High Court entered an order on August 14, 2009, to
wind up the operations of Virtue Marble Engineering Company
Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


WILENKO DEVELOPMENT: Nedderman and Yan Appointed as Liquidators
---------------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Wilenko Development Limited.  The
High Court entered an order on November 3, 2005, to wind up the
operations of Wilenko Development Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


WING KAI: Nedderman and Yan Appointed as Liquidators
----------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Wing Kai Textiles Company
Limited.  The High Court entered an order on February 11, 2006, to
wind up the operations of Wing Kai Textiles Company Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


WIN PROFIT: Nedderman and Yan Appointed as Liquidators
------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Win Profit Development Limited.
The High Court entered an order on May 18, 2009, to wind up the
operations of Win Profit Development Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


WIT TECH: Yu and Sutton Appointed as Liquidators
------------------------------------------------
Fok Hei Yu and Roderick John Sutton on April 9, 2010, were
appointed as liquidators of Wit Tech Engineering Company Limited.

The liquidators may be reached at:

         Fok Hei Yu
         Roderick John Sutton
         Rm 1301 13/F
         Wealth Comm Centre
         48 Kwong Wah St
         Mongkok KLN


YICK ON: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on April 16, 2009, to
wind up the operations of Yick On Engineering Development Limited.

The liquidators are Tso Hei Sing and Lai Chi Kwong.


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


AROMA CRAFT: Assigns 'B' Rating on INR70 Million Term Loan
----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Aroma Craft & Tissues
Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR20.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR70.0 Million Term Loan             B/Stable (Assigned)

The rating reflects ACT's small scale of operations, and weak
financial risk profile, marked by average gearing and debt
protection measures, and exposure to risks related to intense
competition in the industrial paper segment.  These rating
weaknesses are partially offset by the benefits that ACT derives
from its promoters' experience in the paper industry and moderate
operating efficiency.

Outlook: Stable

CRISIL believes that ACT will continue to benefit from its
promoters' experience in the paper industry.  ACT's financial risk
profile is expected to remain weak over the medium term, backed by
moderate gearing and weak debt protection measures.  The outlook
may be revised to 'Positive' if ACT's topline growth and
profitability exceed current expectations leading to significant
improvement in financial risk profile; or to 'Negative' if its
margins deteriorates, or in case of delays in stabilization of
operations at its plant leading to significant deterioration in
financial risk profile of company.

                         About Aroma Craft

Incorporated in 2005 by Mr. Rajesh Jain and his family, ACT
manufactures kraft paper, a biodegradable material used in
manufacturing corrugated boxes and packaging. The kraft paper
manufactured by the company is of various sizes with bursting
factor of around 16 and of 80 grammage per square metre. The
company's plant is located in Haridwar (Uttarakhand) and has
capacity to manufacture 18000 tonnes of kraft paper per annum.


BATLIBOI ENVIRONMENTAL: Fitch Puts 'B+' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Batliboi Environmental
Engineering Ltd. National Long-term rating of 'B+(ind)'.  The
Outlook is Stable.  The agency has also assigned National ratings
to BEEL's bank facilities:

  -- INR10 million long-term loans: 'B+(ind)';
  -- INR6.5 million cash credit: 'B+(ind)'; and
  -- INR2.5 million non-fund based limits: 'F4(ind)'.

BEEL's ratings are primarily constrained by weak liquidity on
account of increased receivable days from government orders.  The
ratings are also constrained by a delay in project execution by
counterparties, leading to cost over-runs and consequent losses
for the company; BEEL reported operating losses in three out of
the past four years, including FY09 primarily due to these delays.
Fitch expects the company to report profits once it has, slowly,
exited these loss-making liquid pollution control contracts, and
focused on equipment supply for these projects.  While the agency
notes that BEEL reported positive EBITDA in FY10, the improvements
in profitability will be gradual as the last loss-making contract
will be completed in FY12.  Also, the ratings are constrained by
high working capital requirements due to the high receivable
periods.

The ratings are supported by the sponsor's long-standing
relationships with its customers and suppliers, enabling it to win
large contracts.  The ratings also benefit from the positive
demand outlook for pollution control systems on the back of
tighter government pollution control regulations.  BEEL obtains
liquidity support from Batliboi Limited ('B-(ind)'/Negative),
another entity controlled by the sponsor, and has access to
Batliboi's INR300m working capital limits.  However, Fitch has
taken a standalone view of BEEL as the agency believes that other
than this support, the operational and strategic linkages between
the entities remain weak.

Negative rating factors include the inability to improve
profitability as anticipated, any greater-than-expected decline in
the order book position and a significant negative impact from
working capital that could lead to further deterioration in
financial leverage and liquidity.  Conversely, a substantial and
sustained improvement in profitability could have a positive
impact on the ratings.

Established in 1959, BEEL is involved in the design, selection,
engineering, fabrication, supply, installation, and commissioning
of air and water pollution control equipment, and a variety of
systems with industrial and municipal applications

In FY09 BEEL reported revenues of INR484.9 million (FY08:591.9
million) with corresponding EBITDA margins of -3.9% (FY08: 4.3%)
and debt to EBITDA of -0.23x (FY08:-0.05x).  In 9MFY10 the company
reported net sales of INR320.7 million (9MFY09: INR257 million),
operating margins of 2.9% (9MFY09: -12.7%) and interest cover of
2.28x (9MFY09: -10.87x).


BRAND ALLOYS: CRISIL Reaffirms 'BB' Rating on INR56 Mil. Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Brand Alloys Ltd (BAL),
which is part of the Haldia group (also known as Eurasia Group),
continue to reflect the Haldia group's exposure to risks
associated with its large, ongoing, capital expenditure (capex)
programmes, vulnerability to cyclicality in the steel business,
and inadequate risk management policies.  These weaknesses are
partially offset by the Haldia group's forward-integration
initiatives and moderate financial risk profile, marked by high
net worth, low gearing but constrained by moderate debt protection
metrics.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit        BB/Stable (Reaffirmed)
   INR56 Million Term Loans         BB/Stable (Reaffirmed)
   INR50 Million Letter of Credit*  P4+ (Reaffirmed)

   * Non-fund-based limits are interchangeable between letter
     of credit and bank guarantee

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BAL, and its group companies Haldia
Steel Ltd, Ispat Damodar Ltd, and Sonic Thermal Ltd.  This is
because these companies (collectively referred to, herein, as the
Haldia group) have strong operational linkages, and a common
management.

Outlook: Stable

CRISIL believes that the Haldia group will maintain its credit
risk profile over the medium term on the back of steady cash
accruals.  The outlook may be revised to 'Positive' once the
operations at its upcoming capacities stabilize, there is
substantial improvement in its profitability, or if the group is
able to achieve linkages for raw material.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
further large, debt-funded capex programme, faces significant time
and cost overruns in its planned and ongoing capex programmes, or
reports a decline in profitability.

                          About the Group

Established in 1996, HSL commenced operations in 2002 with an
ingot manufacturing facility.  HSL currently has manufacturing
capacities of 120,000 tonnes per annum (tpa) for sponge iron,
120,000 tpa for ingots, and 36,000 tpa for ferroalloys, at its
plant in Durgapur, West Bengal.

BAL, set up in March 1994 as a steel and engineering unit in
Sreerampur, West Bengal, has a manufacturing capacity of 20,000
tpa for ingots, and 30,000 tpa for steel bars and rods.

The Haldia group also set up Brand Projects Ltd (later renamed as
IDL) in April 1996.  DL began operations in December 2006, with
sponge iron and steel ingot manufacturing facilities.  IDL
currently has a manufacturing capacity of 60,000 tpa for sponge
iron and 50,000 tpa for ingots.

STL, incorporated in December 2002, is setting up two submerged
electric arc furnaces with capacity of 7.5 megavolt amperes (MVA)
each, for the production of ferromanganese and silicomanganese.
The operations in STL are expected to begin in June 2010.

The Haldia group's capex is expected to be around INR2.10 billion
over the next two years to increase capacities across its
facilities.

For 2008-09 (refers to financial year, April 1 to March 31), BAL
reported a profit after tax (PAT) of INR10.1 million on net sales
of INR1.25 billion, against a PAT of INR27 million on net sales of
INR944 million for the previous year.

For 2008-09, the Haldia group reported a PAT of INR40 million on
net sales of INR5.3 billion, against a PAT of INR111 million on
net sales of INR4.1 billion for the previous year.


HALDIA STEELS: CRISL Reaffirms 'BB' Rating on INR356.8MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Haldia Steels Ltd,
which is part of the Haldia group (also known as Eurasia Group),
continue to reflect the Haldia group's exposure to risks
associated with its large, ongoing, capital expenditure (capex)
programmes, vulnerability to cyclicality in the steel business,
and inadequate risk management policies.  These weaknesses are
partially offset by the Haldia group's forward-integration
initiatives and moderate financial risk profile, marked by high
net worth, low gearing but constrained by moderate debt protection
metrics.

   Facilities                         Ratings
   ----------                         -------
   INR225 Million Cash Credit         BB/Stable (Reaffirmed)
   INR356.8 Million Term Loans        BB/Stable (Reaffirmed)
   INR200 Million Letter of Credit*   P4+ (Reaffirmed)

   * Non-fund-based limits are interchangeable with letter of
     credit and bank guarantee

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of HSL, and its group companies Brand
Alloys Ltd, Ispat Damodar Ltd, and Sonic Thermal Ltd.  This is
because these companies (collectively referred to, herein, as the
Haldia group) have strong operational linkages, and a common
management.

Outlook: Stable

CRISIL believes that the Haldia group will maintain its credit
risk profile over the medium term on the back of steady cash
accruals. The outlook may be revised to 'Positive' once the
operations at its upcoming capacities stabilize, there is
substantial improvement in its profitability, or if the group is
able to achieve linkages for raw material.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
further large, debt-funded capex programme, faces significant time
and cost overruns in its planned and ongoing capex programmes, or
reports a decline in profitability.

                          About the Group

Established in 1996, HSL commenced operations in 2002 with an
ingot manufacturing facility.  HSL currently has manufacturing
capacities of 120,000 tonnes per annum (tpa) for sponge iron,
120,000 tpa for ingots, and 36,000 tpa for ferroalloys, at its
plant in Durgapur, West Bengal.

BAL, set up in March 1994 as a steel and engineering unit in
Sreerampur, West Bengal, has a manufacturing capacity of 20,000
tpa for ingots, and 30,000 tpa for steel bars and rods.

The Haldia group also set up Brand Projects Ltd (later renamed as
IDL) in April 1996.  IDL began operations in December 2006, with
sponge iron and steel ingot manufacturing facilities. IDL
currently has a manufacturing capacity of 60,000 tpa for sponge
iron and 50,000 tpa for ingots.

STL, incorporated in December 2002, is setting up two submerged
electric arc furnaces with capacity of 7.5 megavolt amperes (MVA)
each, for the production of ferromanganese and silicomanganese.
The operations in STL are expected to begin in June 2010.

The Haldia group's capex is expected to be around INR2.10 billion
over the next two years to increase capacities across its
facilities.

For 2008-09 (refers to financial year, April 1 to March 31), HSL
reported a profit after tax (PAT) of INR9.5 million on net sales
of INR3.7 billion, against a PAT of INR75.2 million on net sales
of INR2.8 billion for the previous year.

For 2008-09, the Haldia group reported a PAT of INR40 million on
net sales of INR5.3 billion, against a PAT of INR111 million on
net sales of INR4.1 billion for the previous year.


INTERCONTINENTAL SERVICE: CRISIL Rates Cash Credit at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to
Intercontinental Service Agencies Bureau Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR55.0 Million Stand By Letter of    P4+ (Assigned)
                Credit/Bank Guarantee

The ratings reflect ISAB's limited track record in the jewellery
industry under its own brand, below-average financial risk profile
marked by small net worth, moderate gearing and debt protection
measures, and its exposure to risks related to fluctuations in
gold prices.  These weaknesses are partially offset by the
benefits that the company derives from its location, Connaught
Place, New Delhi, which is the capital's commercial centre.

Outlook: Stable

CRISIL believes that ISAB's financial risk profile will remain
weak over the medium term because of its low net worth and
moderate debt protection measures.  The company's profitability is
also expected to remain vulnerable to fluctuations in gold prices.
The outlook may be revised to 'Positive' in case the company's
inventory level declines significantly, leading to lower bank
borrowings.  Conversely, the outlook may be revised to 'Negative'
if the company's profitability deteriorates steeply or if the
company undertakes a large debt funded capital expenditure (capex)
straining its debt protection matrices.

                      About Intercontinental Service

Incorporated in 1981, ISAB initially published and traded in
international books. In 1995-96 (refers to financial year, April 1
to March 31), Mr. H V Bhatia acquired the company, after which it
began trading in jewellery, watches, spectacles, pens, and other
products of Titan Industries Ltd's Tanishq brand under a
franchisee arrangement.  In August 2008, the franchisee agreement
was terminated, and subsequently, in April 2009, ISAB started
selling gold and diamond jewellery under its own Takshh brand.

ISAB reported a profit after tax (PAT) of INR18.1 million on net
commission income of INR34.6 million for 2008-09, against a PAT of
INR8.1 million on net commission income of INR36.1 million for
2007-08.


ISPAT DAMODAR: CRISIL Reaffirms 'BB' Ratings on Various Debts
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ispat Damodar Ltd, a
Haldia group company (also known as Eurasia Group), continue to
reflect Haldia group's exposure to risks associated with its
large, ongoing, capital expenditure (capex) programmes,
vulnerability to cyclicality in the steel business, and inadequate
risk management policies.  These weaknesses are partially offset
by the Haldia group's forward-integration initiatives and moderate
financial risk profile, marked by high net worth, low gearing but
constrained by moderate debt protection metrics.

   Facilities                         Ratings
   ----------                         -------
   INR28.8 Million Cash Credit        BB/Stable (Reaffirmed)
   INR1.80 Million Term Loans         BB/Stable (Reaffirmed)
   USD2.36 Million FCNRB Term Loans   BB/Stable (Reaffirmed)
   INR7.0 Million Letter of Credit*   P4+ (Reaffirmed)

   * Non-fund-based limits are interchangeable between
     letter of credit and bank guarantee

For arriving at its ratings, CRISIL has combined the business and
financial profiles of IDL, and its group companies Brand Alloys
Ltd, Haldia Steel Ltd, and Sonic Thermal Ltd.  This is because
these companies (collectively referred to, herein, as the Haldia
group) have strong operational linkages and a common management.

Outlook: Stable

CRISIL believes that the Haldia group will maintain its credit
risk profile over the medium term on the back of steady cash
accruals.  The outlook may be revised to 'Positive' once the
operations at its upcoming capacities stabilize, there is
substantial improvement in its profitability, or if the group is
able to achieve linkages for raw material.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
further large, debt-funded capex programme, faces significant time
and cost overruns in its planned and ongoing capex programmes, or
reports a decline in profitability.

                          About the Group

Established in 1996, HSL commenced operations in 2002 with an
ingot manufacturing facility.  HSL currently has manufacturing
capacities of 120,000 tonnes per annum (tpa) for sponge iron,
120,000 tpa for ingots, and 36,000 tpa for ferroalloys, at its
plant in Durgapur, West Bengal.

BAL, set up in March 1994 as a steel and engineering unit in
Sreerampur, West Bengal, has a manufacturing capacity of 20,000
tpa for ingots, and 30,000 tpa for steel bars and rods.

The Haldia group also set up Brand Projects Ltd (later renamed as
IDL) in April 1996. IDL began operations in December 2006, with
sponge iron and steel ingot manufacturing facilities. IDL
currently has a manufacturing capacity of 60,000 tpa for sponge
iron and 50,000 tpa for ingots.

STL, incorporated in December 2002, is setting up two submerged
electric arc furnaces with capacity of 7.5 megavolt amperes (MVA)
each, for the production of ferromanganese and silicomanganese.
The operations in STL are expected to begin in June 2010.

The Haldia group's capex is expected to be around INR2.10 billion
over the next two years to increase capacities across its
facilities.

For 2008-09 (refers to financial year, April 1 to March 31), IDL
reported a profit after tax (PAT) of INR20.6 million on net sales
of INR892 million, against a PAT of INR8.8 million on net sales of
INR510 million for the previous year.

For 2008-09, the Haldia group reported a PAT of INR40 million on
net sales of INR5.3 billion, against a PAT of INR111 million on
net sales of INR4.1 billion for the previous year.


K. P. PAPERS: Delays in Loan Repayment Cue CRISIL Default Rating
----------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the term loan facility of
K. P. Papers.  The rating reflects delay by K. P. Papers in
meeting of term loan obligations owing to weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR274.2 Million Term Loan       D (Assigned)

Set up in 2005 as proprietorship firm by Mr. Sarabjeet Singh, K.
P. Papers was converted into a partnership firm in 2007.  The firm
is setting up a paper plant with capacity to manufacture 100
tonnes of writing and printing paper (WPP) per day in Kathua
(Jammu & Kashmir).  The proposed plant will manufacture various
types of papers for use in copiers, books, magazines, brochures,
and catalogues.  The project is expected to become operational by
July 2010.


PG TRADERS: CRISIL Assigns 'BB' Rating on INR150MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of PG Traders.

   Facilities                          Ratings
   ----------                          -------
   INR150.0 Million Cash Credit*       BB/Stable (Assigned)
   INR600.0 Million Letter of Credit   P4+ (Assigned)

   * Fully interchangeable with Letter of Credit

The ratings reflect PG Traders' moderate financial risk profile,
moderate scale of operations, and vulnerability to intense
competition in the fragmented steel trading industry.  The impact
of the rating weaknesses are mitigated by the benefits the firm
derives from its promoter's experience and established
relationships with customers in the steel trading business.

Outlook: Stable

CRISIL believes that PG Traders will maintain its stable credit
risk profile backed by adequate cash accruals over the medium
term.  The outlook may be revised to 'Positive' if there is
significant improvement in debt protection indicators.
Conversely, the outlook may be revised to 'Negative' in case the
firm's financial risk profile deteriorates because of significant
increase in inventory holdings or debtor days.

                         About PG Traders

Set up in 2003 as a proprietorship firm by Mr. Prateek Gupta, PG
Traders trades in various steel products. Mr. Prateek Gupta is
also the Managing Director of Ushdev International Ltd, a listed
company and a major player in the steel trading industry. PG
Traders was set up to cater to customers with smaller order sizes
as compared to UIL which deals with large size orders.

PG Traders reported a profit after tax (PAT) of INR61.9 million on
net sales of INR2.74 billion for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR34.3 million on
net sales of INR1.06 billion for 2008-09.


SONIC THERMAL: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sonic Thermal Ltd
(STL), which is part of the Haldia group (also known as Eurasia
Group), continue to reflect the Haldia group's exposure to risks
associated with its large, ongoing, capital expenditure (capex)
programmes, vulnerability to cyclicality in the steel business,
and inadequate risk management policies.  These weaknesses are
partially offset by the Haldia group's forward-integration
initiatives and moderate financial risk profile, marked by high
net worth, low gearing but constrained by moderate debt protection
metrics.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         BB/Stable (Reaffirmed)
   INR150 Million Term Loans         BB/Stable (Reaffirmed)
   INR50 Million Letter of Credit/   P4+ (Reaffirmed)
                   Bank Guarantee

   * All facilities are with Allahabad Bank

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of STL and its group companies, Haldia
Steels Ltd, Brand Alloys Ltd, and Ispat Damodar Ltd.  This is
because these companies (collectively referred to, herein, as the
Haldia group) have strong operational linkages, and a common
management.  The bank facilities of Sonic Thermal are guaranteed
by Haldia Steels.

Outlook: Stable

CRISIL believes that the Haldia group will maintain its credit
risk profile over the medium term on the back of steady cash
accruals.  The outlook may be revised to 'Positive' once the
operations at its upcoming capacities stabilize, there is
substantial improvement in its profitability, or if the group is
able to achieve linkages for raw material.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
further large, debt-funded capex programme, faces significant time
and cost overruns in its planned and ongoing capex programmes, or
reports a decline in profitability.

                           About the Group

Established in 1996, HSL commenced operations in 2002 with an
ingot manufacturing facility. HSL currently has manufacturing
capacities of 120,000 tonnes per annum (tpa) for sponge iron,
120,000 tpa for ingots, and 36,000 tpa for ferroalloys, at its
plant in Durgapur, West Bengal.

BAL, set up in March 1994 as a steel and engineering unit in
Sreerampur, West Bengal, has a manufacturing capacity of 20,000
tpa for ingots, and 30,000 tpa for steel bars and rods.

The Haldia group also set up Brand Projects Ltd (later renamed as
IDL) in April 1996. IDL began operations in December 2006, with
sponge iron and steel ingot manufacturing facilities. IDL
currently has a manufacturing capacity of 60,000 tpa for sponge
iron and 50,000 tpa for ingots.

STL, incorporated in December 2002, is setting up two submerged
electric arc furnaces with capacity of 7.5 megavolt amperes (MVA)
each, for the production of ferromanganese and silicomanganese.
The operations in STL are expected to begin in June 2010.

The Haldia group's capex is expected to be around INR2.10 billion
over the next two years to increase capacities across its
facilities.

For 2008-09 (refers to financial year, April 1 to March 31), the
Haldia group reported a profit after tax (PAT) of INR40 million on
net sales of INR5.3 billion, against a PAT of INR111 million on
net sales of INR4.1 billion for the previous year.


SPECIALITY INDUSTRIAL: CRISIL Puts 'BB+' Rating on Term Loan
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Speciality
Industrial Polymers & Coatings Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR25.0 Million Term Loan               BB+/Stable (Assigned)
   INR75.0 Million Cash Credit             BB+/Stable (Assigned)
   INR5.0 Million Standby Line of Credit   BB+/Stable (Assigned)
   INR80.0 Million Letter of Credit        P4+ (Assigned)
   INR1.3 Million Bank Guarantee           P4+ (Assigned)

The ratings reflect SIPCL's exposure to risks related to customer
concentration in its revenue profile, the volatility in raw
material costs and the large debt-funded capacity expansion
project being undertaken by the company.  These rating weaknesses
are partially offset by the benefits that SIPCL derives from its
promoters' experience, and the company's established position in
the acrylic polymers industry.

Outlook: Stable

CRISIL believes that SIPCL will continue to benefit from its
promoter's experience in the acrylic polymers industry over the
medium term.  The outlook may be revised to 'Positive' if SIPCL
generates larger-than-expected revenues, profitability, and net
cash accruals, led by significant improvement in volumes.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overruns in the project being undertaken
by the company, adversely impacting its financial risk profile and
deteriorating its debt protection measures.

                    About Speciality Industrial

SIPCL (formerly, Speciality Polymers and Coatings) was set up in
2000 as a proprietorship concern by Mr. Ashok Bhogan, a first-
generation entrepreneur. In 2004, it converted into a private
limited company. SIPCL manufactures polycryl, a polymer emulsion,
which is used as binder and has applications in the paints,
construction, and textile industries.  Presently, it is managed by
Mr. Ashok Bhogan and has manufacturing facilities in Taloja
(Maharashtra) with capacity of 700 tonnes per month (tpm), and in
Sitarganj (Uttaranchal) with capacity of 400 tpm.  The company is
setting up a new manufacturing facility in Mahad (Maharashtra).
The total installed capacity of the new manufacturing plant will
be 1200 tpm.

SIPCL reported a profit after tax (PAT) of INR7.5 million on net
sales of INR492.3 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR12.4 million on net sales
of INR400.7 million for 2007-08.


SOUTH KERALA: CRISIL Assigns 'P4+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
South Kerala Cashew Exporters.

   Facilities                                 Ratings
   ----------                                 -------
   INR50.00 Million Packing Credit*           P4+ (Assigned)
   INR30.00 Million Foreign Discounting^      P4+ (Assigned)
   INR20.00 Million Foreign Bill Purchase     P4+ (Assigned)
   INR50.00 Million Import Letter of Credit   P4+ (Assigned)

   *Includes a sublimit of INR25.00 Million for Packing Credit
    in Foreign Currency

   ^Includes sublimit of INR10.00 Million for EBRD/LC Sub limit
    & INR10.00 Million FDBP (order sublimit)

The rating reflects SKCE's susceptibility to volatility in cashew
prices and foreign exchange rates, and to intense competition in
the cashew-processing industry.  These rating weaknesses are
partially offset by SKCE's sound financial risk profile marked by
a healthy capital structure, and its promoter's experience in the
cashew business.

SKCE was set up as a proprietorship firm in 1987 by Mr. A A Salam
in Kollam (Kerala).  The firm is engaged in export of processed
cashew kernels and trading in raw cashew nuts. It has a total
processing capacity of 56 tonnes per day (tpd) including leased
capacity of 42 tpd.

SKCE reported a profit after tax (PAT) of INR15.90 million on net
sales of INR1421.42 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR12.75 million on net
sales of INR1574.58 million for 2008-09.


SHYAM ENTERPRISES: CRISIL Places 'D' Rating on INR35.4M Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Shyam
Enterprises.  The rating reflects Shyam's delay in servicing its
term loan installments due to weak liquidity position.

   Facilities                            Ratings
   ----------                            -------
   INR77.6 Million Cash Credit Limit*    D (Assigned)
   INR35.4 Million Term Loan             D (Assigned)

   * Including a proposed limit of INR2.60 million.

Set up in 1992 as a partnership firm, under the guidance of Mr.
Shyama Charan Gupta, Shyam manufactures dairy products and
provides cold storage services.  The firm also trades in detergent
and soaps, and oil products; however, these divisions are expected
to be discontinued from 2010-11 (refers to financial year, April 1
to March 31) because of the low proportion of revenues derived
from these businesses.  The firm's dairy, situated in Allahabad
(Uttar Pradesh), has capacity to process 4, 00,000 litres of milk
per day.

Shyam reported a profit after tax (PAT) of INR0.9 million on net
sales of INR409.9 million for 2008-09 against a net loss of
INR19.8 million on net sales of INR318.8 million for 2007-08.


SPUN MICRO-PROCESSING: Fitch Assigns 'B' National Long-Term Rating
------------------------------------------------------------------
Fitch Ratings has assigned India's Spun Micro-Processing Private
Limited (Spun) a National Long-term rating of 'B(ind)'.  The
Outlook is Stable.  Fitch has also assigned a 'B(ind)' rating to
the company's outstanding term loans of INR2.86 million and rates
its fund-based limits of INR130 million and non-fund-based limits
of INR5 million at 'B(ind)'/'F4(ind)'.

Spun's ratings reflect its sponsors' twenty-year track record in
manufacturing forging and casting components for tier-I automotive
component manufacturers and general engineering industries, as
well as the company's experience in the export market.  Spun has
consistently achieved an EBITDA margin of over 13% between FY06-
FY09.  In addition, it has long-standing relationships with
reputable export customers such as Valeo group, Wabco Vehicle
Control Systems and Denso Corporation.

The ratings are constrained by Spun's relatively small scale of
operations.  Revenue fell in FY09 and FY10 due to a slowdown in
export markets.  More than 90% of its revenue came from sales to
European Tier-I suppliers, which were facing a severe downturn in
FY09 and FY10.  Spun's debtor days has been very high over FY05-
FY09, which resulted in a high cash conversion cycle of 169 days
in FY09 and 187 days in FY08.  This has resulted in a tighter
liquidity position for Spun over FY08-FY09 with very high working
capital utilization levels.

Spun is expanding its capacity to diversify and cater to domestic
customers, starting partial operations in FY11 and in full from
FY12.  The proposed capex for this expansion is INR138m, which
will be mostly debt-funded.  This will increase financial leverage
(total adjusted debt/ operating EBITDAR) even further from the
FY09 levels of 4.0x.

Positive rating factors include a substantial increase in the size
of Spun's operations, revenue diversification and achievement of
EBITDA margins as projected by the company.  On the other hand,
increased debt-led capex requirements resulting in an increase in
financial leverage would be negative for the ratings.

Spun has a manufacturing unit unit in Gurgaon and is setting up
another in the same location, primarily to cater to demand from ZF
Steering Gear (India) Limited and other domestic customers.  The
company is proposing a capex of INR138m for this project   --  of
which INR107m would be debt and the rest funded through internal
accruals.  The average capacity utilization of its current
manufacturing unit in FY10 was around 68%.  Total orders in hand
are INR116.8m for domestic customers and INR109 million for export
customers, and these are to be executed by FY11.

Spun was incorporated in 1991.  It recorded revenues of
INR206 million in FY09 -- down by almost 20% from FY08.  EBITDAR
margin fell to 13.4% from 15.5% in FY08.  Net income in FY09 was
INR4.2 million compared to INR7.8 million in FY08, while gross
financial leverage (total adjusted debt/operating EBITDA) was
3.98x in FY09 versus 3.86x in FY08.  Spun's provisional revenue
for FY10 was
INR141.8 million, with an EBITDA margin of 14.5% and net income of
INR1.6 5 million.


TEXCOMASH INTERNATIONAL: Fitch Puts 'B' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Texcomash International Limited
a National Long-term rating of 'B(ind)'.  The Outlook is Stable.
At the same time, the agency has assigned National ratings of
'B(ind)'/'F4(ind) to TIL's fund-based working capital limits of
INR650 million.

The ratings are constrained by TIL's small scale of operations in
a highly fragmented readymade garments market and limited
operational track record.  TIL's commercial operations started
only in FY08 (financial year ended March 2008).  The ratings are
also constrained by the company's low profitability on both
operating EBITDAR and net income levels; these were 2.3% and 0.7%
respectively in FY10.  With its sole manufacturing facility having
limited capacity, the company mainly outsources manufacturing on a
job work basis to outside agents.  The company derives its
revenues entirely from exports, mainly to trading agents in Dubai
and Hong Kong, who in turn, sell the goods to buyers in Russia and
African countries.  Being only in a part of the garment value
chain, TIL's margins are inherently low.  The company also engages
in trading of garments and fabrics in export markets.

TIL's experienced management and directors have been in the
textile business since 1992.  Other positive rating factors
include the company's ability to grow its revenues by an estimated
72% year-on-year in its second year of operations (FY10).

The intensive working capital requirements of TIL's business led
to high debtor days of 120-130 days, resulting in a net cash
conversion cycle of 131 days in FY10, translating to a high
working capital debt for the company.  This, coupled with low
EBITDA margins, resulted in extremely high leverage estimated at
about 10.9x in FY10.  Though debtor days are high, the risk of bad
debt is mitigated with most of the orders backed by letters of
credit.

Other rating constraints include a high customer concentration
risk with the top 3 customers contributing 70% of TIL's sales in
FY10, and a single buyer, Asida Trading Co., accounting for 40% of
total sales in FY10.  The company utilizes almost all of its
working capital bank lines to pay off creditors and procure
fabric, thereby lowering the liquidity cushion.

Positive ratings triggers include a turnaround in profitability,
and efficient management of TIL's working capital cycle, which
would lead to an improvement in its credit metrics.  Meanwhile,
negative ratings triggers include the inability to pass on
increases in raw material costs and other expenses, as well as
adverse forex losses which would lead to a further deterioration
in profitability, leverage and coverage metrics.

Texcomash International exports readymade garments and has a
manufacturing capacity of one million garments per year.  The
company had sales of INR2 billion, EBITDA of INR45.7 million and
net income of INR13.6 million in FY10 (provisional and unaudited).


TIRUPATI INFRAPROJECTS: CRISIL Cuts INR3BB Term Loan Rating to 'D'
------------------------------------------------------------------
CRISIL has downgraded its rating on Tirupati Infraprojects Pvt
Ltd's term loan facility to 'D' from 'B+/Negative'.  The downgrade
reflects TIPL's delay in servicing the interest payments on its
term loan because of inadequate liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR3000.0 Million Term Loan      D (Downgraded from
                                       'B+/Negative')

TIPL is facing time and cost overruns in its business hotel-cum-
shopping complex project. The project is now estimated to be
completed only by August 2010; the project was earlier expected to
be commissioned by April 2010. The project is also likely to face
cost overruns of about INR200 million.

Promoted by Mr. Jag Mohan, TIPL is part of the Mera Baba Realty
and Associates group (Mera Baba group).  The group has interests
in businesses such as real estate development, and construction of
public schools and malls. TIPL was set up as part of the group's
plan to enter the hospitality segment.  The company is currently
constructing a 220-room business hotel-cum-shopping complex at
Paschim Vihar, New Delhi; the hotel will be operated and managed
by Radisson Group.  The project is now expected to be completed by
August 2010 at a total cost of INR5.6 billion (earlier estimated
at INR5.4 billion). However, TIPL is planning to start the hotel
operations from July 2010 with 150 rooms.


TEMPUS INFRA: CRISIL Assigns 'B' Rating on INR200 Mil. Cash Credit
------------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable/P4' to the bank
facilities of Tempus Infra Projects Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Cash Credit       B/Stable (Assigned)
   INR300 Million Bank Guarantee    P4 (Assigned)

The rating reflects Tempus's weak financial risk profile, marked
by below-average debt protection metrics, and its aggressive
growth plans, which are expected to significantly increase its
working capital requirements.  The rating weaknesses are partially
offset by Tempus's promoters' experience in the construction
industry.

Outlook: Stable

CRISIL believes that Tempus's financial risk profile will continue
to remain weak over the medium term, given its aggressive growth
plans. The outlook could be revised to 'Positive' in case of
significant improvement in Tempus's debt protection metrics, most
likely driven by more-than-expected operating cash flows.
Conversely, the outlook could be revised to 'Negative' if the
company delays the completion of its ongoing projects, or if its
margins take a hit because of increase in raw material prices.

                         About Tempus Infra

Tempus, incorporated in January 2008, was co-promoted by Mr. Y
Maheedhar Reddy and Mr. N Ravindranath Reddy.  The company
undertakes civil works for several clients, typically under fixed-
price contracts.  It has completed real estate (both residential
and commercial), roads and other infrastructure construction
projects. Tempus is currently undertaking civil construction
project for a residential complex and a hospital in Hyderabad.

For 2009-10 (refers to financial year, April 1 to March 31),
Tempus reported a provisional profit after tax (PAT) of INR41.9
million on net sales of INR765.0 million, against a PAT of INR10.6
million on net sales of INR156.2 million for the previous year.


Y MAHABALESWARAPPA: CRISIL Rates INR250MM Bank Debt at 'P4'
-----------------------------------------------------------
CRISIL has assigned its 'P4' rating to Y Mahabaleswarappa & Sons'
packing credit facility.

   Facilities                             Ratings
   ----------                             -------
   INR250 Million Export Packing Credit   P4 (Assigned)

The rating reflects suspension of YMS's mining operations, and
exposure to risks related to the ongoing legal proceedings and its
small scale of operations in the power generation business.  These
rating weaknesses are partially offset by YMS's above-average
financial risk profile, marked by absence of long-term debt
obligations, and stable cash flows from its windmill business.

In the absence of any clarity on either the timeline or the
potential impact of the ongoing legal proceedings on YMS, CRISIL
has factored in the business risk profile of YMS's wind power
generation operations, for arriving at its ratings.  The rating
will factor in the business risk profile of the iron ore business,
once mining operations recommence.

                      About Y Mahabaleswarappa

YMS is a partnership firm engaged in iron-ore mining activities in
Bellary (Karnataka) and wind power generation.  The firm has 20.24
hectares of mines at Raydurg (Andhra Pradesh [AP]) and its
registered office is situated at Bellary (25 kilometres from the
location of the mines).

The mining operations were stalled by the Andhra Pradesh
government in November 2009 due to dispute with respect to the
location of mines on the AP-Karnataka border.  The firm has been
engaged in windmill power generation since then. The firm
currently has windmill capacity of 13.5 MW with 17 windmills in
Tamil Nadu and 2 in Karnataka.

The promoters also have various other interests including
investment in hydel power generation, properties (rental income),
commodity trading, sugar, and hotels.

YMS reported a profit after tax (PAT) of INR1.2 billion on net
sales of INR2.2 billion for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.6 billion on net sales
of INR2.3 billion for 2007-08.


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


AGC TRUST: Moody's Reviews 'Ba2' Rating on Class B Notes
--------------------------------------------------------
Moody's Investors Service has placed AGC Trust's Class B Trust
Certificate on review for possible downgrade.  The final maturity
will take place in August 2014.

The individual rating action is listed below.

  -- Class B, Ba2 placed under review for possible downgrade;
     previously, on October 31, 2007, definitive rating assigned
     Ba2

AGC Trust is a single-asset/single-borrower CMBS deal, effected in
October 2007.

The assets underlying the AGC Trust are a Tokkin (a type of
investment trust) loan receivable and a Tokkin trust certificate
secured by a specified bond backed by commercial real estate.  The
Trustee issued five classes of trust certificates which
incorporate a senior/subordinated structure.  Dividends on the
subordinated Class B Trust Certificate are paid out of the
interest from the specified bond.  Interest is based on the rents
collected from the property.

The property is a high-rise office building in central Tokyo.  The
asset manager had raised the rents gradually over the past two
years; however, the occupancy rate has declined as tenants have
vacated.  The main tenant (which occupies approximately 17% of the
net rentable area) and others are expected to vacate by or right
after their leases expire.

The rating actions reflect Moody's growing concerns about the
performance of the property and the need to reconsider Moody's
stabilized property value.

Moody's believes that the profitability of the property will fall
below the assumptions for its previous rating actions and remain
low.  Thus, in its review, Moody's will re-assess the rents,
stabilized net cash flow, and the value of the property.

Moody's is planning to interview the asset manager regarding its
leasing plans and strategies, refinancing strategies, and disposal
activities in light of the bond's expected maturity in 2012.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


JAPAN AIRLINES: To Issue Complimentary Coupons to Shareholders
--------------------------------------------------------------
The Yomiuri Shimbun reports that Japan Airlines Corp. intends to
issue complimentary coupons for shareholders this year even though
it is under corporate reorganization proceedings.

The report says JAL has decided to continue the issuance of these
coupons to prevent its shareholders, who are also important
customers, from shifting to other airlines.

The Yomiuri Shimbun relates that holders of the coupons are able
to buy JAL air tickets at bargain prices.  Non-shareholders are
also able to use the tickets.

According to the report, the coupons will be issued to hundreds of
thousands of individuals who were shareholders as of the end of
March.  JAL plans to put certain limits on the use of the coupons,
such as restricting reservations during busy seasons, the report
notes.  However, some observers expressed concern, saying the
coupon issuance would reduce the firm's profits. Other airlines
also may criticize the move, saying it amounts to the use of
public funds to support the sale of bargain tickets.  The
complimentary coupons will be the last ones for current
stockholders, the report notes.

                      About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


NIPPON CARGO: Becomes Nippon Yusen's Wholly Owned Subsidiary
------------------------------------------------------------
Nippon Yusen KK has turned Nippon Cargo Airlines Co. into a wholly
owned subsidiary to help the firm get back on its feet fast,
Antara News reports citing Business in Asia Today.

According to the news agency, Nippon Cargo suffered a JPY15.2
billion pretax loss for the year ended March 31 on sales of
JPY62.6 billion.  The company is seen saddled with roughly
JPY60 billion of liabilities in excess of assets, the report
notes.

Based in Tokyo, Japan, Nippon Cargo Airlines Co. operates
scheduled cargo services in Asia, Europe and the North America.
Nippon Yusen established Nippon Cargo in 1978 with All Nippon
Airways Co.  It raised its stake in the cargo firm to 55.2% in
August 2005 by purchasing a 27.6% interest from ANA.


RENOWN INC: Shandong Ruyi to Acquire 40% Equity Stake
-----------------------------------------------------
Renown Inc. has entered the final stages of negotiations to become
an affiliate of Chinese textile firm Shandong Ruyi, Kyodo News
reports citing sources close to the matter.

According to Kyodo, sources said Shandong Ruyi is expected to
invest billions of yen to get a stake of about 40% in Renown
through a third-party allocation of shares, thus becoming the
Renown's top shareholder.

Renown Incorporated (TYO:3606) is a Japan-based company mainly
engaged in the textile business.  The Company operates in three
business segments.  The Textile segment is involved in the
manufacture, sale, subcontract processing and manufacturing
management of textile products, as well as the manufacture of raw
materials for its textile products.  The Textile-related segment
is involved in the inspection, inspection guidance, quality
control, quality assessment, logistics and storage of textile
products, in addition to the information gathering business.  The
Others segment is engaged in the design and construction
management for shops, the sale of real estate, the insurance
agency business, as well as the manufacture and sale of processed
food and juices.  The Company has 51 subsidiaries and six
associated companies.

                           *     *     *

Renown Inc. reported a net loss of JPY10.9 billion for the year
ended February 29, 2010, its fourth straight year of losses.
Renown had a JPY12.3 billion loss in FY2009.


* S&P Raises Ratings on Eight Japanese Synthetic CDO Tranches
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on eight
tranches relating to six Japanese synthetic CDO transactions.  At
the same time, Standard & Poor's removed the ratings from
CreditWatch with positive implications, where they were placed on
May 12, 2010.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the effect of rating migration within reference portfolios.

                           Ratings List

                    Corsair (Jersey) No. 2 Ltd.
              Fixed rate credit-linked loan series 58

             To         From              Issue Amount
             --         ----              ------------
             B-         CCC+/Watch Pos    JPY3.0 bil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes Louvre II CDO series 2005-2

      Class      To        From                 Issue Amount
      -----      --        ----                 ------------
      AX         B+        B-/Watch Pos         JPY700.0 mil.
      BF         B         B-/Watch Pos         JPY1.5 bil.
      BX         B         B-/Watch Pos         JPY2.2 bil.


      Secured credit-linked loan Louvre CDO II series 2005-3

             To         From            Issue Amount
             --         ----            ------------
             B+         B-/Watch Pos    JPY3.0 bil.

                   Omega Capital Investments PLC
              Class A-1 series 11 secured 1.5% notes

             To         From            Issue Amount
             --         ----            ------------
             B+         B/Watch Pos     JPY2.2 bil.

                       Signum Vanguard Ltd.
       Class A secured fixed rate credit-linked loan 2005-3

             To         From            Issue Amount
             --         ----            ------------
             BB+        BB/Watch Pos    JPY4.0 bil.

     Secured floating rate credit-linked notes series 2006-03

             To         From            Issue Amount
             --         ----            ------------
             B-         CCC+/Watch Pos  $10.0 mil.


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


A2 CORPORATION: Acquires 50% Stake in A2 Dairy in Australia
-----------------------------------------------------------
A2 Corporation Ltd said it has agreed to acquire a 50% interest in
A2 Dairy Products Australia Pty Limited it does not already own
giving A2C exclusive rights for the production and sale of a 2milk
products in Australia and Japan.

A2C said it has entered into a Sale and Subscription
Implementation Agreement with Freedom Nutritional Products Limited
under which A2C will acquire the 50% interest in A2 Dairy Products
from FNP in return for 120,376,950 fully-paid ordinary A2C shares
comprising 25% of the enlarged A2C.

A2C Chairman Cliff Cook said, "I am delighted that we have been
able to reach agreement with our partners at FNP to undertake this
transaction.  A2C will benefit greatly from having 100% control of
the first proven and profitable market for a2milk products.  We
can now set our sights firm lyon future opportunities elsewhere in
the knowledge the Australian market still has significant future
growth potential for the Company.  A2C will be well positioned for
a very exciting future as a result of this transaction and I
firmly believe it to be in the best interests of the Company and
its' shareholders"

The transaction is subject to a number of conditions, including:

   -- A2C shareholders approving the transaction;

   -- no A2C prescribed occurrence occurring, which includes
      changes in capital structure, dividends and capital returns,
      material changes to the constitution, creation of material
      encumbrances, material litigation and insolvency events;

   -- no A2 Dairy Products prescribed occurrence occurring, which
      includes material litigation, insolvency events and creation
      of material encumbrances without A2 Dairy Products Board
      approval;

   -- no A2C and A2 Dairy Products material adverse change which
      includes events which could result in a material diminution
      in A2C or A2 Dairy Products' assets or EBITDA; and

   -- regulatory approvals required to implement the transaction.

The directors of A2C have agreed to recommend the transaction to
A2C shareholders, subject to a satisfactory independent adviser's
report being obtained and fulfillment of their statutory and
fiduciary duties.

                        About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM) --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

A2 Corp. incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.

The company also reported a net loss of NZ$3.52 million for the 15
months ended June 30, 2009.  The company reported a post-tax loss
of NZ$717,172 in the six months ending December 31, 2009.  This
compared to a loss of NZ$1.99 million for the six months ended
September 30, 2008.


CRAFAR FARMS: Receivers Ink Conditional Sale Agreement
------------------------------------------------------
Chinese-backed dairy firm UBNZ Funds Management Ltd has moved
closer to buying 16 farms formerly owned by the Crafar family, an
article posted at stuff.co.nz reports.

The report relates receivers Michael Stiassny and Brendon Gibson
of KordaMentha said conditional sale and purchase agreements had
been signed with UBNZ Funds and a "substantial" deposit had been
paid.  The sales however are still conditional on approval by the
Overseas Investment Office, the report notes.

The Troubled Company Reporter-Asia Pacific reported on May 10,
2010, the Overseas Investment Office is investigating the purchase
of four farms in the Crafar group by UBNZ Funds Management.  UBNZ
Funds has proposed spending as much as NZ$1.5 billion on
New Zealand dairy assets.  The OIO probe is on whether the
transactions breached the Overseas Investment Act by not obtaining
the required consents.

Messrs. Stiassny and Gibson said while they were "ambivalent"
about Ms. Wang's reputation, if the OIO approved the sale they
were satisfied UBNZ had the money to complete the sale, according
to stuff.co.nz.

The contract also specifies that the 16 farms will continue to be
marketed until June 23, and if KordaMentha receives a better offer
than UBNZ's it can accept that instead.

                         About Crafar Farms

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

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

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


FELTEX CARPETS: High Court Allows Shareholders Class Action Suit
----------------------------------------------------------------
Marta Steeman at BusinessDay.co.nz reports that the High Court is
allowing a class action by some of Feltex Carpet's shareholders
against the directors, sellers and organizers of the June 2004
Feltex share issue.

The report says qualifying shareholders, who subscribed for shares
in the May 5, 2004, public offer and received the shares which
were alloted on June 2, are being urged to join the action against
the company.

According to the report, qualifying shareholders must "opt in" to
the legal action which is being organized by Auckland consultant
Tony Gavigan.

The High Court last week lifted an interim stay order to allow an
amended statement of claim to be filed and an "opt in" consent
form to be sent to qualifying shareholders, BusinessDay.co.nz
reports.  Those who opt in must also sign up to an agreement with
Gavigan's company, Joint Action Funding Limited (JAFL), over
payment of a success fee, if the case is successful, the report
says.  The report notes that qualifying shareholders will be
represented by Eric Houghton, a university student, whom the High
Court has ruled is the sole plaintiff.

According to BusinessDay.co.nz, the legal action is made against
the directors of Feltex named in the prospectus for the public
offer, Credit Suisse Private Equity Inc, the promoter, Credit
Suisse First Boston Asian Merchant Partners LP, the seller of the
shares and an issuer, First New Zealand Capital and Forsyth Barr,
the organizers and the joint lead managers of the share issue.

The report says the legal action is claiming some or all of the
defendants are liable to pay qualifying shareholders compensation
because the prospectus contained untrue statements.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


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


3RD FRONTIER: Members' Final Meeting Set for June 21
----------------------------------------------------
Members of 3rd Frontier Solutions Pte Ltd will hold their final
meeting on June 21, 2010, at 10:00 a.m., at 146 Robinson Road #07-
01, Singapore 068909.

At the meeting, Tong How Heng David, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ARCELOR PROJECTS: Members' Final Meeting Set for June 23
--------------------------------------------------------
Members of Arcelor Projects International Pte Ltd will hold their
final meeting on June 23, 2010, at 10:00 a.m., at 25 International
Business Park #04-22/26 German Centre, Singapore 609916.

At the meeting, Steven Tan Chee Chuan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHINA PRINTING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 14, 2010, to
wind up the operations of China Printing & Dyeing Holding Limited
(Under Judicial Management).

The company's liquidators are:

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


ELCHEMI ASSETS: Court to Hear Wind-Up Petition on June 4
--------------------------------------------------------
A petition to wind up the operations of Elchemi Assets Pte Ltd
will be heard before the High Court of Singapore on June 4, 2010,
at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited, filed the
petition against the company on February 25, 2010.

The Petitioner's solicitors are:

          Messrs Wong Partnership LLP
          One George Street #20-01
          Singapore 049145


ESCOLSING PTE: Creditors' Proofs of Debt Due June 4
---------------------------------------------------
Creditors of Escolsing Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by June 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Goh Thien Phong
         c/o PricewaterhouseCoopers LLP
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


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


* S&P: Global Spec.-Grade Default Rate Fell to 6.96% in April
-------------------------------------------------------------
The number of global weakest links continued to decline in May,
reaching 161 as of May 14 from 177 in April and 293 a year ago,
said an article published today by Standard & Poor's, titled
"Global Bond Markets' Weakest Links And Monthly Default Rates
(Premium)."

Weakest links are issuers rated 'B-' and lower with a negative
outlook or ratings on CreditWatch negative.  The 161 weakest links
have combined rated-debt worth $168.35 billion.

The U.S. leads in the number of weakest links, with 110 of the 161
entities, or 68%.  By sector, media and entertainment; consumer
products; banks; chemicals, packaging, and environmental services;
and retail and restaurants were the most vulnerable, with the
highest concentrations of weakest links.

So far in 2010 (through May 14), 34 issuers have defaulted,
affecting debt worth $21.03 billion.  Of the 34 defaults in 2010,
23 are from the U.S., three are from Canada, two are from New
Zealand, and one each is from Argentina, Australia, Ireland,
Netherlands, Indonesia, and Bahrain.

"The 12-month-trailing global corporate speculative-grade default
rate declined in April 2010 to 6.96% from 8.34% in March -- its
fifth consecutive monthly decline," said Diane Vazza, head of
Standard & Poor's Global Fixed Income Research.

"Regionally, the U.S. speculative-grade corporate default rate
also fell for the fifth consecutive time, to 8.35% in April from
10.03% in March.  In Europe, the default rate declined to 6.15%
from 6.67%, while the emerging markets default rate decreased to
3.48% from 4.43%," said Ms. Vazza.


* BOND PRICING: For the Week May 17 to May 21, 2010
---------------------------------------------------


Issuer                  Coupon    Maturity   Currency   Price
------                  ------    --------   --------   -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.05
AINSWORTH GAME           8.00    12/31/2011   AUD       0.86
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
ANTARES ENERGY          10.00    10/31/2013   AUD       2.01
AUROX RESOURCES          7.00    06/30/2010   AUD       0.94
BECTON PROP GR           9.50    06/30/2010   AUD       0.34
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.16
CHINA CENTURY           12.00    09/30/2010   AUD       0.75
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.36
GRIFFIN COAL MIN         9.50    12/01/2016   USD      65.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.65
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.26
JPM AU ENF NOM 1         3.50    06/30/2010   USD       6.25
MINERALS CORP           10.50    09/30/2011   AUD       0.22
NEW S WALES TREA         1.00    09/02/2019   AUD      64.70
PRAECO P/L               7.13    07/28/2020   AUD      71.41
RESOLUTE MINING         12.00    12/31/2012   AUD       1.02
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.30


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.62

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      34.50


  INDIA
  -----

AFTEK INFOSYS            1.00    06/25/2010   USD      70.00
GEMINI COMMUNICATION     6.00    07/18/2012   EUR      66.75


  INDONESIA
  ---------

BANK MAYAPADA           11.75    05/29/2010   IDR      70.00


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   JPY      72.00
AIFUL CORP               6.00    12/12/2011   JPY      72.00
AIFUL CORP               1.20    01/26/2012   JPY      73.88
AIFUL CORP               1.99    03/23/2012   JPY      70.86
AIFUL CORP               1.22    04/20/2012   JPY      70.03
AIFUL CORP               1.63    11/22/2012   JPY      62.50
AIFUL CORP               1.74    05/28/2013   JPY      55.83
AIFUL CORP               1.99    10/19/2015   JPY      44.78
COVALENT MATERIALS       2.87    02/18/2013   JPY      73.69
CSK CORPORATION          0.25    09/30/2013   JPY      68.81
FOKOKU MUTUAL            4.50    09/28/2025   EUR      73.12
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.76
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.12
NIS GROUP                8.06    06/20/2012   USD      47.62
TAKEFUJI CORP            9.20    04/15/2011   USD      66.00
TAKEFUJI CORP            9.20    04/15/2011   USD      66.00
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.52


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.00
CRESENDO CORP B          3.75    01/11/2016   MYR       0.80
DUTALAND BHD             6.00    04/11/2013   MYR       0.32
DUTALAND BHD             6.00    04/11/2013   MYR       0.76
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.93
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.91
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.18
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.42
MITHRIL BHD              3.00    04/05/2012   MYR       0.67
NAM FATT CORP            2.00    06/24/2011   MYR       0.09
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.63
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       1.08
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.02
SCOMI GROUP              4.00    03/19/2013   MYR       0.10
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.70
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.98
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.31
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.90


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

ALLIED FARMERS           9.60    11/15/2011   NZD      49.85
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      20.50
CONTACT ENERGY           8.00    05/15/2014   NZD       1.04
FLETCHER BUI             8.50    03/15/2015   NZD       7.45
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.11
INFRATIL LTD             8.50    11/15/2015   NZD       8.40
INFRATIL LTD             8.50    11/15/2015   NZD      11.00
INFRATIL LTD            10.18    12/29/2049   NZD      65.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.35
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       0.91
SKY NETWORK TV           4.01    10/16/2016   NZD      54.87
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.01
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.53
ST LAURENCE PROP         9.25    07/15/2010   NZD      42.33
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.02
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.10


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      36.00
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
SENGKANG MALL            4.88    11/20/2012   SGD       0.50
UNITED ENG LTD           1.00    03/03/2014   SGD       1.50
WBL CORPORATION          2.50    06/10/2014   SGD       2.02


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      70.41

SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      71.91


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      70.80


                         *********

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 C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  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
Christopher Beard at 240/629-3300.





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