TCRAP_Public/100531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, May 31, 2010, Vol. 13, No. 105

                            Headlines



A U S T R A L I A

BURRANGONG MEAT: Fraud Allegation Won't Affect Sale, Receiver Says
PERPETUAL TRUSTEE: S&P Assigns Ratings on Various Notes


C H I N A

CHINA LOGISTICS: Posts US$28,278 Net Loss in Q1 2010


H O N G  K O N G

CORIOLANUS LIMITED: Moody's Takes Rating Actions on Notes
LA COSTE: Members' Final Meeting Set for June 21
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibonds
MANDOLIN HK: Court Enters Wind-Up Order
MASDA INTERNATIONAL: Court Enters Wind-Up Order

MIB INTERIORS: Court Enters Wind-Up Order
NORTH SPRING: Members' Final General Meeting Set for June 30
PACIFIC WINES: Members and Creditors' Meetings Set for June 21
PAK SHING: Members' Final Meeting Set for June 25
PAN WILL: Court Enters Wind-Up Order

PEREGRINE STRATEGIC: Creditors' Proofs of Debt Due June 10
PROSON DEVELOPMENT: Court Enters Wind-Up Order
RICH CHANNEL: Court Enters Wind-Up Order
SOLSAMMEN (HK): Court Enters Wind-Up Order
SUN HONEST: Court Enters Wind-Up Order

TAKEISHI OIL: Court Enters Wind-Up Order
TRANSASIA ENGINEERING: Creditors' Proofs of Debt Due June 3


I N D I A

AIR INDIA: De-recognizes Two Major Unions; Sacks 41 Employees
ATRIA BRINDAVAN: CRISIL Cuts Rating on INR808MM LT Loan to 'C'
CHHABI ELECTRICALS: ICRA Places 'LBB' Rating on INR8.9MM Term Loan
ETC AGRO: CRISIL Assigns 'BB' Rating on INR200 Million LT Loan
GOWTHAMI SOLVENT: ICRA Reaffirms 'LBB' Rating on INR312.2MM Loan

LAQSHYA MEDIA: Default in Loan Repayment Cues CARE 'C' Ratings
LAQSHYA HYDERABAD: CARE Rates INR30cr Long Term Loan at 'D'
NKCM SPINNERS: CRISIL Assigns 'B+' Ratings on INR30MM LT Loan
RATAN MOTORS: CRISIL Rates INR120.0 Million Cash Credit at 'BB-'
SENTINI BIOPRODUCTS: ICRA Reaffirms 'LBB+' Rating on INR400MM Loan

SHIVA TEXFABS: ICRA Cuts Rating on INR730 Million LT Loans to 'LB'
SMS STEELS: CRISIL Assigns 'B' Ratings on Various Bank Facilities
SUGUNA RAMAIAH: CRISIL Places 'BB' Ratings on INR103MM LT Loan
TUBEKNIT FASHIONS: ICRA Downgrades LT Rating on Loans to 'LB'
VEDIKA CREDIT: Low Net Worth Cues CRISIL's 'B+' Ratings on Loans


J A P A N

CAFES 3: Moody's Reviews Ratings on Various Classes of Notes
GODO KAISHA: S&P Downgrades Ratings on Floating-Rate Notes
JAPAN AIRLINES: South Korea Fines 19 Airlines for Price Fixing
J-CORE 14: Moody's Reviews Ratings on Nine Classes of Notes
J-CREM 2: Moody's Reviews Ratings on Seven Classes of Notes

L-JAC 4: Moody's Reviews Ratings on Various Classes of Bonds


N E W  Z E A L A N D

CANTERBURY MORTGAGE: To Repay Investors Another 5 Cents in July
SOUTH CANTERBURY: Allan Hubbard Appointed as President for Life
SOUTH CANTERBURY: Ratings Downgrade Won't Affect Crown Guarantee
ST LAURENCE: Direct Property Investments No. 6 Faces Receivership
* NEW ZEALAND: Finance Firm Investors Entitled to Refunds


S I N G A P O R E

ACCUVAL SINGAPORE: Creditors' Proofs of Debt Due June 28
C.F.H. INSURANCE: Creditors' Proofs of Debt Due June 27
LIFESTYLE & LEISURE: Creditors' Proofs of Debt Due June 31
L&M INFRATECH: Court Enters Wind-Up Order
L&M EQUIPMENT: Court Enters Wind-Up Order

L&M PETROMA: Court Enters Wind-Up Order
RADAR MAX: Court Enters Wind-Up Order
SEO FRAGRANCE: Court Enters Wind-Up Order
TW OILS: Court Enters Wind-Up Order


T H A I L A N D

* THAILAND: Gov't. to Draw Up Aid Package to Affected SMEs




                         - - - - -


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


BURRANGONG MEAT: Fraud Allegation Won't Affect Sale, Receiver Says
------------------------------------------------------------------
ABC Rural reports that the receiver of Burrangong Meat Processors
doesn't believe its sale will be delayed by revelations about its
former owners.

Documents tabled at a Senate inquiry 10 years ago revealed that
the Commonwealth Bank had investigated former owners Grant Edmonds
and Kim Noble over fraud allegations, the report says.

ABC relates the bank's investigators found that the former owners
initially bought the abattoir using some funds channeled through
dodgy bank accounts.  Mr. Edmonds denies any wrongdoing.

The abattoir's receiver Alan Hayes said he won't comment on the
past investigation, but says a sale is close.

                        About Burrangong Meat

Burrangong Meat Processors Pty Ltd -- http://www.bmpmeat.com.au/
-- is owned and operated by The Edmonds Group, an Australian meat
processing and distribution company established in 1984.

As reported in the Troubled Company Reporter-Asia Pacific on
February 3, 2010, more than 300 abattoir workers at Burrangong
Meat Processors in the southwest New South Wales town of Young
have lost their jobs after the town's biggest employer closed its
doors.  The company went into receivership with debts of more than
$20 million.


PERPETUAL TRUSTEE: S&P Assigns Ratings on Various Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
notes issued by Perpetual Trustee Co. Ltd. as trustee of IMPALA
Trust No. 1 - Sub Series 2010-1.  The transaction is the first
public securitization undertaken by Investec Experien Pty Ltd.

The ratings reflect S&P's view of:

* The creation of a new special-purpose sub-series, coupled with
  the transaction's legal structure.  The entity, IMPALA Trust No.
  1 ? Sub Series 2010-1, reflects Standard & Poor's special-
  purpose entity criteria.

* The credit support for each class of notes provided in the form
  of subordination: 8.1% provided at 'AAA', 6.4% provided at 'AA',
  4.9% provided at 'A', 3.2% provided at 'BBB', and 2.8% provided
  at 'BB'.

Liquidity support equal to AU$2.6 million, which is 1.09% of the
receivables.  Subject to a floor amount of AU$1.3 million,
liquidity is funded from note issuance at closing, and is held in
the liquidity account.  Principal collections may be used to meet
short-term liquidity demands.

All contract payments, including the residual or balloon payments,
are an obligation of the borrower.  As a result, in S&P's view,
the issuer is not exposed to market value risk associated with the
sale of the autos and equipment (on performing loans), which is a
risk that may be associated with other products such as operating
leases.

The benefit of a fixed-to-floating interest rate swap provided by
Australia and New Zealand Banking Group Ltd. (AA/Stable/A-1+), to
hedge the mismatch between the fixed-rate interest and rental
payments on the receivables, and the floating-rate coupon payable
on the notes.

                         Ratings Assigned

              IMPALA Trust No. 1 ? Sub Series 2010-1

              Class     Rating     Amount (mils. A$)
              -----     ------     -----------------
              A         AAA        221.22
              B         AA           4.10
              C         A            3.60
              D         BBB          4.10
              E         BB           1.02
              Seller    Not rated    6.66


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


CHINA LOGISTICS: Posts US$28,278 Net Loss in Q1 2010
----------------------------------------------------
China Logistics, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$28,278 on US$5,424,157 of revenue for
the three months ended March 31, 2010, compared with net income of
US$2,977,168 on US$3,198,572 of revenue for the same period of
2009.

The Company's balance sheet as of March 31, 2010, showed
US$6,098,160 in assets and US$8,450,373 of liabilities, for a
shareholders' deficit of US$2,352,213.

"Our ability to continue as a going concern is dependent upon our
ability to maintain profitable operations in the future and to
obtain the necessary financing to meet our obligations and repay
our liabilities arising from normal business operations when they
become due and pay disgorgement to the SEC if it prevails in its
case against us.  The SEC is seeking disgorgement from us of
US$1,078,490 and this amount has not been accrued as of March 31,
2010 or December 31, 2009.

"These matters, among others, raise substantial doubt about our
ability to continue as a going concern.  These financial
statements do not include any adjustments to the amounts and
classification of assets and liabilities that may be necessary
should we be unable to continue as a going concern."

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

               http://researcharchives.com/t/s?636e

Based in Guangzou, P.R. China, China Logistics, Inc., specializes
in logistical services for car manufacturers, car components, food
assortments, chemicals, paper, and machinery in China.  The
services cover various aspects of transportation management,
including logistical planning, import and export management,
electronic customs declaration systems, supply chain planning,
transporting products from ports to warehouses or vice versa,
organization of transportation, and storage and distribution of
products.

                          *     *     *

As reported in the Troubled Company Reporter on April 21, 2010,
Lake & Associates CPA's LLC expressed substantial doubt about the
Company's ability to continue as a going concern after auditing
the Company's financial statements for the year ended December 31,
2009.  The independent auditors noted that of the Company's
recurring losses and accumulated deficit.


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


CORIOLANUS LIMITED: Moody's Takes Rating Actions on Notes
---------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Coriolanus Limited, a collateralized debt obligation
transaction referencing a managed portfolio of corporate entities
domiciled in Asia.

Issuer: Coriolanus Limited (Series 73-76)

  -- Series 74 US$ 50,000,000 Portfolio Credit Linked Floating
     Rate Secured Notes due 2019, Upgraded to A1; previously on
     Aug 12, 2009 Downgraded to A2

  -- Series 75 US$ 50,000,000 Portfolio Credit Linked Floating
     Rate Secured Notes due 2019, Upgraded to Baa1; previously on
     Aug 12, 2009 Downgraded to Baa3

  -- Series 76 US$ 50,000,000 Portfolio Credit Linked Floating
     Rate Secured Notes due 2019, Upgraded to Ba1; previously on
     Aug 12, 2009 Downgraded to Ba3

The rating actions taken are the result of the determination of
recovery for three credit events that affect 11% of initial
portfolio notional amount.

The recovery was significantly higher than Moody's average
recovery assumption of 45%, leading to an increase in the
effective credit enhancement to the rated notes compared to
previous assumptions.

The final price on a senior unsecured obligation of a building &
construction company was determined at 98%, and on a senior
secured obligation of a real estate developer, 100%.  Both
entities are domiciled in India.  Their combined exposures account
for 9% of the initial portfolio notional amount.

The final price on a senior unsecured obligation of a beverage
company in China, accounting for 2% of the initial portfolio's
notional amount, was determined at 30%.

Moody's notes that, following prepayment or amortization of some
of the reference obligations, only 57.9% of the initial portfolio
amount is now exposed to corporate reference obligations.  The
protection buyer can replenish the portfolio if relevant criteria,
which include Reference Portfolio Guidelines and Moody's
CDOROM(TM) Model Test, are met.


LA COSTE: Members' Final Meeting Set for June 21
------------------------------------------------
Members of La Coste Company Limited will hold their final meeting
on June 21, 2010, at 11:00 a.m., at Unit 402, 4/F., Malaysia
Building, No. 50, Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Li Fat Chung and Chan Chi Bor, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibonds
------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced May 20 that
investigation of over 99% of a total of 21,613 Lehman-Brothers-
related complaint cases received has been completed. These
include:

    * 13,077 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,327 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,558 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 2,790 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 1,835 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 955 cases; and

    * 672 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 187 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work with respect to Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?62c8

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MANDOLIN HK: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Mandolin Hong Kong Limited.

The official receiver is E T O'Connell.


MASDA INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Masda International Company Limited.

The official receiver is E T O'Connell.


MIB INTERIORS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of MIB Interiors Design Limited.

The official receiver is E T O'Connell.


NORTH SPRING: Members' Final General Meeting Set for June 30
------------------------------------------------------------
Members of North Spring Limited will hold their final general
meeting on June 30, 2010, at 10:30 a.m., at Unit 201, 2/F.,
Malaysia Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


PACIFIC WINES: Members and Creditors' Meetings Set for June 21
--------------------------------------------------------------
Members and creditors of Pacific Wines and Spirits Limited will
hold their annual meetings on June 21, 2010, at 11:00 a.m., and
11:30 a.m., respectively at Rm. 803, Hang Seng Wanchai Bldg., 200
Hennessy Rd., Wanchai, in Hong Kong.

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


PAK SHING: Members' Final Meeting Set for June 25
-------------------------------------------------
Members of Pak Shing Commodities Company Limited will hold their
final meeting on June 25, 2010, at 10:00 a.m., at Suite 1807, The
Gateway, Tower II, 25 Canton Road, Tsimshatsui, Kowloon, in Hong
Kong.

At the meeting, Lam Chung Wah David, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PAN WILL: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Pan Will Limited.

The official receiver is E T O'Connell.


PEREGRINE STRATEGIC: Creditors' Proofs of Debt Due June 10
----------------------------------------------------------
Peregrine Strategic Investments Limited, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by June 10, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Joanne Oswin
         c/o PricewaterhouseCoopers
         22/F., Prince's Building
         10 Chater Road
         Central, Hong Kong


PROSON DEVELOPMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Proson Development Limited.

The official receiver is E T O'Connell.


RICH CHANNEL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Rich Channel Development Limited.

The official receiver is E T O'Connell.


SOLSAMMEN (HK): Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Solsammen (HK) Limited.

The official receiver is E T O'Connell.


SUN HONEST: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Sun Honest Asia Limited.

The official receiver is E T O'Connell.


TAKEISHI OIL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Takeishi Oil & Chemical Company Limited.

The official receiver is E T O'Connell.


TRANSASIA ENGINEERING: Creditors' Proofs of Debt Due June 3
-----------------------------------------------------------
Creditors of Transasia Engineering Co Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 3, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 13, 2010.

The company's liquidator is:

         Chan Kam Man
         Unit 803, 8/F
         Shanghai Industrial Investment Building
         48-62 Hennessy Road
         Wanchai, Hong Kong


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


AIR INDIA: De-recognizes Two Major Unions; Sacks 41 Employees
-------------------------------------------------------------
The Economic Times reports that Air India has de-recognised its
two major trade unions, sealed their offices and sacked another 41
employees in an unprecedented crackdown triggering a call by
defiant union leaders for a fresh strike from June 12.

Sources told ET that the Air Corporation Employees Union (ACEU)
and All India Aircraft Engineers' Association (AIAEA) have been
de-recognized by the management of National Aviation Company of
India Ltd and their offices have been sealed.

According to the report, ACEU general secretary J B Kadiyan said
another notice for strike from June 12 has been served by the
union.  AIAEA general secretary Y V Raju also said his union
intends to go on strike from June 12 or thereafter and a strike
notice will be given, the report adds.

A section of employees of Air India, including engineers, on
May 25 went on a flash strike to protest delay in payment of
salaries and problems relating to the working conditions of cabin
crew.  The employees also protested against Air India's gag order
advising unions not to air their grievances to the media.

The Troubled Company Reporter-Asia Pacific, citing The Wall Street
Journal, reported on May 27, 2010, that the nationwide strike by
some crew members and maintenance engineers of Air India ended
May 26 after the Delhi High Court stopped them from continuing.
"The court has imposed a stay on the ongoing strike and also on
the one they had proposed to undertake from May 31," the Journal
quoted Arvind Jadhav, chairman of Air India's parent, National
Aviation Company of India Ltd, as saying.  The Journal said the
high court order means the workers can be sacked if they don't
resume work.  According to the report, Mr. Jadhav said the stay
will be in place until July 13.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

In December 2009, the Air India board decided to initiate a series
of major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.  The airline's turnaround plan has been
broadly divided into 0-9 months, 9-18 months and 18-36 months, and
has been segregated under operational efficiency, product
improvement, organization building and financial restructuring,
the Business Standard said.

                         About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


ATRIA BRINDAVAN: CRISIL Cuts Rating on INR808MM LT Loan to 'C'
--------------------------------------------------------------
CRISIL has downgraded its rating on Atria Brindavan Power Ltd's
term loan facility to 'C' from 'BB/Stable'.

   Facilities                         Ratings
   ----------                         --------
   INR808.00 Million Long-Term Loan   C (Downgraded from
                                         BB/Stable)

The downgrade reflects delays by the company in servicing its term
loan because of weak liquidity, which was a result of delayed
realisation of receivables from its main customer Chamundeshwari
Electricity Supply Corporation.

The rating reflects ABPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics,
vulnerability to scarcity of water, and to any further delay in
realisation of receivables from CESC.  These weaknesses are
partially offset by ABPL's stable revenues backed by its power
purchase agreement (PPA) with CESC.

Set up in 2003, ABPL is a hydro-electric power generating company
with a 16-megawatt (MW) plant, located on the banks of Cauvery
River in Karnataka.  The company's 12-MW plant, which was
scheduled to commence operations in August 2006, was commissioned
in February 2008, because of damage caused to the dam by heavy
flooding.  ABPL has a take-or-pay power purchase agreement with
CESC, with an annual escalation clause for 10 years.  The 4-MW
tail-race power plant commenced operations in November 2009.

For 2008-09 (refers to financial year, April 1 to March 31),
ABPL reported a net loss of INR26 million on a turnover of
INR139 million, against a net loss of INR99 million on a turnover
of INR0.9 million for the previous year.


CHHABI ELECTRICALS: ICRA Places 'LBB' Rating on INR8.9MM Term Loan
------------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR8.9 million term loan
facilities and INR55 million cash credit facilities of Chhabi
Electricals Private Limited.  The outlook on the long term rating
is stable. ICRA has also assigned the 'A4' rating to the INR 45
million non-fund based facilities of CEPL.

The ratings are supported by the long standing experience of the
promoters and CEPL's order book position which provides some
revenue visibility for the current fiscal.  Moreover the ratings
also factor in CEPL's established track record and its strong
relationship with its client base confirmed by the high percentage
of repeat clients (~72%) in its current order book.

The ratings are however constrained by CEPL's small scale of
operations and the stretched financial profile as reflected in its
poor liquidity position and weak capital structure.  The ratings
also take into consideration the significant competitive pressures
that the company faces in the DC power system's business as
evidenced by its declining bid-success ratio over the last three
fiscals.  Further CEPL's profitability and return indicators
continue to remain sensitive to unfavorable fluctuations in the
prices of steel and copper given the fixed price nature of most of
the contracts executed by it.  ICRA also notes that projects
executed by CEPL are generally a small portion of larger EPC
contracts wherein document approvals, delivery and site trials are
generally contingent upon the progress of the larger contracts. As
a result any delays in the execution of the main projects have a
direct impact on the progress of orders executed by CEPL often
necessitating increased investments in working capital owing to
sticky debtors and high inventory levels.

Set up in 1965 by Mr. Madhusudan Rane, Chhabi Electricals Private
Limited is a manufacturer of AC (alternating current)/DC (direct
current) power supply components and systems.  The company is
headquartered in Mumbai with its manufacturing facility located in
Jalgaon, Maharashtra .

As per the unaudited results for the financial year ending
March 31, 2010, the company recorded profit after tax of
INR3.3 million over an operating income of INR205.7 million.


ETC AGRO: CRISIL Assigns 'BB' Rating on INR200 Million LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to ETC Agro Processing
(India) Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         --------
   INR200.0 Million Long Term Loan    BB/Stable (Assigned)
   INR100.0 Million Proposed Long     BB/Stable (Assigned)
          Term Bank Loan Facility

The rating reflects ETC Agro's below-average financial risk
profile, constrained by low net worth, high gearing, and average
debt protection indicators, and exposure to risks related to
successful stabilisation of capacity and to concentration of
revenues in Parle Products Pvt Ltd.  These rating weaknesses are
partially offset by the benefits that ETC Agro derives from its
promoter's strong association and fixed annual offtake agreement
with Parle, and from integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ETC Agro and its wholly owned
subsidiary Greenfield Impex Pvt Ltd, on account of significant
financial, management, and operational linkages between the two
companies.

Outlook: Stable

CRISIL believes that ETC Agro will continue to have healthy
revenue growth backed by the stabilization of production and
growing demand from Parle for sourcing its biscuits and other
wheat-based products.  The outlook may be revised to 'Positive' if
ETC Agro's newly set up manufacturing capacities are successfully
stabilized, resulting in higher than expected cash accruals, and
subsequent improvement in the capital structure and overall
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if the company's revenues or realizations decline
sharply, or if it faces delays in stabilization of operations,
resulting in difficulty in timely repayment of term debt
obligations over the medium term.

                           About ETC Agro

ETC Agro incorporated in 2007-08 (refers to financial year, April
1 to March 31) is jointly promoted by Mr. Vijay Doshi, ETC group
(ETC Export Trading Co and Ltd; Africa), and Kiewe Services (a
subsidiary of Glencore International based in Rotterdam,
Netherlands).  The company set up an integrated biscuit
manufacturing plant in Memadabad (Gujarat).  The plant commenced
operations in Oct 09. It produces wheat flour, glucose biscuits,
and cream biscuits for Parle.

ETC Agro reported a consolidated profit after tax (PAT) of INR19.4
million on net sales of INR514 million for 2008-09 against a PAT
of INR12.3 million on net sales of INR331 million for 2007-08.


GOWTHAMI SOLVENT: ICRA Reaffirms 'LBB' Rating on INR312.2MM Loan
----------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR 312.2 million term
loans and the INR 210.0 million cash credit facilities of The
Gowthami Solvent Oils Private Limited.  The outlook on the rating
is stable. ICRA has also reaffirmed the 'A4' rating to the
INR21.0 million short term non-fund based facility of TGSOPL.

The ratings reflect the company's relatively small scale of
operations in the rice bran solvent extraction and spinning
operations, fragmented nature of the domestic edible oil industry
with availability of several grades of edible oils, intense
competition from larger and well-established players in the
branded segment, threat from cheaper substitutes (particularly
palm oil), current limited market presence restricted to Orissa
and Andhra Pradesh and exposure to cyclicality of feedstock
leading to constraints in passing on cost variations to its
customers resulting in volatility in profit margins.  The ratings
also factor in the weak profitability in the oil processing
business, stretched financial profile characterized by high
gearing, low coverage indicators and moderate liquidity position.
Nevertheless, the prospects of rice bran oil (RBO) is favorable
owing to its significant health benefits, competitive pricing as
compared to other edible oils such as soya bean and sunflower.
The ratings also factor in the company's presence in finer count
yarns, aiding better realizations.

                      About Gowthami Solvent

The Gowthami Solvent Oils Private Limited was incorporated in 1974
by the Gowthami Group of Companies as a solvent extractor of
sunflower and rice bran oil (RBO) with a capacity of 400 tons per
day (tpd). The company also has a crude oil refinery for further
value addition with a refining capacity of 60 tpd.  The company
also has a 2.75 MW co-generation biomass power plant and a 28,800
spindle cotton spinning facility. The facilities of TGSOPL are
located in Tanuku (Andhra Pradesh).

The company has recorded a net profit of INR46.1 million on an
operating income of INR1412.8 million for the year ending
March 31, 2009.

Recent Results (Unaudited)

For the first nine months of financial year 2009-10, the company
has reported a net profit of INR 39.3 million on an operating
income of INR869.4 million.


LAQSHYA MEDIA: Default in Loan Repayment Cues CARE 'C' Ratings
--------------------------------------------------------------
CARE revises ratings assigned to Bank Facilities of Laqshya Media
Private Ltd.

                                   Amount
   Facilities                   (INR crore)     Rating
   ----------                   -----------     ------
   Long-term Bank Facilities        72.47       'CARE C' Revised
                                                 from CARE BB+

   Short-term Bank Facilities       17.00       'PR4  Reaffirmed

Rating Rationale

The ratings reflect delay by LMPL in servicing its term debt
obligation in past which was subsequently regularized.  The delays
were caused by weak liquidity, resulting from delay in realization
of receivables stemming from slowdown.  Further the rating also
considers the default on repayment obligations of term loan in
subsidiary, Laqshya Hyderabad Airport Media Pvt Ltd.  The ratings
however consider experience of the promoters and private equity
infusions used for expansions in the business in the past.
Ability of LMPL to restructure its existing term loans, ensure
regularization of delays and restructuring of the term loan of its
subsidiary LHAMPL, manage liquidity, arrange for equity infusions
in near future, successfully implement existing projects without
time and cost overrun and ensure self-sustainability of LHAMPL are
the key rating sensitivities.

Incorporated in 1997, Laqshya Media Pvt Ltd is engaged in Out of
Home (OOH) media advertisement business which includes ads that
can be viewed outdoors or indoors in retail, commercial and
transit environments.  Late realizations from its debtors coupled
with lack of further equity infusions from Private Equity (PE)
players as anticipated resulted in liquidity issues for the
company which in turn led to delay in repayment of term debt
obligations in the past which were subsequently regularized.

However, till the company gets fresh equity funds and turns
profitable, it likely to face liquidity issues in future as well.
Net sales for FY09 were at INR91.98 crore with loss of INR103.02
crore at PAT level. During the nine months period ended
December 31, 2009, LMPL posted sales of INR61.2 crore and Loss
before tax of INR7.49 crore.


LAQSHYA HYDERABAD: CARE Rates INR30cr Long Term Loan at 'D'
-----------------------------------------------------------
CARE revises rating to Bank Facilities of Laqshya Hyderabad
Airport Media Private Ltd

                                   Amount
   Facilities                   (INR crore)     Rating
   ----------                   -----------     ------
   Long-term Bank Facilities         30         CARE D Revised
                                                From BB+(SO)

Rating Rationale

The revision in ratings reflects the ongoing delays in servicing
the term loan obligations due to liquidity constraints.

Laqshya Hyderabad Airport Media Private Ltd, a 99% subsidiary of
Laqshya Media Pvt. Ltd. was floated solely for the purpose of
managing outdoor advertising at Hyderabad Airport as mandated by
the contract with GHIAL.

LHAMPL shall build, operate and maintain the media assets at
Hyderabad Airport for tenure of seven years.  LHAMPL continued to
post operating losses due to insufficient advertisement revenues,
low occupancy coupled with higher fixed Minimum Annual Guarantee
(MAG) payable irrespective of quantum of revenue.  Further,
delayed collection from debtors led to liquidity issues which
resulted in strain in its liquidity position leading to delay on
its repayments obligations.  Also, the promoter LMPL failed to
provide funding to LHAMPL for meeting its debt repayment
obligations.  During FY09 (five months of operations), on a total
income of INR15.08 crore, LHAMPL incurred a net loss of
INR7.36 crore.


NKCM SPINNERS: CRISIL Assigns 'B+' Ratings on INR30MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to NKCM Spinners
Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         --------
   INR30.00 Million Long Term Loan    B+/Stable (Assigned)
   INR150.00 Million Cash Credit      B+/Stable (Assigned)
   INR10.00 Million Letter of Credit  P4 (Assigned)

The ratings reflect NKCM's below-average financial risk profile,
and exposure to risks related to intense competition in the yarn
segment, large working capital requirements, and modest scale of
operations.  These rating weaknesses are partially offset by the
benefits that NKCM derives from its promoters' experience in the
yarn trading and manufacturing business.

Outlook: Stable

CRISIL believes that NKCM will continue to benefit from its
promoters' industry experience.  The outlook may be revised to
'Positive', if NKCM's financial risk profile improves, backed by a
sustained improvement in profitability and capital structure.
Conversely, the outlook may be revised to 'Negative', if the
company's volumes or margins decline because of power shortage, it
fails to stabilize its operations post modernization of its newly
acquired manufacturing unit, or if it undertakes large, debt-
funded capital expenditure program.

                       About NKCM Spinners

NKCM, incorporated in 2008, manufactures and trades in cotton,
polyester, viscose and blended yarn. The company operates 58000
spindles, out of which 51000 spindles are leased.  All the
spinning units are located in and around Erode, Tamil Nadu.  The
company was formed after the merger of three partnership firms -
Narendra Kumar Cotton mills, NKCM Textiles and NKCM Spinners -
each jointly owned by the Nakhat and Mittal families of Erode,
Tamil Nadu. In 2009, NKCM acquired KAS Spinning mills, which has
about 7000 spindles, for about INR40 million.  NKCM is likely to
modernise the acquired unit; the project cost is estimated to be
about INR150 million.

NKCM reported a profit after tax (PAT) of INR2.6 million on net
sales of INR915 million for 2008-09 (refers to financial year,
April 1 to March 31).


RATAN MOTORS: CRISIL Rates INR120.0 Million Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Ratan Motors' bank
facilities.

   Facilities                       Ratings
   ----------                       --------
   INR120.0 Million Cash Credit     BB-/Stable (Assigned)
   INR30.0 Million Proposed Long    BB-/Stable (Assigned)
         Term Bank Loan Facility

The rating reflects Ratan Motors' weak financial risk profile
marked by a small net worth and large working capital
requirements, and susceptibility to intense competition in the
automotive dealership market.  These weaknesses are partially
offset by the firm's established market position in the automobile
dealership market in Mumbai and Pune (Maharashtra), and its
promoters' experience in the automobile dealership business.

Outlook: Stable

CRISIL believes that Ratan Motors will continue to generate
sufficient cash accruals over the medium term.  The outlook may be
revised to 'Positive' if Ratan Motors improves its profitability,
most likely driven by increased revenues from services and spares
in addition to increased offtake of vehicles.  Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates because of a weakening of liquidity, larger-
than-expected debt-funded capital expenditure, or less-than-
expected offtake for its products and services.

                         About Ratan Motors

Ratan Motors is an authorized dealer of passenger cars of Maruti
Suzuki India Ltd (MSIL, rated 'AAA/Stable/P1+' by CRISIL), and
heavy commercial vehicles (trucks) of Eicher Motors Ltd.  Ratan
Motors derives 60 per cent of its revenues from MSIL and the rest
from Eicher. Ratan Motors has been an authorized dealer of Eicher
since 1991, and of MSIL since 1997.

Ratan Motors is estimated to have generated a profit after tax
(PAT) of INR25 million on net sales of INR876 million for
2008-09 (refers to financial year, April 1 to March 31), against a
PAT of INR3.8 million on net sales of INR1,210 million for
2007-08.


SENTINI BIOPRODUCTS: ICRA Reaffirms 'LBB+' Rating on INR400MM Loan
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to INR400 million term loans
and INR450 million fund based limits of Sentini Bioproducts Pvt
Ltd.  ICRA has also assigned a Stable outlook on the long term
ratings. ICRA has also reaffirmed the A4+ rating, to INR30 million
non- fund based limits of SBPL.

The ratings are constrained by the regulated nature of the alcohol
industry, the company's limited track record of operations,
vulnerability of profitability to agricultural commodity price
cycles and expected increase in business risk profile due to
aggressive expansion plans in Indian Made Foreign Liquor
(IMFL) business and the proposed debt funded branding initiatives,
whose payoffs could be over an extended period of time.  However,
ICRA has taken due note of the favorable prospects for the usage
of grain alcohol over the long term due to better quality and high
growth anticipated in the premium liquor, location advantage being
one of the few South based grain distilleries and comfortable
financial position of promoter group companies.

                      About Sentini Bioproducts

Sentini Bioproducts (Pvt) Ltd was set up by the Sentini Group of
companies in 2006 tomanufacture grain based Potable Alcohol (Extra
Neutral Alcohol.  The group's two primary business activities are
ceramic tiles (through flagship company Sentini Cermica), IT/IT
enabled services (through Sentini Technologies) apart from
automobile body building and spare parts.  SBPL commissioned a
45000 KL per annum (120000 litres per day) ENA plant in Vijaywada
(AP) in 2008-09.  SBPL manufactures ENA from Yellow corn/ Maize
and sells the same to Indian Made Foreign Liquor manufacturers
located across Southern and East/North Eastern states.

In FY2009-10, SBPL reported a net profit of INR30.7 million on an
operating income of INR1.44 billion.


SHIVA TEXFABS: ICRA Cuts Rating on INR730 Million LT Loans to 'LB'
------------------------------------------------------------------
ICRA has revised the long term rating assigned earlier to
INR730 million long term fund-based limits and INR2,170 million
long-term loan of Shiva Texfabs Limited from 'LBB+' to 'LB'.  ICRA
has also revised the short term rating from 'A4+' to 'A5' assigned
earlier to the INR300 million short term non-fund based limits of
STL.

The revision in ratings reflects irregularity in debt repayment
and aggressive capital structure.  The rating continues to be
constrained limited by pricing power, commoditized nature of
product and high competitive intensity.  On account of 104% growth
in operating income during 2008-09 and high working capital
intensity, the company generated negative funds from operations.
Continued project capex has kept the gearing high despite equity
infusion of INR445 million.  The debt coverage indicators have
deteriorated.  The ratings however derive support from the
promoter's long experience in this business. ICRA has positively
factored in the commencement of polyester fiber manufacturing
plant that is expected to improve operating profitability.

Going forward ICRA shall positively factor in timely debt
repayments, improvement in operating profitability and lower
gearing.

                      About Shiva Fabricators

Incorporated in 1993 as Shiva Fabricators Private Limited, Shiva
Texfabs Limited was promoted by (Late) Mr. B. K. Malhotra with his
son Mr. Akhil Malhotra.  STL is in the business of manufacturing
and selling cotton yarn, blended synthetic yarn and acrylic yarn.
The company also has presence in manufacturing of ready-made
garment in a small way.

The company started commercial production in the year 1996 with an
initial installed capacity of 1,600 spindles for manufacturing of
acrylic and acro-polyester yarn and undertook expansion programme
from time to time.  Currently STL has installed capacity of about
86,000 spindles, which are being used for manmade-fiber-based and
cotton-based products.  STL commences commercial production of
polyester fiber in 2009-10  using waste PET bottles as raw
material.  A significant chunk of STL's revenue comes from knitted
cloth that the company gets knitted from third parties.


SMS STEELS: CRISIL Assigns 'B' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to SMS Steels Pvt Ltd's
bank facilities.

   Facilities                       Ratings
   ----------                       --------
   INR40.00 Million Cash Credit     B/Stable (Assigned)
   INR125.00 Million Term Loan      B/Stable (Assigned)

The rating reflects SSPL's weak financial risk profile marked by
small net worth, high gearing, and weak liquidity, and exposure to
risks related to implementation and commercialization of its pig
iron plant, and to large maturing debt obligations in the near
term.  These rating weaknesses are partially offset by the
benefits that SSPL derives from its promoters' experience in the
steel industry.

Outlook: Stable

CRISIL believes that SSPL will continue commercial operations at
its new plant as scheduled without any further time or cost
overruns.  The outlook may be revised to 'Positive' if SSPL
generates sizeable revenues and profits, post stabilization of its
operations.  Conversely, the outlook may be revised to 'Negative'
if the company faces delays in commissioning its project, funding
support from promoters reduces, or if quantum of debt contracted
to fund capital expenditure is more than expected.

                         About SMS Steels

SSPL was set up in 2004.  Currently the promoters are setting up
49,000 tonnes per annum (tpa) pig iron plant under this company in
Khudavandpur (Andhra Pradesh).  The total cost of the project is
around INR190 million, and will be funded with debt of INR125
million, equity of INR60 million, and unsecured loans of INR5
million.  The plant is expected to commence commercial operations
in May 2010.

The company plans to set up sinter plant which will be used to
process fine grain raw material into coarse grained iron ore
sinter for charging the blast furnace.  The total cost of the
project is expected to be around INR200 million and the same will
be funded in a debt-to-equity ratio of 2:1.  The company plans to
commence implementation of this project in three months.


SUGUNA RAMAIAH: CRISIL Places 'BB' Ratings on INR103MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Suguna Ramaiah Hospitals Pvt Ltd.

   Facilities                           Ratings
   ----------                           --------
   INR103.00 Million Long Term Loan     BB/Stable (Assigned)
   INR9.00 Million Cash Credit          BB/Stable (Assigned)

The rating reflects SRHL's below-average financial risk profile,
and exposure to risks relating to small scale of operations and
limited track record in the health-care industry, and to
geographic concentration in revenue profile.  These weaknesses
are, however, partially offset by the benefits that the company
derives from its promoters' experience in the healthcare industry,
and from its improving operating efficiencies.

Outlook: Stable

CRISIL believes that SRHL will maintain a stable credit risk
profile supported by improving occupancy levels. The outlook may
be revised to 'Positive' if the company's revenues and
profitability increase considerably.  Conversely, the outlook may
be revised to 'Negative' if SRHL's occupancy levels or operating
margins decline sharply, or if the company undertakes large, debt-
funded capital expenditure.

                          About Suguna Ramaiah

Set up in February 2004 by Dr. R Ravindra (an orthopaedic
surgeon), and wife Dr. Sujatha (a gynaecologist), SRHL commenced
commercial operations in September 2006.  The hospital has around
75 consultant doctors, in addition to around 20 resident doctors.
A tertiary care hospital with a capacity of 117 beds, SRHL offers
multi-specialty treatment across disciplines such as medicine and
surgery.

SRHL reported a net loss of INR2.3 million on net sales of
INR152.6 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a net loss of INR4.9 million on net sales of
INR110.9 million for 2007-08.


TUBEKNIT FASHIONS: ICRA Downgrades LT Rating on Loans to 'LB'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to INR71.5 million
term loans and INR425.0 million fund-based bank facilities of
Tubeknit Fashions Limited to 'LB' from 'LBB-'.  ICRA has also
revised TKFL's short-term rating for the INR62.5 million non-fund
based limits from A4 to A5.

The revision in the ratings takes into account delays in debt
servicing by the company, driven by the downturn in the Indian
textile industry and company specific liquidity issues.  TKFL's
high concentration in the European markets and moderate revenue
concentration from relatively fewer customers continues to be key
rating constraints.  However, the ratings take comfort from the
experience of TKFL's promoters in the manufacture and export of
garments and the company's presence in relatively higher margin
"high style" garments.

                      About Tubeknit Fashions

Promoted in 1985, as a partnership firm, by first generation
entrepreneurs, Mr. P. Parthasarathy and Mr. Palaniswamy under the
name Tubetex Exports, TKFL was mainly undertaking dyeing of yarns
and grey fabric on a conversion basis for other garment units in
Tirupur.  The firm diversified into the manufacture and export of
knitted garments in 1990.  Following the exit of Mr. Palaniswamy,
one of the partners in 1995, the firm was fully owned and managed
by Mr. Parthasarathy and his wife Ms. Maheswari.  Tubetex Exports
was converted to a private limited company in 1996 and later to a
public limited company in 1999.  Currently TKFL has four factories
located in and around Tirupur and has capacities along the entire
textile value chain except for spinning.  TKFL has positioned
itself as a high style garments manufacturer operating in low
volume and relatively high margin segment.


VEDIKA CREDIT: Low Net Worth Cues CRISIL's 'B+' Ratings on Loans
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Vedika Credit Capital Ltd.

   Facilities                           Ratings
   ----------                           --------
   INR230 Million Long Term Bank        B+/Stable (Assigned)
               Loan Facility
   INR35 Million Cash Credit Facility   B+/Stable (Assigned)
   INR35 Million Proposed Long Term     B+/Stable (Assigned)
                  Bank Loan Facility

The rating reflects Vedika's promoters' limited experience and the
company's small presence in the microfinance business, with
regional concentration of operations, its modest financial risk
profile marked by low net worth and high operating expenses, and
its exposure to risks inherent in the microfinance industry.
These rating weaknesses are partially offset by the company's
sound asset quality marked by low delinquency levels.

Outlook: Stable

CRISIL believes that Vedika will benefit from the growth
opportunities in the microfinance sector.  However, given the
promoters' limited experience in the sector, their ability to grow
the business, and accordingly scale up systems and processes to
manage asset quality and operating expenses, needs to be
demonstrated.  The outlook could be revised to 'Positive' if
Vedika exhibits sustained profitable growth without compromising
on its asset quality.  Conversely, the outlook could be revised to
'Negative' if Vedika is unable to raise adequate resources to fund
its planned growth, or is not able to maintain asset quality as it
expands its operations.

                        About Vedika Credit

Incorporated in 1995, Vedika is a non-deposit-taking non-banking
financial company registered with the Reserve Bank of India.
Vedika lends to joint-liability groups, and provides top-up loans
to clients, in and around Ranchi (Jharkhand).  It entered into the
microfinance business in 2007, before which, it was involved in
two-wheeler financing.  As on March 31, 2010, Vedika had a
borrower base of 17,886 members across 14 branches in 8 districts
of Jharkhand.

For 2008-09 (refers to financial year, April 1 to March 31),
Vedika reported a profit after tax (PAT) of INR3.3 million on a
total income of INR57.4 million, against a PAT of INR2.1 million
on a total income of INR45.7 million for the previous year. For
the nine months ended December 31, 2009, Vedika's PAT was INR3.4
million on a total income of INR41 million.


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


CAFES 3: Moody's Reviews Ratings on Various Classes of Notes
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings for the Class A through F and X trust
certificates issued by Cafes 3.  The final maturity of the trust
certificates will take place in August 2014.

The individual rating actions are listed below.

  -- Class A, Review for Possible Downgrade; previously, Confirmed
     at Aaa on June 12, 2009

  -- Class B, Review for Possible Downgrade; previously,
     Downgraded to Aa3 from Aa2 on June 12, 2009

  -- Class C, Review for Possible Downgrade; previously,
     Downgraded to A3 from A2 on June 12, 2009

  -- Class D, Review for Possible Downgrade; previously,
     Downgraded to Ba1 from Baa2 on June 12, 2009

  -- Class E, Review for Possible Downgrade; previously,
     Downgraded to B2 from Baa3 on June 12, 2009

  -- Class F, Review for Possible Downgrade; previously,
     Downgraded to B2 from Ba2 on June 12, 2009

  -- Class X, Review for Possible Downgrade; previously, Confirmed
     at Aaa on June 12, 2009

Cafes 3, effected in November 2007, represents the securitization
of six non-recourse loans and four specified bonds.  One of the
non-recourse loans has been repaid in full, and the transaction is
currently secured by six Loans and three loans that have been
under special servicing thus far.

The loan that defaulted in October 2009 is backed by two office
buildings in large cities, including Tokyo.  The other two loans
that defaulted in April 2010 are backed by three office buildings
and five retail buildings in Tokyo.

The review has been prompted by Moody's growing concerns about the
need to apply 1) higher stress on the recovery assumptions for the
three loans under special servicing, in view of current disposal
prices, and 2) further stress on the performance of the collateral
backing the other loans in light of the deteriorating occupancy
rates for some of the properties.

In its review, Moody's will examine the latest appraisal reports,
as well as additional data, including PM reports, on the
properties' leasing status and performances.  Moody's will also
continue to monitor the special servicer's servicing strategies
and the prospects for recovery of the loans under special
servicing.

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.


GODO KAISHA: S&P Downgrades Ratings on Floating-Rate Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
floating-rate notes, classes D to F, issued by Godo Kaisha ORSO
Funding CMBS 6 in March 2007.  At the same time, S&P placed on
CreditWatch with negative implications its ratings on classes A to
F.  S&P also affirmed its ratings on class X issued under the same
transaction.

The transaction was initially backed by four TMK bonds and two
loans issued by/extended to six obligors.  As the two loans
(representing a combined 36.9% or so of the total issuance amount
of the notes) have been repaid, only four TMK bonds remain.

For three of the four remaining TMK bonds, S&P take the view that
there appears to be uncertainty over the recovery prospects of the
related collateral properties considering the performance of the
related properties, based on the possibility that the TMK bonds
may not be redeemed and the properties may need to be liquidated.
Although S&P has yet to finalize its assessment of the recovery
prospects of the properties, S&P downgraded classes D to F and
placed its ratings on classes A to F on CreditWatch with negative
implications because it is its view that a certain level of
decline in the likely recovery amount from the properties appears
inevitable.  The transaction's remaining TMK bonds that S&P
reviewed consist of:

* A TMK bond maturing in January 2011 (representing about 17.1%
  of the total initial issuance amount of the notes), which is
  backed by two hotels;

* A TMK bond maturing in October 2011 (representing about 9.1% of
  the total initial issuance amount of the notes), which is backed
  by a rental condominium building on the outskirts of Tokyo; and

* A TMK bond maturing in October 2011 (representing about 30.1% of
  the total initial issuance of the notes), which is backed by a
  office/rental condominium building located in Tokyo;

S&P intends to review its ratings on the six classes that S&P
placed on CreditWatch with negative implications after completing
its assessment of the recovery prospects of the properties backing
the aforementioned three TMK bonds.

Godo Kaisha ORSO Funding CMBS 6 Trust is a multi-borrower CMBS
transaction.  The floating-rate notes were initially secured by
four TMK bonds and two loans issued by/extended to six obligors.
The TMK bonds were originally backed by 32 real estate properties.
The transaction was arranged by Bear Stearns (Japan) Ltd., Tokyo
Branch.  Premier Asset Management Co. acts as the servicer for
this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in November 2013 for the class A notes, the
full payment of interest and ultimate repayment of principal by
the legal final maturity date for the class B to F notes, and the
timely payment of available distribution until the earlier of the
legal final maturity date or the termination of the TK agreement
for the interest-only class X TK Distribution.

Ratings Lowered, Placed On Creditwatch Negative

                  Godo Kaisha ORSO Funding CMBS 6

       JPY29.9 billion floating-rate notes due November 2013

Class      To                 From           Initial Issue Amount
-----      --                 ----           --------------------
D          BB/Watch Neg       BBB            JPY3.6 bil.
E          B/Watch Neg        BB             JPY3.0 bil.
F          B/Watch Neg        BB-            JPY0.2 bil.

              Ratings Placed On Creditwatch Negative

                 Godo Kaisha ORSO Funding CMBS 6

Class      To                 From           Initial Issue Amount
-----      --                 ----           --------------------
A          AAA/Watch Neg      AAA            JPY16.0 bil.
B          AA/Watch Neg       AA             JPY3.5 bil.
C          A/Watch Neg        A              JPY3.6 bil.

                          Rating Affirmed

                  Class                    Rating
                  -----                    ------
                  X (TK distribution)      AAA

The issue date was March 19, 2007.


JAPAN AIRLINES: South Korea Fines 19 Airlines for Price Fixing
--------------------------------------------------------------
Bloomberg News reports that the Fair Trade Commission of South
Korea has fined Japan Airlines Corp., Korean Air Lines Co. and 17
other airlines for fixing cargo shipment rates.

Bloomberg News, citing the South Korean antitrust agency in an
e-mailed statement, relates that the carriers will be fined
KRW120 billion (US$97 million).  Scandinavian Airlines and Air
India were given warnings, it said.

The Wall Street Journal relates the FTC said unfair practices
resulted in about KRW6.7 trillion worth of sales losses in the
South Korean airline market.

According to the Journal, the FTC said Korean Air Lines has been
slapped with a KRW48.7 billion fine and Asiana Airlines Inc. has
been fined KRW20.7 billion.  Other airlines facing fines include
Japan Airlines International Co., a unit of Japan Airlines Corp.;
Lufthansa AG; Cathay Pacific Airways Ltd.; Singapore Airlines
Ltd.; and Air France, part of Air France-KLM.

The Journal notes that the FTC said the airlines first tried to
introduce fuel surcharges through the International Air Transport
Association in the late 1990s for all carriers, but were not
allowed to do so.  The airlines then resorted to unfair trade
practices to introduce and raise surcharges.

                        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)


J-CORE 14: Moody's Reviews Ratings on Nine Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has placed nine classes of J-CORE 14
Trust Certificates and asset-backed loans under review for
possible downgrade.  The final maturity will take place in
November 2014.

The individual rating actions are listed below.

  -- Class A Trust Certificate, Aaa Placed Under Review for
     Possible Downgrade; previously on April 30, 2008 Definitive
     Rating Assigned Aaa

  -- Class A Loan, Aaa Placed Under Review for Possible Downgrade;
     previously on April 30, 2008 Definitive Rating Assigned Aaa

  -- Class B Trust Certificate, Aa2 Placed Under Review for
     Possible Downgrade; previously on July 13, 2009 Confirmed at
     Aa2

  -- Class C Trust Certificate, A3 Placed Under Review for
     Possible Downgrade; previously on July 13, 2009 Downgraded to
     A3

  -- Class C Loan, A3 Placed Under Review for Possible Downgrade;
     previously on July 13, 2009 Downgraded to A3

  -- Class D Trust Certificate, Baa3 Placed Under Review for
     Possible Downgrade; previously on July 13, 2009 Downgraded to
     Baa3

  -- Class E Trust Certificate, Ba2 Placed Under Review for
     Possible Downgrade; previously on July 13, 2009 Downgraded to
     Ba2

  -- Class F Loan, B1 Placed Under Review for Possible Downgrade;
     previously on July 13, 2009 Downgraded to B1

  -- Class X Trust Certificate, Aaa Placed Under Review for
     Possible Downgrade; previously on April 30, 2008 Definitive
     Rating Assigned Aaa

J-CORE14 is a single-asset/single-borrower CMBS deal effected in
April 2008.

The collateral is a full service hotel in Tokyo.  Dividend
distributions and interest on the rated Trust Certificates and
Loans will be paid out of the rental income from the asset.

If an event of default occurs, the property will be sold and the
proceeds will be used to pay down the principal.

Moody's considers it highly likely that the property's
profitability will fall below Moody's assumptions, given the
decline in performance since the last rating action on July 13,
2009.  Thus, in its review, Moody's will re-assess its estimates
for net cash flow and property value.

Moody's also plans to interview the asset manager on its operating
and refinancing strategies, as well as its disposal efforts, in
light of the specified 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.


J-CREM 2: Moody's Reviews Ratings on Seven Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has placed seven classes of J-CREM 2
Trust Certificates on review for possible downgrade.  The final
maturity of the Trust Certificates will take place in March 2014.

The individual rating actions are listed below.

  -- Class A, Aaa Placed Under Review for Possible Downgrade;
     previously on August 31, 2007 Definitive Rating Assigned Aaa

  -- Class B, Aa2 Placed Under Review for Possible Downgrade;
     previously on July 13, 2009 Confirmed at Aa2

  -- Class C, A3 Placed Under Review for Possible Downgrade;
     previously on July 13, 2009 Downgraded to A3 from A2

  -- Class D, Baa3 Placed Under Review for Possible Downgrade;
     previously on July 13, 2009 Downgraded to Baa3 from Baa2

  -- Class E, B1 Placed Under Review for Possible Downgrade;
     previously on July 13, 2009 Downgraded to B1 from Ba2

  -- Class F, B2 Placed Under Review for Possible Downgrade;
     previously on July 13, 2009 Downgraded to B2 from Ba3

  -- Class X, Aaa Placed Under Review for Possible Downgrade;
     previously on August 31, 2007 Definitive Rating Assigned Aaa

J-CREM 2 Trust is a single-asset/single-borrower CMBS deal
effected in August 2007.  The underlying property of the
transaction is a full service hotel located outside of Tokyo.

According to the servicer reports, the DSCR tests of the specified
bond conducted -- based on the hotel operating cash flows -- has
remained lower than the level defined in the conditions of the
specified bond for four consecutive quarters.

Moody's considers it highly likely that the property's
profitability will fall -- and remain -- below its Moody's
assumptions due to the declining performance; thus, Moody's will
re-assess its estimates for net cash flow and property value.

As part of its review, Moody's will additionally receive updated
data regarding the hotel operations from the servicer and monetary
trustee, and will conduct interviews with the asset manager
regarding past hotel operations, future operation strategies,
refinancing strategies, and disposal activities, in light of the
specified bond's maturity in March 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.


L-JAC 4: Moody's Reviews Ratings on Various Classes of Bonds
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings for the Class A-2 through G-3 Bonds issued
by L-JAC 4 Funding and Class X-1/X-2 Trust Certificates.  The
final maturity of the bonds and trust certificates is due in May
2015.

The individual rating actions are listed below.

  -- Class A-2, Aa2 placed under review for possible downgrade;
     previously downgraded to Aa2 from Aaa on July 7, 2009

  -- Class B-2, A1 placed under review for possible downgrade;
     previously downgraded to A1 from Aa2 on July 7, 2009

  -- Class C-2, A3 placed under review for possible downgrade;
     previously downgraded to A3 from A2 on July 7, 2009

  -- Class D-3A, Ba1 placed under review for possible downgrade;
     previously downgraded to Ba1 from Baa2 on July 7, 2009

  -- Class D-3B, Ba1 placed under review for possible downgrade;
     previously downgraded to Ba1 from Baa2 on July 7, 2009

  -- Class E-3, Ba2 placed under review for possible downgrade;
     previously downgraded to Ba2 from Baa3 on July 7, 2009

  -- Class F-3, Ba3 placed under review for possible downgrade;
     previously downgraded to Ba3 from Ba1 on July 7, 2009

  -- Class G-3, B1 placed under review for possible downgrade;
     previously downgraded to B1 from Ba2 on July 7, 2009

  -- Class X-1, Aa2 placed under review for possible downgrade;
     previously downgraded to Aa2 from Aaa on July 7, 2009

  -- Class X-2, Aa2 under review for possible downgrade;
     previously downgraded to Aa2 from Aaa on July 7, 2009

L-JAC4, effected in May 2007, represents the securitization of
non-recourse loans to five borrowers.  The transaction is
currently backed by a loan.  The underlying property of the loan
is a full service hotel located outside of Tokyo.

Moody's has received servicer reports which indicate that the debt
service coverage ratio on the remaining loan has remained lower
than the standard level as defined under the loan agreement for
the last three quarters.

Moody's considers it highly likely that the property's
profitability will fall -- and remain -- below its Moody's
assumptions due to the declining performance; thus, Moody's will
reassess its estimates for net cash flow and property value.

Moody's will additionally receive updated data regarding hotel
operations from the servicer.  It will review the value of the
underlying property and re-estimate the property net cash flow
backed by the profitability of the hotel operation.

Moody's will also monitor the strategies and profit prospects for
the new operator which was first engaged in May 2010.

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.


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


CANTERBURY MORTGAGE: To Repay Investors Another 5 Cents in July
---------------------------------------------------------------
The Canterbury Mortgage Trust is expecting to pay investors
another 5 cents on the dollar at the end of July, taking the
repayment to 74c, Marta Steeman at BusinessDay.co.nz reports.
It is not making interest repayments.

According to the report, Don McBeath, chairman of the trust fund's
manager, Fund Managers Canterbury Ltd, said Fund Managers was
working on recovering the more difficult loans now and a number of
mortgages were falling due in the next few months.

"Hopefully they will get repaid, if they don't we will work on
those as well.  Unfortunately, people are still having great
difficulty, and almost finding it impossible to refinance," the
report quoted Mr. McBeath as saying.  "In the latest accounts, the
expected recovery based on all the provisions we have made and a
careful assessment at the time was around 90c, I think.  We
certainly are going to endeavour to recover more than that but I
really can't comment on the likelihood of that happening at this
stage," Mr. McBeath said.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, Canterbury Mortgage Trust decided to wind up its
frozen mortgage fund with the aim of returning NZ$251 million owed
to 4,500 investors.

The trust warned investors in its annual report last year that it
had made a worst-case scenario provision of $46.7m for bad loans.
That meant investors might get only 88 cents in the dollar back.

                    About Canterbury Mortgage

Formed in 1999 and with NZ$266 million of funds under
management, Canterbury Mortgage Trust offers an alternative
fixed interest investment.  The Trust provides managed mortgage
investments and mortgage finance throughout New Zealand.

In recent times, the Trust has experienced some contraction due to
a number of finance company collapses, and a softening property
market.


SOUTH CANTERBURY: Allan Hubbard Appointed as President for Life
---------------------------------------------------------------
Allan Hubbard, the chairman and controlling shareholder of South
Canterbury Finance Limited, has decided to become President for
Life and step aside as a director of the Company.  The position
has been created to reflect his special role and contribution to
the Company over several decades, and which continues to endure.

Mr. Hubbard indicated at last year's Annual Meeting of the Company
that he intended to step aside as Chairman of the board sometime
this year.  Moving into his new position as President for Life
will enable a greater focus on finding a new equity partner for
the Company and assist the drive to improve liquidity.

Commenting on his decision, Mr. Hubbard says: "Significant
achievements have been made by the board and new management team
in the last six months to put the business on a sound footing. I
am confident the decisions being taken will restore South
Canterbury Finance as a leading provider of finance for business
development beyond the traditional banking sector"

"There are two important tasks ahead: to work with the board and
management to overcome the short-term liquidity issues that have
arisen as an unintended consequence of the initial Crown retail
deposit guarantee and secondly to find an equity partner for South
Canterbury Finance to achieve an orderly succession and underpin
the long term future of the business."

Mr. Hubbard says South Canterbury Finance has impacted the lives
of many people over the years by providing resources at crucial
times to support their endeavors.  "It is essential to the New
Zealand economy that firms such as South Canterbury Finance are
able to continue in this role."

In the years he has chaired South Canterbury Finance, Mr. Hubbard
has transformed the business from a small local finance company
into one of the country's leading players in the non-banking
finance sector.

"The South Canterbury Finance story is remarkable, and a tribute
to the dedication of Allan, his wife and co-owner Jean and the
people who have worked with him over the years," Chief Executive
Officer Sandy Maier says.

"He has made an enormous contribution by his far-sighted decisions
to support the growth of New Zealand's backbone industries. An
acknowledgement of that was the recent presentation of the Ron
Cocks Memorial Award for his contribution to the irrigation
schemes that are now the basis of much of Canterbury's wealth. But
critically, Allan has used the resources of South Canterbury
Finance to help people and to help them achieve their ambitions.
He has worked tirelessly for a very long time and he continues to
do so despite being in his eighties. This is a change in his role
and not a retirement."

As President for Life, Mr. Hubbard will continue to attend South
Canterbury Finance board meetings.

The directors will convene in the near future to appoint a new
Chairman of South Canterbury Finance.

In a separate development, Mr. Edward Sullivan said he will retire
as a director of South Canterbury Finance with effect from May 31,
2010.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 31, 2010, Standard & Poor's affirmed its short term credit
rating of B, removed the Creditwatch Negative outlook and adjusted
the long term rating to B+.  The outlook for both ratings has been
set at Creditwatch Developing.


SOUTH CANTERBURY: Ratings Downgrade Won't Affect Crown Guarantee
----------------------------------------------------------------
South Canterbury Finance Limited confirmed Friday that the ratings
agency Standard & Poor's has affirmed its short term credit rating
of B, removed the Creditwatch Negative outlook and adjusted the
long term rating to B+.  The outlook for both ratings has been set
at Creditwatch Developing.

Commenting on the ratings action, Chief Executive Officer Sandy
Maier said Standard & Poor's goes some way towards acknowledging
the progress South Canterbury Finance has achieved but in the
Company's view does not give full credit for the real progress
made, particularly the recent momentum in building liquidity.

"The Company started its turnaround months ago and is achieving
significant results.  Our cash balance has increased
substantially, the investor retention rate is improving and the
programme to reduce the debenture maturity profile between now and
October is proving highly popular with investors and is making
excellent progress."

The programme to manage the maturity profile is being done in two
tranches.  The first has been very successful with two out of
three investors who have responded to date, with debenture
investments totaling more than $110 million maturing between now
and July, accepting longer dated maturities in advance of
maturity.

"In essence Standard & Poor's are now saying we are not going fast
enough. With all due respect to Standard & Poor's, we believe this
misses the point of the turnaround we are pursuing. All along our
aim has been to restructure the business in an orderly way to
underpin its long term sustainability. Doing so will protect the
interests of all investors and stakeholders more effectively than
striving to meet the short term goals and expectations of the
ratings agency."

Mr. Maier said the ratings downgrade does not affect South
Canterbury Finance's Crown guarantee under the retail deposit
guarantee scheme which expires on December 31, 2011, nor does the
downgrade constitute a breach of any covenants under South
Canterbury Finance's trust deed or other financial arrangements.

"South Canterbury Finance will continue to focus on the milestones
it needs to achieve as it makes further progress towards its
traditional role of supporting business growth. We acknowledge
this will take time and the Company looks forward to regaining a
higher credit rating as our milestones are met."

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 31, 2010, Standard & Poor's affirmed its short term credit
rating of B, removed the Creditwatch Negative outlook and adjusted
the long term rating to B+.  The outlook for both ratings has been
set at Creditwatch Developing.


ST LAURENCE: Direct Property Investments No. 6 Faces Receivership
-----------------------------------------------------------------
Direct Property Investments No. 6, a company associated with
St Laurence Ltd, may be facing the prospect of receivership after
failing to repay bond investors NZ$9.5 million in February,
Sophia Rodrigues writes for the Banking Day.

Ms. Rodrigues said the company is currently putting together a
proposal to extend terms of the bonds, which will be put to the
bondholders for consideration only if the Trustee, Perpetual,
believes there is merit.

Direct Property Investments No 6 is owned by Direct Property
Investments and was not put under receivership when companies
belonging to the St Laurence group were, as it is not part of the
borrowing group.  However, Direct Property Investments is already
under receivership.

Citing Direct Property's annual statements, the report discloses
that the company had flagged the uncertainty it faced relating to
its ability to refinance this NZ$9.5 million debt, and indicated
it will be forced to sell its investment property if it is unable
to refinance.  The company also said that given the time required
for such a sale, there was a possibility the Trustee might take
action, the report adds.

                        About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.  The receivership does not include the companies
which are the managers of The National Property Trust, Irongate
Property Limited and its proportionate ownership schemes and
syndicates.


* NEW ZEALAND: Finance Firm Investors Entitled to Refunds
---------------------------------------------------------
The Securities Commission said its investigations into finance
companies show that many investors are entitled to refunds on
their investments.

"Where individuals and companies had broken the law by offering
securities to the public without a registered prospectus,
investors were entitled to a refund of their principal plus
interest," the commission said in a statement Friday.

"Investors who did not receive an investment statement before
investing may also be able to seek a refund.

The commission said investors could take action against both the
issuers and the directors personally for recovery of their
investment.  The amount available may exceed the amounts returned
on receivership or liquidation.

"The viability of any such action will of course depend upon the
financial ability of the issuer or the directors to meet that
liability."

However, the Commission said investors must take action
themselves.

"The Commission is not able to take action for them.  The
Commission strongly recommends that investors seek legal advice as
to their entitlements, and the prospects of enforcing those
entitlements."

The Securities Act requires an issuer to have registered a
prospectus before securities are allotted to a member of the
public in New Zealand.  The issuer must also make sure that the
investor has received the related investment statement before that
investor subscribes to the offer.  If the issuer is offering debt
securities, such as debenture stock, the Securities Act also
requires there to be a trustee for the investors. There are,
however some instances in which the issuer may be excused from the
requirements.

Following investigation by the Commission a referral to the
National Enforcement Unit resulted in a successful prosecution of
Ms. Sharon Day and QED Limited in relation to investment offers to
the public by QED without a registered prospectus or investment
statement.  The National Enforcement Unit has also filed similar
charges against the directors of Five Star Debenture Nominees
Limited.

Investigations are continuing into other issuers that may have
breached the Act in this way.


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


ACCUVAL SINGAPORE: Creditors' Proofs of Debt Due June 28
--------------------------------------------------------
Accuval Singapore Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by June 28, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


C.F.H. INSURANCE: Creditors' Proofs of Debt Due June 27
-------------------------------------------------------
C.F.H. Insurance Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by June 27, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


LIFESTYLE & LEISURE: Creditors' Proofs of Debt Due June 31
----------------------------------------------------------
Lifestyle & Leisure Investments Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by June 31, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


L&M INFRATECH: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on May 21, 2010, to
wind up the operations of L&M Infratech Pte Ltd.

L&M.com Pte Ltd (formerly known as L&M Holdings Pte Ltd) filed the
petition against the company.

The company's liquidator is:

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


L&M EQUIPMENT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on May 21, 2010, to
wind up the operations of L&M Equipment Pte Ltd.

L&M.com Pte Ltd (formerly known as L&M Holdings Pte Ltd) filed the
petition against the company.

The company's liquidator is:

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


L&M PETROMA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on May 21, 2010, to
wind up the operations of L&M Petromas Pte Ltd.

L&M.com Pte Ltd (formerly known as L&M Holdings Pte Ltd) filed the
petition against the company.

The company's liquidator is:

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


RADAR MAX: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on May 21, 2010, to
wind up the operations of Radar Max Pte Ltd.

Singapore Telecommunications Limited filed the petition against
the company.

The company's liquidator is:

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


SEO FRAGRANCE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on May 14, 2010, to
wind up the operations of Seo Fragrance & Flavours Pte Ltd.

National Starch Pte Ltd filed the petition against the company.

The company's liquidator is:

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


TW OILS: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on May 21, 2010, to
wind up the operations of TW Oils & Fats (Singapore) Pte Ltd.

Carotino Sdn Bhd filed the petition against the company.

The company's liquidator is:

         Mr Chan Yee Hong
         Nexia Ts Risk Advisory Pte. Ltd.
         5 Shenton Way #16-00
         UIC Building
         Singapore 068808


===============
T H A I L A N D
===============


* THAILAND: Gov't. to Draw Up Aid Package to Affected SMEs
----------------------------------------------------------
The Office of Small and Medium Enterprises Promotion is drawing up
an assistance package to support operators affected by the recent
political unrest in Bangkok, The Bangkok Post reports citing
director-general Yuthasak Supasorn.

According to the report, Osmep is discussing how the assistance to
revive trade should be structured with small and medium-size
operators from areas that were directly and indirectly affected by
the recent unrest.

"We are trying to help small and medium entrepreneurs who still
haven't got any help from the government," Mr. Yuthasak told
Bangkok Post.

The report relates Mr. Yuthasak said the state would help as many
SMEs as possible, not just those in areas directly affected by the
protests, but also others in the Pratunam area, Mahanak market and
Suan Lum Night Bazaar.

According to the report, Osmep officials suggested measures
including:

   -- seeking short-term free retail space for wholesalers;

   -- asking the SME Bank to provide more soft loans to support
      entrepreneurs' cashflow;

   -- negotiating the proposed scheme with the bank as soon as
      possible and ask commercial banks to reschedule loan
      payments for affected operators;

   -- asking landlords to reduce rental fee; and

   -- providing free marketing channels including a website and
      printed materials.


                         *********

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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