TCRAP_Public/100608.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, June 8, 2010, Vol. 13, No. 111

                            Headlines



A U S T R A L I A

BURRANGONG MEAT: Sold to BE Campbell Group; May Reopen Next Year


C H I N A

AGRICULTURAL BANK: Chinese Regulator to Review Share Sale
CHINA DU: Posts US$49,000 Net Loss for Q1 2010
CHINA MERCHANTS: Expects Net Interest Margin to Rise 2.7% in Q1
CHINESEWORLDNET.COM INC: Recurring Losses Cue Going Concern Doubt
GUANGZHOU GLOBAL: Posts US$1.5 Million Net Loss in Q1 2010


H O N G  K O N G

J & F LIMITED: Court to Hear Wind-Up Petition on July 7
J'S PUBLICATIONS: Court Enters Wind-Up Order
KEYWAH INTERNATIONAL: Court to Hear Wind-Up Petition on July 21
KONG YUE: Court Enters Wind-Up Order
LABOUR BUILDINGS: Court Enters Wind-Up Order

LOYAL BEST: Court Enters Wind-Up Order
MAN HING: Court Enters Wind-Up Order
PHAROS INTERNATIONAL: Court Enters Wind-Up Order
RISE GROUP: Court Enters Wind-Up Order
SKILLION PROPERTIES: Court Enters Wind-Up Order

SMART RISE: Court Enters Wind-Up Order
TACK FAT: Court Enters Wind-Up Order
TRADEVENTURE INTERNATIONAL: Court Enters Wind-Up Order
TELEWISE GROUP: Court Enters Wind-Up Order
TODAYTECH ASIA: Maund and Gaspar Step Down as Liquidators


I N D I A

AEROFLEX INDUSTRIES: CRISIL Cuts Rating on INR200MM Loan to 'D'
AKSHIT ENTERPRISES: CRISIL Assigns 'B+' Rating on Various Debts
APOLLO VIKAS: CRISIL Lifts Rating on INR30MM Cash Debt to 'BB-'
BELCO PHARMA: ICRA Assigns 'LBB' Rating on Fund-Based Facilities
BINDAL SILK: CRISIL Assigns 'BB+' Rating on INR49.4MM Term Loan

FERTICHEM COTSPIN: ICRA Revises Rating on LT Loan to 'LBB-'
GUJARAT MICROWAX: ICRA Assigns 'LBB+' Rating on INR110MM Bank Debt
HINDUSTAN MINT: CRISIL Assigns 'BB-' Rating on INR15MM Cash Credit
K. R. ANAND: CRISIL Reaffirms 'C' Rating on INR100MM Cash Credit
KINGFISHER AIRLINES: Becomes Oneworld Alliance Member Elect

LUCID COLLOIDS: CRISIL Reaffirms 'B' Rating on INR530M Cash Credit
MAHESH TIMBER: CRISIL Reaffirms 'BB+' Rating on Cash Credit
MAHESH INDUSTRIES: CRISIL Rates INR50MM Cash Credit at 'BB+'
MAHESH MERCHANDISE: CRISIL Assigns 'BB+' Rating on INR140MM Loan
PHULCHAND EXPORTS: ICRA Assigns 'LBB-' Rating on INR300MM Loan

RH AGRO: CRISIL Lifts Rating on Various Bank Debts to 'B'
SAIBABA SHIP: CRISIL Upgrades Rating on INR30MM Debt to 'BB-'
TVS INTERCONNECT: ICRA Places 'LBB' Rating on INR750MM Debts
VIKAS TELECOM: Fitch Assigns National Long-Term Rating at 'C'


J A P A N

AGC TRUST: Moody's Downgrades Ratings on Class B Certificates
ELPIDA MEMORY: Plans to Build Plants in China and Taiwan
HITACHI LTD: Shares Tumble on Report UK Train Deal Cancellation
J-CORE 13: Moody's Downgrades Ratings on Six Classes of Certs.
J-CORE 15: Moody's Downgrades Ratings on Seven Classes of Certs.

JAPAN AIRLINES: Expects to Swing Into The Black Next Year
JAPAN AIRLINES: Not Keen on Buying Airbus SAS A380 Planes


K O R E A

HYNIX SEMICONDUCTOR: Fitch Upgrades Issuer Default Rating to 'BB-'
HYUNDAI CEMENT: Creditors Agree on Debt Workout
SUNGJEE CONSTRUCTION: Denies Defaulting on KRW2.57BB Notes


N E W  Z E A L A N D

SOUTH CANTERBURY: Torchlight Replaces $75-Mil. Facility


S I N G A P O R E

INTELLIGENT COMMUNICATION: Posts US$2.9 Mil. Net Loss in Q1 2010


X X X X X X X X

* BOND PRICING: For the Week May 31 to June 4, 2010




                         - - - - -


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


BURRANGONG MEAT: Sold to BE Campbell Group; May Reopen Next Year
----------------------------------------------------------------
ABC News reports that Burrangong Meat Processors has been sold to
the BE Campbell Group, a family company that operates in the meat
processing and distribution industry.

According to the report, receiver Alan Hayes said the abattoir
will initially employ about 88 people and take on more staff over
time.

ABC News says the State Government expects the abattoir will
reopen next year and will employ up to 400 people by its fifth
year of operation.

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
AU$20 million.

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.


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


AGRICULTURAL BANK: Chinese Regulator to Review Share Sale
---------------------------------------------------------
Rose Yu and Liu Li at Dow Jones Newswires report that China's
securities regulator will review Agricultural Bank of China Ltd.'s
massive sale of shares in Shanghai and Hong Kong Wednesday.

Citing ABC's preliminary prospectus posted on the regulator's Web
site Friday, Dow Jones relates the rural lender said it plans to
sell up to 22.2 billion yuan-denominated A shares on the Shanghai
Stock Exchange and up to 26.7 billion Hong Kong dollar-denominated
H shares in Hong Kong.

If over-allotment options are exercised, Dow Jones says, the bank
will offer up to 25.6 billion shares in Shanghai, and up to 30.7
billion shares in Hong Kong.

According to Dow Jones, people familiar with the situation said
earlier the lender could raise US$20 billion to US$30 billion in
the dual listing, possibly overtaking the US$22 billion IPO from
Industrial & Commercial Bank of China Ltd. in 2006 as the world's
largest.

Meanwhile, Ming Pao Daily News reports that Agricultural Bank of
China vice-president Pang Gong-sheng said the bank has not cut
down its initial public offering price as market liquidity is
sufficient and the bank has never set any price range for the IPO,
according to Reuters.

Ming Pao Daily relates Mr. Pang said the bank will focus on
recruiting the county's large- and medium-sized customers, a
service which is seen posting fast growth in coming years.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 16, 2008, Agricultural Bank plans to seek a dual listing at
both Shanghai Stock Exchange and Hong Kong Exchanges this year.

The bank is expected to raise US$25 billion to US$35 billion from
the IPO, with 60 percent of shares sold at the Shanghai bourse and
40 percent at the Hong Kong bourse.  But the proportion could also
be changed, depending on market situation and the scale of the
IPO.

The FT discloses that Agricultural Bank was the last of China's
large banks to be recapitalized by the state in preparation for
restructuring and an eventual IPO and it is generally viewed in
China as the worst-performing and worst-managed of all banks.

                            About ABC

Agricultural Bank of China -- http://www.abchina.com/-- one of
China's largest state-owned commercial banks, specializes in
financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas.  The
bank also offers personal banking, credit cards, and foreign
exchange services.  Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China.  Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.

                           *     *     *

Agricultural Bank of China continues to carry Moody's 'E+' bank
financial strength rating and Fitch's "E" Individual Rating.


CHINA DU: Posts US$49,000 Net Loss for Q1 2010
----------------------------------------------
China Du Kang Co., Ltd., filed its quarterly report on Form 10-Q,
reporting a net loss of $49,074 on $490,242 of revenue for the
three months ended March 31, 2010, compared with a net loss of
$154,042 on $321,294 of revenue for the same period ended
March 31, 2009.

The Company's balance sheet as of March 31, 2010, showed
$9,496,059 in assets and $16,684,401 of liabilities, for a
shareholders' deficit of $7,188,342.

The Company had an accumulated deficit of $17,485,512 at March 31,
2010.  In addition, the Company had a working capital deficiency
of $13,491,305 and a shareholders' deficiency of $7,188,342 at
March 31, 2010.

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

               http://researcharchives.com/t/s?6420

Headquartered in Shaanxi, PRC, China Du Kang Co., Ltd. (OTC: CDKG)
was incorporated as U.S. Power Systems, Inc. in the State of
Nevada on January 16, 1987.  The Company manufactures, sells,
licenses and distributes a proprietary line of white wines that
are generally known in China under the heading Du Kang.  Du Kang
is a generic description, like "vodka" or "merlot" and is one of
the most famous Chinese white wine brands.

                           *     *     *

Keith Z. Zhen, CPA, in Brooklyn, N.Y., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditor noted that the Company has incurred an
operating loss in 2009 and 2008 and has a working capital
deficiency and a shareholders' deficiency as of December 31, 2009.


CHINA MERCHANTS: Expects Net Interest Margin to Rise 2.7% in Q1
---------------------------------------------------------------
Bloomberg News, citing the South China Morning Post, reports that
the bank expects its net interest margin to rise for the rest of
the year.

The Morning Post reported CMB Chairman Qin Xiao said the net
interest margin will increase to at least 2.7% from 2.5% in the
first quarter because of loan demand, according to Bloomberg News.

China Merchants Bank -- http://www.cmbchina.com/-- is the second
largest bank among China's 12 nationwide shareholding commercial
banks.  It was established in 1987 and listed on the Shanghai
Stock Exchange in 2002.  The Ministry of Communications-owned
China Merchants Group is the bank's main shareholder with a 26%
stake (through various companies).  The bank had 410 banking
outlets nationwide and 17,829 employees at end-2004.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 4, 2010, Fitch Ratings downgraded the Individual ratings
of China Merchants Bank and China CITIC Bank to 'D' from 'C/D',
reflecting both banks' noticeable deterioration in capital and
rising on- and off-balance-sheet credit risk in the wake of last
year's very rapid loan growth.  The assessment was conducted in
conjunction with a review of all 16 Chinese commercial banks under
the agency's coverage.  The ratings of all other banks were
affirmed.


CHINESEWORLDNET.COM INC: Recurring Losses Cue Going Concern Doubt
-----------------------------------------------------------------
Chineseworldnet.com Inc. filed on June 3, 2010, its annual report
on Form 20-F for the fiscal year ended December 31, 2009.

Chang Lee LLP, in Vancouver, Canada, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred recurring
losses from inception and requires additional financing for its
intended business operations.

The Company reported a net loss of $402,209 on $906,455 of revenue
for 2009, compared to a net loss of $1,004,835 on $1,011,322 of
revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
$1,933,021 in assets, $583,959 of liabilities, and $1,349,062 of
stockholders' equity.

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

               http://researcharchives.com/t/s?6451

Headquartered in the Cayman Islands, Chineseworldnet.com Inc. has
four principal businesses: (1) the Internet financial portal
business, conducted under the ChineseWorldNet.com brand via the
"www.chineseworldnet.com" website; (2) the investor relations and
public relations business, conducted under the NAI500 brand via a
number of media channels including the "www.nai500.com" and
"en.nai500.com" websites, as well as certain other promotional
services; (3) the North America and Greater China cross-border
business partnering conferences business, conducted via the brand
of Global Chinese Financial Forum and its "www.gcff.ca" website;
and (4) the online platform business, conducted under the Rong Zhi
Tong Online brand via the "www.rzto.com" website.

The Company's www.chineseworldnet.com website is a financial web-
based portal that provides up-to-date financial information and
financial management tools in the Chinese language to the
Company's target audience, the Chinese investor community in North
America.  The Company's Portal business provides financial news
and covers corporate information of more than 98% of the listed
stocks on the major North American exchanges including NYSE, AMEX,
NASDAQ, OTCBB, TSX, AND TSX-V.

The Company's IR/PR business focuses on providing IR/PR services
for small- and micro-cap public companies targeting the Chinese
investor community in North America through various media such as
the Internet (the www.nai500.com website), publications and
investment seminars.

The Company's Conference business focuses on providing cross-
border partnership opportunities between North American and
Greater Chinese companies.

The Online Platform business offers search functions, news update,
events announcement, and knowledge exchange to help members
network with each other and to build an online financing
community.


GUANGZHOU GLOBAL: Posts US$1.5 Million Net Loss in Q1 2010
----------------------------------------------------------
Guangzhou Global Telecom, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $1,470,520 on $9,421,121 on revenue
for the three months ended March 31, 2010, compared with a net
loss of $713,126 on $11,022,375 of revenue for the same period
ended March 31, 2009.

The Company's balance sheet as of March 31, 2010, showed
$3,191,972 in assets and $5,276,596 of liabilities, for a
stockholders' deficit of $2,084,624.

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

               http://researcharchives.com/t/s?641d

Guangzhou, PRC-based Guangzhou Global Telecom, Inc. was
incorporated as Avalon Development Enterprises, Inc. on March 29,
1999, under the laws of the State of Florida.  The Company is now
a nationally integrated mobile phone handset and pre-paid calling
card distributor and provider of mobile handset value-added
services.  The Company serves as a principle distribution agent
for China Telecom, China Unicom, and China Mobile.  The Company
also maintains and operates the largest prepaid mobile phone card
sales and distribution center in Guangdong Province and maintains
cooperative distribution relationships with VK, Panasonic,
Motorola, LG, GE and Bird corporations, among others.

                           *     *     *

Samuel H. Wong & Co., LLP, in South San Francisco, Calif.,
expressed substantial doubt about the Company's ability to
continue as a going concern after reviewing the Company's
financial statements for the three months ended March 31, 2010.
The independent auditors noted that the Company has incurred
substantial losses, and may be unable to settle value added taxes
payable to the PRC government and past due balances owed to the
holders of the Company's debentures.


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


J & F LIMITED: Court to Hear Wind-Up Petition on July 7
-------------------------------------------------------
A petition to wind up the operations of J & F Limited will be
heard before the High Court of Hong Kong on July 7, 2010, at
9:30 a.m.

Trans Power Co., Ltd filed the petition against the company on
April 29, 2010.

The Petitioner's solicitors are:

          DLA Piper Hong Kong
          17th Floor, Edinburgh Tower
          15 Queen's Road, Central
          Hong Kong


J'S PUBLICATIONS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of J'S Publications Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


KEYWAH INTERNATIONAL: Court to Hear Wind-Up Petition on July 21
---------------------------------------------------------------
A petition to wind up the operations of Keywah International
Limited will be heard before the High Court of Hong Kong on
July 21, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Messrs. Liu, Chan and Lam
          Rooms 1710-18, 17th Floor
          Hutchison House
          10 Harcourt Road
          Central, Kong Kong


KONG YUE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Kong Yue Engineering Company Limited.

The Official Receiver is E T O'Connell.


LABOUR BUILDINGS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 24, 2010, to
wind up the operations of Labour Buildings Limited.

The Official Receiver is E T O'Connell.


LOYAL BEST: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Loyal Best Enterprises Limited.

The Official Receiver is E T O'Connell.


MAN HING: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Man Hing Transportation Co. Limited.

The Official Receiver is E T O'Connell.


PHAROS INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Pharos International Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


RISE GROUP: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Rise Group Technology Limited.

The Official Receiver is E T O'Connell.


SKILLION PROPERTIES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on May 6, 2010, to
wind up the operations of Skillion Properties Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


SMART RISE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 27, 2010, to
wind up the operations of Smart Rise Enterprise Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


TACK FAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Tack Fat Swimwear Manufacturing Limited.

The Official Receiver is E T O'Connell.


TRADEVENTURE INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Tradeventure International Limited.

The Official Receiver is E T O'Connell.


TELEWISE GROUP: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Telewise Group Limited.

The Official Receiver is E T O'Connell.


TODAYTECH ASIA: Maund and Gaspar Step Down as Liquidators
---------------------------------------------------------
David Giles Maund and Fernando Gaspar of Alvarez & Marshal Asia
Limited stepped down as liquidators of Todaytech Asia Limited on
May 4, 2010.


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AEROFLEX INDUSTRIES: CRISIL Cuts Rating on INR200MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Aeroflex Industries Ltd to 'D' from 'BBB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Term Loan         D (Downgraded from 'BBB-'
                                       /Stable')

   INR300 Million Cash Credit       D (Downgraded from 'BBB-'
                                       /Stable')

The downgrade factors in Aeroflex's non-adherence to its scheduled
repayment program, and default on its April 2010 installment of
INR11.2 million, resulting in overdues on its term loans.  Its
adequate liquidity (backed by unencumbered cash balances and
unutilized bank lines) notwithstanding, Aeroflex chose to postpone
servicing of the term debt in expectation that the term loans
would be restructured.  The company is in discussions with State
Bank of India (SBI) to restructure the term loan obligations.

CRISIL believes that Aeroflex could face considerable pressure in
meeting debt obligations due in 2010-11 (refers to financial year,
April 1 to March 31); this is because Aeroflex's new capacity was
commissioned in December 2009, rather than six months earlier as
planned, leading to a shortfall in expected revenues and cash
accruals in 2009-10.

                          About Aeroflex

Aeroflex, incorporated in 2000, manufactures stainless steel
corrugated flexible hoses, braids, and assemblies, and has a total
installed capacity of 10 million metres per annum.  The company
was set up by Mr. Yusuf M Kagzi, a first-generation entrepreneur.
In 2008, Avigo Capital Partners and the Macquarie group
(Australia) invested INR400 million in the form of compulsorily
convertible preference shares in Aeroflex.

Aeroflex reported a profit after tax (PAT) of INR12.3 million on
net sales of INR1343.5 million for 2009-10, against a PAT of
INR27.8 million on net sales of INR974.4 million for 2008-09.


AKSHIT ENTERPRISES: CRISIL Assigns 'B+' Rating on Various Debts
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Akshit Enterprises
Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR55.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR20.2 Million Term Loan           B+/Stable (Assigned)
   INR4.8 Million Proposed LT Bank     B+/Stable (Assigned)
                      Loan Facility

The rating reflects AEPL's weak financial risk profile, exposure
to risks related to the small scale and nascent stage of its
operations, and intense competition in the ferroalloys industry.
These rating weaknesses are partially offset by the benefits that
AEPL derives from its promoters' experience in the ferroalloys
industry and established relationships with customers.

Outlook: Stable

CRISIL believes that AEPL will take time to stabilize operations
at its new plant and attain optimum scale of operations.  The
company's financial risk profile is expected to remain weak during
this period due to its small net worth base and weak debt
protection metrics.  However, AEPL is expected to derive some
support from the existing marketing network and the customer base
of its group company (DS Alloys Pvt Ltd [DSAPL] rated
BB/Stable/P4+ by CRISIL) and owing to revival in the demand for
steel.  The outlook may be revised to 'Positive' if AEPL achieves
better than expected level of turnover and operating margin, thus
leading to significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case
AEPL's debt protection metrics deteriorate, most likely because of
low profitability because of operational inefficiencies in the
initial stages of its operations.

                      About Akshit Enterprises

Incorporated in 2005 by Mr. Raj Kumar Goel and his uncle, Mr.
Hanuman Mittal, AEPL has recently completed setting up of a
manufacturing facility to produce stainless steel and mild steel
ingots (capacity of 4800 tonnes per annum [tpa]), ferroalloys
(2400 tpa), ferro silico magnesium (1200 tpa) and ferro aluminium
(3000 tpa).  For this, the company is using the premises (land and
building) of its group company DSAPL, and it has installed one
induction furnace (capacity of 1.5 tonnes) and 3 crucibles (one
each for stainless steel and mild steel [1.5 tonnes], aluminium
[0.5 tonnes], and magnesium [0.75 tonnes]).  The entire project
was implemented at a cost of around INR35 million (excluding the
cost of land), which was funded through a term loan of
INR20 million from the State Bank of India and rest through
equity.  The plant started commercial operations in March 2010.


APOLLO VIKAS: CRISIL Lifts Rating on INR30MM Cash Debt to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Apollo
Vikas Steels Pvt Ltd (AVSL; part of the Apollo Vikas group) to
'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit Facility   BB-/Stable (Upgraded
                                          from B+/Stable)

   INR270.0 Million Letter of Credit      P4+ (Upgraded from P4)

The upgrade reflects the significant improvement in the Apollo
Vikas group's estimated sales and profitability in 2009-10 (refers
to financial year, April 1 to March 31) because of the uptrend in
the ship-breaking industry.  The upgrade also reflects CRISIL's
belief that the group's promoters will continue to effectively
manage the cyclicality in the ship-breaking business, given their
conservative business approach - they do not purchase ships when
the prices become unviable.

The ratings reflect the Apollo Vikas group's small scale of
operations in the fragmented and cyclical ship-breaking industry,
and exposure to risks related to volatility in the value of the
Indian rupee and adverse regulatory changes.  The impact of these
weaknesses is mitigated by the benefits that the group derives
from its promoters' industry experience, and healthy growth
prospects in the ship-breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AVSL and Saibaba Ship-breaking
Corporation.  This is because the two entities, together referred
to as the Apollo Vikas group, are under a common management, and
have mutual operational and financial linkages, including fungible
funds.

Outlook: Stable

CRISIL believes that the AVSL will benefit from the healthy growth
prospects in the ship-breaking industry over the medium term. The
outlook may be revised to 'Positive' if AVSL continues to generate
more-than-expected sales and profits, thereby leading to stability
in cash flows from operations.  Conversely, the outlook may be
revised to 'Negative' if the company's margins decline more than
expected, most likely because of a sharp decline in steel-scrap
prices, and if AVSL fails to recover the cost of ships.

                          About the Group

AVSL is in the business of ship-breaking and owns a plot of 50
square metres at Alang Port (Gujarat).  The company's dismantling
capacity is estimated at around 40,000 tonnes per annum (tpa).  It
has a track record of more than 25 years in the ship-breaking
business.  AVSL installed a furnace division with a throughput
capacity of 9000 tpa in 2008-09.  SSBC is a partnership firm and
has a similar ship-breaking capacity at Alang.

The Apollo Vikas group posted a profit after tax (PAT) of
INR1.8 million on net sales of INR212.6 million for 2008-09,
against a PAT of INR6.8 million on net sales of INR18.4 million
for 2007-08.


BELCO PHARMA: ICRA Assigns 'LBB' Rating on Fund-Based Facilities
----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the fund based
facilities of Belco Pharma.  ICRA has also assigned A4 rating on
short term scale to the fund based and non fund based facilities
of the company.  The long term rating has been assigned a stable
outlook.

The assigned ratings take into account the company's moderate
scale of operations, dependence on a few customers for majority of
its turnover, foreign exchange risk and the high competitive
intensity in the generics pharmaceutical space which is expected
to put pressure on margins as the company scales up its
operations.  ICRA, however, draws comfort from the company's
healthy financial profile and good liquidity position in addition
to the promoters? extensive experience in this line of business.

                            About Belco

Belco was founded in 1973 and is primarily present in the
manufacturing of pharmaceutical formulations in various dosage
forms.  The company is managed by Mr. P.K. Gupta (proprietor) and
his family.  It operates a single manufacturing plant in
Bahadurgarh which is certified by WHO-GMP and Indian-FDA. The
company remains an export oriented player in the generic pharma
space and sells its products in semi-regulated and unregulated
markets.

Recent Results

The company has reported a net profit of around INR42.0 million on
the operating income of around INR252.7 million during FY10.


BINDAL SILK: CRISIL Assigns 'BB+' Rating on INR49.4MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Bindal Silk
Mills Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR55.0 Million Cash Credit Facility   BB+/Stable (Assigned)
   INR7.5 Million Standby Line of Credit  BB+/Stable (Assigned)
   INR49.4 Million Term Loan              BB+/Stable (Assigned)
   INR4.0 Million Letter of Credit        P4+ (Assigned)
   INR2.0 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect expected moderation in Bindal's financial risk
profile because of its proposed capital expenditure, and the
company's exposure to risks related to small scale of operations,
intense competition in dyeing and printing industry, and
geographical concentration in revenue profile.  These rating
weaknesses are partially offset by the benefits that Bindal
derives from its promoter's experience in the dyeing and printing
business.

Outlook: Stable

CRISIL believes that Bindal will continue to benefit from its
promoter's established position in the dyeing and printing
industry.  The outlook may be revised to 'Positive' in case of
significant improvement in Bindal's cash accruals, leading to
lower gearing and earlier-than-expected stabilization of its
expanded capacities.  Conversely, the outlook may be revised to
'Negative' in case of further large debt-funded capital
expenditure leading to increased gearing and lower-than-expected
operating margin, deteriorating its cash accruals over the medium
term.

                         About Bindal Silk

Incorporated in 1984 by Mr. Ravindra Arya, Bindal undertakes job
work of dyeing and printing of grey polyester fabrics at its plant
in Surat (Gujarat).  The company has total capacity of processing
3,00,000 meters per day of cloth, and is currently operating at
around 80 per cent capacity utilization.  The company was also
trading in grey and processed fabrics but has discontinued this
activity from 2009-10 (refers to financial year, April 1 to
March 31) onwards.

The company has also invested in Kadodara Power Pvt Ltd, a company
set up in collaboration with four other companies to resolve
shortage of power supply.  Furthermore, all the processing houses
located in Kadodara (Gujarat) (around 100 processing houses) have
together invested in an effluent treatment plant (Palsana Enviro
Protection Ltd), which caters to the needs of the textile
processing units in that area. This will help in meeting the
pollution control norms laid out by Pollution control board.

Bindal reported a profit after tax (PAT) of INR9.5 million on net
sales of INR449.8 million for 2008-09, against a PAT of INR6.6
million on net sales of INR283.8 million for 2007-08.


FERTICHEM COTSPIN: ICRA Revises Rating on LT Loan to 'LBB-'
-----------------------------------------------------------
ICRA has revised the long term rating from 'LBB+' to 'LBB-'
assigned to the fund based facilities of Fertichem Cotspin
Limited.  ICRA has also revised the short term rating from A4+ to
A4 assigned to the non fund based facilities of the company.  The
long term rating has been assigned a stable outlook.

The revised ratings take into account the company's weak operating
performance during 2009-10 on account of the high competitive
intensity in the company's yarn segment (lower count cotton yarn)
and its moderate scale of operations, deterioration in the
financial position of the company and stretched liquidity position
evident from the restructuring of term loans.  ICRA, however,
draws comfort from the improving scenario for the textile industry
& yarn manufacturers and the promoter's extensive experience in
this line of business.

Fertichem Cotspin Limited was established in Oct 1991.  The
company which was initially engaged in the trading of chemicals,
diversified into manufacturing of cotton yarn of coarse count
ranging from 4 to 20 counts in 1999.  FCL started with
manufacturing of 100% cotton yarn with open end technology.

The company manufactures coarse count cotton yarn with open end as
well as ring spinning technology.  The company's yarn is used for
applications such as Denims, Bottom, weights, Towels, bed sheets
and knits.  The Coarse count ranges from 4s Ne to 20s Ne and
available as:

   -- Amsler Slub Open end Yarn
   -- Ring Slub Yarn
   -- Soft Yarn for towels
   -- Waxed Yarn for knits
   -- Combed Yarns
   -- TFO Doubled yarn
   -- Organic Yarn

The company's manufacturing unit is located in Derabassi.  The
entire facility is fully automated with minimal human interference
to maintain the quality. The current monthly production capacity
of the company is 300 tons for open ended yarn and 650 tons of
ring spun yarn.

Recent Results

The company has reported a net loss of around INR15.6 million on
the operating income of around INR1,068.2 million during FY10.


GUJARAT MICROWAX: ICRA Assigns 'LBB+' Rating on INR110MM Bank Debt
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR 110 million Fund based
facilities of Gujarat Microwax Private Limited.  The outlook on
the long-term rating is stable.  ICRA has also assigned A4+ rating
to the INR 82.0 million Non-Fund based facilities of GMW.

The assigned ratings reflect fluctuating profitability indicators
of GMW, modest scale of operations owing to relatively small sized
end-user segments and vulnerability related to fluctuation in
input material prices.  The ratings are however supported by
company's leading position in the microcrystalline cellulose
powder (MCCP) segment and improving business profile owing to
product development capabilities and well spread marketing &
distribution support of its foreign Joint Venture (JV) partner ?
JRS Pharma GmBH & Co KG. While company's profitability indicators
have been weak, its capital structure has remained strong
supported by steady infusion of funds by promoters to support
expansion plans.  In the current year, however, the company has
witnessed significant improvement in performance owing to better
sourcing of raw material and growth in volumes supported by foray
in new markets.

                       About Gujarat Microwax

Incorporated in 1989, Gujarat Microwax Private Limited is an
Ahmedabad based company engaged in manufacturing of
microcrystalline cellulose powder (MCCP), used as an excipient in
the pharmaceutical and food ingredient industry.  The company has
also recently started manufacturing disintegrators.  GMW is the
flagship company of the Ahmedabad based Jhajharia family which has
business interest in areas including manufacturing of industrial
waxes, trading in bulk drugs and tissue culture.  Building on its
experience in the industrial waxes business, the group decided to
enter into manufacturing of MCCP in 1989 under GMW by setting up a
500t p.a. plant at Nandasana (near Ahmedabad).  In 2004, the
company expanded its installed capacity to 3,600t p.a. after it
steadily expanded it to 1,200t p.a. In 2006, a German company and
a worldwide market leader in cellulose products, JRS Pharma (JRS)
acquired 50% stake in the company to have manufacturing presence
in India.  At present, GMW is a 50:50 JV between the Jhajharia
family and JRS Pharma GmBH & Co KG with equal representation on a
board of four directors.

JRS, a closely entity is a group company of the JRS Group and
concentrates on the pharmaceutical and nutraceutical market and is
a leading global supplier of excipients.  GMW generates majority
of its sales from supplies to either to JRS or in markets where
JRS has its presence.


HINDUSTAN MINT: CRISIL Assigns 'BB-' Rating on INR15MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Hindustan Mint & Agro Products Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR15.0 Million Cash Credit Limit       BB-/Stable (Assigned)
   INR40.0 Million Export Packing Credit   P4+ (Assigned)
   INR45.0 Million Foreign Bill Purchase   P4+ (Assigned)
   INR7.5 Million Bank Guarantee           P4+ (Assigned)

The ratings reflect Hindustan Mint's moderate financial risk
profile, and exposure to risks relating to intense competition in
the essential oils and aroma chemicals industry, and to
fluctuations in the value of the Indian rupee.  These weaknesses
are, however, partially offset by the benefits that the company
derives from its diversified end-user industry base, and
established relationships with customers.

Outlook: Stable

CRISIL believes that Hindustan Mint will maintain a stable credit
risk profile over the medium term, on the back of an established
and diversified end-user industry base.  The outlook may be
revised to 'Positive' if the company attains strong profitability,
or if the promoters infuse equity, thereby improving its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large debt-funded capital
expenditure, thereby weakening its financial risk profile.

                       About Hindustan Mint

Incorporated in 1995, Hindustan Mint manufactures menthol
crystals, peppermint oil, essential oils, and aroma chemicals,
which find application in the pharmaceutical, food, tobacco, and
cosmetic industries.  The company's plant at Moradabad (Uttar
Pradesh) has a capacity of 35 tonnes per month (tpm) of menthol
crystals, and 30 tpm of menthol flakes.  The company has recently
diversified into neem processing.  Hindustan Mint is expected to
report a profit after tax (PAT) of INR5.1 million on net sales of
INR349 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a PAT of INR3.7 million on net sales of
INR379 million for 2008-09.


K. R. ANAND: CRISIL Reaffirms 'C' Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of K. R. Anand continue to
reflect delays by KRA, in servicing its equipment loans (the loans
are not rated by CRISIL) until March 2010.

   Facilities                            Ratings
   ----------                            -------
   INR100 Million Cash Credit Limit      C (Reaffirmed)
   INR650 Million Bank Guarantee         P4 (Reaffirmed)

The rating also factors in KRA's limited customer diversity and
high geographical concentration in revenue profile.  These rating
weaknesses are partially offset by the proprietorship's long-
standing presence in the construction sector.

About K. R. Anand

KRA was set up as a proprietorship firm by Mr. Kapil Raj Anand in
1974.  KRA undertakes land development works, including earth
filling, trunk water supply, urban road/highways projects, and
site grading, mainly for government bodies in and around the
National Capital Region.

KRA reported a profit after tax (PAT) of INR63 million on net
sales of INR540 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR26 million on net sales
of INR109 million for 2007-08.


KINGFISHER AIRLINES: Becomes Oneworld Alliance Member Elect
-----------------------------------------------------------
Kingfisher Airlines on Monday became a member elect of oneworld
after completing a formal membership agreement with the alliance.
The contract was signed by the Kingfisher Airlines' Chairman and
Chief Executive Vijay Mallya and his counterparts from all 12 of
oneworld existing partners and members elect.

It follows a memorandum of understanding reached between
Kingfisher Airlines and oneworld, announced in late February,
setting out a framework for membership discussions.

A key condition for oneworld inviting Kingfisher Airlines to join
has already been met -- with India's Ministry of Civil Aviation
granting approval for the carrier to become part of the alliance,
just weeks after the airline filed its request for authority to
proceed, enabling Kingfisher Airlines and oneworld to move fast
forward to complete the formal membership agreement.

A team of experts from British Airways -- which is serving as
Kingfisher Airlines' oneworld sponsor, mentoring and supporting it
through its joining programme -- and from the central oneworld
team has just returned from visiting their Kingfisher Airlines
counterparts in Mumbai and Delhi to set its joining programme in
motion.  The first element has already been successfully
accomplished with Kingfisher Airlines passing oneworld's safety
audit with flying colors.

The next step in building links between oneworld and Kingfisher
Airlines takes place next month, with the opening of the new
international passenger terminal at New Delhi, when all the
alliance's six carriers serving the Indian capital will share
Kingfisher Airlines' new premium passenger lounge there.

Meantime, individual members of oneworld have started developing
bilateral co-operation with Kingfisher Airlines.  British Airways
on Monday announced it had reached agreement to code-share with
its new Indian partner.  The BA prefix will be added to flights by
its Indian airline to various points across the Indian sub-
continent, with Kingfisher Airlines' IT designator placed on
services operated by the UK carrier to key cities in Europe from
later this month.  Full details will be announced nearer to the
launch of these code-share operations.

The addition of Kingfisher Airlines as a oneworld member elect
comes in a breakthrough year for the alliance, in terms of both
membership consolidation and expanding co-operation between its
members airlines, enabling oneworld to build further on its
position as the leading quality airline alliance, to expand its
unrivalled route network still further and to offer even more
services and benefits to customers.

Japan Airlines has been expanding its co-operation with its
oneworld partners since reaffirming its membership of the alliance
in February, filing days later with American Airlines for anti-
trust immunity for a joint business across the Pacific and more
than doubling its code-sharing with British Airways.

Meantime, American Airlines, British Airways, Iberia, Finnair and
Royal Jordanian are looking forward imminently to gaining long-
awaited final approval for their application for anti-trust
immunity across the Atlantic and the proposed transatlantic joint
business between American, BA and Iberia, following tentative
approval given by the US Department of Transportation in February
and market testing of proposed remedies by the European
Commission.

Elsewhere, LAN Airlines celebrated its 10th anniversary as a
oneworld member on June 1.  Since joining, it has added to the
grouping its affiliates in Argentina, Ecuador and Peru.  With
Mexico and Central America's leading airline Mexicana joining
oneworld in November 2009, this extended oneworld's position still
further as the leading Latin American alliance.

Russia's leading domestic carrier S7 Airlines is on track to join
oneworld later this year.

Kingfisher Airlines' addition to oneworld will link oneworld's
unrivalled alliance network with India's most extensive domestic
network.  It will bring 56 cities onto the oneworld map -- all of
them in India.  This will expand oneworld's global coverage to
more than 800 destinations in almost 150 countries, served by a
combined fleet of 2,350 aircraft operating some 9,000 flights a
day, carrying some 340 million passengers a year.

A firm date for Kingfisher Airlines to join the alliance and start
offering its services and benefits will be announced as its
implementation program progresses.

The process to bring any airline on board any alliance normally
takes 18 to 24 months to complete.  It is a complex project,
covering virtually every facet of airline activity.  It involves
connecting all the alliance recruit's IT systems to those in all
other oneworld airlines, bringing its customer service, frequent
flyer and distribution processes into line with oneworld standards
and culminating in what will be the biggest training and
communications programs in the airline's history.

When it joins, the oneworld logo will be added alongside that of
Kingfisher Airlines itself virtually everywhere it appears -- from
its aircraft fuselages, to airport signage, stationery and even
name tags.

Once it is part of oneworld, members of Kingfisher Airlines' King
Club will be able to earn and redeem rewards and gain tier status
points across the entire oneworld network -- expanding the reach
of the scheme from across the 69 destinations in nine countries
served by Kingfisher Airlines itself to the 800 destinations in
some 150 countries served by oneworld as a whole.

Their King Club benefits will be extended, in effect, across all
12 other oneworld airlines, including, for top tier members,
access to any of the 550 plus airport lounges offered by the
alliance's carriers whenever they fly on any fare type on any
flight operated and marketed by any oneworld member.

At the same time, Kingfisher Airlines' network will be covered by
oneworld's market-leading range of alliance fares.

Kingfisher Airlines Chairman and Chief Executive Vijay Mallya
said: "I am delighted that Kingfisher Airlines has been invited to
join what is very clearly the world's best airline alliance and to
fly alongside the best collection of airline brands in the world.
By becoming part of oneworld, we will be able to offer our guests
travel to more than 800 destinations in 150 countries, on a
network that offers the best coverage of the routes and places
that really count, flying with the highest quality airline
partners.  Joining oneworld will clearly strengthen our
competitive position still further.  Now that Kingfisher Airlines
has now become a member-elect of oneworld, we have moved one
crucial step closer towards becoming a full-fledged member and our
team will certainly do all that is necessary to ensure we complete
the implementation programme smoothly and on schedule".

American Airlines Chairman and Chief Executive, and oneworld
Governing Board Chairman, Gerard Arpey, added:  "Coming as we
deepen our links with Japan Airlines after its reaffirmation to
oneworld, as we prepare for Russia's leading domestic carrier S7
Airlines joining us later this year and as we await final long-
awaited approvals from the authorities in both the USA and Europe
for our transatlantic partners to work more closely together
across the Atlantic, the addition of Kingfisher Airlines is
another key element in making 2010 even more of a breakthrough
year for oneworld.

"It is another key element in our efforts to solidify oneworld's
standing as the premier global alliance, with the finest
collection of airlines brands delivering the highest levels of
service to the markets that matter most throughout the Americas,
Europe, Asia and Australia."

Willie Walsh, Chief Executive of sponsor British Airways, added:
"We are very pleased to have gained regulatory approval so quickly
from New Delhi to add Kingfisher Airlines to oneworld -- and we
intend to move ahead with its implementation just as speedily and
smoothly.  We very much look forward to welcoming India's leading
airline on board the world's premier airline alliance."

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR16.47 billion, INR21.40 billion and INR1.89 billion, for the
years ended March 31, 2008 through March 31, 2010.


LUCID COLLOIDS: CRISIL Reaffirms 'B' Rating on INR530M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lucid Colloids Ltd
continue to reflect the pressure on Lucid Colloids' capital
structure because of its large, debt-funded capital expenditure
(capex) plans, the customer concentration in its revenue profile,
and susceptibility to volatility in input prices and to low entry
barriers in the guar gums business.  These weaknesses are
partially offset by Lucid Colloids' moderate financial risk
profile and the benefits that Lucid Colloids derives from its
established track record in the guar gums business and the
experience of its promoters.

   Facilities                             Ratings
   ----------                             -------
   INR530.0 Million Cash Credit*          B/Stable (Reaffirmed)
   INR50.0 Million Packing Credit/Post    P4 (Reaffirmed)
                       Shipment Credit

   *Fully interchangeable with packing credit/post-shipment credit

Outlook: Stable

CRISIL believes that Lucid Colloids will maintain its business
risk profile over the medium term, supported by steady demand from
its customers, especially for its higher-value product segment.
The outlook may be revised to 'Positive' if Lucid Colloids posts
higher-than-expected operating margin, diversifies its product
portfolio, or expands its clientele. Conversely, the outlook may
be revised to 'Negative' in case Lucid Colloids' capex program
faces significant time and cost overruns, or its debt protection
metrics decline because of lower-than-expected profitability.

Lucid Colloids was formed in 1999 by Mr. Uday Merchant, by
restructuring Indian Gum Industries Ltd, which was promoted by his
father Mr. C G Merchant.  Lucid Colloids manufactures guar gum
powder in the food and industrial grades, and caters mostly to the
export market.  The company's products include modified and
derivatized hydrocolloids, gum blends, emulsifiers, food
stabilizer systems, nutritional ingredients, food additives and
ingredients, foodstuffs, agro-commodities, and fine chemicals.
The company has production facilities in Jodhpur and Rajasthan.
The majority of the company's revenues are derived from the
industrial segment.  The company has also entered into a joint
venture with a Japanese company to form Taiyo Lucid Pvt Ltd.
Lucid Colloids derives about 10% of its revenues from Taiyo Lucid
Pvt Ltd. Lucid Colloids has an established presence in the US
market, and is preferred supplier for some of its clients.

Lucid Colloids reported a profit after tax (PAT) of INR57.6
million on net sales of INR1.4 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR6.5
million on net sales of INR829 million for 2007-08.


MAHESH TIMBER: CRISIL Reaffirms 'BB+' Rating on Cash Credit
-----------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB+/Stable/P4+' ratings to
the bank facilities of Mahesh Timber Pvt Ltd, which is part of the
Mahesh group.

   Facilities                            Ratings
   ----------                            -------
   INR250.00 Million Cash Credit         BB+/Stable (Reaffirmed)
   INR750.00 Million Letter of Credit*   P4+

     *Enhanced from INR450.00 Million

The ratings continue to reflect the Mahesh group's below-average
financial risk profile, marked by high gearing, weak debt
protection metrics, and average net worth, large working capital
requirements, the susceptibility of its margins to volatility in
the value of the Indian rupee, and its dependence on imported
timber.  These rating weaknesses are partially offset by the
experience of the Mahesh group's promoters in the timber business,
and its average scale of operations in the imported timber
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of five companies, MTPL, MTPL's wholly
owned subsidiary Mahesh Timber Singapore Pte Ltd, Singapore
(MTSL), Mahesh Industries Pvt Ltd, Mahesh Merchandise Pvt Ltd, and
Amazon Exports Pte Ltd, Singapore, and Amazon Exports Pte Ltd,
Singapore, collectively referred to as the Mahesh group.  This is
because the three Indian entities, MIPL, MTPL, and MMPL, source
their raw material requirements from AEPL, which, in turn,
procures some of its requirements from MTSL. Furthermore, MTSL's
bank facilities are backed by a standby letter of credit from
MTPL.

Outlook: Stable

CRISIL believes that the Mahesh group will continue to benefit
from its promoters' experience in the timber business, over the
medium term.  However, its financial risk profile will remain weak
because of low profitability and large working capital
requirements.  The outlook may be revised to 'Positive' in case of
a significant improvement in the group's gearing and liquidity,
most likely through more-than-expected cash accruals, or large,
fresh equity infusion.  Conversely, the outlook may be revised to
'Negative' in case the group's liquidity weakens further, most
likely because of large incremental working capital requirements,
or if it undertakes large, debt-funded capital expenditure
program, thereby weakening its capital structure.

                          About the Group

Set up in 1952, the Mahesh group trades in, and undertakes sawing
of, imported timber of varieties of hardwood and softwood.
Mr. Ashok Mittal, his brother Mr. Shish Pal Mittal, and nephew Mr.
Raman Singhal, looks after the overall management of the group.

MIPL saws and trades in softwood imported from Europe.  The
company procures timber logs from AEPL and sells the sawed timber
to traders and retailers in India.  The company operates ten
sawmills with a capacity of 5000 cubic metres per month in
Gandhidham (Gujarat).

Incorporated as a private limited company in 1998, MTPL trades in
hardwood timber imported from Malaysia.  The company has 18
sawmills in Gandhidham, where timber logs imported at the Kandla
Port (Gujarat) are sawed and then sold to timber traders in
Haryana, Delhi, Punjab, Uttar Pradesh, and other states. MTSL is a
wholly owned subsidiary of MTPL.

MMPL saws and trades in softwood imported from New Zealand. The
company procures timber logs from AEPL and sells the sawed timber
to traders and retailers in India. The company operates 12 (taken
on lease from MIPL) sawmills with capacity of about 5000 cubic
metres per month in Gandhidham.

The Mahesh group reported a profit after tax (PAT) of INR32.5
million on net sales of INR3.3 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR23.2
million on net sales of INR1.6 billion for 2007-08.


MAHESH INDUSTRIES: CRISIL Rates INR50MM Cash Credit at 'BB+'
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Mahesh Industries Pvt Ltd, which is part of the
Mahesh group.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit*         BB+/Stable (Assigned)
   INR120.00 Million Letter of Credit*   P4+ (Assigned)

   *Interchangeable both ways up to INR25.00 million

The ratings reflect the Mahesh group's below-average financial
risk profile, marked by high gearing, weak debt protection
metrics, and average net worth, large working capital
requirements, the susceptibility of its margins to volatility in
the value of the Indian rupee, and its dependence on imported
timber.  These rating weaknesses are partially offset by the
experience of the Mahesh group's promoters in the timber business,
and its average scale of operations in the imported timber
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of five companies, MIPL, Mahesh Timber Pvt
Ltd, MTPL's wholly owned subsidiary Mahesh Timber Singapore Pte
Ltd, Singapore, Mahesh Merchandise Pvt Ltd, and Amazon Exports Pte
Ltd, Singapore, collectively referred to as the Mahesh group. This
is because the three Indian entities, MIPL, MTPL, and MMPL, source
their raw material requirements from AEPL, which, in turn,
procures some of its requirements from MTSL.  Furthermore, MTSL's
bank facilities are backed by a standby letter of credit from
MTPL.

Outlook: Stable

CRISIL believes that the Mahesh group will continue to benefit
from its promoters' experience in the timber business, over the
medium term.  However, its financial risk profile will remain weak
because of low profitability and large working capital
requirements.  The outlook may be revised to 'Positive' in case of
a significant improvement in the group's gearing and liquidity,
most likely through more-than-expected cash accruals, or large,
fresh equity infusion.  Conversely, the outlook may be revised to
'Negative' in case the group's liquidity weakens further, most
likely because of large incremental working capital requirements,
or if it undertakes large, debt-funded capital expenditure
program, thereby weakening its capital structure.

                          About the Group

Set up in 1952, the Mahesh group trades in, and undertakes sawing
of, imported timber of varieties of hardwood and softwood.
Mr. Ashok Mittal, his brother Mr. Shish Pal Mittal, and nephew Mr.
Raman Singhal, looks after the overall management of the group.

MIPL saws and trades in softwood imported from Europe.  The
company procures timber logs from AEPL and sells the sawed timber
to traders and retailers in India.  The company operates ten
sawmills with a capacity of 5000 cubic metres per month in
Gandhidham (Gujarat).

Incorporated as a private limited company in 1998, MTPL trades in
hardwood timber imported from Malaysia.  The company has 18
sawmills in Gandhidham, where timber logs imported at the Kandla
Port (Gujarat) are sawed and then sold to timber traders in
Haryana, Delhi, Punjab, Uttar Pradesh, and other states.  MTSL is
a wholly owned subsidiary of MTPL.

MMPL saws and trades in softwood imported from New Zealand.  The
company procures timber logs from AEPL and sells the sawed timber
to traders and retailers in India.  The company operates 12 (taken
on lease from MIPL) sawmills with capacity of about 5000 cubic
metres per month in Gandhidham.

The Mahesh group reported a profit after tax (PAT) of INR32.5
million on net sales of INR3.3 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR23.2
million on net sales of INR1.6 billion for 2007-08.


MAHESH MERCHANDISE: CRISIL Assigns 'BB+' Rating on INR140MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Mahesh Merchandise Pvt Ltd, which is part of the
Mahesh group.

   Facilities                           Ratings
   ----------                           -------
   INR140.00 Million Cash Credit        BB+/Stable (Assigned)
   INR2.00 Million Proposed LT Bank     BB+/Stable (Assigned)
                      Loan Facility
   INR260.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect the Mahesh group's below-average financial
risk profile, marked by high gearing, weak debt protection
metrics, and average net worth, large working capital
requirements, the susceptibility of its margins to volatility in
the value of the Indian rupee, and its dependence on imported
timber.  These rating weaknesses are partially offset by the
experience of the Mahesh group's promoters in the timber business,
and its average scale of operations in the imported timber
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of five companies, MMPL, Mahesh Timber Pvt
Ltd, MTPL's wholly owned subsidiary Mahesh Timber Singapore Pte
Ltd, Singapore, Mahesh Industries Pvt Ltd, and Amazon Exports Pte
Ltd, Singapore, collectively referred to as the Mahesh group.
This is because the three Indian entities, MIPL, MTPL, and MMPL,
source their raw material requirements from AEPL, which, in turn,
procures some of its requirements from MTSL. Furthermore, MTSL's
bank facilities are backed by a standby letter of credit from
MTPL.

Outlook: Stable

CRISIL believes that the Mahesh group will continue to benefit
from its promoters' experience in the timber business, over the
medium term.  However, its financial risk profile will remain weak
because of low profitability and large working capital
requirements.  The outlook may be revised to 'Positive' in case of
a significant improvement in the group's gearing and liquidity,
most likely through more-than-expected cash accruals, or large,
fresh equity infusion.  Conversely, the outlook may be revised to
'Negative' in case the group's liquidity weakens further, most
likely because of large incremental working capital requirements,
or if it undertakes large, debt-funded capital expenditure
program, thereby weakening its capital structure.

                          About the Group

Set up in 1952, the Mahesh group trades in, and undertakes sawing
of, imported timber of varieties of hardwood and softwood.
Mr. Ashok Mittal, his brother Mr. Shish Pal Mittal, and nephew
Mr. Raman Singhal, looks after the overall management of the
group.

MIPL saws and trades in softwood imported from Europe. The company
procures timber logs from AEPL and sells the sawed timber to
traders and retailers in India.  The company operates ten sawmills
with a capacity of 5000 cubic metres per month in Gandhidham
(Gujarat).

Incorporated as a private limited company in 1998, MTPL trades in
hardwood timber imported from Malaysia.  The company has 18
sawmills in Gandhidham, where timber logs imported at the Kandla
Port (Gujarat) are sawed and then sold to timber traders in
Haryana, Delhi, Punjab, Uttar Pradesh, and other states.  MTSL is
a wholly owned subsidiary of MTPL.

MMPL saws and trades in softwood imported from New Zealand.  The
company procures timber logs from AEPL and sells the sawed timber
to traders and retailers in India. The company operates 12 (taken
on lease from MIPL) sawmills with capacity of about 5000 cubic
metres per month in Gandhidham.

The Mahesh group reported a profit after tax (PAT) of INR32.5
million on net sales of INR3.3 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR23.2
million on net sales of INR1.6 billion for 2007-08.


PHULCHAND EXPORTS: ICRA Assigns 'LBB-' Rating on INR300MM Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the fund based long term
limits of INR 300 million and an A4 rating to the INR527.50
million fund based and non fund based short term limits of
Phulchand Exports Private Limited.  The outlook assigned to the
long term rating is Stable.  The ratings reflect PEPL's adverse
financial profile characterized by weak profitability high gearing
and low cash accruals.  The ratings also factor in the cyclicality
inherent in the business coupled with the high competitive
intensity characterized by the presence of both merchant exporters
as well as players which have their own iron ore mines.  The
ratings are further constrained by the company's high working
capital intensity and vulnerability of its margins to foreign
exchange fluctuations.  The company benefits from its location in
proximity to major ports.

Phulchand Exports Pvt. Limited is engaged in the trading of
metals, minerals, chemicals and agro- products. PEL was
Incorporated as a private limited company in 1975 and later on
converted into a deemed public limited company during 1988,but as
the provision of deemed public company was deleted, it was
reconverted into a private limited company by ROC in Nov 2009.

PEPL derives its sales mainly from export of iron ore fines to
China.  PEPL has a registered office at Worli, Mumbai.  PEPL
recorded a net profit of Rs 24.20 million on an operating income
of INR 2469.90 million for the year ending on March 31, 2009.


RH AGRO: CRISIL Lifts Rating on Various Bank Debts to 'B'
---------------------------------------------------------
CRISIL has upgraded its rating on RH Agro Overseas Pvt Ltd's long-
term bank facilities to 'B/Stable' from 'B-/Stable', while
reaffirming the rating on the short-term facility at 'P4'.  The
long-term rating upgrade reflects the improvement in RH Agro's
business performance, marked by increase in its scale of
operations.  The upgrade also reflects the benefits the company is
expected to reap with the commissioning of its new plant from July
2010.

   Facilities                             Ratings
   ----------                             -------
   INR795 Million Cash Credit^            B/Stable (Upgraded from
                                                    'B- /Stable')

   INR55 Million Standby Line of Credit   B/Stable (Upgraded from
                                                    'B-/Stable')

   INR190 Million Term Loan               B/Stable (Upgraded from
                                                    'B-/Stable')
   INR20 Million Letter of Credit/Bank    P4 (Reaffirmed)
                           Guarantee

   ^Including proposed limit of INR15.0 million

The ratings reflect RH Agro's weak financial risk profile, because
of its working-capital-intensive operations and small net worth,
and its susceptibility to volatility in raw material prices and
adverse regulatory changes.  However, these weaknesses are
partially offset by the benefits that RH Agro derives from its
increasing scale of operations, promoters' experience in the
agricultural commodity industry, and the healthy growth prospects
in the basmati rice industry.

Outlook: Stable

CRISIL believes that RH Agro credit risk profile to improve on
back of incremental benefits from the capacity expansion.
However, its financial risk profile is expected to remain weak
over the medium term because of its working-capital-intensive
operations, large debt-funded capital expenditure, and small net
worth.  The outlook may be revised to 'Positive' if there is
sustainable increase in revenues and profitability coupled with
significant improvement in capital structure.  Conversely,
deterioration in capital structure or pressures on profitability
may drive a revision in the outlook to 'Negative'.

                           About RH Agro

Set up in 2005-06 (refers to financial year, April 1 to March 31)
by Mr. Dilbagh Rai Chawla and Mr. Sukhchain Chawla, RH Agro mills,
processes, and trades in basmati rice.  RH Agro's promoters have
been in the rice business for the past 25 years, through LT Foods
Ltd (owner of Dawat basmati brand).  RH Agro's rice milling unit
at Sonepat (Haryana) has rice milling, grading and sorting
capacity of 10 tonnes per hour (tph); the company has added one
more facility in Sonepat with a capacity of 20 tph. The new
facility is expected to commence full operations by July 2010. For
2008-09, RH Agro reported a profit after tax (PAT) of INR27
million on revenues of INR2.11 billion, against a PAT of INR26
million on revenues of INR1.61 billion for 2007-08.


SAIBABA SHIP: CRISIL Upgrades Rating on INR30MM Debt to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Saibaba
Ship-breaking Corporation (SSBC; part of the Apollo Vikas group)
to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit Facility   BB-/Stable (Upgraded
                                               from B+/Stable)

   INR270.0 Million Letter of Credit      P4+ (Upgraded from P4)

The upgrade reflects the significant improvement in the Apollo
Vikas group's estimated sales and profitability in 2009-10 (refers
to financial year, April 1 to March 31), because of the uptrend in
the ship-breaking industry.  The upgrade also reflects CRISIL's
belief that the group's promoters will continue to effectively
manage the cyclicality in the ship-breaking business, given their
conservative business approach -- they do not purchase ships when
the prices become unviable.

The ratings reflect the Apollo Vikas group's small scale of
operations in the fragmented and cyclical ship-breaking industry,
and exposure to risks related to volatility in the value of the
Indian rupee and adverse regulatory changes.  The impact of these
weaknesses is mitigated by the benefits that the group derives
from its promoters' industry experience, and healthy growth
prospects in the ship-breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSBC and Apollo Vikas Steels Pvt Ltd.
This is because the two entities, together referred to as the
Apollo Vikas group, are under a common management, and have mutual
operational and financial linkages, including fungible funds.

Outlook: Stable

CRISIL believes that the SSBC will benefit from the healthy growth
prospects in the ship-breaking industry over the medium term. The
outlook may be revised to 'Positive' if SSBC continues to generate
more-than-expected sales and profits thereby leading to stability
in cash flows from operations.  Conversely, the outlook may be
revised to 'Negative' if the firm's margins decline more than
expected, most likely because of a sharp decline in steel scrap
prices, and if SSBC fails to recover the cost of ships.

                          About the Group

SSBC is in the business of ship-breaking and owns a plot of 50
square metres at Alang Port (Gujarat). The partnership firm's
dismantling capacity is estimated to be around 40,000 tonnes per
annum (tpa). AVSL has a similar capacity; it installed a furnace
unit in 2008-09, with a throughput capacity of 9000 tpa.  The
Apollo Vikas group has a track record of more than 25 years in the
ship-breaking business.

The Apollo Vikas group posted a profit after tax (PAT) of INR1.8
million on net sales of INR212.6 million for 2008-09, against a
PAT of INR6.8 million on net sales of INR18.4 million for 2007-08.


TVS INTERCONNECT: ICRA Places 'LBB' Rating on INR750MM Debts
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 750 million fund
based and INR500 million non fund based bank limits of TVS
Interconnect Systems Limited.  The outlook on the assigned rating
is stable.  The rating draws comfort from TVSICS's professional
and experienced management team and support derived by it from
being a wholly owned subsidiary of TV Sundram Iyengar & Sons Ltd.

The rating is however constrained by the weak profitability of
TVSICS, and the company's exposure to copper price and foreign
currency fluctuation risks.  These factors have resulted in
operating and net loss (before extraordinary gain) for the company
during the last two years which in turn has resulted in
significant erosion of its net worth.

TVSICS, established in the year 1999, is a wholly owned subsidiary
of TV Sundram Iyengar & Sons Ltd.  Starting as a supplier of
networking and telecom components, TVSICS diversified into
networking and telecommunications services in the year 2003.  The
company is currently organized into three divisions namely, RF
Components Division -- mainly involved in supplying of telecom
infrastructure components, Managed Services Division -- engaged in
providing turnkey and O&M services to passive telecom
infrastructure players and telecom operators, and Networking
Solutions Division -- engaged in providing system integration
services.  During the eighteen months ending September 2009 the
company recorded a Profit After Tax of approx. INR16 million on an
Operating Income of INR3.85 billion.


VIKAS TELECOM: Fitch Assigns National Long-Term Rating at 'C'
-------------------------------------------------------------
Fitch Ratings has assigned Vikas Telecom Limited a National Long-
term rating of 'C(ind)'.  The agency has also assigned a 'C(ind)'
ratings to VTL's INR3410.0 million term loans and INR850.0 million
cash credit facilities.

The ratings are underpinned by the track record of VTL's
promoters, the Narsi Group, in India's real estate industry,
approximately 90% occupancy of Vikas IT Park Phase I (about
1.3 million square feet of built-up space) in Bangalore, and the
successful track record of Assetz Property Services Pvt Ltd, which
is in charge of operations and maintenance.  Fitch notes that VTL
has signed lease deeds with a stiff exit clause -- in the event of
termination during the lease period, due to a breach committed by
the lessee, the lessee shall pay to the lessor the rent for the
unexpired term of the lease.

The ratings are constrained by the company having to repay bank
loans of INR1100m and INR500m due for bullet maturities in June
2010 and December 2010, respectively; VTL is negotiating with its
bankers to postpone the repayment by a year.  Another INR1200m of
non convertible debentures is due for redemption in April 2011,
posing another significant refinance risk.  Furthermore, the
construction of Phase II (an additional 1.3 million square feet)
is in progress and the letter of intent has been received from
tenants for the occupation of only 26% of the leasable area.
Fitch expects that till the occupancy levels increase
significantly, there would be pressure on overall debt service
coverage ratio, though Fitch expects the group to contribute to
any shortfall.

Fitch's other key concerns include the tepid commercial real
estate market in Bangalore and any significant increases in VTL's
future interest obligations that would pressurize its cash flows.

Negative rating triggers include VTL's difficulties in refinancing
debt and Phase II remaining unoccupied, which would affect its
revenues and cash flows.  Positive rating triggers include
successful refinancing of VTL's existing debt with bankers and
other lenders, substantial occupancy of both Phase I's and Phase
II's leasable area and a significant improvement in its DSCR.

VTL is a special purpose vehicle established for real estate
development.  The Vikas IT Park project, also known as Vrindavan
Tech Village, is being developed in Bangalore as a special
economic zone.  During FY09, VTL reported revenues of
INR330 million, EBITDA of INR237 million and a net loss of
INR103 million.


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


AGC TRUST: Moody's Downgrades Ratings on Class B Certificates
-------------------------------------------------------------
Moody's Investors Service has downgraded AGC Trust's Class B Trust
Certificate.  The final maturity will take place in August 2014.

The individual rating action is listed below.

  -- Class B, downgraded to B3 from Ba2; previously, on May 21,
     2010, Ba2 placed under review for possible downgrade

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

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

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

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

Moody's interviewed the asset manager on its leasing plan and
future leasing strategy, cost management, refinancing strategy,
and disposition activities for the specified bond which will
mature in August 2012.

As a result of the interview, Moody's is of the view that the
fundamental profitability of the property is likely to be lower
than was assumed when the rating was first assigned, and will be
for some time.  Moody's has changed its stabilized rent estimates,
although operating costs remain roughly the same as previously.
As a result, Moody's stabilized net cash flow estimate has
declined by 37%, and stabilized value by 43%, from Moody's initial
assumptions.

This rating action reflects Moody's concern about the likelihood
of collateral recovery in light of the re-assessed value.
However, Moody's views the underlying property as a Class A office
building, given its central Tokyo location and high scarcity
value.  Therefore, Moody's considers the possibilities that the
specified bond will be redeemed by refinancing or by the property
disposition by the maturity in August 2012.

Moody's will continue to monitor the performance of the property
and the asset manager's refinancing and disposition activities in
light of the specified bond's maturity in 2012.


ELPIDA MEMORY: Plans to Build Plants in China and Taiwan
--------------------------------------------------------
Elpida Memory Inc. plans to build factories in Taiwan and China to
meet demand and reduce tax payments, Bloomberg News reports citing
President Yukio Sakamoto.

Mr. Sakamoto told Bloomberg News in a June 4 interview that the
company will "definitely go into" China with a Taiwanese chipmaker
by as early as 2012 and seek support from the Chinese government.
Elpida is also accelerating plans to add a second manufacturing
plant at its Taiwanese unit, Rexchip Electronics Corp., he added.

According to the report, Mr. Sakamoto said Elpida expects record
profit and revenue this fiscal year as computer sales rebound and
new mobile devices require more memory to process programs.

If chip prices remain at current levels, Elpida will post
operating profit of more than JPY160 billion ($1.8 billion) on
sales of about JPY700 billion in the year ending March 2011, Mr.
Sakamoto told Bloomberg News.

Bloomberg News says Elpida will decide on its China strategy by
December and draw up a plan within the next four months to build a
second Rexchip factory in Taiwan.  Mr. Sakamoto said the plant
would cost about US$1.8 billion and "we'd like to get as much as
half of the funding from our customers," Bloomberg adds.

The company, which has lost money in the last two years, had about
JPY600 billion in liabilities as of March 31, according to
Bloomberg News.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


HITACHI LTD: Shares Tumble on Report UK Train Deal Cancellation
---------------------------------------------------------------
Reuters reports that shares of Hitachi Ltd plunged 7% on Monday,
June 7, 2010, after reports that a GBP7.5 billion (US$10.9
billion) UK train deal may be canceled as Britain's new government
tries to cut down on spending.

Reuters, citing The Financial Times, says Philip Hammond, the new
transport secretary, may cancel or delay the deal given a spending
squeeze at the transport department, which has frozen a separate
train order.

According to Reuters, a Hitachi spokesman said the company is
still awaiting the government's decision, which is expected to
come after it reviews a third-party report on the contact.

Deutsche Securities senior analyst Takeo Miyamoto expects any
possible cancellation to have little impact on Hitachi's midterm
earnings outlook, but said the headlines would look negative,
Reuters relates.

                           About Hitachi

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the year ended March 31,
2008, Hitachi posted a net loss of JPY58.12 billion, compared with
a net loss of JPY32.79 billion for year ended March 31, 2007.


J-CORE 13: Moody's Downgrades Ratings on Six Classes of Certs.
--------------------------------------------------------------
Moody's Investors Service has downgraded six classes of J-CORE 13
Trust Certificates.  Their final maturity will take place in
September 2014.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa3 from Aaa; previously, on May 21,
     2010, Aaa placed under review for possible downgrade

  -- Class B, downgraded to Baa2 from Aa2; previously, on May 21,
     2010, Aa2 placed under review for possible downgrade

  -- Class C, downgraded to Ba2 from A2; previously, on May 21,
     2010, A2 placed under review for possible downgrade

  -- Class D, downgraded to Ba3 from A3; previously, on May 21,
     2010, A3 placed under review for possible downgrade

  -- Class E, downgraded to B2 from Baa2; previously, on May 21,
     2010, Baa2 placed under review for possible downgrade

  -- Class X, downgraded to Aa3 from Aaa; previously, on May 21,
     2010, Aaa placed under review for possible downgrade

J-CORE 13 is a single-asset/single-borrower CMBS deal, effected in
December 2007.

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

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

Moody's interviewed the asset manager on its leasing plan and
future leasing strategy, cost management, refinancing strategy,
and disposition activities for the specified bond which will
mature in August 2012.

As a result of the interview, Moody's is of the view that the
fundamental profitability of the property is likely to be lower
than was assumed when the rating was first assigned, and will be
for some time.  Moody's has changed its stabilized rent estimates,
although operating costs remain roughly the same as previously.
As a result, Moody's stabilized net cash flow estimate has
declined by 37%, and stabilized value by 43%, from Moody's initial
assumptions.

This rating action reflects Moody's concern about the likelihood
of collateral recovery in light of the re-assessed value.
However, Moody's views the underlying property as a Class A office
building, given its central Tokyo location and high scarcity
value.  Therefore, Moody's considers the possibilities that the
specified bond will be redeemed by refinancing or by the property
disposition by the maturity in August 2012.

Moody's will continue to monitor the performance of the property
and the asset manager's refinancing and disposition activities in
light of the specified bond's maturity in 2012.


J-CORE 15: Moody's Downgrades Ratings on Seven Classes of Certs.
----------------------------------------------------------------
Moody's Investors Service has downgraded seven classes of J-CORE
15 Trust Certificates and asset-backed loans.  Their final
maturity will take place in July 2013.

The individual rating actions are listed below.

  -- Class A-2 Trust Certificate and Class A-2 Loan,
     downgraded to Aa3 from Aaa; previously, on April 9, 2010, Aaa
     placed under review for possible downgrade

  -- Class B Trust Certificate, downgraded to Baa2 from Aa2;
     previously, on April 9, 2010, Aa2 placed under review for
     possible downgrade

  -- Class D Loan, downgraded to B1 from Baa2; previously, on
     April 9, 2010, Baa2 placed under review for possible
     downgrade

  -- Class E Trust Certificate, downgraded to B2 from Baa3;
     previously, on April 9, 2010, Baa3 placed under review for
     possible downgrade

  -- Class F Trust Certificate and Class F Loan, downgraded to B3
     from Ba1; previously, on April 9, 2010, Ba1 placed under
     review for possible downgrade

J-CORE 15 is a single-asset/single-borrower CMBS deal, effected in
July 2008.  The property is Shinsei Bank HQ Building, located in
Chiyoda-ku, Tokyo.  Tenant concentration is high as Shinsei BK
occupies almost all of the building's rentable areas as its main
office.  The bank had originally planned to vacate the building
before the J-CORE 15 Trust Certificates matured.  Thus, Moody's
originally based its property valuation on the cash flow to be
generated after the property had been re-leased.

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

Moody's interviewed the asset manager on its leasing plan and
future leasing strategy, refinancing strategy, and disposition
activities for the specified bond which will mature in July 2011.

As a result of the interview, Moody's is of the view that the
fundamental profitability of the property is likely to be lower
than was assumed when the rating was first assigned, and will be
for some time.  Moody's has therefore changed its stabilized rent
estimates, although operating costs remain roughly the same as
previously.  As a result, Moody's stabilized net cash flow
estimate has declined by 36%, and stabilized value by 39% from its
initial assumptions.

This rating action reflects Moody's concern about the likelihood
of collateral recovery in light of the re-assessed value.
However, Moody's also believes that there are many exit strategy-
refinancing and disposition strategies- to redeem the specified
bond, as underlying property is scarce and there is a large cash
reserve.  In this rating action, Moody's reflects the fact that
there are diverse exit strategies.

Moody's will continue to monitor the performance of the property
and the asset manager's refinancing and disposition activities in
light of the specified bond's expected maturity in 2011.


JAPAN AIRLINES: Expects to Swing Into The Black Next Year
---------------------------------------------------------
Japan Airlines Corp. expects to swing into the black on a
consolidated basis for the first time in three years in the
current fiscal year through next March, one year earlier than
initially planned, Kyodo News reports citing sources familiar with
the matter said.

According to Kyodo, the sources said JAL has included the forecast
of JPY22 billion in operating profit in its draft income and
expense plan, which will be the pillar of JAL's rehabilitation
program to be presented to the Tokyo District Court by the end of
August.

                       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)


JAPAN AIRLINES: Not Keen on Buying Airbus SAS A380 Planes
---------------------------------------------------------
Japan Airlines Corp. isn't interested in buying Airbus SAS's A380
superjumbo model as the carrier prepares to retire its fleet of
Boeing Co. 747s, Bloomberg News reports, citing JAL President
Masaru Onishi.

Bloomberg News relates Mr. Onishi said the carrier has cut 84
weekly international flights after entering bankruptcy and will
ground all of its 747s by next March, leaving no call for the 525-
seat A380

"At the moment, we don't need bigger aircraft," the report quoted
Mr. Onishi as saying.  "Maybe in the future if the market
dramatically changes, but now it's difficult."

                        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)


=========
K O R E A
=========


HYNIX SEMICONDUCTOR: Fitch Upgrades Issuer Default Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded Korea-based Hynix Semiconductor Inc.'s
Long-term foreign currency Issuer Default Rating to 'BB-' from
'B+'.  The Outlook has been revised to Stable from Negative.  At
the same time, the agency also upgraded the ratings of its
outstanding senior unsecured debt aggregating US$500 million to
'BB-' from 'B', and assigned a Long-term local currency IDR at
'BB-'

The upgrade and Stable outlook reflect Hynix's robust operating
results during H209 and Q110, as well as Fitch's expectation that
the company's financials will continue to improve against the
backdrop of a positive industry outlook, and its dominant market
position as the second largest Dynamic Random Access Memory maker
globally.

Thanks to the global recovery in the semiconductor industry,
Hynix's operational results have substantially improved since
Q309.  In Q110, the company's performance strengthened further to
record EBIT and EBITDA margins of 28% and 51%, compared to 19% and
46% respectively in second half of FY09.  Accordingly, Fitch notes
the improvement in the company's financial profile with its funds
from operation adjusted net leverage ratio falling to 2.4x at
FYE09 from 5.7x at FYE08.

Fitch expects that the memory semiconductor industry's strong
growth momentum will continue during FY10 and FY11, driven by
strong demand for PCs, including tablet PCs, smart phones, Solid
State Drives, and other electronic devices.  In line with this
expectation, the agency anticipates that Hynix's bit shipment
volumes will grow by 50% and 80% for DRAM and NAND in FY10,
respectively.  Although a gradual erosion in DRAM and NAND prices
is expected, the agency projects that the increased shipment
levels will compensate for the adverse impact from lowered prices.

In light of the agency's positive view of both the industry and
Hynix's operations going forward, Fitch believes the company's
plan to reduce its debt by KRW1.0 trillion during FY10 is
achievable.  The company had already reduced its gross debt amount
to KRW6.6 trillion at the end of Q110 from KRW7.0 trillion and
KRW7.8 trillion as at end FYE09 and FYE08, respectively.  Based on
the agency's current forecast of KRW5.7 trillion in EBITDA and
positive free cash flow in FY10, Fitch expects the company's FFO
adjusted net leverage ratio will fall below 1x in FY10.

In addition on 1 June 2010, Hynix announced a revised capex plan
of KRW3.5 trillion for FY10 - KRW1.2 trillion higher than its
original plan of KRW2.3 trillion.  Fitch believes that the
increased amount will not be significant enough to place negative
pressure on the company's credit profile, given its cash position
of KRW2.1 trillion at end-Q110 and strong cash generating ability.
After fully analyzing the new capex plan, Fitch expects that the
company will still be able to generate positive FCF in FY10.
Also, the agency notes that the higher capex level will likely
help the company secure its position as the second largest player
in the DRAM segment.  However on the NAND front, Fitch believes
that the gap between Hynix's technology and cost competitiveness,
as compared to its global peers, will unlikely narrow in the
short-term.

Although Fitch expects Hynix to maintain positive operating
margins and FCF generation in FY10 and FY11, a negative rating
action may occur if: 1) FFO adjusted net leverage increases to
above 2.5x on a sustained basis; 2) the company's EBIT margin
turns negative on a prolonged basis; or 3) Hynix loses its current
level of competitiveness in the industry, translating into a
meaningful loss in DRAM market share.

Alternatively, Fitch may consider a positive rating action if
Hynix is able to: 1) consistently generate positive FCF; and/or 2)
gain additional market share in the DRAM and NAND memory sub-
sectors.

Hynix is a leading manufacturer of memory semiconductor products.
The company is the world's second-largest DRAM maker and fourth-
largest NAND flash memory producer with 22.5% and 7.1% of market
share in each segment as of the FYE09, respectively.


HYUNDAI CEMENT: Creditors Agree on Debt Workout
-----------------------------------------------
Creditors of Hyundai Cement Co. agreed on a debt workout for the
company, Yonhap News reports, citing bank officials.  According to
the news agency, the officials said the creditors, led by the
state-run Korea Development Bank, decided to reschedule Hyundai
Cement's debts by Sept. 3, and will discuss ways to help the
company get back on track.

As reported in the Troubled Company Reporter-Asia Pacific on
June 1, 2010, Hyundai Cement's creditors are seeking debt workout
for the cement maker as it is grappling with rising debt and a
debt guarantee for its affiliate.

Hyundai Cement and its affiliate, Sungwoo Engineering &
Construction Co., have been facing financial difficulty due to a
slowdown in the local construction sector, according to Yonhap.

Hyundai Cement Co., Ltd. is a Korea-based company engaged in the
manufacture and marketing of cements.  The Company operates its
business under two segments: cement and leisure.  Its cement
segment provides normal cements such as common Portland cements,
moderate heat Portland cements, early strength Portland cements,
sulfate resisting cements, blast furnace slag cements and masonry
cements, and special cements, such as electroconductive pyrogenic
cements used for floor heatings, food dryers and outdoor parking
lots, and electric wave interception cements used for offices,
institutes, hospitals and broadcasting stations, among others.
Its leisure segment is engaged in the operation of Hyundai Sungwoo
Resort, a total leisure complex with ski slopes, as well as youth
hostels, golf courses and condominium towers.


SUNGJEE CONSTRUCTION: Denies Defaulting on KRW2.57BB Notes
----------------------------------------------------------
Sangim Han at Bloomberg News reports that Sungjee Construction Co.
said it didn't default on KRW2.57 billion (US$2.1 million) of
notes that were due on June 4, responding to speculation it missed
the payment.

Sungjee Construction Co., Ltd. is a Korea-based company engaged in
the provision of construction and engineering services. The
Company operates its business under three divisions: construction
division, marketing, and cinema and outlet divisions. Its
construction division is engaged in the construction of subways,
airports, tunnels, dams, bridges, roads and harbors, as well as
apartments, office buildings, educational buildings and sports
facilities. Its marketing division is engaged in the marketing of
residential buildings and studio apartments. Its cinema and outlet
division is mainly engaged in the cinema and outlet businesses.
The Company is also engaged in the remodeling and overseas
construction businesses.


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


SOUTH CANTERBURY: Torchlight Replaces $75-Mil. Facility
-------------------------------------------------------
Duncan Bridgeman at The National Business Review reports that
South Canterbury Finance said an existing $75 million facility
initially provided by George Kerr's New Zealand Credit Fund has
been replaced by a $100 million loan from Torchlight Security
Trustee Limited, a subsidiary of Pyne Gould Corporation.

TST is 100% owned by PAM, which is PGC's asset management business
and chaired by Mr. Kerr.

NBR says the term of the facility has been extended to Nov. 30,
2010.

According to NBR, the new funding arrangement replaces a previous
agreement between South Canterbury's parent, Southbury
Corporation, and Mr. Kerr's Torchlight Fund No 1 LP for an
additional equity injection of up to $37.5 million, which is not
now proceeding.

South Canterbury's Trustee has granted a further waiver, subject
to certain conditions, from compliance with the risk weighted
asset covenant in clause 16.1(c) of the Trust Deed which will
expire on 31 August 2010.

The report relates South Canterbury chief executive Sandy Maier
said the new arrangement "provides the company with increased
liquidity through a simple structure."

                        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
June 2, 2010, Standard & Poor's lowered its long-term rating on
New Zealand finance company South Canterbury Finance Ltd. to 'B+'
from 'BB'.  At the same time, the 'B+' rating was removed from
CreditWatch Negative, where it was initially placed on March 2,
2010, and placed on CreditWatch Developing.  The 'B' short-term
rating is affirmed.


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


INTELLIGENT COMMUNICATION: Posts US$2.9 Mil. Net Loss in Q1 2010
----------------------------------------------------------------
Intelligent Communication Enterprise Corporation filed its
quarterly report on Form 10-Q, reporting a net loss of $2,852,182
on $2,502,173 of revenue for the three months ended March 31,
2010, compared with a net loss of $768,576 on $2,004,527 of
revenue for the three months ended March 31, 2009.

The Company's balance sheet as of March 31, 2010, showed
$14,596,946 in assets, $7,515,822 of liabilities, and $7,081,124
of stockholders' equity.

The Company has incurred losses and has negative working capital
as of March 31, 2010.

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

               http://researcharchives.com/t/s?6421

Headquartered in Singapore, Intelligent Communication Enterprise
Corporation (OTC BB: ICMC) -- http://www.icecorpasia.com/--
offers a range of innovative mobile marketing solutions and
communications technologies.

Peterson Sullivan LLP, in Seattle, Washington, 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 the Company has not generated revenues or positive cash
flows from operations and has an accumulated deficit at
December 31, 2009.


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


* BOND PRICING: For the Week May 31 to June 4, 2010
---------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.05
AINSWORTH GAME           8.00    12/31/2011   AUD       0.87
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
ANTARES ENERGY          10.00    10/31/2013   AUD       1.85
AUROX RESOURCES          7.00    06/30/2010   AUD       0.96
BECTON PROP GR           9.50    06/30/2010   AUD       0.37
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.10
CHINA CENTURY           12.00    09/30/2010   AUD       0.90
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.36
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.15
EXPORT FIN & INS         0.50    06/15/2020   AUD      56.68
GRIFFIN COAL MIN         9.50    12/01/2016   USD      65.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.66
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.38
JPM AU ENF NOM 1         3.50    06/30/2010   USD       5.75
MINERALS CORP           10.50    09/30/2011   AUD       0.13
NEW S WALES TREA         1.00    09/02/2019   AUD      64.81
PRAECO P/L               7.13    07/28/2020   AUD      71.02
RESOLUTE MINING         12.00    12/31/2012   AUD       1.02
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.30


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.01


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      34.00


  INDIA
  -----

AFTEK INFOSYS            1.00    06/25/2010   USD      70.00
GEMINI COMMUNICATION     6.00    07/18/2012   EUR      66.75
KALINDEE RAIL NI         0.50    03/07/2012   USD      73.25


  INDONESIA
  ---------

BANK DKI                12.25    03/04/2018   IDR      74.72
THAMES PAM JAYA         12.50    03/13/2013   IDR      70.00


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   JPY      74.25
AIFUL CORP               6.00    12/12/2011   JPY      74.25
AIFUL CORP               1.20    01/26/2012   JPY      71.07
AIFUL CORP               1.99    03/23/2012   JPY      69.79
AIFUL CORP               1.22    04/20/2012   JPY      67.83
AIFUL CORP               1.63    11/22/2012   JPY      58.06
AIFUL CORP               1.74    05/28/2013   JPY      51.88
AIFUL CORP               1.99    10/19/2015   JPY      43.87
COVALENT MATERIALS       2.87    02/18/2013   JPY      65.10
CSK CORPORATION          0.25    09/30/2013   JPY      75.00
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.93
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.33
NIS GROUP                8.06    06/20/2012   USD      52.00
SHINSEI BANK             5.62    12/29/2049   GBP      71.50
TAKEFUJI CORP            9.20    04/15/2011   USD      62.00
TAKEFUJI CORP            9.20    04/15/2011   USD      62.00
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.37


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.04
CRESENDO CORP B          3.75    01/11/2016   MYR       0.71
DUTALAND BHD             6.00    04/11/2013   MYR       0.31
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.90
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.92
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.21
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.61
MITHRIL BHD              3.00    04/05/2012   MYR       0.70
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.62
REDTONE INTL             2.75    03/04/2020   MYR       0.06
RUBBEREX CORP            4.00    08/14/2012   MYR       1.11
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.10
SCOMI GROUP              4.00    03/19/2013   MYR       0.09
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.59
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.91
WAH SEONG CORP           3.00    05/21/2012   MYR      15.58
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.30
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.87


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

ALLIED FARMERS           9.60    11/15/2011   NZD      70.10
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      25.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCHER BUI             8.50    03/15/2015   NZD       7.25
FLETCHER BUI             7.55    03/15/2011   NZD       6.90
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             8.50    11/15/2015   NZD      10.00
INFRATIL LTD            10.18    12/29/2049   NZD      64.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.34
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       0.99
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      62.87
SKY NETWORK TV           4.01    10/16/2016   NZD      55.49
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.01
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.54
ST LAURENCE PROP         9.25    07/15/2010   NZD      39.51
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.02
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.30


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      36.00
DAVOMAS INTL FIN         5.50    12/08/2014   USD      59.83
SENGKANG MALL            8.00    11/20/2012   SGD       0.01
SENGKANG MALL            4.88    11/20/2012   SGD       0.50
UNITED ENG LTD           1.00    03/03/2014   SGD       1.50
WBL CORPORATION          2.50    06/10/2014   SGD       1.98


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      70.64
NAM KWANG ENG&CO         6.00    10/22/2012   KRW      68.27


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.11


                         *********

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.





                 *** End of Transmission ***