TCRAP_Public/100610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, June 10, 2010, Vol. 13, No. 113

                            Headlines



A U S T R A L I A

LIBERTY FUNDING: S&P Assigns Ratings on Various Classes of Notes
MOBIUS NCM-04: S&P Retains Positive CreditWatch on Various Notes
SAPPHIRE VII: S&P Raises Ratings on Eight 2005-1E RMBS Certs.
WESTPOINT GROUP: ASIC Settles Action Against Former Director


C H I N A

CHINA HEALTH: Wong Yuen Yee Resigns as Director


H O N G  K O N G

MARINE MANNING: Commences Wind-Up Proceedings
MARINE MANNING: Creditors' Meeting Set for June 22
MPCT SOLUTIONS: Placed Under Voluntary Wind-Up Proceedings
NEW PROFIT: Commences Wind-Up Proceedings
NEWS CORPORATION: Lam and Boswell Step Down as Liquidators

NEWS DATA: Lam and Boswell Step Down as Liquidators
OFFSET HKG: Members' Final Meeting Set for July 7
PRIME ZONE: Wong and Chan Appointed as Liquidators
PAN-PACIFIC SERVICES: Commences Wind-Up Proceedings
POLTALLOCK LIMITED: Creditors' Proofs of Debt Due July 5

ROAD KING: Fitch Gives Stable Outlook; Affirms 'BB-' Rating
TEAMGAIN INVESTMENT: Chan Hon Chung Appointed as Liquidator
WHOLE POLICY: Commences Wind-Up Proceedings


I N D I A

ASHOKA MULITYARN: CRISIL Assigns 'BB' Ratings on INR150.8MM Loan
ASHWIN DIAMONDS: CRISIL Upgrades Rating on Various Debts to 'P4+'
DG ESTATES: CRISIL Assigns 'B-' Rating on INR200MM Term Loan
EXCEL OVERSEAS: CRISIL Reaffirms 'P4' Rating on INR240MM Loan
GLOBAL PHARMATECH: CRISIL Assigns 'B+' Rating on INR42MM LT Loan

JAI DURGA: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
KIRTILAL M: CRISIL Places Ratings Under 'Notice of Withdrawal'
KESHAR MULITYARN: CRISIL Assigns 'BB' Ratings on Various Debts
MODERN LAMINATORS: CRISIL Puts 'BB+' Rating on INR77.8MM Term Loan
MODERN PACKAGING: CRISIL Assigns 'BB+' Rating on INR39.2MM Loan

NAG LEATHERS: CRISIL Assigns Default Rating on INR4.6MM Term Loan
NAG YANG: Delay in Loan Repayment Cues CRISIL Default Ratings
NV DISTILLERIES: CRISIL Assigns 'BB-' Rating on INR2.2BB Term Loan
NV RESORTS: CRISIL Assigns 'BB' Rating on INR320 Mil. Term Loan
SBQ STEELS: CRISIL Reaffirms 'BB+' Rating on INR1.2BB Term Loan

SUSHRUTA VISHRANTHI: CRISIL Cuts Rating on INR150MM Cash Credit
TATA STEEL: Buys Stake in New Millennium Capital for C$20 Million


I N D O N E S I A

ARPENI PRATAMA: Nonpayment of Coupons Won't Affect Fitch's Rating
MEDCO ENERGI: S&P Gives Negative Outlook; Affirms 'B' Rating


J A P A N

JAPAN AIRLINES: In Talks With Labor Over Compensation Framework
* JAPAN: Corporate Failures May Rise on New Consumer Lending Law


M A L A Y S I A

HO HUP: To Hold 36th Annual General Meeting on June 28
LCL CORPORATION: Subsidiary Receives Writ of Summons
LIMAHSOON BERHAD: 7th Annual General Meeting Set For June 30
VTI VINTAGE: To Hold 8th Annual General Meeting on June 25
MALAYSIAN MERCHANT: Seeks to Strike Out Writ of Summons


N E W  Z E A L A N D

AWATERE VINEYARD: Placed in Receivership; McGrathNicol Appointed
DORCHESTER PACIFIC: Unveils Board Changes; Chairman to Step Down
OYSTER BAY: Reports Lower Grape Harvest; Seeks Covenant Waivers
SOUTH CANTERBURY: Appoints Bill Baylis as Independent Chairman
SOUTH CANTERBURY: To Hold Public Information Meetings

SOUTH CANTERBURY: Seeks Partner-Shareholder by The End of August


S I N G A P O R E

FIRST SHIP: S&P Puts 'BB-' Corp. Rating on CreditWatch Negative
GIMWAH PTE: Creditors Get 1.20% Recovery on Claims
TEAM ENERGY: Creditors Get S$53.618447 Recovery on Claims




                         - - - - -


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


LIBERTY FUNDING: S&P Assigns Ratings on Various Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary ratings to
the notes to be issued by Liberty Funding Pty Ltd. in respect of
Liberty Series 2010-1 Auto.  The transaction is the fourth public
securitization of auto loans undertaken by Liberty Financial Pty
Ltd. The preliminary ratings are based on information as of
June 8, 2010.  Subsequent information may result in the assignment
of final ratings that differ from the preliminary ratings.

The rationale for the assignment of the preliminary ratings
includes:

* The issuer's ability to pay interest to the class A, class B,
  class C, and class D note holders in full on each interest
  payment date, and to repay principal in full no later than the
  final maturity date, according to the terms and conditions of
  the notes;

* Liquidity to support rated note payments, including a liquidity
  reserve that will be funded through note over-issuance on the
  closing date.  In addition, the issuer has the ability to
  utilize principal receipts from the underlying collateral pool
  to pay interest;

* The credit support for each class of notes provided in the form
  of subordination, a loss reserve, and excess spread, and the
  sequential pay down structure of the notes;

* The reserve, which is capped at 10% of the current invested
  amount of notes (the loss reserve cap), subject to a floor of
  A$1,000,000.  This reserve will be funded through A$3,500,000 of
  cash deposited by Liberty Financial Pty Ltd. (Liberty Financial)
  on the closing date and is built up to the extent of future
  excess spread trapped.  The reserve may be utilized to meet
  losses, and also as a third source of liquidity for the payment
  of unpaid interest on the rated notes; and

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

                   Preliminary Ratings Assigned

       Liberty Funding Pty Ltd. - Liberty Series 2010-1 Auto

              Class     Rating     Amount (mils. A$)
              -----     ------     -----------------
              A         AAA        66.5
              B         A          11.5
              C         BBB+        6.0
              D         BB          3.6
              E         Not Rated   2.4


MOBIUS NCM-04: S&P Retains Positive CreditWatch on Various Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on the
class C, D, M, E, and F residential mortgage-backed securities
issued by Mobius NCM-04 Trust remain on CreditWatch with positive
implications, where they were initially placed on Sept. 30, 2009.
At the same time, the rating on the B notes has also been placed
on CreditWatch positive.  The class A1 and A2 notes have been
fully redeemed and their respective ratings were withdrawn on
April 29, 2010.

The CreditWatch positive on the rated notes reflects the increased
credit support available to all notes as a result of portfolio
amortization, as well as the potential restructure outcome.  The
credit enhancement after the expected deposit of the A$7 million
in the reserve account will be commensurate with the higher rating
levels as listed below.

The initial CreditWatch positive placements followed a review of a
restructure by the noteholders, concerning the trust's lenders'
mortgage insurance deposit account and reserve account.  On
March 12, 2010, the secured creditors passed a resolution to
accept the restructure as proposed.  Following this, documentation
reflecting the proposed restructure has been finalized and
executed, and A$7 million is to be deposited into the reserve
account, which can be used to cover losses on any loans in the
trust.

S&P will resolve the CreditWatch after confirming that the
A$7 million has been deposited into the reserve account.  The
ratings on the RMBS are likely to be raised to these levels:

        Class     Expected Rating Outcome  Rating From
        -----     -----------------------  -----------
        B         AAA                      AA/Watch Pos
        C         A+                       BBB+/Watch Pos
        D         BB+                      CCC+/Watch Pos
        M         BB+                      CCC+/Watch Pos
        E         B-                       CCC-/Watch Pos
        F         CCC                      CC/ Watch Pos

             Ratings Remaining on CreditWatch Positive

                       Mobius NCM-04 Trust

                     Class     Rating
                     -----     ------
                     C         BBB+/Watch Pos
                     D         CCC+/Watch Pos
                     M         CCC+/Watch Pos
                     E         CCC-/Watch Pos
                     F         CC/Watch Pos

              Rating Placed on CreditWatch Positive

              Class     Rating To      Rating From
              -----     ---------      -----------
              B         AA/Watch Pos   AA


SAPPHIRE VII: S&P Raises Ratings on Eight 2005-1E RMBS Certs.
-------------------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on eight
classes of subprime and nonconforming residential mortgage-backed
securities issued by the trustee of Sapphire VII Series 2005-1E
Trust.  S&P also affirmed the ratings on the class A1 and A2
notes.

Since initial issuance, the portfolio has paid down its balance
significantly, with AU$92.38 million outstanding as at April 2010.
The bond factor of each of the class A1 and class A2 notes is just
over 7%.  The transaction has recently reverted from paying
principal on a pro-rata basis to sequentially.  The pro-rata
mechanism has enabled lower rated notes to partially pay down and
reduced the weighted-average funding costs of the transaction.
Further, although the pro-rata mechanism reduces credit support
available to more senior ranking notes, the current credit support
available in percentage terms to rated notes has built up over
time due to amortization, particularly when the transaction was
paying sequentially.

The ratings affirmation and upgrades of the rated notes reflect
this build-up of credit support percentages, which, in S&P's
opinion, are sufficient to withstand the estimated losses
commensurate with the revised rating levels.  In addition to
receiving principal payments through the pro-rata mechanism, the
class CA note has also benefited from the reverse turbo mechanism,
whereby excess spread available after covering losses is used to
reduce principal outstanding to the class CA note first, up to a
defined limit.

There are no outstanding charge-offs to the remaining notes, and
all losses have been covered by excess spread.  The arrears levels
for this transaction have been trending downward since its peak in
late 2008 and early 2009, in line with the sector trend.
Annualized prepayment rates have been quite volatile, ranging from
a high of around 50% in September 2008, to around 15% currently.
Further, volatility in both arrears and prepayment rates is
expected as the pool balance diminishes.

The remaining portfolio balance, at Au$92 million, is just under
19% of the original balance.  About 71% of the outstanding
portfolio consists of low documentation loans and about 74%
comprise loans to self-employed borrowers.  In addition, by
current balance, about 21% of loans have a loan-to-value ratio
exceeding 80%, and over 10% have loan sizes exceeding A$800,000.
Judging by the portfolio composition and the current performance,
S&P expects further losses to come through, and the lower ranking
notes would be most vulnerable to any severe deterioration in the
portfolio performance.

                          Ratings Raised

                Sapphire VII Series 2005-1E Trust

                Class     Rating To   Rating From
                -----     ---------   -----------
                MA1       AAA         AA
                MA2       AAA         AA
                MZ1       A+          A
                MZ2       A+          A
                BA1       BBB+        BBB
                BA2       BBB+        BBB
                BZ        BB+         BB
                CA        BB          B

                         Ratings Affirmed

                    Sapphire VII Series 2005-1E

                         Class     Rating
                         -----     ------
                         A1        AAA
                         A2        AAA
                         CZ        N.R.

                         N.R. ? Not rated


WESTPOINT GROUP: ASIC Settles Action Against Former Director
------------------------------------------------------------
The Australian Securities & Investments Commission has reached an
agreement to settle litigation against former Westpoint director
Lynette Rochelle Schiftan on behalf of a number of Westpoint
mezzanine finance companies.

ASIC said the terms of settlement are confidential pursuant to the
Deed of Settlement.

"As part of the settlement, all matters between ASIC and Mrs.
Schiftan have been resolved and the proceedings commenced by ASIC
in the Federal Court in the name of the Westpoint companies
against Mrs. Schiftan have been discontinued," ASIC said in a
statement.

Meanwhile, The Sydney Morning Herald reports that KPMG's legal
challenge to the corporate regulator's section 50 powers is likely
to be heard by the High Court this year.

The report says the auditing firm and the Australian Securities
and Investments Commission have agreed the case should be heard at
the earliest available date.

According to SMH, Justice Ken Hayne, at a preliminary hearing in
Melbourne on Monday, heard that KPMG and ASIC believed the matter
should be heard by the full court of the High Court and KPMG will
argue that section 50 of the Australian Securities and Investments
Commission Act breaches section 51 of the constitution.

Section 50 of the ASIC act allows the regulator to sue for damages
or to recover property on behalf of a person or company as a
result of fraud, negligence, default, breach of duty or some other
misconduct.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2010, The Sydney Morning Herald said KPMG will file a High
Court appeal in an attempt to block ASIC's efforts to secure a
AU$200 million compensation payout on behalf of investors caught
by the collapsed Westpoint Group.

SMH said at the time that the audit firm will argue that the
corporate regulator is overstepping its authority by claiming the
funds on behalf of investors exposed to the failed property
schemes.  SMH stated that normally it is companies or a liquidator
that reclaim funds from an auditor for alleged negligence.

ASIC in 2008 began a lawsuit claiming AU$200 million in
compensation from KPMG for alleged negligent auditing of
Westpoint's accounts.

ASIC had said it would "vigorously defend" the High Court action.
If KPMG is successful, the report related, ASIC warned it would
not be able to collect the compensation from the accounting firm
on behalf of investors exposed to the collapsed Westpoint
investment scheme.

According to SMH, the case is also shaping up as a test for ASIC's
ability to step in and claim compensation on behalf of investors
from audit firms.

                        About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property development
and owns or manages retail and commercial properties with a total
value of over AU$300 million.  The Group's troubles began in 2005
when the Australian Securities and Investments Commission
commenced investigations on 160 companies within the Westpoint
Group.  The ASIC's investigation led to ASIC initiating action in
late 2005 in the Federal Court of Australia against a number of
mezzanine companies in the Westpoint Group, including winding up
proceedings.  The ASIC contends that Westpoint projects are
suffering from significant shortfall of assets over liabilities so
that hundreds of investors are at serious risk of not receiving
repayment of their investments.  The ASIC also sought wind-up
orders after the Westpoint companies failed to comply with its
requirement to lodge accounts for certain financial years.  These
wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had applied
to wind up the company on grounds of insolvency.  The ASIC
believes that Westpoint Corporation is responsible for arranging,
managing and coordinating Westpoint Group's property projects as
well as holding money for other group companies.  The ASIC was
concerned that Westpoint Corporation was unable to pay its debts,
including its obligations under the guarantees given to the
mezzanine companies to make good expected shortfalls in the
repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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


CHINA HEALTH: Wong Yuen Yee Resigns as Director
-----------------------------------------------
Ms. Wong Yuen Yee on June 4, 2010, resigned as director of China
Health Care Corporation.  As a result of Ms. Wong Yuen Yee's
resignation, the Company appointed Faith Lam as director.

The Company's board of directors consists of Gerald Lau and Mr.
Lam.

China Health Care Corp. provides consultancy services to the VIP
Maternity & Gynecological Centers in the People's Republic of
China.  These services are provided in conjunction with Johns
Hopkins International, LLC, a U.S. based healthcare provider, and
based upon a Consultancy Agreement with JHI.  The Company is
currently under contracts to provide consultancy services to a
total of five VIP Birthing Centers in the PRC and to manage a
private hospital in Macau.

                        Going Concern Doubt

Samuel H. Wong & Co., LLP, in South San Francisco, California,
raised substantial doubt about China Health's ability to continue
as a going concern after auditing the Company's financial results
for the years ended September 30, 2008, and 2007.  The auditor
noted that the Company continued to incur losses and working
capital deficiencies.

China Health Care's balance sheet at June 30, 2009, showed
total assets of US$1.47 million and total liabilities of
US$7.06 million, resulting in a stockholders' deficit of about
US$5.59 million.


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


MARINE MANNING: Commences Wind-Up Proceedings
---------------------------------------------
Members of Marine Manning Services Limited, on May 26, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's provisional liquidators are:

         Fok Hei Yu
         Roderick John Sutton
         14th Floor, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


MARINE MANNING: Creditors' Meeting Set for June 22
--------------------------------------------------
Creditors of Marine Manning Services Limited will hold their
meeting on June 22, 2010, at 5:00 p.m., for the purposes provided
for in Sections 228A, 241, 242, 243, 244 and 251 of the Companies
Ordinance.

The meeting will be held at 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.


MPCT SOLUTIONS: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on May 24, 2010,
creditors of MPCT Solutions Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


NEW PROFIT: Commences Wind-Up Proceedings
-----------------------------------------
Members of New Profit Holdings Limited, on May 28, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's provisional liquidators are:

         Fok Hei Yu
         Roderick John Sutton
         14th Floor, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


NEWS CORPORATION: Lam and Boswell Step Down as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of News Corporation (China) Limited on May 31,
2010.


NEWS DATA: Lam and Boswell Step Down as Liquidators
---------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of News Data Security Products Limited on
May 31, 2010.


OFFSET HKG: Members' Final Meeting Set for July 7
-------------------------------------------------
Members of Offset HKG Limited will hold their final meeting on
July 7, 2010, at 10:00 a.m., at Room 2101 St. George's Building, 2
Ice House Street, Central, in Hong Kong

At the meeting, Chan Chak Ming, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


PRIME ZONE: Wong and Chan Appointed as Liquidators
--------------------------------------------------
Wong Yuk Ying and Chan On Ki on May 24, 2010, were appointed as
liquidators of Prime Zone Investments Limited.

The liquidators may be reached at:

         Wong Yuk Ying
         Chan On Ki
         11th Floor, Fortis Tower
         77-79 Gloucester Road
         Hong Kong


PAN-PACIFIC SERVICES: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Pan-Pacific Services Limited, on May 28, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


POLTALLOCK LIMITED: Creditors' Proofs of Debt Due July 5
--------------------------------------------------------
Poltallock Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by July 5,
2010 to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 28, 2010

The company's liquidator is:

         Sy Mei Ling
         38th Floor, Tower One
         Lippo Centre, 89 Queensway
         Hong Kong


ROAD KING: Fitch Gives Stable Outlook; Affirms 'BB-' Rating
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Hong Kong-based Road King
Infrastructure Limited's Long-term foreign currency Issuer Default
Rating to Stable from Negative and affirmed the IDR at 'BB-'.
Fitch has also affirmed Road King's foreign currency senior
unsecured rating at 'B+'.

"The Outlook revision reflects Road King's improved balance sheet
liquidity due to the strong property contracted sales in 2009 and
to a lesser extent, the disposals of some toll road interests,"
says Ying Wang, Director in Fitch's Asia-Pacific Corporates team.
"The rating action also reflects the removal of the uncertainties
related to Road King's control over the ex-Sunco properties in
Tianjin and the expectation of relatively stable toll road cash
distributions in the medium-term," adds Ms. Wang.

However, Road King's IDR is constrained by the company's exposure
to China's highly volatile and cyclical property sector.  Fitch
believes that Road King has continued to generate strong
contracted sales through the end of April 2010.  Even though the
introduction of austerity measures by the Chinese government in
mid-April 2010 did cause moderate weakness in certain markets, the
company is likely to maintain resilience in most of its key
markets, primarily located in second-tier and third-tier cities
which cater more to end-user demand.

Road King's toll road cash flows declined year-on-year in 2009 due
to the reduced cash distribution ratios of the two expressway
projects in Hebei, the disposals of the company's interest in the
Jihe Expressway (Eastern Section), Yugong Highway in Guangxi and
part of Yulin City Ring Roads.  In addition, the expressways in
Hebei generated weaker than expected revenue in 2009 due to
reduced heavy truck traffic.  The agency expects Road King's toll
road cash flows to weaken modestly in 2010 and stabilise
thereafter, primarily reflecting the aforementioned asset
disposals and the agency's more conservative view over the
performance of the toll segment.

Fitch expects Road King to have adequate liquidity over the next
12 months.  The assumption that Road King will maintain a
disciplined land bank acquisition strategy and prudent financial
policies, including a successful refinancing of the US$200m senior
notes due July 2011, underpins Road King's current rating and
Outlook.

At end-2009, Road King had an adjusted net leverage ratio (defined
as adjusted net debt-to-EBITDAR plus toll road cash flows) of
5.7x.  Although Road King's net leverage may step down to less
than 4.0x in 2010 primarily due to increased property EBITDA,
Fitch expects Road King to maintain an adjusted net leverage ratio
of within 4.0x - 5.0x over 2011 to 2013.

The one-notch difference between Road King's IDR and senior
unsecured rating reflects structural subordination risk.
Structurally senior debt accounted for 3.5x the sum of EBITDA and
toll road cash flows at end-2009.

Negative rating actions could arise from one or more of these: 1)
negative changes in China's regulatory/macro environment,
resulting in material deterioration in Road King's operating
performance; 2) adjusted net leverage ratio exceeding 6.25x; 3)
EBITDAR plus toll road cash flows to gross interest expense plus
rent ratio falling below 2.5x; 4) annual toll road cash flows of
below 1.0x of gross interest expense; and 5) a significant shift
in the management's business strategy away from the toll road
business as the operating priority.

Positive rating actions could arise from a sustained de-leveraging
to less than 4.0x adjusted net leverage, or a successful spin-off
of the property division.


TEAMGAIN INVESTMENT: Chan Hon Chung Appointed as Liquidator
-----------------------------------------------------------
Chan Hon Chung, Johnny Pollux on May 28, 2010, was appointed as
liquidator of Teamgain Investment Limited.

The liquidator may be reached at:

         Chan Hon Chung, Johnny Pollux
         4th Floor, East Ocean Centre
         98 Granville Road
         Tsimshatsui East
         Kowloon


WHOLE POLICY: Commences Wind-Up Proceedings
-------------------------------------------
Members of Whole Policy Limited, on May 28, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


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I N D I A
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ASHOKA MULITYARN: CRISIL Assigns 'BB' Ratings on INR150.8MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Ashoka Mulityarn Mills Ltd, which is part of the
Keshar group.

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Cash Credit*         BB/Stable (Assigned)
   INR150.8 Million Term Loan**        BB/Stable (Assigned)
   INR20 Million Import Letter of      P4+ (Assigned)
                           Credit
   INR15 Million Letter of Guarantee   P4+ (Assigned)

   *INR20 million Packing Credit, INR10 million FDBP,
    INR60 million Foreign Currency Loan as sub limit.

   ** INR15 million. Import LC for capital goods as sub limit
      of Term Loan.

The ratings reflect the Keshar group's weak financial risk
profile, marked by high gearing, and weak debt protection metrics,
and small scale of operations in the yarn industry and
susceptibility of margins to volatility in cotton prices.  These
rating weaknesses are partially offset by the benefits that the
group derives from its promoters' experience in the yarn business
and diversified product profile.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of AMML, and Keshar Mulityarn Mills
Ltd.  This is because the two companies together referred to as
the Keshar group, in similar line of business and have a common
management.  Moreover, the procurement of Viscose Fibre for KMML
is partly done through AMML.

Outlook: Stable

CRISIL believes that the Keshar group will continue to benefit
from its promoters industry experience, leading to healthy revenue
growth, over the medium term.  The outlook may be revised to
'Positive' if the Keshar group scales up its operations and
maintains its operating margin, or a significant equity infusion
enhances its financial flexibility.  Conversely, the outlook may
be revised to 'Negative' if the group's margins decline
significantly, leading to low cash accruals against maturing debt
obligations, or it undertakes large, debt-funded capital
expenditure program.

                          About the Group

AMML was incorporated in 1979 as Ashoka Synthetics Ltd; its name
was changed to the present one in 2005.  The company has one unit
at Sundergarh (Orissa), which was bought from the Government of
Orissa in 1993 with 25,080 spindles.  The company currently has
capacity of 36000 spindles to manufacture cotton yarn.

KMML was set up in 2007 by acquiring a spinning mill located at
Midnapore, West Bengal, from Aditya Birla Nuvo Ltd.  The unit was
acquired it had only 15,648 spindles, when it was acquired.
Currently, the company has about 25000 spindles to manufacture
synthetics yarn with 100% doubling and multifold capacity.  The
procurement of Viscose Fibre for KMML is partly done through AMML
in order to avail benefit of special additional duty, which is not
available to excise exempted units.

The Keshar Group reported a net loss of INR17.5 million on net
sales of INR674.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a profit after tax (PAT) of INR2.2
million on net sales of INR553.2 million for 2007-08.

The AMML reported a net loss of INR17.6 million on net sales of
INR423.9 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR0.1 million on
net sales of INR359.4 million for 2007-08.

The KMML reported a net loss of INR0.1 million on net sales of
INR330.8 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR2.1 million on
net sales of INR211 million for 2007-08.


ASHWIN DIAMONDS: CRISIL Upgrades Rating on Various Debts to 'P4+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the short-term bank facilities
of Ashwin Diamonds to 'P4+' from 'P4'.

   Facilities                            Ratings
   ----------                            -------
   INR180 Million Packing Credit         P4+ (Upgraded from 'P4')
   INR320 Million Post-Shipment Credit   P4+ (Upgraded from 'P4')

The upgrade reflects CRISIL's belief that the revival of demand in
the gems and jewellery export markets will reduce pressures on
Ashwin Diamonds' sales and profitability, and thereby improve its
liquidity.  The upgrade also factors in the improvement in the
firm's financial risk profile, particularly capital structure and
liquidity, following the capital infusion of INR65 million.

The rating reflects Ashwin Diamonds' average financial risk
profile, constrained by a modest net worth and gearing and weak
debt protection metrics, the partnership nature of its business,
and its significant exposure to group companies.  These rating
weaknesses are partially offset by the firm's promoters'
experience in the diamond business.

                       About Ashwin Diamonds

Set up in 1975, Ashwin Diamonds is a partnership firm trading in
rough and polished diamonds. Headquartered in Mumbai, the firm has
sales offices in Tokyo, New York, Dubai, and Hong Kong. The firm
outsources the manufacture of polished diamonds to its contract
manufacturing unit at Cambay (Gujarat).

For 2009-10 (refers to financial year, April 1 to March 31),
Ashwin Diamonds' profit after tax (PAT) and net sales are
estimated to be INR19 million and INR885 million, respectively,
against a PAT of INR2 million on net sales of INR1208 million for
2008-09.


DG ESTATES: CRISIL Assigns 'B-' Rating on INR200MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to DG Estates Pvt
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR200.0 Million Term Loan       B-/Negative (Assigned)
   INR40.0 Million Proposed LT      B-/Negative (Assigned)
           Bank Loan Facility
   INR10.8 Million Bank Guarantee   P4 (Assigned)

The ratings reflect DGEPL's exposure to risks related to the
timely commissioning of its hotel project and the ability to
service its debt in a timely manner.  CRISIL notes that the
principal repayment as per the re-scheduled terms would start from
August, 2010 coinciding with the commencement of its hotel project
leaving little headroom for the cash flows to stabilize.  This
rating weakness is partially offset by the benefits that DGEPL
derives from its resourceful background of promoters.

Outlook: Negative

CRISIL believes that DGEPL's credit risk profile will be
constrained over the near term by its large term loan repayment
obligation commencing from August 2010 vis--vis the expected cash
accruals from its hotel project.  The outlook may be revised to
'Stable' if the project is completed without significant cost and
time overruns and generates higher than expected occupancy levels
over the near term.  Conversely, the rating may be downgraded, if
there is significant delay in the completion of the project,
thereby jeopardizing the debt servicing ability of the company.

                         About DG Estates

DGEPL was incorporated in 2001 by Mr. Deepak Gambhir and
Mr. Yogesh Gambhir and was later acquired by its current
promoters, Mr. Sushil Goyal, Mr. Gagan Goyal, Mr. Suresh Bansal,
and Mr. Amit Bansal.  The company is setting up a three-star hotel
at Hari Nagar, New Delhi, with a capacity of 57 double bedrooms
and other amenities.  The company is setting up the hotel to cater
to the demand expected from the Commonwealth Games 2010 that are
to be hosted in New Delhi in October 2010.  The hotel is expected
to commence operations in August 2010.


EXCEL OVERSEAS: CRISIL Reaffirms 'P4' Rating on INR240MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Excel Overseas Pvt Ltd
continues to reflect Excel's average financial risk profile,
marked by high gearing and small net worth, and the company's
exposure to customer and supplier concentration risks. These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the diamond business.

   Facilities                              Ratings
   ----------                              -------
   INR240 Million Post- Shipment Credit*   P4 (Reaffirmed)

   * Interchangeable with packing credit of INR120 million

Excel was incorporated in 2006-07 (refers to financial year,
April 1 to March 31) by Mr. Ramesh Shah and Mr. Himatal Shah.  The
promoters had established a proprietary concern, M/s Excel
Overseas, in 1988 for import and export of various kinds of rough
and polished diamonds.  In 2009-10, M/s Excel Overseas was merged
with Excel. Excel sells diamonds mainly in the range of 1.00 to
1.99 carats and above 5.00 carats; these segments contributed
around 30 per cent and 35 per cent, respectively, Excel's total
revenues from polished diamonds in 2009-10.

For 2009-10, Excel's profit after tax and net sales are estimated
to be INR35 million and INR2.7 billion, respectively, against
INR19 million and INR1.7 billion, respectively, for 2008-09.  The
increase in sales has been because of the aforementioned merger.


GLOBAL PHARMATECH: CRISIL Assigns 'B+' Rating on INR42MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Global Pharmatech
Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR42.0 Million Long Term Loan     B+/Stable (Assigned)
   INR26.0 Million Cash Credit        B+/Stable (Assigned)

The rating reflects GPL's weak financial risk profile marked by
small net worth, high gearing and weak debt protection metrics,
and small scale of operations.  These rating weaknesses are
partially offset by GPL's highly qualified and experienced
management team, and established relationships with its main
customer, Glaxo SmithKline Pharmaceuticals Ltd.

GPL has submitted an undertaking stating that it will retain
interest-free unsecured loans of INR80 million for its business
operations till its bank debt is not fully repaid.  CRISIL has
treated the unsecured loans of INR80 million as neither debt nor
equity.

Outlook: Stable

CRISIL believes that GPL will continue to benefit from the
experience of its management team and its association with GSK,
over the medium term.  The outlook may be revised to 'Positive' if
GPL's profitability improves, or its scale of operations increases
without any decline in profitability.  Conversely, the outlook may
be revised to 'Negative' if the company's working capital
management deteriorates significantly, gearing increases, or it
undertakes a larger-than-expected debt-funded capital expenditure
program.

                       About Global Pharmatech

GPL, set up in 1994, undertakes contract manufacturing of ampoules
and vials, mainly for GSK, and also for other clients, including
Pfizer Ltd and Wockhardt Ltd.  GPL has capacity to manufacture 9
million ampoules per month and 7 million vials per month.

GPL reported a provisional net loss of INR30.5 million on
provisional net sales of INR121.5 million for 2009-10 (refers to
financial year, April 1 to March 31), against a net loss of
INR32.4 million on net sales of INR117.4 million for 2008-09.


JAI DURGA: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Jai Durga Iron Pvt
Ltd (JDIPL, part of the Jai Durga group) continue to reflect the
Jai Durga group's below-average financial risk profile marked by
aggressive debt-funded capital expenditure (capex), and exposure
to risks related to intense competition and cyclicality in the
steel industry, and volatility in raw material prices.  These
weaknesses are partially offset by the group's moderate business
risk profile, marked by healthy operating efficiencies and
integrated operations.

   Facilities                       Ratings
   ----------                       -------
   INR67.5 Million Cash Credit      BB+/Stable (Reaffirmed)
   INR39.9 Million Term Loan*       BB+/Stable (Reaffirmed)
   INR10.1 Million Standby Line     P4+ (Reaffirmed)
                      of Credit
   INR22.5 Million Bank Guarantee   P4+ (Reaffirmed)

   *Includes proposed limit of INR2.3 million

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JDIPL and Sri Venkatesh Iron & Alloy
(India) Ltd; this is because the two companies, together referred
to as the Jai Durga group, are in the same line of business with
similar business profiles, and under a common management.

Outlook: Stable

CRISIL expects the Jai Durga group to maintain its business risk
profile over the medium term on the back of improved operational
efficiency following the stabilization of its new capacities.
However, the group's financial risk profile may remain constrained
by its aggressive expansion plans for the medium term.  The
outlook may be revised to 'Positive' if the group's financial risk
profile improves significantly as a result of more-than-expected
cash accruals or equity infusions.  Conversely, the outlook may be
revised to 'Negative' if the group undertakes a larger-than-
expected debt-funded capex program, or its operating margin
declines because of low capacity utilization.

                          About the Group

JDIPL, the flagship company of the Jai Durga group, is promoted by
Mr. Mahesh Periwal, Mr. Pradip Kedia, Mr. Binod Kumar Bajaj, and
Mr. Krishna Kumar Agarwal.  JDIPL and its group company SVIAL
(which was acquired by the promoters in 2007) manufacture sponge
iron.  JDIPL set up an ingot-manufacturing unit in 2005, and
integrated forward in 2008, by acquiring a rolling mill.
Currently, the Jai Durga group is an integrated steel unit, with
production capacities of 168,000 tonnes per annum (tpa) of sponge
iron, 31,000 tpa of ingots and 36,000 tpa of thermo-mechanically-
treated bars.

The Jai Durga group reported a profit after tax (PAT) of
INR24 million on net sales of INR538 million for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of
INR26 million on net sales of INR456 million for 2007-08.


KIRTILAL M: CRISIL Places Ratings Under 'Notice of Withdrawal'
--------------------------------------------------------------
CRISIL has placed its rating on Kirtilal M Shah's bank facilities
on a 90-day 'Notice of Withdrawal' at Kirtilal M Shah's request;
the rating will be withdrawn at the end of the notice period, in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

   Facilities                          Ratings
   ----------                          -------
   INR864 Million Export Packing       P4 (Placed under 'Notice
   Credit/Pre-Shipment Credit              of Withdrawal')


KESHAR MULITYARN: CRISIL Assigns 'BB' Ratings on Various Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Keshar Mulityarn Mill Ltd, which is part of the
Keshar group.

   Facilities                             Ratings
   ----------                             -------
   INR80 Million Cash Credit*             BB/Stable (Assigned)
   INR73.7 Million Term Loan              BB/Stable (Assigned)
   INR15 Million Letter of Guarantee**    P4+ (Assigned)

   *INR80 million Packing Credit, INR80 million FDBP,
    INR50 million Foreign currency loan, INR20 million
    Import LC as Sub Limit.

   **Revolving LC of INR5 million as Sub Limit.

The ratings reflect the Keshar group's weak financial risk
profile, marked by high gearing, and weak debt protection metrics,
and small scale of operations in the yarn industry and
susceptibility of margins to volatility in cotton prices.  These
rating weaknesses are partially offset by the benefits that the
group derives from its promoters' experience in the yarn business
and diversified product profile.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of KMML, and Ashoka Mulityarn Mills
Ltd.  This is because the two companies together referred to as
the Keshar group, in similar line of business and have a common
management.  Moreover, the procurement of Viscose Fibre for KMML
is partly done through AMML.

Outlook: Stable

CRISIL believes that the Keshar group will continue to benefit
from its promoters industry experience, leading to healthy revenue
growth, over the medium term.  The outlook may be revised to
'Positive' if the Keshar group scales up its operations and
maintains its operating margin, or a significant equity infusion
enhances its financial flexibility.  Conversely, the outlook may
be revised to 'Negative' if the group's margins decline
significantly, leading to low cash accruals against maturing debt
obligations, or it undertakes large, debt-funded capital
expenditure programme.

                          About the Group

AMML was incorporated in 1979 as Ashoka Synthetics Ltd; its name
was changed to the present one in 2005.  The company has one unit
at Sundergarh (Orissa), which was bought from the Government of
Orissa in 1993 with 25,080 spindles.  The company currently has
capacity of 36000 spindles to manufacture cotton yarn.

KMML was set up in 2007 by acquiring a spinning mill located at
Midnapore, West Bengal, from Aditya Birla Nuvo Ltd.  The unit was
acquired it had only 15,648 spindles, when it was acquired.
Currently, the company has about 25000 spindles to manufacture
synthetics yarn with 100% doubling and multifold capacity.  The
procurement of Viscose Fibre for KMML is partly done through AMML
in order to avail benefit of special additional duty, which is not
available to excise exempted units.

The Keshar Group reported a net loss of INR17.5 million on net
sales of INR674.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a profit after tax (PAT) of INR2.2
million on net sales of INR553.2 million for 2007-08.

The AMML reported a net loss of INR17.6 million on net sales of
INR423.9 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR0.1 million on
net sales of INR359.4 million for 2007-08.

The KMML reported a net loss of INR0.1 million on net sales of
INR330.8 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR2.1 million on
net sales of INR211 million for 2007-08.


MODERN LAMINATORS: CRISIL Puts 'BB+' Rating on INR77.8MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Modern Laminators Ltd's, which is part of the Modern
group.

   Facilities                          Ratings
   ----------                          -------
   INR77.8 Million Rupee Term Loan     BB+/Stable (Assigned)
   INR73.0 Million Cash Credit         BB+/Stable (Assigned)
   INR35.0 Million Bank Guarantee      P4+ (Assigned)
   INR20.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect the Modern group's small net worth and average
scale of operations.  These rating strengths are partially offset
by the Modern group's promoters' extensive experience in the
packaging bags manufacturing business, and its moderate financial
risk profile, marked by modest gearing and stable debt protection
metrics.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MLL and Modern Packaging Pvt Ltd
(MPPL), together referred to as the Modern group.  This is because
both the entities are under the same management and in the same
line of business, with common product and customer profile.
Moreover, MLL has provided corporate guarantee for MPPL's loans.

Outlook: Stable

CRISIL believes that the Modern group will maintain its business
risk profile, backed by its promoters' experience and strong
clientele.  The outlook may be revised to 'Positive' if the Modern
group increases its scale of operations and sustains
profitability, or in case there is significant equity infusion,
leading to significant improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case there
is deterioration in the group's financial risk profile because of
large debt-funded capital expenditure.

                          About the Group

MLL was set up in 1975 as a partnership firm by Mr. Kishanlal
Bathwal in Gorakhpur and reconstituted as a limited company in
1992.  The firm initially manufactured jute bags used in
packaging. In 1999, MLL started manufacturing high-density
polyethylene (HDPE) and polyvinyl chloride (PVC) woven sacks which
are used for the packaging purpose in the fertilizer and cement
industries.  The company also owns a four-star hotel in Gorakhpur.

Set up in 2005, MPPL manufactures HDPE and PVC woven sacks in
Gorakhpur (Uttar Pradesh). The company's products are sold to
reputed companies in the fertilizer and cement industries.

MLL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR599.2 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.9 million on net sales
of INR592.7 million for 2007-08.


MODERN PACKAGING: CRISIL Assigns 'BB+' Rating on INR39.2MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Modern Packaging Pvt Ltd, which is part of the
Modern group.

   Facilities                             Ratings
   ----------                             -------
   INR39.2 Million Rupee Term Loan        BB+/Stable (Assigned)
   INR35.0 Million Cash Credit - Stock    BB+/Stable (Assigned)
   INR15.0 Million Cash Credit ?          BB+/Stable (Assigned)
                   Book Debts
   INR40.0 Million Bank Guarantee         P4+ (Assigned)
   INR15.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect the modern group's small net worth and average
scale of operations.  These rating strengths are partially offset
by the Modern group's promoters' extensive experience in the
packaging bags manufacturing business, and moderate financial risk
profile, marked by modest gearing and stable debt protection
measures.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MPPL and Modern Laminators Ltd,
together referred to as the Modern group.  This is because both
the entities are under the same management and in the same line of
business, with common product and customer profile.  Moreover, MLL
has provided a corporate guarantee to MPPL.

Outlook: Stable

CRISIL believes that the Modern group will maintain its business
risk profile backed by its promoters' experience and strong
clientele.  The outlook may be revised to 'Positive' if the Modern
group increases its scale of operations and sustains
profitability, or in case there is significant equity infusion
leading to significant improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case there
is deterioration in the group's financial risk profile because of
large debt-funded capital expenditure.

                           About the Group

Set up in 2005, MPPL manufactures high-density polyethylene (HDPE)
and polyvinyl chloride (PVC) woven sacks in Gorakhpur (Uttar
Pradesh). The company's products are sold to reputed companies in
the fertilizer and cement industries.

MLL was set up in 1975 as a partnership firm by Mr. Kishanlal
Bathwal in Gorakhpur and reconstituted as a limited company in
1992. The firm initially manufactured jute bags used in packaging.
In 1999, MLL started manufacturing HDPE and PVC woven sacks which
are used for the packaging purpose in the fertilizer and cement
industries.  The company also owns a four-star hotel in Gorakhpur.

MPPL reported a profit after tax (PAT) of INR2.5 million on net
sales of INR277.3 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net sales
of INR200.1 million for 2007-08.


NAG LEATHERS: CRISIL Assigns Default Rating on INR4.6MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Nag Leathers Pvt Ltd, which is part of the Nag group.  The ratings
reflect the delay by the Nag group in servicing its term loan; the
delay has been caused by the group's weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR4.60 Million Term Loan                D (Assigned)
   INR50.00 Million Packing Credit          P5 (Assigned)
   INR30.00 Million Foreign Bill Purchase   P5 (Assigned)
   INR20.00 Million Letter of Credit        P5 (Assigned)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NLPL, Nag Yang Shoes Pvt Ltd (NYS), and
Nag India Pvt Ltd, collectively referred to as the Nag group.
This is because the three companies are in the same line of
business, with each representing one stage of the group's value
chain. The entities share high degree of operational and financial
fungibility and are under the same management.

                          About the Group

NLPL, incorporated in 1990 by Mr. Chokalingam, is the flagship
company of the Nag group.  NLPL manufactures and exports finished
leather and shoe uppers, which are entirely manufactured on
subcontracted basis by its sister concern NIPL (incorporated in
2001).  In 2004, the group forward-integrated its operations to
manufacturing complete shoes by setting up NYS. Since 2004, NLPL
has been a feeder unit to NYS, and it sells 60-70 per cent of its
production to NYS.  All three companies have manufacturing units
in Ranipet, Tamil Nadu.

The Nag group reported a profit after tax (PAT) of INR8.2 million
on net sales of INR433.5 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR9.5 million on net
sales of INR407.9 million for 2007-08.


NAG YANG: Delay in Loan Repayment Cues CRISIL Default Ratings
-------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Nag Yang Shoes Pvt Ltd, which is part of the Nag group.

   Facilities                              Ratings
   ----------                              -------
   INR6.50 Million Term Loan               D (Assigned)
   INR85.00 Million Packing Credit         P5 (Assigned)
   INR60.00 Million Foreign Bill Purchase  P5 (Assigned)
   INR20.00 Million Letter of Credit       P5 (Assigned)
   INR10.20 Million Short-Term Loan        P5 (Assigned)

The ratings reflect the delay by the Nag group in servicing its
term loan; the delay has been caused by the group's weak
liquidity.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NYS, Nag Leathers Pvt Ltd (NLPL), and
Nag India Pvt Ltd, collectively referred to as the Nag group.
This is because the three companies are in the same line of
business, with each representing one stage of the group's value
chain.  The entities share high degree of operational and
financial fungibility and are under the same management.

                          About the Group

NLPL, incorporated in 1990 by Mr. Chokalingam, is the flagship
company of the Nag group.  NLPL manufactures and exports finished
leather and shoe uppers, which are entirely manufactured on
subcontracted basis by its sister concern NIPL (incorporated in
2001).  In 2004, the group forward-integrated its operations to
manufacturing complete shoes by setting up NYS. Since 2004, NLPL
has been a feeder unit to NYS, and it sells 60-70 per cent of its
production to NYS. All three companies have manufacturing units in
Ranipet, Tamil Nadu.

The Nag group reported a profit after tax (PAT) of INR8.2 million
on net sales of INR433.5 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR9.5 million on net
sales of INR407.9 million for 2007-08.


NV DISTILLERIES: CRISIL Assigns 'BB-' Rating on INR2.2BB Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of NV Distilleries & Breweries Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR400 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR2200 Million Term Loan           BB-/Stable (Assigned)
   INR20 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect NVDB's exposure to implementation and demand
risks associated with its ongoing distillery project, and to
regulatory risks in the distillery industry.  These rating
weaknesses are partially offset by the promoters' experience in
the liquor industry.

Outlook: Stable

CRISIL believes that NVDB will continue to benefit from its
promoters' industry experience.  The company's is also likely to
generate healthy revenue growth and higher profitability on the
back of integration of operations.  The outlook may be revised to
'Negative' if there is an adverse change in the regulatory
environment, thereby adversely affecting the company's cash
generation capability, or if there is delay in the company's
current project, leading to deterioration in its financial risk
profile.  Conversely, the outlook may be revised to 'Positive' if
the company consolidates its position in the Indian-made foreign
liquor (IMFL) market by successfully entering the premium IMFL
segment in new markets, thereby increasing its realizations and
achieving higher-than-expected profitability, or commissions its
distillery ahead of schedule.

                       About NV Distilleries

Incorporated in 1994 by Mr. Ashok Jain in Punjab, NVDB started
operations in 1998 as a bottler for Radico Khaitan Ltd in Dera
Bassi, Punjab.  The licensed storage capacity of the Dera Bassi
facility is 70,000 cases.  NVDB is in the process to setting up a
distillery with a capacity of 120 kilolitres per day, in Patiala,
Punjab. The project is of INR3331 million to be funded by debt of
INR2200 million and is expected to be commissioned by June 2011.

For 2008-09 (refers to financial year, April 1 to March 31), NVDB
reported a profit after tax (PAT) of INR5 million on net revenues
of INR764 million, against a PAT of INR5 million on net revenues
of INR762 million for 2007-08.


NV RESORTS: CRISIL Assigns 'BB' Rating on INR320 Mil. Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of NV Resorts Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR25 Million Cash Credit Limit    BB/Stable (Assigned)
   INR320 Million Term Loan*          BB/Stable (Assigned)
   INR15 Million Bank Guarantee       P4+ (Assigned)

   *Including foreign currency loan of INR145.4 million.

The ratings reflect NVR's limited track record in the hotel
industry, complete dependence on a single hotel, located in
Gurgaon, for revenues, and vulnerability to downturns in the
economic cycle.  These rating weaknesses are partially offset by
the healthy growth prospects of the company's business, because of
the good location of the Gurgaon hotel, and the company's
association with Carlson Hotels Group (Carlson).

Outlook: Stable

CRISIL expects a significant improvement in NVR's occupancy rates
once the company stabilizes its operations, and the economic
conditions improve. The outlook may be revised to 'Positive' if
the company reports higher-than-expected cash accruals.
Conversely, absence of improvement in the room occupancy rate or
average room revenue may result in revision in outlook to
'Negative'.

                          About NV Resorts

Set up in 2006 by Mr. Ashok Jain, NVR owns a hotel in Civil Lines,
Gurgaon; the facility is managed by Carlson Hotels under the brand
and aegis of Park Inn. The hotel has 55 rooms, including a
swimming pool, banquet hall, and conference rooms. The hotel has
been operational since June 2009.


SBQ STEELS: CRISIL Reaffirms 'BB+' Rating on INR1.2BB Term Loan
---------------------------------------------------------------
CRISIL's rating on SBQ Steels Ltd's term loan continues to reflect
the company's exposure to risks related to implementation and
stabilization of its ongoing greenfield project of setting up a
steel manufacturing plant, its expected deterioration in its
financial risk profile because of large debt-funded capital
expenditure (capex) plans, and susceptibility to cyclicality in
the steel industry.  These weaknesses are partially offset by the
benefits that would accrue after SBQ Steels completes setting up,
and stabilizes the operations at, its upcoming integrated and
cost-efficient steel manufacturing plant.

   Facilities                       Ratings
   ----------                       -------
   INR1210 Million Term Loan        BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBQ Steels will complete its ongoing
greenfield steel project within the revised timeline and cost
estimate.  The outlook may be revised to 'Positive' if SBQ Steels
successfully implements its project and achieves high capacity
utilization, resulting in better-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company faces time or cost overruns in the implementation of the
project, or if the company's profitability is lower than expected.

                           About SBQ Steels

SBQ Steels was incorporated in March 2007 by the Chennai-based
RKKR group. SBQ Steels is setting up an integrated plant at
Ankalapaturu (Andhra Pradesh); the facility will manufacture
special bar quality (SBQ) alloy steel. Phase I of the plant, which
was commissioned in September 2009, includes a mini blast furnace
of capacity 240,100-tonnes per annum (tpa), a 142,100-tpa coke-
oven plant, and a 276,000-tpa sinter plant.  Phase II includes a
steel melting shop (264,500 tpa), direct reduced iron (DRI) plant
(30,000 tpa; to produce sponge iron), and a rolling mill to make
alloy steel (251,000 tpa).  Phase II is expected to get
commissioned by September 2010.  Phase III, consisting of a 45-
megawatt power plant and expansion of sponge iron plant, will be
commissioned by December 2011.


SUSHRUTA VISHRANTHI: CRISIL Cuts Rating on INR150MM Cash Credit
---------------------------------------------------------------
CRISIL has downgraded its rating on Sushruta Vishranthi Dhama
Ltd's bank facilities to 'B/Negative' from 'BB-/Negative'.

   Facilities                            Ratings
   ----------                            -------
   INR150 Million Cash Credit Facility   B/Negative (Downgraded
                                           from 'BB-/Negative')

   -- The facility is from State Bank of India

The downgrade follows the weakening of Suvidha's liquidity, driven
by the booking of less-than-expected number of cottages at its
upcoming lifestyle retirement village, in the past one year.  The
downgrade also factors in the time overruns and high demand risk
in the ongoing project as Suvidha has made minimal progress in
sale of cottages; as on April 30, 2010, just 64% of cottages had
been sold, against 55 per cent as on March 31, 2009.  Suvidha's
outstanding cash credit limit was around INR118 million as on
April 30, 2010, which is repayable on demand in February 2011.
The downgrade also reflects CRISIL's belief that Suvidha's ability
to repay the cash credit facility will be severely constrained
because of the low level of new bookings for its cottages.

The rating reflects Suvidha's susceptibility to project
implementation risks, and its stringent shareholder criteria,
resulting in lower offtake of cottages.  These weaknesses are
partly offset by the advantageous location of the company's
project and its good infrastructure.

Outlook: Negative

CRISIL believes that Suvidha's ability to repay its outstanding
cash credit in February 2011 will be severely constrained because
of the lower-than-expected booking levels for its cottages.  The
rating may be downgraded if the company does not sell adequate
number of cottages, thereby further weakening its debt servicing
ability and constraining its liquidity.  Conversely, the outlook
may be revised to 'Stable' if Suvidha generates more-than-expected
cash flows by selling the remaining cottages, or renews its cash
credit facility.

                      About Sushruta Medical

Incorporated in November 2004 by the promoters of Sushruta Medical
Aid and Research Hospital Ltd, Suvidha is building a lifestyle
retirement village on the outskirts of Bangalore (Karnataka).
Originally incorporated to cater to the post-retirement needs of
promoter doctors, Suvidha's management later decided to involve
general public in the project.  The interested parties (potential
shareholders) have to subscribe to the shares of the company. The
shareholders do not own any portion of the land or building
directly, but derive a right to live in the village by virtue of
the shareholder's agreement they enter into at the time of
purchasing the shares.  One shareholder can own a maximum of two
cottages.  The project originally consisted of 200 cottages; this
has been marginally scaled down and now the total stands at 197
cottages.  There has been a time overrun and Phase I of the
project, which was to be completed by April-May 2009 got delayed
till April 2010.  However, there have been no cost overruns, with
the total project cost at INR500 million.  As on April 2010, 127
cottages had been sold.


TATA STEEL: Buys Stake in New Millennium Capital for C$20 Million
-----------------------------------------------------------------
Tata Steel Ltd. disclosed that its subsidiary Tata Steel Global
Minerals Holdings Pte Ltd. has acquired additional stake in New
Millennium Capital Corp.

Tata Steel Global bought 14.2 million common shares in New
Millennium at a price of C$1.40 apiece, amounting to a total of
C$20 million.

"After completion of the private placement, Tata Steel holds an
aggregate of 40,429,270 common shares, representing 27.4% of the
outstanding common shares of New Millennium Capital," Tata Steel
said in a statement.

Tata Steel managing director H.M. Nerurkar said, "Tata Steel is
very pleased with its strategic investment in New Millennium and
looks forward to expedite the "direct shipping ore (DSO) project."

President and CEO of NML said, "We are delighted that Tata Steel
has further increased their investment in NML.  Since Tata Steel
originally invested in NML in October 2008, they have proven to be
a supportive partner and this private placement is a testament to
the quality of our relationship."

                          About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2010, Fitch affirmed the Foreign Currency Issuer Default
Rating of 'BB+' and the National Long-term rating of 'AA(ind)' of
Tata Steel Limited.  Simultaneously, Fitch also affirmed the
Foreign Currency IDR of Tata Steel UK at 'B+'.  The Outlook on all
the ratings continues to be Negative.


=================
I N D O N E S I A
=================


ARPENI PRATAMA: Nonpayment of Coupons Won't Affect Fitch's Rating
-----------------------------------------------------------------
Fitch Ratings has said that Arpeni Pratama Ocean Line Tbk's
ratings remain unaffected after payment of the missed coupon on
its US$ notes ahead of the expiry of the grace period on 2 June
2010.

"It appears that Arpeni was able to pay the missed coupon thanks
mostly to the release of some cash collateral provided against
loans of the principal shareholder of the company," says Buddhika
Piyasena, Director of Fitch's Corporate ratings team.  Restricted
cash deposits relating to this collateral have fallen to around
US$14 million in June 2010 from US$26.3m at 31 December 2009.
Following Arpeni missing the coupon on 3 May 2010, the agency had
noted that Arpeni's weak operating cash generation and extremely
weak liquidity raised questions regarding its ability to pay the
coupon before the expiry of the 30-day grace period.

Arpeni is in the process of finding investors to improve its
capital base and liquidity as a precursor to restructuring its
debt obligations.  A standstill on principal payments on secured
bank debt and other debt obligations continues on an informal
basis.

Fitch will review Arpeni's ratings when there is more clarity on
Arpeni's capital structure and debt profile, along with an
assessment of its sustainable operating cash generation.
"Arpeni's ratings can benefit from an improvement to its capital
structure and liquidity profile by raising equity and re-profiling
debt.  However, a negative rating action based on a coercive debt
exchange still remains a possibility," adds Mr. Piyasena.

Fitch currently rates Arpeni,:

  -- Long-term foreign currency Issuer Default Rating: 'C';

  -- Long-term local currency IDR: 'C';

  -- National Long-term rating: 'C(idn)'; and

  -- Senior unsecured US$notes due 2013: 'C'; Recovery Rating:
     RR6.


MEDCO ENERGI: S&P Gives Negative Outlook; Affirms 'B' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on Indonesia-based oil and gas exploration and production
company PT Medco Energi Internasional Tbk. to negative from
stable, and affirmed the 'B' long-term corporate credit rating on
the company.  At the same time, S&P lowered the ASEAN scale rating
on Medco to 'axB+' from 'axBB-'.  In addition, S&P withdrew the
'B' issue ratings on the US$176.9 million convertible bonds due
May 12, 2011, issued by Medco CB Finance B.V. and the US$325.4
million guaranteed notes due May 22, 2010, that are guaranteed by
Medco, following their repayment.

The negative outlook reflects the potential execution risks
associated with Medco's major projects and S&P's expectation that
the company's financial risk profile will weaken further over the
next two to three years.  Nevertheless S&P believes Medco will
maintain adequate liquidity to meet its short-term obligations.

"S&P affirmed the rating to reflect Medco's exposure to
hydrocarbon price movements, the company's large investment
requirements, and its aggressive financial policy that relies on
debt to fund future growth," said Standard & Poor's credit analyst
Andrew Wong.  "These weaknesses are mitigated by Medco's favorable
location and cost structure, good growth potential in its
development and exploration blocks, and a degree of insulation
from currency instability and sovereign-debt risk."

Medco's financial risk profile is aggressive, in S&P's opinion.
Medco's cash flow protection measures were weaker than S&P's
expectations for the year ended Dec. 31, 2009, because of lower
oil prices and lower-than-expected production.  Its ratio of debt
to EBITDA weakened to 4.3x in 2009 from 1.4x in 2008.  Although
oil prices and cash flow protection measures have recovered
somewhat in 2010, S&P expects Medco's financial risk profile to
remain aggressive with a debt-to-EBITDA ratio above 4.0x in the
next one to two years.


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


JAPAN AIRLINES: In Talks With Labor Over Compensation Framework
---------------------------------------------------------------
Japan Airlines Corp has begun talks with labor on a proposed
compensation framework, as part of efforts by the debt-ridden
airline to cut personnel costs, Reuters reports, citing the Nikkei
business daily.

According to Reuters, the paper said JAL also plans to limit the
use of taxis only when public transport is not available and scrap
any allowances not related to performance or ability.

The Nikkei said the airline is also mulling a plan in which
severance packages are drawn out based on an employee's
contribution to the company, Reuters relates.

Reuters notes that the airline has a pay structure weighted more
toward allowances and variable pay rather than base salaries.

                        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: Corporate Failures May Rise on New Consumer Lending Law
----------------------------------------------------------------
Takako Taniguchi and Finbarr Flynn at Bloomberg News report that
Teikoku Databank Ltd. said corporate bankruptcies in Japan may
surge after the introduction of stricter consumer lending rules
this month.

"There is a possibility that bankruptcies could rise rapidly,"
Bloomberg News quoted Goro Komatsuzaki, general manager of the
industrial survey department at Teikoku Databank, as saying.

According to Bloomberg News, 3% of 10,806 companies who replied to
a Teikoku survey said they expect funding to be hurt by lending
rules that will cap borrowing to one-third of a person's annual
income from June 18.  The new law could have an impact on the
funding needs of about 60,000 firms, Mr. Komatsuzaki said.

Bloomberg relates Mr. Komatsuzaki said about 1,000 companies per
month are currently going bankrupt in Japan.


===============
M A L A Y S I A
===============


HO HUP: To Hold 36th Annual General Meeting on June 28
------------------------------------------------------
Ho Hup Construction Company Berhad will hold its 36th annual
general meeting on June 28, 2010, at 9:30 a.m., at Bukit Jalil
Golf and Country Resort, Langkawi Room, Jalan 3/155B, Bukit Jalil,
in Kuala Lumpur.

At the meeting, the members will be asked to:

   * receive the Audited Financial Statements for the year ended
     December 31, 2009, and the Reports of the Directors and
     Auditors;

   * re-elect these Directors who will retire under the provision
     of Article 90 of the Company's Articles of Association:

      -- Low Teik Kien; and
      -- Yusob Bin Md Tasir.

   * re-elect Dato' Ramli Bin Yusuff who will retire under the
     provision of Article 96 of the Company's Articles of
     Association;

   * approve the payment of Directors? Fees for the financial year
     ended December 31, 2009;

   * appoint Messrs. UHY Diong as Auditors of the company and to
     authorize the Directors to fix their remuneration.

As special business:

   * consider and, if thought fit, to pass the this Ordinary
     Resolution:

     -- Authority to issue shares pursuant to Section 132D of
        the Companies Act, 1965.

                            About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


LCL CORPORATION: Subsidiary Receives Writ of Summons
----------------------------------------------------
LCL Corporation Berhad said that LCL Furniture Sdn Bhd and LCL
Corporation Berhad have been served with Writ of Summons and
Statement of Claim by AmBank (M) Berhad as a result of the default
in payment of the banking facilities granted to LCLF.

AmBank claims MYR3,481,152.12 is due and owing as at May 20, 2010,
at an interest rate of BLR + 3.0% p.a. at monthly rests from May
21, 2010 to the date of full and final realization.

The litigation will not have any operational impact on LCL Group
as Receivers and Managers have been appointed over the property
and undertaking of LCLF with effect from December 16, 2009.

LCL will seek necessary legal advice from its solicitors with
regards to the claim.  LCLF is currently under receivership.

                           About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.


LIMAHSOON BERHAD: 7th Annual General Meeting Set For June 30
------------------------------------------------------------
Limahsoon Berhad will hold its 7th Annual General Meeting on
June 30, 2010, at 9:00 a.m., at Metro Room 1, Prescott Metro Inn,
Wisma Metro Kajang, Jalan Semenyih, 43000 Kajang, in Selangor.

At the meeting, the company's members will be asked to:

   * receive the Audited Financial Statements for the financial
     year ended December 31, 2009, together with the Reports of
     the Directors and Auditors thereon;

   * approve the payment of Directors? Fees for the financial
     year ended December 31, 2009;

   * re-elect these Directors, who retire pursuant to Article 87
     of the Company?s Articles of Association and being eligible,
     offer themselves for re-election:

     Article 83
      (i) Mr. Lim Chong Khim

     Article 87
      (i) Mr. Paul Lim Pang Kiam
     (ii) Mr. Yap Chee Kheng, Nicholas
    (iii) Mr. Loh Teck Wah
     (iv) Mr. Leong Choon Meng
      (v) Mr. Ng Chee Keong

   * appoint Messrs. THL Wong % Co. as Auditors of the Company in
     place of retiring auditors, Messrs. W S Tan % Associates and
     authorize the Directors to fix their remuneration; and

   * transact any other business.

                      About Limahsoon Berhad

Limahsoon Berhad (KUL:LIMAHSN) -- http://www.limahsoon.com/-- is
a Malaysia-based company engaged in investment holding and the
provision of management services to its subsidiaries.  The Company
operates in two business segments: manufacturing of laminated
board, which includes pressure treatment, kiln drying and the
manufacture of laminated boards and mouldings, and sawmilling,
which includes sawmilling of green rubberwood.

Limahsoon Berhad has been classified a Practice Note No. 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd after as the Company defaulted in payment and is unable to
provide a Solvency Declaration to Bursa Securities.


VTI VINTAGE: To Hold 8th Annual General Meeting on June 25
----------------------------------------------------------
VTI Vintage Berhad will hold its Eighth Annual General Meeting on
of June 25, 2010, at 10:00 a.m. at Room Utara 2, Level 2, Crystal
Crown Hotel, 12, Lorong Utara A, Off Jalan Utara, 46200 Petaling
Jaya, in Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   * receive the Audited Financial Statements for the financial
     year ended December 31, 2009, together with the Reports
     of the Directors and Auditors thereon;

   * approve the payment of Directors? fees of MYR64,500 to the
     directors of the Company for the nancial year ended
     December 31, 2009;

   * re-elect Mr. Wong Yew Sen as a Director of the Company in
     accordance with Article 90 of the Company?s Articles
     of Association;

   * re-elect Mr. Tan Choon Hwa (JP) as a Director of the Company
     in accordance with Article 95 of the Company?s Articles of
     Association;

   * re-appoint Messrs. Omar Arif & Co. as Auditors of the Company
     and to authorize the Directors to fix their remuneration;

   * To consider and, if thought t, to pass the following
     resolutions:

     -- Authority to Directors to Allot and Issue Shares;

     -- Proposed Shareholders? Mandate for Recurrent Related
        Party Transactions of a Revenue or Trading Nature; and

     -- Proposed Amendments to the Articles of Association.

   * transact any other business.

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company. It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


MALAYSIAN MERCHANT: Seeks to Strike Out Writ of Summons
-------------------------------------------------------
Malaysian Merchant Marine Berhad disclosed in a regulatory filing
that an application by way of Summon in Chambers have been filed
to strike out Dato' Ramesh Rajaratnam's Writ of Summons and
Statement of Claim against the Company in the Shah Alam High Court
Civil Suit No. 22-382-2010.

As reported in Troubled Company Reporter-Asia Pacific on April 26,
2010, Malaysian Merchant Marine has been served with a Writ of
Summons and a Statement of Claim by Siew & Partners on behalf of
Dato' Ramesh Rajaratnam, the Executive Deputy Chairman of MMM.

The Writ and Statement relates to Dato' Ramesh Rajaratnam's
employment contract.  Dato' Ramesh Rajaratnam is claiming for the
of MYR5,630,710 including interest at 8% per annum and the related
legal costs and any other costs that the court deems fit.

At present, the Company does not have sufficient funds to pay the
amount claimed.  The Company is considering all options, including
seeking legal advice on the said claim.

                     About Malaysian Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's shareholders' equity on a
consolidated basis is less than 25% of its issued and paid up
capital of the Company and is less than MYR40 million.

The Board of Directors is of the view that the Company's going
concern status in the present capital structure and business model
is in serious doubt and accordingly, the Company offered voluntary
separation settlement terms to all its employees on March 4, 2010.


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


AWATERE VINEYARD: Placed in Receivership; McGrathNicol Appointed
----------------------------------------------------------------
Michael Berry at The Marlborough Express reports that Awatere
Vineyard Estates Ltd. and Awatere Vineyard Holdings Ltd. have been
placed into receivership.

Chartered accountants William Black and Andrew Grenfell of
McGrathNicol Auckland were appointed receivers and managers of
both companies at the beginning of the month, the report says.

According to the report, Mr. Grenfell said the vineyard would
continue to operate, and they would look at putting it on the
market.

The report relates Mr. Grenfell said he could not discuss the
reasons for the receivership, as he had only recently been
appointed and the company director, Barry Sutton, of Manukau, was
out of the country.

New Zealand Winegrowers chairman Stuart Smith said the company was
a "quite large" contract grower and sold grapes to a number of
wineries.

Mr. Smith said it was the first Marlborough grower he had known to
go into receivership since the economic downturn hit, the report
notes.

Awatere Vineyard Estates Ltd is a Marlborough, New Zealand-based
contract grape grower.  The company owned 299 hectares of land,
with 128 hectares planted with sauvignon blanc and a small amount
of pinot gris.


DORCHESTER PACIFIC: Unveils Board Changes; Chairman to Step Down
----------------------------------------------------------------
Dorchester Pacific signals a new-look Board and leadership for the
Company's re-launch following investors' consideration of the
Company's Capital Reconstruction Plan and the $10 million Capital
Raising.

Long serving Chairman Barry Graham has announced he will step down
as Chairman and as a director at the Company's Annual Meeting in
August.

"I am pleased with progress made throughout this difficult period
in the Company's history.  We have returned 50% in cash to
Debentureholders with every possibility of a full recovery of
their investment.  The underlying businesses and brands have been
maintained for building on in the future.  The time is right for
new leadership to drive the growth in a restructured Dorchester,"
Mr. Graham said in a statement.

The company said Grant Baker will take up the role of Chairman
effective from the Annual Meeting.  Mr. Baker was appointed a
director of Dorchester along with Stephen Sinclair following The
Business Bakery's purchase of 19.47% of the shares in Dorchester
Pacific in August last year.

Mr. Baker said, "The Business Bakery is very excited about the
opportunities that exist in the finance industry and about
Dorchester's prospects of taking advantage of them.  Everyone has
their sleeves rolled up and is keen to get stuck into the growing
the business and making money.  That's going to be to everyone's
advantage."

The Board advises it will commence a search for a new independent
director immediately following the outcome of the investor vote on
the Capital Reconstruction Plan.

                     CEO and Executive Director

Dorchester said it has asked Executive Director Paul Byrnes to
stay on in the permanent role as CEO and Executive Director.

"As architect of the Capital Reconstruction Plan, Paul has both an
intimate knowledge of the business and a good understanding of the
industry.   He has also demonstrated in the past an ability to
build business value in an industry that has undergone significant
changes," Mr. Baker added.

         Capital Raising Underwrite by Major Shareholders

The Company also said that the $10 million Capital Raising will be
substantially underwritten by the two major shareholders.  The
Capital Reconstruction Plan is conditional on Dorchester raising a
minimum of $8 million.   The Business Bakery LP and Hugh Green
Investments Limited, each currently holding just under 20% of the
shares in the Company, have agreed terms of an Underwriting
Commitment to each subscribe to 35 million shares or $3.5 million
($7.0 million in total) with an option exercisable at the
discretion of each of them to apply for a further 5 million shares
or $500,000 ($1.0 million if both parties exercised their option).

The Company has applied to the Takeovers Panel for an exemption
for The Business Bakery and Hugh Green Investments to hold in
excess of 20% of the voting rights following the Capital Raising.

Campbell MacPherson have been engaged to prepare a summary
independent appraisal and independent advisor report on the merits
of the proposed allotment of voting securities to The Business
Bakery and Hugh Green Investments.  The report will be made
available to shareholders who will need to approve the Dorchester
Capital Reconstruction Plan, the Capital Raising and the
underwriting arrangements.  The Underwriting Commitments are also
subject to investor's approval of the Capital Reconstruction Plan.

Executive Director Paul Byrnes said, "Investors and shareholders
should be delighted with this support and show of faith from our
major shareholders.  It is significant that both The Business
Bakery and Hugh Green Investments have had Board representation
over the last 9 months or so as our Plan has evolved.   That
support and ongoing input will no doubt prove a valuable resource
for the business over the next few years.

Mr. Byrnes added, "In respect of my own shareholding of 4.8%, I
have indicated to the Board that I will be taking up my full
subscription entitlement."

                     About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

Dorchester Pacific reported three consecutive net losses of
NZ$19.1 million, NZ$25.4 million and NZ$18.1 million for the years
ended March 31, 2008, 2009 and 2010, respectively.

The accounts to March 31, 2010, have been prepared on a going
concern basis.   Although an unqualified opinion is expressed,
auditors Staples Rodway note fundamental uncertainties with
respect to realization of property loans and positions and the
validity of the going concern basis  should the Capital
Reconstruction Plan not be approved by investors.

Dorchester has been operating under a deferred repayment plan
since late 2008.


OYSTER BAY: Reports Lower Grape Harvest; Seeks Covenant Waivers
---------------------------------------------------------------
Oyster Bay Marlborough Vineyards Ltd said that it has completed
negotiations with Delegat's Wine Estate Limited on the grape
prices for its 2010 harvest.

Total production for the year was 5,652 tonnes, and though a
decrease of 9% on the previous year's harvest, this is closely in
line with the planned production volume.

An average price of $1,469 per tonne across all grape varieties
was achieved.  The market value of Marlborough grapes has declined
significantly over the past year as a result of the industry
supply imbalance.

The Independent Directors are certifying to NZX that they consider
the prices received to be commercially fair to the minority
shareholders and are the result of negotiations conducted on an
arm's length basis.  The company's independent viticultural
consultant, Dr. David Jordan, is providing a report to NZX that
supports the Independent Directors' view.

Given the related party nature of the contract between Oyster Bay
Marlborough Vineyards Limited and Delegat's Wine Estate Limited,
the Independent Directors are satisfied that their procedures were
robust and met the requirement for independence on their part.

Total revenue received was $8,305,000, a decrease of 28% on the
previous year, resulting in a forecast end of year operating loss
after tax of approximately $900,000 before any vineyard fair value
adjustments and taxation adjustments.

The Directors are of the view that given the supply imbalance
affecting the sector any fair value write-down could be material.
The company is awaiting a report from its valuers.

As set out in its April Market Update, the directors are in the
process of seeking appropriate bank covenant waivers.

The Directors have commissioned an investment bank to advise on
the most efficient and effective capital structure for the Company
going forward.

                           About Oyster Bay

Oyster Bay Marlborough Vineyards Limited (NZE:OBV) --
http://www.obmvl.co.nz/--  produces grapes in New Zealand.  The
company's vineyards are located in the Marlborough region within
New Zealand.  At June 30, 2008, the company had approximately 539
productive hectares of land.  During the fiscal year ended
June 30, 2008, the company harvested approximately 7,193 tons of
grapes.  The company owns three vineyard properties: Oyster Bay
State Highway 63 vineyard, Oyster Bay Fault Lake and Oyster Bay
Wairau River.


SOUTH CANTERBURY: Appoints Bill Baylis as Independent Chairman
--------------------------------------------------------------
South Canterbury Finance Ltd has named Bill Baylis as Independent
Chairman.

Acknowledging the new position, Mr. Baylis said the board is
committed to the turnaround he and the other Independent Directors
joined the company to undertake late last year.

"South Canterbury Finance is making solid progress towards
rebuilding a sound financial footing for the future."

Mr. Baylis, a former partner of accounting firm KPMG, has broad
governance experience over a range of industries.  He is currently
Chairman of Real Journeys Limited, a director of Landcorp Farming
Limited, Port of Tauranga Limited, where he is Chairman of the
Audit Committee, and several private companies.  He is a past
chairman of Pyne Gould Guinness Limited, PGG Wrightson Limited and
Naylor Love Enterprises Limited.

Queenstown-based Mr. Baylis is a Fellow of the Institute of
Chartered Accountants of New Zealand, Fellow of the New Zealand
Institute of Management and Accredited Fellow of the Institute of
Directors in New Zealand and currently Chairman of the Institute's
Accreditation Board.

                         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.


SOUTH CANTERBURY: To Hold Public Information Meetings
-----------------------------------------------------
South Canterbury Finance Chief Executive Sandy Maier and his
management team are inviting investors to a series of public
meetings to answer their questions about the business.

Public meetings are scheduled for Christchurch, Invercargill and
Dunedin this week.

Public meeting venues are:

Christchurch: 5:00 p.m., Thursday, June 10
              Copthorne Durham Level 10
              Cor. Durham and Kilmore Sts.

Invercargill: 10:00 a.m., Friday June 11
              Invercargill, Ascot Park Hotel

     Dunedin: 4:30 p.m., Friday, June 11
              Southern Cross Hotel

A schedule also being finalized for Timaru, Ashburton, Wellington
and Auckland next week.  Public meetings in other centers would
also be scheduled in the near future.

                        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.


SOUTH CANTERBURY: Seeks Partner-Shareholder by The End of August
----------------------------------------------------------------
South Canterbury Finance owner Allan Hubbard hopes to find a new
partner-shareholder for the company by the end of August, Marta
Steeman at BusinessDay.co.nz reports.

The new partner would inject much-needed equity capital into the
cash-strapped company and bring SCF back into compliance with its
trust deed, the report says.

According to the report, SCF chief executive Sandy Maier said
there was a short list of about five interested parties, including
some from overseas.

BusinessDay.co.nz recalls that the trustee for the debenture
holders, Trustee Executors, last week granted an extension to a
waiver of one of the provisions of the trust deed that SCF had
breached.  The provision relates to the type and weight of assets
SCF holds.  The waiver was extended to August 31.

Mr. Maier, as cited by the report, said until then Mr. Hubbard
would aim to attract a new equity partner with capital that would
bring SCF back into compliance with the deed.

Meanwhile, BusinessDay.co.nz reports that SCF has rejected two
bids from overseas parties for a parcel of "bad" loans as too low.

Mr. Maier said the parcel had about $270 million of loans, mainly
property loans, but the bids were "heavily discounted."

                         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
=================


FIRST SHIP: S&P Puts 'BB-' Corp. Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it had placed its 'BB-'
long-term corporate credit rating on Singapore-based First Ship
Lease Trust on CreditWatch with negative implications.  At the
same time, Standard & Poor's withdrew the 'B+' issue rating on
FSL's proposed US$200 million senior unsecured notes, which the
company originally intended to launch in December 2009 but
withdrew due to unfavorable market conditions.

S&P placed the rating on FSL on CreditWatch following the arrest
on June 4, 2010, of a tanker in Japan that the company had leased
to Groda Shipping & Transportation Ltd. (unrated), and after Groda
had asked FSL to take back its two leased tankers.

"In S&P's view, FSL's credit profile could come under pressure
partly because of the uncertain length of the arrest and potential
legal expenses.  In addition, the arrest will make it difficult
for the Russian government-controlled OJSC Oil Company Rosneft
(BBB-/Stable/--) to use the arrested vessel (Verona I); Rosfnet
has long-term contracts of affreightment for both vessels.
Further, the situation is likely to make the re-delivery process
of the two vessels lengthier and more expensive, potentially
complicating FSL's access to the US$3 million cash deposits
originally made for each one of them," said Standard & Poor's
credit analyst Manuel Guerena.

"In addition, the assignment of revenue to FSL under the COA that
Groda signed with Rosneft is likely to be below the bareboat
charter rate that FSL had originally agreed with Groda in November
2007.  These developments add uncertainty to the way that FSL may
manage both of its tankers going forward.  This will largely
depend on the time that the company takes to find a substitute
lessee to Groda, potentially exposing FSL to the actual operation
of such vessels in the meantime.  Currently, FSL does not engage
in any vessel management," said Mr. Guerena.

FSL has eight customers leasing 23 vessels.  Groda represented 15%
of FSL's total revenue for the fiscal year ended Dec. 31, 2009.
The two vessels that Groda leased accounted for 12% of the net
book value of FSL's vessel portfolio.  As at March 2010, FSL had a
ratio of debt to annualized EBITDA of 5x, while its annualized
funds from operations stood at just below 15% of its total debt.

As at March 2010, FSL held US$56 million in cash and cash
equivalents (including US$28 million from an equity placement
in September 2009), and no significant maturities on its
US$449 million debt until April 2012, when US$242 million comes
due.  In turn, FSL's quarterly EBITDA of about US$23 million
covers quarterly interest payments of about US$6 million and for
US$8 million in quarterly debt amortization.  FSL has no committed
planned capital expenditure, and it is not required to make any
minimum cash distribution to its unit-holders.  Assuming no other
lessees terminate their leases, the vessels are leased under long-
term leases with an average remaining lease term of 7.5 years; the
earliest lease maturity is in 2014.

S&P aims to resolve the CreditWatch placement once S&P has more
clarity on the existing timing and magnitude of the economic
consequences derived from FSL having to re-take the two vessels
from Groda and the arrest of Verona I.  S&P's review will focus on
a revised forecast of EBITDA for the remainder of 2010 and 2011.
The review will also consider S&P's review of the credit profiles
of FSL's lessees, which may also be deteriorating in the face of
ongoing challenges in the shipping industry.


GIMWAH PTE: Creditors Get 1.20% Recovery on Claims
--------------------------------------------------
Gimwah Pte Ltd declared the second and final dividend unsecured
creditors on June 8, 2010.

The company paid 1.20% to the received claims.

The company's liquidator is:

         Bob Yap Cheng Ghee
         c/o KPMG Advisory Services Pte Ltd
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 04858


TEAM ENERGY: Creditors Get S$53.618447 Recovery on Claims
---------------------------------------------------------
Team Energy Asia-Pacific Singapore Pte Ltd declared the first and
final dividend on May 26, 2010.

The company paid S$53.618447 to the received claims.


                         *********

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

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

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


                            *********


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

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

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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