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                     A S I A   P A C I F I C

           Thursday, June 17, 2010, Vol. 13, No. 118

                            Headlines



A U S T R A L I A

CUBBIE STATION: Creditors Approve Deed of Company Arrangement
INDOPHIL RESOURCES: In Trade Halt Amid Reports on Open Pit Ban


C H I N A

GLORIOUS PROPERTY: Moody's Affirms 'B1' Corporate Family Rating
NEO-CHINA LAND: Moody's Confirms 'Caa3' Corporate Family Rating


H O N G  K O N G

TAI WO: Chan Kin Hang Danvil Appointed as Liquidator
TEL-LINE LIMITED: Placed Under Voluntary Wind-Up Proceedings
TITWORTH COMPANY: Middleton and Cowley Step Down as Liquidators
UNI-PRESIDENT INT'L: Sze Lin Tang Appointed as Liquidator
WIN CREATION: Heng Poi Cher Appointed as Liquidator


I N D I A

AIZANT DRUG: Low Net Worth Prompts CRISIL 'BB-' Ratings
ANGADI EDUCATION: Fitch Assigns 'B' Rating on Long-Term Rating
ASIAN TEA: CRISIL Reaffirms 'BB+' Rating on INR20MM Cash Credit
BAGH BAHAR: CRISIL Rates INR75.00 Million Cash Credit at 'BB'
BANK OF RAJASTHAN: To Oust Deputy Managing Director Saruparia

BLACKWOOD DEVELOPERS: CRISIL Puts 'B-' Rating on INR889M Term Loan
B L A POWER: CRISIL Rates INR1.57 Billion Long-Term Loan at 'BB+'
DEEPA PANELS: ICRA Assigns 'LBB-' Rating on INR42.7MM Term Loan
EXOTICA INTERNATIONAL: Fitch Puts 'B-' National Long-Term Rating
GINNI FILAMENTS: Fitch Upgrades National Long-Term Rating to 'B+'

IJT PLASTICS: ICRA Reaffirms 'LBB' Rating on INR33.3MM Term Loan
INNOVENTIVE INDUSTRIES: ICRA Rates INR1.40-Bil. LT Loan at 'LBB'
JAYAVELU SPINNING: ICRA Assigns 'LBB' Rating on INR300MM LT Loan
KHETAN SPONGE: ICRA Assigns 'LBB+' Rating on INR80MM Bank Debts
MAYURESH PROTENZ: ICRA Assigns 'LBB-' Rating on INR123MM LT Loan

RS VANIJYA: Fitch Assigns National Long-Term Rating at 'B-'
SAMTEL GLASS: ICRA Reaffirms 'LB-' Rating on Various Bank Debts
SHETH DEVELOPERS: ICRA Reaffirms 'LB+' Rating on INR2.4BB LT Loan
SINGH INDUSTRIES: ICRA Assigns 'LB+' Rating on INR13.2MM Term Loan
SPORTKING INDIA: ICRA Reaffirms 'LBB' Rating on INR567.5MM LT Loan

SRI PARAMESWARI: ICRA Assigns 'LBB' Rating on INR400 Mil. LT Loans
UNIBIOS LABORATORIES: ICRA Assigns 'LBB+' on INR27MM Term Loan


I N D O N E S I A

CILIANDRA PERKASA: Moody's Withdraws 'B1' Corporate Family Rating


J A P A N

SFCG CO: Former President, Three Others Arrested


K O R E A

SSANGYOUNG MOTOR: Ruia Group to Form SPV For Ssangyong Bid


M A L A Y S I A

EVERMASTER GROUP: Posts MYR25.19MM Net Loss in Year Ended March 31
MECHMAR CORPORATION: Bursa to Delist Securities on June 21
MECHMAR CORP: Appeal For Stay of Wind Up Proceedings Rejected
NIKKO ELECTRONICS: Files Application to Stay Wind Up Proceedings


N E W  Z E A L A N D

NORTHERN HOSPITALITY: In Receivership; Future of 20 Bars Uncertain
* NEW ZEALAND: SFO Likely to Conclude Probe on 3 Finance Firms




                         - - - - -


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


CUBBIE STATION: Creditors Approve Deed of Company Arrangement
-------------------------------------------------------------
Cubbie Station avoided being placed in liquidation after creditors
approved a holding deed of company arrangement so that
administrators can continue talks with foreign bidders, The Sydney
Morning Herald reports.

Voluntary administrators McGrathNicol advised creditors at a
meeting in St. George, Queensland, on Tuesday, to enter into the
arrangement, which was accepted.

"By entering into the holding [deed of company arrangement] we
avoid liquidation and we preserve Cubbie's ability to pursue
restructuring opportunities," the report quoted McGrathNicol
partner, John Cronin, as saying.

The report relates McGrathNicol said it had sought to obtain a
satisfactory deed of company arrangement proposal to sell all or
part of the Cubbie Group assets, which include Cubbie Station.

Separate bids for the large station have come from Western Gulf
Advisory, based in Bahrain, and Eastern Australia Agriculture
based in the Cayman Islands, the report notes.

"We are also focused on maximizing Cubbie's cropping potential for
the 2011 cotton crop and preparations are well advanced to do
this," Mr. Cronin said.

                     Sale of Water Entitlements

Natasha Bita at The Australian reports that Cubbie Station has
offered to sell a quarter of its vast water entitlements to the
federal government.

McGrathNicol revealed to creditors Tuesday that it had submitted a
tender to the government's $3.2 billion water buy-back scheme.

Cubbie Station -- whose dams can store enough water to fill Sydney
Harbour -- has offered to relinquish 25 per cent of its irrigation
rights in return for a payment of AU$40 million to AU$50 million,
The Australian notes.

According to The Australian, Climate Change and Water Minister
Penny Wong is due to decide on the buy-back offer within weeks, as
part of a protracted price-haggling process.

The Australian states that a court ruling this year allowed the
federal government to call tenders as part of a AU$100 million
scheme to buy back water rights to properties in the lower Balonne
in western Queensland, which includes Cubbie Station.

                         About Cubbie Group

Cubbie Group Ltd -- http://www.cubbie.com.au/-- holds around
93,000 hectares of land on several properties in South West
Queensland.  The group produces a range of irrigated crops,
including cotton, wheat, sorghum, sunflowers, barley, chickpeas
and corn.

John Cronin, Jamie Harris and Colin Nicol of McGrathNicol were
appointed voluntary administrators of Cubbie Group Ltd on
October 30, 2009.  The group owns Cubbie Station and related
farming operations in Dirranbandi and St. George.

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on October 29, 2009, that the National Australia Bank was
seeking the urgent repayment of a AU$320 million mortgage over the
93,000ha southern Queensland property.

Citing Cubbie Group's latest financial report, The Australian said
the company lost AU$33 million in 2007 to 2008.  According to The
Australian, auditor BDO Kendalls wrote that Cubbie's liabilities
exceeded its assets a year ago, that it had breached its banking
covenants, and that the bank had guaranteed support only until the
end of last year.


INDOPHIL RESOURCES: In Trade Halt Amid Reports on Open Pit Ban
--------------------------------------------------------------
Indophil Resources NL suspended its shares from trading on the ASX
until June 23 as it seeks clarity on reports that a Philippine
local government unit may seek to ban on open pit mining.

"Continued media reports, emanating from the Philippines, predict
that the outgoing provincial governor of South Cotabato is
considering approving a local government unit proposal to
introduce an environmental code, which contains a ban on open pit
mining in the area," Indophil said in statement to the Australian
stock exchange.

"These same reports also confirmed that any such ban was beyond
the scope of authority of local legislation."

"With the government in transition following the recent election,
Indophil is seeking clarity from relevant government officials as
well as Xstrata's subsidiary Sagittarius Mines, in relation to
this proposal," the company said.

The Australian reports that the implications of this development
for the protracted $540 million takeover bid for Indophil
Resources by China's Zijin Mining remain to be seen, but it
creates uncertainty.

The report relates that one of the conditions of the Zijin bid is
that during the offer there is no change in Philippine law
applicable to any member of the Indophil group, Sagittarius or the
Tampakan project that has a material adverse effect on Indophil's
business.

The Tampakan mining interests are held by Sagittarius Mines.
Indophil owns 37.5% of Sagittarius and the other 62.5% is owned by
Xstrata, which is also the operator.

Zijin's bid for Indophil at AU$1.28 per share values Indophil at
approximately AU$545 million on a fully-diluted basis.  The bid
has been recommended by Indophil's Directors in the absence of a
superior offer.

                     About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia.  The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines.  The two segments
of the Company are Australia and the Philippines.  The Company has
other exploration interests in the Philippines apart from the
Tampakan project.

                           *     *     *

Indophil Resources NL reported three consecutive net losses of
$10.58 million, $14.84 million and $985,107 for the years ended
Dec. 31, 2009, 2008 and 2007, respectively.


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C H I N A
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GLORIOUS PROPERTY: Moody's Affirms 'B1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Glorious Property Holdings
Ltd's B1 corporate family rating.  The rating's provisional status
has also been removed.  The outlook for the rating is changed to
negative from stable.

At the same time, Moody's has withdrawn its provisional (P)B2
rating of the company's proposed US$ senior unsecured bond issues
which have not been completed as planned.

"The negative outlook reflects Glorious' weakened liquidity
position as a result of taking on onshore borrowings with shorter
maturity than the proposed bonds," says Kaven Tsang, a Moody's
AVP/Analyst.

The onshore loans, which normally have maturities between 1-2.5
years, will increase the company's liquidity risk as it needs to
refinance more debts over the next 12-24 months in the backdrop of
more regulations over lending to the property developers.

Glorious' B1 corporate family rating continues to reflect its high
operating and financial risks arising from its rapid growth plan,
and short operating track record in a highly volatile Chinese
property market.

It also factors in Glorious' performance volatility due to its
reliance on the Shanghai Bay project which is expected to account
for around 30% of its sales in the coming two to three years.  Any
under performance in the sales of this project could materially
affect Glorious' cash flow and its financial metrics.

Counterbalancing these challenges, Glorious has a high-quality
land bank with the majority of its projects located in major
districts of first-tier cities such as Shanghai and Beijing.  Its
low-cost land bank offers some buffer against reduced profit
margins in a down market.

Glorious' rating is unlikely to be upgraded given its negative
outlook.  However, the outlook could be reverted to stable if the
company strengthens its liquidity profile through securing more
long-term financing.

On the other hand, the rating could be downgraded if Glorious'
financial position deteriorates, arising from its 1) weaker than
expected sales performance; and/or 2) further aggressive
development and/or land acquisitions.

The credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization rising beyond 55-
60% and/or EBITDA/interest falling below 2-3x.

Moody's last rating action on Glorious occurred on 14 April 2010,
when the rating agency assigned a first-time provisional (P) B1
corporate family rating to the company and a provisional (P)B2
bond rating to its proposed US$ senior unsecured notes.

Glorious Property Holdings Ltd is a medium-sized Chinese property
developer focusing on residential housing in East and Northern
China.  It currently has a land bank of around 17 million sqm in
gross floor area distributed in Shanghai, Beijing, Tianjin and
several second-tier cities throughout China.


NEO-CHINA LAND: Moody's Confirms 'Caa3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed the Caa3 corporate family
and senior unsecured ratings for Neo-China Land Group (Holdings)
Ltd.  The ratings outlook has also been changed to positive.

This concludes the rating review initiated on January 21, 2010.

The rating confirmation follows Neo-China's minority shareholders'
approval of Shanghai Industrial Holdings Ltd's (unrated)
subscription to proposed newly issued shares by Neo-China.  While
initial progress has been made, the subscription is still subject
to approvals and conditions which include, but are not limited to,
the resumption of trading in Neo-China's shares.

"The positive outlook reflects the initial progress on the
investment by SIH in Neo-China, which would be beneficial to Neo-
China if it materializes," says Kaven Tsang, a Moody's
AVP/Analyst.

"The ratings would experience a multiple-notch upgrade if the
company's shares resume trading and if SIH completes the
acquisition of a majority stake," says Tsang, also Moody's Lead
Analyst for the company.

Moody's last rating action with regard to Neo-China took place on
January 21, 2010, when the company's Caa3 ratings were placed on
review for possible upgrade.

Neo-China Land Group (Holdings) Ltd is a Chinese property
developer engaged in residential and mixed-use developments.  It
has 14 major projects under development in 11 cities in China and
a land bank of around 11.5 million square meters in gross floor
area.


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


TAI WO: Chan Kin Hang Danvil Appointed as Liquidator
----------------------------------------------------
Chan Kin Hang Danvil on May 28, 2010, was appointed as liquidator
of Tai Wo Tin Fook Industrial Limited.

The liquidator may be reached at:

         Chan Kin Hang Danvil
         Room 2301, 23/F., Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


TEL-LINE LIMITED: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on June 4, 2010,
creditors of Tel-Line Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         J P Walsh
         2310 Dominion Centre
         43 Queen's Road East
         Hong Kong


TITWORTH COMPANY: Middleton and Cowley Step Down as Liquidators
---------------------------------------------------------------
Edward Middleton and Patrick Cowley stepped down as liquidators of
Titworth Company Limited on June 7, 2010.


UNI-PRESIDENT INT'L: Sze Lin Tang Appointed as Liquidator
---------------------------------------------------------
Sze Lin Tang on June 1, 2010, was appointed as liquidator of
Uni-President International (HK) Company Limited.

The liquidator may be reached at:

         Sze Lin Tang
         Unit D, 21/F., Max Share Centre
         373 King's Road
         North Point, Hong Kong


WIN CREATION: Heng Poi Cher Appointed as Liquidator
----------------------------------------------------
Heng Poi Cher on June 4, 2010, was appointed as liquidator of Win
Creation Asia Limited.

The liquidator may be reached at:

         Heng Poi Cher
         4304, 43/F, China Resources Building
         26 Harbour Road
         Wanchai, Hong Kong


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AIZANT DRUG: Low Net Worth Prompts CRISIL 'BB-' Ratings
-------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Aizant Drug Research Solutions Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR30.0 Million Cash Credit        BB-/Stable (Assigned)
   INR84.3 Million Long-Term Loans    BB-/Stable (Assigned)

The rating reflects Aizant's sub-par financial risk profile,
marked by low net worth and aggressive capital spending plans, and
high dependence on milestone-based contracts to generate cash
accruals.  These weaknesses are mitigated by the benefits that
Aizant derives from its healthy operating efficiencies, and its
promoter's vast experience and established linkages in
pharmaceutical research.

Outlook: Stable

CRISIL believes that Aizant will continue to benefit over the
medium term from its healthy order book position, leading to
steady revenue growth and cash generation.  The outlook may be
revised to 'Negative' if Aizant is unable to maintain steady
revenue growth and profitability, or if fresh debt-funded capex
adds to the strain on its capital structure.  Conversely, the
outlook may be revised to 'Positive' if Aizant generates steady
cash accruals, and gradually strengthens its capital structure.

                         About Aizant Drug

Aizant was incorporated by Dr. Rudraraju Varma, who holds a PhD in
Pharmaceutics from the University of Mississippi.  Prior to
setting up Aizant, Dr. Varma worked for over 15 years with
research and development teams at global pharmaceutical companies.
Aizant's research laboratory and clinical trials facility are in
Hyderabad.  The company started commercial operation in 2008-09
(refers to financial year, April 1 to March 31). It provides
contract research services in new drug delivery systems, and
conducts clinical trials on behalf of its clients.

For 2009-10, Aizant's profit after tax (PAT) is estimated at
INR15.5 million on net sales of INR135.5 million, as against a
loss after tax of INR51.1 million on net sales of INR88 million in
2008-09.


ANGADI EDUCATION: Fitch Assigns 'B' Rating on Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned a final 'B(ind)' rating to Suresh
Angadi Education Foundation's INR100.0m long-term loans.  The
Outlook is Stable.  The final rating is the same as the expected
rating assigned by the agency on 4 February 2010.

Fitch converted the expected rating to the final rating based on
the review of the transaction document, subsequent to the sanction
of the long-term loan of INR100m by Syndicate Bank.

Suresh Angadi Education Foundation is a not-for-profit trust
established in December 2008.  The trust has established Angadi
Institute of Technology and Management in Belgaum, Karnataka, for
engineering and management courses, and has been operational from
August 2009 The institute is affiliated to the Karnataka
Government sponsored Visvesvaraya Technological University and is
subject to fee and intake mix regulations, including reservations
applicable to technical colleges in the state.


ASIAN TEA: CRISIL Reaffirms 'BB+' Rating on INR20MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Asian Tea &
Exports Ltd continue to reflect the company's below-average
financial risk profile, marked by weak debt protection metrics,
and exposure of risks associated with customer concentration and
fragmentation in the tea industry.  These rating weaknesses are
partially offset by ATEL's moderate business risk profile, marked
by established relationships with its customers.

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Cash Credit*        BB+/Stable (Reaffirmed)

   INR80 Million Export Packing
   Credit/Packing Credit Foreign
                       Currency@     P4+ (Reaffirmed)

   INR165 Million Foreign Bills
       Discounting/Export Bills
                 Rediscounting#      P4+ (Reaffirmed)

   INR35 Million Standby Line of     P4+ (Reaffirmed)
                         Credit+
   INR100 Million Letter of Credit   P4+ (Reaffirmed)
   INR2.5 Million Bank Guarantee     P4+ (Reaffirmed)

   *One way 100% changeable from Cash Credit to EPC/PCFC;
    @100% changeable from EPC/PCFC to FBD/EBR and 50%
    Changeable from FBD/EBR to EPC/PCFC;

   #100% changeable from EPC/PCFC to FBD/EBR and 50%
    changeable from FBD/EBR to EPC/PCFC;

   +May be availed as EPC/PCFC and/or FBD/EBR

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ATEL, and its wholly owned subsidiaries
Greenol Laboratories Pvt Ltd and Sarita Nupur Vyapaar Ltd.

Outlook: Stable

CRISIL believes that ATEL will continue to benefit over the medium
term from its established relationships with customers in the tea
industry and its moderate order book.  The outlook may be revised
to 'Positive' if ATEL improves its profitability, thereby
improving its debt protection metrics, and enhances the
diversification of its customer base.  Conversely, the outlook may
be revised to 'Negative' if the company undertakes a large, debt-
funded capital expenditure program, or experiences a prolonged
stretch in its receivables.

                          About the Group

Incorporated in 1994 as a public limited company for trading in
tea, ATEL is managed by Mr. Hariram Garg and his son, Mr. Sunil
Garg.  Export sales constituted around 95 per cent of ATEL's
revenues in 2009-10 (refers to financial year, April 1 to
March 31).  As on May 31, 2010, the company had an order book of
INR420 million.  The company also trades in products such as iron
and steel bars, timber logs and garments, though on a small scale.
Both GLPL and SNVL have investments in land and buildings in West
Bengal.

For 2009-10, ATEL reported a provisional profit after tax (PAT) of
INR12 million on provisional net sales of INR1.28 billion, against
a PAT of INR5 million on net sales of INR1.00 billion for the
previous year.


BAGH BAHAR: CRISIL Rates INR75.00 Million Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Bagh Bahar
Appliances Pvt Ltd's cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR75.00 Million Cash Credit      BB/Stable (Assigned)

The rating reflects BBAPL's weak financial risk profile marked by
weak debt protection metrics, high gearing, small net worth and
low profitability, large working capital requirements, small scale
of operations, and customer concentration in revenue profile.
These rating weaknesses are partially offset by BBAPL's promoters'
longstanding industry experience, and the company's sound
dealership network.

Outlook: Stable

CRISIL believes that BBAPL's financial risk profile will remain
weak over the medium term because of large working capital
requirements and low profitability, and its scale of operations
will remain small; BBAPL, however, will continue to benefit from
its promoters' experience.  The outlook may be revised to
'Positive' if BBAPL improves its financial risk profile by
improving its profitability more than expected, and increases its
scale of operations.  Conversely, the outlook may be revised to
'Negative' if BBAPL's cash accruals come under pressure or its
working capital borrowings increase significantly, thereby leading
to further deterioration in its financial risk profile.

                           About Bagh Bahar

BBAPL, which began operations in 1990 as a partnership firm and
was reconstituted as a private company in 1997, belongs to the SSK
group of companies, which is into diverse businesses, ranging from
distribution of branded electronic products to variable data
printing. BBAPL is the exclusive distributor of Samsung India
Electronics Pvt Ltd's (Samsung's) electrical appliances in Pune
district (Maharashtra).  BBAPL is also one of the 132
redistributors of its group entity Shree Sant Kripa Appliances for
Samsung's cameras, mobile handsets and personal computers. BBAPL
also distributes Philips Electronics India Ltd's (Philips's)
digital versatile disc (DVD) players and home theatre systems.

BBAPL's reported a profit after tax (PAT) of INR8.65 million on
net sales of INR900.03 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR8.32 million on
net sales of INR810.19 million for 2007-08.


BANK OF RAJASTHAN: To Oust Deputy Managing Director Saruparia
-------------------------------------------------------------
The Reserve Bank of India has ordered Bank of Rajasthan to remove
its Deputy Managing Director Deepak Saruparia effective
immediately, The Press Trust of India reports.

The news agency relates RBI also directed that Mr. Saruparia
"shall not in any way either directly or indirectly be concerned
with or take part in the management of any banking company for a
period of five years from June 12, 2010."

RBI's move follows its order imposing a INR25 lakh penalty on the
Jaipur-based bank for violation of a host of norms like the
acquisition of immovable properties, deletion of records, non-
adherence to KYC norms and anti-money laundering guidelines among
others.

The Bank of Rajasthan Ltd. is an India-based private sector bank.
The Bank operates in three business segments: treasury operations,
banking operations and others/residual. The services provided by
the Bank includes commercial banking, merchant banking, auxiliary
services, consumer banking, deposit and money placement services,
trusts and custodial services, international banking, private
sector banking and depository. The other products provided by the
Bank includes anywhere banking, Internet banking, mobile banking,
life insurance, general insurance, mutual funds, depository
services, credit cards, international debit cards, foreign
remittances, Western Union money transfer, stamp franking, online
shopping and lockers facility.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2010, the Board of Directors of ICICI Bank Ltd. and
Bank of Rajasthan Ltd at their respective meetings approved an
in-principle all-stock amalgamation of BOR with ICICI Bank subject
to due diligence and valuation by an independent valuer jointly
appointed by both banks.  The Board will consider the due
diligence report and valuation report at a subsequent meeting.
The proposal if approved by the Boards of both ICICI Bank and Bank
of Rajasthan would then be placed before the shareholders of both
banks for approval and would be submitted to Reserve Bank of India
(RBI) for its consideration.

The TCR-AP reported on June 3, 2010, that Moody's Investors
Service said the proposed merger of ICICI Bank with Bank of
Rajasthan will not have an impact on ICICI Bank's C- bank
financial strength rating nor its Baa2 global local currency
deposit rating and foreign currency senior unsecured debt
rating.  Over the longer term, Moody's expects ICICI Bank's
franchise value to benefit from this merger but with no immediate
positive impact on its ratings.

Moody's noted that BoR's full-year results as of March 2010
recorded a net loss of INR1.02 billion (US$22.7 million) mainly
due to higher credit costs and much higher employee expenses,
while recording a capital adequacy ratio of 7.52%, lower than the
9% regulatory minimum.  Moody's believes that ICICI Bank's strong
Tier 1 position of 14% as of March 2010 gives it the capacity to
absorb any possible losses stemming from BoR's balance sheet,
without compromising its financial standing and its ratings.  In
addition, Moody's estimates that BoR's volume of net NPLs combined
with its restructured loans account for less than 6% of ICICI
Bank's FY2010 (year ending March 2010) pre-provision income.


BLACKWOOD DEVELOPERS: CRISIL Puts 'B-' Rating on INR889M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to Blackwood
Developers Pvt Ltd's term loan facility.

   Facilities                   Ratings
   ----------                   -------
   INR889.0 Million Term Loan   B-/Negative (Assigned)

The rating reflects the expected inadequacy in BDPL's cash
accruals vis-a-vis its large debt-related payments over the medium
term, and exposure to risks related to implementation and
leasability (because of volatility in demand) of its upcoming
Phoenix United Mall project at Bareilly (Uttar Pradesh).  The
rating also factors in BDPL's weak financial risk profile, marked
by high gearing and expected small cash accruals.  These rating
weaknesses are partially offset by the fact that BDPL has already
tied up most of the funds for its Phoenix United Mall project.

Outlook: Negative

CRISIL believes that BDPL's cash accruals could be inadequate vis-
-vis its interest obligations for the medium term.  The ratings
may be downgraded if BDPL's cash accruals are indeed insufficient
to meet the interest obligations, or if there is less-than-
expected leasability for its upcoming mall.  Conversely, the
outlook may be revised to 'Stable' if BDPL achieves comfortable
occupancy level at the mall, leading to sufficient cash accruals
to service its interest payments.

BDPL is developing a shopping mall, Phoenix United Mall, at
Bareilly.  The total project cost is about INR1.4 billion, which
is planned to be funded through equity of about INR400 million and
term loan of INR900 million, with the remaining amount coming from
security deposits from customers.  The construction work commenced
in December 2008, and is slated to be completed by March 2011.

BDPL is a wholly owned subsidiary of Big Apple Real Estate Pvt Ltd
(Big Apple). Big Apple is a 26:74 joint venture (JV) between the
Upal group of Lucknow and the Phoenix group of Mumbai, and is a
holding company for various real estate ventures of the JV. The
Upal group is promoted by Mr. Amitabh Tayal and Mr. Ashok Tayal of
Lucknow, and the Phoenix group by the Ruia family of Mumbai, which
is also the promoter of Phoenix Ltd (Phoenix Mills, Mumbai).


B L A POWER: CRISIL Rates INR1.57 Billion Long-Term Loan at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the term loan
facility of B L A Power Pvt Ltd, which is part of the BLA group.

   Facilities                           Ratings
   ----------                           -------
   INR1576.0 Million Long-Term Loan     BB+/Stable (Assigned)

The rating reflects the BLA group's exposure to implementation-
and offtake-related risks associated with BLAPPL's ongoing power
project, and its promoters' lack of experience in the power
generation business.  These weaknesses are partially offset by the
group's assured supply of coal and financial flexibility because
of its coal reserves.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BLAPPL, BLA Power Holding Pvt Ltd, and
BLA Industries Pvt Ltd, collectively referred to as the BLA group.
The three companies are promoted by the same family, have
significant intra-group investments, and business and financial
inter-linkages.

Outlook: Stable

CRISIL's 'Stable' outlook factors in the initial stage of
implementation of BLAPPL's power project.  The outlook may be
revised to 'Positive' if the group completes the power project
ahead of schedule and without any cost overrun.  Conversely, the
outlook may be revised to 'Negative' in case there are significant
time and cost overruns in the project.

                         About B L A Power

BLAPPL is a special-purpose vehicle promoted by BLAPHPL. BLAPPL is
setting up an 88-megawatt (MW) coal-based power plant in Gadarwara
(Madhya Pradesh) in two phases, with capacity of 43 MW being set
up in Phase I and the remainder in Phase II.  The total project
cost, of around INR4.42 billion, is expected to be funded in a
debt?to-equity ratio of 74:26. Phase I of the project is expected
to be completed by June 2011, and Phase II by 2012-13 (refers to
financial year, April 1 to March 31).  For Phase I, BLAPPL has
placed orders with Siemens Ltd, ISGEC John Thompson, and Gannon
Dunkerley & Co Ltd, for steam turbines and generators, boilers,
and civil works, respectively.  The detailed engineering is being
carried out by Fichtner Consulting Engineers (India) Pvt Ltd.
Phase I of the project has achieved financial closure, which is
yet to be attained for Phase II.

The BLA group has interests in the energy and mining sectors. The
flagship company, BLAIPL, has coal mining capacity of 0.3 million
tonnes per annum (mtpa) and residual coal reserves of around 6
million tonnes.  The group's operations commenced more than 80
years ago, with coal mines in Bihar and West Bengal. BLAPHPL is
the holding company for the BLA group's power ventures, including
BLAPPL.

For 2009-10, the BLA group reported (provisional figures) a profit
after tax (PAT) of INR92 million on net sales of INR634 million,
against a PAT of INR68 million on net sales of INR427 million for
the previous year.


DEEPA PANELS: ICRA Assigns 'LBB-' Rating on INR42.7MM Term Loan
---------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR42.7 million term loan
of Deepa Panels Private Limited.  The outlook on long term rating
is Stable.  ICRA has also assigned A4 rating to the INR125.0
million short term fund based facility and INR65.0 million short
term non fund based facility of DPPL.

The ratings take into account DPPL's modest scale of operations,
intensely competitive nature of the industry, and the company's
vulnerability to adverse exchange rate movements. The ratings also
take into consideration DPPL's thin profitability indicators,
leveraged capital structure and moderate debt coverage indicators.
The promoters have experience in the panels business and the
company has a well established clientele developed over a period
of time.

Deepa Panels Private Limited a closely held company was
incorporated in 1992 as a partnership firm and was subsequently
converted into a private limited company in 2000.  Located in
Chennai (Tamil Nadu), Deepa Panels Pvt Ltd was initially engaged
in modular furniture manufacturing and later shifted its focus to
hammocks.  The company is presently engaged in the manufacturing
of rope hammocks, quilted hammocks, fabric hammocks and stands.

The company suffered a net loss of INR32.9 million on an operating
income of INR186.8 million for the year ending
March 31, 2009.


EXOTICA INTERNATIONAL: Fitch Puts 'B-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Exotica International a
National Long-term rating of 'B-(ind)' with a Stable Outlook.  At
the same time, the agency has assigned ratings to Exotica's bank
loans:

  -- INR125.0 million cash credit limits: 'B-(ind)'
  -- INR20.0 million of other fund based facilities: 'F4(ind)'
  -- INR25.0 million non-fund based facilities: 'F4(ind)'

The ratings reflect Exotica's short track record in the garment
and plastic industry, the fragmented nature of the sector as a
result of intense competition and limited bargaining power, its
strained liquidity position and increased working capital
requirements in FY09.  The ratings also consider the fact that
trading income comprises the majority of Exotica's revenues, which
subsequently puts downward pressure on operating margins and
liquidity.  The ratings are further constrained by its weak
financial profile, characterized by high net leverage (FY09: net
debt/EBITDA: 23.7x) and coverage indicators.

Exotica is part of the Kolkata-based Sonthalia group.  Fitch notes
that there are numerous instances of inter group transactions,
free movement of funds among the group companies as unsecured
loans, and that corporate holdings and guarantees among group
companies link the financial risks of one entity to another.
Furthermore, sales/purchases transactions between group companies
and the presence of similar products also increase the
interdependence between the entities.

Positive rating triggers include a net leverage of below 10x, with
sustained EBITDA margins of 2%.

Exotica is in the business of manufacturing plastic granules and
t-shirts.  Exotica reported net sales of INR1,522.8 million in
FY09 (FY08: INR415.3 million), and a total adjusted debt
outstanding of INR355.9 million at FYE09 (FYE08: INR213.8
million).  Its total adjusted debt is comprised of INR146.5
million in cash credit, INR200 million in unsecured loans from
group companies and the remaining INR9.4 million in term loans.
Exotica reported negative free cash flow of INR370.2 million in
FY09; Fitch expects it to stay negative in the short-to-medium-
term, given the high working capital intensive nature of business.


GINNI FILAMENTS: Fitch Upgrades National Long-Term Rating to 'B+'
-----------------------------------------------------------------
Fitch Ratings has upgraded India-based Ginni Filaments Limited's
National Long-term rating to 'B+(ind)' from 'B(ind)' with a Stable
Outlook.  Simultaneously, the agency has upgraded/affirmed the
ratings of Ginni's following instruments:

  -- INR2,039 million outstanding term loans (reduced from
     INR2,554 million) upgraded to 'B+(ind)' from 'B(ind);

  -- INR1,300 million fund-based working capital limits (enhanced
     from INR1050 million) upgraded to 'B+(ind)'/'F4(ind)' from
     'B(ind)'/'F4(ind)'; and

  -- INR250 million non-fund based working capital limits
     (enhanced from INR220 million) affirmed at 'F4(ind)'.

The rating upgrade is driven by significantly better financial
results for financial year ended March 2010 (FY10) than Fitch's
expectation.  The upgrade is underpinned by the continuous
improvement in Ginni's operating performance with revenues growing
24.3% yoy to INR5,072.1 million in the financial year ended March
2010 (FY10) and operating EBITDAR margins steadily recovering to
pre-recession levels (FY10: 13.1%; FY09: 8.2%).  Ginni reported
net profits of INR51.3 million in FY10 against a net loss of
INR315.8 million in FY09.  The improvement in profitability
coupled with the conversion of unsecured loans from promoters into
equity (INR226 million) contributed to a meaningful de-leveraging
in FY10, which also supports the rating upgrade.  The net debt/
operating EBITDAR ratio improved to 5.8x in FY10 (FY09: 11.4x).

The factors constraining the ratings include low-debt service
coverage ratios and the potential risk of volatility in margins
from adverse forex movements, as two-thirds of Ginni's revenues
come from exports.  Furthermore, lower-than-expected EBITDA
margins could lead to a sudden and sharp deterioration in its
leverage metrics, given its significant debt (INR3,867m as at 31
March 2010) and considerable debt maturities over the medium term.

Fitch notes the fundamental improvement and diversification in
Ginni's product mix driven by capacity addition in its higher
margin non-woven fabrics division (accounting for 23.9% of
revenues in FY10, up from 4.8% in FY08), which reduces its revenue
exposure to yarn - a commoditized product.

A sustained improvement in Ginni's profitability and more rapid-
than-expected deleveraging should lead to a ratings upgrade.
Negative rating triggers include deterioration in Ginni's
profitability and cash flows, which could pressurize its debt
servicing capability.  Furthermore, Fitch believes that any new
sizable debt-funded capex over the short-to-medium term could be
onerous on Ginni's credit profile and could act as a negative
rating trigger.

Ginni, set up in 1990, is a vertically integrated textile
manufacturing company.  The company manufactures cotton yarns,
non-woven fabrics, knitted fabric and garments.


IJT PLASTICS: ICRA Reaffirms 'LBB' Rating on INR33.3MM Term Loan
----------------------------------------------------------------
ICRA has re-affirmed the "LBB" rating outstanding on the
INR33.3 million term loan facilities, the INR40.0 million fund
based facilities and the INR2.5 million non-fund based (sub-limit)
facilities of IJT Plastics & Tools Private Limited.  The outlook
on the LBB rating is stable.  ICRA has also re-affirmed the A4
rating outstanding on the INR10.0 million non-fund based
facilities of IPTPL.

The re-affirmation of ratings considers the healthy outlook for
the automotive sector and the Company's entry into the non-
automotive business which is expected to drive revenue growth and
also partly insulate the entity from the current high exposure to
the cyclicality in the automotive industry.  Further, cost
competitiveness in manufacturing auto components is expected to
drive increase in demand from the export markets in the long term.
The ratings are however constrained by the small scale of IPTPL's
operations (which restricts scale economics and financial
flexibility) and the intense competition existing in the industry.
The ratings are also constrained by stretched financial profile,
characterized by moderately high gearing and relatively weak
coverage indicators.

IPTPL is primarily engaged in the manufacture of plastic/rubber/
pressed components and tools for the automotive industry.
Incorporated in August 2006, the Company has been formed as a
joint-venture between the Igarashi group of Japan and Yang Well
International Group of Taiwan.  IPTPL receives technical support
from the latter and its manufacturing facility is located in a
Special Economic Zone in Chennai.

According to the unaudited results, IPTPL reported operating
income of INR373.5 million and net profit of INR11.3 million for
the year 2009-10.


INNOVENTIVE INDUSTRIES: ICRA Rates INR1.40-Bil. LT Loan at 'LBB'
----------------------------------------------------------------
ICRA has assigned an LBB rating with stable outlook to the
INR1,407.7 million long-term loan and INR1,200.0 million cash
credit facility of Innoventive Industries Limited.  ICRA has also
assigned an A4 rating to the INR200.0 million short term non fund
based facilities of Innoventive.

The ratings draw comfort from Innoventive's diversified customer
base and product profile and its focus on technology and product
innovation.  The ratings also favorably factors in long standing
experience of the promoters in the industry and their close
control over the company' operations.  The assigned ratings
incorporate Innoventive's weak capital structure characterized by
high gearing and weak coverage indicators, its working capital
intensive nature of operations, low capacity utilization and
limited ability in passing volatility in raw material prices which
could affect its profitability.  The liquidity profile of the
company was constrained during the last fiscal, leading to strain
on debt servicing in the past, though there has been improvement
in the liquidity profile since then with sanction of additional
bank lines.

Innoventive Industries Limited (formerly Arihant Domestic
Appliances Limited) is the flagship company of Arihant Group,
primarily engaged in manufacturing of Electric Resistance Welded
(ERW), Cold Drawn Electric Welded (CDW) and Drawn over Mandrel
(DOM) tubes.  Innoventive manufactures precision steel tubes which
are used in automobile industry, energy sector, general
engineering and furniture industry.  The company currently has an
installed capacity of 122,400 MT/annum for ERW tubes and 120,000
MT/annum for CDW tubes.

The Arihant Group was established by first generation
entrepreneurs in the year 1996 as a steel trading business,
servicing the requirements of automotive ancillaries located in
and around the automotive hub of Pune in western India.  The main
product lines were steel strips, sheets and tubes.  In 2000 the
group made its foray into manufacturing of ERW and DOM tubes,
initially at a leased facility and subsequently moving to company
owned premises in the year 2002.  The company is ISO/TS 16949:2002
certified and it has been approved by Bajaj Auto Limited (BAL) to
supply precision tubes to its supplier.

Recent Results

As per 2009-10 provisional results, Innoventive has reported an
operating profit of INR992.59 million on an operating income of
INR3,918.38 million.


JAYAVELU SPINNING: ICRA Assigns 'LBB' Rating on INR300MM LT Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of LBB rating to INR300.0
million term loans and INR40.0 million fund based limits of
Jayavelu Spinning Mills Private Limited.  The outlook on the long
term rating is Stable.  ICRA has also assigned an A4 rating to
INR45.4 million non fund based limits of the company.

The assigned ratings reflect the stretched financial profile of
the company, which is characterized by net losses until 2008-09,
lower return on capital employed (ROCE) and high gearing. The
ratings also take into account the limited scale of operations of
the Company, resulting in lower economies of scale/bargaining
power. Lower scale coupled with commoditized nature of cotton yarn
exposes JSMPL to intense competition from organized and
unorganized players.  Tight power situation also exposes the
company and other spinners in Tamil Nadu to intense competition
from players in Andhra Pradesh, who enjoy relatively better power
availability and tariffs.  The ratings however favorably factor in
significant experience of the management in spinning business,
inherent efficiency gains arising from newer facilities/
machineries and higher focus on the finer counts facilitating
better realization and margins.  ICRA notes that JSMPL has
restructured its term loans, which entails deferment of principal
commitments by two years, whereby the next payment falls due only
in 2011-12.

Recent results

As per the provisional numbers, the operating income of JSMPL for
the fiscal 2010 stood at INR316.6 million with a profit (before
taxes) of INR10.7 million.

Jayavelu Spinning Mills Private Limited, located in Pandalkudi,
Tamil Nadu is engaged in the production of cotton yarn catering to
demands of domestic and export markets.  The promoter of the
company, Mr. Veluchamy is a renowned industrialist with exposure
to textile and non-textile industries.  Located on the Tuticorin-
Madurai Highway Road near Pandalgudi and Alagapuri, Tamil Nadu,
JSMPL manufactures 100% cotton yarn.


KHETAN SPONGE: ICRA Assigns 'LBB+' Rating on INR80MM Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR80 million fund-based
bank facilities and the INR170 million term loans of Khetan Sponge
& Infrastructure Private Limited.  The outlook on the long-term
rating is "stable".  ICRA has also assigned an A4+ rating to the
INR30 million non-fund based bank facilities of KSIPL.

The assigned ratings take into account the cyclicality inherent in
the steel business, which makes margins and cash flows of the
company volatile; its relatively small scale of operations at
present; high raw material consumption pattern which increases
cost of production; pressure on profitability as witnessed in
declining level of operating margin in last three years; and a
high customer concentration risk.  KSIPL is in the process of
doubling its sponge iron capacity and setting up a pellet plant of
100,000 metric tonnes per annum (MTPA) capacity at an estimated
capital outlay of INR241 million, which is expected to be funded
by a mix of debt and equity at a project gearing of 1.97 times.
Given the scale of capital expenditure (capex) in relation to the
existing balance sheet size of the company and the aggressive
funding structure, ICRA expects the credit profile of KSIPL to be
adversely impacted in the near to medium term. ICRA, however,
notes that the implementation of the ongoing project  is  likely
to  improve  the company's profitability  in  the medium  to  long
term.  Nevertheless, the ratings favorably factor in the
experience of KSIPL management in the steel business; the current
buoyancy in the steel industry; its comfortable capital structure
at present, supported by regular equity infusions by the
promoters; proximity to raw material sources and availability of a
captive railway siding, which reduce freight costs.

Established in 2004 by the Khetan family, KSIPL is engaged in the
manufacture of sponge iron.  Its manufacturing facility is located
at Sarora in the Raipur district of Chhattisgarh.  The installed
capacity of its existing facility is 30,000 MTPA, and the company
is in the process of installing an additional kiln of 30,000 MTPA
capacity, along with setting up of a pellet plant of 100,000 MTPA
capacity.

In 2008-09, KSIPL made a profit of INR15.7 million on the back of
net sales of INR386.9 million.  In the first 11 months of 2009-10,
KSIPL recorded an operating profit of INR18.4 million on the back
of net sales of INR294 million.


MAYURESH PROTENZ: ICRA Assigns 'LBB-' Rating on INR123MM LT Loan
----------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to INR123 million long term bank
facilities and an A4 rating to INR4.60 million short term bank
facilities of Mayuresh Protenz Private Limited.  The outlook
assigned to the long term rating is "Stable".

The assigned rating reflects stretched financial profile
characterized by net losses during FY 2007-09 which has resulted
in erosion of tangible net worth and its leveraged capital
structure. The rating further incorporates MPPL's moderate scale
and limited track record of operations and its presence in
a highly competitive business segment.  As is typical of entities
operating in agro trading business, the operations remains exposed
to agro climatic conditions impacting supply and prices, and
government regulations on export/import.  The rating, however,
favorably factors in the promoters' long experience in the agro
trading business and their long standing relationships with
suppliers as well as customers and a moderately diversified client
base.

Promoted by Mr. Subash Agarwal and Mr. Anil Agarwal, Mayuresh
Protenz Pvt Ltd commenced operations in 2006 and is in the
business of trading and processing  arhar (tur) dal and smaller
quantites of moong, chana and urad dal.  Mayuresh Protenz Pvt Ltd
(MPPL) is a group concern of Mayuresh Group with which has a
presence in real estate for over 25 years.  The group also has
interest in finance, stock trading, textile and exports.  MPPL has
a marketing office in Navi Mumbai, a warehouse and a processing
unit in Khopoli, Maharashtra. MPPL recorded a net profit of
INR37.20 million on an operating income of INR1163.80 million for
the year ending March 31, 2010 (unaudited figures) and net loss of
INR0.30 million on an operating income of INR830.70 million for
the year ending March 31, 2009.


RS VANIJYA: Fitch Assigns National Long-Term Rating at 'B-'
-----------------------------------------------------------
Fitch Ratings has assigned R.S. Vanijya Private Limited a National
Long-term rating of 'B-(ind)' with a Stable Outlook.  At the same
time, the agency has assigned these ratings to RSVPL's various
bank loans:

  -- INR80.0 million cash credit limits: 'B-(ind)';

  -- INR120.0 million fund-based facilities for packing credits:
     'F4(ind)'; and

  -- INR60.0 million non-fund based facilities: F4(ind).

The ratings reflect RSVPL's relatively small scale of business in
India's fragmented plastic industry (resulting in intense
competition and limited bargaining power), its strained liquidity
position and increased working capital requirements.  The ratings
are further constrained by RSVPL's weak financial profile,
characterized by a high net leverage (FY09: net debt/EBITDA:
22.8x), and coverage indicators.

RSVPL belongs to the Kolkata-based Sonthalia group.  Fitch notes
the numerous instances of inter-group transactions among various
Sonthalia group companies, along with the free movement of funds
as unsecured loans.  However, Fitch notes that inter corporate
holdings and guarantees among the group companies will link the
financial risks of one entity with another.  Furthermore, inter
company's sales/purchases transactions within the group and the
presence of similar products increase their dependence on one
another.

Positive rating triggers include a net leverage of below 10x, with
sustained EBITDA margins of 2% and higher revenues.

RSVPL manufactures plastic granules, sheets and films.  RSVPL
reported net sales of INR1716.8 million in FY09 (FY08: INR1790.4
million).  Total adjusted debt outstanding was INR562.7 million at
FYE09 (FYE08: INR349.2 million), which comprises INR201.5 million
of cash credits, INR1.2 million of term loans, with the rest
including corporate guarantees and off-balance sheet debt.  RSVPL
reported negative free cash flows of INR391.9 million in FY09;
Fitch expects it to stay negative over the short-to-medium term,
considering the high working capital intensive nature of business.


SAMTEL GLASS: ICRA Reaffirms 'LB-' Rating on Various Bank Debts
---------------------------------------------------------------
ICRA has reaffirmed the 'LB-' rating to the INR336.0 million term
loans, INR182.5 million fund based limits and INR32.5 million
proposed bank facilities of Samtel Glass Limited.  ICRA has also
reaffirmed the 'A4' rating to the INR219 million non-fund based
limits of SGL.

The ratings are constrained by SGL's stretched liquidity position
resulting in delays in debt repayment, pressures on its
realizations on account of intensely competitive nature of the
industry and its high client concentration risk as more than 90%
of SGL's sales are to a single customer namely Samtel Colour
Limited.  Moreover the weak credit profile SCL exposes SGL to high
counterparty risks. While assigning the rating, ICRA has also
noted the increasing consumer preference towards Flat Panel
Displays which can further impact SGL's margins and volumes.
Nevertheless the rating continues to derive comfort from Samtel
Group's leading position in the domestic colour picture tubes
(CPT) market, its experienced management and improvement in its
profitability in the current financial year owing to imposition of
anti-dumping duty on imported tubes and cost saving initiatives by
the company.  Going forward, shift in demand towards FPDs and
SGL's ability to meet its debt obligations in a timely manner will
be the key rating sensitivity factors.

Samtel Glass Limited, a part of Samtel Group, was incorporated in
1986 as a joint venture between Corning Inc. (USA), Samsung
Corning Korea and Samtel Group of India.  In 2005, Corning Inc.,
USA quit from the Joint Venture. Currently, Samtel Group holds
about 83% equity of SGL and the rest 17% is held by financial
institutions and Samsung Corning, Korea.  SGL started commercial
operations in 1993 with the manufacture glass parts for TV and
display tubes.  The company is currently involved in the
manufacture of glass funnels for colour TVs. The manufacturing
unit of the company is located at Kota, Rajasthan.


SHETH DEVELOPERS: ICRA Reaffirms 'LB+' Rating on INR2.4BB LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed the 'LB+' rating assigned to INR2.4 billion
long term fund based limits of Sheth Developers Private Limited.

The rating continues to be constrained by SDPL's high dependence
on a single residential project in Mumbai, relatively high
gearing, commitment towards consideration for land acquired and
the company's plans to replenish land reserves. Further, ICRA
notes significant project delays and slowdown in fresh bookings in
ongoing projects in Dubai, lower than anticipated collections from
the bookings in Dubai projects, regulatory risks and refinancing
risk for outstanding bank loans. Nevertheless, the rating takes
into account SDPL's track record in real estate development,
significant progress achieved in ongoing projects in Mumbai ,the
fact that future cash flows are likely to be supported by unsold
inventory in its completed residential projects and an option with
SDPL to securitize lease rentals from commercial and retail
properties on completion of their construction.

Sheth Developers Private Limited is the flagship company of the
Mumbai-based Sheth group.  The group ventured into real estate
development business in the year 1997 with the development of its
first project, Vasant Nagri, a township of 1.15 million Sq. Ft. in
Vasai, Mumbai. SDPL is closely held by its promoters and associate
companies. It is led by three brothers, Mr. Ashwin Sheth, Mr.
Jitendra Sheth and Mr. Vallabh Sheth.  In the year 2005, the group
entered into the Dubai real estate market through its wholly-owned
subsidiary, Sheth Estate International Limited and completed its
first residential project, Iris Blue, in March 2008.


SINGH INDUSTRIES: ICRA Assigns 'LB+' Rating on INR13.2MM Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR13.20 million term
loans and INR100 million fund based bank limits of Singh
Industries Private Limited.

The rating primarily reflects the weak liquidity and stressed cash
flow position of the company which results in delays in debt
servicing and overdraws on fund based working capital limits.
Besides the rating is constrained by the company's small scale of
operations; its modest financial risk profile as reflected in low
profitability margins; high gearing levels; high working capital
intensity and negative cash flows; operational limitations and
product portfolio concentration due to lack of integrated
manufacturing facilities; and the high business risks arising from
the high competitive intensity and fragmentation in the edible
oils industry; vulnerability of profitability of domestic players
to imports, volatility in global edible oil prices, changes in
import duty differential between crude and refined oils;
seasonality and agro-climatic risks associated with the
availability of raw materials. Nevertheless, while assigning the
rating, ICRA has favorably considered the good demand prospects
for edible oil in India driven by the growing consumption; the
company's favorable location in the mustard seed belt of the
country; and the upside to its operations from the ongoing capex
program.

                      About Singh Industries

Singh Industries Pvt. Ltd. is engaged in the manufacture and sale
of mustard oil.  It was originally incorporated as a partnership
firm called M/S Singh Oils to acquire the manufacturing assets of
a sick edible oil unit- Morena Oil Products.  The operations of
the partnership firm were taken over by a corporate entity, SIPL
in December 2006.  SIPL is a closely held company with the entire
shareholding resting with Mr. Ashok Singh Bhadoriya, his brother-
in-law Mr. Sikawar and their family members.  Mr. Bhadoriya's
other business interests include  operating toll road projects in
Madhya Pradesh and adjoining states and trading in agro products.
The company's current manufacturing capacity (enhanced) stands at
40,000 MTPA seed crushing and 14,000 MTPA refining.

In 2008-09 the company reported a Profit after Tax (PAT) of
INR3 million on an Operating Income of INR315 million.
In 2009-10, as per provisional results, the company has reported a
PAT of INR4 million on an OI of INR379 million.


SPORTKING INDIA: ICRA Reaffirms 'LBB' Rating on INR567.5MM LT Loan
------------------------------------------------------------------
ICRA has reaffirmed the LBB+   rating assigned to INR567.5 million
long term fund-based bank facilities and INR1.84 billion term
loans of Sportking India Limited. ICRA has also reaffirmed the A4+
rating to INR300 million short-term non-fund-based bank facilities
of the company.  ICRA has assigned "Stable" outlook to the long-
term rating.

The ratings reaffirmation reflects SIL's healthy market presence
supported by a diversified product portfolio and promoters'
experience in the textile industry, ranging from yarn
manufacturing to retailing of branded garments.  The ratings
factor in the improvement in operating profitability on account of
increase in yarn realization during H2 2009-10.  ICRA expects that
the current high prices of cotton yarn shall continue to remain
range bound in the short term.  The ratings are, however,
constrained by relatively large scale of capital expenditure that
is being largely financed through term loans under Technology
Upgradation Fund Scheme.  The already leveraged capital structure
of SIL, is expected to deteriorate further on account of proposed
capital expenditure.

While ICRA expects SIL to maintain its operating profit margin at
the present level for 2010-11 and factors in the expected higher
gearing on account of proposed capital expenditure plan, fall in
realization or significant forex loss or adverse operating
environment would be the key rating sensitivity going forward

Recent results: As per provisional results, SIL achieved
INR3,145.2 of operating income and INR95.0 of net profit in
2009-10.

                       About Sportking India

Incorporated in 1989, Sportking India Limited is the flagship
company of Sportking Group which is promoted by Mr. Raj Kumar
Avasthi.  The company is in the business of manufacturing and
selling cotton yarn, acrylic yarn and blended synthetic yarn.  The
other companies in the group are involved in processing of
yarn/fabrics, knitting of yarn/fabrics, manufacturing and export
of knitted/woven garments and retailing of garments in exclusve
showrooms ( under "Sportking" and "Mentor" brand).  The whole
group per se has presence from yarn manufacturing to retailing.

The operations of SIL commenced in the year 1990 and it installed
6,520 spindles in the year 1993 for manufacturing acrylic yarn in
Ludhiana and undertook expansion programme from time to time.  At
present the company's installed capacity is 72,624 spindles along
with an independent dye house for the production of
synthetic/polyester-cotton, blended/cotton yarn (grey as well as
dyed yarn), with count range of 18-36 (cotton), 20-40 (polyster
cotton) and 8-32 (synthetic) and chenille yarn.


SRI PARAMESWARI: ICRA Assigns 'LBB' Rating on INR400 Mil. LT Loans
------------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' rating to INR400.0
million term loans and INR200.0 million fund based limits of Sri
Parameswari Spinning Mills Private Limited.  The outlook on the
long term rating is Stable.  ICRA has also assigned an A4 rating
to INR107.2 million non-fund based limits of the company.

The assigned rating factors in the weak financial risk profile of
the company characterized by net losses, high gearing and
stretched coverage indicators.  The ratings are also tempered by
vulnerability to high degree of competition given the small scale
of its operations, volatility in cotton costs and the commoditized
nature of cotton yarn.  ICRA notes that the operating performance
of the company is vulnerable to power supply situation in Tamil
Nadu, which has affected the productivity and margins of
the company in the past.  The rating however, favorably factors in
management's experience in spinning, focus on wide range of counts
and diversified customer base offering stability to the revenues.
ICRA also notes that the company has restructured its term loans
and accordingly the company has no principal repayment obligations
for the next two years.

Recent results

As per the provisional figures, the company's losses for the
fiscal 2010 stood at INR14.3 million on an operating income of
INR619.1 million.

Sri Parameswari Spinning Mills Private Limited was formed in July
1980 by taking over a sick unit, Kamaraj Spinning Mills Private
Limited. The company's name was changed as Sinnamani Spinning
Mills Limited in 1983 and to the present one in 1995.  The Company
operates as a 100% cotton spinning unit in Pandalgudi, Tamil Nadu.


UNIBIOS LABORATORIES: ICRA Assigns 'LBB+' on INR27MM Term Loan
--------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR 27.0 million term loan
and INR230.0 million long term fund based facilities of Unibios
Laboratories Limited.  The outlook on the long term rating is
stable.  ICRA has also assigned an A4+ rating to the INR36.6
million short term non-fund based facilities of Unibios.

The assigned ratings take into account the long standing
experience of promoter and top-management in the pharmaceutical
industry and the company's past track record in successfully
supplying pharmaceutical products to Government institutions which
is likely  to help them remain competitive in future tenders.  The
ratings are, however, constrained by the small scale of operations
of Unibios, high exposure to relatively mature therapeutic
segments resulting in low profitability, significant concentration
towards tender-based institutional sales which lends volatility to
revenues and high working capital intensity with NWC/OI of 39%
owing to a large proportion of sales to Government institutions.

Unibios Laboratories Limited was incorporated in 1991 by the
promoter, Mr. Rajkumar Chawla, as a trading company for
pharmaceutical products.  In 1996, the company decided to enter
into manufacture of formulations and set up a small manufacturing
unit in Palghar, Maharastra.  Their Palghar plant has two
manufacturing facilities, both of which are WHO GMP certified,
with separate provisions for manufacturing Beta-Lactam
antibiotics.

In 2008-09, the company reported a net profit of INR8.32 million
on an operating income of INR570.22 million as against a net
profit of INR5.45 million on an operating income of INR509.98
million in 2007-08. In 2009-10, as per provisional financials
provided by the company, the company posted a turnover
of INR737.80 million and a net profit of INR12.40 million.


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


CILIANDRA PERKASA: Moody's Withdraws 'B1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn PT Ciliandra Perkasa's B1
corporate family and senior secured debt ratings after the company
exercised its option to redeem all of its outstanding
US$140.8 million 10.75% senior secured notes due 2011.

The last rating action on Ciliandra was taken on 10 May 2010, when
Moody's affirmed its B1 corporate family and secured debt ratings
with a stable outlook.

Ciliandra's ratings have been assigned based on factors that
Moody's believes are relevant to the company's risk profile, such
as its (i) business risk and competitive positions compared with
other firms in the industry; (ii) balance sheet and financial
risk; (iii) projected performance over the near to medium term;
and (iv) management's track record and tolerance for risk.

These attributes were compared against those of other issuers both
within and outside Ciliandra's core industry; Moody's believes the
company's ratings are comparable with those of other issuers with
similar credit risk.

PT Ciliandra Perkasa was established and incorporated in Indonesia
in 1992 and is an oil palm upstream operator based in Riau,
Sumatera.


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


SFCG CO: Former President, Three Others Arrested
------------------------------------------------
The Mainichi Daily News reports that former president of
moneylender SFCG Co. and three other people have been arrested on
suspicion of transferring its assets to an affiliated company just
before it applied for corporate rehabilitation in February last
year.

According to the report, investigative sources said Kenshin Oshima
and the others, including his 33-year-old son, are alleged to have
given roughly JPY40 billion in loan assets from SFCG, which grew
on lending to small businesses, to a company run by a relative of
Oshima.  The four have denied the allegation, the police said.

The Mainichi Daily, citing a court-appointed receiver, relates
that SFCG, formerly known as Shohkoh Fund Co., transferred roughly
JPY267 billion worth of claims on loans to the affiliated company
after it faced difficulties securing financing from other lenders
in September 2008.

Sources said the roughly JPY123.8 billion of those assets were
transferred between January and February last year -- around the
time the company's bankruptcy became certain, the report adds.
The four are also suspected of falsifying documents in an apparent
attempt to cover up the flow of some of the money.

According to the Mainichi Daily, the police conducted a
preliminary investigation by questioning a former SFCG executive,
suspecting that Oshima and the others acted to prevent company
assets from being seized under the rehabilitation law.

The report says they were arrested in violation of Civil
Rehabilitation Law provisions that stipulate penalty for acts
against creditors, after being questioned by the police earlier
Wednesday.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Feb. 24, 2009, that SFCG filed for court protection
from creditors with liabilities totaling about JPY338 billion
(US$3.6 billion).  "We can't get funding from almost any financial
firm," Bloomberg News quoted SFCG Chairman Kenshin Ohshima as
saying during a press briefing in Tokyo.

Prior to filing for creditor protection, data compiled by
Bloomberg showed SFCG had a market value of JPY15.8 billion.  SFCG
owed Citigroup Inc. JPY71 billion as of July 31, 2008.

Japan-based SFCG Co Ltd (TYO:8597) is principally engaged in the
finance and investment business.  The Company has four business
segments.  The Finance and Investment segment is engaged in the
corporate finance business, flooring plan business, investment
business, venture capital and servicer business, among others.
The Real Estate segment is involved in the sale, brokerage and
management of real estate, the provision of real estate-related
information, as well as the provision of real estate evaluation
services.  The Sports Product and Food segment manufactures and
sells golf products, foods and others.  The Others segment is
engaged in the sale of computer components, the development of
systems and the provision of system support, among others.  The
Company has 67 subsidiaries and four associated companies.


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


SSANGYOUNG MOTOR: Ruia Group to Form SPV For Ssangyong Bid
----------------------------------------------------------
PK Ruia Group said Tuesday that a special purpose vehicle, which
will include Dunlop India and Falcon Tyres, will be formed if it
were to go ahead to bid for the SsangYong Motor, The Economic
Times reports.

The report says PK Ruia group and Mahindra & Mahindra are the two
Indian entities that have expressed interest in acquiring
SsangYong Motor.

"Due diligence has started and KPMG, on behalf of SsangYong Motor,
had sent us data on June 7 and we are analyzing the same and we
have one month's time," the report Ruia Group chairman PK Ruia as
saying.  "If we feel we can turn the company around and the
valuations are right, then only we will move ahead," he added.

"Now our interest in SsangYong Motor is through one of the group's
investment companies, and if the group moves ahead towards
acquiring the company (SsangYong), then other companies (of the
group) will also join in the SPV to acquire the shares," he said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor Co. selected Nissan Motor Co.,
Renault SA and four other bidders for due diligence on the
company.

Ssangyong Motor began accepting letters of intent on May 10 from
potential buyers, who will take over a majority of its stake
valued at around KRW300 billion.  Ssangyong will choose a
preferred bidder in August from the preliminary bidders.

Samjong KPMG, a South Korean unit of the global services firm
KPMG, and Macquarie Securities are managing the sale.

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A South
Korean bankruptcy court approved in December Ssangyong Motor's
restructuring plan despite opposition by some bondholders, the
TCR-AP reported on Dec. 18, 2009.


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


EVERMASTER GROUP: Posts MYR25.19MM Net Loss in Year Ended March 31
------------------------------------------------------------------
Evermaster Group Berhad disclosed its interim financial report for
the year ended March 31, 2010.  The company posted a net loss
MYR25.19 million on revenue of MYR35.20 million for the year ended
March 31, 2010, compared with a net loss of MYR44.93 million on
revenue of MYR45.18 million for 2009.

For the three months ended March 31, 2010, Evermaster Group
reported a net loss of MYR4.33 million as compared with net loss
of MYR31.91 million in the same quarter of 2009.

Revenue for the quarter ended March 31, 2010, increased to
MYR6.49 million as compared to MYR5.84 million in 2009.

                           Balance Sheet

At March 31, 2010, the Company's consolidated balance sheet
showed MYR138.03 million in total assets, MYR119.99 million in
total liabilities, and MYR18.04 million in total stockholders'
equity.

The Company's consolidated balance sheet as at March 31, 2010,
showed strained liquidity with MYR33.54 million in total current
assets available to pay MYR119.99 million in total current
liabilities.

A full-text copy of the company's Interim Report is available for
free at http://ResearchArchives.com/t/s?64e9

                       About Evermaster Group

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

A Receiver and Manager has been appointed over the asset of the
Evermaster Group.  The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.


MECHMAR CORPORATION: Bursa to Delist Securities on June 21
----------------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that the securities of
a PN17 Company, Mechmar Corporation (Malaysia) Bhd, will be de-
listed and removed from the Official List of Bursa Securities on
June 21, 2010.

The decision comes after the Company failed to submit its
regularization plan to Bursa Malaysia for approval with the
extended timeframe granted.

Mechmar has been accorded five market days or until June 16 to
submit an appeal against Bursa Malaysia's decision to delist its
securities.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


MECHMAR CORP: Appeal For Stay of Wind Up Proceedings Rejected
-------------------------------------------------------------
The Tanzania Court of Appeal has refused Mechmar Corp (M) Bhd's
appeal for a stay in execution on the appointment of a provisional
liquidator for its 70% owned subsidiary Independent Power Tanzania
Ltd.

VIP Engineering & Marketing Ltd, a minority shareholder of IPTL,
had filed a petition to wind up IPTL in the High Court of Tanzania
on February 25, 2002, claiming oppression by the majority
shareholder, Mechmar.  IPTL and Mechmar had applied for a stay of
proceedings in the High Court on March 1, 2002.

The High Court had on Dec. 16, 2008, issued a ruling to place IPTL
under a provisional liquidator, pending hearing of the Winding up
Order, at a date yet to be determined.  As a result, all affairs
and assets of IPTL were placed under the custody and management of
a Provisional Liquidator.

Mechmar, in its capacity as a co-respondent in this civil suit,
has filed an appeal with the Tanzanian Court of Appeal for the
High Court ruling to be vacated.

                        About Mechmar Corp.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


NIKKO ELECTRONICS: Files Application to Stay Wind Up Proceedings
----------------------------------------------------------------
The provisional liquidator of Nikko Electronics Bhd. disclosed
that a subtantial shareholder, Nikko Electronics Holdings Sdn.
Bhd., has filed an application in the High Court of Malaysia at
Penang for a stay of all proceedings in relation to the winding up
granted by the Court on April 28, 2010.

The hearing date of the application has not yet been fixed by the
High Court.

As reported it the Troubled Company Reporter-Asia Pacific on
May 4, 2010, the High Court of Malaysia at Penang granted a
winding up order against Nikko Electronics Bhd.

Nikko Electronics said it is obtaining legal advice to apply for
stay of liquidation and execution of the winding-up order on
grounds inter alia that the decision from the Securities
Commission for the Proposed Restructuring Exercise is still
pending.

On September 11, 2008, the High Court of Malaya entered an order
to appoint Dato' Robert Teo Keng Tuan of RSM NWT Advisory Services
Sdn Bhd as the company's provisional liquidator.

The appointment of provisional liquidator was due to the
application made before the High Court of Malaya by Cheong Wai
Meng & Van Buerle, acting for Ishikawa Spring (Malaysia) Sdn Bhd.

Ishikawa Spring demanded Nikko to pay MYR201,194.67 for the supply
of goods.  Nikko was given 21 days to settle outstanding debts,
which the company has failed to do so.  Thus, a wind-up petition
was served against the company.

                      About Nikko Electronics

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


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


NORTHERN HOSPITALITY: In Receivership; Future of 20 Bars Uncertain
------------------------------------------------------------------
Northern Hospitality Management has been put into receivership,
leaving the future of 20 bars in Auckland and Wellington
uncertain, NZCity reports.

According to the report, the Department of Internal Affairs has
been investigating the company regarding gaming machine grants,
the flow of funds and its relationship with gaming foundations and
trotting clubs.

Receiver Gerry Rea said his company is dealing with 10 bars in
Auckland 10 in Wellington, the report says.

"We are just going through the very complex issues surrounding
each one and we can't give a clear picture at this stage, which
ones we will be carrying on with and which ones will be closed,"
NZCity quoted Mr. Rea as saying.

Mr. Rea says the receivers want to keep as many hotels open as
possible, but that will depend on finances.

Northern Hospitality Management is a New Zealand-based hospitality
operator.


* NEW ZEALAND: SFO Likely to Conclude Probe on 3 Finance Firms
--------------------------------------------------------------
The Serious Fraud Office is likely to conclude investigations into
Capital+Merchant, Five Star Group and Nathans Finance within about
a month and is making preliminary inquiries into another two or
three companies that raised money from the public, interest.co.nz
reports citing SFO director Adam Feeley.

Mr. Feeley told interest.co.nz in an interview that he also
bemoaned the level of financial literacy in New Zealand, saying
some people spent more time investigating relatively small
purchases such as dishwashers than they did considering where to
invest hundreds of thousands of dollars.
The report relates Mr. Feeley said the SFO's three live finance
company investigations into -- Five Star, Nathans Finance and
Capital+Merchant -- were nearly finished.  The three are now
either in receivership or liquidation having collapsed in 2007 and
2008 owing about NZ$441 million between them through about 17,000
deposits, interest.co.nz adds.

"We are in a position I think to be making announcements within
the next month or so," Mr. Feeley said, adding that he couldn't
say whether charges were likely.

The three are among about 40 finance company collapses over the
past four years which have put billions of dollars of investors'
savings at risk.


                         *********

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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