TCRAP_Public/100621.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, June 21, 2010, Vol. 13, No. 120

                            Headlines



A U S T R A L I A

BRAVO PRINT: Owner Says Liquidation Won't Affect Trade Suppliers
LIBERTY SERIES: Fitch Assigns Ratings on Loan Securitization
LIBERTY FUNDING: S&P Assigns Ratings on Various Classes of Notes


C H I N A

AES CHINA: Moody's Withdraws 'Caa1' Senior Unsec. Bond Ratings
GALAXY CASINO: Moody's Gives Stable Outlook; Withdraws 'B3' Rating


H O N G  K O N G

APPSTREET TECHNOLOGIES: Tang and Wong Step Down as Liquidators
BUSINESS OBJECTS: Seng and Lo Appointed as Liquidators
BRIDGESTONE CHIAO: Placed Under Voluntary Wind-Up Proceedings
CANTON PROPERTY: Wardell and Ip Appointed as Liquidators
CHINA RAILWAY: Wardell and Ip Appointed as Liquidators

CITI-RICH ASIA: Members' Final Meeting Set for July 20
DG CAPITAL: Members' Final General Meeting Set for July 19
ENVOCIS TECHNOLOGY: Creditors' Proofs of Debt Due July 19
* HONG KONG: Bankruptcies Down 44% Year-on-Year in May


I N D I A

AIR INDIA: Has US$5 Billion Current Outstanding Long-Term Debt
DHARMAPURI ROLLER: CRISIL Lifts Rating on LT Bank Loan to 'BB'
FIRST FLIGHT: CRISIL Lifts Rating on Various Bank Debts to 'BB+'
ILASAKAA STEELS: CRISIL Places 'B+' Ratings on INR50MM Term Loan
JESONS INDUSTRIES: Fitch Cuts National Long-Term Rating to 'B+'

JET AIRWAYS: Inks New Code Share Deal With United Airlines
MAHADHAN SEEDS: CRISIL Rates INR30 Mil. Cash Credit Limit at 'B'
NANGALWALA IMPEX: CRISIL Reaffirms 'B' Ratings on Various Debts
RBA TEXTILES: CRISIL Reaffirms Rating on INR284.3 Million LT Loan
ROLEX CYCLES: CRISIL Reaffirms 'B+' Rating on INR130M Cash Credit

SONKAMAL ENTERPRISES: CRISIL Lifts Rating on INR140MM Cash Credit
VENKAR CHEMICALS: CRISIL Assigns 'BB+' Ratings on Various Debts


J A P A N

J-CREM 3: Moody's Reviews Ratings on Three Classes of Notes
ORIX-NRL TRUST: Moody's Downgrades Ratings on Six Classes of Notes
SHINSEI BANK: CFO, Three Other Foreign Executives Set to Resign
TOSHIBA CORP: May Set Auto-parts Joint Venture With NSK
TOSHIBA CORP: To Merge Mobile Phone Business With Fujitsu

* JAPAN: Consumer Lenders Face Losses As New Loan Rules Starts


K O R E A

HYNIX SEMICONDUCTOR: Completes Second Memory Chip Plant in China


N E W  Z E A L A N D

AIR NEW ZEALAND: Passenger Numbers Up 3.9% in May
AIR NEW ZEALAND: Set to Replace IBM for Gen-i After System Failure
PULSE UTILITIES: Reports NZ$7.05MM Annual Loss; Raises NZ$1-Mil.


S I N G A P O R E

CALL CENTRE: Creditors' Proofs of Debt Due July 3
ELCHEMI ASSETS: Court to Hear Wind-Up Petition on July 2
FREELY PTE: Court Enters Wind-Up Order
HEIMBACH ASTENJOHNSON: Creditors' Proofs of Debt Due July 19
VERTEX GLOBAL: Court to Hear Wind-Up Petition on June 25
YEW SENG: Creditors' Proofs of Debt Due July 2




                         - - - - -


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A U S T R A L I A
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BRAVO PRINT: Owner Says Liquidation Won't Affect Trade Suppliers
----------------------------------------------------------------
ProPrint reports that the owner of Bravo Digital Print Group,
which is in liquidation, said trade suppliers will not be affected
by the situation.  The report says Bravo Digital Print Group went
into liquidation on June 10.  Keith Sutherland from insolvency
practitioner Bent & Cougle were appointed as liquidators.

Mr. Sutherland told ProPrint that the liquidation had commenced,
"but I have not formed a view on the reason for the liquidation".

The liquidators were still waiting on the valuation report but
Mr. Sutherland said any return to creditors would be not be
significant.

A creditor's meeting is scheduled to take place on June 24.

Bravo's owner, Denny Sebek, told ProPrint that he had restructured
the company, which is now trading as Bravo Print & Design, and
said the only parties to lose money would be himself and "family
creditors".

ProPrint relates Mr. Sebek said that the new company would no
longer have any relationship with former partner companies Colour
Graphic and Niche Textile Digital Print.

Bravo Print & Design is a Melbourne-based digital fabric printer.


LIBERTY SERIES: Fitch Assigns Ratings on Loan Securitization
------------------------------------------------------------
Fitch Ratings has assigned final ratings to the Liberty Series
2010-1 Auto loan receivables-backed securitization, due April
2016, issued by Liberty Funding Pty Ltd. Ratings, Outlooks and
Loss Severity Ratings are:

  -- AU$66.5 million Class A notes: 'AAA'; Outlook Stable; Loss
     Severity
     Rating assigned at 'LS2';

  -- AU$11.5 million Class B notes: 'A'; Outlook Stable; Loss
     Severity Rating assigned at 'LS3';

  -- AU$6.0 million Class C notes: 'BBB+'; Outlook Stable; Loss
     Severity Rating assigned at 'LS4';

  -- AU$3.6 million Class D notes: 'BB'; Outlook Stable; Loss
     Severity Rating assigned at 'LS5'; and

  -- AU$2.4 million Class E notes: 'NR'.

The notes will be issued by Liberty Funding Pty Ltd as the
subscriber of notes from Secure Funding Pty Ltd in its capacity as
trustee of Liberty Series 2010-1 Auto Trust.  The Liberty Series
2010-1 Auto Trust is a legally distinct trust established pursuant
to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of
7,133 automotive loan receivables totaling approximately
AU$89.1 million, with an average size of AU$12,492.  The pool is
completely comprised of loan receivables originated by Liberty
Financial's lender network to Australian residents across the
country.  To date, gross losses for all motor vehicle loans
originated by Liberty Financial's lender network have ranged
between a minimum 4.2% and a maximum 13.9% of the original balance
originated.

"This is Liberty Financial's first non-conforming ABS transaction
since the start of the global financial crisis, and the fourth ABS
issuance in the series.  Liberty's 2007-1 series transaction has
been a strong performer with stable arrears and sufficient excess
covering losses," notes Spencer Wilson, Analyst in Fitch's
Structured Finance team.

The transaction benefits from credit enhancement provided by the
guarantee fee reserve account and credit reserve account in the
event excess income is insufficient to meet liquidated losses or
any unreimbursed charge-offs.  Both reserve accounts have an
additional feature in providing a subordinate level of liquidity
support to liquidity and principal draws.

The final ratings assigned to the Class A notes are based on:
the quality of the collateral; the credit enhancement of 30.0%
provided by the subordinate notes and the credit reserve, and
guarantee fee reserve account initially funded by Liberty
Financial to the size of AU$3,500,000 and topped up to the
greater of (i) 10% of the aggregate amount of the notes
outstanding and (ii) AU$1,000,000; the excess spread to cover
losses; the liquidity reserve, equivalent to the greater of
(i) 1.0% of the aggregate invested amount of the outstanding
notes, or (ii) AU$375,000; the interest rate swap provided by
National Australia Bank Limited ('AA'/Stable/'F1+'); and Liberty
Financial's auto receivable underwriting and servicing
capabilities.

The final ratings on the Class B, C and D notes are based on all
the strengths supporting the Class A notes, excluding their credit
enhancement levels.

The assignment of the final ratings follows the completion of the
issue and the receipt of final documentation conforming to
information already reviewed.


LIBERTY FUNDING: S&P Assigns Ratings on Various Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
notes 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 ratings reflect S&P's view of:

* 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 is funded through note over-issuance on the closing
  date.  In addition, the issuer can use 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 loss reserve, which is capped at 10% of the current invested
  amount of notes (the loss reserve cap), subject to a floor of
  AU$1,000,000.  This loss reserve is funded through AU$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 loss 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+), designed to
  hedge the mismatch between the fixed-rate interest payments on
  the receivables, and the floating-rate coupon payable on the
  notes.

                          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


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C H I N A
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AES CHINA: Moody's Withdraws 'Caa1' Senior Unsec. Bond Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn AES China Generating
Company Limited's (Ciliandra) Caa1 senior unsecured bond ratings
after the company exercised its option to redeem all of its
outstanding US$106.3 million 8.25% senior secured notes due
June 26, 2010.

The last rating action on AES Chigen was taken on May 27, 2009,
when Moody's downgraded its senior unsecured debt rating to Caa1
from B1 with a negative outlook.

AES Chigen's ratings were assigned by evaluating factors believed
to be relevant to its credit profile, such as i) the business risk
and competitive position of AES Chigen versus others within its
industry or sector, ii) the capital structure and financial risk
of AES Chigen, iii) the projected performance of AES Chigen over
the near to intermediate term, and iv) AES Chigen's history of
achieving consistent operating performances and meeting financial
plan goals.

These attributes were compared against those of other issuers both
within and outside of AES Chigen's core peer group; and AES
Chigen's ratings are believed to be comparable to ratings assigned
to other issuers of similar credit risk.

AES China Generating Company Limited is primarily a holding
company engaged in the development, construction, operation and
ownership of electric power generating facilities in China through
its participation in joint-ventures.


GALAXY CASINO: Moody's Gives Stable Outlook; Withdraws 'B3' Rating
------------------------------------------------------------------
Moody's Investors Service has revised the outlook of Galaxy Casino
S.A.'s B3 corporate family rating to stable from negative.

At the same time, Moody's has withdrawn the B3 senior unsecured
rating of the US$ bonds issued by Galaxy Entertainment Finance
Company Ltd and guaranteed by Galaxy, as the US$ bonds have been
fully redeemed.

"The outlook revision follows the company's announcement that it
has successfully closed the HK$9 billion club loan, which will
provide the company with funding to complete the Galaxy Macau
resort project, and hence alleviates Moody's major concerns over
its ability to fund and complete the project," says Kaven Tsang, a
Moody's AVP/Analyst.

"Lower interest expenses for the Club Loan versus the redeemed US$
bond and an improving EBITDA will also improve the company's
interest coverage position," says Tsang, also Moody's Lead Analyst
for Galaxy.

The B3 corporate family rating continues to reflect Galaxy's
current small operating scale, modest cash flow from operations,
and high gearing as characterized by projected adjusted debt
(including shareholders loans and remaining lease obligation on
Cotai land)/EBITDA of 7-8x at end-2010.  Such situation could
improve when Galaxy Macau resort commences operations and starts
to generate EBITDA.

"Further, Galaxy is exposed to a rapidly evolving operating
environment, intense local market competition, as well as
construction and execution uncertainties at the Galaxy Macau
resort site, which is planned to open in early 2011," adds Tsang.

Galaxy's rating could be upgraded if it successfully completes the
development of the resort project on time and within the revised
budget or if it ramps up the project as planned, such that EBITDA
interest coverage rises above 3x and Debt/EBITDA falls under 6-7x
on a sustained basis.

Galaxy's ratings will come under downward pressure if 1) the
company's operating and financial profile deteriorates; or 2)
there are further delays to, or debt funding requirement for, the
development of the Galaxy Macau resort project such that it is
unable to meet the financial covenant test in December 2011
resulting in accelerated debt repayment.

Moody's last rating action on Galaxy was taken on January 19,
2009, when it was downgraded to B3 from B1 with a negative
outlook.

Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions/sub-concessions licensing it to undertake gaming
activities in Macau.  In July 2004, Galaxy opened the Galaxy
Casino at Waldo Hotel, the group's first casino operation.

Since then, it has opened four other casinos in Macau, with the
flagship StarWorld facility opening in October 2006.  In addition,
Galaxy is constructing a large resort in Macau which is expected
to open in 2011.


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


APPSTREET TECHNOLOGIES: Tang and Wong Step Down as Liquidators
--------------------------------------------------------------
Alan C W Tang and Wong Kwok Man stepped down as liquidators of
Appstreet Technologies Limited on June 10, 2010.


BUSINESS OBJECTS: Seng and Lo Appointed as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo on June 11, 2010, were appointed
as liquidators of Business Objects Greater China Limited.

The liquidators may be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


BRIDGESTONE CHIAO: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on June 11, 2010, members
of Bridgestone Chiao Fu Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Messrs. Lai Kar Yan, Derek
         Darach Eoghan Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


CANTON PROPERTY: Wardell and Ip Appointed as Liquidators
--------------------------------------------------------
James Wardell and Mr. Jackson Ip on June 10, 2010, were appointed
as liquidators of Canton Property Investment (Hong Kong) Limited.

The liquidators may be reached at:

         James Wardell
         Mr. Jackson Ip
         Room 1601-1602, 16/F
         One Hysan Avenue
         Causeway Bay, Hong Kong


CHINA RAILWAY: Wardell and Ip Appointed as Liquidators
------------------------------------------------------
James Wardell and Mr. Jackson Ip on June 10, 2010, were appointed
as liquidators of China Railway Mall & Properties Development
Limited.

The liquidators may be reached at:

         James Wardell
         Mr. Jackson Ip
         Room 1601-1602, 16/F
         One Hysan Avenue
         Causeway Bay, Hong Kong


CITI-RICH ASIA: Members' Final Meeting Set for July 20
------------------------------------------------------
Members of Citi-Rich Asia Pacific Limited will hold their final
meeting on July 20, 2010, at 11:00 a.m., at 5th Floor, Far East
Consortium Building, 121 Des Voeux Road Central, in Hong Kong.

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


DG CAPITAL: Members' Final General Meeting Set for July 19
----------------------------------------------------------
Members of DG Capital Company Limited will hold their final
general meeting on July 19, 2010, at 10:00 a.m., at 62/F, One
Island East, 18 Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David yen Ching Wai, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ENVOCIS TECHNOLOGY: Creditors' Proofs of Debt Due July 19
---------------------------------------------------------
Creditors of Envocis Technology Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 19, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 9, 2010.

The company's liquidator is:

         Chan Wing Kit
         43/F., The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


* HONG KONG: Bankruptcies Down 44% Year-on-Year in May
------------------------------------------------------
Hong Kong bankruptcy petitions fell 44% in May from a year
earlier, Bloomberg News reports, citing data from the Official
Receiver's Office.

Bloomberg says the number of bankruptcy petitions declined to 793
from 1,417.  The number of petitions to wind up companies also
dropped to 42 from 69 a year earlier.


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AIR INDIA: Has US$5 Billion Current Outstanding Long-Term Debt
--------------------------------------------------------------
Harsh Joshi and Anirban Chowdhury at The Wall Street report that
S. Venkat, Air India's executive director of finance, said the
carrier has current outstanding long-term debt of about
US$5 billion (INR233 billion) and is considering several steps
including selling non-core assets to improve its balance sheet.

Of the total debt, the airline has to repay about INR18 billion
this year and the same amount next year, Mr. Venkat told The Wall
Street Journal.

Mr. Venkat said that a possible option Air India is exploring to
ease the debt burden "is restructuring and refinancing of rupee-
denominated loans," the Journal relates.

According to the Journal, Mr. Venkat said the Indian government
injected INR8 billion as equity in Air India in the past year to
improve the company's finances and it is expected to inject
another INR12 billion this fiscal year.

"Further equity infusion will depend on the success of the cost-
cutting and revenue enhancement measures undertaken by NACIL," the
Journal quoted Mr. Venkat as saying.

Mr. Venkat, as cited by the Journal, said the airline is taking
steps to cut its employee costs by freezing recruitment in "non-
operational areas."  It will also rework performance benchmarks of
employees and directly link the payment of perks to those
benchmarks, he said.

Mr. Venkat added that Air India has taken several steps recently
to trim its losses, including reducing or returning leased planes,
grounding old planes, introducing new planes, cutting contract
worker numbers and moving to improve fuel-efficiency, according to
the Journal.

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

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

Air India is estimated to have lost INR54 billion in the fiscal
year ended March 31, 2010, according to The Wall Street Journal.

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

                         About Air India

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


DHARMAPURI ROLLER: CRISIL Lifts Rating on LT Bank Loan to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its rating on The Dharmapuri Roller Flour
Mills' long-term bank loan facilities to 'BB/Stable' from 'BB-
/Stable', while reaffirming the short-term rating at 'P4+'.  The
rating upgrade reflects an improvement in DRFM's financial risk
profile, marked by an improvement in its gearing to less than 2.5
times as on March 31, 2010 from 3.4 times as on March 31, 2008.
The improvement was driven by the firm's efficient working capital
management, and healthy growth in sales by 18.8 per cent year-on-
year in 2009-10 (refers to financial year, April 1 to March 31).
CRISIL believes that DRFM will sustain its working capital
management and, consequently, will retain its gearing at the
current levels.

   Facilities                            Ratings
   ----------                            -------
   INR55 Million Term Loan               BB/Stable (Upgraded from
                                                    'BB-/Stable')

   INR115 Million Cash Credit Limits     BB/Stable (Upgraded from
                                                    'BB-/Stable')

   INR35 Million Overdraft Limits        BB/Stable (Upgraded from
                                                    'BB-/Stable')

   INR13.60 Million Letter of Credit     P4+ (Reaffirmed)
                  and Bank Guarantee

   INR6.40 Million Proposed Short-Term   P4+ (Reaffirmed)
                             Bank Loan

Despite the improvement, DRFM's gearing remains high, leading to a
below-average financial risk profile, which is reflected in the
ratings.  The ratings also factor in the company's exposure to
intense competition because of the fragmented nature of the flour
mill business.  These weaknesses are partially offset by the
benefits that DRFM derives from its established presence, and
integrated operations, in the flour mill business.

Outlook: Stable

CRISIL believes that DRFM will maintain a stable business risk
profile over the medium term, backed by its established presence
in the flour business and longstanding relations with its
customers.  The outlook may be revised to 'Positive' if the firm's
capital structure improves, most likely because of equity
infusion. Conversely, the outlook may be revised to 'Negative' if
DRFM's operating margin reduces, the firm undertakes a large,
debt-funded capital expenditure program, or if there are large
withdrawals by partners.

                       About Dharmapuri Roller

Set up in 1983 as a partnership firm, DRFM is engaged in
converting wheat into flour products, and has a capacity of 60,000
tonnes per annum (tpa).  It operates two flour mills and has nine
godowns for stocking inventory in Tamil Nadu.  The firm has also
set up three windmills, with a total capacity of 600 kilovolt
amperes for captive consumptions.

For 2009-10, DRFM is expected to report a provisional profit after
tax (PAT) of INR15 million on net sales of INR1077 million, as
against a PAT of INR3 million on net sales of INR906 million for
2008-09.


FIRST FLIGHT: CRISIL Lifts Rating on Various Bank Debts to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
First Flight Couriers Ltd to 'BB+' from 'BB' and revised the
outlook to 'Positive' from 'Stable'; CRISIL has reaffirmed its
rating on FFCL's short-term bank facilities at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR120.0 Million Cash Credit*      BB+/Positive (Upgraded from
                                                    'BB/Stable')

   INR100.0 Million Overdraft         BB+/Positive (Upgraded from
                                                    'BB/Stable')

   INR200.0 Million Bank Guarantee/   P4+ (Reaffirmed)
   Standby Letter of Credit/Letter
                       of Credit**

   *Interchangeable with working capital demand loan/ bank
    guarantee up to a maximum limit of INR120.0 million

   **Includes a sub-limit of INR150 million for cash credit/
    working capital demand loan and sub-limit of INR50 million
    for short-term loan

The rating upgrade and outlook revision reflects the turnaround in
FFCL's operations during 2009-10 (refers to financial year, April
1 to March 31), supported by increased volumes from the BFSI
(Banking, Financial Services and Insurance) sector.  The rating
action also factors in the settlement of FFCL's litigation with
Trident Turboprop (Dublin) Ltd ? FFCL's liability to Trident
Turboprop is limited to a payment of approximately INR190 million;
FFCL can pay the same out of its ample cash and bank balances,
estimated at INR450 million as on March 31, 2010.  The rating
upgrade and outlook revision also reflects CRISIL belief that
FFCL's financial risk profile will improve further in the absence
of any major capital expenditure (capex) plan for the medium term,
FFCL's increasing business volumes, and steady cash accruals.

The rating reflects lack of integration in FFCL's operations,
pressure on its profitability because of intense industry
competition, reliance on the BFSI segment for revenues, and
susceptibility to obsolescence of the technology it currently runs
on and to adverse regulatory changes.  These rating weaknesses are
partially mitigated by FFCL's established market position in the
courier business, and its moderate financial risk profile, marked
by a large net worth and low gearing.

Outlook: Positive

CRISIL believes that FFCL's business volumes will grow over the
medium term, supported by its established market position, pan-
India presence, and India's buoyant economy.  The rating could be
upgraded in case FFCL sustains its business growth over the medium
term while maintaining its financial risk profile.  Conversely,
the outlook could be revised to 'Stable' if FFCL revives its large
capex plans, leading to deterioration of its financial risk
profile, or if it is faced with adverse regulatory changes.

                         About First Flight

FFCL was set up in 1986 by Mr. O P Saboo (current chairman and
managing director of the company) as the proprietary firm, Express
Air Service, incorporated as the private limited company, First
Flight Couriers Pvt Ltd, in 1988, and it went public, with its
name being changed to the current one, in 1995. FFCL is engaged in
the distribution of courier and cargo in the domestic and
international market. FFCL has 17 regional head offices, 931
branches (owned offices), and 582 franchise offices.

For 2008-09 (refers to financial year, April 1 to March 31), FFCL
reported a net loss of INR235.0 million on net sales of INR3.5
billion, against a net loss of INR302.0 million on net sales of
INR3.4 billion for the preceding year.


ILASAKAA STEELS: CRISIL Places 'B+' Ratings on INR50MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Ilasakaa Steels Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR110 Million Cash Credit Limit      B+/Stable (Assigned)
   INR50 Million Term Loan               B+/Stable (Assigned)

The rating reflects ISL's limited track record of operations, and
the expected low profitability, which again will be highly
vulnerable to adverse movements in raw material prices.  These
rating weaknesses are partially offset by ISL's promoters'
longstanding experience in the cold-rolled (CR) steel industry,
and the prudent funding-mix for its establishment project.

Outlook: Stable

CRISIL believes that ISL will stabilize its plant's operations,
have healthy capacity utilizations, and thereby generate profits
in its first full year of operations.  ISL's promoters' over-two-
decades experience in running CR sheet manufacturing business will
benefit the company.  Its financial risk profile, however, is
expected to be weak because of its large working capital
requirements ? this will keep its gearing high over the medium
term. The outlook may be revised to 'Positive' if ISL generates
more-than-expected sales and cash accruals.  Conversely, the
outlook may be revised to 'Negative' if the company faces
liquidity constraints because of prolonged delays in stabilization
of operations, or if it undertakes more-than-expected debt funded
capital expenditure program over the medium term.

                       About Ilasakaa Steels

ISL was established in January 2009 by Mr. Ashok Kumar Jain, Mr.
Ashwani Kumar Sharma, Mr. Anand Kumar Bindal and Mr. Ajay Kumar
Bindal.  The company has recently set up a plant for manufacturing
steel CR strips and sheets in Bahadurgarh (Haryana).  The capacity
of the plant is 42,000 tonnes per annum.  The project construction
started in February 2009 and trail production started in March
2010.  The project cost of INR133.6 million was funded through
equity of INR50 million, interest-free unsecured loans of INR33.6
million and a term loan of INR50.0 million.  ISL's operations
commenced in March 2010.


JESONS INDUSTRIES: Fitch Cuts National Long-Term Rating to 'B+'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Jesons Industries Ltd's
National Long-term rating to 'B+(ind)' from 'BB(ind)'.  The
Outlook is Stable.  The agency has simultaneously affirmed JIL's
INR512.5 million non-fund based working capital limits at
'F4(ind)'.  Fitch has also downgraded the ratings of JIL's
following instruments:

  -- INR138 million term loans: downgraded to 'B+(ind)' from
     'BB(ind)'

  -- INR217.5 million cash credit limits: downgraded to 'B+(ind)'
     from 'BB(ind)'

The downgrade reflects the liquidity pressure which JIL faced
during FY09 and H1FY10 due to the volatility in raw material
prices and exchange rate fluctuations.  Liquidity was also
impacted due to longer receivable periods, resulting in high
utilization of its fund-based limits.  The downgrade also factors
in the decline in margins due to the higher overheads on account
of the company's new adhesive for the retail market -- 'Blue
Glue', which added to its liquidity pressures.  The company
shelved its additional capex for new Blue Glue capacity due to the
liquidity pressures.  Its existing capacity will produce around
100mt of Blue Glue per month in FY11.  Fitch has not factored in
any revival of the company's investment plans into the ratings.

Fitch notes that the company's liquidity position has improved
during Q4FY10 due to its focus on maintaining lower raw material
inventory and reducing receivable periods.  The company has also
modified its foreign exchange risk management policy, which should
partially mitigate the foreign exchange fluctuation risk going
forward.  As the company imports the bulk of its raw materials,
the increased export volumes from Q4FY10 (expected at around 25%
of FY11 volumes) should provide an additional cushion against FX
fluctuation risk.

The ratings also reflect JIL's leadership position in the
pressure-sensitive adhesive segment and its diversified presence
in the pigments and emulsions business.  Due to better raw
material prices, JIL reported EBITDA margins of 7% levels in FY10
(FY09: 3% levels), and consequently positive net profit.

Negative rating triggers include sustained EBITDA/interest of
below 2x and/or debt/EBITDA exceeding 3.75x for a sustained
period.  Further pressure on liquidity due to working capital
stresses could also trigger a negative rating action.  Material
debt funded capex materially impacting credit metrics could also
trigger a downgrade.

As per audited FY10 results, revenues increased 16% y-o-y to
INR2036 million, while net debt/EBITDA decreased to 2.6x (FY09:
6.3x), due to reduced working capital demand and stalling of capex
in the Blue Glue project.  Interest cover increased to 3.3x in
FY10 (FY09: 1.1x) from increased EBITDA margins and reduced debt.


JET AIRWAYS: Inks New Code Share Deal With United Airlines
----------------------------------------------------------
Jet Airways has entered into a new code share agreement with
America's United Airlines allowing it to provide connectivity to
38 U.S. cities from India, The Economic Times reports.

"The new code share agreement between Jet Airways and United
Airlines has opened for sale today for those traveling from
June 30 to 38 destinations in the US from India and also through
trans-Atlantic and trans-Pacific routes," the report quoted a Jet
spokesperson as saying.

According to the report, the agreement would allow the travelers
to fly United Airlines' trans-Atlantic flights from London to
Chicago, Los Angeles, San Francisco, Denver and Washington and
trans- Pacific flights from Hong Kong to Chicago and San
Francisco.

The spokesperson said United's flyers will in turn get seamless
connectivity to Ahmedabad, Bangalore, Goa, Hyderabad and Kolkata
through Jet's hub at Mumbai, the Economic Times adds.

Nikos Kardasis, Chief Executive Officer of Jet Airways, said the
partnership would help Jet Airways to enhance its connectivity and
reach in the American market.

                          About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


MAHADHAN SEEDS: CRISIL Rates INR30 Mil. Cash Credit Limit at 'B'
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' rating to Mahadhan Seeds Pvt
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit Limit      B/Stable (Assigned)
   INR50.0 Million Bank Guarantee         P4 (Assigned)

The rating reflects MSPL's weak financial risk profile marked by
weak debt protection measures and small net worth, small scale of
operations, and exposure to intense competition in the seed
industry.  These rating weaknesses are partially offset by the
benefits that MSPL derives from its long track record in the seed
industry.

Outlook: Stable

CRISIL expects MSPL's financial risk profile to remain weak over
the medium term because of its large working capital requirements.
The outlook may be revised to 'Positive' in case of significant
improvement in MSPL's capital structure and increase in its scale
of operations.  Conversely, the outlook may be revised to
'Negative' if there is a steep deterioration in MSPL's financial
risk profile, most likely because of debt-funded capital structure
(capex), or decline in liquidity because of increased working
capital requirements.

                        About Mahadhan Seeds

Set up in 1998 by Mr. Sudhir Soni, MSPL is engaged in the
production, processing, and sale of certified seeds such as
soyabean, gram, and wheat, under its own brand, Mahadhan.  In
2009-10 (refers to financial year, April 1 to March 31), about
80 per cent of the company's revenues were contributed by soyabean
seeds, while the remainder was contributed by wheat and gram
seeds.

MSPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR91.8 million for 2008-09, against a PAT of INR0.6
million on net sales of INR88.5 million for 2008-09.


NANGALWALA IMPEX: CRISIL Reaffirms 'B' Ratings on Various Debts
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on Nangalwala Impex Pvt Ltd's
bank facilities at 'B/Stable/P4'.

   Facilities                             Ratings
   ----------                             -------
   INR99.00 Million Cash Credit Limit*    B/Stable (Reaffirmed)
   INR7.70 Million Term Loan              B/Stable (Reaffirmed)
   INR10.00 Million Bank Guarantee       P4 (Reaffirmed)

   *Includes SME Gold Card Facility of INR9.0 Million

    All the above facilities are provided by Bank of Baroda

The ratings continue to reflect NIPL's high dependence of revenues
on windmills sector, and weak financial risk profile, marked by
high gearing and weak debt protection metrics.  These rating
weaknesses are partially offset by NIPL's established presence in
the rubber-coated power cables industry backed by long years of
promoter experience.

Outlook: Stable

CRISIL believes that NIPL will maintain its business risk profile,
backed by steady revenue growth and improved margins.  The outlook
may be revised to 'Positive' if NIPL improves its working capital
management or reports significant increase in operating margin,
thereby improving its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large debt-funded capital expenditure, or if its liquidity is
weakens further because of drop in profitability or additional
increase in working capital requirements.

                      About Nangalwala Impex

NIPL was incorporated in 1995 by Mr. Subhash Agarwal and his
brother Mr. Naresh Agarwal.  The company started off by
manufacturing poly-vinyl chloride (PVC) auto cables; currently, it
is primarily into manufacturing rubber-coated power cables at its
manufacturing facility in Alwar (Rajasthan), which has capacity of
1.11 million meters per annum. Rubber-coated cables constituted
more than 90 per cent of NIPL's sales in 2009-10 (refers to
financial year, April 1 to March 31).  The company is also setting
up capacities in its existing manufacturing facility to
manufacture PVC/XLPE cables for a cost of INR25.4 million.

NIPL reported a profit after tax (PAT) of INR2.5 million on net
sales of INR272 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4.8 million on net sales
of INR417.9 million for 2007-08.


RBA TEXTILES: CRISIL Reaffirms Rating on INR284.3 Million LT Loan
-----------------------------------------------------------------
CRISIL has revised its rating outlook on RBA Textiles Pvt Ltd's
long-term bank facilities to 'Negative' from 'Stable', while
reaffirming the ratings at 'BB/P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR284.3 Million Long-Term Loan    BB/Negative (Reaffirmed;
                                                   Outlook revised
                                                   from 'Stable')

   INR147.8 Million Cash Credit       BB/Negative (Reaffirmed;
                                                   Outlook revised
                                                   from 'Stable')

   INR12.5 Million Bank Guarantee     P4+ (Reaffirmed)

The outlook revision reflects the expected weakening of RTPL's
financial risk profile over the medium term, because of its
ongoing debt-funded capital expenditure (capex) program for
doubling the installed spindle capacity from 25,200 spindles to
54,000 spindles.  The total cost of the project is INR750 million,
which will be financed through term loans of INR600 million and
equity/internal accruals of INR150 million.  The company has been
in operations since November 2008 and has limited track record in
the cotton yarn industry.

The ratings continue to reflect RTPL's exposure to risks
associated with the execution of, and offtake from, its ongoing
expansion project, limited pricing flexibility because of the
commodity-like market for its products, and its susceptibility to
volatility in cotton prices.  These rating weaknesses are
partially offset by the benefits that RTPL derives from the
resourceful background of its promoters and their experience in
managing diverse businesses.

Outlook: Negative

CRISIL believes that RTPL's financial risk profile will remain
constrained over the medium term because of the company's large
ongoing debt-funded capex program.  The rating may be downgraded
in case of time and cost overruns in RTPL's planned expansion
project, resulting in deterioration of its financial risk profile.
Conversely, the outlook may be revised to 'Stable', if the
company's business and financial risk profiles improve
significantly, backed by timely commissioning and stabilization
of, and better-than-expected offtake from, its planned capacities,
which would lead to improved profitability and increased net cash
accruals, thereby improving RTPL's ability to service its debt on
time.

                         About RBA Textiles

RTPL, incorporated in 2006 by Mr. Narendra Kumar Agarwal,
manufactures cotton yarn.  RTPL has a manufacturing facility of
25,200 spindles at Chittoor (Andhra Pradesh).  The company
commenced commercial production in November 2008.  It is
undertaking a capacity expansion project, which will increase its
total capacity to 54,000 spindles.  The project is expected to be
completed by March 2011.

RTPL reported a profit after tax (PAT) of INR13.9 million on net
sales of INR435.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR60.2 million on net
sales of INR37.9 million for 2008-09.


ROLEX CYCLES: CRISIL Reaffirms 'B+' Rating on INR130M Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on Rolex Cycles Pvt Ltd's bank facilities
continue to reflect RCPL's below-average financial risk profile,
marked by high gearing, small net worth, and weak debt protection
metrics, and exposure to risks related to customer and product
concentration in its revenue profile.  These rating weaknesses are
partially offset by RCPL's long track record in the bicycle
components manufacturing industry.

   Facilities                            Ratings
   ----------                            -------
   INR130.0 Million Cash Credit          B+/Stable (Reaffirmed)
   INR20.0 Million Letter of Credit      P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RCPL will continue to benefit from its
established customer base over the medium term.  However, the
company's financial risk profile is expected to remain weak over
this period because of its large working capital requirements and
small net worth.  The outlook may be revised to 'Positive' if
RCPL's financial risk profile improves, most likely because of
improvement in profitability or infusion of equity.  Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates significantly, most likely
because of fresh, large, debt-funded capital expenditure, or
significant incremental working capital requirements.

                          About Rolex Cycles

Set up in 1954 as a partnership firm, RCPL was reconstituted as a
private limited company in 1999.  It manufactures hubs for
bicycles.  The company's manufacturing unit at Ludhiana (Punjab)
has a total manufacturing capacity of around 0.15 million pieces
per day.  The company has its marketing network across Punjab,
Maharashtra, New Delhi, Rajasthan, Bihar, and Uttar Pradesh.

RCPL is estimated to report a profit after tax (PAT) of INR3.1
million on net sales of INR655 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.4
million on net sales of INR561 million for 2008-09.


SONKAMAL ENTERPRISES: CRISIL Lifts Rating on INR140MM Cash Credit
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sonkamal
Enterprises Pvt Ltd to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                             Ratings
   ----------                             -------
   INR140.0 Million Cash Credit           BB-/Stable (Upgraded
                                             from 'B+/Stable')

   INR220.0 Million Letter of Credit      P4+ (Upgraded from 'P4')
   INR60.0 Million Bank Guarantee         P4+ (Upgraded from 'P4')

The upgrade reflects more-than-expected improvement in Sonkamal's
financial risk profile.  The company was able to improve its sales
while improving its profitability, thereby leading to an
improvement in its debt protection metrics.  The upgrade also
takes into consideration improvement in the capital structure of
the company brought about by healthy accretion to its net worth.
CRISIL believes that Sonkamal will maintain its financial risk
profile at the improved level over the medium term.

The ratings reflect Sonkamal's susceptibility to volatility in
foreign exchange rates and weak debtor-risk management systems.
These weaknesses are partially offset by the benefits that
Sonkamal derives from its diversified customer base, and strong
relationship with its principal, SI Group (I) Ltd (SI India).

Outlook: Stable

CRISIL expects Sonkamal to continue to maintain a stable credit
risk profile, backed by its diversified customer base and strong
relationship with its principal, SI India.  The outlook may be
revised to 'Positive' if there is substantial increase in
Sonkamal's net worth, led by sustained improvement in
profitability or fresh equity infusion.  Conversely, the outlook
may be revised to 'Negative' if Sonkamal's capital structure
deteriorates, because of increased working capital requirements,
decline in profitability, or any devolvement of non-fund based
facilities.

                     About Sonkamal Enterprises

Set up in 1980 as a proprietary concern by Mr. Janak Ladhani,
Sonkamal is an authorized distributor for SI India's petrochemical
products such as phenol and acetone; it is also a merchant
importer of chemicals such as dimethylformamide and
epichlorohydrine.  Sonkamal reported a profit after tax (PAT) of
INR42.8 million on net sales of INR1941 million for 2009-10
(refers to financial year, April 1 to March 31), against a net
loss of INR21.3 million on net sales of INR1521 million for
2008-09.


VENKAR CHEMICALS: CRISIL Assigns 'BB+' Ratings on Various Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Venkar Chemicals Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR7.20 Million Term Loan              BB+/Stable (Assigned)
   INR65.00 Million Cash Credit*          BB+/Stable (Assigned)
   INR14.00 Million Letter of Credit      P4+ (Assigned)
   INR1.00 Million Bank Guarantee         P4+ (Assigned)

    *Includes sub limit up to INR12.50 million of Export
     Packing Credit and up to INR1.25 crore of Foreign Bill
     Discounting

The ratings reflect VCPL's exposure to risks related to customer
and product concentration in its revenue profile, the company's
relatively small scale of operations, and its susceptibility to
intense competition in the bulk drugs industry.  These rating
weaknesses are partially offset by VCPL's above-average financial
risk profile marked by healthy gearing and debt protection
metrics, and the benefits the company derives from its promoters'
industry experience.

Outlook: Stable

CRISIL believes that VCPL will maintain its business risk profile
over the medium term, supported by its established presence in the
bulk drug segment.  The outlook may be revised to 'Positive' if
the company enhances its scale of operations and net worth, and
diversifies its revenue profile, while sustaining its
profitability.  Conversely, the outlook may be revised to
'Negative' if VCPL's profitability declines steeply, or if the
company undertakes a large, debt-funded capital expenditure
program, leading to deterioration in its financial risk profile.

                      About Venkar Chemicals

Incorporated in 1999 as a private limited company, Hyderabad
(Andhra Pradesh)-based VCPL manufactures drug intermediates and
bulk drugs. The promoter-directors of the company include Mr. M
Rajshekar Rao, Mr. G Sivaram Prasad, and Mr. Venkateswar Rao. The
company's manufacturing unit, which has an installed capacity of
2400 tonnes per annum, is within the Andhra Pradesh Industrial
Development Corporation (APIDC) industrial zone in Medak, near
Hyderabad.

VCPL reported a provisional profit after tax (PAT) of INR7 million
on net sales of INR328 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR2 million on net
sales of INR214 million for 2008-09.


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


J-CREM 3: Moody's Reviews Ratings on Three Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has placed three classes of the J-CREM 3
Trust Certificates on review for possible downgrade.  The final
maturity of the trust certificates will take place in November
2012.

The individual rating actions are listed below.

  -- Class C, A3 placed under review for possible downgrade;
     previously downgraded to A3 from A2 on July 8, 2009

  -- Class E, Ba1 placed under review for possible downgrade;
     previously downgraded to Ba1 from Baa2 on July 8, 2009

  -- Class F, B1 placed under review for possible downgrade;
     previously downgraded to B1 from Ba2 on July 8, 2009

J-CREM 3 Trust, effected in July 2008, represents the
securitization of non-recourse loans and specified bonds to four
borrowers.  The transaction is currently secured by specified
bonds to two borrowers.

It is reported that one of the specified bonds (Bond 1), maturing
in July 2010, will be fully paid by the disposal of the property -
- one residential property in Tokyo.  In contrast, however,
another specified bond (Bond 2), maturing in October 2010, had
been extended for one year and the associated disposal activities
of the properties -- two residential properties in a central area
of Tokyo -- already started.

Class D of the transaction was fully redeemed in March 2010,
prompted by a full payout of another backing loan.

These rating actions reflect the consideration that stress will be
higher than expected -- as applied in the rating actions on
July 8, 2009 -- for Moody's recovery assumptions for the
properties backing Bond 2.

In its review, Moody's will re-assess its recovery assumptions for
the properties, incorporating their leasing status and the
associated disposal activities.


ORIX-NRL TRUST: Moody's Downgrades Ratings on Six Classes of Notes
------------------------------------------------------------------
Moody's Investors Service has downgraded six classes of Orix-NRL
Trust 14 Trust Certificates.  The final maturity of the trust
certificates will take place in December 2014.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa2 from Aaa; previously, on April 9,
     2010, Aaa placed under review for possible downgrade

  -- Class B, downgraded to Baa3 from Aa3; previously, on April 9,
     2010, Aa3 placed under review for possible downgrade

  -- Class C, downgraded to B2 from Baa2; previously, on April 9,
     2010, Baa2 placed under review for possible downgrade

  -- Class D, downgraded to Caa3 from Ba3; previously, on April 9,
     2010, Ba3 placed under review for possible downgrade

  -- Class E, downgraded to Caa3 from B2; previously, on April 9,
     2010, B2 placed under review for possible downgrade

  -- Class X, downgraded to Aa2 from Aaa; previously, on April 9,
     2010, Aaa placed under review for possible downgrade

ORIX-NRL Trust 14, effected in May 2007, represents the
securitization of eight non-recourse loans and two specified
bonds.  The transaction is currently secured by five non-recourse
loans and two specified bonds.  Currently, two non-recourse loans
and one specified bond are under special servicing.

The previous rating actions reflected Moody's growing concerns
over the recoveries from specially serviced loans and the
performance of the underlying properties for the remaining
performing loans.  Therefore, Moody's needs to reconsider its
recovery assumptions.

Moody's received the PM reports from the servicer to review the
leasing conditions and the performance of the underlying
properties and re-examined the special servicer's servicing
strategies, and the prospects for collateral recovery of the
specially serviced loans.

The rating actions reflect Moody's re-assessment of these.

1) The underlying properties of the non-recourse loan (20.7% of
   initial balance) are one office building and three single-
   tenanted retail buildings located in Shibuya-ku, Tokyo.
   Moody's is of the view that the fundamental profitability of
   the underlying properties is likely to be lower than assumed,
   and will be for some time.  Moody's has changed its rent and
   cap rate estimates.  As a result, Moody's has re-assessed the
   recovery stress as having declined approximately 40% from
   Moody's initial assumptions.

2) Moody's needs to reconsider applying even greater recovery
   stress-- higher than assumed in July 2009 -- in light of the
   servicer's updated work-out strategies, work-out results and
   examination of the appraisal reports of the specially serviced
   non-recourse loans and specified bond.

3) One non-recourse loan (8.8% of initial balance) was backed by a
   shopping mall with a high tenant concentration located in a
   provincial city.  Moody's reviewed and reconsidered the value
   of the property because the rent and cash flow of the single
   tenant is likely to decline.  As a result, Moody's has re-
   assessed the recovery stress as having declined approximately
   30% from Moody's initial assumptions.

4) One non-recourse loan (19.9% of initial balance) are backed by
   24 properties located in the Tokyo area and in Osaka.  Moody's
   reviewed and reconsidered the values of some of these
   underlying properties because rent levels and occupancy rates
   are likely to be lower than assumed and will be for some time.
   As a result, Moody's has re-assessed the recovery stress as
   having declined approximately 21% from Moody's initial
   assumptions.


SHINSEI BANK: CFO, Three Other Foreign Executives Set to Resign
---------------------------------------------------------------
Four foreign senior executives are expected to resign at Shinsei
Bank Ltd., the first major casualties of a new Japanese government
rule forcing greater disclosure of executive pay, The Wall Street
Journal reports, citing people familiar with the matter.

According to the Journal, one of the people said one of the
executives, Shinsei Chief Financial Officer Rahul Gupta, expects
to resign next week.

The Journal relates the people said Mr. Gupta's colleagues, Chief
Information Officer Dhananjaya Dvivedi, Chief Risk Officer Michael
Cook and the head of Shinsei's wholesale-banking operations, Sang-
Ho Sohn, also are set to resign.

The resignations would be effective June 23, the same day as the
bank's annual general meeting, when the compensation figures are
made public, the Journal notes.

The Journal states that Japan's new rule requires companies to
disclose annual compensation of individuals receiving more than
JPY100 million, or $1.1 million.  Until now, the report says,
Japanese companies had to disclose only the compensation of top
executives as a group.

The rule is expected to expose the long-suspected sizable gap in
compensation levels between non-Japanese executives and their
Japanese counterparts, the Journal adds.

                         About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2010, Standard & Poor's Ratings Services lowered by one
notch to 'B+' its debt rating on the preferred securities issued
by Shinsei Bank Ltd. and removed the rating from CreditWatch with
negative implications.  At the same time, S&P affirmed the 'BBB+'
long-term counterparty credit rating on Shinsei and kept the
outlook on the long-term rating at stable, and affirmed the 'BBB+'
rating on Shinsei's senior unsecured debt.

The TCR-AP also reported that Fitch Ratings downgraded Shinsei
Bank Ltd.'s and Shinsei Trust and Banking Co., Ltd.'s respective
Long-term foreign and local currency Issuer Default Ratings to
'BB+' from 'BBB', and the Short-term foreign and local currency
IDRs to 'B' from 'F2'.  The IDRs have been removed from Rating
Watch Negative and the Long-term IDRs have been assigned Stable
Outlooks.  Shinsei Trust is a fully-owned subsidiary of Shinsei.
The rating action resolves the RWN which Fitch had placed on
Shinsei's and Shinsei Trust's IDRs on March 16, 2010.

Fitch has simultaneously downgraded Shinsei's junior perpetual
subordinated GBP notes and the US$ preferred securities, issued by
Shinsei Finance (Cayman) Limited and Shinsei Finance II Limited to
'B-' from 'B+', and removed these hybrid securities from RWN.

In addition, the agency has downgraded Shinsei Trust's Support
Rating (Institutional) to '3' from '2', reflecting the downgrade
of Shinsei's Long-term IDRs.  Fitch has also withdrawn the 'C/D'
Individual Rating of Shinsei Trust.


TOSHIBA CORP: May Set Auto-parts Joint Venture With NSK
-------------------------------------------------------
Toshiba Corp. may set up an auto-parts joint venture with NSK Ltd.
to win more business from carmakers, Bloomberg News reports citing
three sources.

Bloomberg's sources said the two Tokyo-based companies are in
talks to jointly develop and make electronic power-steering, or
EPS, systems.  The sources, who asked not to be identified as the
talks are private, said the two may supply the components to
Volkswagen AG and Renault SA, Bloomberg News relates.

According to Bloomberg News, Chika Sato, a spokeswoman for NSK,
said the company is not in talks with Toshiba at the moment.

While Toshiba is considering various auto-related businesses,
according to Bloomberg News, spokesman Keisuke Oomori said he
couldn't comment on speculation it will partner with NSK.

                           About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

Toshiba Corporation continues to carry Fitch Ratings 'BB' Long-
term FC and LC Issuer Default Ratings, 'B' Short-term FC and LC
Issuer Default Ratings and 'BB' Senior unsecured notes ratings.


TOSHIBA CORP: To Merge Mobile Phone Business With Fujitsu
---------------------------------------------------------
Fujitsu Limited and Toshiba Corporation said Thursday that they
have signed a memorandum of understanding to merge their mobile
phone businesses.  According to the MOU, Toshiba will transfer
its mobile phone business to a new company to be established
October 1, 2010, and Fujitsu will acquire a majority of the shares
in the company.

By merging their mobile phones businesses, Fujitsu and Toshiba are
aiming to become the No. 1 provider of mobile phones in Japan.
Collaboration in the mobile phone business will allow Fujitsu and
Toshiba to strengthen their handset development platforms for the
Japanese market and enable the companies to continue to create
highly competitive products for their customers.  Both Fujitsu and
Toshiba are market leaders in designing compact, highly functional
handsets.  This competitive advantage will be leveraged to develop
highly competitive next-generation handsets for the expanding
smartphone market.

                        Competitive Advantages

Fujitsu manufactures some of Japan's most advanced mobile phones
for sale through partner NTT DOCOMO, INC.  Fujitsu's proprietary
technologies include mobile phone software platforms, water- and
dust-resistant design, fingerprint security and sensor
technologies.  Fujitsu mobile phones have become the handset of
choice for many generations of users in Japan.

Toshiba manufactures a range of mobile phone handsets that include
a wealth of world-class technologies, including smartphone-related
technologies and imaging technologies developed in its LCD
television business.  In Japan, Toshiba provides its handsets
through sales partners KDDI CORPORATION, NTT DOCOMO, INC., and
SOFTBANK MOBILE Corp. Last year, Toshiba shifted domestic handset
production overseas in order to raise global cost competitiveness.
Business Development Plans

By combining their mobile phone development know-how and
technological strengths, Fujitsu and Toshiba intend on enhancing
their handset development capabilities and at the same time
improving business efficiency.  On the basis of these strengths,
the companies will manufacture handsets which are responsive to
the needs of customers and competitive in the dynamic mobile phone
market.  Through continuous innovation, Fujitsu and Toshiba will
collaborate to develop new handsets for markets in and outside
Japan which support rich and rewarding lifestyles.

Fujitsu and Toshiba plan to sign a final contract at the end of
July 2010.

                           About Fujitsu

Fujitsu Limited is a Japan-based company engaged in the
information technology (IT) business.  It has three segments.  The
Technology Solution segment manufactures and sells products such
as main frame servers, UNIX servers, storage systems, various
types of software, network management systems and optical
transport systems, as well as the provision of system integrations
services, network services and system support services.  The
Ubiquitous Product Solution segment offers products such as
personal computers, mobile phones, compact hard disk drives
(HDDs), as well as optical transmitter and receiver modules.  The
Device Solution segment manufactures and sells large scale
integrations (LSIs), semiconductor packages, relays and
connectors, among others.  Effective October 1, 2009, Toshiba
Corporation completed the acquisition of hard disk businesses from
the Company.  Toshiba Corporation took over the Company's hard
disk development, manufacture, development, research and sale
business units.

                         About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

Toshiba Corporation continues to carry Fitch Ratings 'BB' Long-
term FC and LC Issuer Default Ratings, 'B' Short-term FC and LC
Issuer Default Ratings and 'BB' Senior unsecured notes ratings.


* JAPAN: Consumer Lenders Face Losses As New Loan Rules Starts
--------------------------------------------------------------
Bloomberg News reports that Japan's consumer finance companies
face multibillion-dollar losses and an industry shakeout as
stricter loan rules that took effect Friday force them to slow
lending.

Citing estimates from Nomura Holdings Inc., Bloomberg News relates
that Aiful Corp., Promise Co., Takefuji Corp. and Acom Co., the
country?s top four consumer lenders, face losses of JPY503 billion
(US$5.5 billion) over the next two years.

According to Bloomberg News, the law caps interest rates at 20%
and prohibits lending to borrowers with consumer debt equal to a
third or more of their annual income.  The income limit means
nearly half of current borrowers likely won't qualify for new
loans, The Wall Street Journal reports citing Japan's Financial
Services Association, a self-regulatory body for the money-lending
business.

Bloomberg News says that more than 60% of Japan?s 3,900 registered
lenders are yet to comply with a rule requiring them to sign up
with credit information firms, meaning they can?t make new loans.
The caps, meant to protect borrowers, mark the final phase of a
four-year crackdown on the industry that?s contributed to the
closure of thousands of consumer lenders, choking off credit in
Asia?s largest economy, Bloomberg News adds.

The Journal notes that the tough business environment left major
lenders with massive losses and prompted foreign players such as
General Electric Co. and Citigroup Inc. to leave the sector in
Japan.

The Journal recalls that Aiful last year delayed a loan repayment
after it agreed with its lenders through the "alternative debt
resolution" method of rehabilitation.

Analysts said Takefuji is also having difficulty raising enough
funds to meet debt obligations and interest-reimbursement claims,
the Journal relates.  Takefuji has said it will manage cash flow
by selling properties and loan assets.

According to the Journal, the largest consumer lender, Acom Co.,
and No. 2 Promise Co., both of which are backed by major banks,
have been speeding up employee layoffs and branch closures in the
past year to respond to the industry downturn.


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


HYNIX SEMICONDUCTOR: Completes Second Memory Chip Plant in China
----------------------------------------------------------------
Hynix Semiconductor Inc. has completed its second memory chip
plant in China in partnership with a Chinese company, Yonhap News
Agency reports.

The news agency relates Hynix said the plant, named "Hitech
Semiconductor Package and Test," has a capacity of manufacturing
100 million units of 1-gigabyte dynamic random access memory
(DRAM) chips per month.

According to Yonhap, Hynix holds a 45% stake in the plant built in
Wuxi, Jiangsu Province, with China's Wuxi Taiji Industry Co.
owning the remainder.  The completion of the chip plant cost
US$350 million, Hynix said.

The report notes that Hynix expects to save on production and
shipping costs with the new plant, which will conduct packaging
and testing of chips that are produced from Hynix's other plant in
the same Chinese city.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Fitch Ratings upgraded Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating to 'BB-' from
'B+'.  The Outlook has been revised to Stable from Negative.  At
the same time, the agency also upgraded the ratings of its
outstanding senior unsecured debt aggregating US$500m to 'BB-'
from 'B', and assigned a Long-term local currency IDR at 'BB-'.


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


AIR NEW ZEALAND: Passenger Numbers Up 3.9% in May
-------------------------------------------------
Air New Zealand carried 883,000 passengers in May, 3.9% more than
the same month last year.  Revenue passenger kilometres (RPKs)
were up 1.8% and capacity (ASKs) was reduced by 0.7%.  The Group
load factor increased by 1.9 percentage points.

Short Haul passenger numbers were up 4.2% on May last year.
Demand (RPKs) increased in the Domestic market by 5.8% on last
year and the load factor rose by 4 percentage points to 80.1% as
capacity was increased by 0.6%. Tasman / Pacific capacity was
reduced by 3.0% in response to a 1.1% decrease in demand.  Trans-
Tasman load factor was up 1.5 percentage points on May 2009 at
78.3%.

Long Haul passenger numbers were 1.9% higher than May last year.
Demand reduced by 1.0% on Asia / Japan / UK routes and capacity
was increased by 2.0% with the load factor decreasing by 2.1
percentage points to 71.9%. On North America / UK routes demand
increased by 4.1% and capacity was reduced by 1.3%, the load
factor increased by 4.2 percentage points to 79.9%.

Group-wide yields for the financial year to date were down 7.9% on
the same period last year. Year to date Short Haul yields were
down 6.0% and the respective Long Haul yields were down by 12.0%.
Removing the impact of foreign exchange, Group-wide yields were
down 5.9%.

Air New Zealand intends to increase domestic jet capacity by a
further 4.2% from September, taking the total number of services
on its main trunk routes to more than 750 per week.  This third
capacity increase comes in addition to recent announcements of a
3.8% capacity increase across Air New Zealand's entire domestic
network from November and a 10.5% increase in domestic jet
capacity from January next year.

                        About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


AIR NEW ZEALAND: Set to Replace IBM for Gen-i After System Failure
------------------------------------------------------------------
Helen Twose at The New Zealand Herald reports that Air New Zealand
is set to dump IT services company IBM in favor of Telecom's Gen-i
business.

An industry insider told the Herald that Gen-i had been signed to
replace IBM for running the airline's Newton data centre.
According to the report, the airline would say only that its
"contract with IBM will not expire in its entirety until at least
2012".

But the airline's 13-year partnership with IBM soured last year
when a power failure at the company's Newton data centre, run by
IBM, crashed online bookings, call centre systems and check-ins,
affecting at least 10,000 passengers on the last day of the school
holidays.

The report relates Air New Zealand chief executive Rob Fyfe said
in an internal email sent after the disruption that he struggled
to recall during his working career "a time where I have seen a
supplier so slow to react to a catastrophic system failure such as
this and so unwilling to accept responsibility and apologize to
its client and its client's customers".

Air New Zealand has invested heavily in technology to gain
efficiencies and improve customer service, including self-service
kiosks, bag drops and selling tickets over the internet, the
report says.

Mr. Fyfe, as cited by the Herald, said the airline was "left high
and dry" by IBM.

"My expectations of IBM were far higher than the amateur results
that were delivered, and I have been left with no option but to
ask the IT team to review the full range of options available to
us to ensure we have an IT supplier whom we have confidence in and
one who understands and is fully committed to our business and the
needs of our customers," the report quoted Mr. Fyfe as saying.

                        About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


PULSE UTILITIES: Reports NZ$7.05MM Annual Loss; Raises NZ$1-Mil.
----------------------------------------------------------------
Pulse Utilities New Zealand Ltd. has reported a NZ$7.05 million
loss for the year to March 31, 2010, compared to a loss of
NZ$5.3 million in 2009, The National Business Review reports.
Total revenue rose to NZ$1.96 million from NZ$258,520 last year.

A breakdown showed a NZ$2.52 million impairment of non-financial
assets and $1.1m of depreciation and amortization charges.  The
company said a large part of the loss was due to the total write-
off of its Australian intellectual property.

Meanwhile, scoop.co.nz reports that the company raised $1 million
by placing 2.1 million shares at 50 cents apiece for general
working capital.

Pulse said the funds will be used as the company "continues to
rapidly develop its retail electricity business," scoop.co.nz
relates.

According to scoop.co.nz, the share sales mean Pulse is now
restricted under listing rules in how much more it can raise, with
its 25% capacity nearly used up.  Pulse also placed a further
$15,000 of convertible notes, it said.

Pulse raised NZ$4.3 million in December 2009, NBR adds.

                        About Pulse Utilities

Pulse Utilities New Zealand Limited (NZE:PLU) --
http://www.pulseutilities.com/-- is an independent electricity
retailer specializing in time-of-use Smart Metering.  The Company
is also engaged in data management from intelligent metering,
monitoring and control systems.  During the fiscal year ended
March 31, 2008, the Company commenced electricity retailing.  In
May 2009, the Company announced the purchase of the business and
assets of Energy Direct (EDL) from Dorchester Capital.  Pulse
Capital Limited is its subsidiary.


                         *********

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


CALL CENTRE: Creditors' Proofs of Debt Due July 3
-------------------------------------------------
Creditors of Call Centre One Pte Ltd, which is in liquidation, are
required to file their proofs of debt by July 3, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Mr Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza 20 Cecil Street #12-02
         Singapore 049705


ELCHEMI ASSETS: Court to Hear Wind-Up Petition on July 2
--------------------------------------------------------
A petition to wind up the operations of Elchemi Assets Pte Ltd
will be heard before the High Court of Singapore on July 2, 2010,
at 10:00 a.m.

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

The Petitioner's solicitors are:

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


FREELY PTE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on June 4, 2010, to
wind up the operations of Freely Pte Ltd.

Success Resources Pte Ltd filed the petition against the company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o M/s BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


HEIMBACH ASTENJOHNSON: Creditors' Proofs of Debt Due July 19
------------------------------------------------------------
Creditors of Heimbach Astenjohnson Asia Pte Ltd, which is in
members' liquidation, are required to file their proofs of debt by
July 19, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


VERTEX GLOBAL: Court to Hear Wind-Up Petition on June 25
--------------------------------------------------------
A petition to wind up the operations of Vertex Global Holdings Pte
Ltd will be heard before the High Court of Singapore on June 25,
2010, at 10:00 a.m.

Chartered Architects International filed the petition against the
company on June 2, 2010.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road #25-03
          Peninsula Plaza
          Singapore1 79098


YEW SENG: Creditors' Proofs of Debt Due July 2
----------------------------------------------
Creditors of Yew Seng Trading Co (Pte) Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 2, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


                         *********

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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