TCRAP_Public/100622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, June 22, 2010, Vol. 13, No. 121

                            Headlines



A U S T R A L I A

SIGMA PHARMA: Shareholders May Opt to Settle Looming Class Suit
TRIO CAPITAL: Creditors Expected to Place Firm in Liquidation


C H I N A

AGRICULTURAL BANK: Qatar to Invest US$2.8 Billion in IPO


H O N G  K O N G

FUJITRANS (HK): Lai Kar Yan and Haughey Step Down as Liquidators
GASUN SHOES: Creditors' Proofs of Debt Due July 20
GEMSTAR ASIA: Lam Po Wan Ivy Steps Down as Liquidator
GENERAL TRADING: Chen and Koo Appointed as Liquidators
GLOBAL SUCCESS: Wardell and Ip Appointed as Liquidators

GOLDEN CHOICE: Wardell and Ip Appointed as Liquidators
GOOD HARVEST: Members' and Creditors Meetings Set for June 30
GOOD HARVEST: Creditors' Proofs of Debt Due July 2
GRANDWAY GARMENT: Members' Final General Meeting Set for July 19


I N D I A

ANIL STEEL: CRISIL Rates INR120.0 Mil. Cash Credit Limit at 'B+'
BHUMI YARN: ICRA Assigns 'LBB+' Rating on INR226.1MM LT Bank Debts
BUTIBORI CETP: CRISIL Puts 'B-' Rating on INR50MM Rupee Term Loan
CANTON BUILDWELL: CARE Assigns 'CARE BB+' Rating on INR450cr Loan
CALSEA FOOTWEAR: CRISIL Places 'P4+' Ratings on Various Bank Debts

DEE DEVELOPMENT: CARE Assigns 'CARE C' Ratings on INR111.62cr Loan
EASTMAN CAST: CRISIL Assigns 'BB-' Rating on INR66MM Cash Credit
FAIRDEAL SUPPLIES: CARE Assigns 'CARE BB' Rating on INR52.99 Debt
GLOBAL INSTITUTE: CRISIL Rates INR130.1 Million Term Loan at 'B+'
HANS INDUSTRIES: ICRA Rates INR200 Million Bank Limits at 'LBB'

KALINGA INSTITUTE: ICRA Places 'LB' Rating on INR1.07BB Term Loans
MANGALAM VENTURES: ICRA Assigns 'LBB+' Rating on INR57.1MM LT Loan
PRINCE INDUSTRIES: ICRA Assigns 'LBB+' Rating on Various Debts
ROYAL BANK: In Talks to Sell Indian Unit to HSBC Holdings
SKIL INFRASTRUCTURE: CARE Puts 'CARE BB+' Rating on INR150cr Loan

VIMAL EXPORT: CARE Assigns 'CARE BB-' Rating on INR13cr LT Loans


J A P A N

JAPAN AIRLINES: May Seek JPY100 Bil. in Additional Financial Aid
KENEDIX REALTY: Moody's Withdraws 'Ba1' Issuer Rating
MLOX 4: Moody's Reviews Ratings on Five Classes of Certificates
SEA CDO: Moody's Takes Rating Actions on Two Series of Notes


N E W  Z E A L A N D

CEDENCO FOODS: Unsecured Creditors May Get Nothing
LIVINGSPACE PROPERTIES: In Receivership; Grant Thornton Appointed


P H I L I P P I N E S

SELEGNA HOLDINGS: Supreme Court Denies Rehabilitation Plan


X X X X X X X X

DUBAI WORLD: Buyers Drop ISS Bid After DOJ Probe Unveiled

* BOND PRICING: For the Week June 14 to June 18, 2010




                         - - - - -


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


SIGMA PHARMA: Shareholders May Opt to Settle Looming Class Suit
---------------------------------------------------------------
Rebecca Urban at The Australian reports that lawyers representing
disgruntled Sigma Pharmaceuticals shareholders aim to meet the new
management early next month to negotiate a settlement.

Slater & Gordon principal partner James Higgins confirmed that
shareholders with claims of about AU$40 million had so far come
forward, but rising interest was likely to push the figure to
AU$100 million.

Slater & Gordon flagged the potential class action on March 31 --
the same day that Sigma unveiled a historic AU$389 million loss
that stemmed from significant asset write-downs, The Australian
recalls.

"We've had very significant institutional shareholder support for
the action," Mr. Higgins told The Australian.  "We would expect
that in early July we'll be approaching the new management of
Sigma to try to enter a process of negotiations."

According to The Australian, Mr. Higgins said his firm would seek
to settle the matter, but would not hesitate taking it to court if
required.  He suggested that a clearing out of the ranks might act
as a catalyst for a settlement.  Sigma Pharmaceuticals Chairman
John Stocker retired on Monday and will be replaced by Brian
Jamieson, while managing director Elmo De Alwis will be replaced
by Mark Hooper in September, the report notes.

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.

Tom Tarasewicz, vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
Mr. Tarasewicz said law firm Slater & Gordon was still several
weeks from finalizing its investigation into Sigma's financial
woes, which included nearly $500 million in goodwill write-downs,
but said that at this stage the shareholder case looked strong.

A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, according to the Sydney Morning Herald.

                     About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com-- is engaged in the manufacture, marketing
and wholesale distribution of pharmaceutical products through the
pharmacy and grocery channels and the provision of services to
retail pharmacists.  Its Pharmaceuticals segment includes the
manufacture or contract manufacture for Australian and overseas
customers.  The Company's Healthcare segment represents its
traditional pharmacy wholesale business. Its subsidiaries include
Chemist Club Pty Limited, Sigma Company Limited, Amcal Pty.
Limited, Commonwealth Drug Company Pty. Ltd., Fawns & McAllan
Proprietary Limited, Guardian Pharmacies Australia Pty. Ltd and
Sigma Finance Pty. Ltd.  On October 2, 2009, the Company acquired
some parts of the Australian business operations of Bristol Myers
Squibb Australia (BMSA) and associated assets (BMS Australian
Business).  The BMS Australian Business consists of the
pharmaceutical and technical operations division, which operates
out of BMS Australia's Noble Park facility.


TRIO CAPITAL: Creditors Expected to Place Firm in Liquidation
-------------------------------------------------------------
The Sydney Morning Herald reports that Trio Capital Ltd. is
expected to be placed in liquidation today, June 22, at a
creditors meeting in Sydney.  Public examinations into the
disappearance of AU$180 million worth of investor funds will also
commence next month, the report says.

The Herald relates Brett Manwaring, of insolvency firm PPB, said
the winding up of Trio became inevitable after an attempted deed
of company arrangement with unnamed parties fell through.

Trio collapsed late last year after the Australian Securities and
Investments Commission stripped the company of its financial
services license over growing questions about what had happened to
AU$118 million invested by one of its funds, the Astarra Strategic
Fund, via a number of overseas tax havens.

According to SMH, investor losses are now expected to exceed
AU$180 million with a NSW Supreme Court judge saying investors had
almost certainly been the victim of a "fraudulent scam."

A public examination into what happened to the funds will begin on
July 13 with two of the principal players in the Trio fiasco,
Shawn Richard and Eugene Liu, facing the examination, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2009, the Australian Prudential Regulation Authority
(APRA) suspended Trio Capital Limited (formerly Astarra Capital
Limited) as the trustee of its four superannuation funds and one
pooled superannuation trust, and appointed an Acting Trustee to
manage these five entities.  APRA suspended Trio and appointed an
Acting Trustee as a result of numerous breaches of Trio Capital
Limited's license conditions and Trio not being able to satisfy
APRA's concerns regarding the valuation of superannuation assets.
The Acting Trustee of the superannuation entities is ACT Super
Management Pty Ltd, a subsidiary of McGrathNicol.

The four main superannuation funds -- Astarra Superannuation Plan,
Astarra Personal Pension Plan, My Retirement Plan, and the
Employers Federation of NSW Superannuation Plan -- have
approximately 10,000 members and their last reported assets as at
end September 2009 totaled AU$300 million.  Total assets under
management in the various Trio Capital Limited superannuation
entities and registered managed investment schemes, for which Trio
is the Responsible Entity, are approximately AU$426 million.  The
total number of non superannuation investors is 732.  The
superannuation entities have significant investments in the
Astarra Strategic Fund (ASF), one of the Trio Capital Limited
managed investment schemes.  The ASF financial statements for the
year ended June 30, 2009, show total assets of around AU$118
million.

The Australian Securities and Investments Commission has also
suspended the Australian Financial Services Licence held by Trio
Capital Limited, under which it acts as responsible entity of 24
registered managed investment schemes, including the Astarra
Strategic Fund.

Trio Capital Limited has been placed into external administration.
Trio, under the control of its administrators, Stephen James
Parbery, Neil Singleton and Nicholas Martin of PPB, will continue
to act as responsible entity of the registered schemes until a
replacement responsible entity is found or the schemes are wound
up.


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C H I N A
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AGRICULTURAL BANK: Qatar to Invest US$2.8 Billion in IPO
--------------------------------------------------------
Bloomberg News reports that the Qatar Investment Authority agreed
to invest US$2.8 billion in Agricultural Bank of China Ltd.'s
initial public offering to tap growth in the world's third-biggest
economy.

The $58 billion fund signed an agreement with Agricultural Bank on
June 17, Bloomberg News relates citing two people with knowledge
of the matter.  The people said the bank has allocated more than
US$5 billion for corporate investors such as QIA in the Hong Kong
part of its IPO, Bloomberg News adds.

Giyas Gokkent, chief economist at the National Bank of Abu Dhabi
PJSC, told Bloomberg News that investing in China is part of QIA's
"diversification strategy."  Bloomberg News relates Mr. Gokkent
said Qatar, holder of the world's third- largest natural gas
reserves, will likely generate a trade surplus of $22 billion this
year helped by oil and gas sales and some of that surplus will
flow to the QIA.

Meanwhile, Bloomberg News reports that a person with knowledge of
the matter said Standard Chartered Plc, the London-based bank that
gets most of its profit from Asia, will invest about $500 million
in the IPO.

                 AgBank Picks Top Banks to Lead IPO

Reuters, citing sources involved with the process, reports that
the Agricultural Bank of China has chosen the banks to lead its
more than US$23 billion initial public offering.  AgBank's
selection of its top banks came as key investors swooped in on the
offering while its underwriters market the dual listing to
institutional investors, Reuters says.

According to Reuters, AgBank has selected its internal securities
unit, as well as CICC, Goldman Sachs and Morgan Stanley as joint
global coordinators for the offering, granting these banks top
status for the IPO's handling among the 11 banks picked to
underwrite the Shanghai-Hong Kong deal.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 16, 2008, Agricultural Bank of China plans to seek a dual
listing at both Shanghai Stock Exchange and Hong Kong Exchanges
this year.  The bank is expected to raise US$25 billion to US$35
billion from the IPO, with 60% of shares sold at the Shanghai
bourse and 40% at the Hong Kong bourse.  But the proportion could
also be changed, depending on market situation and the scale of
the IPO.  Agricultural Bank was the last of China's large banks to
be recapitalized by the state in preparation for restructuring and
an eventual IPO and it is generally viewed in China as the worst-
performing and worst-managed of all banks, according to The
Financial Times.

                           About ABC

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

                           *     *     *

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


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


FUJITRANS (HK): Lai Kar Yan and Haughey Step Down as Liquidators
----------------------------------------------------------------
Lai Kar Yan, (Derek) and Darach E. Haughey stepped down as
liquidators of Fujitrans (HK) Limited on June 8, 2010.


GASUN SHOES: Creditors' Proofs of Debt Due July 20
--------------------------------------------------
Creditors of Gasun Shoes Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 20, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lai Ying Sum
         Room 1608, 16/F Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


GEMSTAR ASIA: Lam Po Wan Ivy Steps Down as Liquidator
-----------------------------------------------------
Lam Po Wan Ivy stepped down as liquidator of Gemstar Asia Limited
on June 8, 2010.


GENERAL TRADING: Chen and Koo Appointed as Liquidators
------------------------------------------------------
Chen Wa Tek and Koo Chee Kong Kenneth on June 4, 2010, were
appointed as liquidators of General Trading and Investment Company
Limited.

The liquidators may be reached at:

         Chen Wa Tek
         Koo Chee Kong Kenneth
         Room 4411, 44th Floor, Cosco Tower
         183 Queen's Road
         Central, Hong Kong


GLOBAL SUCCESS: Wardell and Ip Appointed as Liquidators
-------------------------------------------------------
James Wardell and Mr. Jackson Ip on June 10, 2010, were appointed
as liquidators of Global Success Asia Group Limited.

The liquidators may be reached at:

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


GOLDEN CHOICE: Wardell and Ip Appointed as Liquidators
------------------------------------------------------
James Wardell and Mr. Jackson Ip on June 10, 2010, were appointed
as liquidators of Golden Choice Investment (Group) Limited.

The liquidators may be reached at:

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


GOOD HARVEST: Members' and Creditors Meetings Set for June 30
-------------------------------------------------------------
Members and creditors of Good Harvest Textiles Limited will hold
their annual meetings on June 30, 2010, at 2:30 p.m., and 3:00
p.m., respectively at 29/F, Caroline Centre, Lee Gardens Two, 28
Yun Ping Road, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GOOD HARVEST: Creditors' Proofs of Debt Due July 2
--------------------------------------------------
Creditors of Good Harvest Textiles Limited, 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:

         Chen Yung Ngai Kenneth
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


GRANDWAY GARMENT: Members' Final General Meeting Set for July 19
----------------------------------------------------------------
Members of Grandway Garment Limited will hold their final general
meeting on July 19, 2010, at 10:00 a.m., at 21/F., Fee Tak
Commercial Centre, No. 613 Nathan Road, Kowloon, in Hong Kong.

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


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I N D I A
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ANIL STEEL: CRISIL Rates INR120.0 Mil. Cash Credit Limit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Anil Steel Works
cash credit facility.

   Facilities                             Ratings
   ----------                             -------
   INR120.0 Million Cash Credit Limit     B+/Stable (Assigned)

The rating reflects ASW's exposure to risks related to customer
and geographical concentration in its revenue profile and
substantial withdrawals by promoters leading to partial erosion in
its net worth and low financial flexibility.  These rating
weaknesses are partially offset by the benefits that ASW derives
from its promoters' experience in the manufacture of hydraulic
gates and mild steel pipe business.

Outlook: Stable

CRISIL believes that ASW will continue to benefit from its
promoters extensive experience in the hydraulic gates and mild
steel pipe manufacturing and installation business, and the firm's
healthy order book improving its revenue visibility over the
medium term.  The outlook may be revised to 'Positive' if there is
a significant reduction in the level of capital withdrawn by ASW's
promoters, leading to improvement in the firm's net worth and
capital structure, or if the firm diversifies its revenues while
sustaining profitability and cash accruals.  Conversely, the
outlook may be revised to 'Negative' if the firm's financial
flexibility weakens further because of decline in cash accruals or
continued substantial capital withdrawals by the promoters.

ASW was set up in 1984 with Mr. Punyapal Surana, Mr. Anil Surana
(brother of Mr. Punyapal Surana) and Mrs. Anita Surana (wife of
Mr. Anil Surana) as partners.  In August 2005, Mr. Anil Surana and
Mrs. Anita Surana retired, and Mr. Arpit Surana (son of Mr.
Punyapal Surana) and Mrs. Hansa Surana (wife of Mr. Punyapal
Surana) were inducted into the partnership firm.

ASW is engaged in the manufacture, designing, engineering,
supplying, installation and commissioning of different types of
hydraulic gates used in dams; this constitutes around 60 per cent
of ASW's total sales.  ASW also manufactures mild steel aqueduct
(pipelines) used to transport water through the canals; this
accounts for around 40 per cent of total sales.  ASW participates
in and executes the tenders floated by Water Resources Department,
Madhya Pradesh.

ASW reported a profit after tax (PAT) of INR46 million on net
sales of INR627 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR14.3 million on net
sales of INR343 million for 2007-08.


BHUMI YARN: ICRA Assigns 'LBB+' Rating on INR226.1MM LT Bank Debts
------------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR226.1 million long term
fund-based limits & A4+ rating to the INR8.0 million short term
non fund based limits of Bhumi Yarn Private Limited.  The outlook
assigned to the long term rating is Stable.  The rating factors
in the company's weak profitability and its moderately leveraged
capital structure arising from debt funded capacity expansion,
small scale of operations and commoditized nature of yarn business
which limits its pricing flexibility.  The rating also takes into
account the competitive pressures due to the fragmented nature of
man-made fibre yarn industry coupled with over capacity in the
industry.  The rating, however, favorably factors in the
experience of BYPL's promoters in the textile business and its
efficient working capital management.

Bhumi Yarn Pvt. Ltd was incorporated in 2004 and is engaged in
manufacturing of Polyester Filament Yarn (PFY) & Twisted Yarn
(used in sleep wear, T-Shirts & Sportswear).  It has two
manufacturing units at Dadra & Nagar Haveli (UT) and its
registered office is in Mumbai.

The company earned a net profit of INR7.8 million on an operating
income of INR1,034.6 million for the year ending March 31, 2009.


BUTIBORI CETP: CRISIL Puts 'B-' Rating on INR50MM Rupee Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Butibori CETP Pvt
Ltd bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Rupee Term Loan    B-/Stable (Assigned)
   INR50.0 Million Proposed LT        B-/Stable (Assigned)
            Bank Loan Facility

The rating reflects BCPL's weak financial risk profile, marked by
small net worth and high gearing.  These rating weaknesses are
partially offset by BCPL's stable business risk profile, marked by
exclusive liquid waste management arrangement with Maharashtra
Industrial Development Corporations and Butibori Manufacturers'
Association.

Outlook: Stable

CRISIL believes that BCPL's business risk profile will remain
stable, backed by its exclusive liquid waste management
arrangement with MIDC and BMA, over the medium term.  The outlook
may be revised to 'Positive' if BCPL's promoters infuse additional
equity, thereby improving the company's capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
company undertakes any larger-than-expected debt-funded capital
expenditure programme.

                        About Butibori CETP

Incorporated in 2005, BCPL treats waste water collected from the
small-scale industries located at MIDC, Butibori (Maharashtra).
The company receives contaminated water from the 250 member
entities through pipelines of MIDC, which is then treated and sent
back to MIDC who uses it for irrigation of plants and trees.  The
member entities are primarily engaged in textile, chemical and
engineering industries.

BCPL reported a net loss of INR0.3 million on net sales of
INR19.3 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR0.2 million on net
sales of INR19.5 million for 2007-08.


CANTON BUILDWELL: CARE Assigns 'CARE BB+' Rating on INR450cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Canton Buildwell Pvt Ltd.

                                  Amount
   Bank Facilities             (INR crore)       Rating
   ---------------              ----------       ------
   Fund-based Long-term         450.00          'CARE BB+'
        Bank Facilities

   Non-fund Based Long-term       3.60          'CARE BB+'
            Bank Facilities

Rating Rationale

The rating is constrained by risk associated with the residual
project implementation, pending equity tie-ups, reliance on
internal accruals for project funding, weak demand scenario in
commercial segment of the real estate industry and regulatory
risks associated with SEZs and the real estate sector.

The rating takes comfort from the promoter's experience,
demonstrated relationship with existing customers, lease agreement
with Tata Consultancy Services (TCS) for around 3.5 lac sq ft of
space under development and tie-up of debt component for the
project.

Going forward, timely and effective execution of project within
the estimated cost and timely achievement of the envisaged leases
of commercial and residential space at envisaged rates shall be
the key rating sensitivities.

Canton Buildwell Private Limited is a Special Purpose Vehicle
(SPV) promoted by ASF Buildtech Private Limited for the
development of an IT/ITeS sector specific SEZ in Gurgaon.  ASF
hold 73% stake in the SPV and the balance 27% is held by JP Morgan
India Property Company II (JP Morgan) as a private equity
investor.

ASF, a part of ASF group, was incorporated in 2007 and is mainly
engaged in the development and leasing of commercial properties,
mainly catering to IT/ITeS sector.  It has experience of
developing around 6.9 lac sq. ft. of built-up space.  Canton plans
to develop an IT/ITeS sector specific SEZ over 70 acres of land in
the village Gwal Pahari in Gurgaon on the Gurgaon-Faridabad road
in two phases.  In the first phase, it is developing an area of
around 23.5 lac sq ft on 25.11 acres of land.  The first phase is
planned to be completed by December 2012.  Project cost is
projected at INR782 crore which is planned to be financed through
promoters' contribution of INR225 crore, term loan of INR450 crore
and internal accruals of INR107 crore.  As on December 31, 2009,
the promoters have brought in INR121 crore as equity and
INR30 crore have been availed as term loan.


CALSEA FOOTWEAR: CRISIL Places 'P4+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Calsea Footwear Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Packing Credit     P4+ (Assigned)
   INR30.0 Million Letter of Credit   P4+ (Assigned)
   INR3.5 Million Bank Guarantee      P4+ (Assigned)

The rating reflects Calsea's small scale of operations, and
exposure to risks associated with reorganization of Investvar
(parent company).  These weaknesses are partially offset by
Calsea's above-average financial risk profile constrained by low
networth and healthy operating capabilities.

Calsea was established in 2006 and is wholly owned by Calsea
Calcado LDA, associate company of the Portugal-based firm
Investvar.  Investvar is one of the biggest footwear companies in
Portugal, accounting for about 5 per cent of the country's total;
footwear exports.  Calsea is based in Chennai and has
manufacturing capacity of 1.0 million pairs of shoes per annum. In
2009-10 (refers to financial year, April 1 to March 31), the
company enhanced its capacity by 0.35 million pairs of shoes per
annum.

Calsea reported a profit after tax (PAT) of INR22.3 million on net
sales of INR353.4 million for 2008-09, against a PAT of INR17.3
million on net sales of INR272.2 million for 2007-08.


DEE DEVELOPMENT: CARE Assigns 'CARE C' Ratings on INR111.62cr Loan
------------------------------------------------------------------
CARE assigns 'CARE C' and 'PR4' ratings to the bank facilities of
Dee Development Engineers Pvt Ltd.

                                  Amount
   Bank Facilities             (INR crore)       Rating
   ---------------              ----------       ------
   Long-term Bank Facilities      111.62         'CARE C'
   Short-term Bank Facilities      11.00         'PR4'
   Long-term/ Short-term Bank      15.50         'CARE C'/ 'PR4'
                  Facilities

Rating Rationale

The ratings take into account instances of delays in debt
servicing in the past, highly leverage capital structure, the
ongoing debt-funded expansion expected to result in further
deterioration of leverage position, working capital intensive
operations and elongated working capital cycle during FY09.  The
ratings however draw comfort from experienced promoters, long
track record of operations and reputed clientele providing repeat
business.

Going forward, Dee's ability to sustain order book position,
improve profitability margins and thus generate adequate cash
accruals shall be the key rating sensitivities.

Originally incorporated on March 21, 1988, Dee Development
Engineers Pvt. Ltd. (Dee) is engaged in engineering and
manufacturing for pre-fabricated pipe spools, pipe fittings and
boiler components at its plant located in Village Tatarpur,
Faridabad (Haryana).  The promoters Mr. K.L. Bansal and Mr. L.
Rai, have vast experience in the area of operations of Dee.

Dee achieved net sales of INR152.12 crore, PBILDT of
INR21.66 crore and PAT of INR7.56 crore during FY09. On net sales
of INR141.06 crore during 9MFY10, the company earned PBILDT of
INR24.66 crore and PBT of INR11.82 crore.


EASTMAN CAST: CRISIL Assigns 'BB-' Rating on INR66MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Eastman Cast & Forge Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR66 Million Cash Credit Facility      BB-/Stable (Assigned)
   INR28 Million Standby Line of Credit    BB-/Stable (Assigned)
   INR45.5 Million Term Loan               BB-/Stable (Assigned)
   INR80 Million Letter of Credit          P4+ (Assigned)
   INR84 Million Export Packing Credit*    P4+ (Assigned)

   *Fully interchangeable with packing credit in foreign currency

The ratings reflect ECF's weak financial risk profile marked by
high gearing and weak debt protection measures, and its small
scale of operations.  These rating strengths are partially offset
by the benefits the company derives from the industry experience
of its promoters.

Outlook: Stable

CRISIL expects Eastman Cast & Forge Limited to maintain its
business risk profile on the back of its established market
position and diversity in channel distribution for product sales.
The outlook may be revised to 'Positive' if ECF improves its cash
accruals in order to meet its maturing debt obligations over the
medium term.  Conversely, the outlook may be revised to 'Negative'
if the company undertakes a fresh large, debt-funded capital
expenditure programme, or faces significant pressure on its
profitability, leading to deterioration in its capital structure
and ability to service debt in a timely manner.

                         About Eastman Cast

ECF was incorporated in 1989 by Mr. J R Sighal in Ludhiana,
Punjab. The company manufactures hand tools, power tools, and
tractor-linkage parts. ECF also trades in hand tools and power
tools. The company has a production capacity of 2000 tonnes per
annum. ECF also has a press forging machine of 600 tonnes capacity
with induction heater. The company exports its products to Latin
America, Western Europe, Russia, and the Middle East. It supplies
to original equipment manufacturers, such as John Deere Equipment
Private Limited, New Holland Fiat (India) Pvt. Ltd, Tractors and
Farm Equipment Limited, and Tata Motors Ltd, among others.

For 2008-09 (refers to financial year, April 1 to March 31), ECF
reported a profit after tax (PAT) of INR12 million on net revenue
of INR637 million, against a PAT of INR19 million on net revenue
of INR639 million for the previous year.


FAIRDEAL SUPPLIES: CARE Assigns 'CARE BB' Rating on INR52.99 Debt
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Fairdeal Supplies Ltd.

                                  Amount
   Bank Facilities             (INR crore)       Rating
   ---------------              ----------       ------
   Long-term Bank Facilities       52.99         'CARE BB'
   Short-term Bank Facilities     117.50         'PR4'
   Long/ST Bank Facilities        305.00

Rating Rationale

The rating factors in FSL's weak financial profile as
characterized by operating loss incurred in FY09 and lower income
and profits in 9MFY10, high overall gearing, weak debt servicing
parameters, stressed liquidity scenario and vulnerability of its
margins to movement in exchange rate & commodity prices especially
due to predominantly trading nature of operations.  These
weaknesses are, however, partially offset by the vast experience
of promoters and long established track record of operations.  The
ability to improve financial risk profile and debt servicing in
light of weak debt servicing parameters remain the key rating
sensitivities.

Incorporated in 1987, FSL is the flagship company of Frontline
Group and has a long track record of operations dealing in various
types of coals and metallurgical coke.  FSL has two plants located
near Pipavav and Kandla Ports in Gujarat having total installed
capacity of 1,25,000 MTPA of met coke.  The major business
activity is trading of coking coal, metallurgical (met) coke, pig
iron & iron ore; trading sales accounted for around 87% of total
sales in FY09.

During FY09, total operating income declined to INR752 crore
against INR896 crore in FY08.  PAT margin also declined to 0.19%
in FY09 against 2.77% in FY08.  During 9MFY10 (provisional),
operating income declined to INR334 crore and the company earned a
PBT of INR3.57 crore.


GLOBAL INSTITUTE: CRISIL Rates INR130.1 Million Term Loan at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Global Institute of
Technology Society's term loan facility.

   Facilities                         Ratings
   ----------                         -------
   INR130.10 Million Term Loan        B+/Stable (Assigned)

The rating reflects GITS's weak financial risk profile, marked by
a small net worth, high gearing and average debt protection
metrics, and exposure to risks related to concentration of
revenues on the engineering courses its institute offers, its low
operating efficiency, and susceptibility to adverse regulatory
changes.  These rating weaknesses are partially offset by GITS's
comfortable position in the engineering education segment in
Rajasthan and from the funding support it gets from its governing
members.

Outlook: Stable

CRISIL believes that GITS's financial risk profile will remain
weak and its business risk profile, constrained, over the medium
term, because of its limited revenue diversification.  The outlook
may be revised to 'Positive' if GITS increases its scale of
operations without deteriorating its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
society's financial risk profile deteriorates, most likely because
of large, debt-funded capital expenditure or decline in
profitability.

                         About the Society

GITS was set up in 2000 by Mr. Anand Singhal and Mr. Narendra
Kumar Kandoi. In 2002, GITS's institute, Global Institute of
Technology (GIT), began providing engineering courses.  GIT is
affiliated to Rajasthan Technical University (RTU) and approved by
the All India Council for Technical Education (AICTE).  GIT also
has an intake capacity of 60 students for management course.  The
institute run by the society are located in Sitapura, Jaipur
(Rajasthan). The society plans to offer courses under two shifts
in GIT and is awaiting approval from AICTE for the same.  GITS
also plans to set up a new engineering institute at GIT's existing
campus. Currently, the society has intake capacity of 420 and 60
students for its engineering and management courses respectively.

GITS reported an excess of income over expenditure of INR5.6
million on net income of INR104.6 million for 2008-09, against an
excess of income over expenditure of INR2.3 million on net income
of INR94.0 million for 2007-08.


HANS INDUSTRIES: ICRA Rates INR200 Million Bank Limits at 'LBB'
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR200 million fund based
bank limits of Hans Industries Private Limited.  The outlook on
the long-term rating is stable.  ICRA has also assigned an A4
rating to the INR50 million non-fund based bank limits of
HIPL.  The non-fund based limit of INR50 million is a sub-limit of
INR200 million fund based Cash Credit (CC) limit.

The ratings are constrained by the weak financial profile of HIPL
characterized by low profitability; highly depressed return on
capital employed; and pressure on coverage indicators; the
company's exposure to exchange rate fluctuations, relatively small
scale of operations; weak financial profile of group companies and
the cyclicality inherent in the steel business, which makes
margins and cash flows of players volatile.  The ratings are,
however, supported by the improvement witnessed in demand
conditions for the steel industry, vertically integrated nature of
operations of HIPL, involving production of mild steel (MS) ingot,
which is internally used for steel re-rolling; and the group's
presence in the ship breaking business, which ensures ready
availability of scrap.

Hans Industries Private Ltd. was acquired as a steel rolling mill
company in 2006-07 by the Bhavnagar-based Aggarwal Group.  The
company was earlier engaged in the production of M. S. Ingots,
beams, channels and angles.  Currently HIPL has an induction
furnace (commissioned in 2008-09) and a steel rolling mill (re-
commissioned in 2007-08) with annual capacities of 40,000 metric
tonne (MT) and 30,000 MT, respectively.  The operations of the
company are carried out at its plant located at Ghanghali in the
Bhavnagar district of Gujarat.  Besides HIPL, the Aggarwal group
has a number of other companies having business interests in ship
breaking, steel rolling and coke manufacturing.

In 2008-09, HIPL reported an operating income of INR538.35 million
and net loss of INR25.13 million.  During the first ten months of
2009-10, the company posted a net profit of INR47.79 million on
net sales of INR674.49 million.


KALINGA INSTITUTE: ICRA Places 'LB' Rating on INR1.07BB Term Loans
------------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR1070.4 million term
loans, INR311.8 million overdraft facility and INR50 million cash
credit facility of Kalinga Institute of Industrial Technology.
The rating takes into account the stretched liquidity position of
KIIT leading to continuing delays in principal repayments and
interest payment, an adverse financial risk profile reflected by
an aggressive capital structure resulting from significant debt
funded capital expenditure over the past four years and weak
coverage indicators.  The ratings also take into consideration the
poor placement record for KIIT's technical courses, which could
potentially impact admission of fresh students going forward.
ICRA notes that KIIT is the society which manages different
schools imparting education; hence a consolidated view has been
taken to ascertain the overall financial risk profile of the
entity.  The rating also factors in the array of courses offered
to students and the deemed university status granted to KIIT
University, which provides it with operational flexibility to an
extent.  ICRA also takes notes of the improved student intake
across courses during FY09, coupled with a higher fee structure
resulting in improved profitability for KIIT.

KIIT was established in 1992 as a society in Bhubaneswar, Orissa
and manages KIIT University which has been granted the status of
deemed university.  The university offers education ranging from
elementary school level to post graduation across various
subjects.  The flagship school of the entity offers engineering
courses.  The society also manages a 460 bed hospital.

The society reported a net surplus of INR166.8 million in FY09 on
an OI of INR1.24 billion as compared to INR44.6 million and
INR0.89 billion during FY08 respectively.


MANGALAM VENTURES: ICRA Assigns 'LBB+' Rating on INR57.1MM LT Loan
------------------------------------------------------------------
ICRA has assigned an LBB+ rating with stable outlook to INR57.10
million fund based long term bank facilities and an A4+ rating to
INR12.5 million non fund based short term bank facilities of
Mangalam Ventures Limited.  The rating reflects MVL's small scale
of operations, presence in a highly competitive industry and weak
operating profitability.  The rating also factors in MVL's highly
concentrated customer base and its exposure to forex risks.  The
rating however, favorably factors in the experience of the
promoters in the garments export business and comfortable
liquidity position and capital structure at present.

Mangalam Ventures Limited, a public limited company, established
in the year 1993, is involved in the manufacture and sale of
knitted readymade garments.  The company is listed on BSE.  MVL
primarily manufactures Men's and Women's T-Shirts for exports.
MVL is being managed by its director Mr. Sharat Jain along with
the other non executive and independent directors.  MVL has its
factory located in Faridabad, NCR with an administrative and sales
office in Mumbai.

MVL recorded a net profit of INR5.8 million on an operating income
of INR291.3 million for the year ended March 31, 2009 and a net
profit of INR7.5 million on an operating income of INR350.3
million for the year ended March 31, 2010.


PRINCE INDUSTRIES: ICRA Assigns 'LBB+' Rating on Various Debts
--------------------------------------------------------------
ICRA has assigned an LBB+ rating to the Term Loans and Fund Based
(Cash Credit) facilities of Prince Industries aggregating to
INR103.3 million and INR165.0 million, respectively.  The rating
carries a stable outlook.  ICRA has also assigned an A4+ rating to
the Fund Based (Supplier's Credit) and Non-Fund Based limits of PI
aggregating to INR15.0 million and INR80.0 million respectively.

The ratings are constrained by the intense competition present in
the PVC pipe segment due to low barriers to entry, moderate
coverage indicators with gearing at 1.64 times as on March 31,
2010, high working capital intensity characterized by high debtor
and inventory days and expected decline in revenue size of the
firm in FY 2011 due to sale of one of the manufacturing facilities
to a group company.  Further, PI is a partnership concern and any
significant withdrawals from the capital account would affect its
capital structure.  ICRA also notes that the ability of the firm
to pass-on fluctuations in raw material prices (mainly PVC resin
prices) in a highly competitive market through revisions in
pricing list would remain critical to its profitability, going
forward.

The ratings however take support from the long track record of the
promoter group in the PVC pipe manufacturing business, the strong
distribution network of the firm across the country with moderate
customer concentration risk, healthy demand outlook for PVC pipes
and fittings and healthy profitability margins of the firm in the
past due to healthy plant utilization levels as well as tax
benefits enjoyed by its manufacturing plants.

The Prince Group was incorporated in the year 1970 and started
with the manufacturing of household plastic products using Poly
Propylene (PPE) and High Density Poly Ethylene (HDPE).  Prince
Industries (PI) was incorporated in the year 2002 while commercial
production commenced in the year 2003.  PI is a partnership
firm owned by Mr. Piyush Chheda and his family members.  The firm
is mainly involved in manufacturing of PVC (Polyvinyl Chloride)
pipes and fittings for drainage purposes. The firm has also
entered into manufacturing of agricultural pipes and fittings in
the past two years.  The products of PI are ISI certified and are
mainly sold under the brand name of Prince.  The firm is ISO
9001:2000 certified.


ROYAL BANK: In Talks to Sell Indian Unit to HSBC Holdings
---------------------------------------------------------
Royal Bank of Scotland Group Plc is in talks to sell its Indian
commercial and retail unit to HSBC Holdings Plc, Bloomberg News
reports citing two people with knowledge of the situation.  The
deal could be reached as early as next month, one of the sources
told Bloomberg News.

HSBC was previously in talks to acquire RBS assets in India, China
and Malaysia but the discussions broke down last year following
objections from Indian regulators, Bloomberg relates citing one
of the people familiar with the situation.  RBS is still looking
to sell the Chinese unit and may close the Malaysian business, the
second source said.

According to Bloomberg News, one of the people said RBS is also in
discussions to sell its investment banking operations in Chile and
Uzbekistan.  The units each employ about 80 people.

                             About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.


SKIL INFRASTRUCTURE: CARE Puts 'CARE BB+' Rating on INR150cr Loan
------------------------------------------------------------------
CARE has assigned the 'CARE BB+' rating to the Long-term Bank
Facilities aggregating to Rs.150 crore of SKIL Infrastructure Ltd.
This rating is applicable to facilities having a tenure of more
than one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

                                  Amount
   Bank Facilities             (INR crore)       Rating
   ---------------              ----------       ------
   Long-term Bank Facilities    150.00          'CARE BB+'

Rating Rationale

The rating is constrained by SKIL's investments in project- SPV's
group companies with considerable gestation period, its limited
operational track record in the projects conceived and developed
by it and considerable corporate guarantees provided.  Besides,
timely divestment of its equity holding at appropriate valuations
is dependent on the market dynamics.  However, the rating derives
strength from the company's prior experience in the development of
various infrastructure projects, its low gearing levels, sound
technical collaboration and strategic tie-ups with known global
players for most of its projects.

The timely completion of ongoing projects, company's ability to
raise equity at appropriate valuations and to achieve the
projected revenue and profitability, going forward, are the key
rating sensitivities.  SKIL Infrastructure Ltd. is engaged in
development of various infrastructure facilities, through various
Special Purpose Vehicles (SPVs).  Currently SKIL is developing
various infrastructure facilities which includes a shipyard,
logistics and warehousing projects, an educational institution and
a port project.  The total cost of these projects is about
INR5,539 crore.  In FY09, SKIL registered a total income of
INR4.90 crore mainly in the form of project development fees. Its
net worth increased from INR479 crore as on March 31, 2008 to
INR695 crore as on March 31, 2009 mainly on account of conversion
of optionally convertible bonds to equity and issuance of
compulsorily convertible preference shares aggregating
INR200 crore.


VIMAL EXPORT: CARE Assigns 'CARE BB-' Rating on INR13cr LT Loans
----------------------------------------------------------------
CARE assigns the rating of 'CARE BB?' to the bank facilities of
Vimal Export.

                                  Amount
   Bank Facilities             (INR crore)       Rating
   ---------------              ----------       ------
   Long-term Bank Facilities        13.00        'CARE BB-'

Rating Rationale

The rating is constrained by the partnership nature of VME and
small scale of operations coupled with withdrawal of capital by
the partners in the past.  The rating is further constrained by
decline in revenue over the past two years (FY08 & FY09), low
profitability margins, declining interest coverage, increasing
working capital cycle leading to high overall gearing, increasing
term debt to gross cash accruals ratio, increasing debtors to
sales ratio coupled with uninsured debtors, strong competition
from a large number of players in organized and unorganized
sectors and high correlation of fortunes of Gems & Jewellery
sector to economic cycles.  The rating considers the experience of
partners, long track record of the firm in diamond business and
established clientele.  The rating also factors in the Government
support to the industry.  Ability of VME to increase its scale of
operations, improve its profitability margins, improve its working
capital cycle and sustained recovery of GJ sector are the key
rating sensitivities.

M/s Vimal Export, incorporated in 1989, is a closely-held
partnership firm.  The firm is engaged in processing of small-
sized diamonds of less than one carat fancy-cut diamonds such as
Princess, Marquises' and Pears at its manufacturing facility in
Surat, Gujarat.  The firm is not a DTC sight holder.

Net sales of VME declined by 53.20% in FY09 to INNR23.02 crore
vis-a-vis INR59.73 crore in FY08.  Further, PAT of the firm
declined by 44.04% to Rs.0.51 crore in FY09 from INR0.91 crore in
FY08.

In 9MFY10, VME reported a decline in sales of 18.80% y-o-y to
INR15.86 crore.  The firm reported PBT of INR0.31 crore in 9MFY10
vis-a-vis loss of INR0.69 crore at Pre-tax levels in 9MFY09.


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


JAPAN AIRLINES: May Seek JPY100 Bil. in Additional Financial Aid
----------------------------------------------------------------
Japan Airlines Corp. is planning to ask banks and a government-
backed corporate rehabilitation body to extend JPY100 billion in
additional financial assistance, The Mainichi Daily News reports
citing company sources.

The Mainichi Daily says JAL's debts are expected to surpass its
assets by approximately JPY950 billion, about JPY90 billion more
than initially expected.

According to the report, the airline will likely ask banks to
increase the amount of debt they will waive by at least JPY50
billion from the original JPY358.5 billion.  The report says JAL
is also planning to ask the ETIC to increase its capital
investment by tens of billions of yen from the initial JPY300
billion, hoping to reassure the banks into agreeing to the
additional debt waiver.

JAL said they intend to ask the banks for the debt waiver early
next week, but the banks will not likely be keen to the request,
the Mainichi Daily adds.

                        About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


KENEDIX REALTY: Moody's Withdraws 'Ba1' Issuer Rating
-----------------------------------------------------
Moody's Investors Service has withdrawn its issuer rating of Ba1
for Kenedix Realty Investment Corporation for business reasons.

This action does not reflect a change in the company's
creditworthiness.

Moody's previous rating action on KRI took place on April 21,
2009, when it downgraded its issuer and unsecured long-term rating
to Ba1 from Baa2, with a negative outlook.

Kenedix Realty Investment Corporation is a listed J-REIT that
invests in and manages mainly mid-level office properties.  Its
revenues totaled approximately JPY 8.1 billion for the fiscal
half-year ended April 2010.


MLOX 4: Moody's Reviews Ratings on Five Classes of Certificates
---------------------------------------------------------------
Moody's Investors Service has placed five classes of MLOX 4 Trust
Certificates on review for possible downgrade.  The final maturity
of the Trust Certificates will take place in May 2014.

The individual rating actions are listed below.

  -- Class A, Aa2 Placed Under Review for Possible Downgrade;
     previously on July 8, 2009 Downgraded to Aa2 from Aaa

  -- Class B, A2 Placed Under Review for Possible Downgrade;
     previously on July 8, 2009 Downgraded to A2 from Aa2

  -- Class C, Baa3 Placed Under Review for Possible Downgrade;
     previously on July 8, 2009 Downgraded to Baa3 from A2

  -- Class D, B3 Placed Under Review for Possible Downgrade;
     previously on July 8, 2009 Downgraded to B3 from Baa2

  -- Class X, Aa2 Placed Under Review for Possible Downgrade;
     previously on July 8, 2009 Downgraded to Aa2 from Aaa

MLOX4, effected in December 2007, represents the securitization of
four non-recourse loans.  The transaction is currently backed by
22 properties (office, residential, hotel and retail properties)
outside Tokyo, located in smaller cities throughout the country.

The current review has been prompted by Moody's growing concerns
about the need to apply higher stress on its previous (July 2009)
recovery assumptions because the fundamental profitability -- in
terms of rents and occupancy rates -- of the properties is likely
to be lower than assumed and will be for some time.  The master
lessee of some of the properties backing two of the loans is in
the process of negotiations to lower the rent.

Moody's will examine additional performance data including PM
reports and rent rolls to confirm the properties' occupancy rates
and cash flow and will reconsider its assumptions on recovery
stress.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


SEA CDO: Moody's Takes Rating Actions on Two Series of Notes
------------------------------------------------------------
Moody's Investors Service has announced these rating actions:

Issuer: SEA CDO Limited

  -- Series 2005-10 JPY 1,300,000,000 Non-Callable Fixed Rate
     Notes due 2010, downgraded to C; previously on April 16, 2009
     downgraded to Caa3

  -- Series 2005-12 US$ 15,000,000 Floating Rate Notes due 2010,
     downgraded to C; previously on October 28, 2009 downgraded to
     Ca

Transaction: Versailles (CDO Credit-Linked Loan)

  -- Series 2006-2185 JPY2,000,000,000 5 Year Credit Linked Notes,
     downgraded to C; previously on April 16, 2009 downgraded to
     Caa3

The Series 2005-10 and 2005-12 notes are Corporate Synthetic
Obligations that reference static portfolios of 12 and 13 global
corporate entities, respectively.

Versailles is a credit-linked loan extended to Credit Agricole
CIB, Tokyo Branch (formerly, Calyon Tokyo Branch), the collateral
of which comprises credit-linked notes referencing a static
portfolio of 13 global corporate entities.

There is no subordination in these transactions.

The rating actions reflect full write down of each Tranche
following Ambac Assurance Corporation credit event.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


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


CEDENCO FOODS: Unsecured Creditors May Get Nothing
--------------------------------------------------
Cedenco Foods' liquidator says it is unclear if unsecured
creditors owed $3.4 million by the failed company will get any
money, James Weir at BusinessDay.co.nz reports.

According to the report, Cedenco liquidators Sheahan Lock Partners
said in their first report that the receivers would take all steps
to sell assets to the benefit of the secured creditor, the ANZ
Bank.

"It is presently unclear whether any surplus will exist after the
secured creditor has been paid or whether any realizable assets
will remain after the receivership terminates," the report quoted
Sheahan Lock as saying.

There are about 300 unsecured Cedenco creditors along with about
100 employees also listed, the report says.

As reported in the Troubled Company Reporter-Asia Pacific reported
on Nov. 10, 2009, ANZ Banking Group placed Cedenco Foods Australia
in receivership.  Craig Shepard and Mark Korda of KordaMentha have
been appointed receivers and managers of Cedenco Australia and its
related trading entities.  The move came after ANZ Banking Group
NZ subsidiary, ANZ National Bank, called in receivers into Cedenco
Foods.

The receivers said Cedenco's processing facility in Echuca, on the
Murray River in Victoria, will continue to trade as usual and
would be offered for sale as a going concern.

                        About Cedenco Foods

Cedenco Foods -- http://www.cedenco.co.nz/-- is a leading
New Zealand and Australian based food ingredient processing and
marketing company.  It produces and exports vegetable and fruit
powders, aseptic paste, purees and dice, frozen purees, and UHT
vegetable purees individually Quick Frozen (IQF) products to
customers globally.


LIVINGSPACE PROPERTIES: In Receivership; Grant Thornton Appointed
-----------------------------------------------------------------
Livingspace Properties Ltd. and four more companies associated
with Christchurch property developer Dave Henderson have been
placed in receivership, Radio New Zealand reports.

According to the report, a spokesperson for the receivers, Grant
Thornton Ltd., said it will take some time to get to grips with
the financial position of the companies.

The receivers will continue to operate the Livingspace businesses
and honor bookings in the meantime, the report says.

The Troubled Company Reporter-Asia Pacific, citing The Press,
reported on June 18, 2010, three associated companies including
Christchurch's budget-style Hotel So were placed into receivership
on June 17, 2010, after defaulting on their debt repayments.

South Canterbury Finance appointed receivers to Cashel Ventures
Ltd., Hotel So Operations and Hotel So Corporation.  Mr. Henderson
is the sole director of all three companies, with his flagship
company, Property Ventures, owning two and Henderson indirectly
owning the third.

SCF is owed about NZ$20 million by the companies, which were
granted a loan on the Hotel So property.  The Press relates that
the NZ$20 million is part of NZ$27.4 million already allegedly
owed to SCF by Property Ventures, which was placed into
receivership by another lender, Allied Farmers, in March 2010.
Livingspace Properties Ltd operates apartments in Christchurch,
Dunedin and Invercargill.


=====================
P H I L I P P I N E S
=====================


SELEGNA HOLDINGS: Supreme Court Denies Rehabilitation Plan
----------------------------------------------------------
Selegna Holdings Corp. has lost its bid to suspend payments to
over PHP800 million in debts, after the Supreme Court denied with
finality its proposed rehabilitation plan, BusinessWorld Online
reports.

Selegna Holdings Corp. is a sister company of Asian Construction
Development Corp., who built the mothballed Expo Pilipino theme
park.

The report says Selegna Holdings was denied a reversion of a high
court ruling dated July 6, 2009, which did not grant the petition
for corporate rehabilitation of the company.  The ruling also
upheld earlier decisions by the appellate courts, including that
of the Court of Appeals, which said in its ruling last October
2008 that Selegna Holdings' plan was a ?mere ploy,? and a ?last-
ditch effort? to evade creditors now running after its assets, the
report relates.

According to BusinessWorld, the high court said in its final
ruling dated March 22 that Selegna Holdings raised no ?substantial
argument to warrant a modification of this court's [earlier]
resolution.?

The report, citing court records, discloses that Selegna Holdings,
owned by Edgardo H. Angeles and his family, has liabilities of
PHP842.15 million.

Under Selegna Holdings' rehabilitation plan, BusinessWorld notes,
revenues from the car park building it operates at the University
of Santo Tomas would be funneled to a creditor, Metropolitan Bank
& Trust Co., to pay for a loan worth around PHP250 million.
According to the report, other creditors were offered dacion en
pago or payment in kind, and the option to restructure the loans
over 15 years with floating interest rate.  But this would depend
on availability of free cash flow from the car park.
The trial court, however, shot down the proposal on May 31, 2007,
saying this favored Metrobank over other creditors, BusinessWorld
recalls.  The report notes that the Court of Appeals likewise
rejected Selegna Holdings petition, describing it as a ?mere
ploy,? and an effort to avoid foreclosure.  BusinessWorld relates
that the appeals court said the company also failed to prove that
stockholders had advanced PHP351 million, and questioned why it
lent PHP80.98 million to AsiaKonstrukt for the building of Expo
Pilipino amid financial difficulties.


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


DUBAI WORLD: Buyers Drop ISS Bid After DOJ Probe Unveiled
---------------------------------------------------------
The Financial Times' Martin Arnold in London and Simeon Kerr in
Dubai report that Dubai World's sale of Inchcape Shipping Services
has been dealt a blow after prospective bidders learnt of an
investigation they believe the U.S. Department of Justice is
conducting into the business.

The FT reports that several private equity groups dropped out of
the bidding after discovering during due diligence what they
believe is an investigation by the DoJ over its contract to
service the U.S. Navy's Fifth Fleet in the Middle East.  According
to The FT, people familiar with the matter said U.S. private
equity groups General Atlantic and Carlyle and Canadian pension
fund Omers all decided not to submit second-round bids.  The FT
notes Cinven and CVC Capital Partners, the UK-based private equity
groups, submitted non-binding bids late last month.  But the bids
were conditional on receiving more information about what they
believe is a U.S. probe and the two groups have stopped work on a
deal.

The FT, citing two people familiar with the shipping unit, says
the private equity groups believe the DoJ is investigating the
government services division of ISS along with some of its rivals.
One of the people said the private equity groups had learnt that
an investigation had been going on for several months and was
triggered by information from one of ISS's competitors about
alleged corruption.

The FT relates ISS is one of the few successful investments in
Dubai World's Istithmar investment portfolio, which includes the
QE2 ocean liner and performance company Cirque du Soleil.
Istithmar bought ISS for $285 million at the start of its buying
spree between 2006 and 2008.  It has put the company up for sale
for $800 million.

According to the FT, ISS said, "These claims by third parties are
an apparent attempt to undermine the value of a world class asset.
It goes without saying that there would be no appetite to sell
this business on the cheap.  Istithmar has a number of years in
which to realize the correct value of any assets it wishes to
divest."

                       Restructuring Deal

According to the Troubled Company Reporter on June 2, 2010, The
Wall Street Journal said Dubai World reached a broad agreement to
pay off its creditors and reduce its $23.5 billion of debt.  Aidan
Birkett, chief restructuring officer of Dubai World, told Zawya
Dow Jones that Dubai World will now seek a final deal with all of
its creditors by the end of June.  Under the deal, creditors will
be repaid in full but the payment period will be extended, while
the government of Dubai would convert debt into equity and help
fund the restructuring.

According to The Journal, the first portion, or tranche, of
$4.4 billion will be paid in five years, with 1% annual interest
in cash but no shortfall government guarantee.  The second tranche
of $10 billion will be paid over eight years, with 1% interest
plus varying payment-in-kind interest and shortfall guarantees.
Lenders will have to choose between three options, depending on
their exposure and on their priorities in regard to the shortfall
guarantee and payment in kind.

The government of Dubai will convert $8.9 billion of debt and
claims into equity in Nakheel, the real-estate arm of Dubai World,
and commit to fund as much as $500 million of Nakheel's expenses
and an interest facility of as much as $1 billion while
maintaining 100% ownership of the Company.

As part of the deal, Nakheel's trade creditors were offered
repayment through a mix of 40% cash and 60% in a sukuk-a bond
structured to comply with Islamic law-with a 10% annual return.
Nakheel paid a $980 million Islamic bond.

The Journal said the agreement with the creditors' coordinating
committee accounts for about 60% of Dubai World's bank lenders.
The remaining creditors holding 40% of the group's debt have yet
to accept the deal.

                     6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Wall Street Journal said Standard & Poor's in an October
report estimated Dubai World could be responsible for as much as
50% of Dubai's total government and corporate debt load of some
US$80 billion to US$90 billion.

                     About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.


* BOND PRICING: For the Week June 14 to June 18, 2010
-----------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       0.87
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.99
ANTARES ENERGY          10.00    10/31/2013   AUD       1.86
AUROX RESOURCES          7.00    06/30/2010   AUD       0.95
BECTON PROP GR           9.50    06/30/2010   AUD       0.36
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.91
EXPORT FIN & INS         0.50    12/16/2019   AUD      58.69
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.53
EXPORT FIN & INS         0.50    06/15/2020   AUD      56.82
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.75
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.65
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.43
JPM AU ENF NOM 1         3.50    06/30/2010   USD       5.75
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      65.18
PRAECO P/L               7.13    07/28/2020   AUD      71.65
RESOLUTE MINING         12.00    12/31/2012   AUD       1.02
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.30
SUNCORP METWAY I         6.75    10/06/2026   AUD      72.59


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.73
CHINA STATE GRID         4.05    05/29/2016   CNY      69.62


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      33.00


  INDIA
  -----

AFTEK INFOSYS            1.00    06/25/2010   USD      70.00
GEMINI COMMUNICATION     6.00    07/18/2012   EUR      66.75
KALINDEE RAIL NI         0.50    03/07/2012   USD      71.50
MASCON GLOBAL LT         2.00    12/28/2012   USD      36.25


  JAPAN
  -----

AIFUL CORP               1.50    10/20/2011   JPY      71.89
AIFUL CORP               6.00    12/12/2011   JPY      74.37
AIFUL CORP               1.20    01/26/2012   JPY      71.71
AIFUL CORP               1.99    03/23/2012   JPY      70.38
AIFUL CORP               1.22    04/20/2012   JPY      67.86
AIFUL CORP               1.63    11/22/2012   JPY      57.99
AIFUL CORP               1.74    05/28/2013   JPY      51.84
AIFUL CORP               1.99    10/19/2015   JPY      43.87
COVALENT MATERIALS       2.87    02/18/2013   JPY      67.09
CSK CORPORATION          0.25    09/30/2013   JPY      74.23
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.25
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.67
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      65.53
SHINSEI BANK             5.62    12/29/2049   GBP      70.00
TAKEFUJI CORP            9.20    04/15/2011   USD      60.00
TAKEFUJI CORP            9.20    04/15/2011   USD      60.00
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.37


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.13
CAGAMAS BERHAD           2.47    08/25/2010   MYR       2.70
CRESENDO CORP B          3.75    01/11/2016   MYR       0.80
DUTALAND BHD             6.00    04/11/2013   MYR       0.31
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.94
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.93
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.27
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.63
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.64
NAM FATT CORP            2.00    06/24/2011   MYR       0.09
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.63
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       1.12
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.08
SCOMI GROUP              4.00    03/19/2013   MYR       0.09
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.60
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.91
WAH SEONG CORP           3.00    05/21/2012   MYR       2.24
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.31
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.88


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

ALLIED FARMERS           9.60    11/15/2011   NZD      71.09
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      33.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             8.50    11/15/2015   NZD       8.65
INFRATIL LTD            10.18    12/29/2049   NZD      64.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.34
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.03
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      67.71
SKY NETWORK TV           4.01    10/16/2016   NZD      54.26
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.01
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.56
ST LAURENCE PROP         9.25    07/15/2010   NZD      40.82
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.15
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.02
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.02
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.25


SINGAPORE
---------

SENGKANG MALL            8.00    11/20/2012   SGD       0.10
SENGKANG MALL            4.88    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.51
WBL CORPORATION          2.50    06/10/2014   SGD       1.98


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      71.83
DAEWOO MTR SALES         5.88    06/21/2012   KRW      74.08


SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      73.83


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.39


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      66.53
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      60.77
VIETNAM-PAR              4.00    03/12/2028   USD      75.00


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***