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                     A S I A   P A C I F I C

           Thursday, June 24, 2010, Vol. 13, No. 123

                            Headlines



A U S T R A L I A

DALBY BIO-REFINERY: Ernst and Young Appointed as Receivers
FORGECAST PTY: Exec Faces Legal Action Over Unpaid Entitlements
SONRAY CAPITAL: Calls in Administrator Ferrier Hodgson


H O N G  K O N G

OKI SEMICONDUCTOR: Placed Under Voluntary Wind-Up Proceedings
ORIENTAL MACHINERY: Commences Wind-Up Proceedings
ORIENTAL SUN: Members' Final Meeting Set for July 19
PAPYRUS TRADE: Members' Final General Meeting Set for July 23
PFL PACIFIC: Placed Under Voluntary Wind-Up Proceedings

P.I.C. ASSOCIATION: Placed Under Voluntary Wind-Up Proceedings
REGENT SUMMIT: Wardell and Ip Appointed as Liquidators
SINOBOND INVESTMENT: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ASACO PRIVATE: ICRA Cuts Rating on INR155MM Fund Based Limits
ASVINI FISHERIES: ICRA Assigns 'LBB-' Rating on INR150MM LT Loans
ARSH DAIRYMAX: CARE Places 'CARE BB' Rating on INR23.75cr LT Loans
BHAVNA PROPERTY: ICRA Assigns 'LBB+' Rating on INR70MM Bank Limits
JAIPURIA INFRASTRUCTURE: ICRA Rates INR520MM LT Loan at 'LB-'

KADALKANNY FROZEN: ICRA Withdraws 'LBB' Rating
MAHAVIR SHIP: ICRA Assigns 'LBB-' Rating on INR98 Million LT Loans
MOHAN SPINTEX: ICRA Reffirms 'LBB+' Rating on INR342.4MM LT Loans
NATIONAL STEEL: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
NSIL EXPORTS: CARE Assigns 'CARE BB+' Rating on LT Bank Facilities

OSNAR CHEMICAL: ICRA Assigns 'LBB' Rating on Various Bank Debts
PRINCE GEM: ICRA Reaffirms 'LBB+' Rating on INR32.5MM Term Loans
SWADESHI AAHAR: ICRA Assigns 'LBB' Rating on Various Bank Debts


I N D O N E S I A

BERAU COAL: Moody's Assigns 'B2' Corporate Family Rating
BERAU COAL: S&P Assigns 'B+' Long-Term Corporate Credit Rating


J A P A N

JAPAN AIRLINES: Seeks 3,300 More Early Retirement Applicants
JLOC 36: S&P Puts Note Ratings on CreditWatch Negative
JVC KENWOOD: Regulator Recommends JPY1.5BB Fine for JVC & Victor


M A L A Y S I A

LCL CORP: CIMB Islamic Bank Serves Writ of Summons Over Debt
LCL CORP: Court Enters Wind Up Order Against LCL Wood Industries


N E W  Z E A L A N D

AIR NEW ZEALAND: Seeks Legal Costs From Former Flight Attendant
AORANGI SECURITIES: Serious Fraud Office Begins Probe
BRIDGECORP LTD: Receivers Lose Control of Momi Resort in Fiji
BRIDGECORP LTD: Two Directors Face New Charges Under Crimes Act
DORCHESTER PACIFIC: Provides More Info Ahead of Vote on New Plan

SOUTH CANTERBURY: S&P Downgrades Long-Term Rating to 'B-'


T A I W A N

AMERICAN INT'L: Deadline for Unit Sale to China Strategic Moved




                         - - - - -


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


DALBY BIO-REFINERY: Ernst and Young Appointed as Receivers
----------------------------------------------------------
The Dalby Bio-Refinery has been placed into voluntary
administration with creditors calling in Ernst and Young as
receivers to review the business, ABC News reports.

ABC News relates receiver Adam Nikitins said the bio-refinery owes
more than AU$80 million to creditors.  "The current strategy is to
certainly continue operations at the plant -- there are no planned
redundancies," he said.

Ernst and Young said it is preparing the business for a possible
sale later this year.

Dalby Bio-Refinery -- http://www.dbrl.com.au/-- operates
Queensland's first grain-to-ethanol production facility.  The
company was established in 2002 to take advantage of the federal
government's clean fuels policy.


FORGECAST PTY: Exec Faces Legal Action Over Unpaid Entitlements
---------------------------------------------------------------
James Thomson at SmartCompany reports that the Australian Workers
Union and the Australian Manufacturing Workers Union are set to
launch legal action against the director of Forgecast Pty Ltd.
under never-before-used provisions of the Fair Work Act.

SmartCompany relates that the unions have engaged law firm Slater
& Gordon to launch a claim against Ian Beynon, the sole director
of Forgecast and another company called Ideal Pty Ltd, following
the collapse of Victorian company Forgecast Australia in November
2009.

According to the report, the legal claim covers 57 former
employees of the company, who say they are owed more than
AU$2 million in entitlements under the company's enterprise
agreement.  As some of the employees had worked with the company
for more than 35 years, the largest claims are worth up to
AU$98,000.

The report, citing Slater and Gordon industrial relations lawyer
Marcus Clayton, says the claim is believed to be the first under
the provisions in the Fair Work Act that allow workers to sue
company directors personally.

"The union's case is that Mr. Beynon was involved in Forgecast's
contraventions of the AWU and AMWU agreements, and the Fair Work
Act provides that a person involved in such a contravention is
equally as liable as a company," SmartCompany quoted Mr. Clayton
as saying.  "If successful, this legal action will set a precedent
for future litigation where workers have been left without their
entitlements after a company has gone broke."

Headquartered in Melbourne, Australia, Forgecast Pty Ltd --
http://www.forgecast.com.au/-- manufactures door hardware,
automotive components, leisure goods, plumbing fittings,
industrial valves and fittings, munitions and aerospace
components.  The company has a manufacturing operation in Tijuana,
Mexico.

Forgecast Pty Ltd went into liquidation in November 2009. The
company was placed in administration in mid-November 2009 before
being placed in liquidation on November 26 by a secured creditor.
Receivers Stephen Dixon and Laurie Fitzgerald from accounting firm
BDO Kendalls said the receivers will continue to work with the
AMWU "to ensure the best possible outcome for all involved".


SONRAY CAPITAL: Calls in Administrator Ferrier Hodgson
------------------------------------------------------
Sonray Capital Markets Group has appointed Ferrier Hodgson
partners George Georges and John Lindholm as Voluntary
Administrators.

Companies affected included Sonray Capital Markets Pty Ltd, Sonray
Capital Markets (Qld) Pty Ltd, Sonray Capital Markets Nominees Pty
Ltd, and Sonray Advisory Pty Ltd.

Administrator Ferrier Hodgson said the companies will cease
trading immediately and the approximately 3,000 client accounts
have been suspended while the administrators carry out an
investigation into the circumstances of the collapse.  The
administrators will also meet with the Australian Securities and
Investments Commission.

Mr. Georges said a creditors meeting will be held next week.

"We understand the concerns of investors at this difficult time
and ask for their patience while we carry out the investigation,"
Mr. Georges said.

"Our job will be to provide creditors with clarity about what
happened to Sonray and we will do all we can to keep creditors
informed about any developments."

                        About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specializes in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company has
operated since 2003 and employs about 70 people in offices in
Melbourne and on the Gold Coast.


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


OKI SEMICONDUCTOR: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on June 8, 2010, sole
shareholder of OKI Semiconductor Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


ORIENTAL MACHINERY: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Oriental Machinery (Chaina) Limited, on June 10, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17th Floor, Kam Sang Building
         255 Des Voeux Road
         Central, Sheng Wan
         Hong Kong


ORIENTAL SUN: Members' Final Meeting Set for July 19
----------------------------------------------------
Members of Oriental Sun International Limited will hold their
final meeting on July 19, 2010, at 10:00 a.m., at Unit 1110, Lippo
Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

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


PAPYRUS TRADE: Members' Final General Meeting Set for July 23
-------------------------------------------------------------
Members of Papyrus Trade Services Limited will hold their final
general meeting on July 23, 2010, at 3:30 p.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


PFL PACIFIC: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on June 7, 2010,
creditors of PFL Pacific Container Lines Limited resolved to
voluntarily wind up the company's operations.

The Chairman is Kwok Tze Tai.


P.I.C. ASSOCIATION: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on June 10, 2010,
creditors of P.I.C. Association Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Leung Chung Yin
         Wong Ming Lai
         Rm 306, 3/F., Dah Sing Life Building
         99-105 Des Voeux Road
         Central, HK


REGENT SUMMIT: Wardell and Ip Appointed as Liquidators
------------------------------------------------------
James Wardell and Mr. Jackson Ip on June 10, 2010, were appointed
as liquidators of Regent Summit Holdings Limited.

The liquidators may be reached at:

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


SINOBOND INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on June 11, 2010, members
of Sinobond Investment Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Mr. Lee King Yue
         72-76/F., Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


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I N D I A
=========


ASACO PRIVATE: ICRA Cuts Rating on INR155MM Fund Based Limits
-------------------------------------------------------------
ICRA has downgraded the long term rating to the INR155 million
fund based limits of Asaco Private Limited from LBB- to LB+.  ICRA
has retained the A4 rating assigned to the INR175 million short
term non fund based limits of APL.

The rating downgrade factors in the past delays in debt servicing
following delays in payments by key customers which has resulted
in a stretched liquidity position for APL.  The rating also takes
into account small size of operations of the company, which
results in limited bargaining power vis-a-vis suppliers and
customers and lower economies of scale which in turn have resulted
in lower net margins in the past.  The rating is also constrained
by the weak financial profile of the company in the
past indicated by high gearing levels, moderate debt coverage
indicators and negative cash flows (adjusted for working capital).
However the rating derives some comfort from APL's long and
established position with reputed defence organizations, promoters
experience in running this business and good relationships with
the clients.

                         About Asaco Private

Asaco Private Limited was founded in 1969 by Mr. K. Mohandas
(presently MD) to supply parts to the Indian Metal Forming and
Cable Industries.  Later on with their technical collaboration
with European Companies the company is now manufacturing Cable
Extrusion Lines & Optical Fibre Cable Equipment, Tension Levelling
Lines and allied equipment, Diamond dies and tools for wire &
cable industry.  The company is a closely held by promoters and
his family members having manufacturing facilities located in
Hyderabad where manufacturing of engineering machineries takes
place.

In FY 2009, the company earned a Profit after Tax (PAT) of
INR7.95 million on an operating income of INR300.86 million as
compared to a PAT of INR4.76 million on an operating income of
INR291.61 million in FY 2008.


ASVINI FISHERIES: ICRA Assigns 'LBB-' Rating on INR150MM LT Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR150.0 million long term
Non fund based facility of Asvini Fisheries Private Limited.  The
outlook on the long term rating is stable. ICRA has also assigned
A4 rating to the INR155.0 million short term fund based facility
and INR7.5 million short term non fund based facility of AFPL.

The ratings reflect moderate scale of operations of the company
with marginal product differentiation, highly fragmented nature of
the industry, low entry barriers in the business, intense
competition in the export market from other competing countries,
threat from cheaper varieties of shrimps & seafood and
vulnerability to the outbreak of any disease. Further, the rating
also factors in the high client concentration risk, clustered
geographical base, susceptibility of margins to volatility in
foreign currency exchange rates, and weak financial profile
characterized by net loss in FY09 coupled with low coverage
indicators. Nevertheless, the ratings also takes into account the
significant experience of promoters in the sea food export
business and comfortable gearing position as on March 31, 2009.

                       About Asvini Fisheries

Asvini Fisheries Private Limited was incorporated in 1986 and the
company is closely held by the promoters and their family.  AFPL
primarily deals in processing and exports of shrimps.  The company
has state of art facility at Bhimavaram (AndhraPradesh) and
Tuticorin (TamilNadu) with processing facilities of 32 MT per day
and 24 MT per day, respectively.  AFPL has total storage
capacity of 770 MT. The company manufactures different varieties
of shrimps like Head On, Head Less, Peeled & De-veined, Tail On,
Tail Off, Butterfly and Pulled Vein. AFPL has also started
processing shrimps with different flavors like ginger, garlic &
lemon and these products will be marketed in the next fiscal.

The company has recorded a net loss of INR21.2 million on an
operating Income of INR627.8 million for the period ended
March 31, 2009.


ARSH DAIRYMAX: CARE Places 'CARE BB' Rating on INR23.75cr LT Loans
------------------------------------------------------------------
CARE Assigns 'CARE BB-' and 'PR4' ratings to the bank facilities
of Arsh Dairymax Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)          Ratings
   ----------                  -----------          -------
   Long-term Bank Facilities      23.75             'CARE BB-'
   Short-term Bank Facilities      1.00             'PR4'

Rating Rationale

The ratings are constrained by Arsh Dairymax Pvt. Ltd.'s short
track record of operations, small procurement base, weak financial
risk profile characterized by stressed liquidity position, high
overall gearing and low equity base.  The ratings are further
constrained by its weak competitive position as compared to other
established players mainly dairy cooperatives.  The ratings,
however, factor in promoters' experience in dairy industry, though
at a small scale, and its eligibility for various incentives from
central and state government.  The ability of the company to
improve its operating performance including scale of operations
and its procurement base along with improvement in its financial
risk profile are key rating sensitivities.

Incorporated in 2008, ADPL was promoted by Shri Anil Kumar Goel,
Shri Om Prakash Gupta, Shri Rajesh Bansal and Shri Anil Bansal to
set up a milk processing plant of 5,00,000 litres per day at
Sikar, Rajasthan.  The rationale for setting up the unit was to
take advantage of various incentives from central and state
government, growing demand for dairy products and deficit milk
processing capacity in the state of Rajasthan. ADPL's plant was
commissioned in Aug.2009 at a cost of INR22.68 with term loan of
INR12.46 crore and equity of INR10.22 crore.

ADPL is engaged in manufacturing of dairy products like ghee,
butter, milk powder and processed milk.  Milk is purchased from
local private chilling centres and finished products are sold to
institutional buyers and retail dairy parlors.  The commencement
of operations of ADPL (in Aug. 2009) coincided with the peak
season and hence it got job work from Rajasthan Cooperative Dairy
Federation (RCDF) with the later having deficit processing
capacity during peak season.


BHAVNA PROPERTY: ICRA Assigns 'LBB+' Rating on INR70MM Bank Limits
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR70.0 million fund
based bank limits and INR30.0 million non-fund based limits of
Bhavna Property Developers Limited.  The rating is constrained by
BPDL's small scale of operations, low operating profit margins and
high geographic, client and project concentration risks in the
company's order book.  The rating however, favorably factors in
BPDL's experienced management team and established relationships
with its key clients in Gujarat government departments for whom
BDPL has executed numerous repeat orders.

Incorporated in 1995, Bhavna Property Developers Limited executes
civil construction contracts largely for the departments of
Government of Gujarat.  The promoter-directors, Mr. Karsanbhai
Prajapati and his brothers have over three decades of experience
in the civil construction industry in Gujarat.  BDPL obtained AA-
class registration with the Government of Gujarat Roads &
Buildings (R&B) department in 1997, and over the years has
executed a number of projects for various Gujarat government
departments, particularly the R&B department and Gujarat State
Police Housing Corporation Limited.


JAIPURIA INFRASTRUCTURE: ICRA Rates INR520MM LT Loan at 'LB-'
-------------------------------------------------------------
ICRA has assigned an 'LB-'rating to the INR520 million, long-term
loan facilities of Jaipuria Infrastructure Developers Private
Limited.  ICRA's rating factors in the poor mall occupancy levels;
poor retail area off-take; substantial inventory and debtor build-
up on account of ongoing sluggishness in the real estate market.
The company has been successful in offloading more than 96% of the
residential area but its project surplus margins have been
inadequate as compared to its high financial costs.  Moreover, the
ongoing sluggishness in the real estate market has affected the
sales and lease progress of the mall and poor occupancy has
in turn led to non-payment of lease rentals by the remaining
tenants.  All of these factors have resulted in inadequate cash
generation from operations and, therefore, the company had to
resort to debt restructuring for its term loans.  The company now
makes its interest payments after a delay of a few weeks. On the
positive side, the project construction is completed, thereby
lowering execution risks.

Jaipuria Infrastructure Developers Pvt Limited operates as  a real
estate company under the Jaipuria Group.  The company was promoted
by the SK Jaipuria Group (of Jaipuria family) in 2004 to develop,
construct and sell a residential apartment-cum-commercial space
project (spread over 13.5 acres) under  the name of "Sunrise
Greens"  located at  Indirapuram, Ghaziabad and also develop and
operate (as well as sell) a mall under the name of "Sunrise Plaza"
adjacent to its residential project in Indirapuram, Ghaziabad.
The construction of both the projects is completed and the mall of
the company has commenced operations.


KADALKANNY FROZEN: ICRA Withdraws 'LBB' Rating
----------------------------------------------
ICRA has withdrawn the 'LBB' rating of Kadalkanny Frozen Foods and
reaffirmed the A4 rating to the INR135.0 million short term fund
based facilities and INR90.0 million short term non fund based
limits of Kadalkanny Frozen Foods.

The reaffirmed rating continues to factor in the high geographic
concentration risk, risks arising from exposure to volatility in
raw material prices and foreign exchange rate and the weak
financial profile of the company characterized by low profit
margins/ accruals and high gearing.  The partnership nature of
the business and the regular withdrawal of profits by the
promoters further restrict the financial flexibility of the
company.  The partners have withdrawn significant capital from the
company in the recent past which has deteriorated the equity base
leading to high gearing levels (Total Debt/ Tangible Net Worth  of
2.9 times as on March 31, 2009).  The rating also takes into
account the intense competition in the sea foods exports industry
which coupled with marginal product differentiation, greatly
restricts KFF's pricing flexibility.  The rating, however,
recognizes the industry experience of the promoters of KFF and its
established position in the sea foods business.

                      About Kadalkanny Frozen

KFF is closely held by the promoters of the Tuticorin-based
Diamond Sea Food group, which was founded in 1976 by Mr. Devanesam
and is presently managed by his five sons.  The DSF group is
primarily engaged in the processing and export of sea foods
(mainly shrimp, cuttlefish and squid) through three other group
entities besides KFF ? Diamond Sea Food Exports, Theva & Co. and
Edhayam Frozen Foods Private Limited.  The group has a limited
presence in other segments of the sea foods value chain (feed
sales, hatching and aquaculture) through Theva Erudhayam Aqua
Farms, King Ice Plant and Edhayam & Co.  The group has recently
also set up a shopping mall-cum-hotel venture in Tuticorin under
DSF Grand Plazas Private Limited.  KFF exports shrimps (under the
brands Kanni, Arokia and Sun) to Japan and has a shrimp processing
facility at Tuticorin with an installed capacity of around 330
tonnes per month.


MAHAVIR SHIP: ICRA Assigns 'LBB-' Rating on INR98 Million LT Loans
------------------------------------------------------------------
ICRA has assigned LBB- rating to the INR 98.0 million long-term,
fund-based credit facilities of M/s. Mahavir Ship Breakers.  The
outlook for the long term rating is stable.  ICRA has also
assigned A4 rating to the INR 120.0 million short-term, non-
fund based credit facilities of MSB.

The assigned ratings are constrained by MSB's modest scale of
operations, weak financial profile with low profitability,
negative net worth due to significant losses in FY09 and price
risks inherent in the business given the substantial lead time
between purchase of ship and sale of scrap.  The firm also remains
exposed to various environmental and regulatory risks due to the
nature of business and any delay in obtaining the requisite
approvals can result in high working capital requirement for the
firm.  Moreover, the profit margins of firm remain vulnerable to
fluctuations in foreign exchange rates.  However, the assigned
ratings derive comfort from MSB's established presence in the ship
breaking business, long standing experience of the promoters, its
diversified client base and a favorable outlook for ship breaking
industry in the near term.

                         About Mahavir Ship

M/s. Mahavir Ship Breakers is a partnership firm promoted by
Mr. Mukesh Jain to venture into ship breaking business in 1983.
The Jain family has been in steel business since last two
generations.  MSB is one of the oldest ship breaking firms at
Alang and has been allotted Plot no. 18 by the Gujarat Maritime
Board (GMB) for this purpose.  The firm is dealing only in Ship
Breaking activity and does not have any associate concern.

The firm has reported an operating income of INR158.9 million and
a net loss after tax of INR94.4 million for the financial year
ending March 2009. Moreover, according to provisional financials,
the company is expected to report an operating income of
INR152.6 million and a net profit after tax of INR4.4 million for
the nine months ending December 31, 2009.


MOHAN SPINTEX: ICRA Reffirms 'LBB+' Rating on INR342.4MM LT Loans
-----------------------------------------------------------------
ICRA has reaffirmed an 'LBB+' rating to the INR342.4 million long
term loans and INR153.0 million fund based limits of Mohan Spintex
India Limited.  The long term rating has been assigned a stable
outlook. ICRA has also reaffirmed an A4+ rating to the
INR17.0 million non fund based limits of MSIL.

The ratings draw comfort from the favorable location of MSIL's
spinning plant in a major cotton growing belt of Andhra Pradesh,
relatively low capital cost of plant, involvement of promoters in
day to day operations of the company and support rendered by the
promoters in the form of equity infusion and interest free
unsecured loan.  The assigned ratings are however constrained by
MSIL's small scale of operation, its stretched capital structure
and weak coverage indicators.  ICRA also notes that company is
undertaking fairly large size debt funded capacity expansion in
the near future which is likely to further deteriorate its already
stretched capital structure.

Incorporated in 2005, MSIL is 100% cotton spinning mill located in
Krishna District, near Vijayawada, Andhra Pradesh, an area which
is the major cotton producing belt of the state.  Mr. V. Mohan
Rao, the company's Chairman is a first generation businessman
trading in cigars and fertilizers for over 50 years.  The
promoters set up their spinning mill aided by the subsidy
available under Technology Upgradation Fund Scheme (TUFS) and
other benefits like subsidized power that state of Andhra Pradesh
offered. Starting with an installed capacity of 7,200 spindles in
October 2006, MSIL has increased it to the planned 30,000 spindles
in April 2008 and it is further expanding its capacity to 71,760
spindles by FY12.

Recent Results

As per provisional FY10 results, MSIL has reported a net profit of
INR51.0 million on an operating income of INR516.3 million.


NATIONAL STEEL: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
---------------------------------------------------------------
CARE has assigned the 'CARE BB+' rating to the long-term bank
loans/facilities and 'PR 4' rating to the short-term bank
loans/facilities of National Steel and Agro Industries Limited.

Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations and
carry high credit risk.  This rating is applicable for facilities
having tenure of more than one year.  Facilities with 'PR 4'
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.  This rating is applicable
for facilities having tenure up to one year.

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
   Facilities                  (INR crore)       Ratings
   ----------                  -----------       -------
   Outstanding term loan         105.72          CARE BB+
   as on Dec.31, 2009

   Sanctioned Fund based         130.00          CARE BB+
   working capital limits

   Sanctioned non fund based     725.00          PR4
   working capital limits

Rating Rationale

The ratings are constrained by fluctuations in raw material prices
which can potentially affect the profitability on account of lack
of backward integration, high overall gearing, working capital
intensive operations, location disadvantage and inherent risk
associated with cyclical nature of the steel industry. Further,
sharp movement in the raw material prices and foreign exchange
fluctuation had resulted in to cash loss during FY09.
Nevertheless, ratings consider NSAIL's established presence as
part of the Ruchi group and established position in the Central
India with good brand name.  Ratings also consider improvement in
the financial risk profile during 9MFY10.

Improvement in the financial risk profile, ability to pass on raw
material prices and managing working capital are key rating
sensitivities.

                        About National Steel

NAIL belongs to Ruchi Group and engaged in the manufacturing of
cold rolled sheets, galvanized sheets and color coated sheets.

During FY09, NSAIL reported operating income of INR2123 crore and
net loss of INR89 crore against operating income of INR2156 crore
and net profit of INR28 crore during FY08.  During 9M Y10, NSAIL
reported operating income of INR1589 crore and PAT of INR8 crore.


NSIL EXPORTS: CARE Assigns 'CARE BB+' Rating on LT Bank Facilities
------------------------------------------------------------------
CARE has assigned the 'CARE BB+' rating to the long-term bank
loans/facilities and 'PR 4' rating to the short-term bank
loans/facilities of NSIL Exports Limited.  Facilities with 'Double
B' rating are considered to offer inadequate safety for timely
servicing of debt obligations and carry high credit risk.  This
rating is applicable for facilities having tenure of more than one
year. Facilities with 'PR 4' rating would have inadequate capacity
for timely payment of short-term debt obligations and carry very
high credit risk.  Such facilities are susceptible to default.
This rating is applicable for facilities having tenure up to one
year.  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
   Facilities                  (INR crore)       Ratings
   ----------                  -----------       -------
   Sanctioned Fund based         30.00           CARE BB+
   working capital limits

   Sanctioned non fund based     64.65           PR4
   working capital limits

Rating Rationale

The ratings are constrained by low profit margins & inherent risk
associated with the trading activity, presence of group companies
in the similar line of business, customer concentration risk and
working capital intensive operations.  Nevertheless, ratings
continue to consider long standing track record of Ruchi group in
the trading activity and flexibility in the product mix.
Managing working capital and inherent risk associated with trading
activity are key rating sensitivities.

NEL belongs to Ruchi Group and engaged in the trading of steel
and agro products.  During FY09, NEL reported operating income of
INR255.77 crore and PAT of INR3.83 crore against operating income
of INR308.73 crore and PAT of INR5.07 crore.


OSNAR CHEMICAL: ICRA Assigns 'LBB' Rating on Various Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the Term Loans, Fund Based
facilities and Non-Fund Based facilities of Osnar Chemical Private
Limited aggregating to INR5.0 million, INR40.0 million and
INR12.5 million, respectively.  The rating carries a stable
outlook.  ICRA has also assigned an 'A4' rating to the Non-Fund
Based limits of OCPL aggregating to INR40.0 million.

The ratings are constrained by the modest size of operations of
the company, exposure of profitability to adverse movement of
polymer prices since the contracts with customers are "fixed-
price" in nature, absence of any hedging policy for imports of raw
materials (polymer) and exposure to delays in the road projects
due to reasons that may be beyond the scope of the company. The
financial profile of the company is also moderately high with
gearing at 1.40 times as on March 31, 2010, moderate debt
coverage indicators and high working capital intensity in the
business due to high debtor days.  The ratings are however
supported by the long track record of the company of about four
decades in supply of modified bituminous products, reputed and
well-diversified customer profile, strong market position in the
business segment, healthy order book at INR 260 million (1.3 times
the revenues of FY 2010) and healthy demand outlook on account of
government impetus on road construction activities.

Osnar Chemical Private Limited was incorporated in the year 1972
with its headquarters in Mumbai.  The company was promoted by
Osnar Paints & Chemicals Pvt. Ltd. with the objective of
venturing into the manufacturing sector.  OCPL was initially
involved in waterproofing activities but has shifted its focus
towards the road sector since 1994.  CPL is at present largely
involved in manufacturing of numerous bituminous products such as
modified bitumen, industrial bitumen, bitumen solutions, glass
grid, paving mats, emulsions etc. that are mainly used for road
construction.  The company installed its Polymer Modified Bitumen
(PMB) plant in 1994 with technical know-how from Central Road
Research Institute (CRRI).  The company sells PMB products under
the brand name "Polybit."

In FY 2010, the company reported Profit After Tax (PAT) of
INR7.3 million on an operating income of INR196.0 million
(unaudited).


PRINCE GEM: ICRA Reaffirms 'LBB+' Rating on INR32.5MM Term Loans
----------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating outstanding against the
INR32.5 million term loans and the INR450.0 million fund based
limits of Prince Gem and Jewelry Private Limited.  The outlook on
the rating is stable.  ICRA has also reaffirmed the A4+ rating
outstanding against the INR200.0 million non-fund based limits of
Prince Gem and Jewelry.

The rating reaffirmations recognise the significant experience of
Prince Gem and Jewelry's promoters in the jewellery business and
the Company's brand presence in the Chennai market.  Prince Gem
and Jewelry's financial profile is characterized by modest margins
and accruals, and relatively high gearing (driven by high working
capital requirements).  Furthermore, the Company envisages
expansion of its retail network over the short term, which is
expected to significantly weaken the capital structure driven
by the associated debt-funded capital expenditure and working
capital requirements.  The ratings also factor in the intense
competitive pressures in the highly fragmented jewellery retail
industry and the inherent susceptibility to gold price
fluctuations, restricting pricing flexibility of players in this
business. The Company proposes to open a new showroom in Ernakulum
to widen its geographic base.  However, ICRA is of the view that
the ability of the company to successfully establish its presence
would remain critical for improving the credit metrics of the
company which are expected to be stressed by the initial
investment and promotional expenditure.

                           About Prince Gem

Promoted by Mr. Princeson Jose as a proprietary concern in 1983
and incorporated as a private limited company in 2006, Prince Gem
and Jewelry is engaged in the manufacture and retail  sale of
jewellery in the domestic market.  Gold jewellery contributes to
the bulk of the Company's revenues (over 75% in 2008-09), with
diamond, platinum and silver jewellery accounting for the rest.
Prince Gem and Jewelry has five showrooms with a combined retail
space of 20,250 sq. ft. across prime locations in Chennai (Tamil
Nadu), Bangalore and Thiruvananthapuram.  The Company also
proposes to open a new showroom at Ernakulam (Kerala) in 2010-11,
subsequent to which the total retail space of the Company is
expected to increase to around 32,650 sq. ft.

Prince Gem and Jewelry reported a profit after tax INR59.7 million
on an operating income of INR2.8 billion in 2008-09, as against a
PAT of INR 45.9 million on an operating income of INR 1.7 billion
in 2007-08.

Recent results (Unaudited)

The company clocked an operating income of INR2.4 billion for the
nine months ended December 31, 2009. During the same period, the
Company reported a Profit Before Tax (PBT) of INR76.1 million.


SWADESHI AAHAR: ICRA Assigns 'LBB' Rating on Various Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR68.00 million fund based
limits and INR16.00 million term loan of Swadeshi Aahar Private
Limited.  The assigned rating carries a stable outlook.

The rating takes into account the company's long track record in
the flour milling business, its experienced management, well
established distribution network and its diversified customer
profile.  The rating is however constrained by the highly
competitive and fragmented nature of the flour milling industry,
the low profitability of the company and high working capital
intensive nature of the business.

Swadeshi Aahar Pvt Ltd. is a private limited company engaged in
the production and sale of food products ? atta, maida, suji, bran
& refraction.  It was incorporated in 2002 in Varanasi as a joint
venture between Mr. Pawan Kumar Tulsyan and Mr Bhola Ram Agrawal.
The original promoter later divested their stake in favor of Mr
Vijay Gupta, promoter of Simran Foods Ltd, which is also in the
flour milling business, in 2008.  The company has its production
unit based out of Varanasi, Uttar Pradesh.


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


BERAU COAL: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating to PT Berau Coal.  At the same time,
Moody's has assigned a provisional (P)B2 senior secured bond
rating to the proposed senior secured notes issued by Berau
Capital Resources Pte Ltd, which is wholly owned by PT Berau Coal
Energy.  The outlook on both ratings is stable.

BCE is a 90% shareholder of Berau.  The bonds are guaranteed by
BCE and its subsidiaries, which includes Berau.  BCE intends to
raise a USD bond offering and a bank loan facility, to partially
refinance the bridge loans for the acquisition of Berau by
Recapital Advisors.

The provisional status of the ratings will be removed upon
completion of the bond issuance and bank loan.  If the debt
financing plan fails to go ahead, the ratings will be under
pressure in view of Berau's refinancing risk and weak liquidity
profile.

"Berau's B2 ratings reflect its status as one of the world's
lowest-cost producers and exporters of coal, and the quality of
its customer base, comprising large utilities with excellent
payment records," says Laura Acres, a Moody's Vice President and
Senior Credit Officer.

"Its coal mines also have a long concession life and well
established operations, with a track record of consistent
production growth," adds Acres.

"Among the key challenges Berau faces are its exposure to
commodity cycles for both coal sales and fuel procurement, leading
to earnings and cash flow volatility, although this can be
partially mitigated by a policy of locking sales prices in up to
one year in advance."

"The rating also recognizes the company's lack of diversification,
given its single concession and product, as well as the high level
of concentration risk, given that its top ten customers account
for approximately 83% of revenues," says Acres, also Moody's Lead
Analyst for the company.

Moody's is also concerned over the high level of acquisition debt
across the extended group, which relies primarily on cash flows
from Berau to service its debt.  This is exacerbated by the near
term liquidity risk due to US$580 million of vendor notes,
incurred as part of the acquisition, which are due in December
2010.

Moody's has therefore included such debt in computing the adjusted
ratios for Berau, resulting in an expected, adjusted debt/EBITDA
of 5.0x in FY2010, compared to 2.4x if only guaranteed debt is
included.  As such, the company's strong pre-acquisition credit
metrics have been weakened considerably by the debt adjustment,
such that its adjusted leverage will be more line with that of its
B-rated coal mining peers.

"We're also concerned about the risk appetite of the new
shareholders, as well as the lack of clarity regarding long-term
strategy for Berau, given Recapital's role as a financial
investor," Acres adds.

The stable outlook reflects the expectations that Berau will
implement its business plan and maintain its competitiveness in
the near to medium term.

Upward rating pressure could emerge if Berau expands its
production capacity, such that a sustainable improvement in the
underlying business model (driven by improved operating
performance from increased production) develops.

Credit metrics that will support an upgrade include adjusted
consolidated debt/EBITDA lower than 4.0x and adjusted consolidated
EBIT/Interest expense higher than 2.5x.  In particular, Moody's
would also like to see some clarity with regard to the repayment
of the US$580 million vendor notes that are due to expire in
December 2010.

Downward pressure on the rating could emerge if industry
fundamentals deteriorate, leading to a decline in free cash flow
that could constrain Berau's ability to fund scheduled debt
payments at the holding company level.

Indicators Moody's would consider include adjusted consolidated
debt/EBITDA rising above 6.0x or adjusted consolidated
EBIT/interest expense falling below 1.5x.

Other negative rating trends include 1) a lack of resolution with
regard to the maturity and payment of the vendor notes; 2) event
risk as a result of any adverse decision regarding the off-setting
of VAT payments; and 3) any change in laws and regulations,
particularly on the mining concessions, that would affect the
business.

Moody's had previously rated Berau at B1 until 9th February, 2010,
when the rating was withdrawn for business reasons.

Berau is Indonesia's fifth-largest producer and exporter of
thermal coal.  It operates three active mines at a single site in
East Kalimantan.  It has estimated resources of approximately
1.4 billion tons, with probable and proven reserves estimated at
346 million tons.


BERAU COAL: S&P Assigns 'B+' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to Indonesia-based coal
mining company PT Berau Coal Energy.  The outlook is stable.  At
the same time, S&P assigned its 'B+' issue rating to the proposed
senior secured notes to be issued by Berau Capital Resources Pte.
Ltd., a wholly owned subsidiary of Berau Energy, and guaranteed by
Berau Energy and PT Berau Coal.  Berau Energy holds a 90% stake in
Berau.  The rating on the notes is subject to S&P's review of the
final issuance documentation.

"The ratings on Berau Energy reflect the company's highly
leveraged financial risk profile, its exposure to Indonesia's
evolving regulatory framework and coal price volatility, and
mineral concentration risk," said Standard & Poor's credit analyst
Manuel Guerena.  "These weaknesses are tempered by the company's
low cost profile, high contracted coal sales, established
relationships with clients, and consistent production growth."

In addition to the proposed notes, Berau Energy is in the process
of procuring a bank loan.  The company expects to raise funds from
both the proposed notes issuance and the bank loan.  Following
this, S&P anticipate Berau Energy's adjusted debt-to-EBITDA ratio
to be about 5.0x for the year ending Dec. 31, 2010.

The rating on the proposed notes reflects the irrevocable and
unconditional guarantee by Berau Energy and Berau.  The proposed
notes rank pari passu with other debt, which primarily comprises a
proposed bank loan.  Gross proceeds from the notes will be mainly
used to refinance debt.

In S&P's view, Berau Energy's liquidity is weak.  As at March 31,
2010, the company had unrestricted cash and equivalents of
US$214.8 million, and additional restricted cash of
US$75.0 million.  S&P expects the company to generate funds from
operations of about US$100 million for the year ending Dec. 31,
2010, which is insufficient to cover the debt maturity of
US$600 million at a downstream subsidiary and the intermediate
parent.

Berau Energy is dependent on the proposed bank loan and the
proposed bond issuance to meet its immediate debt and extend its
debt repayment schedule.

The stable outlook reflects S&P's expectation that Berau Energy's
cash flow will be supported by the favorable outlook for coal
prices in the next 12-18 months, and the company's ongoing efforts
to increase coal production and maintain its margins.  S&P also
expect the company to successfully refinance its near-term debt
maturities.


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


JAPAN AIRLINES: Seeks 3,300 More Early Retirement Applicants
------------------------------------------------------------
Japan Airlines Corp. is seeking applications from around 3,300
more group employees to take early retirement during the current
fiscal year through next March, Kyodo News reports citing sources
familiar with the matter.

According to the report, sources said JAL is expected to start
soliciting the bulk of the additional early retirement
applications in autumn or later.

As of early this month, around 4,000 employees had applied for
early retirement and the company has determined that the
additional number is necessary to reach its payroll reduction
target for the current business year, sources told Kyodo News.

Kyodo News relates that the move is part of the company's program
to eliminate about 16,000 jobs in fiscal 2010 amid efforts to turn
itself around after filing for bankruptcy protection in January.

                       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)


JLOC 36: S&P Puts Note Ratings on CreditWatch Negative
------------------------------------------------------
In Standard & Poor's Ratings Services' media release published on
June 21, 2010, the number of loans was misstated in one instance.
A corrected version is:

S&P placed its ratings on JLOC 36 LLC's floating-rate secured
notes, classes C1 and C2, on CreditWatch with negative
implications.  At the same time, Standard & Poor's affirmed its
ratings on the class A1 through B, D, and X secured notes issued
under the same transaction.

Of the 34 loans that initially backed the transaction, six loans
(originally representing a combined 22.6% or so of the total
initial issuance amount of the notes) have defaulted so far.  With
regard to two of the six defaulted loans (two loans originally
representing a combined 2.9% or so of the total initial issuance
amount of the notes), the related collateral properties have been
sold, and the full amounts of the loans (rated portions) have been
recovered.  Meanwhile, the servicer is proceeding with the
liquidation of the properties backing the remaining four defaulted
loans (originally representing a combined 19.7% or so of the total
initial issuance amount of the notes).  There remain 25 loans
including these four defaulted loans.

S&P placed the ratings on classes C1 and C2 on CreditWatch with
negative implications because: (1) S&P is of the opinion that
there appears to be uncertainty over the recovery prospects of the
properties backing the transaction's 14 remaining loans that are
due to mature by the end of 2011 (14 loans originally representing
a combined 61.1% or so of the total initial issuance amount of the
notes); and (2) S&P believes that uncertainty is clouding the
recovery prospects of the properties backing five of the
transaction's seven remaining loans that are due to mature after
2011 (five loans originally representing a combined 9.5% or so of
the total initial issuance amount of the notes) given the types
and locations of the properties.

S&P intends to review its ratings on the classes that S&P placed
on CreditWatch with negative implications after assessing a number
of factors, including the likely recovery amount from the
properties backing the aforementioned 14 loans maturing by the end
of 2011 and those backing the aforementioned five loans maturing
after 2011.  In addition, S&P will monitor the progress of
collections from the four loans that have defaulted and whose
collateral properties have yet to be sold.  It is highly possible
that the recovery amount from the sales of the collateral
properties backing some of the four loans may be less than the
loan amounts (rated portions), which would very likely affect
payments on the most subordinate class D notes.

JLOC 36 is a multi-borrower CMBS transaction.  The notes were
originally secured by 34 nonrecourse loans, which were originally
backed by 99 real estate properties.  The transaction was arranged
by Morgan Stanley Japan Securities Co. Ltd., and Premier Asset
Management & Loan Services Corp. is the transaction servicer.  The
ratings address the full and timely payment of interest and the
ultimate repayment of principal by the transaction's legal final
maturity date in February 2016 for the class A1 to A3 notes, the
full payment of interest and ultimate repayment of principal by
the legal final maturity date for the class B to D notes, and the
timely payment of available interest for the class X notes.

              Ratings Placed On Creditwatch Negative

                            JLOC 36 LLC

                  Secured notes due February 2016

Class          To               From          Initial Issue Amount
-----          --               ----          --------------------
C1             A-/Watch Neg     A-            JPY3.6 bil.
C2             A-/Watch Neg     A-            EUR24,250,000

                         Ratings Affirmed

Class        Rating      Initial Issue Amount
-----        ------      --------------------
A1           AAA         JPY29.05 bil.
A2           AAA         EUR65,300,000
A3           AAA         $8,000,000
B            AA          JPY6.8 bil.
D            CCC         JPY4.3 bil.
X (IO)       AAA         JPY59.1 bil. (initial notional principal)

                          * Interest-only

The issue date was May 2007.


JVC KENWOOD: Regulator Recommends JPY1.5BB Fine for JVC & Victor
----------------------------------------------------------------
The Securities and Exchange Surveillance Commission on Monday
recommended the Financial Services Agency impose about
JPY1.5 billion in fines on Victor Co. of Japan and its parent, JVC
Kenwood Holdings Inc., nikkei.com reports.  The securities
watchdog accused JVC of making false statements in securities
reports, nikkei.com says.

Nikkei.com reports that Victor Co. of Japan faces a fine of
JPY707.6 million while JVC Kenwood may be fined JPY839.13 million.

The total penalty would be the largest since a record fine of
about JPY1.6 billion was imposed on industrial equipment maker IHI
Corp. in 2008, the report notes.

JVC Kenwood Holdings, Inc. (TYO:6632)-- http://www.jk-
holdings.com/ --  is a Japan-based holding company.  JVC Kenwood
Holdings focuses on car and home electronics and wireless systems.
The Company has 134 subsidiaries and 11 associated companies.  JVC
Kenwood sells TVs via Victor Co. of Japan Ltd.

                           *     *     *

JVC Kenwood Holdings, Inc., posted three consecutive net losses of
JPY30.73 billion, JPY43.48 billion and JPY10.94 billion for the
fiscal years ended March 31, 2009, 2008 and 2007, respectively.


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


LCL CORP: CIMB Islamic Bank Serves Writ of Summons Over Debt
------------------------------------------------------------
LCL Corporation Bhd disclosed that CIMB Islamic Bank Berhad had
served a Writ of Summons against the company and Dato' Low Chin
Meng.  The Writ of Summons and Statement of Claim was served on
LCL Corp. and Dato' Low Chin Meng on June 17, 2010.

CIMB Islamic Bank is claiming for the sum of MYR54.44 million as
at May 18, 2010, in respect of the Term Financing-i Facility of
MYR64.35 million and in addition takzir at the rate of 1.00% per
annum shall continue to be levied cumulatively on installments
falling into arrears until November 30, 2011 (maturity date of
facility) and upon maturity of the facility, late payment charges
at the then prevailing Islamic Interbank Money Market rate on the
outstanding Purchase Price at the maturity date of the facility
until full settlement.

The filing of the Writ of Summons is a result of the default in
payment of the Banking Facilities granted to LCL.

The litigation will not have any operational impact on LCL Group
as LCL is an investment holding company and has no operations.
LCL will seek necessary legal advice from its solicitors with
regards to the claim.

                           About LCL Corp

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

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


LCL CORP: Court Enters Wind Up Order Against LCL Wood Industries
----------------------------------------------------------------
The High Court of Malaya at Johor Bahru has entered an order to
wind up LCL Wood Industries Sdn Bhd, a wholly owned subsidiary of
LCL Corporation Berhad, under the provisions of the Companies Act,
1965.

LCL Corp. said LCL Wood Industries was served a Notice of Demand
pursuant to Section 218 of the Companies Act, 1965 on October 28,
2009, demanding the outstanding payment of MYR16,481.50 by Messrs.
Ong Ban Chai & Co on behalf of Mirotone (Malaysia) Sdn Bhd.

A copy of the Petition dated November 19, 2009, was served on the
Company on March 1, 2010.

                           About LCL Corp

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

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


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


AIR NEW ZEALAND: Seeks Legal Costs From Former Flight Attendant
---------------------------------------------------------------
Air New Zealand is seeking legal costs from a former Chinese
flight attendant who lost a personal grievance case against it,
The New Zealand Herald reports.

The NZ Herald relates that Crystal Zeng lost her job with Air New
Zealand in 2007 and claimed in 2008 that Shanghai-based flight
attendants were paid less than a quarter of the wage earned by
their Kiwi counterparts and given only a third of their
allowances.

Ms. Zeng then made a personal grievance claim to the Employment
Relations Authority, which ruled on May 31 that Air NZ had no case
to answer, NZPA reports.  According to NZPA, the airline submitted
to the ERA that cabin staff were employed by Beijing Airline
Service Corporation and not Air NZ.

Air New Zealand wants Ms. Zeng to pay NZ$24,000 or 40 percent of
its legal fees in relation to the case, the NZ Herald says.  NZPA
relates that Rob Towner, counsel for the airline, said Ms. Zeng's
case to the ERA was "doomed to failure" because she raised her
grievance nearly 18 months after her employment was terminated and
that "her real objective was to return to work here."

According to NZPA, former immigration minister Tuariki Delamere,
who represented Ms. Zeng, said in reply to Air NZ's application
for costs that awarding the airline costs would be "unreasonable"
as it had a "lack of clean hands."  Mr. Delamere, as cited by
NZPA, said Air NZ broke immigration law by declaring to
Immigration New Zealand on visa applications that it employed Ms.
Zeng and 70 other Chinese cabin staff after the airline started
direct flights from Shanghai in 2006.

                       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.


AORANGI SECURITIES: Serious Fraud Office Begins Probe
-----------------------------------------------------
The Serious Fraud Office has visited the offices of Aorangi
Securities in Timaru in response to concerns raised by the
Registrar of Companies, an article posted at stuff.co.nz says.

According to the report, the SFO said the aim of the visit was
also to establish an immediate working relationship with the
statutory managers appointed to manage Aorangi's affairs, and
those of Allan Hubbard and his wife.

"The SFO commenced this inquiry only after careful consideration
of the information received from the Registrar of Companies," the
report quoted SFO chief executive Adam Feeley as saying.  The
report relates that Mr. Feeley said the SFO's investigation was an
immediate response to an earlier investigation by Companies Office
staff appointed under the Corporations (Investigation &
Management) Act and the Securities Act.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said that New Zealand appointed a
statutory manager for Aorangi Securities Ltd. and seven trusts,
which are associated with businessman Allan Hubbard, to protect
investors and prevent fraud.  Citing Commerce Minister Simon
Power's e-mailed statement, Bloomberg News related that Mr.
Hubbard and his wife are also subject to statutory management
because they are so closely connected with the businesses.
"The main objectives are to prevent fraud and reckless company
management, to protect investors and to enable the orderly
administration of a company's affairs," Bloomberg News quoted Mr.
Power as saying.

The seven charitable trusts included in the statutory management
are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and Wai-iti.
Trevor Thornton and Richard Simpson of Grant Thornton were
appointed as statutory managers, and were expected to be in touch
with investors soon, according to the New Zealand Herald.

Aorangi Securities was incorporated in 1974 and is solely
controlled by the Hubbards, who are both directors.


BRIDGECORP LTD: Receivers Lose Control of Momi Resort in Fiji
-------------------------------------------------------------
Receivers of Bridgecorp Ltd. are investigating what to do after
the Fijian military regime seized the failed Momi Bay resort
against its wishes, The New Zealand Herald reports.  The company
has a loan exposure of more than NZ$100 million on the Momi
Resort development in Fiji.

The report, citing a PricewaterhouseCoopers spokesman in Auckland,
relates that the action left the receivers consulting lawyers and
happened after the receivers tried to stop the action.

Colin McCloy and John Fisk at PwC were in charge of the resort but
now the military government has stepped in to stem huge
superannuation losses, the report says.

According to the NZ Herald, the Fiji Times reported on June 22,
2010, that the Momi Bay Development Decree became effective on
June 18.  That approved the move by the Fiji National Provident
Fund to get full control and continue the development, the
newspaper said.

The NZ Herald notes that the fund has a $60.7 million exposure to
Momi, the abandoned tropical resort where the vast 140ha first
stage involved 22km of roading.

PwC is now deciding what it can do to recover money from Fiji for
the 14,360 Bridgecorp investors, the NZ Herald says.

                       About Bridgecorp Ltd.

Bridgecorp Ltd. is a New Zealand-based property development and
finance company.  Bridgecorp was placed into receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


BRIDGECORP LTD: Two Directors Face New Charges Under Crimes Act
---------------------------------------------------------------
The New Zealand Press Association reports that Bridgecorp Director
Rod Petricevic and Chief Financial Officer Robert Roest were
committed to trial on fresh charges, six laid under the Crimes Act
and two under the Companies Act, when they appeared at a High
Court callover in Auckland on Wednesday, June 23.

NZPA says the Crimes Act charges allege false statements made to
induce investment in the company, and the Companies Act charges
allege false statements made to a trustee.

The charges are in addition to 10 charges they each face under the
Securities Act which had already been laid by the Securities
Commission, the report relates.

Three other Bridgecorp directors -- Gary Urwin, Bruce Davidson and
Peter Steigrad -- face the 10 charges under the Securities Act but
have not been charged under the Crimes Act or the Companies Act,
prosecutor Brian Dickey told NZPA.

NZPA notes that all of these charges are set to be heard by a
judge alone at a 12-week trial set to start on July 4 next year,
unless an application is made to hear them separately.

The Troubled Company Reporter-Asia Pacific, citing the National
Business Review, reported on May 20, 2010, that the Serious Fraud
Office said Mr. Petricevic is facing charges relating to the
fraudulent acquisition of a NZ$1.8 million luxury boat and another
matter.  The SFO said additional charges were also being brought
against Mr. Petricevic and Mr. Roest.  SFO director Adam Feeley
said the charges related to two set of circumstances and are the
final charges laid after an investigation.  The first charge
relates to an allegedly fraudulent acquisition of a luxury
boat, the Medici, purchased using Bridgecorp funds totaling
NZ$1.8 million and second one concerns allegedly dishonest
payments totalling NZ$1.2 million of Bridgecorp funds authorized
by Mr. Petricevic to a business entity called ABb.  The SFO had
also investigated a number of large commercial transactions
involving Bridgecorp and other companies where there were common
shareholders or other related interests.

                       About Bridgecorp Ltd.

Bridgecorp Ltd. is a New Zealand-based property development and
finance company.  Bridgecorp was placed into receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


DORCHESTER PACIFIC: Provides More Info Ahead of Vote on New Plan
----------------------------------------------------------------
The National Business Review reports that Dorchester Finance is
providing supplementary information to investors ahead of a vote
on a capital reconstruction plan at the request of the Securities
Commission.

According to NBR, the supplementary information included:

   -- a brief description of the capital reconstruction plan;

   -- a comparison of net present value of recoveries under
      the plan and under a receivership;

   -- information on future fund raising plans; and

   -- a summary of risks and comments on the whether Dorchester
      will be regarded as a non-bank deposit taker by the Reserve
      Bank of New Zealand.

Meanwhile, NZPA reports that Dorchester Finance has started a
series of presentations around New Zealand ahead of a vote on a
plan to end a moratorium.  The plan has already been mailed to
investors and the company faced investors at the first
presentation in Auckland on Monday, June 21, 2010, NZPA relates.

NZPA says presentations followed in Christchurch and Dunedin on
June 22, Wellington on June 23, Palmerston North and New Plymouth
on June 25 and Tauranga on June 26.  Chairman-designate Grant
Baker and Executive Director Paul Byrnes are fronting the
presentations.

Dorchester Finance debenture holders at a meeting in Auckland on
June 21 called for the rejection of the company's capital
repayment plan, saying it is time to "pack it in" and call in
receivers, BusinessDay.co.nz reports.  In December 2008,
Dorchester's investors voted in favor of a deferred repayment
plan.  They are now being asked to consider swapping outstanding
debenture stock for new securities under the company's proposed
the capital reconstruction plan.

                      About Dorchester Pacific

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

                           *     *     *

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

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

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


SOUTH CANTERBURY: S&P Downgrades Long-Term Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
New Zealand finance company South Canterbury Finance Ltd. to 'B-'
from 'B+'.  At the same time, the rating was removed from
CreditWatch Developing, where it was initially placed on May 28,
2010, and placed on CreditWatch Negative.  The short-term rating
is lowered to 'C' from 'B' and is also placed on CreditWatch
Negative.

"The downgrade reflects S&P's view that news surrounding SCF's key
shareholder will likely erode debenture investor confidence, which
is critical to SCF's ability to manage its liquidity and its
significant debenture reinvestment requirement.  S&P is also now
concerned that the company's recapitalization efforts could be
compromised or delayed," Standard & Poor's credit analyst Derryl
D'silva said.  In S&P's view, SCF's recent momentum of improvement
in its management of forward maturities and new debenture inflows
will materially weaken because of this announcement.
Additionally, SCF's cash balance has not increased as rapidly as
factored into the previous rating, and there is now greater
uncertainty around the support from SCF's key shareholder, Mr.
Hubbard.

SCF's steady new debenture inflows and its recent success in
building balance-sheet liquidity -- through managing forward
maturities for the July-to-October period -- support the 'B-'
rating.  "SCF's experience of managing forward maturities for the
months leading into October 2010 has improved from previous months
but will likely be more difficult to maintain from now on.  SCF's
ability to raise new debentures could also be at risk.  Supporting
the rating, however, is the New Zealand Treasury's announcement
that eligible SCF depositors remain covered under its guarantee,"
added Mr. D'silva.

The CreditWatch Negative listing by Standard & Poor's will be
reviewed over the next few weeks after some additional clarity is
gained around debenture investor reaction to recent shareholder
news.  The rating could be lowered to the 'CCC' category if
general debenture investor support were to materially weaken.
Specifically if:

The momentum of improvement in SCF's management of forward
maturities for coming months was not maintained.

SCF's ability to raise new debentures weakened materially from
recent experience.

The rating could also be lowered if:

* The likelihood of success in recapitalization efforts was
  materially delayed or compromised.

* Further new credit concerns emerged.

Even if SCF were able to address these negative rating pressures,
the rating -- after the CreditWatch is resolved -- would likely
remain at 'B-' with a negative outlook until SCF restored
stability to its financial profile and its underlying business
prospects became more evident.  Equally important to the rating is
evidence that SCF is able to build up its cash balance to
comfortably cover monthly debenture maturities and meet ongoing
working capital needs.


===========
T A I W A N
===========


AMERICAN INT'L: Deadline for Unit Sale to China Strategic Moved
---------------------------------------------------------------
American International Group Inc. and China Strategic Holdings
Ltd. have agreed to extend the deadline for the Hong Kong-based
company's purchase of AIG's Nan Shan Life Insurance Co. to mid-
October, as the deal is still pending regulatory approval in
Taiwan, Dow Jones Newswires reports.

China Strategic said in a statement on Monday that the deadline
for the Taiwan unit sale had been extended until October 12.

AIG agreed to sell Nan Shan to Primus Holdings Ltd., a
Hong Kong-based investment company, and China Strategic Holdings
Ltd. for US$2.15 billion in October 2009, as part of AIG's efforts
to repay bailout funds from the U.S. government.  The deal has
been hindered by political concerns in Taiwan that China Strategic
is backed by mainland Chinese money and has no experience running
a life insurer.

                          About AIG Inc.

Based in New York, American International Group, Inc., is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer.  In
addition, AIG companies provide life insurance and retirement
services around the world.  AIG common stock is listed on the New
York Stock Exchange, as well as the stock exchanges in Ireland and
Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  In September
2008, the Federal Reserve Bank created an $85 billion credit
facility to enable AIG to meet increased collateral obligations
consequent to the ratings downgrade, in exchange for the issuance
of a stock warrant to the Fed for 79.9% of the equity of AIG.  The
credit facility was eventually increased to as much as
$182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


                         *********

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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