TCRAP_Public/100628.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, June 28, 2010, Vol. 13, No. 125

                            Headlines



A U S T R A L I A

BEMAX RESOURCES: S&P Affirms Corporate Credit Rating at 'B-'
TIMBERCORP LTD: Ordinary Shares Worthless, Liquidator Says


H O N G  K O N G

ABAS BUSINESS: Creditors' First Meeting Set for July 2
ARTAKE DESIGN: Court to Hear Wind-Up Petition on August 11
BBJ ENVIRONMENTAL: Court Enters Wind-Up Order
CELLON HK: Creditors Get 100% Recovery on Claims
CHAMPION WELL: Middleton and Chan Appointed as Liquidators

CITYVISION LIMITED: Members' Final Meeting Set for July 26
COLORAMA PRODUCTS: Members and Creditors' Meetings Set for Aug. 6
CREATE WORLD: Creditors' Proofs of Debt Due July 10
EAST WAY: Court Enters Wind-Up Order
EATON ASIA: Ho and Kong Step Down as Liquidators

E. & J. GALLO: Members' Final Meeting Set for July 26
GLORY BEST: Court to Hear Wind-Up Petition on June 30
HAPPY CITY: Lui and Leung Appointed as Liquidators
HAPRO LIMITED: Members' Final Meeting Set for July 26
HK INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings

START II: Moody's Takes Rating Actions on Various Classes of Notes
START IV: Moody's Upgrades Rating on Class E Notes From Ba1


I N D I A

ABHIRAMA STEELS: CRISIL Places 'B+' Rating on INR95 Mil. LT Loan
AUTOCOMP CORP: ICRA Assigns 'LBB+' Rating on INR250MM LT Loan
BANK OF RAJASTHAN: To Seek RBI's Nod for ICICI Bank Merger
CHHATTISGARH STEEL: CRISIL Puts 'BB' Rating on INR30MM Term Loan
EDQUEST WELFARE: CRISIL Rates INR147.50 Million Term Loan at 'D'

KSHEERAABD CONSTRUCTIONS: CRISIL Rates INR30MM Cash Credit 'BB+'
PREMIER MILK: ICRA Places 'LBB' Rating on INR57 Mil. Cash Credit
PUNJAB BASMATI: ICRA Assigns 'LBB' Rating on INR190 Mil. LT Loans
RAJ RATAN: ICRA Assigns 'LBB-' Rating on INR137MM Fund-Based Loans
SANGHVI INNOVATIVE: ICRA Assigns 'LB' Rating on INR135.5MM Loans

SATYA PRAKASH: ICRA Places 'LBB+' Rating on INR45MM Bank Debts
SHIVALAY ISPAT: CRISIL Assigns 'B-' Rating on INR195.4MM Term Loan
SMV AGENCIES: ICRA Assigns 'LB-' Rating on Various Bank Facilities
SYNFAB SALES: ICRA Puts 'LBB' Rating on INR163 Million Bank Debts


I N D O N E S I A

BUMI RESOURCES: Shareholders Approve Share Sale Plan to Repay Debt


J A P A N

JPM-JC8 TRUST: Moody's Downgrades Ratings on Four Certificates


M A L A Y S I A

KENMARK INDUSTRIAL: Receives Letter of Demand for MYR50.98MM Debt
RAMUNIA HOLDINGS: Posts MYR16.41MM Net Income in April 30 Quarter
RHYTHM CONSOLIDATED: Application to Stay Winding-Up Order Allowed


P H I L I P P I N E S

LEGACY GROUP: PDIC Pays 87.27% of Validated Claims
PHILIPPINE BANK OF COMM: PDIC & Central Bank in Talks Over Sale


S I N G A P O R E

ARMADA (SINGAPORE): Creditors' Meeting Set for July 7
EGO'S KTV: Creditors' Proofs of Debt Due July 9
FORSYTH PARTNERS: Creditors' Proofs of Debt Due July 9
JURONG DATA: Creditors' Proofs of Debt Due July 9
OBC INTERNATIONAL: Creditors Get 100% Recovery on Claims

SINEXIMCO PTE: Creditors Get 100% and 1.5% Recovery on Claims
SINGWIN SERVICES: Court to Hear Wind-Up Petition on July 9
TAY LONG: Court to Hear Wind-Up Petition on July 9


T H A I L A N D

FORD MOTOR: Invests US$450 million in New Car Plant in Thailand
SIAM CITY BANK: Thanachart to Complete Acquisition Next Year




                         - - - - -


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


BEMAX RESOURCES: S&P Affirms Corporate Credit Rating at 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' corporate credit and debt ratings on Bemax Resources Ltd., an
Australian producer of mineral-sands products.  At the same time,
S&P revised the outlook on Bemax to stable from negative.  The
rating action follows the progression of the company's Snapper
mine development (commissioning targeted for the end of 2010) and
the commitment of funding for the project from its owner Cristal.

"Although Bemax has insufficient internally generated cash flow to
fund the Snapper development (due to weak earnings in 2009),
strong support from Cristal via various cash injections has been
received since mid-2009," Standard & Poor's credit analyst May
Zhong said.  "Importantly, Cristal has committed cash to assist
the funding of the remaining Snapper development in 2010.  Given
Bemax's strategic importance to Cristal's security of feedstock
supply, S&P believes Cristal will support Bemax's ongoing
operation and capital projects.  In the absence of Cristal's past
and ongoing support for Bemax's operations and the development of
the Snapper mine, the rating on Bemax could be significantly lower
than the existing 'B-' rating, given the company's weak earnings
and credit metrics in 2009."

Ms. Zhong added: "The commissioning of the Snapper mine, in S&P's
view, is key to Bemax's financial recovery and the company's long-
term viability.  The stable outlook is underpinned by S&P's
opinion of the advanced progress of the Snapper mine development
and Cristal's committed funding to complete this project.  The
stable outlook also reflects S&P's view of Bemax's strategic
importance to Cristal, and S&P's expectation that Cristal will
continue to help Bemax complete Snapper."

The rating on Bemax reflects S&P's view of the company's weak
earnings, highly leveraged credit metrics, lack of business and
asset diversity, and exposure to volatile commodity prices.
Partly offsetting these weaknesses is the company's ownership and
support by Cristal (an industry player); this factor mitigates
S&P's immediate liquidity concerns arising from Bemax's weak
earnings and the heavy capital expenditure required to complete
the company's Snapper expansion.  In S&P's opinion, Bemax also has
good-quality reserves with high mineral grades.  Cristal is a
Saudi Arabian company 66% owned by National Industrialization
Company (not rated) and 33% by Gulf Investment Corporation G.S.C.
(BB-/Stable/B).


TIMBERCORP LTD: Ordinary Shares Worthless, Liquidator Says
----------------------------------------------------------
Timbercorp Ltd liquidator said that stakeholders' ordinary shares
are valueless.

"I have reasonable grounds to believe that the following
shareholders (or class of shareholders) in the company will
receive any distribution for their shares," KordaMentha liquidator
Mark Korda said in a statement to the Australian Securities
Exchange.

Mr. Korda said "shareholders who acquired shareholders (or class
of shareholders) on or after September 20, 1985, could choose to
make a capital loss in the income year that includes June 24,
2010, as a result of CGT event G3 happening to their shares."

"A capital loss was not available to shares acquired under an
employee share scheme," he said.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp Ltd called in voluntary administrators
to the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

On June 29, 2009, the creditors voted unanimously to wind up
the 41 companies in the Timbercorp Group and put them into
liquidation.


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


ABAS BUSINESS: Creditors' First Meeting Set for July 2
------------------------------------------------------
Creditors of Abas Business Solutions (PRC) Limited, which is in
voluntary liquidation, will hold their first meeting on July 2,
2010, at 3:00 p.m., at Room 2301, 23/F., Ginza Square, 565-567
Nathan Road, Yaumatei, Kowloon, in Hong Kong.


ARTAKE DESIGN: Court to Hear Wind-Up Petition on August 11
----------------------------------------------------------
A petition to wind up the operations of Artake Design & Associates
Limited will be heard before the High Court of Hong Kong on
August 11, 2010, at 9:30 a.m.

The People's Insurance Company of China (Hong Kong) Limited filed
the petition against the company on June 3, 2010.

The Petitioner's solicitors are:

          Cheng, Yeung & Co
          22nd Floor, Ruttonjee House
          11 Duddell Street
          Central, Hong Kong


BBJ ENVIRONMENTAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on May 31, 2010, to
wind up the operations of BBJ Environmental Solutions Limited.

The company's liquidator is Mat Ng.


CELLON HK: Creditors Get 100% Recovery on Claims
------------------------------------------------
Cellon Hong Kong Limited, which is in liquidation, paid the first
and final dividend to its creditors on June 25, 2010.

The company paid 100% and 5.5% for preferential and unsecured
claims, respectively.

The company's liquidator is:

         Cosimo Borrelli
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


CHAMPION WELL: Middleton and Chan Appointed as Liquidators
----------------------------------------------------------
Lees John Robert and Ng Mat of John Less Associates on May 5,
2010, were appointed as liquidators of Champion Well International
Limited.

The liquidators may be reached at:

         Lees John Robert
         Ng Mat
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


CITYVISION LIMITED: Members' Final Meeting Set for July 26
----------------------------------------------------------
Members of Cityvision Limited, which is in members' voluntary
liquidation, will hold their final general meeting on July 26,
2010, at 10:00 a.m., at 43/F., The Lee Gardens, 33 Hysan Avenue,
Causeway Bay, in Hong Kong.

At the meeting, Lo Wa Kei Roy, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


COLORAMA PRODUCTS: Members and Creditors' Meetings Set for Aug. 6
-----------------------------------------------------------------
Members and creditors of Colorama Products Limited will hold
Separate meetings on August 6, 2010, at 10:00 a.m., and 10:15
a.m., respectively at the 12/F, Bel Trade Commercial Building, 1-3
Burrows Street, Wanchai, in Hong Kong.  The meetings will be the
final for the company's members and creditors.

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


CREATE WORLD: Creditors' Proofs of Debt Due July 10
---------------------------------------------------
Creditors of Create World International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 10, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Mr. Lo Yau Tak
         Unit 2103, 21/F., Office Tower
         Langham Place
         8 Argyle Street
         Mongkok, Kowloon
         Hong Kong


EAST WAY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 31, 2010, to
wind up the operations of East Way International Limited.

The company's liquidator is Mat Ng.


EATON ASIA: Ho and Kong Step Down as Liquidators
------------------------------------------------
Ho Man Kit Horace and Kong Sze Man stepped down as liquidators of
Eaton Asia Limited on May 27, 2010.


E. & J. GALLO: Members' Final Meeting Set for July 26
-----------------------------------------------------
Members of E. & J. Gallo Hong Kong Limited will hold their final
general meeting on July 26, 2010, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GLORY BEST: Court to Hear Wind-Up Petition on June 30
-----------------------------------------------------
A petition to wind up the operations of Glory Best Development
Limited will be heard before the High Court of Hong Kong on
June 30, 2010, at 9:30 a.m.

Big Data Wire Ropes & Machinery Parts Limited filed the petition
against the company on April 23, 2010.

The Petitioner's solicitors are:

          W.L. Yuen & Co
          Unit 1201, 12th Floor
          The Phoenix
          Nos. 21-25 Luard Road
          Wanchai, Hong Kong


HAPPY CITY: Lui and Leung Appointed as Liquidators
--------------------------------------------------
Lui Chi Kit and Leung Ka Man on March 25, 2010, were appointed as
liquidators of Happy City Limited.

The liquidators may be reached at:

         Lui Chi Kit
         Leung Ka Man
         Unit A, 14/F.
         JCG Building
         16 Mongkok Road
         Mongkok, Kowloon
         Hong Kong


HAPRO LIMITED: Members' Final Meeting Set for July 26
-----------------------------------------------------
Members of Hapro Limited will hold their final general meeting on
July 26, 2010, at 10:00 a.m., at the office of the Liquidator,
9/F., Surson Commercial Building, 140-142 Austin Road,
Tsimshatsui, in Kowloon.

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


HK INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on June 25, 2010, members
of HK International Intellectual Property Association Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Mr. Chu King Hei Victor
         Rooms 905-909, Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


START II: Moody's Takes Rating Actions on Various Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Start II CLO Limited, a synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans whose
obligors are primarily domiciled in Asia Pacific.  Standard
Chartered Bank is the sponsor of this transaction.

Issuer: Start II CLO Limited

  -- US$24,000,000 Class B Credit-Linked Floating Rate Notes due
     on 29 June 2012, Upgraded to Aa3; previously on May 8, 2009
     Downgraded to A2

  -- US$20,000,000 Class C Credit-Linked Floating Rate Notes due
     on 29 June 2012, Upgraded to A2; previously on May 8, 2009
     Downgraded to Baa1

  -- US$15,200,000 Class D Credit-Linked Floating Rate Notes due
     on 29 June 2012, Upgraded to Baa1; previously on May 8, 2009
     Downgraded to Baa3

  -- US$15,200,000 Class E Credit-Linked Floating Rate Notes due
     on 29 June 2012, Upgraded to Ba1; previously on May 8, 2009
     Downgraded to Ba2

The rating actions taken are the result of significant de-levering
of the transaction following the expiry of the replenishment
period and stable performance of the transaction.

As of April 30, 2010, the reference portfolio has amortized from
its initial size of US$1.6 billion to US$1.0 billion, or 62.75% of
the initial size.  Credit events had occurred on US$9.1 million
equivalent (or 0.57% of the initial portfolio size) of reference
obligations involving 2 obligors.

The credit quality of the performing pool of reference obligations
has slightly deteriorated, as evidenced by the increase in WARF
from 512 (April 2009) to 626 (April 2010).  Moody's notes that the
positive impact from the amortisation of the reference portfolio
more than offsets the credit deterioration.

The transaction has one year remaining to its scheduled maturity
date in June 2011 and two years remaining to its final maturity
date in June 2012.

To determine the rating levels, Moody's also considered various
recovery scenarios where recovery rates were haircut by 50% to
100%.  Market quotations will be obtained for defaulted
obligations in case the work-out process cannot complete prior to
the work-out cut-off date (60 days prior to the final maturity
date).  Given the short remaining time to final maturity, recovery
can be subject to the availability of quotes on the defaulted bank
loans.

For the majority of the underlying referenced assets, the
equivalent Moody's ratings used in our analysis are obtained
through a mapping process between the originator's internal rating
scale and Moody's public rating scale.  To compensate for the
absence of credit indicators such as ratings review and outlooks
in the mapped ratings, a half notch stress was applied to the
mapping scale.  Since the mapping had been updated back in 2007,
an additional stress as well as other sensitivity tests were
applied to capture potential deviations from the established
mapping.


START IV: Moody's Upgrades Rating on Class E Notes From Ba1
-----------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
co-issued by Start IV CLO Limited and Start IV CLO LLC, a
synthetic Balance Sheet CDO referencing a pool of bank originated
corporate loans whose obligors are primarily domiciled in Asia
Pacific.  Standard Chartered Bank is the sponsor of this
transaction.

Issuer: START IV CLO Limited

  -- US$26,250,000 Class C Credit-Linked Floating Rate Notes,
     Upgraded to Aa1; previously on Jun 27, 2007 Definitive Rating
     Assigned A1

  -- US$26,250,000 Class D Credit-Linked Floating Rate Notes,
     Upgraded to A1; previously on Jun 27, 2007 Definitive Rating
     Assigned Baa1

  -- US$22,500,000 Class E Credit-Linked Floating Rate Notes,
     Upgraded to Baa1; previously on Jun 27, 2007 Definitive
     Rating Assigned Ba1

The rating actions taken are the result of significant de-levering
of the transaction following the expiry of the replenishment
period and stable performance of the transaction.

As of April 30, 2010, the reference portfolio has amortized from
its initial size of US$1.5 billion to US$921.3 million, or 61.42%
of the initial size.  Credit events had occurred on US$1.1 million
equivalent (or 0.07% of the initial portfolio size) of reference
obligations involving 2 obligors.

The credit quality of the performing pool of reference obligations
has slightly deteriorated, as evidenced by the increase in WARF
from 1,334 (April 2009) to 1,438 (April 2010).  Moody's notes that
the positive impact from the amortisation of the reference
portfolio more than offsets the credit deterioration.

The transaction has half a year remaining to its scheduled
maturity date in December 2010 and one and a half years remaining
to its final maturity date in December 2011.

To determine the rating levels, Moody's also considered various
recovery scenarios where recovery rates were haircut by 50% to
100%.  Market quotations will be obtained for defaulted
obligations in case the work-out process cannot complete prior to
the work-out cut-off date (60 days prior to the final maturity
date).  Given the short remaining time to final maturity, recovery
can be subject to the availability of quotes on the defaulted bank
loans.

For the majority of the underlying referenced assets, the
equivalent Moody's ratings used in our analysis are obtained
through a mapping process between the originator's internal rating
scale and Moody's public rating scale.  To compensate for the
absence of credit indicators such as ratings review and outlooks
in the mapped ratings, a half notch stress was applied to the
mapping scale.  Since the mapping had been updated back in 2007,
an additional stress as well as other sensitivity tests were
applied to capture potential deviations from the established
mapping.


=========
I N D I A
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ABHIRAMA STEELS: CRISIL Places 'B+' Rating on INR95 Mil. LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Abhirama Steels Pvt
Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR95.00 Million Long Term Loan     B+/Stable (Assigned)
   INR38.00 Million Proposed LT Bank   B+/Stable (Assigned)
                            Facility

The rating reflects ASPL's exposure to risks related to
commercialization of, and stabilization of operations at, its
upcoming rolling mill, intense competition in the steel industry,
and absence of backward integration in operations.  These rating
weaknesses are partially offset by ASPL's promoters' industry
experience.

Outlook: Stable

CRISIL believes that ASPL will commence operations at its upcoming
mill without any cost or time overrun, supported by efficient
project management.  The outlook may be revised to 'Positive' if
ASPL reports more-than-expected increase in realization and
profitability, or diversifies its revenue profile to generate
healthy cash accruals. Conversely, the outlook may be revised to
'Negative' if the company faces any time or cost overrun in its
rolling mill project, or if the utilization of its capacities is
lower than expected.

                       About Abhirama Steels

Incorporated in 2008 as part of the Abhirama group, ASPL is
currently setting up a thermo-mechanically treated (TMT) steel
rolling mill with a capacity of 5400 tonnes per annum (tpa) in
Chityal (Andhra Pradesh).  The total cost of the project is
INR160 million, which is being funded in a debt-to-equity ratio of
60:40; the company has spent INR114 million so far.  The project
is expected to be completed by August 2010.  The Abhirama group is
promoted by Mr. Palaparthy Muthy and Mr. Abhishek Palaparthy.


AUTOCOMP CORP: ICRA Assigns 'LBB+' Rating on INR250MM LT Loan
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR250 million long term
bank facilities (INR142.7 million term loans, INR80 million cash
credit and INR27.3 million completely interchangeable with short
term limits) of Autocomp Corporation Panse Private Limited.
The outlook on the long term rating is stable.  ICRA has also
assigned an A4+ rating to the INR400 million short term bank
facilities (INR340 million short term bank limits and
INR60 million letter of credit) of ACPPL.

The assigned ratings reflect the long standing track record of the
promoters and strong customer relationships in the automotive
industry.  ICRA also notes the improving outlook within the
automobile ancillary industry due to increasing demand from OEMs.
The ratings are however constrained by the thin margins of ACPPL
due to low value addition in operations, concentration risk
arising out of high revenue share of a few customers partially
offset by its high share of business, modest scale of operations
and a stretched financial profile marked by low capitalization and
thin coverage.

                     About Autocomp Corporation

ACPPL is based out of Pune and is engaged in the business of
providing sheet metal components to large OEMs. It was established
as a proprietorship company in 1983 and subsequently converted to
a private limited company in 2006.  The founder of the Company Mr.
Rajeev Panse is a first generation entrepreneur having prior
experience of working in large OEMs in India.  ACPPL has three
units of operations, two in Chakan near Pune and one at Pantnagar
which cater to BAL and TML respectively.

Recent results

For the fiscal year ending March 31, 2010, ACPPL reported an
OPBDITA of INR91.9 million on a revenue base of INR2.24 billion
reflecting OPBDITA margin of 4.1%. In FY09, the company had
reported OPBDITA of 82.4 million with revenues of INR1.46 billion.


BANK OF RAJASTHAN: To Seek RBI's Nod for ICICI Bank Merger
----------------------------------------------------------
Bank of Rajasthan said on Thursday it will seek the Reserve Bank
of India's approval for merging with the ICICI Bank, The Economic
Times reports.

BoR said it will send the necessary application along with
supporting documents for the merger process, the report relates.
Last month, the board of Bank of Rajasthan approved the merger
with ICICI Bank, which offered to pay 188.4 rupees per share in an
all-share deal.

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

                           *     *     *

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

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

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


CHHATTISGARH STEEL: CRISIL Puts 'BB' Rating on INR30MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Chhattisgarh Steel
Product's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Million Cash Credit       BB/Stable (Assigned)
   INR30.0 Million Term Loan         BB/Stable (Assigned)
   INR4.0 Million Proposed LT Bank   BB/Stable (Assigned)
                    Loan Facility

The rating reflects CSP's modest scale of operations, limited
operational efficiency vis-a-vis those of players with operations
integrated into manufacturing billets and ingots, and
susceptibility to intense competition in the steel industry and
volatility in steel prices. These rating weaknesses are partially
offset by CSP's moderate financial risk profile, marked by
moderate gearing and healthy debt protection metrics, and its
promoters' experience in the steel industry.

Outlook: Stable

CRISIL believes that CSP will continue to benefit from its
promoters' industry experience and will maintain its financial
risk profile, over the medium term.  The outlook may be revised to
'Positive' if CSP significantly increases its revenues, while
maintaining operating margin and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if CSP's
operating margin declines, working capital cycle lengthens, or
gearing increases because of any debt-funded capital expenditure
or sizeable withdrawals by partners.

                      About Chhattisgarh Steel

CSP, incorporated in 1988 by Mr. Suresh Agrawal and family as a
partnership firm manufactures structural steel products such as
mild-steel angles, channels, flats and bars.  The firm's
manufacturing unit is in Chhattisgarh.  The unit's installed
capacity has been increased from 13200 tonnes per annum (tpa) to
30000 tpa in 2009-10 (refers to financial year, April 1 to
March 31).

CSP reported a profit after tax (PAT) of INR4.3 million on net
sales of INR148.8 million for 2008-09, against a PAT of INR2.3
million on net sales of INR146.7 million for 2007-08.


EDQUEST WELFARE: CRISIL Rates INR147.50 Million Term Loan at 'D'
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Edquest Welfare Trust's term
loan facility.  The rating reflects delay by Edquest in servicing
its term loan; the delay has been caused by the trust's weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR147.50 Million Term Loan       D (Assigned)

Edquest's financial risk profile is weak because of the start-up
nature of operations at its college.  However, CRISIL believes
that the trust will benefit from its experienced management.

Edquest was set up in 2008 by Mr. Dhan Singh Bhadana with the
objective of running educational institutions.  Currently, the
trust is running one college, Aravali Institute of Technology and
Management (Aravali) that offers engineering and management
courses. Aravali is affiliated to Maharshi Dayanand University
(MDU), Rohtak (Haryana), and has obtained the necessary approvals
from the All India Council for Technical Education. Aravali's
campus, located in Faridabad (Haryana), occupies a total area of
nearly 11 acres.  The institute also provides hostel facilities
(15 rooms operational currently) and transportation facilities to
the students.

Edquest reported a net loss of INR13 million on net sales of
INR14.4 million for 2008-09 (refers to financial year, April 1 to
March 31).


KSHEERAABD CONSTRUCTIONS: CRISIL Rates INR30MM Cash Credit 'BB+'
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Ksheeraabd
Constructions Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         BB+/Stable (Assigned)
   INR800 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect KCPL's healthy financial risk profile, marked
by low gearing, healthy debt protection metrics and adequate cash
accruals, and the benefits that the company derives from its
promoter's experience in the construction industry.  These rating
strengths are partially offset by KCPL's exposure to risks related
to limited track record, intense competition in the construction
industry, and geographical, segmental and customer concentration
in revenue profile.

Outlook: Stable

CRISIL believes that KCPL will maintain its healthy financial risk
profile on the back of low debt and moderate order book. The
outlook may be revised to 'Positive' if KCPL substantially
enhances its scale of operations and revenue diversity, and
significantly improves its profitability.  Conversely, the outlook
may be revised to 'Negative' if the company's margins deteriorate
steeply; or if it undertakes large debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

KCPL is a private limited company set up in 2005 by Captain K.
Kishan. Since its formation, the company undertakes bitumen
(asphalt) and concrete road construction in Tamil Nadu.

KCPL reported a provisional profit after tax (PAT) of
INR35 million on net sales of INR1.39 billion for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR28
million on net sales of INR0.81 billion for 2008-09.


PREMIER MILK: ICRA Places 'LBB' Rating on INR57 Mil. Cash Credit
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR57.0 million cash credit
facility and INR67.6 million term loans of Premier Milk Foods
Private Limited.  The long term rating has been assigned stable
outlook.

The assigned rating is constrained by the limited track record of
operations, low profitability and high debt levels resulting in
stretched capital structure.  The rating is also constrained by
the exposure of the dairy industry to risks related to changes in
government regulations.  However, the rating is supported by
promoters' experience in milk trading and their ability to build
reasonable customer base in short span of time.

Since the industry is characterized by low operating margins, ICRA
expects the company's leverage to remain stretched. Higher than
expected total debt level and low milk procurement quantity shall
be the key rating sensitivity going forward.

Incorporated in 2006, Premier Milk Foods Private Limited commenced
commercial activities in December 2008.  The company is based in
Bareilly in Uttar Pradesh and is engaged in manufacturing skimmed
milk powder, butter and ghee.  PMFPL has installed capacity for
processing 0.3 million litre per day.  The promoter of the company
Mr. Saurabh Agarwal had chilling centres in Aonla prior to
establishing PMFPL.


PUNJAB BASMATI: ICRA Assigns 'LBB' Rating on INR190 Mil. LT Loans
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR190 million long term
fund based working capital facilities and INR20 million term loan
of Punjab Basmati Rice Limited.  The rating carries stable
outlook.  ICRA has also assigned an A4 rating to INR5 million
short term non fund based working capital facilities of PBRL.

The ratings factor in PBRL's moderate scale of operations, its
limited presence in the branded basmati rice segment and intensely
competitive nature of the industry.  The ratings also factor in
its weak financial profile as reflected by moderate profitability
(Operating Profit before Depreciation, Interest and
Tax / Operating income of 7.8% and Net Profit / Operating Income
of 2.5% in FY 2010), high working capital intensity (Net Working
Capital / Operating Income of 61% in FY 2010), high gearing (Total
Debt / Tangible Net Worth at 3.3 times as on March 31, 2010) and
moderate Net Cash Accruals / Total Debt of 7% in FY 2010.  However
infusion of equity capital by the promoters to the tune of INR27
million in FY 2010 has led to deleveraging of company's balance
sheet to an extent. Further, the ratings drive comfort from
strengths of the company arising from its long track of operations
in the basmati rice industry, planned equity infusion by the
promoters in near future to provide more flexibility to the
company's capital structure and the favourable demand ? supply
dynamics for the basmati rice industry given the fact that India
and Pakistan are the only suppliers of basmati rice in the world

Punjab Basmati Rice Limited was incorporated by Mr. Kulwinder
Makhani in 1995.  The company's operations include milling of
basmati paddy and processing of basmati rice. The company has
setup its production facilities in Amritsar and has a milling
capacity of 12 MTPH (Metric Tonnes per Hour) which translates into
milling capacity of 72,000 tonnes per annum.

The company reported an operating income of INR744.08 million and
Profit after Tax of INR18.37 million in FY 2010.


RAJ RATAN: ICRA Assigns 'LBB-' Rating on INR137MM Fund-Based Loans
------------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR 137 million fund-
based limits/term loans of Raj Ratan Smelters Limited.  The rating
carries a stable outlook.  ICRA has also assigned a short-term
rating of A4 to INR13 million non-fund-based limits RRSL.

The ratings take into account RRSL's modest scale of operations,
cyclicality inherent in iron and steel business, fragmented nature
of industry and RRSL's weak financial profile characterized by low
profit margins and high gearing.  The ratings, however, derive
comfort from experience of the promoters in iron-and-steel
manufacturing and favorable outlook for the industry in the short-
to-medium term.  While ICRA expects gradual improvement in the
business profile of the company following the stabilization of
operations at the newly acquired facilities, financial profile is
expected to remain stressed in the near term due to significant
debt burden.

Raj Ratan Smelters Limited is a public limited company
incorporated in 2007.  The company is managed by Mr. Hira Lal
Khatri, Mr. Sunil Khatri, and Mr. Jai Kishan Khatri, all of whom
are directors in the company.   RRSL started commercial operations
in June 2008 and has been engaged in the manufacturing and sale of
thermo mechanically treated (TMT) bars with the plant capacity of
36000 metric tonnes (MT) per annum at its plant in Kanpur, Uttar
Pradesh.

The company reported a net loss of INR21.64 million and an
operating income of INR566.69 million for FY 2009. In FY10, as per
the provisional financial statements, RRSL recorded operating
income of INR715 million.


SANGHVI INNOVATIVE: ICRA Assigns 'LB' Rating on INR135.5MM Loans
----------------------------------------------------------------
ICRA has assigned "LB" rating to the INR135.5 million Term Loans
of Sanghvi Innovative Academy.  The ratings are constrained by the
low profitability, inadequate coverage indicators and an overall
high indebtedness of the society resulting in high gearing.  Given
the limited financial flexibility, the society has not been able
to service its bank obligations in a timely manner in the past.
However the rating draws comfort from the stable fee based income
and healthy occupancy levels

Sanghvi Innovative Academy, registered in 2006, operates "Sanghvi
Innovative Academy".  The institute is located in Indore and
affiliated to RGPV and DAVV.  SIA offers undergraduate courses in
engineering and post graduate courses in management under its B.E
(Bachelor of Engineering) and MBA (Master of Business Management)
courses approved by AICTE.  SIA has a total sanctioned intake of
300 students per academic session.


SATYA PRAKASH: ICRA Places 'LBB+' Rating on INR45MM Bank Debts
--------------------------------------------------------------
ICRA has assigned a rating of 'LBB+' to the INR45 million fund
based limits and INR50 million non fund based limits of Satya
Prakash Builders Limited.  The outlook on the rating is stable.

The rating takes into account the experience of promoters in the
civil construction business, positive demand outlook for the
construction/infrastructure sector given the large investments
planned in the country in the near to medium term and comfortable
liquidity position of the company with positive free cash flows
and moderate gearing levels.  However, the rating is constrained
by the small size of operations, which leads to limited economies
of scale, and further accentuated by the volatility in the top
line over the years, leading to unpredictability of cash flows.
Further the fixed price nature of most contracts with the
government clients exposes the company to price fluctuation risk.
The company is also exposed to geographical concentration risk
with regionalized nature of operations in the past and sectoral
concentration risk with its major operations in building and civil
construction works only.

                        About Satya Prakash

Satya Prakash Builders Limited was incorporated as a limited
company in March 1989.  The company is in the business of civil
engineering construction and building works since its inception.
SPBL is mainly a civil contractor registered with various
departments of M.P Government like MP Public works Department
(MPPWD), MP Irrigation department and central government
organizations like Bharat Petroleum Corporation Limited, Military
Engineering Services (MES) and Central Public Works Department
(CPWD). The company has also executed civil works for private
sector clients like Acme Consultants, Maharishi Shiksha Sansthan
and SRM Foundation of India.  The company is promoted by Mr.
Naresh Grover and family.  Besides SPBL, the promoters
havebusinesses in hotel and hospitality (Hotel Satya Ashoka in
Jabalpur), education trust (Satya Prakash Public School) and
finance (S.P. Capital Investment Limited).


SHIVALAY ISPAT: CRISIL Assigns 'B-' Rating on INR195.4MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Shivalay Ispat and
Power Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit        B-/Stable (Assigned)
   INR195.4 Million Term Loan        B-/Stable (Assigned)

The rating reflects Shivalay's large working capital requirements,
aggressive capital expenditure (capex) plans, marginal market
share in the sponge iron and ingots segment, and vulnerability to
cyclicality in the steel industry.  These rating weaknesses are
partially offset by Shivalay's moderate operating efficiency and
benefits that the company derives from backward integration in its
operations.

Outlook: Stable

CRISIL believes that Shivalay will maintain its moderate business
risk profile over the medium term, backed by its moderate
operating efficiencies.  The company's financial risk profile is
expected to remain constrained over the medium term because of
significant capex being undertaken by the company.  The outlook
may be revised to 'Positive' if the company's financial risk
profile and liquidity improve as a result of successful and timely
stabilization of the ongoing projects.  Conversely, the outlook
may be revised to 'Negative' if the company reports low capacity
utilisation, undertakes larger than expected debt-funded capex
plans, or encounters significant delays in the stabilisation of
the ongoing projects.

                        About Shivalay Ispat

Set up in 2004, Shivalay was acquired by the current promoters,
Mr. Ram Kumar Sarda and Mr. Subhash Chandra Tulsiyan, in September
2007. The company, based in Raipur (Chhattisgarh), has capacity to
manufacture 90,000 tonnes per annum (tpa) of sponge iron, and
75,000 tpa of ingots.

Shivalay reported a profit after tax (PAT) of INR5 million on
operating income of INR249 million for 2008-09 (refers to
financial year, April 1 to March 31) against a PAT of INR15
million on operating income of INR115 million for 2007-08.


SMV AGENCIES: ICRA Assigns 'LB-' Rating on Various Bank Facilities
------------------------------------------------------------------
ICRA has assigned an 'LB-' rating to the long term loan facilities
and 'A5' to short term facilities of SMV Agencies Private Limited
for a total amount of INR1.00 billion.  The ratings are
constrained by the inadequate profitability of real estate
operations (on account of the ongoing sluggishness in the real
estate market); constrained profitability of the garments division
on account of stabilization issues and the vulnerability of the
profitability of the beverages division to variations in the
margins arising out of limited control on product pricing.
Moreover, inventory build-up and consequent poor liquidity under
the real estate division has led to poor debt repayment capacity
and the company had to undertake debt restructuring.  The rating
is, however, supported by the diversified operations of the
company; long business association with Raymond's and Pepsi (which
are amongst the market major players) and favorable demand
prospects for the beverages industry. The company's ability to
achieve sales progress in a timely manner and mobilize cash
advances under the real estate division would remain as key
sensitivities for credit quality.

SMV Agencies Private Limited has diversified business interests
with presence in beverages, garments (Raymond's) and real estate.
The company was promoted by SK Jaipuria Group (of Jaipuria family)
in 1994 to take over the family operations (since 1955) of sole
selling agency of Raymond's for the Delhi Territory.  In 1996, the
company diversified into beverages operations for bottling of the
products of Pepsi.  The company currently operates two Pepsi
bottling plants.  In 2001, the company also ventured into retail
outlet/ franchisee operations of Raymond's in Delhi.  It currently
operates six Raymond's outlets in Delhi and one in Meerut city.
In 2004, the company also diversified into real estate operations
and is currently developing two real estate projects in Northern
India.


SYNFAB SALES: ICRA Puts 'LBB' Rating on INR163 Million Bank Debts
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR163.0 million fund &
non fund based limits of Synfab Sales & Industries Ltd.  The
assigned  rating  reflects  SSIL's  weak financial profile
characterized by  low operating margins and cash accruals, and
moderately leveraged capital structure on account of debt funded
capital expenditure incurred by the company in past.  The rating
also takes into account the competitive pressure due to the
fragmented nature of the textile industry along with the modest
scale of operations which deprives it from the benefits of
economies of scale.  The rating favorably factors in the
promoter's experience in yarn business, locational advantages
arising from its proximity to main consuming markets and
availability of fiscal incentives which provide some benefit to
the company.

Synfab Sales & Industries Ltd was established in 1994 and took
over of Synfab Sales Corporation (partnership firm) in the same
year.  The company is part of the Barasia Group which has been
operating in the textile industry for more than five decades. SSIL
is engaged in manufacturing of texturized yarn out of partially
oriented yarn.  It also acts as commission agent for RSR Mohta
Spinning & Weaving Ltd.  The manufacturing facilities of the
company are located in Silvassa (U.T.) with total production
capacity of 13,515 MTPA based on 80denier. The company has its
registered office located in Andheri, Mumbai.

The company incurred a net profit of INR 2.20 million on an
operating income of Rs.653.4 million for the year ending March 31,
2009.


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


BUMI RESOURCES: Shareholders Approve Share Sale Plan to Repay Debt
------------------------------------------------------------------
PT Bumi Resources shareholders have approved a plan to sell new
shares to creditors including China Investment Corporation, Credit
Suisse Group and JPMorgan Chase Bank to help the company repay
debt, Bloomberg News reports.

Dileep Srivastava, director of Bumi, said the company expects to
raise IDR4.6 trillion (US$508 million) by selling 1.94 billion new
shares at IDR2,366 in September, Bloomberg relates.

According to Bloomberg, the coal company's shares have slumped 21%
this year, compared with a 16% gain in the Jakarta Composite
index, on concern Bumi's outstanding debt is too high.  The issue
will cut the debt-to-equity ratio to 1.42 from 2.16 as of
March 31.  Long-term debt was US$3.6 billion, Bumi said on
June 10.

"We highlight the potential for CIC to come in to subscribe for
the non-preemptive rights issue in exchange for debt retirement,"
said Adam Worthington, a Singapore-based analyst at Macquarie
Capital Securities, which has an "outperform" rating on the stock,
wrote in an e-mail to Bloomberg. "This could potentially lead to
improving corporate governance."

Bumi is in talks with creditors to sell the shares in exchange for
debt, the company told Bloomberg.  The issue is expected to
conclude in September from an initially planned july.

                       About Bumi Resources

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2010, Moody's Investors Service placed under review for
possible downgrade its Ba3 corporate family rating on PT Bumi
Resources Tbk and on the senior secured bond issued by Bumi
Capital Pte Ltd, which is wholly owned and guaranteed by Bumi.


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


JPM-JC8 TRUST: Moody's Downgrades Ratings on Four Certificates
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for the Class
C through F Trust Certificates issued by JPM-JC8 Trust.  The final
maturity of the trust certificates will take place in April 2013.

The individual rating actions are listed below.

  -- Class C, Downgraded to Ba2 from A2; previously, A2 Review for
     Possible Downgrade on May 14, 2010

  -- Class D, Downgraded to B1 from Baa2; previously, Baa2 Review
     for Possible Downgrade on May 14, 2010

  -- Class E, Downgraded to B2 from Baa3; previously, Baa3 Review
     for Possible Downgrade on May 14, 2010

  -- Class F, Downgraded to B3 from Ba2; previously, Ba2 Review
     for Possible Downgrade on May 14, 2010

JPM-JC8 Trust, effected in June 2005, represents the
securitization of four non-recourse loans and three specified
bonds backed by real estate properties and properties in trust.

Four non-recourse loans and one specified bond were paid/redeemed
in full by their maturity date.

Additionally, while the remaining two specified bonds have been
partially redeemed by scheduled repayments, one of the loans --
backed by a retail building around the Tokyo metropolitan area --
has been under special servicing since April 2010.

The other loan is backed by logistics facilities around the Tokyo
metropolitan area.

Moody's had placed the ratings on review for possible downgrade
due to growing concerns about the need to 1) apply greater stress
on its recovery assumptions for Loan 1 in view of the disposition
price, and 2) apply further stress on collateral performance for
Loan 2.

In this review, Moody's received the asset strategy report as well
as the latest appraisal report on Loan 1 from the asset adviser,
examined the appraisal value, the special servicer's recovery
policy, and the likelihood that the loan would be paid down in
full.

Having reconsidered the recovery stress on the property disposal,
Moody's changed its average rent estimates to the level of current
rents, resulting in cash flow that is 4% lower than in its initial
assumption.

In addition, after considering the asset strategy report on the
loan, the estimated recovery stress on the property has been re-
assessed at 37% less than the initial value.

Moody's also confirmed occupancy for and cash flow from the
collateral on Loan 2, and estimated its recovery stress at 29%
less than initially assumed.

Moody's will continue to monitor the performance of the properties
and the asset adviser's refinancing and disposal activities in
light of the upcoming maturities, as well as the special
servicer's collection plans and strategies for the loan under
special servicing.

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.


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


KENMARK INDUSTRIAL: Receives Letter of Demand for MYR50.98MM Debt
-----------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad said that it has received a
letter of demand dated June 18, 2010, from Messrs Zul Rafique &
Partners acting for CapOne Bhd and Malaysian Trustees Berhad for a
sum of MYR50.98 million.

The amount included the principal sum and interest accrued from an
unsecured term loan facility of MYR50 million.  CapOne and MTB had
earlier purchased all the right, title and interest in and to the
receivables and proceeds under the Facility together with all
related security, payment and enforcement rights and all
collections and proceeds under the Facility from EON Bank Berhad
which had granted the Facility to the Company pursuant to a
Facility Agreement dated September 9, 2005.

The outstanding sum is payable within 14 days from the date of the
letter.

The company said the default was triggered under clause 12.1(g) of
the Facility Agreement as a result of issuance of three letters of
demand all dated May 12, 2010, by Messrs Zulpadli & Eham for and
on behalf of Export-Import Bank of Malaysia Berhad.

Messrs Zul Rafique & Partners will take all necessary steps to
recover the sums due to CapOne and MTB, including but not limited
to winding up proceedings against the Company if the Company fails
to meet its obligation.

The directors are unable to assess the business, financial and
operational impact of this default to the Company and are unable
to provide a solvency declaration as they are in the midst of
appointing an advisor to assist in assessing the financial
position of the Group.

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The
Company is engaged in the manufacturing of computer workstations,
cabinets, furniture; printing of packaging materials; the
distribution of consumer products, and investment holding. The
Company is also engaged in plastic injection for furniture parts,
and assembly and distribution of liquid crystal display (LCD). It
exports its products to the United States, Europe, Japan and
Australia. The Company's wholly owned subsidiaries include Kenmark
Paper Sdn. Bhd., which is engaged in manufacturing plastic parts
for wooden furniture and cabinets, and investment holding; Kenmark
(Labuan) Limited, which is engaged in international trading,
commission agent and investment holding; Phoenix International
Group Limited, which is engaged in trading in electronic devices,
and Billion Dynamic Sdn. Bhd., which is engaged in the assembling
and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.

The Company's major subsidiaries have defaulted on some of their
banking facilities.  The Independent Directors do not have access
to the records of the Company and as such is unable to provide the
exact date of default.

The Independent Directors said they will not be able to provide a
solvency declaration as the Independent Directors have no access
to the accounting records of the Company with the resignation of
the Finance & Administration manager and the sealing of the
business premises.


RAMUNIA HOLDINGS: Posts MYR16.41MM Net Income in April 30 Quarter
-----------------------------------------------------------------
Ramunia Holdings Berhad disclosed in a filing with the Bursa
Malaysia Securities Berhad its unaudited financial results for the
quarter ended April 30, 2010.

Ramunia posted a net income of MYR16.41 million for the three
months ended April 30, 2010, compared with a net loss of
MYR13.56 million for the same period in 2009.  The profit after
tax achieved for the quarter under review was due to the one off
gain from the disposal of assets to Sime Darby Engineering Sdn.
Bhd. for MYR20.72 million.

For the current year quarter, the Company registered revenue of
MYR11.88 million as compared to MYR86.68 million in the preceding
year corresponding quarter.

As of January 31, 2010, Ramunia's balance sheet showed total
assets of MYR417.78 million, total liabilities of MYR297.22
million and total stockholders' equity of MYR120.56 million.

A full-text copy of the Company's Quarterly Report is available
for free at: http://ResearchArchives.com/t/s?655f

                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


RHYTHM CONSOLIDATED: Application to Stay Winding-Up Order Allowed
-----------------------------------------------------------------
The Court of Appeal of Malaysia has allowed Rhythm Consolidated
Berhad's application to stay the winding-up order of February 4,
2010 for a period of six months from June 23, 2010, with the
liberty to apply for extension.

On February 25, 2010, the Company through its counsel, Messrs
Phee, Chen & Ung, filed an application to stay the Winding-Up
Petition No. (MT-4)-28-137-2008 granted by High Court of Malaya at
Penang on February 4, 2010.

                       About Rhythm Consolidated

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


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


LEGACY GROUP: PDIC Pays 87.27% of Validated Claims
--------------------------------------------------
The Philippine Deposit Insurance Corp. has paid PHP7.8 billion, or
87.27 percent of the validated claims from accounts of closed
Legacy banks, The Daily Tribune reports.

The Daily Tribune relates PDIC president Jose Nograles said that
as of June 18, total claims reached 121,354 amounting to PHP13.83
billion and PDIC has approved PHP8.9 billion.  It also validated
90.22% or 121,491 accounts of the total 134,653 accounts, he
added.  In monetary terms, the validated accounts amount to
PHP12.56 billion from a total of PHP14 billion.

Mr. Nograles said PDIC is also set to file five additional
syndicated estafa cases against Legacy banks' officers soon,
according to the Daily Tribune.  To date, the report notes, PDIC
has filed 19 estafa cases against Legacy Bank owner Celso de los
Angeles and other officials of the bank.

                         About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

                           *     *     *

The Bangko Sentral ng Pilipinas in 2008 placed 13 Legacy-member
rural banks under the receivership of the Philippine Deposit
Insurance Corporation due to insolvency.  The banks under
receivership are Rural Bank of Paranaque; Rural Bank of San Jose
(in Batangas); Pilipino Rural Bank (in Cebu); Rural Bank of Bais
(in Negros Oriental province); Bank of East Asia (in Cebu); First
Interstate Bank (Rural Bank of Kananga, Leyte), Inc.; Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City); Rural Bank of DARBCI (General Santos); Bicol
Development Bank (Legaspi City); and the Rural Bank of Carmen
(Cebu).

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns.  To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.


PHILIPPINE BANK OF COMM: PDIC & Central Bank in Talks Over Sale
---------------------------------------------------------------
The Philippine Daily Inquirer reports that the Philippine Deposit
Insurance Corp. has asked the Bangko Sentral ng Pilipinas to
convince Philippine Bank of Communication to sell the majority of
its shares and settle its PHP7.6-billion debt.

"We are talking with the BSP with regard this issue.  The sale of
a bank's shares is a bank-management matter, which is within the
purview of the regulatory powers of the BSP," PDIC President Jose
Nograles was quoted by the Inquirer as saying at a media briefing.

The report relates the PDIC has asked the BSP for help because
PBCom had failed to sell shares equivalent to 67% of the company
as spelled out in a prior agreement.  The disposal of at least 67%
of PBCOm's shares was one of the conditions incorporated by the
PDIC when it granted PHP7.64-billion financial assistance package
to the bank in 2004, during the time it was encumbered with some
PHP10 billion worth of soured assets.

                           About PBCom

Headquartered in Makati City, Philippines, Philippine Bank of
Communications -- http://www.pbcom.com.ph/-- provides different
products and services through its different divisions and it has
a broad range of credit facilities, which are either denominated
in local currency or foreign. Its Trust Division handles common
trust funds, investment advisory accounts and employee benefit
trusts.  Aside from these, the bank also offers money market
placements and traditional products such as peso deposits.

                          *     *     *

Fitch Ratings gave Philippine Bank of Communications an
Individual Rating of 'D/E.'


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


ARMADA (SINGAPORE): Creditors' Meeting Set for July 7
-----------------------------------------------------
Armada (Singapore) Pte Ltd, which is in judicial management, will
hold a meeting for its creditors on July 7, 2010, at 4:00 p.m., at
6 Shenton Way, Level 32 DBS Building Tower Two, Singapore 068809.

The company's Judicial Managers are:

         Tam Chee Chong
         Jamil Raza Syed
         Tay Boon Suan
         1 Harbourfront Avenue
         #07-07/08 Keppel Bay Tower
         Singapore 098632


EGO'S KTV: Creditors' Proofs of Debt Due July 9
-----------------------------------------------
Ego's KTV Entertainment Pte Ltd, which is in compulsory
liquidation, requires its creditors to file their proofs of debt
by July 9, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Aw Eng Hai
         C/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


FORSYTH PARTNERS: Creditors' Proofs of Debt Due July 9
------------------------------------------------------
Forsyth Partners (Singapore) Pte Ltd, which is in compulsory
liquidation, requires its creditors to file their proofs of debt
by July 9, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         C/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


JURONG DATA: Creditors' Proofs of Debt Due July 9
-------------------------------------------------
Jurong Data Centre Development Pte Ltd, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by July 9, 2010, to be included in the company's dividend
distribution.

The company's liquidator is

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


OBC INTERNATIONAL: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
OBC International Trading Private Limited declared the first and
final dividend on June 25, 2010.

The company paid 100% to the received claims.

The company's liquidator is:

         Shirley Lim
         10 Anson Road
         #15-07 International Plaza
         Singapore 079903


SINEXIMCO PTE: Creditors Get 100% and 1.5% Recovery on Claims
-------------------------------------------------------------
Sineximco Pte Ltd declared the second interim dividend on June 28,
2010.

The company paid 100% to the received preferential and 1.5% for
ordinary claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08, Wilkie Edge
         Singapore 228095


SINGWIN SERVICES: Court to Hear Wind-Up Petition on July 9
----------------------------------------------------------
A petition to wind up the operations of Singwin Services Pte Ltd
will be heard before the High Court of Singapore on July 9, 2010,
at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
June 16, 2010.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


TAY LONG: Court to Hear Wind-Up Petition on July 9
--------------------------------------------------
A petition to wind up the operations of Tay Long Kee Impex Pte Ltd
will be heard before the High Court of Singapore on July 9, 2010,
at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
June 16, 2010.

The Petitioner's solicitors are:

         Shook Lin & Bok LLP
         1 Robinson Road #18-00
         AIA Tower
         Singapore 048542


===============
T H A I L A N D
===============


FORD MOTOR: Invests US$450 million in New Car Plant in Thailand
---------------------------------------------------------------
The Bangkok Post reports that Ford Motor Co. is investing
US$450 million (THB15 billion) to construct a new passenger
vehicle plant in Thailand.

According to the report, the plant will be located in Rayong and
will begin manufacturing the next generation of Ford Focus cars in
2012 for the domestic and Asia-Pacific markets.  It will also be
able to produce a range of other vehicles.  The plant will have an
initial capacity of 150,000 units a year, of which 85% will be
destined for markets outside of Thailand.

"The region is arguably the world's most dynamic and there is no
doubt it will continue to be a key driver of the future growth of
Ford Motor," the report quoted Alan Mulally, global president and
chief executive of Ford, as saying.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

At December 31, 2009, the Company had $194.85 billion in total
assets against $201.37 billion in total liabilities.  Total
deficit attributable to Ford Motor at December 31, 2009, was $7.82
billion.

                          *     *     *

As reported by the Troubled Company Reporter on June 7, 2010,
Moody's released an Issuer Comment stating that the ratings and
outlook of Ford Motor Company are being maintained following the
company's announcement that it will end production of Mercury
vehicles during the fourth quarter of this year.  Ford's ratings
include: B1 Corporate Family Rating and Probability of Default
Rating; Ba1 secured rating; B2 unsecured rating; and SGL-2
Speculative Grade Liquidity Rating.  The rating outlook is stable.

The last rating action on Ford was an upgrade of the company's
Corporate Family Rating to B1 on May 18, 2010.


SIAM CITY BANK: Thanachart to Complete Acquisition Next Year
------------------------------------------------------------
Thanachart Bank Pcl expects to complete the acquisition of Siam
City Bank by 2011, The Bangkok Post reports citing TBank senior
executive vice-president Somjate Moosirilert.

The Bangkok Post recalls that TBank completed a tender offer for
Siam City Bank earlier this month and now controls 99.24% in the
bank.  An integration plan between the two banks will be submitted
to bank regulators by the end of the year, with the merger
completed by 2011, the report says.

Thanachart Bank, 49% held by Bank of Nova Scotia and 51% by
Thanachart Capital, bought a 47.58% stake in Siam City Bank from
the central bank's Financial Institutions Development Fund in
March.  TBank submitted a tender for all outstanding SCIB shares
at the same deal price of THB32.50 per share, and now plans to
delist SCIB from the Stock Exchange of Thailand.

The merger will create Thailand's fifth-largest bank, with assets
of more than THB800 billion and a network of 677 branches
nationwide.

                       About Siam City Bank

Siam City Bank Public Company Limited's --
http://www.scib.co.th/-- principal activity is the provision of
commercial banking services which includes deposits, payments,
credit cards, consumer loans and e-banking. Other activities
include real estate development, computer consultancy and
provision of capital market services.

Operations are carried out primarily in Thailand.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2010, Fitch Ratings (Thailand) affirmed Siam City Bank
Public Company Limited's Long-term Issuer Default Rating at 'BB'
with a Stable Outlook, Short-term Issuer Default Rating at 'B',
Individual Rating at 'D', Support Rating at '4', Support Rating
Floor at 'B+', National Long-term at 'A-(tha)' with a Stable
Outlook, National Short-term at 'F1(tha)', and National
Subordinated debt at 'BBB+(tha)'.  The ratings reflect the bank's
still weak franchise and weak asset quality, though Fitch notes
the latter is stabilizing.

Moody's Investors Service also affirmed the Baa2/Prime-2 deposit
ratings and D bank financial strength rating of Siam City Bank.
SCIB's foreign currency senior unsecured debt rating of
Baa2/Prime-3 and foreign currency subordinated debt ratings of
Baa3/Prime-3 have also been affirmed.  The outlook for all ratings
is stable.


                         *********

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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