TCRAP_Public/100630.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

           Wednesday, June 30, 2010, Vol. 13, No. 127



ADVANCED MEDICAL: Posts $4.2MM Net Loss in Q2 Ended December 31
ALINTA ENERGY: APA Group May Bid for Gas Transmission Assets
SAPPHIRE IX: S&P Takes Various Rating Actions on All Classes


AGRICULTURAL BANK: Set to Raise Up to US$23.2 Billion in IPO
GENERAL MOTORS: In Talks With China to Raise SAIC Stake to 44%

H O N G  K O N G

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
RINGGIT NAVIGATION: Members' Final Meeting Set for July 26
SUNNY TECH INDUSTRIAL: Court to Hear Wind-Up Petition on August 18
UNITED SOURCE: Placed Under Voluntary Wind-Up Proceedings
WIDE SURPLUS: Creditors' Proofs of Debt Due July 31

W.I.F. GLASS: Ho and Kong Step Down as Liquidators
WING WO: Ho and Kong Appointed as Liquidators
YMEDIA CONSULTING: Inability to Pay Debts Prompts Wind-Up


AJANTA PACKAGING: CRISIL Reaffirms 'B-' Ratings on Various Debts
AMBICA PAPERS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Credit
AMA INDUSTRIES: ICRA Assigns 'LBB' Rating on INR35.4MM Bank Debts
DEEKAY IMPEX: ICRA Puts 'LBB' Rating on INR10MM Fund Based Debts
MAGICK WOODS: ICRA Places 'LBB+' Rating on INR44MM Term Loans

PARA PRODUCTS: ICRA Assigns 'LBB-' Rating on INR32MM Cash Credit
PREMIER CONVEYORS: ICRA Places 'LBB-' Rating on INR22.4MM Loan
SRI MVR: ICRA Assigns 'LB' Rating on INR35 Million Term Loans
TATA MOTORS: To Raise as Much as INR4,700 crore
TCL CORP: To Receive Up to CNY210 Million Subsidy From Shenzhen

TCS & ASSOCIATES: ICRA Places 'LB+' Rating on INR48.5MM Bank Debts
VANDANA VIDHYUT: ICRA Assigns 'LBB' Rating on INR5.82 Bil. Loans


EXCELLENT COLLABORATION: S&P Downgrades Rating on Notes to 'CC'
HITACHI LTD: Re-evaluates Nuclear Power Alliance With GE


LINEAR CORP: Classified as Practice Note 17 Company
STAMFORD COLLEGE: Names Baker Tilly Monteiro Heng as Auditor
VTI VINTAGE: Scheme Creditors' Meeting Slated for July 16

N E W  Z E A L A N D

CEDENCO FOODS: Receivers Sell Business to Japanese Food Group
DYNASTY GROUP: May Wang Raises Repayment Offer to 6c on the Dollar


* Upcoming Meetings, Conferences and Seminars

                         - - - - -


ADVANCED MEDICAL: Posts $4.2MM Net Loss in Q2 Ended December 31
Advanced Medical Institute Inc. filed its quarterly report on Form
10-Q, reporting a net loss of $4.2 million on $6.4 million of
revenue for the three months ended December 31, 2009, compared
with net income of $386,933 on $13.2 million of revenue for the
three months ended December 31, 2008.

The Company's balance sheet at December 31, 2009, showed
$47.5 million in assets, $31.4 million of liabilities, and
$16.1 million of stockholders' equity.

Kabani & Company, Inc., in Los Angeles, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended June 30, 3009.  The independent auditors noted
that the Company has accumulated deficit of $7.0 million as of
June 30, 2009, and a net loss of $9.3 million for the year ended
June 30, 2009.

The Company had an accumulated deficit of $10.5 million as of
December 31, 2009.

A full-text copy of the quarterly report is available for free at:


Headquartered in Sydney, NSW, Australia, Advanced Medical
Institute Inc. was originally incorporated under the name of
Hawksdale Financial Visions, Inc. on December 6, 1996, under the
laws of the State of Nevada.  The Company is a service provider
company that arranges for patients with sexual dysfunction and
prostate problems in Australia, New Zealand and the United Kingdom
to be provided with medical services, pharmaceuticals and
associated clinical support services.

ALINTA ENERGY: APA Group May Bid for Gas Transmission Assets
Bloomberg News, citing the Australian Financial Review, reports
that APA Group is considering bidding for some of Alinta Energy
Ltd.'s assets.

APA Managing Director Mick McCormack told AFR that the company may
look at Alinta's gas transmission, distribution and gas-fired
power generation assets, Bloomberg News relates.  The company may
also be interested in increasing its stake in Envestra Ltd., Mr.
McCormack added.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2010, Alinta Energy Group, formerly known as Babcock &
Brown Power, received a number of indicative, non-binding, and
confidential bids for both whole of business and parts of the
business.  "Alinta Energy continues to assess deleveraging options
for the business, including asset sale and capital management
options, with a focus on maximising total enterprise value,"
Alinta Energy said in a statement to the stock exchange.  Alinta
Energy said it has made a request to its banking syndicate
for the variation of covenants for the period to March 31, 2011,
as under some trading scenarios, these covenants could come under
pressure and frustrate the deleveraging activities.

                        About Alinta Energy

Alinta Energy Group (ASX:AEJ) --
is a power generation business, with assets diversified by
geographic location, fuel source, customers, contract types and
operating mode.  The portfolio has interests in 12 operating power
stations representing approximately 3,000MW of installed
generation capacity.  In Western Australia, Alinta Energy also
operates the largest integrated private gas and electricity
retailer with over 580,000 customers.

Alinta Energy Group posted a net loss of AU$148.98 million for
the year ended June 30, 2009, compared with a net loss of
AU$426.51 million in 2008.

SAPPHIRE IX: S&P Takes Various Rating Actions on All Classes
Standard & Poor's Ratings Services took various actions on the
ratings on all classes of subprime and nonconforming residential
mortgage-backed securities issued by the trustee of Sapphire IX
Series 2006-1 Trust.  S&P lowered the ratings on the class BA, BZ,
and CA notes and affirmed the ratings on six other classes.

Since initial issuance, the portfolio has paid down its balance by
approximately 75%, with A$160 million outstanding as at April
2010.  The date-based call date will lapse in August 2010, when
post-call coupon rates will then be applicable.  Principal
payments on the rated notes are currently made on a pro-rata
basis, which reduces the dollar amount of credit support available
to any notes ranked above the class CA notes.  In S&P's opinion,
the remaining portfolio is sensitive to potential tail-end adverse
selection risk.

The affirmation of the ratings on the class AA, AM, AZ, MER, MA,
and MZ notes reflects S&P's view that the credit support available
adequately balances the tail-end risk at their current rating
levels.  The lowering of the ratings on class BA, BZ, and CA notes
reflects S&P's view that the available credit and liquidity
support for these notes may not be sufficient to withstand ratings
stresses commensurate with their current rating levels, if
potential adverse selection leads to a higher tail-end loss rate.
In particular, higher losses could result if the annual payment
rate drops below 25%, and/or the weighted average borrower margin
decreases over time.

The arrears levels of the underlying portfolio have been above the
sector average over the past 12 months.  The losses, amounting to
about AU$6 million at April 2010, have resulted in some charge-
offs to unrated notes; however, these have been fully reinstated
in recent months.  If no further charge-offs occur and arrears
remain at current levels, then it is likely that the transaction
will continue to pay principal on a pro-rata basis between the
rated notes.

While this may help to reduce the weighted-average funding costs
of the transaction, it will decrease the dollar amount of credit
support available to absorb future losses, particularly to the
lower ranking notes.

The annualized prepayment rate has slowed since reaching a peak of
45% in December 2009, to a current rate of about 40%, and has been
volatile from period to period.  S&P expects both the prepayment
rate and arrears levels to become more volatile as the portfolio
balance diminishes.

The remaining portfolio balance, at A$160 million, is just over
25% of the original balance.  About 77% of the outstanding
portfolio consists of low documentation loans and about 78%
comprise loans to self-employed borrowers.  In addition, by
current balance, about 26% of loans have a loan-to-value ratio
exceeding 80%, and over 15% have loan sizes exceeding A$800,000.

                         Ratings Lowered

                  Sapphire IX Series 2006-1 Trust

                 Class     Rating To   Rating From
                 -----     ---------   -----------
                 BA        BBB-        BBB
                 BZ        BB-         BB
                 CA        B-          B

                         Ratings Affirmed

                     Sapphire IX Series 2006-1

                         Class     Rating
                         -----     ------
                         AA        AAA
                         AM        AAA
                         AZ        AAA
                         MER       AAA
                         MA        AA
                         MZ        A
                         CZ        N.R.

                        N.R. ? Not rated


AGRICULTURAL BANK: Set to Raise Up to US$23.2 Billion in IPO
Agricultural Bank of China is set to raise up to US$23.2 billion
in the world's largest listing, Xinhua News Agency reports citing
ABC's set price range for its shares.

The news agency relates the bank said late Monday in a statement
filed with the Shanghai Stock Exchange that it had set the price
range for the Shanghai portion of its initial public offering
(IPO) at CNY2.52 to CNY2.68 (US$0.37 to US$0.39 dollars).  The
lender last week priced shares in the Hong Kong part of its IPO at
HK$2.88 to HK$3.48 (US$0.37 to US$0.45), Xinhua recalls.

According to Xinhua, ABC said it would offer 22.23 billion
A-shares in Shanghai and 25.41 billion H-shares in Hong Kong,
excluding an over-allotment option, in the preliminary prospectus
it submitted to the China Securities Regulatory Commission.

Xinhua states that the pricing of the shares means ABC, the last
of China's "big four" state-owned banks to float shares, would be
able to raise up to US$23.2 billion, set to beat a record US$21.9
billion raised by Industrial & Commercial Bank of China in 2006.

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

                          About ABC

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

                          *     *     *

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

GENERAL MOTORS: In Talks With China to Raise SAIC Stake to 44%
In hopes of expanding its stake in the Chinese market, General
Motors is holding discussions with Southern China's Guangxi
Regional Government, with the intent to raise its stake in the
SAIC-GM-Wuling minivan joint venture from 34% to 44%, Gasgoo
Automotive News reported.

SAIC Motor Corp., China's largest local car manufacturer and
partner of General Motors Co. and Volkswagen AG, plans to raise
10 million yuan or $1.47 billion in a private placement to
increase its world auto market share by building 180,000 vehicles
carrying its own brands this year, Bloomberg News reported.

SAIC aims to sell 900 million yuan-dominated A shares, and
parent, Shanghai Automotive Industry Corp. will buy at least 10%
of SAIC shares for 1 billion yuan or more, Bloomberg related.

According to Bloomberg, SAIC projects 3,000,000 vehicles sales for
2010, to increase its revenues to 245 billion yuan, from a 2009
income of 140 billion yuan.

"Fundraising is of great importance to SAIC right now as it needs
to develop next-generation models for its Roewe and MG brands,"
John Zeng, a Shanghai-based analyst with IHS Global Insight, told

The joint venture, whose presence in the Chinese market is felt
better than Shanghai GM, intends to raise its car production
capacity and launch a new automotive brand.  Shanghai GM is GM's
major auto enterprise in China.

According to Gasgoo, the mini-vehicle is the fastest selling
vehicle in China in 2009, with total sales of 1.1 million units.
This is 66% above the preceding year's sales figure.  The
venture's mini-vehicle sales own more than 50% of GM's total sales
in China in 2009, including exports to Brazil under the name of

GM expects to sell over two million units in China this year,
Gasgoo said.

In a related development, GM China has reported a record sales of
196,004 vehicles for the month of May 2010, overtaking GM U.S.'
sales of 167,325 units, said.

The Chinese market has a currently compelling demand for the Buick
and Chevrolet, as well as the other GM trademarks.  This big slice
of market share for GM's products is the main factor that boosted
GM's vehicle sales which has reached 1,032,665 for the period from
January to May 2010, a 54% increase for the same period last year.
The U.S. sales from January to May for the current year was only
882,277, related.

                         About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- is one of the world's largest
automakers.  GM employs 207,000 people in every major region of
the world and does business in some 140 countries.  GM and its
strategic partners produce cars and trucks in 34 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New

At March 31, 2010, GM had US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$23.053 billion.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
( 215/945-7000)

H O N G  K O N G

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,650 Lehman-Brothers-
related complaint cases received has been completed. These

    * 13,078 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,467 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement

    * 2,532 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after

    * 2,790 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 1,835 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 955 cases; and

    * 617 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary

    Investigation work is underway for the remaining 164 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
( 215/945-7000)

RINGGIT NAVIGATION: Members' Final Meeting Set for July 26
Members of Ringgit Navigation Company Limited will hold their
final general meeting on July 26, 2010, at 10:00 a.m., at Rm 2105,
21/F., Office Tower, Langham Place, 8 Argyle Street, Mongkok, Kln,
in Hong Kong.

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

SUNNY TECH INDUSTRIAL: Court to Hear Wind-Up Petition on August 18
A petition to wind up the operations of Sunny Tech Industrial
Limited will be heard before the High Court of Hong Kong on
August 18, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on June 10, 2010.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South China Building
          No. 1 Wyndham Street
          Central, Hong Kong

UNITED SOURCE: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on June 25, 2010,
Preferential Shareholders of United Source International Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong

WIDE SURPLUS: Creditors' Proofs of Debt Due July 31
Creditors of Wide Surplus International Holdings Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 31, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Chan Man Chung
         Room 2401, 24/F
         280 Portland Street Commercial Building
         276-280 Portland Street
         Mongkok, Kowloon

W.I.F. GLASS: Ho and Kong Step Down as Liquidators
Ho Man Kit Horace and Kong Sze Man stepped down as liquidators of
W.I.F. Glass Bottle (Int'l) Limited on June 3, 2010.

WING WO: Ho and Kong Appointed as Liquidators
Ho Man Kit Horace and Kong Sze Man Simone of on April 28, 2010,
were appointed as liquidators of Wing Wo Frozen Food Company

The liquidators may be reached at:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Unit 511 5/F Tower
         1 Silvercord
         30 Canton Road
         Tsim Sha Tsui, Kowloon

YMEDIA CONSULTING: Inability to Pay Debts Prompts Wind-Up
Creditors of Ymedia Consulting Co., Limited on June 11, 2010,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it fall due.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sau Wai
         Unit 511, 5/F, Tower 1
         Silvercord, 30 Canton Road
         Tsimshatsui, Kowloon


AJANTA PACKAGING: CRISIL Reaffirms 'B-' Ratings on Various Debts
CRISIL ratings on Ajanta Packaging's bank facilities continue to
reflect Ajanta Packaging's weak financial risk profile, marked by
high gearing, weak debt protection metrics, small net worth, and
limited financial flexibility.  This weakness is partially offset
by the firm's partners' experience in the packaging industry, and
established relationships with customers.

   Facilities                            Ratings
   ----------                            -------
   INR38.0 Million Cash Credit Limit     B-/Negative (Reaffirmed)
   INR127.6 Million Term Loan            B-/Negative (Reaffirmed)
   INR28.6 Million Proposed Long Term    B-/Negative (Reaffirmed)
   INR25.0 Million Export Performance    P4 (Reaffirmed)

Outlook: Negative

CRISIL believes that Ajanta Packaging's credit risk profile will
remain constrained over the medium term, because of insufficient
cash accruals, intensifying competition and large working capital
requirements leading to increase in its gearing, and thereby
further weakening its financial risk profile.  The ratings may be
revised downwards if Ajanta Packaging's promoters' fail to bring
in funds in a timely manner to service Ajanta Packaging's debt.
Conversely, the outlook may be revised to 'Stable' if the firm
reports large cash accruals, and if its capital structure improves

                      About Ajanta Packaging

Set up in 2000 as a partnership firm by Mr. Chandan Khanna and
Mr. Vikas Khanna, Ajanta Packaging manufactures pressure-sensitive
labels using technologies such as leather press, flexo, and offset
and screen printing.  The raw material for the process is label
stock, which, after printing, dyeing and cutting, is supplied to
customers in long-roll form.  The firm's manufacturing units at
Baddi (Himachal Pradesh) and Daman (Daman and Diu) have an
aggregate capacity to manufacture 75,000 square metres of labels
per day.  It currently operates at around 75 per cent of its
capacity.  The firm has a strong customer base, with exports,
largely to Dubai, Nigeria and Africa accounting for 10 per cent of
its top line.  In 2008-09 (refers to financial year, April 1 to
March 31), the partners opened a new firm, Ajanta Packaging FZC,
Sharjah dealing in the same line of business as Ajanta Packaging.

Ajanta Packaging reported net loss of INR23.4 million on net sales
of INR219.8 million for 2008-09 (refers to financial year, April 1
to March 31), against a profit after tax (PAT) of INR10.7 million
on net sales of INR173.5 million for 2007-08.

AMBICA PAPERS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Credit
CRISIL's ratings of 'B/Stable/P4' to the various bank facilities
of Ambica Papers Pvt Ltd continue to reflect APPL's weak financial
risk profile marked by small net worth, high gearing, and below-
average debt protection measures.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit          B/Stable (Reaffirmed)
   INR50.00 Million Bill Discounting     P4 (Reaffirmed)
   INR50.00 Million Letter of Credit     P4 (Reaffirmed)

The ratings also factor in APPL's exposure to risks relating to
small scale of operations in the paper industry, and substantial
receivables.  These weaknesses are, however, partially offset by
the benefits that APPL derives from the experience of its
promoters in the paper industry, and from its negligible inventory

Outlook: Stable

CRISIL believes that APPL's financial risk profile will remain
weak over the near to medium term on account of small scale of
operations and low cash accruals.  The outlook may be revised to
'Positive' if the company's scale of operations improves
substantially, while sustaining its profitability or if there is
significant improvement in the capital structure.  Conversely, the
outlook may be revised to 'Negative' if APPL faces significant
delays in collection of receivables, or if there is any
deterioration in liquidity profile due to high exposure to trading

                        About Ambica Papers

APPL was formed in 1996 by taking over the business of a
proprietorship firm formed earlier by the company's current
promoter Mr. Vasudeo Haripurkar.  APPL is an indenting agent in
newsprint paper: it arranges for sale of paper from the
manufacturers to the publishers, and earns a commission on the
same.  The company pays the manufacturer on behalf of the buyer,
and extends credit to the buyer.  In 2009-10 (refers to financial
year, April 1 to March 31), in addition to indenting business, it
undertook some trading activity, of writing and printing paper.

APPL is estimated to report a profit after tax (PAT) of INR0.3
million on net sales of INR59.61 million for 2009-10, as against a
PAT of INR2.29 million on net sales of INR35.17 million for

AMA INDUSTRIES: ICRA Assigns 'LBB' Rating on INR35.4MM Bank Debts
ICRA has assigned 'LBB' rating to the INR35.4 million fund-based
bank facilities and 'A4' rating to the INR25 million non-fund
based bank facilities of AMA Industries Private Limited.  The
outlook on the long-term rating is "stable."

The ratings are constrained by its small size of operations and
stiff competitive pressures from comparatively large sized players
in a highly fragmented industry with over-capacity leading to low
capacity utilization levels and low profitability levels.  The
ratings are further constrained by the company's significant
client concentration risks, limited geographical reach to address
the requirements, and moderately high financial risk profile
characterized by moderate gearing levels and high working capital
intensity.  The ratings, however, factor in the company's long
operating history as a manufacturer and supplier of explosives to
reputed clientele, location of plant in close proximity of
Western Coalfields Limited (WCL) and incorporation of the price
variation clause in the CIL tenders since FY 2008-09 onwards,
which has helped the company protect its profitability to some

                        About AMA Industries

Established in 1996, AMA Industries Private Limited is a family
business managed by the Maimoon family and is engaged in the
manufacturing of different types of Large & Small Dia Cartridge
Explosives, Explosive Devices, Industrial Safety Equipment,
Permitted Slurry Explosives, Bulk Emulsion Explosives, Detonating
Fuse of Different Grammage, Nonel Detonator of Different Sizes,
Relay Detonator/ Cord Relay etc.  AIPL is an ISO 9002 company and
has been involved in the explosives business since 1940. Its
manufacturing facility is located at Mouza Daga, about 40 km from

During FY 2010 (9 M) the company has registered net profit of
INR24.3 million on a turnover of INR244.6 million.

DEEKAY IMPEX: ICRA Puts 'LBB' Rating on INR10MM Fund Based Debts
ICRA has assigned an 'LBB' rating to the Fund Based facilities of
Deekay Impex aggregating to INR10.0 million.  The rating carries a
stable outlook.  ICRA has also assigned an A4 rating to the Non-
Fund Based limits of DI aggregating to INR120.0 million.

The ratings are constrained by the stretched financial profile of
the firm with weak profitability indicators and high gearing level
(at 4.13 times as on March 31, 2010), intense competitive
pressures in the business due to low entry barriers, exposure of
profitability to adverse movements in timber prices and exposure
towards foreign exchange price fluctuations since entire foreign
exposure is not hedged.  Further, DI is a proprietorship concern
and any significant withdrawals from the capital account would
affect its capital structure.  The ratings however take support
from the long track record of the promoter group in the timber
business, moderate customer concentration risk, healthy growth in
revenue over the past periods driven by healthy demand especially
for Radiata Pine in the country and low working capital intensity
in the business.

                         About Deekay Impex

Deekay Impex is a proprietorship firm owned by Mr. Dilip Kedia.
The firm was established in the year 1996.  The Deekay Group has
been involved in the wood business for more than 50 years. DI is
involved in the business of sawing and trading of  timber, mainly
imported wood.  The  firm's works  is located at Gandhidham of
Kutch District (Gujarat), near to the Kandla port.  The firm
imports various softwoods and hardwoods, mainly from New Zealand
and Europe, and saws them at saw mill site as per the requirements
of the customers.

In FY 2010, the firm reported Profit After Tax (PAT) of INR2.4
million on an operating income of INR366.4 million (unaudited).

MAGICK WOODS: ICRA Places 'LBB+' Rating on INR44MM Term Loans
ICRA has assigned 'LBB+' rating to the INR44.0 million term loans
and to the INR10.0 million fund based sub limits of Magick Woods
Exports Private Limited.  The outlook on the rating is stable.
ICRA has also assigned 'A4+' to the INR225.0 million fund based
facilities and to the INR127.5 million non-fund based facilities

The rating factors in the proven track record of the promoters in
bath vanity industry and the established relationship of the
company with major home improvement retail chains.  The ratings
are however constrained by its relatively moderate size of
operations, poor bargaining power of the company against
established customers, exposure to volatilities in exchange rates,
high geographic concentration and high gearing.  ICRA takes note
of the weak financials of the parent company characterized by
negative net worth, low profitability and weak coverage
indicators. ICRA also notes that the fluctuations in the prices of
raw materials of the company are closely linked to fluctuations in
crude oil prices and any sudden unfavorable movements in the raw
material price is likely to affect the profitability of the
company as it has weak bargaining powers against the well
established customers.  The company also has significant exposure
to exchange rate risk as 96% of its revenues are denominated in
USD however the risk is partly mitigated as around 87% of the
procurement is in USD.

                         About Magick Woods

Magick Woods Export Pvt Ltd was incorporated in August 2003, as a
wholly owned subsidiary of Magick Woods Ltd, Canada.  Both the
companies are involved in manufacturing of vanity cabinets for
bath & dining segments.  MWEPL is a 100% export Oriented Unit
(EOU) with a capacity to produce 5500 sub-assemblies and 1200 full
assemblies in its production facility at Maraimalai nagar
near Chennai in Tamil Nadu.  The company derives around 96% of its
revenue from exports and has a very minimal presence in domestic
market.. The company sells in USA and Canada through big retail
chains like Lowes, Menards and Home Depot.

MWEPL reported a profit after tax (PAT) of Rs.38 million on an
operating income of Rs.577 million in 2008-09, as against a PAT of
Rs.11 million on an operating income of Rs.387 million in 2007-08.

Recent results (Unaudited)

MWEPL clocked an operating income of INR721 million for FY10,
representing healthy growth of 25% over the previous year figures.
During the same period, the Company reported a Profit Before Tax
(PBT) of INR90 million.

PARA PRODUCTS: ICRA Assigns 'LBB-' Rating on INR32MM Cash Credit
ICRA has assigned 'LBB-' rating to the INR32 million cash credit
facilities of Para Products Private Limited.  ICRA has also
assigned A4 rating to INR80 million facilities interchangeable
between the Cash Credit and LC facilities.  The outlook assigned
to the long term rating is "Stable."

The ratings factor in PPPL's modest scale of operations; business
concentration on Paracetamol, a commoditized product characterized
by thin operating margins and high price volatility; and weak
financial risk profile given the high working capital intensity
and gearing levels.  Moreover, the company's profitability remains
vulnerable to foreign exchange and raw material price fluctuations
given its significant import dependence on China.  However, the
ratings take into account the long standing experience of the
promoters, established relationships with the customers, healthy
market position in the addressable business segment and proximity
to the Northern pharmaceutical belt.

Recent Results:

As per the provisional financial numbers, PPPL reported net sales
of INR432.5 million and gross contribution of INR54.8 million in
nine months 2009-10.

Para Products Private Limited, a part of Globus Pharmachem group,
is engaged in the manufacture of Paracetamol.  The company
operates through a manufacturing unit having a capacity of 3600
TPA and marketing outlets located in Mumbai, Ahmedabad, Baroda and

PREMIER CONVEYORS: ICRA Places 'LBB-' Rating on INR22.4MM Loan
ICRA has assigned an 'LBB-' rating to the INR22.4 million term
loans and the INR20 million fund-based bank facilities of Premier
Conveyors Private Limited.  The outlook on the long-term ratings
outstanding is 'stable'.  ICRA has also assigned an A4 rating to
the INR5 million fund-based and the INR25 million non-fund based
bank facilities of PCPL.

The assigned ratings take into account PCPL's small scale of
operations, which leads to limited bargaining power as compared to
suppliers as well as customers and low economies of scale; its
working capital intensive nature of operations, which adversely
affects its liquidity position; its susceptibility to adverse
movements in raw material prices and the vulnerability of its
profits to the risks of foreign exchange fluctuations as a result
of a mismatch between its imports and exports.  ICRA notes that
PCPL is in the process of enhancing its rubber conveyor belt
capacity at an estimated capital outlay of INR22 million, which is
expected to be funded by a mix of debt and equity at a project
gearing of 2.14 times.  While the implementation of the ongoing
project is expected to augment PCPL's product basket, the credit
profile of the company is likely to be adversely impacted in the
near to medium term because of project related risks.
Nevertheless, the ratings favorably factor in the long experience
of the promoters in the rubber conveyor belt manufacturing; the
reputed customer base of the company and its increasing focus on
export markets, which reduces geographical concentration risks to
some extent.

Established in 2006 by Aggarwal family, PCPL is engaged in the
manufacture of rubber conveyor belts, with its manufacturing
facility being located at Wada in Thane district of Maharashtra.
The company manufactures general purpose, heat resistant and fire
resistant rubber conveyor belts that find applications primarily
in metal, mining and power sectors.

As per the 2009-10 provisional results, PCPL recorded a profit of
INR1.5 million on the back of net sales of INR75.7 million.

SRI MVR: ICRA Assigns 'LB' Rating on INR35 Million Term Loans
ICRA has assigned an 'LB' rating to the INR35.0 million term
loans, INR107.0 million fund based and INR0.5 million non-fund
based bank facilities of Sri MVR Cotton Oil Mills Private

The rating takes into account recent delays by MVR in servicing
its interest and principal obligations, its relatively small scale
of operations, lack of financial flexibility due to highly
leveraged capital structure and the fragmented nature of the
ginning industry characterized by the presence of a large
number of small and medium scale players which restrict MVR's
pricing flexibility.  The rating, however, draws comfort from the
experience of the promoters in the cotton trading and ginning
business, proximity of MVR's ginning unit to cotton growing areas
of the Guntur district of Andhra Pradesh (AP) and the ability to
produce better quality output (lint) from the Technology Mission
on Cotton (TMC) unit.  TMC was launched by Ministry of Textiles,
whose objective is to improve cotton processing facilities by
modernizing the existing ginning and pressing factories, resulting
in cotton processing with minimum or no contamination to achieve
better value added products like yarn, cloth, garments, made-ups,

Recent Results:

During 2009-10, as per the provisional results, MVR reported an
operating income of INR262.5 million and an operating profit
margin of 11.1%.

                             About MVR

MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP.  In addition to better quality output, TMC
unit has other advantages such as higher production speeds and low
manpower requirement.  MVR is promoted by Mr. M. Venkateswara Rao
who has over a decade of experience in cotton ginning and trading.
The ginning mill has a current installed capacity of 24 gins
which can produce 43,200 bales of cotton lint during the cotton
season each year.  It can produce cotton lint with staple  length
from 31 mm to 34 mm which can be used to manufacture cotton yarn
of up to 60s count.

TATA MOTORS: To Raise as Much as INR4,700 crore
Tata Motors Ltd said it plans to raise about INR4,700 crore to
fund the company's expansion plans and reduce debt.

"At a meeting held [June 28], the Board, inter alia, decided to
seek Shareholders' approval through a Postal Ballot for raising
funds equivalent to about INR4,700 crores through a combination of
issue of Ordinary Shares, 'A' Ordinary Shares, Convertible Bonds,
Debentures, Warrants or other equity linked instruments in the
domestic and/or international markets in one or more tranches,"
the company said in a statement.

"The timing and structure of the issues will be decided depending
upon market conditions post Shareholders' and other approvals.

"The Board also considered appropriate to seek Shareholders'
approval for raising the limits for borrowings and for creation of
security on the Company's properties from INR20,000 crores to
INR30,000 crores."

                         About Tata Motors

India's largest automobile company, Tata Motors Limited -- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to B2 from B3.  The outlook on the
rating is positive. This rating action completes the rating review
for possible upgrade initiated on March 2, 2010, when TML
announced its consolidated Q3 FY2010 results.

TCL CORP: To Receive Up to CNY210 Million Subsidy From Shenzhen
TCL Corp. said it will receive as much as CNY210 million in
subsidies from the government of the southern Chinese city of
Shenzhen, Bloomberg News reports.

TCL said in a filing to Shenzhen's stock exchange that its units
have already gotten CNY341.8 million of subsidies from the
Shenzhen government, according to Bloomberg News.

Headquartered in Guangdong Province, China, TCL Corporation -- Corporation is principally engaged in the
manufacture of TV sets and handset products.  TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication.

                        *     *     *

The company continues to carry Xinhua Far East China Ratings 's
"BB" domestic currency issuer credit rating.  The ratings
outlook remains negative.

TCS & ASSOCIATES: ICRA Places 'LB+' Rating on INR48.5MM Bank Debts
ICRA has assigned rating of 'LB+' to TCS & Associates Private
Limited's term loans of INR48.5 million and fund based limits of
INR75.0 million.  The assigned rating takes into account the
company's weak financial profile on account of high gearing,
limited track record of the dealership operations, high
competition in the company's assigned territory and low
profitability associated with the auto dealership business. The
rating also factors in the promoters' prior experience in running
dealership business and the strong position of Maruti Suzuki
India Limited in the domestic passenger car segment.

TCS & Associates Pvt. Ltd. was incorporated in 2002 and commenced
with Hyundai Motors India Limited.  During 2008, the company
received letter of intent for the dealership of Maruti Suzuki
India Limited (MSIL) for Faridabad district and the dealership
operations for the same started during Q2 FY10.  The company runs
one showroom (500 sq. yards) and one workshop (6,600 sq. yards) in
Faridabad. TCS's workshop was recently awarded by MSIL for having
the best Workshop infrastructure in Northern India.  The company
is run by Mr.  Rahul Saluja who also runs another dealership (for
Bajaj Motorcycles) viz. T.C. Saluja & Sons Pvt. Ltd.

Recent Results

The company has reported a net loss of around INR2.5 million on
the operating income of around INR1.5 million during FY09.

VANDANA VIDHYUT: ICRA Assigns 'LBB' Rating on INR5.82 Bil. Loans
ICRA has assigned 'LBB' rating to the INR5.82 billion long term
fund based bank limits and INR265.00 million long term non-fund
based limits of Vandana Vidhyut Limited.  The outlook on the
assigned rating is "stable."

The rating reflects the execution and implementation risks that
are typical of greenfield projects and significantly large scale
of project being executed by the company in relation to existing
scale of operations.  The rating is also constrained on account of
absence of long term Power Purchase Agreement (PPA) although some
comfort can be derived from the Memorandum of Understanding
(MoU) for sale of up to 37% of its generated power to Chhattisgarh
State Electricity Board (CSEB) subsequent to which a letter of
comfort for purchase of power has been received by the company
from Chhattisgarh State Power Trading Company Limited.  The
promoters have brought in the entire equity and the financial
closure for the project is achieved thereby reducing the funding
risk for the project.  The rating, also favorably factors in the
successful tie-up of the entire debt component for the project,
necessary clearances required for execution of the project as well
as the availability of captive coal block which not only mitigates
the concerns on the fuel availability but will also result in
competitive cost of power generation.  However, the development of
the captive coal block is still in initial stages and the coal
block would be operational from October 2013 which exposes the
company to fuel risk.  Nevertheless, ICRA draws comfort from the
tapering linkage obtained for the first phase by the company from
ministry of coal, the prior experience of the promoter group in
establishing and operating thermal/biomass power plants for
captive usage and the demonstrated funding support of the group to

                        About Vandana Vidhyut

Vandana Vidhyut Limited was incorporated in 1995 with an
establishment of 6 MW rice husk based power plant which was
commissioned in October 2001 and operational since the past nine
years.  The operational biomass plant is located at Sirgitti
Industrial Area in Bilaspur (Chhattisgarh).  The total outlay for
the project was INR235.6 Million (Rs.39.27 million/MW). With
subsequent infusion of INR12.7 Million in FY 02-03, its capacity
was enhanced to 8.0 MW. VVL now proposes to set up a 540 MW (4*135
MW) Coal based Thermal Power Plant in four phases at Korba in
Chhattisgarh.  The project cost of phase I is estimated at Rs.7.68
Billion (Rs 56.89 Million/MW) and is proposed to be funded in
debt-equity ratio of 3:1. The Phase ? I has already achieved the
required financial closure and with a scheduled CoD in October


EXCELLENT COLLABORATION: S&P Downgrades Rating on Notes to 'CC'
Standard & Poor's Ratings Services lowered its ratings to 'CC'
from 'CCC-' on the class C and D notes issued under the Excellent
Collaboration Tokutei Mokuteki Kaisha series 1 transaction.  The
rating actions reflect the issuer's public announcement that it
will fully repay the class B note, but will not make full
repayments on the class C and D notes on the final maturity date
of July 7, 2010.  The class A note has already been redeemed.

                          Ratings Lowered

         Excellent Collaboration Tokutei Mokuteki Kaisha

     JPY16.39 billion fixed-rate series 1 class A to D notes
                     issued on March 23, 2007

Class    To    From    Initial Issue Amount   Legal Final Maturity
-----    --    ----    --------------------   --------------------
C        CC    CCC-    JPY0.50 bil.             July 2010
D        CC    CCC-    JPY0.50 bil.             July 2010

HITACHI LTD: Re-evaluates Nuclear Power Alliance With GE
Hitachi Ltd President Hiroaki Nakanishi said his company and
General Electric Co. are in talks about changing the ownership
structure of their nuclear-power alliance, The Wall Street Journal

Mr. Nakanishi told the Journal in an interview that the company
decided to re-evaluate how the GE partnership works in a bid to
reverse sluggish nuclear-power-plant orders outside of the U.S.
and Japan.

The Journal says nuclear-power and other infrastructure businesses
are central to Hitachi's push to generate a more stable source of
earnings by shifting away from semiconductor and consumer-
electronics operations that have been a factor in the company's
four straight years of net losses.

According to the report, Hitachi and GE formed a nuclear-power
alliance in 2007 to promote boiling-water reactor technology,
creating a joint venture in Japan and another in the U.S.  The
basic idea of the dual ventures was for GE to take the lead in the
U.S. and overseas markets other than Japan, while Hitachi was to
play the key role in its home market.  The U.S. joint venture is
currently 60%-owned by GE and 40%-owned by Hitachi.  The Japanese
joint venture is led by Hitachi, which holds an 80% equity stake
to GE's 20% holding.

                           About Hitachi

Hitachi Ltd. (NYSE:HIT) -- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

Hitachi Ltd reported net losses of JPY788 billion, JPY58.12
billion and JPY32.79 billion for the years ended March 31, 2009,
2008 and 2007.


LINEAR CORP: Classified as Practice Note 17 Company
Linear Corporation Berhad is now listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1 (f) of the PN17 and is now
unable to provide a solvency declaration to Bursa Securities.

As an Affected Listed Issuer, Linear Corporation is required:

   (i) within 12 months to (a) submit a regularization plan to
       the Securities Commission  if the plan will result in a
       significant change in the business direction or policy
       of the Company; or (b) submit a regularization plan to
       Bursa Malaysia if the plan will not result in a significant
       change in the business direction or policy of the Company,
       and obtain Bursa Malaysia's approval to implement the plan;

  (ii) implement the regularization plan within the timeframe
       stipulated by the SC or Bursa Malaysia, as the case may be;

(iii) announce within three months on whether the regularization
       plan will result in a significant change in the business
       direction or policy of the Company;

  (iv) announce the status of its regularization plan and the
       number of months to the end of the relevant timeframes on
       a monthly basis until further notice from Bursa Malaysia;

   (v) announce its compliance or non-compliance with a particular
       obligation imposed pursuant to the PN17, on an immediate

  (vi) announce the details of the regularization plan and
       sufficient information to demonstrate that the Company is
       able to comply with all the requirements set out under
       paragraph 3.1 of PN17 after implementation of the
       regularization plan, which shall include a timeline for the
       complete implementation of the regularization plan.  The
       Requisite Announcement must be made by a corporate finance
       adviser under the Securities Commission's Guidelines on
       Principal Advisers for Corporate Proposals; and

(vii) where the Company fails to regularize its condition,
       announce the dates of suspension and de-listing of its
       listed securities immediately upon notification of
       suspension and de-listing by Bursa Malaysia.

In the event the Company fails to comply with the obligations to
regularize its condition, all its listed securities will be
suspended from trading on the next market day after five market
days from the date of notification of suspension by Bursa Malaysia
and de-listing procedures shall be taken against the Company,
subject to the Company's right to appeal against the de-listing.

                         About Linear Corp.

Linear Corporation Berhad is engaged in investment holding and
providing management services.  The Company operates in five
business segments: investment holding, manufacturing of cooling
towers, engineering, which includes designing and building
district cooling system plants; trading of cooling towers and
solar panel, and others, which includes providing water treatment
services, trading of water tank, composites and other compounds.

STAMFORD COLLEGE: Names Baker Tilly Monteiro Heng as Auditor
Stamford College Berhad disclosed that at the 20th annual general
meeting held on June 25, 2010, Messrs. Baker Tilly Monteiro Heng
have been appointed as Auditors of the Company in place of the
retiring Auditors, and will hold office until the conclusion of
the next Annual General Meeting at a remuneration to be determined
by the Directors.

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) -- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it 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
December 31, 2008, 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.

VTI VINTAGE: Scheme Creditors' Meeting Slated for July 16
VTI Vintage Berhad will hold a Court Convened Meetings of Scheme
Creditors on July 16, 2010.  The meeting will be held at Crystal
Crown Hotel Port Klang, Crystal 3, Level 1, 217, Persiaran Raja
Muda Musa, 42000 Pelabuhan Klang, in Selangor Darul Ehsan,

VTI Vintage Berhad is an investment holding company. It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.

N E W  Z E A L A N D

CEDENCO FOODS: Receivers Sell Business to Japanese Food Group
Cedenco Foods has been sold to Japanese food group Imanaka,
subject to Overseas Investment Office approval, The New Zealand
Press Association reports citing the company's receivers.

NZPA relates receiver Brendon Gibson of KordaMentha said the
business was being sold as a going concern, and Imanaka planned to
continue operating Cedenco Foods in Gisborne and Hawke's Bay.
"The timing of the sale will provide further certainty to all
parties as we head into the next growing season," he said.

Imanaka had been associated with Cedenco Foods for over 15 years,
and operated food businesses in Australia, Singapore, Thailand,
China and Japan.

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

                        About Cedenco Foods

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

DYNASTY GROUP: May Wang Raises Repayment Offer to 6c on the Dollar
Chinese businesswoman May Wang has increased her offer to the
creditors she owes NZ$22 million to 6 cents on the dollar, the New
Zealand Press Association reports.   This is a 3.5c increase on
her previous 2.5c offer, the report says.

The trustee of her proposal, Jeff Meltzer of Meltzer Mason Heath,
has confirmed to NZPA that her offer has now increased to 6c on
the dollar.  "This offer has been accepted by the creditors. It
now needs to be approved by the court, which will probably be
three weeks away," NZPA quoted Mr. Meltzer as saying.

NZPA says the new proposal has already been accepted at a
creditors' meeting, and will be heard in the High Court at
Auckland on a date yet to be set.

Ms. Wang had earlier offered payment of NZ$500,000 to clear debts
worth $22.2 million, equating to about 2.5c on the dollar.

Associate Judge Jeremy Doogue adjourned Westpac's application to
bankrupt Wang in the Auckland High Court to give creditors time to
vote on her proposal.  Westpac had applied to court to bankrupt
Ms. Wang over debts of NZ$620,000 while Allied Nationwide Finance,
as a supporting creditor, is owed about NZ$250,000.

Ms. Wang is fronting a NZ$1.5 billion bid to buy up New Zealand
dairy farms, including 16 Crafar farms, according to The
New Zealand Herald.

Dynasty Group collapsed in 2008 owing creditors about NZ$22


* Upcoming Meetings, Conferences and Seminars

July 7-10, 2010
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800;

July 14-17, 2010
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.

Aug. 3, 2010
    Atlanta Consumer Bankruptcy Skills Training
       Georgia State Bar Building, Atlanta, Ga.
          Contact: 1-703-739-0800;

Aug. 5-7, 2010
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800;

Aug. 11-14, 2010
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800;

Sept. 14, 2010
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800;

Sept. 20, 2010 (tentative)
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800;

Sept. 23-25, 2010
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800;

Oct. 1, 2010 (tentative)
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800;

Oct. 6-8, 2010
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida

Oct. 11, 2010
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800;

Oct. 15, 2010
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800;

Oct. 29, 2010 (tentative)
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800;

Nov. __, 2010
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800;

Nov. 11, 2010
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800;

Dec. 9-11, 2010
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800;

Dec. 2-4, 2010
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800;

Jan. 20-21, 2011
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800;

January 26-28, 2011
    TMA Distressed Investing Conference
       Aria Las Vegas

Mar. 31-Apr. 3, 2011
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800;

June 9-12, 2011
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.

July 21-24, 2011
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800;

Aug. 4-6, 2011  (tentative)
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800;

Oct. 14, 2011
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800;

Oct. 25-27, 2011
    Hilton San Diego Bayfront, San Diego, CA

Dec. 1-3, 2011
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800;

Apr. 19-22, 2012
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800;

July 14-17, 2012
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800;

Aug. 2-4, 2012
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800;

Nov. 29 - Dec. 2, 2012
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800;


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

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


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

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

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

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

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

                 *** End of Transmission ***