TCRAP_Public/100701.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

           Thursday, July 1, 2010, Vol. 13, No. 128

                            Headlines



A U S T R A L I A

RIVIERA GROUP: Officially Exits Administration
SONRAY CAPITAL: Administrators Investigate Claims of Rogue Trader


H O N G  K O N G

AL TRAVESQUE: Ho and Kong Step Down as Liquidators
C.W.K.F.A KAI: Members' Final Meeting Set for July 26
CARVEN ENTERPRISES: Lam and Jong Appointed as Liquidators
CORAL SEA: Commences Wind-Up Proceedings
COSMIC DIGITAL: Members and Creditors' Meetings Set for July 13

FEVER HOLDINGS: Creditors' Meeting Set for July 2
GUANGSHUI CIVIL: Annual Meetings Set for July 8
INTERBUILD LIMITED: Leung and Leong Step Down as Liquidators
KWAI MOON: Court to Hear Wind-Up Petition on August 4
LAND PARTNERS: Court to Hear Wind-Up Petition on July 28


I N D I A

AMEET ENTERPRISES: CRISIL Rates INR30 Million Cash Credit at 'BB+'
ASUTI TRADING: CRISIL Rates INR350 Million Letter of Credit 'P4+'
CENTURION SCHOOL: CRISIL Rates INR145 Million Term Loan at 'B+'
GLOBAL ISPAT: CRISIL Assigns 'B+' Ratings on Various Bank Debts
INTEGRAL BIOSCIENCES: CRISIL Reaffirms 'B' Ratings on Bank Debts

JAGMOHAN MOTORS: CRISIL Assigns 'BB' Rating on INR72MM Cash Credit
JAGANNATH INSTITUTE: CRISIL Puts 'B+' Rating on INR135MM Term Loan
KOTHARI WASPAP: CRISIL Lifts Rating on INR80MM Cash Credit to 'B+'
KARELI SUGAR: CRISIL Rates INR80 Million Cash Credit at 'D'
LUMAX MANAS: CRISIL Puts 'B' Rating on INR60MM Proposed Term Loan

MA BHAGWATI: CRISIL Assigns Default Ratings on Various Bank Debts
MAHABIR JUTE: CRISIL Assigns 'BB+' Rating on INR104.2MM Term Loan
NIRANJAN METALLIC: CRISIL Places 'BB+' Rating on INR55MM Term Loan
NOWRANGROY AGRO: Low Net Worth Prompts CRISIL's 'B+' Ratings
PARAYIL FOOD: CRISIL Places 'BB-' Rating on INR8 Million Term Loan

SAUMYA MINING: CRISIL Places 'BB+' Rating on INR215MM Cash Credit
SUBHKARAN & SONS: CRISIL Rates INR500MM Letter of Credit at 'P4+'
SHILPI CABLE: Fitch Affirms National Long-Term Rating at 'B'


J A P A N

EXCELLENT COLLABORATION: Moody's Cuts Ratings on Class D to 'Ca'
JAPAN AIRLINES: To Cancel Training of 130 Pilot Trainees
JAPAN AIRLINES: To Ask Banks for Additional Debt Waiver


K O R E A

HYUNDAI ENGINEERING: Creditors May Choose Bidder by Year End


M A L A Y S I A

AFFIN BANK: Fitch Upgrades Individual Rating to 'C/D'


N E W  Z E A L A N D

DORCHESTER PACIFIC: Investors Approve Capital Reconstruction Plan
ST LAURENCE: Investors to Get Up to 22c on the Dollar Payout


P H I L I P P I N E S

LEPANTO CONSOLIDATED: First Metro to Keep Lepanto Stakes
* PHILIPPINES: Central Bank Shuts Down 10 Rural Banks


S I N G A P O R E

SOUTH CENTRAL: Members' Final Meeting Set for July 30


T A I W A N

TAIWAN INTERNATIONAL: Fitch Keeps Ratings; Gives Evolving Outlook




                         - - - - -


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


RIVIERA GROUP: Officially Exits Administration
----------------------------------------------
Riviera Group said it has received written notice on June 25,
2010, that the Deed of Company Arrangement established in
conjunction with Riviera's creditors in January this year has now
been completed and the company has now officially exited from
administration.

The company said in a statement that following the withdrawal of
the business for sale previously announced on April 9, 2010 and
the finalization of the administration, Management and the
Receivers are now planning Rivieras' exit from receivership later
this year.

Under the terms of the DOCA, all current and former employees have
received all of their unpaid wages, superannuation, annual leave
and any relevant redundancy payments.  Current Riviera employee's
entitlements will continue to accrue and be available to those
employees in the ordinary course of business.  Unsecured creditors
have also received a dividend payment under the terms of the DOCA.

The payments to employees and unsecured creditors have effectively
cleared all pre-administration appointment unsecured claims
against the company enabling it now to trade in its own right,
outside of the formal administration process.  This move also
paves the way for the business to prepare to exit Receivership.

"The completion of the DOCA is yet another significant milestone
in the rapid recovery of Riviera over the last twelve months,"
John Anderson, Riviera's chief executive officer, said.

                        About Riviera Group

Riviera Group -- http://www.riviera.com.au/--is a luxury boat
builder based in Australia.

Riviera Group was placed into voluntary receivership in May 2009.
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard
Hughes were appointed receivers and managers of Riviera.
According to the Brisbane Times, Mr. Campbell said it was proposed
to sell Riviera as a going concern after a restructuring of the
company.  The Brisbane Times said Riviera shed 117 of its Gold
Coast staff in January and cut more than 300 staff from its
Coomera headquarters in 2008.  The company also closed its
production line for three weeks, from April 10 to May 5, in a bid
to clear stock held by international dealers, the Brisbane Times
added.


SONRAY CAPITAL: Administrators Investigate Claims of Rogue Trader
-----------------------------------------------------------------
Rebecca Urban at The Australian reports that Ferrier Hodgson,
which was appointed administrator to Sonray Capital Markets Group
and its related entities last week, is conducting an urgent
assessment of the group's financial position ahead of a creditors'
meeting this Friday.  The administrator is also looking into
allegations that a rogue trader may have been responsible for the
collapse of the broker, the report says.

"Our initial investigations indicate there is likely to be a
significant deficiency in the accounts," the report quoted Ferrier
Hodgson partner George Georges as saying.  "Our role will be to
identify the quantum of the deficiency and how it arose."

The Australian notes that individual client positions are also
being investigated, given that some clients have lodged collateral
while others have outstanding margin calls.

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.

                        About Sonray Capital

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


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


AL TRAVESQUE: Ho and Kong Step Down as Liquidators
--------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone stepped down as
liquidators of AL Travesque Limited on June 7, 2010.


C.W.K.F.A KAI: Members' Final Meeting Set for July 26
-----------------------------------------------------
Members of C.W.K.F.A Kai Ming Kindergarten Limited, which is in
members' voluntary liquidation, will hold their final meeting on
July 26, 2010, at 3:00 p.m., at G/F., Chak Tsui House, Wan Tsui
Estate, in Hong Kong.

At the meeting, Li Kwok On and Gilbert Washington Hoosang, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CARVEN ENTERPRISES: Lam and Jong Appointed as Liquidators
---------------------------------------------------------
Rainier Hok Chung Lam and Yat Kit Jong on May 5, 2010, were
appointed as liquidators of Carven Enterprises Limited.

The liquidators may be reached at:

          Rainier Hok Chung Lam
          Yat Kit Jong
          22/F Prince's Building
          5 Ice House Street
          Hong Kong


CORAL SEA: Commences Wind-Up Proceedings
----------------------------------------
Members of Coral Sea Knitters Limited, on June 8, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Chan Sun Kwong
         Office No. 1818, 18/F
         Beverly Commercial Centre
         87-105 Chatham Road
         Tsimshatsui, Kowloon
         Hong Kong


COSMIC DIGITAL: Members and Creditors' Meetings Set for July 13
---------------------------------------------------------------
Members and creditors of Cosmic Digital Technology Company Limited
will hold their annual meetings on July 13, 2010, at 3:00 p.m.,
and 3:30 p.m., respectively at the offices of FTI Consulting
(Asia) Limited, 1008 Shui On Centre, 6-8 Harbour Road, Wanchai, in
Hong Kong.

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


FEVER HOLDINGS: Creditors' Meeting Set for July 2
-------------------------------------------------
Creditors of Fever Holdings Limited will hold their meeting on
July 2, 2010, at 3:00 p.m., for the purposes provided for in
Sections 241 (as modified by Section 228A(8)), 242, 243, 244 and
255A of the Companies Ordinance.

The meeting will be held at 17/F., Ginza Square, 565-567 Nathan
Road, Kowloon, in Hong Kong.


GUANGSHUI CIVIL: Annual Meetings Set for July 8
-----------------------------------------------
Contributories and creditors of Guangshui Civil Engineering
Company Limited will hold their annual meetings on July 8, 2010,
at 3:00 p.m., at the office of Ferrier Hodgson Limited, 14th
Floor, The Hong Kong Club Building, 3A Chater Road, Central, in
Hong Kong.

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


INTERBUILD LIMITED: Leung and Leong Step Down as Liquidators
------------------------------------------------------------
Leung Hok Lim and Leong Ting Kwok David stepped down as
liquidators of Interbuild Limited on June 11, 2010.


KWAI MOON: Court to Hear Wind-Up Petition on August 4
-----------------------------------------------------
A petition to wind up the operations of Kwai Moon Lau Seafood
Restaurant Limited will be heard before the High Court of
Hong Kong on August 4, 2010, at 9:30 a.m.


LAND PARTNERS: Court to Hear Wind-Up Petition on July 28
--------------------------------------------------------
A petition to wind up the operations of Land Partners Surveyors
Limited will be heard before the High Court of Hong Kong on
July 28, 2010, at 9:30 a.m.


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


AMEET ENTERPRISES: CRISIL Rates INR30 Million Cash Credit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Ameet Enterprises, which is part of the ATT group.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit            BB+/Stable (Assigned)
   INR220.0 Million Letter of Credit*     P4+ (Assigned)

   * Includes Bank Guarantee Sub-limit of INR10.0 million

The ratings reflect the group's moderate financial risk profile,
constrained by low net worth and weak debt protection indicators,
and exposure to risks related to its small scale of operations and
to fluctuations in the value of the Indian rupee.  These rating
weaknesses are partially offset by the benefits that the ATT group
derives from its moderate inventory and debtor risk management
practices, limiting the possibility of severe losses in its
trading business and its established relationships with key
suppliers and customers.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Ameet and AT Trade Overseas Pvt Ltd
(ATT; formerly AT Textiles Pvt Ltd).  This is because the two
entities together referred to as the ATT group, have operational
and commercial synergies.  Further, for the calculation of key
financial indicators, CRISIL has treated the interest-free
unsecured loans provided by the promoters to the group entities as
neither debt nor equity.

Outlook: Stable

CRISIL believes that the ATT group will maintain its business risk
profile on the back of its established relationships with its
customers and its sound inventory and debtor management practices.
The outlook may be revised to 'Positive' if the group generates
higher-than-expected net cash accruals, or if substantial equity
infusions by the promoters result in significant improvement in
the group's net worth and financial risk profile.  Conversely, the
outlook may be revised to 'Negative' in case of any significant
decline in the group's business volumes, revenues, or
profitability margins, or deterioration in its liquidity position.

                          About ATT Group

Ameet and ATT, set up in 1961, trade in coal, steel long products
(billets and angles), grey fabric, polythene resins, and heavy
melting scrap.  The operations of the group are managed by the
Hisaria family from its Mumbai office.  The group imports steel
long products and coal from established suppliers such as Duferco
SA, Euroasia Exports Ltd, and Swiss Singapore Overseas Enterprises
Pte Ltd.  In the domestic fabric trading business, the group has
established clientele such as First Winner Industries Ltd,
Ashapura Garments Ltd, and Ankita Knitwear Ltd, and in the coal
and steel long products segments, it caters to steel companies
such as Maharashtra Steel Rolling Mills Pvt Ltd and Varsana Ispat
Ltd.

The ATT group reported a consolidated profit after tax (PAT) of
INR0.2 million on consolidated net sales of INR763.3 million for
2008-09 (refers to financial year, April 1 to March 31) against a
consolidated PAT of INR3.5 million on a consolidated net sales of
INR741.0 million for 2007-08.


ASUTI TRADING: CRISIL Rates INR350 Million Letter of Credit 'P4+'
-----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Asuti Trading Pvt Ltd's
short-term bank facility.

   Facilities                          Ratings
   ----------                          -------
   INR350.0 Million Letter of Credit   P4+ (Assigned)

The rating reflects Asuti's inadequate internal risk management
systems, significant customer concentration in revenue profile,
and limited financial flexibility because of large working capital
requirements.  These rating weaknesses are partially offset by low
inventory risk in Asuti's trading model.

                        About Asuti Trading

Asuti, a Mumbai-based company, was acquired by Mr. Binod Agarwal
and Mr. Vimal Agarwal in 2007-08 (refers to financial year, April
1 to March 31).  Since then it has been trading in steel and iron
products such as hot-rolled (HR) coils, cold-rolled (CR) coils,
sheets, sponge iron fines/lumps and pig iron.   The company
receives business and financial support from the Shrilekha group
of companies.

Asuti reported a profit after tax (PAT) of INR19.4 million on net
sales of INR578.2 million for 2008-09, against a PAT of INR15.4
million on net sales of INR438.0 million for 2007-08.


CENTURION SCHOOL: CRISIL Rates INR145 Million Term Loan at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the term loan
facility of Centurion School of Rural Enterprise Management Trust.

   Facilities                    Ratings
   ----------                    -------
   INR145 Million Term Loan      B+/Stable (Assigned)

The rating reflects the JITM group's limited track record in the
education sector, and weak financial risk profile marked by below-
average capital structure.  These rating weaknesses are partially
offset by varied courses offered by the society ensuring a large
student base, and its promoters' experience in the educational
sector.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CSREM and Jagannath Institute for
Technology and Management Trust, together referred to as the JITM
group.  This is because the two entities are likely to be merged
over the medium term and would be governed under their newly
formed University, Centurion University of Technology and
Management.  Moreover, the entities have financial linkages in the
form of unsecured loans from JITM to CSREM, and have common
promoters.

Outlook: Stable

CRISIL believes that the JITM group will maintain its strong
business risk profile and register healthy growth over the medium
term, backed by an increase in number of seats and higher fees.
The outlook may be revised to 'Positive' if JITM group further
scales up its operations while maintaining healthy profitability.
Conversely, the outlook may be revised to 'Negative' in the event
of a substantial decline in student intake, or if large, debt-
funded capital expenditure results in deterioration in the trust's
financial risk profile.

                          About the Trust

The CSREM was set up in Bhubaneswar in 2007.  It operates one
college Centurion Institute of Technology which is an engineering
college affiliated to Biju Patnaik University of Technology,
Orissa.  The current number of engineering students is 495.  The
college has also started master of business administration (MBA)
course from 2009-10 with nine students.

JITM was set up in 1997 as a not-for-profit organization.  The
current trustees Professor Dr. Mukti Mishra and Mr. D N Rao
acquired the trust's management in 2006-07 (refers to financial
year, April 1 to March 31).  JITM has an engineering college,
which is affiliated to the Biju Patnaik University of Technology,
Orissa.  The trust also operates Centurion Public School,
Parlakhemundi (Orissa), which has applied for Central Board for
Secondary Education (CBSE) affiliation, offering lower kinder
garten (KG) to Class VIII, JITM Junior Science College,
Parlakhemundi, affiliated to Council of Higher Secondary
Education, Orissa.  JITM Junior Science College, Bolangir (Orissa)
affiliated to Council of Higher Secondary Education, Orissa, and
an Industrial Training Institute, Parlakhemundi, which is approved
by the Director, Technical Education, Government of Orissa.

The JITM group reported a provisional profit after tax (PAT) of
INR16.83 million on net sales of INR167.18 million for 2009-10
against a PAT of INR6.46 million on net sales of INR124.17 million
for 2008-09.


GLOBAL ISPAT: CRISIL Assigns 'B+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Global Ispat
Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR55.0 Million Cash Credit        B+/Stable (Assigned)
   INR14.2 Million Term Loan          B+/Stable (Assigned)
   INR30.0 Million Letter of Credit   P4 (Assigned)
   INR25.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect GIL's weak financial risk profile, marked by a
small net worth and weak debt protection metrics, small scale of
operations in the intensely competitive steel ingot industry, and
vulnerability to downturns in the end-user industry and volatility
in steel prices.  These rating weaknesses are partially offset by
GIL's promoters' experience in the steel industry.

Outlook: Stable

CRISIL believes that GIL's financial risk profile will remain weak
and its scale of operations, small, over the medium term.  The
outlook may be revised to 'Positive' if GIL's cash accruals
increase substantially, improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a large, debt-funded capital expenditure
programme, or faces pressures on margins because of volatility in
steel prices, leading to a sharp decline in cash accruals.

                         About Global Ispat

Incorporated in 2004, GIL manufactures mild steel ingots.  The
company has a manufacturing unit in Goa, with two induction
furnaces having a combined capacity of 36,000 tonnes per anum.
GIL sells its products to other rolling mills in Goa, Maharashtra
and Karnataka.  The company is jointly promoted by Mr. Abhay
Aggarwal, Mr. Ajay Goyal, and Mr. Harshwardhan Mittal.

GIL reported a net loss of INR4 million on net sales of INR672
million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR3.8 million on net
sales of INR567 million for 2007-08.


INTEGRAL BIOSCIENCES: CRISIL Reaffirms 'B' Ratings on Bank Debts
----------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Integral
Biosciences Pvt Ltd continue to reflect IBPL's exposure to risks
related to revenues coming from a single customer, and its small
scale of operations.  These rating weaknesses are partially offset
by IBPL's 'cost-plus' business model, leading to stable cash
accruals.

   Facilities                         Ratings
   ----------                         -------
   INR145.00 Million Term Loan#       B/Stable (Reaffirmed)
   INR5.00 Million Cash Credit        B/Stable (Reaffirmed)

   All the facilities are from State Bank of India
   #Includes a proposed limit of INR44 Million

IBPL has excluded from its asset value, the amount received from
its customer based in US in the form of grants.  For this rating
exercise, CRISIL has considered the aforementioned grants as part
of IBPL's fixed-asset value.  CRISIL has considered a portion of
the grants received in the form of non-refundable advances, as
part of IBPL's net worth; the amount received by IBPL from its
customer in the form of refundable advances has been considered as
part of advances from customer.  Since IBPL's agreement with its
customer stipulates that 20% of such refundable advances would
become non-refundable at the end of each year, CRISIL has
considered such portions which become non-refundable as part of
IBPL's net worth at the end of each year.  Depreciation on the
portion of the fixed asset funded by the customer has been
adjusted against the capital reserve.

Outlook: Stable

CRISIL believes that IBPL's scale of operations will remain small
and that the company will continue to depend on a single customer
for revenues, over the near to medium term.  The outlook may be
revised to 'Positive' if IBPL increases its scale of operations
and net worth significantly, and diversifies its customer base.
Conversely, the outlook may be revised to 'Negative' if there are
significant delays in payments or pressure on revenues from its
customer.

                     About Integral Biosciences

IBPL was set up as a joint venture (JV) in 2007 by Integral
Biosciences Inc and the Thakkar family.  The Thakkar family is the
promoter of Euphoric Pharmaceuticals Ltd, which primarily
manufactures and distributes generic pharmaceutical products.
IBPL commenced operations in July 2008 and is a 100 per cent
export-oriented unit in the contract research outsourcing
industry. The company currently provides medicinal chemistry
services on contract basis to an innovator company based in San
Francisco.

IBPL reported a profit after tax (PAT) of INR12.2 million on net
sales of INR85.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.6 million on net sales
of INR42.6 million for 2008-09.


JAGMOHAN MOTORS: CRISIL Assigns 'BB' Rating on INR72MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Jagmohan Motors
Ltd bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR72.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR45.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect JML's weak financial risk profile, marked by
low profitability, small net worth, highly leveraged capital
structure, and weak debt protection metrics, and exposure to risks
related to intense competition in the automotive dealership
market.  These rating weaknesses are partially offset by JML's
strong track record in the automotive dealership business.

Outlook: Stable

CRISIL believes that JML will benefit over the medium term from
the experience of JML's promoters in the dealership industry and
JML's continued association with Maruti Suzuki India Ltd (MSIL,
rated, AAA/Stable/P1+ by CRISIL).  JML's financial risk profile
will remain constrained over the medium term due to large working
capital requirements.  The outlook may be revised to 'Positive' if
JML improves its capital structure, or if its operating margins
improve substantially leading to improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' in
case MSIL offers its dealership to any other player in the cities
in which JML operates, thereby significantly impacting JML's
expected cash accruals or if JML undertakes a large, debt-funded
capital expenditure programme, impacting its financial risk
profile.

                       About Jagmohan Motors

Incorporated in 1996 by Mr. Jagmohan Mittal, JML is an authorised
dealer of MSIL. JML has two showrooms in Rohtak and one each in
Sonepat and Bhiwani (all in Haryana).  In addition to trading in
cars, JML is also has an authorised service station for MSIL's
four wheelers. JML's facility has capacity to provide servicing
for around 80 cars per day.  The company derives about 20 per cent
of its revenues from this segment.

JML reported a profit after tax (PAT) of INR5.6 million on net
sales of INR1223 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR3.4 million on net sales
of INR972 million for 2007-08.


JAGANNATH INSTITUTE: CRISIL Puts 'B+' Rating on INR135MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Jagannath Institute for Technology and Management Trust (JITM).
The rating reflects the JITM group's limited track record in the
education sector, and weak financial risk profile marked by below-
average capital structure.  These rating weaknesses are partially
offset by varied courses offered by the society ensuring a large
student base, and its promoters' experience in the educational
sector.

   Facilities                    Ratings
   ----------                    -------
   INR5 Million Overdraft        B+/Stable (Assigned)
   INR135 Million Term Loan      B+/Stable (Assigned)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JITM and Centurion School of Rural
Enterprise Management Trust, together referred to as the JITM
group.  This is because the two entities are likely to be merged
over the medium term and would be governed under their newly
formed University, Centurion University of Technology and
Management.  Moreover, the entities have financial linkages in the
form of unsecured loans from JITM to CSREM, and have common
promoters.

Outlook: Stable

CRISIL believes that the JITM group will maintain its strong
business risk profile and register healthy growth over the medium
term, backed by an increase in number of seats and higher fees.
The outlook may be revised to 'Positive' if JITM group further
scales up its operations while maintaining healthy profitability.
Conversely, the outlook may be revised to 'Negative' in the event
of a substantial decline in student intake, or if large, debt-
funded capital expenditure results in deterioration in the trust's
financial risk profile.

                           About the Trust

JITM was set up in 1997 as a not-for-profit organization. The
current trustees Professor Dr. Mukti Mishra and Mr. D N Rao
acquired the trust's management in 2006-07 (refers to financial
year, April 1 to March 31). JITM has an engineering college, which
is affiliated to the Biju Patnaik University of Technology,
Orissa. The trust also operates Centurion Public School,
Parlakhemundi (Orissa), which has applied for Central Board for
Secondary Education (CBSE) affiliation, offering lower kinder
garten (KG) to Class VIII, JITM Junior Science College,
Parlakhemundi, affiliated to Council of Higher Secondary
Education, Orissa. JITM Junior Science College, Bolangir (Orissa)
affiliated to Council of Higher Secondary Education, Orissa, and
an Industrial Training Institute, Parlakhemundi, which is approved
by the Director, Technical Education, Government of Orissa.

The CSREM was set up in Bhubaneswar in 2007. It operates one
college Centurion Institute of Technology (CIT) which is an
engineering college affiliated to Biju Patnaik University of
Technology, Orissa. The current number of engineering students is
495. The college has also started master of business
administration (MBA) course from 2009-10 with nine students.

The JITM group reported a provisional profit after tax (PAT) of
INR16.83 million on net sales of INR167.18 million for 2009-10
against a PAT of INR6.46 million on net sales of INR124.17 million
for 2008-09.


KOTHARI WASPAP: CRISIL Lifts Rating on INR80MM Cash Credit to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kothari Waspap Pvt Ltd, which is part of the Kothari group, to
'B+/Stable' from 'B/Stable', while reaffirming its rating on the
company's short-term facilities at 'P4'.

   Facilities                          Ratings
   ----------                          -------
   INR80.0 Million Cash Credit         B+/Stable (upgrade from
                                                  'B/Stable')
   INR10.0 Million Letter of Credit    P4 (Reaffirmed)

The rating upgrade reflects the significant improvement in Kothari
Waspap's financial risk profile, particularly financial
flexibility, because of the reduction in financial linkages
between Kothari Waspap and its group proprietorship concerns,
Kothari Paper Agencies, Kothari Papers, and Kothari Enterprises.
Kothari Waspap's promoters have reduced the quantum of unsecured
personal loans in other group enterprises because of the reduction
in their scale of operations.  This has led to the credit risk
profile of Kothari Waspap becoming largely independent of the
other group entities.

Therefore, for arriving at its current ratings on Kothari Waspap's
bank facilities, CRISIL has not combined the business and
financial risk profiles of Kothari Waspap with those of its group
entities as it had done earlier, but has analysed Kothari Waspap
on a standalone basis.

The ratings reflect Kothari Waspap's weak financial risk profile,
marked by low profitability, a modest ratio of total outside
liabilities to total tangible net worth, and weak debt protection
metrics; and susceptibility to customer concentration in its
revenue profile.  These rating weaknesses are partially offset by
Kothari Waspap's stable, though low, operating margin, and
established sourcing network in the regional market.

Outlook: Stable

CRISIL believes that Kothari Waspap will continue to benefit from
its wide operating network and promoters' industry experience,
over the medium term.  The outlook may be revised to 'Positive' if
Kothari Waspap generates substantial cash accruals, leading to a
more-than-expected improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
deterioration in the company's debtor profile results in its
weakened liquidity, or if the company undertakes a large, debt-
funded capital expenditure programme, thereby weakening its
capital structure.

                         About Kothari Waspap

Kothari Waspap trades in waste paper and scrap products.  It
procures waste paper and metal scrap in the form of old
newspapers, annual reports, notebooks, and textbooks, and other
plastic, wooden, and metal scrap, from various retailers and semi
wholesalers, and sells the same to paper manufacturing and
recycling mills.  The company also procures newsprint from paper
mills, and sells the same to regional newspaper companies in
Gujarat.

Kothari Waspap reported a provisional profit after tax (PAT) of
around INR5.0 million on provisional net sales of around INR395.5
million for 2009-10 (refers to financial year, April 1 to
March 31), against a PAT of INR3.2 million on net sales of
INR361.0 million for 2008-09.


KARELI SUGAR: CRISIL Rates INR80 Million Cash Credit at 'D'
-----------------------------------------------------------
CRISIL has assigned its 'D' rating to Kareli Sugar Mill Pvt Ltd's
cash credit facility.  The rating reflects delay by KSMPL in
servicing its term loan obligations; the delay has been caused by
the company's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR80 Million Cash Credit           D (Assigned)

KSMPL has a small scale of operations with non-integrated
operations, large working capital requirements, and is exposed to
a high degree of regulatory risk and to cyclicality in the sugar
industry.  However, KSMPL has a moderate financial risk profile
and limited demand risk for its products

KSMPL was incorporated in 2001 by Mr. Manish Rai and Mr. Rajneesh
Singh for setting up a sugar plant.  However, due to financial and
management constraints, the promoters diluted their stake and
handed over the management of the company to Mr. Hemant Soni
before the commencement of operations.  KSMPL's sugar plant
commenced commercial operations in the sugar season of 2002-03
(October to September), with a capacity of 800 tonnes crushed per
day (tcd), which increased to 2500 tcd over the years.  Currently,
the company's entire management is handled by the Soni group.

KSMPL reported a profit after tax (PAT) of INR0.86 million on net
sales of INR178 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR8.54 million on net
sales of INR432 million for 2007-08.


LUMAX MANAS: CRISIL Puts 'B' Rating on INR60MM Proposed Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Lumax Manas
Automotive Systems Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR15.0 Million Proposed Cash Credit   B/Stable (Assigned)
   INR60.0 Million Proposed Term Loan     B/Stable (Assigned)

The rating reflects LMASL's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
and exposure to risks related to start up nature and small scale
of operations, and uncertainty in demand.  These rating weaknesses
are partially offset by LMASL's low execution risk for its
manufacturing facility project in Pune (Maharashtra), marked by
low implementation and funding risk.

Outlook: Stable

CRISIL expects LMASL's credit risk profile to remain weak on
account of start-up nature and small scale of operations.  The
outlook may be revised to 'Positive' if the company generates high
cash accruals, led by better-than-expected ramp up in operations.
Conversely, the outlook may be revised to 'Negative' in the event
of delay in ramping up of operations, or if the company undertakes
any large debt-funded capital expenditure programme.

                         About Lumax Manas

Set up in August 2009 by Mr. Jagjit Singh Nain, LMASL is currently
setting up a facility at Pune to manufacture rear-view mirrors,
and blow and injection moulding automotive parts, such as cooler
tanks, air conditioning (AC) ducts, mud flaps, coolant bottles,
and battery boxes.  The trial run of its operations is currently
underway and the plant is expected to commence commercial
production in August 2010.


MA BHAGWATI: CRISIL Assigns Default Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Ma Bhagwati Sugar Mills
Ltd's bank facilities.  The rating reflects delay by MBSMPL in
servicing its term loan; the delay has been caused by the
company's weak liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR199 Million Term Loan       D (Assigned)
   INR30 Million Cash Credit      D (Assigned)
   INR10 Million Proposed LT      D (Assigned)
            Bank Loan Facility

MBSMPL has a small scale of operations with limited availability
of sugarcane and non-integrated operations, a weak financial risk
profile, and large working capital requirements.  Furthermore, it
is exposed to a high degree of regulatory risk and to cyclicality
in the sugar industry.  However, CRISIL believes that MBSMPL will
benefit from the limited demand risk for its products.

                      About Ma Bhagwati Sugar

MBSMPL was incorporated in 2007 by the Patel group for setting up
a sugar plant. Due to financial and management constraints,
MBSMPL's management handed over the company's entire management to
the Soni group, led by Mr. Hemant Soni.  The plant commenced
commercial operations in the sugar season of 2008-09 (October to
September). The company has a manufacturing capacity of 1600
tonnes crushed per day (TCD).

MBSMPL reported a net loss of INR8.8 million on net sales of
INR5.4 million for 2008-09 (refers to financial year, April 1 to
March 31).


MAHABIR JUTE: CRISIL Assigns 'BB+' Rating on INR104.2MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to The Mahabir
Jute Mills Ltd's bank facilities.

   Facilities                     Ratings
   ----------                     -------
   INR47.0 Million Cash Credit    BB+/Stable (Assigned)
   INR104.2 Million Term Loan     BB+/Stable (Assigned)
   INR5.0 Million Bank Guarantee  P4+ (Assigned)

The ratings reflect TMJ's small scale of operations in the
intensively competitive jute bags/synthetic yarn industries, large
working capital requirements, and vulnerability of its operating
margin to volatility in raw material prices, adverse regulatory
changes, and labour issues.  These rating weaknesses are partially
offset by TMJ's moderate gearing and debt protection metrics, its
promoters' experience in the textile industry, and its revenue
diversity.

Outlook: Stable

CRISIL believes that TMJ's scale of operations will remain small
over the medium term, and its financial risk profile, constrained,
due to high debt repayment obligation.  The outlook may be revised
to 'Positive' in case of more-than-expected ramp up in TMJ's scale
of operations, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
any cost or time overrun in the company's ongoing capacity
expansion project, or if its profitability is severely impacted
because of adverse movement in raw material prices.

                        About Mahabir Jute

TMJ was incorporated in 1935 by the Kamani family to manufacture
jute bags for primarily meeting its in-house requirement for sugar
packaging.  Currently, the majority stake is held by the Maskara
family, which bought the stake from the original promoters in
1938.  The company currently manufactures jute products such as
sacks, hessian, and poly-viscous synthetic yarn.

TMJ entered the synthetic yarn business in 1999.  It has capacity
of 9100 tonnes per annum (tpa) for jute and 1800 tpa for synthetic
yarn at its manufacturing plant in Gorakhpur (Uttar Pradesh).

TMJ reported an estimated profit after tax (PAT) of INR23.5
million on estimated net sales of INR637.9 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR5.6 million on net sales of INR479.7 million for 2008-09.


NIRANJAN METALLIC: CRISIL Places 'BB+' Rating on INR55MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Niranjan Metallic
Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR55.0 Million Rupee Term Loan   BB+/Stable (Assigned)
   INR45.0 Million Cash Credit       BB+/Stable (Assigned)

The rating reflects NML's small net worth, modest scale of
operations, and limited track record in sponge iron manufacturing.
These rating weaknesses are partially offset by NML's above-
average financial risk profile, marked by healthy debt protection
metrics and a low gearing, and efficient working capital
management.

Outlook: Stable

CRISIL believes that NML will maintain its financial risk profile
over the medium, supported by a stable growth in revenues,
moderate operating margin, and satisfactory cash accruals vis--
vis debt repayments.  The outlook may be revised to 'Positive' if
NML's financial risk profile improves, most likely because of
substantial equity infusion or sustained improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' if NML's gearing and debt protection metrics
deteriorate, most likely because of larger-than-expected debt-
funded capital expenditure.

                       About Niranjan Metallic

NML is a closely held public limited company, incorporated in
2005; it started commercial production in 2008.  The company
manufactures sponge iron. It procures coal from Jharkhand and iron
ore from Orissa, and primarily sells its products to Dadiji Steels
Ltd (Dadiji; rated 'BB/Stable/P4+' by CRISIL), a group entity that
manufactures thermo-mechanically treated (TMT) bars.  NML has a
sponge iron manufacturing capacity of 100 tonnes per day and has a
plant in Giridih, Jharkhand.

NML reported a profit after tax (PAT) of INR3.7 million on net
sales of INR197.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR33.2 million for 2007-08.


NOWRANGROY AGRO: Low Net Worth Prompts CRISIL's 'B+' Ratings
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Nowrangroy Agro Pvt
Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit*       B+/Stable (Assigned)
   INR50 Million Term Loan           B+/Stable (Assigned)

   *Includes proposed amount of INR50 million

The rating reflects NAPL's weak financial risk profile, marked by
low net worth, high gearing, and weak debt protection measures,
and vulnerability of margins to fluctuations in raw material
prices, and limited pricing power. These rating weaknesses are
partially offset by the benefits that NAPL derives from its
comfortable relationships with customers and suppliers, and its
promoters' experience in the flourmill business through a group
company, Nowrangroy Metals Pvt Ltd.

Outlook: Stable

CRISIL expects NAPL's financial risk profile to remain strained
over the medium term, as a result of weak debt protection
measures. The outlook may be revised to 'Positive' if there is
significant improvement in NAPL's profitability and in case of
further infusion of equity, resulting in improved net worth.
Conversely, the outlook may be revised to 'Negative' if NAPL
undertakes any large debt-funded capital expenditure, or if its
profitability declines sharply.

                       About Nowrangroy Agro

Set up in 1997 by Mr. Biharilal Ajitsaria, NAPL (formerly, Steel
and Aluminium Pvt Ltd) initially traded in aluminium.  The
aluminium business was discontinued in 2005, and the company was
not operational in 2006.  NAPL started the production of wheat
flour in 2007.  NAPL's manufacturing facility in Kolkata has
capacity of 150 tonnes per day.  The company procures wheat from
farmers and traders in West Bengal, Bihar, and Uttar Pradesh.

NAPL reported a profit after tax (PAT) of INR1.83 million on net
sales of INR564.54 million for 2008-09 (refers to financial year,
April 1 to March 31) against a net loss of INR3.13 million on net
sales of INR496.94 million for 2007-08.


PARAYIL FOOD: CRISIL Places 'BB-' Rating on INR8 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned 'BB-/Stable/P4+' ratings to Parayil Food
Products Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR8.0 Million Term Loan          BB-/Stable (Assigned)
   INR66.9 Million Export Packing    P4+ (Assigned)
               Credit/PCFC*
   INR15.0 Million Stand by          P4+ (Assigned)
             Line of Credit
   INR10.0 Million Bank Guarantee    P4+ (Assigned)

   *Includes a sub limit of INR25.0 million for FDBP/EBRD

The ratings reflect Parayil's large working capital requirements,
small scale of operations and net worth, and susceptibility to
customer concentration in revenue profile and volatility of
realization to forex fluctuations.  These rating weaknesses are
partially offset by Parayil's moderate financial risk profile,
marked by low gearing and healthy debt protection metrics,
promoters' experience in the marine food export business, and
product diversity.

Outlook: Stable

CRISIL believes that Parayil will maintain its moderate financial
risk profile, supported by moderate gearing and debt protection
metrics, over the medium term.  However, the business risk profile
is expected to remain weak because of the volatility in its
operating profitability in the past and its small scale of
operations in the marine-food export business.  The rating outlook
may be revised to 'Positive' if Parayil improves its customer
diversity or scales up its operations significantly, leading to
more-than-expected cash accruals.  Conversely, the outlook may be
revised to 'Negative' if Parayil undertakes a large, debt-funded
capital expenditure programme, leading to deterioration in its
capital structure, or if its order volumes or margins decline
considerably.

                        About Parayil Food

Parayil was set up in 2002, however commenced commercial
production in April, 2006.  Parayil is managed by three brothers
Mr. P M Mathew, Mr. Philip Mathew and Mr. Joseph Mathew in Aroor
(Kerala).  Parayil exports raw and processed frozen marine food
products such as raw fish, dry fish, ready-to-eat fish, fish curry
mix, and other ready-to-eat food items such as biryani, idli and
dosa.

Parayil reported a profit after tax (PAT) of INR9.3 million on net
sales of INR81 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR0.2 million on net
sales of INR64 million for 2007-08.


SAUMYA MINING: CRISIL Places 'BB+' Rating on INR215MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Saumya Mining
Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR215.00 Million Cash Credit       BB+/Stable (Assigned)
   INR655.00 Million Bank Guarantee    P4+ (Assigned)
                 & Letter of Credit

The ratings reflect SMPL's established market position with
healthy project-execution skills, and moderate financial risk
profile, marked by healthy debt protection metrics.  These rating
strengths are partially offset by SMPL's stretched working capital
cycle, and customer and sectoral concentration in revenue profile.

Outlook: Stable

CRISIL believes that SMPL will maintain its credit risk profile
backed by healthy order book, strong project execution
capabilities and moderate financial risk profile.  The outlook may
be revised to 'Positive' if the company manages its working
capital prudently over the medium term, promoters' ability to
infuse equity.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile weakens
considerably, as a result of low net cash accruals and
profitability, or large debt-funded capital expenditure.

                        About Saumya Mining

SMPL, promoted by Mr. Anoopchand Jain in 1955 undertakes turnkey
projects for mining and extraction of various minerals such as
coal, limestone and uranium.  The company has a current order book
of about INR4.70 billion, to be executed over the medium term.
SMPL specialises in coal mining excavation and has been executing
projects for Coal India Ltd (CIL; rated 'AAA/Stable/P1+' by
CRISIL) for the past 10 years and garners around 50 per cent of
its revenue from CIL.  The nature of work includes drilling,
control blasting, excavation, transportation and dumping.

SMPL reported an estimated profit after tax (PAT) of INR58.0
million on net sales of INR1592.0 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR54.0
million on net sales of INR1443 million for 2008-09.


SUBHKARAN & SONS: CRISIL Rates INR500MM Letter of Credit at 'P4+'
-----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the letter of credit
facility of Subhkaran & Sons, which is part of the Shrilekha
group.

   Facilities                           Ratings
   ----------                           -------
   INR500.0 Million Letter of Credit    P4+ (Assigned)

The rating reflects the Shrilekha group's inadequate internal risk
management systems and exposure to customer concentration risks.
The rating also factors in the expected pressure on the group's
financial flexibility, given its high gearing and its promoters'
sizeable equity commitments for their proposed hospitality
venture.  hese weaknesses are partially offset by the Shrilekha
group's established presence in the iron and steel trading
business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Subhkaran, Makalu Trading Ltd,
Ogardhani Exports Pvt Ltd, Shrilekha Trading Pvt Ltd, Dilshad
Trading Company Pvt Ltd, and Superways Enterprises Pvt Ltd. This
is because the six entities, collectively referred to as the
Shrilekha group, are under a common management, and have cross-
holdings, common customers and suppliers, and sizeable intra-group
financial transactions.

About Subhkaran & Sons

Formed in 1977, Subhkaran is a partnership firm. Mr. Vinod Jatia
and Mr. Prateek Jatia are equal partners in the firm.  The firm
trades in steel rolls and steel scrap. For 2008-09 (refers to
financial year, April 1 to March 31), Subhkaran reported a profit
after tax (PAT) of INR6.7 million on net sales of INR638.9
million, against a PAT of INR4.0 million on net sales of INR290.0
million for the previous year.


SHILPI CABLE: Fitch Affirms National Long-Term Rating at 'B'
------------------------------------------------------------
Fitch Ratings has affirmed India-based Shilpi Cable Technologies
Limited's National Long-term rating at 'B(ind)'.  The Outlook is
Stable.  The agency has simultaneously affirmed the ratings of
Shilpi's bank loans:

  -- INR420.2 million outstanding term loans (reduced from
     INR470.5 million) at 'B(ind)';

  -- INR320 million fund-based working capital limits (enhanced
     from INR250 million) at 'B(ind)'/'F4(ind)'; and

  -- INR720.3 million non-fund based working capital limits
     (enhanced from INR580.3 million) at 'B(ind)'/'F4(ind)'.

In FY10, Shilpi reported revenues of INR1699.1m, an EBITDAR margin
of 16.3% and a net income of INR97 million.  Shilpi's total
adjusted debt was INR818.1 million in FY10, resulting in a net
financial leverage (total adjusted debt net of cash/ operating
EBITDAR) of 3.0x.


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


EXCELLENT COLLABORATION: Moody's Cuts Ratings on Class D to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded its rating of the Series
1 Class D Specified Bonds issued by Excellent Collaboration
Tokutei Mokuteki Kaisha.

The rating action is:

Issuer: Excellent Collaboration TMK

  -- JPY500,000,000 Series 1 Class D Specified Bonds, Downgraded
     to C; previously on April 6, 2009, downgraded to Ca from
     Caa3, placed under review for possible downgrade.

Excellent Collaboration TMK (or Tokyo Metropolitan CBO) is a
structured finance transaction subject to SME-related financial
policies of Tokyo and eight other municipalities (Osaka
Prefecture, and the cities of Chiba, Yokohama, Kawasaki, Shizuoka,
Osaka, Sakai, and Kobe), and arranged by Mizuho Bank, Ltd.

The action reflects the redemption amount at the final maturity
(July 7, 2010), officially announced by Excellent Collaboration
TMK on June 28, 2010.

This transaction's expected maturity was on April 7, 2010, and the
Class A bonds were redeemed in full.  However, part of Class B and
all of Class C and D bonds have not been redeemed.  According to
the official announcement, the outstanding principal amount of
Class B will be fully redeemed, Class C will be partially redeemed
(up to JPY176 million, or 35.2% against its face amount), and
Class D will be fully written down at the final maturity date.

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.


JAPAN AIRLINES: To Cancel Training of 130 Pilot Trainees
---------------------------------------------------------
Japan Airlines Corp. has decided to cancel training for 130 would-
be pilots as it plans to freeze its in-house pilot training
program for the next five to seven years, Kyodo News reports
citing sources familiar with the matter.

According to Kyodo, sources said the airline plans to ask the 130
who are in the early stages of training to work as ground staff or
solicit early retirement under special benefits.  JAL has also
decided to close its pilot training facility in California in the
United States by the end of this fiscal year through March,
sources added, Kyodo reports.

Kyodo relates JAL has already suspended most of its pilot training
since April because it is expected that the airline will have a
surplus of pilots as it downsizes domestic and international
routes.

Under the in-house pilot training program, Kyodo notes, JAL
recruits university graduates as pilot trainees and sends them to
the U.S. training facility to obtain a commercial pilot license.
The trainees then return to Japan for further training to become
co-pilots.  It costs several hundred million yen for the airline
to train a pilot, Kyodo adds.

                        About Japan Airlines

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

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

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

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


JAPAN AIRLINES: To Ask Banks for Additional Debt Waiver
-------------------------------------------------------
Kyodo News reports that Japan Airlines Corp will formally ask its
creditor banks for an additional debt waiver as early as today,
July 1.  The news agency, citing sources familiar with the matter,
says the banks' objection to a larger waiver will, however,
toughen negotiations between them and JAL before the carrier
submits a rehabilitation plan to the Tokyo District Court by the
August-end deadline.

According to the report, JAL and the Enterprise Turnaround
Initiative Corp of Japan, the state-backed administrator
overseeing the airline's rehabilitation, initially planned to ask
the creditor banks to forgive JPY358.5 billion to address the
carrier's negative net worth of JPY867.6 billion.  But JAL and the
ETIC decided to seek a larger debt waiver as the negative net
worth ?- liabilities in excess of assets ?- is projected to grow
to nearly JPY1 trillion due largely to an expansion of write-downs
on the carrier's fleet of aircraft and the maintenance of its
corporate pension funds.

                        About Japan Airlines

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

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

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

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


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


HYUNDAI ENGINEERING: Creditors May Choose Bidder by Year End
------------------------------------------------------------
Hyundai Engineering & Construction Co.'s creditors plan to choose
a preferred bidder for a KRW2.17 trillion controlling stake in
South Korea's largest builder by the end of this year, Bloomberg
News reports.

Citing main creditor Korea Exchange Bank's e-mailed statement,
Bloomberg News relates that the creditors plan to select arrangers
for the sale of a 35% stake in Hyundai Engineering with management
rights by early July.  The debt holders plan to complete the sale,
open to both domestic and overseas buyers, by early 2011, the
statement said.

Bloomberg recalls that Hyundai Engineering ran into a liquidity
problem in 2000 after extending massive subsidies to prop up its
weak subsidiaries and loss-making businesses.  Huge outstanding
debts in Iraq further strained the contractor's finances, the
report added.  Creditors of Hyundai Engineering relinquished
direct control of Korea's top builder in May 2006.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.


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


AFFIN BANK: Fitch Upgrades Individual Rating to 'C/D'
-----------------------------------------------------
Fitch Ratings has upgraded Malaysia-based Affin Bank's Individual
Rating to 'C/D' from 'D' and affirmed the Support Rating at '3'.
The ratings reflect the significant improvement in credit quality
with lower and better-reserved NPLs, stronger profitability and
the buffer provided by its healthy capital position.

"Affin's improved financial profile has resulted in the Individual
Rating upgrade, and expectations of stronger operating conditions
after the difficult climate last year should help maintain the
rating at this level," says Lai Peng Tan, Director in Fitch's
Financial Institutions ratings team.  "However, event-type risks
arising from the banking group's pursuit of inorganic growth
opportunities, may affect the rating if it exerts significant
pressure on its capital or overall balance sheet strength," Ms.
Tan adds.

Affin's NPLs have progressively been reduced over 2007-2009, with
a step-up in loan recoveries and write-offs.  At end-2009, gross
NPLs was at 3.4% of gross loans, which is significantly lower than
the 14% at end-2007 and comparable with the industry average of
3.6%.  Reserves cover for NPLs increased to 79% in 2009 from 69%
in 2008; however, it remained weaker than the industry average of
95%.  That said, the bank's relatively healthy capital ratios at
end-2009 with regulatory Tier 1 and Total CAR at 11.2% and 12.8%
respectively (net of dividends), should provide some cushion
against the risk of credit quality deterioration.  The application
of FRS 139 in Q110 led to the rise in impaired loan ratio to 4.3%
and reserves cover fell to 67%.  Based on Fitch's calculations,
new NPL formation was at a manageable 0.7% of average loans in
2009 despite the resumption of stronger loan growth, attesting to
the bank's enhancements in credit underwriting standards and risk
monitoring processes.  Meanwhile, profitability ratios in 2009 are
at the lower-end of its domestic peers due to higher credit cost
charges and smaller contribution from non-interest income.  The
former should ease as loan quality stabilizes under better
operating conditions in 2010 and should help offset the
competitive pressure on lending yields.

Established in 1975, Affin is a wholly-owned subsidiary of the
listed Affin Holdings Berhad, which is 47% owned by Lembaga Tabung
Angkatan Tentera, the Malaysian armed forces pension fund vehicle.
The Bank of East Asia acquired a 20.5% interest in the bank partly
through a share placement in 2007 and raised the stake slightly to
21.2% in February 2010.


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


DORCHESTER PACIFIC: Investors Approve Capital Reconstruction Plan
-----------------------------------------------------------------
Dorchester Pacific Ltd said a capital reconstruction plan was
approved by security holders at a meeting in Auckland on June 30.

"At duly constituted meetings of relevant security holders today,
all resolutions to approve Dorchester's Capital Reconstruction
Plan and Capital Raising were passed by the requisite majorities,"
Dorchester said in a statement.  "Three special meetings of
Dorchester shareholders, debenture stockholders and subordinated
note holders, voted in support of the Company's Capital
Reconstruction Plan. The Plan is conditional on the company
raising a minimum of $8 million of new capital which has been
substantially underwritten by the company's major shareholders,
The Business Bakery and Hugh Green Investments.  The favorable
outcome of the meeting also places Dorchester as the first finance
company to emerge from moratorium."

In December 2009, Dorchester Pacific disclosed a proposal for an
early end of the Deferred Repayment Plan approved by
Debentureholders and Noteholders in December 2008.  Dorchester
said the proposal is recognition of the changed circumstances
since the Deferred Repayment Plan was approved and of the need to
achieve a settlement which would ensure the best outcome for
investors under these changed circumstances.

                     About Dorchester Pacific

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

                           *     *     *

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

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

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


ST LAURENCE: Investors to Get Up to 22c on the Dollar Payout
------------------------------------------------------------
The receivers for St Laurence Limited and six of its subsidiaries
have written to investors with an update on progress since they
were appointed by Perpetual Trust on April 29, 2010.

The letter, from receivers Barry Jordan and David Vance of
Deloitte, outlined what work been done so far to recover funds for
investors, an assessment of any likely asset realizations and the
anticipated level and timing of any distributions to investors.

The receivers have provided investors with an estimated outcome
that is as reliable as possible subject to the uncertainties
inherent in the property market and the already impaired state of
the St Laurence loan book.

The current best assessment indicates that secured debenture
holders can expect to receive a distribution of between 15 cents
and 22 cents in the dollar over the next 18 months.  It will be
subject to securing an orderly realisation of the remaining
management contracts, sale of the National Property Trust units
and no further adverse movements in the property sector.

In addition to the estimated range, the receivers will also pursue
the guarantees provided in 2008, however under the terms of these
guarantees they can only be called 15 months after the receivers
were appointed.

This expected distribution is in addition to the 10 cents in the
dollar paid out to debenture holders under the moratorium
repayment programme prior to St Laurence going into receivership.

It is not expected that there will be any funds available for the
repayment of interest to secured debenture stock holders or for
the repayment of the capital notes or any St Laurence unsecured
creditors.

The next communication to investors is scheduled for December
2010, which will provide an update on the receivership progress
and the timing of any proposed distributions.

At this stage, the receivers hope to be in a position to make an
initial distribution in January 2011.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.  The receivership covers St Laurence Limited, Direct
Property Investments Limited, SL Five Star Hotel Investments
Limited, St Laurence Lending Limited, St Laurence No. 2 Limited,
St Laurence No. 3 Limited, and St Laurence Realty Limited.
It does not involve Irongate Property Limited, St Laurence
Property Development Fund, or Direct Property Investments No. 6
Limited.


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


LEPANTO CONSOLIDATED: First Metro to Keep Lepanto Stakes
--------------------------------------------------------
First Metro Investments Corp., a unit of Metropolitan Bank and
Trust Co., said Monday it will wait for the share price of Lepanto
Consolidated Mining Co. to appreciate more before selling its
19.66-percent stake to interested buyers, The Manila Standard
Today reports.

First Metro President Francisco Sebastian told the Manila Standard
that the company was holding on to its Lepanto shares after
increasing the stake in the mining company by acquiring the 8.6-
percent interest of parent Metrobank.

The report says Mr. Sebastian confirmed that the sale of
Metrobank's stake in Lepanto to First Metro was a consolidation.
He denied reports that the company was holding Lepanto shares in
behalf of Hong Kong-based conglomerate First Pacific Co. Ltd, The
Manila Standard adds.

As previously reported, Metrobank sold its 8.6% stake in Lepanto
Consolidated to unit First Metro Investments Corp. as part of the
group's asset consolidation.  First Metro said in a filing with
the Philippine Stock Exchange that it bought 2.87 billion Lepanto
Class A shares at Php0.27 apiece.  The shares are equivalent to
8.6% of the outstanding capital of Lepanto.  The deal, done
through a special block sale Thursday, increased First Metro's
stake in Lepanto to 19.66%.

                    About Lepanto Consolidated

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated on
September 8, 1986, and operated an enargite copper mine until
1997, after which, LC shifted to gold bullion production through
its Victoria Project.  LC also operated a copper flotation plant
from August 2000 to December 2001, and restarted it in late
2006.  LC sells its gold and silver bullion production to
Heraeus Ltd. (Hong Kong) while its copper concentrate production
are sold to various traders.

LC and its subsidiaries are involved in other businesses such as
hauling, diamond drilling services, insurance, and manufacture
of diamond tools.  LC has two Mineral Production and Sharing
Agreements for areas located in Mankayan, Benguet.  The
company's subsidiaries are Shipside, Inc., Diamond Drilling
Corporation of the Philippines, Lepanto Investment and
Development Corporation, Diamant Boart Philippines, Inc., and
Far Southeast Gold Resources, Inc.

                          *     *     *

Lepanto Consolidated Mining posted three consecutive net losses of
PHP206.44 million, PHP763.29 million and PHP372 million for the
years ended December 31, 2007, 2008 and 2009, respectively.

For the first quarter in 2010, Lepanto reported net loss of
PHP107 million, wider than the PHP43.6-million net loss during the
same period in 2009.


* PHILIPPINES: Central Bank Shuts Down 10 Rural Banks
-----------------------------------------------------
The Philippine Star reports that 10 rural banks have been closed
by the Bangko Sentral ng Pilipinas as of June this year affecting
some 42,000 accounts.  The rural banks are located in different
regions, and not related to banks identified with the
controversial Legacy Group.

The Philippine Star, citing the Philippine Deposit and Insurance
Corp., says majority of the reasons for the closure of these banks
had to do with capital or the inability of these institutions to
raise capital.  The report notes that the closed rural banks had
deposit accounts amounting to roughly PHP1.6 billion.

The 10 closed rural banks are: the Apex Rural Bank in Bulacan, the
Rural Bank of Laoac of Pangasinan, the Rural Bank of Ivisan in
Capiz, Eurocredit Community Bank of Cagayan, Bani Rural Bank of
Pangasinan, BMS Rural Bank of Pasig, Rural Bank fo Ozamis City,
Coop Bank of Camarines Sur, Coop Bank of Nueva Ecija, and the
Rural Bank of Bangued in Abra.


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


SOUTH CENTRAL: Members' Final Meeting Set for July 30
-----------------------------------------------------
Members of South Central Rubber (Private) Limited will hold their
final meeting on July 30, 2010, at 10:00 a.m., at 1 Scotts Road,
#21-07/08 Shaw Centre, in Singapore 228208.

At the meeting, MDM Chia Lay Beng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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


TAIWAN INTERNATIONAL: Fitch Keeps Ratings; Gives Evolving Outlook
-----------------------------------------------------------------
Fitch Ratings has affirmed Taiwan International Securities
Corporation's ratings and simultaneously revised the Outlook to
Evolving from Stable.

The revision of the Outlook to Evolving reflects the company's
ownership disputes, as well as the likely prolonged legal process
in resolving these disputes.  Despite China Development Financial
Holding Corporation's dominant ownership in TISC, it does not have
management control due to resistance from TISC's original founding
shareholders, the Chang family.  The dispute between the Chang
family and CDIBH intensified in 2009 when they announced separate
candidates for TISC's board elections, combined with the high-
profile fight entering legal proceedings.  The Taipei District
Court stepped in by appointing three temporary administrators to
replace TISC's existing board of directors in mid-June 2010.

TISC's current ratings are not based on support from CDIBH; Fitch
notes that CDIBH is substantially stronger than TISC in terms of
financial strength and size.  The Evolving Outlook reflects the
potential for an uplift to TISC's ratings if CDIBH can gain
control and consolidate the company into the China Development
Financial Holding group.  According to media reports, other
securities companies have emerged as a possible buyer of the TISC
stake.  Fitch will assess the impact should there be a change in
ownership control.  The Outlook also reflects the potential rating
downgrade should there be a severe deterioration in TISC's
franchise or risk profile, particularly its liquidity positions,
amidst a prolonged ownership dispute.

The ratings affirmations reflect its adequate financial profile
and established brokerage franchise.  TISC remained only
moderately leveraged with equity/assets and capital adequacy
ratios at 43% and 501%, respectively, at end-Q110 (regulatory
minimum: 150%).  TISC has been able to hold on to a reasonably
steady brokerage market share of 2% in 2009 and Q110, despite the
ongoing ownership dispute.  Fitch notes however that TISC's
earnings performance compares unfavourably against peers during
2009-Q110 due to the temporary suspension of its warrant business
and its relatively high funding costs.

TISC, publicly listed in Taiwan, is a medium-sized fully licensed
securities firm.

The rating actions are:

  -- Long-term foreign currency Issuer Default Rating affirmed at
     'BB'; Outlook revised to Evolving from Stable;

  -- Short-term foreign currency IDR affirmed at 'B';

  -- National Long-term rating affirmed at 'BBB+(twn)'; Outlook
     revised to Evolving from Stable;

  -- National Short-term rating affirmed at 'F3(twn)';

  -- Individual rating affirmed at 'D';

  -- Support affirmed at '5'; and

  -- Support Rating Floor affirmed at 'NF'.


                         *********

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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