TCRAP_Public/100702.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

           Friday, July 2, 2010, Vol. 13, No. 129

                            Headlines



A U S T R A L I A

ABC LEARNING: Creditor Protection Continued Until Aug. 9
LIFT CAPITAL: Liquidators Hire Former Directors as Subcontractors
NO LIMIT: Receivers Put Fairway Island Up for Sale
OWSTON NOMINEES: Bonhams Sells Art Collection for AUS$13.1 Million
QUALITY PRINT: Has Debts of AU$12.8 Million and Zero Assets


C H I N A

FRANKLIN TOWERS: Posts US$316,082 Net Loss in Q1 2010


H O N G  K O N G

ASCALADE COMMUNICATIONS: Creditors' Meeting Set for July 7
LEGG MASON: Members' Final Meeting Set for July 30
METHOD BUILDING: Court to Hear Wind-Up Petition on August 4
MANAGEMENT INVESTMENT: Members and Creditors to Meet on July 23
PROGOAL LIMITED: Arboit and Blade Appointed as Liquidators

SANYO ELECTRONIC: Members' Final Meeting Set for July 28
SHUN YICK: Creditors' Proofs of Debt Due July 27
SPRING WIRELESS: Creditors' Proofs of Debt Due July 26
TRIPLE HARVEST: Members and Creditors' Meetings Set for July 19
UGITECH ASIA: Creditors' Proofs of Debt Due July 26


I N D I A

AIR INDIA: Loses Labor Case in Nepal
ARK INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR90 Mil. LT Loan
AUTO PLAANATE: CRISIL Reaffirms 'B' Rating on INR32.3MM Term Loan
GABA OVERSEAS: CRISIL Reaffirms 'BB+' Rating on INR570MM Term Loan
KHYATI ISPAT: CRISIL Lifts Ratings on Various Bank Debts to 'BB-'

KHYATI STEEL: CRISIL Lifts Rating on INR40MM Cash Credit to 'BB-'
MEDI DRIPS: CRISIL Assigns 'BB-' Rating on INR315.7 Mil. Term Loan
NISSAN COPPER: CRISIL Lifts Ratings on Various Bank Debts to 'B+'
OSWAL OVERSEAS: CRISIL Reaffirms 'B+' Rating on Cash Credit Limit
OVERSEAS TRADERS: CRISIL Rates INR85 Million Cash Credit at 'BB+'

PULSE PHARMACEUTICALS: CRISIL Puts 'BB+' Rating on INR23.2MM Loan
RABIRUN VINIMAY: Fitch Assigns National Long-Term Rating at 'BB-'
RAMNIK POWER: CRISIL Assigns Default Rating on Various Bank Debts
SHANKESH JEWELLERS: CRISIL Rates INR75 Million Cash Credit at 'B+'
SHREYASH ALUMINIUM: CRISIL Assigns 'BB-' Rating on INR27.5MM Loan

SHRI ASHUTOSH: CRISIL Lifts Ratings on INR25MM Term Loan to 'BB-'
SLS MERCANTILE: CRISIL Assigns 'B+' Rating on INR60MM Cash Credit
SUPREME COT-SPIN: CRISIL Reaffirms 'D' Ratings on Bank Facilities
TATA POWER: To Sell Stake in Coal SPVs to Olympus Capital
TATA STEEL: Corus Chief Executive Kirby Adams to Step Down

UMA UDYOG: CRISIL Assigns 'P4+' Rating on INR80 Million Loan
VINAYAK ENTERPRISES: CRISIL Puts 'BB+' Rating on Cash Credit
VINAYAK WOOLS: CRISIL Puts 'BB+' Rating on INR77.5MM Cash Credit


J A P A N

ADVANCE RESIDENCE: Moody's Upgrades Senior Debt Rating From 'Ba1'
CAFES 3: Moody's Downgrades Ratings on Various Classes of Certs.
J-CORE 14: Moody's Downgrades Ratings on Nine Certificates
J-CREM 2: Moody's Downgrades Ratings on Seven Classes of Certs.
JAPAN AIRLINES: Has Negative Net Worth of JPY1 Trillion

JAPAN AIRLINES: May Need US$1.1 Bil. More in Restructuring Aid
JLOC XXX: S&P Downgrades Ratings on Various Classes of Certs.
JLOC XXXIV: S&P Junks Ratings on Class D Certs. From 'BB'
L-JAC 4: Moody's Changes Ratings on Various Classes of Certs.
LMP LOAN: Moody's Downgrades Ratings on Various Interests

ORIX-NRL TRUST: Moody's Downgrades Ratings on Various Classes
ORSO ABS: Moody's Downgrades Ratings on Various Interests
SHINSEI BANK: FSA Issues Business Improvement Order
* Moody's Reports Positive Impact on Japanese Banks' Consolidation


M A L A Y S I A

NAM FATT: Defaults on MYR416,931 Interest Payment Due June 30


N E W  Z E A L A N D

BRIDGECORP LTD: Fiji Fund Puts Momi Bay Resort Up for Sale
HANOVER FINANCE: Allied Farmers Sues & Won't Pay NZ$5 Million
LIGHTER QUAY: In Receivership; Kordamentha Appointed


S I N G A P O R E

CHINA FISHERY: Equity Raise Won't Affect Moody's 'B1' Rating


S R I  L A N K A

SINHAPUTHRA FINANCE: Fitch Cuts National Long-Term Rating to 'B'


T A I W A N

AMERICAN INT'L: Chinatrust May Buy Nan Shan Shares Directly


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


ABC LEARNING: Creditor Protection Continued Until Aug. 9
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that the bankruptcy
judge held a hearing on June 24 and scheduled another hearing on
August 9 on whether ABC Learning Centres Ltd. qualifies for
bankruptcy protection in the U.S. under Chapter 15, which governs
cross-border insolvencies.  RCS Capital Development LLC, the
holder of a $47 million jury verdict against ABC Learning,
objected to the Chapter 15 petition, saying the proceedings in
Australia aren't sufficiently controlled by a court to qualify for
U.S. protection.

The U.S. bankruptcy judge in Delaware continued the halt on
lawsuits in the U.S. until July 8 "or termination by court order."

                         About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centers Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Company filed its Chapter 15 petition in Wilmington Delaware,
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Debtor in the Chapter 15 case.  ABC listed debts and assets of
US$100 million to US$500 million.

An affiliate, A.B.C. USA Holdings Pty Ltd., filed a separate
Chapter 15 petition, also listing assets and debts of at least
US$100 million.


LIFT CAPITAL: Liquidators Hire Former Directors as Subcontractors
-----------------------------------------------------------------
Liquidators of Lift Capital have rehired three former directors as
subcontractors and paid them AU$62,325 for helping liquidators to
untangle the corporate wreckage, The Sydney Morning Herald
reports.

SMH discloses that former director Bassem Jammal received
AU$41,700 between July last year and April this year, while fellow
director Joseph Nakat received AU$13,530 in September last year
and Robert Bucci was paid AU$7,095 last August.

The report says liquidator Joseph Hayes of McGrathNicol concedes
that creditors might well be angered when they learned of his
decision to hire the trio.

According to the report, creditors argue that the former Lift
directors should not have rejoined the payroll until they had been
cleared of any wrongdoing in the collapse, and that the men may
yet face an investigation into their roles in running the company
before its collapse in April 2008.

The report relates Mr. Hayes defended his hiring of the men,
saying they had saved Lift Capital precious time and resources.
"It's entirely appropriate in my view to [hire them]," he said.
The men had a unique understanding of financial and legal details
and deserved to be paid for their time, he added.

                          About Lift Capital

Lift Capital -- http://www.liftcapital.com.au/-- is an
Australian owned, independent (non-bank owned) financial
services provider, specializing in lending against structured
equity products principally against listed shares and  interests
in managed funds.  The company's products enable its clients to
borrow money to invest in a wide range of assets.  Lift Capital
may take a mortgage over these assets to secure the loan.

                             *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 14,
2008, that Lift Capital was placed under voluntary administration
after reports questioning its viability triggered a run of
investors wanting to liquidate their assets.  On November 12,
2008, Lift creditors resolved that Lift Capital Partners Pty
Limited and Lift Capital Nominees No. 1 Pty Limited be wound up
and Tony McGrath and Joseph Hayes were appointed Joint
Liquidators.


NO LIMIT: Receivers Put Fairway Island Up for Sale
--------------------------------------------------
Privately-owned Fairway Island has been placed on the market,
goldcoast.com.au reports.  Fairway Island, a gated community in
the heart of Hope Island, Leg 1 will be sold in an offer-to-
purchase campaign closing on August 5, the report says.

According to the report, receivers moved in on the property, being
developed by No Limit, in February.  No Limit, which acquired the
site for $10.6 million in 2003, was selling 85 lots across the
7.19ha island.  The report says home sites offered a blend of
waterfront living and golf course views and ranged in size from
450sq m to 871sq m.  The property will be marketed by Leg 2
Darrell Irwin and John Meyers of Colliers International Gold Coast
and Damian Winterburn and James Walsh of CapLand Real Estate
Advisors, goldcoast.com.au discloses.

The report relates Mr. Irwin said the combination of Fairway
Island's water and golf course outlooks and Foreign Investment
Review Board approval made it a unique offering to a wide range of
buyers.

As reported in the Troubled Company Reporter-Asia Pacific on
March 1, 2010, St. George Bank appointed John Greig and Nicholas
Harwood of Deloitte, as receivers to four companies owned by
private Gold Coast developer John Marshall.  The companies under
receivership are No Limit, No Limit 7, No Limit 12 and Storage
King Miami.


OWSTON NOMINEES: Bonhams Sells Art Collection for AUS$13.1 Million
------------------------------------------------------------------
International fine art auction house Bonhams has completed the
sale of the Owston Collection, raising AUS$13.1 million.

The two-day sale was entrusted to Bonhams by Adelaide chartered
accountants, Stephen Duncan and Chris Powell of KordaMentha, as
joint receivers and managers of Owston Nominees No. 2 Pty Ltd.

During the course of the sale -? held in Sydney at the Overseas
Passenger Terminal -? more than 1,400 people registered to bid.
Australian bidders purchased over 80% of the collection.

Highlights of the sale included:

   * A rare set of twelve George III collector's cabinets
     in which the great British naturalist Sir Joseph Banks
     stored his Australian geological specimens (AU$300,000);

   * Philip Reinagle and Sawrey Gilpin (British 1749?1833),
     Portrait of Colonel Thornton (AU$348,000);

   * Norman Alfred Williams Lindsay (Australian 1879-1969),
     "The Sisters"; (AU$288,000);

   * A fine Irish Regency mahogany dining table (AU$288,000);

   * An impressive Victorian silver Equestrian group of an
     Indian spearing a buffalo by Charles Frederick Hancocks
     (AU$144,000); and

   * A rare Javan rhinoceros trophy head by renowned taxidermist
     Rowland Ward (AU$108,000).

"It was a real privilege to be entrusted with such a rare and
important sale.  We're thrilled with the interest raised in the
collection, and this extraordinary result.  The auction of the
Owston Collection has successfully launched Bonhams back into the
Australian market," Bonhams Australia CEO James Hendy said.

Bonhams won the right to sell the collection in its entirety as a
single-owner sale titled "The Owston Collection" following tough
competition from local and international auctioneers.

Stephen Duncan, Partner of Adelaide-based KordaMentha, said, "It
has been a long road to get to this point, and we're thrilled with
the result.

"Bonhams has done an exceptional and extremely professional job,
sometimes under difficult circumstances. Their conduct of the sale
has been exemplary.  The marketing of the collection was
outstanding and the result is a testament to that."

Bonhams Australia Chairman, James Bruce, said "Australia is a
market we strongly believe in and are committed to.  Single owner
collection sales on this scale are incredibly rare and the Owston
Collection gave us a great opportunity to show just what we can
do.  We enjoy a very good working relationship with KordaMentha
and look forward to working with them again."

Bonhams has the pleasure of being instructed by KordaMentha to
sell the second part of the Owston Collection in October 2010.


QUALITY PRINT: Has Debts of AU$12.8 Million and Zero Assets
-----------------------------------------------------------
Steven Kiernan at ProPrint reports that liquidators for Quality
Print Group have revealed that the company went under with
AU$12.8 million of debts, including more than AU$8 million to
unsecured creditors.  The report says the company had zero assets.

ProPrint relates that the biggest debts to trade creditors so far
identified by the liquidators include:

   * AU$3.5 million to CPI Paper;
   * AU$1.55 million to Angus Agencies; and
   * AU$118,150 to Fujifilm.

The company also owed AU$4.5 million to secured creditor National
Australia Bank, the report adds.  Part of the bank's debts is
believed to have been realized through the sale of real estate
property owned by Quality director Paul Canty.  "The reality is
that the sale of the assets isn't bringing in the money to pay out
the secured creditor's debts.  That AU$4.5 million was the
director's estimate of how much the bank would come up short," the
report quoted Mr. Davis as saying.

According to the report, Mr. Davis said that the next stage in the
insolvency process would be to investigate why the company went
into liquidation, which could take months.

Robert Moodie and Geoffrey Davis from insolvency practitioners
Rodgers Reidy were appointed joint voluntary liquidators on
June 15.


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C H I N A
=========


FRANKLIN TOWERS: Posts US$316,082 Net Loss in Q1 2010
-----------------------------------------------------
Franklin Towers Enterprises, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of US$316,082 on US$712,511 of
revenue for the three months ended March 31, 2010, compared with a
net loss of US$326,546 on US$398,371 of revenue for the same
period of 2009.

The Company's balance sheet at March 31, 2010, showed US$6,413,162
in assets and US$9,774,294 of liabilities, for a stockholders'
deficit of US$3,361,132.

The Company started its test production at the end of June 2007
and commenced its manufacturing operations during the third
quarter of 2007.  The Company has incurred a net loss of
US$316,082 and US$326,546, for the three months ended March 31,
2010, and 2009, respectively.  The Company has an accumulated
deficit of US$22,031,352 at March 31, 2010.  Substantial portions
of the losses are attributable to common stock issued for
consulting services, amortization of debt discount, deferred
finance costs and beneficial conversion feature, and accrued
interest and penalties in connection with the default of the
Convertible Notes.  The Company had a working capital deficiency
of US$5,107,408 and US$4,837,392 as of March 31, 2010, and
December 31, 2009, respectively.

Furthermore, as of July 12, 2008, the Company was in default on
its Convertible Notes payments due July 12, 2008.  The Notes
provide that, at the option of the holder, an event of default
shall make all sums of principal and interest then remaining
unpaid and all other amounts payable immediately due and payable
upon demand.  As of March 31, 2010, the unpaid convertible notes
payable balance is US$2,792,175; unpaid accrued interest is
US$554,153; and unpaid accrued liquidated damages penalty and
default penalty are US$2,379,770.  The Company is currently
continuing to negotiate with investors and is seeking ways to
resolve the default issue with all investors.

"These factors raise substantial doubt concerning the Company's
ability to continue as a going concern."

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

               http://researcharchives.com/t/s?658f

Chongqing, China-based Franklin Towers Enterprises, Inc., was
incorporated on March 23, 2006, under the laws of the State of
Nevada.  The Company is focused on the production and sale of silk
and silk products.  The Company started its test production at the
end of June 2007 and commenced operations from the third quarter
of 2007.


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


ASCALADE COMMUNICATIONS: Creditors' Meeting Set for July 7
----------------------------------------------------------
Creditors of Ascalade Communications Limited will hold their
meeting on July 7, 2010, at 2:00 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at 32nd Floor, One Pacific Place, 88
Queensway, in Hong Kong.


LEGG MASON: Members' Final Meeting Set for July 30
--------------------------------------------------
Members of Legg Mason Management Services (Hong Kong) Limited will
hold their final general meeting on July 30, 2010, at 9:30 a.m.,
at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong
Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


METHOD BUILDING: Court to Hear Wind-Up Petition on August 4
-----------------------------------------------------------
A petition to wind up the operations of Method Building &
Engineering Works Limited will be heard before the High Court of
Hong Kong on August 4, 2010, at 9:30 a.m.


MANAGEMENT INVESTMENT: Members and Creditors to Meet on July 23
---------------------------------------------------------------
Members and creditors of Management Investment & Technology
Company Limited will hold their annual meetings on July 23, 2010,
at 10:00 a.m., and 10:30 a.m., respectively at Room 203 of Duke of
Windsor Social Service Building located at 15 Hennessy Road,
Wanchai, in Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PROGOAL LIMITED: Arboit and Blade Appointed as Liquidators
----------------------------------------------------------
Bruno Arboit and Simon Richard Blade on June 3, 2010, were
appointed as liquidators of Progoal Limited.

The liquidators may be reached at:

          Bruno Arboit
          Simon Richard Blade
          FTI Consulting (Asia) Limited
          1008 Shui On Centre 6-8
          Harbour Road
          Wanchai, Hong Kong


SANYO ELECTRONIC: Members' Final Meeting Set for July 28
--------------------------------------------------------
Members of Sanyo Electronic Companies (HK) Limited, which is in
members' voluntary liquidation, will hold their final meeting on
July 28, 2010, at 10:00 a.m., at 17/F, Alexandra House, 18 Chater
Road, Central, in Hong Kong.

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


SHUN YICK: Creditors' Proofs of Debt Due July 27
------------------------------------------------
Shun Yick Merchandising Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 27, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 17, 2010

The company's liquidator is:

         Lau Kwok Kwong Arthur
         Room 806 Tung Ming Building
         42 Des Voeux Road
         Central, Hong Kong


SPRING WIRELESS: Creditors' Proofs of Debt Due July 26
------------------------------------------------------
Spring Wireless Asia Pacific Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by July 26, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2010

The company's liquidator is:

         Tam Chun Wan
         Room 403, 4/F
         Wing On House
         71 Des Voeux Road
         Central, Hong Kong

TRIPLE HARVEST: Members and Creditors' Meetings Set for July 19
---------------------------------------------------------------
Members and creditors of Triple Harvest (Asia) Limited will hold
their final general meetings on July 19, 2010, at 10:00 a.m., and
10:30 a.m., respectively at Room 702, 7th Floor, Tung Hip
Commercial Building, 244-252 Des Voeux Road Central, in Hong Kong.

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


UGITECH ASIA: Creditors' Proofs of Debt Due July 26
---------------------------------------------------
Ugitech Asia Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by July 26,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 18, 2010

The company's liquidator is:

         Wong Hing Tat
         1711 Concordia Plaza
         1 Science Museum Road
         Tsimshatsui, Kowloon
         Hong Kong


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I N D I A
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AIR INDIA: Loses Labor Case in Nepal
------------------------------------
Air India has lost a protracted labor battle in Nepal with the
country's apex court ruling that the airline would have to abide
by Nepal's labor laws while operating in Nepal, The Economic Times
reports.

According to the report, the verdict delivered on Tuesday by
Supreme Court Judges Khilaraj Regmi and Bharatraj Upreti comes as
a blow for India's oldest airline that, plagued by losses, is
trying to cut down on costs.

The report states that the court order is a victory for 39 casual
and contractual workers of the airline, earlier known as Indian
Airlines, who are now entitled to get permanent jobs along with
the perks they carry.

The group of casual workers went to Nepal's Labour Office nearly
five years ago claiming they were entitled to be hired as
permanent employees as they had worked for 240 days and/or
continuously for one year as per Nepal's labor law, The Economic
Times recounts.

Air India, however, rejected the demand, saying it was not an
organization registered in Nepal but an Indian government
institution.  The Economic Times says the apex court rejected the
argument, saying that since the Nepal office of Air India was
opened solely for operations in the Himalayan nation, it was bound
by Nepal's labour law.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

In December 2009, the Air India board decided to initiate a series
of major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.  The airline's turnaround plan has been
broadly divided into 0-9 months, 9-18 months and 18-36 months, and
has been segregated under operational efficiency, product
improvement, organization building and financial restructuring,
the Business Standard said.


ARK INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR90 Mil. LT Loan
------------------------------------------------------------------
CRISIL has reaffirmed its 'BB/Stable/P4+' ratings to the bank
facilities of Ark Industries Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR90.0 Million Long-Term Loan      BB/Stable (Reaffirmed)
   INR50.0 Million Cash Credit         BB/Stable (Reaffirmed)
   INR150.0 Million Letter of Credit   P4+ (Reaffirmed)

The ratings reflect AIPL's below-average financial risk profile,
modest scale of operations, and susceptibility to volatility in
raw material prices.  These weaknesses are partially offset by the
benefits AIPL derives from the experience of its promoters in the
steel business.

Outlook: Stable

CRISIL believes that Ark Industries will continue to benefit from
its established relations with clients, resulting in a steady
inflow of orders, over the medium term.  The outlook may be
revised to 'Positive' if the company's scale of operations
increase significantly and its profitability improves.
Conversely, the outlook could be revised to 'Negative' if the
company's financial risk profile deteriorates, most likely because
of additional debt-funded capital expenditure or decline in
profitability.

                        About Ark Industries

Promoted by Mr. Akshay Jain and Mr. Dhanesh Mehta, AIPL processes
hot-rolled steel into sheets, blanks, strips, and other such
products. For 2008-09 (refers to financial year, April 1 to
March 31), the company generated about 40 per cent of its revenues
from the automotive ancillary segment, 35 per cent from tubes and
pipes, 20 per cent from generation and fabrication, and balance
from other segments.

AIPL has an affiliate concern, Delta Iron and Steel Company Pvt
Ltd, in Mumbai, which trades in steel.

AIPL reported a profit after tax (PAT) of INR9.5 million on net
sales of INR878 million for 2008-09, against a PAT of INR13.2
million on net sales of INR720 million for the preceding year.


AUTO PLAANATE: CRISIL Reaffirms 'B' Rating on INR32.3MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on Auto Plaanate Indostry Pvt Ltd's bank loan
facilities continue to reflect APIPL's weak financial risk
profile, marked by high gearing, and its exposure to risks related
to low bargaining power with automobile manufacturers and intense
competition in the automotive dealership market.  These rating
weaknesses are partially offset by APIPL's strong relationship
with its principal, Mahindra and Mahindra Ltd (M&M, rated
'AA/Stable/P1+' by CRISIL).

   Facilities                        Ratings
   ----------                        -------
   INR85.40 Million Cash Credit      'B/Stable' (Reaffirmed)
   INR32.30 Million Term Loan        'B/Stable' (Reaffirmed)
   INR12.30 Million Stand by Line    'P4' (Reaffirmed)
                        of Credit

Outlook: Stable

CRISIL believes that APIPL will continue to benefit from its
established relationship with principal over the medium term.
APIPL's financial risk profile is likely to remain constrained
because of high gearing and weak liquidity.  The outlook may be
revised to 'Positive' if APIPL increases its revenues, and
improves its profitability by significantly improving its working
capital management.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile weakens, most
likely because of large, debt-funded investments in unrelated
diversification or significant decline in profitability.

                         About Auto Plaanate

APIPL was set up by Mr. Shaligram Tiwari in January 2004.  It
began operations in August 2005 as a dealer of M&M's passenger
cars and light commercial vehicles.  APIPL's has showrooms and
service stations in Dhanbad, Bokaro, Giridih, Devgarh, and
Hazaribagh (all in Jharkhand).

APIPL reported a profit after tax (PAT) of INR2.1 million on an
operating income of INR630.0 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of
INR1.6 million on operating income of INR523.0 million for
2007-08.  For 2009-10, APIPL's operating income is estimated to be
INR815.0 million.


GABA OVERSEAS: CRISIL Reaffirms 'BB+' Rating on INR570MM Term Loan
------------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Gaba Overseas Pvt Ltd at 'BB+/Stable', and has reclassified its
rating on the company's short-term facilities as 'P4+' from the
earlier 'P4'.

   Facilities                            Ratings
   ----------                            -------
   INR545.0 Million Cash Credit Limit*   BB+/Stable (Reaffirmed)
   INR570.0 Million Term Loan            BB+/Stable (Reaffirmed)
   INR20.0 Million Bank Guarantee        P4+ (Reclassified from
                                              'P4')
   INR25.0 Million Letter of Credit      P4+ (Reclassified from
                                              'P4')
  *Including a proposed limit of INR405.00 million

The ratings continue to reflect GOPL's average financial risk
profile with stretched liquidity to service maturing debt
repayment obligations, and its working capital intensive
operations.  These rating weaknesses are partially offset by
GOPL's established position in the floor coverings industry.

Outlook: Stable

CRISIL believes that GOPL will maintain its established position
in the floor coverings industry over the medium term.  The outlook
may be revised to 'Positive' in case of more-than-expected growth
in operating income/profitability, leading to increased scale of
operations and de-leveraging of its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a more-than-expected debt-funded capital
expenditure programme, and/or in case of lower-than-expected
growth in operating income, both leading to stress on the
company's debt protection measures.

                        About Gaba Overseas

GOPL, promoted by Mr. Kalu Gaba, commenced operations in 1990.
The company manufactures acrylic and viscose carpets, upholstery,
durries, mats, and poly propylene carpets at its facilities in
Sewah and Machhrauli (both in Panipat, Haryana).  It caters
largely to the domestic market and procures its primary raw
material from companies such as Orient Syntex Ltd, Reliance
Spinning Mills, and Samta Yarn Pvt Ltd.

For 2008-09 (refers to financial year, April 1 to March 31), GOPL
reported a net loss of INR1.8 million on net sales of INR538
million, as against a profit after tax (PAT) of INR12.9 million on
net sales of INR434 million for 2007-08.


KHYATI ISPAT: CRISIL Lifts Ratings on Various Bank Debts to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Khyati
Ispat Pvt Ltd, which is part of the Khyati group, to
'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR270.00 Million Cash Credit         BB-/Stable (Upgraded from
                                                     'B+/Stable')

   INR98.00 Million Term Loan            BB-/Stable (Upgraded from
                                                     'B+/Stable')

   INR30.00 Million Bank Guarantee       P4+ (Upgraded from 'P4')

The upgrade reflects the improvement in the Khyati group's
liquidity, driven by the sanction of additional bank limits and
its increased cash accruals.  The upgrade also reflects CRISIL's
belief that the group will maintain its improved liquidity backed
by its cash accruals.

The ratings reflect the Khyati group's small scale of operations
and exposure to risks related to volatility in raw material
prices.  These weaknesses are partially offset by the group's
moderate financial risk profile, improving business risk profile,
and the group's promoters' experience in the steel rolling and
galvanising business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIPL, Shri Ashutosh Structures Pvt Ltd
and Khyati Steels.  These entities, collectively referred to as
the Khyati group, have strong operational and financial linkages
among them, and are under a common management.  SASPL sources the
bulk of its raw materials from KS and KIPL.  KS also supplies
traded goods to KIPL.  Cash flows are fungible within the group,
with the entities providing support to each other through extended
credit or advances. Furthermore, KIPL has extended corporate
guarantees to the bank loan facilities of SASPL, while KS has
provided corporate guarantees to the bank loan facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khayti group will maintain its moderate
financial risk profile, supported by its comfortable cash
accruals, and comfortable market position in the rolled-steel
products business over the medium term.  The outlook may be
revised to 'Positive' in case of a significant improvement in the
group's liquidity. Conversely, the outlook may be revised to
'Negative' if there is continued pressure on the group's
liquidity.

                         About Khyati Ispat

KIPL manufactures hot-rolled steel products, such as channels,
joists, beams and angles, which find application primarily in
structural constructions such as transmission and railway towers,
and factory sheds.  The company has two manufacturing units at
Raipur, with a combined installed capacity of 114,000 tonnes per
annum (tpa).


KHYATI STEEL: CRISIL Lifts Rating on INR40MM Cash Credit to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Khyati
Steel, which is part of the Khyati group, to 'BB-/Stable/P4+' from
'B+/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR40.00 Million Cash Credit          BB-/Stable (Upgraded from
                                                     'B+/Stable')

   INR30.00 Million Bank Guarantee       P4+ (Upgraded from 'P4')

The upgrade reflects the improvement in the Khyati group's
liquidity, driven by the sanction of additional bank limits and
its increased cash accruals.  The upgrade also reflects CRISIL's
belief that the group will maintain its improved liquidity backed
by its cash accruals.

The ratings reflect the Khyati group's small scale of operations
and exposure to risks related to volatility in raw material
prices. These weaknesses are partially offset by the group's
moderate financial risk profile, improving business risk profile,
and the group's promoters' experience in the steel rolling and
galvanising business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KS, Khyati Ispat Pvt Ltd, and Shri
Ashutosh Structures Pvt Ltd.  These entities, collectively
referred to as the Khyati group, have strong operational and
financial linkages among them, and are under a common management.
SASPL sources the bulk of its raw materials from KS and KIPL.  KS
also supplies traded goods to KIPL.  Cash flows are fungible
within the group, with the entities providing support to each
other through extended credit or advances.  Furthermore, KIPL has
extended corporate guarantees to the bank loan facilities of
SASPL, while KS has provided corporate guarantees to the bank loan
facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khayti group will maintain its moderate
financial risk profile, supported by its comfortable cash
accruals, and comfortable market position in the rolled-steel
products business over the medium term.  The outlook may be
revised to 'Positive' in case of a significant improvement in the
group's liquidity.  Conversely, the outlook may be revised to
'Negative' if there is continued pressure on the group's
liquidity.

                        About Khyati Steel

KS, set up in 1995, trades in zinc and steel products such as
sheets, plates, and structures.  The firm has a memorandum of
understanding (MoU) with Hindustan Zinc Corporation for procuring
200 tonnes of zinc every month, of which more than 60 per cent is
utilized by SASPL.


MEDI DRIPS: CRISIL Assigns 'BB-' Rating on INR315.7 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Medi Drips
Carriers Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR315.7 Million Term Loan       BB-/Stable (Assigned)
   INR70.0 Million Cash Credit      BB-/Stable (Assigned)
   INR5.0 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect Medi Drips's average financial risk profile,
marked by high gearing, which is driven by aggressive capital
expenditure (capex), and modest scale of operations, and exposure
to risks related to sub-optimal utilization of its capacity.
These rating weaknesses are partially offset by the benefits that
Medi Drips derives from its promoters' experience in the container
logistics business, and its diversified service portfolio and
strong operating efficiency.

Outlook: Stable

CRISIL believes that Medi Drips will maintain its credit risk
profile, backed by established relationships with strong customers
and promoter's experience in this industry.  The outlook may be
revised to 'Positive' if Medi Drips significantly improves its
cash accruals and debt protection measures.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates due to significant deterioration in its
profitability, or significant debt funded capex resulting in
deterioration in its debt protection indicators.

                          About Medi Drips

Medi Drips, incorporated in 1996, by the Dayama family of Kolkata,
provides freight transportation services for various industries
such as chemicals, petrochemicals, steel and energy.  It operates
a fleet of Volvo luxury buses under the brand 'Jai Dada' to
provide public transportation services from Kolkata to other major
towns in East India.  It also provides container transport service
across India through its tankers and trailer division.  Some of
its prominent clients include Sai Sulphonate Pvt Ltd, Hindustan
Unilever Ltd (CRISIL rated 'AAA/Stable/P1+'), Indian Oil
Corporation Ltd (CRISIL rated 'AAA/Negative/P1+'), Bharat
Petroleum Corporation Ltd (CRISIL rated 'AAA/FAAA/Negative/P1+'),
Suzlon Energy (CRISIL rated 'BB+/Stable/P4+').

Medi Drips reported a profit after tax (PAT) of INR9.4 million on
net sales of INR259.5 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR10.6 million on
net sales of INR253.0 million for 2007-08.


NISSAN COPPER: CRISIL Lifts Ratings on Various Bank Debts to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nissan Copper Ltd to 'B+/Stable' from 'B/Stable' while reaffirming
its rating on the short-term facilities at 'P4'.

   Facilities                             Ratings
   ----------                             -------
   INR120.4 Million Cash Credit           B+/Stable (Upgraded from
                                                     'B/Stable')

   INR792.2 Million Long-Term Loan        B+/Stable (Upgraded from
                                                     'B/Stable')

   INR265.3 Million Proposed LT           B+/Stable (Upgraded from
   Bank Loan Facility                                'B/Stable')

   INR222.5 Million Letter of Credit*     P4 (Reaffirmed)

   INR99.6 Million FCNRB Demand Loan      P4 (Reaffirmed)

   *Fully interchangeable with bank guarantee

The rating upgrade reflects Nissan Copper's improved net worth
levels, driven by equity infusion of about INR1 billion raised by
the company through a global depository receipts (GDR) issue in
May 2010. The company will use the proceeds from the issue to set
up a wholly owned subsidiary in the UAE for trading in copper
products.  The upgrade factors in Nissan Copper's healthy
financial performance in 2009-10 (refers to financial year,
April 1 to March 31) and on-track implementation of its capital
expenditure (capex) programme, which is now nearing completion.
The upgrade also reflects CRISIL's belief that Nissan Copper will
maintain its business and financial risk profiles over the medium
term, supported by increasing business volumes and steady cash
accruals.

The ratings reflect Nissan Copper's exposure to risks associated
with its large ongoing capex programme, and increasing
susceptibility to volatility in raw material prices and foreign
exchange rates. These rating weaknesses are partially offset by
the company's established market position in the copper pipes
manufacturing industry.

Outlook: Stable

CRISIL believes that the increase in turnover and strong cash
accruals expected from the enhancement in Nissan Copper's capacity
will help Nissan Copper maintain its business and financial risk
profiles over the medium term.  The outlook may be revised to
'Positive' if Nissan Copper generates healthy sales volumes from
its upcoming facility and proposed trading venture in the Middle
East, and maintains healthy profit margins.  Conversely, the
outlook could be revised to 'Negative' if the company is unable to
meet quality standards for its new product, or underutilizes the
capacity of its upcoming unit.

                        About Nissan Copper

Incorporated in 1989, Nissan Copper manufactures copper tubes,
pipes, billets, ingots, and related copper products at its units
in Umergaon (Gujarat) and Silvassa (Dadra and Nagar Haveli).  The
company is promoted by Mr. Sanjay Mardia and Mr. Ratanlal Mardia.
Nissan Copper sells its products primarily to the refrigeration,
air-conditioning, automobile, gas, and construction sectors.  The
company has installed capacities of 3000 tonnes per annum (tpa)
for copper pipes, 5400 tpa for extruded pipes, and 10,800 tpa for
ingots.  It is currently implementing a project for manufacturing
inner groove copper tubes with a proposed capacity of 12,000 tpa.
Nissan Copper proposes to commence large-scale trading operations
in the Middle East, which will be funded by its GDR proceeds of
INR1 billion.

For 2009-10, Nissan Copper reported a profit after tax (PAT) of
INR91 million on net sales of INR1.9 billion, against a PAT of
INR21 million on net sales of INR1.3 billion for 2008-09.


OSWAL OVERSEAS: CRISIL Reaffirms 'B+' Rating on Cash Credit Limit
-----------------------------------------------------------------
CRISIL's rating on the bank facility of Oswal Overseas Ltd
continues to reflect Oswal Overseas' modest financial risk
profile, marked by a small net worth and high gearing, and
susceptibility to adverse climatic changes and to adverse
regulatory changes in the sugar industry.  These rating weaknesses
are partially offset by Oswal Overseas' average business risk
profile, marked by in house power generation and revenue
diversification from ingots.

   Facilities                            Ratings
   ----------                            -------
   INR70.0 Million Cash Credit Limit     B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Oswal Overseas' financial risk profile will
remain constrained over the medium term because of the company's
debt-funded capital expenditure (capex) plans.  The outlook may be
revised to 'Positive' if Oswal Overseas reports higher-than-
expected sales and profitability and stabilizes the operations at
its planned capacities.  Conversely, the outlook may be revised to
'Negative' in case the company undertakes larger-than-expected
debt-funded capex programme, leading to deterioration in its debt
protection metrics.

                       About Oswal Overseas

Oswal Overseas, incorporated in 1984, was acquired by the present
management headed by Mr. Mohan Singh from the Ashok Oswal group in
1998.  The company manufactures sugar (which contributes 80 per
cent to its revenues) and steel ingots. Its sugar facility at
Bareilly (Uttar Pradesh) has a capacity of 3500 tonnes crushed per
day (tcd).  Oswal Overseas procures cane from 13,000 hectares of
cane area allocated to it, and markets its product through agents.
Its steel ingots facility procures iron scrap from the Indian and
international (mainly Dubai) markets.  The company sells ingots to
rolling mills in India.

Oswal Overseas reported a profit after tax (PAT) of INR22.0
million on net sales of INR757 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3.8
million on net sales of INR584 million for 2008-09.


OVERSEAS TRADERS: CRISIL Rates INR85 Million Cash Credit at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' ratings to the cash credit
facility of Overseas Traders and Manufacturers (OTM, formerly,
Blessings Global), which is part of the Vinayak group.

   Facilities                          Ratings
   ----------                          -------
   INR85.00 Million Cash Credit        BB+/Stable (Assigned)

The ratings reflect the Vinayak group's weak financial risk
profile, marked by low profitability, large working capital
requirements with debtor default risk, and susceptibility to heavy
dependence on imported wool and to sharp volatility in prices of
raw wool.  These rating weaknesses are partially offset by the
Vinayak group's healthy revenue growth and promoters' experience
in the wool industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of OTM, Vinayak Wools India Pvt Ltd
(VWIPL) and Vinayak Enterprises.  This is because the three
entities, collectively referred to as the Vinayak group, are under
a common management and in the same line of business.
Furthermore, the group has plans to merge Vinayak Enterprises into
VWIPL.

Outlook: Stable

CRISIL expects the Vinayak group's financial risk profile to
remain weak over the medium term, because of low profitability.
However, the group will continue to benefit from its promoters
industry experience and established network of customers.  The
outlook may be revised to 'Positive' if the group's financial risk
profile, particularly liquidity, improves significantly, most
likely because of more-than expected cash accruals or significant
capital infusion.  Conversely, the outlook may be revised to
'Negative' if the group's profitability and revenues decline
sharply, or if the group undertakes large debt-funded capital
expenditure programmes, leading to deterioration of its financial
risk profile.

The Vinayak group was promoted by Mr. Mohinder Lal Saggar in 2000
by setting up a proprietorship concern, Vinayak Enterprises, for
trading in raw wool and woollen products.  Currently, the group
includes three entities Vinayak Enterprises, VWIPL, and OTM, which
trade in raw wool and woollen products.  Currently, Mr. Saggar's
sons look after the overall management of the group.

The Vinayak group reported (provisional) a profit after tax (PAT)
of INR9.0 million on net sales of INR2411.2 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR7.5 million on net sales of INR1500.2 million for 2008-09.


PULSE PHARMACEUTICALS: CRISIL Puts 'BB+' Rating on INR23.2MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Pulse
Pharmaceuticals Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR55.00 Million Cash Credit     BB+/Stable (Assigned)
   INR23.20 Million Term Loan       BB+/Stable (Assigned)

The rating reflects PPPL's small scale of operations, and use of
short-term funds for capital expenditure, leading to liquidity
pressures.  These rating weaknesses are partially offset by PPPL's
promoter's extensive experience in the pharmaceutical industry,
and its moderate financial risk profile, marked by moderate
gearing, healthy debt protection metrics, and healthy cash
accruals.

Outlook: Stable

CRISIL believes that PPPL will continue to benefit from its
moderate financial risk profile, supported by healthy operating
margin, over the medium term.  However, PPPL's business risk
profile will remain constrained because of its small scale of
operations.  The outlook may be revised to 'Positive' if PPPL
increases its scale of operations significantly and generates
sound operating margin. Conversely, the outlook may be revised to
'Negative' if PPPL undertakes a large debt-funded capital
expenditure programme or its operating margin declines, resulting
in deterioration of its financial risk profile.

                    About Pulse Pharmaceuticals

Incorporated in 1997, PPPL manufactures and sells formulations,
and undertakes contract manufacturing.  In 2009-10 (refers to
financial year, April 1 to March 31), PPPL derived around 90 per
cent of its revenues from sale of its own formulations and 10 per
cent from contract manufacturing.  PPPL's formulations primarily
address three therapeutic segments: gynecology, orthopedic, and
neurology. PPPL's operations are spread across India, except Uttar
Pradesh and Gujarat.

PPPL reported a profit after tax (PAT) of INR31.25 million on net
sales of INR276.37 million for 2009-10, against a PAT of INR18.02
million on net sales of INR213.70 million for 2008-09.


RABIRUN VINIMAY: Fitch Assigns National Long-Term Rating at 'BB-'
-----------------------------------------------------------------
Fitch Ratings has assigned Rabirun Vinimay Pvt. Ltd. a National
Long-term rating of 'BB-(ind)'.  The Outlook is Stable.  At the
same time, the agency has also assigned a National Long-term
rating of 'BB-(ind)' to RVPL's INR2,000 million term loan limits.

The ratings reflect the time overrun in RVPL's yet to be completed
130,000 metric tonnes per annum stainless steel profiles and
circles manufacturing unit in Orissa.  The project completion date
is over a quarter behind the original schedule.  However, the time
overrun has not significantly affected the estimated project cost
of INR3,402.30 million, which remains unchanged.  The ratings also
factor in the limits imposed on the company's profitability from
the sourcing of raw materials from group companies, which limits
its ability to negotiate their price.  The ratings benefit from
the locational advantage of the project, in terms of raw materials
availability, better transportation facilities, and proximity to
other manufacturing units of the group.  The ratings also factor
in the extensive experience of RVPL's promoters in the steel
industry, and their past experience in completing big projects in
other group companies.

Positive rating triggers include successful completion of the
project and timely repayment of term liabilities in the first year
of its operations, with interest coverage exceeding 1.1x.
Negative rating triggers include further delays in execution of
the project (beyond July 2010) and/ or interest coverage of below
1.1x in the first year of project's operations.

RVPL was incorporated in 2000 as a non-banking financial company.
Later on, the object clause of the company was changed to
manufacturing of SS profiles and circles.  It is a part of the BRG
group owned by Goyal family of Kolkata.


RAMNIK POWER: CRISIL Assigns Default Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Ramnik Power and Alloys Pvt
Ltd's bank facilities.  The rating reflects delay by RPAPL in
servicing its term loan; the delay has been caused by RPAPL's weak
liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR30.00 Million Cash Credit     D (Assigned)
   INR220.00 Million Term Loan      D (Assigned)

RPAPL's financial flexibility is low because of its small scale of
operations. However, the company benefits from its promoters'
extensive experience in the mining and manganese trading business,
and captive manganese ore mines which mitigate the risk of raw
material availability.

                         About Ramnik Power

Ramnik Power and Alloys Pvt Ltd, incorporated in 2006 by Mr.
Vyomesh R. Trivedi, manufactures silico manganese which is a raw
material additive for production of all grades of iron and steel.
The capacity of the ferro alloy plant is 6 megavolt ampere and the
company also has a 6-megawatt, husk-based captive power plant. The
company started operations from September 2009.

RPAPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR120 million for 2009-10 (refers to financial year,
April 1 to March 31).


SHANKESH JEWELLERS: CRISIL Rates INR75 Million Cash Credit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Shankesh
Jewellers Pvt Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR75.0 Million Cash Credit/Gold Loan*   B+/Stable (Assigned)
   INR5.0 Million Counter Guarantee         P4 (Assigned)

   *Has sub limits of INR40.0 Million under Gold on Loan scheme
    completely fungible with the cash credit limits

The ratings reflect SJPL's below-average financial risk profile,
constrained by low net worth, weak debt protection indicators,
high gearing, low operating margins and small scale of operations.
These rating weaknesses are partially offset by the healthy growth
in the company's revenues and its promoters' experience in the
gold jewellery business.

Outlook: Stable

CRISIL believes that SJPL will maintain its business risk profile
over the near to medium term on the back of its promoters'
extensive experience in the gold jewellery business and healthy
growth in revenues. The outlook may be revised to 'Positive' in
case the company generates higher-than-anticipated net cash
accruals and reports a lower gearing than expected, resulting in a
significant improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if SJPL's liquidity
deteriorates or its operating profit margin declines. A higher-
than-expected gearing or a significant increase in its debtor
levels could also result in a 'Negative' outlook.

                      About Shankesh Jewellers

SJPL, incorporated in 2005, designs and trades in gold jewellery
and specializes in antique jewellery.  The day-to-day operations
of the company are managed by members of the Jain family based out
of Mumbai.

SJPL reported a provisional profit after tax (PAT) of INR3.7
million on net sales of INR308.6 million for 2009-10 (refers to
financial year, April 1 to March 31) as against a PAT of INR1.4
million on a net sales of INR189.6 million for 2008-09.


SHREYASH ALUMINIUM: CRISIL Assigns 'BB-' Rating on INR27.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Shreyash Aluminium & Alloys Pvt Ltd, which is part
of the Fomra group.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR27.5 Million Term Loan            BB-/Stable (Assigned)
   INR20.0 Million Letter of Credit     P4+ (Assigned)
   INR3.5 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect the Fomra group's below-average financial risk
profile, marked by a small net worth, weak debt protection
metrics, and average gearing, its large working capital
requirements, and susceptibility to intense competition in the
power cable manufacturing segment.  These rating weaknesses are
partially offset by the Fomra group's integrated operations,
promoters' strong track record in the power cable segment, and
healthy demand prospects in the power sector.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Cabcon India Pvt. Ltd., Radhika
Transmission Pvt Ltd and Shreyash Aluminium & Alloys Pvt Ltd.
These entities are collectively referred to as the Fomra group.
All the above-mentioned companies have a common management, and
inter-company transactions, which are part of the integrated value
chain of the group's business. CRISIL has also consolidated the
business and financial risk profile of Kishore & Co. with Fomra
group because one of the directors of SAAPL is the proprietor of
Kishore & Company and due to existence of operational linkages
(such as inter-company sale and purchase) between Kishore &
Company and SAAPL.

Outlook: Stable

CRISIL believes that the Fomra group will continue to benefit from
its fully integrated operations - from aluminium ingot procurement
to manufacture and supply of conductors to reputed customers, and
its promoters' experience in the power cable industry, over the
medium term. The group's financial risk profile is expected to
remain below-average because of its low debt coverage indicators
and large working capital requirement. The outlook may be revised
to 'Positive' in case the group generates higher-than-expected
operating income growth and profitability. Conversely, the outlook
may be revised to 'Negative' if the group undertakes a large,
debt-funded capital expenditure programme, leading to significant
decline in operating income and profitability.

                           About the Group

The Fomra group started manufacturing power cables in 1991, with
the establishment of Cabcon (the flagship company of the group) by
Mr. S B Fomra.  Cabcon manufactures Aluminium conductor steel
reinforced (ACSR), All Aluminium Alloy conductor (AAAC), All
Aluminium conductors (AAC) and Aluminium wires which are used in
overhead transmission and distribution of electricity. The
manufacturing unit of Cabcon is located near Kolkata and has
capacity to produce 15,000 tonnes per annum (tpa) of conductors.

RTPL is in the same line of business as Cabcon. SAAPL manufactures
Aluminium wire rods that are used as raw material for
manufacturing of conductors. Mr. Shree Chand Daga, is one of the
director of M/s. Shreyash Aluminium & Alloys Pvt. Ltd., Mr. Shree
Chand Daga also owns Kishore & Company, which trades in Aluminium
Ingots. Kishore & Company is the consignment agent of Hindalco
Industries Limited in the Eastern Region.

The Fomra group (consolidated) reported a profit after tax (PAT)
of INR8.9 million on net sales of INR2.27 billion for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR6.3 million on net sales of INR670 million for 2007-08.


SHRI ASHUTOSH: CRISIL Lifts Ratings on INR25MM Term Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Shri
Ashutosh Structures Pvt Ltd, which is part of the Khyati group, to
'BB-/Stable/P4+' from 'B+/Stable/P4'.


   Facilities                         Ratings
   ----------                         -------
   INR210.00 Million Cash Credit      BB-/Stable (Upgraded from
                                                  'B+/Stable')
   INR25.00 Million Term Loan         BB-/Stable (Upgraded from
                                                 'B+/Stable')
   INR100.00 Million Bank Guarantee   P4+ (Upgraded from 'P4')

The upgrade reflects the improvement in the Khyati group's
liquidity, driven by the sanction of additional bank limits and
its increased cash accruals.  The upgrade also reflects CRISIL's
belief that the group will maintain its improved liquidity backed
by its cash accruals.

The ratings reflect the Khyati group's small scale of operations
and exposure to risks related to volatility in raw material
prices.  These weaknesses are partially offset by the group's
moderate financial risk profile, improving business risk profile,
and the group's promoters' experience in the steel rolling and
galvanising business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SASPL, Khyati Steel, and Khyati Ispat
Pvt Ltd.  These entities, collectively referred to as the Khyati
group, have strong operational and financial linkages among them,
and are under a common management.  SASPL sources the bulk of its
raw materials from KS and KIPL.  KS also supplies traded goods to
KIPL. Cash flows are fungible within the group, with the entities
providing support to each other through extended credit or
advances.  Furthermore, KIPL has extended corporate guarantees to
the bank loan facilities of SASPL, while KS has provided corporate
guarantees to the bank loan facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khayti group will maintain its moderate
financial risk profile, supported by its comfortable cash
accruals, and comfortable market position in the rolled-steel
products business over the medium term.  The outlook may be
revised to 'Positive' in case of a significant improvement in the
group's liquidity. Conversely, the outlook may be revised to
'Negative' if there is continued pressure on the group's
liquidity.

                        About Shri Ashutosh

SASPL manufactures galvanized structural components used in
construction of railway and electricity towers and other
structural constructions. It has two manufacturing unit at Raipur,
which has combined fabrication and galvanizing capacities of
56,000 tpa and 64,000 tpa, respectively.


SLS MERCANTILE: CRISIL Assigns 'B+' Rating on INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to SLS Mercantile
Private Limited's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR60.00 Million Cash Credit        B+/Stable (Assigned)
   INR30.00 Million Packing Credit     P4 (Assigned)
   INR40.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect SLS's weak financial risk profile, marked by
high gearing, small net worth, small scale of operations, and
susceptibility to volatility in steel prices and foreign exchange
rates.  These weaknesses are partially offset by SLS's promoters'
experience in trading in crockery and in the iron and steel
business.

Outlook: Stable

CRISIL believes that SLS will continue to benefit from its
promoters' experience in diversified trading businesses, over the
medium term.  The outlook may be revised to 'Positive' if SLS's
capital structure improves, and its revenues and profitability
increase significantly, thereby improving its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
SLS's profitability declines, most likely because of continued
volatility in steel prices or in the value of the Indian rupee, or
if the company's sales decline sharply.

                        About SLS Mercantile

SLS was established in October 2007 by Mr. Shankarlal Sonthalia
and his son Mr. Praveen Sonthalia.  The company trades in iron and
steel (long and flat products).  In 2010, SLS diversified into
exporting iron ore to China.  The company carries out its trading
operations from Chennai.  It buys iron and steel from the local
iron and steel manufacturers and sells to the retailers and
wholesalers in India.

SLS reported a profit after tax (PAT) of INR0.7 million on net
sales of INR361.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR281.0 million for 2008-09.


SUPREME COT-SPIN: CRISIL Reaffirms 'D' Ratings on Bank Facilities
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Supreme Cot-Spin Mills
(India) Pvt Ltd continues to reflect Supreme Cot-Spin's continued
delays in servicing its term loans, and instances of its working
capital facilities being overdrawn for more than 30 days.  This is
because of Supreme Cot-Spin's continuing weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR52.5 Million Cash Credit Limit     D (Reaffirmed)
   INR185.9 Million Long-Term Loan       D (Reaffirmed)
   INR25.4 Million Bank Guarantee Limit  P5 (Reaffirmed)

Supreme Cot-spin has a below-average financial risk profile, and
is exposed to risks associated with volatility in cotton and
cotton yarn prices and increasing power costs.  However, CRISIL
believes that the company will continue to benefit from the
extensive experience of its promoters in the textile industry.

                      About Supreme Cot-Spin

Incorporated in 2005 by Mr. R Gopalasamy, Supreme Cot-Spin is part
of the Supreme group.  The company owns 16,800 spindles, and
manufactures cotton yarn and grey cloth.  The Supreme group has
six firms engaged in spinning, sizing, and weaving operations,
with 16,800 owned and 24,500 leased spindles, 10 power looms, and
a sizing capacity of 3600 tonnes per annum.

For 2008-09 (refers to financial year, April 1 to March 31),
Supreme Cot-Spin reported a net loss of INR1.4 million on net
sales of INR201 million, against a profit after tax of INR3.9
million on net sales of INR213 million for 2007-08.


TATA POWER: To Sell Stake in Coal SPVs to Olympus Capital
---------------------------------------------------------
Tata Power Ltd. said it has signed an agreement to raise US$300
million in Bhira Investments Limited and Bhivpuri Investments
Limited Coal Special Purpose Vehicles (SPVs) through shares with
differential rights to be issued to Olympus Capital Holdings Asia.
Tata Power holds its interest in the KPC and Arutmin coal mines in
Indonesia through these SPVs.

Taking current position of debt and cash in coal SPVs, the post
money shareholding of Olympus Capital may be in the range of 14-
15% for an investment of US$300 million.

The investment is subject to certain regulatory and lender
approvals.  The instrument will be in the form of differential
rights (Class B) shares with no dividend rights which are the
subject of a capital protection arrangement at the end of five
years from the date of closing the transaction, unless converted.
These Class B shares are fully convertible into ordinary shares
through the end of the fifth year from the date of closing at the
option of the holders of the Class B shares.  The capital
protection arrangement could be serviced either from Tata Power or
the coal SPVs.

These funds could also be utilized to secure further long term
coal supplies by investing in coal mines or to reduce the
outstanding debt in the SPVs.

Tata Power acquired 30% stake in Indonesian coal mines in
June 2007.

                          About Tata Power

Tata Power Company Limited -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk consumers
in the Mumbai metropolitan area.  The company operates four
thermal plants with a combined capacity of 1,350 MW, and three
hydroelectric plants aggregating 447 MW; all of these supply power
to the Mumbai licence area.  The company also has a plant that
supplies power to Tata Steel.  In addition, Tata Power has an 81-
MW independent power project at Belgaum that sells power to
Karnataka Power Transmission Corporation Limited.

                           *     *     *

Tata Power Company continues to carry Moody's Investors Service's
'Ba3' corporate family rating and 'B1' senior unsecured debt
rating.  The ratings outlook is stable.


TATA STEEL: Corus Chief Executive Kirby Adams to Step Down
----------------------------------------------------------
Ed Hammond and Chris Tighe at The Financial Times report that
Kirby Adams, the chief executive of Corus, said he is quitting his
post for personal reasons following months of tensions surrounding
the closure and potential sale of the steelmaker's Teesside plant.

The FT recalls the 54-year-old American took over as chief
executive of Corus, owned by Tata Steel of India, in March 2009,
having never before worked in Europe.  He was given the task of
restructuring the company, one of the UK's largest industrial
groups, and restoring profitability, the FT discloses.  Mr. Adams
will be replaced by Karl-Ulrich Koehler, who will step up from his
role of chief operating officer, in October, the FT says.

The FT relates during the first nine months of last year Corus had
losses before interest, tax, depreciation and amortization of US$1
billion (GBP662 million), but returned to profit in each of the
most recent quarters.  Since the beginning of last year it has cut
5,000 jobs, the FT notes.

As reported by the Troubled Company Reporter-Europe on June 2,
2010, Times Online said Tata Steel Europe's turnaround was too
late to save the Teesside Cast Products business, owned by its
Corus subsidiary.  Times Online disclosed Corus had been suffering
under the pressures of a slump in European steel demand.  The
turnaround was achieved with a small increase in deliveries and
higher average selling prices, but came too late to save Redcar-
based Teesside Cast Products, which was mothballed in February
after four international companies walked away from their
agreements to take 78% of its steel slab, according to Times
Online.

                        About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business.  Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2010, Fitch Ratings affirmed the Foreign Currency Issuer
Default Rating of 'BB+' and the National Long-term rating of
'AA(ind)' of Tata Steel Limited.  Simultaneously, Fitch also
affirmed the Foreign Currency IDR of Tata Steel UK at 'B+'.  Fitch
said the Outlook on all the ratings continues to be Negative.


UMA UDYOG: CRISIL Assigns 'P4+' Rating on INR80 Million Loan
------------------------------------------------------------
CRISIL has assigned its 'P4+' ratings to the bank facilities of
Uma Udyog, which is part of the Uma group.

   Facilities                       Ratings
   ----------                       -------
   INR80.00 Million FDBP*           P4+ (Assigned)

   *INR10.00 Million FDBP/FUDBP (Contact with ECGC cover) and
    INR20.00 Million Packing Credit as sub limit

The ratings reflect the Uma group's below-average financial risk
profile, marked by a small net worth, and weak debt protection
metrics, and exposure to risks inherent in the commodity-like
market for its agricultural product, and intense competition in
the agricultural commodities industry.  These rating weaknesses
are partially offset by the Uma group's established market
position in the agricultural commodities industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Uma Udyog and Uma Exports Pvt Ltd.
This is because both entities, together referred to as the Uma
group, are in the same line of business, under common promoters,
and have fungible funds.

                          About Uma Udyog

Set up as a partnership firm in 1985 by Mr. M M Khemka, Uma Udyog
trades in spices (particularly red chilli, turmeric, and jeera),
vegetables (onion and potato), and food grains such as maize and
rice.  The firm exports around 40 per cent of its products to
Bangladesh, 25 per cent each to Sri Lanka and Malaysia, and the
remainder to other countries in South East Asia.  The firm is
currently managed by Mr. Rakesh Khemka and his brother, Mr. Mukesh
Khemka.  Uma Exports, incorporated in 1987, is the flagship
company of the group.


VINAYAK ENTERPRISES: CRISIL Puts 'BB+' Rating on Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Vinayak Enterprises, which is part of the Vinayak
group.

   Facilities                          Ratings
   ----------                          -------
   INR55.00 Million Cash Credit        BB+/Stable (Assigned)
   INR1.00 Million Proposed LT         BB+/Stable (Assigned)
            Bank Loan Facility
   INR27.50 Million Letter of Credit   P4+ (Assigned)

The ratings reflect the Vinayak group's weak financial risk
profile, marked by low profitability, large working capital
requirements with debtor default risk, and susceptibility to heavy
dependence on imported wool and to sharp volatility in prices of
raw wool.  These rating weaknesses are partially offset by the
Vinayak group's healthy revenue growth and promoters' experience
in the wool industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vinayak Enterprises, Vinayak Wools
India Pvt Ltd and Overseas Traders and Manufacturers (OTM,
formerly, Blessings Global).  This is because the three entities,
collectively referred to as the Vinayak group, are under a common
management and in the same line of business.  Furthermore, the
group has plans to merge Vinayak Enterprises into VWIPL.

Outlook: Stable

CRISIL expects the Vinayak group's financial risk profile to
remain weak over the medium term, because of low profitability.
However, the group will continue to benefit from its promoters
industry experience and established network of customers.  The
outlook may be revised to 'Positive' if the group's financial risk
profile, particularly liquidity, improves significantly, most
likely because of more-than expected cash accruals or significant
capital infusion.  Conversely, the outlook may be revised to
'Negative' if the group's profitability and revenues decline
sharply, or if the group undertakes large debt-funded capital
expenditure programmes, leading to deterioration of its financial
risk profile.

                           About the Group

The Vinayak group was promoted by Mr. Mohinder Lal Saggar in 2000
by setting up a proprietorship concern, Vinayak Enterprises, for
trading in raw wool and woollen products.  Currently, the group
includes three entities Vinayak Enterprises, VWIPL, and OTM, which
trade in raw wool and woollen products.  Currently, Mr. Saggar's
sons look after the overall management of the group.

The Vinayak group reported (provisional) a profit after tax (PAT)
of INR9.0 million on net sales of INR2411.2 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR7.5 million on net sales of INR1500.2 million for 2008-09.


VINAYAK WOOLS: CRISIL Puts 'BB+' Rating on INR77.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Vinayak Wools India Pvt Ltd, which is part of the
Vinayak group.

   Facilities                             Ratings
   ----------                             -------
   INR77.5 Million Cash Credit            BB+/Stable (Assigned)
   INR1.0 Million Proposed LT             BB+/Stable (Assigned)
           Bank Loan Facility

   INR12.5 Million Letter of Credit       P4+ (Assigned)

The ratings reflect the Vinayak group's weak financial risk
profile, marked by low profitability, large working capital
requirements with debtor default risk, and susceptibility to heavy
dependence on imported wool and to sharp volatility in prices of
raw wool.  These rating weaknesses are partially offset by the
Vinayak group's healthy revenue growth and promoters' experience
in the wool industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VWIPL, Vinayak Enterprises, and
Overseas Traders and Manufacturers (OTM, formerly, Blessings
Global).  This is because the three entities, collectively
referred to as the Vinayak group, are under a common management
and in the same line of business. Furthermore, the group has plans
to merge Vinayak Enterprises into VWIPL.

Outlook: Stable

CRISIL expects the Vinayak group's financial risk profile to
remain weak over the medium term, because of low profitability.
However, the group will continue to benefit from its promoters
industry experience and established network of customers. The
outlook may be revised to 'Positive' if the group's financial risk
profile, particularly liquidity, improves significantly, most
likely because of more-than expected cash accruals or significant
capital infusion. Conversely, the outlook may be revised to
'Negative' if the group's profitability and revenues decline
sharply, or if the group undertakes large debt-funded capital
expenditure programmes, leading to deterioration of its financial
risk profile.

                          About the Group

The Vinayak group was promoted by Mr. Mohinder Lal Saggar in 2000
by setting up a proprietorship concern, Vinayak Enterprises, for
trading in raw wool and woollen products.  Currently, the group
includes three entities Vinayak Enterprises, VWIPL, and OTM, which
trade in raw wool and woollen products.  Currently, Mr. Saggar's
sons look after the overall management of the group.

The Vinayak group reported (provisional) a profit after tax (PAT)
of INR9.0 million on net sales of INR2411.2 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR7.5 million on net sales of INR1500.2 million for 2008-09.


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


ADVANCE RESIDENCE: Moody's Upgrades Senior Debt Rating From 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 its senior
unsecured long-term debt rating on Advance Residence Investment
Corporation and changed the rating outlook to stable.

These rating actions take into account the fact that ADR's rated
bonds are subordinate to its outstanding borrowings.

This upgrade concludes the review initiated March 1, 2010, and
reflects Moody's view that the series of measures implemented to
improve ADR's financials following its merger with Nippon
Residential Investment Corporation in March 2010 will lead to
better financials and more stable cash flow from its portfolio,
which focuses on residential properties and is valued at
approximately JPY 360 billion.

On June 4, 2010, ADR announced that it was 1) issuing 240,000
units through a public offering; 2) setting up a commitment of
line JPY 25 billion; 3) purchasing six properties for
JPY10.5 billion; and 4) unifying most of its properties under the
"RESIDIA" brand.

On June 28, 2010, ADR completed its public offering, raising
JPY26.4 billion.  Approximately JPY 20 billion of the proceeds
will be able to used to pay down loans and bonds.  ADR has already
paid down JPY 3 billion in debt, out of the JPY5.9 billion in
proceeds from a sale of nine properties in May 2010.  As a result
of these debt payments, as well as the offering, ADR's ratio of
debt to total assets will decline from over 61% to about 54%
(according to Moody's estimates).

The proceeds from the commitment line -- in addition to some of
the offering proceeds -- may be used to redeem the JPY 35 billion
in bonds and approximately JPY 16.5 billion in loans coming due by
March 2011.

Another JPY10.5 billion will be used to acquire the six new
properties.  The net operating income yield for the nine
properties sold in May 2010 was 5.6%, but the NOI yield of the six
new properties is estimated at 6.4%, which will help increase
ADR's profitability.

Although the book values of some of the properties are lower than
current appraisal values (equivalent to unrealized losses of
approximately JPY7.2 billion as of March 1, 2010), the company
will also benefit from approximately JPY44 billion of negative
goodwill resulting from the merger.

And since the portfolio's operating profits may remain stressed,
this asset "exchange" will effectively help maintain, possibly
even increase, ADR's NOI.

The outlook change to stable is based on Moody's view that the
cash flow from ADR's portfolio will be stable and that the
company's conservative financial management will remain focused on
further improvement.

ADR is targeting an LTV of 50-55%, as it announced after the
merger.  Nevertheless, even with the improvement in financial
leverage, Moody's still considers this somewhat high for a J-REIT
and thus LTV remains a concern.

Also, Moody's does not believe that ADR's net debt/EBITDA of 11x-
13x will improve for some time -- at least, not until the
company's profits rise.  However, a quality residential portfolio
should help minimize profit volatility in an economic downturn,
which mitigates concerns about the company's credit metrics.

The collateralization of ADR's properties that took place before
the merger with NRI has been a hindrance to the company's
financial flexibility.  Thus, the de-collateralization will be
credit-positive, as the rated bonds will no longer be
subordinated.

Moody's previous rating action on ADR took place on March 1, 2010,
when it upgraded the unsecured senior debt ratings to Ba1 from Ba2
and kept the ratings under review for possible further upgrade.

New Investment Corporation - Advance Residence Investment
Corporation is a Japanese REIT that invests in and manages
residential properties.  It was listed on the Tokyo Stock Exchange
on March 2, 2010.  Operating revenues for the former ADR's came to
approximately JPY2.8 billion for the fiscal half-year that ended
December 2009, for Nippon Residential Investment Corporation,
JPY8.7 billion for the fiscal half-year that ended November 2009.


CAFES 3: Moody's Downgrades Ratings on Various Classes of Certs.
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the Class
A through F and X trust certificates issued by Cafes 3.  The final
maturity of the trust certificates will take place in August 2014.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa3 from Aaa; previously, Aaa review
     for possible downgrade on May 27, 2010

  -- Class B, downgraded to Baa1 from Aa3; previously, Aa3 review
     for possible downgrade on May 27, 2010

  -- Class C, downgraded to Ba2 from A3; previously, A3 review for
     possible downgrade on May 27, 2010

  -- Class D, downgraded to B3 from Ba1; previously, Ba1 review
     for possible downgrade on May 27, 2010

  -- Class E, downgraded to Caa2 from B2; previously, B2 review
     for possible downgrade on May 27, 2010

  -- Class F, downgraded to Caa3 from B2; previously, B2 review
     for possible downgrade on May 27, 2010

  -- Class X, downgraded to Aa3 from Aaa; previously, Aaa review
     for possible downgrade on May 27, 2010

Cafes 3, effected in November 2007, represents the securitization
of six non-recourse loans and four specified bonds.  One of the
Loans has been paid in full, and the transaction is currently
secured by nine Loans, and three of which are under special
servicing.

One of the Loans that defaulted, in October 2009, is backed by two
office buildings in large cities, one of which is Tokyo.  The
other two Loans, which defaulted in April 2010, are backed by
three office buildings and five retail properties in Tokyo.

The initiation of reviews for possible downgrade in May 2010
reflected Moody's growing concerns about the performance of the
properties and the need to reconsider Moody's recovery
assumptions.

Moody's has received information about the recovery activities of
the three Loans under special servicing from the servicer, as well
as the latest appraisal reports on the assets.

Moody's has also received additional performance data such as PM
reports for all Loans, including three defaulting Loans, and
reviewed the leasing conditions and the performance of the
properties.

The performance -- the occupancy rates and rents -- of some of the
properties securing the remaining Loans has been also
deteriorating, and the rents and cash flows of the properties are
likely to decline, given the likelihood that the tenants will
vacate or negotiate rent reductions; hence, the need for Moody's
to reconsider its recovery assumptions.

These downgrades reflect Moody's concern about the likelihood of
collateral recovery in light of its re-assessed recovery
assumptions.  Moody's recovery assumptions for the six performing
Loans are now in the range of 23% to 39%, and 35% for the weighted
average decline.

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

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


J-CORE 14: Moody's Downgrades Ratings on Nine Certificates
----------------------------------------------------------
Moody's Investors Service has downgraded nine classes of J-CORE 14
Trust Certificates and asset-backed loans.  The final maturity
will take place in November 2014.

The individual rating actions are listed below.

  -- Class A Trust Certificate and Class A Loan, downgraded
     to Aa3 from Aaa; previously, on May 27, 2010, Aaa placed
     under review for possible downgrade

  -- Class B Trust Certificate, downgraded to Baa1 from Aa2;
     previously, on May 27, 2010, Aa2 placed under review for
     possible downgrade

  -- Class C Trust Certificate and Class C Loan, downgraded to Ba2
     from A3; previously, on May 27, 2010, A3 placed under review
     for possible downgrade

  -- Class D Trust Certificate, downgraded to B1 from Baa3;
     previously, on May 27, 2010, Baa3 placed under review for
     possible downgrade

  -- Class E Trust Certificate, downgraded to B2 from Ba2;
     previously, on May 27, 2010, Ba2 placed under review for
     possible downgrade

  -- Class F loan, downgraded to B3 from B1; previously, on
     May
     27, 2010, B1 placed under review for possible downgrade

  -- Class X Trust Certificate, downgraded to Aa3 from Aaa;
     previously, on May 27, 2010, Aaa placed under review for
     possible downgrade

J-CORE14 is a single-asset/single-borrower CMBS deal effected in
April 2008.  The collateral is a full service hotel in Tokyo.

The previous rating action reflected Moody's growing concerns
about the decline in the property's profitability -- when compared
with Moody's initial assumptions -- given the decline in
performance since the rating action taken on July 13, 2009.  The
previous rating action also reflected the need to reconsider
Moody's net cash flow assumptions and stabilized property value.

Moody's interviewed the asset manager on its operating strategy
for the property and refinancing/disposition activities for the
specified bond, which will mature in November 2012.

As a result, Moody's is of the view that the fundamental
profitability of the property is likely to be lower than was
assumed at the last review, and will be for some time.  Moody's
has therefore changed its revenue estimates for Rooms,
Restaurants, and Banquets.

Moody's has also changed its operating/other cost estimates, as
actual costs have been lower than Moody's initial estimates due to
restructuring.  As a result, Moody's stabilized net cash flow
estimate has declined by 27% and its stabilized value by 36% from
its initial assumptions.

This rating action reflects Moody's concern about the likelihood
of collateral recovery in light of the re-assessed value.  Moody's
also considers that the underlying property is a full service
hotel located central Tokyo and has a high scarcity value.

Moody's will continue to monitor the performance of the property
and the asset manager's refinancing and disposition activities in
light of the specified bond's maturity.

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.


J-CREM 2: Moody's Downgrades Ratings on Seven Classes of Certs.
---------------------------------------------------------------
Moody's Investors Service has downgraded seven classes of J-CREM 2
Trust Certificates.  The final maturity of the Trust Certificates
will take place in March 2014.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa3 from Aaa; previously, on May 27,
     2010, Aaa placed under review for possible downgrade

  -- Class B, downgraded to Baa2 from Aa2; previously, on May 27,
     2010, Aa2 placed under review for possible downgrade

  -- Class C, downgraded to Ba3 from A3; previously, on May 27,
     2010, A3 placed under review for possible downgrade

  -- Class D, downgraded to B1 from Baa3; previously, on May 27,
     2010, Baa3 placed under review for possible downgrade

  -- Class E, downgraded to B2 from B1; previously, on May 27,
     2010, B1 placed under review for possible downgrade

  -- Class F, downgraded to B3 from B2; previously, on May 27,
     2010, B2 placed under review for possible downgrade

  -- Class X, downgraded to Aa3 from Aaa; previously, on May 27,
     2010, Aaa placed under review for possible downgrade

J-CREM 2 Trust is a single-asset/single-borrower CMBS deal
effected in August 2007.  The underlying property of the
transaction is a full service hotel located outside of Tokyo.

The previous rating action reflected Moody's growing concern about
the decline in the property's profitability, given the decline in
performance and the need to reconsider Moody's net cash flow and
stabilized property value.

Moody's interviewed the asset manager regarding future operation
strategies, refinancing strategies, and disposal activities in
light of the specified bond's maturity in March 2012.

As a result, Moody's is of the view that the fundamental
profitability of the property is likely to be lower than was
assumed and will be for some time.  Moody's has therefore re-
assessed its revenue estimates, for Rooms, Restaurants, and
Banquet.

Moody's has also changed its operating/other cost estimates, as
actual costs have been lower than Moody's initial estimates due to
restructuring.  As a result, Moody's stabilized net cash flow
estimate has declined by approximately 29% and its stabilized
value by 38% from its initial assumptions.

This rating action reflects Moody's concern about the likelihood
of collateral recovery in light of the re-assessed value.  Moody's
also considers that the underlying property is a full service
hotel located outside of Tokyo and has a high scarcity value.

Moody's will continue to monitor the performance of the property
and the asset manager's refinancing and disposition activities in
light of the specified bond's maturity.

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: Has Negative Net Worth of JPY1 Trillion
-------------------------------------------------------
Japan Airlines Corp. said Wednesday its negative net worth has
expanded to about JPY1 trillion, Kyodo News reports.  The figure,
including capital deficits at two subsidiaries, has grown because
of costs involved in a review of the airline's flights and routes
as well as a re-examination of assets, the report says, citing JAL
and Enterprise Turnaround Initiative Corp. of Japan, the state-
backed administrator overseeing the carrier's rehabilitation.

Kyodo relates Hideo Seto, trustee of ETIC, said at a joint news
conference with JAL executives that they are set to formally ask
the carrier's creditor banks from Thursday for an additional debt
waiver.

Given the end of August deadline for the submission of JAL's
turnaround plan to the Tokyo District Court, Kyodo notes that
Seto said they will do their best to gain the creditors'
acceptance by early that month.

Meanwhile, Japan Airlines International Co. made a JPY3.7 billion
operating profit last month, Bloomberg News reports citing a
statement handed to reporters in Tokyo.

                       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: May Need US$1.1 Bil. More in Restructuring Aid
--------------------------------------------------------------
As distressed Japan Airlines is preparing to present its plan to
rehabilitate itself from bankruptcy, there's probability that it
will seek JPY100 billion, or roughly US$1.1 billion, more in
financial assistance as it anticipates higher losses from asset
write-downs, Dow Jones reported citing a person familiar with the
matter.

The airline, which is expected to submit its restructuring plan
to the Tokyo District Court by end of August, is desperate of
cash assistance that will make certain its survival amid
financial troubles, Dow Jones said.  However, the report added,
that lenders are reluctant to release their funds unless they are
convinced that the company is implementing solid moves that would
guarantee survival.

The outline of JAL's original plan was to seek a debt waiver
amounting to JPY730 billion while its state-back restructuring
promoter agreed to put up JPY300 billion to turn round the
airline's negative net worth of JPY870 billion.  The plan also
forecasts a fiscal year 2010 loss of JPY33.7 billion and an
operating profit of JPY49.7 billion for the fiscal year through
2012, Dow Jones related.

To achieve this end, JAL said it will cut 15 unprofitable routes
and 30 domestic destinations this fiscal year.  JAL is currently
considering to end the employment of 19,300 workers through 2012.
In March, JAL had solicited the early retirements of about 3,300
workers, which include 670 pilots, about 570 cabin crew members,
560 aircraft maintenance workers and about 980 other employees.
As part of JAL's cost-cutting measures, the airline also decided
to freeze the training of 130 would-be pilots for seven years and
to close its pilot training facility in the United States.

The plan, which was originally scheduled for submission in June,
was moved to August at JAL's behest because it was still in the
process of implementing cost cutting measures in order to gain
the lenders' confidence that it can survive.

JAL and the Enterprise Turnaround Initiative Corporation are
planning to raise the airliner's concerns about raising the extra
JPY100 billion with Japan's main creditors which are the
Development Bank of Japan; Mizuho Corporate Bank, the wholesale
banking arm of Mizuho Financial Group Inc.; Bank of Tokyo-
Mitsubishi UFJ, the core banking unit of Mitsubishi UFJ Financial
Group Inc.; and Sumitomo Mitsui Banking Corp., a unit of Sumitomo
Mitsui Financial Group Inc.

A June 29, 2010 news release from Bloomberg News reported that
JAL is planning to ask its creditors banks to waive more than
JPY400 billion in debt, more than JPY40 billion above the
JPY358.50 billion waiver it earlier requested.

The ETIC, the state-backed restructuring provider, is expected to
raise its JPY300 billion capital contribution to the airline to
turn around the airline's negative net worth.

In other news, Japan Today, citing people familiar with the
matter, said JAL has presented a plan to its major lender-banks,
to apportion an aggregate of more than JPY1 trillion to finance
its restructuring programs.  The report said JAL intends to use
the amount to cover the budget for premium severance pay for its
employees who wish to avail of the company's early retirement
scheme as well as its planned disposal of large-scale aircraft
for replacement of smaller ones.

                       About Japan Airlines

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

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

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

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


JLOC XXX: S&P Downgrades Ratings on Various Classes of Certs.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on JLOC XXX
Trust Certificates' floating-rate trust certificates, classes C
and D, by four and six notches respectively, and its ratings on
JLOC XXX Satellite Trust's classes Mezz C-1 and Mezz C-2 mezzanine
trust certificates by five notches.  At the same time, Standard &
Poor's removed its ratings on three classes of JLOC XXX Trust
Certificates and two classes of JLOC XXX Satellite Trust from
CreditWatch with negative implications, where they had been placed
on Feb. 9, 2010.  Standard & Poor's also affirmed its ratings on
three classes of JLOC XXX Trust Certificates.

Of the six specified bonds that initially backed this transaction,
only two specified bonds remain.  Standard & Poor's has reviewed
the property management reports for the related collateral
properties and the general management reports that contain the
performance data of the properties, and held discussions with the
asset manager regarding the property liquidation plans.

The downgrades reflect these:

Although the asset manager has been working to sell the properties
backing one of the transaction's two remaining specified bonds
(property-liquidation type; one specified bond that is due to
mature in December 2010 originally  representing about 36% of the
total initial issuance amount of the floating-rate trust
certificates and the Satellite Trust mezzanine trust
certificates),  S&P is of the opinion that a decline in the likely
recovery amount from the properties appears unavoidable given
recent real estate market conditions.  Accordingly, S&P has
lowered S&P's assumption with respect to the likely recovery
amount.  S&P currently assumes that the likely recovery amount
would be about 67.2% of its initial underwriting value.

With regard to the other remaining specified bond (one refinancing
type specified bond that is due to mature in November 2011
originally representing about 15% of the total initial issuance
amount of the floating-rate trust certificates and the Satellite
Trust mezzanine trust certificates), S&P has lowered its
assumption with regard to the likely recovery amount from the
related collateral properties after considering recent real estate
market conditions, as well as the types and the performances of
the properties.  S&P currently assume that the likely recovery
amount from the properties would be about 58.1% of its initial
underwriting value.

S&P is affirming its rating on classes A and B because the loan-
to-value ratios have improved from the initial LTV ratios,
reflecting progress in principal redemption on the upper tranches.

Although S&P is removing the ratings on five classes from
CreditWatch with negative implications, S&P intend to continue
monitoring the progress of the sale of the properties backing the
aforementioned property liquidation-type specified bond, and the
performances of the properties backing the aforementioned
refinancing specified bond.

JLOC XXX Trust Certificates and JLOC XXX Satellite Trust form a
two-tier transaction that is Japan's largest-ever CMBS
transaction.  The floating-rate trust certificates and the
Satellite Trust mezzanine trust certificates were initially
secured by a total of six specified bonds.  The transaction was
arranged by Morgan Stanley Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services Corp. acts as the servicer for
this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the JLOC XXX Trust
Certificates' legal final maturity date in April 2014 for the
class A floating-rate trust certificates; the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class B to D floating-rate trust
certificates; and the timely payment of available interest for the
interest-only class X floating-rate trust certificates.  The
ratings also address the ultimate repayment of principal and the
full payment of interest by the legal final maturity date in April
2014 for the class Mezz C-1 and Mezz C-2 Satellite Trust mezzanine
trust certificates.

             Ratings Lowered, Off Creditwatch Negative

                    JLOC XXX Trust Certificates
JPY333.8 billion floating-rate trust certificates due April 2014

   Class      To       From                Initial issue amount
   -----      --       ----                --------------------
   C          BBB-     A/Watch Neg         JPY37.3 bil.
   D          CCC      BB/Watch Neg        JPY35.5 bil.

            Rating Affirmed, Off Creditwatch Negative

   Class      To       From                Initial issue amount
   -----      --       ----                --------------------
   B          AA       AA/Watch Neg        JPY35.4 bil.

                         Ratings Affirmed

Class     Rating       Initial issue amount
-----     ------       --------------------
A          AAA          JPY225.6 bil.
X          AAA          JPY333.8 bil. (initial notional principal)

            Ratings Lowered, Off Creditwatch Negative

                     JLOC XXX Satellite Trust
    JPY9.3 billion Satellite Trust mezzanine trust certificates
                          due April 2014

   Class      To       From                Initial issue amount
   -----      --       ----                --------------------
   Mezz C-1   CCC      BB-/Watch Neg       JPY8.3 bil.
   Mezz C-2   CCC      BB-/Watch Neg       JPY1.0 bil.


JLOC XXXIV: S&P Junks Ratings on Class D Certs. From 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BBB-' from 'A' its
rating on the class C trust certificates and to 'CCC' from 'BB'
its rating on the class D trust certificates issued under the JLOC
XXXIV transaction.  At the same time, Standard & Poor's removed
its ratings on three classes from CreditWatch with negative
implications, where they had been placed on Jan. 18, 2010.
Standard & Poor's also affirmed its ratings on three classes of
JLOC XXXIV.

The downgrade of classes C and D follows S&P's  review of the
property management reports for the properties backing the
transaction's two remaining TMK bonds (property-liquidation type
TMK bonds), as well as the property liquidation plans provided by
the asset manager, and S&P's discussions with the asset manager
regarding the plans.  S&P has learned that the liquidation of the
real estate properties has fallen behind the initial schedule.  In
addition, in light of recent real estate market conditions,
uncertainty appears to be mounting over the prices at which the
properties are likely to be liquidated.  Accordingly, S&P has
lowered its assumption with respect to the likely recovery amounts
from the properties.

S&P currently assumes that the value of the properties backing one
of the TMK bonds (one TMK bond that is due to mature in September
2011, originally representing about 46% of the total initial
issuance amount of the trust certificates) would be about 77.0%,
and that the value of the properties backing the other TMK bond
(one TMK bond that is due to mature in April 2011, originally
representing about 40% of the total initial issuance amount of the
trust certificates) would be about 67.2% of S&P's initial
underwriting values.

S&P is affirming its rating on classes A and B because the loan-
to-value ratios have improved from the initial LTV ratios,
reflecting progress in principal redemption on the upper tranches.

Although S&P is removing the ratings on three classes from
CreditWatch with negative implications, S&P intends to continue
monitoring the progress of the sale of the properties backing the
aforementioned two remaining TMK bonds.

JLOC XXXIV is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by two TMK bonds and a
nonrecourse loan.  The TMK bonds and the nonrecourse loan were
originally backed by 61 real estate properties and two loans
extended to two obligors.  The transaction was arranged by Morgan
Stanley Japan Securities Co. Ltd., and ORIX Asset Management &
Loan Services acts as the servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in October 2013 for the class A trust
certificates, the full payment of interest and ultimate repayment
of principal by the legal final maturity date for the class B to D
certificates, and the timely payment of available interest for the
interest-only class X certificates.

            Ratings Lowered, Off Creditwatch Negative

                   JLOC XXXIV Trust Certificate
         JPY67.1 billion trust certificates due Oct. 2013

Class        To          From                Initial issue amount
-----        --          ----                --------------------
C             BBB-        A/Watch Neg         JPY8.9 bil.
D             CCC         BB/Watch Neg        JPY6.9 bil.

            Rating Affirmed,  Off Creditwatch Negative

Class        To          From                Initial issue amount
-----        --          ----                --------------------
B             AA          AA/Watch Neg        JPY8.8 bil.

                         Ratings Affirmed

Class         Rating    Initial issue amount
-----         ------    --------------------
A             AAA       JPY42.5 bil.
X*            AAA       JPY67.1 bil. (Initial notional principal)

                          * Interest only


L-JAC 4: Moody's Changes Ratings on Various Classes of Certs.
-------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A-
2 through G-3 Bonds issued by L-JAC 4 Funding and Class X-1/X-2
Trust Certificates.  The final maturity of the bonds and trust
certificates is due in May 2015.

The individual rating actions are listed below.

  -- Class A-2, downgraded to Aa3 from Aa2; previously, on May 27,
     2010, Aa2 placed under review for possible downgrade

  -- Class B-2, downgraded to Baa1 from A1; previously, on May 27,
     2010, A1 placed under review for possible downgrade

  -- Class C-2, downgraded to Ba1 from A3; previously, on May 27,
     2010, A3 placed under review for possible downgrade

  -- Class D-3A, downgraded to B1 from Ba1; previously, on May 27,
     2010, Ba1 placed under review for possible downgrade

  -- Class D-3B, downgraded to B1 from Ba1; previously, on May 27,
     2010, Ba1 placed under review for possible downgrade

  -- Class E-3, downgraded to B2 from Ba2; previously, on May 27,
     2010, Ba2 placed under review for possible downgrade

  -- Class F-3, downgraded to B3 from Ba3; previously, on May 27,
     2010, Ba3 placed under review for possible downgrade

  -- Class G-3, downgraded to B3 from B1; previously, on May 27,
     2010, B1 placed under review for possible downgrade

  -- Class X-1, downgraded to Aa3 from Aa2; previously, on May 27,
     2010, Aa2 placed under review for possible downgrade

  -- Class X-2, downgraded to Aa3 from Aa2; previously, on May 27,
     2010, Aa2 under review for possible downgrade

L-JAC4, effected in May 2007, represents the securitization of
non-recourse loans to five borrowers.  The transaction is
currently backed by a loan, and the underlying property is a full
service hotel located outside Tokyo.

The previous rating actions reflected Moody's consideration that
it was highly likely that the property's profitability would fall
-- and remain -- below Moody's assumptions due to declining
performance; thus, Moody's decided to reassess its estimates for
net cash flow and property value.

Moody's received updated data regarding hotel operations from the
servicer.  Moody's also received answers in writing on questions
about strategies and profit projection for the new operator, which
was first engaged in May 2010.

As a result, Moody's is of the view that the fundamental
profitability of the property is likely to be lower than was
assumed when the rating was first assigned, and will be for some
time.

Moody's has therefore changed its stabilized cash flow estimates,
although operating costs remain roughly the same as new asset
manager's projection.  As a result, Moody's estimate on stabilized
net cash flow estimate has declined by 21%, and stabilized value,
by 30%, from initial assumptions.

This rating action reflects Moody's concern about the likelihood
of collateral recovery in light of the re-assessed value.  Moody's
also considers that the underlying property is a full service
hotel located outside of Tokyo and has a high scarcity value.

Moody's will continue to monitor the performance of the property
and the asset manager's refinancing and disposition activities in
light of the loan's expected maturity in 2013.

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.


LMP LOAN: Moody's Downgrades Ratings on Various Interests
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Series
2007-1 Class A, B, and C Senior Beneficial Interests issued by LMP
Loan Master Trust.

The Senior Beneficial Interests of the transaction were issued in
October 2007, and are backed by a pool of real estate-backed SME
loans originated by SFCG Co., Ltd., and a subsidiary.

The servicing and special servicing of all the loan receivables in
the transaction were transferred to the back-up servicer.

The complete rating actions:

Deal Name: LMP Loan Master Trust

Initial Servicer: SFCG Co., Ltd.

  -- Class A, Downgraded to B3; previously on April 23, 2010, Ba3
     Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to C; previously on April 23, 2010, Caa2
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to C; previously on April 23, 2010, Caa3
     Placed Under Review for Possible Downgrade

The rating actions mainly reflect 1) Moody's view that, given the
limited amount of time before final maturity -- and which may lead
to an increase in the number of collateral properties to be
auctioned -- the recovery rate for the collateral properties will
therefore decline further, and 2) a further substantial reduction
in the underlying receivables pool.

On April 23, 2010, concerning further decreases in the recovery
rate for the collateral properties, Moody's placed under review
for possible downgrade the ratings of the Class A through C
Beneficial Interests.

The back-up servicer has revised its business plan for the
collateral properties.  According to the plan, approximately 80%
of the collateral properties are scheduled for auction, as of end-
May, 2010.  The total estimated collection amount in the plan is
lower than Moody's had assumed.

The final maturity date of this deal is March 25, 2011.  During
the remaining period, as most collateral properties are auctioned,
the recovery rate for the properties will mainly depend on the
auction results.

Moody's assumes that the recovery rate for the collateral
properties will further decline, considering 1) the high number of
properties to be auctioned, 2) the properties will be sold in a
depressed market, and 3) the revised business plan.

Also, while the sale of the collateral properties progresses, the
amount of uncollected loan receivables is becoming more evident.
In Moody's view, this results in a substantial reduction in the
underlying receivables pool, based on its assumption that payments
from the relevant obligors cannot be expected.

As a result, Moody's concerned that the loss for Class C
Beneficial Interest may be all of its portion, and the loss for
Class B may be over half.  Moreover, Class A may suffer a certain
degree of loss, although it depends on further auction results.
Hence, Moody's has downgraded the Class A through C Beneficial
Interests.

For reference, the number of obligors in this transaction was
around 80, and collateral properties 150, as of the end-May 2010.
Moody's continues to monitor actual collections from the
collateral properties.  Furthermore, the deal currently comprises
a certain amount of funds in a cash reserve for liquidity, the
level of which should be monitored.

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.


ORIX-NRL TRUST: Moody's Downgrades Ratings on Various Classes
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for the Class
A through E and X Trust Certificates issued by ORIX-NRL Trust 18.
The final maturity of the trust certificates will take place in
September 2014.

The individual rating actions are:

  -- Class A, downgraded to Aa3 from Aaa; previously Aaa placed
     under review for possible downgrade on May 13, 2010

  -- Class B, downgraded to Baa3 from Aa3; previously Aa3 placed
     under review for possible downgrade on May 13, 2010

  -- Class C, downgraded to B1 from Baa1; previously Baa1 placed
     under review for possible downgrade on May 13, 2010

  -- Class D, downgraded to B2 from Ba1; previously Ba1 placed
     under review for possible downgrade on May 13, 2010

  -- Class E, downgraded to B3 from Ba2; previously Ba2 placed
     under review for possible downgrade on May 13, 2010

  -- Class X, downgraded to Aa3 from Aaa; previously Aaa placed
     under review for possible downgrade on May 13, 2010

ORIX-NRL Trust 18, effected in March 2008, represents the
securitization of two non-recourse loans and two specified bonds.
The transaction is currently secured by two specified bonds.  One
of the specified bonds (Bond 1) is backed by a full-serviced hotel
in Kansai.  Another specified bond (Bond 2) matures in 2010, and
is backed by an office building in Tokyo.

Moody's placed these ratings under review because of the need to
1) re-assess the net cash flow and value for the hotel, as its
cash flows are lower than initially expected; and 2) apply more
stress to the recovery assumptions for the office building backing
Bond 2, for which there is a low probability of refinancing.

The review entailed questioning the asset manager of the hotel on
its operating strategies as well as the prospects for the hotel
cash flows and its exit strategy.

As a result, regarding Bond 1, Moody's is of the view that the
fundamental profitability of the property is likely to be lower
than was initially assumed and will be for some time.  Moody's has
therefore re-assessed its cash flow assumptions for the hotel.
Accordingly, Moody's stabilized net cash flow estimates has
declined by 37% and its stabilized value by 44% from its initial
assumptions.

Additionally, regarding Bond 2, Moody's has re-assessed its
recovery assumptions for the property and this has declined by 24%
from the initial estimates.

These downgrades reflect Moody's concern about the likelihood of
collateral recovery in light of the re-assessed values.  Moody's
also considers that the underlying hotel has a high scarcity
value.

Moody's will continue to monitor the performance of the properties
and the asset managers' refinancing and disposition activities in
light of the bonds' maturities.

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.


ORSO ABS: Moody's Downgrades Ratings on Various Interests
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Class
C through E Trust Beneficial Interests issued by Orso ABS Funding
Trust 1 -- SFFC.

The Beneficial Interests were issued in September 2007, and are
backed by a pool of real estate-backed SME loans originated by SF
Fudosan Credit Co., Limited (now, Real Estate Credit, Ltd.).

The servicing and special servicing of all loan receivables in the
transaction were transferred to the back-up servicer, Premier
Asset Management Company.

The complete rating actions:

Deal Name: Orso ABS Funding Trust 1 -- SFFC Trust Beneficial
Interests

Initial Servicer: SFCG Co., Ltd.

  -- Class C, Downgraded to B3; previously on April 23, 2010, Ba3
     Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to C; previously on April 23, 2010, Caa2
     Placed Under Review for Possible Downgrade

  -- Class E, Downgraded to C; previously on April 23, 2010, Caa3
     Placed Under Review for Possible Downgrade

These rating actions mainly reflect 1) Moody's view that the
recovery rate for the collateral properties will decline further,
considering actual collections, the revised business plan, and the
high number of collateral properties to be auctioned, and 2) an
increase in substantial losses in the underlying receivables pool.

On April 23, 2010, concerning further decreases in the recovery
rate for the collateral properties, Moody's placed under review
for possible downgrade the ratings of the Class C through E Trust
Beneficial Interests.

The back-up servicer has revised its business plan for the
collateral properties.  Compared with the April 2009 business
plan, the number of properties to be auctioned has increased and
the estimated collection amount declined by around 20%.  The total
estimated collection amount in the plan is lower than Moody's had
assumed.

Moody's assumes that the recovery rate for the collateral
properties will further decline, considering 1) the number of
properties to be auctioned, 2) the properties will be sold in a
depressed market, and 3) the revised business plan.

Also, while the sale of the collateral properties progresses, the
amount of uncollected loan receivables is becoming more evident.
In Moody's view, because underlying obligors cannot be expected to
make additional payments, this results in a substantial losses in
the underlying receivables pool.

As a result, Moody's concerned that the loss for the Class E
Beneficial Interest may be all of its portion, and the loss for
Class D may be over half.  Moreover, Class C may suffer a certain
degree of loss, although it depends on further collection results,
including auction results.  Hence, Moody's has downgraded the
Class C through E Beneficial Interests.

As the sale of the collateral properties has progressed, the Class
A Beneficial Interest -- whose priority, in regard to the
principal redemption, is most preferred -- was fully redeemed on
May 25, 2010.  (In accordance with that, Moody's withdrew the
ratings on Class A and Class X.)

The Class B Beneficial Interest (Rating: Baa1) is now being
redeemed.  This time, there were no rating actions for Class B.

For reference, the number of obligors in this transaction was
around 80, and properties around 100 as of end-May 2010.  The
final maturity is in September 2012.  Moody's continues to monitor
actual collections from the collateral properties.  Moreover, the
deal currently comprises a certain amount of funds in a cash
reserve for liquidity, the level of which should be monitored.

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.


SHINSEI BANK: FSA Issues Business Improvement Order
---------------------------------------------------
Kyodo News reports that the Financial Services Agency has ordered
Shinsei Bank to improve its operations for the second consecutive
year due to the lender's failure to achieve its profit target for
fiscal 2009.

According to the news agency, Shinsei must now put forward a
business improvement plan that includes a review of its wage
system by July 30 as the recipient of public funds failed to meet
its profit target agreed with the government for the year that
ended in March.

The FSA issued the order as Shinsei remained in the red in fiscal
2009, with its earnings figures falling 30 percent or more below
the targets in its rehabilitation plan, the report notes.

                         About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2010, Standard & Poor's Ratings Services lowered by one
notch to 'B+' its debt rating on the preferred securities issued
by Shinsei Bank Ltd. and removed the rating from CreditWatch with
negative implications.  At the same time, S&P affirmed the 'BBB+'
long-term counterparty credit rating on Shinsei and kept the
outlook on the long-term rating at stable, and affirmed the 'BBB+'
rating on Shinsei's senior unsecured debt.

The TCR-AP also reported that Fitch Ratings downgraded Shinsei
Bank Ltd.'s and Shinsei Trust and Banking Co., Ltd.'s respective
Long-term foreign and local currency Issuer Default Ratings to
'BB+' from 'BBB', and the Short-term foreign and local currency
IDRs to 'B' from 'F2'.  The IDRs have been removed from Rating
Watch Negative and the Long-term IDRs have been assigned Stable
Outlooks.  Shinsei Trust is a fully-owned subsidiary of Shinsei.
The rating action resolves the RWN which Fitch had placed on
Shinsei's and Shinsei Trust's IDRs on March 16, 2010.

Fitch has simultaneously downgraded Shinsei's junior perpetual
subordinated GBP notes and the US$ preferred securities, issued by
Shinsei Finance (Cayman) Limited and Shinsei Finance II Limited to
'B-' from 'B+', and removed these hybrid securities from RWN.

In addition, the agency has downgraded Shinsei Trust's Support
Rating (Institutional) to '3' from '2', reflecting the downgrade
of Shinsei's Long-term IDRs.  Fitch has also withdrawn the 'C/D'
Individual Rating of Shinsei Trust.


* Moody's Reports Positive Impact on Japanese Banks' Consolidation
------------------------------------------------------------------
Moody's Investors Service says, in a new report, that
consolidation among major Japanese banks is contributing to the
improved credit fundamentals of the newly created banks, although
challenges remain if they are to enhance their profitability.

Most recently in 2H2009, with the major banks, Shinsei Bank, Ltd.
(Baa1/P-2/D+, under review for possible downgrade) and Aozora
Bank, Ltd. (Baa1/P-2/D+) announced their merger (although they
cancelled their merger discussion in May 2010), while Sumitomo
Trust and Banking Company, Ltd. (Aa3/P-1/C) and Chuo Mitsui Trust
and Holdings, Inc., announced their integration.

The new Moody's report says one reason behind these recent
developments is that in the aftermath of the global financial
crisis, the operating environment surrounding the smaller major
banks is very unfavorable, thereby encouraging mergers.

At the same time, Moody's considers consolidation within the
Japanese banking industry as generally positive for newly created
merged banks' credit fundamentals because in general the reduction
in the number of banks will lead to strengthening franchises
through better pricing power, which will enhance profitability.

In addition, depending on the degree of operational overlap,
integration will create room for further cost reductions and
rationalization of operations, which may contribute to improved
earnings.

On the other hand, Moody's acknowledges that increased scale in
itself would not ensure improved earnings; combining weak banks
only yields weak banks, albeit of greater size, the report says.
Moreover, in addition to integration risks, it is possible that
expected synergies will not be realized.

Accordingly, Moody's will continue to monitor the newly created
banks' business strategies, including the various risks involved.


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


NAM FATT: Defaults on MYR416,931 Interest Payment Due June 30
-------------------------------------------------------------
Nam Fatt Corporation Berhad said that it was unable to pay
interest due on June 30, 2010, as it did not have sufficient funds
to make payments.

The Company was unable to pay the interest due on June 30
totalling MYR416,931.49 for the period from January 1 to June 30
on the outstanding Irredeemable Convertible Unsecured Loan Stocks
A, the Company said in statement to the stock exchange.

Nam Fatt said it did not have any measure to address the default
for the time being and is unable to ascertain the business,
financial and operational impact of the default on the Company.
The event of default is not in respect of secured loan stocks or
bonds and is not in respect of payments under a debenture.

"The Directors are of the opinion that such default will
constitute an event of default under different agreements for
indebtedness (cross default) under the Nam Fatt Group," the
Company said.  "To date, the total credit facilities granted to
the Nam Fatt Group is approximately MYR599.073 million and the
Directors will require legal advice to determine the extent of
such cross default."

"Following the Company's announcement pursuant to Practice Note 1
on March 15, 2010, the Directors also are of the opinion that the
Company will not be able to pay all its debts as and when they
fall due over the next 12 months remain unchanged."

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company.  The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities.  The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing.  The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


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


BRIDGECORP LTD: Fiji Fund Puts Momi Bay Resort Up for Sale
----------------------------------------------------------
Creditors of Bridgecorp Ltd. now appear to stand little chance of
getting any of the NZ$106.6 million put into Momi Bay resort in
Fiji, which is now put up for sale, stuff.co.nz reports.

The report discloses that Bridgecorp had seven percent of its
total assets in Momi, while the state controlled Fiji National
Provident Fund had FJ$18 million (NZ$13 million).

With FNPF facing a cash crisis, stuff.co.nz recounts, it was
forced last month to write down FJ$327 million (NZ$232 million)
which was greater than its annual member's contribution.  The
military regime's Attorney General Aiyaz Sayed-Khaiyum then seized
the resort by decree.

FNPF said on Wednesday that from July 1 they had reassessed the
strategies and were now calling for expressions of interest in the
property, stuff.co.nz adds.

                       About Bridgecorp Ltd.

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

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


HANOVER FINANCE: Allied Farmers Sues & Won't Pay NZ$5 Million
-------------------------------------------------------------
Allied Farmers Ltd, which took on the Hanover and United loan
books in a debt-for-equity swap last year, said it will take legal
action against the finance firm for breaching their agreement.

On November 17, 2009, Allied Farmers Limited and Hanover Finance
Limited/United Finance Limited entered into an Agreement for
Assignment of Finance Assets in Exchange for Debenture
Obligations.

Allied Farmers said that in its view, Hanover's conduct in
relation to transactions that Hanover executed in the period prior
to the completion of Allied Farmers' purchase of the Finance
Assets, constituted serious breaches of Hanover's obligations
pursuant to the Agreement.

Allied Farmers said it had given notice to Hanover that:

   -- Allied Farmers has substantial claims against Hanover
      resulting from Hanover's breaches of the Agreement; and

   -- The value of the claims exceeds NZ$5 million and accordingly
      Allied Farmers considers that it was entitled to and will
      set off the claims against the obligation that it would
      otherwise have had under the Agreement to pay Hanover
      NZ$5 million on June 30, 2010.  That payment will not
      therefore be made.

Allied Farmers said it is entitled, as a result of Hanover's
breaches of the Agreement, to cancel the Agreement under the
Contractual Remedies Act, and has notified Hanover that it had
cancelled the Agreement.  The effect of this cancellation is, in
summary, to bring to an end any future obligations under the
Agreement that have not yet arisen unconditionally.  The
cancellation of the Agreement does not, without more, cancel or
unwind those parts of the Agreement that have already been
performed.

"We want to make it clear that this cancellation does not affect
the parts of the transaction that we completed in December 2009
when the former Hanover debenture holders swapped their debentures
for shares in Allied Farmers. Allied has the assets and the
Hanover investors retain their Allied shares. The cancellation
simply underscores Allied Farmers' entitlement to set off its
claims against the obligation it would otherwise have had to pay
$5 million to Hanover on June 30," Allied Farmers' Managing
Director, Rob Alloway said.

The claims arise in relation to Hanover's breaches of its
obligations under the Agreement, which obligations included (from
time to time):

   * to administer its assets in the usual and ordinary
     course;

   * to consult with Allied Farmers in relation to proposed
     transactions;

   * not to dispose of any Finance Asset without the prior
     consent of Allied Farmers;

   * not to terminate or adversely vary or fail to enforce
     the terms of any Hanover contract assumed by Allied
     Farmers;

   * not to enter into any abnormal or unusual transaction
     which adversely affected its assets; and

   * to apply cash generated after June 30, 2009, only to
     specified costs or pay it to Allied Farmers.

"These claims relate to a number of transactions where we have
been unable to ascertain any sufficient commercial rationale or
benefit to Hanover, including the release of personal guarantees
and the sale of assets at what Allied considers to be less than
market value. In some instances, it appears to Allied Farmers that
the overriding reason that Hanover entered into such transactions
was in order to generate the cash funds required to meet its
repayment obligations to investors under the moratorium agreement"
Mr. Alloway said.

"Generating cash in the manner that it did, had the effect of
avoiding Hanover having to utilise the $10 million held in a
solicitor's trust account for the purpose of protecting the
initial payments under the moratorium. Had the funds on trust been
used in the period to 31 December 2009, Hanover's shareholders
would have been obliged under the terms of the moratorium to pay
their own money into the trust account to restore the $10 million
so that this amount was available to underpin the next year's
moratorium payments."

In addition, Allied Farmers said has further substantial claims
against persons who were directors and/or officers of Hanover from
time to time.  Those rights arise, among other things, from
conduct that Allied Farmers considers constituted breaches of
their duties to Hanover, all rights in relation to which have been
assigned to Allied Farmers pursuant to the Agreement.  "We have
reserved the right to make Director Claims against directors and
officers of Hanover at relevant times, including in particular
those persons who are beneficial owners of Hanover Group" said
Mr. Alloway.

"We have considered all these matters very carefully.  As the
matters are likely to be part of legal proceeding and they involve
third parties, Allied will not be making any further comment about
the details of transactions that form the Claims".

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2009, Hanover Finance confirmed that Allied Farmers had
forwarded a proposal to acquire the finance assets of Hanover
Finance Limited and United Finance Limited.  Chairman David Henry
said the Allied Farmers' proposal would exchange investors Hanover
Finance's secured deposits and subordinated notes, United
Finance's secured deposits, and Hanover Capital bonds for listed
shares in Allied Farmers issued at market value.

Hanover Finance said in November 2009 that it is no longer likely
to fully repay investors under a debt restructuring plan due to a
deterioration in the commercial property development market.
Hanover directors estimated the return to secured depositors is
likely to be about 70 cents in the dollar for Hanover Finance
investors while investors in subsidiary United Finance can expect
estimated returns of around 90c, according to the New Zealand
Herald.

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.

                  About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


LIGHTER QUAY: In Receivership; Kordamentha Appointed
----------------------------------------------------
Receivers Michael Stiassny and Brendon Gibson of KordaMentha have
been appointed as receivers to Lighter Quay Hotel Management, the
company that runs Auckland's five-star Westin Hotel, William Mace
at BusinessDay.co.nz reports.

Lighter Quay Hotel Management is owned by property developer Nigel
McKenna, whose company Melview Developments built the hotel and
surrounding Lighter Quay development at Auckland's Viaduct
Harbour, the report says.

BusinessDay.co.nz relates that the major creditor is believed to
be Bank of Scotland International, which has security from a loan
agreement made in September 2007.  The company also owes money to
more than 100 investors, many of them Asian, who bought rooms in
the hotel and leased them to the management company, the report
notes.  BusinessDay.co.nz, citing Companies Office records,
discloses that Mr. McKenna's company offered them NZ$1.4 million
on May 27, but the deal was rejected and investors appointed an
interim liquidator.

Mr. Stiassny said the receiver had priority.

"We are working with [the Westin] to ensure that together we will
have the hotel continuing to operate. Naturally the other party is
the unit owners and we are engaging with them to try and achieve
the same outcome," the report quoted Mr. Stiassny as saying.
"It's a good hotel in a good position, it's got a lot of forward
bookings and the best answer for everyone is that the hotel
trades, and continues to trade, as effectively as possible."

Mr. Stiassny, as cited by the report, said the Westin Hotel had
been paying its dues to McKenna's management company but that
Lighter Quay Hotel Management "had more commitments to meet than
simply the income from the Westin could allow them to meet."

Lighter Quay Hotel Management is a venture managing Auckland's
five-star, NZ$130 million, 172-room Westin hotel.


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


CHINA FISHERY: Equity Raise Won't Affect Moody's 'B1' Rating
------------------------------------------------------------
Moody's Investors Service sees no immediate impact on China
Fishery Group Ltd's B1 corporate family and senior unsecured
ratings from its raising of US$150 million in equity through an
issue of new shares to the Carlyle Group, a private equity
investment firm.

The rating outlook remains stable.

Upon completion of the transaction, Carlyle Group will own 11.3%
of CFG's shares, or 13.6% of the enlarged capital upon exercising
of the warrants for another US$40 million.

"The US$150 million equity issue is credit-positive, as it will
lower the company's estimated current Adjusted Debt/Capitalization
to 60% from 67%," says Ken Chan, a Moody's Vice President.

"However, this will not be material enough to translate into
immediate upward rating pressure.  Instead of cutting debt, the
company will use the proceeds to continue with its aggressive
expansion plan."

"Moody's does not expect CFG's balance sheet liquidity to improve
significantly, as bulk of the proceeds will be invested by year-
end.  Moody's expects that this, together with the company's debt-
funded acquisition of a Peruvian fishmeal processing company in
1H10, will raise its Adjusted Debt/EBITDA to 3.2-3.4x from 3.0x in
FY2009," says Chan, adding that "such credit metrics remain
appropriate for its B1 rating."

The last rating action with respect to China Fishery was taken on
February 16, 2007, when its ratings were affirmed at B1, with a
stable outlook.

China Fishery Group Ltd, listed in Singapore, is engaged mainly in
deep sea industrial fishing in Russian and Peruvian waters.  Its
catches are processed on board and frozen, packed, and delivered
to market.  It is 36% effectively owned by Pacific Andes
International Holdings Ltd, a Hong Kong-listed integrated fish and
seafood product processor.


================
S R I  L A N K A
================


SINHAPUTHRA FINANCE: Fitch Cuts National Long-Term Rating to 'B'
----------------------------------------------------------------
Fitch Ratings Lanka has downgraded Sinhaputhra Finance PLC's
National Long-term rating to 'B(lka)' from 'BB-(lka)'.  The
Outlook is Negative.  Although liquidity pressure faced by the
company has waned, Fitch notes the significant increase in the
regulatory six-month NPLs and consequent deterioration in the net
NPL/equity ratio, and depressed profitability.

The cash flows of SFL's customer base which consists of the SME
segment were significantly impacted by the slowing economic
environment witnessed since FY08.  This, together with SFL's focus
shifting away from recoveries towards maintaining liquidity in the
first half of 2009, resulted in a sharp increase in NPLs
particularly under the regulatory six-month classification.  Fitch
is concerned by the six-month net NPL/equity ratio of 34.6% at
end-December 2009 (sector average of 2.8% at end-September 2009),
given SFL's low provision coverage on NPLs and weak internal
capital generation.  The sector includes 11 registered finance
companies (excluding companies related to the Ceylinco
Consolidated group), which accounted for 56% of total non-Ceylinco
RFC assets as at end-September 2009.  The agency notes that an
equity infusion is essential to stabilize the company's financial
profile.

Fitch notes that although deposit outflows experienced by SFL and
the wider RFC sector subsequent to the collapse of an unregulated
'deposit taking institution' in end-2008 were arrested by mid-
2009, the company only fully complied with the regulatory minimum
liquidity requirement in February 2010.  However, SFL's holding of
liquid assets in relation to fixed deposit liabilities at 15% at
end-May 2010 is comfortably above the revised 10% regulatory
requirement.

SFL's loan book grew by 10.7% yoy at end-March 2009 (FYE09),
though it declined by 0.7% at FYE10.  The bulk of growth was
derived from hire purchase agreements (HP) for vehicle finance,
changing the portfolio mix with leases, HP, and loans accounting
for 27.8%, 24.6% and 47.5%, respectively, at FYE10 (FYE08: 43.8%,
7.8% and 48.4%, respectively).  The loans primarily consist of
working capital loans, which are secured against property
mortgages.  Fitch expects SFL's loan growth to remain low in FY11,
as recovery of its customer base is expected to lag the current
improvements in macro conditions.

Rising funding costs and suppressed yields as a result of the
rising six-month NPLs (where interest ceases to be accrued)
resulted in a continued deterioration in net interest margins.
NIM was a low 3.8% at end-June 2009 from 7.1% at end-March 2008
(sector 9.2% at end-September 2009).  Effective tax rates spiked
at 62% at FY09 as tax benefits through capital allowances on
leasing were substantially reduced.  This is because SFL switched
its portfolio from this product towards HP.  Hence, audited return
on assets was low at 0.3% at FYE09 (FYE08: 1.5%).  Fitch notes
that despite a sharp reduction in sector-wide deposit rates since
the last quarter of 2009, SFL's profitability would continue to be
constrained unless NPL accretion, particularly at the six-month
level, is not contained.

SFL, established in 1978, is a registered finance company,
regulated by the non-bank financial institutions department of the
Central Bank of Sri Lanka.  The company listed on the Colombo
Stock Exchange on 02 June 2010, however, the current Managing
Director Mr. Ravana Wijeyeratne continues to maintain control,
holding 52% of SFL's equity.  SFL operated through three branches
and three service centres at FY10.


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


AMERICAN INT'L: Chinatrust May Buy Nan Shan Shares Directly
-----------------------------------------------------------
Ted Yang and Jason Tan at The Taipei Times report that Chinatrust
Financial Holdings Co. said it won't consider selling its shares
to China Strategic Holdings Ltd. in exchange for a stake in Nan
Shan Life Insurance Co. until the Hong Kong-listed company
receives regulatory approval to acquire the life insurance firm.

Daniel Wu, president of the financial service provider, said that
if the Hong Kong consortium's application falls through,
Chinatrust might deal directly with American International Group
Inc. on buying shares in AIG subsidiary Nan Shan, the report
relates.

The Taipei Times recounts that Chinatrust signed a memorandum of
understanding with China Strategic late last year, agreeing to
sell about 10 percent of its shares -- about 1.17 billion shares
worth NT$2.08 billion (US$64.6 million) -- to the consortium in
exchange for 30 percent of Nan Shan shares worth US$60 billion.

"The MOU between Chinatrust and China Strategic expired last
Friday. We will set aside the acquisition plan until China
Strategic is granted approval from regulators," the report quoted
Mr. Wu as saying.

The Taipei Times, meanwhile, reports that a Nan Shan Life
Insurance self-help group said it still plans to set up a company
over the next two weeks to counter the consortium's acquisition
bid.

Rex Wang, a representative for the group, said that although the
group has only raised about NT$1 million of its NT$70 million
capital target so far, the plan is moving ahead, the report notes.
The group is holding talks with seven international banks about
funding and those from Japan are "possible investors," Mr. Wang
said according to Taipei Times.

The report says the group plans to establish a new firm
capitalized at NT$70 million and then raise another NT$70 billion
through the issuance of 7 billion special shares to buy Nan Shan
from the Hong Kong consortium and AIG.

                           About AIG Inc.

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

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

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


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW       AHGN             16.93          -8.23
ARASOR INTERNATI       ARR              19.21         -26.51
AUSTAR UNITED          AUN             568.69        -325.83
AUSTRAILIAN Z-PP       AZCCA            77.74          -2.57
AUSTRALIAN ZIRC        AZC              77.74          -2.57
AUTRON CORP LTD        AAT              32.50         -13.46
BCD RESOURCES OP       BCO              22.09         -61.19
BCD RESOURCES-PP       BCOCC            22.09         -61.19
BIRON APPAREL LT       BIC              19.71          -2.22
CENTRO PROPERTIE       CNP          14,784.56        -461.11
CHALLENGER INF-A       CIF           2,307.01        -104.58
CHEMEQ LTD             CMQ              25.19         -24.25
CITY PACIFIC LTD       CIY             171.50          -6.38
D2 MARKETING LTD       DTO              16.70          -4.04
ELLECT HOLDINGS        EHG              18.25         -15.49
HEALTH CORP LTD        HEA              13.85          -0.97
HEALTH CORP LT-N       HEAN             13.85          -0.97
HYRO LTD               HYO              11.59          -4.73
IVANHOE AUST LTD       IVA              49.44          -6.51
MAC COMM INFR-CD       MCGCD         8,104.42        -103.34
ORION GOLD NL          ORN              12.37         -24.99
POWERLAN LTD           PWR              30.84          -5.94
RESIDUAL ASSC-EE       RAGXF           597.33        -126.96
SCIGEN LTD-CUFS        SIE              71.22         -25.69
SHELL VILLAGES A       SVC              13.47          -1.66
VERTICON GROUP         VGP              15.07         -29.20


CHINA

BAO LONG ORIENTA       600988           11.60          -7.44
CHANGAN INFO-A         600706           19.27          -7.62
CHENGDE DALU -B        200160           26.76          -5.73
CHENGDU UNION-A        693              41.39         -12.35
CHINA KEJIAN-A         35               84.21        -182.60
DATONG CEMENT-A        673              21.25          -1.54
DONGGUAN FANGD-A       600656           22.26         -59.02
DONGXIN ELECTR-A       600691           13.53         -19.38
GAOXIN ZHANGTO-A       2075            110.44         -39.93
GUANGMING GRP -A       587              46.25         -38.70
GUANGXIA YINCH-A       557              30.99         -29.72
HAINAN ZHUXIN-A        600515          123.22          -2.37
HEBEI BAOSHUO -A       600155          110.09        -387.99
HEBEI JINNIU C-A       600722          227.88        -230.19
HISENSE KELON-A        921             618.47        -107.13
HUASU HOLDINGS-A       509              86.39          -3.82
HUDA TECHNOLOG-A       600892           21.39          -2.55
HUNAN ANPLAS CO        156              44.13         -69.23
JINCHENG PAPER-A       820             250.82          -5.71
JINHUA GROUP-A         818             335.97         -31.40
LIAOYUAN DEHENG        600699          121.62         -29.14
QINGHAI SUNSHI-A       600381           68.98         -25.40
SHAANXI QINLIN-A       600217          233.70         -34.38
SHANG BROAD-A          600608           74.98         -19.72
SHANG HONGSHENG        600817           15.44        -457.23
SHANGHAI WORLDBE       600757          153.10        -190.22
SHENZ CHINA BI-A       17               24.86        -272.59
SHENZ CHINA BI-B       200017           24.86        -272.59
SHENZHEN DAWNC-A       863              27.13        -150.10
SHENZHEN KONDA-A       48              118.96          -0.71
SHENZHEN SHENX-A       34               23.81        -118.24
SHENZHEN ZERO-A        7                50.66          -9.39
SHIJIAZHUANG D-A       958             225.44         -69.75
SICHUAN DIRECT-A       757             103.79        -134.42
SUNTEK TECHNOL-A       600728           62.08         -15.09
TAIYUAN TIANLO-A       600234           51.10         -25.99
TIANJIN MARINE         600751           78.09         -63.86
TIANJIN MARINE-B       900938           78.09         -63.86
TIBET SUMMIT I-A       600338           87.44          -0.85
TOPSUN SCIENCE-A       600771          170.01        -152.79
WINOWNER GROUP C       600681           10.58         -71.05
WUHAN BOILER-B         200770          286.45        -140.07
WUHAN GUOYAO-A         600421           11.05         -23.63
WUHAN LINUO SOLA       600885           80.33          -0.50
XIAMEN OVERSEA-A       600870          288.01        -142.19
YANBIAN SHIXIA-A       600462          205.51         -13.20
YIBIN PAPER IN-A       600793          113.93          -0.74
YUEYANG HENGLI-A       622              38.14         -14.95
YUNNAN MALONG-A        600792          143.63         -36.68
ZHANGJIAJIE TO-A       430              45.95          -4.59
ZHONGCHANG MAR-A       600242           19.68          -1.33


HONG KONG

ASIA TELEMEDIA L       376              16.62          -5.37
BUILDMORE INTL         108              13.08         -43.45
CHAOYUE GROUP LT       147              42.69        -127.80
CHINA COMMUNICAT       8206             39.84          -4.10
CHINA GOLDEN DEV       162             255.15          -4.51
CMMB VISION HOLD       471              38.50          -8.34
EGANAGOLDPFEIL         48              557.89        -132.86
FULBOND HLDGS          1041             80.19         -59.51
JACKIN INTL HLDG       630              50.53          -1.92
KING STONE ENERG       663             483.80         -64.12
MELCOLOT LTD           8198             65.62         -25.95
MITSUMARU EAST K       2358             21.23          -9.04
NEW CITY CHINA         456             112.20         -14.59
NGAI LIK INDL          332             132.82          -4.76
PAC PLYWOOD            767              68.66         -12.31
PALADIN LTD            495             155.31         -10.91
PALADIN LTD -PRE       642             155.31         -10.91
PCCW LTD               8             5,801.75        -261.18
PROVIEW INTL HLD       334             314.87        -294.85
SINO RESOURCES G       223              33.92         -58.77


INDONESIA

ASIA PACIFIC           POLY            482.03        -831.23
JAKARTA KYOEI ST       JKSW             28.61         -45.23
MITRA INTERNATIO       MIRA            977.86        -149.42
MITRA RAJASA-RTS       MIRA-R2         977.86        -149.42
MULIA INDUSTRIND       MLIA            341.62        -371.31
PANASIA FILAMENT       PAFI             47.01          -6.29
PANCA WIRATAMA         PWSI             30.17         -37.32
PRIMARINDO ASIA        BIMA             11.00         -21.84
STEADY SAFE TBK        SAFE             12.29          -7.96
SURABAYA AGUNG         SAIP            262.20         -82.20
UNITEX TBK             UNTX             16.67         -14.92


INDIA

ALCOBEX METALS         AML              16.59         -21.47
ARTSON ENGR            ART              15.63          -1.61
ASHIMA LTD             ASHM             63.65         -55.81
BALAJI DISTILLER       BLD              51.16         -38.38
BELLARY STEELS         BSAL            451.68        -108.50
BHAGHEERATHA ENG       BGEL             22.65         -28.20
CAMBRIDGE SOLUTI       CAMB            156.75         -46.79
CFL CAPITAL FIN        CEATF            14.31         -40.04
COMPUTERSKILL          CPS              14.90          -7.56
CORE HEALTHCARE        CPAR            185.36        -241.91
DCM FINANCIAL SE       DCMFS            16.06          -9.47
DIGJAM LTD             DGJM             98.77         -14.62
DISH TV INDIA          DITV            422.08        -127.61
DUNCANS INDUS          DAI             116.96        -183.24
GANESH BENZOPLST       GBP              43.99         -24.57
GEM SPINNERS LTD       GEMS             15.23          -0.11
GLOBAL BOARDS          GLB              25.15          -0.79
GSL INDIA LTD          GSL              37.04         -42.34
GSL NOVA PETROCH       GSLN             44.39          -0.93
GUJARAT SIDHEE         GSCL             59.44          -0.66
HARYANA STEEL          HYSA             10.83          -5.91
HENKEL INDIA LTD       HNKL            102.05         -10.24
HFCL INFOTEL LTD       HFCL            173.52        -101.57
HIMACHAL FUTURIS       HMFC            406.63        -210.98
HINDUSTAN PHOTO        HPHT             68.94      -1,147.18
HINDUSTAN SYNTEX       HSYN             12.68          -1.79
HMT LTD                HMT             139.31        -277.69
ICDS                   ICDS             13.30          -6.17
INDIA FOILS LTD        IF               54.77          -2.70
INFOMEDIA 18 LTD       INF18            35.80          -1.94
INTEGRAT FINANCE       IFC              45.56         -43.27
ITI LTD                ITI           1,116.21          -0.80
JCT ELECTRONICS        JCTE            122.54         -50.00
JD ORGOCHEM LTD        JDO              10.46          -1.60
JENSON & NIC LTD       JN               17.91         -84.78
JIK INDUS LTD          KFS              20.63          -5.62
JK SYNTHETICS          JKS              13.51          -3.03
JOG ENGINEERING        VMJ              50.08         -10.08
KALYANPUR CEMENT       KCEM             37.45         -45.90
KERALA AYURVEDA        KRAP             13.41          -0.59
KINGFISHER AIR         KAIR          1,458.64        -418.91
LLOYDS FINANCE         LYDF             27.68          -8.64
LLOYDS STEEL IND       LYDS            415.66         -63.93
MILLENNIUM BEER        MLB              36.39          -3.20
MILTON PLASTICS        MILT             18.31         -40.44
NATH PULP & PAP        NPPM             13.59         -39.13
NICCO UCO ALLIAN       NICU             32.23         -71.91
NK INDUS LTD           NKI              49.04          -4.95
ORIENT PRESS LTD       OP               16.70          -0.09
PANCHMAHAL STEEL       PMS              51.02          -0.33
PARASRAMPUR SYN        PPS             111.97        -317.11
PAREKH PLATINUM        PKPL             61.08         -88.85
PEACOCK INDS LTD       PCOK             11.40         -14.40
PIRAMAL LIFE SC        PLSL             32.05          -3.73
POLAR INDS LTD         PLI              11.61         -22.28
RAMA PHOSPHATES        RMPH             34.07          -1.19
RATHI ISPAT LTD        RTIS             44.56          -3.93
RELIGARE TECHNOV       RTCL             44.13          -1.46
RENOWNED AUTO PR       RAP              14.12          -1.25
ROLLATAINERS LTD       RLT              22.97         -22.24
ROYAL CUSHION          RCVP             20.22         -62.97
SCOOTERS INDIA         SCTR             13.29          -0.58
SHALIMAR WIRES         SWRI             24.49         -49.90
SHAMKEN COTSYN         SHC              23.13          -6.17
SHAMKEN MULTIFAB       SHM              60.55         -13.26
SHAMKEN SPINNERS       SSP              42.18         -16.76
SHREE RAMA MULTI       SRMT             63.73         -52.93
SIDDHARTHA TUBES       SDT              70.93         -12.09
SIL BUSINESS ENT       SILB             12.46         -19.96
SOUTHERN PETROCH       SPET          1,543.61         -35.61
SPICEJET LTD           SJET            147.98         -84.65
STERLING HOL RES       SLHR             52.91          -0.63
STI INDIA LTD          STIB             28.05          -8.04
TAMILNADU TELE         TNT              12.82          -5.15
TATA TELESERVICE       TTLS          1,069.83        -154.99
TRIUMPH INTL           OXIF             58.46         -14.18
TRIVENI GLASS          TRSG             24.39          -8.90
UNIWORTH LTD           WW              145.71        -114.87
USHA INDIA LTD         USHA             12.06         -54.51
VENTURA TEXTILES       VRTL             14.25          -0.33
WINDSOR MACHINES       WML              14.50         -28.14
WIRE AND WIRELES       WNW             102.42         -37.06


JAPAN

ARDEPRO                8925            310.82        -253.28
DAIWASYSTEM CO         8939            607.68        -259.76
DON CO LTD             8216            147.78         -20.12
HARAKOSAN CO           8894            225.69         -62.68
ICHITAN CO LTD         5645             94.67          -2.19
JIPANGU HOLDINGS       2684             15.05          -8.38
L CREATE CO LTD        3247             42.34          -9.15
LCA HOLDINGS COR       4798             49.52          -2.24
NIHON INTER ELEC       6974            218.08         -50.73
PROPERST CO LTD        3236            303.29        -415.76
RAYTEX CORP            6672             61.49          -3.49
SAIKAYA CO LTD         8254            375.83         -72.59
SHINWA OX CORP         2654             41.06         -24.43
SHIOMI HOLDINGS        2414            173.84         -29.47
TERRANETZ CO LTD       2140             11.63          -4.29


KOREA

AJU MEDIA SOL-PF       44775            13.82          -1.25
DAHUI CO LTD           55250           186.00          -1.50
DAISHIN INFO           20180           740.50        -158.45
KEYSTONE GLOBAL        12170            10.61          -0.74
KUKDONG CORP           5320             51.19          -1.39
KUMHO INDUS-PFD        2995          5,837.32        -967.28
KUMHO INDUSTRIAL       2990          5,837.32        -967.28
ORICOM INC             10470            82.65         -40.04
ROCKET ELEC-PFD        425              68.58          -2.14
ROCKET ELECTRIC        420              68.58          -2.14
SAMT CO LTD            31330           303.86         -77.57
TAESAN LCD CO          36210           296.83         -91.03
TONG YANG MAGIC        23020           355.15         -25.77
YOUILENSYS CORP        38720           166.70         -12.34


MALAYSIA

AXIS INCORPORATI       AXIS             39.22         -86.70
GULA PERAK BHD         GUP             117.66          -0.91
HO HUP CONSTR CO       HO               71.29          -5.69
LCL CORP BHD           LCL              45.27        -111.27
LIMAHSOON BHD          LIMA             26.52          -1.56
LUSTER INDUSTRIE       LSTI             35.61          -0.32
MANGOTONE GROUP        MTON             10.14         -12.16
MEMS TECHNOLOGY        MEMS             10.41         -20.77
OILCORP BHD            OILC            134.45         -59.41
TRACOMA HOLDINGS       TRAH             75.40          -5.29
WONDERFUL WIRE         WW               12.50         -17.91
WWE HOLDINGS BHD       WWE              67.19          -4.08


NEW ZEALAND

DOMINION FINANCE       DFH             258.90         -55.31


PHILIPPINES

APEX MINING 'B'        APXB             45.84         -20.95
APEX MINING-A          APX              45.84         -20.95
BENGUET CORP 'B'       BCB              78.85         -62.30
BENGUET CORP-A         BC               78.85         -62.30
CYBER BAY CORP         CYBR             13.30         -83.83
EAST ASIA POWER        PWR              42.01        -159.00
FIL ESTATE CORP        FC               38.38         -13.37
FILSYN CORP A          FYN              22.00         -10.28
FILSYN CORP. B         FYNB             22.00         -10.28
GOTESCO LAND-A         GO               18.68         -10.86
GOTESCO LAND-B         GOB              18.68         -10.86
MRC ALLIED INC         MRC              13.26          -5.43
PICOP RESOURCES        PCP             105.66         -23.33
PRIME ORION PHIL       POPI             90.35          -5.12
STENIEL MFG            STN              22.11         -13.42
UNIVERSAL RIGHTF       UP               45.12         -13.48
UNIWIDE HOLDINGS       UW               52.80         -56.18
VICTORIAS MILL         VMC             164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO       ASA              13.35         -12.49
ADVANCE SCT LTD        ASCT             16.05         -43.84
FALMAC LTD             FAL              10.12          -6.80
HL GLOBAL ENTERP       HLGE             92.82         -11.57
JURONG TECH IND        JTL              98.76        -227.28
LINDETEVES-JACOB       LJ              145.25         -85.84
SUNMOON FOOD COM       SMOON            13.75         -14.24
TT INTERNATIONAL       TTI             262.41         -48.15
WESTECH ELECTRON       WTE              20.26         -13.94


THAILAND

ABICO HLDGS-F          ABICO/F          15.28          -4.40
ABICO HOLDINGS         ABICO            15.28          -4.40
ABICO HOLD-NVDR        ABICO-R          15.28          -4.40
ASCON CONSTR-NVD       ASCON-R          59.78          -3.37
ASCON CONSTRUCT        ASCON            59.78          -3.37
ASCON CONSTRU-FO       ASCON/F          59.78          -3.37
BANGKOK RUBBER         BRC              92.72         -69.37
BANGKOK RUBBER-F       BRC/F            92.72         -69.37
BANGKOK RUB-NVDR       BRC-R            92.72         -69.37
CIRCUIT ELEC PCL       CIRKIT           17.39         -88.00
CIRCUIT ELEC-FRN       CIRKIT/F         17.39         -88.00
CIRCUIT ELE-NVDR       CIRKIT-R         17.39         -88.00
DATAMAT PCL            DTM              12.69          -6.13
DATAMAT PCL-NVDR       DTM-R            12.69          -6.13
DATAMAT PLC-F          DTM/F            12.69          -6.13
ITV PCL                ITV              35.05         -97.14
ITV PCL-FOREIGN        ITV/F            35.05         -97.14
ITV PCL-NVDR           ITV-R            35.05         -97.14
K-TECH CONSTRUCT       KTECH            39.74         -33.07
K-TECH CONSTRUCT       KTECH/F          39.74         -33.07
K-TECH CONTRU-R        KTECH-R          39.74         -33.07
KUANG PEI SAN          POMPUI           17.70         -12.74
KUANG PEI SAN-F        POMPUI/F         17.70         -12.74
KUANG PEI-NVDR         POMPUI-R         17.70         -12.74
PATKOL PCL             PATKL            52.89         -30.64
PATKOL PCL-FORGN       PATKL/F          52.89         -30.64
PATKOL PCL-NVDR        PATKL-R          52.89         -30.64
PICNIC CORPORATI       PICNI/F         162.04         -79.86
PICNIC CORPORATI       PICNI-R         162.04         -79.86
PICNIC CORPORATI       PICNI           162.04         -79.86
PONGSAAP PCL           PSAAP/F          24.33          -7.95
PONGSAAP PCL           PSAAP            24.33          -7.95
PONGSAAP PCL-NVD       PSAAP-R          24.33          -7.95
SAFARI WORLD PUB       SAFARI          107.40         -17.63
SAFARI WORLD-FOR       SAFARI/F        107.40         -17.63
SAFARI WORL-NVDR       SAFARI-R        107.40         -17.63
SAHAMITR PRESS-F       SMPC/F           21.99          -4.01
SAHAMITR PRESSUR       SMPC             21.99          -4.01
SAHAMITR PR-NVDR       SMPC-R           21.99          -4.01
SUNWOOD INDS PCL       SUN              19.86         -13.03
SUNWOOD INDS-F         SUN/F            19.86         -13.03
SUNWOOD INDS-NVD       SUN-R            19.86         -13.03
THAI-DENMARK PCL       DMARK            15.72         -10.10
THAI-DENMARK-F         DMARK/F          15.72         -10.10
THAI-DENMARK-NVD       DMARK-R          15.72         -10.10
THAI-GERMAN PR-F       TGPRO/F          53.72          -2.14
THAI-GERMAN PRO        TGPRO            53.72          -2.14
THAI-GERMAN-NVDR       TGPRO-R          53.72          -2.14
TRANG SEAFOOD          TRS              13.15          -3.20
TRANG SEAFOOD-F        TRS/F            13.15          -3.20
TRANG SFD-NVDR         TRS-R            13.15          -3.20
UNIVERSAL S-NVDR       USC-R           110.70         -26.69
UNIVERSAL STARCH       USC             110.70         -26.69
UNIVERSAL STAR-F       USC/F           110.70         -26.69


TAIWAN

CHIEN TAI CEMENT       1107            202.42         -33.40
HELIX TECH-EC          2479T            23.39         -24.12
HELIX TECH-EC IS       2479U            23.39         -24.12
HELIX TECHNOL-EC       2479S            23.39         -24.12
PRODISC TECH           2396            253.76         -36.04
TAIWAN KOL-E CRT       1606U           507.21        -147.14
TAIWAN KOLIN-EN        1606V           507.21        -147.14
TAIWAN KOLIN-ENT       1606W           507.21        -147.14
VERTEX PREC-ENTL       5318T            42.86          -0.71
VERTEX PRECISION       5318             42.86          -0.71
YEU TYAN MACHINE       8702             39.57        -271.07


                         *********

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.


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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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