TCRAP_Public/100705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, July 5, 2010, Vol. 13, No. 130

                            Headlines



A U S T R A L I A

STORM FINANCIAL: Former Clients Launch Class Action Against CBA


H O N G  K O N G

BASF RESINS: Ng and Ha Step Down as Liquidators
CHEUNG WHO: Members' Final Meeting Set for July 26
CHINA-HK OPTOELECTRONICS: Chu Appointed as Liquidator
CODIAN (ASIA PACIFIC): Commences Wind-Up Proceedings
CROSSPOOL LIMITED: Creditors' Proofs of Debt Due July 16

HK SOCIETY: Chu King Hei Victor Appointed as Liquidator
KATUN (HK): Arboit and Blade Step Down as Liquidators
NEW PROFIT: Fok and Sutton Appointed as Liquidators
NISCA (HK): Lai and Haughey Step Down as Liquidators
PERIBIT NETWORKS: Ying and Yeung Step Down as Liquidators

PETS CHINA: Creditors' Proofs of Debt Due July 24
WEDISDALE COMPANY: Members' Final Meeting Set for July 26


I N D I A

BHARATH AUTO: ICRA Assigns 'LBB+' Rating on INR40MM LT Bank Debts
BHARATH BUILDERS: ICRA Assigns 'LBB' Rating on INR130MM Loans
CITY HEART: ICRA Assigns 'LB' Rating on INR95 Million Bank Debts
DIAM STAR: ICRA Assigns 'LBB+' Rating on INR490MM Bank Facilities
FORD MOTOR: Indian Unit Sales Jump 267% in June

M+ACER AUTOMOTIVE: ICRA Puts 'LBB' Rating on INR6.1MM LT Loans
MACUREX SENSORS: ICRA Assigns 'LBB+' Rating on INR3.7MM Term Loan
MODERN CHEMICALS: ICRA Assigns 'LBB-' Rating on INR25MM Bank Debts
OMICRON POWER: ICRA Assigns 'LBB+' Rating on INR220MM Cash Credit
PANDIT AUTOMOTIVE: ICRA Reaffirms 'LBB+' Ratings on Bank Debts

RITEMED PHARMA: ICRA Puts 'LBB' Rating on INR84 Million Term Loans
SUMERU AGRO: ICRA Assigns 'LBB-' Rating on INR66.9MM Term Loans
TRIWAY CONTAINER: ICRA Places 'LB' Rating on INR183.8MM Term Loan
VIORICA PROPERTIES: ICRA Places 'LBB-' Rating on INR615.8MM Loans


J A P A N

JAPAN AIRLINES: Formally Asks Banks for Additional Debt Waiver
JAPAN AIRLINES: Negotiates Rent Cut for Tokyo Headquarters
PROMISE CO: 966 Employees Agree on Voluntary Retirement Program


K O R E A

GENERAL MOTORS: GM Daewoo's Creditors to Roll Over Maturing Loans


N E W  Z E A L A N D

SOUTHLAND BUILDING: Fitch Affirms Ratings; Puts on Positive Watch


P A K I S T A N

PAKISTAN MOBILE: Moody's Confirms 'B2' Corporate Family Rating




                         - - - - -


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


STORM FINANCIAL: Former Clients Launch Class Action Against CBA
---------------------------------------------------------------
Law firm Levitt Robinson on Friday launched a class action against
the Commonwealth Bank in Brisbane over the collapse of Storm
Financial Ltd, The Brisbane Times reports.

The Brisbane Times recounts that the bank in February 2010 agreed
to a deal with lawyers for more than 2,000 former Storm clients,
involving cash payouts and mortgage reductions for those affected
by bad lending practices and a failure to call in margin loans.
However, ABC News relates, not all Storm clients are eligible for
the scheme, and not all are satisfied with the deal.

Lawyer Stewart Levitt of Levitt Robinson said the 300 investors
who have joined the class action were hardworking Australians who
were enticed to borrow money beyond their means, according to the
Brisbane Times.

The Brisbane Times adds Mr. Levitt said the class action asserted
that Storm Financial and the Commonwealth Bank of Australia
effectively ran a managed investment scheme but it was never
registered as such.

The Macquarie and National banks are also subject to legal action,
Mr. Levitt added.

ABC News reports that the CBA said it is disappointed former Storm
Financial clients have launched a class action against it.  The
CBA said the class action potentially denies clients a certain and
timely resolution, ABC News relates.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


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


BASF RESINS: Ng and Ha Step Down as Liquidators
-----------------------------------------------
Ng Wai Yan and Ha Man Kit Marcus stepped down as liquidators of
BASF Resins Company Limited on June 17, 2010.


CHEUNG WHO: Members' Final Meeting Set for July 26
--------------------------------------------------
Members of Cheung Who Technologies (Hong Kong) Company Limited
will hold their final meeting on July 26, 2010, at 10:00 a.m., at
23 Tuas South Street 1, in Singapore 638033.

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


CHINA-HK OPTOELECTRONICS: Chu Appointed as Liquidator
-----------------------------------------------------
Chu King Hei Victor on June 25, 2010, was appointed as liquidator
of China-HK Optoelectronics Association Limited.

The liquidator may be reached at:

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


CODIAN (ASIA PACIFIC): Commences Wind-Up Proceedings
----------------------------------------------------
Members of Codian (Asia Pacific) Limited, on June 17, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Au Tin Po
         Units B-C, 15th Floor
         Sun House, 90 Connaught Road
         Central, Hong Kong


CROSSPOOL LIMITED: Creditors' Proofs of Debt Due July 16
--------------------------------------------------------
Creditors of Crosspool Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 16,
2010, to be included in the company's dividend distribution.

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

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HK SOCIETY: Chu King Hei Victor Appointed as Liquidator
-------------------------------------------------------
Chu King Hei Victor on June 25, 2010, was appointed as liquidator
of HK Society of Optoelectronics Technology Limited.

The liquidator may be reached at:

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


KATUN (HK): Arboit and Blade Step Down as Liquidators
-----------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Katun (Hong Kong) Trading Co Limited on June 25, 2010.


NEW PROFIT: Fok and Sutton Appointed as Liquidators
---------------------------------------------------
Fok Hei Yu and Roderick John Sutton on June 14, 2010, were
appointed as liquidators of New Profit Holdings Limited.

The liquidators may be reached at:

         Fok Hei Yu
         Roderick John Sutton
         c/o Ferrier Hodgson Limited
         14th Floor, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


NISCA (HK): Lai and Haughey Step Down as Liquidators
----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Nisca (HK) Limited on June 17, 2010.


PERIBIT NETWORKS: Ying and Yeung Step Down as Liquidators
---------------------------------------------------------
Mr. Ying Hing Chiu and Ms. Yeung Betty Yuen stepped down as
liquidators of Peribit Networks (Asia Pacific) Limited on June 22,
2010.


PETS CHINA: Creditors' Proofs of Debt Due July 24
-------------------------------------------------
Pets China Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by July 24,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Lau Yuen Man
         Unit 505, 5/F., Wing On House
         71 Des Voeux Road
         Central, Hong Kong


WEDISDALE COMPANY: Members' Final Meeting Set for July 26
---------------------------------------------------------
Members of Wedisdale Company Limited will hold their final meeting
on July 26, 2010, at 10:00 a.m., at 7th Floor, Alexandra House, 18
Chater Road, Central, in Hong Kong.

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


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


BHARATH AUTO: ICRA Assigns 'LBB+' Rating on INR40MM LT Bank Debts
-----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR40.0 million long-
term fund based limits of Bharath Auto Cars Private Limited.  The
outlook on the long term rating is stable. ICRA has also assigned
an "A4+" rating to the INR40.0 million non-fund based limits of
the Company.

The ratings take into account the moderate scale of operations,
the thin operating margins and competitive nature of the
dealership business.  The company also has a highly leverage
capital structure with a gearing of 2.34 times (as on March 31,
2010 provisional).  As the company plans to expand along the
coastal belt up to Goa by setting up new dealerships, debt funded
financing of the same could result in further increase in
leverage.  The assigned ratings consider the strong growth in
sales over the past three years and the financial flexibility the
company enjoys from being part of the larger Bharath group of
companies.

Bharath Auto Cars Pvt Ltd was incorporated in 2006 and operates as
the authorized dealer of Maruti passenger vehicles in Mangalore.
BAC is part of the Bharath group of companies which has five other
companies engaged in Auto, Retail, Entertainment Industry,
printing, transport, & construction.  The flagship company of the
group is Bharath Beedi Works Private Limited, engaged in tobacco
production.

The company has four showrooms (main showroom in Mangalore and
other three showrooms with sales, service and spare parts facility
in Puttur, Belthangady and Moodbidri).  BAC also has an exclusive
display area for used cars next to Bharath Beedi Works, Kadri,
Mangalore.  The main showroom at Mangalore is located on Kuntikan,
3.5kms away from the heart of the city.  It is spread over a
sprawling area of 40,000 sq ft and covers 3 levels - sales,
service and spare facility.  It has a fully equipped and
sophisticated workshop with a facility to service 100 cars a day.
In 2009-10 (provisional), the company reported a profit after tax
of INR12.0 million on an operating income of INR981.2 million as
against a net profit of INR6.0 million on an operating income of
INR696.6 million in 2008-09 (audited).


BHARATH BUILDERS: ICRA Assigns 'LBB' Rating on INR130MM Loans
-------------------------------------------------------------
ICRA has assigned a "LBB" rating to INR130 million term loans of
Bharath Builders.  The outlook on the long-term rating is stable.

The rating takes into account the current moderate gearing level
of the firm, high occupancy level in Bharath Mall and the group
support the firm enjoys from the parent company Bharath Beedi
Works Pvt Limited.  The rating, however, is constrained by the
company's limited track record in real estate development,
competitive nature of the Mangalore real estate   market in the
residential as well as commercial space and the inherent risk
associated with the partnership firm.  Moreover, the firm's
aggressive plans to develop residential as well as commercial
space in the Mangalore region is expected to increase its funding
requirements.  Besides the timely execution as ability to achieve
high bookings in these projects will be key sensitivity factors.

                     About Bharath Builders

Bharath Builders is a partnership firm which was incorporated in
the year 2005 and started its operations by developing a shopping
mall by name Bharath Mall in Mangalore.  Besides the shopping
mall, the firm has also developed a residential project by name
"Bharath Blue Terraces" which has 9 residential apartments.  The
firm plans to develop two more residential projects with an
aggregate saleable area of 0.21 million sft in Udupi and Lohith
Nagar, Managalore.  The firm belongs to the Bharath  Beedi group
which has an established presence in tobacco production through
its flagship company BBWPL.


CITY HEART: ICRA Assigns 'LB' Rating on INR95 Million Bank Debts
----------------------------------------------------------------
ICRA has assigned an "LB" rating to the INR95 million fund-based
facilities of City Heart Hotels Private Limited.

The rating takes into account CHHPL's recent debt-funded capital
expenditure, significant delays in project execution and
inadequacy of cash flows from existing operations in relation to
debt servicing obligations of the company.  The rating is further
constrained by the geographical concentration of CHHPL's existing
and upcoming properties resulting in dependence on the Chandigarh
market and exposing it to the intensely competitive scenario in
the budget-category hotel segment in the city; as well as the
execution risk pertaining to the company's upcoming 3-star hotel
project and significant size of expansion in relation to its
current scale of operations.  CHHPL's investment in the new
project has resulted in a sharp increase in its gearing levels to
2.07 times as on March 31, 2010 from 0.91 times as on March 31,
2008.  CHHPL's cash flows from current operations are not adequate
to cover the company's debt obligations and hence its ability to
complete the project without further delays and cost over-runs
will be critical for debt servicing.  The rating is, however,
supported by the favorable location of CHHPL's properties and the
experience of its promoters who have established track record in
the Chandigarh hospitality industry.

Incorporated in March 2006, CHHPL is a closely held company owned
by the Chandigarh-based Narang family.  The company operates three
budget hotels in Chandigarh city namely Hotel City Heart Premium,
Hotel City Heart Residency and Hotel Park Plaza.  The above-
mentioned properties which were earlier operated by the four
brothers (promoters) - Mr. Subhash Narang, Mr. Krishal Lal Narang,
Mr. Baldev Narang and Mr. Deepak Narang, in proprietorships/
partnerships, were transferred to CHHPL w.e.f. April 1, 2006.

Apart from the three operational properties, the company is now in
the process of setting up a new three-star hotel at the Chandigarh
Industrial and Business Park.  While the new property was
initially planned to become operational in January 2009, delays in
getting requisite approvals and change in design specifications,
resulted in a significant delay in project execution.  The
property is now expected to be launched in Q2 2010-11.


DIAM STAR: ICRA Assigns 'LBB+' Rating on INR490MM Bank Facilities
-----------------------------------------------------------------
ICRA has assigned a "LBB+" rating and an "A4+" rating to INR490
million fund and non fund based bank facilities of Diam Star
Jewellery (India) Private Limited.  The outlook assigned to the
long term rating is "Stable".  The fund and non fund based limits
are rated on both the scales though the total utilization should
not exceed INR490 million at any point of usage.

The assigned ratings takes into account DJPL's weak profitability
and return indicators as evident from operating losses in FY 2008
and FY 2009 and stretched liquidity position due to slow  debtor
realization resulting in high working capital utilization. Also
the company's margins remain vulnerable to volatility in gold
prices and foreign exchange fluctuations.  The rating also factors
in DJPL's moderately concentrated client base with significant
portion of sales made to group concerns.  The rating favorably
factors in the promoters four decades of experience of the in the
gems & jewellery business, and comfortable capital structure at
present.

Established in 2002, Diam Star Jewellery Pvt. Ltd. is engaged in
export of gold jewellery and diamond studded gold jewellery.  The
company's sales are entirely export driven mainly to the US. The
manufacturing unit & export office are situated at SEEPZ, Mumbai.
DJPL is a part of Gold Star Group, with companies involved in
diamond studded gold jewellery business.  DJPL has recorded a net
profit of INR8.20 million on an operating income of INR1013.40
million as per the unaudited figures of March 31, 2010 and a net
profit of INR 12.30 million on an operating income of
INR964.10 million for the year ending March 31, 2009.


FORD MOTOR: Indian Unit Sales Jump 267% in June
-----------------------------------------------
The Times of India reports that Ford India has posted a 267%
increase in its sales to 7,269 units in June as compared to 1,982
units in the same period last year on the back of a good response
for Figo.

"Success was driven mainly by the popularity of the Figo.  We will
continue to focus on our customers needs so that they will feel
the Ford difference with our products and services," the report
quoted Ford India's president and managing director Michael
Boneham, as saying.

The company sold 22,858 units from April to June this year, as
compared to 6,184 units in the same period last year, the report
notes.

                         About Ford Motor

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

At March 31, 2010, the Company had $191.968 billion in total
assets against $197.405 billion in total liabilities.

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

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


M+ACER AUTOMOTIVE: ICRA Puts 'LBB' Rating on INR6.1MM LT Loans
--------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR6.1 million long term
loans and INR24.0 million long-term fund-based limits of M+Acer
Automotive Systems Private Limited.  The outlook on the long term
rating is stable.  ICRA has also assigned an "A4" rating to the
INR16.0 million non-fund based limits of the Company.  The company
also has proposed limits of INR1.9 million which would carry a
LBB/Stable rating if used as a long term facility or an A4 rating
if used as a short term facility.

The ratings take into account the strong relationship the company
enjoys with its leading customer Bosch.  The company caters to
100% of Bosch's global requirements for all its factories
worldwide.  The rating also factors in the operational and
financial flexibility the company enjoys by virtue of being a
subsidiary of Macurex Sensors Private Limited, a relatively larger
entity.  However, the rating is constrained by the small scale of
operations of the company and high customer concentration risk.
Bosch, the top customer has accounted for over 75% of its total
sales, on an average in the last three years.  The company is also
exposed to volatility in the raw material prices as it enjoys
limited pricing power with the clients.  The company is also
vulnerable to foreign exchange volatility (USD/ INR and
EUR/INR movements) both on its exports and imports.

                      About M+Acer Automotive

M+Acer Automotive Systems Pvt. Ltd, established in 1999, is an
100% EOU involved in the business of assembling electrical
components mainly for automotive business (4 wheelers) and some
appliances like refrigerators, washing machines etc.  Exports
contribute to almost 91% of the total sales.  The company has one
factory in Kumbalgod, Bangalore with a labor force of 150 people.
M+Acer's largest customer Bosch Limited-accounted for almost 86.3%
of the sales in 2009-10.


MACUREX SENSORS: ICRA Assigns 'LBB+' Rating on INR3.7MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR3.7 million term loan
and INR50.0 million long-term fund based limits of Macurex Sensors
Private Limited.  The outlook on the long term rating is stable.
ICRA has also assigned an A4+ rating to the INR18 million non-fund
based limits of the Company.

The ratings take into account the strong and diversified customer
profile of the company.  The company has been enjoying a long
standing relationship with its customers like Bosch and Whirlpool,
since the time of inception.  However, the rating is constrained
by the small scale of operations of the company.  The company is
also exposed to volatility in the raw material prices as it enjoys
limited pricing power with the clients.  Though Macurex caters to
only the domestic market, it is still exposed to foreign exchange
volatility (USD/ INR and EUR/INR movements) as almost 60% of the
raw materials are imported from Germany and US.

Macurex Sensors Private Limited, established in 1993, is involved
in the business of assembling electrical components for four main
businesses. 1.) Automotive Industry (especially 4 wheelers) and
the main products are solenoid, lead assembly. 2.) Home appliances
(like refrigerator, washing machine, dishwasher etc) with main
products being controller cards, pressure sensors, audio buzzers,
water level sensors, and radiant heater. 3.) Off Road vehicles
(Tractor companies TAFE). 4.) ISRO (pressure transducers).
Automotive components account for 55% of the total business while
40% is contributed by the home appliances segment.  The company
has one factory in Kumbalgod, Bangalore with a labour force of 300
people.  The company caters to only the domestic markets.  The
major customers are Bosch Limited, Whirlpool of India Limited,
Godrej & Boyce Manufacturing Co Limited and Mahle Filters Systems
(India) Private Limited.


MODERN CHEMICALS: ICRA Assigns 'LBB-' Rating on INR25MM Bank Debts
------------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR25 million fund based
limits of Modern Chemicals.  The outlook on the long-term rating
is stable.  ICRA has also assigned an "A4" rating to the INR 150
million non-fund based limits of Modern Chemicals.

In arriving at the ratings, ICRA has taken a consolidated view of
Paswara Group companies as all the companies are closely held by
the same promoter family and inter-group transactions are likely
to continue in future.  The ratings of Modern Chemicals are
constrained by the moderately high financial risk profile
characterized by low return indicators, moderately high gearing
level and moderate coverage indicators; tight liquidity position
as reflected in high utilization of working capital limits;
exposure to commodity price risk and foreign exchange fluctuation.
The ratings, however, factor in long experience of the promoters,
established presence of the company in trading of Industrial
Burning Oils and Industrial Solvents and favorable domestic demand
growth prospects for Industrial Solvents.

                       About Modern Chemicals

Modern Chemicals was incorporated as a partnership firm started by
two brothers Mr. Rajeshwar Prasad and Late Mr. Ram Autar.  It was
in the business of producing Lime, Limestone, Surkhi, Coal, Paints
and Chemicals.  In 2002, another partnership firm of the same name
was formulated by their three sons for the business of trading of
Petroleum products.  Both these firms were merged in 2003 with all
the five becoming equal partners and the earlier business of lime
etc. was closed.  In 2007, the partnership was reconstituted with
the three brothers Vinod Kumar, Arvind Kumar and Kapil Kumar
becoming equal partners.  At present, Modern Chemicals trades in
burning oils such as Heavy cut oil, Mix black oil, Furnace oil,
and chemicals like Glycerine etc.


OMICRON POWER: ICRA Assigns 'LBB+' Rating on INR220MM Cash Credit
-----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR220.0 million cash
credit facility of Omicron Power Engineers Private Limited.  The
long term rating has been assigned a stable outlook.  ICRA has
also assigned an A4+ rating to INR 180.0 million non-fund based
limits of Omicron.

The assigned ratings reflect Omicron's experienced management,
moderate financial risk profile, long-track record in the
electrical engineering business, wide geographical presence and
reputed client base.  These strengths are partially offset by the
intensely competitive nature of the industry which puts pressure
on the margins.  The electrical contracting industry is highly
competitive and fragmented and is characterized by the presence of
a large number of players. This limits the pricing flexibility of
companies like Omicron.  Moreover Omicron's modest scale of
operations, working capital intensive nature of business and its
low capitalization limits its ability to bid for larger projects
where profitability is higher.

Omicron is an ISO 9001 certified turnkey power infrastructure
development company started by first generation entrepreneur Mr R.
C. Agrawal. Omicron is primarily engaged in execution of power
infrastructure works like erection and commissioning of
substation, transmission line setup for Government, Semi
Governments and private organizations.  In FY10, the company was
converted into a private limited company from a partnership firm.

Omicron initially executed contracts for Maharashtra State
Electricity Board (MSEB) and later they started executing sub-
station erection & commissioning work on turnkey basis for other
state electricity boards (SEBs).  The firm has executed various
infrastructure works for Karnataka Power Transmission
Corporation Ltd, Gulbarg Electricity Supply Company Limited, Hubli
Electricity Supply Company Limited, Municipal Corporations, and
National Highway Authority of India.

Recent Result

As per unaudited 2009-10 annual results, the company has reported
an operating profit of Rs 91.33 million on an operating income of
INR 662.06 million.  The operating income has grown by 10.27% and
its operating profitability has improved by 61 bps to 13.79%.


PANDIT AUTOMOTIVE: ICRA Reaffirms 'LBB+' Ratings on Bank Debts
--------------------------------------------------------------
ICRA has reaffirmed an "LBB+" to the INR296 million fund based
bank limits (INR120 million Term Loan and INR176 million Cash
Credit) of Pandit Automotive Private Limited.  The long term
rating has been assigned a stable outlook.  ICRA has also
reaffirmed an "A4+" rating to the INR30 million short term non
fund based limits of PAPL.

The assigned ratings take into account the long standing track
record of the promoter group and the established position of the
company as one of the largest automobile dealers for TATA Motors
Limited in India.  ICRA also takes note of PAPL's diversified
presence across western belt of Maharashtra with owned showrooms
in Pune, Satara and Sangli region.  However, the ratings are
constrained by thin profit margins and working capital intensive
nature of operations both of which are inherent in the automobile
dealership industry and stretched capital structure of the company
which is characterized by high gearing and weak coverage
indicators.

                       About Pandit Automotive

Pandit Automotive Private Ltd. was incorporated in 1980.  The
present business was taken over in the year 1987 from Automotive
Services, a proprietary firm established in 1956, then run by Mr.
R. H. Pandit.  PAPL is in the business of retailing cars /
commercial vehicles for TATA Motors Limited and spare parts.  The
Company retails the whole range of vehicles produced by TML in
three districts in Maharashtra viz. Pune, Satara and Sangli.  It
also deals in other manufacturers' vehicles (Fiat Automobiles)
which are marketed in India by TML.


RITEMED PHARMA: ICRA Puts 'LBB' Rating on INR84 Million Term Loans
------------------------------------------------------------------
ICRA has assigned "LBB" rating to the INR84.0 million term loans
and INR126.0 million cash credit limits of Ritemed Pharma Retail
Private Limited.  ICRA has assigned stable outlook to the long
term rating.

The assigned ratings take into account the current nascent stage
of operations, large scale expansion plans in relation to existing
scale of operations and the fact that there is a gestation period
involved from the launch of stores to the break even point and the
stores getting profitable while the term loan repayments are
scheduled to start in July 2010 leaving little window for
stabilization of operations and generation of surplus cash flows
from operations. Moreover, as the company is still in project
stage, it carries execution risks.  This is somewhat mitigated by
the fact that the company has already launched few stores and it
expects to have about 50 operational stores by the end of June
2010.  Another comforting factor is that the promoters are
involved in pharmacy retail business for over three years
and have substantive experience in launching and operating these
outlets. Nevertheless, ICRA notes that the company might go for an
aggressive expansion strategy that could lead to losses during
initial period and may also result into cash flow mismatches due
to high pre-operative expenses related to store launches. High
pace growth before stabilization of the first 280 stores could
lead to liquidity constraints and would be a key rating
sensitivity.  The ratings, however, draw comfort from the prior
exposure of the promoters to pharmacy retail business, the
professional management team  and  the group's established
relationship with suppliers besides the well established brand
Medplus under which the company would retail  pharmaceutical &
other health care products.  As there are already more than 640
outlets across South India running under ?Medplus? brand, the
company need not spend significantly on brand building expenses in
the short term.  The centralized bulk procurement of the group
through the group company MedPlus Health Services Private Limited
(MHS) results in significant cost savings in procurement and
Ritemed stands to benefit from the same.  The ratings also factor
in the already existing sourcing team, logistics infrastructure
and back office which would help Ritemed save substantially in
administrative and other overheads and thus could help it reach an
early break even, provided the company is able to quickly and
effectively scale up its existing business model.  ICRA also notes
that the group's focus on private labels could help improve
margins going forward.

                           About Ritemed

Ritemed was incorporated on June 25, 2009 to carry out the retail
trading business of pharmaceutical & other health care products to
the end users through its retail outlets under the brand name
?MedPlus?.  The company has been promoted by Dr. Madhukar Gangadi
who has also promoted another retail chain of pharmacies by name
?Optival Health Solutions Pvt. Ltd.? which also trades under the
brand ?Medplus?. Presently OHS is having 640+ retail pharmacy
outlets in operation spread across five states (Andhra Pradesh,
Karnataka, Tamil Nadu, Maharashtra and West Bengal).  The brand
?Medplus?  is owned by a group company-MedPlus Health Services
Private Limited which is involved in wholesale distribution of
pharma and other healthcare products.  The promoter holds 48%
stake in Ritemed, the remaining being with the Private Equity (PE)
fund Chintalapati Holdings Pvt. Limited (32%) and other investors.
Substantial stake of the other two group companies are also with
PE funds like CHPL, Peepul Capital Fund II LLC, Pharmaceutia
Ventures Limited and NEA Indo US Venture Capital LLC besides other
individual investors.


SUMERU AGRO: ICRA Assigns 'LBB-' Rating on INR66.9MM Term Loans
---------------------------------------------------------------
ICRA has assigned "LBB-" rating to the INR66.9 million term loans
of Sumeru Agro Harvest Exports Private Limited.  ICRA has also
assigned "A4" rating to the INR44.0 million fund based facilities
and the INR2.5 million non-fund based facilities of Sumeru.  The
outlook on the long term rating is stable.

The ratings reflect the Company's smaller scale of operations with
the product exposed to risks of threat of monsoons and disease
outbreaks, high customer concentration risk, vulnerability to
exchange rate risks and moderate financial profile characterized
by high debt-equity ratio and stretched coverage indicators.  The
ratings also take into account the limited entry barriers in the
industry exposing Sumeru to intense competition.  However the
ratings derive comfort from the growing demand for Indian
gherkins in the export market, faster cultivable nature of the
product, inherent high margin nature of the product and the
promoters' experience in the industry.  The ratings are also
underpinned by the company's planned diversification into
mushrooms which is likely to help Sumeru mitigate the risks of
single product concentration.  ICRA notes that the planned capital
expenditure involves significant debt component, which is likely
to be stress the capital structure further.

Sumeru Agro Harvest Exports Private Limited, incorporated in
September 2005, is a small sized company involved in production
and export of gherkins.  Not being in the complete chain of
processing, the company's activities are restricted to production
and supply of gherkins to its customers, who further process the
same and sell it to its customers.  The Company was formed by way
of take-over of physical assets of a small company called SMS
Technology Foods in 2005.

Sumeru has its processing plant located in a 100% EOU in Malur
Taluk, Kolar District; the area being conducive for cultivation.
In terms of capacity, the maximum production capacity is around 3,
50,000 kgs of gherkins per month.  The Company was promoted by
Mr. Rajendra M Chandra and Mr. Sandesh Raj in September 2005.  The
promoters have plans of diversifying the product profile to
consist of mushrooms, jalapenos and other fruit and vegetable
related products.


TRIWAY CONTAINER: ICRA Places 'LB' Rating on INR183.8MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an "LB" rating to the INR183.8 million term loan
facilities of Triway Container Freight Station Private Limited.

The ratings are constrained by Triway's unsatisfactory debt
servicing track record; limited track record of Triway in
Container Freight Station (CFS) business, though the operational
risk is mitigated by the long standing experience of the promoter
in cargo logistics business by the way of group's association
in customs clearance and road transportation ventures.  The
business is exposed to the pattern of global container trade,
which is currently in recovery phase post the global economic
slowdown; hence the revenue growth in the short term is expected
to be muted.  ICRA also notes that the CFS market addressing the
traffic of Chennai Port Trust (ChPT) is overcrowded with 24 CFS
players operating in Chennai hinterland and hence Triway faces
stiff competition from dominant organized CFS players
which might limit the company's volume growth and restrict its
ability to charge a premium to its customers for the services
offered.  The ratings however consider Triway's moderate financial
risk profile with strong operating profitability and moderate
gearing levels; favorable industry prospects over the long term,
also aided by debottlenecking of evacuation infrastructure leading
to an increase in container traffic handled at ChPT.

                       About Triway Container

Triway Container Freight Station Pvt. Ltd., was incorporated in
2001.  However, the operations started only in September 2006. The
CFS facility, spanning 24 acres, is located 19 kms away from
Chennai Port and 11 kms away from Ennore Port.  Triway has a total
handling capacity of 7500 twenty-foot equivalent units per month
(TEUs/ month) and 2700 container ground capacity. The facility has
handling equipment such as four rail mounted gantry cranes (RTG),
forklifts, cranes and trailers which enable Triway to render
efficient operations.

Triway group incorporated Triway Forwarders Private Limited, a
licensed customs house broker, in 1994 to handle the customs
clearance and documentation formalities for import and export
cargo.  In addition, the group is also present in road logistics
business through Route Logistics which has a fleet size of 200
vehicles and caters to South Indian cities. The promoter's focus
is to provide one-stop solution to the customer from road
transportation to transit storage to customs clearance &
documentation.

The company achieved operating income and profit after tax of
INR169.2 million and INR14.5 million, respectively, for the nine
months ended December 2009.


VIORICA PROPERTIES: ICRA Places 'LBB-' Rating on INR615.8MM Loans
-----------------------------------------------------------------
ICRA has assigned "LBB-" to INR615.8 million long term fund based
limits of Viorica Properties Private Limited.  ICRA has also
assigned "A4" to the INR45 million short term non-fund based limit
of the company.  The outlook on the long term rating is stable.

The ratings are constrained by limited operational track record of
the company, project delays resulting in time and cost overruns,
vulnerability to competition from entrenched players and weak
financial profile.  The financial profile of the company is
stretched due to debt funded capex plans resulting in high
gearing.  The coverage indicators of the company are likely to be
under stress during the initial years till the company achieves
moderate scale and size and accruals are sufficient to meet debt
obligations.  However the rating draws comfort from the long
experience of promoters in the industry and its management
contract with International Holiday Group under the brand name
Holiday INN.

                      About Viorica Properties

Viorica Properties private limited is promoted by Vascon Engineers
Limited (32% stake) and group of other investors. Vascon Engineers
has over 24 years of experience in providing EPC services, which
includes, constructing factories, hospitals, hospitality
properties, shopping malls etc.  The company has tied up with
International Holiday Group which will benefit it in terms of
access to global reservation system, branding and operations.  As
on March 31, 2010 the total debt of the company stood at
INR419 million while its net worth stood at INR298 million.


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


JAPAN AIRLINES: Formally Asks Banks for Additional Debt Waiver
--------------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. formally asked its
main creditor banks Thursday for an additional debt waiver.
Sources close to the matter told Kyodo that though JAL aims to
obtain an agreement with the creditor banks by early August before
its turnaround plan is due to the Tokyo District Court at the end
of the month, the banks are reluctant to provide further support.

Kyodo relates the sources said JAL is likely to have asked the
creditor banks to expand the amount of debt waivers to more than
JPY400 billion from about JPY358.5 billion the airline planned to
ask for initially.

                        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: Negotiates Rent Cut for Tokyo Headquarters
----------------------------------------------------------
Chris Cooper and Katsuyo Kuwako at Bloomberg News report that
Japan Airlines Corp. has negotiated a reduction in rent for its
headquarters in Tokyo as it works to slash costs and return to
profit.

Bloomberg News, citing Nomura Real Estate Asset Management Co.,
the manager of the building, relates that the carrier?s monthly
rent will be cut by JPY43.3 million from this month until March
and the airline will reduce the amount of space it rents from
April.

                        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)


PROMISE CO: 966 Employees Agree on Voluntary Retirement Program
---------------------------------------------------------------
Promise Co. said 966 employees have agreed to quit as the company
cuts staff and branches to cope with tougher regulations on
lending, The Japan Times reports.

The report relates the company said it will take a JPY6.8 billion
one-time charge in the year ending March 31 because of costs
related to the voluntary retirement plan.  The company expects
staffing costs to drop by JPY3.8 billion this fiscal year and
JPY7.4 billion next year after the resignations.

According to the report, President Ken Kubo said a loss of
"several tens of billions of yen" is unavoidable this year as he
adjusts the company to regulations introduced in June that cap
borrowing to one-third of a person's annual income.

                         About Promise Co.

Headquartered in Tokyo, Japan, Promise Co., Ltd., (TYO:8574)
specializes in the consumer finance industry.  The Company
operates in two business segments.  The Financial segment is
engaged in the provision of unsecured/unguaranteed loans in small
sums to individual customers in Japan, Hong Kong and Thailand, as
well as the collection and management of debt through its
subsidiaries.  The Others segment is engaged in the leasing of
tenant buildings, the telemarketing business, the design,
development and operation of computer systems, the sale and
maintenance of automobiles, the coating of metal plates, insurance
agency business, mail-order business, the operation of golf
courses, as well as investment business in China.

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2010, Moody's Investors Service downgraded the long-term
issuer and senior unsecured debt ratings of Promise Co., Ltd., to
Ba1 from Baa2.  The ratings outlook is negative.


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


GENERAL MOTORS: GM Daewoo's Creditors to Roll Over Maturing Loans
-----------------------------------------------------------------
Creditors of GM Daewoo Auto & Technology, the South Korean unit of
General Motors Co., will roll over KRW1.13 trillion in maturing
loans to the automaker as they are in talks with its U.S. parent
over ways to keep it afloat, Yonhap News reports citing GM
Daewoo's major creditor, the Korea Development Bank.

The news agency relates KDB said creditors will allow GM Daewoo to
delay payment for its loans that will mature today, July 5, for
another month.

Yonhap recalls that GM Daewoo suffered a cash squeeze early last
year as the 2008 global crisis troubled the company's vehicle
sales and that KDB has been negotiating with its U.S. parent over
the problem.

According to the report, creditors said they will permit a freeze
in debt repayment on condition GM commits to transfer key auto
technologies to its South Korean unit and dispatch an official to
take charge of the subsidiary's finances to keep it afloat.

A breakdown in the talks is expected to force the KDB and other
creditors to retrieve the loans, Yonhap notes.

"KDB is expected to receive the final written agreement from other
creditors by Monday [July 5] to extend the debts, and we have
virtually a consensus on the roll-over," the report quoted a KDB
official as saying.  If agreed on, the latest debt roll-over would
be the third monthly extension.  "The negotiation is still
ongoing, and the result has yet to be made," the official told
Yonhap.

                        About General Motors

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

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

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

                   About Motors Liquidation

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

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

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


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


SOUTHLAND BUILDING: Fitch Affirms Ratings; Puts on Positive Watch
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of New Zealand-based
Southland Building Society and has simultaneously affirmed
Hastings Building Society's Support Rating at '5', while placing
its Long-term and Short-term IDR and Individual rating on Rating
Watch Positive.

The rating action follows the announcement that SBS Bank and HBS
have signed a heads of agreement to investigate a merger of the
two institutions, prior to asking HBS' members to vote on such a
proposal.  Fitch expects the proposed merger to deliver a larger
and more diversified financial institution, although advantages
are more obvious for HBS.  SBS would gain a deeper footing in the
Hawke's Bay region and continue to enhance its retail funding
position, while HBS would benefit from a broader access to
funding, products and distribution via the SBS network.  The
financial impact of merging is likely to be modest, as importantly
both SBS Bank and HBS already possess relatively high levels of
liquidity and capital, similarly conservative risk appetites and a
reasonably close cultural alignment.

Under the terms of the merger, which has the unanimous support of
both boards, HBS members would exchange their membership rights
for membership in SBS Bank.  HBS would ultimately be folded into
SBS Bank, which is a registered bank regulated by the Reserve Bank
of New Zealand.  Proposed governance arrangements allow HBS to
provide one director to the SBS Board, while staffing levels and
conditions will not change.

Acceptance from the HBS members requires a vote in September 2010
at an extraordinary general meeting, whereby 75% of the members
entitled to vote must vote in favor of the merger.  Resolution of
the RWP will take place once the merger has been legally
formalized or rejected by either party.

The ratings of SBS Bank and HBS are:

SBS Bank

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Stable;

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     Stable;

  -- Short-term foreign currency IDR: affirmed at 'F2';

  -- Short-term local currency IDR: affirmed at 'F2';

  -- Individual: affirmed at 'C';

  -- Support Rating: affirmed at '5';

  -- Support Rating Floor: affirmed at 'No Floor';

  -- Senior Unsecured Long-term debt: affirmed at 'BBB+'; and

  -- Subordinated debt: affirmed at 'BBB-'.

HBS

  -- Long-term foreign currency IDR: 'BB'; Placed on RWP;
  -- Long-term local currency IDR: 'BB'; Placed on RWP;
  -- Short-term foreign currency IDR: 'B' Placed on RWP;
  -- Short-term local currency IDR: 'B' Placed on RWP;
  -- Individual Rating: 'C/D' Placed on RWP;
  -- Support Rating: affirmed at '5'; and
  -- Support Rating Floor: affirmed at 'No Floor'.


===============
P A K I S T A N
===============


PAKISTAN MOBILE: Moody's Confirms 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed Pakistan Mobile
Communications Limited B2 local currency corporate family rating
and Caa1 senior unsecured bond rating.  The outlook on the ratings
is negative.

This rating action concludes the review which commenced on
November 20, 2009.

The rating confirmation is based on Moody's view that Mobilink
should be able to comply with its amended bank covenants for at
least the next 12 months and its year-to-date operating
performance is in line with Moody's expectations and support the
B2 rating.

"The negative outlook continues to reflect Moody's concerns over
covenant compliance over the 12-18 month horizon should Mobilink
not be able to deliver under its projections, particularly as
covenant thresholds are set to step-down in December 2011," says
Laura Acres, a Moody's Vice President and Senior Credit Officer.

Although recent performance by Mobilink has been positive Moody's
anticipates a risk that headroom could erode and further support
from parent Orascom Telecom Holdings (rated B2/negative) may be
required unless Mobilink is able to meet its projections.

"The presence of the cross default between Mobilink and Orascom,
and the close financial linkages between them, suggests that such
support will be forthcoming if required, and therefore Mobilink's
rating will be constrained by that of Orascom Telecom," adds
Acres, also Moody's Lead Analyst for Mobilink.

The B2 rating continues to recognize Mobilink's position as the
largest mobile telecommunications operator in Pakistan and the
ongoing growth potential in that market which Mobilink -- as the
largest operator and with the widest network -- will stand to
benefit.  However, these factors are counterbalanced by Pakistan's
competitive and fragmented cellular market which could create
challenges for Mobilink in achieving its growth target and profit
margin.  The rating also takes into account emerging market risk,
such as uncertainty surrounding Pakistan's political, legal and
economic environment.

Upward pressure on the rating is unlikely given the negative
outlook.  However, the outlook could revert to stable should
Mobilink deliver on its financial projections and develop a
sustainable cushion under its bank loan covenants particularly as
covenants step down.  Moody's would also like for Mobilink to
demonstrate an ability to become self funding, evidenced by
improving free cash flows as well as the ability to cover its
capex and interest, evidenced by adjusted (EBITDA-capex)/interest
exceeding 1.5x.  Moody's would also like to see adjusted
debt/EBITDA improve such that it returns to less than 3.0x.

Further downward pressure on the ratings could emerge should
Mobilink: a) experience a significant deterioration in market
share such that it loses its market leadership status; b) resume
the payment of dividends or management fees thereby reducing
available retained cash flow, such that retained cash
flow/adjusted debt falls below 10%; and c) is unable to access
finances to fund ongoing growth or repay/refinance lines as and
when they fall due.  Moody's would also be concerned if Mobilink
did not delever in line with expectations such that adjusted
debt/EBITDA increases above 4.0x to 4.5x.

The last rating action was on November 20, 2009, when Mobilink's
B2 corporate family rating and Caa1 senior unsecured bond rating
were placed on review for possible downgrade following a similar
action on Orascom Telecom.

Mobilink is the largest mobile operator in Pakistan with more than
31.6 million customers and a subscriber market share of 32.6% as
at March 2010 (source: PTA).  Mobilink is indirectly 100%-owned by
Orascom -- itself rated B2/negative.


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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


                            *********


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

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

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

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

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





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