TCRAP_Public/100706.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

           Tuesday, July 6, 2010, Vol. 13, No. 131

                            Headlines



A U S T R A L I A

DUTTON DIRECT: Placed in Liquidation
FMG RESOURCES: Moody's Retains 'B2' Senior Secured Rating
GRATEFUL PALATE: In Receivership; PricewaterhouseCoopers Appointed
JACKGREEN LIMITED: Creditors Approve Deed of Company Arrangement
RELIANCE RAIL: Moody's Reviews 'Ba1' Senior Debt Rating

SAPPHIRE X: S&P Takes Various Rating Actions on All Classes


C H I N A

CHINA NETWORKS: Working Capital Deficit Cues Going Concern Doubt
FEDERAL-MOGUL: Opens Asia-Pacific Headquarters in Shanghai
LDK SOLAR: Posts US$234 Million Net Loss in 2009
LDK SOLAR: Inks Module Supply Contract With Gestamp Solar
VENETIAN MACAU: Bank Debt Trades at 3% Off in Secondary Market


H O N G  K O N G

ADWIN INDUSTRIES: Members and Creditors' Meetings Set for July 13
AOK LIMITED: Creditors' Proofs of Debt Due July 19
ASEAN AND INTERCONTINENTAL: Creditors' Proofs of Debt Due July 22
FORTUNE ALPHA: Creditors' Proofs of Debt Due July 20
KANMAX ENTERPRISES: Creditors' Proofs of Debt Due July 23

LANDWIDE LIMITED: Members' and Creditors Meetings Set for July 13
LANDWIDE TEXTILES: Members' and Creditors Meetings Set for July 13
M & T INTERNATIONAL: Creditors' Meeting Set for July 9
MONTGOMERY WATSON: Creditors' Proofs of Debt Due July 23
ON YUEN: Creditors and Contributories Meetings Set for July 12

SELBO INDUSTRIES: Creditors' Proofs of Debt Due July 16
SILKMATE INDUSTRIES: Creditors' Proofs of Debt Due July 16
SINO STATE: Creditors Meetings Set for July 21
SQUARE FUND: Creditors' Proofs of Debt Due July 16
VICTORY KNITTING: Members' and Creditors Meetings Set for July 13


I N D I A

AASHIANA ROLLING: CRISIL Reaffirms 'BB+' Rating on Term Loan
ALLIANCE MINERALS: Fitch Assigns 'B-' National Long-Term Rating
ALTIUS MANAGEMENT: ICRA Assigns 'LBB' Rating on Long-Term Loans
AUTOMAG INDIA: CRISIL Cuts Rating on INR80MM Cash Credit to 'BB+'
BESTO TRADELINK: CRISIL Lifts Rating on INR37.5MM Loans to 'B+'

CONCEPT IMAGES: ICRA Assigns "LBB+" Rating on INR50MM LT Loans
CONTROL TEXTILE: CRISIL Assigns Default Ratings on Various Debts
JAI KRISHNA: CRISIL Puts 'B+' Rating on INR65 Million Cash Credit
KRANTHI CONSTRUCTIONS: CARE Rates INR116cr LT Loans at 'CARE BB+'
NOMAX ELECTRICAL: CRISIL Puts 'B+' Rating on INR110MM Cash Credit

PASWARA CHEMICALS: ICRA Puts 'LBB' Rating on INR71.8MM Term Loans
PASWARA IMPEX: ICRA Puts 'LBB' Rating on INR28 Million Term Loans
PASWARA PAPERS: ICRA Assigns 'LBB' Rating on INR31.4MM Term Loans
POONAM ROLLER: CRISIL Assigns 'B+' Rating on INR60.0MM Cash Credit
RAUNAQ ICE: CRISIL Reaffirms 'B-' Ratings on Various Bank Debts

RRB ENERGY: CARE Assigns 'CARE BB-' Ratings on Various Bank Debts
SANGHAVI DIAMONDS: CARE Reaffirms 'CARE BB' Rating on LT Debts
SEQUENT SCIENTIFIC: CARE Assigns 'CARE BB+' Rating on LT Loans
SIDDHI VINAYAK: CRISIL Puts 'B' Rating on INR10 Million Term Loan
SMS SHIVNATH: CRISIL Rates INR2 Billion Long-Term Loan at 'B-'

SR CONSTRUCTIONS: CARE Puts 'CARE BB-' Rating on INR60cr LT Loan
SRI LAXMI: CARE Rates INR27.8cr Long-Term Bank Debt at 'CARE BB'
TREASURE WORLD: CARE Places 'CARE BB' Rating on INR76.8cr LT Loans
YAMUNA ROLLER: CRISIL Reaffirms BB- Rating on INR150MM Cash Credit
YSR SPINNING: ICRA Reaffirms 'LBB' Rating on INR48.5MM Term Loans


J A P A N

JAPAN AIRLINES: Turnaround Adviser Hires 4 Ex-Merrill Bankers
JAPAN AIRLINES: May Sever Ties with IBM Japan to Cut Costs
JAPAN AIRLINES: Submits Antitrust Immunity Application
JAPAN AIRLINES: Applies for Cargo Fuel Surcharge for July 2010


K O R E A

GENERAL MOTORS: GM Daewoo Overall Sales Rise 89% in June
SSANGYONG MOTOR: Sales in June Up 5.6%


M A L A Y S I A

NAM FATT: Inks Supplemental Joint Venture Deal With Trans Penang
NGIU KEE: Classified as Affected Listed Issuer Under PN17
NGIU KEE: Unit Defaults on MYR13.95 Million Bank Facilities
RHYTHM CONSOLIDATED: Revertex Serves Demand Notice on Unit
TRANSMILE GROUP: CCM Approves Striking-Off Transmile (Thailand)

WONDERFUL WIRE: Bourse to Remove WWE Securities on July 13


N E W  Z E A L A N D

AIR NEW ZEALAND: Pulls Out of Major Project Amid Competition
LANE WALKER: Still Owes NZ$110 Million to Westpac & Others
MERCER GROUP: Shifts Debt Owed to SCF to Gresham Finance
ROCKFORTE FINANCE: Faces Companies Office Probe
VISION SECURITIES: New Zealand Treasury Starts Repaying Investors


S I N G A P O R E

ENSIGN FREIGHT: Court Enters Wind-Up Order
ESCOLSING PTE: Creditors Get 0.8446% Recovery on Claims
ES ENGINEERING: Creditors' Proofs of Debt Due July 29
KOALA INVESTMENTS: Creditors' Proofs of Debt Due August 2
LAM BUILDING: Court to Hear Wind-Up Petition on July 16

MILEE CORPORATION: Court Enters Wind-Up Order
PONDOK GURAME: Court Enters Wind-Up Order
RESORTS TRADING: Court to Hear Wind-Up Petition on July 16
SOLIDUS ELECTRICAL: Court to Hear Wind-Up Petition on July 16
THONG BUILDING: Court to Hear Wind-Up Petition on July 16


X X X X X X X X

* BOND PRICING: For the Week June 28 to July 2, 2010




                         - - - - -


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


DUTTON DIRECT: Placed in Liquidation
------------------------------------
James Thomson at SmartCompany reports that luxury online
classifieds site Dutton Direct has been placed in liquidation.
The company, established in 2004 by James Dutton, collapsed in
late June and has been put in the hands of liquidators from
Melbourne insolvency firm Vince & Associates.

Kylie Wright from Vince & Associates told SmartCompany that a
meeting of creditors is scheduled for July 8, but it is too early
to say what caused the company's collapse.

"Our aim at the moment is to conduct some investigations and try
to figure out what happened," SmartCompany quoted Mr. Wright as
saying.

SmartCompany notes that Dutton Direct is believed to have debts of
almost AU$900,000, with over AU$500,000 owed to a secured
creditor, about AU$340,000 owed to unsecured creditors and about
AU$25,000 owed for employee entitlements.

Dutton Direct is an online classifieds site dedicated to luxury
cars, planes, properties and boats that was set up five years ago
by a fourth-generation member of Melbourne's famous Dutton family.


FMG RESOURCES: Moody's Retains 'B2' Senior Secured Rating
---------------------------------------------------------
Moody's Investors Service says that the B2 senior secured rating
of FMG Resources (August 2006) Pty Ltd -- the financing arm of the
Fortescue Metals Group -- will not be immediately impacted by
proposed changes to the Australian government's planned resources
tax.

The Minerals Resource Rent Tax is expected to start July 1, 2012,
and in its latest make-up materially differs from the previously
proposed Resources Super Profits Tax.

Under the current proposal, FMG, along with other iron ore and
coal producers in Australia, would now be charged a rate of 30% of
their operating profits above the uplift rate -- the long-term
government bond rate, plus 7% -- after allowing for capital
investment and a 25% extraction allowance.

The previously proposed rate was 40% on operating profits above
the long term government bond rate.

Current state royalties -- payable to state governments and based
on production levels -- will continue, but the federal government
will credit these payments against any MRRT payments.

Given that MRRT is still under consultation and will be phased in
from FY2012-13 (July-June), it is too early to measure its precise
impact.

However, in view of Moody's expectations for cash flow generation
over the next several years at its current production rate, FMG's
financial profile is expected -- despite the tax -- to support a
rating higher than the current B2.

Ore shipments from FMG are now running at an annualized rate of
around 40 million tons, with cash operating costs of approximately
US$30/ton.

"These factors, combined with Moody's expectations for continued
strength in pricing for iron ore should improve FMG's credit
metrics to levels more consistent with higher ratings," says
Matthew Moore, a Moody's Assistant Vice President.

"But, the expected reduction in cash flow -- due to the tax, and
uncertainty over the funding and execution of future expansion --
could limit the extent of this anticipated upward rating
pressure," adds Moore.

"Moreover, while achieving its 55Mtpa target would place further
positive pressure on the rating over time, the company's limited
record of stable production and the slower-than-expected ramp-up
to full name plate capacity constrain for now the rating at the B2
level," Moore adds.

FMG anticipates to commission the 55Mtpa expansion by the Jan-Mar
2011 quarter, with a steep ramp-up to 55Mtpa from the
commissioning of its Christmas Creek project.

"Looking ahead, Moody's will continue to monitor the impact of
expansion plans on FMG's financial and operating profile as they
are announced", Moore says, adding, "Despite the generally
positive scenarios, the company's ability to generate sufficient
cash flow to fund expansion may also be weakened by MRRT and could
raise its need to fund expansion with incremental debt, which
would have negative credit implications."

Moody's last rating action for FMG Resources was on May 12, 2010
when the outlook was changed to stable from negative following its
steady improvement in production over the preceding 12 months, as
well as the improved prospects for cash flow generation given the
robust recovery in the iron ore market.

FMG Resources (August 2006) Pty Ltd is the financing vehicle for
Fortescue Metals Group Limited.  FMG based in Perth, is an iron
ore producer engaged in the exploration and mining of iron ore for
export, mainly to China.


GRATEFUL PALATE: In Receivership; PricewaterhouseCoopers Appointed
------------------------------------------------------------------
The Grateful Palate's Australian affiliates are in receivership
and face the danger of possible bankruptcy, the Wine Spectator
reports.

Dan Philips, the company's founder and owner, confirmed that he is
in negotiations with his top creditor, Dutch lender Rabobank,
which initiated the action to put Grateful Palate International
Pty Ltd and several related Australian companies into
receivership.  The subsidiaries include R Wines, a partnership
with winemaker Chris Ringland, and 3 Rings, a joint venture
involving Mr. Philips, Mr. Ringland and grower David Hickinbotham.

According to the report, growers and other creditors for the South
Australia-based affiliates of the company received notice on
June 18.  Many growers, already facing tough times, worry that
they'll never get paid for fruit they sold Mr. Philips, the report
relates.

Growers told Wine Spectator they have filed claims with the
receiver, PricewaterhouseCoopers, for grapes delivered to R Wines
in 2009 and/or 2010, alleging that they have not been paid in
full.  The report relates Adrian Hoffman, a veteran Barossa-based
vineyard owner and the liaison between R Wines and 25 members of
the Valley Growers Cooperative (VGC), said that Mr. Philips'
company owes them AU$750,000 (US$628,000).  Other growers have
filed similar claims, Mr. Hoffman told Wine Spectator.

"Rabobank is acting in its best interests, but it looks like the
growers are going to be caught in the crossfire," the report
quoted Mr. Hoffman as saying.  "Some growers worry any money made
on Grateful Palate's assets in case of bankruptcy will go straight
to Rabobank, leaving them high and dry."

Grateful Palate International Pty Ltd and its subsidiaries produce
wine under labels such as Bitch Grenache, Evil Cabernet Sauvignon
and Marquis Philips for American importer Dan Philips.


JACKGREEN LIMITED: Creditors Approve Deed of Company Arrangement
----------------------------------------------------------------
Creditors of Jackgreen (International) Pty Ltd at the second
reconvened meeting of creditors held on June 28, 2010, approved
the Deed of Company Arrangement submitted by Greenbox Group Pty
Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2009, Jackgreen Limited appointed Alte Crowe-Maxwell and
John Lord of PKF Australia Limited as voluntary administrators of
JGL and its subsidiaries.

"The action to appoint a voluntary administrator followed Integral
Energy Australia Limited's application to wind up the company in
the NSW Supreme Court.  Despite the Company's attempt to
recapitalize JGL, the Company was unable to reach agreement with
Integral, and accordingly the Directors of JGL have resolved to
place the Company into voluntary administration," Jackgreen said
in a statement to the Australian Securities Exchange.

Based in Sydney, Australia, Jackgreen Limited --
http://www.jackgreen.com.au/-- was a licensed retailer of
electricity, focused on the residential market.  The Company also
provides energy efficient products and services.  The Company is a
renewable energy retailer and one creator of carbon credits
through its subsidiary, Easy Being Green Pty Ltd.  The Company
operates in two business segments: electricity retailing, and
sales of energy efficient products and services.  The Company has
electricity retail business in New South Wales and Queensland.
The Company's wholly owned subsidiaries include Jackgreen
(International) Pty Ltd and Easy Being Green Pty Ltd.


RELIANCE RAIL: Moody's Reviews 'Ba1' Senior Debt Rating
-------------------------------------------------------
Moody's Investors Service has placed the Ba1 senior debt rating
and the Ba3 subordinate debt rating of Reliance Rail Finance Pty
Ltd on review for possible downgrade.  The rating action follows
announcements from both Downer EDI Limited and Reliance Rail Group
in relation to the reservation of rights notice received by
Reliance Rail from its banking syndicate.

                         Ratings Rationale

"Reliance Rail has received a reservation of rights notice from
its banking syndicate", says Paul Ovnerud-Potter, a Moody's Vice
President/Senior Credit Officer, adding that "Reliance has stated
that this notice represents a reservation of legal rights and does
not involve the assertion of any default or represent a step
towards the exercise of enforcement or termination rights".

"However, this formal notification may create an additional layer
of uncertainty surrounding Reliance Rail's existing future funding
challenges", says Ovnerud-Potter.

"Moody's review will focus on the implications of the
announcements on Reliance Rail's ongoing liquidity profile, and on
the company's plans to alleviate uncertainty associated with its
ability to access the remaining funding required to complete the
project".

As indicated in Moody's previous announcement, RRF could be
exposed to a potential funding gap from early 2012 or higher
funding costs or both, if Syncora Guarantee Inc. (rated Ca,
developing outlook) and FGIC UK Limited (unrated) were to enter
insolvency.  The risk of potential funding gap -- which could be
triggered by the insolvency of both monolines -- arises from
provisions in RRF's A$357 million bank facility documents, which
are required to be progressively drawn down from February 2012 in
order to complete the project.

Both Syncora and FGIC potentially face insolvency, pending
restructuring, and subject to them working with the regulator (New
York Insurance Department) to avoid such outcomes.  RRF's high
leverage means that it has limited flexibility to overcome these
funding challenges.  These problems are compounded by a complex
contractual structure.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group.  Reliance Rail was the successful consortium
appointed by Railcorp in 2006 to deliver the NSW Rolling Stock
public private partnership project.  Reliance Rail is in the
process of manufacturing 78 eight-car "Waratah" trains for the
Sydney suburban rail network and has completed an associated
maintenance facility.  Reliance Rail will also maintain the trains
and the maintenance facility from completion until 2043.


SAPPHIRE X: S&P Takes Various Rating Actions on All Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services took various actions on the
ratings on all classes of subprime and nonconforming residential
mortgage-backed securities issued by the trustee of Sapphire X
Series 2007-1 Trust.  S&P lowered the ratings on the class BA, BZ,
and CA notes and affirmed the ratings on seven other classes.

Since initial issuance, the portfolio has paid down its balance by
just under 40%, with about A$284 million outstanding as at April
2010.  The date-based call date lapses in May 2011, when post-call
coupon rates will be applicable.  The class I notes (interest-
only) mature in August 2010, which will likely free up interest
collections to cover current period losses and reimburse
outstanding charge-offs to notes.  The transaction has been
switching between sequential and pro-rata payments of principal on
the rated notes, depending on whether the performance targets are
met.  While the pro-rata payment mechanism helps to decrease the
weighted-average funding costs of the transaction, it also reduces
the dollar amount of credit support available to any notes ranked
above the class CA notes.  In S&P's opinion, this reduces the
credit quality of the rated notes as the remaining portfolio is
likely to become more sensitive to potential tail-end adverse
selection risk.

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

The arrears levels of the underlying portfolio have been above the
sector average over the past 12 months.  The losses, amounting to
about AU$10.8 million at April 2010, have caused some charge-offs
to unrated notes.  Given that the current arrears level is above
14%, S&P expects further losses to come through with about
AU$2 million imminently.

The annualized prepayment rate is relatively slow, when compared
with other Sapphire transactions and the industry subprime
average, as measured by Standard & Poor's prepayment index.  S&P
expects the prepayment rate and arrears levels to become more
volatile as the portfolio balance diminishes.  In S&P's opinion,
the ratings on the lower classes of notes will become more
vulnerable if the prepayment rate slows beyond 25%.

The remaining portfolio balance, at A$284 million, is just under
40% of the original balance.  About 66% of the outstanding
portfolio consists of low documentation loans and about 67%
comprise loans to self-employed borrowers.  In addition, by
current balance, about 25% of loans have a loan-to-value ratio
exceeding 80%, and over 20% have loan sizes exceeding A$800,000.

                         Ratings Lowered

                   Sapphire X Series 2007-1 Trust

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

                         Ratings Affirmed

                  Sapphire X Series 2007-1 Trust

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

                         N.R. ? Not rated


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


CHINA NETWORKS: Working Capital Deficit Cues Going Concern Doubt
----------------------------------------------------------------
China Networks International Holdings, Limited, filed on June 30,
2010, its annual report on Form 20-F for the year ended
December 31, 2009.

UHY Vocation CPA Limited, in Hong Kong, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has a significant
working capital deficit and is dependent on obtaining additional
financing to execute its business plan.

The Company reported net income of US$2.4 million on US$19.0
million of revenue for 2009, compared with a net loss of US$3.4
million on US$4.3 million of revenue for 2008.

The revenue increase was due to the fact that the Company only
began generating revenues from Kunming JV as of October 1, 2008,
and from the Yellow River JV as of January 1, 2009.

The Company's balance sheet at December 31, 2009, showed
US$52.0 million in assets, US$54.0 million of liabilities, and
US$236,400 of common stock subject to repurchase, for a
shareholders' deficit of US$2.3 million.

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

               http://researcharchives.com/t/s?65df

Headquartered in Beijing, PRC China Networks International
Holdings, Limited, through China Networks Media Ltd., a British
Virgin Islands company, provides broadcast television advertising
services in the PRC, operating joint-venture partnerships with PRC
TV Stations in regional areas of the country.  The Company manages
these regional businesses through a series of joint ventures and
contractual arrangements to sell broadcast television advertising
time slots and so-called "soft" advertising opportunities to local
advertisers directly and through advertising agencies and brokers.


FEDERAL-MOGUL: Opens Asia-Pacific Headquarters in Shanghai
----------------------------------------------------------
Federal-Mogul Corporation (Nasdaq: FDML) celebrated the grand
opening of its 9,000-square-meter, state-of-the-art Asia Pacific
Headquarters and Technical Center (#118 Jiqiao Road, Jinqiao,
Pudong) in Shanghai, China to serve the growing and dynamic
Chinese automotive industry.

The facility houses approximately 300 employees including
engineering, sales, purchasing and other administrative
activities, as well as powertrain dynamometers, vehicle and
braking test cells, and an array of laboratory equipment required
to develop and test new technology.

"China is and will continue to be a strategic market for the
automotive industry and for Federal-Mogul," said President and
Chief Executive Officer Jose Maria Alapont.

"Our new Asia Pacific Headquarters and Technical Center will
enable us to increase technical support to powertrain and vehicle
customers, offering on-site advanced technology development and
product engineering in addition to state-of-the-art testing.
Federal-Mogul's significant investment in this region will ensure
we grow our capability to provide leading technology and
innovation for local and export markets," said Mr. Alapont.

The Technical Center, which Federal-Mogul constructed in one of
China's rapidly growing industrial centers, is one of the
company's 18 globally-networked engineering and technical centers,
enabling the company to create value for its customers through
innovative technology that achieves product leadership at a
competitive cost.  The facility's engineers will develop advanced
technology and product engineering, and will conduct a variety of
tests on powertrains and vehicle products and components for
customer programs.  Federal-Mogul's global technical center
network is focused around leading product and process
competencies, working interdependently on many customer powertrain
programs and vehicle platforms.

Federal-Mogul, in addition to the Asia Pacific Headquarters and
Technical Center, has seven plant operations in China, employing
2,000 people and manufacturing all major products from its global
portfolio for original equipment and aftermarket customers.

Federal-Mogul has two facilities in Shanghai; two in Qingdao; one
in Anqing; one in Nanchang and two in Wuhan.  Federal-Mogul
develops and manufactures a variety of leading products, including
pistons and rings, valve seats and guides, bearings, seals, head
gaskets and ignition for both gasoline and diesel powertrains,
together with vehicle braking and friction materials, chassis
components and systems protection products, serving the world's
foremost original equipment manufacturers and the global
aftermarket industry.

"Federal-Mogul is expanding our presence in Asia Pacific,
especially in China, because we believe in the long-term growth
prospects of the increasingly sophisticated Chinese automotive
market and other regional markets.  We continue to implement
actions to strengthen the company's strategy to generate
sustainable global profitable growth," said Mr. Alapont.

                         About Federal-Mogul

Federal-Mogul Corporation is a supplier of powertrain, chassis and
as safety technologies, serving the world's foremost original
equipment manufacturers of automotive, light commercial, heavy-
duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket.  Federal-Mogul was
founded in Detroit in 1899.  The Company is headquartered in
Southfield, Michigan, and employs nearly 41,000 people in 33
countries.

The Company filed for Chapter 11 protection on October 1, 2001
(Bankr. Del. Case No. 01-10582).  Attorneys at Sidley Austin Brown
& Wood, and Pachulski, Stang, Ziehl & Jones, P.C., represented the
Debtors in their restructuring effort.  When the Debtors filed for
protection from their creditors, they listed $10.15 billion in
assets and $8.86 billion in liabilities.  Attorneys at The Bayard
Firm represented the Official Committee of Unsecured Creditors.

The Debtors' Reorganization Plan was confirmed by the Bankruptcy
Court on November 8, 2007, and affirmed by the District Court on
November 14, 2007.  Federal-Mogul emerged from Chapter 11 on
December 27, 2007.  (Federal-Mogul Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                           *     *     *

As reported by the TCR on June 5, 2009, Standard & Poor's Ratings
Services said it has lowered its corporate credit rating on
Federal-Mogul Corp. to 'B+' from 'BB-'.  "The ratings reflect
Federal-Mogul's weak business risk profile as a major participant
in the highly competitive global auto industry, and its aggressive
financial risk profile," S&P said.

Moody's Investors Service in April 2009, lowered corporate family
rating of Federal-Mogul to B1 from Ba3.  At that time, Moody's
said the downgrade "reflects the company's weakened credit metrics
as a result of the dramatic decline of global automotive
production and the impact of the global recessionary environment
on consumer spending."

The ratings have remained the same at present.


LDK SOLAR: Posts US$234 Million Net Loss in 2009
------------------------------------------------
LDK Solar Co., Ltd., filed its annual report on Form 20-F,
reporting a net loss of US$234.0 million on US$1.098 billion of
revenue for the year ended December 31, 2009, compared with net
income of US$66.4 million on US$1.643 billion of revenue for the
year ended December 31, 2008.

The revenue decrease was primarily due to the decline in the
average selling price of the Company's wafers, although there was
significant growth in the Company's wafer sales volume and
processing volume.

"Although the demand in our wafers has grown significantly since
the second quarter of 2009 and our wafer sales volume increased by
261.8 MW, or 41.2%, from 636.3 MW during the year ended
December 31, 2008, to 898.1 MW during the year ended December 31,
2009, the increase in sales volume was offset by the decrease in
average selling price of our wafers by 55.3% from US$2.35 per watt
during the year ended December 31, 2008, to US$1.05 per watt
during the year ended December 31, 2009.

"For the year ended December 31, 2009, our net loss after taxes
before non-controlling interests was US$234.0 million, compared to
a net income of US$66.4 million for the year ended December 31,
2008. This decrease was primarily due to the decrease in gross
profit as a result of significant declines in the price of our PV
products."

The Company's balance sheet at December 31, 2009, showed
US$4.384 billion in assets, US$3.507 billion of liabilities, and
US$876.9 million of stockholders' equity.

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

               http://researcharchives.com/t/s?65de

"At December 31, 2009, the Company had a working capital deficit
of US$833.6 million and an accumulated deficit of US$32.8 million.
During the year ended December 31, 2009, we incurred a net loss of
US$234.2 million [attributable to LDK Solar Co., Ltd.
shareholders].  As of December 31, 2009, we had cash and cash
equivalents of US$384.8 million, most of which are held by
subsidiaries in China.  Most of our short-term bank borrowings and
current installments of our long-term debt totaling US$978.6
million are the obligations of these subsidiaries.  We may also be
required by the holders of our convertible senior notes to
repurchase all or a portion of such convertible senior notes with
an aggregate principal amount of US$400.0 million on April 15,
2011.  These factors initially raised substantial doubt as to our
ability to continue as a going concern.  We are in need of
additional funding to sustain our business as a going concern, and
we have formulated a plan to address our liquidity problem."

"However, we cannot assure you that we will successfully execute
our liquidity plan.  If we do not successfully execute such plan,
we may have substantial doubt as to our ability to continue as a
going concern."

                         About LDK Solar

LDK Solar Co., Ltd. (NYSE: LDK) -- http://www.ldksolar.com/-- is
a leading vertically integrated manufacturer of photovoltaic (PV)
products and the world's largest producer of multicrystalline
wafers.  LDK Solar manufactures polysilicon, mono and
multicrystalline ingots, wafers, modules, and engages in project
development activities in selected segments of the PV market.  LDK
Solar's headquarters and manufacturing facilities are located in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the
People's Republic of China.  LDK Solar's office in the United
States is located in Sunnyvale, California.


LDK SOLAR: Inks Module Supply Contract With Gestamp Solar
---------------------------------------------------------
LDK Solar Co., Ltd., LDK Solar Co., Ltd., has signed a contract to
supply solar modules to Spain-based Gestamp Asetym Solar, S.L., a
subsidiary of Gestamp Corporation.  Under terms of the agreement,
LDK Solar will deliver 15.8 megawatts (MW) of solar modules to
Gestamp Solar during the third quarter.

"We are very pleased to commence a relationship with Gestamp
Solar, a leader in the development of PV projects," stated
Xiaofeng Peng, Chairman and CEO of LDK Solar.  "As demonstrated by
this contract, we continue to experience solid demand for our
modules.  We hope to continue to expand our relationship with
Gestamp Solar and partner on future projects."

                       About Gestamp Solar

Gestamp Solar -- http://www.gestampren.com/-- is one of the
reference companies in the solar business, vertically integrating
all the processes needed in facilities both photovoltaic and solar
thermal: development, design and manufacture of components,
construction, operation and maintenance.

The company, with presence in Spain, Italy, USA, India, France and
South Africa, has built two of the ten largest photovoltaic plants
in the world located in Murcia, Spain.  Currently, it manages a
total of 85 Mwp.

                         About LDK Solar

LDK Solar Co., Ltd. (NYSE: LDK) ? http://www.ldksolar.com/? is a
leading vertically integrated manufacturer of photovoltaic (PV)
products and the world's largest producer of multicrystalline
wafers.  LDK Solar manufactures polysilicon, mono and
multicrystalline ingots, wafers, modules, and engages in project
development activities in selected segments of the PV market.  LDK
Solar's headquarters and manufacturing facilities are located in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the
People's Republic of China.  LDK Solar's office in the United
States is located in Sunnyvale, California.

The Company's balance sheet at December 31, 2009, showed
US$4.384 billion in assets, US$3.507 billion of liabilities, and
US$876.9 million of stockholders' equity.


VENETIAN MACAU: Bank Debt Trades at 3% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co. LLC is a borrower traded in the secondary market at
96.93 cents-on-the-dollar during the week ended Friday, July 2,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
0.93 percentage points from the previous week, The Journal
relates.  The Company pays 550 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 25, 2011, and
carries Moody's B3 rating and Standard & Poor's B- rating.

Meanwhile, participations in a syndicated loan under which Las
Vegas Sands Corp. is a borrower traded in the secondary market at
87.97 cents-on-the-dollar during the week ended Friday, July 2,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
1.28 percentage points from the previous week, The Journal
relates.  The Company pays 175 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 1, 2014, and
carries Moody's B3 rating and Standard & Poor's B- rating.

The debt are two of the biggest gainers and losers among 191
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

Venetian Macau US Finance Co., LLC (also known as VML US Finance
LLC), and Venetian Macau Limited are wholly owned subsidiaries of
Las Vegas Sands.  Venetian Macau Limited owns the Sands Macau in
the People's Republic of China Special Administrative Region of
Macau and is also developing additional casino hotel resort
properties in Macau.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.


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


ADWIN INDUSTRIES: Members and Creditors' Meetings Set for July 13
-----------------------------------------------------------------
Members and creditors of Adwin Industries Limited will hold their
annual meetings on July 13, 2010, at 9:00 a.m., and 9:30 a.m.,
respectively at 29/F, Caroline Centre, Lee Gardens Two, 28 Yun
Ping Road, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


AOK LIMITED: Creditors' Proofs of Debt Due July 19
--------------------------------------------------
Creditors of AOK Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 19,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 22, 2010.

The company's liquidator is:

         Ng Chun Yin
         Flat ., Block 10
         Villa Esplanada
         Phase 3, 8 Nga Ying Chau Street
         Tsing Yi, New Territories


ASEAN AND INTERCONTINENTAL: Creditors' Proofs of Debt Due July 22
-----------------------------------------------------------------
Creditors of Asean and Intercontinental Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 22, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 22, 2010.

The company's liquidator is:

         Chan Chiu Ying
         Room 1212, Bank Centre
         636 Nathan Road, Mongkok
         Hong Kong


FORTUNE ALPHA: Creditors' Proofs of Debt Due July 20
----------------------------------------------------
Creditors of Fortune Alpha Engineering Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by July 20, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 22, 2010.

The company's liquidator is:

         Leung Siu Yin
         Rm. 1501, 15/F., Wanchai Com'l Centre
         194-204 Johnston Rd
         Hong Kong


KANMAX ENTERPRISES: Creditors' Proofs of Debt Due July 23
---------------------------------------------------------
Creditors of Kanmax Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 23, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 21, 2010.

The company's liquidator is:

         Fan Chung Shan-Yu
         No. 3, 170 Lane
         Tong Huah Street
         Taipei, Taiwan


LANDWIDE LIMITED: Members' and Creditors Meetings Set for July 13
-----------------------------------------------------------------
Members and creditors of Landwide Limited will hold their annual
meetings on July 13, 2010, at 10:00 a.m., and 10:30 a.m.,
respectively at 29/F, Caroline Centre, Lee Gardens Two, 28 Yun
Ping Road, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LANDWIDE TEXTILES: Members' and Creditors Meetings Set for July 13
------------------------------------------------------------------
Members and creditors of Landwide Textiles Limited will hold their
annual meetings on July 13, 2010, at 11:00 a.m., and 11:30 a.m.,
respectively at 29/F, Caroline Centre, Lee Gardens Two, 28 Yun
Ping Road, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


M & T INTERNATIONAL: Creditors' Meeting Set for July 9
------------------------------------------------------
Creditors of M & T International Limited will hold their meeting
on July 9, 2010, at 2:30 p.m., for the purposes provided for in
Sections 199(1)(f) of the Companies Ordinance.

The meeting will be held at Room 2010, 20/F., Nan Fung Tower, 173
Des Voeux Road Central, in Hong Kong.


MONTGOMERY WATSON: Creditors' Proofs of Debt Due July 23
--------------------------------------------------------
Montgomery Watson Asia Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 23, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 21, 2010.

The company's liquidators are:

         John Robert Lees
         Mat Ng
         c/o John Lees & Associates Limited
         20/F., Henley Building
         5 Queen's Road
         Central, Hong Kong


ON YUEN: Creditors and Contributories Meetings Set for July 12
--------------------------------------------------------------
Creditors and Contributories of On Yuen Development Limited will
hold their annual meetings on July 12, 2010, at 10:00 a.m., at the
office of Ferrier Hodgson Limited, 14/F, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

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


SELBO INDUSTRIES: Creditors' Proofs of Debt Due July 16
-------------------------------------------------------
Creditors of Selbo Industries 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's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/Flr.
         Nan Fung Tower
         173 Des Voeux Road Central
         Hong Kong


SILKMATE INDUSTRIES: Creditors' Proofs of Debt Due July 16
----------------------------------------------------------
Creditors of Silkmate Industries 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's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/Flr.
         Nan Fung Tower
         173 Des Voeux Road Central
         Hong Kong


SINO STATE: Creditors Meetings Set for July 21
----------------------------------------------
Creditors of Sino State Development Limited will hold their
meeting on July 21, 2010, at 11:00 a.m., at 5th Floor, Jardine
House, 1 Connaught Place, Central, in Hong Kong.


SQUARE FUND: Creditors' Proofs of Debt Due July 16
--------------------------------------------------
Creditors of Square Fund Industrial 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's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/Flr.
         Nan Fung Tower
         173 Des Voeux Road Central
         Hong Kong


VICTORY KNITTING: Members' and Creditors Meetings Set for July 13
-----------------------------------------------------------------
Members and creditors of Victory Knitting Factory Limited will
hold their annual meetings on July 13, 2010, at 12:00 p.m., and
12:30 p.m., respectively at 29/F, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


AASHIANA ROLLING: CRISIL Reaffirms 'BB+' Rating on Term Loan
------------------------------------------------------------
CRISIL's rating on Aashiana Rolling Mills Ltd's bank facilities
continues to reflect ARML's exposure to risks relating to small
scale of, and lack of backward integration in, operations, and
intense competition in the thermo-mechanically-treated (TMT) steel
bar industry.  These weaknesses are partially offset by ARML's
moderate financial risk profile marked by comfortable gearing
levels and healthy debt protection metrics, efficient working
capital management, and promoters' experience in the steel long-
products industry.

   Facilities                           Ratings
   ----------                           -------
   INR125.0 Million Cash Credit Limit   BB+/Positive (Reaffirmed)
   INR110.0 Million Term Loan           BB+/Positive (Reaffirmed)

Outlook: Positive

CRISIL believes that the continuation of the healthy operating
performance achieved by ARML in the first two years of operations,
in terms of revenues and profitability, will have a favorable
impact on ARML's business and financial risk profiles over the
medium term.  CRISIL also expects ARML to continue managing its
working capital requirements efficiently.  The ratings may be
upgraded if ARML continues to maintain a healthy operating
performance over the near term and maintains its moderate
financial risk profile.  Conversely, the outlook may be revised to
'Stable' if the company's operating performance or working capital
management deteriorates significantly, or it undertakes any large
debt funded capital expenditure (capex) programme.

Update

ARML is estimated to register a healthy sales growth of 56% year-
on-year for 2009-10 (refers to financial year, April 1 to
March 31) with an operating income of INR1.92 billion, driven by
ramp up in operations for the consecutive second year.  However,
the company's operating margin declined to about 4.2 per cent in
2009-10, from 5.4% in 2008-09, and was lower than CRISIL's
expectation.  The company continues to maintain its moderate
financial risk profile, with a comfortable gearing level. It plans
to integrate backward by setting up an induction furnace involving
capex of INR500 million.  However, these plans are in a
preliminary stage and have not been factored into the rating. Any
large debt funding for the same may lead to significant
deterioration in the company's financial risk profile.

ARML is estimated to report a profit after tax (PAT) of INR36.5
million on net sales of INR1922 million for 2009-10, as against a
PAT of INR32.5 million on net sales of INR1226 million for
2008-09.

                       About Aashiana Rolling

Incorporated in 2004 by Mr. D K Goyal and Mr. Pradeep Kumar Garg,
ARML manufactures TMT bars and steel structural elements in
Ahmedabad (Gujarat).  ARML commenced commercial operations in
February 2008; it has one manufacturing facility with a capacity
of 80,000 tonnes per annum (tpa) for TMT bars, and 12,000 tpa for
structural steel products.  The company sells its entire
production under the Kamdhenu brand, under an agreement with
Kamdhenu Ispat Ltd. Its promoters have been in the steel rolling
industry since 1997 through group companies Friends Ispat Udyog
Pvt Ltd (Friends Ispat) and Darpan Ispat Ltd (Darpan Ispat). TMT
bars produced by Darpan Ispat and Friends Ispat are sold under the
Friends brand.


ALLIANCE MINERALS: Fitch Assigns 'B-' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India-based Alliance Minerals Private
Limited a National Long-term rating of 'B-(ind)' with a Stable
Outlook.  The agency has simultaneously assigned ratings to AMPL's
bank loans:

  -- INR279 million term loan: 'B-(ind)';
  -- INR157.5 million fund-based limits: 'B-(ind)'/'F4(ind)'; and
  -- INR5 million non-fund based limits: 'F4(ind)'.

The ratings are underpinned by AMPL's limited track record in the
granite business, having commenced operations in February 2008.
The ratings are constrained by AMPL's low scale of operations in
India's fragmented, intensely competitive granite processing
industry, which continues to pressurize its operational
profitability.  AMPL being 100% export oriented unit with over 90%
of sales being exports, the business was adversely impacted by the
global economic slowdown during FY09 and FY10 and is exposed to
any unfavorable movements in exchange rates in terms of added
pressure on revenues and profits.  Also, AMPL's granite quarries
fulfill only 20% of its normal requirements and the company has to
depend upon other quarry owners for granite supplies.  AMPL's debt
levels are high with a provisional debt/EBITDA of 19.4x as of
March 31, 2010.  While there have been delays in the debt service
in the past, the company has clarified that unlike before, it has
now corrected the same and has provided an assurance that going
forward, there will not be any delays.

The ratings are supported by an extensive experience of AMPL's
promoters in mining and minerals business with a strong track
record through group companies.  Also, the promoters have provided
financial support to AMPL in the past through unsecured loans.

Positive ratings trigger include a significant ramp up in AMPL's
revenues and profitability, which would improve its net
debt/EBITDA to below 6.0x.  Any delay in its debt service would be
a negative rating trigger.

AMPL, incorporated in 1998, is a Chennai-based company and is
involved in the processing and exporting of granite slabs.  During
FY09, the company's revenues were INR211.8 million and EBIDTA was
negative INR17.2 million (EBITDA margins: -8.1%), while during
FY10 (provisional results), AMPL reported revenues of
INR360.5 million and EBITDA of INR33.1 million (EBITDA margins:
9%).


ALTIUS MANAGEMENT: ICRA Assigns 'LBB' Rating on Long-Term Loans
---------------------------------------------------------------
ICRA has assigned an "LBB" rating to the long term sanctioned bank
limits of Altius Management Advisors Private Limited.  The outlook
of the assigned rating is stable.

AMAPL owns a strata portfolio of 197,039 sq. ft. of office space
in the International Technology Park, Bangalore which has been
leased out to corporates like  Aegis BPO Services, Infineon
Technologies, IPSoft, First  American Corporation, Paprikaas
Interactive, ECI Telecom, and Tieto Telecom. The portfolio of
AMAPL in ITPB is spread over seven strata in three different
buildings.

The rating factors in the vantage location of the property owned
by the Company, availability of reliable infrastructure facilities
in ITPB which reflects in the strong profile of occupants in the
park, and the parentage of AMAPL in the form of TCG Urban
Infrastructure Holding Limited which has a geographically
diversified portfolio of 11 projects in 7 major Indian cities. The
rating is, however, constrained by the low cover available in the
near term to meet repayments of the rated term loan, and AMAPL's
exposure to future vacancy and renegotiation of rentals by the
existing lessees.

                      About Altius Management

Altius Management Advisors Pvt. Ltd. is a fully owned subsidiary
of TCG Urban Infrastructure Holding Limited, a Company of The
Chatterjee Group engaged in development, construction, leasing &
sale of commercial properties in India. The Chatterjee Group was
founded in 1986 by Dr. Purnendu Chatterjee and has investments in
petrochemicals, biotechnology, information technology services,
financial services, and real estate among other sectors.

In September 2005, AMAPL acquired a strata portfolio of 197,039
sq. ft. of office space in International Technology Park,
Bangalore from ICICI Bank Limited. Out of the total cost of
INR848.9 million incurred in acquiring the property, INR481.5
million was funded through debt from UCO Bank, and the remaining
portion was funded through unsecured loan from TCGUIH and security
deposits from then existing lessees.  In September 2007, AMAPL
further borrowed INR155.3 million from UCO Bank taking the total
outstanding debt at that time to INR549.1 million with repayment
in the form of EMIs extending till August 2016.

In FY 2009, AMAPL witnessed 73,330 in its office space getting
vacated following exit by two lessees and surrender of a portion
of its leased space by Aegis BPO Services.  Currently, the Company
has entered lease agreements for 39,779 sq. ft. of this space with
rentals starting from April and May 2010, AMAPL has also signed a
Letter of Intent for leasing out the remaining 33,500 sq. ft. of
space with rentals starting from July 2010.

TCG Urban Infrastructure Holdings Private Limited is a real estate
development and investment Company having presence in commercial
space with focus on IT Parks, lab space & other office space. Over
the past six years, TCGUIH has created a portfolio of 11 projects
and with presence in seven cities viz., Kolkata, Gurgaon, Mumbai,
Bangalore, Pune, Chennai, and Cochin.  TCGUIH had a net worth of
INR2,736.9 billion as on March 31, 2009.


AUTOMAG INDIA: CRISIL Cuts Rating on INR80MM Cash Credit to 'BB+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Automag India Pvt Ltd's
bank facilities to 'BB+/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                          Ratings
   ----------                          -------
   INR80.00 Million Cash Credit        BB+/Stable (Downgraded from
                                                   BBB-/Stable)

   INR40.90 Million Term Loan          BB+/Stable (Downgraded from
                                                   BBB-/Stable)

   INR15.00 Million Letter of Credit   P4+ (Downgraded from P3)
   INR2.50 Million Bank Guarantee      P4+ (Downgraded from P3)

The downgrade reflects decline in Automag's revenues and
profitability: the revenues declined significantly in 2009-10
(refers to financial year, April 1 to March 31), while its
operating margin has steadily declined over the past two years.
The downgrade also factors in CRISIL's belief that Automag's
financial risk profile, particularly liquidity, may deteriorate
because of its plans of investing in a joint venture with Kolec
Company Ltd, Japan.

CRISIL ratings reflect Automag's pressure on revenue and
profitability, exposure to customer and sectoral concentration
risk in revenue profile, susceptibility to volatility in raw
material prices and in the value of the Indian rupee, and large
working capital requirements.  These rating weaknesses are
partially offset by Automag's established market position in
automobile conveyor systems, backed by benefits derived from its
technical collaboration with Nakanishi Conveyor Company Ltd, Japan
(NKC), and moderate financial risk profile, marked by moderate
gearing and debt protection measures.

Outlook: Stable

CRISIL believes that Automag's topline and profitability will
remain under pressure over the medium term; its financial risk
profile however, is expected to remain moderate over the near
term.  The outlook may be revised to 'Positive' if increases in
scale of operations and operating profitability lead to more-than-
expected cash accruals for Automag.  Conversely, the outlook may
be revised to 'Negative' if continued pressure on topline and
profitability impact the company's business risk profile, or if
large debt-funded investments or working capital requirements
weaken its financial risk profile.

                        About Automag India

Automag, incorporated in 1997, acquired the business of a
proprietorship concern set up in 1985 by its promoter, Mr. Nitin
Bhave.  Automag manufactures, installs, and commissions conveyor
systems and material-handling equipment for the automobile
industry.  The company entered into a technical collaboration with
NKC in 1997. It receives all its orders from NKC's subsidiary NKC
Conveyor India Pvt Ltd.

Automag reported (provisional) a profit after tax (PAT) of INR5.4
million on an operating income of INR351.9 million for 2009-10
against a PAT of INR1.4 million on an operating income of INR504.3
million for 2008-09.


BESTO TRADELINK: CRISIL Lifts Rating on INR37.5MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its ratings on Besto Tradelink Pvt Ltd's long-
term bank facilities to 'B+/Stable' from' B/Stable', while
reaffirming the rating on its short term bank facilities to 'P4'.
The upgrade is driven by more-than-expected improvement in BTPL's
financial risk profile.  The company's debt protection metrics and
capital structure improved in 2009-10, mainly because of
improvement in internal accruals and unutilized working capital
limits.

   Facilities                               Ratings
   ----------                               -------
   INR37.5 Million Cash Credit (Enhanced    B+/Stable (Upgraded
                   from INR15.0 Million)    from B/Stable)

   INR22.5 Million Packing Credit           P4 (Reaffirmed)

The company's sales grew sharply by 142% in 2009-10 (refers to
financial year, April 1 to March 31), because it resumed trading
activity in bauxite that was stalled for nearly a year up to
February 2009.  CRISIL expects BTPL's bauxite trading division to
be future growth driver and it also has better risk mitigation
mechanism compared to agro-commodity trading.  Further, BTPL is in
talks with Vedanta Aluminium to enter into a bauxite supply
contract for two years.  CRISIL expects that the company's
business risk profile will stabilize with this contract and it
will be a key rating sensitivity factor for BTPL.

CRISIL's ratings on BTPL reflect BTPL's weak financial risk
profile, marked by small net worth.  These rating weaknesses are
partially offset by BTPL's adequate debtor and inventory risk
management practices in the bauxite trading business.

Outlook: Stable

CRISIL believes that BTPL's credit risk profile will continue to
be constrained by fluctuating and low profitability, and high
gearing.  The outlook may be revised to 'Positive' if the company
demonstrates steady improvement in revenues and stable
profitability backed by new orders from Vedanta.  Conversely, the
outlook may be revised to 'Negative' if BTPL's financial risk
profile weakens further on account substantial increase in working
capital borrowings.

                        About Besto Tradelink

Incorporated in 1997, BTPL trades in minerals, cotton bales and
various other commodities.  The company is promoted by Mr. Rakesh
Patel and his family.

BTPL reported a provisional profit after tax (PAT) of INR3.5
million on net sales of INR322 million for 2009-10 against a PAT
of INR0.4 million on net sales of INR132.6 million for 2008-09.


CONCEPT IMAGES: ICRA Assigns "LBB+" Rating on INR50MM LT Loans
--------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR50.0 million long
term fund based bank limits of Concept Images Private Limited.
The outlook on the rating is stable.  ICRA has also assigned an
"A4+" rating to the INR40.0 million short term fund based bank
limits and INR60.0 million short term non-fund based bank limits
of the company.

The ratings factor in the weak financial position of CIPL
characterized by volatility in revenues, low profit margins,
subdued return on capital employed, low level of coverage
indicators, and the high level of inventory that is required to
support the company's business model, thereby exposing
profitability to adverse movements in gold prices and exchange
rates.  In addition, the revenue is exposed to high client
concentration risk.  The ratings also take into account CIPL's
established client base that provides repeat business, the
positive demand outlook for gold jewellery, and the moderate
capital structure of the company.

Concept Images Private Limited was founded in June, 1988, under
the name M/s. Concept Construction Pvt. Ltd. as a company
involved in real estate and construction activities.  The company
entered the business of film production in 1995, and subsequently
changed its name to Concept Images Pvt. Ltd.  However, in 1998,
the firm exited both the film and construction industries, and
changed its focus to jewellery manufacturing.  CIPL manufactures
gold, diamond, alloy, and semi-precious stone jewellery and
articles, with gold items contributing to over 99% of revenues.
It specializes in the production of hand-made ornaments through
job work, and sells its products directly to institutional buyers
in India, the USA, the Middle East, and South East Asia.

During 2009-10 (provisional), CIPL recorded a profit after tax of
INR1.1 million on the back of an operating income of INR520.1
million.


CONTROL TEXTILE: CRISIL Assigns Default Ratings on Various Debts
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Control Textile Company
Ltd bank facilities.  The ratings reflect the delay by CTCL in
servicing its term loan; the delay has been caused by CTCL's weak
liquidity.

   Facilities                                  Ratings
   ----------                                  -------
   INR10.0 Million Export Packing Credit*      D (Assigned)
   INR26.5 Million Working Capital Term Loan   D (Assigned)
   INR66.0 Million Term Loan                   D (Assigned)
   INR10.0 Million Export Packing Credit       P5 (Assigned)
   INR5.0 Million Letter of Credit             P5 (Assigned)
   INR1.5 Million Bank Guarantee               P5 (Assigned)
   INR30.0 Million Foreign Bill Purchase^      P5 (Assigned)

   *Includes a sub limit of cash credit of INR10.0 million.

   ^Interchange ability up to INR15.0 million is permitted
    from Foreign Bill Purchase to Export Packing Credit.

CTCL has small scale of operations and a small net worth.
Moreover, CRISIL believes that CTCL's profitability will remain
susceptible to volatility in commodity prices and foreign exchange
rates over the medium term.

Set up in 1998, CTCL is an export-oriented unit and manufactures
terry towels.  The company's manufacturing unit, located in
Ghaziabad (Uttar Pradesh), has capacity of 100 tonnes per month
(tpm) and 70 tpm for its dyeing and weaving units respectively.
CTCL exports terry towels to the US, Europe and Dubai. CTCL is
managed by Mr. Raviraj Baijal and his wife Mrs. Preeti Baijal.

CTCL reported a net loss of INR59.9 million on net sales of
INR86.0 million for 2008-09 (refers to financial year, April 1 to
March 31), against a PAT of INR1.7 million on net sales of
INR113.0 million for 2007-08.


JAI KRISHNA: CRISIL Puts 'B+' Rating on INR65 Million Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Jai Krishna Roller Flour Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR65.0 Million Cash Credit      B+/Stable (Assigned)
   INR65.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect JKFM's moderate financial risk profile, marked
by a modest net worth and debt protection indicators, and exposure
to risks related to susceptibility of profitability margins to
fluctuations in raw material prices.  These rating weaknesses are
partially offset by the benefits that JKFM derives from the
promoter's experience in the flour mill industry and strong
customer profile.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Poonam Roller Flour Mills Pvt Ltd, Jai
Krishna Roller Flour Mills Pvt Ltd, F&K Agro Pvt Ltd, and Radha
Krishna Flour Milling Corp, collectively referred to as the Jai
Krishna group.  This is because the four companies have common
promoters and management, are in the same line of business, and
have fungible funds.

Outlook: Stable

CRISIL believes that the JKG will maintain its credit profile over
the medium term, on the back of steady demand from its established
customers.  The outlook may be revised to 'Positive' if JKG is
able to increase its scale of operations substantially, thereby
achieving better-than-expected profitability and net cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
the group's debt protection indicators deteriorate or in case of
significant decline in revenues and operating profits.

                         About Jai Krishna

The Jai Krishna group constitutes four group companies, Poonam
Roller Flour Mills Pvt Ltd, Jai Krishna Roller Flour Mills Pvt
Ltd, F&K Agro Pvt Ltd and Radha Krishna Flour Milling Corp. The
group is promoted and managed by Mr. Haresh Lalwani and his son
Mr. Ghanshyam Lalwani.  The companies manufacture wheat-based
products, such as Maida, Semolina (sooji), Tandoori Atta, Chakki
Atta, and Cattle Feed.  The group has a combined capacity of 680
tonnes per day (tpd).  Its major customers include Parle Products
Pvt Ltd, Britannia Industries, and Cargill India Pvt Ltd. It sells
its products under 'Nataraj' brand.  It has also started retailing
of Chakki Atta under 'Raja' brand and has opened three retail
outlets in Mumbai.

The Jai Krishna Roller Flour Mills Private Limited reported a
profit after tax (PAT) of INR2.8 million on net sales of INR399.7
million for 2008-09 (refers to financial year, April 1 to
March 31), against a PAT of INR1.8 million on net sales of INR510
million for 2007-08.


KRANTHI CONSTRUCTIONS: CARE Rates INR116cr LT Loans at 'CARE BB+'
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Kranthi Constructions.

                                 Amount
   Facilities                  (INR crore)     Ratings
   ----------                   ----------     -------
   Long-term Bank Facilities        116        'CARE BB+'

Rating Rationale

The rating takes into account the small size of Kranthi, strained
liquidity position due to delay in receipt of payment from the
State Government, drop in total income in FY09 due to stoppage of
work and slow progress of irrigation projects in the state of
Andhra Pradesh.  The rating is however underpinned by experience
of the partners, long track record of the firm, healthy order book
position and the growth prospects of the construction industry.
The ability of the firm to successfully execute the existing large
orders without any deterioration in the financial risk profile and
diversify the business into various regions and sectors of the
construction industry are the key rating sensitivities.

Kranthi Constructions is a partnership firm promoted by Mr. M
Pratap Reddy and is into the construction business for the past 30
years.  Kranthi is predominantly into irrigation projects and has
executed contract works of various dams, lift irrigation
projects, canals, aqueducts etc.  Kranthi is Class I contractor
for both Andhra Pradesh and Karnataka government state irrigation
projects.  The firm has entered into JV with some of the
construction companies viz, SEW Constructions, Gammon, AKR
Constructions and PLR Constructions for various contracts in the
past.  The order book position of Kranthi was comfortable at
INR1,168 cr as on December 31, 2010. On a total income of INR54
cr, Kranthi earned a PAT of INR1.96 cr in FY09.  The debt to
equity ratio is at a comfortable level at 0.54x as on March 31,
2009. However, the liquidity position was strained with working
capital limits almost fully utilized due to the high average
debtors days.  This was due to delay in receipt of payments from
the state government funded projects. As on December 31, 2009, the
firm has achieved total income of INR55 cr for a period of nine
months.


NOMAX ELECTRICAL: CRISIL Puts 'B+' Rating on INR110MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' rating to Nomax Electrical
Steel Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR110 Million Cash Credit        B+/Stable (Assigned)
   INR60 Million Bills Discounting#  B+/Stable (Assigned)
   INR30 Million Term Loan           B+/Stable (Assigned)
   INR120 Million Letter of Credit   P4 (Assigned)

   #Interchangeable with cash credit

The rating reflects NESL's exposure to risks related to intense
competition and revenue dependence on transmission and
distribution (T&D) activity of state electricity boards (SEBs) and
its below-average financial risk profile characterized by weak
capital structure and modest debt protection measures. These
rating weaknesses are partially offset by NESL's established
market position in transformer cores segment aided by extensive
experience of promoters.

Outlook: Stable

CRISIL believes that NESL will continue to benefit from its
established market position, and healthy growth potential in the
power sector.  However, the ratings are likely to remain
constrained by the company's below-average financial risk profile.
The outlook may be revised to 'Positive' in case of increase in
its scale of operations and profitability.  Conversely, the
outlook could be revised to 'Negative' if the company undertakes a
large, substantially debt-funded capex programme, or in case of a
steep decline in its revenues and deterioration in its
profitability.

                       About Nomax Electrical

NESL was set up as a partnership firm in 1986 named Eastern
Electricals, and was rechristened as Nomax Electrical Steel
Private Limited in April 2007.  NESL is engaged in the business of
processing of transformer cores, such as, wound and tordial cores;
cold rolled grain oriented (CRGO) strips slit coils, and stacked
cores which are used in the manufacture of distribution and power
transformers.  The promoter directors of the company Mr. Moinuddin
Mondal and Mr. Nasiruddin Mondal have been in this line of
business since 1981.

NESL reported a profit after tax (PAT) of INR11.62 million on net
sales of INR332 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR12.10 million on net
sales of INR262.20 million for 2007-08.


PASWARA CHEMICALS: ICRA Puts 'LBB' Rating on INR71.8MM Term Loans
-----------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR71.8 million term
loans and the INR70 million Fund based limits of Paswara Chemicals
Limited.  The outlook on the long-term rating is stable.

In arriving at the rating, 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 rating for PCL is constrained by the
moderately high financial risk profile of the company
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 and the
vulnerability of profitability to fluctuation in crude oil prices.
The rating, however, factors in the long experience of the
promoters and established presence of the company in Industrial
Burning Oils and Industrial Solvents; moderate concentration risk
on account of diversified customer base and favorable domestic
demand growth prospects for Industrial Solvents.

                      About Paswara Chemicals

Paswara Chemicals Ltd was initially incorporated under the name
Paswara Petrochemicals Limited in 1997 for manufacturing of
Industrial Solvents and Organic composite chemicals.  In 2003, a
new company with the name Paswara Chemicals Ltd was formed.
Paswara Petrochemicals Ltd was closed down with PCL taking over
all assets of Paswara Petrochemicals Ltd.  During 2007, the
company installed new plants of industrial solvents and refining
of mixed fuel oil and waste oils and dismantled the old plant due
to certain defects.  Plants to manufacture Glycerine and Edible
Oils were installed in 2008-09 and 2009-10 respectively.  At
present, the total capacity of all products combines up to 438000
MT per annum.

During 2009-10, as per provisional unaudited financials, PCL has
reported profit after tax of INR 32.5 million on an operating
income of INR 669.3 million; while the company reported a loss
after tax of INR 3.1 million on an operating income of INR 369.4
million during 2008-09.


PASWARA IMPEX: ICRA Puts 'LBB' Rating on INR28 Million Term Loans
-----------------------------------------------------------------
ICRA has assigned an "LBB" rating, to the INR28 million term loans
and the INR20 million Fund based limits of Paswara Impex Limited.
The outlook on the long-term rating is stable.

In arriving at the rating, 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 rating of PIL is constrained by the
moderately high financial risk profile of the company
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; the
exposure of the company to commodity price risk and foreign
exchange fluctuation.  The rating, however factors in long
experience of the promoters in Industrial Burning Oils and
Industrial Solvents; moderate concentration risk on account of
diversified customer base; favorable domestic demand growth
prospects for Industrial Solvents.

                        About Paswara Impex

PIL was incorporated in 2003 for trading of petrochemicals and
chemicals.  Till 2008-09, the company was involved in trading of
chemicals such as crude mineral oil, rubber process oil etc.
Since 2009-10, the company has also started production at its
petrochemicals plant in addition to being involved in trading.
The company currently produces burner oil and thinner and trades
in chemicals such as Thinner, Bitumen cutback, mixed solvents etc.

During 2009-10, as per provisional unaudited financials, PIL has
reported profit after tax of INR 7.2 million on an operating
income of INR 178.3 million; while the company reported a profit
after tax of INR 0.8 million on an operating income of INR 62.1
million during 2008-09.


PASWARA PAPERS: ICRA Assigns 'LBB' Rating on INR31.4MM Term Loans
-----------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR31.4 million term
loans and the INR70 million fund based limits of Paswara Papers
Limited.  The outlook on the long-term rating is stable.

In arriving at the rating, 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 rating of PPL is constrained by the
moderately high financial risk profile of the company
characterized by low return indicators, high gearing levels and
low coverage indicators; stretched liquidity position as reflected
in the high working capital utilization levels; low capacity
utilization for Paper Board in the last few years on account of
weak demand and expanded capacity base.  The rating, however
factors in long experience of the promoters and established
presence of the company in the paper business and favorable demand
growth prospects for the industry in line with the recovery in the
economic situation.

                        About Paswara Papers

PPL was incorporated in November, 1980 and has been operating in
the business of producing paper since then.  It is a part of the
Paswara Group of companies, which also includes Paswara Chemicals
Ltd., Paswara Impex Ltd. and Modern Chemicals.  The company's
current product portfolio includes two products i.e. Kraft paper
and Paper board.  The company has two manufacturing lines: one
each for Kraft paper and Paper board with installed capacity
levels of 14000MT and 16000MT per annum respectively at its
manufacturing facility located in Meerut.  The Kraft paper
manufactured by the company is used in the packaging industry for
making corrugated boxes while paper boards find application for
creating cones that are used for rolling purposes in cloth shops
etc.  The company manufactures the pulp used Kraft paper and Paper
board from both waste paper and agricultural residues (bagasse and
wheat straw), with waste paper being the major component of its
raw material mix.

During 2009-10, as per provisional unaudited financials, PPL has
reported profit after tax of INR1.4 million on an operating income
of INR412.5 million; while the company reported a profit after tax
of INR 1.0 million on an operating income of INR385.2 million
during 2008-09.


POONAM ROLLER: CRISIL Assigns 'B+' Rating on INR60.0MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Poonam Roller Flour Mills Pvt Ltd (PRFM; part of the
Jai Krishna group).

   Facilities                        Ratings
   ----------                        -------
   INR60.0 Million Cash Credit       B+/Stable (Assigned)
   INR75.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect PRFM's moderate financial risk profile, marked
by a modest net worth and debt protection indicators, and exposure
to risks related to susceptibility of profitability margins to
fluctuations in raw material prices.  These rating weaknesses are
partially offset by the benefits that PRFM derives from the
promoter's experience in the flour mill industry and strong
customer profile.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Poonam Roller Flour Mills Pvt Ltd, Jai
Krishna Roller Flour Mills Pvt Ltd, F&K Agro Pvt Ltd, and Radha
Krishna Flour Milling Corp, collectively referred to as the Jai
Krishna group. This is because the four companies have common
promoters and management, are in the same line of business, and
have fungible funds.

Outlook: Stable

CRISIL believes that the JKG will maintain its credit profile over
the medium term, on the back of steady demand from its established
customers.  The outlook may be revised to 'Positive' if the Jai
Krishna group is able to increase its scale of operations
substantially, and achieves better-than-expected profitability and
net cash accruals.  Conversely, the outlook may be revised to
'Negative' if the group's debt protection indicators deteriorate
or in case of significant decline in revenues and operating
profits.

                          About the Group

The Jai Krishna group constitutes four group companies, Poonam
Roller Flour Mills Pvt Ltd, Jai Krishna Roller Flour Mills Pvt
Ltd, F&K Agro Pvt Ltd and Radha Krishna Flour Milling Corp. The
group is promoted and managed by Mr. Haresh Lalwani and his son
Mr. Ghanshyam Lalwani.  The companies manufacture wheat-based
products, such as Maida, Semolina (sooji), Tandoori Atta, Chakki
Atta, and Cattle Feed.  The group has a combined capacity of 680
tonnes per day (tpd).  Its major customers include Parle Products
Pvt Ltd, Britannia Industries, and Cargill India Pvt Ltd. It sells
its products under 'Nataraj' brand.  It has also started retailing
of Chakki Atta under 'Raja' brand and has opened three retail
outlets in Mumbai.

The Poonam Roller Flour Mills Pvt Ltd reported a profit after tax
(PAT) of INR5.8 million on net sales of INR512.9 million for 2008-
09 (refers to financial year, April 1 to March 31), against a PAT
of INR0.61 million on net sales of INR190.1 million for 2007-08.


RAUNAQ ICE: CRISIL Reaffirms 'B-' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's ratings on Raunaq Ice and Cold Storage's bank facilities
continue to reflect RICS's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics,
exposure to intense competition and risks inherent in the seafood
exports industry, volatility in raw material prices, and in the
value of the Indian rupee.  These rating weaknesses are partially
offset by RICS's promoters' experience in the seafood exports
industry.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Limit      B-/Stable (Reaffirmed)
   INR20.0 Million Proposed Long-Term     B-/Stable (Reaffirmed)
                   Bank Loan Facility
   INR60.0 Million Foreign Bill Purchase  P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RICS will continue to benefit from its
established relationships with suppliers and customers over the
medium term.  However, the firm's debt protection metrics are
expected to remain weak over the medium term due to low
profitability.  The outlook may be revised to 'Positive' if the
firm's operating margin improves, resulting in large cash
accruals, thereby significantly improving its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the firm's liquidity profile deteriorates because of its large
working capital requirements, or its margins decline sharply,
resulting in a weaker financial risk profile.

                         About Raunaq Ice

RICS was set up in 1995 by Mr.Naranbahi Khetalpar as a partnership
firm and is based in Gujarat.  The firm is an exporter of seafood
such as squid, cuttlefish, ribbon-fish, croakers, and shrimps.
RICS exports seafood mainly to the US, Europe, Middle East and
China. The firm has one facility at Mangrol (Gujarat), with
capacity of 35 tonnes per day (tpd) for processing of seafood.
Furthermore, the firm has an 800-tpd cold storage facility for
preserving processed seafood.

RICS, on a provisional basis, reported a profit after tax (PAT) of
INR0.8 million on net sales of INR341 million for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR0.02
million on net sales of INR288 million for 2008-09.


RRB ENERGY: CARE Assigns 'CARE BB-' Ratings on Various Bank Debts
-----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'PR4' rating to the bank facilities of
RRB Energy Limited.

                                 Amount
   Facilities                  (INR crore)     Ratings
   ----------                   ----------     -------
   Long-term/Short-term           150.00       'CARE BB-'
        Bank Facilities
   Long-term/Short-term            225.00      'CARE BB-/PR4'
        Bank Facilities

Rating Rationale

The ratings are constrained due to declining trend in net sales
and profitability over the last three years and particularly
during FY09 leading to cash losses during FY09, stretched
liquidity position with few instances of devolvement of LCs during
FY09 and high overall gearing.

However, the ratings are supported by the long track record of the
promoters and investment by CPI Ballpark Investments (subsidiary
of Merill Lynch) in the form of Compulsory Convertible Debentures
(CCDs) in FY08.  Going forward, successful implementation of
indigenized technology, demand offtake of 1.8-MW Wind Electric
Generators (WEGs) and improving profitability and capital
structure of RRB would be the key rating sensitivities.

                         About RRB Energy

Incorporated in 1987, RRB Energy Limited (formerly Vestas RRB
India Limited) was set up as a Joint Venture Company between
Vestas Wind Systems A/S, Denmark (VWS) and Mr. Rakesh Bakshi with
an objective of manufacturing, installing, operating and
maintaining Wind Electric Generators (WEGs) to harness the Wind
Energy. The joint venture came to an end w.e.f. May 12, 2006 under
a Separation Deed.  As per the Separation Deed, RRB can
manufacture WEGs upto 600-KW capacity using the Vestas technology.

RRB manufactures WEGs with capacity of 225, 500 and 600 KW using
Vestas technology and as on September 30, 2009, RRB has installed
2,177 WEGs of around 899 MW at different locations in the states
of Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra,
Orissa, Rajasthan and Tamilnadu.

Going forward, RRB plans to gradually phase out WEGs of 225 KW,
500 KW and 600 KW and replace it with WEG of 1.8-MW capacity using
indigenized technology. On a total operational income of INR326
crore, RRB incurred a net loss of INR71 crore in FY09.  As per
provisional results for FY10, the company reported total operating
income of INR537 crore with PAT of INR5 crore.


SANGHAVI DIAMONDS: CARE Reaffirms 'CARE BB' Rating on LT Debts
--------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Sanghavi Diamonds Pvt Ltd.
                                 Amount
  Facilities                  (INR crore)    Ratings
  ----------                   ----------    -------
  Long-term Bank Facilities      9.00        'CARE BB' Reaffirmed

Rating Rationale

The rating continues to be constrained by SDPL's small size of
operations, stressed liquidity on account of elongated working
capital cycle and very low profitability margins.  The constraints
are further aggravated by significant corporate guarantees
extended to its foreign subsidiaries in relation to SDPL's net-
worth and geographical concentration risk.  The rating derives
strength from the promoters' experience in the gems and jewellery
industry, integrated operations of the group and demonstrated
financial support from the Parent ? Sanghavi Exports International
Private Limited (SEIPL) in the form of unsecured loans. Further,
ability to improve profitability, mitigate foreign currency risks
and timely recovery of receivables constitute the key rating
sensitivities. Company Profile

SDPL, a closely-held concern, was established on February 25, 1991
as a 100% subsidiary of SEIPL. Engaged in the business of trading
and processing of rough diamonds and exporting cut and polished
diamonds, SDPL is jointly managed by Mr. Kiritlal Sanghavi,
Mr. Rameshchandra Sanghavi and Mr. Chandrakant Sanghavi.  SDPL was
formed as a holding company with the group's main objective to
acquire complete control over its three overseas subsidiaries
namely Sanghavi Diamond Inc, Los Angeles (USA), Sanghavi Diamonds
Inc., New York (USA) and Sanghavi Fareast Pte. Ltd., Singapore.
The principal revenues of SDPL are generated from trading
activities (100% of the total income in FY09). Exports have been a
major (more than 85% in FY09) source of revenues for the company
and majority of the exports are to Hong Kong.

SDPL reported net sales of INR43.49 crore and PAT of INR0.20 crore
for FY09. Higher raw material cost impacted the profitability of
the company in FY09. Working capital cycle of SDPL was high at 78
days due to the inherent nature of the business which requires
maintenance of large inventory and provision of longer credit
period to the customer.  In 9MFY10, the company has achieved net
sales of INR17.15 crore and PAT of INR0.26 crore respectively.


SEQUENT SCIENTIFIC: CARE Assigns 'CARE BB+' Rating on LT Loans
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to bank facilities of
Sequent Scientific Limited
                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                   ----------    -------
   Long-term Bank Facilities      179.14*     'CARE BB+'
   Short-term Bank Facilities      30.00      'PR4'

   * including outstanding term loans

Rating Rationale

The ratings are constrained by liquidity mismatch faced by the
company due to delayed realization of receivables together with
increase in inventory holding level in order to meet the expected
order position. Further, the rating also factors in delays in debt
servicing in the past.

Nevertheless, the ratings derive strength from qualified and
experienced promoters, wide product portfolio in animal and human
healthcare, reputed clientele and diversified geographical
presence in and outside India. Further, the ratings also factor in
consistent growth in revenue over the last three years.

Ability of the company to successfully integrate operations on
merger with its group company and to complete the ongoing projects
on time without any cost-overruns as well as generate expected
sales and profitability are the key rating sensitivities.

Sequent Scientific Limited, previously known as PI Drugs &
Pharmaceuticals Limited, was acquired by Fraxis Life Sciences (P)
Ltd, a company promoted by Mr. Arun Kumar and Mr. K. R.
Ravishankar ? the promoters of Strides Acrolab Limited.  In order
to consolidate its business operations, PIDPL merged with its
group company erstwhile SeQuent Scientific Limited. In September
2009, the Bombay High Court approved merger with effect from April
1, 2008. Subsequently, the merged entity was again renamed as
'SeQuent Scientific Limited.'

SSL is engaged in manufacturing of pharmaceutical products and
speciality chemicals.  The company's product portfolio comprise
APIs and formulations for Animal health care segment, APIs for
Human health care segment, Advanced Drug Intermediaries (ADI human
health), and Speciality Chemicals.  As on December 31, 2009, SSL
had ten manufacturing facilities, nine located in India and one in
Vietnam.

The net sales of SSL (Pre-merger) registered a CAGR of 67.61%
between FY06 and FY09 driven by increase in sales volume of
existing products, repeat orders from existing clients and
addition of new clients.  SSL's PBILDT margin declined sharply in
FY08 on account of increase in input costs of key raw materials,
foreign exchange loss due to exchange fluctuation and
strengthening of the rupee resulting in lower realization.
However, the same improved marginally in FY09.  Long term debt
equity ratio and overall gearing ratio remained comfortable at
0.36x and 0.79x respectively, as on March 31, 2009 due to increase
in tangible networth on account of preferential issue of equity
shares, conversion of warrants and accretion to reserves.  Current
ratio declined to 1.07x as on March 31, 2009 from 1.70x as on
March 31, 2008 mainly due to increase in working capital
borrowings and current portion of long term loan.  For the nine
months period ended December 2009, net sales of SSL registered a
growth of 48.42% YoY to INR192.26crore as compared to 9MFY09.
PBILDT margin improved substantially to 25.39% in 9MFY10 on
account of lower raw material costs.  The y-o-y increase in PAT in
Q3FY10 by 197.07% to INR18.90cr was in line with increase in
PBILDT despite increase in interest and depreciation cost.


SIDDHI VINAYAK: CRISIL Puts 'B' Rating on INR10 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to Siddhi Vinayak
Industries Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         B/Stable (Assigned)
   INR10 Million Term Loan           B/Stable (Assigned)
   INR2.5 Million Bank Guarantee     P4 (Assigned)
   INR125 Million Letter of Credit   P4 (Assigned)

The ratings reflect SVIPL's below-average financial risk profile,
exposure to intense competition in the edible oil industry, and
vulnerability of profitability to fluctuations in crude palm oil
(CPO) and other edible oil prices.  These weaknesses are partially
offset by the company's moderate operating efficiency resulting
from its promoters' experience in the industry and a
geographically diversified revenue profile.

Outlook: Stable

CRISIL believes that SVIPL will maintain its moderate operating
efficiency over the medium term backed by its promoters'
experience in the industry and a geographically diversified
revenue profile.  The outlook may be revised to 'Positive' if the
company's financial risk profile improves substantially owing to
higher cash accruals and profitability.  Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates significantly or it contracts large debt to
fund unrelated diversifications.

                        About Siddhi Vinayak

Set up in 2002 by Mr. Naval Kishore Banka and family, SVIPL
commenced commercial operations in 2005.  It trades in edible oil,
primarily refined, bleached and deodorized (RBD) palmolein and
crude palm oil.  It imports the oil from Malaysia or Indonesia for
sale to brokers in Uttaranchal, Chhattisgarh, Bihar, Uttar
Pradesh, West Bengal, Madhya Pradesh and Delhi.

SVIPL posted a provisional net profit of INR0.9 million on
provisional operating income of INR292 million for 2009-10 (refers
to financial year, April 1 to March 31), as against a profit after
tax (PAT) of INR0.6 million on operating income of INR232 million
for 2008-09.


SMS SHIVNATH: CRISIL Rates INR2 Billion Long-Term Loan at 'B-'
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to SMS Shivnath
Infrastructure Ltd's term loan facility.  The rating factors in
the debt-funded support that SMSSIL has extended to group
companies, which may weaken its financial risk profile over the
medium term.

   Facilities                        Ratings
   ----------                        -------
   INR2.0 Billion Long-Term Loan     B-/Stable (Assigned)

This rating weakness is partially offset by the benefits that
SMSSIL derives from the commissioning of the Durg Bypass road
project, and from its proven track record in traffic management,
lending stability to revenues.

Outlook: Stable

CRISIL believes that SMSSIL will maintain stable revenues over the
medium term, given the steady and increasing traffic on the Durg
Bypass road.  The outlook may be revised to 'Positive' if there is
significant increase in traffic volumes, or if the expected
increase in gearing is lower than CRISIL's expectations.
Conversely, the outlook may be revised to 'Negative' if
substantial decline in SMSSIL's net cash accruals impact its debt
servicing ability, and if its financial risk profile deteriorates
considerably.

                         About SMS Shivnath

SMSSIL was set up as a special-purpose vehicle in 1997 to complete
the build-operate-transfer (BOT) road project, Durg Bypass, with
SMS Infrastructure Ltd as project sponsor.  Initially, SMSSIL was
wholly owned by SMS Infra, which is, in turn, owned by the
Sancheti family; however in September 2007, Infrastructure
Development Finance Company Ltd acquired a 48.4 per cent stake in
SMSSIL for an equity consideration of INR1210 million.  In 2010,
SMS Infra sold 25 per cent of its shares in SMSSIL to group
company, SMS Tolls and Developers Ltd.

The Durg Bypass, an 18.4-km-long, two-lane bypass around Durg
town, is on National Highway-6 (NH-6) connecting Surat to Kolkata.
SMSSIL has been awarded a concession period of 32.5 years
(inclusive of a construction period of 2.5 years) beginning
September 1998.

SMSSIL reported a profit after tax (PAT) of INR155 million on net
revenues of INR240 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR123 million on net
revenues of INR220 million for 2008-09.


SR CONSTRUCTIONS: CARE Puts 'CARE BB-' Rating on INR60cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of SR
Constructions.

                                 Amount
   Facilities                  (INR crore)     Ratings
   ----------                   ----------     -------
   Long-term Bank Facilities       60          'CARE BB-'

Rating Rationale

The rating takes into account the small size of the concern,
proprietorship nature of the concern, strained liquidity position
due to delay in receipt of payment from the state government,
higher dependence on group companies for projects and execution,
low asset base and slow progress of irrigation projects in the
state of Andhra Pradesh.  The rating also factors in experience of
the proprietor, support of Kranthi Constructions (a sister concern
of SRC), moderate order book position and the growth prospects of
the construction industry.  The ability of the concern to execute
the existing large orders on hand and diversify the business into
various regions and sectors of the construction industry are the
key rating sensitivities.

SR Constructions is a proprietorship concern promoted by Mr. M.
Suresh Kumar Reddy in 2004.  The proprietor of SRC is into the
construction industry for more than a decade.  SRC is a Hyderabad-
based construction concern and mainly into irrigation projects
executing under sub-contract system.  The order book position of
the concern was at INR462cr as on December 31, 2009.  On a total
income of INR5.88cr SRC earned PAT of INR0.93cr in FY09.  As on
December 31, 2009, the concern had recognized revenue of INR5cr
and the unrealized bills stood at around INR20cr.


SRI LAXMI: CARE Rates INR27.8cr Long-Term Bank Debt at 'CARE BB'
----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Sri Laxmi
Engineering Company.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   ----------      -------
   Long-term Bank Facilities       27.80        'CARE BB'

Rating Rationale

The rating takes into account the small size of SLEC, strained
liquidity position due to delay in receipt of payment from the
state government for the works undertaken, low profitability
margin, drop in total income in FY09 due to stoppage of work and
moderate order book position. The rating is, however, underpinned
by experience of the partners, the long track record of the firm
and the growth prospects of the construction industry. The ability
of the firm to bag new orders and improve its asset base without
straining the financial risk profile are the key rating
sensitivities.

Sri Laxmi Engineering Company is a partnership firm started in the
year 1991 by Mr. Sagar Rao, Mr.Rama Rao, Mr.Vishnu Prasad Rao,
Mr.Sree Ranga Rao and Mr.Srinath Rao.  SLEC is mainly into minor
irrigation projects and civil construction projects mostly under
sub-contract arrangement.  The firm has executed sub-contract
works of lift irrigation projects, canals etc.  The order book
position of the firm was at INR115 cr as on December 31, 2010.  On
a total income of INR29.54 cr, SLEC earned a PAT of INR0.81 cr in
FY09. As on December 31, 2009 the firm has achieved total revenue
of INR29 cr.


TREASURE WORLD: CARE Places 'CARE BB' Rating on INR76.8cr LT Loans
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' rating to the bank facilities of
Treasure World Construction Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)     Ratings
   ----------                   ----------     -------
   Long-term Bank Facilities      76.80        'CARE BB'
   Short-term Bank Facilities     25.00        'PR4'

Rating Rationale

The ratings are constrained by limited track record, customer
concentration risk, low profitability margin, highly leveraged
position, inability to pass on the increased material prices to
the developer and risk associated with the real estate projects.
The ratings also factor in the strong order book of TWCPL.
TWCPL's ability to execute the proposed projects in a timely
manner without any cost overrun is the key rating sensitivity.

TWCPL, based in Indore, is a wholly-owned subsidiary of Treasure
World Developers Private Limited and TWDPL is a wholly-owned
subsidiary of Entertainment World Developers Private Limited.
EWDPL along with TWDPL is developing various realty projects in
tier II cities through project specific SPVs and TWCPL is the
construction contractor for these projects.  As on March 31, 2010,
the company had about INR1,386 crore of order book.  During FY09,
net sales of the company were INR127 crore with PAT of INR4.59
crore.  During 9MFY10, it posted sales of INR135 crore and PAT of
INR4.23 crore.


YAMUNA ROLLER: CRISIL Reaffirms BB- Rating on INR150MM Cash Credit
------------------------------------------------------------------
CRISIL's rating on the cash credit facility of Yamuna Roller Mills
Pvt Ltd continues to reflect Yamuna's weak financial risk profile
marked by a low net worth and weak debt protection measures, its
small scale of operations, and exposure to risks relating to
fluctuations in the prices of raw materials.  These weaknesses are
partially offset by the benefits that Yamuna derives from its
promoters' industry experience, and its established distribution
network.

   Facilities                       Ratings
   ----------                       -------
   INR150 Million Cash Credit*      BB-/Stable (Reaffirmed)

   *Includes interchangeable non-fund letter of credit limit
    of INR75.00 million.

Outlook: Stable

CRISIL believes that Yamuna's financial risk profile will remain
weak over the medium term, driven by its low cash accruals.  The
outlook may be revised to 'Positive' in case of substantial
improvement in the company's financial risk profile.  Conversely,
the outlook may be revised to 'Negative' in case Yamuna undertakes
a large, debt-funded capital expenditure (capex) programme,
adversely impacting its financial risk profile.

Update

With a provisional operating income of INR1.15 billion for 2009-10
(refers to financial year, April 1 to March 31), which is in line
with CRISIL's expectation, Yamuna's scale of operations remains
small.  Also, the company's operating margin continues to be low,
in line with past levels.  However, its cash accruals have
improved marginally aided by better working capital management,
which led to lower bank limit utilization and hence lesser
interest cost. While the year-end gearing was lower at around 0.9
times, the company had a peak gearing of 1.2 times during 2009-10,
in line with CRISIL's expectation.  Yamuna is undertaking a small
capex programme of INR7.5 million, funded by debt of INR5 million,
which is not expected to materially impact its gearing. However,
the company's capital structure is expected to remain constrained
by its low net worth, estimated at about INR124 million as on
March 31, 2010.

Yamuna reported a provisional profit after tax (PAT) of INR16
million on net sales of INR1.15 billion for 2009-10, as against a
PAT of INR11 million on net sales of INR1.07 billion for 2008-09.

                        About Yamuna Roller

Set up in 1990, Yamuna is engaged in the manufacture of ground
wheat products such as atta, maida, and suji. The company has a
manufacturing plant at Thrissur (Kerala), with a processing
capacity of 60,000 tonnes per annum. It is also involved in
trading of agricultural commodities such as wheat and white oats.


YSR SPINNING: ICRA Reaffirms 'LBB' Rating on INR48.5MM Term Loans
-----------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating to the INR 48.5 million term
loans and the INR 80.0 million cash credit facilities of YSR
Spinning and Weaving Mills Private Limited.  The outlook on the
rating is stable.  ICRA has also reaffirmed the "A4" rating to the
INR19.5 million short term non-fund based facility of YSR.

                         Amount
                         outstanding as      Ratings      Previous
                         on Apr. 30, 2010    Outstanding  Ratings
  Facilities             INR million         May 2010     May 2009
  ----------             ----------------    -----------  --------
  INR55.1 mil. Term Loans     48.5           LBB (Stable)   LBB
  INR80.0 mil. FB limits      80.0           LBB (Stable)   LBB
  INR19.5 mil. FB limits      19.5           A4             A4


Credit Strengths

  * Long-standing experience of promoter in cotton ginning/
    trading activities.

  * Competitive advantage to spinning mills located in Guntur,
    due to their presence in a major cotton growing belt
    resulting in lower  logistic costs compared to mills located
    in Tamilnadu and other places.

Credit Concerns

  * Small scale of operations, restricting scale economies and
    financial flexibility.

  * Weak financial profile characterized by high gearing,
    stressed net margin and moderate debt service indicators.

  * Surplus capacities in a fragmented industry restricts pricing
    flexibility.

  * Exposure to volatility in cotton costs impacts operating
    Margin.

The ratings take note of the significant experience of promoters,
the location advantage of being situated in Guntur, the major
cotton growing belt of India, and improving demand outlook for
cotton yarn.  The ratings factor in the Company's small scale of
operations, its high gearing, weak profit margins, low debt
service indicators and susceptibility to volatility in cotton
prices.

YSR Spinning is a small sized player in the spinning industry with
a capacity of 23000 spindles, 1030 rotors, 8 weaving machines and
16 ginning machines. YSR produces cotton yarn which comprises
coarser and medium counts with medium counts, such as 44s and
40s, accounting for nearly 58% of sales.  The realization on
medium counts is lesser when compared to higher counts which
results in relatively lower profitability margins for the company.
Cotton prices have been on an uptrend since October 2009, driven
by strong demand from China and Bangladesh and lower cotton
production.  However, improvement in domestic yarn demand has
helped the yarn industry to pass on the hike in the input costs.
YSR ventured into manufacturing of polyester yarn with 6500
spindles in April 2009.  However, due to low profitability as
compared to cotton yarn the Company has stopped polyester yarn
production. YSR, like any other mill in Andhra Pradesh, has
also been impacted by the power crisis during 2010.

YSR mainly sells in the domestic market with top ten customers
contributing to 41% of the sales signifying low customer
concentration risk.  Being located in Guntur, a major cotton
growing region, YSR has the advantage of lower transportation
costs. YSR also benefits from experience of its promoters which
helps the Company in efficient procurement of quality cotton.

YSR's operating income increased marginally in 2008-09 & 2009-10
on account of improved sales.  However, the operating margins have
been declining on account of increase in raw material costs.  The
already thin net profit margin declined significantly in 2009 on
account of non-operating losses incurred in trading of shares and
one time loss due to foreign exchange fluctuations.  In FY 2010
the Company has cut down on its share trading activities. YSR's
capital structure is highly geared at 1.86 times due to the
debt funded capital expenditure and working capital requirements.
The coverage indicators are expected to remain moderate in the
short term.  However, YSR is planning to add another 4000 spindles
at a cost of Rs 40 million which is to be funded through debt.
This would further worsen the capital structure of the company and
adversely impact coverage indicators in the medium to long term.

                         About YSR Spinning

YSR Spinning & Weaving Mills Private Limited, was incorporated in
1994 near Ganapavaram, Guntur, Andhra Pradesh.  The Company is
engaged in the production of cotton yarn, polyester yarn and
Weaving with an installed capacity of 23000 spindles, 1030 rotors,
8 weaving machines and 16 ginning machines.  The Company was
promoted by Mr. Yerram Sridhar Reddy, who has nearly 40 years of
experience in cotton ginning and spinning activities. The promoter
started as a cotton commission agent in 1977, started cotton
ginning and trading activities in 1983 and later established YSR
Spinning & Weaving Mills Private Limited. The promoters and their
relatives hold the entire share capital.


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


JAPAN AIRLINES: Turnaround Adviser Hires 4 Ex-Merrill Bankers
-------------------------------------------------------------
Deutsch Bank AG, Germany's biggest lender and JAL's restructuring
adviser appointed by the Enterprise Turnaround Initiative
Corporation to help the distressed airline recover from a $26.2
billion financial setback has hired four former bankers from
Merrill Lynch & Co. to its corporate restructuring company in
Japan, Bloomberg News reported.  According to BusinessWeek,
Deutsch Bank will help Japan to win businesses in order to help
bring bankrupt companies back to health.

                       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 Sever Ties with IBM Japan to Cut Costs
----------------------------------------------------------
In another move to cut costs, Japan Airlines is contemplating on
severing information technology partnership with IBM Japan Ltd.,
Nikkei English News reported.  JAL has a 41% stake in the
operation of IBM Japan, Nikkei said.

                       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: Submits Antitrust Immunity Application
------------------------------------------------------
Japan Airlines applied to the Ministry of Land, Infrastructure,
Transport and Tourism of Japan, seeking antitrust immunity with
American Airlines so that both members of the oneworld(R)Alliance
may enter a Joint Business Agreement and cooperate more closely on
the operations of flights between North America and Asia.

"We are excited to have taken another defining step towards
forging a closer relationship with our partner American Airlines
so that we can combine strengths to offer our customers travelling
on trans-Pacific routes unprecedented convenience and
flexibility," said Japan Airlines President and Chief Operating
Officer Masaru Onishi of what will be Japan's first ever
antitrust immunity application.  "With the immunity, we can
greatly enhance competition in this region of growth, including
at the strategically-located Haneda Airport which will soon
commence scheduled international flights.  This is an opportune
time for both airlines to retain existing customers, attract new
travellers and to lift revenue."

Japan Airlines and American Airlines have jointly submitted the
application for antitrust immunity with the U.S. Department of
Transportation on February 12, 2010.

"We very much look forward to working even more closely with our
valued oneworld partner, Japan Airlines,"s aid Gerard Arpey, AMR's
Chairman and Chief Executive Officer.  "We appreciate the
important role of the Ministry of Land, Infrastructure, Transport
and Tourism and look forward to receiving the appropriate
government approvals that will allow us to provide customers with
more integrated air service in one of the world's growing aviation
markets and provide benefits to both the U.S. and Japanese
economies."

Upon attaining approval from the MLIT and the U.S. DOT, Japan
Airlines and American Airlines will operate as two independent
legal entities working closely together to strengthen their
service offerings to customers on their flights between the United
States and Asia.  Passengers will benefit from a more
comprehensive network, expanded flight options, access to more
fare levels and enhanced services while continuing to enjoy
reciprocal frequent flyer accrual and redemption benefits and
access to both airlines' lounges.  JAL and AA will also be able to
improve their efficiencies, lower operating costs, and robustly
heighten competition in the trans-Pacific aviation market.

                       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: Applies for Cargo Fuel Surcharge for July 2010
--------------------------------------------------------------
Japan Airlines has applied to the Japanese Ministry of Land,
Infrastructure, Transport and Tourism to revise down, from July 1,
2010, its international cargo fuel surcharge for flights departing
from Japan only.

Since April 1, 2009, JAL started adjusting its cargo fuel
surcharge levels on a monthly basis by using the one-month average
fuel price of Singapore kerosene of the month before last. As the
average fuel price of Singapore kerosene for the month of May in
2010 was US$88.26 per barrel, the benchmark fuel price used for
calculation of the fuel surcharge level in June will be within the
range of US$85.00 to US$89.99 per barrel.

The international cargo fuel surcharge will therefore decrease on
long-haul international routes from 87 yen per kg to 80 yen, on
medium-haul international routes from 75 yen per kg to 69 yen, and
on short-haul routes from 63 yen per kg to 58 yen accordingly.


                       About Japan Airlines

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

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

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

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


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


GENERAL MOTORS: GM Daewoo Overall Sales Rise 89% in June
--------------------------------------------------------
GM Daewoo Auto & Technology, the South Korean unit of General
Motors Co., posted an 89% increase in overall sales in June on the
back of strong overseas demands, Yonhap News Agency reports.

GM Daewoo's domestic sales dropped 10.7% last month to 10,032
units from the same period last year, but its exports jumped
130.5% on-year to 62,264 units, the report says.

                        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)


SSANGYONG MOTOR: Sales in June Up 5.6%
--------------------------------------
Ssangyong Motor Co. sold 7,422 units in June, up 5.6% from a month
earlier, according to Yonhap News Agency.  The number represents
an over 3,000-percent increase from June 2009 when the company was
forced to shut down its sole plant in South Korea due to an
illegal strike and the occupation of the plant by workers that
lasted nearly 100 days, the report says.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A South
Korean bankruptcy court approved in December Ssangyong Motor's
restructuring plan despite opposition by some bondholders, the
TCR-AP reported on Dec. 18, 2009.


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


NAM FATT: Inks Supplemental Joint Venture Deal With Trans Penang
----------------------------------------------------------------
Nam Fatt Corporation Berhad has entered into a Supplemental Joint
Venture Agreement with Trans Penang Inns Sdn. Bhd.  TPISB agreed
to convert MYR1.75 million, being part of the outstanding advance
granted by TPISB to PDSB, into equity in PDSB by the allotment and
issuance of 1,750,000 new ordinary shares of par value MYR1.00
each in PDSB credited as fully paid-up.

Upon the allotment and issuance of new ordinary shares, the
Company?s equity interest in PDSB will be diluted from 100% to
12.5% and accordingly, PDSB will cease to be a subsidiary of the
Company.

                           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.


NGIU KEE: Classified as Affected Listed Issuer Under PN17
---------------------------------------------------------
Ngiu Kee Corporation (M) Berhad has been classified as a Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, NKCB has
triggered one of the prescribed criteria under paragraph 2.1(f).
The company's subsidiary has defaulted in its loan payment and is
unable to provide a solvency declaration to the exchange.

The Company's obligations as an Affected Listed Issuer are to:

   (a) submit a plan to regularize the Company's condition
       to the relevant authorities for approval within 12
       months;

   (b) implement the Regularization Plan within the timeframe
       stipulated by the relevant authorities;

   (c) announce the Company's compliance or non-compliance with
       a particular obligation imposed pursuant to PN17 on an
       immediate basis; and

   (d) announce the details of the Regularization Plan as
       referred to in Paragraph 3.1 of PN 17.

In the event the Company fails to comply with the obligations to
regularize its conditions, Bursa Securities will suspend the
trading of the Company's listed securities immediately from the
date of notification of suspension by Bursa Securities and de-
listing procedures shall be taken against the Company, subject to
the Company?s right to appeal against the de-listing.

NKCB is looking into formulating a regularization plan to
regularize the financial condition of the Company.

                          About Ngiu Kee

Ngiu Kee Corporation (M) Berhad (NKC) is a Malaysia-based company.
The Company is an investment holding company with its subsidiary
companies involved in the operation of supermarkets and
departmental stores in East Malaysia.  The Company?s subsidiaries
include Ngiu Kee Sdn. Bhd., which is engaged in investment
holding, and operating a supermarket and departmental store;
B.I.G. Store Sdn. Bhd., which is engaged in investment holding;
Pacific-Ngiu Kee Sdn. Bhd., which is engaged in operating a
supermarket and departmental store; Ngiu Kee (Sibu) Sdn. Bhd.,
which is engaged in operating a supermarket and departmental
store; Ngiu Kee (Wisma Saberkas)Sdn. Bhd., which is engaged in
operating a supermarket and departmental store; Ngiu Kee (Sarikei)
Sdn. Bhd., which is engaged in operating a supermarket and
departmental store and Ngiu Kee (Mukah) Sdn. Bhd., which is
engaged in operating a supermarket and departmental store.


NGIU KEE: Unit Defaults on MYR13.95 Million Bank Facilities
-----------------------------------------------------------
Ngiu Kee Corporation (M) Berhad said that Ngiu Kee Sdn Bhd, a
wholly owned subsidiary of the Company, was unable to pay loan due
and payable on June 30, 2010, to Bank Islam Malaysia Berhad.  The
Company does not have sufficient funds to meet the payment due
amounting to MYR13,958,839 million as at July 1, 2010.

Prior to the default in payment, the Company has been in regular
negotiations with the Financial Institution to reschedule the
loan.  The Company said it will continue to engage the Financial
Institution for their consideration to agree to its proposal.

The Company said the default will empower the debenture holder to
appoint a Receiver to NKSB and the Board will require legal advice
to determine the extent of legal implications and will make the
relevant announcement once such advice is obtained.  The default
of payment may also trigger a cross default by other banks.

"The Directors are of the opinion that the Company will not be
able to meet all its debts to the Financial Institution as and
when they fall due within the period of 12 months from the date of
this announcement.  Save for the default with the Financial
Institution, the Company will be able to meet all the trading
commitment to its suppliers," the company said.

NKCB said is unable to ascertain the business, financial and
operational impact of the default on the Company for the time
being.

                          About Ngiu Kee

Ngiu Kee Corporation (M) Berhad (NKC) is a Malaysia-based company.
The Company is an investment holding company with its subsidiary
companies involved in the operation of supermarkets and
departmental stores in East Malaysia. The Company?s subsidiaries
include Ngiu Kee Sdn. Bhd., which is engaged in investment
holding, and operating a supermarket and departmental store;
B.I.G. Store Sdn. Bhd., which is engaged in investment holding;
Pacific-Ngiu Kee Sdn. Bhd., which is engaged in operating a
supermarket and departmental store; Ngiu Kee (Sibu) Sdn. Bhd.,
which is engaged in operating a supermarket and departmental
store; Ngiu Kee (Wisma Saberkas)Sdn. Bhd., which is engaged in
operating a supermarket and departmental store; Ngiu Kee (Sarikei)
Sdn. Bhd., which is engaged in operating a supermarket and
departmental store and Ngiu Kee (Mukah) Sdn. Bhd., which is
engaged in operating a supermarket and departmental store.


RHYTHM CONSOLIDATED: Revertex Serves Demand Notice on Unit
----------------------------------------------------------
Rhythm Consolidated Berhad said that its wholly owned subsidiary
Monosetia Sdn. Bhd. has received a Notice pursuant to Section 218
of the Companies Act, 1965 from the solicitors of Revertex
Finewaters Sdn Bhd.

Pursuant to the Section 218 Notice, Monosetia is required to
settle the judgment sum of MYR17,893.00 as at January 7, 2010, and
the cost of MYR576.00 being the cost awarded by Court together
with interest at the rate of 1.5% per month calculated from
October 10, 2008, to June 17, 2010, in the sum of MYR5,367.90 all
amounting to MYR23,836.90 within 21 days from the date of the said
Section 218 Notice.

Revertex had obtained judgment over Monosetia for debts owing by
Monosetia to Revertex as Monosetia was unable to pay its judgment
debts when it was due.

                     About Rhythm Consolidated

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

                           *     *     *

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


TRANSMILE GROUP: CCM Approves Striking-Off Transmile (Thailand)
---------------------------------------------------------------
Transmile Group Berhad disclosed that the Companies Commission of
Malaysia has approved the Company's application to strike-off
Transmile (Thailand) Sdn. Bhd., a wholly-owned subsidiary of TGB,
from the register of the CCM.

TTSB was incorporated in Malaysia on December 15, 1997 and its
present issued and paid-up capital is MYR1,200,002.  Its principal
activity was investment holding and is currently dormant.

The Striking-Off has no material effect on the earnings and net
assets per share of the Company for the financial year ending
December 31, 2010.  Upon completion of the Striking-Off, TTSB will
cease to be a wholly-owned subsidiary of TGB.

                        About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


WONDERFUL WIRE: Bourse to Remove WWE Securities on July 13
----------------------------------------------------------
TA Securities Holdings Berhad, on behalf of Wonderful Wire & Cable
Berhad, disclosed that the Securities Commission rejected the
company's revised proposed restructuring scheme.

Accordingly, Bursa Malaysia Securities Berhad decided to remove
the Company's securities from the Official List of Bursa
Securities on July 13, 2010, unless an appeal is made to Bursa
Securities by July 8, 2010.

                        About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


AIR NEW ZEALAND: Pulls Out of Major Project Amid Competition
------------------------------------------------------------
Air New Zealand has pulled out of a major project to promote
New Zealand in the United States because it faces a loss of market
share to rival Continental Airlines, an article posted at
stuff.co.nz reports.

The report discloses that the $15 million Project Eagle joint
venture with Tourism New Zealand was to promote the country as a
destination to Americans, in a bid to increase US tourist numbers
by two-thirds to 330,000 over the next three years.  It has
already spent about $500,000 bringing America's Next Top Model in
New Zealand for several episodes last year and there were plans to
shoot a short, high-quality 3D film to be screened ahead of a US
blockbuster, the report relates.

However, the report notes, Tourism NZ chief executive Kevin Bowler
said Air NZ had told him it no longer wanted to play the role of
"market grower" in the region after Continental Airlines announced
plans to run a new direct service from Houston to Auckland from
late 2011.

According to the report, Mr. Bowler said the announcement meant
Air NZ faced a "quite significant" loss of market share because
Continental had been a key feeder to the New Zealand airline's Los
Angeles to Auckland route.

The report relates Air NZ marketing manager Mike Tod said the
airline "is hugely committed to the United States" and would
continue to work with Tourism NZ in the market.  "We welcome
Tourism New Zealand's increased investment in the market and
firmly believe there is the ability to grow tourism from the
United States."

Mr. Bowler said that despite leading to Air New Zealand pulling
its investment, Continental's plans for New Zealand would help
fuel tourist growth, the NZ Herald adds.

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


LANE WALKER: Still Owes NZ$110 Million to Westpac & Others
----------------------------------------------------------
Ben Heather at BusinessDay.co.nz reports that Lane Walker Rudkin
still owes nearly NZ$110 million, a year after receivers took
control of the company.

Citing the receivers' third report on the company and six fully-
owned subsidiaries, BusinessDay.co.nz says the receivers paid
NZ$500,000 to lender Westpac in the six months to April, 2010.
Westpac has already been paid NZ$2 million but is still owed about
NZ$108 million, with a further NZ$701,000 still owed to Inland
Revenue, the report discloses.

In the six months to April 2010, the report notes, receivers also
paid out NZ$826,324 to former employees, more than 200 of whom had
been laid off since receivers took control.

                         About Lane Walker

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people were employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.

Lane Walker Rudkin Industries went into receivership in April 2009
with debt of more than NZ$50 million.  Brian Mayo-Smith and
Stephen Tubbs, partners at BDO Spicers, have been appointed joint
receivers and managers of LWR.  The appointment was made by LWR's
bankers to protect the financial position of LWR and its
subsidiary Pod while issues facing the group are resolved.  The
LWR operations were unprofitable and have incurred a substantial
increase in bank debt.

LWR is currently subject of a Serious Fraud Office investigation
following a complaint from the LWR group's receivers.  The
receivers claimed LWR had misrepresented its financial strength to
Westpac in order to borrow from the bank.  The company owes about
NZ$120 million to Westpac.


MERCER GROUP: Shifts Debt Owed to SCF to Gresham Finance
--------------------------------------------------------
Mercer Group Ltd, part-owned by Allan Hubbard, has shuffled its
debt away from embattled financier South Canterbury Finance to
another related party, Paul Mcbeth at BusinessWire reports.

The report relates HD Milliner, chief executive of Mercer, said
Gresham Finance, a lender associated with Mercer director Humphrey
Rolleston, has taken on the manufacturer's debt to South
Canterbury of some NZ$1 million, down from the NZ$1.4 million it
owed Mr. Hubbard's South Canterbury as at December 31.

Mercer had previously stopped making payments on its principal to
loans from non-bank lenders as it focused on its outstanding debt
to Westpac Banking Corp, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 18, 2010, Mercer Group said it was considering a number of
refinancing options after breaching its banking covenant.  The
company said in a regulatory filing that it has been advised
by its bank that it is in breach of its interest cover covenant.
The covenant is that earnings are to be no less than 2.25 times
the funding costs for the 6 month period ending December 31, 2009.
The actual achieved ratio was 1.9 times.  Subsequently, the
Company drew down NZ$1.5 million from Gresham Finance as
authorized by its shareholders at the Annual General Meeting held
on November 24, 2009.  The funds have been used to reduce bank
debt as previously agreed.  Principal payments to non bank lenders
are on hold.  Interest payments are being made in compliance with
loan agreements.

Established in 1882, Mercer Group designs, makes and distributes
stainless steel products for the industrial, dairy, commercial,
food processing, healthcare and residential buildings industries.
The Mercer group of companies are subsidiaries of the New Zealand
listed company Broadway Industries Limited (NZE:BWY).


ROCKFORTE FINANCE: Faces Companies Office Probe
-----------------------------------------------
The Companies Office will conduct an investigation on the
complaint against Rockforte Finance in connection with related
party lending transaction to clothing retailer Jean Jones, The New
Zealand Herald reports.

Phil Day, investigation manager at the Companies Office's National
Enforcement Unit, confirmed his office had received a complaint
about Rockforte and was about to allocate it to investigators, the
NZ Herald relates.

According to the report, there would be interest in Rockforte's
directors, Nigel O'Leary, John Gardner and Colin Simpson (who are
also indirectly shareholders in Rockforte).

The NZ Herald reports that receiver Dennis Parsons said Rockforte
had 71 investors and a loan book of about NZ$4.4 million.  Prior
to the receivership it had told Treasury officials administering
the deposit guarantee scheme that about NZ$1 million of its loans
were impaired, Mr. Parsons told NZ Herald.

"We will be saying in our report that that is not correct, that
the impairment is at a far higher level," the report quoted Mr.
Parsons as saying.  "The receivers had not got to the point of
investigating the related party lending to Jean Jones yet, as they
were still 'up to our ears' meeting the requirements of the
guarantee scheme," he added.

Mr. Parsons said that under the scheme, investors will be paid out
first, then the receivers would recover as much as they could for
the government, according to the NZ Herald.  "There may have to be
a little bit of muscle goes in there to ensure that they get paid
back."

                       About Rockforte Finance

Established in 2003, Rockforte Finance engages in consumer and
asset lending.  The company specializes in financing used cars,
mostly second-hand Japanese cars imported by an associated
company, and small personal and business loans.

In May this year, Rockforte Finance was placed into receivership,
owing about NZ$3.2 million to some 70 investors, according to a
BusinessWire article posted at stuff.co.nz.  According to the
BusinessWire article, Katherine Kenealy and Dennis Parsons of
Indepth Forensic have been appointed receivers of the Gisborne-
based lender by its trustee Covenant Trust.  The Treasury
confirmed all eligible depositors are covered by the government's
guarantee.  However, all new deposits or any rolled over after
December 31, 2009, fell outside the scheme because Rockforte
didn't sign the replacement guarantee
deed at the end of last year.


VISION SECURITIES: New Zealand Treasury Starts Repaying Investors
-----------------------------------------------------------------
The New Zealand Treasury has started repaying investors in Vision
Securities Ltd. and expects to claw back ?significantly less? than
it will pay out under the retail deposit guarantee scheme,
scoop.co.nz reports.

Receivers Rod Pardington and David Levin of Deloitte expect
distributions from any cash recovered to be ?significantly less
than the payments made to eligible investors under the Crown
retail deposit guarantee scheme,? scoop.co.nz relates citing the
receivers' first report.  The receivers said the company's assets
are principally loans that are mainly secured by second mortgages,
scoop.co.nz adds.

The government department, according to scoop.co.nz, has sent out
forms to approximately 70% of eligible investors and has made its
first repayments to debenture holders.

                     About Vision Securities

Vision Securities Limited is an Auckland-based financial
institution with around 1,000 depositors and approximately
NZ$30 million in deposits.

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2010, Perpetual Trust Limited appointed receivers to
Vision Securities Limited following a breach of its Trust Deed,
triggering the Crown's guarantee.  Rod Pardington and David Levin,
Partners of Deloitte, were appointed joint receivers of the
company on March 31.  The New Zealand Treasury said all eligible
Vision Securities depositors will get 100% of the money they are
entitled to under the Crown retail deposit guarantee scheme.


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


ENSIGN FREIGHT: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on June 25, 2010, to
wind up the operations of Ensign Freight Pte Limited.

Mau Wing Industrial Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee?s office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


ESCOLSING PTE: Creditors Get 0.8446% Recovery on Claims
-------------------------------------------------------
Escolsing pte Ltd, which is in compulsory liquidation, will
declare the third & final dividend on July 5, 2010.

The company will pay 0.8446% to the received claims.


ES ENGINEERING: Creditors' Proofs of Debt Due July 29
-----------------------------------------------------
Creditors of ES Engineering Systems Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by July 29,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Ng Eng Sing
         c/o 1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


KOALA INVESTMENTS: Creditors' Proofs of Debt Due August 2
---------------------------------------------------------
Creditors of Koala Investments Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 2, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Victor Goh
         C/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027


LAM BUILDING: Court to Hear Wind-Up Petition on July 16
-------------------------------------------------------
A petition to wind up the operations of Lam Building Materials
Supplier Pte Ltd will be heard before the High Court of Singapore
on July 16, 2010, at 10:00 a.m.

TPE Engineering Pte Ltd filed the petition against the company on
June 11, 2010.

The Petitioner's solicitors are:

         Messrs Loy & Company
         133 New Bridge Road
         #13-06 Chinatown Point
         Singapore 059413


MILEE CORPORATION: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on June 25, 2010, to
wind up the operations of Milee Corporation Private Limited.

Corporate Secretarial & Bookkeeping Pte Ltd filed the petition
against the company.

The company's liquidator is:

         Yiong Kok Kong
         M/s DKKY Corporate Advisory
         47 A Circular Road
         Singapore 049402


PONDOK GURAME: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 25, 2010, to
wind up the operations of Pondok Gurame Restaurant (Thomson) Pte
Ltd.

NTUC Fairprice Co-operative Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee?s office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


RESORTS TRADING: Court to Hear Wind-Up Petition on July 16
----------------------------------------------------------
A petition to wind up the operations of Resorts Trading Pte Ltd
will be heard before the High Court of Singapore on July 16, 2010,
at 10:00 a.m.

TPE Engineering Pte Ltd filed the petition against the company on
June 11, 2010.

The Petitioner's solicitors are:

         Messrs Loy & Company
         133 New Bridge Road
         #13-06 Chinatown Point
         Singapore 059413


SOLIDUS ELECTRICAL: Court to Hear Wind-Up Petition on July 16
-------------------------------------------------------------
A petition to wind up the operations of Solidus Electrical
Engineering Pte Ltd will be heard before the High Court of
Singapore on July 16, 2010, at 10:00 a.m.

Tham Sau Li trading as Yex Engineering filed the petition against
the company on June 22, 2010.

The Petitioner's solicitor is:

         Mr. Christopher Tan
         c/o M/s Lee & Tan
         151 Chin Swee Road #10-06/08
         Manhattan House
         Singapore 169876


THONG BUILDING: Court to Hear Wind-Up Petition on July 16
---------------------------------------------------------
A petition to wind up the operations of Thong Building Materials
Supplier Pte Ltd will be heard before the High Court of Singapore
on July 16, 2010, at 10:00 a.m.

TPE Engineering Pte Ltd filed the petition against the company on
June 11, 2010.

The Petitioner's solicitors are:

         Messrs Loy & Company
         133 New Bridge Road
         #13-06 Chinatown Point
         Singapore 059413


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


* BOND PRICING: For the Week June 28 to July 2, 2010
----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       0.85
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.99
ANTARES ENERGY          10.00    10/31/2013   AUD       1.86
BECTON PROP GR           9.50    06/30/2010   AUD       0.30
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.91
EXPORT FIN & INS         0.50    12/16/2019   AUD      59.88
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.97
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.07
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      57.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.56
JPM AU ENF NOM 1         3.50    06/30/2010   USD       4.62
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      66.64
PRAECO P/L               7.13    07/28/2020   AUD      73.33
RESOLUTE MINING         12.00    12/31/2012   AUD       0.91
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.30
SUNCORP METWAY I         6.75    10/06/2026   AUD      72.96


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.85


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      33.00


  INDIA
  -----

KALINDEE RAIL NI         0.50    03/07/2012   USD      71.50
MASCON GLOBAL LT         2.00    12/28/2012   USD      36.25
PUNJAB INFRA DB          0.40    10/15/2024   INR      24.25
PUNJAB INFRA DB          0.40    10/15/2025   INR      21.95
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.05
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.50
SUBEX LTD                5.00    03/09/2012   USD      73.83

  INDONESIA
  ----------

MOBILE-8 TELECOM        12.37    06/15/2017   USD      74.35


  JAPAN
  -----

AIFUL CORP               1.22    04/20/2012   JPY      67.85
AIFUL CORP               1.63    11/22/2012   JPY      59.31
AIFUL CORP               1.74    05/28/2013   JPY      52.02
AIFUL CORP               1.99    10/19/2015   JPY      43.87
COVALENT MATERIALS       2.87    02/18/2013   JPY      71.78
CSK CORPORATION          0.25    09/30/2013   JPY      74.70
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.26
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.66
SHINSEI BANK             5.62    12/29/2049   GBP      70.25
TAKEFUJI CORP            9.20    04/15/2011   USD      56.75
TAKEFUJI CORP            9.20    04/15/2011   USD      56.75
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.34


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.11
CAGAMAS BERHAD           2.47    08/25/2010   MYR       2.70
CRESENDO CORP B          3.75    01/11/2016   MYR       0.87
DUTALAND BHD             6.00    04/11/2013   MYR       0.31
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.94
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.89
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.27
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.12
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MALAKOFF CORP BH         9.00    04/30/2057   MYR      65.43
MITHRIL BHD              3.00    04/05/2012   MYR       0.64
NAM FATT CORP            2.00    06/24/2011   MYR       0.07
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       1.10
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.06
SCOMI GROUP              4.00    03/19/2013   MYR       0.09
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.60
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.98
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.29
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.92


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      65.37
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      40.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             8.50    11/15/2015   NZD       8.80
INFRATIL LTD            10.18    12/29/2049   NZD      64.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.34
MARAC FINANCE           10.50    07/15/2013   NZD       0.98
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      69.03
SKY NETWORK TV           4.01    10/16/2016   NZD      54.33
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.92
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.45
ST LAURENCE PROP         9.25    07/15/2010   NZD      42.31
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.85
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.15
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.02
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.03
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.00


SINGAPORE
---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      63.50
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
SENGKANG MALL            4.88    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.56
WBL CORPORATION          2.50    06/10/2014   SGD       2.03


SOUTH KOREA
-----------

HANA 2ND ABS            20.00    12/16/2012   KRW      74.72
KB 14TH SEC SPC         20.00    01/04/2013   KRW      73.22
KB 6TH SEC SPC          20.00    12/02/2019   KRW      62.82

SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      72.42

TAIWAN
------

FIRST FINANCIAL          2.25    06/27/2017   TWD       2.17


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      73.05


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      66.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      60.86
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                         *********

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.





                 *** End of Transmission ***