TCRAP_Public/100708.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, July 8, 2010, Vol. 13, No. 133

                            Headlines



A U S T R A L I A

CLIVE PEETERS: Sells Stock to Harvey Norman for AU$55 Million
SIGMA PHARMACEUTICALS: Aspen Pharmacare Reduces Takeover Offer
SONRAY CAPITAL: Slater & Gordon Considers Possible Legal Action


C H I N A

AGRICULTURAL BANK: To Sell Shares in Japan on July 12 & 13
COUNTRY GARDEN: Contracted Sales Rise 50% in First Half 2010


H O N G  K O N G

ADVANCED INK: Creditors' Proofs of Debt Due July 19
FULLY INDUSTRIAL: Creditors Get 100% Recovery on Claims
KOMATSU HUANAN: Creditors' Proofs of Debt Due August 2
KRISPY KREME: Briscoe and Wong Step Down as Liquidators
LEHMAN BROTHERS: HKMA Reports Progress of Probe On Minibond Cases

LI'S MARINE: Creditors' Proofs of Debt Due August 2
LONGWORTH TRADING: Creditors' Proofs of Debt Due August 3
LUCK ALLTIME: Members' Final General Meeting Set for August 2
MACLEAY COMPANY: Creditors' Proofs of Debt Due August 3
MARINE MANNING: Fok and Sutton Appointed as Liquidators

MOST HARVEST: Creditors' Proofs of Debt Due August 3
NEWSYS ELECTRONIC: Creditors' Proofs of Debt Due August 5
PAUA GROUP: Final Meetings Slated for August 3
PECONIC INDUSTRIAL: Leung and Kam Appointed as Liquidators
PROTRONIC HK: Ng Wai Cheong Appointed as Liquidator

REIM INDUSTRIAL: Creditors' Proofs of Debt Due August 3
SAWA HOLDINGS: Commences Wind-Up Proceedings
SIEMENS BUILDING: Members' Final Meeting Set for August 10
SINCE-TECH INDUSTRIAL: Commences Wind-Up Proceedings
SINO STATE: Inability to Pay Debts Prompts Wind-Up

SOCIETY OF SPORTS: Creditors' Proofs of Debt Due August 2


I N D I A

A-BOND STRANDS: CRISIL Assigns 'B+' Ratings to Various Debts
AIR INDIA: Ministers to Meet Next Month to Discuss Equity Infusion
BL AGRO: CRISIL Places 'BB+' Rating on INR173.7 Million Term Loan
ETA POWERGEN: CRISIL Assigns 'B-' Rating to INR297.6MM LT Loan
GUJARAT ECO-TEXTILE: CRISIL Lifts Rating on INR550MM Loan to 'B-'

GRACEWORK REALTY: CARE Puts 'CARE BB' Rating on INR195cr LT Loans
HARISH CHANDRA: CRISIL Rates INR115 Million Term Loan at 'B+'
HARI KRISHNA: CRISIL Assigns 'BB+' Rating to INR25MM Cash Credit
JOHN DISTILLERIES: CARE Puts 'CARE BB+' Rating on Long Term Loans
KRANTHI CONSTRUCTIONS: CARE Rates INR116cr LT Loan at 'CARE BB+'

KURINJI SPINNING: CRISIL Assigns 'B' Rating to INR149.9MM LT Loan
NEERAJ PAPER: CARE Assigns 'CARE BB' Rating to INR10cr LT Loans
OVERSEAS HEALTH: CRISIL Assigns 'BB' Ratings to Various Bank Debts
PAGRO FOODS: CARE Assigns 'CARE BB+' Ratings to Various Bank Debts
RAJESH BUSINESS: CARE Rates INR200cr Long-Term Loans at 'CARE B'

ROHILKHAND EDUCATIONAL: CRISIL Rates INR72.9MM Term Loan at 'D'
SREE ASTALAXMI: Fitch Assigns 'BB-' National Long-Term Rating
SRI SALASAR: Fitch Assigns National Long-Term Rating at 'B+'


I N D O N E S I A

GARUDA INDONESIA: Bank Mandiri Ready to Sell 10.61% Stake
MERPATI NUSANTARA: Government Approves Loan to Pay Xian Aircraft


J A P A N

ALL NIPPON: Flies 29.1% More International Passengers in May
SFCG CO: Prosecutors Indict Ex-Pres. for Illegal Asset Transfer


K O R E A

KUMHO ASIANA: Petrochem Unit Swings to Profit in Second Quarter


N E W  Z E A L A N D

DOMINION FINANCE: Regulator Brings Charges Against Directors
TONY TAY: In Liquidation; Collapse Won't Affect Film Production


T A I W A N

NANYA TECHNOLOGY: Reports Sales of NT$5.23 Billion in June
TAIWAN POWER: Invites Bids for NT$10 Billion in Corporate Bonds


T H A I L A N D

SIAM CITY BANK: Performance Shows Resilience, Fitch Says
* Fitch Says Thai Banks' Performance Continues to Show Resilience




                         - - - - -


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


CLIVE PEETERS: Sells Stock to Harvey Norman for AU$55 Million
-------------------------------------------------------------
Clive Peeters Ltd. has agreed to sell stock and plant equipment
and other items to Harvey Norman Holdings Ltd for AU$55 million,
The Sydney Morning Herald reports.

According to the report, Harvey Norman said it would purchase
certain stock and plant and equipment, as well as "know-how,
intellectual property rights and systems" from Clive Peeters.

The AU$55 million purchase is subject to terms and conditions, the
report adds.

                        About Clive Peeters

Clive Peeters Limited is a retailer of electrical appliances.  The
Company is engaged in the retailing of electrical and gas
appliances, bathroomware and computer products.  Clive Peeters
Limited's product range includes cooking and laundry appliances,
heating and cooling solutions, home entertainment equipment,
computers and small electrical goods.  The Company operates under
two brands, trading as Clive Peeters in Victoria, Queensland, New
South Wales and Tasmania, and trading as Rick Hart in Western
Australia.  The Company's subsidiaries include Clive Peeters
Wholesale Pty Ltd, Clive Peeters Kitchens and Bathrooms Pty Ltd,
Clive Peeters Home Entertainment (Brisbane) Pty Ltd, R H Fan Unit
Trust, Watercell Pty Ltd, Hi Fi Corporation (WA) Pty Ltd, NTFQ Pty
Ltd and Rick Hart Holdings Pty Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2010, Clive Peeters Ltd was placed in voluntary
administration.  Colin Nicol, Keith Crawford and Matthew Caddy of
McGrathNicol were appointed voluntary administrators of Clive
Peeters and its controlled entities by a resolution of its Board
of Directors on May 19, 2010.  The National Australia Bank
appointed Phil Carter of PPB Pty Ltd as receiver to Clive Peeters
and its controlled entities following the appointment of McGrath
Nicol as voluntary administrator.

The Herald Sun, citing Clive Peeters' latest available accounts,
disclosed that the company owed National Australia Bank about
AU$38 million as of December 31.  As at December 31, 2009, the
company had total liabilities of AU$160 million, with AU$113
million owed to trade creditors including suppliers.


SIGMA PHARMACEUTICALS: Aspen Pharmacare Reduces Takeover Offer
--------------------------------------------------------------
Sigma Pharmaceuticals Limited said it has received a formal
takeover proposal from Aspen Pharmacare Holdings Limited to
acquire all of Sigma's issued share capital for cash at AU$0.55
per Sigma share, 8% lower than Aspen's original offer of AU$0.60 a
share.  The offer from Aspen values Sigma at AU$648 million,
various media reports say.

Sigma said Aspen had proposed that the transaction will be
implemented via a scheme of arrangement.

The proposal is subject to a number of conditions, being:

   * Aspen Group's satisfaction with its continuing due
     Diligence investigations;

   * provision of finance for the acquisition of the Sigma
     shares on terms satisfactory to Aspen Group;

   * Sigma's current lending facilities remaining in place on
     principally the same terms and with the same security
     position which currently exists, with amendments relating
     to existing debt repayment requirements;

   * execution of a scheme implementation agreement reflecting
     the commercial terms of the offer and other terms
     satisfactory to each party, including certain warranties,
     'no talk' and 'no shop' provisions and provisions entitling
     Aspen Group to a break fee on termination for certain
     reasons;

   * extension of the recently expired exclusivity arrangements
     to August 2, 2010;

   * no termination or amendment of certain material contracts as
     a consequence of the potential change in control of Sigma;

   * shareholder and court approvals for a scheme of arrangement;

   * regulatory approvals;

   * no material adverse change occurring from June 30, 2010;

   * no 'prescribed occurrences' (being the matters referred to
     in section 652C of the Corporations Act); and

   * no other adverse or value affecting events or external event
     conditions (such as material decreases in stock exchange
     indices).

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2010, Bloomberg News said Aspen Pharmacare, Africa's
largest drug company, offered to buy Sigma Pharmaceuticals for
about AU$1.49 billion in cash and assume debt to expand in
Australia.  According to Bloomberg, Aspen said it will offer
AU$0.60 for each of Sigma's outstanding 1.18 billion shares and
assume net debt of AU$785 million.  Aspen said the offer is
"subject to numerous conditions," including due diligence,
regulatory approvals and unanimous approval by the Sigma Board,
Bloomberg related.

                    About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- is engaged in the manufacture,
marketing and wholesale distribution of pharmaceutical products
through the pharmacy and grocery channels and the provision of
services to retail pharmacists.  Its Pharmaceuticals segment
includes the manufacture or contract manufacture for Australian
and overseas customers.  The Company's Healthcare segment
represents its traditional pharmacy wholesale business. Its
subsidiaries include Chemist Club Pty Limited, Sigma Company
Limited, Amcal Pty. Limited, Commonwealth Drug Company Pty. Ltd.,
Fawns & McAllan Proprietary Limited, Guardian Pharmacies Australia
Pty. Ltd and Sigma Finance Pty. Ltd.  On October 2, 2009, the
Company acquired some parts of the Australian business operations
of Bristol Myers Squibb Australia (BMSA) and associated assets
(BMS Australian Business).  The BMS Australian Business consists
of the pharmaceutical and technical operations division, which
operates out of BMS Australia's Noble Park facility.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, according to the Sydney Morning Herald.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that because the company had breached
debt covenants, creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30.


SONRAY CAPITAL: Slater & Gordon Considers Possible Legal Action
---------------------------------------------------------------
Slater & Gordon is investigating possible legal action over the
collapse of Sonray Capital Markets Group, InvestorDaily reports.

Slater & Gordon Practice Group Leader David Andrews said the
investigation follows approaches from angry Sonray clients whose
funds have been frozen by administrator Ferrier Hodgson, the
report relates.

Mr. Andrews, as cited by InvestorDaily, said the Sonray operation
was a debacle with uncanny parallels to Opes Prime.

"This was a backyard operation masquerading as a sophisticated
investment platform," the report quoted Mr. Andrews as saying.
"It appears there were failures at every level, with the company
continuing to compound the effects of unauthorized trading early
in 2008 with poor accounting and poor record keeping."

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

                        About Sonray Capital

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


=========
C H I N A
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AGRICULTURAL BANK: To Sell Shares in Japan on July 12 & 13
----------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that
Agricultural Bank of China Ltd. will sell its shares to Japanese
investors on July 12-13 ahead of the company's Shanghai and
Hong Kong listings.

The Nikkei said the bank aims to raise between JPY40 billion and
JPY50 billion in Japan, Bloomberg relates.

Separately, Agricultural Bank's initial public offering is raising
US$19.2 billion in what may turn out to be the world's biggest
IPO, Bloomberg News reports citing people with knowledge of the
pricing for Hong Kong and Shanghai.  Two of the people, who
declined to be identified before a public announcement is made,
told Bloomberg that Agbank priced its Hong Kong shares at HK$3.20
apiece on July 6 after the stock was offered for HK$2.88 to
HK$3.48.  According to Bloomberg, three people said the company is
selling 22.2 billion shares in Shanghai at CNY2.68 each, the top
of its range.

Bloomberg says the IPO, which will surpass Industrial & Commercial
Bank of China Ltd.'s US$21.9 billion sale in 2006 to become the
largest on record if an overallotment option is exercised, came as
the Shanghai Composite Index sank to a 15-month low this week.

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

                          About ABC

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

                          *     *     *

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


COUNTRY GARDEN: Contracted Sales Rise 50% in First Half 2010
------------------------------------------------------------
China Knowledge reports that Country Garden Holdings Co Ltd said
that its contracted sales increased 50% year on year to CNY13.2
billion in the first six months of this year.

The report relates the developer said in a statement filed with
the Hong Kong Stock Exchange that it sales area amounted to  2.42
million square meters in the first half, 26% more than in the same
period of last year.

Country Garden said that it will begin selling more high-quality
properties in the second half of this year, which are mainly in
the Pearl River Delta, according to China Knowledge.

                        About Country Garden

Country Garden Holdings Company Limited (HKG:2007) is an
integrated property developer in the People's Republic of China.
The Company's business comprises construction, fitting, project
development, property management, as well as hotel development and
management.  Country Garden offers various products include large-
scale residential projects, such as townhouses, apartment
buildings, as well as car-parks and retail shops.  The Company
also develops and manages hotels.  It also develops hotels, which
are independent of property developments. As of December 31, 2008,
Country Garden had operations in selected locations beyond
Guangdong Province, including Hunan Province, Jiangsu Province,
Hubei Province, Liaoning Province, Anhui Province, Heilongjiang
Province, Inner Mongolia Autonomous Region and Chongqing
Municipality.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2010, Standard & Poor's Ratings Services said that it
had affirmed its 'BB' long-term corporate credit rating on China-
based property developer Country Garden Holdings Co. Ltd.  The
outlook was revised to negative from stable.  At the same time,
Standard & Poor's assigned an issue credit rating of 'BB-' to the
proposed seven-year fixed-rate senior unsecured notes issued by
Country Garden that will be used to conduct the repurchasing.  The
final rating on the notes is subject to finalization of
documentation.


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H O N G  K O N G
================


ADVANCED INK: Creditors' Proofs of Debt Due July 19
---------------------------------------------------
Creditors of Advanced Ink & Coating 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's liquidators are:

         Wong Kwok Man
         Alison Wong Lee Fung Ying
         Grant Thornton
         6th Floor, Nexxus Building
         41 Connaught Road
         Central, Hong Kong


FULLY INDUSTRIAL: Creditors Get 100% Recovery on Claims
-------------------------------------------------------
Fully Industrial Company Limited, which is in liquidation, paid
dividend to its creditors on July 2, 2010.

The company paid 100% and 50% for preferred claims and ordinary
claims, respectively.

The company's liquidator is:

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


KOMATSU HUANAN: Creditors' Proofs of Debt Due August 2
------------------------------------------------------
Creditors of Komatsu Huanan Limited, 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 commenced wind-up proceedings on June 21, 2010.

The company's liquidator is:

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


KRISPY KREME: Briscoe and Wong Step Down as Liquidators
-------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Krispy Kreme Hong Kong Limited on June 22, 2010.


LEHMAN BROTHERS: HKMA Reports Progress of Probe On Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,661 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

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

    * 2,476 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

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

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

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

Investigation work is underway for the remaining 173 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://researcharchives.com/t/s?65e0

                        About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LI'S MARINE: Creditors' Proofs of Debt Due August 2
---------------------------------------------------
Creditors of Li's Marine Products Limited, 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 commenced wind-up proceedings on June 23, 2010.

The company's liquidator is:

         Li Shing Wai
         Rm. 1321, Leighton Centre
         77 Leighton Road
         Causeway Bay, Hong Kong


LONGWORTH TRADING: Creditors' Proofs of Debt Due August 3
---------------------------------------------------------
Creditors of Longworth Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 3, 2010, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Francis Young
         20th Floor, Tung Wai Commercial Building
         109-111 Gloucester Road
         Wanchai, Hong Kong


LUCK ALLTIME: Members' Final General Meeting Set for August 2
-------------------------------------------------------------
Members of Luck Alltime Limited will hold their final general
meeting on August 2, 2010, at 9:00 a.m., at 21/F., Tai Yau
Building, 181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Au Yeung Tin Wah and Ng Wing Man Anita, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MACLEAY COMPANY: Creditors' Proofs of Debt Due August 3
-------------------------------------------------------
Macleay Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 3, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 23, 2010.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


MARINE MANNING: Fok and Sutton Appointed as Liquidators
-------------------------------------------------------
Fok Hei Yu and Roderick John Sutton on June 22, 2010, were
appointed as liquidators of Marine Manning Services Limited.

The liquidators may be reached at:

         Fok Hei Yu
         Roderick John Sutton
         14th Floor, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


MOST HARVEST: Creditors' Proofs of Debt Due August 3
----------------------------------------------------
Creditors of Most Harvest Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 3, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 24, 2010.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F, Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


NEWSYS ELECTRONIC: Creditors' Proofs of Debt Due August 5
---------------------------------------------------------
Newsys Electronic Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 5, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 25, 2010.

The company's liquidators are:

         James T. Fulton
         Gordelia Tang
         905 Sivercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


PAUA GROUP: Final Meetings Slated for August 3
----------------------------------------------
Creditors and Shareholders of PAUA Group International Limited
will hold their final meetings on August 3, 2010, at 9:00 a.m., at
Room 1408, World-Wide House, 19 Des Voeux Road, Central, in Hong
Kong.

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


PECONIC INDUSTRIAL: Leung and Kam Appointed as Liquidators
----------------------------------------------------------
Mr. Leung Shu Yin William and Miss Kam Yuk Ting on June 21, 2010,
were appointed as liquidators of Peconic Industrial Development
Limited.

The liquidators may be reached at:

         Mr. Leung Shu Yin William
         Miss Kam Yuk Ting
         Flat 903, 9/F., Kai Tak Commercial Bldg
         317-319 Des Voeux Road
         Central, Hong Kong


PROTRONIC HK: Ng Wai Cheong Appointed as Liquidator
---------------------------------------------------
Ng Wai Cheong on June 19, 2010, was appointed as liquidator of
Protronic HK Limited.

The liquidator may be reached at:

         Ng Wai Cheong
         Unit 4407, 44/F
         Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


REIM INDUSTRIAL: Creditors' Proofs of Debt Due August 3
-------------------------------------------------------
Creditors of Reim Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 3, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 14, 2010.

The company's liquidator is:

         Ho Tsz Yan
         20th Floor, Wah Hing Commercial Building
         283 Lockhart Road
         Wanhai, Hong Kong


SAWA HOLDINGS: Commences Wind-Up Proceedings
--------------------------------------------
Shareholder of Sawa Holdings Limited, on July 2, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Lam Ying Sui
         Flat 12, 10/F, Block A
         Kam Chun House
         Tung Chung Court
         Shau Kei Wan
         Hong Kong


SIEMENS BUILDING: Members' Final Meeting Set for August 10
----------------------------------------------------------
Members of Siemens Building Technologies (China) Limited will hold
their meeting on August 10, 2010, at 10:00 a.m., at 27/F,
Alexandra House, 18 Chater Road, Central, in Hong Kong.

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


SINCE-TECH INDUSTRIAL: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Since-Tech Industrial Limited, on June 22, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Au Wai Keung
         Unit 2601, 26/F
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


SINO STATE: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
Members of Sino State Development Limited on June 24, 2010,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when they fall due.

The company's liquidators are:

         Tsui Kei Pang
         Leung Fung Yee Alice
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


SOCIETY OF SPORTS: Creditors' Proofs of Debt Due August 2
---------------------------------------------------------
Creditors of Society of Sports Physicians (H.K.) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 2, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 25, 2010.

The company's liquidator is:

         Jason Brockwell
         8/F., AON China Building
         29 Queen's Road
         Central, Hong Kong


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


A-BOND STRANDS: CRISIL Assigns 'B+' Ratings to Various Debts
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to A-Bond Strands
Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR76.40 Million Long-Term Loan        B+/Stable (Assigned)
   INR2.50 Million Cash Credit Facility   B+/Stable (Assigned)
   INR10.00 Million Clean Supply Bill     P4 (Assigned)
                             Purchase
   INR10.00 Million Letter of Credit      P4 (Assigned)
   INR10.00 Million Bank Guarantee        P4 (Assigned)

The ratings reflect ABSPL's exposure to risks relating to
volatility in raw material prices, cyclicality in the end user
industry, and intense competition in the switchgear and insulation
product industry.  Furthermore, the company has large working
capital requirements and a small scale of operations. These rating
weaknesses are partially offset by ABSPL's management's experience
in the switchgear and insulation product segment, and conservative
gearing policy.

Outlook: Stable

CRISIL believes that ABSPL will continue to benefit from its
established presence in the switchgear and insulation segment and
moderate order book, over the medium term. The outlook may be
revised to 'Positive' if ABSPL diversifies its product profile or
scales up its operations, leading to significant increase in
revenues and improvement in profitability.  Conversely, the
outlook may be revised to 'Negative' if the company's revenues and
margins decline sharply, or it undertakes a large, debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

                       About A-Bond Strands

Incorporated in 1967, ABSPL manufactures switchgear and insulation
products, which include load-break switch panels, capacitor
switches, hearth switches, fibre glass filaments, and epoxy resin
cast components, among others.  The company has a plant at
Perungudi (Tamil Nadu).  It caters to clients in sectors such as
infrastructure, cement, steel, and power.  Its revenues come
mostly from sales in India, which account for 95 per cent of total
sales; the remainder is earned from exports.

ABSPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR87 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR111 million for 2008-09.


AIR INDIA: Ministers to Meet Next Month to Discuss Equity Infusion
------------------------------------------------------------------
The Economic Times reports that the Group of Ministers, which is
reviewing the recovery path of Air India, will meet next month to
discuss the infusion of INR1,200 crore as equity.  The GoM will
also review the steps taken by the national carrier for achieving
a turnaround, the report says.

"First, we will discuss about the turnover strategy and the entire
revival plan of the company within the organisation and also with
the employees' unions. After that, we will brief the GoM (Group of
Ministers) meeting next month," the report quoted Civil Aviation
Minister Praful Patel as saying.

According to the report, the government has pumped in equity worth
INR800 crore in the last financial year and plans to infuse
INR1,200 crore more this year.

The Economic Times adds that Patel has maintained that Air India,
which has been experiencing massive losses over the past few
years, is on the path of recovery and the government would back it
to see that it regains its financial strength in the next three
years.

The airline achieved savings of INR753 crore in 2009-10 and was in
the process of implementing a roadmap for financial, commercial
and organizational restructuring whose benefits would start
showing results in the next three years, the report discloses.

                          About Air India

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

                           *     *     *

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

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


BL AGRO: CRISIL Places 'BB+' Rating on INR173.7 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to B. L. Agro
Oils Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR325.0 Million Cash Credit     BB+/Stable (Assigned)
   INR173.7 Million Term Loan       BB+/Stable (Assigned)
   INR1.2 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect BL Agro's geographically concentrated revenue
profile, weak financial risk profile, marked by a small net worth
and high gearing, and exposure to risks related to lack of
backward integration of operations into in-house seed crushing
capacity.  These rating weaknesses are partially offset by BL
Agro's established market position, good distribution network, and
promoter's experience in the oil industry.

Outlook: Stable

CRISIL believes that BL Agro will continue to benefit from its
established market position and distribution network in mustard
oil industry in Uttar Pradesh (UP), over the medium term.  The
rating outlook may be revised to 'Positive' in case of significant
improvement in BL Agro's capital structure or increased
geographical diversity in its revenues.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes a large
debt-funded capital expenditure programme, or if its operating
income and profitability decline significantly.

                         About B. L. Agro

BL Agro (formerly, BL Leasing Pvt Ltd) was incorporated in 1993;
its name was changed to the current one in 1998.  The company
became a public limited entity in 2007.  BL Agro trades in,
manufactures, and processes refined edible oil.  BL Agro purchases
edible oil, such as mustard and refined oil, in bulk, converts
them into smaller consumer packs, of tins and jars of capacities
of 5 litres (l), 2 l, 1 l, 500 milliliter (ml), and 200 ml, and
sells those under its own brands Bail Kolhu Kachhi Ghani, Mohan
Dhara, Aviral Dhara and Balance light.  The company manufactures
the packing material too. BL Agro also runs a soya refined oil
refinery unit of 100 tonnes per day (tpd) at Bareilly (UP).  The
company is in the process to enhance the capacity of the aforesaid
refinery to 200 tpd; which is expected to be completed by July-
August, 2010.  BL Agro's main markets are in UP, Uttranchal, and
Delhi.

BL Agro reported a profit after tax (PAT) of INR33.5 million on
net sales of INR2701 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR14.6 million on
net sales of INR2759 million for 2007-08.


ETA POWERGEN: CRISIL Assigns 'B-' Rating to INR297.6MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to ETA Powergen Pvt
Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR297.60 Million Long-Term Loan      B-/Stable (Assigned)
   INR22.40 Million Cash Credit          B-/Stable (Assigned)

The rating reflects ETA Powergen's small scale of operations, and
exposure to risks related to limited revenue visibility in the
absence of long-term power purchase agreements (PPAs) and to
timely availability of raw material (biomass fuel).  These rating
weaknesses are partially offset by the benefits that ETA Powergen
reaps from the high demand for power in Tamil Nadu and from its
management team's experience in the power sector.

Outlook: Stable

CRISIL believes that ETA Powergen will maintain a stable credit
risk profile on the back of high demand for power in Tamil Nadu.
The outlook may be revised to 'Positive', if the company's
revenues and margins increase significantly on a sustainable
basis, coupled with improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative', if the
company faces disruption in its operations owing to regulatory or
technical problems or scarcity of biomass fuel leading to increase
in cost of generation, or if the company undertakes any large
debt-funded capital expenditure, constraining its financial
flexibility.

                        About ETA Powergen

ETA Powergen, a subsidiary of ETA Star Holdings Ltd, was
incorporated in 1999 and is part of the Dubai-based ETA group.
ETA Powergen currently owns and operates a 10-megawatt (MW)
biomass power plant in Tamil Nadu.  The plant, which commenced
operations in May 2009, uses juliflora as biomass fuel. The
company has short-term agreements with industrial customers for
sale of power.

ETA Powergen is estimated to have reported a net loss of INR21
million on net sales of INR190 million for 2009-10 (refers to
financial year, April 1 to March 31).


GUJARAT ECO-TEXTILE: CRISIL Lifts Rating on INR550MM Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Gujarat
Eco Textile Park Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                           Ratings
   ----------                           -------
   INR550.0 Million Rupee Term Loan     B-/Stable (Upgraded from
                                                   'D')

   INR10.0 Million Bank Guarantee       P4 (Upgraded from 'P5')

The upgrade reflects the regularization of term loans, with timely
payments of interest obligation, by GETP for the eight months
ended June 2010.  The rating action also reflects CRISIL belief
that GETP's ongoing project will generate sufficient cash accruals
over the medium term to meet its term loan obligation in a timely
manner; any funding gap will be bridged through infusion of funds
by GETP's promoters.

However, the rating is constrained by GETP's exposure to funding
risks because of non-receipt of state subsidy and delayed cash
accruals as a result of delays in commissioning of textile units.
These weaknesses are partially offset by the benefits that GETP
derives from critical infrastructure, such as common effluent
treatment plant (CETP) and captive power plant (CPP), at its
textile park.

Outlook: Stable

CRISIL believes that GETP will generate adequate accruals to
service its debt over the medium term, supported by good progress
in setting up textiles units and increasing demand for the
chambers in the CETP from both members as well as non-members.
The outlook may be revised to 'Positive' if GETP's financial
performance is stronger than expected, backed by better
utilization of its CPP and CETP because of increase in the number
of textile units at its textile park . Conversely, the outlook may
be revised to 'Negative' in case there are further delays in
setting up of the textile units at the park, thereby adversely
impacting its debt servicing ability.

                         About Gujarat Eco

Incorporated in October 2005, GETP is a special purpose vehicle
(SPV) promoted by the Luthra group of companies to set up a
textile park near Surat.  The SPV was set up under the Scheme for
Integrated Textile Parks, supported by the Ministry of Textiles,
Government of India, and was among the first textile parks to be
approved under SITP.  The park will provide common infrastructure
facilities such as CETP for treating the hazardous and non-
hazardous effluent discharged by the process units, and a natural
gas-based CPP to supply power required by the textile units.

All 33 units of the park have been sold off; of these, 14 units
are currently in operation and 8 are under construction (expected
to commence operations by September 2010); the remaining 11 units
are yet to be constructed.  The park is expected to be fully
operational by April 2011.


GRACEWORK REALTY: CARE Puts 'CARE BB' Rating on INR195cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Gracework
Realty & Leisure Pvt. Ltd.

                                Amount
   Facilities                (INR crore)         Ratings
   ----------                -----------         -------
   Long-term Bank Facilities     195.00          'CARE BB'

Rating Rationale

The rating is constrained by the project being in the nascent
stage of construction and delay of seven months in the project
schedule without any change in the moratorium period.  Further,
the rating also takes into account the elevated funding risk of
the project which is partly financed through advances to the tune
of INR45 crore from Offbeat Developers Private Limited (Offbeat)
with an option to withdraw the same in case Offbeat chooses to not
to exercise the option to buy the commercial property (retail
portion of the project) or in case the company is unable to
transfer the property in April 2011.  The rating factors in the
financial strength of the promoters; tie-up with International
hotel operator - Marriott for management-cum-marketing and
location advantage of the hotel in terms of proximity to air-port
and business districts of North Mumbai.  Ability of GRPL to
develop the project as per the schedule without any cost overruns,
arrange sufficient cash to service its debt obligation in the
initial year of operation and generate adequate revenue
considering competition from existing and upcoming hotels in North
Mumbai region is the key rating sensitivity.

Graceworks Realty & Leisures Pvt. Ltd. is a SPV promoted by
Phoenix Hospitality Pvt. Ltd. (77.33%) and HBS Realtors Pvt.
Limited (22.67%) for setting up a 350-room, 5-star Luxury deluxe
hotel at Kurla, Mumbai on a land measuring 3.64 acres with a
proposed built-up hotel area of 604,570 sq. ft. GRPL has entered
into operating agreements with the Marriott Group for marketing
cum management of the hotel under "Marriott" brand.  The proposed
hotel will include a retail portion and the company has entered
into an agreement with Offbeat to sell this retail portion at the
time of Commercial Operation Date (COD) under an option.  The
Phoenix Mills Limited, holding 100% stake in the company, holds
24% stake in Offbeat.  The proposed hotel will be built at total
project cost of INR341.20 crore.  The proposed project is proposed
to be financed at debt-equity of 1.33:1.  The Hotel is expected to
be operational by November 2011 against the initial plan of April
2011 (a delay of seven months).  There is a delay of seven months
in the project schedule without any change in the moratorium
period.


HARISH CHANDRA: CRISIL Rates INR115 Million Term Loan at 'B+'
-------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to Harish Chandra
Ramkali Charitable Trust's term loan facility.

   Facilities                       Ratings
   ----------                       -------
   INR115.0 Million Term Loan       B+/Stable (Assigned)

The rating reflects HCRT's improving but moderate financial risk
profile (marked by low cash accruals and high gearing), and
limited scope for improvement in revenues, due to regulated fee
structure in the education industry.  These rating weaknesses are
partially offset by the wide portfolio of courses that HCRT's
institutes offer, attracting a broader base of students.

Outlook: Stable

CRISIL expects HCRT to maintain its credit risk profile backed by
improving financial risk profile.  The outlook may be revised to
'Positive' if HCRT's further scales up its operations while
maintaining or improving its surpluses.  Conversely, the outlook
may be revised to 'Negative' if operating surplus margins decline
significantly from the current and there is a significant drop in
the total number of students leading to lower surpluses or debt-
funded capex or in case AICTE withdraws the approval given to
various courses.

Set up in 2001 by Mr. Anil Aggarwal, HCRT manages four educational
institutes in Ghaziabad (Uttar Pradesh) with around 2000 students.
The institutes are: HR Institute of Technology (HRIT), set up in
2005, HR Institute of Pharmacy and HR Institute of Hotel
Management, set up in 2006, and HR Institute of Professional
Studies, set up in 2007.

HCRT reported a deficit of INR24.1 million on net fees income of
INR166.3 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a deficit of INR21.6 million on net fees
income sales of INR123.5 million for 2008-09.


HARI KRISHNA: CRISIL Assigns 'BB+' Rating to INR25MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Hari Krishna
Steel Corporation's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR25.0 Million Cash Credit           BB+/Stable (Assigned)
   INR315.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect HKSC's vulnerability to downtrends in the
ship-breaking industry, volatility in steel scrap prices, and
adverse regulatory changes.  These rating weaknesses are partially
offset by HKSC's established track record in, and favorable
medium-term growth prospects for, the ship-breaking industry, and
the firm's moderate financial risk profile, marked by low gearing
and healthy debt protection metrics.

Outlook: Stable

CRISIL believes that HKSC will continue to benefit from favourable
growth prospects for the ship-breaking industry over the medium
term.  The outlook may be revised to 'Positive' if HKSC generates
more-than-expected sales and profits, thereby improving its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case HKSC's margins decline sharply, most likely
because of sharp decline in steel-scrap prices, or if the firm
fails to recover the cost of ships purchased.

                         About Hari Krishna

HKSC was set up in 1997 by Mr. Ashok Gupta and family.  After the
family split in 2006 (refers to calendar year, January 1 to
December 31), the firm has been actively managed by Mr. Nikhil
Gupta and his father Mr. Ashok Gupta.  The firm undertakes ship-
breaking activities at its 2700 square metre plot at Sosiya, an
extension of Alang (Gujarat), which is the leading centre of ship-
breaking and recycling industry in Asia.

HKSC reported a profit after tax (PAT) of INR6.97 million on an
operating income of INR472.53 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1.40
million on an operating income of INR684.14 million for 2008-09.


JOHN DISTILLERIES: CARE Puts 'CARE BB+' Rating on Long Term Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
John Distilleries Ltd.

                                   Amount
   Facilities                   (INR crore)      Ratings
   ----------                   -----------      -------
   Long term Bank facilities       94.45        'CARE BB+'
   Short term Bank Facilities       5.00        'PR4'


Rating Rationale

The above ratings are constrained by poor financial performance in
FY09, absence of bottle manufacturing plant, operations in highly
price sensitive economy segment and high ENA (Extra Neutral
Alcohol) costs till its captive Chitali distillery becomes
operational.  The ratings, however, draw strength from good brand
recall as JDL (John Distilleries Ltd) is the market leader in
Whiskies in the economy segment in Karnataka and third largest
brand in Andhra Pradesh.  Going forward, integration of Chitali
distillery unit, ability of the company to enter new markets and
favorable Government policies would be the key rating
sensitivities.

JDL is a closely held company promoted by Mr. Paul.P.John, an NRI
from Kerala.  JDL was incorporated in 1992 and is into
manufacturing of Indian Made Foreign Liquor.

JDL operates three manufacturing units located at Bangalore, Goa
and Raipur with aggregate installed capacity of 9.72mn cases per
annum as on June 30, 2009.  Apart from the above own manufacturing
units, JDL has four leased units and has tie ups with six plants
spread across India, whose aggregate installed capacity was 2.72mn
cases per annum as on June 30, 2009.

In FY09, JDL earned PBILDT of INR3 crore and incurred a net loss
of INR11 crore on a total income of INR343 crore.  Overall gearing
was high at 2.73x as on March 31, 2009.


KRANTHI CONSTRUCTIONS: CARE Rates INR116cr LT Loan 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 utilised 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.


KURINJI SPINNING: CRISIL Assigns 'B' Rating to INR149.9MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Kurinji Spinning
Mills Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR149.984 Million Long-Term Loan     B/Stable (Assigned)
   INR80.00 Million Cash Credit          B/Stable (Assigned)
   INR17.00 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Kurinji's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and susceptibility to volatility in raw material prices and power
shortage.  These rating weaknesses are partially offset by
Kurinji's promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that Kurinji will maintain its business risk
profile over the medium term, backed by its moderate operating
efficiency.  The outlook may be revised to 'Positive' if the
company increases its revenues substantially, while sustaining its
profitability, or improvement in capital structure.  The outlook
may be revised to 'Negative' if Kurinji's revenues and margins
decline sharply, or if the company contracts larger than expected
debt funded capital expenditure program, leading to deterioration
in its financial risk profile.

                      About Kurinji Spinning

Incorporated in 2005 by Mr. T Ponnusamy, Mr. S Palanichamy, and
Mr. K Ganesan, Kurinji manufactures cotton yarn in counts ranging
from 20s to 40s.  The company's manufacturing unit in Tirupur
(Tamil Nadu) has capacity of 12,000 spindles.  The Company is
planning to add another 7,200 spindles, expected to be operational
from August, 2010.  It produces different types of cotton yarn,
including hosiery and weaving yarn.

Kurinji reported an estimated profit after tax (PAT) of INR7
million on net sales of INR234 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2
million on net sales of INR222 million for 2008-09.


NEERAJ PAPER: CARE Assigns 'CARE BB' Rating to INR10cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Neeraj Paper Marketing Limited.

                                   Amount
   Facilities                   (INR crore)    Ratings
   ----------                   -----------    -------
   Long-term Fund-based Limits     10.00       'CARE BB'

Rating Rationale

The rating is constrained by the small scale of operations, low
profitability margins and high overall gearing and the high
concentration risk NPML is exposed to on the customer as well as
supplier side.  The rating also factors in high dependence on few
related entities for supplies which have weak credit risk
profiles.  However, the rating is supported by experienced
promoters and long-established relationship with its customers.
Going forward, profitable scaling up of operations and improvement
in capital structure would be the key rating sensitivities.

Incorporated in 1995, NPML is engaged in trading and marketing
various kinds of paper/steel products manufactured by its related
companies under the 'Bindal' group comprising Tehri Pulp & Paper
Limited (TPPL rated CARE D/PR5), Bindal Paper Limited (BPL rated
CARE BB/PR4).

NPML majorly markets different types of paper that include kraft
paper, duplex board, poster paper, writing & printing paper etc.
Till FY08, NPML was acting only as commission agent thereby
earning only commission income from its promoter-related companies
for marketing the products manufactured by them.  However, FY09
onwards, NPML started trading of these products.  On a total
operational income of INR2.19 crore, NPML earned a net profit of
INR0.06 crore in FY09.  As per nine months provisional results for
FY10, the company reported total operating income of INR21.80
crore with PAT of INR0.20 crore.


OVERSEAS HEALTH: CRISIL Assigns 'BB' Ratings to Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Overseas Health
Care Pvt Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR120.0 Million Cash Credit Limit       BB/Stable (Assigned)
   INR10.0 Million Term Loan                BB/Stable (Assigned)
   INR15.0 Million Standby Line of Credit   BB/Stable (Assigned)
   INR10.0 Million Letter of Credit         P4+ (Assigned)

The ratings reflect OHCPL's average financial risk profile marked
by small net worth, and moderate gearing and debt protection
metrics.  The ratings also factor in the company's small scale of
operations and susceptibility to intense competition in the
healthcare industry.  These rating weaknesses are partially offset
by OHCPL's healthy market presence, and extensive experience of
the promoters in the formulation industry.

Outlook: Stable

CRISIL believes that OHCPL will maintain its credit risk profile
over the medium term, backed by its healthy market presence in the
ethical drugs segment and experience of promoters in the
formulations industry.  The outlook may be revised to 'Positive'
in case of increase in OHCPL's revenue growth rate with presence
in export markets, and improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if OHCPL's
liquidity comes under pressure, or its capital structure
deteriorates because of large working capital requirements.

                        About Overseas Health

OHCPL, incorporated in 1993, manufactures various pharmaceutical
formulations in the form of tablets, capsules and syrups for
gynaecology, gastroenterology, pediatrics, neutraceuticals,
urology, anti-hypertensive anti-tuberculosis, and anti-diabetic
segments.  The company also gets some of the formulations
manufactured on contract basis.  The company's manufacturing
facility at Phillaur, Punjab; is World Health Organisation Good
Manufacturing Practices (WHO GMP) certified; it is also
International Standards Organisation (ISO) 9001:2000 certified.
The company is operating at about 60 per cent utilisation.

OHCPL reported a profit after tax (PAT) of INR8 million on net
sales of INR397 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR258 million for 2007-08.


PAGRO FOODS: CARE Assigns 'CARE BB+' Ratings to Various Bank Debts
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
Pagro Foods Ltd.

                                   Amount
   Facilities                   (INR crore)    Ratings
   ----------                   -----------    -------
   Long-term Bank Facilities       19.00       'CARE BB+'
   Term Loan                        4.38       'CARE BB+'
   Long-term/Short-term Non-fund    0.20       'CARE BB+/PR4'
                 Bank Facilities

Rating Rationale

The ratings reflect weak financial risk profile characterized by
elongated operating cycle due to high inventory holding period,
high overall gearing, stretched liquidity position and exposure to
inherent agro-based raw material price fluctuation and
availability risk.

However, the ratings are supported by the long track record of the
promoters, established relationship with its reputed  customers
and established 'Pagro' brand in domestic as well as international
market.  Going forward, ability of PFL to pass on raw material
cost fluctuation to customers, improving profitability and capital
structure would be the key rating sensitivities.

Incorporated in 1999, Pagro Foods Limited was promoted by Mr. N.S.
Brar and Mr. Pawan Inder Singh Dhillon as a joint venture with
Punjab Agro Industries Corporation Limited (State Govt.
Undertaking) with a view to set up facilities for frozen peas and
vegetables in the State of Punjab.

PFL is engaged in processing and freezing of peas and other
vegetables with processing and storage capacity of 10,000 MT of
frozen vegetables.  On a total operational income of INR21.31
crore, PFL earned net profit of INR0.24 crore in FY09.  As per
provisional results for FY10, the company reported total operating
income of INR24.30 crore with PAT of INR0.76 crore.


RAJESH BUSINESS: CARE Rates INR200cr Long-Term Loans at 'CARE B'
----------------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Rajesh
Business & Leisure Hotels Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)      Ratings
   ----------                  -----------      -------
   Long-term Bank Facilities      200.00        'CARE B'

Rating Rationale

The ratings are constrained by poor servicing record of interest
during construction in the past, restructuring of term loans due
to delay in completion of the project, completion risk as the
project is still in civil construction stage, funding risk due to
ongoing delays which may lead to cost overruns and the inherent
cyclical nature of the hotel industry.

The ratings are strengthened by the franchise under the brand
'Radisson', management contract and strong marketing support of
Carlson Hotels Worldwide (CHW) - one of the major hotel chains in
the world, locational advantage of the property in terms of close
proximity to commercial business districts of North-eastern
Mumbai, lack of development of 5-star hotels in the Ghatkopar-
Thane region and recent amendment in the Finance Bill 2010,
leading to direct tax benefits under section 35AD, I-T Act.

Ability of RBHL to develop the project as per the schedule without
major cost overruns is the key rating sensitivity.

                       About Rajesh Business

Rajesh Business & Leisure Hotels Private Ltd, a special purpose
vehicle (SPV), was set up in 2005 to construct a 300-rooms 5-star
hotel under the brand 'Radisson Plaza Hotel' in Vikhroli (W),
Mumbai.  The project is expected to cost more than INR300 crore
including land and interest during construction and to be financed
at a debt to equity ratio of 1.71:1.  The financial closure of the
project has been achieved.  The Commencement of Operation Date
(COD) for the project is expected to be April 1, 2011.  As on
December 31, 2009, around INR150.44 crore has been incurred
towards the project financed through debt and balance through
unsecured loans from directors/holding company and equity.  As on
March 31, 2010, the project was in civil stage of construction.


ROHILKHAND EDUCATIONAL: CRISIL Rates INR72.9MM Term Loan at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to Rohilkhand Educational
Charitable Trust's term loan facility.  The rating reflects delay
by RECT in servicing its term loan; the delay has been caused by
RECT's short-term mismatch of funds.

   Facilities                       Ratings
   ----------                       -------
   INR72.9 Million Term Loan        D (Assigned)

RECT is also exposed to regulated fee structure constraining
improvement in profitability levels.  The above risks are partly
mitigated by comfortable financial risk profile of the trust and
healthy demand prospects.

Registered in Bareilly (Uttar Pradesh), RECT is a trust engaged in
running educational institutes since 1998.  The trust's chairman,
Mr. Keshav Kumar, is a qualified doctor and renowned surgeon in
Bareilly. The trust currently runs two institutes in Bareilly,
Rohilkhand Medical College and Hospital and Rohilkhand School of
Nursing, with combined student strength of over 1000. RMCH offers
bachelor of dental surgery, master of dental surgery, bachelor of
medicine, and bachelor of surgery courses, and RSN offers
Auxiliary Nurse Midwife (ANM) and General Nursing and Midwifery
(GNM) courses.

For 2008-09 (refers to financial year, April 1 to March 31), RECT
reported a surplus of INR34.1 million on fees received of INR259.6
million, against a surplus of INR7.3 million on fees received of
INR180.9 million for 2007-08.


SREE ASTALAXMI: Fitch Assigns 'BB-' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Sree Astalaxmi Spinning Mills
Pvt Ltd a National Long-term rating of 'BB-(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to Astalaxmi's bank
loans,:

  -- INR50 million fund-based working capital limits at 'BB-
     (ind)';

  -- INR7.5 million non-fund based working capital limits at
     'F4(ind)'; and

  -- INR155.6 million term loans at 'BB-(ind)'.

The ratings are constrained by Astalaxmi's increasing leverage due
to an increase in capital expenditure for the ongoing capacity
expansion by 10,032 spindles.  Debt/EBIDTA which was at 4.5x for
FY09 (provisional FY10: 5.6x) is likely to go up further in FY11
due to the increasing capital expenditure.  The ratings are also
constrained by the inherent risk of operating in a commodity
market characterized by the volatility in raw material (cotton)
prices coupled with competitive pressures on pricing in the yarn
market.  The ratings draw strength from a decade-long track record
of operations of Astalaxmi's promoters and their presence in
India's cotton-growing belt in Adilabad.  The ratings also factor
in the improvements in Astalaxmi's productivity and efficiency
expected from the recently completed modernization of the existing
facility.

Negative rating triggers include a sustained increase in the total
debt/ EBITDA of above 6.0x.  A sustained improvement in the total
debt/EBIDTA of below 3.0x would be a positive rating trigger.

Astalaxmi, located in Adilabad, Andhra Pradesh, has an installed
capacity of 31,296 spindles and specializes in the manufacture of
40s and 62s variety carded yarn and 66s variety combed yarn as
well as in the trading of raw cotton.  In FY09, the company
reported an operating income of INR256.4 million (provisional
FY10: INR562.2 million), an operating EBITDA of INR46 million
(provisional FY10: INR45.16 million) and a net income of
INR2.22 million (provisional FY10: net profit INR7.86 million).


SRI SALASAR: Fitch Assigns National Long-Term Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has assigned India's Sri Salasar Balaji Agro Tech
Pvt Ltd a National Long-term rating of 'B+(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to Salasar Balaji's
bank loans:

  -- INR200 million fund-based working capital limits at
     'B+(ind)'; and

  -- INR810 million non-fund based working capital limits at
     'F4(ind)'.

The ratings are constrained by Salasar Balaji's thin and volatile
EBITDA margins of 1.5% in FY09 (provisional FY10: 0.66%).  The
company's leverage levels were high with debt/EBIDTA at 7.2x in
FY09 (provisional FY10: 4.2x) due to high working capital
requirements.  The ratings also reflect the inherent risk of
operating in a commodity market characterized by the volatility in
cotton prices that are susceptible to agro-climatic risks as well
as central government policies and regulations.  The ratings draw
strength from a four-decade long experience of Salasar Balaji's
promoters in the trading of raw cotton and the company's presence
in India's cotton-growing belt in Adilabad.

Negative rating triggers include a sustained increase in Salasar
Balaji's total debt/ EBITDA of above 9.0x.  A sustained
improvement in its total debt/EBIDTA of below 3.0x would be a
positive rating trigger.

Salasar Balaji, located in Adilabad, Andhra Pradesh, is involved
in cotton trading.  In FY09, the company reported an operating
income of INR1481.5 million (provisional FY10: INR6871.8 million),
an operating EBITDA of INR22.3 million (provisional FY10:
INR45.36 million) and a net income of INR2.73 million (provisional
FY10: INR5.38 million).


=================
I N D O N E S I A
=================


GARUDA INDONESIA: Bank Mandiri Ready to Sell 10.61% Stake
---------------------------------------------------------
Bank Mandiri President Director Zulkifli Zaini said he was ready
to release the bank's 10.61% shares in PT Garuda Indonesia when
the state-owned airline company conducted an initial public
offering this year, Antara News reports.

"As has been known Bank Mandiri has shares in Garuda following a
debt equity swap and so if Garuda will conduct an IPO, the shares
will be an added value for us.  We can sell them and meet the Bank
Indonesia regulation that prohibits banks to have shares outside
banks," the report quoted Zulkifli as saying after his election as
Bank Mandiri's chief at an extraordinary shareholders' meeting.

Garuda, which resumed flights to Europe for the first time in six
years last month after the European Union eased a ban on
Indonesian airlines, is reorganizing its debt ahead of a
US$300 million initial public offering planned by the end of
September, Bloomberg News reported on July 1.

In January, Bloomberg said, Garuda won bondholder permission to
restructure US$122 million of floating-rate notes and in December
agreed with PT Bank Mandiri to convert IDR967 billion (US$106
million) of debt due to the lender into a 10.61%.  In October it
restructured US$76 million of debt owed to PT Pertamina.

Garuda received IDR1 trillion from the government in 2006 to help
it keep flying and has been negotiating with bondholders since
2007 over notes that weren't redeemed, according to Bloomberg.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


MERPATI NUSANTARA: Government Approves Loan to Pay Xian Aircraft
----------------------------------------------------------------
Indonesia's Finance Ministry has approved PT Merpati Nusantara
Airlines' subsidiary loan agreement for the leasing of planes from
China's Xian Aircraft, The Jakarta Globe reports.  The SLA is a
financing scheme through which the government covered Merpati's
loan agreement with Xian, the report says.

The Jakarta Globe, Muhammad Said Didu, secretary of the State-
Owned Enterprises Ministry, said the 13 new MA-60 planes would be
gradually delivered over the course of this year.

According to the report, the delivery of the planes to Merpati
would end a long-running dispute with Xian and a point of
contention between the two governments.

Jakarta Globe recounts that Merpati agreed in 2006 to purchase 15
aircraft from Xian for US$232 million using a soft loan facility
from China.  By late 2008, the report says, the deal was embroiled
in charges of corruption and allegations that Merpati officials
had overpaid for the planes in return for kickbacks.  In October
2008, Merpati and the government began putting pressure on Xian to
lower the price of the planes, but Xian insisted on the price
stated in the contract, the report adds.

                      About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

Merpati Nusantra has been suffering from massive debts and soaring
costs, and is now under a restructuring program of the Asset
Management Company (PPA), the state-sanctioned agency tasked to
restructure ailing state firms, the Troubled Company Reporter-Asia
Pacific reported on Feb. 25, 2009, citing Jakarta Globe.

The company has a total debt of IDR2.2 trillion to two other state
firms, plus around IDR800 billion it owes as part of employee
layoff settlements, following the dismissal of up to 1,300 workers
on a voluntary basis.


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


ALL NIPPON: Flies 29.1% More International Passengers in May
------------------------------------------------------------
All Nippon Airways Co. said Tuesday it carried 362,066 passengers
on its international flights in May, a 29.1% increase and the 10th
consecutive month of year-on-year gain, Nikkei.com reports.  The
strong performance reflects on strong demand for China-bound
traffic amid the Shanghai World EXPO, the report says.

The carrier also carried 3.16 million passengers on its domestic
routes in May, a 4.3% rise for its fourth straight monthly
increase, according to Nikkei.com.

                             About ANA

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


SFCG CO: Prosecutors Indict Ex-Pres. for Illegal Asset Transfer
---------------------------------------------------------------
Tokyo prosecutors on Wednesday indicted Kenshin Oshima, former
president of SFCG Co., on suspicion of illegally transferring its
assets to an affiliated company before it applied for corporate
rehabilitation, according to Kyodo News.

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2010, The Mainichi Daily News said the former president
of SFCG Co. and three other people have been arrested on suspicion
of transferring its assets to an affiliated company just before it
applied for corporate rehabilitation in February last year.
Investigative sources said Kenshin Oshima and the others,
including his 33-year-old son, are alleged to have given roughly
JPY40 billion in loan assets from SFCG to a company run by a
relative of Oshima.  The four have denied the allegation, the
police said.  The Mainichi Daily, citing a court-appointed
receiver, related that SFCG, formerly known as Shohkoh Fund Co.,
transferred roughly JPY267 billion worth of claims on loans to the
affiliated company after it faced difficulties securing financing
from other lenders in September 2008.

                           About SFCG Co

Japan-based SFCG Co Ltd (TYO:8597) is principally engaged in the
finance and investment business.  The Company has four business
segments.  The Finance and Investment segment is engaged in the
corporate finance business, flooring plan business, investment
business, venture capital and servicer business, among others.
The Real Estate segment is involved in the sale, brokerage and
management of real estate, the provision of real estate-related
information, as well as the provision of real estate evaluation
services.  The Sports Product and Food segment manufactures and
sells golf products, foods and others.  The Others segment is
engaged in the sale of computer components, the development of
systems and the provision of system support, among others.  The
Company has 67 subsidiaries and four associated companies.

                            *     *     *

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Feb. 24, 2009, that SFCG filed for court protection
from creditors with liabilities totaling about JPY338 billion.
"We can't get funding from almost any financial firm," Bloomberg
News quoted SFCG Chairman Kenshin Ohshima as saying during a press
briefing in Tokyo.  Prior to filing for creditor protection, data
compiled by Bloomberg showed SFCG had a market value of JPY15.8
billion.  SFCG owed Citigroup Inc. JPY71 billion as of July 31,
2008.


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


KUMHO ASIANA: Petrochem Unit Swings to Profit in Second Quarter
---------------------------------------------------------------
Korea Kumho Petrochemical Co. swung into profit in the second
quarter of 2010 due to a recovery in the petrochemical sector
stemming from the global economy rebound, Yonhap News Agency
reports.

Korea Kumho Petrochemical posted net income of KRW48.9 billion in
the April-June period, a sharp turnaround from a net loss of
KRW12.8 billion a year ago, the report says.  Sales rose 45.4% on-
year to KRW970 billion while operating profit jumped 78.2% to
KRW98 billion, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on December 30, 2009, to put two other ailing units
-- Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap News Agency reported.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


DOMINION FINANCE: Regulator Brings Charges Against Directors
------------------------------------------------------------
The Securities Commission has laid criminal charges and issued
civil proceedings against Dominion Finance Group Limited and North
South Finance Limited directors Vance Arkinstall, Richard Bettle,
Terence Butler, Ann Butler, Paul Forsyth and Robert Barry Whale.

These proceedings follow extensive investigations by the
Commission since Dominion Finance Group went into receivership on
September 9, 2008, owing approximately NZ$176.9 million to some
5,900 investors.  According to the receivers it is likely that
secured debenture holders will receive less than 25% of their
investment back.  Unsecured creditors are likely to receive no
return.

"The Commission alleges that Dominion Finance Group's offer
documents and advertisements misled investors by misrepresenting
the investment risks, especially in relation to related party
transactions, lending standards, loan quality and impairment,
liquidity and the company's overall financial position,"
Commission Chairman Jane Diplock said.

"The Commission also alleges that North South Finance's offer
documents and advertisements misled investors in relation to
related party transactions, liquidity and the company's overall
financial position."

The Commission alleges that the directors made false statements in
the Dominion Finance Group registered prospectus dated
September 13, 2007, as amended by an extension certificate
December 20, 2007, and the North South Finance registered
prospectus dated September 11, 2007, as amended by an extension
certificate December 20, 2007.

Each extension certificate stated that the relevant company's
financial position had not materially and adversely changed since
the company's last balance date and that the prospectus was not
misleading by failing to properly refer to adverse circumstances.
However, the Commission alleges this was false and that the
directors' statements misled investors.

In addition, the Commission alleges that a quarterly newsletter of
Dominion Finance Group and a letter to the investors of both
Dominion Finance Group and North South Finance distributed during
2008 contained similar untrue statements about the financial
position of the companies.

                         Criminal Charges

The Commission said it has laid criminal charges under section 58
of the Securities Act which carry a maximum penalty of five years
imprisonment or fines of up to NZ$300,000.  They were laid in the
District Court at Auckland on June 4, 2010.

                         Civil Proceedings

The Commission said it has applied for declarations of civil
liability and civil pecuniary penalty orders of up to NZ$500,000
against each of the directors.  Under the Securities Act these
applications must be made together.

The Commission's main purpose in making these applications is to
take the first step towards compensation for investors who
invested under the September 2007 prospectuses, as amended by the
extension certificates on December 20, 2007.  A declaration of
civil liability is conclusive evidence that can be relied upon by
either the Commission or investors themselves in any subsequent
claims against the directors for compensation.  The Commission
will consider pursuing compensation claims in due course should it
be in the public interest to do so.

Investors can take their own civil compensation proceedings
whether or not the Commission also does.

The civil proceedings are issued under section 55C and related
sections of the Securities Act.  They were filed on June 3, 2010,
in the High Court at Auckland.

The Commission said it is continuing its investigations in
relation to Dominion Finance Group Limited, North South Finance
Limited and their parent company Dominion Finance Holdings Limited
(and their respective directors) and is considering further
proceedings.

                        About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
its subsidiary Dominion Finance Group (DFG), rather than allow DFG
to put its moratorium proposal to DFG stockholders for approval.

Dominion Finance Group owes 6,055 debenture holders NZ$224
million.

A TCR-AP report Oct. 17, 2008, said Dominion Finance Holdings
Limited appointed John Joseph Cregten and Andrew John McKay of
Corporate Finance Limited as the company's voluntary
administrators.

According to The National Business Review: "Dominion Finance
Holding went into voluntary administration after it was fined
NZ$65,000 by NZX Discipline for filing its annual report late.  At
that time, directors said the holding company had little cash to
its own name."

In addition, the TCR-AP on Dec. 3, 2008, reported that the debt
moratorium for Dominion Finance Holding's other subsidiary North
South Finance Ltd was approved by the stockholders on Dec. 2,
2008.


TONY TAY: In Liquidation; Collapse Won't Affect Film Production
---------------------------------------------------------------
The New Zealand Herald reports that Tony Tay Group, an Auckland-
based property development company, has been placed into
liquidation.  Chris Horton of Chris Horton Associates was
appointed liquidator of the group on June 29.

The NZ Herald relates Mr. Horton said the company collapsed
because of tough economic conditions and tight financial markets.

Another of Tony Tay's companies, Tony Tay and Associates, was also
placed into liquidation on May 20, the report notes.

According to the report, Waitakere City Mayor Bob Harvey said the
collapse will not affect Mr. Tay's film production business, in
which the Waitakere City Council is a major shareholder.


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


NANYA TECHNOLOGY: Reports Sales of NT$5.23 Billion in June
----------------------------------------------------------
Nanya Technology Corp. posted lower sales in June as chip prices
dropped and technology migration limited output growth, the Taipei
Times reports.  Nanya Technology posted NT$5.23 billion in sales
last month, down 0.7% from NT$5.27 billion in May, but still more
than double the same period a year ago, the report says.  That
brought the chipmaker's second-quarter revenues up 11 percent
quarter-on-quarter, or 94 percent annual growth, to NT$15.72
billion, the report adds.

Nanya said shipments grew by a single-digit percentage last month
from May as technology migration to next-generation technology
restricted output, according to the report.

Meanwhile, the Taipei Times reports that Inotera Memories Inc.,
Nanya's DRAM joint venture with US memory company Micron
Technology Inc, said last month's sales contracted 21% month-on-
month as output decreased sharply because of accelerating
technology migration to cost-effective technologies one to two
months earlier than expected.  Inotera said that sales in June
amounted to NT$3.09 billion, up 19.9% year-on-year, according to
Taipei Times.

                       About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.

Nanya Technology posted a net loss of NT$35.23 billion, or NT$7.54
per diluted share, for the 2008 fiscal year, compared with a
net loss of NT$12.46 billion in the prior year.

In the fiscal year of 2009, the company posted unaudited sales
revenue of NT$42.456 billion with an operating loss of NT$16.076
billion and a net loss of NT$20.742 billion.


TAIWAN POWER: Invites Bids for NT$10 Billion in Corporate Bonds
---------------------------------------------------------------
Taiwan Power Co. is inviting bids for a total NT$10 billion of
corporate bonds, The China Post reports citing Clint Chou, a
spokesman for the state-run utility.  Mr. Chou told China Post
that the company plans to set prices for the five-year, seven-year
and 10-year debt on July 9.

                           About Taipower

With a generating capacity of more than 38,080 MW, state-owned
Taiwan Power Co. -- http://www.taipower.com.tw/-- serves nearly
11.7 million industrial, commercial, and residential customers.
Thermal sources (coal, oil, and liquefied natural gas) fuel most
of Taipower's plants; nuclear energy and hydroelectric sources
make up the balance.

                            *     *     *

The Troubled Company Reporter-Asia Pacific, citing Antara News,
reported on Dec. 10, 2009, that Taiwan Power Co. is set to post a
small loss of NT$1 billion in 2009.  Taipower Chairman Edward Chen
said Taipower is forecasting a net loss of NT$26.7 billion in
2010, based on projected total revenues of NT$507.3 billion and
expenses of NT$534 billion.


===============
T H A I L A N D
===============


SIAM CITY BANK: Performance Shows Resilience, Fitch Says
--------------------------------------------------------
Fitch Ratings has commented in a special report that Thai banks
are expected to continue to show resilience after economic and
political shocks in the past two years.

"The heightened operating risks from the prolonged political
turmoil in Thailand and still weak economic environment, could
impact profitability, loan growth and asset quality in the medium
term.  However, strong capital and liquidity should help at least
the stronger banks to maintain overall performance in 2010," said
Vincent Milton, Managing Director of Fitch Ratings (Thailand) and
a Senior Director of Financial Institutions at the agency.

"The three bellwether banks, Bangkok Bank Public Company Limited
('BBB+'/Stable), Siam Commercial Banks Public Company Limited
('BBB+'/Stable) and Kasikornbank Public Company Limited
('BBB+'/Stable) continue to outperform the sector with Bank of
Ayudhya Public Company Limited (BAY, 'BBB'/Stable) also emerging
as a strong performer.  TMB Bank Public Company Limited ('BBB-
'/Negative) still lags, although its performance has stabilized
and should improve in 2010," Mr. Milton noted.

The report entitled "Thai Banks: 2009 and Q110 Review and Outlook,
Resilient, But Risks to Outlook Remain" states that although
Thailand's economic outlook for 2010 appears to be improving,
overall conditions are likely to remain weak.  In addition, asset-
quality pressures, particularly related to the tourism, retail
trade and consumer sectors, have increased due to the disruption
to these businesses from the recent civil unrest.  Fitch expects a
further increase in special-mention loans, which have risen
sharply since 2008.  In light of these stresses, Thai banks' non-
performing loans could rise in 2010.  Nevertheless, Thai banks'
average Tier 1 and total capital of about 12% and 16%,
respectively, should provide a strong buffer.  While growth could
be affected in Q210, Fitch still expects Thailand's economic
growth to recover modestly in 2010, with a full-year GDP growth
forecast of 3.8%.

While Thai banks reported a significant improvement in performance
in Q110, Fitch expects this to weaken in Q210 when they release
their results in July.  The combined net profit of the largest
seven Thai banks, BBL, Krung Thai Bank Public Company Limited
('BBB'/Stable), SCB, KBANK, BAY, TMB, and Siam City Bank Public
Company Limited ('BB'/RWP), increased sharply in Q110 to
THB24.1 billion (up 26.5% year on year), due mainly to lower
funding costs and stronger gains on investment and fee incomes.
Net interest margins and return on assets remained stable at 3.5%
and 1.2% in Q110 (2009: 3.4% and 1.1%).  Their asset quality
appeared stable at end-March 2010, with total NPLs at
THB352.1 billion or 6.5% of total loans, although NPLs could rise
in the latter half of 2010 if conditions remain weak.

Disclosure: Kasikorn Asset Management Company Limited (of which
KBANK holds a 100% stake) owns 10% of the shares in Fitch Ratings
(Thailand) Limited.  Muang Thai Life Assurance Company Limited (of
which KBANK holds a 38.3% economic interest) owns 10% of the
shares in Fitch Ratings (Thailand) Limited.  TISCO Asset
Management Company Limited (of which TISCO Financial Group Public
Company Limited holds 100%) owns 10% of the shares in Fitch
Ratings (Thailand) Limited.  No shareholder, other than Fitch
Ratings Limited of the UK, is involved in the day-to-day
operations of, or credit rating reviews undertaken by Fitch
Ratings (Thailand) Limited.


* Fitch Says Thai Banks' Performance Continues to Show Resilience
-----------------------------------------------------------------
Fitch Ratings has commented in a special report that Thai banks
are expected to continue to show resilience after economic and
political shocks in the past two years.

"The heightened operating risks from the prolonged political
turmoil in Thailand and still weak economic environment, could
impact profitability, loan growth and asset quality in the medium
term.  However, strong capital and liquidity should help at least
the stronger banks to maintain overall performance in 2010," said
Vincent Milton, Managing Director of Fitch Ratings (Thailand) and
a Senior Director of Financial Institutions at the agency.

"The three bellwether banks, Bangkok Bank Public Company Limited
('BBB+'/Stable), Siam Commercial Banks Public Company Limited
('BBB+'/Stable) and Kasikornbank Public Company Limited
('BBB+'/Stable) continue to outperform the sector with Bank of
Ayudhya Public Company Limited (BAY, 'BBB'/Stable) also emerging
as a strong performer.  TMB Bank Public Company Limited ('BBB-
'/Negative) still lags, although its performance has stabilized
and should improve in 2010," Mr. Milton noted.

The report entitled "Thai Banks: 2009 and Q110 Review and Outlook,
Resilient, But Risks to Outlook Remain" states that although
Thailand's economic outlook for 2010 appears to be improving,
overall conditions are likely to remain weak.  In addition, asset-
quality pressures, particularly related to the tourism, retail
trade and consumer sectors, have increased due to the disruption
to these businesses from the recent civil unrest.  Fitch expects a
further increase in special-mention loans, which have risen
sharply since 2008.  In light of these stresses, Thai banks' non-
performing loans could rise in 2010.  Nevertheless, Thai banks'
average Tier 1 and total capital of about 12% and 16%,
respectively, should provide a strong buffer.  While growth could
be affected in Q210, Fitch still expects Thailand's economic
growth to recover modestly in 2010, with a full-year GDP growth
forecast of 3.8%.

While Thai banks reported a significant improvement in performance
in Q110, Fitch expects this to weaken in Q210 when they release
their results in July.  The combined net profit of the largest
seven Thai banks, BBL, Krung Thai Bank Public Company Limited
('BBB'/Stable), SCB, KBANK, BAY, TMB, and Siam City Bank Public
Company Limited ('BB'/RWP), increased sharply in Q110 to
THB24.1 billion (up 26.5% year on year), due mainly to lower
funding costs and stronger gains on investment and fee incomes.
Net interest margins and return on assets remained stable at 3.5%
and 1.2% in Q110 (2009: 3.4% and 1.1%).  Their asset quality
appeared stable at end-March 2010, with total NPLs at
THB352.1 billion or 6.5% of total loans, although NPLs could rise
in the latter half of 2010 if conditions remain weak.

Disclosure: Kasikorn Asset Management Company Limited (of which
KBANK holds a 100% stake) owns 10% of the shares in Fitch Ratings
(Thailand) Limited.  Muang Thai Life Assurance Company Limited (of
which KBANK holds a 38.3% economic interest) owns 10% of the
shares in Fitch Ratings (Thailand) Limited.  TISCO Asset
Management Company Limited (of which TISCO Financial Group Public
Company Limited holds 100%) owns 10% of the shares in Fitch
Ratings (Thailand) Limited.  No shareholder, other than Fitch
Ratings Limited of the UK, is involved in the day-to-day
operations of, or credit rating reviews undertaken by Fitch
Ratings (Thailand) Limited.


                         *********

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

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

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


                            *********


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

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

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

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

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





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