TCRAP_Public/100709.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, July 9, 2010, Vol. 13, No. 134

                            Headlines



A U S T R A L I A

BNY TRUST: Fitch Upgrades Ratings on Six RMBS Tranches
COONAWARRA DEVELOPMENTS: In Liquidation; Administrator Seeks Buyer


C H I N A

AES CORP: China Investment Deal Won't Affect Fitch's 'B+' Rating
AGRICULTURAL BANK: Raises US$10.1 Billion in Shanghai IPO


H O N G  K O N G

A LOVER: Court to Hear Wind-Up Petition on August 11
B J COLLECTION: Court Enters Wind-Up Order
CITYFORD DYEING: Court Enters Wind-Up Order
CHAMPION VANTAGE: Court Enters Wind-Up Order
CHANNEL COMMUNICATIONS: Court Enters Wind-Up Order

CHEUNG WING: Court Enters Wind-Up Order
CHUNG TAI: Court Enters Wind-Up Order
FAIR & FRANK: Court Enters Wind-Up Order
FYM INTERNATIONAL: Court Enters Wind-Up Order
GRAND PASTURES: Court Enters Wind-Up Order

HARVEST MEDIA: Court to Hear Wind-Up Petition on August 4
HEALING HANDS: Court Enters Wind-Up Order
HEALING HANDS YOGA: Court Enters Wind-Up Order
HIGH CARGO: Court Enters Wind-Up Order
HOP CHUNG: Court to Hear Wind-Up Petition on August 25

JUO BEAR: Court to Hear Wind-Up Petition on July 28
KAM TAI: Court to Hear Wind-Up Petition on August 11
KCL CAPITAL: Bruno Arboit Appointed as Liquidator
KWONG YUEN: Creditors' Proofs of Debt Due July 23
LAND ASIA: Court to Hear Wind-Up Petition on August 11


I N D I A

AJEET & COMPANY: ICRA Assigns "LBB" Rating to INR66.5MM LT Loan
AMARAVATHI SRI: Fitch Assigns 'B+' National Long-Term Rating
ARRAYCOM INDIA: ICRA Assigns 'LBB-' Rating to INR55MM Cash Credit
CHARISMA BUILDERS: CRISIL Lifts Rating on INR415MM Loan to 'BB-'
GARGYA AUTOCITY: ICRA Assigns 'LBB' Rating to INR58.56MM Bank Debt

HIMANGI FOODS: ICRA Places 'LBB' Rating on INR110.4 FB Bank Limits
L.R. SHARMA: ICRA Assigns 'LBB+' to INR400 Million Fund Based Debt
M-TECH INDUSTRIES: CRISIL Puts 'B+' Rating on INR38.8MM Term Loan
N K MEDIA: CRISIL Assigns Default Rating to INR72.6MM Term Loan
NABADIGANT EDUCATIONAL: CRISIL Rates INR90 Mil. Term Loan at 'D'

NABAKALEBAR CHARITABLE: CRISIL Rates INR150 Mil. Term Loan at 'D'
PRIME GLOBAL: CRISIL Assigns 'P4+' Ratings to Various Bank Debts
RASHMI METALIKS: Fitch Affirms 'BB+' National Long-Term Rating
RICO AUTO: To Post First Profit in Three Years
ROYAL REGENCY: CRISIL Places 'BB-' Rating on INR100 Mil. Term Loan

RTSTAR SOLITAIRES: ICRA Assigns LBB+ Rating to INR444MM Bank Debts
RTSTAR DIAMONDS: ICRA Places "LBB" Rating on INR20MM Bank Limits
SRI GANESH: CRISIL Upgrades Ratings on Various Bank Debts to 'B-'
SHRIGOPAL RAMESHKUMAR: ICRA Reaffirms 'LBB+' Rating on Bank Debts
UKN ESPERANZA: ICRA Assigns 'LBB+' Rating to INR50MM Term Loans


J A P A N

EXCELLENT COLLABORATION: S&P Cuts Ratings on Two Notes to 'D'
NEDO61712 CMBS: Moody's Downgrades Ratings on Class A to 'B1'
* JAPAN: Corporate Bankruptcies Drop 19.3% in June


M A L A Y S I A

OILCORP BHD: Ordered to Pay Crowe Horwarth MYR258,750
RAMUNIA HOLDINGS: Reprimanded for Breaching Listing Rules


N E W  Z E A L A N D

CRAFAR FARMS: Files Injunction to Stop Sale of 16 Crafar Farms
DOMINION FINANCE: Trustee Places Unit in Receivership
SOUTH CANTERBURY: Names Dean Clark as General Manager


P H I L I P P I N E S

ALLIED BANK: Sells 27.8% Stake in Oceanic Holding to Investor


T A I W A N

AMERICAN INT'L: Chinatrust Still Seeks to Buy Nan Shan Life


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


BNY TRUST: Fitch Upgrades Ratings on Six RMBS Tranches
------------------------------------------------------
Fitch Ratings has upgraded six tranches of RMBS issued by BNY
Trust Company of Australia Limited in its capacity as trustee of
the Mobius NCM-04 Trust.  The Mobius NCM-04 transaction is a
securitisation of non-conforming residential mortgages.  The
rating actions are:

  -- AUD4.27 million Class B (AU3FN0000881) upgraded to 'AAA' from
     'AA'; Outlook revised to Stable from Positive; Loss Severity
     Rating revised to 'LS-4' from 'LS-3';

  -- AUD27.8 million Class C (AU3FN0000899) upgraded to 'AA' from
     'A+'; Outlook Stable; Loss Severity Rating 'LS-2';

  -- AUD18.9 million Class D (AU3FN0000907) upgraded to 'BBB' from
     'B'; Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD8.6 million Class E (AU3FN0000915) upgraded to 'BB' from
     'CCC'; Outlook Stable; Loss Severity Rating assigned at 'LS-
     3';

  -- AUD7.7 million Class F (AU3FN0000923) upgraded to 'CCC' from
     'C'; Recovery Rating of 'RR3'; and

  -- Class M* upgraded to 'BBB from 'B'; Outlook Stable.

  * Interest Only.

Fitch has reviewed the transaction's performance following the
completion of a restructuring of the trust's lenders mortgage
insurance arrangements, which involved the removal of the LMI cash
reserve account and the injection of AUD7.0 million from this
account into the transaction.  The result of this cash injection
saw all current note charge-offs reimbursed, and the loss reserve
account holding an amount of AUD3.28 million in support of
potential further loan losses.

The transaction continues to pay down -- all Class A notes were
repaid in full in Q210, and the Class B notes are expected to be
repaid in full in the near future.  Credit enhancement has
continued to build up and with the injection of AUD7.0 million,
the reinstatement of all classes of notes and the loss reserve
account holding funds have allowed for an upgrade of all
outstanding classes of notes.  The rating action on the interest
only Class M notes follows the rating action on the Class D notes.

This transaction continues to experience a high percentage of
long-dated arrears with loans 90+ days in arrears at the end of
May continuing to decline but remaining at a high level of 12.1%.
There has been a concerted effort on the part of the present
servicer to clear long-dated arrears and this remains a continuing
process.  Total 30+ day arrears remain high at 17.9%, though the
majority of these are in the 90+ day bucket.  Additional losses
are expected as properties continue to be realized from the 90+
day arrears.  Fitch has assumed an expected loss of 35%, which is
above average realised losses to-date, in its review of this
transaction.

This transaction may be negatively affected if interest rates
continue to rise or if economic conditions worsen, though Fitch
does not expect to see arrears reach 2008 levels.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


COONAWARRA DEVELOPMENTS: In Liquidation; Administrator Seeks Buyer
------------------------------------------------------------------
The Border Watch reports that Coonawarra Developments has entered
liquidation after its administrator told unsecured creditors last
week that there was no hope they would receive any money and no
other options remained for the company.

Coonawarra Developments is the owner of Poplars Winery and
Chardonnay Lodge, which went into voluntary administration early
this year with debts of more than AU$10 million, the report says.

According to the report, there has since been a stall on
liquidating the company because creditors hoped the company's bank
-- Bank of Western Australia -- would accept a buyer's AU$8
million offer, which reserved AU$250,000 for unsecured creditors.
But former owner James Yates said the bank still refused and was
likely to refuse anything which provided hope of a financial
return for unsecured creditors, the report adds.

Administrator Paul Vartelas told creditors at a meeting on July 2,
2010, that no progress was being made and he did not want to give
any false hope, the report relates.

The Border Watch says the Bank of Western Australia will still
suffer a substantial loss and unsecured creditors, including those
who own units in Chardonnay Lodge, will receive nothing of the
AU$895,000 they are owed.

"The only alternative we have today is to place the company into
liquidation," the report quoted Mr. Vartelas as saying.  "That
means prospects of unsecure creditors receiving any funds at this
stage is extremely unlikely."

The report relates the company will remain in liquidation until a
buyer is found, but Mr. Vartelas said it was not likely receivers
would receive any money from a future sale.


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


AES CORP: China Investment Deal Won't Affect Fitch's 'B+' Rating
----------------------------------------------------------------
The ratings of The AES Corp. are not affected by the recent
termination of an investment agreement by China Investment
Corporation, Inc., according to Fitch Ratings.  On June 28, 2010,
Fitch affirmed AES' Issuer Default Rating at 'B+' with a Stable
Rating Outlook.  Fitch's ratings affirmation was not dependent
upon the consummation of a transaction pursuant to which CIC, the
China sovereign wealth fund, would purchase a 35% stake in AES'
wind generation business for $571 million.  The two parties have
recently announced that the letter of intent has expired.  Also,
AES has announced a common stock repurchase program of up to
$500 million until Dec. 31, 2010, that is consistent with
alternatives considered in Fitch's current rating of AES.

The company has ample cash and liquidity, due in part to
approximately $1.58 billion in proceeds received from a separate
transaction in which CIC purchased new shares representing
approximately a 15% ownership stake in AES.

The current ratings of AES parent-level obligations, all with a
Stable Rating Outlook, are:

  -- IDR 'B+';
  -- Short-term IDR 'B';
  -- Senior secured debt 'BB+/RR1';
  -- Senior unsecured debt 'BB/RR1'.

AES Trust III

  -- Trust preferred 'B+/RR4'.


AGRICULTURAL BANK: Raises US$10.1 Billion in Shanghai IPO
---------------------------------------------------------
Agricultural Bank of China said on Wednesday it raised CNY68.5
billion (US$10.1 billion) from the Shanghai portion of its initial
public offering, ChannelNews Asia reports.

The bank said in a statement to the Shanghai Stock Exchange that
the amount included the over-allotment option and put the bank on
track to achieve the largest IPO on record by raising up to
US$22.1 billion ahead of its dual listing in Hong Kong and
Shanghai, according to ChannelNews Asia.

AgBank said it sold 25.57 billion shares in Shanghai, including
the over-allotment option, at CNY2.68 a share, the top of a
CNY2.52-2.68 indicative price range, the report relates.

Agbank attracted CNY32.5 billion from 27 domestic cornerstone
investors including China's major insurance companies and a number
of big state-run companies, Dow Jones Newswires reported,
according to ChannelNews Asia.  The bank said it sold 10.23
billion shares, or 40% of its Shanghai portion to the cornerstone
investors, the report adds.

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.


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


A LOVER: Court to Hear Wind-Up Petition on August 11
----------------------------------------------------
A petition to wind up the operations of A Lover Holding Limited
will be heard before the High Court of Hong Kong on July 21, 2010,
at 9:30 a.m.

Roberto Cavalli Asia Pacific Limited filed the petition against
the company.

The Petitioner's solicitors are:

          Gall & Lane
          12/F, Dina House
          No. 11 Duddell Street
          Central, Hong Kong


B J COLLECTION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of B J Collection (MFR) Limited.

The Official Receiver is E T O'Connell.


CITYFORD DYEING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of Cityford Dyeing & Printing Industrial
Limited.

The Official Receiver is E T O'Connell.


CHAMPION VANTAGE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of Champion Vantage Limited.

The Official Receiver is E T O'Connell.


CHANNEL COMMUNICATIONS: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on May 31, 2010, to
wind up the operations of Channel Communications (HK) Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


CHEUNG WING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of Cheung Wing Foods Development Limited.

The Official Receiver is E T O'Connell.


CHUNG TAI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of Chung Tai Cotton Quilt Company Limited.

The Official Receiver is E T O'Connell.


FAIR & FRANK: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on June 18, 2010, to
wind up the operations of Fair & Frank (HK) Co., Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


FYM INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of FYM International Automobile Limited.

The Official Receiver is E T O'Connell.


GRAND PASTURES: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of Grand Pastures Limited.

The Official Receiver is E T O'Connell.


HARVEST MEDIA: Court to Hear Wind-Up Petition on August 4
---------------------------------------------------------
A petition to wind up the operations of Harvest Media Limited will
be heard before the High Court of Hong Kong on August 4, 2010, at
9:30 a.m.

Li & Fung (B.V.I.) Limited filed the petition against the company.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road, Central
          Hong Kong


HEALING HANDS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on June 15, 2010, to
wind up the operations of Healing Hands Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


HEALING HANDS YOGA: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on June 4, 2010, to
wind up the operations of Healing Hands Yoga Massage & Spa
Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


HIGH CARGO: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of High Cargo Logistics Warehouse Limited.

The Official Receiver is E T O'Connell.


HOP CHUNG: Court to Hear Wind-Up Petition on August 25
------------------------------------------------------
A petition to wind up the operations of Hop Chung Machinery
Engineering Company Limited will be heard before the High Court of
Hong Kong on August 25, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Messrs. C.C. Lee & Co
          6th Floor, On Lok Yuen Building
          No. 25 Des Voeux Road
          Central, Hong Kong


JUO BEAR: Court to Hear Wind-Up Petition on July 28
---------------------------------------------------
A petition to wind up the operations of Juo Bear PC Net & Caf‚
(Causeway Bay) Co Limited will be heard before the High Court of
Hong Kong on July 28, 2010, at 9:30 a.m.


KAM TAI: Court to Hear Wind-Up Petition on August 11
----------------------------------------------------
A petition to wind up the operations of Kam Tai Fai China-HK
Logistics Limited will be heard before the High Court of Hong Kong
on August 11, 2010, at 9:30 a.m.

Weishing Transportation & Enterprises Company Limited filed the
petition against the company.

The Petitioner's solicitors are:

          H.L. Wong & Co.
          Room 707-709, 7th Floor,
          China Insurance Group Building
          No. 141 Des Voeux Road Central
          Hong Kong


KCL CAPITAL: Bruno Arboit Appointed as Liquidator
-------------------------------------------------
Bruno Arboit of FTI Consulting (Asia) Limited on June 10, 2010,
was appointed as liquidator of KCL Capital Limited.

The liquidator may be reached at:

         Bruno Arboit
         c/o FTI Consulting (Asia) Limited
         1008 Shui On Centre 6-8
         Harbour Road
         Wanchai, Hong Kong


KWONG YUEN: Creditors' Proofs of Debt Due July 23
-------------------------------------------------
Creditors of Kwong Yuen Construction Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by July 23, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

        Stephen Briscoe
        Nicholas Timothy Cornforth Hill
        602 The Chinese Bank Building
        61-65 Des Voeux Road Central
        Hong Kong


LAND ASIA: Court to Hear Wind-Up Petition on August 11
------------------------------------------------------
A petition to wind up the operations of Land Asia Management
Limited will be heard before the High Court of Hong Kong on
August 11, 2010, at 9:30 a.m.

Tonley and Company Limited filed the petition against the company.

The Petitioner's solicitors are:

          Winnie P.H. Lun & Associates
          Suite 103, 1st Floor
          Beautiful Group Tower
          No. 77 Connaught Road Central
          Hong Kong


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


AJEET & COMPANY: ICRA Assigns "LBB" Rating to INR66.5MM LT Loan
---------------------------------------------------------------
ICRA has assigned A4 rating to INR5.00 million short term non fund
based facilities of Ajeet & Company.  ICRA has also assigned "LBB"
rating to INR66.50 million long term fund based facilities and it
carries a stable outlook.

The rating factors in AC's low profitability and cash accruals on
account of moderate scale of operations and low value addition and
its stretched liquidity due to high working capital intensity.
The ratings are also constrained by the high competitive pressures
in the industry with a large number of unorganized players, as
well as risks inherent in the availability of timber which is to
an extent dependent on the prevailing regulations in the supplying
market.

Incorporated in 1950, AC is a partnership firm. AC is engaged in
timber trading business and has its registered office at Mumbai
and a warehousing facility at Bhiwandi.

AC recorded a net profit of INR1.00 million on an operating income
of INR111.90 million as per the audited figures for the year
ending March 31, 2009.


AMARAVATHI SRI: Fitch Assigns 'B+' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Amaravathi Sri Venkatesa Paper
Mills Limited a National Long-term rating of 'B+(ind)'.  The
Outlook is Stable.  Fitch has also assigned ratings to ASVPM's
bank loans:

  -- INR143.6 million term loans: 'B+(ind)';

  -- INR 57.5 million fund-based working capital limits:
     'B+(ind)'/'F4(ind)'; and

  -- INR102.5 million non-fund-based working capital limits:
     'F4(ind)'.

ASVPM's ratings reflect the inherent risk of being in a commodity
market business and the cyclical nature of the industry,
especially considering the company's presence in the recycled
paper or B-grade paper segment.  ASVPM's debt/EBITDA levels were
at moderate levels of 3.7x as at FYE09 following the debt-funded
capital expenditure during FY08 and FY09; this is likely to be
stretched by the company's proposed capital expenditure plans
going forward.  Fitch notes that Tamil Nadu's power shortage
scenario is also likely to affect ASVPM's operations and capacity
utilizations going forward.  The agency further notes that market
conditions in the second half of FY10 affected ASVPM, leading to
liquidity pressures.  However, the company's long track record of
operations lends a degree of comfort to the ratings as also its
steady financial performance over this period.

Negative ratings triggers include a sustained increase in ASVPM's
debt/EBITDA of above 5.0x.  A sustained improvement in debt/EBITDA
of below 3.0x would be a positive rating trigger.

ASVPM, located in Tamil Nadu, is involved in the manufacture
of newsprint as well as writing and printing paper in the
B-grade or recycled paper based segment.  In FYE09, the company
reported a sales turnover of INR1004.1 million with an EBITDA of
INR57.2 million at a modest EBITDA margin of 5.7%; while during
the half year ending September 2009, ASVPM reported a sales
turnover of INR425.7 million, an EBITDA of INR32.1 million at an
EBITDA margin of 7.5%.  Annualized debt/EBITDA during the half
year ending September 2009 was at 2.9x.


ARRAYCOM INDIA: ICRA Assigns 'LBB-' Rating to INR55MM Cash Credit
-----------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR55 million cash
credit facilities of Arraycom India Limited.  The rating outlook
is stable. ICRA has also assigned an "A4" rating to the INR240
million non-fund-based bank facilities of AIL.

The ratings are constrained by the highly competitive business
environment in which AIL operates, relatively small size of
operations, high working capital intensity and limited financial
flexibility.  ICRA also notes that AIL has limited bargaining
power with most of its original equipment suppliers, given the
large scale of their operations and limited number of equipment
suppliers globally because of the technical complexity of the
equipments produced by them.  The company is also exposed to the
currency fluctuation as significant part of the equipments is
imported from abroad.  The company's aggressive pricing strategy
to build up its credentials and maintain business volumes has
resulted in the low operating margins in the system integration
business.  Moreover, AIL has not provided for the diminution in
the value of fixed assets in the books of account and adjusting
for same the financial risk profile is weakened further.

The ratings, nevertheless, favorably factor in AIL's proven system
integration capabilities and technical credentials build up over a
period of time.  The experienced and technically proficient
management team, long association with end customers and healthy
relationship with various original equipment manufacturers enhance
AIL's competitive position.  The ratings also factor in the
healthy demand prospects driven by large scale investment planned
in digital transmission, satellite communication, installation of
earth station etc.

                       About Arraycom India

Founded in 1992, AIL is engaged in the business of manufacturing
electronic material and system engineering & integration in the
fields of satellite communication, broadcasting, seismology etc.
During the period ended 2009-10, the company reported net profit
before tax of INR10.1 million on a turnover of INR226.4 million.


CHARISMA BUILDERS: CRISIL Lifts Rating on INR415MM Loan to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on Charisma Builders' bank
facilities to 'BB-/Stable' from 'B+/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR415.0 Million Long-Term Loan      BB-/Stable (Upgraded from
                                                    'B+/Stable')

   INR185.0 Million Overdraft Facility  BB-/Stable (Upgraded from
                                                    'B+/Stable')

The upgrade is driven by CRISIL's expectation that Charisma's
capital structure and debt protection metrics will remain
comfortable over the medium term in the absence of any major debt-
funded projects over the medium term coupled with the significant
liquidity buffer available with the firm (The firm had cash and
bank balance and other liquid investments aggregating around
INR300 million as on May 2010).  The upgrade reflects significant
improvement in Charisma's financial risk profile because of
reduction in its debt levels, following the prepayment of term
loans to the extent of INR200 million.  As a result, its repayment
obligations have reduced significantly to around INR30 million per
annum 2010-11 (refers to financial year, April 1 to March 31)
onwards from around INR70 million per annum earlier.

CRISIL's ratings continue to reflect Charisma's exposure to risks
related to real estate development, and the company's
geographically concentrated and volatile revenue profile.  These
rating weaknesses are partially offset by the experience of
Charisma's promoters in the real estate business.

Outlook: Stable

CRISIL believes that Charisma will continue to benefit from its
promoters' industry experience and its large land bank.  The
outlook may be revised to 'Positive' in case of a sustainable
improvement in its revenues and accruals while maintaining its
debt protection indicators.  The outlook may be revised to
'Negative' if the company faces a subdued demand for any of its
projects thereby deteriorating its debt protection indicators or
its net cash position, or if the company lends significant support
to other group entities which cannot be unwound at a short notice
thereby impacting Charisma's liquidity profile.

                      About Charisma Builders

Charisma was set up by Mr. Sudhir V Shetty as a proprietorship
firm in 1982.  The firm has developed a few properties such as row
houses, bungalows, and small residential buildings.  Gradually, it
forayed into the execution of larger projects such as residential
buildings with two- and three-bedroom apartments and commercial
properties.  Most of these projects are located in the eastern
suburbs of Mumbai such as Chembur, Sion, and Govandi.  The firm
follows a completed contract method of accounting for its
projects.

Charisma reported a provisional profit after tax (PAT) of INR17.9
million on net sales of INR64.7 million for 2009-10 against a net
loss of INR173.6 million on net sales of INR289.9 million for
2008-09.


GARGYA AUTOCITY: ICRA Assigns 'LBB' Rating to INR58.56MM Bank Debt
------------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR58.56 million fund
based bank limits of Gargya Autocity Private Limited.  The outlook
on the rating is stable.

The rating factors in the improving but thin profit margins, low
cash accruals and relatively high working capital intensity of
operations of Gargya Autocity Private Limited (GAPL).  The rating
also considers the geographical concentration risks, an aggressive
capital structure and weak coverage indicators of the company.
The rating however takes into account the promoter's experience in
the automobile dealership business and GAPL's established position
as an authorized dealer for Toyota Kirloskar Motor Private Limited
(TKM) in seven states of the North-East India.

Gargya Autocity Pvt. Ltd., incorporated in 2004, is engaged in the
automobile dealership business, with its showroom and workshop
located in Guwahati in the state of Assam.  The company is an
authorised dealer of Toyota Kirloskar Motor Pvt. Ltd. (TKM) in the
passenger vehicle segment and is engaged in sales and service of
vehicles along with sale of spare parts. GAPL is the only dealer
of TKM in the seven states of North-East India.

During FY 2009, the company reported a profit after tax (PAT) of
INR1.79 million on an operating income of INR201.02 million.


HIMANGI FOODS: ICRA Places 'LBB' Rating on INR110.4 FB Bank Limits
------------------------------------------------------------------
ICRA has assigned "LBB" and "A4" ratings to INR110.4 million Fund
and Non-Fund Based bank limits of Himangi Foods Private Limited.

The ratings are constrained by Himangi Foods low profitability
margins; its high gearing and exposure to wheat price movement
wherein any slowdown in flour demand might make it difficult to
pass on the wheat price increase to the buyers, as was witnessed
in FY2009.  The ratings are further constrained by the low entry
barriers and high competitive intensity of the industry which
exerts pricing pressures on all the players.  However, ICRA draws
comfort from the company's experienced management team with  a
track record of more than two decades in the business; and
addition of new and reputed customers like ITC and Britannia which
has mitigated the client concentration risk of Parle G to an
extent.

Himangi Foods Pvt. Ltd. was originally incorporated in the year
2006 by Mr. Om Prakash for manufacturing of maida (wheat flour).
The promoters were already engaged in manufacturing of Parle-
G biscuits in their two franchisee units viz. Swati Biscuits
Manufacturing Co. and Rishi Bakers (P) Ltd.  The promoters decided
to set up unit for manufacturing of maida, suzi and bran.
Initially, when the plant was set up Parle G had disbursed a loan
of INR 3 crore to Himangi foods as unsecured loans against bank
guarantee and the company was mainly doing job work of supplying
maida to Parle G, however in FY10, the company has successfully
added new reputed buyers like ITC Group, Britannia Group and
several other reputed bakers/traders in the state of Maharashtra,
Gujarat, Andhra Pradesh and Haryana.

The company's main finished product is maida of different qualities
and a byproduct, bran.  The company is having an automatic plant
purchased from Buhlar A.G., Switzerland. In the plant, wheat is
uploaded and is passed through cleaning and milling section. After
milling of wheat, flour reaches the packing section where it is
packed in bags. During the process, laboratory test of wheat and
maida are carried out in the laboratory.  The main raw material
required for manufacturing maida/ bran is wheat which is easily
available in Kanpur city and nearby areas.  Some of the company's
top customers include Parle Biscuits, Super Bakers, Ahmedabad,
Matra Ahar, Surat, Britannia Group, Mumbai, ITC Group,
Nadiad/Nagpur/Hyderabad, Samrat Trading Co. etc.


L.R. SHARMA: ICRA Assigns 'LBB+' to INR400 Million Fund Based Debt
------------------------------------------------------------------
ICRA has assigned a rating of "LBB+" to the INR400 million fund
based facilities and INR1,100 Non Fund based facilities of L.R.
Sharma & Co.  The outlook on the rating is stable.

The rating assigned to the firm takes into account the established
track record of the promoters in the construction business,
consistent improvement in profitability led by growth in
infrastructure sector and favorable policy towards contractors and
comfortable liquidity position of the firm characterized by free
cash flows in FY10.  Moreover, the boom in infrastructure in the
country coupled with healthy inflow of orders expected to come up
in Delhi Metro Rail Corporation (DMRC) Phase III and Yamuna
Cleaning Scheme under Delhi Jal Board (DJB) is expected to boost
revenues of the firm in the short to medium term. However, the
rating is constrained by geographical concentration risk (as most
of the orders are concentrated in the Delhi region), client
concentration risk (as high percentages of orders are from
Delhi Jal Board) and exposure to high competition with increasing
number of contractors in highly competitive construction sector.
The rating also factors in certain risks associated with the
partnership nature of firm like limited ability to raise equity
and lower net worth which can impact its ability to bid for
larger projects going forward.  In addition to this, the nature of
work of the firm is such that it provides limited visibility to
the future revenue inflows which puts a constraint on the earnings
visibility of the firm.

L.R. Sharma & Co. is an engineering and contracting firm engaged
in the field of laying underground utilities for Water, Sewage,
Telecommunication (OFC laying) and electrical cables, storm and
gas etc.  The firm is registered as a contractor with Delhi Jal
Board, U.P. Jal Nigam and Punjab Water Supply & Sewerage Board in
highest category with a track record of past 30 years.  The firm
has carried out works for esteemed clients like Delhi Jal Board,
Delhi Metro Rail Corporation, Delhi Transport Tourism and
Development Corporation, RITES, Delhi Development Authority, NHAI,
L&T Ltd., Bharti Group etc. LRSC is partnered by L.R. Sharma (40%
shareholding), Mr. Rajesh Sharma (40% shareholding) and
Mr. Chetan Sharma (20% shareholding).


M-TECH INDUSTRIES: CRISIL Puts 'B+' Rating on INR38.8MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to M-Tech
Industries' bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR1.5 Million Standby Line of Credit   B+/Stable (Assigned)
   INR21.0 Million Cash Credit Limit       B+/Stable (Assigned)
   INR38.8 Million Term Loan               B+/Stable (Assigned)
   INR5.5 Million Bank Guarantee           P4 (Assigned)

The ratings reflect M-Tech's large, ongoing, debt-funded capital
expenditure (capex), which is likely to constrain the firm's
financial risk profile over the medium term, and large working
capital requirements which may constrain its liquidity profile.
These rating weaknesses are partially offset by M-Tech's
promoter's experience in the industry and renowned customer
profile.

Outlook: Stable

CRISIL believes that M-Tech will maintain its credit risk profile
over the medium term, supported by assured revenues because of the
firm's purchase agreement with its customer, Nilkamal Ltd,
providing ready demand for the M-Tech's new capacities.  The
outlook may be revised to 'Positive' if M-Tech's profit margins
and debt protection metrics improve. Conversely, the outlook may
be revised to 'Negative' if M-Tech's profitability declines
sharply because of high volatility in raw material prices, and if
its capital structure and debt protection indicators deteriorate
because of large bank borrowings.

                       About M-Tech Industries

Set up in 1997 by Mr. Manoj Gandhi, M-Tech manufactures industrial
moulds for the automobile industry, defence sector, and moulded
furniture industry.  The firm is setting up a new unit in Silvassa
(Dadra and Nagar Haveli) for manufacturing moulded plastic
furniture.  The new unit is being set up primarily to cater to
Nilkamal Ltd, and would become operational by July 2010.

M-Tech reported a book profit of INR3.1 million on net sales of
INR29.7 million for 2008-09 (refers to financial year, April 1 to
March 31), against book profit of INR4.2 million on net sales of
INR40.0 million for 2007-08.


N K MEDIA: CRISIL Assigns Default Rating to INR72.6MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to N K Media Ventures Pvt Ltd's
bank facilities.  The rating reflects delay by NK Media in
servicing its term loan; the delay has been caused by NK Media's
weak liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR14 Million Cash Credit      D (Assigned)
   INR72.6 Million Term Loan      D (Assigned)

NK Media has a limited track record in the television news
business, and is exposed to risks relating to geographic
concentration in its revenue profile. However, the company
benefits from its in-house production capabilities, which lead to
operational efficiencies.

NK Media, set up by Mr. Prabhat Ranjan Mallick in 2006-07 (refers
to financial year, April 1 to March 31), is currently running a
24-hour free-to-air news channel, Naxatra News.  The channel,
which commenced operations in February 2009, primarily targets
viewers in Eastern India.


NABADIGANT EDUCATIONAL: CRISIL Rates INR90 Mil. Term Loan at 'D'
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Nabadigant Educational
Trust's term loan facility.  The rating reflects delay by NET in
servicing its term loan; the delay has been caused by NET's weak
liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR90 Million Term Loan          D (Assigned)

The limited track record of NET's alumni has restricted the growth
in pay packages offered to students. However, the diverse courses
offered by the society ensure a large student base.

NET was set up in 1999 by Mr. Prabhat Ranjan Mallick.  The trust
currently manages six educational institutions in Bhubaneswar
(Orissa), College of Engineering Bhubaneswar, Koustuv Institute of
Self Domain, Koustuv Institute of Technology, Koustuv Institute of
Science, Koustuv Business School, and Koustuv School of
Engineering.

NET reported a profit after tax (PAT) of INR12.89 million on net
sales of INR265.59 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR70.84 million on net
sales of INR186.90 million for 2008-09.


NABAKALEBAR CHARITABLE: CRISIL Rates INR150 Mil. Term Loan at 'D'
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Nabakalebar Charitable
Trust's term loan facility.  The rating reflects delay by NCT in
servicing its term loan; the delay has been caused by NCT's weak
liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR150 Million Term Loan       D (Assigned)

NCT has a limited track record in the educational sector. However,
its promoter has had extensive experience in the sector.

NCT was set up in 2000 by Mr. Pramod Ranjan Mallick.  The trust
manages one college, Bhubaneswar Engineering College, which
commenced operations in 2008-09 (refers to financial year, April 1
to March 31).  The college offers Bachelor of Technology (B. Tech)
courses in electrical and electronics engineering, electronics and
telecommunication engineering, computer science and engineering,
and information technology engineering.  The college is approved
by the All India Council for Technical Education and is affiliated
to the Biju Patnaik University of Technology, Orissa.

NCT reported a net loss of INR5.27 million on net revenues of
INR17.50 million for 2008-09.


PRIME GLOBAL: CRISIL Assigns 'P4+' Ratings to Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Prime Global Attire Pvt
Ltd's bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR40.00 Million Foreign Bill Purchase    P4+ (Assigned)
   INR40.00 Million Packing Credit Facility  P4+ (Assigned)

The rating reflects PGAL's small scale of operations, and exposure
to risks related to customer concentration in revenue profile,
volatility in the value of the Indian rupee, and to intense
competition in the readymade garments business.  These rating
weaknesses are partially offset by PGAL's above-average financial
risk profile, marked by healthy gearing and debt protection
metrics and its promoter's experience in the export of ready-made
garments.

Set up in 1995, by Mr. K Ravi and Mrs. K R Saroja, in Tirupur
(Tamil Nadu), PGAL manufactures readymade garments. PGAL has a
manufacturing capacity of 2.1 million pieces per annum.  The
company derives majority of its revenues from exports to Europe.

PGAL reported a provisional profit after tax (PAT) of INR13
million on net sales of INR301 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3
million on net sales of INR283 million for 2008-09.


RASHMI METALIKS: Fitch Affirms 'BB+' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Rashmi Metaliks Ltd's
National Long-term rating at 'BB+(ind)' with a Stable Outlook.
The agency has simultaneously affirmed RML's bank facilities:

  -- INR2,000 million (enhanced from INR790.3m) outstanding long-
     term debt: 'BB+(ind)';

  -- INR2,100 million (enhanced from INR1,560m) cash credit
     limits: 'BB+(ind)'; and

  -- INR1,900 million (enhanced from INR1,700m) non-fund based
     facilities: 'F4(ind)'.

The affirmations reflect the improvement in RML's performance
during FY10, which is supported by an improved interest coverage
of 3.8x (FY09: 2.2x) and a net debt/EBTIDA of 2.45x (FY09: 3.8x)
based on provisional numbers.

However, the ratings remain constrained by RML's ongoing capital
expenditure plans which have increased substantially from the time
of the initial rating in March 2009.  The initial capital
expenditure plan, envisaged at INR1,500 million, has been revised
upwards to INR5,000 million to provide for an integrated steel
plant with a 201,600MTPA steel melting shop, 48,000MTPA ductile
iron pipe, 120,000MTPA rolling mill and 180,000MTPA sponge iron
facilities, and a 30MW captive power plant.  Although RML will
remain exposed to execution risks associated with such large
projects, Fitch has drawn significant comfort from the funding mix
in affirming the ratings.  The funding mix includes a substantial
equity component of INR3,100 million, INR1,500 million of which
has already been injected into the company, and debt funding
having been fully tied up for the ongoing capex programme.  The
entire capex is expected to be commissioned in FY13.
Consequently, Fitch expects financial leverage (net debt/EBITDA)
to increase going forward, but to remain below 4x, which was
identified as a negative rating trigger at the time of the initial
rating.

The company commissioned the steel melting shop plant in FY10 and
expects to commission its rolling mill and ductile iron pipe
manufacturing facilities in FY11.  The remaining facilities are
expected to be commissioned in FY13.

RML's ratings continue to reflect the high dependence of its
revenues on the export of iron ore fines, which carries
significant regulatory risks.  Any significant regulatory changes
impacting cash flows could have a negative impact on the company's
ratings.

RML reported net sales of INR11,452.6 million in FY10 (FY09:
INR6,551.5 million), and an EBITDA margin of 7.6% in FY10 (FY09:
8.2%).  Total debt increased to INR2,269.9 million in FY10 (FY09:
INR2,046.1 million), reflecting the funding for the capex.  Fitch
expects free cash flow to remain negative over the short-to-medium
term due to high working capital requirements and the ongoing
capex programme.


RICO AUTO: To Post First Profit in Three Years
----------------------------------------------
Rico Auto Industries Ltd. expects to post its first annual profit
in three years as demand for cars and motorcycles in India surges,
Bloomberg News reports.

"We will be showing better results, which you will see from
quarter-to-quarter now," Managing Director Arvind Kapur told
Bloomberg in an interview.  "The good situation for the auto
industry will remain for the next 10 to 15 years."

Bloomberg discloses that the company saw its net loss shrink to
INR49 million in the year ended March 2010 from a loss of
INR53.6 million the previous year.  Mr. Kapur, as cited by
Bloomberg, said the company, which gets 80% of its revenue from
the domestic market, expects sales to rise 58% to INR15 billion
this year.

Based in Gurgaon, New Delhi, India, Rico Auto Industries Ltd --
http://www.ricoauto.com/-- supplies parts to General Motors Co.
and Ford Motor Co.  The company manufactures fuel systems,
cylinder head covers, clutch assembly and brake discs.


ROYAL REGENCY: CRISIL Places 'BB-' Rating on INR100 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Royal Regency
Fassions Pvt Ltd's bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR320.0 Million Cash Credit Limit*       BB-/Stable (Assigned)
   INR100.0 Million Term Loan**              BB-/Stable (Assigned)
   INR80.0 Million Letter of Credit***       P4+ (Assigned)

     * Including a proposed limit of INR230.0 million.
    ** Including a proposed amount of INR87.5 million.
   *** Including a proposed limit of INR40.0 million.

The ratings reflect RRFPL's large working capital requirements;
weak financial risk profile marked by high gearing, small net
worth, and weak debt protection metrics; and small scale of
operations.  These rating weaknesses are partially offset by
RRFPL's healthy sales growth rate.

Outlook: Stable

CRISIL believes that RRFPL's financial risk profile will remain
stretched over the medium term, owing to large working capital
requirements, large debt-funded capital expenditure, and small net
worth.  The outlook may be revised to 'Positive' if there is
substantial improvement in the company's capital structure, most
likely through fresh equity infusions. Conversely, the outlook may
be revised to 'Negative' in case of further deterioration in the
company's capital structure or pressures on its profitability.

                        About Royal Regency

RRFPL was set up in 2004 as a proprietorship by Mr. Mohan Thakur,
and reconstituted as a company in 2007. It started with retailing
of ready-made garments (RMG) under Sportking brand at its showroom
in Delhi and wholesaling of various textile items including
fabric, sarees, and RMG. In 2007, RRFPL also ventured into
retailing of women's ethnic wears, and suits through its exclusive
showrooms under the brand name Rudrakshi.  The company's
operations are managed by Mr. Mohan Thakur along-with his brother
Mr. Pradeep Thakur and two of Mr. Pradeep's brother-in-laws, Mr.
Narender Arora and Mr. Suresh Bajaj. Presently the company has
three main business segments: wholesaling of textile items (around
50 per cent of its total sales), retailing of women ethnic wears
(Rudrakshi, around 35 per cent) and retailing of RMG (Sportking,
15 per cent).

RRFPL is estimated to report a profit after tax (PAT) of INR8
million on net sales of INR498 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR3 million
on net sales of INR331 million for 2008-09.


RTSTAR SOLITAIRES: ICRA Assigns LBB+ Rating to INR444MM Bank Debts
------------------------------------------------------------------
ICRA has assigned "LBB+"/"A4+" rating to INR444 million fund based
bank limits of RTStar Solitaires.  The long term rating carries
stable outlook.

The rating favorably factors in the long experience of RTSS'
promoters in the CPD industry and its robust revenue growth in the
last five years owing to strong sales focus and favorable demand
conditions for the CPD industry.  The rating is constrained by low
operating margins resulting from intense competition in the CPD
industry and exposure of revenues and profitability to adverse
fluctuations in exchange rates. ICRA notes RTSS's proposed
contracts with Russian miners for regular rough diamond supply and
its likely favorable impact on the firm's operational and business
profile, though the same would entail sharp increase in the
working capital requirements leading to strained capital structure
and coverage indicators.

RTStar Solitaires, a partnership firm, was established in December
2003 for manufacture and export of cut and polished solitaire
diamonds (large size diamonds).  The firm processes rough diamonds
in its factory at Surat.  The firm is a part of the RTStar group
which was founded in 1978 by Mr. Nitin Ratilal Shah, son of Late
Shri Ratilal Tribhovandas Shah (founder promoter of the RTStar
Group). Mr. Nitin Shah has a wide experience of over three decades
in the diamond industry.  The business is jointly managed with Mr.
Rupesh V Shah who has his own expertise in the solitaires
business.  The other major companies in the RTStar group include ?
RTStar Diamonds (rated LBB (stable) / A4 by ICRA), RTStar
Jewellery Private Limited, Hiraco Jewellery (India) Private
Limited, etc.

For the financial year ended March 2010 (based on the provisional
financials), the company reported a Net Profit of INR54.8 million
on an operating income of INR3,800.8 million.


RTSTAR DIAMONDS: ICRA Places "LBB" Rating on INR20MM Bank Limits
----------------------------------------------------------------
ICRA has assigned "LBB"/ "A4" rating to INR20 million fund based
bank limits of RTStar Diamonds.  The long term rating carries
stable outlook.

The rating favorably factors in the long experience of RTSD's
promoters in the CPD industry and its robust revenue growth in the
last three years owing to strong sales focus and favorable demand
conditions for the CPD industry.  ICRA also takes into account
RTSD's favourable capital structure as of FY10, though the same
could weaken in the near term owing to likelihood of increase in
working capital requirements on account of proposed contracts with
Russian miners for rough supply.  Nevertheless, the proposed
contracts, if concluded successfully, are likely to have a
favorable impact on the firm's operational and business profile in
the near future.  The rating is constrained by low operating
margins resulting from intense competition in the CPD industry,
exposure of revenues and profitability to adverse fluctuations in
exchange rates and stretched liquidity profile as reflected from
almost full utilization of working capital limits in the last one
year.

RTStar Diamonds, a partnership firm, was established in 1978 for
manufacturing and trading (catering to export market) of cut and
polished diamonds (CPDs) ranging upto 1 carat.  The firm is a part
of the RTStar group which was founded in 1978 by Mr. Nitin Ratilal
Shah, son of Late Shri Ratilal Tribhovandas Shah (founder promoter
of the RTStar Group).  Mr. Nitin Shah has a wide experience of
over three decades in the diamond industry.  The other major
companies in the RTStar group include ? RTStar Solitaires (rated
LBB+ (stable) / A4+ by ICRA), RTStar Jewellery Private Limited,
Hiraco Jewellery (India) Private Limited, etc.

For the financial year ended March 2010, the company reported a
Net Profit of INR9.1 million on an operating income of
INR1,663.3 million.


SRI GANESH: CRISIL Upgrades Ratings on Various Bank Debts to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sri
Ganesh Sponge Iron Pvt Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                        Ratings
   ----------                        -------
   INR135.0 Million Cash Credit      B-/Stable (Upgraded from 'D')
                    Limits

   INR20.3 Million Stand-by Line     B-/Stable (Upgraded from 'D')
                    of Credit

   INR331.7 Million Term Loan        B-/Stable (Upgraded from 'D')
                     Limits
   INR2.0 Million Bank Guarantee     P4 (Upgraded from 'P5')
   INR8.0 Million Letter of Credit   P4 (Upgraded from 'P5')
   INR1.5 Million Stand-by Line of   P4 (Upgraded from 'P5')
                           Credit

The upgrade reflects Sri Ganesh's regular and timely servicing of
its term loan obligations for the past six months.  The upgrade
also factors in the company's stable cash accruals and improved
business risk profile and CRISIL's belief that the internal cash
accruals generated over the medium term would be sufficient to
meet its maturing term loan obligations during the corresponding
period.

The ratings continue to remain constrained by Sri Ganesh's
aggressive debt-funded capital expenditure (capex) plans and the
company's exposure to fluctuations in prices of raw materials.
These weaknesses are partially mitigated by the company's moderate
business risk profile.

Outlook: Stable

CRISIL believes that on the back of strong operational
efficiencies arising out of integrated operations, Sri Ganesh will
continue to maintain a moderate business risk profile.  The
outlook may be revised to 'Positive' if the company significantly
improves its sales and profitability, and retains its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company registers a decline in margins or accruals, or takes
on larger?than-expected debt for funding capex, leading to further
deterioration in the financial risk profile.

                        About Ganesh Sponge

Incorporated in 2001 by Mr. Laxmi Narayan Sharma and his two sons,
Mr. Mahesh Kumar and Mr. Ganesh Kumar, Sri Ganesh manufactures
sponge iron.  The company, started commercial production in June
2004 by setting up a 100 tonnes per day (tpd) sponge iron plant in
Keonjhar district of Orissa. In 2006-07 (refers to financial year,
April 1 to March 31), it commissioned another 100 tpd sponge iron
kiln and an iron ore crusher with a capacity of 75 tonnes per hour
(tph). It also set up 1.05 megawatts (MW) power plant in April
2008 to cater to the power requirement of both the sponge iron
units and the crusher. Last year, the company had embarked upon a
capex to forward integrate its operations by commissioning a
rolling mill and an additional induction furnace for manufacturing
billets and TMT bar.  The roller mill was commissioned in March
2010 and is expected to start commercial production in a month's
time.

Sri Ganesh reported an estimated profit after tax (PAT) of INR34
million on net sales of INR564 million in 2009-10, as against a
PAT of INR20 million on net sales of INR471 million in 2008-09.


SHRIGOPAL RAMESHKUMAR: ICRA Reaffirms 'LBB+' Rating on Bank Debts
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of "LBB+" to the
INR275.0 million fund based bank limits of Shrigopal Rameshkumar
Sales Private Limited.  The outlook on the long term rating is
stable.  ICRA has also reaffirmed the short term rating of A4+ to
the INR5.0 million non fund based bank limits of Shrigopal
Rameshkumar Sales Private Limited.

In arriving at the rating, ICRA has taken a consolidated view of
Shrigopal Rameshkumar along with Shrigopal Rameshkumar Sales
Private Limited.  The rating reaffirmation takes into account the
groups' long and proven track record in cotton trading business,
its established relationship with existing customers as well as
efficient sourcing services and moderate working capital intensity
of its operations. Further, a bulk order received from one of the
customers is likely to have beneficial impact on the company's
profitability during 2010-11.  However, the rating is constrained
by the groups low operating and net profit margins and an adverse
capital structure which has resulted in strained debt servicing
indicators.  The seasonal nature of industry and vulnerability to
policy changes related to domestic prices and international trade
of cotton also constrain the rating.

Shrigopal Rameshkumar Sales Pvt Limited was incorporated in 1996
by Mr. Ramesh Bhagirath Rander for trading in cotton. He is the
Managing Director of the company and is well supported by his
immediate family members for day to day operations.  The company
is a certified one star export house and regularly exports to
countries like Pakistan, Singapore, China and Bangladesh. It
supplies cotton to a number of leading textile units in Southern
and Western India with whom it has long standing relationship.
Shrigopal Rameshkumar Sales Private Limited and Shrigopal
Rameshkumar are family concerns of the Randers and are jointly one
of India's leading cotton trading concerns. Both the entities
operate from the same premises and the management and support
staff are also common.

For the financial year 2009-10, the company has reported a profit
after tax of INR 38.1 million on a turnover of INR4519.8 million
(Provisional).


UKN ESPERANZA: ICRA Assigns 'LBB+' Rating to INR50MM Term Loans
---------------------------------------------------------------
ICRA has assigned "LBB+" rating to the INR50.0 million term loans
of UKN Esperanza.  The long-term rating has been assigned a Stable
outlook.

The rating takes into account the strength derived by UKN
Esperanza from its group - UKN Properties ?  having good in-house
project development capabilities with existence in Bangalore real
estate market for over a decade. Additionally, the rating is
supported by the successful implementation and complete sale of
the phase one of the ongoing project, currently comfortable
capital structure with no debt as on March 31, 2010. However, the
rating is constrained by small scale of operations of the firm,
moderate market risk for the ongoing project considering the
recent slowdown in the real estate sector, and expected increase
in funding requirements resulting in stretched capital structure
in future.

Formed in 2006 as a partnership firm, UKN Esperanza is engaged in
developing a residential project UKN Esperanza at Whitefield,
Bangalore.  The project is spread over 7.5 acres of land with a
total build-up area of around 0.6 million sq. ft. As on March 31,
2010, the firm has completely sold the first phase of the
development comprising of 98 apartment units of apartments and 12
row houses.  The firm is currently developing the second phase of
the project comprising of 128 apartment units, 12 row houses, and
10 town houses.

Established in the year 1997, UKN group is promoted by Mr. Gautam
U Nambisan. Engaged in Real Estate Development (largely
commercial) and Hospitality business, the group has developed over
3.0 million sqft of commercial, retail, and hospitality spaces
(largely on sale basis) and is currently developing close to 1.5
million sft.

The firm reported an operating income of INR172.0 million and
Profit after Tax of INR18.7 million in FY 2009-10.


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


EXCELLENT COLLABORATION: S&P Cuts Ratings on Two Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' from
'CC' on the class C and D notes issued under the Excellent
Collaboration Tokutei Mokuteki Kaisha series 1 transaction.  The
rating actions were taken as a result of the issuer not making
full repayments on the class C and D notes on the final maturity
date of July 7, 2010.

                         Ratings Lowered

         Excellent Collaboration Tokutei Mokuteki Kaisha

JPY16.39 billion fixed-rate series 1 class A to D notes issued on
                          March 23, 2007

  Class   To   From     Initial Issue Amount  Legal Final Maturity
  -----   --   ----     --------------------  --------------------
C         D    CC       JPY0.50 bil.                 July 2010

D         D    CC       JPY0.50 bil.                 July 2010


NEDO61712 CMBS: Moody's Downgrades Ratings on Class A to 'B1'
-------------------------------------------------------------
Moody's Investors Service has downgraded the NEDO61712 Class A
Bond.  The final maturity will take place in February 2014.

The rating action is listed below.

  -- Class A Bond, downgraded to B1 from Baa2; previously, on
     June 4, 2010, Baa2 placed under review for possible downgrade

NEDO61712 is a single-asset/single-borrower CMBS deal effected in
July 2007.

The previous rating actions reflected Moody's growing concerns
about the performance of an underlying property and the need to
reconsider Moody's stabilized property value.

Moody's is of the view that the fundamental profitability of the
property is likely to be lower than was assumed when the rating
was first assigned, and will be for some time.  Moody's has
therefore changed its stabilized rent and cap rate estimates.  As
a result, Moody's stabilized net cash flow estimate has declined
by 31%, and stabilized value by 39% from its initial assumptions.

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


* JAPAN: Corporate Bankruptcies Drop 19.3% in June
--------------------------------------------------
Bloomberg News, citing Tokyo Shoko Research Ltd., reports that
Japan's corporate bankruptcies fell 19.3% in June from a year
earlier to 1,148 cases, capping 11 months of declines.


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


OILCORP BHD: Ordered to Pay Crowe Horwarth MYR258,750
-----------------------------------------------------
Oilcorp Berhad received a sealed copy of a Judgment in Default of
Appearance on July 7, 2010, relating to a Writ of Summons filed by
Crowe Horwath against Oilcorp Berhad.

The judgment directed the Company to pay Crowe Horwarth MYR258,750
and interest at the rate of 8% per annum from April 23, 2010,
until full settlement.

Oilcorp said it is unable to pay due to lack of cash flow but is
also disputing the total amount claimed as an invoice forming part
of the total claim has been cancelled and Oilcorp had received a
Credit Note to that effect.

Oilcorp said it will file an application in Court to set aside the
judgment in default.

As reported in the Troubled Company Reporter-Asia Pacific on
May 26, 2010, OilCorp Berhad has been served a Writ of Summons
from Crowe Horwath, formerly known as Horwath, claiming a total of
MYR258,750 purportedly being outstanding fees due and owed to
Crowe Horwarth for professional services rendered to Oilcorp.
These proceedings will have a major impact on the financial and
operational aspects of the group if Oilcorp is eventually wound
up.

                       About Oilcorp Berhad

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


RAMUNIA HOLDINGS: Reprimanded for Breaching Listing Rules
---------------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimanded Ramunia
Holdings Berhad for breach of paragraph 9.19(19) of the Listing
Requirements.

Pursuant to paragraph 9.19(19) of the LR, a listed issuer must
immediately announce to Bursa Securities of winding up proceedings
or winding up order made against the listed issuer or any of its
subsidiaries or major associated companies.

The bourse said the Company had breached paragraph 9.19(19) of the
LR for failing to make an immediate announcement of the winding up
petitions served on Ramunia Fabricators Sdn Bhd, a subsidiary of
the Company, by Serba Mahir Sdn Bhd and Pantech Corporation Sdn
Bhd. The winding up petitions were served on RFSB by SMSB and PCSB
on September 7, 2009, and October 12, 2009, but the Company only
made an announcement of the winding up petitions on Sept. 16,
2009, and Oct. 20, 2009, respectively.

While Bursa Securities has not made a finding that any of the
directors of the Company caused or permitted the said breach,
Bursa Securities said it wanted to highlight that it is the
responsibility of directors of listed companies to maintain
appropriate standards of responsibility and accountability within
the Company and amongst its officers and employees including,
amongst others, an awareness of the importance of compliance with
the listing requirements.

The Board of Directors of the Company at the material time were:

   a) Datuk Azizan Bin Abd Rahman;
   b) Dato' Azizul Rahman bin Abd Samad;
   c) Dato' Md. Zahari bin Md. Zin;
   d) Leou Thiam Lai;
   e) Too Kok Leng; and
   f) Roslan Bin Mohd Latif.

                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


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


CRAFAR FARMS: Files Injunction to Stop Sale of 16 Crafar Farms
--------------------------------------------------------------
The Crafar family has made a last-minute application to the High
Court in Auckland to temporarily halt the sale of 16 of its North
Island farms, which are in receivership, Radio New Zealand
reports.

Radio NZ says tenders to buy the 13 dairy and three dry-stock
farms, which the receivers KordaMentha have put up for sale,
closed on July 7.

According to the report, Brendon Gibson, a partner at KordaMentha,
said the Crafars' first request for an injunction was turned down,
but their second attempt will be heard today in the High Court in
Auckland.

The report relates Mr. Gibson said his firm will mount a strong
defence against the application, saying he doesn't believe there
are any grounds for it.

Allan Crafar told Radio NZ the family has applied for a court
injunction so they can have time to finalize an arrangement with
New Zealand backers to redeem their debt.  Mr. Crafar, as cited by
the Radio NZ, said the family still hopes to be able to pay off
the debt, estimated at more than NZ$200 million, so it can take
the farms out of receivership.

State-owned Landcorp and Chinese-backed Natural Dairy, the two
known bidders for the group of farms, say they don't expect the
court action to succeed, Radio NZ adds.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


DOMINION FINANCE: Trustee Places Unit in Receivership
-----------------------------------------------------
North South Finance Ltd, a subsidiary of Dominion Finance Ltd, has
been placed in receivership by its trustee Covenant, according to
the National Business Review.  Grant Graham and Brendon Gibson of
KordaMentha were appointed as receivers on July 8, ending a
moratorium agreed by investors in December 2008.

The appointment follows Securities Commission charges against
North South directors, NBR says.

The report relates North South Chairman Rick Bettle said that
continuing the moratorium in light of charges against the
directors of North South Finance was inappropriate.

North South Finance, according to NBR, has to date paid back about
NZ$54 million (or 55.5 cents in the dollar) of the NZ$102 million
owed to.

The Troubled Company Reporter-Asia Pacific reported on July 8,
2010, that the Securities Commission 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.  "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.  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.

                     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.


SOUTH CANTERBURY: Names Dean Clark as General Manager
-----------------------------------------------------
South Canterbury Finance has appointed former Rabobank executive
Dean Clark as general manager of South Canterbury Finance's so-
called good bank, the New Zealand Press Association reports.  SCF
also said it is continuing to talk with investors about a
recapitalization, the report says.

NZPA says the finance company is not part of the statutory
management of Allan Hubbard and his wife.

Chief Executive Sandy Maier, who is expected to leave at the end
of year, announced four management appointments on Thursday, the
report notes.

According to NZPA, the company also named Garry Sue as head of
internal audit, Mike Coburn as senior adviser to the chief
executive specializing in real estate and Des Hammond as a senior
adviser to the chief executive.  Mr. Hammond will focus on the
investment portfolio containing Helicopters NZ, and the company's
holdings in Scales Corp, South Island Dairy Farms, Dairy Holdings
and other assets.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on South Canterbury Finance Ltd. to 'B-'
from 'B+'.  At the same time, the rating was removed from
CreditWatch Developing, where it was initially placed on May 28,
2010, and placed on CreditWatch Negative.  The short-term rating
is lowered to 'C' from 'B' and is also placed on CreditWatch
Negative.


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


ALLIED BANK: Sells 27.8% Stake in Oceanic Holding to Investor
-------------------------------------------------------------
Allied Banking Corp. has approved the sale of its interest in US-
based bank Oceanic Holding (BVI) Ltd to an investor, clearing the
main hurdle in its merger with the Philippine National Bank,
BusinessWorld Online reports.

BusinessWorld relates Allied Bank said in a disclosure to the
stock exchange that its board at a special meeting on July 7
approved the sale of the bank?s 5,000 shares or 27.8% interest in
Oceanic Holding (BVI) Ltd. to John Kim Chuy Ng.

According to the report, Anthony Q. Chua, Allied Bank president,
said each share was sold for $1,160, for a total of $5.8 million.
Allied Bank, however, said that the deal is still subject to the
approval of US regulators.

Allied Bank needs to sell its stake in Oceanic Holding before its
merger with PNB can push through, the report notes.

                        About Allied Banking

Headquartered in Makati, Philippines, Allied Banking Corporation
(PSE:ABC) -- http://www.alliedbank.com.ph/-- is a universal bank.
The company and its subsidiaries are engaged in all aspects of
banking, financing and leasing to personal, commercial, corporate
and institutional clients through a network of 312 local and
international branches and offices.  The company's products and
services include deposit taking, lending and related services,
domestic and foreign fund transfers, treasury, foreign exchange
and trust services.

                           *     *     *

Allied Banking Corporation continues to carry Moody's Investors
Service 'Ba3' Long term rating, 'Ba3 long term bank deposits,
'Ba1' subordinated debt rating and 'E+' bank financial Strength
rating.


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


AMERICAN INT'L: Chinatrust Still Seeks to Buy Nan Shan Life
-----------------------------------------------------------
Chinatrust Financial Holding Co. is seeking to renew its bid to
purchase the Taiwan-based life insurance operations of American
International Group Inc., Bloomberg News reports.

According to Bloomberg, Primus Financial Holdings Ltd. and China
Strategic Holdings Ltd., both based in Hong Kong, are awaiting
approval from Taiwan for their proposed purchase of Nan Shan Life
Insurance Co. from AIG for US$2.15 billion.  Bloomberg says
regulators and legislators in Taiwan are concerned that the
buyers, who set up Primus-Nanshan Holding (UK) Co. for the
transaction, are backed by funding from China.

"Since regulators have not approved China Strategic's bid for Nan
Shan, Chinatrust is eager to renew its offer for the life-
insurance subsidiary in the best interest of AIG shareholders,
including U.S. taxpayers," Bloomberg cited Daniel Wu, Chinatrust's
president, as saying in an e-mailed statement.

AIG reached an agreement with the buyer group in June to extend
the deadline for the sale to Oct. 12 from July 12, Bloomberg
notes.

                           About AIG Inc.

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

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

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


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

DOMINION FINANCE       DFH             258.90         -55.31


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


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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