TCRAP_Public/100712.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, July 12, 2010, Vol. 13, No. 135

                            Headlines



A U S T R A L I A

CENTREX METALS: IMF (Australia) Backs Consultant's Claim
FORTESCUE METALS: May Start Work on Solomon Project Early 2011
SONRAY CAPITAL: Administrators Say "Rogue" Trader Not to Blame
SONRAY CAPITAL: Former CEO Agrees Not to Leave Australia


H O N G  K O N G

LEHMANBROWN LIMITED: Court to Hear Wind-Up Petition on August 18
LI FENG (HK): Court to Hear Wind-Up Petition on August 4
LIFENG ENTERPRISE: Court to Hear Wind-Up Petition on August 4
LIFENG INTERNATIONAL: Court to Hear Wind-Up Petition on August 4
LI FUNG: Court to Hear Wind-Up Petition on August 4

MATHARU'S PACKAGING: Court Enters Wind-Up Order
MAXCHANGE DEVELOPMENT: Court Enters Wind-Up Order
NEW JADE: Court to Hear Wind-Up Petition on August 4
STANFORD CAPITAL: Court to Hear Wind-Up Petition on July 21
TOP GLORY: Court Enters Wind-Up Order

UNIVERSAL HONOUR: Court Enters Wind-Up Order
WORLD GALAXY: Court Enters Wind-Up Order


I N D I A

AKSHARA INDUSTRIES: CRISIL Reaffirms 'BB' Ratings on Bank Debts
AMARA RAJA: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
A.T. TRADE: CRISIL Rates INR30 Million Cash Credit at 'BB+'
GALLA FOODS: CRISIL Lifts Rating on INR275MM LT Loans to 'B-'
LAKSHMI MILLS: CRISIL Cuts Ratings on Various Bank Debts to 'D'

MATANGI RUBBER: CRISIL Assigns 'BB' Rating to INR22MM Term Loan
PONGALUR PIONEER: CRISIL Assigns 'BB-' Rating to INR55.55MM Loan
SANT RAM: CRISIL Assigns 'B+' Ratings to Various Bank Facilities
SAINI INDUSTRIES: CRISIL Assigns 'B+' Rating to INR100MM Term Loan
SHREEJI JEWELLERY: CRISIL Downgrades Ratings on Debts to 'P5'

SHREEJI JEWELLERY: CRISIL Cuts Ratings on Various Debts to 'P5'
VRAJ INTEGRATED: CRISIL Cuts Rating on INR200MM Loan to 'BB-'


J A P A N

CSC SERIES: Fitch Downgrades Ratings on Five Classes of Notes
KK ATAMI: Moody's Downgrades Ratings on Various Classes of Notes


K O R E A

SSANGYONG MOTOR: Mahindra to Decide on Ssangyong Bid by July 20


M A L A Y S I A

LCL CORPORATION: Kuwait Finance Serves Writ of Summons Over Debt
NAM FATT: Faces Winding Up Petition Filed by Perniagaan Sinar Maju


N E W  Z E A L A N D

CRAFAR FARMS: Bid to Block Sale of 16 Crafar Farm Fails
NATHANS FINANCE: Former Directors Fight Directorship Ban


S I N G A P O R E

A.F.W.D. TRADING: Creditors' Proofs of Debt Due August 10
CLIFFORD ENGINEERING: Creditors' Proofs of Debt Due July 23
CP SOLUTIONS: Creditors' Proofs of Debt Due July 26
ELCHEMI ASSETS: Court Enters Wind-Up Order
IDEAL ACCOMODATION: Court to Hear Wind-Up Petition on July 23

EUROIMPORTS PTE: Court to Hear Wind-Up Petition on July 23
JUN-YU CONSTRUCTION: Creditors' Proofs of Debt Due July 23
KALMAR SOUTH: Creditors' Proofs of Debt Due August 10
L.G.M. LIMITED: Court to Hear Wind-Up Petition on July 23
LCL FAR EAST: Creditors' Proofs of Debt Due August 9


T A I W A N

AU OPTRONICS: Posts NT$43.62 Billion Consolidated Revenue in June




                         - - - - -


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


CENTREX METALS: IMF (Australia) Backs Consultant's Claim
--------------------------------------------------------
Litigation funder IMF (Australia) Ltd has agreed to fund a
consultant's claim that Centrex Metals Ltd had not paid her a
commission for introducing the iron ore miner to its Chinese
partner, The Sydney Morning Herald reports.

The report relates that Centrex last week completed a joint
venture deal with Wuhan Iron and Steel (WISCO) to develop two new
magnetite iron ore mines on South Australia's Eyre Peninsula.
WISCO has paid AU$102 million under the deal after being
introduced by Adelaide-based Kimberley Global Pty Ltd to Centrex
in 2008, SMH recounts.

IMF investment manager Tania Sulan told AAP the value of the claim
by Kimberley Global would exceed AU$2 million, which is the
minimum sized claim that IMF funds, according to SMH.  According
to the report, Ms. Sulan said Kimberley Global director Xian Tao
had a commission agreement with Centrex.  "She is entitled to be
paid a percentage in relation to any investment and she hasn't
been paid," the report quoted Ms. Sulan as saying.  "She has been
unable to resolve the matter herself with Centrex."

                         About Centrex Metals

Based in Australia, Centrex Metals Limited (ASX:CXM) --
http://www.centrexmetals.com.au/-- is engaged in exploration for
iron ore.  The company has tenement holdings over iron ore
resources and exploration targets on Eyre Peninsula in the
southern Gawler Craton.

                         *     *     *

Centrex Metals Limited incurred three consecutive net losses of
AU$2.18 million, AU$1.25 million and AU$0.66 million for the years
ended June 30, 2009, 2008 and 2007, respectively.


FORTESCUE METALS: May Start Work on Solomon Project Early 2011
--------------------------------------------------------------
Rebecca Keenan at Bloomberg News reports that Fortescue Metals
Group Ltd. may start building the AU$9 billion Solomon project in
the first quarter next year.

Citing Fortescue's development application, Bloomberg relates that
the mines and railroad may take two years to build, with
production starting in the first quarter of 2013.  Bloomberg says
the company put the project on hold on May 19 because of the
nation's proposed mining tax, but existing development studies
would continue.

Fortescue may seek financing for Solomon once there is more
clarity on how Australia's compromise minerals tax will be
implemented, Bloomberg quoted Paul Downie, from the company's
external media advisers FD Third Person, as saying.  Bloomberg
recalls that the company said in March it may seek to raise as
much as AU$8.9 billion from new and existing investors in the U.S.
and Asia to fund the project.

"We have not gone back to the financing market" because there
remains uncertainty about the implementation of the new minerals
tax, Mr. Downie told Bloomberg.  "We remain committed to our
statement from May."

Bloomberg notes that Fortescue said in March that the first stage
of Solomon will cost AU$3.24 billion while the second stage
expansion will cost AU$5.7 billion.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2010, Moody's Investors Service said the B2 senior secured
rating of FMG Resources (August 2006) Pty Ltd -- the financing arm
of the Fortescue Metals Group -- will not be immediately impacted
by proposed changes to the Australian government's planned
resources tax.


SONRAY CAPITAL: Administrators Say "Rogue" Trader Not to Blame
--------------------------------------------------------------
The Sydney Morning Herald reports that the administrators of
Sonray Capital Markets Group have dismissed the idea that the
company collapsed because of a lone rogue trader.

The report, citing Ferrier Hodgson spokesman Michael Cave, says
that after interviewing the alleged trader, the administrators no
longer believe the AU$47 million deficit at the stockbroking
company can be attributed to his actions.

"Previously we had been led to believe that this deficit had come
about as the result of unauthorized trading activities in 2008,"
the report quoted Mr. Cave as saying.  "But our investigations now
show those trading losses go back to 2007."

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

                        About Sonray Capital

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


SONRAY CAPITAL: Former CEO Agrees Not to Leave Australia
--------------------------------------------------------
The Australian Securities and Investments Commission confirmed
Friday that the former CEO of Sonray Capital Markets Pty Ltd,
Mr. Scott Murray, has given an undertaking to the Federal Court in
Melbourne that he will not leave Australia until further order
without the consent of the Court following an application by ASIC.

ASIC said in a statement that Mr. Murray of Albert Park, Victoria,
consented to an order that he provide ASIC with an affidavit of
his assets and liabilities.

The director of Sonray, Mr. Russell Johnson of Toorak, Victoria,
has handed his passport to ASIC and given an undertaking that he
will provide ASIC with not less than 14 days notice of any
intention to travel outside Australia.

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

                        About Sonray Capital

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


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


LEHMANBROWN LIMITED: Court to Hear Wind-Up Petition on August 18
----------------------------------------------------------------
A petition to wind up the operations of Lehmanbrown Limited will
be heard before the High Court of Hong Kong on August 18, 2010, at
9:30 a.m.

Lehman & Co. Management Limited, formerly known as Lehman, Lee &
Xu Patent and Trademark Agents Limited, filed the petition against
the company.

The Petitioner's solicitors are:

          Messrs. Chiu, Szeto & Cheng
          Unit 818, 8th Floor
          China Insurance Group Building
          No. 73 Connaught Road Central
          Hong Kong


LI FENG (HK): Court to Hear Wind-Up Petition on August 4
--------------------------------------------------------
A petition to wind up the operations of Li Feng (Hong Kong)
Trading Transportation 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


LIFENG ENTERPRISE: Court to Hear Wind-Up Petition on August 4
-------------------------------------------------------------
A petition to wind up the operations of Lifeng Enterprise Group
Co., 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


LIFENG INTERNATIONAL: Court to Hear Wind-Up Petition on August 4
----------------------------------------------------------------
A petition to wind up the operations of Lifeng International
Trading (H.K.) Co. Limited, now known as Hong Kong 365 Internet
Exhibition Co., 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


LI FUNG: Court to Hear Wind-Up Petition on August 4
---------------------------------------------------
A petition to wind up the operations of Li Fung Housewares Co.,
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


MATHARU'S PACKAGING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on June 7, 2010, to
wind up the operations of Matharu's Packaging Consultancy Limited.

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


MAXCHANGE DEVELOPMENT: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of Maxchange Development Limited.

The Official Receiver is E T O'Connell.


NEW JADE: Court to Hear Wind-Up Petition on August 4
----------------------------------------------------
A petition to wind up the operations of New Jade Roasted Goose &
Seafood Restaurant Limited will be heard before the High Court of
Hong Kong on August 4, 2010, at 9:30 a.m.


STANFORD CAPITAL: Court to Hear Wind-Up Petition on July 21
-----------------------------------------------------------
A petition to wind up the operations of Stanford Capital Finance
Limited will be heard before the High Court of Hong Kong on
July 21, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Cheung, Chan & Chung
          5505, 55th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


TOP GLORY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of Top Glory International (HK) Limited.

The Official Receiver is E T O'Connell.


UNIVERSAL HONOUR: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 23, 2010, to
wind up the operations of Universal Honour (Hong Kong) Limited.

The Official Receiver is E T O'Connell.


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

The Official Receiver is E T O'Connell.


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


AKSHARA INDUSTRIES: CRISIL Reaffirms 'BB' Ratings on Bank Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Akshara Industries Ltd
continue to reflect AIL's small scale of operations, and the
susceptibility of its operating margins to fluctuations in raw
material prices. These weaknesses are partially offset by AIL's
sound raw material sourcing capability, the proximity of its plant
to the end-user market, and its above-average financial risk
profile marked by low gearing and good debt-protection indicators.

   Facilities                         Ratings
   ----------                         -------
   INR102.5 Million Cash Credit       BB/Stable (Reaffirmed)
   INR40.5 Proposed Long-Term Bank    BB/Stable (Reaffirmed)
                    Loan facility
   INR56.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR11.5 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes AIL will maintain its current business risk
profile and above-average financial risk profile over the medium
term, on the back of its healthy operational efficiencies. The
outlook may be revised to 'Positive' if the company's sales and
profitability improve significantly, while it maintains its
existing capital structure. Conversely, the outlook may be revised
to 'Negative' if AIL registers a decline in margins or accruals,
or contracts large debt for funding capital expenditure, leading
to deterioration in its financial risk profile.

                     About Akshara Industries

Promoted by Mr. Rajkumar Tibrewala in 2004, AIL manufactures
sponge iron, which is used in induction furnaces to produce steel
bars.  The plant, located at Gummidipoondi (Tamil Nadu), was
commissioned in 2005, and has an installed capacity of 60,000
tonnes per annum.

For 2009-10 (refers to financial year, April 1 to March 31), AIL
reported a profit after tax (PAT) of INR24 million on net sales of
INR558 million, as against a PAT of INR26 million on net sales of
INR838 million for 2008-09.


AMARA RAJA: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Amara Raja Electronics
Ltd continue to reflect AREL's modest presence in the domestic
uninterrupted power supply (UPS) systems sector, and its sub-par
financial risk profile, marked by a low net worth and aggressive
debt-funded capital expenditure (capex), adversely impacting
gearing levels.  These rating weaknesses are partially offset by
the healthy medium-term growth prospects for the UPS segment in
India, the strengthening order book of AREL's electronic
manufacturing services (EMS) division, and its well-established
dealer network.

   Facilities                         Ratings
   ----------                         -------
   INR273.0 Million Long-Term Loans   BB/Negative (Reaffirmed)
   INR113.5 Million Cash Credit       BB/Negative (Reaffirmed)
   INR40.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Negative

CRISIL believes that AREL will gradually improve its business risk
profile, supported by additions to its product portfolio and
better off-take for existing products.  However, the company's
financial risk profile is expected to remain under strain in the
near term as a result of the ongoing largely debt-funded capex.
CRISIL, nevertheless, expects AREL's promoters to continue to
provide support to the company in case of financial exigencies.
The rating may be downgraded in case of further delays in project
completion, or weaker-than-expected business levels, adversely
impacting AREL's profitability and cash generation. Conversely,
the rating outlook may be revised to 'Stable', in case business
levels scale up significantly, leading to improved cash
generation, gearing, and key debt protection metrics.

                         About Amara Raja

AREL, part of the Amara Raja group, was incorporated in 1999 for
manufacturing off-line sine wave UPS systems, battery chargers,
and other Electronic Manufacturing Services (EMS) products.  AREL
is currently in the final stages of its capex of INR380 million to
increase its capacity (to 300,000 UPS systems per annum) and
expand its product portfolio.  The new products will include UPS
systems of up to 10-kilovolt-ampere capacity, battery care
products, electric lanterns, EMS components (mobile chargers), and
kitchen appliances (rice and induction cookers).  These new
products will be under the company's Tribal brand.

For 2009-10 (refers to financial year, April 1 to March 31), AREL
reported a net loss of INR6.75 million on net revenues of INR767.8
million, compared with a PAT of INR30.3


A.T. TRADE: CRISIL Rates INR30 Million Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of A. T. Trade Overseas Pvt. Ltd (previously known as
A.T Textiles Pvt Ltd), which is part of the ATT group.

   Facilities                         Ratings
   ----------                         -------
   INR30.0 Million Cash Credit        BB+/Stable (Assigned)
   INR120.0 Million Letter of Credit  P4+ (Assigned)

The ratings reflect the group's moderate financial risk profile,
constrained by low net worth and weak debt protection indicators,
and exposure to risks related to its small scale of operations and
to fluctuations in the value of the Indian rupee.  These rating
weaknesses are partially offset by the benefits that the ATT group
derives from its moderate inventory and debtor risk management
practices, limiting the possibility of severe losses in its
trading business and its established relationships with key
suppliers and customers.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of A. T. Trade Overseas Pvt. Ltd.
(formerly known as A.T Textiles Private Limited) and Ameet
Enterprises (Ameet).  This is because the two entities together
referred to as the ATT group, have operational and commercial
synergies.  Further, for the calculation of key financial
indicators, CRISIL has treated the interest-free unsecured loans
provided by the promoters to the group entities as neither debt
nor equity.

Outlook: Stable

CRISIL believes that the ATT group will maintain its business risk
profile on the back of its established relationships with its
customers and its sound inventory and debtor management practices.
The outlook may be revised to 'Positive' if the group generates
higher-than-expected net cash accruals, or if substantial equity
infusions by the promoters result in significant improvement in
the group's net worth and financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of any significant
decline in the group's business volumes, revenues, or
profitability margins, or deterioration in its liquidity position.

                          About the Group

ATT and Ameet, set up in 1961, trade in coal, steel long products
(billets and angles), grey fabric, polythene resins, and heavy
melting scrap. The operations of the group are managed by the
Hisaria family from its Mumbai office.  The group imports steel
long products and coal from established suppliers such as Duferco
SA, Euroasia Exports Ltd, and Swiss Singapore Overseas Enterprises
Pte Ltd. In the domestic fabric trading business, the group has
established clientele such as First Winner Industries Ltd,
Ashapura Garments Ltd, and Ankita Knitwear Ltd, and in the coal
and steel long products segments, it caters to steel companies
such as Maharashtra Steel Rolling Mills Pvt Ltd and Varsana Ispat
Ltd.

The ATT group reported a consolidated profit after tax (PAT) of
INR 0.2 million on consolidated net sales of INR763.3 million for
2008-09 (refers to financial year, April 1 to March 31) a


GALLA FOODS: CRISIL Lifts Rating on INR275MM LT Loans to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Galla Foods Ltd to 'B-/Stable' from 'C'.  The rating on GFL's
short-term bank facilities has been reaffirmed at 'P4'.

   Facilities                        Ratings
   ----------                        -------
   INR275 Million Long-Term Loans    B-/Stable (Upgraded from 'C')
   INR435 Million Cash Credit        B-/Stable (Upgraded from 'C')
   INR30 Million Letter of Credit    P4 (Reaffirmed)
   INR20 Million Bank Guarantee      P4 (Reaffirmed)

The rating upgrade reflects GFL's expected improvement in
profitability driven by stability in operations and increasing
utilization levels, besides prudent inventory management. Also,
GFL's management is initiating steps to de-bond the company's
export oriented unit (EOU) to cater to the domestic demand,
thereby reducing dependence on exports. CRISIL believes that all
this will lead to an improvement in GFL's business risk profile
over the near term.  The ratings also factor in CRISIL's
expectation of continued support from GFL's promoters to meet
financial exigencies.  These strengths are partially offset by
GFL's sub-par financial risk profile and susceptibility of its
business levels to volatility in demand for its products.

Outlook: Stable

CRISIL believes that GFL will improve its business risk profile
over the medium term through steady revenue growth and better
inventory management.  The outlook may be revised to 'Positive'
should GFL sustain the anticipated improvement in its business
levels and profitability, leading to better debt protection
metrics and gearing levels.  Conversely, the outlook may be
revised to 'Negative' if GFL is unable to achieve the anticipated
improvement in its business performance, or in case of delayed
support by GFL's promoters to meet financial exigencies.

                         About Galla Foods

Based in Chittoor (Andhra Pradesh), GFL was set up in 2004, and
commenced business in 2005-06 (refers to financial year, April 1
to March 31).  It makes pastes, purees, and concentrates of mango,
guava, papaya, banana, and tomato, and sells packaged fruits and
vegetables. In 2008-09, GFL entered the fresh fruit juice segment
in the nectar category with the launch of Galla Thick Mango. The
company is part of the Amara Raja group, whose flagship company is
Amara Raja Batteries Ltd (rated 'AA/Stable/P1+' by CRISIL).

For 2009-10, GFL reported a net loss of INR69.73 million on net
sales of INR584.37 million, against a net loss of INR30.93 million
on net sales of INR379.8 million for the previous year.


LAKSHMI MILLS: CRISIL Cuts Ratings on Various Bank Debts to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of The
Lakshmi Mills Company Ltd to 'D/P5' from 'C/P4'.

   Facilities                           Ratings
   ----------                           -------
   INR78.0 Million Cash Credit          D (Downgraded from 'C')

   INR148.0 Million Working Capital     D (Downgraded from 'C')
                        Demand Loan

   INR699.50 Million Long-Term Loan     D (Downgraded from 'C')

   INR14.0 Million Packing Credit       P5 (Downgraded from 'P4')

   INR20.0 Million Bills Purchase       P5 (Downgraded from 'P4')
             Discounting Facility

   INR246.50 Million Letter of Credit   P5 (Downgraded from 'P4')

   INR56.0 Million Bank Guarantee       P5 (Downgraded from 'P4')

   INR100.0 Million Short-Term          P5 (Downgraded from 'P4')
             Proposed Facility

The rating downgrade reflects delays by LMC in servicing the
interest component of its term loan; the delay has been caused by
LMC's poor liquidity. LMC also restructured its term debt in March
2009, and post restructuring has a repayment obligation of INR8.8
million in 2010-11 (refers to financial year, April 1 to March 31)
and INR288 million in 2011-12.

LMC has a weak financial risk profile marked by weak debt
protection metrics, and its margins are susceptible to volatility
in raw material prices. However, CRISIL believes that LMC will
continue to benefit from its established market position in the
yarn segment.

                        About Lakshmi Mills

LMC, based in Coimbatore (Tamil Nadu), was set up in 1910.  The
company has manufacturing units at Palladam and Kovilpatti (both
in Tamil Nadu).  LMC is primarily a spinning company, with
capacity of 0.13 million spindles, and produces cotton and
polyester-blended yarn. A small portion of the company's revenue
is from sales of readymade garments under its own brand, Tyche,
with outlets in Chennai, Coimbatore, and Kovilpatti.  The company
has also shifted its manufacturing location from Coimbatore to
other units, and it has plans to use the land in Coimbatore for
real estate development; in 2009-10, the land was converted for
use for the proposed property development. The land cost of
INR1.06 billion was capitalised and included in the inventory.

LMC reported a profit after tax (PAT) of INR14.38 million on net
sales of INR1.34 billion for 2009-10, against a net loss of
INR18.59 million on net sales of INR1.04 billion for 2008-09.


MATANGI RUBBER: CRISIL Assigns 'BB' Rating to INR22MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Matangi Rubber Pvt
Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR45.0 Million Cash Credit Limit  BB/Stable (Assigned)
   INR22.0 Million Term Loan          BB/Stable (Assigned)

The rating reflects Matangi's limited track record of operations,
exposure to risks related to customer and product concentration in
revenue profile, and limited financial flexibility due to high
bank limit utilization and low net worth. These rating weaknesses
are partially offset by Matangi's moderate financial risk profile,
marked by low gearing and healthy debt protection metrics.

Outlook: Stable

CRISIL believes that Matangi will maintain its current credit
profile over the medium term backed by low gearing and healthy
debt protection indicators. The outlook may be revised to
'Positive' if Matangi diversifies its customer base or reports
higher-than-expected revenue growth and profitability. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
large, debt-funded expansion projects, leading to stress on its
financial risk profile or if its revenue growth and profitability
level reduces over the medium term.

                       About Matangi Rubber

Incorporated in 2004, Matangi manufactures rubber flaps from
natural rubber.  It sells its products to tyre manufacturers such
as JK Tyre & Industries Ltd, Modi Tyres Company Pvt Ltd, and Birla
Tyres Ltd.  The company has capacity to manufacture 2.4 million
pieces of flaps per year at its manufacturing unit at Dehradun
(Uttarakhand), the unit operated at around 70-per cent capacity
utilisation in 2009-10.

Matangi reported a profit after tax (PAT) of INR20.6 million on
net sales of INR236 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR3.1 million on net sales
of INR114 million for 2007-08.


PONGALUR PIONEER: CRISIL Assigns 'BB-' Rating to INR55.55MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Pongalur
Pioneer Textiles (P) Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR55.55 Million Term Loan         BB-/Stable (Assigned)
   INR35.00 Million Cash Credit       BB-/Stable (Assigned)
   INR20.00 Million Letter of Credit  P4+ (Assigned)
   INR5.20 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect PPTPL's below-average financial risk profile
marked by high gearing and average debt protection metrics,
working-capital-intensive and small scale of operations, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that PPTPL derives
from its presence in the high-count yarn segment, and its
promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that PPTPL will continue to maintain its moderate
business risk profile over the medium term, supported by its
presence in the high-count yarn segment. The outlook may be
revised to 'Positive' if PPTPL improves its scale of operations
and capital structure, while sustaining its profitability.
Conversely, the outlook may be revised to 'Negative' if PPTPL
undertakes a large, debt-funded capital expenditure programme, or
if there is a significant drop in its profitability, resulting in
deterioration of its financial risk profile.

                      About Pongalur Pioneer

PPTPL, set up in 1990, manufactures cotton grey yarn of counts 64s
and 90s. Its spinning mill at Pongalur, near Coimbatore (Tamil
Nadu), has an installed capacity of around 33,000 spindles of
combed yarn.  PPTPL is promoted by Mr. V Selvapathy and his family
members.

PPTPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR101 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR99 million for 2007-08.


SANT RAM: CRISIL Assigns 'B+' Ratings to Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Sant Ram Mangat Ram
Jewellers Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR150.0 Million Cash Credit      B+/Stable (Assigned)
   INR15.2 Million Term Loan         B+/Stable (Assigned)
   INR21.2 Million Proposed LT       B+/Stable (Assigned)
            Bank Loan Facility

The rating reflects SRMRJPL's below-average financial risk
profile, marked by high gearing, small net worth, and weak debt
protection metrics, its small scale of operations, exposure to
risks related to intense competition in the jewellery industry,
and vulnerability to volatility in gold prices. These rating
weaknesses are partially offset by SRMRJPL's promoters' experience
in the jewellery business.

Outlook: Stable

CRISIL believes that SRMRJPL's financial risk profile will remain
weak because of its low cash accruals, and that its scale of
operations will remain small, over the medium term. The outlook
may be revised to 'Positive' if SRMRJPL improves its financial
risk profile significantly, most likely through improved
profitability or fresh equity infusion by promoters. Conversely,
the outlook may be revised to 'Negative' if the increase in
revenue from the company's new showrooms or its profitability is
lower than expected.

                          About Sant Ram

Incorporated in 1991 as a private limited company, SRMRJPL
manufactures and retails gold and diamond-studded jewellery in
Ludhiana (Punjab).  The company is promoted by Mr. Mahesh Jain and
family.  The family started the jewellery business under a
partnership firm in 1982 that was acquired by SRMRJPL in 1991.
The company currently has a manufacturing facility and a retail
showroom in Ludhiana, and is setting up a silverware showroom
adjacent to its current premises and a gold jewellery showroom at
an upcoming mall in the outskirts of Ludhiana.  The company has
outlined a capital expenditure of around INR7.2 million for the
new retail showroom, which is expected to be opened in the next
six months.

SRMRJPL is estimated to have earned a profit after tax (PAT) of
INR3.9 million on net sales of INR314.8 million for 2009-10
(refers to financial year, April 1 to March 31), against a
reported PAT of INR1.2 million on net sales of INR249 million for
2008-09.


SAINI INDUSTRIES: CRISIL Assigns 'B+' Rating to INR100MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Saini Industries
Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR165 Million Cash Credit        B+/Stable (Assigned)
   INR100 Million Term Loan          B+/Stable (Assigned)
   INR15 Million Bank Guarantee      P4 (Assigned)

The ratings reflect SIL's stretched liquidity owing to large
working capital requirements, and exposure to risks related to
intense competition in the steel industry.  These rating
weaknesses are partially offset by SIL's promoters' experience in
the steel industry.

Outlook: Stable

CRISIL believes that SIL will continue to benefit from its
moderate financial policy and increased manufacturing capacities
over the medium term.  The outlook may be revised to 'Positive' if
SIL increases the integration of its operations or significantly
improves its profitability.  Conversely, the outlook may be
revised to 'Negative' if the company's revenues and margins face
significant pressures because of adverse market conditions, or if
it a undertakes large, debt-funded capital expenditure programme,
thereby weakening its capital structure.

                       About Saini Industries

Incorporated in 2003, SIL (formerly, Saini Re-Rollers Ltd)
manufactures mild-steel flats, channels, angles, sections, and
thermo-mechanically treated (TMT) bars. The company has
manufacturing capacity of 12,000 tonnes per annum (tpa) for steel
structurals and 75,000 tpa for TMT bars. The company has entered
into a three-year contract with Steel Authority of India Ltd
(SAIL) to undertake job-work for manufacturing angles. The final
products are sold under the company's brand Force Steel.

SIL reported a profit after tax (PAT) of INR13 million on net
sales of INR1.41 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net sales
of INR512 million for 2008-09.


SHREEJI JEWELLERY: CRISIL Downgrades Ratings on Debts to 'P5'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shreeji
Jewellery Designs Ltd, a part of the Shreeji group, to 'P5' from
'P4'.   The downgrade reflects SJDL's delays in servicing its
debt; the delay has been caused by SJDL's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR302.0 Million Packing Credit        P5 (Downgraded from
                                              'P4')

   INR296.0 Million Post Shipment         P5 (Downgraded from
                           Credit             'P4')
   INR38.0 Million Standby Line of        P5 (Downgraded from
                            Credit            'P4')
   INR50.0 Million Bank Guarantee         P5 (Downgraded from
                                              'P4')
   INR20.0 Million Letter of Credit       P5 (Downgraded from
                                              'P4')
   INR7.0 Million Proposed Short-Term     P5 (Downgraded from
                        Bank Facility         'P4')

The Shreeji group has a weak financial risk profile, marked by a
high gearing and weak debt protection indicators, and large
working capital requirements. The group, nevertheless, benefits
from its established market position in the studded jewellery
business, supported by strong operational efficiencies.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SJDL and Shreeji Jewellery Ltd (SJL),
together referred to as the Shreeji group. This is because both
the companies are under a common management and promoters, and
share significant operational and business linkages.

Shreeji group, promoted by Mr. Pravin Shah, is engaged in the
manufacturer and export of diamond-studded gold, silver, and
platinum jewellery. SJL, incorporated in 1996, and SJDL, set up in
2005, are both 100 per cent export-oriented units, with
manufacturing facilities at SEEPZ, Mumbai.

For 2009-10 (refers to financial year, April 1 to March 31), the
Shreeji group reported a net loss of INR202 million on net sales
of INR1.32 billion, as against a net loss of INR212 million on net
sales of INR1.62 billion in the previous year.


SHREEJI JEWELLERY: CRISIL Cuts Ratings on Various Debts to 'P5'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shreeji
Jewellery Ltd, a part of the Shreeji group, to 'P5' from 'P4'.
The downgrade reflects SJL's delays in servicing its debt; the
delay has been caused by SJL's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR130.0 Million Packing Credit        P5 (Downgraded from
                                              'P4')
   INR90.0 Million Post Shipment Credit   P5 (Downgraded from
                                              'P4')
   INR40.0 Million Letter of Credit and   P5 (Downgraded from
                        Bank Guarantee        'P4')
   INR30.0 Million Proposed Short-Term    P5 (Downgraded from
                         Bank Facility        'P4')

The Shreeji group has a weak financial risk profile, marked by a
high gearing and weak debt protection indicators, and large
working capital requirements. The group, nevertheless, benefits
from its established market position in the studded jewellery
business, supported by strong operational efficiencies.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SJL and Shreeji Jewellery Designs Ltd
(SJDL), together referred to as the Shreeji group. This is because
both the companies are under a common management and promoters,
and share significant operational and business linkages.

Shreeji group, promoted by Mr. Pravin Shah, is engaged in the
manufacturer and export of diamond-studded gold, silver, and
platinum jewellery. SJL, incorporated in 1996, and SJDL, set up in
2005, are both 100 per cent export-oriented units, with
manufacturing facilities at SEEPZ, Mumbai.

For 2009-10 (refers to financial year, April 1 to March 31), the
Shreeji group reported a net loss of INR202 million on net sales
of INR1.32 billion, as against a net loss of INR212 million on net
sales of INR1.62 billion in the previous year.


VRAJ INTEGRATED: CRISIL Cuts Rating on INR200MM Loan to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on Vraj Integrated Textile Park
Ltd's bank facilities to 'BB-/Negative' from 'BB/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR200.00 Million Term Loan    BB-/Negative (Downgraded from
                                                BB/Stable)

The rating downgrade reflects CRISIL's belief that credit risk
profile of VITP will deteriorate over the medium term owing to
delays in commissioning of textile units in the park and increase
in debt-funded capital expenditure in near term as the company now
is undertaking Phase II of the project simultaneously with Phase
I.  There also have been cost overruns of INR82 million in the
project because of the more-than-expected expenditure in
converting the agriculture land into non-agriculture land.  The
rating further reflects the deterioration in VITP's financial risk
profile because of lower-than-expected revenue and cash accruals.
This has weakened the company's cash flow adequacy and financial
flexibility.

The rating continues to reflect VITP's exposure to risks related
to further delays in commissioning of operations by textile units,
leading to adverse impact on the company's financial risk profile.
The weakness is, however, partially offset by the benefits that
VITP derives from low funding risk of the project and promoter's
track record in the textile industry.

Outlook: Negative

CRISIL believes that VITP's credit risk profile will deteriorate
over the medium term because of delays in commissioning its
textile units and its increased capital expenditure with
commencement of the Phase II of the project along with Phase I.
The rating may be further downgraded in case of any further cost
overrun in the project or further delays in the commencement of
operations by the textile units. Conversely, the outlook may be
revised to 'Stable' if majority of the units in the park commence
their operations by end of 2010-11 (refers to financial year,
April 1 to March 31), thereby providing stable revenues and cash
accruals.

                       About Vraj Integrated

VITP, incorporated in December 2005, is a special purpose vehicle
(SPV) promoted by the Chiripal group of companies to set up a
textile park near Kheda (Gujarat).  VITP was set up under the
Scheme for Integrated Textile Park (SITP) supported by the
Ministry of Textiles, Government of India, and is one of the seven
textile parks in Gujarat to be approved under SITP.  The INR1.12-
billion project would have 36 plots/units for spinning, weaving,
processing, garmenting, sizing and yarn dyeing.  Because of delays
in the first phase of then project, the second phase has been
commenced along with the first.

Mr. Jaiprakash D Chiripal, under the Chiripal group of companies,
is the main promoter of VITP.  The Chiripal group has a turnover
of over INR10 billion.  It has manufacturing facilities which are
spread over various subsidiary units such as Shanti Processors
Ltd, Vishal Fabrics Pvt Ltd, Chiripal Petrochemicals Ltd and
Nandan Exim Ltd.


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


CSC SERIES: Fitch Downgrades Ratings on Five Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded five classes of CSC Series 1 GK's
floating-rate bonds due November 2012, and affirmed five other
classes.  The agency has simultaneously withdrawn the rating on
Class X.  Full details of the rating actions are listed below.

  -- JPY13.40 billion* Class A-2 bonds affirmed at 'AAA'; Outlook
     Stable;

  -- JPY2.89 billion* Class A-3 bonds affirmed at 'AAA'; Outlook
     Stable;

  -- JPY1.70 billion* Class B-2 bonds affirmed at 'A'; Outlook
     Negative;

  -- JPY1.50 billion* Class B-3 bonds affirmed at 'A'; Outlook
     Negative;

  -- JPY3.20 billion* Class C-2 bonds downgraded to 'BBB-' from
    'BBB'; Outlook Negative;

  -- JPY3.20 billion* Class D-2 bonds downgraded to 'B-' from B+';
     Outlook Negative;

  -- JPY0.90 billion* Class E-2 bonds downgraded to 'CCC' from
     'B-'; assigned a Recovery Rating of 'RR5';

  -- JPY0.60 billion* Class E-3 bonds downgraded to 'CCC' from
     'B-'; assigned a Recovery Rating of 'RR5';

  -- JPY1.57 billion* Class F-3 bonds affirmed at 'CCC'; Recovery
     Rating of 'RR6'; and

  -- JPY0.99 billion* Class G-3 bonds downgraded to 'CC' from
     'CCC'; Recovery Rating of 'RR6'.

  * as of July 7, 2010

The rating on the Class X bonds (interest-only) of 'AAA' with
Stable Outlook has been withdrawn.

Currently, the transaction is a securitization of four non-
recourse loans collateralized by commercial properties in Japan.

The Class C-2, D-2, E-2, and E-3 bonds have been downgraded
following Fitch's revisions to the values of four underlying
properties which are demonstrating performance below its
expectations.  Fitch has revised downwards cash flow estimates for
these four properties, based on the view that the market and/or
actual rents or occupancy rates have deteriorated.  The agency has
also revised downwards the expected recoverable amounts for the
loans backed by these properties.

The downgrade of the Class G-3 bonds reflects Fitch's view on an
ongoing disposition of a collateral property backing one of the
defaulted loans.  Based on the expected outcome of the disposition
process, a loss on this loan may materialize within the next three
months.

Despite the downward revisions of value on some properties,
classes A-2 to B-3 have been affirmed to reflect the improvement
of credit enhancement levels on these classes as a result of
collateral property dispositions, as most of the property sale
proceeds are sequentially applied to the principal repayment of
the bonds.  Stable Outlooks are maintained for classes A-2 and A-
3, reflecting this structural feature.

Negative Outlooks have been maintained for classes B-2, B-3, C-2
and D-2, due to the continued uncertainty in the Japanese
commercial real estate market and real estate financing
environment.

The rating on the interest-only Class X bonds, which only
addresses the likelihood of receiving interest while principals on
the related classes remain outstanding, has been withdrawn.  For
additional information, please see the comment, entitled 'Fitch
Revises Practice for Rating IO & Pre-Payment Related Structured
Finance Securities', dated June 23, 2010.

At closing, the bonds were backed by loans extended to six
borrowers, and ultimately secured by 72 commercial real estate
properties in Japan.  Two loans have been fully repaid, and the
remaining four loans are currently secured by a total of 62
properties and property sale proceeds.  All four loans have
defaulted to date and are currently in special servicing.

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.


KK ATAMI: Moody's Downgrades Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings assigned to
KK Atami Beach Line Funding 2 and Atami Beach Line Mezzanine
Funding Limited.

Both deals are backed by toll revenues from Atami Beach Line Motor
Road (Atami Beach Line).  The notes for KK Atami Beach Line
Funding 2 (the Senior Notes) were issued in July 2007, and for
Atami Beach Line Mezzanine Funding (the Mezzanine Notes) in May
2002.

The complete rating actions:

Deal Name: KK Atami Beach Line Funding 2 (Senior Note Issuer)

  -- Class A-2 Note, JPY5.5 billion, Downgraded to Aa1;
     previously on May 21, 2010, Aaa Placed Under Review for
     Possible Downgrade

  -- Class B Note, JPY1.2 billion, Downgraded to A2; previously
     on May 21, 2010, Aa2 Placed Under Review for Possible
     Downgrade

  -- Class C Note, JPY1.2 billion, Downgraded to Baa3; previously
     on May 21, 2010, A3 Placed Under Review for Possible
     Downgrade

Deal Name: Atami Beach Line Mezzanine Funding Limited (Mezzanine
Note Issuer)

  -- Mezzanine Note, JPY3.5 billion, Downgraded to Ba2;
     previously on May 21, 2010, Baa2 Placed Under Review for
     Possible Downgrade

The rating actions reflect Moody's lowering of its assumption of
Annual Net Cash Flow from the underlying assets, based on Moody's
estimation that traffic volume is likely to remain lower in the
long term than initially expected.

The Class A-1 Note, originally for JPY0.4 billion and rated Aaa,
is not a subject of these rating actions, as it has been redeemed
as scheduled, and Moody's believes that the principal of the note
is highly likely to be redeemed in full by maturity in May 2012.

On May 21, 2010, Moody's placed under review for possible
downgrade the ratings of the Class A-2, Class B and Class C Notes
and Mezzanine Notes.  The traffic volume on the Atami Beach Line
has been consistently below Moody's expectations.  The rating
actions were based on Moody's view that the traffic volume would
remain weak, and that the consequent weak Annual Net Cash Flow
from the underlying assets was unlikely to recover any time soon,
and in view of the fact that the refinancing of the Senior Notes
is due two years from that time.

The Senior Notes and Mezzanine Notes are backed by a Senior Loan
and a Mezzanine Loan respectively, both of which were taken out by
Atami Beach Line Limited, the Borrower SPC.  Mitsui Kanko
Development Co., Ltd. (which is now GRANVISTA Hotels & Resorts
Co., Ltd.) transferred ownership of the Atami Beach Line to the
Borrower SPC.  Atami Beach Line was then leased back to MKD, which
operates the toll road business.  GRANVISTA pays the Borrower SPC
the entire toll revenue in advance.  The Borrower SPC then pays
GRANVISTA its operating fee.  The remainder -- the toll revenue
minus the operating fee -- is the rent revenue.  The loan
principal and interest on the loans are paid out of the rent
revenue, minus taxes and fees, insurance premiums, repair costs,
and capital expenditures (Annual Net Cash Flow).

In the structure, the Senior Notes (other than Class A-1 Note) are
scheduled to be paid with a bullet payment at the expected
maturity in May 2012, which is around two years from now.  The
Borrower SPC has two opportunities to refinance the Senior Loan
between September 2011 and the expected maturity date in May 2012.

The expected maturity of Mezzanine Notes is May 2027; these notes
have been redeemed semi-annually as scheduled, as well as the
amount relating to excess cash in the structure.  If Annual Net
Cash Flow remains below Moody's expectation, the redemption of the
Mezzanine Notes will slow down and the outstanding balance at
their expected maturity in May 2027 will rise.  And if the Senior
Loan is not refinanced before the Senior Notes' expected maturity
in May 2012, a refinance agent and mezzanine agent will try to
refinance both the Senior Loan and the Mezzanine Loan during the
tail period between the Senior Notes' expected maturity in May
2012 and their final maturity in May 2015.

After the previous rating actions, Moody's interviewed GRANVISTA,
an operating company for Atami Beach Line, and received detailed
information on its outlook for traffic volume and toll revenue, as
well as its plan for repair costs and capital expenditures for the
line.

In the interview, Moody's received an explanation on GRANVISTA's
policies on the operations of the line, as well as the status of
preparations for refinancing.

Annual traffic volume on the Atami Beach Line was 3.34 million
units through June 2006 to May 2007, but it declined around 10%
(around 3 million) from June 2009 to May 2010.  The line has been
used for travel as well as regular traffic.

This decline is considered due to these factors: (a) systemic
factors, such as changes in preferred travel destinations and a
decline in the use of automobiles, and (b) factors stemming from
economic events, such as a decline in usage of the line for both
travel and regular traffic due to a downturn in consumption.

It should be positively stated that the relevant parties of the
deal have consistent firm policies for refinancing on the
scheduled maturity of the Senior Notes.

Nonetheless, because traffic volume is likely to remain lower in
the long term than initially expected and Annual Net Cash Flow
from the underlying assets is likely to remain weak, the
creditworthiness of the notes -- which are subject of these rating
actions -- is, in Moody's view, lower than at the outset of the
deal.

Considering the above situation, Moody's changed its assumption on
Annual Net Cash Flow from around JPY 500 million to around JPY 450
million.  And after taking this into account, Moody's downgraded
the ratings of the Class A-2, Class B and Class C Notes and
Mezzanine Notes.

Moody's will continue to monitor the transition of traffic volume,
toll revenue, repair costs, and capital expenditures of Atami
Beach Line, as well as GRANVISTA's policies on operations of the
line and the status of preparation for refinance.

In the future, if toll revenue increases -- due to factors,
including higher traffic volumes and revised higher toll fares,
and hence higher Annual Net Cash Flow in the long term, and a
stable refinancing environment -- then the ratings could remain
unchanged or be upgraded.

On the other hand, if there arise concerns that Annual Net Cash
Flow could further decline and remains weak -- due to factors,
including lower traffic volume, and higher repair costs and
capital expenditures in the long term -- then there may be
downside risk to the ratings of the deals.

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.


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


SSANGYONG MOTOR: Mahindra to Decide on Ssangyong Bid by July 20
---------------------------------------------------------------
Mahindra & Mahindra Ltd. said it is still conducting its due
diligence on Ssangyong Motor Co. and will decide by July 20
whether to make a bid for the South Korean auto company, The
Economic Times reports.

"Currently, we are doing due diligence for Ssangyong.  After this,
we will decide whether to bid for the company or not," the report
quoted Mahindra & Mahindra President (Automotive and Farm
Equipment) Pawan Goenka as saying.

Meanwhile, The Economic Times reports that PK Ruia group has
sought more time to complete due diligence to acquire SsangYong
Motor.

"We have asked for some more time to complete the due diligence.
Only after getting a response from them (SsangYong), we can decide
on the next step," a Ruia Group spokesperson told PTI.

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor Co. selected Nissan Motor Co.,
Renault SA and four other bidders for due diligence on the
company.  Ssangyong Motor began accepting letters of intent on May
10 from potential buyers, who will take over a majority of its
stake valued at around KRW300 billion.  Ssangyong will choose a
preferred bidder in August from the preliminary bidders.  Samjong
KPMG, a South Korean unit of the global services firm KPMG, and
Macquarie Securities are managing the sale.

                       About Ssangyong Motor

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

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

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


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


LCL CORPORATION: Kuwait Finance Serves Writ of Summons Over Debt
----------------------------------------------------------------
LCL Corporation Bhd and its subsidiary LCL Furniture Sdn Bhd. have
been served with a Writ of Summons and Statement of Claim by
Kuwait Finance House (Malaysia) Bhd as a result of their default
in paying the banking facilities granted to LCLF.

The Writ of Summons and Statement of Claim was served on LCLF and
LCL on July 6, 2010.

Kuwait Finance claims MYR27,416,495.92 is due and owing as at
March 9, 2010, under the Banking Facilities of MYR20.0 million and
the Murabahah Tawarruq Facility of MYR8.0 million.

The litigation will not have any operational impact on LCL Group
as Receivers and Managers have been appointed over the property
and undertaking of LCLF with effect from December 16, 2009.

LCL will seek necessary legal advice from its solicitors with
regards to the claim.  LCLF is currently under receivership.

                          About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

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


NAM FATT: Faces Winding Up Petition Filed by Perniagaan Sinar Maju
------------------------------------------------------------------
A winding up petition had been presented in the Johor Bahru High
Court on April 27, 2010, against Nam Fatt Corporation Berhad.

The Petition was served on NF Infra on May 24, 2010, by Perniagaan
Sinar Maju Sdn. Bhd. for a claim of MYR408,504.87 as payment due
for contractual works.

NF Infra said it is unable to pay its debts in the next 12 months.
Thus, the company said it has no means to settle the debts due to
PMS and to oppose the petition under Section 218 of the Companies
Action is difficult.

                           About Nam Fatt

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

                           *     *     *

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

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


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


CRAFAR FARMS: Bid to Block Sale of 16 Crafar Farm Fails
-------------------------------------------------------
Allan Crafar's court bid to block the sale of 16 Crafar farms has
failed, but a damages claim against the receivers could still be
pursued, according to The New Zealand Herald.

The NZ Herald relates Mr. Crafar will seek damages against the
receivers and the banks if they accept a lower offer for the farms
(lower than what he might be able to come up with).

According to the report, Justice Harrison said in court it was
doubtful whether the Crafars' claim against the banks and the
receivers had any legal factual basis, nevertheless to "preserve
the Crafars' rights" he would adjourn the proceedings.

The NZ Herald notes that Mr. Crafar has been given until August 6
to file an amended statement of claim, when he must also put up
NZ$50,000 as security for costs.

The NZ Herald reports that the Crafars have offered NZ$216 million
to "redeem or purchase" the farms -- being the amount of the
"alleged bank debt".  The Crafars said they could pay 10% of the
purchase price by the end of this month and the balance by
October 30, the report relates.

Crafar's lawyer Dan Parker said the injunction was withdrawn then
dismissed because "at the moment there's not enough evidence of
funding. . . . If that improved then they are going to re-apply,"
according to the NZ Herald.

As reported in the Troubled Company Reporter-Asia Pacific reported
on July 9, 2010, Radio New Zealand said the Crafar family 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.  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.  Radio NZ
said tenders to buy the 13 dairy and three dry-stock farms, which
the receivers KordaMentha have put up for sale, closed on July 7.
State-owned Landcorp and Chinese-backed Natural Dairy, the two
known bidders for the group of farms, said they don't expect the
court action to succeed, Radio NZ added.

                        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.


NATHANS FINANCE: Former Directors Fight Directorship Ban
--------------------------------------------------------
Rebecca Stevenson at BusinessDay.co.nz reports that two former
Nathans Finance directors and the chairman of collapsed parent
company VTL Group are fighting being banned from acting as
directors.

Ms. Stevenson says David Jones QC sought an adjournment in the
High Court at Auckland on an application for an order stopping the
Registrar of Companies from exercising his statutory powers to ban
Roger Moses and Donald Young from Nathans Finance and Gary Stevens
from VTL.

Mr. Jones told Justice Rhys Harrison the adjournment was to allow
them to acquire documents from the Nathans Finance receiver,
PricewaterhouseCoopers, which may help shape the case they make to
the registrar, according to the report.

Mr. Jones, as cited by BusinessDay.co.nz, said the plaintiffs
needed the material to properly assess their position and they
didn't want the registrar making a decision without being properly
informed.  BusinessDay.co.nz recounts that the Registrar of
Companies had issued statutory notices to each of the plaintiffs
in April last year, advising he was considering the ban following
the NZ$174 million collapse of Nathans Finance in August 2007.

                       About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on August 20, 2007.  The company owed approximately
NZ$174 million to some 7,000 investors.  Nathans Finance is a
wholly owned subsidiary of VTL Group Limited, which also went into
receivership in November 2008.  VTL Group owns a number of vending
machine related businesses which operate in New Zealand,
Australia, North America and Europe.


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


A.F.W.D. TRADING: Creditors' Proofs of Debt Due August 10
---------------------------------------------------------
Creditors of A.F.W.D. Trading (Far East) Pte. Ltd., which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 10, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Kevin Thio
         Terence Ong
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


CLIFFORD ENGINEERING: Creditors' Proofs of Debt Due July 23
-----------------------------------------------------------
Creditors of Clifford Engineering Co. Pte. Ltd., which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 23, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


CP SOLUTIONS: Creditors' Proofs of Debt Due July 26
---------------------------------------------------
Creditors of CP Solutions Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 26,
2010, to be included in the company's dividend distribution.

The company's joint liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         Wong Joo Wan
         c/o KMPG Advisory Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


ELCHEMI ASSETS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on July 2, 2010, to
wind up the operations of Elchemi Assets Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


IDEAL ACCOMODATION: Court to Hear Wind-Up Petition on July 23
-------------------------------------------------------------
A petition to wind up the operations of Ideal Accomodation
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on July 23, 2010, at 10:00 a.m.

Cove Development Pte Ltd filed the petition against the company on
June 25, 2010.

The Petitioner's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33 UOB Plaza 1
          Singapore 048624


EUROIMPORTS PTE: Court to Hear Wind-Up Petition on July 23
----------------------------------------------------------
A petition to wind up the operations of Euroimports Pte Ltd will
be heard before the High Court of Singapore on July 23, 2010, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on June 30,
2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Strait Trading Building
          Singapore 049910


JUN-YU CONSTRUCTION: Creditors' Proofs of Debt Due July 23
----------------------------------------------------------
Creditors of Jun-Yu Construction Pte. Ltd., which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 23, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


KALMAR SOUTH: Creditors' Proofs of Debt Due August 10
-----------------------------------------------------
Creditors of Kalmar South East Asia Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 10, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kevin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


L.G.M. LIMITED: Court to Hear Wind-Up Petition on July 23
---------------------------------------------------------
A petition to wind up the operations of L.G.M. Limited (Singapore
Branch) will be heard before the High Court of Singapore on
July 23, 2010, at 10:00 a.m.

Concepts Vacation Club Limited filed the petition against the
company on June 25, 2010.

The Petitioner's solicitors are:

          The L.A. Law Chambers LLC
          22 Malacca Street
          #13-05 Royal Brothers Building
          Singapore 048980


LCL FAR EAST: Creditors' Proofs of Debt Due August 9
----------------------------------------------------
Creditors of LCL Far East Pte. Ltd., which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 9, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lai Seng Kwoon
         c/o 16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


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


AU OPTRONICS: Posts NT$43.62 Billion Consolidated Revenue in June
-----------------------------------------------------------------
AU Optronics Corp. reported a preliminary consolidated revenue of
NT$43,625 million in June, 0.4% lower than the previous month but
up by 43.5% year-over-year.

In the second quarter of 2010, AUO's unaudited consolidated
revenues totaled NT$128,571 million, up by 15.2% quarter-over-
quarter and a 55.9% increase year-over-year.

Large-sized panel shipments for June 2010 with applications on
desktop monitor, notebook PC, LCD TV and other applications
reached approximately 9.74 million units, down by 4.8% from the
previous month.  As for small-and-medium-sized panels, the
shipments amounted to 15.79 million units, down by 14.8% month-
over-month.

In the second quarter of 2010, large-sized panel shipments totaled
around 29.62 million units, with a growth of 8.8% from last
quarter and a YoY increase of 32.2%.  Shipments of small-and-
medium-sized panels in the same quarter exceeded 55.43 million
units, down by 2.7% quarter-over-quarter and 8.9% year-over-year.

                         About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays.  The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


                         *********

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

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

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


                            *********


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

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

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

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

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





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