TCRAP_Public/100713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, July 13, 2010, Vol. 13, No. 136

                            Headlines



A U S T R A L I A

BELLA TRUST: Fitch Assigns Ratings on Various 2010-1 Notes
REDCAPE PROPERTY: To Sell More Pubs; Loans Extended Until 2012
SIMCORP DEVELOPMENTS: Creditors Vote to Liquidate Firm


C H I N A

AGRICULTURAL BANK: Moody's Upgrades Bank Strength Rating to 'D-'
RENAULT SA: Mulls Expanding in China
VENETIAN MACAU: Bank Debt Trades at 3% Off in Secondary Market


H O N G  K O N G

AGR HONG KONG: Creditors' Proofs of Debt Due August 9
AKAI HOLDINGS: Creditors' Proofs of Debt Due July 26
ALCATEL NETWORKS: Lam and Boswell Appointed as Liquidators
AUTRON MAURITIUS: Contributories and Creditors to Meet on July 30
BBMF CORPORATION: Court to Hear Wind-Up Petition on September 1

BEP CORPORATE: Kong Chi How Johnson Steps Down as Liquidator
BRILLIANT STAR: Hui Fan Steps Down as Liquidator
BUSINESS FULL: Court to Hear Wind-Up Petition on September 1
CARLSON INDUSTRIAL: First Meetings Slated for July 27
CBN CHINA: Tang Ka Siu Johnny Steps Down as Liquidator

FREETRON GROUP: Creditors and contributories to Meet on July 16
TECHNOSTORE LIMITED: Creditors' Proofs of Debt Due July 23


I N D I A

AGNI STEELS: ICRA Reaffirms 'LBB' Rating on INR219MM Term Loans
AIR INDIA: Aviation Regulator Orders AI to Deroster 40 Cabin Crew
APEX EXPORTS: CRISIL Reaffirms 'B' Rating on INR18.6MM LT Loan
FORTUNA ENG'G: ICRA Reaffirms 'LBB' Rating to INR141.3M Term Loan
GEHLOT MOTORS: CRISIL Assigns 'BB' Rating to INR25MM Term Loan

GOLD STAR: ICRA Assigns 'LBB+' Rating to INR648.9 Mil. Bank Debts
GOPAL OIL: ICRA Places 'LBB-' Rating on INR140 Mil. Term Loans
INDIA LAND: CARE Assigns 'CARE BB-' Rating to INR255cr LT Loans
INTERNATIONAL GOLD: CARE Assigns 'CARE BB' Rating to INR25cr Loan
JEEWAN MOTORS: ICRA Reaffirms 'LBB+' Rating on INR240MM Bank Loan

JK SUGAR: CARE Rates INR52cr Long-Term Loans at 'CARE BB+'
KAMDAR AND ASSOCIATES: CRISIL Lifts Rating on INR40MM Loan to 'B+'
KHOKHAR INFRASTRUCTURE: CRISIL Reaffirms Ratings on Bank Debts
KLASSIC CONSTRUCTIONS: CARE Assigns 'CARE BB+' to INR18.12cr Loans
MAHARASHTRA METAL: CRISIL Assigns 'BB+' Rating to INR25M Term Loan

MANISH AGROTECH: CARE Rates INR14cr LT Bank Debts at 'CARE BB+'
PRUTHVI ESTATES: CARE Rates INR45cr LT Bank Debts at 'CARE BB'
RELIABLE PAPER: CRISIL Rates INR200 Million Cash Credit at 'B-'
RKD CONSTRUCTIONS: CRISIL Puts 'B+' Rating on INR250MM Cash Credit
ROTOMAC EXIM: CRISIL Rates INR499.5 Mil. Letter of Credit at 'P4+'

ROTOMAC EXPORTS: CRISIL Reaffirms 'BB' Rating on INR30MM Credit
ROTOMAC GLOBAL: CRISIL Reaffirms 'BB' Ratings on Various Debts
SHIV JAGANNATH: ICRA Assigns 'LBB' Rating to INR150 Mil. LT Loan
SHIVALIK PRINTS: ICRA Assigns 'LBB' Rating to INR140MM Term Loan
SIDDHI VINAYAK: CRISIL Lifts Rating on INR727.3MM Loan to 'BB-'

VEDANT DYESTUFFS: ICRA Places 'LBB-' Rating on Long-Term Loans
VELOCIS SYSTEMS: CRISIL Assigns 'BB+' Rating to INR10MM Term Loan
WATERLINE HOTELS: ICRA Assigns 'LBB-' Rating to INR450M Term Loans
WESTERN INDIA: CRISIL Reaffirms 'P4' Rating on INR155MM Bank Debts
WESTERN PETROLEUM: CRISIL Assigns 'B' Rating to INR30M Cash Credit


I N D O N E S I A

MEDIA NUSANTARA: Cipta Claim Won't Affect S&P's 'B+' Rating


J A P A N

AOZORA BANK: Plans to Tighten Regulations on Securities Trading
SHINGINKO TOKYO: JCR Affirms 'BB+' Rating on Senior Notes
* S&P Puts Rating on Two Japanese Tranches on CreditWatch Positive


K O R E A

HYUNDAI GROUP: Banks End New Loans as Group Refuses Restructuring


M A L A Y S I A

KENMARK INDUSTRIAL: Defaults on MYR3 Million Bank Facilities
KENMARK INDUSTRIAL: Gets Wind-Up Petitions From Export-Import Bank
KENMARK INDUSTRIAL: Gives Update on Business Division Status


N E W  Z E A L A N D

BLUE CHIP: Liquidator to Provide Detailed Update Soon
CARDRONA HOTEL: Up for Sale Again
PGG WRIGHTSON: Wants Bonds' Maturity Extended Until October 2011


S I N G A P O R E

OLAM WILMAR: Creditors' Proofs of Debt Due August 10
RAITO SINGAPORE: Creditors' Proofs of Debt Due August 10
SAVANT PTE: Court Enters Wind-Up Order
SILVERSTAR INVESTMENTS: Court Enters Wind-Up Order
TRANSPACIFIC IP: Creditors' Proofs of Debt Due August 10

VEITH TOOLING: Court to Hear Wind-Up Petition on July 23
VICKERS BALLAS: Creditors' Proofs of Debt Due August 10


T A I W A N

ASUSTEK COMPUTER: Chairman Issues Memo on Rumors CEO Will Resign
QUANTA COMPUTER: Reports NT$100.22 Billion Sales in June
* TAIWAN: Nontech Firms' Exposure to China May Increase Risks


V I E T N A M

TRAI THIEN: Earns US$871 in First Quarter Ended March 31


X X X X X X X X

* IMF: Asia's Time Has Come for Leading Role in Global Economy

* BOND PRICING: For the Week July 5 to July 9, 2010




                         - - - - -


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A U S T R A L I A
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BELLA TRUST: Fitch Assigns Ratings on Various 2010-1 Notes
----------------------------------------------------------
Fitch Ratings has assigned expected ratings to the Bella Trust
Series 2010-1 automotive loan receivables-backed securitization,
due Feb 2017.  Ratings, Outlooks and Loss Severity Ratings are
assigned:

  -- AU$500.0 million Class A2 notes: 'AAA'; Outlook Stable; Loss
     Severity Rating assigned at 'LS1'; and

  -- AU$72.0 million Class B notes: 'A'; Outlook Stable; Loss
     Severity Rating assigned at 'LS2'; and

  -- AU$14.0 million Class C notes: 'BBB'; Outlook Stable; Loss
     Severity Rating assigned at 'LS4'; and

  -- AU$4.0 million Class D notes: 'BB'; Outlook Stable; Loss
     Severity Rating assigned at 'LS5'; and

  -- AU$8.0 million Class E notes; 'B'; Outlook Stable; Loss
     Severity Rating assigned at 'LS4'; and.

  -- AU$14.1 million Seller notes 'NR'.

The notes will be issued by BNY Trust Company of Australia Limited
in its capacity as trustee of Bella Trust Series 2010-1.  The
Bella Trust Series 2010-1 is a legally distinct trust established
pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of
28,011 automotive loan receivables totalling approximately
AUD606.0 million, with an average size of AUD21,634.  The pool is
comprised of loan receivables originated by Capital Finance
Australia Limited whose ultimate parent is the Lloyds Banking
Group plc (rated 'AA-'/Outlook Stable/'F1+').  The pool comprises
amortising principal and interest loans for both new (65.2%) and
used (34.8%) vehicles with varying balloon amounts payable at
maturity.  The weighted average balloon payment for the portfolio
is 30.6%.

"Australian ABS transactions launched during YTD 2010 now total
five, which exceeds the total number launched during all of 2009"
notes Spencer Wilson, Analyst in Fitch's Structured Finance team.
"This is testament to the growing interest in this market segment
from investors".

The expected ratings assigned to the Class A2 notes are based on
the quality of the collateral; the 18.3% credit enhancement
provided by the subordinate notes; the liquidity reserve account
of 1.0% of outstanding notes, funded by issuance proceeds; a
servicer reserve fund of 3.5% to be funded from principal draws,
providing an additional level of liquidity support for the
transaction should the rating of Lloyds Banking Group plc fall
below 'BBB'; an interest rate swap provided by Bank of Scotland
plc (AA-'/Outlook Stable/'F1+'); and CFAL's auto receivable
underwriting and servicing capabilities.

The expected ratings on the Class B, C and D notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels.

Final ratings are contingent upon receipt of final documentation
conforming to information already received.


REDCAPE PROPERTY: To Sell More Pubs; Loans Extended Until 2012
--------------------------------------------------------------
Andrew Starke at The Shout reports that the Redcape Property Fund,
formerly Hedley Leisure & Gaming Property Fund, intends to offload
more of its pubs while also having its bank loan facilities
extended.

The report says improved market conditions and a measured asset
sale program to reduce debt have enabled Redcape to negotiate an
extension of its $634 million bank loan facilities until October
2012.

According to The Shout, the group has so far completed the sale of
11 venues, divested its holding in the ALE Property Fund and is at
an advanced stage of negotiation on a further four pub sales.

Two-thirds of Redcape's assets were recently valued for mortgage
purposes and, on the basis of this estimate, the company expects
to book a write-down of about 6 percent across the portfolio.

Queensland, Australia-based Redcape Property Fund --
http://www.redcape.com.au/-- is a property fund which invests in
the Australian Pub freehold market and leases its Pubs to leading
tenants on a long term basis.  RPF's property portfolio is
comprised of 93 properties including 78 pubs, 12 bottle shops and
3 other retail tenancies based mainly in Queensland and NSW, with
a small number of properties in Victoria and SA.  RPF was
originally listed on the Australian Stock Exchange on August 1,
2007 under the code HLG.

The company reported a net loss of AU$178.67 million for the year
ended June 30, 2009, compared with a net loss of AU$88.17 million
in the prior year.


SIMCORP DEVELOPMENTS: Creditors Vote to Liquidate Firm
------------------------------------------------------
Creditors of Simcorp Developments and Constructions voted to put
the company into liquidation at a meeting at Surfers Paradise on
Friday, Thomas Chamberlin at goldcoast.com.au reports.  Vincents
Chartered Accountants was appointed as the company's liquidator,
the report says.

The report recalls that the company, which has been at the centre
of a public stoush with the Gold Coast Titans over an alleged
AU$4 million worth of work carried out at the Centre of
Excellence, moved into administration earlier this year.

Based in Australia, Simcorp Developments and Constructions --
http://www.simcorp.net.au/-- is a construction company.


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C H I N A
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AGRICULTURAL BANK: Moody's Upgrades Bank Strength Rating to 'D-'
----------------------------------------------------------------
Moody's Investors Service has affirmed the A1/Prime-1 long- and
short-term foreign currency deposit ratings of Agricultural Bank
of China.

At the same time, Moody's has upgraded its standalone rating, or
Bank Financial Strength Rating to D- from E+.  The outlook on the
BFSR is stable.

The A1/Prime-1 deposit ratings reflect this financial strength,
coupled with expectations of very strong government support, if
necessary.  The outlook on these ratings is positive, reflecting
in turn the positive outlook on China's sovereign rating.

The upgrade of ABC's standalone rating reflects three key points:
1) expectations of a strengthened capital position following the
IPO; 2) expectations of more transparent disclosure and increased
accountability as a result of being listed on the Shanghai and
Hong Kong stock exchanges; and 3) a level of earnings and capital
that will position the bank to manage potential rises in non-
performing loans, both in an expected and stress-case scenarios.

Underpinning these factors is Moody's expectation that ongoing
strength in the Chinese economy will provide supportive conditions
for profitability.

ABC's IPO is scheduled to launch in mid-July.

"During the past three years, ABC has shown improving financial
metrics.  In 2009, its NPLs declined both in absolute amounts and
as a percentage of its loan book, and after the removal of RMB816
billion in NPLs from its balance sheet in 2008," says Yvonne
Zhang, a Moody's Vice President and lead analyst for the bank.

"The key issue for ABC will be how asset quality evolves in the
coming years.  Its loan book grew by 33% in 2009, as it plays its
part in China's strong economic stimulus packages," says Zhang.
"In addition, ABC has not yet demonstrated the effectiveness of
its developing corporate governance and risk management practices,
and the adequacy of its steps to improve its internal controls and
credit culture.  Balancing risk and reward in rural lending will
remain a challenging task for ABC."

As a result, Moody's ratings incorporate expectations that NPLs
currently reported are at or near cyclical lows, and asset quality
indicators will likely deteriorate.  In particular, loans to local
government financing vehicles, the real estate sector, and rural
areas are likely to become a source of NPLs as these loans season.

"Nonetheless, in upgrading the BFSR, Moody's believes that ABC is
positioned to manage the likely increase in NPLs without
compromising materially its financial strength because of
strengthened pre-provision profits, capital and loan-loss
reserves, which provide cushions against both Moody's base case
and stressed case assumptions of expected rises in credit costs,"
adds Zhang.

Moreover, given its unparalleled vast branch network in the rural
areas, ABC is uniquely positioned to benefit from China's
urbanization process and the government's push to increase the
income levels of the rural population.  It will be credit positive
if ABC is able to formulate and execute effective strategies to
capitalize on this macro-trend

The outlook on the BFSR is stable, reflecting the solid
positioning of the fundamental rating for the challenges likely
ahead.  The outlook on the A1 deposit rating is positive,
reflecting the positive outlook on the sovereign.

Further positive rating pressure for either the BFSR or deposit
rating is dependent on how the bank manages the conflicting
demands of maintaining asset quality and growing its businesses in
a sustainable manner, while also inevitably fulfilling a policy
function, given the presence of majority government ownership.

In addition, an upgrade of the A1 deposit rating would require an
upgrade in the sovereign rating, although this in itself would not
automatically lead to an upgrade to the deposit rating.

Moody's last rating action on ABC was taken on November 9, 2009
when Moody's changed the outlook on its foreign currency deposit
rating to positive from stable.

ABC is headquartered in Beijing.  As of December 31, 2009, ABC
reported total assets of RMB 8.9 trillion (approximately US$1.3
trillion).

Below is a list of ABC's ratings:

Agricultural Bank of China:

* Bank Financial Strength D- (upgraded from E+) with stable
  outlook

* LT Bank Deposits (Foreign) A1 with positive outlook

* ST Bank Deposits (Foreign) P-1


RENAULT SA: Mulls Expanding in China
------------------------------------
Albertina Torsoli at Bloomberg News, citing Les Echos, reports
that Renault SA will consider expanding in China.  According to
Bloomberg, Les Echos reported that growth in China is one of the
questions the French carmaker will face as it draws up a new
strategic plan in 2011.

Renault SA -- http://www.renault.com/-- is a France-based company
primarily engaged in the manufacture of automobiles and related
services.  The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries.  The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.

                           *     *     *

Renault SA continues to carry long- and short-term corporate
credit and debt ratings of 'BB/B' from Standards & Poor's Ratings
Services with stable outlook.  The ratings were lowered to their
current level from 'BBB-/ A-3' in June 2009.

Renault continues to carry a Ba1 long-term corporate family rating
and senior unsecured debt rating from Moody's Investors Services
with stable outlook.  The company's subordinated debt carries a
Ba2 rating from Moody's.


VENETIAN MACAU: Bank Debt Trades at 3% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co., LLC, is a borrower traded in the secondary market at
96.66 cents-on-the-dollar during the week ended Friday, July 9,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
0.39 percentage points from the previous week, The Journal
relates.  The Company pays 550 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 25, 2011, and
carries Moody's B3 rating and Standard & Poor's B- rating.

Meanwhile, participations in a syndicated loan under which Las
Vegas Sands Corp. is a borrower traded in the secondary market at
87.81 cents-on-the-dollar during the week ended Friday, July 9,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
0.42 percentage points from the previous week, The Journal
relates.  The Company pays 175 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 1, 2014, and
carries Moody's B3 rating and Standard & Poor's B- rating.

The debt are two of the biggest gainers and losers among 204
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.

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

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


================
H O N G  K O N G
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AGR HONG KONG: Creditors' Proofs of Debt Due August 9
-----------------------------------------------------
Creditors of AGR Hong Kong Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 9,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


AKAI HOLDINGS: Creditors' Proofs of Debt Due July 26
----------------------------------------------------
Creditors of Akai Holdings Limited, 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 liquidators are:

          Cosimo Borrelli
          G Jacqueline Fangoni Walsh
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


ALCATEL NETWORKS: Lam and Boswell Appointed as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell on
June 30, 2010, was appointed as liquidators of Alcatel Networks
(Asia) Limited.

The liquidators may be reached at:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


AUTRON MAURITIUS: Contributories and Creditors to Meet on July 30
-----------------------------------------------------------------
Contributories and creditors of Autron Mauritius Corporation will
hold their first meetings on July 30, 2010, at 3:00 p.m., and
4:00 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.


BBMF CORPORATION: Court to Hear Wind-Up Petition on September 1
---------------------------------------------------------------
A petition to wind up the operations of BBMF Corporation will be
heard before the High Court of Hong Kong on September 1, 2010, at
9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on May 28, 2010.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          Chater Road, Central
          Hong Kong


BEP CORPORATE: Kong Chi How Johnson Steps Down as Liquidator
------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of BEP Corporate
Management Limited on June 3, 2010.


BRILLIANT STAR: Hui Fan Steps Down as Liquidator
------------------------------------------------
Hui Fan stepped down as liquidator of Brilliant Star Industrial
Limited on June 29, 2010.


BUSINESS FULL: Court to Hear Wind-Up Petition on September 1
------------------------------------------------------------
A petition to wind up the operations of Business Full Enterprises
Limited will be heard before the High Court of Hong Kong on
September 1, 2010, at 9:30 a.m.

The Bank of China (Hong Kong) Limited filed the petition against
the company on June 22, 2010.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South China Building
          No. 1 Wyndham Street
          Central, Hong Kong


CARLSON INDUSTRIAL: First Meetings Slated for July 27
-----------------------------------------------------
Contributories and creditors of Carlson Industrial (H.K.) Limited
will hold their first meetings on July 27, 2010, at 11:00 a.m.,
and 11:30 a.m., respectively at Unit 511, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


CBN CHINA: Tang Ka Siu Johnny Steps Down as Liquidator
------------------------------------------------------
Tang Ka Siu Johnny stepped down as liquidator of CBN China Limited
on July 9, 2010.


FREETRON GROUP: Creditors and contributories to Meet on July 16
---------------------------------------------------------------
Creditors and contributories of Freetron Group Limited will hold
their meetings on July 16, 2010, at 3:30 p.m., and 4:00 p.m.,
respectively at Room 602, The Boys' and Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Yu Tak Yee Beryl and Choi Tze Kit Sammy, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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

The company's liquidator is:

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


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AGNI STEELS: ICRA Reaffirms 'LBB' Rating on INR219MM Term Loans
---------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating to the INR219.0 million term
loans and INR126 million long term fund based limits of Agni
Steels Private Limited.  The outlook on the long term rating is
stable.  ICRA has also reaffirmed the 'A4' rating to the
INR25 million short term fund based limits and the INR200 million
non-fund based limits of ASPL.

The reaffirmed ratings take in  account  the  established  brand
name  of ASPL's  thermo mechanically treated (TMT) bars in the
state of Tamil Nadu, its partially integrated nature of
operations, established sales and distribution network, ASPL's
healthy return on capital employed and an improvement in capital
structure and interest coverage. However, despite the improvement,
capital structure of ASPL remains at an aggressive level.  The
ratings continue to be constrained by the cyclicality inherent in
the steel business, highly fragmented TMT market leading to stiff
competition and ASPL's moderate operating profitability.  ASPL's
induction furnace for making billet requires a large amount of
power.  However the tight power supply situation in the state of
Tamil Nadu, notwithstanding an improvement over the conditions
that prevailed in the second half of 2008-09, resulted in low
capacity utilization in the billet making facility during 2009-10,
and would  remain  a  cause  for  concern  in  ICRA's  opinion.
ICRA notes that the huge contingent liabilities in the books of
ASPL related to income tax and excise duty could adversely impact
its financial risk profile, were they to devolve on the company.

                         About Agni Steels

Incorporated in 1989, ASPL currently has two manufacturing units;
one for producing billets and TMT bars and the other for producing
sponge iron, both located at Ingur, near Erode in TN. The company
primarily targets retail customers through its dealer network.

During 2008-09, ASPL reported a net profit of INR23.2 million on a
turnover of INR1.31 billion. During the 2009-10 (provisional), the
company earned a profit before tax of INR57.0 million on a
turnover of INR1.49 billion.


AIR INDIA: Aviation Regulator Orders AI to Deroster 40 Cabin Crew
-----------------------------------------------------------------
The Directorate General of Civil Aviation has ordered Air India to
deroster 40 cabin crew members on grounds of violating flight duty
limitation norms by allegedly flying more hours than required, The
Times of India reports.

According to the report, airline officials said a DGCA team
recently visited National Aviation Company of India Limited's
Inflight Service Department and found that 40 cabin crew members
had crossed their flying hour limits and that the airline had
violated the rules.

The report relates that an airline spokesperson said it had suo
motu derostered them when it came to notice during a review that
they had "exceeded their flying hours."  However, the report adds,
the spokesperson said the over-stretching of flying hours beyond
the permissible limit was due to the recent strike by a section of
its employees.

The Times of India discloses that Air India operates around 230
daily flights under IC (erstwhile Indian Airlines) code both on
its domestic network as well as overseas routes with around 1,200
cabin crew. Most of those derostered were on Indian Airlines roll.

"The airline is already short of cabin crew and the derostering
may lead to further crunch," the report quoted officials as
saying.  The officials added that it may take at least three
months to put the crew members back on the roster, the report
relates.

                          About Air India

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

                           *     *     *

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

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


APEX EXPORTS: CRISIL Reaffirms 'B' Rating on INR18.6MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Apex Exports continue
to reflect Apex's weak financial risk profile marked by high
gearing and low net worth, geographical and customer concentration
in its revenue profile, and exposure to risks relating to intense
competition in the shrimp export industry.  These weaknesses are
partially offset by the benefits that Apex derives from its
promoters' extensive industry experience.

   Facilities                            Ratings
   ----------                            -------
   INR18.6 Million Long-Term Loan        B/Stable (Reaffirmed)
   INR100.0 Million Foreign Bills        P4 (Reaffirmed)
                       Purchase
   INR115.0 Million Packing Credit       P4 (Reaffirmed)
   INR84.4 Million Letter of Credit      P4 (Reaffirmed)


Outlook: Stable

CRISIL believes that Apex will continue to benefit from its
established customer relationships over the medium term.  The
outlook may be revised to 'Positive' if the firm scales up its
operations substantially, leading to higher-than-expected cash
accruals and a better capital structure, and hence, a significant
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if Apex's debt protection
measures deteriorate because of decline in its profitability, or
if there is a fall in the firm's revenues.

                         About Apex Exports

Apex was set up as a partnership firm in 1996 at Kakinada (Andhra
Pradesh) by Mr. K Satyanarayana Murthy and his wife.  The firm
processes and exports cultured shrimp to the US and Europe.  It
has a processing capacity of 3500 tonnes per annum.

Apex reported a profit after tax of INR43 million on an operating
income of INR1009 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a net loss of INR75 million on an
operating income of INR750 million for the previous year.


FORTUNA ENG'G: ICRA Reaffirms 'LBB' Rating to INR141.3M Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed 'LBB' ratings to the INR141.3 million term
loan facilities and INR30 million cash credit facilities of
Fortuna Engineering Private Limited (FEPL, ?the company.
The outlook on the long term rating is stable.  ICRA has also
reaffirmed the 'A4' rating to the INR 30 million short term fund
based facilities of FEPL.

The rating reaffirmation factors in the long standing experience
of FEPL's promoters and its balanced presence across various auto
segments.  FEPL has been an early entrant in the manufacture of
connecting rods using fracture technology which may help the
company's share of business with its OEM clients, going forward.
The ratings however remain constrained by FEPL's modest scale of
operations and its stretched financial profile as reflected in
highly leveraged capital structure.  Further the ratings also
factor in the risks that the company faces on account of limited
client and product diversification though ICRA notes that FEPL's
strong market position with its key OEM clients such as
Tata Motors Limited and Mahindra and Mahindra Limited mitigate
these risks to a certain extent. While the liquidity position of
the company in FY 10 was supported by better receivables and
inventory management and a 15 month moratorium on principle
repayments extended by its bankers beginning January 2010, the
same may come under pressure given the debt repayment burden in
the current fiscal.  ICRA also notes that though the company's
operating margins are broadly protected by its pricing
arrangements with its key OEM clients, it is exposed to some
volatility given the increased margins pressures that the OEMs are
exposed to.

Fortuna Engineering (Nasik) Pvt. Ltd. was incorporated in the year
1993 by Mr. R Suryanarayanan and is the business of manufacturing
engine connecting rods.  FEPL started off with the establishment
of a machining unit in Nashik for manufacturing engine connecting
rods for Mahindra Mahindra?s engine plant at Igatpuri.  Over the
years FEPL has grown to become amongst the top three manufacturers
of engine connecting rods in India, with an annual installed
capacity of over 14 Lakh units.  The company supplies its products
mainly to Tata Motors and M&M.  Moving forward the company wishes
to diversify into other products such as camshafts and
differential housings.


GEHLOT MOTORS: CRISIL Assigns 'BB' Rating to INR25MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Gehlot Motors Pvt
Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR110.0 Million Cash Credit Facility    BB/Stable (Assigned)
   INR25.0 Million Term Loan                BB/Stable (Assigned)

The rating reflects GMPL's below-average financial risk profile,
marked by weak debt protection metrics, and geographically
concentrated revenue profile. These rating weaknesses are
partially offset by GMPL's established market position and
promoters' experience in the automobile dealership business.

Outlook: Stable

CRISIL believes that GMPL will continue to benefit from its strong
relationship with principal, Mahindra & Mahindra Ltd (M&M, rated
'AA/Stable/P1+' by CRISIL), and maintain its established market
position in the automobile dealership business in Sikar and
Jhunjunu (Rajasthan). However, its financial risk profile is
expected to remain weak because of its leveraged capital structure
and weak debt protection metrics. The outlook may be revised to
'Positive' if GMPL's financial risk profile improves
significantly, led by improvement in its capital structure or
operating margin. Conversely, the outlook may be revised to
'Negative' in case GMPL's cash accruals decline significantly
because of increased competition in the automobile market in Sikar
and Jhunjunu, or the company undertakes large debt-funded capital
expenditure programme, thereby further adversely impacting its
capital structure.

                       About Gehlot Motors

GMPL was set up in 1989, and is engaged in dealership of utility
vehicles (UV) and light commercial vehicles (LCV) of M&M and
tractors of Tractors and Farms Equipment Ltd and its associated
brands, Massey Ferguson and Eicher.  GMPL operates in Sikar and
Jhunjunu, and is part of the KS group of companies.

GMPL is expected to report a profit after tax (PAT) of INR7.3
million on expected net sales of INR1219 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR3 million on net sales of INR854 million for 2008-09.


GOLD STAR: ICRA Assigns 'LBB+' Rating to INR648.9 Mil. Bank Debts
-----------------------------------------------------------------
ICRA has assigned a 'LBB+' rating and an 'A4+' rating to
INR648.90 million fund based bank facilities of Gold Star Diamond
Private Limited.  The outlook assigned to the long term rating is
"Stable".  The fund and non fund based limits are rated on both
the scales though the total utilization should not exceed
INR648.90 million at point of usage.  The rating reflects the
deterioration in GSDL's financial risk profile characterized drop
in operating income in the last two fiscals following the demand
slowdown for CPD in the key consuming markets and the losses
incurred by the company in FY 2009.  The rating is also
constrained by the company's adverse capital structure and the
stretched liquidity profile characterized by high inventory days
and slow debtor realizations.  The rating however favorably
factors in the experience othe promoters in the gems & jewellery
business, the operational backing from the group concern engaged
in similar line of business and the sourcing benefits enjoyed by
the company, being a DTC sight holder since last two decades.

Promoted by Mr. Satish Shah and his sons, Gold Star Diamond Pvt
Ltd commenced businessin 1967.  GSDL is engaged in processing and
export of cut and polished diamonds.  The company entered the
windmill business in 2006-07.  GSDL has a diamond processing
facility at Surat and an office in Mumbai.  GSDL is part of the
Gold Star Group, which has companies involved in diamond studded
gold jewellery business with a presence in India and the
International markets.  GSDL deals in diamonds of size up to 2
carats. GSDL recorded a net profit of INR12.30 million on an
operating income of INR 1460.30 million for the year ended
March 31, 2010 (unaudited figures) and net loss of INR 157.60
million on an operating income of INR 1671.80 million for the year
ending March 31, 2009.


GOPAL OIL: ICRA Places 'LBB-' Rating on INR140 Mil. Term Loans
--------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR14.0 million term
loans and the INR 55.0 million fund based facilities of Gopal Oil
Industries.  ICRA has also assigned a short term rating of 'A4' to
the INR 30.0 million fund based bank limits of GOI.  The outlook
on the long term ratings is stable.

The ratings reflect the inherently low profit margins, the high
competitive intensity and fragmentation in the edible oils
industry; volatility in the global edible oil prices and import
duty differential; threat of substitution from cheaper edible
oils; large proportion of sales being derived from low margin
trading operations and the company's weak financial profile as
reflected in its high gearing levels. However, ICRA takes note of
the considerable experience of the proprietor in the edible oils
business; location advantage arising from its presence in the oil
seed growing belt and favorable demand outlook with India being
traditionally deficit in edible oil.

Gopal Oil Industries is a proprietorship concern and was
incorporated in 1990.  The firm started operations with two oil
expellers at Pandhurna in the state of Madhya Pradesh.  The
manufacturing operations were expanded over the years and the firm
has 18 oil expellers currently, a caustic wash section and a
ground nut shelling plant.  The firm got its cotton seed cake
brand "Surbhi Shri" registered in 2008. The proprietor Mr. Gopal
Hukumchand Paliwal hails from a family of traders and his family
has been in the oil and pulses trading business since 1965.

The product mix of the firm constitutes cotton seed oil, cotton
seed cake and groundnut.  The firm also trades in commodities such
as soya bean seed, cottonseed, wheat etc.

In 2009-10, the firm reported a net profit of INR1.83 million on
net sales of INR310.02 million as against a net profit of
INR1.44 million on net sales of INR236.02 million in 2008-09.


INDIA LAND: CARE Assigns 'CARE BB-' Rating to INR255cr LT Loans
---------------------------------------------------------------
CARE assigns a 'CARE BB-' rating to the long-term bank facilities
of India Land And Properties Pvt Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        255.00      'CARE BB-'

Rating Rationale

The rating is constrained by the delays in repayments of loan
obligations by ILPPL during FY09 due to the liquidity crunch as a
result of downturn in the industry, stringent conditions attached
to the disbursement of loan amount by some of the banks,
substantial delay in execution of the project leading to
restructuring of debts, possibility of cost overrun, lack of
promoters' experience in the real estate industry in India and
oversupply of commercial space in Chennai.  The rating also
factors in sun set clause in respect of Software Technology Parks
of India (STPI) Act affecting the clientele of ILPPL.

The rating however, derives strength from the lower acquisition
cost of land, location advantage of the project, demonstrated
financial support by the promoters to the project, and
considerable occupancy for FY10.

The ability of ILPPL to execute the project as scheduled and
achieve the projected lease rentals and occupancy levels along
with the competition emerging in the surrounding area in the near
future remain the key rating sensitivities.

India Land and Properties Private Limited was incorporated on
January 20, 2000.  The primary objective of the company is to
develop the infrastructure projects, mainly IT Parks, in India.
The holding company for ILPPL is India Land Ventures
Limited, Mauritius which in turn is held by the Americorp Group of
Spain.  The group is promoted by Mr. Kamal Fabiani and Mr. Harish
Fabiani.

ILPPL is setting up an integrated IT Park called 'India Land
Technology Park' in Chennai with a total saleable area of 1.97msf.

The total cost of the project is expected to be around INR448
crore, which is proposed to be funded through promoters'
contribution of around INR193 crore and debt of around INR255.00
crore.  As on September 30, 2009, the project had achieved around
70% completion.  ILPPL expects the entire project to be completed
by December 2010 and generate revenue from FY11.


INTERNATIONAL GOLD: CARE Assigns 'CARE BB' Rating to INR25cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities
of International Gold Company Pvt. Ltd.

                                Amount
   Facilities                 (INR crore)     Ratings
   ----------                 -----------     -------
   Long-term Bank Facilities     25.00        'CARE BB'
   Short-term Bank Facilities     2.60        'PR4'

Ratings Rationale

The ratings are constrained by the geographical and customer
concentration risk, low profit margins, the occasional delays in
bills realization in the past and adverse impact of the economic
slowdown.

The ratings also take into account the experience and financial
strength of the promoter in the business, support in terms of
marketing and providing the client base.  Ability of IGCPL to
improve its profitability and diversify its operations to increase
client base and geographies is the key rating sensitivity.

International Gold Company Pvt. Ltd, a private limited company,
incorporated in 1994, is a 100% Export Oriented Unit (EOU) and is
located in Santacruz Electronics Export Processing Zone (SEEPZ), a
Special Economic Zone (SEZ) in Andheri, Mumbai.  IGCPL is engaged
in manufacturing of diamond-studded jewellery for exports.  The
company is a wholly-owned subsidiary of Rosy Blue (India) Pvt.
Ltd., which has operations in several countries and has a flagship
brand 'Orra' in its product portfolio.  In FY09, because of the
economic slowdown and depreciation of the rupee against the
US dollar, the performance of the company has been affected.


JEEWAN MOTORS: ICRA Reaffirms 'LBB+' Rating on INR240MM Bank Loan
-----------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating for the INR240 million, and
'A4+' rating for the INR10.0 million bank facilities of Jeewan
Motors Limited.  The outlook on the long term rating is stable.

JML has reasonably strong market position amongst MSIL dealers in
Bhopal (Madhya Pradesh) and its dealership of VECV provides some
diversification.  The rating also incorporates the company's long
track record of operations as well as scaling up of operations
through opening new outlets.  The ratings are however constrained
by JML's thin profit margins and high working capital intensity-
both inherent in the automotive dealership business, stretched
cash flow position and high competitive intensity amongst vehicle
dealers.  JML's capital structure has become increasingly
leveraged with gearing of 4.9 times (as on March 31, 2010),
although nearly all of the debt is related to working capital
borrowings and inventory funding.

JML is an authorized dealer of MSIL for passenger cars and VECV
for commercial vehicles.  Based in Bhopal (Madhya Pradesh), the
company is engaged in sales and service of vehicles along with
sale of spare parts.  The promoters of JML are the Chhatwal family
with Mr. Jeewan Singh Chhatwal as the Managing Director and the
other two directors being his wife and his son.  JML was the first
MSIL dealer to start operations in Bhopal when it was awarded the
dealership by MSIL in 1998.  The company attained the dealership
from EML in the year 2000 and is currently the only EML dealer in
the city of Bhopal.


JK SUGAR: CARE Rates INR52cr Long-Term Loans at 'CARE BB+'
----------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of JK Sugar Limited.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        52          'CARE BB+'
   Short-term Bank Facilities        7          'PR4'

Rating Rationale

The ratings are constrained by the unfavorable financial risk
profile characterized by high overall gearing and net losses
suffered by JKSL during FY06-09, absence of a distillery depriving
the company from benefits of fully-integrated operations, cyclical
nature of the sugar industry and large  dependence on Government
policies.  The ratings however draw comfort from experienced
promoter group and ease in liquidity position during H1FY10
reflected by low working capital utilization.

Going forward, JKSL's ability to become profitable in the light of
volatile conditions in the industry and effective working capital
management shall be the key rating sensitivities.

JKSL was set up as a division of JK Tyre and Industries Limited in
1996 with an initial crushing capacity of 3,120 TCD at Meerganj,
Bareilly (Uttar Pradesh).  The division implemented expansion
envisaging the enhancement of sugar plant capacity to 5000
TCD along with enhancement in the Power Co-Generation facility to
19-MW capacity in 2001.

In 2003, pursuant to the scheme of amalgamation and demerger, JKSL
was demerged into a separate company named as JK Sugar Ltd. The
company belongs to the Singhania group led by Mr Hari Shankar
Singhania.  During FY09, on a total operating income of INR125.87
crore, JKSL reported PBILDT of INR12.03 crore and a net loss of
INR1.36 crore.


KAMDAR AND ASSOCIATES: CRISIL Lifts Rating on INR40MM Loan to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its ratings on Kamdar and Associates's bank
facilities to 'B+/Stable/P4' from 'B/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR40.0 Million Cash Credit Limit     B+/Stable (Upgraded from
                                                    'B/Stable')
   INR260.0 Million Letter of Credit     P4 (Reaffirmed)

The rating revision reflects the significant improvement in firm's
estimated sales and profitability in 2009-10 (refers to financial
year, April 1 to March 31) with revival in the ship breaking
industry.  The rating revision also reflects CRISIL's belief that
Kamdar will continue to report higher revenue and profits over the
near term, with continued buoyancy in ship-breaking activities.

CRISIL's ratings on Kamdar reflect the firm's exposure to risks
related to cyclicality in the shipping industry, to adverse
regulatory changes, and fluctuations in the steel scrap prices.
These rating weaknesses are partially offset by Kamdar's
promoter's experience in ship breaking industry and healthy growth
prospects for the industry.

Outlook: Stable

CRISIL expects Kamdar to benefit from the healthy growth prospects
in the ship breaking industry over the medium term. The outlook
may be revised to 'Positive' if the firm generates more-than-
expected sales and profits thereby leading to stability in cash
flows. Conversely, the outlook may be revised to 'Negative' if the
firm's margins decline sharply, most likely due to a decline in
scrap prices, or the firm does not recover the cost of ships
purchased.

                    About Kamdar and Associates

Set up in 1984, Kamdar is a partnership firm undertaking ship-
breaking activities in Alang (Gujarat) which is the leading centre
of ship breaking and recycling industry in Asia.  It purchases
ships as old as 20 years, breaks them into steel plates and
supplies the same to rolling mills in Gujarat.

Kamdar is estimated to report a book profit of INR37 million on
net sales of INR431.6 million for 2009-10 against book loss of
INR18 million on net sales of INR266.6 million for 2008-09.


KHOKHAR INFRASTRUCTURE: CRISIL Reaffirms Ratings on Bank Debts
--------------------------------------------------------------
CRISIL's ratings on the various bank facilities of Khokhar
Infrastructure Pvt Ltd continue to reflect Khokhar's marginal
market position in the fragmented construction industry and
exposure to risks related to geographical and customer
concentration in its revenue profile.  These weaknesses are
partially offset by Khokhar's strong growth in revenues, moderate
order book providing medium-term revenue visibility, and adequate
debt protection metrics.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR300 Million Bank Guarantee    P4+ (Reaffirmed)

CRISIL has combined the financial and business risk profiles of
Khokhar Infrastructure Pvt Ltd and the partnership firm Bharat
Construction, which is owned by Khokhar's promoters, to arrive at
its ratings.  This is because Khokhar took over Bharat
Constructions' operations and management on March 31, 2010.

Outlook: Stable

CRISIL believes that Khokhar will maintain its financial risk
profile over the medium term, on the back of lower reliance on
bank borrowings and adequate debt protection metrics. The outlook
may be revised to 'Positive' if Khokhar strengthens its business
risk profile by increasing its scale of operations and enhancing
diversity in its order book while maintaining its operating
margin, or further improves its capital structure by infusing
equity. Conversely, any sustained decline in revenues or margins
or any large debt-funded capital expenditure or acquisition,
leading to deterioration in financial risk profile, may lead to a
revision in the outlook to 'Negative'.

                    About Khokhar Infrastructure

Bharat Constructions was set up as a partnership concern by Mr.
Harbhajan Singh Khokhar and his three brothers in 2001, while
Khokhar was incorporated in 2007.  Khokhar is into civil
construction activities, including construction of roads, bridges
and buildings, in Jharkhand and Bihar.

Khokhar (consolidated with Bharat Constructions) reported a profit
after tax (PAT) of INR20 million on net sales of INR621 million
for 2009-10 (refers to financial year, April 1 to March 31),
against a PAT of INR15 million on net sales of INR425 million, for
the previous year.


KLASSIC CONSTRUCTIONS: CARE Assigns 'CARE BB+' to INR18.12cr Loans
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to bank facilities of
Klassic Constructions Pvt Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities       18.12        'CARE BB+'
   Short-term Bank Facilities      21.00        'PR4'

Rating Rationale

The ratings are constrained by the small size of operations of
KCPL, order book concentration in terms of Government segment and
major contribution from a single turn-key project.  The ratings
are further constrained by low profit margins, high gearing
levels, increasing term debt to Gross Cash Accruals, negative
operational cash flows resulting from long working capital cycle
given long receivables and inventory cycles and project execution
risks associated with the ongoing projects especially the turnkey
project.

The rating however considers experience of the promoters in
execution of Engineering, Procurement & Construction contracts for
Government sectors with repeat orders, financial support provided
by the promoters in the form of interest-free unsecured loans,
healthy order book position and comfortable interest coverage.

Ability of KCPL to execute all its projects especially the turnkey
project without time and cost overruns, increase profit margins,
secure new orders and manage working capital efficiently in the
wake of growing operations are key rating sensitivities.

KCPL commenced operations as a partnership firm in 1975 and was
converted into a private limited company in 1986.  The company is
promoted by civil engineer Mr. Dattaray Deshpande (Chairman) who
is assisted by qualified people on the board.  KCPL is mainly
engaged in executing various EPC contracts for Government entities
and public sector undertakings mainly focusing on housing
projects.  The company posted net sales of INR58.23 crore in FY09
with PAT of INR1.13 crore.


MAHARASHTRA METAL: CRISIL Assigns 'BB+' Rating to INR25M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Positive/P4+' ratings to Maharashtra
Metal Powders Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Million Cash Credit        BB+/Positive (Assigned)
   INR25.0 Million Term Loan           BB+/Positive (Assigned)
   INR34.9 Million Proposed LT Bank
                      Loan Facility    BB+/Positive (Assigned)
   INR40.0 Million Letter of Credit &  P4+ (Assigned)
                     Bank Guarantee

The ratings reflect MMPL's modest scale of operations and
vulnerability to volatility in input costs.  These rating
weaknesses are partially offset by MMPL's promoters' experience,
its established market position in the aluminium powder industry,
and established clientele.

Outlook: Positive

CRISIL believes that MMPL will continue to benefit from its
promoter's experience in the aluminium powder industry. The
ratings may be upgraded if MMPL generates significantly more-than-
expected cash accruals, maintains its debt protection indicators,
and demonstrates a significant and sustainable improvement in
liquidity, either by improving working capital management or
infusing long term funds to augment the net working capital.
Conversely, the outlook may be revised to 'stable' if the company
faces a further lengthening of its working capital cycle leading
to pressure on its liquidity or the company undertakes a debt
funded capital expenditure programme thus impacting its financial
risk profile.

                       About Maharashtra Metal

MMPL was set up in 1984 by Mr. Arun Bhandari and his father-in-law
Mr. P M Lodha (both first-generation entrepreneurs).  The company
is based in Nagpur and manufactures aluminium -based products -
aluminium powder, aluminium paste, and pyro and flake powder.
These are used in the explosives, paints, textile, and printing
industries. MMPL is currently managed by Mr. Bhandari and Mr.
Lodha, and has two manufacturing units in Nagpur, with a combined
installed capacity of about 875 tonnes per month.

MMPL reported a profit after tax (PAT) of INR11.0 million on net
sales of INR448.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR11.2 million on net
sales of INR363.2 million for 2008-09.


MANISH AGROTECH: CARE Rates INR14cr LT Bank Debts at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' rating to bank facilities of Manish
Agrotech Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        14.00       'CARE BB+'

Rating Rationale

The ratings are constrained by the short track record of operation
(notwithstanding wide experience of promoters in the business),
low profit margin inherent to the agro-commodity sector,
susceptibility of margins to volatility associated with commodity
prices, working-capital intensive nature of the industry and low
net worth base.  The ratings also factor in the established
manufacturing setup, stable demand from the edible oil Industry
and moderately comfortable leverage ratios.

Improvement in profitability, any future capex & its funding
profile and improvement in the overall financial position are the
key rating sensitivities.

Incorporated in July 1996 and promoted by the family members of
the Indore-based Chothwani group, Manish Agro Tech Ltd. (MAL) is
engaged in soya seed processing through solvent extraction method.

During FY09 (based on the audited results), MAL reported a total
operating income of INR24.01 crore and a PAT of INR0.05 crore.
During FY10 (based on provisional results), MAL reported a total
operating income of INR127.19 crore and a PAT of INR0.74 crore.


PRUTHVI ESTATES: CARE Rates INR45cr LT Bank Debts at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' to the bank facilities of Pruthvi Estates.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        45.00       'CARE BB'

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of Pruthvi as on March 31,
2009.  The rating may undergo a change in case of withdrawal of
capital or of the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The rating is constrained by low levels of booking, high level of
competition in real estate in Hyderabad, prevailing pressure on
real estate prices and cyclical nature of the real estate
industry.  The rating is however, underpinned by the experience of
the group in the industry, track record of successful and timely
execution of projects and financial support from group companies.
The ability of the partners to bring in the remaining funds, tie
up the loan component of the project and enhance the booking
levels without deterioration in price levels are the key rating
sensitivities.

Pruthvi Estates is a Special Purpose Vehicle (SPV) created as a
partnership firm by the SMR group for the sole purpose of
executing the SMR-Vinay Fountainhead residential apartment project
in Hyderabad.  The SMR group, which is promoted by Mr. S Ram Reddy
has been in the real estate industry for more than 15 years.
Mr. S Ram Reddy is the Managing Partner of Pruthvi Estates.

Pruthvi is developing SMR-Vinay Fountainhead on 9.10 acres of land
area in Hyderabad with a view to cater to the middle and upper
middle income groups in the twin cities of Hyderabad and
Secunderabad.  The project, started in FY08 is scheduled
to be completed in May 2012.  On account of the slowdown in the
real estate market in India, the demand reduced resulting in
realizations declining by almost 30%.  The overall gearing ratio
was high as on March 31, 2008 at 3.83x, as the firm had just
commenced operations with a small capital base of INR1.8 crore.
Capital infusion from the partner's resulted in the overall
gearing ratio improving to 1.30x as on March 31, 2009.


RELIABLE PAPER: CRISIL Rates INR200 Million Cash Credit at 'B-'
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the cash credit
facility of Reliable Paper Company, which is part of the Reliable
group.

   Facilities                          Ratings
   ----------                          -------
   INR200.0 Million Cash Credit        B-/Stable (Assigned)

The rating reflects the Reliable group's weak financial risk
profile, marked by a modest net worth, high gearing, and weak debt
protection metrics.  These rating weaknesses are partially offset
by the benefits that the Reliable group derives from its
promoters' experience in the paper trading industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Reliable and Infinity Industries Pvt
Ltd.  These is because the two entities, together referred to as
the Reliable group, are owned and managed by common promoters, are
in the same line of business, and have fungible funds.

Outlook: Stable

CRISIL believes that the Reliable group will continue to benefit
from its promoters' experience in the paper trading industry over
the medium term.  The outlook may be revised to 'Positive' if the
group improves its working capital management and generates
better-than-expected operating revenues and net cash accruals.
Conversely, the outlook may be revised to 'Negative', if the
group's liquidity deteriorates further on account of lengthening
of its working capital cycle, or support to other group entity.

                          About the Group

The Reliable group comprises two entities, Reliable and IIPL.
Reliable was set up in 1989 and IIPL was incorporated in 2001.
The entities are promoted and managed by Mr. Lakhimsinh Gala
(first generation entrepreneur) and his son Mr. Bhavesh Gala.  The
entities are based in Mumbai and import and trade in paper, paper
products, and print supplies.

Reliable reported a profit after tax (PAT) of INR6.2 million on
net sales of INR977.7 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR6.2 million on net
sales of INR861.2 million for 2007-08.


RKD CONSTRUCTIONS: CRISIL Puts 'B+' Rating on INR250MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to RKD
Constructions Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR250 Million Cash Credit             B+/Stable (Assigned)
   INR50 Million Standby Line of Credit   B+/Stable (Assigned)
   INR53.40 Million Corporate Loan        B+/Stable (Assigned)
   INR516.60 Million Bank Guarantee       P4 (Assigned)

The ratings reflect RKD's exposure to risks related to
geographical and customer concentration in revenue profile, large
working capital requirements, and intense competition in the
infrastructure industry, particularly in the road and irrigation
segments.  These rating weaknesses are partially offset by RKD's
healthy order book providing revenue visibility over the near to
medium term.

Outlook: Stable

CRISIL believes that RKD will continue to benefit from its buoyant
order book and average capital structure over the medium term.
The outlook may be revised to 'Positive' if RKD increases the
geographic diversity in its revenue profile and improves its
gearing.  Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, most likely
because of a large, debt-funded capital expenditure or decline in
its margins.

                      About RKD Constructions

RKD, led by Mr. Rohit Kumar Das, was established as a
proprietorship firm in 1983, undertaking civil construction
projects on a small scale.  The company was eventually
incorporated as a private limited company in 1996.  RKD is into
civil and infrastructure construction, mainly building roads,
bridges and irrigation works in Orissa.

RKD reported a profit after tax (PAT) of INR73.9 million on net
sales of INR1.23 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR45.6 million on net
sales of INR893.0 million for 2008-09.


ROTOMAC EXIM: CRISIL Rates INR499.5 Mil. Letter of Credit at 'P4+'
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the letter of credit
facility of Rotomac Exim Pvt Ltd, which is a part of the Rotomac
group.

   Facilities                         Ratings
   ----------                         -------
   INR499.5 Million Letter of Credit   P4+ (Assigned)

The rating reflects the Rotomac group's exposure to high debtor
risk, susceptibility of its operating margins to volatility in
foreign exchange (forex) rates, its unstable client base, and
average financial risk profile marked by substantial total outside
liabilities.  These weaknesses are partially offset by the group's
established market position in the writing instrument (pen)
industry.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of REPL and its group companies Rotomac
Global Pvt Ltd, Rotomac Exports Pvt Ltd, and Crown Alba Writing
Instruments India Pvt Ltd.  This is because the four entities,
together referred to as the Rotomac group, are in the same line of
business, and have a common management, and procurement and
customer base.

                        About Rotomac Group

Promoted by Mr. M M Kothari in 1992, and currently managed by his
son Mr. Vikram Kothari, RGL, the flagship company of the Rotomac
group, began operations by manufacturing pens.  Since then, it has
diversified into trading in agricultural commodities, primarily
soya meal and Brazilian wheat.  Mr. Vikram Kothari set up REL in
2002 to undertake trading in agricultural products.  He
established Crown Alba in March 2004 to manufacture pens for
export markets.  In 2009, Mr Vikram Kothari co-promoted REPL with
Mr. Suleman Vimanwala, who has experience in the timber and other
bulk commodities trading business. REPL is also involved in the
trading business.  RGL has a 49:51 joint venture, Rotorina Pen
Manufacturing PLC (Rotorina), with the Ethopia-based Rina
International, and provides technical support to Rotorina.

For 2008-09 (refers to financial year, April 1 to March 31), REPL
reported a profit after tax (PAT) of INR0.3 million on net sales
of INR64.8 million.


ROTOMAC EXPORTS: CRISIL Reaffirms 'BB' Rating on INR30MM Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rotomac Exports Pvt
Ltd, which is a part of the Rotomac group, continue to reflect the
Rotomac group's exposure to high debtor risk, susceptibility of
its operating margins to volatility in foreign exchange (forex)
rates, its unstable client base, and average financial risk
profile marked by substantial total outside liabilities.  These
weaknesses are partially offset by the group's established market
position in the writing instrument (pen) industry.

   Facilities                          Ratings
   ----------                          -------
   INR30 Million Cash Credit           BB/Stable (Reaffirmed)
   INR70.0 Million EPC/FBP             P4+ (Reaffirmed)
   INR780.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR20.0 Million Bank Guarantee      P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of REL and its group companies, Rotomac
Global Pvt Ltd, Crown Alba Writing Instruments India Pvt Ltd, and
Rotomac Exim Pvt Ltd.  This is because the four entities, together
referred to as the Rotomac group, are in the same line of
business, and have a common management, and procurement and
customer base.

Outlook: Stable

CRISIL believes that the Rotomac group's business risk profile
will remain constrained over the medium term, given the
limitations inherent in its trading business. The outlook may be
revised to 'Positive' if the group improves its business model,
stabilising its cash flow. Conversely, the outlook may be revised
to 'Negative' in case of a significant increase in receivables, or
if the Rotomac group incurs a large forex loss, leading to
increased pressure on its liquidity.

                        About Rotomac Group

Promoted by Mr. M M Kothari in 1992, and currently managed by his
son Mr. Vikram Kothari, RGL, the flagship company of the Rotomac
group, began operations by manufacturing pens.  Since then, it has
diversified into trading in agricultural commodities, primarily
soya meal and Brazilian wheat. Mr. Vikram Kothari set up REL in
2002 to undertake trading in agricultural products.  He
established Crown Alba in March 2004 to manufacture pens for
export markets.  In 2009, Mr Vikram Kothari co-promoted REPL with
Mr. Suleman Vimanwala, who has experience in the timber and other
bulk commodities trading business.  REPL is also involved in the
trading business. RGL has a 49:51 joint venture, Rotorina Pen
Manufacturing PLC (Rotorina), with the Ethopia-based Rina
International, and provides technical support to Rotorina.

For 2008-09 (refers to financial year, April 1 to March 31), REL
reported a profit after tax (PAT) of INR12.7 million on net sales
of INR2.5 billion, against a PAT of INR110.3 million on net sales
of INR7.14 billion for 2007-08.


ROTOMAC GLOBAL: CRISIL Reaffirms 'BB' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rotomac Global Pvt Ltd,
which is a part of the Rotomac group, continue to reflect the
Rotomac group's exposure to high debtor risk, susceptibility of
its operating margins to volatility in foreign exchange (forex)
rates, its unstable client base, and average financial risk
profile marked by substantial total outside liabilities.  These
weaknesses are partially offset by the group's established market
position in the writing instrument (pen) industry.

   Facilities                           Ratings
   ----------                           -------
   INR165.5 Million Cash Credit         BB/Stable (Reaffirmed)
   INR40.0 Million Term Loan            BB/Stable (Reaffirmed)
   INR1000.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR0.7 Million Bank Guarantee        P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of RGL, its subsidiary Crown Alba Writing
Instruments India Pvt Ltd, and group companies, Rotomac Exports
Pvt Ltd and Rotomac Exim Pvt Ltd.  This is because the four
entities, together referred to as the Rotomac group, are in the
same line of business, and have a common management, and
procurement and customer base.

Outlook: Stable

CRISIL believes that the Rotomac group's business risk profile
will remain constrained over the medium term, given the
limitations inherent in its trading business.  The outlook may be
revised to 'Positive' if the group improves its business model,
stabilising its cash flows.  Conversely, the outlook may be
revised to 'Negative' in case of a significant increase in
receivables, or if the Rotomac group incurs a large forex loss,
leading to increased pressure on its liquidity.

                        About Rotomac Group

Promoted by Mr. M M Kothari in 1992, and currently managed by his
son Mr. Vikram Kothari, RGL, the flagship company of the Rotomac
group, began operations by manufacturing pens.  Since then, it has
diversified into trading in agricultural commodities, primarily
soya meal and Brazilian wheat. Mr. Vikram Kothari set up REL in
2002 to undertake trading in agricultural products.  He
established Crown Alba in March 2004 to manufacture pens for
export markets. In 2009, Mr Vikram Kothari co-promoted REPL with
Mr. Suleman Vimanwala, who has experience in the timber and other
bulk commodities trading business. REPL is also involved in the
trading business.  RGL has a 49:51 joint venture, Rotorina Pen
Manufacturing PLC, with the Ethopia-based Rina International, and
provides technical support to Rotorina.

For 2008-09 (refers to financial year, April 1 to March 31), RGL
reported a profit after tax (PAT) of INR29.7 million on net sales
of INR13.8 billion, against a PAT of INR4.4 million on net sales
of INR18.0 billion for 2007-08.


SHIV JAGANNATH: ICRA Assigns 'LBB' Rating to INR150 Mil. LT Loan
----------------------------------------------------------------
ICRA has assigned an "LBB" rating to INR 150 million long term
bank facilities and an "A4" rating to INR 50 million short term
bank facilities of Shiv Jagannath Steel Private Limited erstwhile
Shiv Aum Steel Pvt Ltd.  The outlook assigned to the long term
rating is "Stable".  The rating factors in SJSPL's modest scale of
operations, low profitability as well as coverage indicators due
to low value addition in the business and susceptibility to
adverse movements in raw material prices.  The rating also takes
into account the high competitive intensity in the industry.  The
rating however, favorably factors in the established track record
of promoters in trading of various types of steel products and its
moderate capital structure at present.

Shiv Jagannath Steel Pvt Ltd was established as a partnership firm
and converted into a private limited company Shiv Aum Steel Pvt
Ltd in 2003 and its name was changed to SJSPL in 2009-10.  The
Company is engaged in trading of various types of steel products
like beams, angles, channels, plates, sheets, flats, rounds, TMT
Bars & allied items.  Presently, the firm caters to the domestic
market only. The firm has its head office at Mumbai and warehouses
at Taloja and Kalamboli in Maharashtra.  The firm has an
associate, Soften Carriers Pvt Ltd which is engaged in the
transportation business.  SJSPL recorded a net profit of INR10.10
million on an operating income of INR 1,864.70 million as per the
unaudited figures of March 31, 2010 and net profit of INR 6.30
million on an operating income of INR 1383.80 million for the year
ending March 31, 2009.


SHIVALIK PRINTS: ICRA Assigns 'LBB' Rating to INR140MM Term Loan
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR140 million term loan and
INR35 million cash credit facilities of Shivalik Prints Limited.
ICRA has assigned stable outlook to the long term rating.  ICRA
has also assigned 'A4' rating to the INR200 million fund based and
INR25 million non-fund based facilities of SPL.

The rating is constrained by SPL's modest scale of operations, its
client concentration in export market  and its weak capital
structure as reflected in a gearing of 2.3 times as of March 31,
2009.  The company has planned a capital expenditure of about INR
250-300 million to be executed over next three years; any
aggressive debt funding of capital investment could weaken the
capital structure and would be a key rating sensitivity.  ICRA
also notes that the company is exposed to currency fluctuation
risks especially with the share of exports in the overall revenue
increasing to over 70% for 11 months ended Feb 28, 2010 (11m,
2009-10).  The rating however draws comfort from the promoters'
experience in the garments export business and their established
relationship with global retail chains like Gap Inc and Target.

Shivalik Prints Limited is in the business of manufacturing fabric
and hosiery garments and exporting them to clients in USA and UK
besides doing fabric processing on job-work basis.  SPL was
incorporated as Shivalik Knits Limited in 1998 by the Aggarwal
family and is headed by second generation entrepreneur Mr.
Narendra Aggarwal.  The family has interests in textiles,
footwear, forgings, telecom equipment and trading.

SPL has an installed capacity of 15.6 million meters per annum
(MMPA) for readymade garments and 39 million square meters per
annum for dyeing and printing.


SIDDHI VINAYAK: CRISIL Lifts Rating on INR727.3MM Loan to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on Siddhi Vinayak Logistics Ltd's
bank facilities to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR23.0 Million Cash Credit Facility  BB-/Stable (Upgraded from
                                                     'B+/Stable')

   INR727.3 Million Rupee Term Loan      BB-/Stable (Upgraded from
                                                     'B+/Stable')

   INR2.0 Million Bank Guarantee         P4+ (Upgraded from 'P4')

The upgrade reflects the sharp year?on-year growth of 221 per cent
in SVLL's sales to INR2.05 billion in 2009-10 (refers to financial
year, April 1 to March 31) from INR637.5 million in 2008-09,
driven by the significant increase in the company's scale of
operations - its fleet of owned vehicles increased by 2.5 times;
the company also maintained its healthy operating margin.  The
consequent robust growth in SVLL's internal accruals led to a
better-than-expected improvement in its debt protection metrics.
SVLL's promoter also infused sizeable equity capital into the
company in 2009-10.  The upgrade also reflects CRISIL's belief
that SVLL will maintain its growth rate in 2010-11 on the back of
healthy order flow from new customers and increase in revenue per
vehicle because of addition of super trucks to its existing fleet.

In 2009-10, SVLL added a fleet of super trucks, notably Tata Motor
Ltd's (TML's) global truck Prima.  This led to improvement in
SVLL's revenue per vehicle to INR1.68 million in 2009-10 from
INR1.34 million in 2008-09.  The company also added new clients
from across industry sectors.

The ratings reflect SVLL's susceptibility to economic downturns
because of its asset-heavy model and its highly leveraged capital
structure because of its large, debt-funded ongoing capital
expenditure (capex) plans.  These rating weaknesses are partially
offset by SVLL's leading position in the domestic road transport
industry and the company's good revenue visibility because of its
sizeable long-term contracts with large customers.

Outlook: Stable

CRISIL believes that SVLL's revenues will grow steadily over the
medium term, supported by its sizeable order book.  The outlook
may be revised to 'Positive' if SVLL raises sizeable capital,
either through an initial public offering (IPO) issuance or stake
sale to financial investors, and sustains an improvement in its
operating margin. Conversely, the outlook may be revised to
'Negative' if the company's ability to service debt on time gets
adversely affected, most likely because of large, debt-funded
capex, or decline in profitability or revenue growth.

                       About Siddhi Vinayak

SVLL (formerly, Siddhi Vinayak Logistics Pvt Ltd) was set up as
private limited company in 2002.  It was reconstituted as a
closely held public limited company in 2006 and commenced
operations in October 2006.  The company provides transportation
services to cement, oil and tractor manufacturers.  It owns over
1400 vehicles, and has operations across India except in the
northeastern region.  The company also has a fabrication unit at
Hazira (Gujarat), where trailers are designed and fabricated as
per the road transport office norms and the requirement of the
goods to be carried. SVLL is promoted by Mr. Rajkumar Baid, Ms.
Laxmidevi Baid, and Mr. Ravi Kothari.

SVLL reported a provisional profit after tax (PAT) of INR86
million on provisional net sales of INR2.05 billion for 2009-10,
against a PAT of INR15 million on net sales of INR637.5 million
for 2008-09.


VEDANT DYESTUFFS: ICRA Places 'LBB-' Rating on Long-Term Loans
--------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the long term fund based bank
facilities and 'A4' rating to the short term fund based bank
facilities of Vedant Dyestuffs & Intermediates Private Limited.
Besides ICRA has also assigned 'Stable' outlook on the rating
assigned to VDIPL.

The ratings are constrained by the company's small size of
operations, high customer concentration and high working capital
intensity of operations.  The ratings also factor the company's
high dependence on the performance of leather industry,
vulnerability of operating profitability to the adverse
fluctuation in raw material prices and currency fluctuations to
the extent it remains unhedged.  The ratings, however, draw
comfort from the company's long standing experience in dyes
business, advantages derived from its strategic collaboration with
Stahl group and current healthy liquidity position ICRA further
notes that ongoing part debt funded capex is expected to adversely
impact the current comfortable capital structure as reflected in
gearing of 0.15 time (provisional figure) as on March 31, 2010.

Vedant Dyestuffs Intermediates Private Limited was incorporated in
1993 by Mr. Piyush Maheshwari as a private limited company. The
company has a manufacturing plant at Taloja in Maharashtra with an
installed capacity of 480 MTPA to produce synthetic organic dyes.


VELOCIS SYSTEMS: CRISIL Assigns 'BB+' Rating to INR10MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Velocis Systems Pvt Ltd, which is part of the
Velocis group.

   Facilities                        Ratings
   ----------                        -------
   INR140 Million Cash Credit        BB+/Stable (Assigned)
   INR10 Million Term Loan           BB+/Stable (Assigned)
   INR95 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect the Velocis group's high gearing because of
large working capital borrowings, small net worth, and small scale
of operations.  These rating weaknesses are partially offset by
the Velocis group's stable business risk profile, supported by its
diversified revenue profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Velocis and its subsidiary, Celerity
Networks Pvt Ltd, together referred to as the Velocis group.
Velocis has extended financial support to Celerity in the form of
interest-free unsecured loans to meet working capital
requirements.

Outlook: Stable

CRISIL believes that the Velocis group's profitability will be
supported by increased contribution from its high-margin
infrastructure management services and software (developed in-
house) segments, over the medium term.  However, the group's
financial flexibility is likely to remain constrained over the
medium term because of its stretched working capital cycle.  The
outlook may be revised to 'Positive' if the Velocis group improves
its capital structure by better managing its working capital and
improving its profitability.  Conversely, the outlook may be
revised to 'Negative' if the group undertakes a large, debt-funded
capital expenditure programme or faces increased pressure on
profitability, thereby significantly weakening its capital
structure.

                        About Velocis Systems

Incorporated in 1995, Velocis is based in Delhi, and is managed by
Mr. R K Malhotra and Mr. Atul Bansal.  It was earlier known as
Silicon Comnet Pvt Ltd; its name was changed to the present one in
August, 2007.  Velocis provides information technology solution,
mainly in three segments: system integration services (67% of net
sales in 2009-10, refer to financial year, April 1 to March 31),
infrastructure management services (25 per cent) and software
solutions (7%).  The company provides information technology
solutions to corporate clients such as Bharti Airtel Ltd, Aviva
India Ltd, Cairn Energy India Ltd, Iffco Tokio General Insurance
Ltd, and Axis Bank Ltd.  Velocis has offices in Delhi, Noida,
Mumbai and Bengaluru to service regional demand.

Celerity was incorporated in 2007 by Velocis to provide remote
infrastructure management services to Velocis's clients.  Celerity
monitors the performance of the network and the infrastructure
system of the client.  The company generates reports stating the
reasons behind the deterioration or breakdown of systems.  It also
provides client-specific maintenance services for systems.
Velocis owns 94.4 per cent of Celerity. Celerity's office is in
Gurgaon (Haryana).

For 2008-09, the Velocis group reported a profit after tax (PAT)
of INR8 million on net revenues of INR1076 million, against a PAT
of INR5 million on net revenues of INR1041 million for the
previous year.


WATERLINE HOTELS: ICRA Assigns 'LBB-' Rating to INR450M Term Loans
------------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR 450.0 million term
loans of Waterline Hotels Private Limited.  The long-term rating
has been assigned a Stable outlook.

The rating takes into account the strength derived by WHPL from
its parent UKN group ? with successful track record in the
Bangalore real estate market for over a decade; and Vesco Group.
The rating also derives comfort from the strategic location of
WHPL's projects, the diversification of its revenue stream through
mixed-use development and the partnership with Alila Hotel chain
for the hospitality projects.  However, the rating is constrained
by small scale of operations of the company, moderate market risk
for the projects considering the recent slowdown in the real
estate sector, and expected increase in funding requirements
resulting in stretched capital structure in future.

Incorporated in the year 2008, Waterline Hotels Pvt. Ltd. is
engaged in developing two mixed-use projects - Miraya Residences'
at Whitefield, Bangalore and Miraya Village' at Feroke, Kozhikode.
The company is promoted by UKN group and Vesco group.

Miraya residences is being developed over 2.0 acres of land with a
135 key four star hotel and 14 premium apartments with built-up
area of over 6400  sq. Ft. per apartment. The project, which is
expected to achieve operational status by end of 2010, shall be
managed by Alila Hotels & Resorts Pvt. Ltd., a South-east Asian
Hotel chain.  The other project Miraya Village - is planned over a
25 Acre of water front property on the banks of Chaliar river in
Feroke, near Kozhikode, Kerala. This project comprises of
development of around 30 luxury villas and a holiday resort with
over 100 keys.

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.

Vesco Group, the other major shareholder in the company, has
business interests in metals & mining industry ? with large
presence in the Sandur-Hospet-Bellary mining belt.


WESTERN INDIA: CRISIL Reaffirms 'P4' Rating on INR155MM Bank Debts
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Western India Cashew
Company Pvt Ltd continues to reflect WICCPL's below-average
financial risk profile marked by low net worth and weak debt
protection metrics, working-capital-intensive operations, and
exposure to risks relating to the fragmented nature of the cashew
industry because of low entry barriers. These weaknesses are
partially offset by WICCPL's established track record in the
cashew business.

   Facilities                                Ratings
   ----------                                -------
   INR155.0 Million Packing Credit Limits*   P4 (Reaffirmed)
   INR40.0 Million Letter of Credit Limits   P4 (Reaffirmed)

WICCPL, based in Kollam (Kerala), was set up as a proprietary
concern by Mr. K Rajendranathan Nair in 1964, and was converted
into a private limited company in 2001.  Currently, the company is
actively managed by his son, Mr. Harikrishnan Nair.  WICCPL
supplies processed and packed cashew nuts to food companies and
distributors in India, and exports its products to Europe,
America, Japan, and the Middle East.  The company also supplies
raw cashew nuts of African origin to cashew nut processors in
India.

WICCPL has obtained food-quality certifications from Hazard
Analysis and Critical Control Point, British Retail Consortium,
International Food Standard (Europe), American Institute of Bakery
Certification for Food Safety, and KOSHER (UK), as well as ISO
9002 certification.

WICCPL reported a provisional profit after tax (PAT) of INR20.3
million on net sales of INR919 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR35.6
million on net sales INR1.09 billion for 2008-09.


WESTERN PETROLEUM: CRISIL Assigns 'B' Rating to INR30M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Western Petroleum.

   Facilities                            Ratings
   ----------                            -------
   INR30.0 Million Cash Credit           B/Stable (Assigned)
   INR50.0 Million Letter of Credit      P4 (Assigned)


The ratings reflect WP's weak financial risk profile, and small
scale of operations in the petroleum distribution business.  These
weaknesses are, however, partially offset by the benefits that the
firm derives from its strong track record in the petroleum
distribution business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of WP and Samruddhi Petro Product (SPP, a
division of Western Petroleum).  This is because SPP is a
proprietorship firm promoted by WP and there exists significant
management control and business and financial synergies between
these two entities together, herein, referred to as WP.

Outlook: Stable

CRISIL expects WP's business risk profile to remain stable, backed
by relationships with existing customers and extensive experience
of its promoters in the same line of business.  The outlook may be
revised on 'Positive' if there is substantial capital infusion or
improvement in profitability resulting in improvement in WP's
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if WP's liquidity deteriorates further or if any large
debt funded capex leads to material deterioration of its capital
structure and debt protection measures.

                      About Western Petroleum

WP, set up in 1960 by Mr. Ishwar Garodia, trades in base oils and
petroleum products, and processes blended industrial oils.  The
firm's current partners are Mr. Ishwar Garodia and his son, Mr.
Vijay Kumar Garodia.  The firm is the distribution agency for
Hindustan Petroleum Corporation Ltd (HPCL) in Vikhroli, Mumbai,
and sells petroleum products through petrol pump stations.  The
group's unit, Samruddhi at Silvassa (Dadra and Nagar Haveli),
undertakes blending of industrial oils.

WP's net profit is estimated at INR2.52 million on estimated net
sales of INR546.4 million for 2009-10 (refers to financial year,
April 1 to March 31) against net profit of INR8.2 million on net
sales of INR660.2 million for 2008-09.


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


MEDIA NUSANTARA: Cipta Claim Won't Affect S&P's 'B+' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Jakarta-based PT Media Nusantara Citra (B+/Stable/--)
are not immediately affected by the ongoing claim on the ownership
of PT Cipta Televisi Pendidikan Indonesia.  The 'B+' rating
assigned to MNC's US$143 million outstanding guaranteed secured
notes due Sept. 12, 2011, issued by MNC's wholly owned special
purpose subsidiary, Media Nusantara Citra B.V., is also not
immediately affected by this claim.  These notes are
unconditionally and irrevocably guaranteed by MNC and some of its
subsidiaries, with PT Cipta Televisi Pendidikan Indonesia being
considered as a restricted subsidiary.

With the information available, Standard & Poor's does not see an
immediate risk of a change in TPI's ownership structure.  While a
resolution might take place in a short time, there is a risk that
the legal tussle could become drawn out.  Standard & Poor's will
follow closely these developments.


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


AOZORA BANK: Plans to Tighten Regulations on Securities Trading
---------------------------------------------------------------
Aozora Bank will tighten regulations on individual securities
trading by directors and employees in the wake of insider trading
by a former employee, Japan Today reports.  The bank said
regulations will be tightened on trading of stocks, corporate
bonds and real estate investment trusts, the report relates.

According to the report, the bank's law compliance section will
centrally manage inside information about businesses to which the
bank extends loans and ban trading by directors and employees of
the section and its loan-screening section.

The report adds that the bank will also ban trading by personnel
in other sections when advance inquiries to the law compliance
section reveal that the bank has inside information about
particular businesses.

                           About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Moody's Investors Service confirmed Aozora Bank,
Ltd.'s ratings.  The outlook for all ratings is stable.  The
ratings affected are its D+ bank financial strength rating, Ba1
baseline credit assessment, and Baa1 long-term deposit rating and
senior unsecured debt rating.  At the same time, Moody's has
affirmed the bank's Prime-2 short-term deposit rating.  This
rating action concludes the review for further possible downgrade
initiated on February 12, 2009.


SHINGINKO TOKYO: JCR Affirms 'BB+' Rating on Senior Notes
---------------------------------------------------------
Japan Credit Rating Agency has affirmed the BBB- rating on senior
debts of the issuer, revising the rating outlook from Negative to
Stable. JCR has also affirmed the BBB- and the BB+ rating on
senior notes and dated subordinated notes of the Euro Medium Term
Note Programme of the issuer, respectively.

Senior debts: BBB-/Stable
Euro Medium Term Note Programme:
Maximum: JPY100 bilion
Rating: BBB- for senior notes and BB+ for dated subordinated notes

Rationale

JCR revised the rating outlook on ShinGinko Tokyo, Limited from
"Negative" to "Stable," taking into consideration that the credit
costs will be limited to a small amount in the short term, given
the current status of its covering bad debt with loan loss reserve
and collateral.  Although the Bank recorded a net income for FY
2009 for the firs time since its inception, its net business
income remains in the red, because the increase in the net income
was primarily owing to the reversal of loan loss reserve.  The
recording of profit stably is vital for it to maintain its equity
capital level.  Over the medium term, its ensuring gross business
profit stably as much as it can absorb the credit costs will be an
issue.  JCR said it will pay attention to the progress in the
establishment of the earnings base and relationships with the
Tokyo Metropolitan Government.

A program rating is assigned to evaluate the creditworthiness of a
program.  The credit standing of an individual note issued under
the program may be regarded as the same as that of the rated
program.  However, JCR does not consider the credit standing of
the individual note as the same as that of the program, in the
cases where the principal and interest payments of the individual
note rely on the credit standing of a third party rather than the
issuer of the program and notes (e.g. credit linked notes and
exchangeable notes).  JCR usually does not assign a rating to the
individual note issued under the program, unless the issuer
solicits a rating.

                       About Shinginko Tokyo

Shinginko Tokyo Ltd. was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.


* S&P Puts Rating on Two Japanese Tranches on CreditWatch Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on two
tranches relating to two Japanese synthetic CDO transactions on
CreditWatch with positive implications.

The two tranches placed on CreditWatch positive had SROC
(synthetic rated overcollateralization) levels that rose above
100% at higher ratings than the current ratings during June's
month-end run.

For the transactions that S&P ran on version 5.1, S&P applied the
top obligor and industry test SROCs, in addition to the Monte
Carlo default simulation results.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed in accordance with the updated CDO criteria by the
end of this month.

                           Ratings List

                    Corsair (Jersey) No. 2 Ltd.
                   Series 46 credit default swap

           To                   From        Amount
           --                   ----        ------
           B-srp/Watch Pos      B-srp       JPY3.0 bil.

     Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

           To                   From        Issue Amount
           --                   ----        ------------
           CCC-/Watch Pos       CCC-        JPY1.0 bil.



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


HYUNDAI GROUP: Banks End New Loans as Group Refuses Restructuring
-----------------------------------------------------------------
Creditor banks of Hyundai Group have decided to stop providing new
loans to the conglomerate after it refused to sign a debt
restructuring contract, The Chosun Ilbo reports.

This rendered most of the group's affiliates except its financial
units unable to get fresh loans and debt guarantees from 13
commercial banks in Korea starting on July 8, the report says.

Chosun Ilbo relates the creditors said the measure comes after the
group repeatedly rejected their proposal to sign an agreement to
follow the advice of lenders in repaying loans.

According to the report, creditor banks have extended the deadline
for the signing of the contract three times and plan to impose
stronger measures against the group if it continues to resist.

                        About Hyundai Group

Hyundai, once South Korea's largest conglomerate, has shrunk to
become a minor player since the Asian financial crisis of 1997
prompted the spin-off of key auto and shipbuilding units.

It now has five firms -- Hyundai Elevator, Hyundai Merchant
Marine, Hyundai Logistics, Hyundai Securities and Hyundai Asan,
which is engaged in inter-Korean projects in North Korea.

The group is struggling as its North Korea tourism projects are on
ice and its main subsidiary Hyundai Merchant Marine is performing
badly, according to the Chosun Ilbo.  In May 2010, the group was
picked by creditors as a financially distressed conglomerate.


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


KENMARK INDUSTRIAL: Defaults on MYR3 Million Bank Facilities
------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad said it has defaulted on its
banking facilities from RHB Bank Berhad. The Company has unsecured
credit facilities of MYR3.0 million from the bank and the amount
outstanding as at June 14, 2010, is MYR2,160,086.85.

"The default arose as the Company was unable to settle the
outstanding sum upon the termination of the banking facilities on
June 1, 2010, following the May 2010 incident," Kenmark said in a
regulatory filing.  "This together with the other defaults
announced earlier will have a material financial and operational
impact on the Group."

Kenmark said the default will constitute an event of default on
the other credit facilities of the Company and its subsidiary
companies.

The appointed advisor Ferrier Hodgson MH Sdn Bhd is still in the
midst of assessing the financial position of the Group.

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The
Company is engaged in the manufacturing of computer workstations,
cabinets, furniture; printing of packaging materials; the
distribution of consumer products, and investment holding. The
Company is also engaged in plastic injection for furniture parts,
and assembly and distribution of liquid crystal display (LCD). It
exports its products to the United States, Europe, Japan and
Australia. The Company's wholly owned subsidiaries include Kenmark
Paper Sdn. Bhd., which is engaged in manufacturing plastic parts
for wooden furniture and cabinets, and investment holding; Kenmark
(Labuan) Limited, which is engaged in international trading,
commission agent and investment holding; Phoenix International
Group Limited, which is engaged in trading in electronic devices,
and Billion Dynamic Sdn. Bhd., which is engaged in the assembling
and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.  The Company's major subsidiaries have defaulted on
some of their banking facilities.  The Company is also unable to
provide a solvency declaration.


KENMARK INDUSTRIAL: Gets Wind-Up Petitions From Export-Import Bank
------------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad on July 8, 2010, received these
winding-up petitions from the solicitors of Export-Import Bank of
Malaysia Berhad:

   * Winding-up petition on Kenmark in respect of their claim of
     indebtness of MYR16,314,614.55.  The Court has fixed the
     matter for case management on July 20, 2010.  The claim
     comprises of principal amounted to MYR14,773,000.00,
     interest/penalty of MYR1,533,066.11 and other charges of
     MYR8,548.44.  The petition arouse from the non-payment of
     the sum demanded within the time stipulated in the Section
     218 notice that was served to the Company on June 4, 2010.

   * Winding-up petition on wholly-owned subsidiary of Kenmark,
     Billion Dynamic Sdn Bhd, which is also a major subsidiary in
     respect to the indebtness of MYR44,922,695.72.  The Court
     has fixed the matter for case management on August 4, 2010.
     The claim comprises principal amounted to MYR40,668,000,
     interest/penalty of MYR4,233,238.22 and other charges of
     MYR21,457.50.  The Company?s total cost of investment in
     Billion Dynamic Sdn Bhd is MYR7,581,690.58.  The petition
     arouse from the non-payment of the sum demanded within the
     time stipulated in the Section 218 notice that was served
     to the Company on June 4, 2010.

The winding-up petition will have a material financial and
operational impact on the Kenmark Group.

The Company will seek advice from its solicitors to defend the
action.

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The
Company is engaged in the manufacturing of computer workstations,
cabinets, furniture; printing of packaging materials; the
distribution of consumer products, and investment holding. The
Company is also engaged in plastic injection for furniture parts,
and assembly and distribution of liquid crystal display (LCD). It
exports its products to the United States, Europe, Japan and
Australia. The Company's wholly owned subsidiaries include Kenmark
Paper Sdn. Bhd., which is engaged in manufacturing plastic parts
for wooden furniture and cabinets, and investment holding; Kenmark
(Labuan) Limited, which is engaged in international trading,
commission agent and investment holding; Phoenix International
Group Limited, which is engaged in trading in electronic devices,
and Billion Dynamic Sdn. Bhd., which is engaged in the assembling
and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.  The Company's major subsidiaries have defaulted on
some of their banking facilities.  The Company is also unable to
provide a solvency declaration.


KENMARK INDUSTRIAL: Gives Update on Business Division Status
------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad has released an update on the
status of its business divisions:

  -- Trading Division (Trading in LCD TVs and other furniture)

     No trading is done at this moment as the Company is not able
     to contact the end customers directly.  Management will
     continue to try to make contact with the end customers.

  -- Printing Division

     Most of the important parts from the machinery have been
     located and is awaiting installation.  The Company has
     successfully negotiated with the machine repairers to
     commence repairs and subsequently conduct a test run of the
     machinery.  The Company has a limited stock of raw materials
     for production and will need to purchase new raw materials
     to meet future orders.  Some of its local suppliers had
     indicated their willingness to continue supplying the Company
     with raw materials subject to payments made to overdue
     accounts.  As some raw materials are imported from Thailand,
     Taiwan and Europe, the Company would need to raise funds
     and/or secure trade financing to secure these raw materials
     for future orders.  The average sales for the Printing
     Division is MYR800,000 per month and in light of the recent
     developments, most of its customers have switched their
     orders to other manufacturers.  The Company said it is now
     attempting to persuade these customers to place orders with
     the Company and expects 20% of the orders to return.  On the
     manpower front, 67 of the 125 employees previously employed
     had returned to work with the Company.

  -- Plastic Moulding Division

     The principal activity of the mould division is to inject
     plastic parts for the manufacture of wooden furniture, as
     well as plastic components to buyers outside of the Group.
     In-house sales (sales within the Group) took up 85% of the
     total production capacity of the division, while the
     remaining 15% is for sales to outside buyers.  In the
     absence of fresh orders for the wood division, the
     production activity is expected to reduce by at least 85%.
     As for the remaining 15% to the outside buyers, the Company
     is anticipating to lose a further 10% as customers are
     losing confidence in the Company's ability to supply further.
     As for the division's workforce, there are currently 26
     employees and this will be sufficient to start production
     again.  Some of the raw material stock was found to be
     missing and is in the process of being replaced.

  -- Vietnam operation

     All machineries in Vietnam are intact but operations cannot
     re-commence as the Taiwanese key management staff have not
     returned to Vietnam.  The Company said it had been trying to
     contact Mr. Chang Chin-Chuan on his handphone but to no
     avail.  The raw materials in Vietnam premises are prohibited
     by the bank's security to be taken out from the country
     without authorization from the Taiwanese key management
     staff.  The workers in Vietnam have been released with no
     liability incurred.

The Company's board of directors said they are exploring options
to increase the utilization of the capacity of all its operations.

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The
Company is engaged in the manufacturing of computer workstations,
cabinets, furniture; printing of packaging materials; the
distribution of consumer products, and investment holding. The
Company is also engaged in plastic injection for furniture parts,
and assembly and distribution of liquid crystal display (LCD). It
exports its products to the United States, Europe, Japan and
Australia. The Company's wholly owned subsidiaries include Kenmark
Paper Sdn. Bhd., which is engaged in manufacturing plastic parts
for wooden furniture and cabinets, and investment holding; Kenmark
(Labuan) Limited, which is engaged in international trading,
commission agent and investment holding; Phoenix International
Group Limited, which is engaged in trading in electronic devices,
and Billion Dynamic Sdn. Bhd., which is engaged in the assembling
and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.  The Company's major subsidiaries have defaulted on
some of their banking facilities.  The Company is also unable to
provide a solvency declaration.


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


BLUE CHIP: Liquidator to Provide Detailed Update Soon
-----------------------------------------------------
Jeff Meltzer of Meltzer Mason Heath, liquidator for several Blue
Chip companies, said he was making good progress and hoped to
provide an update of their position soon, Nick Krause at The Press
reports citing BusinessDay.

"I hope I'm only a matter of weeks away from being able to give a
more detailed release to investors.  It's complex because there's
a whole lot of different products that were being offered over a
period of time and each one has to be individually looked at," the
report quoted Mr. Meltzer as saying.

However, the report says, Paul Dale, the barrister representing
more than 200 Blue Chip investors owed millions of dollars, is
concerned about lack of progress by liquidators handling the
defunct property group's affairs.

"What I really don't understand is why the liquidators haven't
done more.  They need to be chased along," the report quoted
Mr. Dale as saying.  The report notes that Mr. Dale helped Blue
Chip investors Bruce and Judy Bartle win a court appeal in May
when their loan contract with GE was found to be predatory and
oppressive.

"We are in the course of preparing for the developer appeal
[against the developers of three central Auckland apartment
buildings] on August 30.  GE has lodged an application to go to
the Supreme Court in the Bartle case which we're working on as
well, and we've got all of these solicitor claims, so there's a
lot happening, but what's not happening from what I can see is any
steps from the liquidators," Mr. Dale said, according to the
report.  "The public are heavily reliant upon the liquidators
because some of the remedies are available only to [them]."

Mr. Dale, as cited by The Press, said he was concerned that Blue
Chip's parent company Northern Crest Financial Services was not in
liquidation and said that issue needed investigation by the
liquidators.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


CARDRONA HOTEL: Up for Sale Again
---------------------------------
Central Otago's historic Cardrona Hotel is on the market again,
NZPA reports.

According to NZPA, Colliers broker Mark Simpson said the owners,
Auckland-based company Complex Cardrona, had decided it was time
to move on.  The report notes that the owners had put the hotel on
the market a couple of years ago but it was priced too high for
the market then.  This time it was not listed with a price, but
was expected to fetch between NZ$3.5 million and NZ$4 million, he
said, NZPA relates.

Cardrona Hotel is for sale by deadline private treaty, which
closes on August 25, according to NZPA.

Built in 1863, the Cardrona Hotel, is one of New Zealand's oldest
pubs.


PGG WRIGHTSON: Wants Bonds' Maturity Extended Until October 2011
----------------------------------------------------------------
PGG Wrightson Finance has confirmed to Bondholders that it wants
to extend the PWF030 Bonds a further year, from October 8, 2010,
to October 8, 2011, as contemplated in the original $100 million
offer.  The key requirement to affect the roll over was the
extension of the Crown retail deposit guarantee scheme and PWF's
acceptance into that scheme.

The original conditions of the Secured Bonds permitted PGG
Wrightson Finance to extend the term of the Secured Bonds by up to
12 months from their maturity date of October 8, 2010, if the
Crown guarantee which PGG Wrightson Finance held was also extended
on similar terms.

PGG Wrightson Finance was earlier this year accepted into the
extended Crown retail deposit guarantee scheme and granted an
extended Crown guarantee.  As the extended Crown retail deposit
guarantee scheme is on different terms, extending the bond
requires the approval of Bondholders.  The Bondholder meeting is
scheduled for July 28 in Christchurch.

As part of this process PWF has registered a Short Form Prospectus
relating to a proposal to vary the terms of the PWF030 Bonds.
Those variations are to:

   -- permit the Company to exercise the term extension option
      by reason of it having the extended Crown guarantee;

   -- permit Bondholders who hold i+n excess of $250,000 of PWF030
      Bonds and other securities of PGG Wrightson Finance at the
      date the term extension option is exercised to sell back
      Secured Bonds to the Company so as to reduce their exposure
      to within the coverage range of the extended Crown
      guarantee;

   -- permit PGG Wrightson Finance to hold repurchased Secured
      Bonds as treasury stock; and

   -- as the proposal is not being made to overseas Bondholders,
      confirm they will be repaid on October 8, 2010.

"Maintaining a bond program is an important part of our
diversified funding programme for the company, and we have
committed to maintaining a bond offering in the market going
forward.  Extending the bond for a further year, particularly with
the continued benefit of the extended Crown retail deposit
guarantee scheme provides an above-market interest rate for those
existing investor clients, which is an appropriate way to reward
their ongoing support," CEO Mark Darrow said.

One of the objectives of the bond extension is to ensure that no
bondholder is disadvantaged by the process.  With the changes to
the guarantee scheme that reduce the benefit of the guarantee from
$1.0 million to $250,000 per eligible investor (per non bank
deposit taker), there are a small number of bond holders affected.
Accordingly, as part of the proposed bond extension, PWF will
offer to purchase back any bond holdings over the reduced
guarantee threshold.

"We are more than happy to carry these as treasury stock. We do
expect though many investors will still be comfortable to hold a
portion of their bonds as excluded from the guarantee given the
positive coupon return. This is certainly something evident from
the investors in our secured deposit program where we continue to
receive exceptional support. It is important though that we leave
that investment choice with the individual bondholders,"
Mr. Darrow added.

Bondholders will be mailed a Notice of Meeting and a copy of the
Short Form Prospectus on July 13.

The proposal is made only to Bondholders in New Zealand. It also
does not affect any other securities offered by the Company.

                     About PGG Wrightson Finance

PGG Wrightson Finance is a moderate-sized New Zealand-based
finance company specializing in rural finance.  The company is a
wholly owned subsidiary of PGG Wrightson, a rural services company
based in New Zealand.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 18, 2010, Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit ratings to PGG Wrightson Finance Ltd.
The outlook is stable.


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


OLAM WILMAR: Creditors' Proofs of Debt Due August 10
----------------------------------------------------
Creditors of Olam Wilmar Investment Holdings 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 joint liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


RAITO SINGAPORE: Creditors' Proofs of Debt Due August 10
---------------------------------------------------------
Creditors of Raito Singapore 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 liquidator is:

         Hideki Kawamura
         89 Short Street
         #04-01 Golden Wall Centre
         Singapore 188216


SAVANT PTE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on June 25, 2010, to
wind up the operations of Savant Pte. Ltd.

E.ID Projects Pte Ltd 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


SILVERSTAR INVESTMENTS: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on June 25, 2010, to
wind up the operations of Silverstar Investments Pte Ltd.

Standard Chartered Limited filed the petition against the company.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         c/o 6 Shenton Way
         #32-00 DBS Building Tower 2
         Singapore 068809


TRANSPACIFIC IP: Creditors' Proofs of Debt Due August 10
--------------------------------------------------------
Creditors of Transpacific IP 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:

         Chee Yoh Chuang
         Eu Chee Wei David
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


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

Wincor Nixdorf Retail & Banking Systems (Shanghai) Co., Ltd. filed
the petition against the company on July 1, 2010.

The Petitioner's solicitors are:

          Messrs P.Tan & Company
          133 New Bridge Road
          #15-07 Chinatown Point
          Singapore 059413


VICKERS BALLAS: Creditors' Proofs of Debt Due August 10
-------------------------------------------------------
Creditors of Vickers Ballas Philippines Fund Ltd, which is in
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:

         Chee Yoh Chuang
         Eu Chee Wei David
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


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


ASUSTEK COMPUTER: Chairman Issues Memo on Rumors CEO Will Resign
----------------------------------------------------------------
Asustek Computer Inc. Chairman Jonney Shih recently sent an
internal note to the company's employees to strengthen team morale
as the company has been impacted by rumors President and CEO Jerry
Shen will resign, DIGITIMES reports citing sources from notebook
players.

DIGITIMES relates Mr. Shih said in his note that Mr. Shen led the
team that confronted Europe's bond crisis and successfully
minimized its impact; therefore, Mr. Shen has deep support and
will not leave his post.

Dow Jones Newswires reported July 1 that Asustek Computer strongly
rejected speculation that Mr. Shen will resign.  Asustek said Mr.
Shen has "strong support from the board."  The comments came after
Capital Securities said in a note to clients that Mr. Shen would
step down to take responsibility for weak second-quarter sales and
foreign exchange losses related to the weak euro, according to Dow
Jones.

ASUSTeK Computer Inc. -- http://www.asus.com.tw/-- is principally
engaged in the provision of computers, communications and consumer
electronics solutions.  The Company offers desktop motherboards,
server motherboards, three-dimension graphics display cards, audio
cards, laptops, servers, smart personal digital assistant mobile
phones, liquid crystal displays, LCD televisions, broadband
communication products, compact disc read-only memory drives,
digital versatile disc drives, disc carving machines and Eee
personal computers, among others.  The Company distributes its
products in domestic market and to overseas markets, including the
United States, Canada, Asia Pacific, Europe and Africa.

                           *     *     *

Asustek Computer continues to carry Fitch Ratings 'BB+' long-term
foreign currency issuer default ratings.


QUANTA COMPUTER: Reports NT$100.22 Billion Sales in June
--------------------------------------------------------
Quanta Computer said its unconsolidated June sales rose 56.33%
from a year ago to NT$96.82 billion, Reuters reports.

Reuters relates the company said that on a consolidated basis,
June sales reached NT$100.22 billion, up 54% from the same month a
year ago.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is engaged in research, development,
design and manufacture of notebook computers.  The company
provides series products of notebook computer, wireless
communications series products, including global positioning
system (GPS) mobile phones, Web personal digital assistants (PDAs)
and wireless local area network (WLAN) products; liquid crystal
display (LCD) series products, including LCD monitors and LCD PCs,
as well as network servers.  The company distributes its products
in the Americas, Europe and Asia.

                           *     *     *

Quanta Computer continues to carry Fitch Ratings' "BB" long-term
foreign currency issuer default rating.


* TAIWAN: Nontech Firms' Exposure to China May Increase Risks
-------------------------------------------------------------
The key credit metrics of Taiwan's nontech firms mostly recovered
faster than those of their global peers over the past six months,
a trend that is likely to continue into 2011.  The global
economy's gradual recovery is also likely to support stable
outlooks for most Taiwanese nontech firms over the next few
quarters.  That's according to a report card, titled "Taiwan's
Nontech Firms Have Stable Credit Outlooks, But Their Reliance On
China Could Increase Business Risks," published on July 8 by
Taiwan Ratings Corp.

"We expect Taiwan's competitive low costs to support further
recovery in the credit profiles of local nontech firms in 2010,"
said credit analyst Frank Fan.  "However, some businesses'
increasing exposure to the China market may be a double-edged
sword that increases demand for products and raises long-term
credit risks."

According to the report, the credit profiles of Taiwan's
transportation companies stabilized over the past few quarters.
This follows a significant decline in operators' creditworthiness
during the recent global recession.

"We expect increased freight rates, higher shipping volume, and
the deferral or cancellation of new ship orders to support
shipping companies' profitability and cash flow over the next few
quarters. Meanwhile, warming economic relations between Taiwan and
mainland China may help to improve the operating performance and
credit metrics of Taiwan's leading air carriers," said Mr. Fan.

Taiwan's nontech firms are increasingly reliant on Chinese demand
for their products; in contrast to high-tech companies, which
mainly use China as a low-cost production base.  This increases
the risk that an unexpected drop in demand from China or nontech
firms' aggressive expansion plans could pressure their credit
metrics, said the report.


=============
V I E T N A M
=============


TRAI THIEN: Earns US$871 in First Quarter Ended March 31
--------------------------------------------------------
Trai Thien USA Inc. (formerly known as Develocap, Inc.) filed its
quarterly report on Form 10-Q, reporting net income of US$871 on
US$2,913,249 of revenue for the three months ended March 31, 2010,
compared with net income of US$35,298 on US$1,849,130 of revenue
for the same period of 2009.

The Company's balance sheet at March 31, 2010, showed
US$28,242,514 in assets, US$16,603,952 of liabilities, and
US$11,638,562 of stockholders' equity.

The Company has committed and contracted for the construction of
7 vessels in Vietnam with a combined carrying capacity of 49,900
deadweight tons in the aggregate value of approximately
US$65.5 million (equivalent to VND1,262,000,000,000), which are
expected to be delivered between 2010 and 2011.  As of March 31,
2010, the Company has available US$16,304 cash and cash
equivalents and suffers from negative working capital of
$11,045,759, whereas the Company may not have sufficient working
capital to meet with these capital commitments.  The Company plans
to finance the construction of these 7 newly-built vessels through
additional capital injection from its shareholders or external
financing from banks or a mixed of financing sources.  However,
there can be no assurance that the Company will be able to obtain
sufficient funds to meet with its obligations on a timely basis
towards the delivery of the vessels.

The Company believes the aforementioned factors raise substantial
doubt about its ability to continue as a going concern.

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

               http://researcharchives.com/t/s?6625

Based in Ho Chi Minh City, Vietnam, Trai Thien USA Inc. (formerly
known as Develocap, Inc.) was incorporated under the laws of the
State of Nevada on January 23, 2004.  The Company operates
chartered and owned vessels in the ocean transportation in
Vietnam, through its variable interest entity, Trai Thien Sea
Transport Investment and Development Joint Stock Company ("Trai
Thien"), which is registered as a joint stock company under the
Enterprise Law of the Socialist Republic of Vietnam on June 11,
2007.  Trai Thien primarily charters vessels from the ship-owners
and operates the vessels in the ocean transportation of a broad
range of major and minor bulk cargoes including iron ore, coal,
grain, cement and fertilizer, along Asian shipping routes.


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


* IMF: Asia's Time Has Come for Leading Role in Global Economy
--------------------------------------------------------------
Asia has emerged as a global economic powerhouse from the recent
worldwide financial crisis, said IMF Managing Director Dominique
Strauss-Kahn in his opening address to the Asia 21 high-level
conference in Daejeon, Korea.  "Asia's time has come?no-one can
doubt that Asia's economic performance will continue to grow in
importance."

"In my view, the macroeconomic, financial and corporate sector
reforms put in place over the last decade have played an important
role in the region's resilience.  So, despite being hit hard
initially, Asia was able to bounce back quickly from the global
financial crisis."  The IMF last week projected that Asia would
grow at a rate of 7 3/4 percent in 2010, relative to a global
growth rate of over 4 1/2 percent.

He also highlighted Asia's increasingly important role in global
economic policy coordination?especially via the G-20, which Korea
is leading and which includes six Asian countries.  "As Asia's
economic weight in the world continues to rise, its stake in the
economic performance of other countries is rising too," Mr.
Strauss-Kahn said.

He added that the response to the global financial crisis had
demonstrated how beneficial international coordination can be.
Based on recent analysis by the IMF, further global policy
coordination could help to increase Asia's GDP by about US$250
billion and roughly 14 million more jobs over five years.

While emphasizing Asia's strong growth, Mr. Strauss-Kahn also
cautioned that downside risks?including from the recent turmoil in
Europe?means that Asian policymakers need to remain attuned to
further possible shocks.  Major policy challenges include how best
to manage the sharp rebound in capital inflows, and the related
risks of overheating and credit and asset bubbles.

A longer-term policy issue is how Asia can best increase its
domestic investment and consumption, what Mr. Strauss-Kahn
described as "Asia's second engine of growth."  In the past, much
of  the region's growth was driven primarily by exports, but with
Asia's  major trading partners?in particular Europe and the U.S.?
entering a potentially extended period of lower rates of growth,
the need to nurture Asia's domestic demand  has become all the
more crucial. Mr. Strauss-Kahn said it was encouraging that many
of the changes needed to foster and sustain this second engine of
growth are already underway across the region. These include
stronger social safety nets, which can help boost private
consumption by reducing the need for precautionary saving; better
infrastructure, to encourage private investment; and more flexible
exchange rates.

Mr. Strauss-Kahn said that Asia's rising role in the global
economy needs to be reflected in stronger voice and representation
for Asia in the international financial architecture, including in
the IMF.  Building on a package of 2008 reforms which boosted
Asia's voting power in the IMF, he noted that "we are now working
on a second stage?to be completed by the G-20 summit in Seoul this
November?that will do even more to help align Asia's
representation in the Fund with  its economic weight in the
world."

He emphasized that the IMF is working to strengthen its
effectiveness in supporting Asia in the period ahead.  He pointed
to three areas, in particular, where the Fund's work could help:
improving its analysis of economic and financial risks;
facilitating international policy collaboration; and strengthening
further the global financial safety net.

Mr. Strauss-Kahn concluded that "Countries all over the world want
to understand how Asia has managed its growth and globalization so
successfully.  Drawing the lessons of Asia's many successes is an
important objective for this conference."


* BOND PRICING: For the Week July 5 to July 9, 2010
---------------------------------------------------


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

  AUSTRALIA
  ---------

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


  CHINA
  -----

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


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      33.00


  INDIA
  -----

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

  INDONESIA
  ----------

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


  JAPAN
  -----

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


  MALAYSIA
  --------

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


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

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


SINGAPORE
---------

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


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

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

SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      72.42

TAIWAN
------

FIRST FINANCIAL          2.25    06/27/2017   TWD       2.17


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      73.05


VIETNAM
--------

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


                         *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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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
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                 *** End of Transmission ***