TCRAP_Public/100714.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

           Wednesday, July 14, 2010, Vol. 13, No. 137

                            Headlines



A U S T R A L I A

ANCIENT BRITON: Placed in Receivership Over Mortgage Default
BELLA TRUST: Moody's Assigns Ratings on Series 2010-1 Notes
CUBBIE STATION: Emerges from Voluntary Administration
ONLINE RETURNS: ASIC Appoints Provisional Liquidator
SIGMA PHARMACEUTICALS: Offers to Work With Aspen to Get Higher Bid

TAX RETURNS: ASIC Appoints Provisional Liquidator


C H I N A

AMERICAN WENSHEN: Posts US$37,500 Net Loss in Q2 Ended March 31
SHANGHAI ZENDAI: S&P Downgrades Corporate Credit Rating to 'B'
SINOENERGY CORP: Posts US$1.6 Mil. Net Loss in Q2 Ended March 31
SOLAR ENERTECH: Posts US$19.2 Mil. Net Loss in Q2 Ended March 31


H O N G  K O N G

2009 EAST: Creditors' Proofs of Debt Due August 31
ABAS BUSINESS: Chan Kin Hang Danvil Appointed as Liquidator
CHINA RETAIL: Creditors' Proofs of Debt Due August 6
CHINA ROCKWAY: Creditors' Meeting Set for July 16
CTO (H.K.): Creditors' Proofs of Debt Due August 6

EVERMAX LIMITED: Seng and Lo Appointed as Liquidators
FEVER HOLDINGS: Tso Yin Yee Appointed as Liquidator
FUBON (HK): Members' Final Meeting Set for August 13
FULLUM NOMINEES: Placed Under Voluntary Wind-Up Proceedings
GOLDWAY INTERNATIONAL: Meetings Slated for July 21


I N D I A

BLOOM DEKOR: ICRA Assigns 'LBB' Rating to INR26.4MM Term Loan
HMA FOOD: ICRA Assigns 'LB' Rating to INR75 Mil. Bank Facilities
JANKI NEWSPRINT: CRISIL Assigns 'C' Rating to INR140M Cash Credit
KOX MED: ICRA Assigns 'LBB+' Rating to INR50 Mil. Long-Term Loan
MAHATI HYDRO: ICRA Assigns 'LBB' Rating to INR250 Mil. Term Loan

LALWANI FERRO: CARE Assigns 'CARE BB+' Rating to INR24.41cr Loan
MK PATEL: Fitch Assigns National Long-Term Rating at 'B+'
MY ASSOCIATES: CRISIL Reaffirms 'B+' Rating on INR10MM Bank Debt
NAIDUNIA MEDIA: CRISIL Assigns 'BB' Rating to INR50 Mil. LT Loan
PMR INFRASTRUCTURES: CARE Rates INR44cr LT Loans at 'CARE BB+'

R D SAMANT: CRISIL Assigns 'BB+' Rating to INR9.3MM Term Loan
SAGAR LAXMI: CRISIL Lifts Rating on INR40MM Cash Credit to 'B+'
SHARAVATHY CONDUCTORS: CRISIL Puts 'B+' Ratings on Various Debts
SPENCER'S TRAVEL: Fitch Assigns 'BB-' National Long-Term Rating
TATA MOTORS: To Invest INR100 Billion in 2 to 3 Years

TUBE GLASS: CRISIL Assigns 'BB' Rating to INR125 Mil. Cash Credit
VIJAYAA STEELS: CARE Rates INR68.67cr LT Loan at 'CARE BB+'
WESTERN INDIA: CARE Assigns 'CARE BB+' to INR25cr LT Bank Debts


I N D O N E S I A

PANIN SEKURITAS: Fitch Upgrades National Long-Term Rating
PERUSAHAAN GAS: Fitch Upgrades Issuer Default Rating to 'BB+'
PT IGLAS: To Receive IDR106 Billion From Government


J A P A N

GODO KAISHA: S&P Downgrades Rating on Series 1 Notes to 'BB'


K O R E A

SSANGYONG MOTOR: Extends Bid Deadline Until August 10


M A L A Y S I A

HONG LEONG: Fitch Keeps Issuer Default Rating With Stable Outlook


N E W  Z E A L A N D

CRAFAR FARMS: Receivers Reject Landcorp Bid for 16 Dairy Farms


P H I L I P P I N E S

EXPRESS TELECOM: Wins Court Nod to Intervene in 3G Case


S I N G A P O R E

FOLK FOOD: Court to Hear Wind-Up Petition on July 23
LERENO BIO-CHEM: Still Reviewing Repayment Schedule
MCCRAIC HOLDINGS: Creditors' Proofs of Debt Due August 12
ORIENTAL GLOBAL: Applies for Judicial Management


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




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A U S T R A L I A
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ANCIENT BRITON: Placed in Receivership Over Mortgage Default
------------------------------------------------------------
BankWest has foreclosed on two hotels owned by Sydney hotelier
Victor Seeto after he defaulted on mortgages worth more than AU$20
million, The Sydney Morning Herald reports.

SMH says the bank has appointed a receiver for the Ancient Briton
pub in the inner Sydney suburb of Glebe and for the Dog and Parrot
Tavern in Robina, on Queensland's Gold Coast.

The receiver also has control of Mr. Seeto's majority-owned
company, Hotel Ninety-Eight Pty Ltd, the report says.

Jack Bournelis, a partner at the accounting firm PPB, was
appointed receiver on July 8.

The Ancient Briton has been in financial trouble since November
2008, when a related service company that employed the staff and
suppliers went into administration, owing creditors AU$1.4
million, SHM discloses.


BELLA TRUST: Moody's Assigns Ratings on Series 2010-1 Notes
-----------------------------------------------------------
Moody's Investors Service has assigned these provisional long-term
ratings to notes issued by the Bella Trust Series 2010-1:

Issuer: Bella Trust Series 2010-1

  -- AU$500M Class A Notes, Assigned (P)Aaa
  -- AU$72M Class B Notes, Assigned (P)Aa3
  -- AU$14M Class C Notes, Assigned (P)Baa1
  -- AU$4M Class D Notes, Assigned (P)Baa2
  -- AU$8M Class E Notes, Assigned (P)Ba1

The AU$14.1M Seller Notes are not rated by Moody's.

                         Ratings Rationale

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to all
rated notes by the legal final maturity.

The transaction is a securitization of a portfolio of Australian
auto loans extended to individual and small business obligors.
All loans are secured by motor vehicles and originated by Capital
Finance Australia Limited, a wholly owned subsidiary of Lloyds
International Pty Limited.

"Bella Trust Series 2010-1 is the fifth Australian ABS transaction
coming to the market this year, compared to four transactions in
2009.  The increased number of ABS transaction this year
underlines the improving sentiment for this asset class among
investors", says Stephanie Jaeger, Moody's lead analyst for the
transaction.

"However, the note subordination of 18.3% provided to the Aaa
rated notes is significantly higher than the subordination
required to reach that target rating, which is 14%.  This over-
subordination highlights that despite significant improvements
since the financial crisis, the market has still not returned to
pre-crisis conditions.  Transactions continue to be conservatively
structured in order to increase investor appetite", adds Jaeger.

From both a collateral pool composition as well as transaction
structure perspective, Bella Trust Series 2010-1 ("Bella 2010-1")
is very similar to CFAL's first securitization that was issued in
November 2009.  A notable change is the more conservative
receivable pool composition.

The pool includes a lower proportion of receivables backed by used
vehicles (35%).  This is a positive feature of the transaction;
given that contracts secured by used cars have historically
experienced higher default rates as well as lower recoveries
compared to contracts taken out to finance new cars.

At the same time, the deal is exclusively backed by motor
vehicles, predominantly cars.  In Moody's opinion, receivables
backed by cars exhibit less cyclical default patterns and, on
average, higher recovery rates.

In order to fund the purchase price of the portfolio, the Trust
will issue six classes of notes.  The notes will be repaid on a
sequential basis in the initial stages and during the tail end of
the transaction.

Following the first anniversary of the note issue date, the Class
A, Class B and Class C Notes will receive principal payments on a
pro rata basis, subject to additional conditions being satisfied,
such as doubling of the subordination percentage, or other
performance related triggers not being breached.

An unusual feature of the transaction is the coupon structure of
the notes as all -- except the Class A Notes -- bear a fixed
interest rate of 0.01%.  As a result, the transaction benefits
from a healthy amount of excess spread, which represents the first
layer of credit enhancement for the rated notes.

Moody's base case assumptions are a default rate of 3.25% and a
recovery rate of 30%.  These imply an expected (net) loss of
2.28%.  Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 2.9% and 36.3%
respectively.

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector.  Among
other factors, Moody's note the availability of a substantial
amount of historical performance data in the Australian ABS market
as well as on an issuer-by-issuer basis.  Here, for instance,
Moody's have been provided with detailed vintage data segregated
for different receivable categories for the 2001-2009 periods.
This allows Moody's to have a material degree of comfort with
regard to assumptions made in rating Bella Trust Series 2010-1.
Also, CFAL retaining a significant proportion of the transaction
helps to better align incentives compared to other transactions
where no or just a minor proportion of notes is retained by the
sponsor.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Non-U.S.  Vehicle ABS
Sector", published in January 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here, the default
rate and recovery rate assumption -- differed.  The analysis
assumes that the deal has not aged.  Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.

In the case of Bella Trust Series 2010-1, the Class A Notes
remains strongly investment grade under all scenarios.  If the
recovery rate decreases from Moody's assumption of 30% to 20% or
10% respectively (holding other factors, including the assumed
default rate of 3.25%, constant), the rating of the Class A Note
remains Aaa or falls to Aa1.  Assuming a stressed default rate of
4.9% (1.5 times the actual assumption) the rating of the Class A
Note falls to Aa1, Aa2 or Aa2 respectively for recovery rate
assumptions of 30%, 20% or 10%.  Assuming a severely stressed
default rate of 6.5% (double of Moody's actual assumption)
combined with recovery rates of 30%, 20% or 10% respectively, the
rating of the Class A Note falls to Aa3, A1 or A2.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.


CUBBIE STATION: Emerges from Voluntary Administration
-----------------------------------------------------
ABC Rural reports that Cubbie Station emerged from voluntary
administration and entered a deed of company arrangement on
July 6.

The report says Cubbie Station will grow a record 21,158 hectares
of cotton next year, estimated to be worth AU$126 million.  ABC
Rural relates McGrathNicol, the company's deed administrators,
said Cubbie's financial backers, the National Australia Bank and
Suncorp Bank, will finance the crop.

The 2011 cotton crop will provide security for the company's 40
employees and 30 contract staff, ABC Rural adds.

John Cronin, Jamie Harris and Colin Nicol of McGrathNicol were
appointed voluntary administrators of Cubbie Group Ltd on
October 30, 2009.  The group owns Cubbie Station and related
farming operations in Dirranbandi and St. George.

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on October 29, 2009, that the National Australia Bank was
seeking the urgent repayment of a AU$320 million mortgage over the
93,000ha southern Queensland property.

                         About Cubbie Group

Cubbie Group Ltd -- http://www.cubbie.com.au/-- holds around
93,000 hectares of land on several properties in South West
Queensland.  The group produces a range of irrigated crops,
including cotton, wheat, sorghum, sunflowers, barley, chickpeas
and corn.

                            *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Cubbie Group Limited until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


ONLINE RETURNS: ASIC Appoints Provisional Liquidator
----------------------------------------------------
The Australian Securities and Investments Commission said it has
obtained orders in the Federal Court of Australia appointing
provisional liquidators to Tax Returns Australia Dot Com Pty Ltd
and Online Returns Pty Ltd.

ASIC said in a statement that these orders follow an investigation
in January 2010 after concerns were raised that clients of both
companies had not received tax refunds and stimulus payments owed
to them.

Mr. Ross Blakeley and Mr. Quentin Olde of Taylor Woodings were
appointed provisional liquidators of both companies.

"Justice Dodds-Streeton ruled that there was sufficient evidence
to suggest that both companies had failed to pay clients
substantial amounts of money received as tax refunds on their
behalf from the ATO," ASIC said in a statement.

"Her Honour also concluded that the companies may have allowed tax
refunds received on behalf of clients to be applied, without
justification, to the purchase of a holiday property in Port
Douglas, Queensland."

Both TRADC and Online Returns operated a Web site through which
taxpayers could submit a tax return to the Australian Taxation
Office.


SIGMA PHARMACEUTICALS: Offers to Work With Aspen to Get Higher Bid
------------------------------------------------------------------
Sigma Pharmaceuticals Ltd has refused to extend Aspen Pharmacare's
request for exclusive due diligence, The Australian reports.

The Australian relates Sigma said it wants to work with its South
African suitor on improving the bid for shareholders.

According to the report, Sigma described Aspen's 55 cents a share
bid as "highly conditional" and said it hadn't granted an
extension of due diligence exclusivity.  Aspen last week asked for
exclusivity to be extended to August 2, The Australian recalls.

Sigma also said it was evaluating expressions of interest for
parts of the group, including the generics business.

The Troubled Company Reporter-Asia Pacific reported on July 8,
2010, that Sigma Pharmaceuticals received a formal takeover
proposal from Aspen Pharmacare Holdings Limited to acquire all of
Sigma's issued share capital for cash at AU$0.55 per Sigma share,
8% lower than Aspen's original offer of AU$0.60 a share.  The
offer from Aspen values Sigma at AU$648 million, various media
reports said.  Sigma said Aspen had proposed that the transaction
will be implemented via a scheme of arrangement.

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

                          *     *     *

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

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


TAX RETURNS: ASIC Appoints Provisional Liquidator
-------------------------------------------------
The Australian Securities and Investments Commission said it has
obtained orders in the Federal Court of Australia appointing
provisional liquidators to Tax Returns Australia Dot Com Pty Ltd
and Online Returns Pty Ltd.

ASIC said in a statement that these orders follow an investigation
in January 2010 after concerns were raised that clients of both
companies had not received tax refunds and stimulus payments owed
to them.

Mr. Ross Blakeley and Mr. Quentin Olde of Taylor Woodings were
appointed provisional liquidators of both companies.

"Justice Dodds-Streeton ruled that there was sufficient evidence
to suggest that both companies had failed to pay clients
substantial amounts of money received as tax refunds on their
behalf from the ATO," ASIC said in a statement.

"Her Honour also concluded that the companies may have allowed tax
refunds received on behalf of clients to be applied, without
justification, to the purchase of a holiday property in Port
Douglas, Queensland."

Both TRADC and Online Returns operated a Web site through which
taxpayers could submit a tax return to the Australian Taxation
Office.


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C H I N A
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AMERICAN WENSHEN: Posts US$37,500 Net Loss in Q2 Ended March 31
---------------------------------------------------------------
American Wenshen Steel Group, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss US$37,521 on US$71,094 of revenue
for the three months ended March 31, 2010, compared with a net
loss of US$19,346 on US$28,352 of revenue for the same period of
2009.

The Company's balance sheet at March 31, 2010, showed US$2,967,289
in assets and US$3,088,811 of liabilities, for a stockholders'
deficit of US$121,522.

As reported in the Troubled Company Reporter on January 15, 2010,
Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about American Wenshen Steel Group, Inc. and subsidiaries'
ability to continue as a going concern after auditing the
Company's financial statements for the year ended September 30,
2009.  The independent auditors noted that of the Company's
significant operating losses and insufficient capital.

Through March 31, 2010, the Company had incurred cumulative losses
of US$10,062,414 including loss from continuing operations of
US$100,522 for the six months ended March 31, 2010.

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

               http://researcharchives.com/t/s?6658

                      About American Wenshen

City of Industry, Calif.-based American Wenshen Steel Group,
Inc. (OTC BB: AWSH) through its wholly-owned subsidiary, Chaoyang
Liaogang Special Steel Co., Ltd., a corporation organized under
the laws of The People's Republic of China, is engaged in the
business of manufacturing tungsten carbide steel, stainless steel,
and die steel.  All of Chaoyang Liaogang's business is currently
in China.


SHANGHAI ZENDAI: S&P Downgrades Corporate Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Shanghai Zendai Property Ltd.
to 'B' from 'B+'.  At the same time, S&P also lowered the issue
rating on the company's outstanding senior unsecured notes to 'B'
from 'B+'.  The ratings remain on CreditWatch, where they were
placed with negative implications on Feb. 3, 2010.

"S&P downgraded Shanghai Zendai to reflect the company's
aggressive risk appetite and expansion, in particular its recent
acquisition of land at the Shanghai Bund for Chinese renminbi
(RMB) 9.22 billion without committed financing.  The land premium
alone is about 1x the company's total assets in 2009, and the
payment relies on funding from external parties, which are
uncertain," said Standard & Poor's credit analyst Christopher Lee.
"Further, S&P believes Shanghai Zendai's credit ratios will likely
weaken as it has tied up an increasing amount of its capital in
capital-intensive and long-payback commercial investment property
projects.  Shanghai Zendai's cash flows will also increasingly
rely on projects outside Shanghai, where its execution capability
is less established."

S&P kept the ratings on CreditWatch with negative implications
because Shanghai Zendai has yet to fully secure financing to meet
the balance of the land premium payment for the Shanghai project
that is due in September.  S&P's understanding is that the company
secured some funding, which it used to make a partial payment in
March 2010, upon the signing of the land grant contract.  Shanghai
Zendai may be able to defer the payment by six months by accruing
interest.

S&P believes Shanghai Zendai has some flexibility to raise funds,
including selling down its stake in the Shanghai Bund project.  In
a worst-case scenario, the company could lose the land; but the
company is unlikely to default on its borrowings as a result.  In
S&P's view, refinancing pressure will be limited in 2010 and 2011.

The rating on Shanghai Zendai also reflects the company's
aggressive risk appetite, its increased exposure to the capital-
intensive and competitive commercial property sector, its small
scale, and the high concentration of its projects in Shanghai.
The rating also incorporates S&P's view that the company's credit
ratios have deteriorated in recent years and will be weaker if
off-balance-sheet debt due to its commercial rental projects is
consolidated.  In addition, the Shanghai Bund project will likely
put further pressure on credit ratios due to the large development
cost.

The rating on Shanghai Zendai is supported by the good location of
the company's land bank in Shanghai and a track record in
developing integrated property projects.

In S&P's opinion, Shanghai Zendai's liquidity is weak.  S&P
estimates that the company will have lower sources of liquidity
than its uses over the next 12 months.  In its base case, S&P
expects the company to achieve RMB2.5 billion in cash property
sales in 2010, compared with about RMB1.6 billion in 2009.  As
at the end of 2009, Shanghai Zendai had Hong Kong dollar
(HK$) 648 million in cash and no committed banking facilities,
compared with HK$310 million in borrowings due within 12 months.
In early 2010, the company raised HK$604 million from a share
placement.  The company has a land premium due of RMB9.22 billion
and budget construction payments of RMB1.5 billion.

S&P aims to resolve the CreditWatch over the next three months
pending further information on the financing and structure for the
Shanghai Bund land project, and the impact of the funding on the
company's credit profile and ratios.  Further, S&P expects a
resolution of the balance of the land premium payment, when it
comes due in September.  The increase in onshore bank borrowings
at project companies (including those over which Shanghai Zendai
has management control) could heighten the risk of structural
subordination.  This could have an impact on S&P's assessment of
the issue rating, which is not notched from the issuer rating.


SINOENERGY CORP: Posts US$1.6 Mil. Net Loss in Q2 Ended March 31
----------------------------------------------------------------
Sinoenergy Corporation filed its quarterly report on Form 10-Q,
reporting a net loss attributable to common shareholders of
US$1.6 million on US$9.0 million of revenue for the three months
ended March 31, 2010, compared with a net loss of US$2.8 million
on US$7.0 million of revenue for the same period of 2009.

The Company's balance sheet at March 31, 2010, showed
US$209.8 million in assets, US$152.8 million of liabilities, and
US$57.0 million of stockholders' equity.

As reported in the Troubled Company Reporter on January 12, 2010,
Crowe Horwath LLP, in Sherman Oaks, Calif., expressed substantial
doubt about Sinoenergy Corporation and subsidiaries' ability to
continue as a going concern after auditing the Company's
consolidated financial statements for the year ended September 30,
2009.  The independent public accounting firm reported that the
Company has incurred a significant loss and negative operating
cash flows for the year ended September 30, 2009, and as of
September 30, 2009, there is negative working capital of
US$9.1 million.

The Company incurred substantial losses during the six months
ended March 31, 2010, and continues to incur losses.  The Company
is also liable for substantial repayment of bank notes and
convertible senior notes and well as advance of US$20.2 million
from related parties.  "These factors, among others, may indicate
that we will be unable to continue as a going concern for
reasonable period of time."

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

                  http://researcharchives.com/t/s?6655

                      About Sinoenergy Corp.

Based in Beijing, China, Sinoenergy Corporation (Nasdaq: SNEN)
-? http://www.sinoenergycorporation.com/?- is a developer and
operator of retail compressed natural gas (CNG) stations as well
as a manufacturer of CNG transport truck trailers, CNG station
equipment, and natural gas fuel conversion kits for automobiles,
in China.  In addition to its CNG related products and services,
the Company designs and manufactures a wide variety of customized
pressure containers for use in the petroleum and chemical
industries.

On October 12, 2009, the Company entered into an agreement and
plan of merger with Skywide Capital Management Limited, a
corporation which is wholly owned by the Company's chairman and
chief executive officer, both of whom are also directors.  This
agreement was amended and restated on March 29, 2010.  Pursuant to
the agreement, as amended and restated, the Company will be merged
with a wholly-owned subsidiary of Skywide, with Skywide becoming
the Company's sole shareholder, and each share of common stock of
the Company (other than shares owned by the Company, Skywide, or
the two shareholders of Skywide), will be converted into the right
to receive, upon presentation of the certificates for their common
stock, the sum of US$1.90.  The merger is subject to shareholder
approval.


SOLAR ENERTECH: Posts US$19.2 Mil. Net Loss in Q2 Ended March 31
----------------------------------------------------------------
Solar EnerTech Corp. filed its quarterly report on Form 10-Q,
reporting a net loss US$19.2 million on US$17.8 million of revenue
for the three months ended March 31, 2010, compared with a net
loss of     US$5.5 million on US$4.4 million of revenue for the
same period of 2009.

The Company's balance sheet at March 31, 2010, showed
US$33.0 million in assets, US$25.6 million of liabilities, and
US$7.4 million of stockholders' equity.

As reported in the Troubled Company Reporter on January 15, 2010,
Ernst & Young Hua Ming, in Shanghai, expressed substantial doubt
about the Company's ability to continue as a going concern after
auditing the Company's financial statements for the year ended
September 30, 2009.  The independent auditors noted that of the
Company's recurring losses from operations.

The Company has incurred significant net losses and has had
negative cash flows from operations during each period from
inception through March 31, 2010, and has an accumulated deficit
of approximately US$91.4 million at March 31, 2010.  For the six
months ended March 31, 2010, the Company had negative operating
cash flows of US$558,000 and incurred a net loss of approximately
US$23.1 million.

As of March 31, 2010, the Company had cash and cash equivalents of
US$897,000, as compared to US$1.7 million at September 30, 2009.

"We will require a significant amount of cash to fund our
operations.  Changes in our operating plans, an increase in our
inventory, increased expenses, additional acquisitions, or other
events, may cause us to seek additional equity or debt financing
in the future.  In order to continue as a going concern, we will
need to continue to generate new sales while controlling our
costs.  If we are unable to successfully generate enough revenues
to cover our costs, we only have limited cash resources to bear
operating losses.  To the extent our operations are not
profitable, we may not continue as a going concern."

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

                  http://researcharchives.com/t/s?6659

                       About Solar EnerTech

Solar EnerTech Corp. (OTC BB: SOEN) is a photovoltaic solar energy
cell manufacturing enterprise incorporated in the United States
with its corporate office in Mountain View, California.  The
Company has established a sophisticated 67,107-square-foot
manufacturing facility at Jinqiao Modern Technology Park in
Shanghai, China.  The Company currently has two 25MW solar cell
production lines and a 50MW solar module production facility.

Solar EnerTech has also established a Joint R&D Lab at Shanghai
University to develop higher efficiency cells and to put the
results of that research to use in its manufacturing processes.


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


2009 EAST: Creditors' Proofs of Debt Due August 31
--------------------------------------------------
Creditors of 2009 East Asian Games (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by August 31, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Leung Wun Man Emba
         Room D, 32/F, Tower 1
         Lipp Centre, 89 Queensway
         Hong Kong


ABAS BUSINESS: Chan Kin Hang Danvil Appointed as Liquidator
-----------------------------------------------------------
Chan Kin Hang Danvil on July 2, 2010, was appointed as liquidator
of Abas Business Solutions (PRC) Limited.

The liquidator may be reached at:

         Chan Kin Hang Danvil
         Room 2301, 23/F., Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


CHINA RETAIL: Creditors' Proofs of Debt Due August 6
----------------------------------------------------
Creditors of China Retail Management LDC, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 6, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


CHINA ROCKWAY: Creditors' Meeting Set for July 16
-------------------------------------------------
Creditors of China Rockway Limited will hold their meeting on
July 16, 2010, at 2:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A, and 283 of the Companies
Ordinance.

The meeting will be held at 29/F., Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.


CTO (H.K.): Creditors' Proofs of Debt Due August 6
--------------------------------------------------
Creditors of CTO (H.K.) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 6,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Lau Siu Hung
         Room 2009-10, Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


EVERMAX LIMITED: Seng and Lo Appointed as Liquidators
-----------------------------------------------------
Natalia K M Seng and Susan Y H Lo on July 2, 2010, were appointed
as liquidators of Evermax Limited.

The liquidators may be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Place
         1 Queen's Road East
         Hong Kong


FEVER HOLDINGS: Tso Yin Yee Appointed as Liquidator
---------------------------------------------------
Tso Yin Yee on July 2, 2010, was appointed as liquidator of Fever
Holdings Limited.

The liquidator may be reached at:

         Tso Yin Yee
         17/F., Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


FUBON (HK): Members' Final Meeting Set for August 13
----------------------------------------------------
Members of Fubon (Hong Kong) Trustee Limited will hold their final
meeting on August 13, 2010, at 11:00 a.m., at Unit 1501, The
Centre, 99 Queen's Road Central, in Hong Kong.

At the meeting, Chan Ho Yin Graham, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FULLUM NOMINEES: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on June 30, 2010,
creditors of Fullum Nominees Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


GOLDWAY INTERNATIONAL: Meetings Slated for July 21
--------------------------------------------------
Members and creditors of Goldway International Limited will hold
their meetings on July 21, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 3201, 32nd Floor, One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Edmond Ching Wah Bon and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


BLOOM DEKOR: ICRA Assigns 'LBB' Rating to INR26.4MM Term Loan
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR110 million, fund-
based (cash credit) and INR26.4 million term loan limits of Bloom
Dekor Limited.  ICRA has also assigned an 'A4' rating to the
INR55.0 million non-fund based LC and INR7.5 million BG limits of
BDL. The outlook assigned to the long term rating is Stable.

The rating favorably factors in the promoter's proven track record
in the laminate manufacturing business, and established brand of
Bloom in the domestic market.  The ratings are however constrained
by the stretched financial profile of the company, characterized
by weak profitability and high working capital intensity.  The
company operates in a highly competitive environment, with
competition from both organized sector as well as large
unorganized sector.  Further, the margins remains highly
susceptible to raw material fluctuations majorly design paper and
chemicals.  While the company currently has a moderate leverage,
its proposed debt funded capacity expansion could further strain
the financial profile of the company.

Incorporated in 1994 Bloom Dekor Limited is an ISO 9001-2000
Company involved in manufacturing and selling of High Pressure
Decorative Laminates domestically as well as abroad.  The
company has a single manufacturing set up which is located in
Prantij which is located 61Km northwest of Ahmedabad, and is
spread over an area of 60,000 sq. mts., and has an installed
capacity to produce 43.76 lakh sq. mts. of laminates as of FY2009-
10.  Bloom Dekor Ltd. exports to more than 24 countries across the
globe including USA, U.K. Australia, Germany, Hong Kong,
Singapore, Taiwan, Korea and other South Asian countries.  Bloom
Dekor Ltd. also diversified into manufacturing of Engineered Panel
Doors from FY09 and has a plant installed with a capacity to
produce 200 doors per day at the same plant as for the laminates.
In FY 2009-10, the company reported a profit after tax of INR 10.2
million on an operating income of INR 414.2 million.


HMA FOOD: ICRA Assigns 'LB' Rating to INR75 Mil. Bank Facilities
----------------------------------------------------------------
ICRA has assigned "LB" rating to INR75.0 million fund based
facilities of HMA Food Export Private Limited.

ICRA's rating factors in the high competitive intensity of the
buffalo meat industry, irregularities in servicing of debt by HMA
and the company's modest scale of operations.  The rating is
further constrained by the significant working capital
requirements of the business, which has resulted in high gearing
(2.58 times as on March 31, 2010); the company's exposure to
foreign exchange fluctuation and susceptibility of the business to
change in regulations and event risks like disease out-break. The
rating however derives comfort from the experience of the
promoters in this business, company's entry into export of
processed meat which is likely to increase the scale of operations
and its favorable location, ensuring easy accessibility to raw
material.

                         About H.M.A. Food

H.M.A. Food Export Private Limited is engaged in the production
and sale of frozen processed buffalo meat. HMA has also recently
started exporting frozen processed meat under its brand name
Kamil.  Promoted by the Qureshi family in 2002, HMA was initially
operated as a partnership firm which was subsequently converted
into a private limited company in November 2009. The production
facility of the company is located in Agra, Uttar Pradesh (UP) and
has a capacity to process up to 75 tonnes per day (TPD) of buffalo
meat.


JANKI NEWSPRINT: CRISIL Assigns 'C' Rating to INR140M Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'C/P4' rating to Janki Newsprint Ltd's
bank facilities.  The rating reflects the delay by JNL in
servicing its term loan; the delay has been caused by JNL's weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR140.0 Million Cash Credit         C (Assigned)
   INR50.0 Million Letter of Credit     P4 (Assigned)

JNL faces stiff competition in the newsprint industry in India.
However, the company will continue to benefit from its promoters'
experience in newsprint manufacturing industry.

JNL (earlier known as Sumit Agro Products Ltd), incorporated in
2000, manufactures newsprint paper (around 70 per cent of its
operating income) and kraft paper (around 30 per cent).  The
company's production facility in Meerut, Uttar Pradesh, has an
annual capacity of 33,000 tonnes.  The company manufactures paper
with waste paper procured from the domestic market.  It sells
newsprint to its customers, which include dailies such as Dainik
Jagran, Amar Ujala, Dainik Bhaskar, Punjab Kesari and Hindustan
Times.

JNL reported a profit after tax (PAT) of INR4 million on net sales
of INR610 million for 2008-09 (refers to financial year, April 1
to March 31), against a net loss of INR4 million on net sales of
INR460 million for 2007-08.


KOX MED: ICRA Assigns 'LBB+' Rating to INR50 Mil. Long-Term Loan
----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR50 million long term
bank facilities of Kox Med & Lab Private Limited.  ICRA has also
assigned 'A4+'rating to INR15 million short term bank facilities
of KMPL.  The outlook assigned to the long term rating is
"Stable".

The ratings factor in KMPL's associations with global leaders in
the medical equipment market like Abbott Vascular, Medtronic and
St. Jude; its established market reputation and healthy
relationships with the cardiologists of the leading cardiac
hospitals largely in the National Capital Region (NCR).  The
ratings however remain constrained by the company's presence in
the lower end of the value chain with operations confined to
trading activity; and its weak financial risk profile categorized
by thin operating margins and high working capital requirements.
Moreover, KMPL's business concentration risk remains high owing to
significant dependence on a single principal (Abbott Vascular) and
a single product category (non surgical cardiological products).
However, ICRA takes comfort from the long standing experience and
relationships of the promoters in the addressable business
segment.

Recent Results

As per the provisional financials for 2009-10, the company
reported net sales of INR 368.2 million and a net profit of
INR7.2 million.

                        About Kox Med & Lab

KMPL is engaged in the distribution of non surgical cardiology
products including stents, pace makers, angiography products
besides other devices for several medical equipment manufacturers
including Abbott Vascular, Medtronic, St. Jude and Surgi Pharma.
The company was set up in 2001 as a partnership concern and was
later converted into a Private Limited Company in 2004.


MAHATI HYDRO: ICRA Assigns 'LBB' Rating to INR250 Mil. Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating with stable outlook to
INR250 million term loan bank facilities and INR3 million bank
guarantees of Mahati Hydro Power Projects Private Limited.

The rating assigned factors in the execution risks that are
typical of green-field projects especially since one the two
projects namely the Hydro electric unit at Veer is at nascent
stage of commissioning.  The other project, namely the Hydro
electric unit at Sonawade is expected to witness a cost overrun.
Further, the project once operational will also be subject to
hydrology risks , the risks would be more pronounced for the
Sonawade project given the availability of water would be
contingent on the  actual water diverted for the power project
once the proposed canal for the Warna irrigation project is fully
completed.  The rating is also constrained by uncertainty on the
performance of critical electrical equipments (turbine and
generator) which is being, in the case of Sonawade project, being
sourced from suppliers who have limited track record of supplying
in India.  Further, the profitability of the project will be
dependent on the company's ability to maintain project costs and
operating parameters within the designed levels given that the
tariffs are fixed at INR4.00 per unit and the costs are not a
pass-through.  The rating however draws comfort from the firm
power purchase agreement (PPA) with the Tata Power Trading Company
Limited to supply power for 10 years and limited demand
risks given the competitive tariffs and energy deficit status in
Western India.  The rating also draws comfort from the  fact that
debt has  already being tied up for both the projects ,  receipt
of requisite clearances for the projects and considerable physical
progress made in case of the Sonawade project.  ICRA notes that
the project fulfils the eligibility for capital subsidy from
Ministry of New and Renewable Energy (MNRE) and has also applied
for Clean Development Mechanism (CDM) validation process.  While
these add to the project viability, the ability to complete the
project with minimal cost and time over run, meet the designed
performance parameters and availability of adequate water in
the catchment area along with requisite funding in terms of equity
infusion will be the key rating drivers.

                         About Mahati Hydro

Mahati Hydro Power projects Pvt. Ltd. is an exclusive hydro power
project of the Mahati Group.  The Mahati group consists of two
other companies namely Mahati Electrics (ME), a partnership
company and Mahati Electrics Pvt. Ltd. floated by first generation
entrepreneurs, Mr. Sujay Shah's father and relatives.  Mahati
electric is involved in manufacturing of electrical transformers
as well as panels and other allied devices.  It is also involved
into sub-contracting for electrical projects and has also
undertaken small hydro power projects as EPC contractor. MEPL is
involved into repairing of transformers.  Mahati Hydel power
projects private Ltd is promoted by Mahati Group to develop on
built operate own transfer (BOOT) model two small hydro power
projects (SHP) one of 4.4 MW and other of 4.8 MW  in Sangli and
Pune district of Maharashtra respectively on the tributary of
Krishna basin.  The project is backed by MOU with Govt. of
Maharashtra for implementing of the two 4.4MW and 4.8MW SHP on
said basin.  The Sonawade and Veer project is expected to
commercially start operations from June, 2010 and March, 2011
respectively.


LALWANI FERRO: CARE Assigns 'CARE BB+' Rating to INR24.41cr Loan
----------------------------------------------------------------
CARE assigns "CARE BB+" and "PR4" ratings to the bank facilities
of Lalwani Ferro Alloys Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities       24.41        'CARE BB+'
   Short-term Bank Facilities      26.05        'PR4'

Rating Rationale

The ratings factor small scale of operation, low profitability
levels during the last three years, low cash accruals leading to
low current ratio & high level of utilization of working capital
facilities, high leverage position, volatility in prices of raw
materials & finished products, exposure towards foreign exchange
fluctuation risk and complete dependence of the ferro alloys
industry on the fortunes of the steel industry, which is cyclical
in nature.  The ratings also factor in the experience of
promoters, successful completion of the project and satisfactory
capacity utilization.  Improvement in the performance of the steel
industry and ability to improve the present level of profitability
would remain the key rating sensitivities.

Lalwani Ferro Alloys Ltd., incorporated in November, 1986, set up
its first unit to manufacture ferro molybdenum (aggregate capacity
of 150 TPA) in 1987.  The company is engaged in manufacturing of
high carbon ferro chrome, high carbon ferro manganese, silico
manganese and ferro molybdenum.  It is also involved in trading of
ferro-alloy products like nickel, low carbon ferro chrome, ferro
silicon etc.

The company was promoted by one Shri Kamal Kishore Lalwani of
Kolkata, having more than 25 years of experience in the field of
manufacturing & trading of ferro alloys, ferrous and non-ferrous
metals.  LFAL is engaged in manufacturing of ferro molybdenum,
high carbon ferro chrome and silico manganese at its units located
in West Bengal with an installed capacity is 16,398.  The company
also has the option of changing the end product to any grade of
ferro alloy by changing the raw material mix.  The company
successfully commissioned 18 MVA submerged arc furnace for
manufacturing silico manganese in phases in October 2008 (16,248
TPA) and March 2010 (19,000 TPA) at its existing unit in West
Bengal.  The project cost of INR30.2 crore was financed at a debt
equity ratio of 1.40:1.

LFAL earned PBILDT of INR2.5 crore and incurred loss of INR0.7
crore on net sales of INR52.6 crore in FY09. Net sales witnessed
an erratic trend over the last three years and increased in FY09
over FY08, due to higher quantity sales and AGSPR of silico
manganese.

PBILDT witnessed a phenomenal increase (about 212%) in FY09 over
FY08, despite significant increase in raw material expenses,
mainly on account of high realization from the commencement of
manufacture & sale of silico manganese.

Long-term debt equity and overall gearing ratios deteriorated over
the last three account closing dates on account higher term loans
to part finance its project Along with higher working capital
borrowings.  Interest coverage, though declined, was satisfactory
at 1.84 in FY09.

Current ratio at 1.00 as on March 31, 2009, was low mainly on
account of low level of GCA earned and financing of incremental
current assets out of bank borrowings.  Average utilization of
bank facilities was at about 72% in the last 12 months (Dec.08 ?
Nov.09).


MK PATEL: Fitch Assigns National Long-Term Rating at 'B+'
---------------------------------------------------------
Fitch Ratings has assigned India's M.K. Patel Exim Pvt. Ltd. a
National Long-term rating of 'B+(ind)'.  The agency has also
assigned M.K. Patel's INR80 million fund-based limits a 'B+(ind)'
rating and its INR600 million non-fund based limits a 'F4(ind)'
rating.  The Outlook is Stable.

M.K. Patel's National Long-term rating factors in its low
operating margins of between 0.75%-2% during FY06-FY10, which
are a result of the trading nature of its business.  Given the
low profitability and large unsecured loans, its debt
protection measures are poor.  M.K. Patel's financial leverage
(net debt/EBITDA) increased significantly to 7.3x in FY10 (FY09:
0.6x) due to a significant increase in unsecured loans.  However,
Fitch notes that the unsecured loans do not carry interest and
come from group companies.  While M.K. Patel's EBITDA/gross
interest is low at 1.3x in FY10 (FY09: 0.8x) in spite of
improving, its EBITDA/net interest has increased to a comfortable
6.2x in FY10 (FY09: 3.0x).  The company earns interest on fixed
deposits (FYE10: INR15.1 million) and maintains INR198.4m in banks
as margin money against cash credit and letters of credit.

The ratings reflect the commodity nature of M.K. Patel's business
which results in fluctuations in operating margins.  The ratings
are further constrained by the company's dependence on Malaysia
for its timber requirements, thereby exposing it to unfavorable
changes in the country's export regulations.  Several countries
have imposed bans on the export of timber given illegal logging
and deforestation.

The ratings derive support from the sponsors' long experience in
the timber trading business, as reflected by a continuous increase
in sales and strong client relations as well as negligible long-
term debt obligations with bankers.

Negative rating triggers include a reduction in M.K. Patel's
EBITDA margins of below 1% with its net leverage exceeding 8x.
Positive rating triggers include an improvement in its EBITDA
margins of above 2.5% on a sustained basis with net leverage of
below 6x.

M.K. Patel is a timber trading company.  As per the FY10
provisional figures, the company reported revenues of
INR1,333.9 million (FY09: INR952.8 million) and an operating
EBITDA of INR24.4 million (FY09: INR17.8 million).  Free cash flow
was at zero level in FY07-FY09 with no capex in the company.
Fitch expects this to turn negative over the short-to-medium term
and expects the company to meet its funding requirements through
unsecured loans from group companies and bank borrowing.


MY ASSOCIATES: CRISIL Reaffirms 'B+' Rating on INR10MM Bank Debt
----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'B+/Stable/P4' on the bank
facilities of My Associates.

   Facilities                             Ratings
   ----------                             -------
   INR10.0 Million Overdraft Facility     B+/Stable (Reaffirmed)
   INR100.0 Million Bank Guarantee        P4 (Reaffirmed)

The ratings continue to reflect My Associates' limited revenue
diversity and modest scale of operations as a civil contractor,
and its weak financial risk profile.  These weaknesses are,
however, partially offset by the firm's healthy growth in
revenues, and order-book position providing a good revenue
visibility over the medium term.

Outlook: Stable

CRISIL believes that My Associates' financial risk profile will
remain weak on account of large working capital borrowings owing
to increasing scale of operations.  The outlook may be revised to
'Negative' if there are cost and time overruns on projects, or if
the firm undertakes large, debt-funded capital expenditure.
Conversely, the outlook may be revised to 'Positive' if the firm
successfully scales up and diversifies its operations, while
maintaining healthy profitability and a comfortable gearing.

                         About My Associates

Set up in 1978 as a proprietorship concern by Mr. Mohammed Nisar Y
Sheikh, My Associates is a civil contractor.  The firm primarily
focuses on laying underground utilities for water, sewage,
telecommunications, storm water drains, construction of roads, and
hard landscaping. It is registered as a 'AA' Class contractor with
Municipal Corporation of Greater Mumbai, Nashik Municipal
Corporation, Goa State Infrastructure Development Corporation Ltd,
and Karnataka Public Works Department.

My Associates reported a profit after tax (PAT) of INR17.3 million
on net sales of INR290.1 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR10.6 million on
net sales of INR185.0 million for 2007-08.


NAIDUNIA MEDIA: CRISIL Assigns 'BB' Rating to INR50 Mil. LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Naidunia Media
Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit        BB/Stable (Assigned)
   INR50.0 Million Long-Term Loan     BB/Stable (Assigned)
   INR70.0 Million Letter of Credit   P4+ (Assigned)
                   & Bank Guarantee

The ratings reflect the operating losses reported by Naidunia
because of its sizeable expenditure on its capacity expansion
activities, the company's large working capital requirements, and
susceptibility to volatility in raw material prices.  These rating
weaknesses are partially offset by the regular equity that the
promoters infuse in Naidunia, resulting in the company's
comfortable capital structure, timely repayment of term loans by
the company, and increase in its advertising revenues.

Outlook: Stable

CRISIL believes that Naidunia will maintain its credit risk
profile over the medium term, supported by the funding support
from promoters and improving market position in its new markets.
The outlook may be revised to 'Positive' if Naidunia's market
position in the new markets improves significantly, resulting in
the company breaking even sooner than expected.  The outlook may
be revised to 'Negative' if Naidunia's market position in the new
markets does not improve, its working capital management
deteriorates, or if the company does not receive adequate support
from its promoters.

                           About Naidunia

Naidunia is a publication house which publishes Naidunia, a
leading Hindi newspaper in Central India - mainly Madhya Pradesh
and Chhattisgarh (MPCG).

Naidunia was first published in June 1947 by freedom fighters Babu
Labhchand Chhajlani and Mr. Basantilal Sethia and became a member
of Indian Newspaper Society on April 26, 1959. After the demise of
Mr. Sethia, the newspaper was managed solely by the Chhajlani
Family. Currently, the operations are looked after by Mr. Vinay
Chhajlani and Mr. Abhay Chhajlani.

Naidunia reported a net loss of INR589 million on operating income
of INR739 million for 2008-09 (refers to financial year, April 1
to March 31), against a net loss of INR279 million on operating
income of INR509 million for 2007-08.


PMR INFRASTRUCTURES: CARE Rates INR44cr LT Loans at 'CARE BB+'
--------------------------------------------------------------
CARE assigns a 'CARE BB+' rating to the bank facilities of
PMR Infrastructures Pvt Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        44          'CARE BB+'

Rating Rationale

The rating takes into account the small size of PMR
Infrastructures Pvt Ltd, drop in revenue in the last three years,
strained liquidity position due to delay in receipt of payment
from the state Government, low profitability margin and
concentration of order book in the irrigation sector.  The rating
is however underpinned by experienced promoters, moderate order-
book, and growth prospects for the construction industry.  The
ability of the firm to execute the existing large orders in a
timely manner without any deterioration in the financial risk
profile is the key rating sensitivity.

Palla Infratech Pvt Ltd was promoted by Mr. Mohan Reddy in 2004
and the company was renamed to PMR Infrastructures Pvt Ltd in
2005. PMR is executing contracts of Irrigation Department as a
Special Class Contractor.  Prior to incorporation of PIPL,
Mr.Reddy was executing contracts under his proprietorship concern
and all the works secured by the erstwhile concern have been
transferred to PIPL by the Govt.  Departments and PMR is now
executing these works.  The company is also registered as a
Special Class Contractor with irrigation and CAD Department of the
government of Andhra Pradesh. Besides the direct contracts secured
by PMR, the company is also executing works on sub-contract basis.

Order book position of PMR was comfortable at INR350cr as on
January 1, 2010. On a total income of INR18.82cr, PMR earned a PAT
of INR0.60cr in FY09.  The PBILDT margin and PAT margin are 18%
and 3.17% in FY09 respectively.  For the period ending
December 31, 2009 the company has received payment for around
INR7.41cr and bills raised but not received amounted to
INR17.13 cr.


R D SAMANT: CRISIL Assigns 'BB+' Rating to INR9.3MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to R D Samant
Contractors Pvt Ltd's bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR9.3 Million Term Loan                  BB+/Stable (Assigned)
   INR120.0 Million Cash Credit Facility     BB+/Stable (Assigned)
   INR20.0 Million Bank Guarantee Facility   P4+ (Assigned)

The ratings reflect RDSCPL's small scale of operations, revenue
profile with geographic and customer concentration, and tight
liquidity because of working-capital-intensive operations.  These
rating weaknesses are partially offset by RDSCPL's promoters'
longstanding relationships with customers and healthy order book
with margins protected by price escalation clause.

Outlook: Stable

CRISIL believes that RDSCPL will maintain its financial risk
profile and its established regional presence in the road
construction segment.  The outlook may be revised to 'Positive' if
RDSCPL increases its scale of operations and net worth
significantly.  Conversely, the outlook may be revised to
'Negative' if RDSCPL's liquidity weakens further, most likely
because of more-than-expected incremental working capital
requirements.

                          About R D Samant

RDSCPL was initially set up by Mr. Ravindra D Samant in 1993 as a
partnership firm.  In 1999, it was reconstituted as a private
limited company.  RDSCPL constructs and repairs roads and bridges.
The company primarily caters to projects of public works
department (PWD) and other local bodies in Ratnagiri district of
Maharashtra.  RDSCPL is a PWD, Government-of-Maharashtra-approved
Class 1(A) contractor. Recently, RDSCPL has taken up contracts
from corporate clients such as JSW Energy (Ratnagiri) Ltd, JSW
Jaigarh Port Ltd, Larsen &Toubro Ltd, Finolex India Ltd, Chougule
Port Infrastructure Ltd, and Pratibha Construction Company.

RDSCPL reported a profit after tax (PAT) of INR15.7 million on net
sales of INR330.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR15.0 million on net
sales of INR310.3 million for 2007-08. For 2009-10, RDSCPL's PAT
is estimated at INR20.7 million on net sales of INR412.0 million.


SAGAR LAXMI: CRISIL Lifts Rating on INR40MM Cash Credit to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on Sagar Laxmi Ship Breakers' long-
term bank facilities to 'B+/Stable' from 'B/Stable', while
reaffirming the rating on its short-term bank facilities at '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 significant improvement in the firm's
estimated sales and profitability for 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
SLSB will continue to report higher revenues and profits over the
near term, with continued buoyancy in ship-breaking activities.

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

Outlook: Stable

CRISIL believes that SLSB will continue 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 its cash flows. Conversely, the outlook may be
revised to 'Negative' if the firm's margins decline sharply, most
likely because of a decline in scrap prices, or if the firm does
not recover the cost of ships purchased.

                         About Sagar Laxmi

Set up in 2002, SLSB 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.

SLSB's book profit and net sales are estimated to be INR46.0
million and of INR367.6 million, respectively, for 2009-10,
against a reported book loss of INR23.4 million on net sales of
INR249.3 million for 2008-09.


SHARAVATHY CONDUCTORS: CRISIL Puts 'B+' Ratings on Various Debts
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Sharavathy Conductors Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR34.50 Million Cash Credit          B+/ Stable (Assigned)
   INR45.30 Million Term Loan            B+/ Stable (Assigned)
   INR69.20 Million Proposed Long Term   B+/ Stable (Assigned)
               Bank Facility
   INR46.00 Million Bill Discounting     P4 (Assigned)
   INR40.00 Million Line of Credit       P4 (Assigned)
   INR70.00 Million Letter of Credit     P4 (Assigned)
   INR315.00 Million Bank Guarantee      P4 (Assigned)

The ratings reflect SCPL's below-average financial risk profile,
and exposure to risks relating to geographic and customer
concentration in revenues and volatility in raw material prices.
The impact of these weaknesses is mitigated by the company's
established presence in the aluminium conductor business.

Outlook: Stable

CRISIL believes that SCPL will maintain its stable credit risk
profile on the back of its established presence in the domestic
aluminium conductor business.  The outlook may be revised to
'Positive' if SCPL diversifies its revenue profile and scales up
its operations leading to substantial increase in margins and
accruals, thereby strengthening its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues or margins decline, or if it undertakes large,
debt-funded capital expenditure, resulting in deterioration in its
financial risk profile.

                     About Sharavathy Conductors

SCPL was established in 1967 in Bangalore by Mr. Shantilal Patel;
his son Mr. Kaardam Patel is the Managing Director of the company.
SCPL manufactures aluminium conductors of up to 800 kilovolts in
three different categories: aluminium conductor steel reinforced,
all-aluminium conductors, and all-aluminium alloy conductors. The
company also undertakes construction of turnkey projects in the
overhead transmission line and substation segment, and trades in
transformer parts, control panels, and substation equipment.

SCPL reported a provisional profit after tax of INR11.4 million on
net sales of INR345.7 million for 2009-10 (refers to financial
year, April 1 to March 31), against a net loss of INR9.2 million
on net sales of INR1.69 billion for 2008-09.


SPENCER'S TRAVEL: Fitch Assigns 'BB-' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India-based Spencer's Travel Services
Limited a National Long-term rating of 'BB-(ind)' with a Stable
Outlook.  The agency has also assigned National ratings to STSL's
bank loans:

  -- INR5 million fund-based limits: 'BB-(ind)'/'F4(ind)'; and
  -- INR350 million non-fund based limits: 'F4(ind)'.

The ratings are underpinned by STSL's three-decade track record as
a General Sales Agent, its strong relationships with the airlines,
and its moderate financial leverage, without taking into account
the INR97m unsecured loans from group companies.  The ratings are
constrained by the company's dependence on a handful of airlines
with whom it has GSA agreements and the current weak global
economic environment which affects the travel, trade and tourism
industry.  A large part of STSL's revenues come from international
travel, trade and tourism (FY09: 61%).  Other key concerns are
STSL's low margins and the fact that some troubled airlines are
considering stopping payment of commissions and the potential
fallout that this might have on the industry.

However, STSL generally has an agreement in place with airlines
for three to five years with an agreed threshold of a fixed
commission income of 2%-3.5% on flown revenues, and performance-
linked incentives on meeting targets.  The ratings are further
constrained by the highly fragmented nature of the international
travel and tourism industry, high working capital requirements
with high credit period normally given to agents, while payment to
airlines are required to be submitted on specific dates every
month.  Although, payments are generally covered by guarantees
provided by agents.

Negative rating triggers include any significant deterioration in
STSL's interest coverage, termination of agreements by any major
airline, which would adversely affect company's business, any
stoppage and/ or a significant reduction of commission payments by
the airlines, any default by agents and/ or airlines due to a weak
operating environment.  Positive rating triggers include any
significant improvement in commissions and margins and tie-ups
with more airlines, which would ramp up STSL's revenues and
margins.

STSL, incorporated in 2001, is a Chennai-based GSA to airlines
for booking cargo space and passenger seats.  During FY09,
STSL reported net revenues of INR166.7 million (FY08:
INR146.7 million), an EBITDA margin of 19.6% (FY08: 12%) and a
net income of INR10.5 million (FY08: INR5.6 million).


TATA MOTORS: To Invest INR100 Billion in 2 to 3 Years
-----------------------------------------------------
Tata Motors said it will invest about INR100 billion in the next 2
to 3 years on product development, facility modernization and
other CAPEX purposes, SteelGuru reports.

Seeking shareholders' approval through a postal ballot to raise up
to INR47 billion long term funds, among others, SteelGuru relates
the company said it has plans for expanding product range and
increase presence in the domestic and global markets in both
commercial and passenger vehicle segments.

                          About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to B2 from B3.  The outlook on the
rating is positive. This rating action completes the rating review
for possible upgrade initiated on March 2, 2010, when TML
announced its consolidated Q3 FY2010 results.


TUBE GLASS: CRISIL Assigns 'BB' Rating to INR125 Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Tube Glass Containers Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR125.0 Million Cash Credit        BB/Stable (Assigned)
   INR100.0 Million Working Capital    BB/Stable (Assigned)
                    Demand Loan
   INR25.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect Tube Glass's small net worth, small scale of
operations, and exposure to intense market competition. Tube
Glass's liquidity is weak because of its inadequate cash accruals
to meet repayment obligations and working-capital-intensive
operations.

These rating weaknesses are partially offset by Tube Glass's
healthy operating margin, established customer base, and
comfortable financial risk profile, marked by moderate gearing and
sound debt protection indicators.

Outlook: Stable

CRISIL believes that Tube Glass will maintain its stable business
risk profile over the medium term, supported by its established
market position in the glass ampoules and vials manufacturing
business, and moderate operating profitability.  The outlook may
be revised to 'Positive' if Tube Glass generates more-than-
expected net cash accruals and maintains its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
Tube Glass undertakes a large, debt-funded capital expenditure
programme, generates less-than-expected net cash accruals, or
increases its bank limit utilization.

                          About Tube Glass

Tube Glass, incorporated in 2000 as a limited company, took over
the business of a proprietorship firm that had been set up in
1978. Tube Glass manufactures glass ampoules and vials used in the
pharmaceutical industry. The company is managed by the promoters
of Arch Pharmalabs Ltd, which manufactures bulk drugs. Tube Glass
has four manufacturing facilities located at Badlapur, Chiplun,
Panvel, and Tarapur, all in Maharashtra

Tube Glass reported a profit after tax (PAT) of INR15 million on
net sales of INR400 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on a
consolidated net sales of INR349 million for 2008-09.


VIJAYAA STEELS: CARE Rates INR68.67cr LT Loan at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of Vijayaa Steels Limited.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        98.67       CARE BB+
   Short-term Bank Facilities       25.00       PR4 (PR

Rating Rationale

The above ratings are constrained by tight liquidity position
faced by VSL in the past, high overall gearing, decline in revenue
and profitability in FY09 and 9MFY10, cyclical nature of the steel
industry, volatility in prices of raw materials and finished goods
as well as competition from unorganized players.  The ratings,
however, draw strength from the long track record of more than
three decades in the industry, experienced promoters and
management as well as presence of backward integration.
Improvement in demand and timely collections will be critical for
the financial position of the company. In addition to these, the
ability of the company to improve margins and generate sufficient
cash accruals, particularly in the light of high debt position of
the company, would remain the key rating sensitivities.

Incorporated in 1972, Vijayaa Steels Ltd is part of the Tulsyan
Group of Companies and is engaged in manufacturing of sponge iron,
MS billets and TMT bars.  VSL is also engaged in trading of CR and
HR coils. The company has three manufacturing facilities around
Bangalore with a total capacity of 1.65 Lakh Tonnes per annum.

On a total income of INR187 cr, VSL earned a PAT of INR4 cr in
FY09.  The overall gearing of VSL was high at 3.76x as on
March 31, 2009 on account of both working capital borrowing as
well as term loan borrowing.  During 9MFY10, VSL registered PAT of
INR4 cr on a total income of INR117 cr.


WESTERN INDIA: CARE Assigns 'CARE BB+' to INR25cr LT Bank Debts
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of Western India Metal Processors Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        25.00       'CARE BB+'
   Short-term Bank Facilities        5.00       'PR4'

Rating Rationale

The above ratings are constrained by unorganized and fragmented
nature of business, wafer-thin margins and exposure to commodity
business cycle.  The ratings, however, draw strength from a long
track record of more than three decades, Western India Metal
Processors Ltd being one of the largest scrap traders in Mumbai
region and its strong agent network.

The ability of WIMPL to accelerate revenue growth and the
profitability margins, which are dependent on timely installation
and successful operation of its steel processing centres, would
remain the key rating sensitivities.

WIMPL was incorporated by Mr. Mohammed Iqbal Khan as a
proprietorship under the name of 'M/s. Modern Scrap Traders'.
Later in 1999, it was converted to a partnership called 'M/s.
Western India Trading Corporation' and in August, 2006, it was
converted to a public limited company.  WIMPL is closely held with
100% stake held by the promoters.


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


PANIN SEKURITAS: Fitch Upgrades National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has upgraded PT Panin Sekuritas Tbk National Long-
term rating and the issue rating on its existing five-year rupiah
senior unsecured bonds issued in 2007 to 'A(idn)' from 'A-(idn)'.
The Outlook is Stable.

The ratings upgrades take into account the entity's improved,
though still volatile earnings profile, generally well-managed
securities brokerage and share financing operations, its rather
strong capitalization, and modest leverage position.  The upgrades
also reflect the possibility of limited support from one of its
substantial shareholders, Bank Pan Indonesia (foreign currency
Issuer Default Rating: 'BB'/Positive; National rating:
'AA(idn)'/Stable), which owns a 29% stake in Panin Sekuritas.

In Fitch's opinion, Panin's ability to provide support is
reflected in the recent upgrade of its National Rating by one
notch to 'AA(idn)' (for more information please refer to rating
action commentary, entitled "Fitch Upgrades Panin's National
Rating to 'AA(idn)'; Revises Outlook on LTFC IDR to Positive"
dated July 2, 2010); the propensity to provide support is partly
derived from the reputational implications from a shared corporate
identity.  The founding shareholder of Panin Sekuritas (and the
Panin group) continues to sit on the board of commissioners, which
serves as a supervisory board over the executive board of
directors.  Fitch understands from management that there are no
plans for further changes in Panin's shareholding of Panin
Sekuritas.  The agency notes that any further change in ownership
and/or perception of support from Panin may have rating
implications for Panin Sekuritas.

Panin Sekuritas focuses its business on domestic retail brokerage,
customer share financing and fund management.  Its financial
performance is therefore closely linked to the performance and
volatility of the Indonesia Stock Exchange (IDX) which posted a
dismal showing in 2008 before a strong recovery in 2009.  A
substantial portion of the earnings improvement in 2009 was due to
unrealised gains in its marketable securities, the bulk which is
invested in its in-house mutual funds.

At end-2009, its brokerage market share was 1.18% of the total
trading value and 1.66% of the total trading volume in IDX, up
from 0.79% and 1.02% respectively in 2008.  The relatively small
market shares reflect its focus on a retail customer base for its
brokerage business, as well as the fragmented nature of
Indonesia's brokerage industry.  The improvement in the company's
market position was supported by 2009's stronger financial
markets, versus 2008, and the company's efforts to extend its
customer reach, namely through the addition of branch offices,
galleries and the development of on-line trading facilities.
Meanwhile, Panin Sekuritas was ranked the fifth-largest local fund
manager in Indonesia with total assets under management of IDR2.92
trillion at end of April 2010.

The company is primarily funded by equity, at 42.2% of its total
assets in 2009 and borrowings through bond issuances.  It has
undrawn loan facilities from two banks totaling IDR120 billion.
Its debt to equity ratio, excluding the payables on its customer
securities transactions, was at 0.5x, from 0.7x in 2008, due to
higher retained earnings.  The company aims to maintain gearing
ratio at no more than 2.0x in the next one to two years.

Panin Sekuritas was established in 1989 as a private securities
company by the Panin Group, and was publicly listed in 2000.
Other substantial shareholders are Patria Nusa Adamas, a private
investment company, and Panin Bank, which own 30% and 29% stakes
respectively.


PERUSAHAAN GAS: Fitch Upgrades Issuer Default Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded PT Perusahaan Gas Negara's Long-term
foreign and local currency Issuer Default Ratings to 'BB+' from
'BB' and at the same time upgraded its National Long-term rating
to 'AA+(idn)' from 'AA(idn)'.  The Outlook is Stable.

The upgrade reflects PGN's improved financial and operating
profiles and Fitch's expectation that the company's net leverage
as reflected by net debt/EBITDAR will remain below 1.0x in the
short to medium term.  This is underpinned by several factors: the
completion of the South Sumatra-West Java pipeline since August
2008; the expected completion of the West Java distribution
projects in 2011 (delayed from 2009); and robust gas demand, which
will enhance the company's distribution volume and operating cash
flow.

PGN's ratings also reflect its dominant position in Indonesia's
gas distribution and transmission sectors.  PGN's liquidity is
sound with strong cash reserves of around IDR8.2tn as at end-March
2010 compared with total debt of IDR11.2tn, of which more than 60%
are long-dated maturity loans from developmental banks.  PGN
continues to enjoy an extended maturity profile for its borrowing
with less than 30% of its loans maturing in 2010 and 2011.

Nonetheless, PGN's credit profile continues to be constrained by
its exposure to gas supply and price risks, concentration of sales
to PT Perusahaan Listrik Negara, and a mismatch between long-term
gas purchase contracts and shorter-term gas sale contracts.  PGN
experienced gas supply disruption from ConocoPhillips (Grissik)
Ltd, subsidiary of ConocoPhillips ('A'/Stable) in early 2010 --
resulting in a lower gas distribution volume to end-users.
However, Fitch expects distribution volume to stabilize at around
850 million standard cubic feet per day in 2010 as a result of new
gas supplies from PT Pertamina (Persero) and PT Medco E&P
Indonesia, and improving gas supply from ConocoPhillips (Grissik)
Ltd since May 2010.

The agency also notes that PGN has budgeted capital expenditure of
US$200-250m in 2010 which includes the construction of a LNG
receiving terminal in West Java.  Fitch expects PGN to fund this
expansion internally in view of its strong cash flow generation.

The Stable Outlook reflects the agency's expectation that PGN's
credit metrics will remain robust driven by its dominant market
position in the gas distribution and transmission businesses as
well as robust gas demand.  Given the government's majority
ownership and close links to PGN, a downgrade of the Republic of
Indonesia's sovereign rating ('BB+'/Stable) would lead to a
downgrade in PGN's ratings.  Additionally, sustained operating
EBITDAR margins below 45% and/or debt funded expansion resulting
in sustained adjusted net debt/operating EBITDAR above 1.0x may
also result in a negative rating action.  Conversely, if the
sovereign is upgraded, PGN's ratings may to be upgraded following
the successful completion of the LNG receiving terminal, provided
that operating EBITDAR margins of around 50% and adjusted net
debt/operating EBITDAR of less than 1.0x are sustained.

PGN is a leading gas transmission and distribution company.  The
company is 56.97% owned by the Government of Indonesia.  In the
quarter ending March 2010, revenue was IDR18tn, operating EBITDAR
was IDR6.6 trillion and annualized net debt/operating EBITDAR was
0.4x.


PT IGLAS: To Receive IDR106 Billion From Government
---------------------------------------------------
The Indonesian government plans to inject IDR106 billion in funds
into state-owned bottle maker PT Iglas as part of its efforts to
restructure the company, ANTARA News reports.

"The injection funds from state asset management company PT
Perusahaan Pengelolaan Aset can be disbursed in mid July 2010,"
the news agency quoted Iglas President Director Novan Wega
Wardhana as saying.  "With the injection fund, we hope we can
achieve the profit target for 2010."

ANTARA News says the company has set the target of net profit for
2010 at IDR40 billion compared to IDR1.8 billion last year.
The company suffered losses for five years in a row until last
year.  In 2007, it suffered a net loss of IDR39.87 billion with
liabilities totaling IDR245.84 billion.

PT. Iglas -- http://www.iglas.co.id/-- engages in the development
and manufacture of glass packaging products in Indonesia.  It
offers bottles for packaging pharmaceuticals, beverages, brewery
and spirits, food and jar, and cosmetics.  The company's factories
are located in Surabaya and Gresik.  PT. Iglas was founded in 1956
and is based in Surabaya, Indonesia.


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


GODO KAISHA: S&P Downgrades Rating on Series 1 Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB' its
rating on Godo Kaisha MF2 Alpha's JPY7 billion series 1 unsecured
bonds due April 2014 and placed it on CreditWatch with negative
implications.

The bonds are ultimately backed by a non-recourse loan maturing in
March 2012, which was initially secured by four office buildings.
One of properties has been sold, and the three remaining office
buildings are all located in Tokyo.  As net cash flow levels have
been low compared with S&P's initial assumptions, it is its view
that there appears to be uncertainty over the recovery prospects
of the properties.

Although S&P has yet to finalize its assessment of the three
remaining properties, S&P is of the opinion that a certain level
of decline in the likely recovery amount from the properties
appears inevitable.  Accordingly, S&P is lowering the rating on
the bonds and placing it on CreditWatch with negative implications

S&P intends to review its rating on the bonds, after finalizing
its assessment of the recovery prospects of the aforementioned
three remaining office buildings.

In this transaction, S&P has assigned its ratings to the
JPY7.0 billion unsecured bonds issued by Godo Kaisha MF2 Alpha.
The bonds are backed by a JPY7.0 billion ABL (class B ABL;
mezzanine loan) extended to Godo Kaisha MF2.  The class B ABL that
backs the bonds is backed by a non-recourse loan.  The non-
recourse loan, which was extended by Godo Kaisha MF2 to another
company serving as the borrower special-purpose company, was
initially secured by four properties.  In addition to backing the
class B ABL, the non-recourse loan also backs MF2 Senior Loan's
senior ABLs, classes A1 to A4, which have been rated by Standard &
Poor's.

The transaction was arranged by Morgan Stanley Japan Securities,
and ORIX Asset Management & Loan Services Corp. acts as the
servicer for this transaction.

The rating addresses the full of interest and the ultimate
repayment of principal by the transaction's legal final maturity
date in 2014 for the unsecured bonds.

        Rating Lowered And Placed On Creditwatch Negative

                      Godo Kaisha MF2 Alpha

          JPY7.0 billion unsecured bonds due April 2014

           To               From   Initial issue amount
           --               ----   --------------------
           BB/Watch Neg.    BBB    JPY7.0 bil.


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


SSANGYONG MOTOR: Extends Bid Deadline Until August 10
-----------------------------------------------------
Bloomberg News reports that Ssangyong Motor Co. will delay the
deadline for binding bids for a controlling stake to give more
time to bidders to carry out due diligence.

Citing Ssangyong's e-mailed statement, Bloomberg relates that
potential buyers are to submit binding bids by Aug. 10, from an
earlier deadline of July 20, after they requested more time to
prepare their proposals.  Due diligence was due to be completed by
July 16, Ssangyong said in May, according to Bloomberg.

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

                       About Ssangyong Motor

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

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

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


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


HONG LEONG: Fitch Keeps Issuer Default Rating With Stable Outlook
-----------------------------------------------------------------
Fitch Ratings has affirmed Hong Leong Bank Berhad's Long-term
foreign currency Issuer Default Rating at 'BBB+' with a Stable
Outlook, and placed HLB's Support rating on Rating Watch Positive.
Concurrently, the agency has also placed all EON Bank's ratings on
RWP.

The rating actions take into account HLB's proposed MYR5.06bn
offer to acquire all the assets and liabilities of EON Capital,
the investment holding company of EON Bank.  However, Fitch
recognizes the continued uncertainty over the completion of this
proposed acquisition at this juncture, including the recent legal
suit filed by EON Capital's largest shareholder (Primus Pacific --
a private equity fund) against certain shareholders and directors
of EON Cap.  Although the deadline of HLB's all-cash offer for EON
Cap is due to expire on August 15, 2010, it is possible that this
tussle may become more protracted, or that the proposed
transaction may simply collapse.  Fitch has taken both
possibilities into consideration while taking the aforementioned
rating actions; nevertheless, the agency would likely review HLB
and EON Bank's ratings again once there is greater clarity on the
outcome of the proposed acquisition offer and/or the pending legal
suit.

Notwithstanding the above uncertainty, the affirmation of HLB's
IDR and other ratings, with the exception of the Support Rating,
reflects the current robust financial profile of HLB including its
good asset quality track record and solid capital position, which
will likely remain adequate even after the potential acquisition
of assets and liabilities of EON Capital.  Although this proposed
acquisition, if successful, will exert considerable downward
pressure on HLB's capital ratios, Fitch expects the bank's capital
restorative measures -- particularly its plans to raise fresh
equity through a MYR1.6 billion rights issue -- should mitigate
such impact and replenish HLB's capital ratios to levels
comparable to its larger domestic banking peers.  In addition,
HLB's plans to raise an additional MYR1.8 billion in other forms
of qualifying capital securities should in combination, help
maintain its Tier 1 and Total CAR ratios at a minimum of 10% and
12%, respectively.  As mentioned earlier, the fund raising plan is
contingent upon the successful outcome in the proposed acquisition
of assets and liabilities of EON Cap.

Fitch notes that the potential acquisition will bring greater
diversity into HLB's income profile, even though it is mildly
negative from a capital or funding standpoint - factors that are
already reflected in HLB's existing ratings.  Furthermore, should
the proposed acquisition be successful, HLB will become the
fourth-largest bank in Malaysia with higher systemic importance.
Hence, the agency expects a higher propensity of state support
which is reflected in the RWP status on HLB's Support rating.

In the event that this proposed acquisition does not materialize,
HLB's financial profile would remain substantially unchanged as it
was before its bid for EON Capital, and therefore its credit
ratings would also remain the same.

Meanwhile, the proposed acquisition will have positive credit
implications for EON Bank, which has a slightly weaker credit
profile and is the main investment of EON Capital.  This is
reflected in the Positive Watch the agency placed on all EON
Bank's ratings.  However, if the proposed deal were to fail, EON
Bank's ratings would likely revert to Stable Outlook, as there is
virtually no downside to its ratings irrespective of the outcome
of this transaction.  The agency expects to resolve the Positive
Watch on these ratings once there is greater clarity over the
outcome of HLB's proposed acquisition offer.

The detailed list of the ratings and rating actions are:

Hong Leong Bank

  -- Long-term foreign currency IDR affirmed at 'BBB+' with a
     Stable Outlook;

  -- Short-term foreign currency IDR affirmed at 'F2';

  -- Individual rating affirmed at 'C';

  -- Support rating: '3' on RWP;

  -- Support Rating Floor: 'BB+' on RWP;

  -- Rating on US$ subordinated debt affirmed at 'BBB';

  -- Rating on long-term deposits affirmed at 'A-'.

EON Bank

  -- Long-term foreign currency IDR: 'BBB-' on RWP
  -- Short-term foreign currency IDR: 'F3' on RWP;
  -- Individual rating: 'C/D' on RWP;
  -- Support rating: '3' on RWP;
  -- Support Rating Floor: 'BB' on RWP;
  -- Rating on long-term deposits: 'BBB' on RWP.


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


CRAFAR FARMS: Receivers Reject Landcorp Bid for 16 Dairy Farms
--------------------------------------------------------------
Receivers for the Crafar farms have said that state-owned Landcorp
has been unsuccessful in its bid to buy 16 dairy farms owned by
former Crafar family companies, The New Zealand Herald reports.

According to the report, receivers Michael Stiassny and Brendon
Gibson of Kordamentha confirmed that more than 50 offers were
submitted on all or parts of the portfolio from a range of buyers
and that they were pleased by the number and strength of the
offers.

"The Receivers regrettably advise that although Landcorp was one
of the parties that submitted a tender, its offer was not among
the preferred tenderers," the NZ Herald cited the receivers in a
statement.

The report relates that the receivers said negotiations with the
preferred tenderers will continue over coming days.  Tenders for
the Crafar farms portfolio closed last week.

The NZ Herald notes that Landcorp had placed a joint bid with a
farm investment group, Wairakei Pastoral, owned by wealthy
Auckland businessmen Trevor Farmer, Ross Green and Mark Wyborn.

Radio New Zealand reports that Landcorp chief executive Chris
Kelly said the failure of its bid is disappointing, but it put in
what it considered was a realistic offer, based on current farm
values.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2010, receivers Michael Stiassny and Brendon Gibson of
KordaMentha said conditional sale and purchase agreements had been
signed with Natural Dairy (NZ) Holdings and its New Zealand
associate firm UBNZ Funds Management Ltd and a "substantial"
deposit had been paid.  The sales however are still conditional on
approval by the Overseas Investment Office.

                         About Crafar Farms

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

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

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


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


EXPRESS TELECOM: Wins Court Nod to Intervene in 3G Case
-------------------------------------------------------
The Court of Appeals has allowed Express Telecommunications Co.,
Inc., to intervene in a court dispute over the last license to
offer third-generation or 3G mobile phone services, BusinessWorld
Online reports.

BusinessWorld recalls that the appellate court said in a
resolution last month Extelcom's bid for the last 3G license could
be placed in jeopardy if an earlier case involving the first four
licenses is settled without its participation.

According to the report, a firm called Multi-Media Telephony, Inc.
wants the last 3G slot and is questioning the awarding in 2005 of
licenses to Smart Communications, Inc., Globe Telecom, Inc.,
Digitel Mobile Philippines, Inc., and Connectivity Unlimited
Resources Enterprise.  Early this year, BusinessWorld relates,
regulators decided to bid out the last 3G slot, prompting another
telco, Bayan Telecommunications, Inc., to question it in court.

Extelcom said there was no legal basis to nullify the 2005
awarding of 3G frequencies, claiming the standards and evaluation
process set by the National Telecommunications Commission were
reasonable, the report notes.

The report relates that Extelcom filed for corporate
rehabilitation with a Manila trial court in 2006.  The court
granted the petition, but Bayantel, an Extelcom major creditor,
and Marifil Holdings Corp., an Extelcom major stockholder, opposed
the rehabilitation plan and proposed their own alternative plans,
the report adds.

                          About Extelcom

Established in December 1988, Express Telecommunication Co., Inc.
(Extelcom) -- http://www.extelcom.com/is a joint venture of
Marifil Holdings owned by Bayan Telecommunications Holdings Corp,
the telecommunications arm of Benpres Holdings Corp., Scott
Sproule Cellular and Digital Excel Development, and Mayon
Holdings, Inc. whose shareholders also own GMA Network.


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


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

Jack Investment Pte Ltd filed the petition against the company on
July 1, 2010.

The Petitioner's solicitors are:

          Bee See & Tay
          10 Anson Road #24-11
          International Plaza
          Singapore 079903


LERENO BIO-CHEM: Still Reviewing Repayment Schedule
---------------------------------------------------
Lereno Bio-Chem Ltd said it is in the midst of reviewing and
working out a repayment schedule for its banking facilities.

In reply to the Singapore Exchange Limited's queries, Lereno said
the creditors' position of support for the Company remain
unchanged since the month of June 2010 until recently.

Headquartered in Singapore, Lereno Bio-Chem Ltd --
http://www.lerenobc.com.sg/-- is engaged in biofuel and
investment holding.  Its subsidiaries are engaged in electrical
and mechanical engineering consulting and contracting. The Company
has three segments: biofuel and related business, mechanical and
electrical engineering, and entertainment.  Its subsidiaries
include Living Ocean International Pty Ltd., Living Ocean
International Construction Pte Ltd., MAE Engineers Pte Ltd
(Singapore), MAE (China) Pte Ltd (Singapore), LBC Estate Holdings
Sdn Bhd (Malaysia) and Lereno Bio-Chem Holdings Pte Ltd
(Singapore).

                            *     *     *

Lereno Bio-Chem posted three consecutive net losses of SGD45.23
million, SGD8.83 million and SGD9.12 million for the years ended
March 31, 2007, 2008, and 2009, respectively.


MCCRAIC HOLDINGS: Creditors' Proofs of Debt Due August 12
---------------------------------------------------------
Creditors of McCraic Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 12, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


ORIENTAL GLOBAL: Applies for Judicial Management
------------------------------------------------
An application to place Oriental Global Resources Pte Ltd under
judicial management will be heard before the High Court of
Singapore on July 23, 2010, at 10:00 a.m.

Mr. Ewe Pang Kooi and Mr. Farooq Ahmad Mann of M/s Ewe Loke &
Partners have been nominated to act jointly and severally as the
Judicial Managers.

The Applicant's solicitors are:

          Messrs M & A Law Corporation
          7 Temasek Boulevard
          #07-01 Suntec Tower One
          Singapore 038987


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Atlanta Consumer Bankruptcy Skills Training
       Georgia State Bar Building, Atlanta, Ga.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***