TCRAP_Public/100715.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, July 15, 2010, Vol. 13, No. 138

                            Headlines



A U S T R A L I A

BILL EXPRESS: Finance Adviser Jailed for Share Price Manipulation
RB PASS: S&P Affirms 'CCC-' Ratings on Senior Secured Debt
SONRAY CAPITAL: ASIC Says Sonray Founders Used Fictitious Accounts


C H I N A

CHINA ORIENTAL: Moody's Affirms 'Ba1' Corporate Family Rating


H O N G  K O N G

CENTRAL HARVEST: Lui and Leung Step Down as Liquidators
DESCHAMPS CATERING: Court to Hear Wind-Up Petition on August 11
EMPIRE ONE: Court to Hear Wind-Up Petition on September 1
FAIR GOAL: Court to Hear Wind-Up Petition on August 4
GOLD ACT: Court to Hear Wind-Up Petition on September 1

HESHUN (CHINA): Lui and Leung Step Down as Liquidators
HIGHFIT DEVELOPMENT: Arboit and Blade Appointed as Liquidators
KCL CAPITAL: Court to Hear Wind-Up Petition on August 11
KIN PING: Creditors' Proofs of Debt Due August 11
KP CHEMICAL: Creditors' Proofs of Debt Due August 10

LIU SHIH: Court to Hear Wind-Up Petition on September 1
MANNING INTERNATIONAL: Yip Ka Ki Steps Down as Liquidator
MITSUI PLASTICS: Creditors' Proofs of Debt Due August 10
OIKOS INTERNATIONAL: Creditors Get 1% Recovery on Claims
REVER CREATIVE: Court to Hear Wind-Up Petition on August 18


I N D I A

ANKUR DRUGS: Fitch Downgrades National Long-Term Rating to 'D'
BERKELEY AUTOMOBILES: CRISIL Ups Rating on INR45.4MM Loan to 'BB-'
BEST CHERAN: CRISIL Upgrades Ratings on Various Debts to 'B-'
CROWN ALBA: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
DEEGEE COTSYN: CARE Rates INR87.97cr Debt at 'CARE BB+(SO)'

EDEN SLF: CRISIL Reffirms 'P4' Rating on INR72.2MM Bank Debts
INDHUMATHI REFINERIES: ICRA Rates INR110MM Term Loan at 'LB+'
JAS ORCHID: CRISIL Rates INR320 Million Term Loan at 'B+'
MODI TYRES: CRISIL Assigns 'B+' Rating to INR1.1BB Cash Credit
MINERVA ENTERPRISES: CARE Assigns 'CARE BB+' Rating to LT Loans

MINERVA EXECUTIVE: CARE Rates INR56cr LT Loans at 'CARE BB+'
RAJESH ESTATES: CARE Rates INR199cr LT Bank Debts at 'CARE BB'
REGAL TRANSCORE: CRISIL Reaffirms 'B-' Rating on INR73.5MM Debt
RUPAM CONDUCTORS: ICRA Places 'LBB-' Rating on INR115MM Loans
SAN AUTOMOTIVE: CRISIL Assigns 'BB' Rating to INR32MM Cash Credit

SARAVANA SELVARATHNAM: CRISIL Reaffirms 'BB+' Rating on Bank Debts
SHREE GOVARDHAN: CRISIL Reaffirms 'B' Rating on INR19MM Term Loan
S T ELECTRICALS: CRISIL Puts 'B-' Rating on INR120MM Cash Credit
UDASEE STAMPINGS: CRISIL Reaffirms 'B-' Rating on INR60MM Debt
WORLDWIDE SAFETY: CRISIL Puts 'P4+' Ratings on Various Bank Debts

* Fitch Upgrades Ratings on Five Indian Government-Owned Banks


J A P A N

JAPAN AIRLINES: To Solicit Bids for In-flight Meal Business
MIZUHO CORPORATE: Moody's Takes Rating Actions on Various Notes
NANSO COUNTRY: Goldman Sachs Loses Management Control
ORIX-NRL TRUST: Moody's Reviews Ratings on Various Certificates


N E W  Z E A L A N D

AIR NEW ZEALAND: To Keep Minority Shares in Air Pacific
AIR PACIFIC: Posts F$65.3 Million Net Loss for Year Ended March 31
AORANGI SECURITIES: Statutory Managers Say Investors at Risk
AORANGI SECURITIES: Statutory Managers Freeze Another Hubbard Fund
BRIDGECORP LTD: Chairman Fights 2-1/2 Years Directorship Ban

CAPE CAMPBELL: Goes Into Voluntary Receivership
NATIONAL FINANCE: Director Seeks Receivers' Help
ST LAURENCE: Unit May Fail to Repay NZ$30MM Bonds Due This Month


T A I W A N

CHINA LIFE: Fitch Affirms 'BB+' Insurer Financial Strength Rating
SHIN KONG: Fitch Affirms 'BB+' Insurer Financial Strength Rating




                         - - - - -


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


BILL EXPRESS: Finance Adviser Jailed for Share Price Manipulation
-----------------------------------------------------------------
The Sydney Morning Herald reports that former Macquarie Equities
senior client adviser Newton Chan will spend the next four months
in prison after pleading guilty to eight counts of market
manipulation of the share price of collapsed Bill Express Ltd.

The report relates Mr. Chan, a declared bankrupt, has been banned
from providing financial services for five years.  He was
sentenced to 20 months' imprisonment on eight counts of market
manipulation and one count of providing false or misleading
information to the Australian Securities and Investments
Commission, SHM says.

According to SMH, Mr. Chan will serve just four months after
co-operating with ASIC's investigation, including handing over a
memory stick that he told the court contained a scripted story
given to him by Bill Express chief executive Ian Christiansen.

ASIC is investigating the AU$250 million collapse of Bill Express
in July 2008, and will now focus its attention on Mr. Christiansen
and at least two other company executives, the report notes.

                       About Bill Express

Bill Express Ltd. -- http://www.billexpressltd.com/-- was engaged
in the management and development of an electronic distribution
system for pre-paid products and services across in excess of
14,000 locations around Australia, automated ordering, delivery
and inventory control for pre-paid services including mobile,
landline and Internet services.  It also processed payments for
bills and services, including bills that are presented for payment
to its outlets across Australia.  The company had an in-store
media, which is a network that promotes Bill Express Limited's and
other products at the point of sale and in-store aisles.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AU$180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.


RB PASS: S&P Affirms 'CCC-' Ratings on Senior Secured Debt
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CCC-' ratings on senior secured debt issued by RB Pass Through
Pty Ltd. (AU$140.7 million of bonds outstanding) and Redbank
Project Pty Ltd. (AU$231.8 million of senior secured debt
outstanding).  At the same time, the ratings were removed from
CreditWatch with negative implications, where they were initially
placed on May 29, 2009.  The rating outlook is negative.  RB Pass
Through is a securitization vehicle for part of the debt issued by
Redbank, the owner and operator of a 135 megawatt waste-coal-fired
power plant in Australia's New South Wales state.  The plant's
cash flow services RB Pass Through's bonds, which rank pari passu
with Redbank's other senior facilities.

"The rating actions reflect the abatement of certain risks
following completion of the plant's planned rectification works in
April-May 2010 and the appointment of an independent consultant to
assess the plant's quality," Standard & Poor's credit analyst
Parvathy Iyer said.  "Although S&P is advised by Alinta Energy -?
the 100% owner of the project?that the plant is operating
uninterrupted following the rectification works, S&P believes it
is still too early to form a view on the plant's ability to
operate with minimal outages on a sustained basis."

The negative outlook continues to reflect S&P's view of the
project's weak liquidity position and the refinancing risk of
Redbank's working capital and liquidity facilities (scheduled to
mature in November 2010), which are likely to be influenced by the
plant's performance.  Furthermore, S&P believes the independent
consultant's findings on the plant's quality and the additional
capital works required to restore operational stability may be
important to determine Redbank's long-term operational prospects
and liquidity position, including the company's ongoing ability to
access working capital and liquidity facilities.  The independent
consultant's findings are scheduled to be conveyed to Redbank in
September 2010.

In the near term, S&P believes downgrade risks to the ratings
remain high if further capital works are required at the plant and
the costs exceed the remaining A$3.4 million in cash reserved by
Alinta Energy, or the scope and complexity of the works keep the
plant off-line for a longer period.  S&P believes Redbank has
limited liquidity avenues beyond the cash reserved by Alinta
Energy for this purpose.  Over the medium term, Redbank's ability
to restore to original levels the energy delivered under its off-
take agreement from calendar 2011 and meet the capacity factor
under its off-take agreement will be important credit factors.
Alinta Energy has advised that Redbank plant's capacity factor was
close to 105% in June 2010 (as required under the off-take
agreement).

Ms. Iyer added: "The ratings could return to a stable outlook if
the Redbank plant demonstrates at least 15-to-18 months of stable
operations and there is a gradual improvement in the project's
liquidity, whereby the project retains committed working capital
and liquidity facilities but has minimal reliance on these."


SONRAY CAPITAL: ASIC Says Sonray Founders Used Fictitious Accounts
------------------------------------------------------------------
The Australian Securities & Investments Commission has alleged
that Sonray Capital Markets founders Scott Murray and Russell
Johnson used "fictitious client accounts" to make up to AU$30
million in unauthorized trades over four years, The Sydney Morning
Herald reports.

The report relates ASIC alleges the trades caused a "significant
deficiency" in client money at the contracts for difference (CFD)
provider, which collapsed last month owing about AU$47 million.

The allegations are contained in an affidavit sworn by senior
Australian Securities and Investments Commission investigator
Glenn Childs and filed with the Federal Court, the report says.

SHM relates Mr. Childs said in the affidavit that, "Based on my
preliminary investigations, I believe Mr. Murray may have engaged
in conduct or been involved in conduct in contravention of the
(Corporations) Act."  According to SMH, Mr. Childs alleged that
since July 1, 2006, "Mr. Murray, together with Mr. Johnson,
created fictitious client accounts."

"Mr. Murray and/or Mr. Johnson conducted a substantial volume of
trading through the fictitious trading accounts.  The fictitious
trading accounts were unfunded," Mr. Child said.  "The effect of
the unauthorized trading has caused a significant deficiency in
the cash reconciliation of client monies."

Mr. Child, as cited by SMH, said ASIC was unable to put a dollar
figure on clients' losses.  "However, it is possible that the
quantum of unauthorized trading may be in the vicinity of between
AU$20 [million] and AU$30 million."

SMH adds that Mr. Childs said ASIC intended to question Mr. Murray
under section 19 of the ASIC Act, which overrides the right to
silence, "as soon as practicable".

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

                        About Sonray Capital

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


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C H I N A
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CHINA ORIENTAL: Moody's Affirms 'Ba1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed China Oriental Group
Company Ltd's Ba1 corporate family rating, and at the same time,
withdrawn the Ba1 senior unsecured bond rating on the company's
proposed US$ notes, as they have not been issued as planned.  The
outlook for the corporate family rating remains stable.

Moody's expects that the company will maintain its financial
prudence, funding its capex with operating cash flow and available
funds.

The rating reflects China Oriental's position as the largest maker
in China of H-sections, its sound credit profile, management's
prudent financial philosophy.

However, because of its lack of self-sufficiency in raw materials,
the company is exposed to rising prices for iron ore and coking
coal, as well as the industry and regulatory risk in China's steel
industry.

Moody's last rating action on China Oriental took place on
April 29, 2010, when the rating agency assigned a first-time Ba1
corporate family and bond ratings to the company's proposed US$
senior unsecured notes.

China Oriental Group Company Limited, with total steel
manufacturing capacity of 11 million tons per annum, manufactures
mainly H-section steel and HR strips/strip products at its mills
in Hebei Province, China.  These products are the basic building
blocks of infrastructure projects, commercial construction,
plants, and stadiums.

The company, which was listed on the Hong Kong Stock Exchange in
2004, generated revenue of US$3.0 billion and EBITDA of
US$332 million in 2009.  It is 45% controlled by the founder, Mr.
Han Jingyuan, and 29.6% owned by ArcelorMittal.


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


CENTRAL HARVEST: Lui and Leung Step Down as Liquidators
-------------------------------------------------------
Kennic Lai Hang Lui and Ruby Mun Yee Leung stepped down as
liquidators of Central Harvest Holdings Limited on June 17, 2010.


DESCHAMPS CATERING: Court to Hear Wind-Up Petition on August 11
---------------------------------------------------------------
A petition to wind up the operations of Deschamps Catering Company
Limited will be heard before the High Court of Hong Kong on
August 11, 2010, at 9:30 a.m.


EMPIRE ONE: Court to Hear Wind-Up Petition on September 1
---------------------------------------------------------
A petition to wind up the operations of Empire One Trading Limited
will be heard before the High Court of Hong Kong on September 1,
2010, at 9:30 a.m.

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

The Petitioner's solicitors are:

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


FAIR GOAL: Court to Hear Wind-Up Petition on August 4
-----------------------------------------------------
A petition to wind up the operations of Fair Goal Enterprises
Limited will be heard before the High Court of Hong Kong on
August 4, 2010, at 9:30 a.m.

Treasure Most Limited filed the petition against the company on
May 28, 2010.

The Petitioner's solicitors are:

          Messrs. Tang, Lee & Co.
          Rooms 2106-09
          Wing Lung Bank Centre
          No. 636 Nathan Road
          Mongkok, Kowloon
          Hong Kong


GOLD ACT: Court to Hear Wind-Up Petition on September 1
-------------------------------------------------------
A petition to wind up the operations of Gold Act Investment
Limited will be heard before the High Court of Hong Kong on
September 1, 2010, at 9:30 a.m.

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

The Petitioner's solicitors are:

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


HESHUN (CHINA): Lui and Leung Step Down as Liquidators
------------------------------------------------------
Kennic Lai Hang Lui and Ruby Mun Yee Leung stepped down as
liquidators of Heshun (China) Industrial Group Company Limited on
June 8, 2010.


HIGHFIT DEVELOPMENT: Arboit and Blade Appointed as Liquidators
--------------------------------------------------------------
Bruno Arboit and Simon Richard Blade of FTI Consulting (Asia)
Limited on April 29, 2010, were appointed as liquidators of
Highfit Development Co. Limited.

The liquidators may be reached at:

         Bruno Arboit
         Simon Richard Blade
         FTI Consulting (Asia) Limited
         1008 Shui on Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


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

The Securities and Futures Commission filed the petition against
the company on May 20, 2010.


KIN PING: Creditors' Proofs of Debt Due August 11
-------------------------------------------------
Creditors of Kin Ping (China) Transportation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 11, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 7, 2010.

The company's liquidator is:

         Chan Po Kau
         Room D, 11/F
         8 Hart Avenue
         8-10 Hart Avenue
         Sha Tsui, Kowloon


KP CHEMICAL: Creditors' Proofs of Debt Due August 10
----------------------------------------------------
Creditors of KP Chemical (H.K.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 10, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Dick Pau
         Rooms 1905-8, 19th Floor
         Kai Tak Commercial Building
         161 Connaught Road
         Central, Hong Kong


LIU SHIH: Court to Hear Wind-Up Petition on September 1
-------------------------------------------------------
A petition to wind up the operations of Liu Shih Kun Piano & Arts
Centre Limited will be heard before the High Court of Hong Kong on
September 1, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Messrs. Tang, Lee & Co.
          Rooms 2106-09
          Wing Lung Bank Centre
          No. 636 Nathan Road
          Mongkok, Kowloon
          Hong Kong


MANNING INTERNATIONAL: Yip Ka Ki Steps Down as Liquidator
---------------------------------------------------------
Yip Ka Ki stepped down as liquidator of Manning International
Limited on June 29, 2010.


MITSUI PLASTICS: Creditors' Proofs of Debt Due August 10
--------------------------------------------------------
Creditors of Mitsui Plastics Trading (Hong Kong) Co., Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by August 10, 2010, to be included in the
company's dividend distribution.

The company's liquidators are:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre Tower I
         18 Harcourt Road
         Hong Kong


OIKOS INTERNATIONAL: Creditors Get 1% Recovery on Claims
--------------------------------------------------------
Oikos International Limited, which is in liquidation, will pay the
first and final dividend to its creditors on July 16, 2010.

The company will pay 1% for ordinary claims.

The company's liquidators are:

          Alex So
          Alan Wong
          Unit A, 2/F., Trust Tower
          68 Johnston Road
          Wanchai, Hong Kong


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

Reed Business Information Limited filed the petition against the
company on June 10, 2010.

The Petitioner's solicitors are:

          Baker & McKenzie
          14th Floor, Hutchison House
          Hong Kong


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ANKUR DRUGS: Fitch Downgrades National Long-Term Rating to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded India's Ankur Drugs & Pharma Ltd's
National Long-term rating to 'D(ind)' from 'BBB(ind)'.  The agency
has also downgraded ADPL's following bank facilities:

  -- INR 2,500 million term loans downgraded to 'D(ind)' from
     'BBB(ind)';

  -- INR3,250 million fund-based limits downgraded to 'D(ind)'
     from 'BBB(ind)'; and

  -- INR550 million non-fund based limits downgraded to 'F5(ind)'
     from 'F2(ind)'.

The downgrades reflect ADPL's delays in meeting its debt
obligations in FY10, and which continue to occur as of date due to
liquidity pressures.

The company's liquidity pressures were a result of insufficient
working capital limits and an increase in working capital
requirements; the latter is a result of an inventory pile-up from
a delay in the commencement of facilities, as well as from an
increase in the receivable periods from government clients.  Fitch
notes that internal accruals generated during FY10, which could
have been utilized by ADPL in honoring debt obligations, were
diverted towards funding unanticipated capex meant to be completed
by March 2010.

Fitch expects ADPL's liquidity to remain a concern over the short-
term due to a continuance of insufficient working capital limits.
However, over the medium-term, the company's liquidity should see
an improvement with revenue and profitability generated from
completed capex and existing facilities, from an absence of any
further capex, as well as from an improvement in the working
capital cycle together with an expected enhancement in its limits.
The agency notes that in addition to working capital limits, ADPL
is also looking at raising funds from various other sources, which
could ease the company's liquidity pressures.  A consistent
demonstration of regular payments towards debt obligations would
be a positive rating trigger.

During FY10, the company reported revenues of INR10.7 billion
(FY09: INR9.7 billion), an EBITDA of INR2.1bn (FY09:
INR1.8 billion), EBITDA margins of 20.1% (FY09: 18.6%), and a net
profit of INR894 million (FY09: INR371 million).  Its overall debt
increased in FY10 to INR8.9 billion (FY09: INR7.5 billion).

ADPL, incorporated in 1995, manufactures pharmaceutical
formulations at its two facilities in Himachal Pradesh.  In 2007,
ADPL merged its operations with an associate company, Vaibhav
Healthcare Pvt Ltd.


BERKELEY AUTOMOBILES: CRISIL Ups Rating on INR45.4MM Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Berkeley
Automobiles Ltd to 'BB-/Stable' from 'B/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR45.4 Million Term Loan*        BB-/Stable (Upgraded from
                                                 B/Stable)

   INR80 Million Cash Credit         BB-/Stable (Upgraded from
                                                 B/Stable)

   INR290 Million Working Capital    BB-/Stable (Upgraded from
                      Demand Loan                B/Stable)

The upgrade is driven by BAL's better-than-expected business
performance leading to higher-than-expected cash accruals, and
improved capital structure and financial flexibility following the
equity infusion by the promoters and prepayment of long term loans
with unsecured loans.  CRISIL believes that BAL will maintain its
improved financial flexibility and capital structure in the
absence of any major capital expenditure (capex) planned over the
medium term.

The rating continues to reflect BAL's weak financial risk profile
resulting from high working capital requirements, and intense
competition.  These weaknesses are mitigated by the company's
established position in its dealership areas, Chandigarh (Punjab)
and Panchkula (Haryana).

Outlook: Stable

CRISIL believes that BAL will maintain its business risk profile
on the back of its established market position.  The outlook may
be revised to 'Positive' if BAL improves its capital structure or
operating margin on a sustained basis.  Conversely, the outlook
may be revised to 'Negative' in case of a decline in the company's
cash accruals or BAL undertakes any large debt-funded capex,
deteriorating its capital structure.

                     About Berkeley Automobiles

BAL was incorporated in 2005 by Mr. Ranjeev Dahuja.  The company
got its first dealership from Maruti Suzuki India Ltd in June 2005
for Panchkula (Haryana).  In October 2005, BAL opened one more
MSIL showroom in Panchkula, and another one in Chandigarh in 2006.
The company also has two service stations of MSIL.

For 2008-09 (refers to financial year, April 1 to March 31), BAL
reported a profit after tax (PAT) of INR12.2 million on net
revenues of INR1879 million, against INR9.4 million and INR1818
million, respectively, in the previous year.

For 2009-10, the company is estimated to have reported sales of
around INR2370 million and a PAT of INR15.1 million.


BEST CHERAN: CRISIL Upgrades Ratings on Various Debts to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Best
Cheran Spintex India Ltd (Best Cheran; part of the Cheran group)
to 'B-/Stable/P4' from 'D/P5'.

   Facilities                            Ratings
   ----------                            -------
   INR283.0 Million Long-Term Loan       B-/Stable (Upgraded from
                                                    'D')

   INR60.0 Million Cash Credit Limits    B-/Stable (Upgraded from
                                                    'D')

   INR38.0 Million Letter of Credit     P4 (Upgraded from 'P5')
          and Bank Guarantee Limits

The upgrade reflects CRISIL expectation that the Cheran group will
be able to service its reduced term debt obligation over the
medium term on the back of its improved cash accruals compared
with the earlier weak levels.

However, the ratings also reflect the Cheran group's exposure to
risks relating to supplier concentration, and volatility in the
prices of viscose staple fibre (VSF); and moderate financial risk
profile, marked by stretched liquidity.  These weaknesses are
partially offset by the benefits that the group derives from its
position as an established player in the viscose yarn industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of Best Cheran and Cheran Spinner Ltd
(Cheran Spinner).  This is because both companies, together
referred to as the Cheran group, are engaged in the same line of
business (manufacture of viscose yarn), are under a common
management, and share the functions relating to procurement of raw
materials and marketing.  The two companies have also extended
financial support to each other in the event of exigencies.

Outlook: Stable

CRISIL believes that the Cheran group's liquidity will remain
constrained over the medium term on account of high incremental
working capital requirements.  The outlook may be revised to
'Positive' in case the group reports a healthy and sustained
improvement in its profitability, and manages its working capital
prudently, over the medium term.  Conversely, the outlook may be
revised to 'Negative' in case of a decline in the Cheran group's
operating margin, leading to a deterioration in its debt
protection measures, or if it undertakes a larger-than-expected
debt-funded capital expenditure programme.

                          About the Group

The Cheran group, consisting of Cheran Spinner and Best Cheran, is
promoted by Mr. R Pongianna Gounder. Set up in 1991, and
headquartered at Erode (Tamil Nadu), the group manufactures and
exports viscose and viscose-blended yarn.  It has a combined
capacity of 32,256 spindles and 2880 rotors.  For 2009-10 (refers
to financial year, April 1 to March 31), the Cheran group reported
a profit after tax of INR50.7 million on net sales of INR1.56
billion, as against a net loss of INR42.8 million on net sales of
INR1.12 billion for 2008-09.


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

   Facilities                             Ratings
   ----------                             -------
   INR5.0 Million Cash Credit             BB/Stable (Reaffirmed)
   INR8.0 Million Term Loan               BB/Stable (Reaffirmed)
   INR4.0 Million Proposed Long-Term      BB/Stable (Reaffirmed)
                 Bank Loan Facility
   INR35.0 Million Export Packing Credit  P4+ (Reaffirmed)
   INR900.0 Million Letter of Credit      P4+ (Reaffirmed)

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

Outlook: Stable

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

                          About the Group

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

For 2008-09 (refers to financial year, April 1 to March 31), Crown
Alba reported a profit after tax (PAT) of INR4.3 million on net
sales of INR2.07 billion, against a PAT of INR4.6 million on net
sales of INR2.78 million for 2007-08.


DEEGEE COTSYN: CARE Rates INR87.97cr Debt at 'CARE BB+(SO)'
-----------------------------------------------------------
CARE assigns 'CARE BB+(SO)' and 'PR4 (SO)' ratings to the bank
facilities of Deegee Cotsyn Pvt Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities      87.97         'CARE BB+(SO)'

Rating Rationale

The ratings are constrained by limited track record of the
company, small size of operations and moderate financial profile
characterized by low profitability, high gearing levels and low
current ratio.  Further presence in the lowest end of textile
value chain and fragmented nature of the industry also acts as a
constraining factor.

The rating takes into cognizance the irrevocable and unconditional
corporate guarantee for debt servicing given by Narendra Solvex
Pvt Ltd and Deegee Orchards Pvt Ltd, two group companies.

The ability of the company to achieve healthy profitability in the
scenario of rising cotton prices and aggressive competition from
other domestic players as well as from low cost producing
countries is the key rating sensitivity.

Incorporated in June 2006, Deegee Cotsyn Private Limited (DCPL) is
engaged in manufacture of cotton yarn with a capacity of 31200
spindles at its plant located at Dabha Village of Amravati
district, Maharashtra. DCPL earned a PAT of INR0.51 crore
on total operating income of INR45.37 crore during FY09 and during
first nine months of FY10 the company posted a PBT of INR2.78
crore on total income of INR66.36 crore.


EDEN SLF: CRISIL Reffirms 'P4' Rating on INR72.2MM Bank Debts
-------------------------------------------------------------
CRISIL's ratings on Eden SLF Residency's bank facilities continue
to reflect Eden SLF's susceptibility to any adverse outcome of the
litigation involving the execution of its group housing project,
to uncertainties in demand and revenues, and to cyclicality
inherent in India's real estate industry.  These rating weaknesses
are partially offset by Eden SLF's promoters' strong track record
in the real estate sector.

   Facilities                          Ratings
   ----------                          -------
   INR72.2 Million Bank Guarantee      P4 (Reaffirmed)

Eden SLF is an Association of Persons (AOP) formed between Eden
Infraestate Pvt Ltd (Eden, represented by its directors Mr. Satpal
Kumar and Mr. Harsh Kumar) and Swatantra Land and Finance Pvt Ltd
(SLF, rated B-/Negative, by CRISIL, represented by its directors
Mr. Ajay Madan and Mr. V K Madan). Sharing of profit/loss between
Eden and SLF is in the ratio of their shareholding: 65 per cent
and 35 per cent, respectively.

Eden SLF, established in February 2008, obtained license from
Haryana Urban Development Authority (HUDA) for setting up a group
housing society, a commercial mall, and a residential colony on a
total area of 60 acres at Karnal (Haryana).  In the proposed
colony, Eden SLF plans to develop plots, construct a few villas, a
group housing project, and a commercial complex.


INDHUMATHI REFINERIES: ICRA Rates INR110MM Term Loan at 'LB+'
-------------------------------------------------------------
ICRA has assigned an "LB+" rating to the INR110.0 million term
loans (including proposed term loans of INR80.0 million) and
INR150.0 million cash credit limits of Indhumathi Refineries
Private Limited.  ICRA has also assigned an "A5" rating to the
INR700.0 million letter of credit facilities of Indhumathi.

The ratings are constrained by the fragmented structure and low
profitability inherent in the edible oil trading industry,
vulnerability of profit margins on account of volatility in raw
material prices and foreign exchange fluctuations, and the
relatively modest scale of operations of the company.  The ratings
are further constrained by the company's current weak financial
risk profile with high gearing and stressed liquidity position,
and the further downside from debt-funded capex programs in the
near-term.  The ratings, however, favorably factor the positive
demand outlook for refined, bleached and deodorized (RBD) palm
olein, customer profile which includes established pan-Indian
edible oil players for the operating area within Tamil Nadu,
operational advantages with proximity to the Chennai Port, and the
experience of the promoters in this business.

Indhumathi Refineries Private Limited, incorporated in 2008, is an
edible oil trading company based in Chennai, and was promoted by
the first-generation entrepreneurs Mr. Shenbegan and Mr. Rajan.
Prior to the incorporation of Indhumathi, the promoters had
similar business interests through a partnership entity which has
since ceased operations.  The company imports refined, bleached
and deodorized (RBD) palm olein predominantly from Malaysia and
sells in wholesale and retail markets.  The company currently has
four storage tanks of 4400 kilo litres and a packaging unit
located in Chennai and one storage tank of 1600 kilo litres in
Virudhunagar district. Indhumathi is proposing to set-up a
greenfield edible oil refinery adjacent to the current location in
the near-term at an estimated capital outlay of INR 320 million.
The entire shareholding of the company is by the promoters and
their relatives.


JAS ORCHID: CRISIL Rates INR320 Million Term Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the term loan
facility of Jas Orchid Resorts Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR320 Million Term Loan       B+/Stable (Assigned)

The rating reflects CRISIL's expectation that JAS would have weak
financial flexibility over the medium term because JAS's cash
accruals would remain subdued till its hotel operations stabilise,
and JAS's vulnerability to expected competition and economic
cyclicality.  These rating weaknesses are partially offset by
JAS's healthy business growth prospects due to location advantages
and business association with Intercontinental Hotels Group.

Outlook: Stable

CRISIL believes that JAS will complete its ongoing hotel project
without any cost or time overruns, and commences operations on
schedule, and also that JAS's promoters will support the company
in servicing its debt in a timely manner.  The outlook may be
revised to 'Positive' if JAS's financial risk profile improves as
a result of increase in the occupancy and average room revenue
(ARR), resulting in better-than-expected cash accruals.
Conversely, any delay in meeting the debt obligation due to
significant time and cost overruns in the ongoing project may
result in a revision of outlook to 'Negative'.

                          About Jas Orchid

JAS was incorporated in 2004 by Mr. Sanjeev Pinjha, Mr. Jaspal
Singh, and Mr. Jagdeep Singh to set up a hotel at Amritsar
(Punjab).  The hotel is located near District Shopping Centre,
Amritsar, and is under construction.  The company has an
operational and management agreement with Intercontinental Hotel
Group, Singapore, for the management of the 5-star hotel under the
Holiday Inn brand.  The seven-storied hotel has 137 rooms, a
swimming pool, a banquet hall, conference rooms, and other
amenities.  The hotel is expected to be operational by October
2010.


MODI TYRES: CRISIL Assigns 'B+' Rating to INR1.1BB Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Modi Tyres Company Pvt Ltd.

   Facilities                                 Ratings
   ----------                                 -------
   INR1.1 Billion Cash Credit Facility        B+/Stable (Assigned)
   INR100 Mil. Proposed Term Loan facility    B+/Stable (Assigned)
   INR150 Million Bank Guarantee/             P4 (Assigned)
   Letter of Credit
   INR50 Million Cash Management Service      P4 (Assigned)

The ratings reflect MTCPL's marginal-player status in a
consolidated tyre industry, with a presence only in the
replacement market, its weak financial risk profile marked by high
gearing and poor debt protection measures and its vulnerability to
fluctuations in raw material prices and to cyclicality in the tyre
industry.  These rating weaknesses are partially offset by MTCPL's
improving business risk profile because of a technological tie-up
with Continental AG of Germany.

Outlook: Stable

CRISIL believes that MTCPL's business risk profile will improve
over the medium term on the back of increasing sales, as well as
its technological tie up with Continental AG for its venture into
the radial tyre segment.  However, the company's financial risk
profile is expected to remain weak over this period because of
additional working capital requirements.  The outlook may be
revised to 'Positive' in case of higher-than-expected and
sustained growth in the company's revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if MTCPL
reports a lower-than-expected sales growth, most likely because of
fewer repeat orders, or in case of deterioration in the company's
financial risk profile, due to higher-than-expected increase in
its working capital requirements.

                          About Modi Tyres

MTCPL is an entity that has been carved out of Modi Rubber Ltd
(MRL) under a revival scheme of the Board for Industrial and
Financial Reconstruction (BIFR); MRL had been referred to BIFR
when its net worth was wiped out after production was stopped in
2001.  MTCPL is a wholly owned subsidiary of MRL with a paid-up
capital of INR560 million.

MTCPL has been producing truck and bus tyres since June 2009.  It
has tied up with 105 carrying and forwarding agents and 1400
dealers across India to access the market.  The company has
automated and refurbished its plant to reduce manpower
requirements, and has also introduced all modules of SAP.  MTCPL's
Modipuram (Uttar Pradesh) plant was operating at 66 per cent
capacity as on March 31, 2010.  MTCPL's technical cooperation tie-
up with Continental AG continues to benefit the company.


MINERVA ENTERPRISES: CARE Assigns 'CARE BB+' Rating to LT Loans
---------------------------------------------------------------
CARE assigns 'CARE BB+' rating to bank facilities of
Minerva Enterprises Pvt Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities      313.28        'CARE BB+'

The rating factors in risk associated with implementation of the
project, long gestation period, competition from existing and new
hotel ventures/projects in the same area and cyclic nature of the
industry.  The rating is however, underpinned by promoters
strength, the experienced management team, marketing service
agreement with Hyatt, location of the proposed hotel in IT Hub of
Hyderabad and achievement of financial closure.  The ability of
the company to complete the project without any cost and time
overruns is the key rating sensitivity.

Minerva Enterprises P Ltd., promoted by Mr. P Prabhakar Reddy,
Chairman & Managing Director (CMD) of Viceroy Hotels Limited, is
currently executing a five-star hotel project, which comprises 398
Rooms, five Restaurants, Business Centre with Board Room, and
Banquet facilities with Board Rooms.  The total cost of the
project of INR448 crore is proposed to be funded through term
loans of INR313 cr and equity of INR135 cr.  The commercial
operation date of the hotel is expected to be April 2013.


MINERVA EXECUTIVE: CARE Rates INR56cr LT Loans at 'CARE BB+'
------------------------------------------------------------
CARE assigns 'CARE BB+' rating to bank facilities of
Minerva Executive Apartments Pvt Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities       56.00       'CARE BB+'

The rating takes into account project implementation risk, time
overrun in project execution, expected cost overrun, slowdown in
the hotel industry, inherent cyclical nature of the hotel industry
and competition from existing and upcoming hotel ventures in the
vicinity.  The rating is however underpinned by promoter's
experience, management agreement with Fraser and current status of
the project.  The Company's ability to complete the project
without further time and cost overrun is the key rating
sensitivity.

Minerva Executive Apartments Private Limited, promoted by the
directors of Viceroy Hotels Limited, was incorporated in the year
2007 for implementing a 5-star category executive service
apartment at K.R.Puram Bangalore.  The proposed project has 100
Rooms, One Restaurant, Bar & Multi-cuisine Restaurant, Business
Centre, Fitness Centre (Spa & Health Club).  The management team
is headed by Mr.A.Vijayavardhan Reddy (Director in VHL) having
over 2 decades of experience in Hospitality Sector.  As on May
20th 2010 civil work was completed; plumbing works & air-
conditioning works was in progress.  Furniture was already
procured by the company.  The project is expected to be completed
by April 2011 at an estimated cost of INR101.72crores.


RAJESH ESTATES: CARE Rates INR199cr LT Bank Debts at 'CARE BB'
--------------------------------------------------------------
CARE ASSIGNS a 'CARE BB' rating to the long-term bank facilities
of Rajesh Estates & Nirman Limited.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities       199.00       'CARE BB'

Rating Rationale

The rating is constrained by project execution risk, high gearing
levels of the company, uncertainty in relation to prices of
commercial space in northern part vis-a-vis southern part of
Mumbai and inherent cyclical nature of the real estate industry.
The rating, however, derives strength from the promoters'
experience in the real estate sector, strategic locations of the
projects, acquisition of the entire land at low cost, infusion of
substantial contribution by the promoters, tie up of the entire
debt and receipt of all approvals for the projects.

The ability of RENL to complete the projects as scheduled and
marketability of the commercial project in the wake of downturn
remain the key rating sensitivities.

Rajesh Estates and Nirman Limited was incorporated as Raj
Precision Limited on April 24, 1996.  It is a part of Rajesh group
of builders and was formed with an objective of holding land for
the group.  On February 03, 2005, the name of the company was
changed to its current name with the objective to build and sell
real estate properties.

RENL is currently developing three projects in Mumbai, of which
one is for captive use.  The other two projects, a commercial and
a residential, are expected to cost INR419 crore which is to be
funded through debt:equity of around 1.6x.  As on December 31,
2009, the promoters had brought in around 80% of their
contribution and the projects were completed to the extent of
around 30%.  RENL expects the projects to generate revenue from
FY12.


REGAL TRANSCORE: CRISIL Reaffirms 'B-' Rating on INR73.5MM Debt
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Regal Transcore
Laminations Pvt Ltd (Regal Transcore, part of the Udasee group),
continue to reflect the Udasee group's below-average financial
risk profile, marked by high gearing, weak debt protection
metrics, and small net worth, and exposure to intense competition
in the electrical laminations segment for power transformers.
These rating weaknesses are partially offset by the healthy growth
in the Udasee group's revenues due to rising demand from the power
sector.

   Facilities                          Ratings
   ----------                          -------
   INR73.5 Million Cash Credit         B-/Stable (Reaffirmed)
   INR20.0 Million Bill Discounting    P4 (Reaffirmed)
   INR85.0 Million Letter of Credit    P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Regal Transcore and its associate
company Udasee Stampings Pvt Ltd.  This is because both the
entities, together referred to as the Udasee group, have common
promoters and management, are in the same line of business, and
have strong operational linkages.  The companies have also
provided corporate guarantees to each other.

Outlook: Stable

CRISIL believes that the Udasee group will continue to benefit
from its established relationships with suppliers and customers
over the medium term.  However, the group's financial risk profile
is expected to remain constrained over the medium term, because of
its high gearing, low margins, and large working capital
requirements.  The outlook may be revised to 'Positive' if the
Udasee group's capital structure improves significantly and if the
group reports a more-than-expected improvement in its
profitability, leading to improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the group's gearing increases and debt protection metrics weaken
because of high reliance on debt to fund working capital
requirements.

                       About Udasee group

Regal Transcore was set up as a proprietary firm named Regal
Laminator in 1988, and was incorporated as a private limited
company, with the current name in 1998. Udasee Stamping was
incorporated in 1993.  Both the companies are promoted and owned
by the Udasi family and have plants in the Jetpur Industrial Area,
Jaipur (Rajasthan).

The Udasee group manufactures electrical laminations for
transformers and has total installed capacity of 3600 tonnes per
annum (tpa).  Its capacity utilisation was around 88 per cent in
2009-10 (refers to financial year, April 1 to March 31).

The Udasee group reported a provisional profit after tax (PAT) of
INR2.8 million on net sales of INR468.6 million for 2009-10,
against a PAT of INR1.7 million on net sales of INR487.6 million
for 2008-09.


RUPAM CONDUCTORS: ICRA Places 'LBB-' Rating on INR115MM Loans
-------------------------------------------------------------
ICRA has assigned "LBB-" rating with stable outlook to the
INR115 million fund based bank facilities and "A4" rating to
INR120 million non fund based bank facilities of Rupam Conductors
Private Limited.

The ratings are constrained by the company's small size of
operations, high customer concentration, high working capital
intensity of operations, weak financial risk profile characterized
by low profitability, high gearing and weak debt protection
metrics.  The ratings also factor the vulnerability of operating
profitability to the volatile copper prices and the competitive
pressures as the industry is unorganized and fragmented.  The
ratings, however, draw comfort from the company's long standing
experience in copper conductor business which is reflected in
repeat orders from its reputed clientele, long established
relationship with key customer Chittaranjan Locomotive Works (CLW-
A division of the Indian Railways), diverse applications of
conductor products, and the favorable demand prospects on the back
of major investments in the power sector.

Established in 1996, Rupam Conductors Private Limited is promoted
and managed by Shri Hasmukh R. Mehta and his two daughters ? Ms.
Rupa Mehta and Ms. Manisha Mehta.  The business of the company is
manufacturing of copper conductors.  The products are Electrolytic
Copper Strips,Flats, Busbars, Sections, Profiles and Rounds with
Square / Round Edges, having widths ranging from 8 mm to 160 mm
and thickness of 1 mm to 18 mm.  These items are all made-to-
order, as per specific requirements from clients.  Depending on
customer's choice, products of the company conform to
standards like IS, BS, ASTM, DIN etc.  Currently, the company has
two units in Silvassa, Dadra and Nagar Haveli (U.T.) for which
cumulative installed capacity is 1050 MTPA.

During FY 2009, RCPL recorded operating income of INR250.5 million
and net loss of INR20.5 million.  During the ten months ended
January of FY 2010, the company recorded an operating income of
INR217.8 million and with a net profit of INR0.7 million.


SAN AUTOMOTIVE: CRISIL Assigns 'BB' Rating to INR32MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to SAN Automotive
Industries Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR32.0 Million Cash Credit        BB/Stable (Assigned)
   INR15.0 Million FLC*               BB/Stable (Assigned)
   INR25.0 Million Term Loan          P4+ (Assigned)

The ratings reflect SAN's weak financial risk profile, marked by a
small net worth, high gearing, and average debt protection
metrics; susceptibility to volatility in raw material prices; and
small scale of operations with a relatively limited track record
in the highly fragmented sheet metal components industry.  These
rating weaknesses are partially offset by SAN's established
customer relationships and diversified customer base.

Outlook: Stable

CRISIL believes that SAN's scale of operations will remain small,
and that its financial risk profile will remain constrained due to
its small net worth and high gearing, over the near-to-medium
term.  The outlook may be revised to 'Positive' if the company
significantly improves its financial risk profile, most likely
through fresh equity infusion, while prudently managing its
incremental working capital requirements, leading to an improved
gearing.  Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenues or profitability, leading to
lower cash accruals, or larger-than-expected debt-funded capital
expenditure, which would cause its capital structure to
deteriorate.

                        About SAN Automotive

SAN was established in 2004 by the Gumber family of Haryana. SAN
manufactures sheet metal and foam components, which are used in
the consumer durables, telecommunications, and automobile
industries, among others.  The company has manufacturing
facilities at Faridabad (Haryana).

SAN reported a profit after tax (PAT) of about INR3.8 million on
net sales of INR392 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.4 million on net sales
of INR264 million for 2008-09.


SARAVANA SELVARATHNAM: CRISIL Reaffirms 'BB+' Rating on Bank Debts
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Saravana Selvarathnam
Retail Pvt Ltd continue to reflect SSRPL's below-average financial
risk profile marked by high gearing and poor debt-protection
indicators, and its exposure to intense competition in the retail
business.  These weaknesses are partially offset by the company's
established market position, marked by a strong brand image in the
Chennai retail market, and sound operating capabilities.

   Facilities                        Ratings
   ----------                        -------
   INR450 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR350 Million Long-Term Loan     BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSRPL will maintain its healthy business risk
profile over the medium term, supported by its established brand
image in Chennai.  The outlook may be revised to 'Positive' if the
group's financial risk profile improves-with significant
improvement in sales, profitability, and debt protection measures-
following the opening of the proposed new shop.  Conversely, the
outlook may be revised to 'Negative' in the event of significant
debt-funded capital expenditure (capex), unexpected delays in the
opening of the new shop leading to a mismatch in cash flows, or
pressure on realizations because of intense competition.

                     About Saravana Selvarathnam

Established in the 1980s by Mr. Selvarathnam, SSRPL is a leading
retail-store chain in Chennai.  The company owns four leading
retail stores in Chennai, dealing in textiles, jewellery, vessels,
lifestyle goods, and fast-moving consumer goods.  The company
opened its fourth shop in March 2010, and is planning to set up
its fifth shop in the next four or five months.  The total capex
for the two shops is estimated at INR1.1 billion, which was funded
through debt of INR700 million.

For 2009-10 (refers to financial year, April 1 to March 31), SSRPL
is estimated to report a profit after tax of INR80 million on net
sales of INR3.5 billion, against INR53 million and INR2.7 billion,
respectively, for the previous year.


SHREE GOVARDHAN: CRISIL Reaffirms 'B' Rating on INR19MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on Shree Govardhan Cot-Gin Pvt Ltd's bank
facilities continue to reflect SGCPL's below-average financial
risk profile, marked by small net worth, high gearing and weak
debt protection metrics, and susceptibility to adverse regulatory
changes.  These rating weaknesses are partially offset by
experience of SGCPL's promoters in the cotton ginning industry.

   Facilities                          Ratings
   ----------                          -------
   INR94.5 Million Cash Credit Limit   B/Stable (Reaffirmed)
   INR19.0 Million Term Loan           B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGCPL will continue to benefit from
promoters' experience in the cotton ginning industry over the
medium term.  The outlook may be revised to 'Positive' if SGCPL's
financial risk profile improves with improvement in capital
structure, supported by equity infusion.  Conversely, the outlook
may be revised to 'Negative' if SGCPL's operating margin declines,
leading to decline in its cash accruals and debt protection
metrics.

                       About Shree Govardhan

Incorporated in 2006, SGCPL commenced manufacturing operations in
April 2008.  It manufactures cotton bales, crude cottonseed oil,
and oil cakes, at its facilities in Rajkot (Gujarat).  Before its
manufacturing operations began, SGCPL traded in cotton.  The
company's plant has capacity to manufacture around 400 bales of
cotton per day and 10,000 kilogram of crude cottonseed oil per
day; the plant is currently operating at about 70 per cent
utilisation level.

SGCPL's provisional profit before tax (PBT) is INR3 million on
estimated net sales of INR782 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4
million on net sales of INR711 million for 2008-09.


S T ELECTRICALS: CRISIL Puts 'B-' Rating on INR120MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to S T Electricals
Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR120.00 Million Cash Credit        B-/Stable (Assigned)
   INR230.00 Million Bank Guarantee     P4 (Assigned)
   INR60.00 Million Letter of Credit    P4 (Assigned)

The ratings reflect STEPL's exposure to risks relating to intense
competition and small scale of operations in the electrical
contracting industry, and working capital-intensive operations.
These rating weaknesses are partially offset by STEPL's
comfortable financial risk profile, and the benefits that the
company derives from promoters' experience, and healthy order
book.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ST Electricals Pvt Ltd, and STEPL's
group entities, Success Engineers and Siddharth Engineering
Corporation.  This is because the three entities, collectively
referred to as the ST group, are in the same line of business, and
under a common ownership. STEPL procures raw material from, and
gets job-work done by SE. STEPL outsources labour-related work to
SEC.  Further, against these work, STEPL gets extended credit from
group companies.  Moreover, SEC has also provided unsecured loans
to STEPL.

Outlook: Stable

CRISIL believes that the ST group will remain a small regional
player in the electrical contracts business.  The outlook may be
revised to 'Positive' if improved working capital management
relieves pressure on the group's liquidity, and if the group
completes on time projects that are currently in its order book.
Conversely, the outlook may be revised to 'Negative' if the
group's liquidity is weakened further, or if delay in executing
current orders leads to low profitability and cash accruals.

                       About S T Electricals

STEPL was incorporated in 1998 as a private limited company, prior
to which it functioned as a partnership since 1986.  The company
is primarily engaged in the execution of government-funded
electrical contracts.  The company is promoted by Mr. ST Tiwari
and his family.  In 2009-10, STEPL won four contracts from MSEDCL.
This includes two contracts of INR1800 million, which were won
through a 50:50 joint bid with Space Age Associates. STEPL's share
of these four contracts is about INR1300 million.

Success Engineers, set up in 2000, is a partnership firm engaged
in manufacturing feeder pillars and in job works.  The promoters
of STEPL are the partners in Success Engineers. Siddharth
Engineering Corporation is a partnership firm engaged in job works
and in trading in electrical items.  It was set up in 2003.

STEPL reported a profit after tax (PAT) of INR13.2 million on net
sales of INR254.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR9.26 million on net
sales of INR232.23 million for 2007-08.


UDASEE STAMPINGS: CRISIL Reaffirms 'B-' Rating on INR60MM Debt
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Udasee Stampings Pvt
Ltd (Udasee Stampings, part of Udasee group), continue to reflect
the Udasee group's below-average financial risk profile, marked by
high gearing, weak debt protection metrics, and small net worth,
and exposure to intense competition in the electrical laminations
segment for power transformers.  These rating weaknesses are
partially offset by the healthy growth in the Udasee group's
revenues due to rising demand from the power sector.

   Facilities                          Ratings
   ----------                          -------
   INR60.0 Million Cash Credit         B-/Stable (Reaffirmed)
   INR.20.0 Million Bill Discounting   P4 (Reaffirmed)
   INR72.5 Million Letter of Credit    P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Regal Transcore Laminations Pvt. Ltd.
and its associate company Udasee Stampings.  This is because both
the entities, together referred to as the Udasee group, have
common promoters and management, are in the same line of business,
and have strong operational linkages.  The companies have also
provided corporate guarantees to each other.

Outlook: Stable

CRISIL believes that the Udasee group will continue to benefit
from its established relationships with suppliers and customers
over the medium term.  However, the group's financial risk profile
is expected to remain constrained over the medium term, because of
its high gearing, low margins, and large working capital
requirements.  The outlook may be revised to 'Positive' if the
Udasee group's capital structure improves significantly and if the
group reports a more-than-expected improvement in its
profitability, leading to improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the group's gearing increases and debt protection metrics weaken
because of high reliance on debt to fund working capital
requirements.

                    About Udasee group

Regal Transcore was set up as a proprietary firm named Regal
Laminator in 1988, and was incorporated as a private limited
company, with the current name in 1998.  Udasee Stamping was
incorporated in 1993.  Both the companies are promoted and owned
by the Udasi family and have plants in the Jetpur Industrial Area,
Jaipur (Rajasthan).

The Udasee group manufactures electrical laminations for
transformers and has total installed capacity of 3600 tonnes per
annum (tpa).  Its capacity utilisation was around 88 per cent in
2009-10 (refers to financial year, April 1 to March 31).

The Udasee group reported a provisional profit after tax (PAT) of
INR2.8 million on net sales of INR468.6 million for 2009-10,
against a PAT of INR1.7 million on net sales of INR487.6 million
for 2008-09.


WORLDWIDE SAFETY: CRISIL Puts 'P4+' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Worldwide Safety Pvt Ltd's
bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR65.0 Million Packing Credit         P4+ (Assigned)
   INR10.0 Million Standby Foreign Bill   P4+ (Assigned)
                               Exchange
   INR55.0 Million Foreign Bill Exchange  P4+ (Assigned)
   INR60.0 Million Letter of Credit       P4+ (Assigned)

The rating reflects WSPL's large working capital requirements,
small scale of operations, and susceptibility to intense
competition in the safety gloves manufacturing segment.  These
rating weaknesses are partially offset by the benefits the company
derives from its collaboration with Lebon Protection Industrielle
SAS (LPI) and WSPL's above-average financial risk profile, marked
by healthy return on capital employed (RoCE), low gearing and
comfortable debt protection metrics.

Incorporated in 2000, WSPL was started by Mr. Prashant Tulsyan and
Mr. Prawal Tulsyan in technical and financial collaboration with
French company LPI. WSPL is equally held by the Indian promoters
and their French counterparts.  LPI also provides sales support to
WSPL.  The company is a 100 per cent export oriented unit (EoU)
manufacturing safety gloves used in industries such as automotive,
steel, and glass.  The company has a portfolio of around 600
varieties of gloves which include value-added products such as
seamless knitted gloves with
polyurethane/polyvinylchloride/leather covering. WSPL buys its
entire leather requirement from its group company Tulsyan Impex
Pvt Ltd.

WSPL reported a profit after tax (PAT) of INR22.4 million on net
sales of INR221.2 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR52.3 million on net sales
of INR278.4 million for 2007-08.


* Fitch Upgrades Ratings on Five Indian Government-Owned Banks
--------------------------------------------------------------
Fitch Ratings has upgraded the Support ratings of five Indian
government-owned banks, Corporation Bank, Indian Bank, Andhra
Bank, Vijaya Bank and Dena Bank, to '3' from '4'.  Additional
rating actions affecting Dena Bank and the Oriental Bank of
Commerce are detailed at the end of this comment.  The Support
Rating of Vijaya Bank has been removed from Rating Watch Positive.

The upgrades reflect the Indian government's continued strong
propensity and commitment towards maintaining healthy financial
profiles for government-owned banks, and the government's improved
ability to do this based on better prospects for its fiscal
position.

The Support ratings of some other Fitch-rated government banks are
already at '2', the highest level for Indian banks, or '3', based
on Fitch's view of their relative importance to India's financial
system.  The minimum Support Rating Floor for a government bank is
now 'BB' on Fitch's international rating scale (sovereign rating:
'BBB-'/Stable) and 'AA-(ind)' on the national rating scale.

The government's current target is to ensure a minimum Tier 1
ratio of 8% for government-owned banks by end-March 2011 through
an infusion of INR165bn in common equity or hybrids.  The
government has identified five banks for targeting: IDBI Bank,
Central Bank of India, Bank of Maharashtra, UCO Bank and Union
Bank of India.  Fitch notes that government support has been
proactive, as opposed to bailing out banks in distress, which
strengthens the agency's expectation that future support will be
forthcoming.

Fitch also draws comfort from the government's prospective fiscal
position based on the robust domestic economic outlook, which
helps increase its ability to provide timely support to state-
owned banks.  Fitch recently revised India's FY11 growth forecast
to 8.5% from 7%, and revised the Outlook on India's Long-term
local currency Issuer Default Rating to Stable from Negative in
June.

An improvement in the state's fiscal condition, if maintained,
could result in the Support ratings of a few more banks being
upgraded to '2', implying a Support Rating Floor of 'BBB-' on
Fitch's international rating scale.  This would likely include
some large government banks and large private banks with growing
systemic importance.

Fitch notes that the planned capital infusions could significantly
improve the Tier 1 ratios of weaker performing government banks,
and would provide timely support as the reported gross NPL ratios
of these banks could deteriorate through FY11 due to maturing
restructured loans.  These banks will also face higher demands on
capital given the expected rise in loan growth.  Maintaining a
comfortable capital threshold and an improved performance outlook
could result in selective upgrades of these banks' Individual and
Long-term ratings.

Fitch has taken these additional rating actions:

Dena Bank

  -- National Long-term rating: upgraded to 'AA-(ind)' from
     'A+(ind)'; Outlook Stable; and

  -- INR4.5bn Lower Tier 2 subordinated bonds: upgraded to 'AA-
     (ind)' from 'A+(ind)'.

Oriental Bank of Commerce

  -- Support Rating Floor: upgraded to 'BB+' from 'BB-'.

This comprises a full list of state-owned banks' Support ratings:

  -- Support Rating '2': State Bank of India, Punjab National
     Bank, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank
     and Union Bank of India; and

  -- Support Rating '3': Indian Overseas Bank, Oriental Bank of
     Commerce, UCO Bank, Allahabad Bank, Corporation Bank, Indian
     Bank, Andhra Bank, Vijaya Bank and Dena Bank.


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


JAPAN AIRLINES: To Solicit Bids for In-flight Meal Business
-----------------------------------------------------------
Royal Holdings Co. and Sojitz Corp. are in the running to purchase
the in-flight meal business of Japan Airline Corp., Automated
Trader reports citing the Nikkei Daily.

The report says JAL will solicit bids for TFK Corp. and its
subsidiary as soon as next week.  Other potential buyers include
global in-flight meal provider Gate Gourmet of Switzerland and
Deutsche Lufthansa AG Group, the report notes.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MIZUHO CORPORATE: Moody's Takes Rating Actions on Various Notes
---------------------------------------------------------------
Moody's Investors Service has announced these rating actions for
Class A through Class D of the CuBic One Limited Series 2007-1 by
Mizuho Corporate Bank:

Issuer: CuBic One Limited -- Series 2007-1

(1) JPY14,100M Class A Notes, upgraded to Aa1; previously on
    April 24, 2009 downgraded to Aa3

(2) JPY5,500M Class B Notes, upgraded to A3; previously on
    April 24, 2009 downgraded to Baa3

(3) JPY3,700M Class C Notes, upgraded to Ba2; previously on
    April 24, 2009 downgraded to Ba3

(4) JPY2,000M Class D Notes, upgraded to B3; previously on
    April 24, 2009 downgraded to Caa1

This transaction is a balance sheet synthetic CLO by Mizuho
Corporate Bank that references corporate loans with exposures of
approximately 60% to the US and 16% to the UK.

The upgrades are the result of an improvement in the
creditworthiness of the reference pool, the influence of
amortization, and the shortened time to maturity.  Various
sensitivity analysis were also performed to test the robustness of
the upgrade, including runs to show the impact of defaults with
zero recovery, as well as the impact of the shortened time to
maturity.  The transaction has about 0.8 of a year remaining to
its scheduled maturity date on April 27, 2011.  As of June 30,
2010, the total pool notional amount was JPY 202.1 billion
compared to JPY 279.9 billion as of April 24, 2009, the last
rating action date.

The credit quality of the pool has improved slightly, as evidenced
by the improvement in WARF (10 year weighted average) from 1,140
as of May 31, 2010, to 1,016 as of June 30, 2010, including a
credit improvement of one of the referenced entities from Caa1
level to Baa3 level (approximately 2.0% of the current total pool
notional amount).  The WARF at the time of the last rating action
was 703.

For the majority of the referenced assets, the equivalent ratings
used in Moody's analysis are obtained by mapping the originator's
internal rating scale to Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in the mapped ratings, stress equivalent to
half a notch was applied to the mapping scale.

Moody's monitors this transaction in accordance with the
methodology and supplements for Corporate Synthetic Obligations
described in "Moody's Approach to Rating Corporate Collateralized
Synthetic Obligations" (September 2009).

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


NANSO COUNTRY: Goldman Sachs Loses Management Control
----------------------------------------------------- Goldman
Sachs Group Inc. lost management control of Nanso Country Club
outside Tokyo after a court accepted a petition by members to
remove executives appointed by the Wall Street firm, Bloomberg
News reports.

The Tokyo District Court on July 6 appointed attorney Yuzo Miyama
to take over management of Nanso Country Club, Kunihiko Nishimura,
a lawyer representing members, told Bloomberg in an interview.
Miyama replaced Shigeki Kiritani, a Goldman Sachs managing
director who was overseeing the club?s operations, Bloomberg says.

Nanso Country Club and Fuyo Tochi operate gold courses in Chiba,
near Tokyo.  Nanso Country Club and Fuyo Tochi filed for
bankruptcy protection in January this year with liabilities of
JPY24.3 billion.


ORIX-NRL TRUST: Moody's Reviews Ratings on Various Certificates
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings for the Class A through I and X Trust
Certificates issued by ORIX-NRL Trust 15.  The final maturity of
the trust certificates will take place in June 2014.

The individual rating actions are:

  -- Class A, Aaa placed under review for possible downgrade;
     previously on September 4, 2007 definitive rating assigned
     Aaa

  -- Class B, Aa3 placed under review for possible downgrade;
     previously, downgraded to Aa3 from Aa2 on June 25, 2009

  -- Class C, Baa1 placed under review for possible downgrade;
     previously, downgraded to Baa1 from A2 on June 25, 2009

  -- Class D, Ba1 placed under review for possible downgrade;
     previously, downgraded to Ba1 from Baa2 on June 25, 2009

  -- Class E, Ba2 placed under review for possible downgrade;
     previously, downgraded to Ba2 from Baa3 on June 25, 2009

  -- Class F, B1 placed under review for possible downgrade;
     previously, downgraded to B1 from Ba1 on June 25, 2009

  -- Class G, B2 placed under review for possible downgrade;
     previously, downgraded to B2 from Ba2 on June 25, 2009

  -- Class H, B3 placed under review for possible downgrade;
     previously, downgraded to B3 from Ba3 on June 25, 2009

  -- Class I, B3 placed under review for possible downgrade;
     previously, downgraded to B3 from B1 on June 25, 2009

  -- Class X, Aaa placed under review for possible downgrade;
     previously on September 4, 2007 definitive rating assigned
     Aaa

ORIX-NRL Trust 15, effected in September 2007, represents the
securitization of seven non-recourse loans and three specified
bonds.  The transaction is currently secured by five non-recourse
loans and two specified bonds.  Two non-recourse loans and one
specified bond have been under special servicing since the closing
of the deal, and one of the loans was fully paid two months after
being placed under special servicing.

Moody's is placing these ratings under review for possible
downgrade because of:

1) the need to apply more stress to the recovery assumptions for
   the properties -- 19 residential properties and one retail
   building in Tokyo -- backing one loan under special servicing
   since January 2009, as overall vacancy rates are increasing for
   the remaining properties,

2) the need to apply more stress to the recovery assumptions for
   the property -- one retail building in central Osaka -- backing
   one specified bond under special servicing since May 2010,
   because the main tenant has notified the landlord of its
   intention to vacate, and finding a new tenant will be
   difficult, which could lead to a decline of property cash flow.

3) the concern of a likely decline in the cash flows of some of
   the other properties backing the remaining loans or specified
   bonds, maturing between February 2011 and May 2012.

The review will entail a re-examination of Moody's recovery
assumptions for the remaining properties, taking into account its
comprehensive review of the properties' performance and prospects
for collateral recovery of the specially serviced loans and
specified bonds.

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


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


AIR NEW ZEALAND: To Keep Minority Shares in Air Pacific
-------------------------------------------------------
Fiji?s national airline Air Pacific and the Air Pacific Group of
companies recorded an after tax loss of F$65.3 million and F$59.0
million respectively for the year ended March 31, 2010, Fiji
Broadcasting Corporation reports.  The loss is quite significant
compared to the previous year where losses stood at F$5.2 million
and F$7.2 million respectively, the report notes.

According to the report, Air Pacific chairman Nalin Patel said
this was the toughest financial year for the company due to high
fuel costs, the impact of new competition, lower fares and the
global financial crisis.

FBC relates Mr. Patel said the journey back to acceptable levels
of profitability will be challenging but he is confident this will
happen with the new team and board they have put in place.

Air Pacific?s recently appointed Managing Director and CEO Dave
Pflieger said the losses are unacceptable going forward, and the
airline will have to change if it has to succeed, the report adds.
Mr. Pflieger, as cited by FBC, said he is confident Air Pacific
will bounce back with new strategies, team work and hard work.

Meanwhile, stuff.co.nz reports that Air New Zealand said it plans
to hold onto its minority share in Air Pacific despite the carrier
going into a financial nose dive.

Air Pacific -- is Fiji?s national airline.  The Fiji Government
owns 51 percent of the airline with Qantas holding a 46.32 percent
share and Air New Zealand holding a 1.9 percent stake.


AIR PACIFIC: Posts F$65.3 Million Net Loss for Year Ended March 31
------------------------------------------------------------------
Fiji?s national airline Air Pacific and the Air Pacific Group of
companies recorded an after tax loss of F$65.3 million and F$59.0
million respectively for the year ended March 31, 2010, Fiji
Broadcasting Corporation reports.  The loss is quite significant
compared to the previous year where losses stood at F$5.2 million
and F$7.2 million respectively, the report notes.

According to the report, Air Pacific chairman Nalin Patel said
this was the toughest financial year for the company due to high
fuel costs, the impact of new competition, lower fares and the
global financial crisis.

FBC relates Mr. Patel said the journey back to acceptable levels
of profitability will be challenging but he is confident this will
happen with the new team and board they have put in place.

Air Pacific?s recently appointed Managing Director and CEO Dave
Pflieger said the losses are unacceptable going forward, and the
airline will have to change if it has to succeed, the report adds.
Mr. Pflieger, as cited by FBC, said he is confident Air Pacific
will bounce back with new strategies, team work and hard work.

Meanwhile, stuff.co.nz reports that Air New Zealand said it plans
to hold onto its minority share in Air Pacific despite the carrier
going into a financial nose dive.

Air Pacific -- is Fiji?s national airline.  The Fiji Government
owns 51 percent of the airline with Qantas holding a 46.32 percent
share and Air New Zealand holding a 1.9 percent stake.


AORANGI SECURITIES: Statutory Managers Say Investors at Risk
------------------------------------------------------------
Radio New Zealand reports that statutory managers controlling the
affairs of South Island businessman Allan Hubbard warned that some
of the 400 investors in Aorangi Securities may be at risk, because
many of the company's loans were to farm businesses, which rank
behind secured bank loans.

One of the charitable trusts being investigated, Te Tua Trust,
borrowed money from Aorangi and some of the interest-free loans it
made to business people are in arrears, Radio New Zealand says.

According to the report, the statutory managers said they may have
to get help from the court to sort out which investors get
priority, and which ones are secured.

Radio New Zealand discloses that Aorangi Securities is also under
investigation by the Serious Fraud Office, following a Companies
Office report that found irregularities among some NZ$134 million
in loans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said that New Zealand appointed a
statutory manager for Aorangi Securities Ltd. and seven trusts,
which are associated with Mr. Hubbard, to protect investors and
prevent fraud.  Citing Commerce Minister Simon Power's e-mailed
statement, Bloomberg News related that Mr. Hubbard and his wife
are also subject to statutory management because they are so
closely connected with the businesses.  The seven charitable
trusts included in the statutory management are Te Tua, Otipua,
Oxford, Regent, Morgan, Benmore and Wai-iti.  Trevor Thornton and
Richard Simpson of Grant Thornton were appointed as statutory
managers.

Aorangi Securities was incorporated in 1974 and is solely
controlled by the Hubbards, who are both directors.


AORANGI SECURITIES: Statutory Managers Freeze Another Hubbard Fund
------------------------------------------------------------------
Radio New Zealand reports that statutory managers controlling the
affairs of South Island businessman Allan Hubbard have frozen
funds in another investment firm he controlled.

Richard Simpson and Trevor Thornton of Grant Thornton said their
job has become more complex since learning of another business,
Hubbard Management Funds, Radio New Zealand relates.

The report says the statutory managers estimated the investment
management business is worth about NZ$70 million, but said they
can't give an updated value because its accounting systems are
inadequate.

Radio New Zealand adds that they said the company had no formal
disclosure document, and Mr. Hubbard recorded clients' investments
in hand-written cashbooks and journals, which were then posted to
an electronic ledger account.

The fund will remain frozen until they bring the accounting up to
date, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said that New Zealand appointed a
statutory manager for Aorangi Securities Ltd. and seven trusts,
which are associated with Mr. Hubbard, to protect investors and
prevent fraud.  Citing Commerce Minister Simon Power's e-mailed
statement, Bloomberg News related that Mr. Hubbard and his wife
are also subject to statutory management because they are so
closely connected with the businesses.  The seven charitable
trusts included in the statutory management are Te Tua, Otipua,
Oxford, Regent, Morgan, Benmore and Wai-iti.  Trevor Thornton and
Richard Simpson of Grant Thornton were appointed as statutory
managers.

Aorangi Securities was incorporated in 1974 and is solely
controlled by the Hubbards, who are both directors.


BRIDGECORP LTD: Chairman Fights 2-1/2 Years Directorship Ban
------------------------------------------------------------
The chairman of the failed Bridgecorp group, Bruce Davidson, is
fighting a ban on serving as a director of other companies, Radio
New Zealand reports.

The report recalls that Mr. Davidson was prohibited by the
Registrar of Companies for sitting as a director for 2 and 1/2
years.

According to Radio New Zealand, the Companies Office had the
option not to ban Mr. Davidson, but only if he could show he was
not responsible in any way for Bridgecorp's collapse.  However,
the Companies Registrar found Mr. Davidson could be, at least
partially, to blame, the report notes.

Radio New Zealand says Mr. Davidson is disputing that decision in
the High Court.  The report states that it is the first time such
an appeal has been heard by the court in the 17-year history of
the Companies Act.

Bridgecorp Ltd. is a New Zealand-based property development and
finance company.  Bridgecorp was placed into receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


CAPE CAMPBELL: Goes Into Voluntary Receivership
-----------------------------------------------
Cape Campbell Wines and its affiliate companies, Brown Sorensen
Vineyards and the Brown Family Trust, went into voluntary
receivership earlier this month, owing creditors millions of
dollars, James Lawrence at decanter.com reports.  John Fisk of
PricewaterhouseCoopers has been appointed to manage Cape
Campbell's assets.

According to the report, Mr. Fisk said the three entities had
liabilities totaling between NZ$10 million and NZ$12 million.  He
said he was unsure whether the company would continue to trade or
be liquidated, decanter.com relates.

The report, citing David Cox, European director of the New Zealand
Wine Growers Association, says that growers had been hit hardest
by the strong New Zealand dollar.  "There is little doubt that
many of New Zealand's wineries which export to overseas markets
have been experiencing some fairly severe margin pressures for
their exports this year due to the unfavorable foreign exchange
rate for the NZ$," Mr. Cox told decanter.com.

Cape Campbell Wines was owned by the Brown family, part of the
Marlborough wine industry for 30 years.


NATIONAL FINANCE: Director Seeks Receivers' Help
------------------------------------------------
Receivers for National Finance 2000 could be ordered to provide
its directors with information to help with their defence against
charges laid by the Companies Office, a court heard Monday, The
New Zealand Herald reports.

The NZ Herald says the National Finance 2000 directors, Anthony
Banbrook, Carol Braithwaite and Trevor (Allan) Ludlow appeared in
the Auckland District Court on the first day of their depositions
hearing on July 12.

According to the report, Mr. Ludlow, who represented himself, said
receivers PricewaterhouseCoopers and Covenant Trustees had not
been forthcoming in providing crucial information to the
defendants.  Mr. Ludlow told the court he would file orders that
would force PwC and Covenant Trustees to give evidence on why
particular information was not being made available to the
defence, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 6, 2008, the Companies Office filed criminal charges in
Auckland District Court against National Finance 2000 Ltd
directors Trevor Allan Ludlow, Anthony David Banbrook
and Carol Anne Braithwaite.  The national enforcement unit of
the Companies Office alleged the directors failed to disclose
material transactions between National Finance 2000 and related
parties.  The directors also face charges under the Securities Act
1978 for stating that they had made proper and adequate
provisioning for bad debts and that loans were secured by general
security agreements when this was not the case.

The TCR-AP, citing The National Business Review, reported on
Nov. 26, 2008, that directors Anthony Banbrook, Carol Braithwaite
and Trevor (Allan) Ludlow, have been banned from acting as company
directors.  Deputy registrar of companies Peter Barker ruled that
Trevor Allan Ludlow, Carol Anne Braithwaite and Anthony David
Banbrook mismanaged National Finance, among other companies, and
it was that mismanagement which, at least partly, contributed to
the company's failure.  The mismanagement allegations included
reckless trading, failure to comply with its prospectus, breach of
director's duties, and failure to maintain adequate books and
records.

                       About National Finance

National Finance 2000 is the first major finance company to
collapse in recent years and has re-ignited fears of a wider rout
in a sector weighed down by debt after several years of strong
economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

The receivers estimate that around NZ$24 million is owed to
members of the public and that the likely recovery for secured
investors will be about 47 percent to 48 percent of their
investments.  Subordinated investors and other unsecured creditors
are unlikely to recover anything from the receivership.


ST LAURENCE: Unit May Fail to Repay NZ$30MM Bonds Due This Month
----------------------------------------------------------------
Irongate Property Ltd, one of the units of the St Laurence group
that escaped receivership, might not be able to repay NZ$30
million of bonds due this month, The New Zealand Herald reports
citing Irongate Chairman Kevin Podmore.

"The key value issue facing the company is its ability to meet the
bond repayments due in July (NZ$30 million) and in May 2011 (NZ$50
million)," the report cited Mr. Podmore in the company's recent
annual report.

"Although the degree of difficulty has increased as a result of
the receivership of St Laurence Ltd, the manager is working on
multiple options to meet the bond commitments. We currently expect
to meet the repayments through the various asset sale and
financing initiatives we have in train. However, I [acknowledge] a
level of uncertainty still exists about the company's ability to
repay the bonds in July," Mr. Podmore wrote.  If Irongate failed
to repay the money this month, the trustee could take action on
behalf of the secured bondholders, he said.

The report relates Mr. Podmore said it had been a wise move to re-
brand Irongate and drop the St Laurence name "especially in light
of St Laurence Ltd being placed in receivership in April.

"St Laurence Ltd is the ultimate shareholder of our manager and
largest shareholder, St Laurence Funds Management Ltd, which is
not in receivership," Mr. Podmore wrote.

Irongate reported net losses of NZ$54.50 million and NZ$87.19
million for the years ended March 31, 2010 and 2009, respectively.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.  The receivership covers St Laurence Limited, Direct
Property Investments Limited, SL Five Star Hotel Investments
Limited, St Laurence Lending Limited, St Laurence No. 2 Limited,
St Laurence No. 3 Limited, and St Laurence Realty Limited.
It does not involve Irongate Property Limited, St Laurence
Property Development Fund, or Direct Property Investments No. 6
Limited.


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


CHINA LIFE: Fitch Affirms 'BB+' Insurer Financial Strength Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Taiwan's China Life Insurance Co Ltd's
Insurer Financial Strength rating at 'BB+' and its National IFS at
'A-(twn)' and revised the Outlook to Stable from Negative.  At the
same time, Fitch has withdrawn all the ratings.

The rating affirmation primarily reflects China Life's improved
capitalization and resilient recurrent earnings, which are
supported by its sound investment portfolio quality.  The Outlook
revision to Stable is driven by Fitch's view that the strengthened
capitalization provides a reasonable buffer against potential
adverse capital market movements and helps to sustain its credit
profile commensurate with its current ratings.

Fitch will no longer provide ratings or analytical coverage on the
company.


SHIN KONG: Fitch Affirms 'BB+' Insurer Financial Strength Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Shin Kong Life Insurance Company Ltd.'s
Insurance Financial Strength Rating at 'BB+' and its National IFS
Rating at 'A-(twn)'.  The Outlook remains Negative.  Fitch has
simultaneously withdrawn all the ratings on the insurer.

The rating affirmation primarily reflects the company's
demonstrated discipline and financial flexibility in managing its
capital position.  The successful completion of its capital
enhancement plan in 2008 and 2009 alleviates the immediate capital
pressure facing SKL.  Nonetheless, Fitch maintains a Negative
Outlook on its ratings as the agency views that its weak asset
yields, as a result of the persistently low long-term interest
rates, would continue to weigh on SKL's profitability and place
downward pressure on its capitalization.

Fitch will no longer provide ratings or analytical coverage on the
issuer.


                         *********

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

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

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


                            *********


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

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

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

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

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





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