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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, July 16, 2010, Vol. 13, No. 139

                            Headlines



A U S T R A L I A

BIRON APPAREL: Placed in Voluntary Administration
INDOPHIL RESOURCES: CMG Has No Substantive Intention for Indophil
NUFARM LTD: Won't Meet Banking Covenants After Profit Forecast Cut
PERPETUAL TRUSTEE: Moody's Assigns Ratings on Various Classes


C H I N A

SOUND WORLDWIDE: Significant Operating Loss Cue Going Concern


H O N G  K O N G

ATHENEE CDO: Moody's Upgrades Rating on to 2007-10 Notes to 'Ba1'
GOLD ART: Ip Kwun Ting Steps Down as Liquidator
HK ASSEMBLIES: Members' Final Meeting Set for August 9
JEWELLERY COLLECTION: Members' Final Meeting Set for August 10
LAI SUN: Placed Under Voluntary Wind-Up Proceedings

LONGSHAFT LIMITED: Members' Final Meeting Set for August 10
LXL INVESTMENT: Members' Final Meeting Set for August 10
MILLION REGAL: Commences Wind-Up Proceedings
NEW LEVEL: Seng and Lo Appointed as Liquidators
NUMBER ONE: Seng and Lo Appointed as Liquidators

SILKY SKIN: Members' Final Meeting Set for August 10
SO-KEN (HK): Members' Final Meeting Set for August 12
START III: Moody's Withdraws Ratings on Various Classes of Notes
STERLING NATIONAL: Seng and Lo Appointed as Liquidators
UNOCO (HK): Members' Final Meeting Set for August 10

UOB FINANCE: Lee Ho Yiu Thomas Steps Down as Liquidator
WATERMARK LIMITED: Placed Under Voluntary Wind-Up Proceedings
WO FUNG: Members' Final Meeting Set for August 10


I N D I A

ACE FINLEASE: CRISIL Rates INR100 Million Cash Credit at 'BB-'
AIR INDIA: Parent Extends Deadline for US$1.15BB Refinancing Bids
CHERAN SPINNER: CRISIL Lifts Rating on INR110.3 Mil. Loan to 'B-'
GETZ PHARMA: ICRA Assigns 'LBB' Rating to INR41.5MM Term Loan
GURGAON INFO: CRISIL Assigns Default Rating to INR116.5M Term Loan

MAK CONTROLS: CARE Assigns 'CARE BB+' Rating to INR10.59cr Debts
OSWAL CABLES: CRISIL Lifts Rating on Various Bank Debts to 'BB+'
PANACHE ALUMINIUM: CRISIL Assigns 'B+' Rating to INR150MM LT Loan
PLG POWER: CRISIL Assigns 'BB-' Rating to INR170 Million Term Loan
RAJ BUILDCON: ICRA Assigns 'LBB+' Rating to INR29.5MM Term Loan

RAJESH GEMS: CRISIL Assigns 'BB' Rating to INR248.2MM Cash Credit
SAI GLOBAL: ICRA Reaffirms 'LBB' Rating on INR147.5MM Term Loans
SETH INDUSTRIAL: CRISIL Reaffirms 'BB' Rating on INR4MM Term Loan
SHREE SAI: CRISIL Reaffirms 'BB' Rating on INR55.2MM Term Loan
SHREE SANT: ICRA Assigns 'LBB+' Rating to INR400MM Long Term Loan

SIRPUR PAPER: CARE Assigns 'CARE BB+' Rating to INR318cr LT Loans
SPADS TEXTILES: ICRA Reaffirms 'LB' Rating on INR201.1MM Term Loan
SUNTANA TEXTILE: CRISIL Reaffirms 'P4' Rating on Packing Credit
TATA STEEL: To Raise US$341 Million From Tata Sons
VIALLE ALTERNATIVE: CRISIL Puts 'B-' Rating on INR68MM Cash Credit


J A P A N

JLOC XXVIII: Fitch Affirms Ratings on All Classes of Notes
L-JAC 5: Moody's Changes Ratings on Various Classes of Certs.


K O R E A

HYNIX SEMICONDUCTOR: Creditors Offer LG Group 15% Stake
HYUNDAI ENG'G: Creditors Tap Merrill & Woori as Sale Arrangers


N E W  Z E A L A N D

FIVE MILE: Allied Farmers Sells 23.3-Hectare Property
MUTUAL FINANCE: In Receivership; Kordamentha Appointed
PSIS LTD: S&P Changes Outlook to Positive; Affirms 'BB+/B' Rating


V I E T N A M

VIETNAM SHIPBUILDING: Government Suspends Chairman Pending Probe


X X X X X X X X

* S&P Puts Ratings on Asia-Pacific CDOs on CreditWatch Positive

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


BIRON APPAREL: Placed in Voluntary Administration
-------------------------------------------------
Biron Apparel Ltd has been placed into voluntary administration.

"The company is hopeful that this action will allow the company to
deal with all outstanding matters and determine what, if any,
future the company may have," Biron said in a statement to the
Australian stock exchange.

Giovanni Maurizio Carrell of BRI Ferrier in Perth was appointed
voluntary administrator on July 14, 2010.

Biron Apparel Limited (ASX:BIC), along with its subsidiaries, is
an Australian-based apparel wholesaler and retailer.  The Company
operates in two business segments: Wholesale- Physico Clothing
Company Pty Ltd and Retail-Ed Harry Menswear.


INDOPHIL RESOURCES: CMG Has No Substantive Intention for Indophil
-----------------------------------------------------------------
China Metallurgical Group Corp. said it currently doesn't have any
substantive intention to acquire Indophil Resources NL, Dow Jones
Newswires reports.

"We always have interests in overseas mining assets, but
currently, there's no intention or progress in this regard," an
official from MCC's investors relations department told Dow Jones.

Dow Jones relates that the comment follows a report earlier
Thursday from the Australian Financial Review that MCC and China
Minmetals Group are among potential purchasers of Indophil.

An executive from China Minmetals also said the company hasn't
been in touch with Indophil, the report adds.

Dow Jones reported in its Street Talk column that it "understands"
the two Chinese companies are among the potential purchasers of
Indophil to have been granted access to its data room after
Chinese miner Zijin Mining Group Co. withdrew its AU$545 million
takeover bid for the company.

                  South Cotabato Environment Code

Indophil said it had not been able to obtain clarity on the South
Cotabato provincial government's proposal to introduce an
Environment Code that includes a ban on open pit mining in the
area where the Tampakan Copper-Gold Project is located.

As previously advised to the market, the outgoing provincial
governor approved the code in her final days in office (June 29,
2010).  However, Indophil said it now understands that the code
has not been formally gazetted and therefore has not yet taken
effect.

"In the last few days, the new President of the Philippines,
Benigno Aquino, has been widely reported in the Philippine media
as saying that he will press for an agreement that will protect
the environment while allowing the US$5.2 billion development
proposal for the Tampakan project to proceed," Indophil said in
statement.

"In brokering a solution, the President of the Philippines is
reported as saying that he would seek a "meeting of minds" on the
matter."

Although the position in relation to open pit mining is
unresolved, Indophil is advised that the ASX considers that
trading of Indophil shares should resume.

Shares in Indophil fell from AU$1.095 a share to a low of 50› on
July 14 when its shares resumed trading after a four-week
suspension prompted by concerns that a mining ban would affect the
Tampakan project.

                      About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia.  The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines.  The two segments
of the Company are Australia and the Philippines.  The Company has
other exploration interests in the Philippines apart from the
Tampakan project.

                           *     *     *

Indophil Resources NL reported three consecutive net losses of
$10.58 million, $14.84 million and $985,107 for the years ended
Dec. 31, 2009, 2008 and 2007, respectively.


NUFARM LTD: Won't Meet Banking Covenants After Profit Forecast Cut
------------------------------------------------------------------
Nufarm Limited said it won't meet one of its banking covenants for
the year ending July 31 and was seeking to adjust terms with
lenders, The Australian reports.  Nufarm said it was in talks to
win temporary adjustments to the terms of its loans, the report
notes.

The Australian relates Nufarm on Wednesday halved its earnings
guidance and said net operating profit, excluding non-operating
items, for the full year was now between AU$55 million and AU$65
million, having previously announced guidance at AU$110 million to
AU$130 million.

The company said that, in the wake of that earnings downgrade, it
would not achieve a banking covenant on the ratio of earnings to
net interest, according to The Australian.

"Nufarm has bilateral banking arrangements with a number of
providers and has commenced discussions with those lenders to seek
a temporary adjustment to the interest cover ratio," the report
quoted Nufarm as saying.

RBS Morgans, Credit Suisse and UBS all downgraded their ratings
for the stock to "sell," The Australian notes.

Based in Australia, Nufarm Limited (ASX:NUF)--
http://www.nufarm.com/-- manufactures and supplies a range of
agricultural chemicals used by farmers to protect crops from
damage caused by weeds, pests and disease.  The Company has
production and marketing operations worldwide and sells products
in more than 100 countries.


PERPETUAL TRUSTEE: Moody's Assigns Ratings on Various Classes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the SMART Series 2010-1US Trust.

Issuer: SMART Series 2010-1US Trust

  -- US$92.0 million Class A-1 Notes, Definitive Rating Assigned
     P-1;

  -- US$148.0 million Class A-2b Notes, Definitive Rating
     Assigned Aaa;

  -- US$50.0 million Class A-3a Notes, Definitive Rating Assigned
     Aaa;

  -- US$95.0 million Class A-3b Notes, Definitive Rating Assigned
     Aaa;

  -- US$115.0 million Class A-4b Notes, Definitive Rating
     Assigned Aaa;

  -- AUD 14.438 million Class B Notes, Definitive Rating Assigned
     Aa2;

  -- AUD 17.646 million Class C Notes, Definitive Rating Assigned
     A2;

  -- AUD 16.042 million Class D Notes, Definitive Rating Assigned
     Baa2;

  -- AUD 16.043 million Class E Notes, Definitive Rating Assigned
     Ba2;

The AUD 6.417 million Seller Notes are not rated by Moody's.

No Class A-2a Notes or Class A-4a Notes will be issued.
Provisional (P)Aaa ratings previously assigned to the Class A-2a
Notes and Class A-4a Notes have been withdrawn.

The transaction is a securitization of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles, originated
by Macquarie Leasing Pty Limited.

Transaction Details and Rating Rationale

In broad terms SMART Series 20010-1US Trust replicates structures
seen in previous SMART transactions sponsored by Macquarie.
Notable departures include the conservative composition of the
receivables pool backing the transaction, the US$-denominated
senior notes and the pro-rata principal repayment profile.

The pool includes a higher-than-usual percentage of novated leases
(69.8%).  Moody's considers novated leases to have a lower level
of risk than other contract types and this is a positive feature
of the transaction.  At the same time, the deal is exclusively
backed by motor vehicles, predominantly cars.  Past SMART and
other Australian ABS transactions typically include 10-15% of
other equipment types.  In Moody's opinion, motor vehicles exhibit
less pro-cyclical default patterns and, on average, higher
recovery rates.  As a result, Moody's views the SMART 2010-1US
Trust pool as more conservatively structured than peer portfolios.

In order to fund the purchase price of the revolving portfolio,
the Trust issued ten classes of notes.  The notes will be repaid
on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction.  At all other times,
the structure will follow a pro rata repayment profile.  This
principal paydown structure is a departure from earlier SMART
transactions (other than the more recent SMART Series 2009-1
Trust) and other comparable structures in the Australian ABS
market.

The deal includes five senior, US$-denominated tranches.  The
Class A-1 Notes are fast-pay money-market notes, rated P-1.  The
Class A Notes will be repaid sequentially within the Class A Note
allocation.  The ratings are based on the credit enhancement
provided by the subordinated notes and the reserve, in total equal
to 12% in the case of the Class A Notes.

An unusual feature of the transaction is that the maturity dates
of the Class A Notes were set not with reference to the maturity
of the longest dated receivable but rather with reference to the
scheduled principal amortization profile (with a certain buffer to
allow for defaults and delinquencies).  Moody's has accounted for
the possibility of losses and delinquencies during the term of the
Class A notes in its assessment of the likelihood of their
repayment and believes scheduled principal amortization to be
sufficient to repay the Class A Notes by the maturity dates in
full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40%.  These imply a expected (net) loss of 1.08%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 1.33% and 50-55%
respectively.

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

                        Rating Methodology

The principal methodology used in rating the SMART Series 20010-
1US Trust was "Moody's Approach to Rating Australian Asset-Backed
Securities", published in July 2009.  Other methodologies and
factors that may have been considered in the process of rating
this issuer can also be found on Moody's website.

     Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector.  Among
other factors, Moody's note the availability of a substantial
amount of historical performance data in the Australian ABS market
as well as on an issuer-by-issuer basis.  Here, for instance,
Moody's have been provided with detailed vintage and individual
default data for the 1998-2009 period.  In addition, Moody's
observe that Australian auto ABS, and specifically past SMART
transactions, have to date been performing stably.  This allows
Moody's to have a material degree of comfort with regard to
assumptions made in rating the SMART Series 2010-1US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

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

In the case of SMART Series 2010-1US Trust, the Class A Notes
remain strongly investment grade and typically Aa when the default
rate rises to 3.60% (double of Moody's assumption of 1.80%).
Similarly, high investment grade ratings are maintained when the
base recovery rate is stressed from the assumed 40% to 20%
(holding other factors, including the assumed default rate of
1.80% constant).  Where the default rate assumption doubles and
the recovery rate assumption halves, the rating drops to A2.

                      Regulatory Disclosures

Moody's did not receive a third party due diligence report in this
transaction.  Except as expressly stated otherwise, Moody's has
not verified, audited or validated independently any information
received in the rating process, nor will it do so.

Information sources used to prepare the credit rating are these:
(1) parties involved in the ratings, (2) public information and
(3) confidential and proprietary Moody's Investors Service's
information.  Moody's considers the quality of information
available on the issuer satisfactory for the purposes of assigning
a credit rating.

The issuer has not informed Moody's Investor Services whether the
issuer is publicly disclosing all relevant information about the
product.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.  Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction.  Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavor to assign a definitive
rating to the transaction.  A definitive rating may differ from a
provisional rating.


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C H I N A
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SOUND WORLDWIDE: Significant Operating Loss Cue Going Concern
-------------------------------------------------------------
Sound Worldwide Holdings, Inc., filed on July 13, 2010, its annual
report on Form 10-K for the year ended March 31, 2010.

Dominic K.F. Chan & Co, in Hong Kong, expressed substantial doubt
about the Company's ability to continue as a going concern after
auditing the Company's financial statements for the year ended
March 31, 2010.  The independent auditors noted that the Company
has incurred significant operating loss and has ceased operation
during the year.

"The Group's major operating subsidiary, Asian Point Investment
Limited ("APIL"), has sold out all its plant and equipment at a
loss of US$1,108,946 resulting to a net financial loss of
US$2,370,460 during the year.  APIL has ceased operation during
the year."

The Company reported a net loss of US$2,370,460 on US$2,280,608 of
revenue for the year ended March 31, 2010, compared with a net
loss of US$380,290 on US$4,227,552 of revenue for the year ended
March 31, 2009.

The Company's balance sheet at March 31, 2010, showed US$1,035,646
in assets, US$242,494 of liabilities, and US$793,152 of
stockholders' equity.

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

               http://researcharchives.com/t/s?6680

Based in Hong Kong, China, Sound Worldwide Holdings, Inc., and its
subsidiaries are principally engaged in manufacturing and trading
of denim fabrics and garments.  The Group owns production plants
in Hong Kong and the People's Republic of China and its customers
are mainly in the United States, Europe and Japan.

The Group's business operations were conducted through its
wholly-owned subsidiary, Sound Worldwide Limited, or SWL, a
British Virgin Islands corporation, and its subsidiaries.  At the
fiscal year ended, March 31, 2010, SWL had one subsidiary, Asian
Point Investment Limited, or Asian Point.  SWL is holding company.
Asian Point Investment Limited ceased operations in 2010.


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


ATHENEE CDO: Moody's Upgrades Rating on to 2007-10 Notes to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by Athenee CDO PLC, a managed synthetic CDO referencing
100% corporates, primarily in the US and Europe.

Issuer: Athenee CDO PLC

  -- Series 2007-10 EUR150,000,000 Tranche A Hunter Valley CDO II
     Floating Rate Notes due June 30, 2017, Upgraded to Ba1;
     previously on July 29, 2009 Downgraded to Ba2

Moody's explained that the rating action taken is the result of
the improved credit quality of the reference portfolio.  The 10-
year weighted average rating factor of the portfolio is 542
(Baa3), compared to 662 when the rating was downgraded in July
2009.  About 20.25% of the reference pool was upgraded by at least
one notch since the previous rating action compared to 8% that was
downgraded.

Moody's noted that various sensitivity analyses were performed to
test the robustness of the upgrade.  The sensitivity analyses
include assuming two Caa1-rated entities, which are among the
lowest in the reference portfolio, defaulted with zero recovery.


GOLD ART: Ip Kwun Ting Steps Down as Liquidator
-----------------------------------------------
Ip Kwun Ting stepped down as liquidator of Gold Art Chain Making
Company Limited on July 5, 2010.


HK ASSEMBLIES: Members' Final Meeting Set for August 9
------------------------------------------------------
Members of Hong Kong Assemblies of God Association Limited will
hold their final meeting on August 9, 2010, at 11:00 a.m., at G/F,
Flat A & B, Wah On Building, Ting Kok Road, Tai Po, N.T., in Hong
Kong.

At the meeting, Wong Kenneth Chu Yan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


JEWELLERY COLLECTION: Members' Final Meeting Set for August 10
--------------------------------------------------------------
Members of Jewellery Collection Group Limited will hold their
final general meeting on August 10, 2010, at 10:30 a.m., at
Unit 6, 20/F., Far East Consortium Building, 121 Des Voeux Road
Central, in Hong Kong.

At the meeting, Wong Sun Keung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LAI SUN: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on June 30, 2010,
creditors of Lai Sun Athletic Association Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yeung Kam Hoi
         11/F., Lai Sun Commercial Centre
         680 Cheung Sha Wan Road
         Kowloon, Hong Kong


LONGSHAFT LIMITED: Members' Final Meeting Set for August 10
-----------------------------------------------------------
Members of Longshaft Limited will hold their final general meeting
on August 10, 2010, at 10:30 a.m., at 6th Floor, South China
Building, No. 1 Wyndham Street, Central, in Hong Kong.

At the meeting, Peter Raymond Griffiths and Donny Chiu Siu Keung,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


LXL INVESTMENT: Members' Final Meeting Set for August 10
--------------------------------------------------------
Members of LXL Investment Management (Hong Kong) Limited will hold
their final general meeting on August 10, 2010, at 3:00 p.m., at
Room 1102 Loke Yew Building, 50-52 Queen's Road Central, in Hong
Kong.

At the meeting, Jenkin Ching Kei Leung and Alfredo Paulo Lobo, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MILLION REGAL: Commences Wind-Up Proceedings
--------------------------------------------
Members of Million Regal Investment Limited, on June 25, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Au Chun Fai
         Room 503, Bonham Trade Centre
         50 Bonham Strand
         Sheung Wan, Hong Kong


NEW LEVEL: Seng and Lo Appointed as Liquidators
-----------------------------------------------
Natalia K M Seng and Susan Y H Lo on July 2, 2010, were appointed
as liquidators of New Level Limited.

The liquidators may be reached at:

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


NUMBER ONE: Seng and Lo Appointed as Liquidators
------------------------------------------------
Natalia K M Seng and Susan Y H Lo on July 2, 2010, were appointed
as liquidators of Number One Fashion Limited.

The liquidators may be reached at:

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


SILKY SKIN: Members' Final Meeting Set for August 10
----------------------------------------------------
Members of Silky Skin Institute of Laser Dermatology Co., Limited
will hold their final meeting on August 10, 2010, at 11:00 a.m.,
at Unit 402, 4/F., Malaysia Building, No. 50, Gloucester Road,
Wanchai, in Hong Kong

At the meeting, Li Fat Chung and Chan Chi Bor, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SO-KEN (HK): Members' Final Meeting Set for August 12
-----------------------------------------------------
Members of So-Ken (Hong Kong) Limited will hold their final
general meeting on August 12, 2010, at 11:00 a.m., at Unit D, 10th
Floor, Eton Building, 288 Des Voeux Road, Central, in Hong Kong.

At the meeting, Tam Wai Shing, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


START III: Moody's Withdraws Ratings on Various Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on class
A, B, C, D, and E notes issued by Start III CLO Ltd.

The underlying portfolio in the START III CLO transaction had been
amortizing, resulting in the build-up of cash collateral, which
has been used to fully redeem all the outstanding classes of
notes.

                         Ratings Withdrawn

        Transaction              Rating To    Rating From
        -----------              ---------    -----------
        START III CLO Class A    N.R.          AAA
        START III CLO Class B    N.R.          AA
        START III CLO Class C    N.R.          A-
        START III CLO Class D    N.R.          BBB
        START III CLO Class E    N.R.          BB

                        N.R. ? Not rated.


STERLING NATIONAL: Seng and Lo Appointed as Liquidators
-------------------------------------------------------
Natalia K M Seng and Susan Y H Lo on July 2, 2010, were appointed
as liquidators of Sterling National Asia Limited.

The liquidators may be reached at:

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


UNOCO (HK): Members' Final Meeting Set for August 10
----------------------------------------------------
Members of Unoco (Hong Kong) Limited will hold their final general
meeting on August 10, 2010, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


UOB FINANCE: Lee Ho Yiu Thomas Steps Down as Liquidator
-------------------------------------------------------
Lee Ho Yiu Thomas stepped down as liquidator of UOB Finance (H.K.)
Limited on June 25, 2010.


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

The company's liquidators are:

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


WO FUNG: Members' Final Meeting Set for August 10
-------------------------------------------------
Members of Wo Fung International Limited will hold their final
general meeting on August 10, 2010, at 3:00 p.m., at 8/F,
Chinachem Tower, 34-37 Connaught Road Central, in Hong Kong.

At the meeting, George Law Kwan Wah, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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I N D I A
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ACE FINLEASE: CRISIL Rates INR100 Million Cash Credit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Ace Finlease Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR100 Million Cash Credit Facility     BB-/Stable (Assigned)

The rating reflects Ace Finlease's small scale of operations with
regional concentration in three districts of Kerala, modest
resource profile, and low net worth.  These rating weaknesses are
partially offset by the following strengths: Ace Finlease's
promoter's experience in the asset financing space, and moderate
profitability and asset quality.

Outlook: Stable

CRISIL believes that Ace Finlease will steadily increase its loan
portfolio and maintain a moderate earnings profile, over the
medium term.  The outlook may be revised to 'Positive' if the
company scales up its operations while maintaining its asset
quality and profitability, and is able to diversify its resource
profile.  Conversely, the outlook may be revised to 'Negative' if
Ace Finlease's asset quality deteriorates substantially, or there
is a significant decline in its profitability levels.

                         About Ace Finlease

Incorporated in 1996, Ace Finlease is a Calicut (Kerala)-based
non-banking financial institution that provides financing for two-
wheelers (Hero Honda) and three-wheelers (Piaggio).  The company
is a part of the Ace group, which includes other companies such as
Ace Motors Pvt Ltd (Ace Motors), Ace Structures Pvt Ltd, Ace
Automobiles Pvt Ltd, and Ace Transworld Engineering Pvt Ltd. Ace
Finlease provides its vehicle financing services through Ace
Motors' showrooms, which are spread across three districts
(Kozhikode, Malappuram, and Kasargode) in North Kerala. The
company disbursed loans amounting to INR102 million in 2009-10
(refers to financial year, April 1 to March 31), as against
INR78.6 million in 2008-09.

For 2009-10, Ace Finlease reported a profit after tax (PAT) of
INR3.5 million on a total income of INR23.3 million, compared with
a PAT of INR2.8 million on a total income of INR12.8 million for
the previous year.


AIR INDIA: Parent Extends Deadline for US$1.15BB Refinancing Bids
-----------------------------------------------------------------
National Aviation Co. of India Ltd., the parent of Air India, has
extended the deadline for bank bids to refinance US$1.15 billion
of debt to Aug. 31, Bloomberg News reports citing Arvind Jadhav,
chairman and managing director.

Mr. Jadhav said state-owned NACIL is seeking to recast the loans
to pare interest costs, Bloomberg relates.  The money was used to
purchase 21 Airbus SAS planes, Bloomberg notes.  The earlier
deadline to submit bids was July 16.

                           About Air India

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

                           *     *     *

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

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


CHERAN SPINNER: CRISIL Lifts Rating on INR110.3 Mil. Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Cheran
Spinner Ltd, part of the Cheran group, to 'B-/Stable/P4' from
'D/P5'.

   Facilities                                Ratings
   ----------                                -------
   INR110.3 Million Long-Term Loan           B-/Stable (Upgraded
                                                       from 'D')
   INR163.7 Million Cash Credit Limits       B-/Stable (Upgraded
                                                       from 'D')
   INR100.0 Million Letter of Credit Limits  P4 (Upgraded from
                                                 'P5')
   INR7.5 Million Bank Guarantee Limits      P4 (Upgraded from
                                                 'P5')

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 Cheran Spinner and Best Cheran Spintex
India Ltd (Best Cheran). 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 Cheran 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.


GETZ PHARMA: ICRA Assigns 'LBB' Rating to INR41.5MM Term Loan
-------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR 41.5 million, term
loan of Getz Pharma Research Private Limited.  The outlook on the
long-term rating is stable.  ICRA has also assigned an "A4" rating
to the INR 10.0 million, short term, fund based bank facilities of
GPR.

The assigned ratings factor in vast experience of the promoters in
the pharmaceutical industry and the company's recently constructed
facility at Ambernath which provides significant scope to scale up
operations in the future. The ratings are, however, constrained by
GPR's limited operating history, very small scale of operations
thereby limiting economies of scale and high customer
concentration towards the parent company- Getz Pharma
International FZ- LLC.  Moreover, since revenues are entirely
derived from foreign clients, the company's profitability is
vulnerable to volatility in foreign exchange rates, in the absence
of a formal hedging policy.

Established in 2006, GPR is a contract research organization with
a focus towards providing formulation development services.  The
company's R&D facility is located at Ambernath and is spread over
42,000 square feet of built-up space on a two-acre plot.  GPR is a
subsidiary of Getz Pharma International FZ- LLC which is a member
of the Getz Group which has operations in 23 countries, primarily
in Asia and Australia for the distribution of consumer and
pharmaceutical products and medical appliances.


GURGAON INFO: CRISIL Assigns Default Rating to INR116.5M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Gurgaon Info Parks Ltd's
term loan facility.

   Facilities                     Ratings
   ----------                     -------
   INR116.5 Million Term Loan     D (Assigned)

The rating reflects the delay by GIPL in servicing its term loan;
the delay has been caused by GIPL's weak liquidity.

GIPL has delayed the completion of construction of its commercial
project, resulting in delay in repayment of its long-term debt.
However, GIPL continues to benefit from the financial support it
derives from its parent, Vialle Alternative Fuel Systems Pvt Ltd
in part-financing the cost overruns in the project.

GIPL is VAFSPL's wholly owned subsidiary. It was demerged from the
export-oriented company Agio Exports, which owned a 1-acre land
plot. The plot was transferred to GIPL through the demerger. GIPL
is managed by Mr. Pradip Rungat who is also the managing director
of VAFSPL.

Vialle develops and manufactures alternative fuel systems. The
company is involved in LPG technology, diesel-blend, and natural
gas technology. Vialle manufactures and distributes advanced,
liquid propane injection (LPi) or LPG injection system.


MAK CONTROLS: CARE Assigns 'CARE BB+' Rating to INR10.59cr Debts
----------------------------------------------------------------
CARE assigns 'CARE BB+' AND 'PR4' rating to the bank facilities of
Mak Controls & Systems (P) Ltd.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        10.59       'CARE BB+'
   Short-term Bank Facilities        8.00       'PR4'
   Long/Short-term Bank Facilities  13.00       'CARE BB+/PR4'

Rating rationale

The ratings are constrained by MAK Control & Systems (P) Ltd's
small scale of operations, decline in income and profits during
the last two years including FY10 (provisional), high overall
gearing level, long operating cycle and working capital intensive
nature of operations.  The rating also factors in the temporary
cash flow problems faced by MAK, resulting in reschedulement of
its term debt in FY09.

The ratings however, consider MAK's established operational track
record of over three decades, strong design and Research and
Development (R&D) capabilities, its unique product offering and
presence as a vendor for various defense projects.

Going forward, the ability of MAK to achieve commercial production
of its various development projects in a timely manner would be
key rating sensitivities.

MAK Controls & Systems (P) Ltd. is a Coimbatore-based company
engaged in manufacturing various aircraft Ground Support Equipment
(GSE) and specialized power equipment for defense applications.
MAK was founded and promoted by its Managing Director Mr. Athappa
Manickam in 1972 as a proprietorship entity, and was incorporated
as a private limited entity in 1994.

MAK reported a PAT of INR77 lakh on a total income of INR3,269
lakh in FY09. As per provisional results for the year ended
March 31, 2010, the company had reported a PAT of INR26 lakh on a
total income of INR2,834 lakh.


OSWAL CABLES: CRISIL Lifts Rating on Various Bank Debts to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its ratings on Oswal Cables Pvt Ltd's bank
facilities to 'BB+/Stable/P4+' from 'BB/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Term Loan            BB+/Stable (Upgraded from
                                                     BB/Stable)
   INR150.0 Million Cash Credit Limit    BB+/Stable (Upgraded from
                                                     BB/Stable)

   INR250.0 Million Proposed Long Term   BB+/Stable (Upgraded from
                         Bank Facility               BB/Stable)
   INR50.0 Million Letter of Credit      P4+ (Upgraded from P4)

   INR300.0 Million Bank Guarantee       P4+ (Upgraded from P4)


The upgrade is driven by the improvement in OCPL's financial risk
profile, backed by a healthy operating margin over the past two
years. Its operating profit margin is estimated to remain higher
at 12 per cent in 2009-10 (refers to financial year, April 1 to
March 31) as compared to 6 per cent in 2007-08, driven by the
company's shift towards high-margin turnkey contracts.  As a
result, OCPL's net worth is estimated to have increased to INR190
million as on March 31, 2010, from INR98 million as on March 2007
and the gearing is estimated to have declined to 1.6 times from
2.3 times over the same period. CRISIL believes that OCPL's
capital structure and debt protection metrics will remain average
over the medium term, in the absence of any major debt-funded
capital expenditure (capex) plan.

CRISIL's ratings on OCPL's bank facilities reflect OCPL's average
capital structure, large working capital requirements, and
susceptibility of its margins to pricing pressures and volatility
in raw material prices. These rating weaknesses are partially
offset by OCPL's established market position in the power
equipment business in Rajasthan, and adequate debt protection
metrics.

Outlook: Stable

CRISIL believes that OCPL will continue to benefit from its
established market position in the power equipment business, over
the medium term. The outlook may be revised to 'Positive' if there
is a significant and sustainable increase in OCPL's revenues while
maintaining its operating margins, or if there is an improvement
in the company's net worth, most likely because of fresh equity
infusion by the promoter. Conversely, the outlook may be revised
to 'Negative' if OCPL faces significant delays in recovery of
dues, thereby impacting its liquidity profile, or if OCPL
undertakes a large, debt-funded capex programme, leading to
deterioration in its capital structure.

                         About Oswal Cables

OCPL was incorporated in 1971 by Mr. Laxmi Chand Talera.  The
company manufactures aluminium conductors, aluminium wires, and
transformers.  The company has manufacturing facilities in Jaipur
and Hyderabad.  It also executes turnkey projects for supply of
electricity from substations to households.  The company also has
five windmill units in Rajasthan and Maharashtra, with a total
power generation capacity of 4.1 megawatts.

OCPL, on a provisional basis, reported a profit after tax (PAT) of
INR42 million on net sales of INR879 million for 2009-10, against
a PAT of INR50 million on net sales of INR828 million for 2008-09.


PANACHE ALUMINIUM: CRISIL Assigns 'B+' Rating to INR150MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Panache Aluminium Extrusions Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR150 Million Long-Term Bank Facility  B+/Stable (Assigned)
   INR100 Million Working Capital Loan     B+/Stable (Assigned)

The rating reflects PAEPL's project risks and high gearing. The
rating also reflects CRISIL's expectation that PAEPL will face
intense competition, given the fragmented nature of the moulding,
extrusion, and coating business, which will keep its profitability
low. These rating weaknesses are partially offset by the benefits
PAEPL derives from its promoters' experience in the aluminium
profiles and billets trading business.

Outlook: Stable

CRISIL believes that PAEPL is likely to complete its ongoing
project on schedule. The outlook may be revised to 'Positive' if
the company reports more-than-expected cash accruals, and reduces
its gearing. Conversely, the outlook may be revised to 'Negative'
in case of significant delays in project implementation, or if the
company generates lower-than-expected cash accruals.

                      About Panache Aluminium

PAEPL was incorporated in August 2009 by Mr. Anil Padliya, Mr.
Vipul Padliya, Mr. Akshay Padliya, Mr. Vaibhav Padliya, and Mr.
Rajesh Yadav. The company plans to manufacture aluminium extrusion
profiles in various alloys. It has purchased 10 acres of land in
Ahir in Satara, Maharashtra, and plans to set up moulding,
extrusion, and coating units at the location. Currently, the
project with a planned capacity size of 10,570 tonnes per annum is
in its initial stages of implementation, and the company plans to
start commercial production in December 2010.


PLG POWER: CRISIL Assigns 'BB-' Rating to INR170 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to PLG Power
Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR700.0 Million Export Credit      BB-/Stable (Assigned)
   INR170.0 Million Term Loan          BB-/Stable (Assigned)
   INR490.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect PLG Power's exposure to risks associated with
the implementation of its ongoing solar power generation project
involving a capital expenditure (capex) of INR8.8 billion, and its
weak financial risk profile marked by high gearing and large debt-
funded capex. These rating weaknesses are partially offset by the
benefits that PLG Power derives from the healthy growth prospects
for the solar power generation industry, and the firm arrangement
for offtake of entire power to be produced by its upcoming solar
power plant.

Outlook: Stable

CRISIL believes that PLG Power will face project implementation
risk over the medium term on account of its upcoming solar power
plant. The outlook may be revised to 'Positive' in case the
company sustains the margins for its solar photovoltaic (PV)
module operations and commissions the power plant within the
stipulated time and cost. Conversely, the outlook may be revised
to 'Negative' in case the company's power project faces time and
cost overruns, or the margins in its existing business deteriorate
significantly.

                          About PLG Power

Set up in 1990, PLG Power is engaged in multi-commodity trading
and manufactures polypropylene mats. The annual installed capacity
for polypropylene mats is 3.36 million units. In 2009-10 (refers
to financial year April 1 to March 31), the company started
manufacturing solar PV modules by setting up a crystalline solar
PV module manufacturing facility in Nashik (Maharashtra). These PV
modules are exported to various turnkey solution providers for
solar power projects in Europe and the US.

The company is setting up a 40 megawatt (MW) grid-connected solar
power plant in Gujarat, entailing an investment of about INR8.8
billion, to be funded in a debt-to-equity ratio of 70:30. PLG
Power has already entered into a long-term power purchase
agreement (PPA) with Gujarat Urja Vikas Nigam Limited for offtake
of its entire capacity. The first 10 MW unit of the solar power
project is scheduled to be commissioned by December 2010 and the
entire project is expected to be commissioned in a phased manner,
by December 2011.

PLG Power reported a net profit of INR62 million on net sales of
INR1354 million for 2009-10 as against a net profit of INR4
million on net sales of INR351 million for 2008-09.


RAJ BUILDCON: ICRA Assigns 'LBB+' Rating to INR29.5MM Term Loan
---------------------------------------------------------------
ICRA has assigned "LBB+" rating to the INR29.5 million term loan,
INR26.5 million fund based limits and INR10.0 million non-fund
based limits of Raj Buildcon Construction Limited.  The outlook on
the rating is stable.  ICRA has also assigned an "A4" rating to
the INR30.0 million non-fund based limits of RBCL.

ICRA's ratings of RBCL favourably factor in experience of its
promoters in construction industry, its reputed client profile and
positive outlook for infrastructure sector. However, the ratings
are constrained by RBCL's limited project execution track record,
its low net-worth which limits its ability to bid for larger and
more complex projects, highly competitive nature of the
construction industry, and its exposure to volatility in commodity
(cement, steel etc.) prices which can adversely impact its
profitability. The company's ability to scale up its operations
and improve its profitability will remain key rating
sensitivities.

Raj Buildcon Construction Limited started as a proprietorship
concern in 1985 with the name of R. B. Builders.  RBB was promoted
by Mr. Rajinder Bansal. In 2007, Mr. Krishna Bansal, son of Mr.
Rajinder Bansal, incorporated a private limited company named Raj
Buildcon Construction Private Limited for civil construction work.
This company took over the operations of the proprietorship
concern RBCL. In 2009, the company was converted from private
limited to a public limited company.

The promoters are also developing a textile park in Pali
(Rajasthan) in association with Bharat Box group. A company named
Bharat Fabtex & Corporate Park Pvt Ltd was formed in Joint Venture
between the two groups. The construction work for this project
will be executed by RBCL.


RAJESH GEMS: CRISIL Assigns 'BB' Rating to INR248.2MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Rajesh Gems and
Jewels Pvt Ltd. bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR248.2 Million Cash Credit Limit    BB/Stable (Assigned)
   INR1.8 Million Overdraft facility     BB/Stable (Assigned)

The rating reflects Rajesh Gems' weak financial risk profile
driven by large working capital requirements, its limited scale of
operations, and its exposure to risks relating to volatility in
gold prices and geographical concentration in its revenue profile.
These rating weaknesses are partially offset by Rajesh Gems'
established regional market position, and its promoter's
experience in the gold jewellery business.

Outlook: Stable

CRISIL believes that Rajesh Gems will continue to benefit from its
established position in the regional gold jewellery business.
However, the company's financial risk profile is expected to
remain weak, because of high gearing and low cash accruals. The
outlook may be revised to 'Positive' if Rajesh Gems improves its
capital structure, most likely through larger-than-projected
equity infusion or more-than-expected cash accruals, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a large,
debt-funded capital expenditure programme, or its profitability
declines sharply.

                         About Rajesh Gems

Rajesh Gems was originally set up in 1996 by Mr. Rajesh Luthra as
a proprietorship concern, which was reconstituted as a private
limited company in 2000. Rajesh Gems manufactures gold and diamond
jewellery. The company has a manufacturing facility with daily
production capacity of 1.5 to 2.0 kilograms of gold jewellery. It
has its showroom at Beadonpura (Delhi).

New Vibha Gems & Jewels, a group entity with a turnover of INR280
million in 2008-09 (refers to financial year, April 1 to March 31)
and also engaged in the gold jewellery business, was merged with
Rajesh Gems with effect from March 2009, resulting in a
substantial increase in Rajesh Gems' revenue base and in its other
financial matrices. Rajesh Gems also has plans to set up a new
retail showroom of about 2000 square feet in the prime area of
Lajpat Nagar (Delhi). The showroom is expected to commence
operations from August 2010.

Rajesh Gems is estimated to report a profit after tax (PAT) of
about INR5.0 million on net sales of about INR1.25 billion for
2009-10, against a PAT of INR2.9 million on net sales of INR600
million for 2008-09.


SAI GLOBAL: ICRA Reaffirms 'LBB' Rating on INR147.5MM Term Loans
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of "LBB" assigned to the
INR 147.5 million term loans and INR 60.0 million fund based
facilities of Sai Global Yarntex (India) Private Limited.  The
outlook on the rating is stable.  ICRA has also reaffirmed the
short term rating of "A4" assigned to the INR 21.0 million non-
fund based facility of SGYIPL.

The ratings continue to reflect the small scale of operations,
stressed financial profile and susceptibility of margins to the
volatile cotton prices and competition. While the proposed
expansion is likely to improve the scale of operations, the debt-
funded capex is likely to stretch the capitalization and coverage
indicators further.  The reaffirmation of ratings factors in the
positive revenue growth and improvement in margins supported by
improving outlook of the yarn market.

Sai Global Yarntex (India) Private Limited was incorporated in
December 2005 in Ongole, Prakasam District, Andhra Pradesh.  The
Company is engaged in the production of cotton yarn with an
installed capacity of 13,380 spindles.  SGYPL has plans to add
another 12900 spindles in FY11 thereby increasing its total
capacity to 26280 spindles.  The promoters and their relatives
hold the entire share capital.


SETH INDUSTRIAL: CRISIL Reaffirms 'BB' Rating on INR4MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Seth Industrial
Corporation continues to reflect SIC's small scale of operations,
and weak financial risk profile, marked by a moderate gearing,
weak debt protection metrics, and a small net worth. These
weaknesses are partially offset by SIC's established position in
India's bicycle market.

   Facilities                           Ratings
   ----------                           -------
   INR170.0 Million Cash Credit Limit   BB/Stable (Reaffirmed)
   INR4.0 Million Term Loan             BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SIC will maintain its business risk profiles
over the medium term, supported by its established market
presence. The financial risk profile is expected to remain weak on
account of weak debt protection measures and moderate gearing. The
outlook may be revised to 'Positive' if SIC's financial risk
profile improves considerably, driven by healthy operating margin
despite volatility in raw material prices, and sizeable capital
infusion. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes larger-than-expected debt-funded capital
expenditure (capex) programme, leading to deterioration of its
financial risk profile.

                        About Seth Industrial

Set up in 1964, SIC manufactures bicycles, bicycle components, and
cycle rickshaws for the Indian market.  The firm's plant at
Ludhiana (Punjab) has capacity to manufacture 3200 frames per day.
SIC manufactures steel components such as frames, forks, rods, and
chains, and purchases other components from local suppliers.  It
markets its products under the brand Neelam through a wide network
of dealers across India. As part of plant modernisation, the firm
is setting up a nickel coating plant, involving a capex of INR30.0
million, of which INR22.0 million is bank debt.

SIC reported a book profit of INR7.8 million on net sales of
INR1291.0 million for 2009-10, against a book profit of INR9.6
million on net sales of INR1102.0 million for 2008-09.


SHREE SAI: CRISIL Reaffirms 'BB' Rating on INR55.2MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sai Calnates India
Private Limited continue to reflect SSCIPL's weak financial risk
profile, marked by small net worth and high gearing, large working
capital requirements, and exposure to intense competition in the
calcium carbonate industry.  These rating weaknesses are partially
offset by SSCIPL's established presence in the calcium carbonate
industry.

   Facilities                               Ratings
   ----------                               -------
   INR55.20 Million Term Loan               BB/Stable (Reaffirmed)
   INR75.00 Million Cash Credit Limit       BB/Stable (Reaffirmed)
   INR3.00 Million Inland Letter of Credit  P4+ (Reaffirmed)
   INR5.00 Million Bank Guarantee           P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SSCIPL will continue to benefit from its
established presence in the calcium carbonate industry, its
established customer base and strong relationships with suppliers.
The outlook may be revised to 'Positive' if the company's capital
structure improves with higher cash accruals or its net worth
increases most likely through fresh equity infusion by the
promoters.  Conversely, the outlook may be revised to 'Negative'
if SSCIPL's capital structure deteriorates due to larger-than-
expected working capital requirements or substantial decline in
margins, or lower than expected offtake from the planned capacity
expansion, resulting in a weak financial risk profile.

                          About Shree Sai

Promoted by Mr. Subhas Tibrewal and Mr. Shankarlal Agarwal in
1997, SSCIPL manufactures precipitated calcium carbonate (PCC) and
activated calcium carbonate (ACC).  The company has a capacity of
65,000 tonnes per annum (tpa) of ACC and PCC. Its clientele
includes companies from the pipe, plastics, paints, and fast
moving consumer goods segment.  SSCIPL also has a 1.5 megawatts
(MW) windmill near Porbandar (Gujarat). The company plans to
increase its manufacturing capacity by 20,000 tpa in 2010-11 at a
cost of around INR60 million.

SSCIPL, on a provisional basis, reported a profit after tax (PAT)
of INR12 million on net sales of INR422 million for 2009-10
(refers to financial year, April 1 to March 31) against a PAT of
INR8 million on net sales of INR356 million for 2008-09.


SHREE SANT: ICRA Assigns 'LBB+' Rating to INR400MM Long Term Loan
-----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR400 million long term
fund based facilities of Shree Sant Kripa Appliance Private
Limited.  The long term rating has been assigned a stable outlook.
ICRA has also assigned an "A4+" rating to the INR 170 million
short term non fund based facilities of the company.

The assigned rating derives comfort from the company's standing as
leading distributor of Samsung mobile handsets in India with
exclusive distributorship for Western India.  The company has been
able to gain scale and size over the years and contributed ~35% to
Samsung's India wide mobile sales.  ICRA further notes that the
management has extensive experience in Consumer Goods & Appliances
distribution in Western India and has long standing relationship
with leading MNCs like Samsung and LG.  The assigned ratings are,
however, constrained by thin margins associated with trading
business. Further working capital intensive nature of business and
limited accruals has stretched liquidity profile of the company.
SSKAPL is also exposed to the intense competitive pressures in
mobile handset market in India faced by OEMs like Samsung.

SSKAPL, erstwhile a partnership concern since 2002, started
operating as a limited company in August 2006.  The company is
currently National Distributor-West for Samsung India Electronics
Private Limited (Samsung) Mobile handsets and Accessories, Cameras
and Net books consisting of five states of Maharashtra, Madhya
Pradesh, Chhattisgarh, Gujarat and Goa.

Recent Result

As per unaudited provisional results, SSKAPL has reported a net
profit of INR45.0 million on an operating income of INR14,088.8
million.


SIRPUR PAPER: CARE Assigns 'CARE BB+' Rating to INR318cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' to the bank facilities of
The Sirpur Paper Mills Limited.

                                   Amount
   Facilities                   (INR crore)     Ratings
   ----------                   -----------     -------
   Long-term Bank Facilities        318         'CARE BB+'
   Short-term Bank Facilities        12         'PR4'

Rating Rationale

The ratings take into account the risks arising due to low
profitability margins, high gearing and the delay in completion of
the expansion project.  The ratings also factor in the cyclical
nature of the paper industry.

The ratings are however, underpinned by the track record of Sirpur
in the industry, experienced promoters and management, strong
brand presence in the paper industry, integrated pulp and paper
manufacturing facility and the completion of the capacity
expansion project. The ability of the company to successfully
venture into copier paper manufacturing and improve its market
share remain the key rating sensitivities.

The Sirpur Paper Mills Limited (Sirpur) was incorporated in 1938
and commenced commercial production in 1942. Sirpur is an
integrated pulp and paper manufacturer with its sole manufacturing
facility in Kaghaznagar, Andhra Pradesh. In FY08, the company
undertook a Mill Development Programme (MDP) to increase its
capacity from 83,550 MTA to 1,38,300 MTA. Due to technical reasons
involved in the stabilization of the machinery, Sirpur was able to
use the augmented capacity for commercial production only from
November 2008 onwards as against the scheduled date of May, 2008.
The delay also resulted in Sirpur restructuring its term loans.

Sirpur is involved in the production of printing and writing
paper, industrial paper and kraft board. The company has a wide
product portfolio that enables it to have a presence in all the
segments of the industry. Improvement in realisations in the
printing and writing paper segment coupled with additional
capacity available for production in FY09 resulted in total
operating income increasing to INR346 crore in FY09. However,
higher interest costs coupled with the higher depreciation costs
attributed to the MDP resulted in the company positing a loss of
INR2 cr in FY09.


SPADS TEXTILES: ICRA Reaffirms 'LB' Rating on INR201.1MM Term Loan
------------------------------------------------------------------
ICRA has reaffirmed the long term rating of "LB" assigned to the
INR201.1 million term loans and INR45.0 million fund based
facilities of Spads Textiles Limited.  ICRA has also reaffirmed
the short term rating of "A4" assigned to the INR20.0 million non-
fund based facilities of the company.

The reaffirmation of ratings factors in the company's small scale
of operations impacting issues of economies of scale and
competitive pressures prevalent in the spinning sector.  The
rating factors in the debt-servicing track record of the company
and also the moderate financial profile of the company, as
witnessed by the stressed capitalization and coverage indicators.
While revenues and profit margins have shown some improvement, the
working capital intensity and cashflow position are currently
stretched.  The ratings however factor in the growing yarn demand
and stable customer base of the company.

Spads Textiles Limited, was incorporated as a Public Limited
Company in November 2005 in Jaggayyapet, Krishna District, Andhra
Pradesh.  The Company is engaged in the production of
polyester/cotton yarn with an installed capacity of 14112
spindles.  STL has plans to add another 17,856 spindles in FY2011
thereby increasing its total capacity to 31,968 spindles.


SUNTANA TEXTILE: CRISIL Reaffirms 'P4' Rating on Packing Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Suntana Textile Mills
Pvt Ltd continues to reflect Suntana's weak financial risk
profile, marked by a small net worth, high gearing and weak debt
protection metrics, and significant customer concentration in
revenue profile. These weaknesses are partially offset by the
benefits that Suntana derives from its designing capabilities, and
from the experience and established customer relationships of its
promoters.

   Facilities                        Ratings
   ----------                        -------
   INR75.0 Million Packing Credit    P4 (Reaffirmed)

Suntana, promoted by Mr. Chiranjilal Agarwal, was incorporated in
2006.  The company manufactures suiting and shirting fabrics, and
dress material from polyester yarn.  The company sells its
products mainly to the export markets, especially Egypt, Dubai,
Iraq, Iran and Saudi Arabia and South East Asia.

Suntana reported a profit after tax (PAT) of INR1.1 million on net
sales of INR244.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.0 million on net sales
of INR181.4 million for 2007-08.


TATA STEEL: To Raise US$341 Million From Tata Sons
--------------------------------------------------
The Times of India reports that Tata Steel Ltd. will raise
INR1,604 crore (US$341 million) from its parent, Tata Sons, to
reduce its debt.  The company told the bourses on Wednesday that
it will issue shares and warrants on preferential basis to its
founder Tata Sons at INR594 each.

The report relates that while the 1.5 crore share sale would bring
in INR891 crore, another INR713 crore is being raised through
issue of 1.2 crore warrants, of which Tata Sons will pay 25% of
the amount immediately on allotment, as per Sebi rules.

Tata Sons' holding in Tata Steel will increase to 31% from the
current 29% in the steel maker's expanded equity base after the
equity infusion, the report notes.

                          About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business.  Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2010, Fitch Ratings affirmed the Foreign Currency Issuer
Default Rating of 'BB+' and the National Long-term rating of
'AA(ind)' of Tata Steel Limited.  Simultaneously, Fitch also
affirmed the Foreign Currency IDR of Tata Steel UK at 'B+'.  Fitch
said the Outlook on all the ratings continues to be Negative.


VIALLE ALTERNATIVE: CRISIL Puts 'B-' Rating on INR68MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Vialle
Alternative Fuel Systems Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR68.0 Million Cash Credit         B-/Stable (Assigned)
   INR40.0 Million Letter of Credit    P4 (Assigned)
   INR1.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the significant product and customer
concentration in VAFSPL's revenue profile, and its subdued cash
accruals because of the financial support it extends to its wholly
owned subsidiary Gurgaon Info Parks Ltd (GIPL). These rating
weaknesses are partially offset by VAFSPL's brand and technology
collaboration with Vialle Alternative Fuel Systems B V (Vialle),
Netherlands.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VAFSPL and its wholly owned subsidiary,
GIPL. This is because of the financial support extended by VAFSPL
to GIPL in the form of loans and advances. Funds are significantly
fungible between the two companies, as VAFSPL's balance sheet has
been leveraged to raise funds for GIPL.

Outlook: Stable

CRISIL believes that VAFSPL would maintain its credit profile over
the medium term backed by stable sales of liquid petroleum gas
(LPG) kits to Maruti Udyog Ltd (MUL) over the medium term.  The
outlook may be revised to 'Positive' if VAFSPL's records better-
than-expected growth in sales and profitability resulting in
improvement in financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if there is a decline in sales of
Omni vans and consequently a decline in sales of LPG kits, or if
further financial support to subsidiary GIPL worsens VAFSPL's
financial risk profile.

                      About Vialle Alternative

VAFSPL was set up by Mr. Pradip Rungta in 1999, in technical
collaboration with Vialle. VAFSPL uses Vialle's brand.

Vialle develops and manufactures alternative fuel systems. The
company is involved in LPG technology, diesel-blend, and natural
gas technology. Vialle manufactures and distributes advanced,
liquid propane injection (LPi) or LPG injection system.

GIPL is a wholly-owned subsidiary of VAFSPL. The company owns a
one-acre plot of land in Sector-32 of Gurgaon; the plot is being
developed as an office space for outright sale or leasing.

VAFSPL reported a net loss of INR4.4 million on net sales of
INR306million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR8.1 million on
net sales of INR575 million for 2007-08.


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


JLOC XXVIII: Fitch Affirms Ratings on All Classes of Notes
----------------------------------------------------------
Fitch Ratings has affirmed all classes of trust beneficiary
interest from JLOC XXVIII Senior Trust, as well as JLOC XXVIII's
mezzanine specified bonds due October 2012.  The agency has also
removed the Class D TBIs and TMK1 mezzanine SBs from Rating Watch
Negative.  The details of the rating actions are:

JLOC XXVIII Senior TBIs:

  -- JPY8.6 billion* Class B TBIs affirmed at 'AAA'; Outlook
     revised to Negative from Stable;

  -- JPY8.8 billion* Class C TBIs affirmed at 'BB-'; Outlook
     Negative;  and

  -- JPY7.2 billion* Class D TBIs affirmed at 'CCC'; Recovery
     Rating of 'RR5'; Off RWN.

JLOC XXVIII mezzanine SBs:

  -- JPY3.6 billion* TMK1 mezzanine SBs: affirmed at 'CC';
     Recovery Rating of 'RR6'; Off RWN.

  * as of 13 July 2010

The affirmations of the class D TBIs and the mezzanine SBs reflect
Fitch's view of the possibility of principal loss, and the agency
has removed the RWN status on the view that negative rating
actions are unlikely in the short term.

Fitch has affirmed the class B and C TBIs to reflect increased
credit enhancement levels, due to property disposition.  However,
the Outlook for the class B TBIs has been revised to Negative from
Stable given the delay in the latest disposition schedule made by
the asset manager, compared to the previous version (submitted in
November 2009).  According to the latest plan, submitted in April
2010, the AM is not scheduled to complete the disposition
activities until less than six months before the legal final
maturity date.  Fitch will receive the property disposition report
on a quarterly basis and will pay particular attention to the
realized value as well as the pace of activities.

The latest disposition plan shows that the expected disposition
price for the remaining properties is comparable, in total, to the
earlier disposition plan.  Fitch notes that many properties have
been disposed of since its previous rating action in December 2009
and disposition prices were mostly higher than the expected
disposition price set by the AM.  However, Fitch expects the
remaining properties to be disposed of at a stressed value, given
the AM has to dispose of a large number of properties before the
legal final maturity date.

This transaction was originally backed by specified bonds issued
by two Tokutei Mokuteki Kaisha, which were backed by 567
commercial real estate properties.  To date, the specified bonds
issued by one TMK were fully redeemed and a portion of the
collateral portfolio backing the other TMK has also been disposed.
The transaction is currently secured by 141 properties and sales
proceeds from disposed properties.

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


L-JAC 5: Moody's Changes Ratings on Various Classes of Certs.
-------------------------------------------------------------
Moody's Investors Service has changed ratings on the Class A
through J-1 and X-2 Trust Certificates issued by L-JAC 5 Trust.
The final maturity of the trust certificates will take place in
August 2015.

The individual rating actions are listed below.

  -- Class A, downgraded to Baa1 from Aa2; previously on June 11,
     2010, Aa2 placed under review for possible downgrade

  -- Class B, downgraded to Ba2 from A2; previously on June 11,
     2010, A2 placed under review for possible downgrade

  -- Class C, downgraded to B3 from Ba3; previously on June 11,
     2010, Ba3 placed under review for possible downgrade

  -- Class D-1, downgraded to Caa2 from Ba2; previously on June
     11, 2010, Ba2 placed under review for possible downgrade

  -- Class D-3, downgraded to B3 from Ba3; previously on June 11,
     2010, Ba3 placed under review for possible downgrade

  -- Class E-1, downgraded to Caa3 from Ba3; previously on June
     11, 2010, Ba3 placed under review for possible downgrade

  -- Class F-1, downgraded to Caa3 from B1; previously on June 11,
     2010, B1 placed under review for possible downgrade

  -- Class G-1, downgraded to Caa3 from B2; previously on June 11,
     2010, B2 placed under review for possible downgrade

  -- Class H-1, downgraded to Caa3 from B3; previously on June 11,
     2010, B3 placed under review for possible downgrade

  -- Class I-1, downgraded to Caa3 from Caa1; previously on June
     11, 2010, Caa1 placed under review for possible downgrade

  -- Class J-1, confirmed at Caa3; previously on June 11, 2010,
     Caa3 placed under review for possible downgrade

  -- Class X-2, downgraded to Baa1 from Aa2; previously on June
     11, 2010, Aa2 placed under review for possible downgrade

L-JAC 5 Trust, effected in September 2007, represents the
securitization of 13 loans.  Two loans were paid in full by their
maturity date.  The transaction is now secured by five loans that
are current and six loans under special servicing.  The loan
portfolio is divided into three pools: A, B, and C.

Losses from Pool A will be allocated to Classes D-1, E-1, F-1, G-
1, H-1, I-1 and J-1, Losses from Pool C will be allocated to
Classes D-3; Classes A through C correspond to all pools.

The previous review had been prompted by Moody's growing concerns
about the need to apply 1) higher stress on the recovery
assumptions for the loans under special servicing in Pool A, in
view of current disposal prices, and 2) further stress on the
performance of the collateral for the other loans in Pools A and
C.

For this rating action, Moody's analyzed relevant documents -- the
latest appraisal reports and special servicing reports, as well as
additional data, including PM reports -- and reviewed its recovery
assumptions for the disposition of the remaining properties.

                            Loan Pool A

  -- This pool now comprises two loans and four loans under
     special servicing.

  -- The two loans are backed by a retail property in Hokkaido and
     an office building in Tokyo.  The four loans under special
     servicing are backed by four retail properties: three in
     local cities and one in Tokyo.

  -- In light of the types of assets and their locations, recovery
     is likely to be severely pressured following the special
     servicing.

  -- Moody's has therefore lowered its recovery assumptions about
     37% from its initial assumptions.

                            Loan Pool C

  -- Two of the loans in Pool C were paid in full by maturity. The
     pool thus currently consists of three loans backed by two
     hotels and four residential properties in Tokyo and its
     surrounding areas.

  -- Moody's has re-considered its cash flow assumptions for the
     hotels because RevPARs remain lower than initially assumed.

  -- Moody's has thus lowered its recovery assumptions around 25%
     from its initial assumptions.

Moody's will continue to monitor the performance of the properties
and the asset manager's refinancing and disposal activities in
light of the upcoming maturities, as well as the status of the
special servicer's collections and its strategies for the loan
under special servicing.


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


HYNIX SEMICONDUCTOR: Creditors Offer LG Group 15% Stake
-------------------------------------------------------
Bloomberg News, citing MoneyToday Internet news service, reports
that Hynix Semiconductor Inc. creditors offered LG Group a
controlling stake in the company.

According to Bloomberg, MoneyToday reported that the lenders
proposed LG Group buy an initial 5 percent stake, with an option
to purchase a further 10 percent.  MoneyToday, as cited by
Bloomberg, said the creditors would sell a separate 5 percent
stake in the market via block deals from their collective 20
percent.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Fitch Ratings upgraded Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating to 'BB-' from
'B+'.  The Outlook has been revised to Stable from Negative.  At
the same time, the agency also upgraded the ratings of its
outstanding senior unsecured debt aggregating US$500m to 'BB-'
from 'B', and assigned a Long-term local currency IDR at 'BB-'.


HYUNDAI ENG'G: Creditors Tap Merrill & Woori as Sale Arrangers
--------------------------------------------------------------
Hyundai Engineering & Construction Co. creditors hired Bank of
America's Merrill Lynch and a consortium between Woori Investment
& Securities Co. and Korea Development Bank to arrange the sale of
a stake in the South Korean builder, Bloomberg News reports citing
main creditor Korea Exchange Bank spokesman Kim Sun Kyu.

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2010, Bloomberg News said Hyundai Engineering's creditors
plan to choose a preferred bidder for a KRW2.17 trillion
controlling stake in the builder by the end of this year.  The
debt holders plan to complete the sale, open to both domestic and
overseas buyers, by early 2011.

According to Bloomberg, Hyundai Engineering ran into a liquidity
problem in 2000 after extending massive subsidies to prop up its
weak subsidiaries and loss-making businesses.  Huge outstanding
debts in Iraq further strained the contractor's finances, the
report added.  Creditors of Hyundai Engineering relinquished
direct control of Korea's top builder in May 2006.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.


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


FIVE MILE: Allied Farmers Sells 23.3-Hectare Property
-----------------------------------------------------
Allied Farmers has confirmed the unconditional sale of the 23.3
hectare Five Mile property adjacent to the Queenstown Airport.
Settlement is scheduled for mid-November.

"Given the current state of the property market, especially in
large scale developments like this, we are very pleased to achieve
a price that is nearing the upper end of the valuation scale,"
Allied Farmers, Managing Director Rob Alloway said.

"We've always said that, given time, we could realise value from
the former Hanover assets for our shareholders and indeed this has
proved to be the case with Five Mile" Mr. Alloway said.

Mr. Alloway said the buyer did not wish to be identified at this
point but the company was familiar with the Queenstown District
and had previously done development in the region.

"They came late to this negotiation with a pretty compelling offer
and we are very pleased to be able to have concluded such a
significant deal. When both the buyer and seller are happy then
the deal is usually about right" said Mr. Alloway.

Five Mile development was once owned by Christchurch property
developer, David Henderson.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 25, 2009, Auckland developer Tony Gapes bought the first
stage of Five Mile development next to Queenstown Airport.
Mr. Gapes signed an unconditional agreement to buy the 31 hectares
of Five Mile land, using newly established company Queenstown
Gateways.

In July 2008, Hanover Finance put the development into
receivership.


MUTUAL FINANCE: In Receivership; Kordamentha Appointed
------------------------------------------------------
Mutual Finance has been placed into receivership, with NZ$8
million of deposits covered by the retail deposit guarantee
scheme, The New Zealand Herald reports.  Covenant Trustee
appointed Brendan Gibson and Grant Graham of KordaMentha as
receivers of Mutual Finance.

The finance company said it had been in technical breach of one of
its covenants and its trustee, Covenant Trustee, had deemed there
was a risk of a "cash flow mismatch" between the timing of asset
sales and payments to depositors, the report says.

According to the NZ Herald, Mutual Finance managing director
Paul Bublitz said directors of the firm were "deeply disappointed"
at the trustee's decision to call in receivers as it had been
"working to address the technical breach and considers that the
trustee has taken an extremely conservative view of the cash flows
of the company".

"The Board is deeply disappointed that it was not given the
opportunity to resolve what it considers was an issue that was
resolvable and considers that the trustee has acted in his own
interests rather than those of the investors in placing the
company into receivership," the report quoted as Mr. Bublitz as
saying.

The Treasury deputy secretary of financial operations Philip
Combes said all eligible Mutual Finance depositors will get the
money they are entitled to under the Crown retail deposit
guarantee scheme, the NZ Herald relates.

"We expect it could take 3 or 4 months to get necessary
information about all depositors.  When the receivers have
provided the information to the Treasury, we will contact
depositors and inform them about how to claim for repayment,"
the NZ Herald quoted Mr. Combes as saying.  "We are working to
repay eligible depositors in a timely manner and ask depositors to
be patient while we get information about who is owed money and
how much each depositor is owed. The Crown stands fully behind its
guarantee commitments, and we expect an orderly process of payment
to eligible Mutual Finance depositors."

Mutual Finance is an Auckland-based financial institution with
around 400 depositors and approximately NZ$8 million in guaranteed
deposits.


PSIS LTD: S&P Changes Outlook to Positive; Affirms 'BB+/B' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on New Zealand mutual company PSIS Ltd. to
positive, from stable.  At the same time, S&P affirmed the ratings
on PSIS at 'BB+/B'.

"The positive rating outlook reflects S&P's expectations that the
ratings could be raised to 'BBB-/A-3' if the company continues to
successfully manage its low-risk and sound credit profile through
to 2011, a period when the nonbank deposit-taking sector in New
Zealand is expected to come under pressure," Standard & Poor's
credit analyst Peter Sikora said.  Industry pressures anticipated
include the expiry of the existing New Zealand government retail
deposit guarantee on Oct. 12, 2010, heightened competition for
retail funding, and the prospect that additional NBDT failures
could undermine confidence in the sector and affect all NBDTs.

The rating affirmation reflects PSIS' strong member support and
its sound financial profile through the recent very difficult
operating environment in New Zealand, particularly for nonbank
deposit-takers.  PSIS' ongoing commitment to maintaining a low
credit risk profile by focusing lending activities on low-risk
residential mortgage lending has underpinned its solid financial
profile.  The low credit risk profile has also helped offset
limitations regarding PSIS' concentrated business risk profile,
stemming from its single-sector and narrow product focus.  PSIS'
lending activities, together with its conservative underwriting
practices, have supported the company's good asset-quality
experience, evidenced by the low level of nonperforming assets and
sound operating performance, which has been superior compared with
most rated mutual-based credit unions and building societies in
New Zealand.

Mr. Sikora added: "The outlook could be revised to stable should
there be signs that deposit support was not as strong as
anticipated or if PSIS was not successful in maintaining its sound
financial risk profile, which helps offset some of the limitations
regarding its business risk profile."

The rating would also come under downward pressure if there was
any observed increase in the company's risk appetite through
aggressive growth, a material weakening of underwriting standards,
or expansion into higher risk activities.  An early indicator of
this could be a material increase in the level of nonperforming
loans from recent and historical levels.  Downward rating pressure
would also emerge from any unexpected loss that undermines S&P's
overall view of PSIS' risk management capability or weakens
capital materially.


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


VIETNAM SHIPBUILDING: Government Suspends Chairman Pending Probe
----------------------------------------------------------------
Vietnam's Prime Minister Nguyen Tan Dung has decided to suspend
Phan Thanh Binh from his Chairmanship of the Vietnam Shipbuilding
Industry Group (Vinashin) as the government started an
investigation into financial dilemma of the state-owned company.

According to a statement on the government's Web site on July 14,
Minister-Chairman of the Office of Government Nguyen Xuan Phuc
said Prime Minister Nguyen Tan Dung ordered to investigate
responsibilities and detect faults of Mr. Binh when he carried out
the assigned tasks.

Deputy Minister of Transport Nguyen Hong Truong was appointed to
replace Mr. Binh as the Chairman of Vinashin.

Minister Phuc revealed Thursday that the Prime Minister has
instructed the establishment of a working group with five specific
tasks:

     (i) to restructure Vinashin;

    (ii) to make full use of the group's assets and minimize
         damages for implemented projects;

   (iii) to reduce negative impacts on workers;

    (iv) to avoid possible collapse in the banking system; and

     (v) to punish the perpetrators.

Vinashin doesn't have enough funds for some projects after its
customers and lenders were hit by the global recession that
started in 2008.  The company also over-diversified its business
activities and hasn't managed its cash flow and debt.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


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


* S&P Puts Ratings on Asia-Pacific CDOs on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on four
Asia-Pacific (excluding Japan) collateralized debt obligation
tranches on CreditWatch with positive implications.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using the synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

The tranches were placed on CreditWatch positive because their
SROC scores are greater than 100% at the current rating level and
at a higher rating level with sufficient cushion, based on the
maximum scenario loss rate, largest obligor, and largest industry
tests.  SROC scores rising above 100% reflect an improvement in
the credit quality of the underlying portfolios.

   Transaction                      Rating To         Rating From
   -----------                      ---------         -----------
   DBS Bank Ltd. S$100 million
    portfolio credit-linked notes   A+/Watch Pos      A+
   ARLO IX Ltd. 2007
    (Pascal SCO A-1)                B-/Watch Pos      B-
   Morgan Stanley ACES SPC 2007-9
    Class III (Principal)           CCC-p/Watch Pos   CCC-p*
   Zenesis SPC Series 2006-1        BBB-/Watch Pos    BBB-

* The subscript 'p' signifies that the rating is on the principal
  amount only.

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions,
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.

The Global SROC Report with the SROC analysis as at end-June 2010
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

ARDEPRO               8925             310.82         -253.28
DAIWASYSTEM CO        8939             607.68         -259.76
HARAKOSAN CO          8894             225.69          -62.68
ICHITAN CO LTD        5645              94.67           -2.19
JIPANGU HOLDINGS      2684              15.05           -8.38
L CREATE CO LTD       3247              42.34           -9.15
LCA HOLDINGS COR      4798              51.30           -2.57
NIHON INTER ELEC      6974             218.08          -50.73
PROPERST CO LTD       3236             303.29         -415.76
RAYTEX CORP           6672              61.49           -3.49
SAIKAYA CO LTD        8254             375.83          -72.59
SHINWA OX CORP        2654              41.06          -24.43
SHIOMI HOLDINGS       2414             190.97          -22.81
TERRANETZ CO LTD      2140              11.63           -4.29


KOREA

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


MALAYSIA

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


NEW ZEALAND

DOMINION FINANCE      DFH              258.90          -55.31


PHILIPPINES

APEX MINING 'B'       APXB              45.84          -20.95
APEX MINING-A         APX               45.84          -20.95
BENGUET CORP 'B'      BCB               78.85          -62.30
BENGUET CORP-A        BC                78.85          -62.30
CYBER BAY CORP        CYBR              13.30          -83.83
EAST ASIA POWER       PWR               42.01         -159.00
FIL ESTATE CORP       FC                38.38          -13.37
FILSYN CORP A         FYN               22.72          -10.89
FILSYN CORP. B        FYNB              22.72          -10.89
GOTESCO LAND-A        GO                18.68          -10.86
GOTESCO LAND-B        GOB               18.68          -10.86
MRC ALLIED INC        MRC               13.26           -5.43
PICOP RESOURCES       PCP              105.66          -23.33
PRIME ORION PHIL      POPI              90.35           -5.12
STENIEL MFG           STN               22.11          -13.42
UNIVERSAL RIGHTF      UP                45.12          -13.48
UNIWIDE HOLDINGS      UW                52.80          -56.18
VICTORIAS MILL        VMC              164.26          -18.20


SINGAPORE

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


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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