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                     A S I A   P A C I F I C

           Tuesday, July 20, 2010, Vol. 13, No. 141

                            Headlines



A U S T R A L I A

MARINA MIRAGE: St George Bank Calls in Korda-Mentha as Receivers
SIGMA PHARMA: Gets Three Separate Bids for Two Drug Units


C H I N A

AGRISOLAR SOLUTIONS: Continuous Losses Cue Going Concern Doubt
* HONG KONG: Bankruptcy Petitions Rise to 842 in June


H O N G  K O N G

BASHU CULTURE: Court to Hear Wind-Up Petition on July 21
BILLION CITY: Sun Fung Allan Ho Appointed as Liquidator
CAIRN SC: S&P Withdraws 'D' Rating on Series 1 US$40 Mil. Notes
CHAMPION VANTAGE: Creditors and Contributories to Meet on July 30
CC PROMINENT: Court to Hear Wind-Up Petition on September 1

CROWN HONOR: Court Enters Wind-Up Order
DREAMS OF HEAVEN: Placed Under Voluntary Wind-Up Proceedings
FAITHFUL KING: Court Enters Wind-Up Order
INNOVATIONS WORLDWIDE: Creditors Get 14.14% Recovery on Claims
MANDOLIN HK: Creditors and Contributories to Meet on July 28

WIDE TECH: Creditors' Proofs of Debt Due July 30


I N D I A

ADHUNIK CEMENT: Fitch Affirms National Long-Term Rating at 'BB-'
AGARWAL PACKERS: CARE Assigns 'CARE BB' Ratings to Bank Facilities
ANOJKUMAR AGARWALA: ICRA Places "LBB+" Rating on INR60MM LT Loan
AUTOMOTIVE COACHES: ICRA Assigns 'LB+' Rating to INR112.2MM Loans
BURN STANDARD: ICRA Places 'LBB+' Rating on Withdrawal Notice

DEVELOPMENT CREDIT: First Quarter Loss Narrows to INR29 Million
H. P. MADHUKAR: CARE Puts 'CARE BB+' Rating on INR4.8cr LT Loan
KAMAL SPONGE: ICRA Assigns 'LBB+' Rating to INR638MM Bank Debts
LUCID GEMS: ICRA Assigns 'LBB' Rating to INR120 Million Bank Debts
N.G. PROJECTS: ICRA Places 'LBB+' Rating on INR100MM Bank Debts

NANAK HI-TECH: ICRA Assigns 'LB-' Rating to INR103.7MM Debts
PREMIUM TOOLS: ICRA Assigns 'LBB-' Rating to INR11.5MM Term Loan
RPS INFRASTRUCTURE: ICRA Assigns 'LBB' Rating to INR530MM Loans
SAWHNEY BUILDERS: ICRA Puts 'LC' Rating on INR250 Million Loans
SHREE SHANKAR: ICRA Assigns 'LBB-' Rating to INR30MM Bank Debts

SRI VENKATACHALAPATHY: ICRA Puts "LBB" Rating on INR133.2MM Loans
SYNFAB INDUSTRIES: ICRA Assigns 'LBB' Rating to INR77.8MM Loan
TRIBHOVANDAS BHIMJI: ICRA Rates INR220MM Long Term Loan at 'LBB+'
UNITED BROTHERS: ICRA Reaffirms 'LBB' Rating on INR110MM Bank Debt


I N D O N E S I A

BUMI RESOURCES: Regulator Asked to Probe Financial Discrepancy


J A P A N

JLOC41 LLC: Fitch Downgrades Ratings on Five Classes of Notes
RENOWN INC: To Open 2,000 Stores in China Over Next 10 Years
TAKEFUJI CORPORATION: Moody's Cuts Senior Debt Ratings to 'Ca'


K O R E A

CHONGGU HOUSING: Placed Into Court Receivership
T&X HEAVY: Placed Into Court Receivership
TOMBOY CORP: Placed Into Court Receivership


N E W  Z E A L A N D

AORANGI SECURITIES: SFO to Interview Investors This Week
AORANGI SECURITIES: Supporters Launch Fund to Help Investors
NEW WAVE: Placed Into Receivership; 12 Jobs at Risk
NZ FARMING: Gets Takeover Offer From Olam International
SOUTH CANTERBURY: Investors Roll Over NZ$280 Million


S I N G A P O R E

CHEMIOXY INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 6
ENSEARCH PETROLEUM: Applies for Judicial Management
IMAGE CERAMIC: Creditors' Proofs of Debt Due August 27
MARINE INSURANCE: Court Enters Wind-Up Order
RAYMOND FORKLIFT: Creditors' Proofs of Debt Due July 30

UNITED EXPRESS: Creditors' Proofs of Debt Due July 31
ZHONGHUI ENVIRONMENTAL: Court to Hear Wind-Up Petition on July 30


T A I W A N

ENTIE COMMERCIAL: Fitch Assigns Individual Rating at 'C/D'


V I E T N A M

DOT VN: Signs MOU with VNNIC to Support Testing of Data Center


X X X X X X X X

* BOND PRICING: For the Week July 12 to July 16, 2010




                         - - - - -


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A U S T R A L I A
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MARINA MIRAGE: St George Bank Calls in Korda-Mentha as Receivers
----------------------------------------------------------------
Upmarket retail centre Marina Mirage has collapsed with the
appointment of receivers David Winterbottom and Martin Madden of
Korda-Mentha, Nick Nichols at goldcoast.com.au reports.

According to the report, the receivership comes hard on the heels
of a collapsed AU$90 million contract for the property secured
last month by owner Fenix Real Estate, formerly Ticor
Developments.

The receivers said in statement that the failed contract was short
of its expectations and not at an "appropriate level to support a
sale," according to goldcoast.com.au.

The report says Marina Mirage, developed by businessman
Christopher Skase at the height of the property boom in 1988, has
buckled under the weight of a AU$40 million refurbishment
completed early last year by Fenix Real Estate.

The report notes the receivers said financier St George Bank moved
on the property after Fenix subsidiary Marina Mirage Pty Ltd
became "financially stressed following the recent redevelopment".

Mr. Winterbottom assured tenants and shoppers it would be
"business as usual" during the receivership, the report adds.

Marina Mirage is home to fashion labels Calvin Klein, Tommy
Hilfiger and Hermes, as well as host to the city's finest
nosheries, including Fellini and Glass.  Fenix Real Estate, a
private Sydney company controlled by Steven Moss, bought the
property from the failed MFS group in 2005 for $40 million.


SIGMA PHARMA: Gets Three Separate Bids for Two Drug Units
---------------------------------------------------------
The Sydney Morning Herald reports that Sigma Pharmaceuticals has
attracted three bids for its consumer health business Herron and
another three for the company's Orphan Australia drugs division,
raising hopes the struggling group can pay off its lenders and
reject a AU$648 million takeover bid from South Africa's Aspen
Pharmacare.

SMH says Sigma needs to pay down AU$100 million in debt by next
March, with AU$40 million due by the end of September, to meet the
requirements of its bank lenders.

According to SMH, the bids for Herron and Orphan are conditional
on Sigma's current negotiations with its suitor, Aspen.  Any asset
sale depends on the outcome of those talks.

The bidders, SMH notes, are made up of local and overseas-based
pharmaceutical and healthcare companies, and follow a lengthy due
diligence process to investigate the true value and potential
profitability of each business unit.  The report states that a
successful sale would hand the Sigma board and incoming chief
executive Mark Hooper greater leverage to reject a proposed offer
of 55› per share from Aspen, and to continue the pharmacy, drugs
and manufacturing business as an independent listed company.

                     About Sigma Pharmaceuticals

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

                          *     *     *

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

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


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C H I N A
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AGRISOLAR SOLUTIONS: Continuous Losses Cue Going Concern Doubt
--------------------------------------------------------------
AgriSolar Solutions, Inc. (formerly V2K International, Inc.) filed
on July 14, 2010, its annual report on Form 10-K for the fiscal
year ended March 31, 2010.

ZYCPA Company Limited, in Hong Kong, China, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has incurred
continuous losses.

The Company reported a net loss of US$921,955 on US$4,607,957 of
revenue for fiscal 2010, compared with a net loss of US$366,541 on
US$1,523,927 of revenue for fiscal 2009.

The Company's balance sheet at March 31, 2010, showed
US$5,040,611 in assets, US$3,725,933 of liabilities, and
US$1,314,678 of stockholders' equity.

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

               http://researcharchives.com/t/s?66a7

Denver, Colo.-based AgriSolar Solutions, Inc. (OTC BB: AGSO)
through its wholly-owned subsidiary, Shenzhen Fuwaysun Technology
Company Limited, a People's Republic of China corporation, is
engaged primarily in the development, production and sale of solar
products, including a solar insect killer and other products
designed for agricultural and commercial use.  The Company's
manufacturing facility is located in Shenzhen, the People's
Republic of China, and a substantial majority of its current sales
and business operations are in China.

The Company was incorporated in the State of Colorado on March 13,
2006, under the name V2K International, Inc.  On January 8, 2010,
the Company changed its company name from "V2K International,
Inc." to its current name.


* HONG KONG: Bankruptcy Petitions Rise to 842 in June
-----------------------------------------------------
The number of bankruptcy petitions in Hong Kong rose to 842 in
June from 793 in May, Bloomberg News reports citing the Official
Receiver's Office.  The number of compulsory winding-up petitions
climbed to 44 from 42, the report added.


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


BASHU CULTURE: Court to Hear Wind-Up Petition on July 21
--------------------------------------------------------
A petition to wind up the operations of Bashu Culture Catering
Limited will be heard before the High Court of Hong Kong on
July 21, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Messrs. Solomon C. Chong & Co.
          19th Floor, Kwong Fat Hong Building
          1 Rumsey Street
          Central, Hong Kong


BILLION CITY: Sun Fung Allan Ho Appointed as Liquidator
-------------------------------------------------------
Sun Fung Allan Ho on July 5, 2010, was appointed as liquidator of
Billion City Development Limited.

The liquidator may be reached at:

         Sun Fung Allan Ho
         Room 2702-03, CC Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


CAIRN SC: S&P Withdraws 'D' Rating on Series 1 US$40 Mil. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on Series 1
US$40 million, variable-rate, secured portfolio callable credit-
linked notes issued by Cairn SC (Jersey) Finance Ltd. This rating
action follows a reduction in the principal amount to zero, due to
losses arising from credit events that occurred in the underlying
portfolio.

                         Rating Withdrawn

    Name                              Rating To    Rating From
    ----                              ---------    -----------
    Cairn SC (Jersey) Finance Ltd.    N.R.         D
    Series I

                         N.R.-Not rated


CHAMPION VANTAGE: Creditors and Contributories to Meet on July 30
-----------------------------------------------------------------
Creditors and contributories of Champion Vantage Limited will hold
their first meetings on July 30, 2010, at 3:00 p.m., and 3:30
p.m., respectively at the official receiver's office, 10th Floor,
Queensway Government Offices, 66 Queensway, in Hong Kong.

At the meeting, E T O'Connell, the official receiver and
provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.


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

Lau Yuet Ming Wandy filed the petition against the company on
June 18, 2010.

The Petitioner's solicitors are:

          Yeong & Co.
          28th Floor, Bayfield Building
          99 Hennessy Road
          Wanchai, Hong Kong


CROWN HONOR: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 7, 2010, to
wind up the operations of Crown Honor Distribution Centre Limited.

The official receiver is E T O'Connell.


DREAMS OF HEAVEN: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on July 16, 2010,
creditors of Dreams of Heaven Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Ng Sau Wa Sylvia
         Room 2402, 24/F., Sing Pao Building
         101 King's Road
         Fortress Hill, Hong Kong


FAITHFUL KING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 7, 2010, to
wind up the operations of Faithful King Limited.

The official receiver is E T O'Connell.


INNOVATIONS WORLDWIDE: Creditors Get 14.14% Recovery on Claims
--------------------------------------------------------------
Innovations Worldwide Limited, which is in creditors' voluntary
liquidation, will pay the first and final ordinary dividend to its
creditors on July 16, 2010.

The company will pay 14.14% for ordinary claims.

The company's liquidator is:

         Stephen Briscoe
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


MANDOLIN HK: Creditors and Contributories to Meet on July 28
------------------------------------------------------------
Creditors and Contributories of Mandolin Hong Kong Limited will
hold their first meeting on July 28, 2010, at 2:30 p.m., and 3:30
p.m., respectively at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, 66 Queensway, in Hong Kong.

At the meeting, E T O'Connell, the official receiver and
provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.


WIDE TECH: Creditors' Proofs of Debt Due July 30
------------------------------------------------
Wide Tech Shipping Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 30, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Messrs Bruno Arboit
         Simon Blade
         1008 Shui On Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


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I N D I A
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ADHUNIK CEMENT: Fitch Affirms National Long-Term Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed Adhunik Cement Limited's National Long-
term rating and its term loans aggregating INR4060.0 million at
'BB-(ind)'.  The Outlook is Stable.  Also, the agency has assigned
a Long-term rating of 'BB-(ind)' to ACL's fund-based limits
aggregating INR865.0 million, and an 'F4(ind)' Short-term rating
to its non-fund based-limits aggregating INR100.0 million.

The affirmations reflect the completion of ACL's expansion plan,
despite a seven month delay.  There has, however, been no cost
overrun.  Further, there has been a delay in the stabilization of
the plant due to problems with its power plant (expected to be
operational by August 2010).

Fitch notes that, once the new plant is operative, ACL will become
one of the largest local cement producers in India's fragmented
Northeast market.  It will be able to benefit from economies of
scale - capital, tax and transport subsidies are available for
five to 10 years.  Also, the operation of captive limestone mines
and a captive power plant will provide a cost advantage over other
small players.

Rating constraints include an expected reduction in realization
premiums enjoyed by "local" producers, such as ACL, given an
expected oversupply likely be driven by new capacities coming on
stream in the region.  Sufficient availability of raw materials,
such as coal and fly ash, in the region remains a concern,
although the company has recently entered into Memorandums of
Understanding for supply of these materials, which should reduce
the time taken for the stabilization of the plant and for it to be
run at optimum utilization levels.

A positive rating factor would be the stabilization of the project
in addition to good operating performance.  Conversely, a further
delay in the stabilization of operations, coupled with low
capacity utilization leading to liquidity pressure, would have a
negative impact on its ratings.


AGARWAL PACKERS: CARE Assigns 'CARE BB' Ratings to Bank Facilities
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Agarwal Packers & Movers Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)       Ratings
   ----------                  -----------       -------
   Long-term Bank Facilities       20.00         'CARE BB'
   Long-term/Short-term             4.00         'CARE BB/PR4'
   Non-fund Bank Facilities

Rating Rationale

The ratings are constrained by APM's limited track record of
operations, low profitability margins and negligible asset base
leading to a high dependence on group/other companies for the
infrastructure support as well as competition from the unorganized
players in the industry.

However, the ratings are supported by the long track record of the
promoters in logistics business and established brand in
relocation business.

Going forward, successful establishment of APM's own
infrastructure, profitably scaling up of operations while
maintaining optimum capital structure would be the key rating
sensitivities.

Incorporated in 2005, Agarwal Packers & Movers Pvt. Ltd. was
promoted by Mr. Ramesh Agarwal and Mr. Rajendra Agarwal.  APM is
engaged in the business of packing and moving of goods (household
and office relocation) and commercial bulk transportation of
goods/merchandise. Since incorporation till FY09, it had
negligible operations and these activities were carried out under
another group company - DRS Logistics Private Limited.

However, in September 2009, business segments such as home
relocation, commercial bulk transportation and warehouse services
were shifted to APM.

During FY09, APM earned a total operational income of INR0.06
crore with PAT of INR0.002 cr.  As per the provisional results for
FY10, APM reported total operating income of INR67.43 crore with
PAT of INR1.51 crore.


ANOJKUMAR AGARWALA: ICRA Places "LBB+" Rating on INR60MM LT Loan
----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to INR60.0 million long term
bank facilities and an "A4+" rating to INR80.0 million short term
non fund based bank facilities of Anojkumar Agarwala & Co.  The
outlook assigned to the long term rating is "Stable".

The rating reflects the company's adverse capital structure due to
the significant debt funded capital expenditure in recent years
and a modest operating position arising from its small scale of
operations as well as dependence on a few key clients for the bulk
of its revenues.  The rating, however, favorably factors in the
promoter's experience in the construction business, long term
relationship with its clients, sound profitability and return
indicators and a strong order book at present.

Anojkumar Agarwala & Co. was established as a partnership concern
in 1990.  The company is engaged in contractorship for the
government and other private concerns, mainly into irrigation,
road development and mining projects.  Since its inception, it has
worked predominantly for the States of Maharashtra and Madhya
Pradesh. AAC has also ventured into mining business and has been
allotted iron ore mines in the area of Chandrapur District of
Maharashtra.

AAC recorded a net profit of INR15.6 million on an operating
income of INR421.2 million for the year ended on March 31, 2009.


AUTOMOTIVE COACHES: ICRA Assigns 'LB+' Rating to INR112.2MM Loans
-----------------------------------------------------------------
ICRA has assigned "LB+" rating to the INR112.2 million term loans
and the INR220.0 million fund based facilities of Automotive
Coaches and Components Limited Company.  ICRA has also assigned A5
rating to the INR100.0 million non-fund based facilities of ACCL.

The ratings reflect delays in debt servicing by ACCL. The
Company's business profile is constrained by its small scale of
operations, which restricts scale economics, and the high exposure
to the inherent cyclicality in the Commercial Vehicle (CV)
industry.  ACCL's business concentration with Ashok Leyland
Limited is high and its pricing power with OEMs remains low owing
to significant competition.  ACCL's financial profile is
stretched, characterized by losses, high debt levels and
inadequate coverage indicators.  The ratings however take into
account the favorable demand outlook for the CV industry, strong
promoter background and ACCL's healthy market share with ALL.

ACCL, an associate of ALL, is engaged in providing "on-chassis"
and "after-chassis" solutions.  The Company's product range
includes tippers, trailers, front-end structures, cabins, bulk
pressure tankers, special trailers and special purpose vehicles
(viz., truck fire fighters, gun towing vehicles, field artillery
trucks, light specialist vehicles, armored vehicles, etc.).

ACCL has manufacturing facilities located near Chennai (Tamil
Nadu) and Puducherry.  While ACCL caters mainly to ALL, it is also
an approved / registered to manufacture tipper bodies, load
bodies, truck fire fighting vehicles, troop carriers and tankers
for supply to Indian defense establishments.

Recent results (unaudited)

For the year 2009-10, ACCL incurred loss before tax of INR35.0
million on operating income of INR929.1 million.


BURN STANDARD: ICRA Places 'LBB+' Rating on Withdrawal Notice
-------------------------------------------------------------
ICRA has placed the "LBB+" and "A4+" ratings assigned to the
INR280 million cash credit, INR175 million long term non fund
based limits and INR100 million short term non-fund based
facilities of Burn Standard Company  Limited on notice of
withdrawal for one year at the request of the company.  As per
ICRA's policy, the ratings will be withdrawn after one year from
the date of this withdrawal notice.

BSCL was incorporated as a public sector unit on 1st December 1976
and became a 100% subsidiary of Bharat Bhari Udyog Nigam Ltd. in
1987.  The company has three manufacturing units in operation, two
engineering units in Howrah and Burnpur (both in West Bengal) and
a refractory unit in Salem (Tamil Nadu).  The engineering units'
main product line includes different types of rolling stocks for
the Indian Railways and for other large and reputed public and
private sector Indian companies.  The Howrah unit also produces
different kinds of bogie, coupler and structurals.  The refractory
unit is involved in the production of refractories including
different types of magnesite carbon brick and fire bricks,
catering to the demand from steel mills both in the domestic and
export markets. The company also has a Central Project Division,
which handles turnkey projects, mainly in the area of ash and coal
handling.


DEVELOPMENT CREDIT: First Quarter Loss Narrows to INR29 Million
---------------------------------------------------------------
Development Credit Bank Ltd. has cut down its losses to INR29
million in the quarter ended June 30, 2010, from INR353 million in
the year-ago period, backed by an ongoing business restructuring
plan, The Economic Times reports.

According to the report, DCB Managing Director and CEO Murali M.
Natrajan said the lender, which has been struggling to come out of
its losses for over a year now, devised plans to clock profit at
least by the third quarter of this fiscal.

India-based Development Credit Bank Limited is a private sector
bank.  The Company is engaged in providing banking and financial
services.  The Company operates in four segments: Treasury
operations, Corporate Banking, Retail Banking and other Banking
operations. Treasury operations include trading, maintenance of
reserve requirements and resource mobilization from other banks
and financial institutions. Corporate Banking includes lending,
deposit taking and other services offered to corporate customers.
Retail Banking includes lending, deposit taking and other services
offered to retail customers. Other Banking Operations includes
para-banking and merchant banking. DCB operates a network of 80
branches across 28 locations in Maharashtra, Gujarat and Andhra
Pradesh.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2009, Fitch Ratings downgraded India's Development Credit
Bank Limited's National Long-term rating to 'BBB(ind)' from 'A-
(ind)' (A minus(ind)) and affirmed its Individual Rating at 'D/E'
and Support Rating at '5'.  Simultaneously, the agency downgraded
its INR1bn Lower Tier 2 subordinated debt programme rating to
'BBB(ind)' from 'A-(ind)' (A minus(ind)).  The Outlook for the
Long-term ratings has been revised to Negative from Stable.


H. P. MADHUKAR: CARE Puts 'CARE BB+' Rating on INR4.8cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
H. P. Madhukar.

                                  Amount
   Facilities                  (INR crore)       Ratings
   ----------                  -----------       -------
   Long-term Bank Facilities       4.80          CARE BB+
   Short-term Bank Facilities     12.55          PR4

Rating Rationale

The above ratings are constrained by H. P.Madhukar's small size of
operations, constitution of the entity being proprietorship,
regional concentration risk, lack of diversification in projects,
tight liquidity position and moderate profitability margins which
declined in FY09 due to intense competition.  However, the ratings
draw strength from the long-standing presence of the firm in the
industry.  Going forward, HPM's ability to ensure timely execution
of the existing projects, scale up the order book position by
entering new regions, improve margins, ability to singly execute
large-size projects will be the key rating sensitivities.

H. P.Madhukar is a proprietorship concern incorporated in the year
1986 by Mr. H P Madhukar.  HPM is a small-sized civil construction
firm started as a Class III contractor and upgraded to Class I
contractor in 1990.  The day-to-day operations of the firm are
managed by Mr. Madhukar, who is a civil engineer and has more than
two decades of experience in the construction industry.  Over the
past three years, HPM is mainly concentrated in executing road
projects due to increased thrust for road infrastructure by the
Government.  As on May 20, 2010, HPM had a moderate outstanding
order book position of INR39 cr to be executed in the next two
years.  HPM achieved PAT of INR1.8 cr against total income of
INR39.4 cr in FY09.  HPM achieved PBDIT and PAT of INR2.8 cr and
INR0.7 cr against net income of INR22.6 cr during 9MFY10.


KAMAL SPONGE: ICRA Assigns 'LBB+' Rating to INR638MM Bank Debts
---------------------------------------------------------------
ICRA has assigned a long term rating of "LBB+" to INR638 million
fund based facilities of Kamal Sponge Steel & Power Limited.  The
rating carries a stable outlook.  ICRA has also assigned a short
term rating of A4+ to INR30.0 million non-fund based facilities of
KSSPL.

The ratings take into account the experience of the promoters and
their long track record in the steel and mining industry;
availability of iron ore from group companies; relatively low
gearing of the company; and the high net-worth position of the
promoters.  However, the ratings are constrained by the company's
stretched working capital position;  its moderate profitability on
account of  low scale of operation and low capacity utilization;
sizeable planned investments of the group and the intensely
competitive nature of the industry.

KSSPL is a public limited company incorporated in 1991 by Mr.
Kamal Jeet Singh Ahluwalia.  The company started its operations in
2000 and has two manufacturing units, in Satna (Madhya Pradesh)
and Bagru (Rajasthan).  The Satna unit is engaged in the
manufacturing of sponge iron, billets and TMT bars along with a
captive power generation.  The Bagru unit is involved in
manufacturing billets and TMT bars.  The total installed capacity
of the company includes 87,000 TPA of sponge iron, 150,000 TPA of
billets, 100,000 TPA of TMT bars and 12 MW captive power
generation.

In FY2008-09, the company reported a net profit of INR16.1 million
on an operating income of INR1.05 billion as against a net profit
of INR19.3 million on an operating income of INR0.84 billion in
2007-08.


LUCID GEMS: ICRA Assigns 'LBB' Rating to INR120 Million Bank Debts
------------------------------------------------------------------
ICRA has assigned the "LBB" rating to the INR120 million fund
based limits of Lucid Gems.  The earlier rating of "A4+" has been
withdrawn as the ratings have been reassigned on long term scale.
The outlook assigned to the long term rating is "Stable".  The
rating reflects the company's weak financial position with drop in
operating income in the last two fiscals, losses at the net level
and substantially high working capital requirements due to
sizeable funds locked in inventory and receivables.  The rating
also takes into account the intense competitive pressure in the
highly fragmented cut and polished diamond business and
vulnerability of margins to volatility in foreign exchange
fluctuations.  The rating, however, favorably factors in the
experience of the partners in the gems & jewellery business,
operational backing from the group concern engaged in similar line
of business and the company's conservative capital structure at
present.

Promoted by Mr. Kamal Bhansali, Lucid Gems commenced business as a
partnership firm in 1997 and is engaged in export of cut and
polished diamonds.  The firm has its marketing office in
Mumbai but does not have a manufacturing facility of its own. LG
has backing from a related concern Core Jewellery Pvt Ltd engaged
in the gold jewellery business with its manufacturing unit located
in Andheri, Seepz.  LG mainly deals in smaller diamonds of size up
to 50 cents.  LG recorded a net profit of INR2.10 million on an
operating income of INR326.20 million for the year ending
March 31, 2010 (unaudited figures) and net loss of Rs.1 million on
an operating income of INR516 million for the year ending
March 31, 2009.


N.G. PROJECTS: ICRA Places 'LBB+' Rating on INR100MM Bank Debts
---------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR100 million fund
based limits and INR70 million proposed bank facilities of N.G.
Projects Limited.  The outlook on the rating is stable.  ICRA has
also assigned an "A4+" rating to the INR330 million non-fund based
limits of NGPL.

The ratings take into account the intensely competitive nature of
the construction industry which has resulted in pressures on
NGPL's margins, sectoral concentration risk arising from focus on
a single sector (road construction) and geographical concentration
risk due to concentration of ongoing projects in Gujarat.  Most of
the current orders of NGPL have an execution period of one year
which limits the visibility of revenues in the long-term.  The
company's moderate scale of operations coupled with its low net
worth has limited its ability to bid for larger projects.
However, the rating favorably factors in NGPL's experienced
management, long track record of promoters in the construction
industry, its moderate gearing levels and favorable demand outlook
for the construction sector given the focus on infrastructural
development.

NG Projects Limited is promoted by Mr. Narain Singh and his two
sons Mr. Gopal Singh and Mr. Harendra Singh.  The company is
closely held by the promoters.  The promoter family has been in
the construction business since 1981.  Earlier, the business was
conducted through a proprietorship firm.  With the increasing
scale of operation and to bid for bigger projects the
proprietorship firm was converted to a limited company in 2003.
NGPL is involved in improvement and strengthening of existing
roads as well as development of new roads.


NANAK HI-TECH: ICRA Assigns 'LB-' Rating to INR103.7MM Debts
------------------------------------------------------------
ICRA has assigned an "LB-" rating to the INR103.70 million fund
based bank limits of Nanak Hi-Tech Private Limited.  The rating
takes into account NHTPL's limited operational track record and
its aggressive capital structure which is likely to have an
adverse impact on its cash flow in short to medium term.  Further,
the rating is also constrained by the vulnerability of its
performance to adverse movement in raw material prices, stiff
competition in a fragmented industry and weak credit profile of
some of the group companies.  ICRA also notes that inadequate and
interrupted power supply, at high cost, from the state grid is
likely to result in low capacity utilization and impact the
company's operating profitability.  The rating however, considers
the experience of the promoters in the steel industry and
locational advantage of NHTPL arising out of its proximity to raw
material sources which would reduce the freight cost for input
materials.

Nanak Hi-Tech Pvt. Ltd. was incorporated in December, 2005.  The
company was engaged in manufacture of TMT bars.  In October 2008,
Mr. Gunwant Singh Saluja and Smt. Trilochan Kaur acquired the
company from the original promoters.  After taking over, the new
management doubled its production facility of the rolling mill to
19,200 metric tonnes per annum.  The commercial production of the
unit commenced in April 2010.  The company manufactures "Mongia"
brand TMT bars in this unit.

NHTPL has two group companies; Mongia Hi-Tech Pvt. Ltd. engaged in
manufacturing of MS ingots and rolled products under the "Mongia"
brand name and Santpuria Alloys Pvt. Ltd. engaged in manufacturing
of sponge iron.


PREMIUM TOOLS: ICRA Assigns 'LBB-' Rating to INR11.5MM Term Loan
----------------------------------------------------------------
ICRA has assigned "LBB-" rating to the INR11.5 million term loan
facilities and INR9 million cash credit facilities of Premium
Tools Private Limited.  The outlook on the long term rating is
stable.  ICRA has also assigned the "A4" rating to the INR28.5
million short term fund based facilities and INR2.5 million non-
fund based facilities of PTPL.

The assigned ratings reflect PTPL's small scale of operations and
the stretched financial profile as reflected in its low and
volatile profit margins, weak liquidity profile and highly
leveraged capital structure, though the interest free nature of
the deferred credit loans from August Ruggeberg GmbH and Co KG,
Germany (ARG) offers some cushion to the company coverage
indicators.  The domestic file and tool business is intensely
competitive which limits PTPL's ability to pass on the increase in
raw material costs to its clients.  As a result PTPL's
profitability and return indicators continue to remain sensitive
to unfavorable fluctuations in the prices of file steel.  ICRA
also notes that PTPL's export earnings are largely unhedged
exposing it to fluctuations in forex rates.  The assigned ratings
are however supported by the long standing experience of the
promoter in the file manufacturing business and the continued
operational support from ARG, an established player in the global
hand tool industry.

Premium Tools Private Limited was incorporated as Pferd Tools Pvt.
Ltd. in 1989 as a wholly owned subsidiary of August Ruggeberg GmbH
and Co KG., Germany.  However in 2004, Mr S. C. Keluskar, the then
plant head of  Pferd Tools Pvt. Ltd. took over the company
following which the company's name was changed to Premium Tools
Private Limited.  Though PTPL is owned and managed by Mr. S. C.
Kelsukar, the company continues to enjoy technical support from
ARG which includes product design, drawings, specifications and
process parameters.  Presently, the company has an installed
capacity of 9 million pieces.

Recent Results

As per the provisional results for the financial year ending
March 31, 2010, the company recorded net loss of INR6.8 million
over an operating income of INR170.1 million.


RPS INFRASTRUCTURE: ICRA Assigns 'LBB' Rating to INR530MM Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of "LBB" to INR530 million
term loans and INR90.1 million proposed bank facilities of RPS
Infrastructure Limited.  The outlook on the rating is stable.
ICRA has also assigned A4 rating to INR128.9 million non-fund
based facilities of RPS.

The ratings take into account the experienced and professional
management of the company; low commitment in terms of land
payments due to its business model of entering into Joint
Development Agreements (JDA) with the land owners and its
favorable capital structure.  The ratings are, however,
constrained by RPS' exposure to geographical risk owing to
concentration of all its projects in one city i.e. Faridabad
(Haryana) and its limited track record in the real estate sector
which along with the fact that all its projects are in
construction phase leads to execution risks.  The ratings also
took into consideration the intense competition in Faridabad real
estate market which increases risk for the unsold part of its
projects, and also increases the funding risks for the projects as
the company is proposing to partly fund the project cost through
customer advances.  Going forward, RPS's ability to maintain its
sales momentum in the current real estate scenario as well as to
ensure timely payments from the existing bookings would be the key
sensitive factors.

Incorporated in September 2005, RPS is promoted by Mr. Shanti
Prakash Gupta (also the promoter of Henna Industries producing
kali Mehandi with brands like Henna, Black rose and colormate) and
Mr. R.C. Gupta (a Chartered Accountant by profession).  In the
initial years, RPS developed two residential projects in Faridabad
in collaboration with other developers.  Currently, RPS is
developing three residential projects ?RPS Savana, RPS Palms and
RPS Rythm, all part of 100 acre RPS city located in Sector 88 in
Faridabad.  RPS is also developing one commercial project viz.,
RPS Oxypark aggregating to 0.95 million sq. ft.

As per the provisional figures, RPS reported a turnover of
INR1753.52 million and a profit of INR48.82 million in 2009-10.


SAWHNEY BUILDERS: ICRA Puts 'LC' Rating on INR250 Million Loans
---------------------------------------------------------------
ICRA has assigned an "LC" rating to the INR250 million fund-based
facilities of Sawhney Builders Private Limited.

The rating takes into account significant delays in project
execution and consequent delays in generation of cash flows from
operations ? resulting in irregularity in debt servicing by the
company.  The rating is further constrained by funding pressures
because of significant amount of refunds being claimed by the
customers of its planned real-estate projects and operational
risks associated with its upcoming hotel property in Ghaziabad.
This apart, the company has significant expansion plans intended
to be implemented post-completion of its hotel project which may
lead to an increase in its leveraging. The rating is, however,
supported by the experience of its promoters who have track record
in the hospitality industry.

Sawhney Builders Private Limited is a closely held company owned
by the Delhi-based Sawhney family.  The company is currently in
the process of setting up a 72-room hotel in Ghaziabad.  This
apart, the company owns land parcels at three locations in Uttar
Pradesh namely NH-58 Morta Village, Hapur and Modi Nagar ? wherein
it plans to undertake real-estate development.


SHREE SHANKAR: ICRA Assigns 'LBB-' Rating to INR30MM Bank Debts
---------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR30.0 million fund
based bank limits of Shree Shankar Saw Mill Private Limited.  The
outlook on the rating is stable.  ICRA has also assigned an A4
rating to the INR70.0 million non-fund based bank limits of SMPL.

The ratings reflect SMPL's relatively small scale of operations,
highly concentrated customer base, high level of competition in
the industry, susceptibility to fluctuations in the prices of
timber and the company's weak financial profile characterized by
low profitability and depressed coverage indicators.  The ratings,
however, factor in the track record of the promoters in the timber
business, moderate working capital intensity of the business and a
comfortable capital structure of the company.

Shree Shankar Saw Mill Pvt. Ltd. originally started its business
as a partnership firm in the year 1960. Later on, in April, 2002
the firm was converted into a private limited company.  At
present, the company is engaged in the business of timber trading.
The company purchases timber either from the domestic market or
imports the same from countries like Indonesia, Malaysia and
Singapore.  SMPL sells timber to saw mills, plywood and veneer
manufacturers, traders and retailers mainly within the state of
West Bengal.  The company has two warehouses near the Kolkata
port.

During FY 10 the company reported a profit after tax (PAT) of
INR0.90 million on an operating income of INR437.36 million.


SRI VENKATACHALAPATHY: ICRA Puts "LBB" Rating on INR133.2MM Loans
-----------------------------------------------------------------
ICRA has assigned "LBB" rating to the INR133.2 million term loans,
INR75.0 million fund based facilities and INR4.1 million long term
non fund based facilities of Sri Venkatachalapathy Spinning Mills
Private Limited.  The outlook on the long term rating is stable.
ICRA has also assigned "A4" rating to the INR10.5 million short
term fund based facility and Rs 20.0 million short term non fund
based facility of SVSMPL.

The assigned ratings consider SVSMPL's low scale of operations
resulting in lower economies of scale and the commoditized nature
of the cotton yarn business limiting the pricing power of the
company in a highly fragmented industry.  The rating also factors
in the stretched financial profile of SVSMPL characterized by low
net margins, high gearing and weak debt coverage indicators on
account of debt funded capital expenditure.  However, the assigned
ratings take into account the significant experience of the
management and long standing relationship with the customers.

Sri Venkatachalapathy Spinning Mills Private Limited was
incorporated in the year 1989 toset up a cotton yarn spinning
mill.  The promoter, Mr. Ramathilagam who initially commenced the
business of trading of waste cotton, later installed open ended
machines to manufacture yarn from waste cotton at Rajapalayam,
TamilNadu.  In 2007, the company underwent modernization of its
facilities and replaced the old machinery with five open ended
machines reaching the current capacity of 1600 rotors.  The
Company has also installed two wind mills in Thenkasi with a
capacity of 750 KWH each.  The power generated from the mills is
used for captive consumption for the company's cotton yarn
manufacturing.

The company has recorded a net profit of INR2.6 million on an
operating income of INR286.2 million for the year ending
March 31, 2009.

Recent Results (unaudited)

For the first ten months of financial year 2009-10, the company
has reported a net profit of INR2.0million on an operating income
of INR229.0 million.


SYNFAB INDUSTRIES: ICRA Assigns 'LBB' Rating to INR77.8MM Loan
--------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR77.8 million fund-
based limits and "A4" rating to the INR5.0 million non fund-based
limit of Synfab Industries Private Limited.  The outlook assigned
to the long term rating is "Stable".

The rating reflects SIPL's weak financial profile characterized by
marginal growth in operating revenues, modest profitability
margins and cash accruals. Moreover, the high working capital
intensity has resulted in stretched liquidity position in the
business as evident from the high utilization of working capital
limits.  SIPL's small scale of operations coupled with the
commoditized nature of business, and its presence in n the
fragmented weaving industry are also negatives from the credit
perspective.  The assigned ratings favorably factor in the
promoter's experience in the textile industry and its the
moderate capital structure.

Synfab Industries Pvt. Ltd was established in 1981 by Mr. Prabhat
Chabra and his family.  In 1996, the company changed its legal
status from partnership firm to a private limited company.  SIPL
is engaged in the manufacture of suiting & shirting fabrics
primarily used for men's wear.  The company's product line
includes a range of fabrics for suiting & shirting in cotton,
polyester and poly viscose.  The company has a registered office
in Mumbai and manufacturing units in Umergaon, Gujarat.  SIPL
recorded a net profit of INR0.9 million on an operating income of
INR129.2 million for the year ended March 31, 2009.


TRIBHOVANDAS BHIMJI: ICRA Rates INR220MM Long Term Loan at 'LBB+'
-----------------------------------------------------------------
ICRA has assigned "LBB+" rating to INR220 million long term fund
based facilities of Tribhovandas Bhimji Zaveri (Delhi) Private
Limited.  The outlook assigned to the long term rating is
"Stable".

The rating reflects TBZPL's low profitability and adverse
liquidity profile because of the high working capital intensity
that is inherent in the retail business s. The rating also
incorporates the intensely competitive nature of the jewellery
retail trade, a risk that is heightened in this case because its
operations are confined to a single city. The rating, however,
favorably factors in the significant experience of the promoters
in the gold and jewellery business, strong brand equity and unique
positioning of the company owing to 100% BIS hallmarking of
TBZPL's products, and the moderate gearing levels at present. ICRA
also notes that the company performance remains vulnerable to
volatility in gold prices.

Tribhovandas Bhimji Zaveri (Delhi) Pvt. Ltd. is a family run
private limited company incorporated in 1999. The business has
been in operation since 1851.  The company is involved in
trading of gold, silver and diamond studded jewellery.  The
company caters from its showroom (4683 sq. Ft.) at Delhi and has
73 employees.  Now, run by the sixth generation of the family,
TBZPL is led by Mr. Kishorebhai Zaveri and his three sons.

TBZPL recorded a profit after tax (PAT) of INR14.90 million on an
operating income of INR1225.60 million for the year ending
March 31, 2009 and PAT of INR47.90 million on an operating income
of INR1137.20 million as on December 31, 2009 as per provisional
figures.


UNITED BROTHERS: ICRA Reaffirms 'LBB' Rating on INR110MM Bank Debt
------------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating to the INR110 million long
term fund based limits and "A4" rating to the INR400 million short
term fund based limits and INR30 million non fund based limits of
United Brothers.  ICRA has assigned a "Stable" outlook on the long
term rating.  The ratings are constrained by the firm's small
scale of operations, high customer concentration, low
capitalization levels in relation to sales exposing itself to the
risk of bad debts, and low debt protection metrics.  However, ICRA
has taken due note of the established track record of UB in the
polymers distribution business as one of the leading agents of
GAIL (India) Limited, established customer base in the plastic
industry and steady domestic demand prospects for HDPE/LLDPE.

M/S United Brothers is a partnership firm engaged in the
distribution of polymers.  The firm is an agent/consignment
stockist of GAIL (India) Limited for distribution of polymer
products in Western India since 1997.  The firm has 2 warehouses
in Bhiwandi and Daman for stocking goods.  Based on provisional
accounts for 2009-10, the firm had a top line of INR26.30 million
and net profit of INR2.91 million.


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


BUMI RESOURCES: Regulator Asked to Probe Financial Discrepancy
--------------------------------------------------------------
The Jakarta Globe reports that the Capital Market and Financial
Institutions Supervisory Board has asked the Indonesia Stock
Exchange to look into a US$299 million discrepancy within the
financial reports of PT Bumi Resources and one of its units, PT
Darma Henwa, in 2009.

The Jakarta Globe relates that Bumi reported in its 2009 financial
statement that it spent US$1.235 billion to purchase goods and
services needed for production, including paying Darma US$455.6
million.  However, according to Darma's 2009 financial report it
only received US$156.6 million from two Bumi units, PT Kaltim
Prima Coal and PT Arutmin Indonesia, the report notes.

Anis Baswedan, a director at Bapepam-LK, as the market regulator
is known, told the news agency that the regulator was monitoring
the investigation by the stock exchange, which also asked other
firms controlled by the Bakrie group for clarification on
conflicting financial statements.

According to the report, Bumi said the Darma issue was the result
of a human error.  "Apparently, there was a formatting problem in
a corrupted spreadsheet in the notes -- as a result, three entries
were entered in wrong columns," the report quoted Dileep
Srivastava, a Bumi director, as saying.  Jakarta Globe adds that
Dileep said that the error would be fixed in the firm's first-
half 2010 report.

                        About Bumi Resources

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2010, Moody's Investors Service placed under review for
possible downgrade its Ba3 corporate family rating on PT Bumi
Resources Tbk and on the senior secured bond issued by Bumi
Capital Pte Ltd, which is wholly owned and guaranteed by Bumi.


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


JLOC41 LLC: Fitch Downgrades Ratings on Five Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded five classes of JLOC41 LLC notes due
February 2015, and placed the other three classes on Rating Watch
Negative.  The transaction is a securitization of three non-
recourse loans collateralized by commercial properties in Japan.
The rating actions are:

  -- JPY7,848 million* Class A 'A+'; placed on RWN;

  -- JPY2,700 million* Class B 'BBB-'; placed on RWN;

  -- JPY1,070 million* Class C-1 downgraded to 'BB-' from 'BB';
     Outlook Negative;

  -- JPY860 million* Class C-2 'B-'; placed on RWN;

  -- JPY990 million* Class C-3 downgraded to 'CCC' from 'B-';
     assigned Recovery Rating of 'RR5';

  -- JPY780 million* Class D-1 downgraded to 'CCC' from 'B-';
     assigned Recovery Rating of 'RR5';

  -- JPY690 million* Class D-2 downgraded to 'CC' from 'CCC';
     Recovery Rating of 'RR6'; and

  -- JPY870 million* Class D-3 downgraded to 'CC' from 'CCC';
     Recovery Rating of 'RR6'.

  * as of 15 July 2010

The downgrades of classes C-1, C-3, D-1 and D-3 reflect the
current state and Fitch's expectations regarding the disposition
activities of the underlying properties backing two loans in
default.  Ten collateral properties have been sold since Fitch's
previous rating action on April 12, 2010.  Although the actual
sale prices of the recently disposed properties were generally in
line with Fitch's expectations, the dispositions took place
earlier than expected.  As a result, the agency has given no
further credit to excess cash flows which may be generated from
the remaining collateral properties backing these loans prior to
disposition.  The rapid disposition activities to date have
negatively affected the credit of the junior classes corresponding
to the two loans (classes C-1, C-3, D-1 and D-3), while increasing
the credit enhancement levels of the senior classes.

The RWN status placed on classes A, B and C-2, in addition to the
downgrade of Class D-2, reflects Fitch's concern that the largest
collateral property backing the remaining loan in default may have
declined further in value, since recent leasing conditions
revealed for this property have been more stressed than Fitch's
previous expectations.  Fitch has not placed the other classes
including Class C-1 on RWN, since the concern over a decline in
property value does not affect the credit of these classes given
the structure of this transaction.  Similarly, due to the
transaction structure, the positive effect of property
dispositions mentioned above will not directly lead to any changes
in the ratings of classes A and B, while concerns on this loan
remain.

Fitch expects to resolve the RWN status within two months,
following a review and assessment of the leasing conditions on the
subject property, through an interview to be held with the asset
manager.

Fitch has maintained a Negative Outlook on Class C-1, as the
fluctuations of collateral value and/or actual sale price of the
remaining collateral property may negatively affect the credit of
the class.

Fitch assigned ratings to this transaction in June 2008.  At
closing, the notes were ultimately secured by three loans
collateralized by 31 properties.  All underlying loans have
defaulted and Fitch has been informed that 18 properties have been
sold to date, with three more properties expected to be sold by
end-July.

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.


RENOWN INC: To Open 2,000 Stores in China Over Next 10 Years
------------------------------------------------------------
Renown Inc. will set up a joint venture in Beijing with Shandong
Ruyi Science & Technology Group Co. and open more than 2,000
stores in China over the next 10 years, Japan Today reports.

The venture with the Chinese firm, which is expected to become
Renown's top shareholder soon, will be established by February
2011, the report says.

Japan Today relates Renown said the joint venture will handle
clothing from Renown's four major brands with the aim of attaining
sales of more than JPY100 billion through the approximately 2,000
stores, and sell the clothes in other Asian countries as well.

Renown Incorporated (TYO:3606) is a Japan-based company mainly
engaged in the textile business.  The Company operates in three
business segments.  The Textile segment is involved in the
manufacture, sale, subcontract processing and manufacturing
management of textile products, as well as the manufacture of raw
materials for its textile products.  The Textile-related segment
is involved in the inspection, inspection guidance, quality
control, quality assessment, logistics and storage of textile
products, in addition to the information gathering business.  The
Others segment is engaged in the design and construction
management for shops, the sale of real estate, the insurance
agency business, as well as the manufacture and sale of processed
food and juices.  The Company has 51 subsidiaries and six
associated companies.

                           *     *     *

Renown Inc. reported a net loss of JPY10.9 billion for the year
ended February 29, 2010, its fourth straight year of losses.
Renown had a JPY12.3 billion loss in FY2009.


TAKEFUJI CORPORATION: Moody's Cuts Senior Debt Ratings to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has lowered to Ca from Caa2 the long-
term issuer and senior unsecured debt ratings of Takefuji
Corporation.  The outlook for the ratings is stable.  This action
concludes the review for possible downgrade initiated on March 25,
2010, due to Moody's increased concern on the company's liquidity.

The rating downgrade reflects Moody's further increased concerns
that Takefuji's current liquidity, its funding results so far, and
the prospects of continued challenging funding environment will
constrain the company's payment ability.

The downgrade also reflects Moody's concern that the likelihood of
an exchange offer for the debt has increased specifically in
relation to maturing global bonds due in April 2011 and potential
economic losses could arise if the company were to conduct such an
offer.

Despite its asset sales, Takefuji's current liquidity has weakened
significantly because of weak performance as well as the
redemption of JPY41.4 billion in convertible bonds in June 2010.

Despite the company's near suspension of new credit underwriting,
high overpaid-interest claims payouts should continue to pressure
liquidity.  Moody's believes that, given such an operating and
funding environment, Takefuji will be more pressured to generate
cash by additional asset sales, which would further undermine its
already weakened franchise.

Stable outlook reflects Moody's expectation that the possible
range of severity of economic losses associated with the company's
unsecured debt obligation will remain within the level indicated
by Ca.

Moreover, economic losses beyond Moody's expectations would lead
to downward pressure on the ratings.

Moody's last rating action with respect to Takefuji was taken on
March 25, 2010, when its long-term senior unsecured debt and
issuer ratings were downgraded to Caa2 from Caa1 and were kept
under review for a further possible downgrade.

Takefuji Corporation, headquartered in Tokyo, was established in
1974.  It is a major specialized consumer finance company in
Japan, with about JPY0.7 trillion in total consolidated assets as
of March 31, 2010.


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


CHONGGU HOUSING: Placed Into Court Receivership
-----------------------------------------------
JoongAng Daily reports that the financial conditions of several
Korean firms that were selected in June by creditor banks for debt
restructuring were worse than initially estimated and they have
now filed for bankruptcy.

The report, citing analysts, says the bankruptcies show that the
recent credit assessments conducted by banks may have flaws.

JoongAng Daily recalls that the banks last month completed an
extensive analysis of the creditworthiness of Korean companies,
with those with troubled finances being classed as C for firms
that would be required to undergo debt restructuring and those
receiving a D rating being forced into court receivership.

The report discloses C-graded companies that have filed for court
receivership this month include:

   -- Chonggu Housing & Construction Corp., a construction firm;
   -- T&X Heavy Industries Co., Ltd.; and
   -- Tomboy Corp., an apparels maker.

Tomboy went bankrupt last week as it failed to pay a promissory
note of KRW1.69 billion.

"It is quite unusual, but some companies that received a C rating
have seen their financial situation quickly deteriorate since
then," said an official from one creditor bank was quoted by
JoongAng Daily as saying.


T&X HEAVY: Placed Into Court Receivership
-----------------------------------------
JoongAng Daily reports that the financial conditions of several
Korean firms that were selected in June by creditor banks for debt
restructuring were worse than initially estimated and they have
now filed for bankruptcy.

The report, citing analysts, says the bankruptcies show that the
recent credit assessments conducted by banks may have flaws.

JoongAng Daily recalls that the banks last month completed an
extensive analysis of the creditworthiness of Korean companies,
with those with troubled finances being classed as C for firms
that would be required to undergo debt restructuring and those
receiving a D rating being forced into court receivership.

The report discloses C-graded companies that have filed for court
receivership this month include:

   -- Chonggu Housing & Construction Corp., a construction firm;
   -- T&X Heavy Industries Co., Ltd.; and
   -- Tomboy Corp., an apparels maker.

Tomboy went bankrupt last week as it failed to pay a promissory
note of KRW1.69 billion.

"It is quite unusual, but some companies that received a C rating
have seen their financial situation quickly deteriorate since
then," said an official from one creditor bank was quoted by
JoongAng Daily as saying.


TOMBOY CORP: Placed Into Court Receivership
-------------------------------------------
JoongAng Daily reports that the financial conditions of several
Korean firms that were selected in June by creditor banks for debt
restructuring were worse than initially estimated and they have
now filed for bankruptcy.

The report, citing analysts, says the bankruptcies show that the
recent credit assessments conducted by banks may have flaws.

JoongAng Daily recalls that the banks last month completed an
extensive analysis of the creditworthiness of Korean companies,
with those with troubled finances being classed as C for firms
that would be required to undergo debt restructuring and those
receiving a D rating being forced into court receivership.

The report discloses C-graded companies that have filed for court
receivership this month include:

   -- Chonggu Housing & Construction Corp., a construction firm;
   -- T&X Heavy Industries Co., Ltd.; and
   -- Tomboy Corp., an apparels maker.

Tomboy went bankrupt last week as it failed to pay a promissory
note of KRW1.69 billion.

"It is quite unusual, but some companies that received a C rating
have seen their financial situation quickly deteriorate since
then," an official from one creditor bank was quoted by JoongAng
Daily as saying.


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


AORANGI SECURITIES: SFO to Interview Investors This Week
--------------------------------------------------------
Serious Fraud Office investigators of Allan Hubbard's Aorangi
Securities will launch this week interviews with investors and
those associated with the Hubbard company, stuff.co.nz reports.

The seriousness of the investigation has not diminished four weeks
after being announced, and remains under the more intensive Part 2
of the SFO Act, the report says.

The report relates that Part 2 of the Act provides the SFO with
more extensive powers where the office has reasonable grounds to
believe that an offence involving serious or complex fraud may
have been committed.

According to the report, SFO chief executive Adam Feeley said Part
2 also allowed the office to compel those central to the
investigation into Aorangi Securities to take part in interviews
with the office, if it had a reasonable belief an offence had been
committed.

"Information we received from the Registrar [of Companies]
certainly disclosed grounds which warranted [a] Part 2 inquiry.
Nothing we have seen to date would suggest that original
conclusion was incorrect," the report quoted Mr. Feeley as saying.

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

More than 400 investors in Aorangi Securities owed NZ$96 million
have been told by the statutory managers they will not receive any
return of capital or interest in the short term, stuff.co.nz says.

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


AORANGI SECURITIES: Supporters Launch Fund to Help Investors
------------------------------------------------------------
Radio New Zealand reports that a supporter of Alan Hubbard is
launching a charitable fund to help financially distressed
investors in his company, Aorangi Securities.

The report relates John Funnell, who owns a Taupo helicopter
business, said Mr. Hubbard has been dipping into his own pocket to
help investors who rely on interest payments to survive.

Mr. Funnell, according to Radio New Zealand said he and Ian
Tulloch of Tulloch Transport in Southland have decided to start a
charitable fund to assist those investors, as well as the
Hubbards.  Mr. Funnell said there have been numerous offers from
people wanting to donate money, and he aims to have the fund
running by Tuesday, the report adds.

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

More than 400 investors in Aorangi Securities owed NZ$96 million
have been told by the statutory managers they will not receive any
return of capital or interest in the short term, stuff.co.nz says.

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


NEW WAVE: Placed Into Receivership; 12 Jobs at Risk
---------------------------------------------------
The Gisborne Herald reports that New Wave Surfwear retail shop in
Gisborne has been shuttered with the loss of 12 jobs.  Steve
Titchen of Accru Smith Chilcott Limited was appointed last week as
receiver by South Canterbury Finance.

The receivership came as a shock to New Wave Surfwear owners Andy
and Rebecca Kinsella, who also lost their shops in several other
cities, the report says.  The Gisborne Herald relates that the
receivers had told staff to go home and packed all the stock into
a truck for removal.

Mr. Titchen confirmed the receivership did not apply to the New
Wave surfboard factory, which had been sold before his
appointment.

New Wave Surfwear is a Gisborne, New Zealand-based surfwear
retailer.  The company had stores in Gisborne, Palmerston North,
Auckland and New Plymouth.


NZ FARMING: Gets Takeover Offer From Olam International
------------------------------------------------------- Olam
International Ltd. plans to buy PGG Wrightson's stake in NZ
Farming Systems Uruguay Ltd. and has launched a full takeover
offer for the dairy farm developer, The National Business Review
reports.

NBR discloses that Olam, which owns 18.45% of NZ Farming Systems
(NZS) already, will pay 55c in its takeover bid after striking an
agreement to buy 28.1 million shares from PGG Wrightson.
According to NBR, the offer represents a 34% premium on the NZS
share price of 41c prior to the offer being made and values the
company at NZ$134 million.

The offer is subject to Olam achieving a minimum 50.1%
shareholding in NZS and the approval by the Overseas Investment
Office, NBR notes.

Olam International Ltd. is a Singapore-based commodity producer
and trader.

Bloomberg News says NZ Farming is converting beef farms to
dairying and had a NZ$45.9 million loss in the year to June 30,
2009, as milk prices fell and it wrote down the value of livestock
and farms.  The loss narrowed to NZ$7 million in the six months
ended Dec. 31 as prices improved, Bloomberg relates.

Based in New Zealand, NZ Farming Systems Uruguay Limited (NZE:NZS)
-- http://www.nzfsu.co.nz/-- is engaged in developing and
operating dairy farming activities in Uruguay.  During the fiscal
year ended June 30, 2009 (fiscal 2009), it had 26 milking sheds in
operation.  As of June 30, 2009, the Company's wholly owned
subsidiaries included Gimley S.A., Gabefox S.A., Lembay S.A.,
Ginok S.A., Gabegim S.A. and Dunkit S.A.


SOUTH CANTERBURY: Investors Roll Over NZ$280 Million
----------------------------------------------------
South Canterbury Finance has gathered around NZ$280 million of
debenture reinvestments as it seeks funds to keep a business based
on public confidence on an even keel, a report posted at
stuff.co.nz says.

According to the report, SCF has in recent months targeted about
20,000 of its investors to roll over debentures well into the
future under an offer that ended on June 18, just before its
president for life Allan Hubbard was put in statutory management.

The report relates chief executive Sandy Maier said NZ$280 million
worth of debt due to mature by October 11 had been rescheduled out
further.  SCF had 13,000 responses and about two-thirds of those
had agreed to redeposit, the report notes.  Mr. Maier, as cited by
stuff.co.nz, said that between now and October the company would
continue to go out with new offers to debenture holders "to see if
we can get the fire ignited again."

The report notes SCF had also in the period from January to
June 30 gathered NZ$256 million from targeted larger maturing
loans related to non-core or problem business.  This money was
being used to pay off debentures.

Mr. Maier further said that when the two amounts were added
together the NZ$540 million or so raised was a substantial part of
SCF's total loan book that was approaching NZ$2 billion, the
report adds.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on South Canterbury Finance Ltd. to 'B-'
from 'B+'.  At the same time, the rating was removed from
CreditWatch Developing, where it was initially placed on May 28,
2010, and placed on CreditWatch Negative.  The short-term rating
is lowered to 'C' from 'B' and is also placed on CreditWatch
Negative.


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


CHEMIOXY INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 6
----------------------------------------------------------------
A petition to wind up the operations of Chemioxy International
Private Limited will be heard before the High Court of Singapore
on August 6, 2010, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on July 9,
2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


ENSEARCH PETROLEUM: Applies for Judicial Management
---------------------------------------------------
An application to place EnSearch Petroleum Ltd under judicial
management will be heard before the High Court of Singapore on
August 6, 2010, at 10:00 a.m.

Nicky Tan Ng Kuang and Lim Siew Soo of nTan Corporate Advisory Pte
Ltd. have been nominated as judicial managers.

The Applicant's solicitor is:

          Allen & Gledhill LLP
          One Marina Boulevard, #28-00
          Singapore 018989


IMAGE CERAMIC: Creditors' Proofs of Debt Due August 27
------------------------------------------------------
Creditors of Image Ceramic Laboratory Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 27, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Heng Lee Seng
         15 Hoe Chiang Road
         #12-02 Tower Fifteen
         Singapore 089316


MARINE INSURANCE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 2, 2010, to
wind up Marine Insurance Services Pte Ltd's operations.

Liberty Insurance Pte Ltd filed the petition against the company.

The company's liquidator is:

         Mr. Assan Masood
         Of MGI Menon & Associates
         60 Robinson Road
         #11-01 BEA Building
         Singapore 068892


RAYMOND FORKLIFT: Creditors' Proofs of Debt Due July 30
-------------------------------------------------------
Creditors of Raymond Forklift Trading (S) Pte Ltd, which is in
liquidation, are required to file their proofs of debt by July 30,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


UNITED EXPRESS: Creditors' Proofs of Debt Due July 31
-----------------------------------------------------
Creditors of United Express Coat Pte. Ltd., which is in
liquidation, are required to file their proofs of debt by July 31,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Goh Ngiap Suan
         c/o Goh Ngiap Suan & Co
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


ZHONGHUI ENVIRONMENTAL: Court to Hear Wind-Up Petition on July 30
-----------------------------------------------------------------
A petition to wind up the operations of Zhonghui Environmental
Conservation Corporation Pte. Ltd. (formerly known as Charmhaven
Pte Ltd) will be heard before the High Court of Singapore on
July 30, 2010, at 10:00 a.m.

The Applicant's solicitors are:

          Rajah & Tann LLP
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


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


ENTIE COMMERCIAL: Fitch Assigns Individual Rating at 'C/D'
----------------------------------------------------------
Fitch Ratings has assigned Taiwan's EnTie Commercial Bank a
National Long-term rating of 'A-(twn)', a National Short-term
rating of 'F2(twn)', an Individual rating of 'C/D', and a Support
rating of '5'.  The Outlook is Stable.

EnTie's ratings reflect its adequate capitalization for its
recently adopted risk profile and its satisfactory profitability
and liquidity.  However, the ratings also take into account the
bank's small franchise, its relatively weak funding structure and
the rather limited seasoning of its loan portfolio.

Following an ownership/management reshuffle in 2008, EnTie's risk
profile has notably improved amid a wide range of reform efforts
including cleaning off its legacy problem assets, revamping its
risk management framework and expanding its core earnings base.
EnTie has since demonstrated above-average performance in various
financial indicators.  The bank posted above-average return on
equity of 27% (annualized) in Q110 and 8% in 2009 excluding one-
off impairment losses.  Asset quality improved with a non-
performing loan (NPL) ratio of 0.66% and coverage ratio of 104%,
comparing favorably with the peer average.  The bank's capital
position strengthened post conversion of its convertible bond in
2008 with tier 1 ratio at 9.6% at end Q110, vs.  6.1% at end 2007.
While its growing deposit franchise will continue to benefit the
bank's liquidity profile, its relatively weak funding structure is
somewhat mitigated by a more conservative liquidity management
approach as manifested by its high liquidity reserve ratio of 36%
at end Q110 vs.  the industry average of 21%.

Meanwhile, the Stable rating Outlook is supported by the bank's
improved core profitability and adequate capitalization (both of
which are expected to remain largely unchanged over the near-term)
relative to its risk profile.  Entie's relatively concentrated
property-related exposures have the potential to pressure its
Long-Term ratings in the event of a marked downturn in the local
property market.  On the other hand, meaningful and sustained
improvement in its funding structure and core profitability could
benefit its Long-Term ratings.

EnTie emerged as a new and small private bank in 1992 under the
shareholder/management control of Hung Tai Group.  The bank
suffered significant credit losses in the early and mid-2000s and
was severely undercapitalized.  Longreach Group, a Hong-Kong-based
private-equity firm, recapitalized the bank with a TWD18.8bn cash
injection in 2007 and became the bank's largest shareholder with a
60% stake, followed by the Hung Tai Group's 26%.


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


DOT VN: Signs MOU with VNNIC to Support Testing of Data Center
--------------------------------------------------------------
Dot VN Inc. has entered into a memorandum of understanding with
the Vietnam Internet Network Information Center to conduct a test
of Elliptical Mobile Solutions', C3-S.P.E.A.R. Micro-Modular Data
CenterTM equipment at VNNIC's primary Internet data center in
Hanoi, Vietnam.

According to the terms of the MOU, Dot VN and VNNIC will partner
together to evaluate the performance of EMS' data center
infrastructure technology in a trial that is expected to initially
last three months.  The purpose of the test is to demonstrate the
technology's capabilities with the intention of building data
centers in Vietnam and Asia based on EMS' Micro-Modular Data
CenterTM equipment.  VNNIC will be responsible for providing the
technical staff who will manage the testing and operation of the
data center unit, while Dot VN will provide support to VNNIC as
necessary in the implementation of the test.  The test will
showcase EMS' C3-S.P.E.A.R. Micro-Modular Data CenterTM, a best
of breed technology solution that provides substantial cost and
energy savings with minimal upfront investment compared to similar
data center technologies.

"We are extremely excited about the testing that will be performed
in Hanoi over the next three months," remarked Dot VN CEO Thomas
Johnson. "EMS' C3-S.P.E.A.R. Micro-Modular Data CenterTM is
cutting edge technology that is both mobile and highly scalable.
Given that both the cost and availability of electricity in
Vietnam continues to be an ongoing challenge for sustained IT
growth, we believe that the C3-S.P.E.A.R's industry leading energy
efficiency is the ideal solution to overcome this issue.
Moreover, introducing the technology to Vietnam is in keeping with
our commitment to deliver best of breed technology solutions to
the people of Vietnam."

                          About Dot VN

Dot VN, Inc. -- http://www.DotVN.com/-- provides innovative
Internet and telecommunication services for Vietnam.  The Company
was awarded an "exclusive long term contract" by the Vietnamese
government to register ".vn" (Vietnam) domains and commercialize
Parking Page Marketing/Online Advertising worldwide via the
Internet.  Also, Dot VN has exclusive rights to distribute and
commercialize Micro-Modular Data CentersTM solutions and Gigabit
Ethernet Wireless applications to Vietnam and Southeast Asia
region.

At January 31, 2010, the Company's balance sheet showed
$2.5 million in total assets and $10.0 million in total
liabilities for a $7.5 million stockholders' deficit.

Chang G. Park, CPA, in its March 17, 2010 report, said the
Company's losses from operations raise substantial doubt about its
ability to continue as a going concern.


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


* BOND PRICING: For the Week July 12 to July 16, 2010
-----------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       0.85
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.00
ANTARES ENERGY          10.00    10/31/2013   AUD       1.86
BECTON PROP GR           9.50    06/30/2010   AUD       0.30
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.91
EXPORT FIN & INS         0.50    12/16/2019   AUD      60.00
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.18
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.36
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.16
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.56
JPM AU ENF NOM 1         3.50    06/30/2010   USD       4.62
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      66.95
PRAECO P/L               7.13    07/28/2020   AUD      73.38
RESOLUTE MINING         12.00    12/31/2012   AUD       0.91
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.30
SUNCORP METWAY I         6.75    10/06/2026   AUD      73.97


  CHINA
  -----

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


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      33.00


  INDIA
  -----

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

  INDONESIA
  ----------

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


  JAPAN
  -----

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


  MALAYSIA
  --------

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


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

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


SINGAPORE
---------

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


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

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

SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      72.42

TAIWAN
------

FIRST FINANCIAL          2.25    06/27/2017   TWD       2.17


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      73.05


VIETNAM
--------

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


                         *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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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