TCRAP_Public/100721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, July 21, 2010, Vol. 13, No. 142

                            Headlines



C H I N A

WSP HOLDINGS: Significant Sales Decline Cues Going Concern Doubt
XINHUA SPORTS: Deloitte Touche Tohmatsu Raises Going Concern Doubt
XINHUA SPORTS: Restructures Loan Facility with Patriarch Partners


H O N G  K O N G

GOLDCO DEVELOPMENT: Creditors' Proofs of Debt Due August 2
GROUP POWER: Court to Hear Wind-Up Petition on August 18
HANIL HK: Contributories and Creditors to Meet on August 6
HK COPYPRIGHT: So Yin Wai Alex Appointed as Liquidator
HK Gold: Court Enters Wind-Up Order

HTLC NETWORK: Chiu and Har Step Down as Liquidators
J & F LIMITED: Court Enters Wind-Up Order
KING MASCOT: Commences Wind-Up Proceedings
LONG MILLION: Members' Final Meeting Set for August 20
LUEN TAT: Court Enters Wind-Up Order


I N D I A

AK LUMBERS: CRISIL Assigns 'BB-' Ratings to Various Bank Debts
ASHOK TRANSFORMERS: CRISIL Cuts Rating on Cash Credit to 'BB-'
DECCAN JEWELLERS: CRISIL Reaffirms 'BB-' Rating on INR200MM Credit
EAST WEST: CRISIL Reaffirms 'BB+' Ratings on Bank Facilities
J. D. INDUSTRIES: CRISIL Places 'B+' Rating on INR41.2MM Term Loan

MAA DURGA: CRISIL Assigns 'B' Rating to INR21.7 Million Term Loan
MEDICA PHARMACY: CRISIL Cuts Ratings on Various Debts to 'B-'
MEDICA HOSPITALS: CRISIL Downgrades Rating on INR460MM Loan to 'D'
NARAYAN AGRO: CRISIL Cuts Rating on INR70MM Cash Credit to 'C'
NOMAX ELECTRICAL: CRISIL Assigns 'B+' Rating to INR30MM Term Loan

RECORDERS & MEDICARE: CRISIL Assigns 'C' Rating on INR88MM Loan
SRI VELA: CRISIL Assigns 'B+' Rating to INR130MM Long-Term Loan
STATEX ENGINEERING: CRISIL Assigns Default Ratings to Bank Debts
TATA MOTORS: Global Sales Up 46% in June 2010
TATA STEEL: In Talks to Refinance GBP3.5 Billion Debt

UNIVERSAL IMPORT: CRISIL Reaffirms 'P4' Rating on INR115MM Debt


I N D O N E S I A

BUMI RESOURCES: Unit to Raise US$400 Million Through IPO This Year


K O R E A

* SOUTH KOREA: Corporate Bills Default Rate Rises in June 2010


M A L A Y S I A

AXIS INC: Unit Settles SGD800,000 Outstanding Debts
HO HUP: To Buy Two Firms as Part of Regularization Plan
KENMARK INDUSTRIAL: Gets Summons From Singa for MYR21,491 Claim
LCL CORPORATION: Gets Writ of Summons From Bank Muamalat
LCL CORPORATION: Bank Muamalat Serves Writ of Summons

NIKKO ELECTRONICS: Bursa to Delist Securities on July 27
TRANSMILE GROUP: Obtains 90-Day Restraining Order
WWE HOLDINGS: Proposed Restructuring Scheme Rejected


N E W  Z E A L A N D

A2 CORPORATION: Buys Out Australian Joint Venture Partner
ALLIED FARMERS: Obtains Six Months Extension on Banking Facilities
MAIN BEACH: Amazon Acquires Two Retail Outlets
SOHO SQUARE: Receivers Likely to Sell Site Soon


P H I L I P P I N E S

PHILIPPINE AIRLINES: In Talks With Several Possible Investors
PHILIPPINE AIRLINES: EU Refuses to Lift Ban on Philippine Carriers


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars





                         - - - - -


=========
C H I N A
=========


WSP HOLDINGS: Significant Sales Decline Cues Going Concern Doubt
----------------------------------------------------------------
WSP Holdings Limited filed on July 15, 2010, its annual report on
Form 20-F for the fiscal year ended December 31, 2009.

Deloitte Touche Tohmatsu CPA Ltd., in Beijing, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has experienced a significant decline in sales in the United
States due to the anti-dumping and countervailing duty on seamless
pipes made in China and is required to repay a significant amount
of short-term borrowings {totaling $506.4 million].

"In 2009, products exported to the United States accounted for
9.0% of the Company's net revenues, compared to 22.7% and 34.3% of
the Company's net revenues, in 2007 and 2008, respectively."

"For the year ended December 31, 2009, the Company had negative
operating cash flow of US$116.5 million compared to a positive
cash flow of US$67.9 million for the year ended December 31, 2008.
Further, the Company did not meet certain financial covenants
contained in its loan facilities."

The Company reported net income of US$1.6 million on US$577.0
million of revenue for 2009, compared with net income of US$100.7
million on US$912.1 million of revenue for 2008.

The Company's balance sheet at December 31, 2009, showed
US$1.394 billion in assets, US$960.1 million of liabilities, and
US$434.3 million of stockholders' equity.

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

               http://researcharchives.com/t/s?66b7

WSP Holdings Limited (NYSE: WH) -- http://www.wsphl.com/--
develops and manufactures seamless Oil Country Tubular Goods
(OCTG), including seamless casing, tubing and drill pipes used for
on-shore and off-shore oil and gas exploration, drilling and
extraction, and other pipes and connectors.  Founded as WSP China
in 1999, the Company offers a wide range of American Petroleum
Institute (API) and non-API seamless OCTG products, including
products that are used in extreme drilling and extraction
conditions.  The Company's products are used in China's major
oilfields and are exported to oil producing regions throughout the
world.  The Company is headquartered in Wuxi, Jiangsu Province, in
the People's Republic of China.


XINHUA SPORTS: Deloitte Touche Tohmatsu Raises Going Concern Doubt
------------------------------------------------------------------
Xinhua Sports & Entertainment Limited filed on July 15, 2010, its
annual report on Form 20-F for the fiscal year ended December 31,
2009.

Deloitte Touche Tohmatsu CPA Ltd., in Beijing, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred a net loss of US$313.6 million during the year ended
December 31, 2009, and as of that date, the Company's current
liabilities exceeded its current assets by US$50.9 million, its
total liabilities exceeded its total assets by US$26.2 million,
and its net shareholders' deficiency [attributable to Xinhua
Sports shareholders] was US$61.4 million.

The Company reported a net loss of US$313.6 million on US$99.2
million     of revenue for 2009, compared with a net loss of
US$274.2 million on US$121.5 million of revenue for 2008.

The Company's balance sheet at December 31, 2009, showed
US$242.6 million in assets, US$268.7 million of liabilities, and
US$33.8 million of Series B redeemable convertible preferred
shares, for a stockholders' deficit of US$59.9 million.

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

               http://researcharchives.com/t/s?66b5

Xinhua Sports & Entertainment Limited (NASDAQ: XSEL)
-? http://www.xsel.com/-? is a sports and entertainment media
company in China.  Through its Chinese partnerships, XSEL delivers
this content across a broad range of platforms, including
television, the Internet, mobile phones, cinema, university
campuses and other multimedia assets in China.  Headquartered in
Beijing, the Company has offices and affiliates in major cities
throughout China including Beijing, Shanghai, Guangzhou, Shenzhen
and Hong Kong.


XINHUA SPORTS: Restructures Loan Facility with Patriarch Partners
-----------------------------------------------------------------
Xinhua Sports & Entertainment Limited disclosed Wednesday that it
has entered into an agreement to restructure the terms of its
secured convertible loan facility with affiliates of Patriarch
Partners LLC, a global investment firm based in New York.  Under
the terms of the amendment, the Company repaid US$16,343,960, and
Patriarch agreed to lend the Company an additional US$7,600,000
non-convertible term loan, bringing the aggregate amount
outstanding under the Patriarch facility to US$49,056,040.00, and
to waive all existing defaults and revise the terms of the
financial covenants.

In consideration for the waiver and extension of additional loans,
Patriarch has been granted additional security in the Company's
assets as collateral for the loans and the Company issued to
affiliates of Patriarch Series C Preferred Shares convertible into
25% of the fully diluted common equity of the Company.

A full-text copy of the press release is available for free at:

               http://researcharchives.com/t/s?66b6

Xinhua Sports & Entertainment Limited (NASDAQ: XSEL)
-? http://www.xsel.com/?- is a sports and entertainment media
company in China.  Through its Chinese partnerships, XSEL delivers
this content across a broad range of platforms, including
television, the Internet, mobile phones, cinema, university
campuses and other multimedia assets in China.  Headquartered in
Beijing, the Company has offices and affiliates in major cities
throughout China including Beijing, Shanghai, Guangzhou, Shenzhen
and Hong Kong.

The Company's balance sheet at December 31, 2009, showed
US$242.6 million in assets, US$268.7 million of liabilities, and
US$33.8 million of Series B redeemable convertible preferred
shares, for a stockholders' deficit of US$59.9 million.

                          *     *     *

Deloitte Touche Tohmatsu CPA Ltd., in Beijing, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.  The independent auditors
noted that the Company incurred a net loss of US$313.6 million
during the year ended December 31, 2009, and as of that date, the
Company's current liabilities exceeded its current assets by
US$50.9 million, its total liabilities exceeded its total assets
by US$26.2 million, and its net shareholders' deficiency
[attributable to Xinhua Sports shareholders] was US$61.4 million.


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


GOLDCO DEVELOPMENT: Creditors' Proofs of Debt Due August 2
----------------------------------------------------------
Creditors of Goldco Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 2, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Liu Yiu Keung
          62/F, One Island East
          18 Westlands Road
          Island East, Hong Kong


GROUP POWER: Court to Hear Wind-Up Petition on August 18
--------------------------------------------------------
A petition to wind up the operations of Group Power Corporation
Limited will be heard before the High Court of Hong Kong on
August 18, 2010, at 9:30 a.m.

Shen Li Ming filed the petition against the company on June 14,
2010.


HANIL HK: Contributories and Creditors to Meet on August 6
----------------------------------------------------------
Contributories and creditors of Hanil Hong Kong Limited will hold
their first meeting on August 6, 2010, at 10:00 a.m., and 10:30
a.m., respectively at 32nd Floor, One Pacific Place, 88 Queensway,
in Hong Kong.

At the meeting, Dermot Agnew and Joseph Lo Kin Ching, company's
the liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HK COPYPRIGHT: So Yin Wai Alex Appointed as Liquidator
------------------------------------------------------
So Yin Wai Alex on July 10, 2010, was appointed as liquidator of
Hong Kong Copypright Association Limited.

The liquidator may be reached at:

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


HK Gold: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on July 7, 2010, to
wind up the operations of Hong Kong Gold Holdings Limited.

The official receiver is E T O'Connell.


HTLC NETWORK: Chiu and Har Step Down as Liquidators
---------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of HTLC
Network HK Limited on July 12, 2010.


J & F LIMITED: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 7, 2010, to
wind up the operations of J & F Limited.

The official receiver is E T O'Connell.


KING MASCOT: Commences Wind-Up Proceedings
------------------------------------------
Members of King Mascot Investment Limited, on July 9, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidator is Miss Lam Ying Lai Susan.


LONG MILLION: Members' Final Meeting Set for August 20
------------------------------------------------------
Members of Long Million Investment Limited will hold their final
meeting on August 20, 2010, at 10:00 a.m., at Room 1601, Wing On
Centre, 111 Connaught Road Central, in Hong Kong.

At the meeting, Fung Kit Yee, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


LUEN TAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on July 6, 2010, to
wind up the operations of Luen Tat Watch Band Manufacturer
Limited.

The official receiver is E T O'Connell.


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


AK LUMBERS: CRISIL Assigns 'BB-' Ratings to Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of AK Lumbers Ltd.  The ratings reflect the AKL group's
weak financial risk profile, resulting from large working capital
requirements, and exposure to risks related to adverse changes in
regulations on timber imports.  These rating weaknesses are
partially offset by the benefits that the AKL group derives from
its promoters' experience in the sawmill business.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR2.5 Million Term Loan             BB-/Stable (Assigned)
   INR0.5 Million Long-Term Bank Loan   BB-/Stable (Assigned)
                             facility
   INR10.0 Million Letter of Credit     BB-/Stable (Assigned)
   INR35.0 Million Letter of Credit     P4+ (Assigned)
   INR2.0 Million Bank Guarantee        P4+ (Assigned)

CRISIL has combined the financial risk profiles of AK Lumbers,
Punjab Metal Works Pvt Ltd, and Jindal Wood Products (P) Ltd,
collectively referred to as the AKL group. This is because the
three entities are in the same line of operations and are managed
and promoted by the same family. Moreover, AK Lumbers has given
corporate guarantees for the other group companies.

Outlook: Stable

CRISIL believes that the AKL group's financial risk profile will
remain constrained over the medium term, marked by high gearing
and weak debt protection measures.  The outlook may be revised to
'Positive' in case of fresh equity infusion, resulting in
improvement in gearing and net worth, or if it improves its
working capital management.  Conversely, the outlook may be
revised to 'Negative' in case of any large, debt-funded capital
expenditure or decline in profitability.

Set up in 1987 as a proprietary firm, AK Lumbers (formerly, A K
Traders) was incorporated as a public limited company in 2000. The
company is engaged in trading and processing of timber logs,
mainly from teak wood and hard wood.  The company's plant situated
in New Delhi has processing capacity of 30 cubic meters per day
(cmpd) and its new plant in Kandla (Gujarat) has capacity of 60
cmpd.

The AKL group includes two other entities: Jindal Wood and Punjab
Metal. Incorporated in 1990, Jindal Wood has its plant in Kandla,
which caters mainly to the exports market. Punjab Metal was taken
over as a sick unit by the group in 2005 and is now engaged in the
manufacture of plywood.

The AKL group reported a profit after tax (PAT) of INR9 million on
net sales of INR503 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR7 million on net sales
of INR459 million for 2007-08.


ASHOK TRANSFORMERS: CRISIL Cuts Rating on Cash Credit to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ashok Transformers Pvt Ltd to 'BB-/Stable' from 'BB+/Stable'
and has reaffirmed its rating on the short-term bank facilities at
'P4'.

   Facilities                               Ratings
   ----------                               -------
   INR100.0 Million Cash Credit Limit       BB-/Stable (Downgraded
                                                from 'BB+/Stable')

   INR10.0 Million Standby Line of Credit   BB-/Stable (Downgraded
                                                from 'BB+/Stable')
   INR140.0 Million Bank Guarantee          P4 (Reaffirmed)
   INR10.0 Million Letter of Credit         P4 (Reaffirmed)

The downgrade reflects deterioration of ATPL's financial and
business risk profiles following the continued decline in sales in
2009-10 (refers to financial year, April 1 to March 31) and
stretch in working capital cycle because of competitive pressures.
The company's sales have been declining for the past two years by
around 17 per cent each year; however, the company has been able
to maintain its operating margin at 14 per cent.  The working
capital cycle is stretched: it had high debtor level of around 156
days and considerable inventory build-up as on March 31, 2010.

The ratings reflect ATPL's large working capital requirements,
customer concentration in revenue profile, and exposure to risks
related to intense market competition, small scale of operations,
and tender-based business.  These weaknesses are partially offset
by ATPL's strong track record in, and healthy growth prospects
for, the electrical transformer segment.

Outlook: Stable

CRISIL believes that ATPL will maintain its business risk profile
over the medium term, supported by its stable, albeit modest,
order book and long track record in the electrical transformers
industry.  The outlook may be revised to 'Positive' if the company
bags more-than-expected orders and maintains profitability.
Conversely, the outlook may be revised to 'Negative' if the
company significantly delays in recovering its dues, or if its
revenues decline further.

Set up as a partnership firm in 1970, ATPL was reconstituted as a
private limited company in 1974. It manufactures electrical
transformers at its plant in Surat (Gujarat).

ATPL reported (provisional) a profit after tax (PAT) of INR7.8
million on net sales of INR192.4 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR10.3
million on net sales of INR224.4 million for 2008-09.


DECCAN JEWELLERS: CRISIL Reaffirms 'BB-' Rating on INR200MM Credit
------------------------------------------------------------------
CRISIL's ratings on Deccan Jewellers Pvt Ltd bank loan facility
continue to reflect the company's below-average financial risk
profile, and its exposure to risks relating to intense competition
in the fragmented jewellery industry, and to volatility in the
prices of gold.  These weaknesses are partially offset by the
benefits that Deccan Jewellers derives from its promoters'
experience, and its recognised brand name in tier 2 cities in
Andhra Pradesh (AP).

   Facilities                          Ratings
   ----------                          -------
   INR200.00 Million Cash Credit       BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Deccan Jewellers will maintain a stable
business risk profile, supported by its established brand in AP.
The outlook may be revised to 'Positive' if the company's business
risk profile improves substantially, owing to increase in revenue
diversity and scale of operations, and if its financial risk
profile improves on the back of higher-than-expected cash accruals
and a healthy capital structure.  Conversely, the outlook may be
revised to 'Negative' if Deccan Jewellers' operating margins
decline substantially, or if it undertakes large debt-funded
capital expenditure.

                       About Deccan Jewellers

Deccan Jewellers, which began operations in 2007, has retail
outlets at Vijayawada, Kakinada, Rajahmundry, and Warangal in AP.
Deccan Jewellers is owned by the families of Mr. Azizul Rahaman
Khan and Mr. Fazulul Rahaman Khan.  The promoters have been in the
jewellery business for more than three decades; the promoters have
also been in the tobacco business for more than a decade.

Deccan Jewellers posted a provisional profit after tax (PAT) of
INR16.8 million on net sales of INR525 million in 2009-10 (refers
to financial year, April 1 to March 31), as against a PAT of
INR11.5 million on net sales of INR303.5 million for 2008-09.


EAST WEST: CRISIL Reaffirms 'BB+' Ratings on Bank Facilities
------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the proposed short-term
bank facility of East West Freight Carriers Pvt Ltd, while
reaffirming its ratings on the company's other bank facilities at
'BB+/Stable/P4+'.

   Facilities                              Ratings
   ----------                              -------
   INR71.0 Million Cash Credit (Enhanced   BB+/Stable
                    from INR46.5 Million)

   INR3.5 Million Standby Line of Credit   BB+/Stable (Reaffirmed)

   INR74.5 Million Proposed Short-Term     P4+ (Assigned)
                    Bank Loan Facility

   INR1.0 Million Bank Guarantee (Reduced  P4+ (Reaffirmed)
                     from INR100 Million)

The ratings continue to reflect East West's exposure to risks
related to operating in the highly competitive and fragmented
logistics industry, and the company's heavy reliance on export
cargo.  These weaknesses are partially offset by East West's
established position in the freight forwarding business, and its
above-average financial risk profile marked by healthy debt
protection measures and low gearing.

Outlook: Stable

CRISIL believes that East West will maintain its market position
and credit risk profile over the medium term, supported by its
longstanding relationships with clients and improving cash
accruals.  The outlook may be revised to 'Positive' if there is a
significant improvement in the company's capital structure,
primarily driven by equity infusion or significant increase in
scale of operations coupled with improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if there is a
further stretch in East West's liquidity, or if its profitability
is lower than expectations.

                         About East West

East West was started as a proprietorship concern in 1976 by Mr.
Mohammed Shafi, and was reconstituted as a private limited company
in 1979.  The Mumbai-based company provides freight forwarding and
customs clearing services.  East West has 14 branches across the
country. It is an approved International Air Transport Association
agent for issue of airway bills, and a registered Custom House
Agent. It also has a Multi Modal Transport Operator licence from
the Directorate-General of Shipping.

For 2008-09 (refers to financial year, April 1 to March 31), East
West reported a profit after tax (PAT) of INR11.9 million on net
sales of INR1.20 billion, as against a PAT of INR13.3 million on
net sales of INR1.06 billion for the previous year.


J. D. INDUSTRIES: CRISIL Places 'B+' Rating on INR41.2MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to J. D. Industries
(India) Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR130.0 Million Cash Credit       B+/Stable (Assigned)
   INR41.2 Million Term Loan          B+/Stable (Assigned)
   INR20.0 Million Stand by Line      B+/Stable (Assigned)
                       of Credit
   INR20.0 Million Letter of Credit/  P4 (Assigned)
                   Bank Guarantee

The ratings reflect JDIL's weak financial risk profile, marked by
high gearing and high bank limit ulitiZation, and exposure to
risks related to its small scale of operations in the electric
resistance welded (ERW) pipes industry.  These rating weaknesses
are partially offset by the healthy growth in JDIL's operating
income, driven by expected increase in the proportion of trading
business.

Outlook: Stable

CRISIL believes that JDIL will continue to benefit from its
promoters' experience in ERW pipes industry, over the medium term.
The outlook may be revised to 'Positive' if JDIL's operating
income and cash accruals grow significantly driven by increased
capacity utilisation or if fresh equity infusion from promoters
leads to improved capital structure.  Conversely, the outlook may
be revised to 'Negative' if the company's profitability declines
or if the company undertakes a larger-than-expected debt-funded
capital expenditure programme, leading to deterioration in its
debt protection measures.

JDIL was set up by Mr. Janardan Gupta in 1994. Currently, the
company is managed by Mr. Gupta along with his sons, Mr. Sainish
Gupta and Mr. Manish Gupta. The company manufactures ERW mild
steel tubes and pipes with diameters ranging from 15 millimetre
(mm) to 200 mm. The company has manufacturing facilities at three
locations, three production lines in Ghaziabad (Uttar Pradesh),
two lines in Bhiwadi (Rajasthan), and one line in Siliguri (West
Bengal). Currently, JDIL has capacity to manufacture 68,400 tonnes
of pipes per annum.

JDIL reported a profit after tax (PAT) of INR11.4 million on net
sales of INR918.4 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR8.4 million on net sales
of INR562 million for 2007-08.


MAA DURGA: CRISIL Assigns 'B' Rating to INR21.7 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Maa Durga Rice Processing and Exports Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR101 Million Cash Credit         B/Stable (Assigned)
   INR21.7 Million Term Loan          B/Stable (Assigned)
   INR10 Million Letter of Credit &   P4 (Assigned)
                     Bank Guarantee

The ratings reflect Maa Durga's weak financial risk profile marked
by a high gearing, large working capital requirements, small net
worth, and weak debt protection metrics, and susceptibility to
volatility in raw material prices, vagaries of monsoons, and
adverse regulatory changes.  These rating weaknesses are partially
offset by the assured rice offtake by Food Corporation of India
(FCI) and stable demand for rice.

Outlook: Stable

CRISIL believes that Maa Durga will continue to benefit over the
medium term from the healthy prospects in the rice processing
industry. Maa Durga's financial position will, however, remain
strained over the medium term, and its debt protection measures,
weak, because of debt contracted to meet its large working capital
requirements.  The outlook may be revised to 'Positive' in case of
significant infusion of equity or a substantial increase in cash
accruals, resulting in an increased net worth and a stronger
financial risk profile for Maa Durga. Conversely, the outlook may
be revised to 'Negative' if decline in profitability or large,
debt-funded capital expenditure leads to deterioration in Maa
Durga's financial risk profile.

                          About Maa Durga

Maa Durga, formed in 2003 by Mr. Prasanta Chandra Rath, has been
into rice processing since inception. The company processes both
raw and parboiled rice, with a capacity of 240 tonnes per day, at
its facilities in Cuttack (Orissa). It procures rice mainly from
traders in Orissa, Chandigarh, and Delhi, with around 75 per cent
of the procurement being from Orissa. Its sales are generally to
traders in Orissa, West Bengal, Andhra Pradesh, and Bihar.

Maa Durga reported a provisional profit after tax (PAT) of INR2.76
million on net sales of INR218.98 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1.49
million on net sales of INR196.38 million for 2008-09.


MEDICA PHARMACY: CRISIL Cuts Ratings on Various Debts to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Medica
Pharmacy Pvt Ltd, which is a part of the Medica group, to
'B-/Negative' from 'BB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR42.1 Million Cash Credit      B-/Negative (Downgraded from
                                                   'BB-/Stable')
   INR4.7 Million Proposed Cash     B-/Negative (Downgraded from
                         Credit                    'BB-/Stable')
   INR73.2 Million Term Loan        B-/Negative (Downgraded from
                                                   'BB-/Stable')

The downgrade reflects pressure on the Medica group's liquidity
profile; the group may not be able to extend financial support to
MPPL, if required, over the near to medium term.  The weak
liquidity stems from the initial losses that the group is
incurring upon commencement of its Kolkata hospital, and the
increase in the scope of the project, resulting in time and cost
overruns.  However, MPPL, on a standalone basis, has started
generating operating profits and has been meeting its debt
obligations on time; CRISIL believes that MPPL's cash accruals
over the near to medium term would be just sufficient to service
its debt obligations.

The rating also factors in the Medica group's weak financial risk
profile, small scale of operations of the pharmacy division, and
its exposure to operational risks because of the recent
commencement of the Kolkata Hospital. These weaknesses are
partially offset by the benefits that the group derives from its
promoters' experience in the healthcare industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MPPL, Medica Hospitals Pvt Ltd, Medica
Synergie Pvt Ltd, and North Bengal Clinic Pvt Ltd, together
referred to as the Medica group.  This is because MHPL, MPPL, and
NBCPL are held by MSPL, and the four companies share a common
management, are in similar lines of business, and have integrated
operations.

Outlook: Negative

CRISIL believes that the Medica group's liquidity profile may
deteriorate over the medium term as the group's main project, the
Kolkata-based multi-speciality hospital, is yet to generate cash
accruals and needs financial support over the near to medium term
to meet debt obligations.  The rating could be downgraded in case
the group is not able to generate adequate accruals for servicing
its debt. Conversely, the outlook could be revised to 'Stable' in
case the group is able to raise additional funds to meet its
payment obligations to its creditors, and it starts generating
healthy operational cash flows.

                          About the Group

Set up in January 2007, MPPL handles the Medica group's pharmacy
retail business. The company currently has 28 outlets, all in
Kolkata, under the Medica Health Shoppe brand. MPPL is a 100-per-
cent subsidiary of MSPL.

The Medica group comprises four companies. Set up in March 2003,
MSPL is the flagship company of the group. I-VEN Medicare, a
special investment vehicle of the ICICI Venture in the healthcare
segment, owns a two-third stake in MSPL while the remaining is
owned by Dr. Alok Roy, along with his friends and relatives.
MPPL's main activities include consultancy and advisory services
for setting up hospital projects, which are divided into three
domains: public health, hospital planning and management, and
quality and accreditation. The company's boutique ear, nose, and
throat (ENT) hospital, which has around 15 beds, commenced
operations in October 2008. The hospital is managed by three
Indian doctors, who have had previous experience in the UK. In
November 2007, MSPL acquired a 67 per cent stake in the 31-year-
old NBCPL, based at Siliguri (West Bengal).

The Medica group reported a provisional consolidated net loss of
INR62.3 million on net sales of INR333.9 million for 2009-10
(refers to financial year, April 1 to March 31), as against a net
loss of INR165.0 million on net sales of INR294.1 million for
2008-09.


MEDICA HOSPITALS: CRISIL Downgrades Rating on INR460MM Loan to 'D'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Medica
Hospitals Pvt Ltd, which is a part of the Medica group, to 'D'
from 'BB/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR460.00 Million Term Loan      D (Downgraded from
                                       'BB/Stable')

The downgrade reflects the delay by MHPL in repaying its term loan
instalment that was due on July 1, 2010; the delay was caused by
MHPL's weak liquidity owing to initial losses upon commencement of
the Kolkata hospital, and to the increase in the scope of the
project, resulting in time and cost overruns.

The Medica group has a weak financial risk profile, and is exposed
to operational risks because of the recent commencement of the
Kolkata Hospital. However, the company benefits from its
promoters' experience in the healthcare industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MHPL, Medica Pharmacy Pvt Ltd, Medica
Synergie Pvt Ltd, and North Bengal Clinic Pvt Ltd, together
referred to as the Medica group.  This is because MHPL, MPPL, and
NBCPL are held by MSPL, and the four companies share a common
management, are in similar lines of business, and have integrated
operations.

Set up in January 2007, MHPL handles the Kolkata hospital project
of the Medica group. MHPL is a 100-per-cent subsidiary of MSPL.
MHPL recently, in January 2010, commenced operations at its multi-
speciality 209-bed hospital in Kolkata. Besides this hospital, the
company plans a multi-specialty hospital at Asansol (West Bengal),
on the National Highway, for which it has acquired two acres of
land, and a few small brownfield projects.

The Medica group comprises four companies. Set up in March 2003,
MSPL is the flagship company of the group. I-VEN Medicare, a
special investment vehicle of the ICICI Venture in the healthcare
segment, owns a two-third stake in MSPL while the remaining is
owned by Dr. Alok Roy, along with his friends and relatives.
MPPL's main activities include consultancy and advisory services
for setting up hospital projects, which are divided into three
domains: public health, hospital planning and management, and
quality and accreditation.  The company's boutique ear, nose, and
throat (ENT) hospital, which has around 15 beds, commenced
operations in October 2008. The hospital is managed by three
Indian doctors, who have had previous experience in the UK. In
November 2007, MSPL acquired a 67 per cent stake in the 31-year-
old NBCPL, based at Siliguri (West Bengal).  The group's pharmacy
division is operated under MPPL.

The Medica group reported a provisional consolidated net loss of
INR62.3 million on net sales of INR333.9 million for 2009-10
(refers to financial year, April 1 to March 31), as against a net
loss of INR165.0 million on net sales of INR294.1 million for
2008-09.


NARAYAN AGRO: CRISIL Cuts Rating on INR70MM Cash Credit to 'C'
--------------------------------------------------------------
CRISIL has downgraded its rating on Narayan Agro Foods Ltd's cash
credit facility to 'C' from 'BB+/Stable'.  The downgrade reflects
instances of delay by Narayan Agro in repayment of its vehicle
loan instalment (not rated by CRISIL) due to weak liquidity; the
liquidity is weak because of the company's large working capital
requirements.

   Facilities                     Ratings
   ----------                     -------
   INR70.0 Million Cash Credit    C (Downgraded from 'BB+/Stable')

The rating also reflects Narayan Agro's small scale of operations,
and dependence on contractors for milk procurement. These rating
weaknesses are partially offset by Narayan Agro's established
presence in the dairy products industry.

Narayan Agro was initially incorporated in 1976 by the Goyal
family as Jiwan Milk and Allied Specialities Ltd; after being
renamed Roadmaster Foods Ltd in 1997 and RMI Foods Ltd in 2002,
the company got its current name in 2007.  Narayan Agro
manufactures skimmed milk powder (SMP) and ghee, and has capacity
of 7000 tonnes per annum (tpa) or 0.5 million litres per day
(lpd). It sells its products under the Shakti, Jiwan, and Gauma
brands.

Narayan Agro, on a provisional basis, reported a net loss of
INR4.7 million on net sales of INR415 million for 2009-10 (refers
to financial year, April 1 to March 31), against a profit after
tax of INR1.3 million on net sales of INR412 million for 2008-09.


NOMAX ELECTRICAL: CRISIL Assigns 'B+' Rating to INR30MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' rating to Nomax Electrical
Steel Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR110 Million Cash Credit           B+/Stable (Assigned)
   INR60 Million Bills Discounting      B+/Stable (Assigned)
   INR30 Million Term Loan              B+/Stable (Assigned)
   INR120 Million Letter of Credit      P4 (Assigned)

The rating reflects NESL's exposure to risks related to intense
competition and revenue dependence on transmission and
distribution (T&D) activity of state electricity boards (SEBs) and
its below-average financial risk profile characterized by weak
capital structure and modest debt protection measures.  These
rating weaknesses are partially offset by NESL's established
market position in transformer cores segment aided by extensive
experience of promoters.

Outlook: Stable

CRISIL believes that NESL will continue to benefit from its
established market position, and healthy growth potential in the
power sector. However, the ratings are likely to remain
constrained by the company's below-average financial risk profile.
The outlook may be revised to 'Positive' in case of increase in
its scale of operations and profitability.  Conversely, the
outlook could be revised to 'Negative' if the company undertakes a
large, substantially debt-funded capex programme, or in case of a
steep decline in its revenues and deterioration in its
profitability.

                       About Nomax Electrical

NESL was set up as a partnership firm in 1986 named Eastern
Electricals, and was rechristened as Nomax Electrical Steel
Private Limited in April 2007. NESL is engaged in the business of
processing of transformer cores, such as, wound and tordial cores;
cold rolled grain oriented (CRGO) strips slit coils, and stacked
cores which are used in the manufacture of distribution and power
transformers.  The promoter directors of the company Mr. Moinuddin
Mondal and Mr. Nasiruddin Mondal have been in this line of
business since 1981.

NESL reported a profit after tax (PAT) of INR11.62 million on net
sales of INR332 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR12.10 million on net
sales of INR262.20 million for 2007-08.


RECORDERS & MEDICARE: CRISIL Assigns 'C' Rating on INR88MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Recorders & Medicare Systems Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR421.2 Million Cash Credit       C (Assigned)
   INR88.0 Million Term Loan          C (Assigned)
   INR90.0 Million Letter of Credit   P4 (Assigned)
   INR58.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect RMS's constrained financial flexibility
because of the covenants imposed by banks, and its working-
capital-intensive operations because of its high debtor level.
These rating weaknesses are partially offset by the diversity in
RMS's product profile.

RMS manufactures medical diagnostic equipment.  It was founded as
a proprietorship firm by Mr. Suman Jolly in 1977, and
reconstituted as a company in 2005. RMS has two manufacturing
facilities, one in Panchkula, Chandigarh, for sheet metal work,
and the other in Baddi, Himachal Pradesh, for manufacture of
diagnostic equipment.  The Baddi facility has 100 per cent
exemption from excise duty and income tax till 2013-14 (refers to
financial year, April 1 to March 31). RMS manufactures 23 products
with multiple variants serving different therapeutic categories.

For 2008-09, RMS reported a profit after tax (PAT) of INR16
million on net sales of INR810 million, against a PAT of INR33
million on net sales of INR351 million for the previous year.


SRI VELA: CRISIL Assigns 'B+' Rating to INR130MM Long-Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Sri Vela
Smelters Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR130.00 Million Long-Term Loan     B+/Stable (Assigned)
   INR100.00 Million Cash Credit        B+/Stable (Assigned)
   INR130.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect SVSPL's below-average financial risk profile,
marked by high gearing, exposure to risks related to intense
competition in the steel industry, and susceptibility to
volatility in raw material prices.  These rating weaknesses are
partially offset by SVSPL's promoters' experience as a scrap
trader, and its cost-efficient and integrated operations.

Outlook: Stable

CRISIL believes that SVSPL will continue to benefit from its
promoter's experience in the steel industry, over the medium term.
The outlook may be revised to 'Positive' if the company's
realisation and profitability increase, and revenues become more
diversified, coupled with improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company operates at lower-than-expected capacity utilization, its
operating margin declines, or it undertakes a larger-than-expected
debt-funded capital expenditure programme.

                           About Sri Vela

Incorporated in 2003, SVSPL was promoted by Mr. T M Murugasen.
Its manufacturing facility is in Paramathivelur (Tamil Nadu).
SVSPL manufactures mild steel ingots and thermo-mechanically
treated (TMT) steel bars.  The company has an installed capacity
of 150 MT of ingots and 150 MT of TMT steel bars.  The company has
plans to expand its manufacturing facility with a new furnace, at
a cost of Rs.150 million in 2010-11. The company sells TMT steel
bars under the brand Vela in Tamilnadu and Kerala.

SVSPL reported an estimated profit after tax (PAT) of INR13.8
million on net sales of INR520 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR12.2
million on net sales of INR389.7 million for 2008-09.


STATEX ENGINEERING: CRISIL Assigns Default Ratings to Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Statex Engineering
Private Limited's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR29.20 Million Long-Term Loan      D (Assigned)
   INR45.00 Cash Credit Facility        D (Assigned)
   INR25.00 Million Letter of Credit    P5 (Assigned)
   INR5.00 Million Bank Guarantee       P5 (Assigned)

The ratings reflect the delay by Statex in servicing its term
loan; the delay has been caused by Statex's weak liquidity, owing
to its stretched receivables and small scale of operations.

Statex has a below-average financial risk profile, marked by high
gearing and below-average debt protection metrics, and
susceptibility of margins to volatility in raw material prices.
However, Statex derives benefit from its diversified revenue
profile and its promoters' experience in the textile and
engineering industries.

                           About Statex

Statex, incorporated in 1991, has two business divisions:
engineering and textile. The company commenced operations with the
engineering division: in this, it trades in instruments and other
gadgets for testing cotton fibre, yarn, and fabric. Under the
textile division, the company manufactures hosiery yarn of counts
20s, 24s, 30s, and 34s; it also manufactures grey fabric. The
textile unit has 12,000 spindles and three knitting machines.
About 75 per cent of revenues come from textile division, and rest
from engineering division. Statex is promoted by Mr. P Subramaniam
and family. The company is based in Coimbatore.

Statex reported (provisional) a profit after tax (PAT) of about
INR5 million on net sales of about INR278 million for 2009-10
(refers to financial year, April 1 to March 31), against a net
loss of INR4 million on net sales of INR223 million for 2008-09.


TATA MOTORS: Global Sales Up 46% in June 2010
---------------------------------------------
The Tata Motors Group global sales, comprising of Tata, Tata
Daewoo and Hispano Carrocera range of commercial vehicles, Tata
passenger vehicles along with distributed brands in India, and
Jaguar and Land Rover, were 91,608 units in June 2010, a growth of
46% over June 2009. Cumulative sales for the fiscal (April 2010 ?
June 2010) are 249,322, higher by 50% compared to the
corresponding period in 2009-10.

Sales of all commercial vehicles were 39,975 units in June 2010, a
growth of 38%. Cumulative sales for the fiscal are 111,298 units,
a growth of 41%.

Sales of all passenger vehicles were 51,633 units in June 2010, a
growth of 53%. Cumulative sales for the fiscal are 138,024 units,
a growth of 58%.

Tata passenger vehicle sales, including those distributed, were
31,444 units for the month, a growth of 58%. Cumulative sales for
the fiscal are 80,871 units, a growth of 57%.

Jaguar Land Rover global sales in June 2010 were 20,189 vehicles,
higher by 47%. Jaguar sales for the month were 6,776, higher by
59%, while Land Rover sales were 13,413, higher by 41%. Cumulative
sales of Jaguar Land Rover for the fiscal are 57,153 units, higher
by 59%. Cumulative sales of Jaguar are 15,455 units, higher by
33%, while cumulative sales of Land Rover are 41,698 units, higher
by 71%.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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


TATA STEEL: In Talks to Refinance GBP3.5 Billion Debt
-----------------------------------------------------
Tata Steel Ltd. has started talks with lenders including Citigroup
Inc. to refinance as much as GBP3.5 billion (US$5.4 billion) in
loans for its U.K. unit, Bloomberg News reports, citing six people
with knowledge of the matter.

Royal Bank of Scotland Group Plc, Standard Chartered Plc and BNP
Paribas SA are also part of the negotiations, the people, who
declined to be identified before an official announcement, told
Bloomberg.  According to Bloomberg, one of the sources said the
existing debt is due to be paid from 2012 to 2014 and the talks
may be completed early next month.

Tata Steel took out the loans to fund its $12.9 billion
acquisition of Corus Group Plc in 2007 just before the global
economic slump pared demand for steel and caused banks to curtail
lending.

Bloomberg relates two of the people said that Tata Steel is in
talks for a five-year loan for 2 billion pounds of the debt, with
the bulk of payments due toward the end of the tenor.

Interest rates for the loans are likely to be more than 300 basis
points above the London interbank offered rate, or Libor, one of
the people told Bloomberg.  A 100 basis points is equal to a
percentage point.  Tata Steel is also considering selling bonds,
two of the people said, according to Bloomberg.

                         About Tata Steel

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

                          *     *     *

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


UNIVERSAL IMPORT: CRISIL Reaffirms 'P4' Rating on INR115MM Debt
---------------------------------------------------------------
CRISIL's rating on Universal Import Export's bank facilities
continue to reflect Universal's below-average financial risk
profile, marked by small net worth and weak interest coverage
ratio, and exposure to customer concentration in revenue profile.
These rating weaknesses are partially offset by Universal's
flexible business model, marked by diversified product profile.

   Facilities                           Ratings
   ----------                           -------
   INR115.0 Million Bill Purchase-      P4 (Reaffirmed)
             Discounting Facility

Universal was set up in 1972 as a proprietorship firm by Mr.
Narayan Pagarani.  The firm trades in cotton and polyester
fabrics, which contributed around 80 per cent of sales in 2009-10
(refers to financial year, April 1 to March 31).  It also trades
in steel utensils, diesel engines, spices, grinding stones, and
readymade garments.  The firm has also commenced trading/exporting
of rice in 2009-10.

Universal reported a book profit of INR4.2 million on net sales of
INR218.8 million for 2008-09, against a book profit of INR3.6
million on net sales of INR192.1 million for 2007-08.


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


BUMI RESOURCES: Unit to Raise US$400 Million Through IPO This Year
------------------------------------------------------------------
PT Bumi Resources Mineral, a subsidiary of PT Bumi Resources, is
seeking to raise US$400 million through an initial public offering
of shares later this year, Antara News Agency reports.

The news agency relates PT Bumi Resources Tbk President Director
Ari S Hudaya said proceeds from the IPO expected to materialize in
September or October would be used to finance the company's
business expansion.  "Part of the funds will also be used to
finance the company's two-year exploration activities," he said,
according to the report.

Antara adds that Bumi Resources Mineral is currently 99.99% owned
by Bumi Resources and Bumi Resources plans to float 16.22% of its
shares to the public.

                       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.


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


* SOUTH KOREA: Corporate Bills Default Rate Rises in June 2010
--------------------------------------------------------------
The Bank of Korea said the default rate of corporate bills rose in
June as some ailing companies facing a corporate revamp failed to
repay maturing promissory notes, according to Yonhap News.  The
dishonored ratio of corporate bills -- bonds, checks and
promissory notes -- reached 0.04 percent in June, up from 0.03
percent the previous month, the report says.

According to the news agency, the increase came as creditor banks
announced in late June a list of 65 nonviable companies including
16 builders, which will undergo creditor-led corporate overhaul.

The central bank said the number of companies that went bankrupt
totaled 122 last month, up 2 from the previous month, the report
adds.


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


AXIS INC: Unit Settles SGD800,000 Outstanding Debts
---------------------------------------------------
Axis Incorporation Berhad disclosed that its wholly-owned
subsidiary GBC Marketing Pte Ltd has reached a settlement of its
outstanding facilities of SGD800,000 with The Bank of East Asia
Limited.

The Company said that the Memorandum of Satisfaction of Registered
Charge of GBC had been lodged with the Register of Companies &
Businesses, Singapore accordingly on July 7, 2010, following the
settlement of outstanding facilities.

                          About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


HO HUP: To Buy Two Firms as Part of Regularization Plan
-------------------------------------------------------
Ho Hup Construction Company Bhd has entered into a Memorandum of
Understanding with  Raymond Tan for the purpose of acquiring 100%
of the equity interests in Fivestar Development (Puchong) Sdn Bhd
and Kolektra Recreation Sdn. Bhd. at a price to be determined and
agreed by Ho Hup and Mr. Tan prior to the execution of the
Definitive Agreement and after taking into consideration the
results of the due diligence review and valuation to be conducted
by the relevant advisors, experts, consultants and professionals.

"The purchase of the Target Companies is to facilitate Ho Hup to
undertake a regularization plan in accordance with the
requirements of Practice Note 17 of Bursa Malaysia Securities
Berhad Main Market Listing Requirements," the company said in a
statement to the stock exchange.

"The Board of Directors of Ho Hup is of the opinion that the MOU
is in the best interest of the Company," Ho Hup said.

                            About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


KENMARK INDUSTRIAL: Gets Summons From Singa for MYR21,491 Claim
---------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad has been served with a Summons
and Statement of Claims by Singa Trading (M) Sdn Bhd for the
amount of MYR21,491.80 together with interest and cost for the
supply of products to the Company.

Kenmark said it is seeking the advice of its solicitors on this
Summons.

                      About Kenmark Industrial

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

                           *     *     *

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


LCL CORPORATION: Gets Writ of Summons From Bank Muamalat
--------------------------------------------------------
LCL Corporation Berhad and its wholly owned subsidiary LCL
Furniture Sdn Bhd have been served a Writ of Summons by Bank
Muamalat Malaysia Berhad.  The Writ of Summons and Statement of
Claim was served on July 15, 2010.

Bank Muamalat is claiming for the sum of MYR9.02 million as at
March 18, 2010, in respect of default in payments for these credit
facilities:

   (i) Al-Bai Bithaman Ajil Facility of MYR5.60 million;

  (ii) Documentary Credit Murabahah/Al-Murabahah Working
       Capital Financing/Al-Kafalah Bank Guarantee Facility
       of RM6.50 million; and

(iii) Muamalat Cash Financing Facility of MYR2.00 million.

The filing of the Writ of Summons is a result of the default in
payment of the credit facilities granted to LCLF.  The litigation
will not have any operational impact on LCL Group as receivers and
managers have been appointed over the property and undertaking of
LCLF effective December 16, 2009.

LCL said it will seek necessary legal advice from its solicitors
with regards to the claim.  LCLF is currently under receivership.

                           About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.


LCL CORPORATION: Bank Muamalat Serves Writ of Summons
-----------------------------------------------------
LCL Corporation Berhad and its wholly owned subsidiary LCL Trading
Sdn Bhd have been served with a Writ of Summons by Bank Muamalat
Malaysia Berhad as a result of their default in paying the banking
facilities granted to LCLT.

The Writ of Summons and Statement of Claim was served on LCLT and
LCL on July 15, 2010.  Bank Muamalat claims MYR1,639,425.44 is due
and owing as at March 18, 2010, under the Multi Option Trade
Financing Facility of MYR2,000,000.  The litigation will not have
any operational impact on LCL Group as LCLT has ceased operations
with effect from December 31, 2009.

The Company will seek necessary legal advice from its solicitors
with regards to the claim and instruct its solicitors to defend
the claim.

                           About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.


NIKKO ELECTRONICS: Bursa to Delist Securities on July 27
--------------------------------------------------------
The securities of Nikko Electronics Berhad will be de-listed and
removed from the Official List of Bursa Securities on July 27,
2010.

The bourse said the delisting of the company's securities was in
accordance to the decision of Bursa Securities announced by the
Company on October 23, 2009.  It is noted that the Securities
Commission had rejected Nikko's proposed restructuring scheme and
the Company's board of directors had decided not to appeal against
the decision.

                      About Nikko Electronics

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


TRANSMILE GROUP: Obtains 90-Day Restraining Order
-------------------------------------------------
The High Court of Malaya at Kuala Lumpur on July 16, 2010, granted
a restraining order to stop all further proceedings against
Transmile Group Bhd. and its wholly owned subsidiary Transmile Air
Services Sdn Bhd, for 90 days.

Transmile and TAS have obtained also an Order to convene a meeting
of scheme creditors within the period to seek the scheme
creditors' approval for their respective schemes of arrangement.
The implementation of their schemes of arrangement would also
require approvals or consents from other regulatory authorities
including shareholders, where required.

Transmile said the restraining order will allow the Company and
TAS to finalize a conclusive debt restructuring proposal with the
lenders under a scheme of arrangement to restructure the debts
owing to the lenders including the Outstanding Amount.  The debt
restructuring proposal is an integral part of the regularization
plan to regularize the financial condition of the Company pursuant
to Practice Note 17 of the Main Market Listing Requirements of
Bursa Malaysia Securities Berhad.

                        About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


WWE HOLDINGS: Proposed Restructuring Scheme Rejected
----------------------------------------------------
The Securities Commission on July 13, 2010, rejected WWE Holdings
Bhd's Proposed Restructuring Scheme.

HwangDBS Investment Bank Berhad and Hong Leong Investment Bank
Berhad, on behalf of WWE's board, said in a regulatory filing that
the non-approval by the SC is due to non-compliance with
paragraphs 7.03(a) (i.e. assets to be acquired must comply with
the profit requirements) and 7.05(b) (i.e. assets to be injected
must have a healthy financial position) of the Equity Guidelines
issued by the SC.

"The board will consider options available to WWE, including an
appeal to the SC, and will make an announcement on this matter in
due course," the statement said.

                         About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering services
related to design, fabrication, installation and commissioning of
water, wastewater treatment, environmental facilities and
construction activities; WWE Industries Sdn.  Bhd., which provides
installation of mechanical and electrical works connected with
water, wastewater treatment and environmental engineering, and
Quality Water Technology Sdn. Bhd., which undertakes research and
development activities to develop new technologies related to
water and wastewater.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


A2 CORPORATION: Buys Out Australian Joint Venture Partner
---------------------------------------------------------
A2 Corporation Ltd shareholders have approved a deal to buy up the
remaining 50 percent stake in Australia's A2 Dairy Products Pty
Ltd that the Company does not already own, The National Business
Review reports.

In return, its partner in the company, ASX-listed Freedom
Nutritional Products Ltd, will get a 25 percent stake in A2 Corp
when the deal is completed -- probably on Thursday, the report
relates.  Freedom will have an option of later increasing its
stake to 27 percent, NBR adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2010, A2 Corporation Ltd agreed to acquire a 50% interest
in A2 Dairy Products Australia Pty Limited it does not already own
giving A2C exclusive rights for the production and sale of a 2milk
products in Australia and Japan.

New Zealand-based A2 Corporation Ltd. (NZAX: ATM) --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

A2 Corp. incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.

The company also reported a net loss of NZ$3.52 million for the 15
months ended June 30, 2009.  The company reported a post-tax loss
of NZ$717,172 in the six months ending December 31, 2009.  This
compared to a loss of NZ$1.99 million for the six months ended
September 30, 2008.


ALLIED FARMERS: Obtains Six Months Extension on Banking Facilities
------------------------------------------------------------------
Allied Farmers Ltd. gained a six-month extension of its loan
facility with Westpac, giving the finance company more time to
repay debt and restructure its business, stuff.co.nz reports.

Allied had NZ$21 million outstanding on the facility as at June 30
and had an overdraft facility of NZ$2.5 million that was set to
expire on July 1, the report says.

The report notes that the facilities are secured by a general
security agreement over the assets of Allied, its rural business
and the loans acquired from Hanover Finance and United Finance. It
doesn't include the assets of Allied Nationwide Finance.

According to the report, the latest agreement pushes out the due
date to March 31 next year from September 24.  "The earlier
extension was granted to enable both Allied Farmers and Westpac
time to consider a number of debt retirement and restructuring
initiatives that would have a positive impact for our company,"
the report quoted managing director Rob Alloway as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Allied Farmers Limited breached its banking
covenants for the September 2009 quarter.  Allied Farmers Chairman
John Loughlin said, "We are continuing to experience tough trading
conditions, a situation which has been ongoing for a number of
months, and we are carefully examining how we can improve
operating performance."  The company said it is currently
undertaking an extensive review of its structure, market presence
and operations.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


MAIN BEACH: Amazon Acquires Two Retail Outlets
----------------------------------------------
Two Main Beach retail outlets in receivership, including the
flagship store in The Plaza in Palmerston North, have been sold to
national surfwear chain Amazon, Rebecca Stevenson at
BusinessDay.co.nz reports.

Receiver Shaun Adams of KPMG said Main Beach had five stores in
the lower North Island when it was put into receivership on
June 22 by a secured creditor, according to BusinessDay.co.nz.
Mr. Adams said there had been several "options on the table."

According to the report, Main Beach in Willis St, central
Wellington, closed a little over a week after KPMG was appointed,
and Main Beach's Westfield Queensgate store in Lower Hutt shut
last week.

"There have been 17 redundancies, with 32 staff being transferred
-- albeit some of those on a temporary basis only," the report
quoted Mr. Adams as saying.

Mr. Adams said Amazon also purchased Main Beach's outlet in Otaki
and was currently using the Main Beach Porirua site to sell stock
from its two newly acquired stores.

Main Beach was owned by Manawatu retailers Lee Yates and Donald
Hall.


SOHO SQUARE: Receivers Likely to Sell Site Soon
-----------------------------------------------
Rebecca Stevenson at BusinessDay.co.nz reports that the receiver
of Soho Square development site in Ponsonby, Auckland, is
confident the property will sell within the next few weeks.

BusinessDay.co.nz recalls that the 1.3-hectare site was put on the
market early this year after developer Lane Kells's Soho-
associated companies were put into receivership by first-ranked
creditor Fortress Credit Corp, owed just over NZ$23 million, in
November last year.

According to the report, Tim Downes from Grant Thornton said he
was talking to a "small group of parties" about the sale of the
Soho Square property.  The report says industry sources have
tipped property group Retail Holdings as a potential buyer of the
Soho Square site.


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


PHILIPPINE AIRLINES: In Talks With Several Possible Investors
-------------------------------------------------------------
Philippine Airlines Inc. is in talks with several fund managers
and Asian carriers for possible investment in the company, The
Manila Times reports.

"The shareholders want [investors] to inject fresh capital.  So,
PAL will not get from the shareholders.  That's the structure that
we are looking at rather than the shareholders selling their
shares," Jaime Bautista, the flag carrier's president told
reporters on Friday, according to The Manila Times.

"We will issue new shares -- that's the ideal. It's possible
through PAL Holdings Inc.," the report quoted Mr. Bautista as
saying.  Lucio Tan's stake may be diluted if the tobacco tycoon
decides not to infuse additional capital into the firm, Mr.
Bautista added, the report notes.

According to Manila Times, Mr. Bautista ruled out Cathay Pacific
and the International Airline of United Arab Emirates as among the
carriers interested to invest in PAL.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is spinning off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations by May 31, the Manila Bulletin said.  According to
The Manila Standard Today, the PAL Employees Union estimated that
2,000 to 4,000 employees assigned to those departments could be
retired.  The Manila Standard related that PAL president Jaime
Bautista said competition from overseas carriers, slower global
economic growth, and higher oil prices had prompted the airline to
slash its non-core businesses.  The carrier had approached several
investors but failed to secure financial help, and equity had
dropped to a worrisome US$1.1 million as of February 2010,
according to the Manila Standard.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


PHILIPPINE AIRLINES: EU Refuses to Lift Ban on Philippine Carriers
------------------------------------------------------------------
The European Union has refused to remove the Philippines from a
list of countries whose airlines are banned from flying to the
continent due to the lack of substantial industry-wide reforms in
their local aviation sector, the Philippine Daily Inquirer
reports.

According to the Inquirer, Philippine Airlines said it was able to
convince EU officials that PAL was of international standards.
However, the report says, the company's pleas to be excluded from
the ban fell on deaf ears.

"We made a presentation to the EU last June and we were able to
convince them that we are a safe airline," the Inquirer quoted PAL
president and chief operating officer Jaime J. Bautista as saying.
"But they told us they were sorry and they could not give in to
our request to be taken out of the blacklist," he said, the report
adds.

According to the report, Mr. Bautista said that although PAL has
no flights to Europe at the moment, the ban kept the airline from
making plans to revive operations in the continent.  The report
relates Mr. Bautista likewise said that as a result of the ban,
European travel agencies have stopped selling PAL tickets to
tourists who may want to take the flag carrier to visit
attractions in the Philippines.

Philippine carriers were thrown into a blacklist of airlines
banned from flying to Europe following the poor grade received
from the International Civil Aviation Organization, according to
the Inquirer.  The Philippines was also downgraded to a category 2
status by the U.S. Federal Aviation Authority, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is spinning off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations by May 31, the Manila Bulletin said.  According to
The Manila Standard Today, the PAL Employees Union estimated that
2,000 to 4,000 employees assigned to those departments could be
retired.  The Manila Standard related that PAL president Jaime
Bautista said competition from overseas carriers, slower global
economic growth, and higher oil prices had prompted the airline to
slash its non-core businesses.  The carrier had approached several
investors but failed to secure financial help, and equity had
dropped to a worrisome US$1.1 million as of February 2010,
according to the Manila Standard.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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