TCRAP_Public/100727.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

           Tuesday, July 27, 2010, Vol. 13, No. 146

                            Headlines



A U S T R A L I A

BELLA TRUST: Fitch Assigns Ratings on Loan Securitizations
BELLA TRUST: Moody's Assigns Ratings on Various Classes of Notes
CENTRO PROPERTIES: Seeks Partner to Manage & Own $1-Bln Portfolio
SAPPHIRE XI: S&P Takes Various Rating Actions on RMBS Notes
* ASIC to Wind Up 13 Firms Over Ponzi-Style Scheme Operation


C H I N A

WYNN LAS VEGAS: Fitch Rates $1.32 Bil. Mortgage Notes at 'BB+'


H O N G  K O N G

AGI LOGISTICS: Chen and Wong Appointed as Liquidators
ANSOME COMPANY: Members' Final Meeting Set for August 25
ASCALADE COMMUNICATIONS: Creditors' Proofs of Debt Due August 23
ASPREY HONG KONG: Members' Final Meeting Set for August 24
BABOR COSMETIC: Members' Final Meeting Set for August 24

BUILTART DESIGN: Commences Wind-Up Proceedings
CADILY JEWELRY: Creditors' Proofs of Debt Due August 19
CLIMAX PAPER: Court Enters Wind-Up Order
COASTAL POWER: Contributories and Creditors to Meet on August 10
DICKSON CONSTRUCTION: Creditors' Proofs of Debt Due August 6

DICKSON CONSTRUCTION CO: Creditors' Proofs of Debt Due August 6
DICKSON DESIGN: Creditors' Proofs of Debt Due August 6
DISTRI-PLUS (ASIA): Court to Hear Wind-Up Petition on August 11
GOBOWAY INVESTMENT: Court Enters Wind-Up Order
HOT HOUSE: Court Enters Wind-Up Order

INTER-AUTO ENG'G: Court to Hear Wind-Up Petition on September 8
KWONG YICK: Wardell and Chan Appointed as Liquidators
SINTEX INTERNATIONAL: Court Enters Wind-Up Order
VEGAS KNITTERS: Court Enters Wind-Up Order
WELL TECHNIC: Court to Hear Wind-Up Petition on August 4


I N D I A

AIR INDIA: Unveils Turnaround Plan; Rules Out Job or Wage Cuts
BEST BUILDWELL: CRISIL Assigns 'BB-' Rating to INR75MM Cash Credit
BHUWALKA STEEL: CARE Assigns 'CARE B' Rating to INR62cr LT Loans
CHETAN WOOD: Fitch Assigns 'D' National Long-Term Rating
IDBI BANK: Earns INR251-crore in Quarter Ended June 30

INDIAN CANE: ICRA Assigns 'LB-' Rating to INR1.5 Billion Term Loan
JINDAL COTEX: CARE Assigns 'CARE BB+' Rating to INR108.7cr Loans
MANGALAM DRUGS: CRISIL Cuts Rating on INR210MM Cash Credit to 'B'
MULTILINK: ICRA Assigns 'LBB-' Rating to INR73.5MM Bank Facilities
NIRMAL SEEDS: ICRA Reaffirms 'LBB' Rating on INR113.2MM Term Loan

P.K. INTERNATIONAL: CRISIL Rates INR73.8 Mil. Term Loan at 'BB-'
SERENE ESTATES: CARE Rates INR108.5cr LT Bank Loans at 'CARE BB'
SHERA ENERGY: CARE Assigns 'CARE BB+' Rating to INR9.2cr LT Loans
SOKTAS INDIA: ICRA Reaffirms 'LBB+' Rating on INR1.48BB LT Loan
SREE TIRUMALA: CRISIL Assigns 'BB-' Rating to INR90MM Cash Credit

SWASHTHIK CAPS: CRISIL Assigns 'B+' Rating to INR39.7MM LT Loan
SWASHTHIK PREFORMS: CRISIL Puts 'B+' Rating on Various Bank Debts
UTTAM INDUSTRIAL: Fitch Assigns 'B+' National Long-Term Rating
WEAVETTE TEXSTYLES: ICRA Places 'LBB+' Rating on INR122.5MM Loan


I N D O N E S I A

INDOSAT PALAPA: S&P Keeps 'BB' Rating on Proposed Senior Notes


J A P A N

CORSAIR NO 2: S&P Raises Ratings on Various Series 46 Swaps
L-JAC THREE: S&P Downgrades Ratings on Various Classes of Notes


N E W  Z E A L A N D

AIR PACIFIC: Qantas Wants to Divest Equity Stake
AORANGI SECURITIES: Supporters File SFO Complaint With Ombudsman
BLUE CHIP: SFO Seeks Lawyer's Help Over Case
* FIJI: In Danger of Defaulting on US$150 Million Bonds
* NEW ZEALAND: Baycorp Reports Lower Number of Bankruptcies


P H I L I P P I N E S

ATLAS CONSOLIDATED: Anglo Extends US$11.5 Million Facility


S I N G A P O R E

AKEBONO-OKAYA: Creditors' Proofs of Debt Due August 23
LEBIJOU (PRIVATE): Creditors' Proofs of Debt Due August 23
NEW CITY: Creditors' Proofs of Debt Due August 23
NISSAN INTERNATIONAL: Creditors' Proofs of Debt Due August 23
TONG TIEN: Creditors' Proofs of Debt Due August 7


T A I W A N

AU OPTRONICS: Will Keep Planned NT$400 Billion Project in Taiwan
XODTEC LED: Significant Losses Prompt Going Concern Doubt


T H A I L A N D

SANYO ELECTRIC: Thailand Unit Expects THB3.2 Bil. Revenue in 2010
TRUE CORP: Ordered to Pay Compensation to 9 Sacked Employees


X X X X X X X X

* 1 Default Last Week Hikes S&P Year's Default Total at 45

* S&P Raises Ratings on Four Asia-Pacific CDO Tranches

* BOND PRICING: For the Week July 19 to July 22, 2010




                         - - - - -


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


BELLA TRUST: Fitch Assigns Ratings on Loan Securitizations
----------------------------------------------------------
Fitch Ratings has assigned final ratings to the Bella Trust Series
2010-1 automotive loan receivables-backed securitization, due Feb
2017.  Ratings, Outlooks and Loss Severity Ratings are assigned:

  -- AU$500.0 million Class A2 notes: 'AAA'; Outlook Stable; Loss
     Severity Rating assigned at 'LS1';

  -- AU$72.0 million Class B notes: 'A'; Outlook Stable; Loss
     Severity Rating assigned at 'LS2';

  -- AU$14.0 million Class C notes: 'BBB'; Outlook Stable; Loss
     Severity
     Rating assigned at 'LS4';

  -- AU$4.0 million Class D notes: 'BB'; Outlook Stable; Loss
     Severity Rating assigned at 'LS5';

  -- AU$8.0 million Class E notes: 'B'; Outlook Stable; Loss
     Severity Rating assigned at 'LS4'; and

  -- AU$14.1 million Seller notes:'NR'.

The notes were issued by BNY Trust Company of Australia Limited in
its capacity as trustee of Bella Trust Series 2010-1, which is a
legally distinct trust established pursuant to a master trust and
security trust deed.

At the cut-off date, the total collateral pool consisted of 28,003
automotive loan receivables totalling approximately AUD605.9m,
with an average size of AUD21,638.  The pool is comprised of loan
receivables originated by Capital Finance Australia Limited, whose
ultimate parent is the Lloyds Banking Group plc ('AA-'/Outlook
Stable/'F1+').  The pool comprises amortising principal and
interest loans for both new (65.4%) and used (34.6%) vehicles with
varying balloon amounts payable at maturity.  The weighted average
balloon payment for the portfolio is 14.1%.

The final ratings assigned to the Class A2 notes are based on the
quality of the collateral; the 18.3% credit enhancement provided
by the subordinate notes; the liquidity reserve account of 1.0% of
outstanding notes, funded by issuance proceeds; a servicer reserve
fund of 3.5% to be funded from principal draws, providing an
additional level of liquidity support for the transaction should
the rating of Lloyds Banking Group plc fall below 'BBB'; an
interest rate swap provided by Bank of Scotland plc ('AA-'/Outlook
Stable/'F1+'); and CFAL's auto receivable underwriting and
servicing capabilities.

The final ratings on the Class B, C and D notes are based on all
the strengths supporting the Class A2 notes, excluding their
credit enhancement levels.


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

Issuer: Bella Trust Series 2010-1

* AU$500M Class A2 Certificate, Definitive Rating Assigned Aaa
* AU$72M Class B Certificate, Definitive Rating Assigned Aa3
* AU$14M Class C Certificate, Definitive Rating Assigned Baa1
* AU$4M Class D Certificate, Definitive Rating Assigned Baa2
* AU$8M Class E Certificate, Definitive Rating Assigned Ba1

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

                         Ratings Rationale

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

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

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

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

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

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

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

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

Following the first anniversary of the note issue date, the Class
A2, Class B and Class C Notes will receive principal payments on a
pro rata basis, subject to additional conditions being satisfied,
such as doubling of the subordination percentage, or other
performance related triggers not being breached.

An unusual feature of the transaction is the coupon structure of
the notes as all -- except the Class A2 Notes -- bear a fixed
interest rate of 0.01%.  As a result, the transaction benefits
from a healthy amount of excess spread, which represents the first
layer of credit enhancement for the rated notes.

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

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

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

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

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

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

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information and
confidential and proprietary Moody's Investors Service's
information.

Moody's Investors Service considers the quality of information
available on the issuer satisfactory for the purposes of assigning
a credit rating.

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

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


CENTRO PROPERTIES: Seeks Partner to Manage & Own $1-Bln Portfolio
-----------------------------------------------------------------
Turi Condon at The Australian reports that Centro Properties Group
is seeking for a partner to manage and jointly own a $1 billion
property portfolio, including 50 shopping centers.  The
Australian, citing a "teaser" document sent to prospective buyers,
says Centro is looking for a partner buy part of its equity
interest in those syndicates.

The offering represents about half of the group's Australian
property syndicate operation and is the latest concrete step that
new chief Robert Tsenin is taking to bring down debt levels and
move Centro back towards being an investment-grade company, The
Australian says.

The report states that analysts expect Centro's Australian and US
shopping centres to be split under a wider restructuring currently
being considered.

According to the report, parties that may be interested in the
syndicates or other parts of the Centro empire are Colonial First
State Global Asset Management, AMP Capital Ltd., Challenger
Financial Services Group Ltd., Lend Lease Group and GPT Group.

The Australian relates industry sources said that JPMorgan and
Moelis & Co -- which Centro Properties appointed in December to
advise on a restructure -- had also been appointed to sell the
syndicates business.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under management
of US$24.9 billion.

                           *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's U.S. joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


SAPPHIRE XI: S&P Takes Various Rating Actions on RMBS Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services took various actions on the
ratings on all classes of subprime and nonconforming residential
mortgage-backed securities issued by the trustee of Sapphire XI
Series 2007-2 Trust.  S&P lowered the ratings on the class MA, MZ,
BA, BZ, and CA notes and affirmed the ratings on three other
classes.

Since initial issuance, the portfolio has paid down its balance by
just under 60%, with about A$167 million outstanding as at April
2010.  The date-based call date lapses in January 2011, when post-
call coupon rates will be applicable.  The transaction has been
switching between sequential and pro-rata payments of the
principal amounts of the rated notes, depending on whether the
performance targets are met.  While the pro-rata payment mechanism
helps to manage the weighted-average funding costs of the
transaction over its life, it also reduces the dollar amount of
credit support available to any notes ranked above the class CA
notes.  In S&P's opinion, this reduces the credit quality of the
rated notes because the remaining portfolio is likely to become
more sensitive to potential tail-end adverse selection risk.

The affirmation of the ratings on the class AA, AM, and AZ notes
reflects S&P's view that the credit support available is
sufficient at their current rating levels.  The lowering of the
ratings on class MA, MZ, BA, BZ, and CA notes reflects S&P's view
that the available credit and liquidity support for these notes
may not be sufficient to withstand ratings stresses commensurate
with their previous rating levels.  As the portfolio amortizes,
S&P believes there may be a trade-off between managing the
increasing funding cost and maintaining portfolio performance at
the tail-end of the transaction, particularly if the annual
payment rate drops below 20%, and/or the weighted average borrower
margin decreases.

The arrears levels of the underlying portfolio have been above the
sector average since issuance.  The losses and charge-offs to date
have amounted to about AU$7 million at April 2010, and
AU$0.6 million remain unreimbursed to the class D note (unrated).
Given that the current arrears level is above 23%, S&P expects
further losses to come through with about A$1 million imminently.

The annualized prepayment rate is relatively slow, when compared
with other Sapphire transactions and the industry subprime RMBS
sector average, as measured by Standard & Poor's prepayment index.
S&P expects the prepayment rate and arrears levels to become more
volatile as the portfolio balance diminishes.  In S&P's opinion,
the ratings on the lower classes of notes will become more
vulnerable if the prepayment rate slows to less than 20%.

The remaining portfolio balance, at A$167 million, is just over
40% of the original balance.  About 75% of the outstanding
portfolio consists of low documentation loans and about 75%
comprise loans to self-employed borrowers.  In addition, by
current balance, about 43.1% of loans have a loan-to-value ratio
exceeding 80%, and over 20% have loan sizes exceeding A$800,000.

The current weighted average LVR is 74%, which has not declined
much (76% at close), as about 50% of the loans have interest-only
periods where there are no principal reductions.

                         Ratings Lowered

                  Sapphire XI Series 2007-2 Trust

                 Class     Rating To   Rating From
                 -----     ---------   -----------
                 MA        A           AA
                 MZ        BBB         A
                 BA        BB          BBB
                 BZ        B           BB
                 CA        CCC         B

                         Ratings Affirmed

                  Sapphire XI Series 2007-2 Trust

                         Class     Rating
                         -----     ------
                         AA        AAA
                         AM        AAA
                         AZ        AAA

The transaction includes class CZ and D notes, which are not
rated.


* ASIC to Wind Up 13 Firms Over Ponzi-Style Scheme Operation
------------------------------------------------------------
The Australian Securities and Investment Commission has obtained
orders appointing Simon Wallace-Smith of Deloitte Touche Tohmatsu
as liquidator of 13 companies over the possible operation of a
Ponzi-style scheme, affecting more than 100 investors who have
contributed in excess of AU$16 million.  The companies are
associated with Peter van de Steeg, Jonathan Ezzy, Peter
Berlowitz, of Victoria and Scott Walker, of Western Australia.

ASIC is concerned that the defendants may have been providing, or
involved in conducting a financial services business without the
necessary Australian Financial Services Licence and without
providing the required adequate disclosure to investors.

ASIC is also concerned that investors may have been misled about
the nature of the arrangements they were entering into and that
the defendants may have breached various provisions of the
Corporations Act.

ASIC commenced the winding up proceeding on June 29, 2010, in the
Federal Court.

Mr. Wallace-Smith will be required to identify, collect and secure
the assets of the companies for the benefit of investors and
creditors.

The winding up proceeding followed previous orders made by the
Federal Court in Melbourne freezing the assets of certain of the
companies and restricting any travel outside of Australia by
Mr. Berlowitz and Mr. Van de Steeg.  Those travel restrictions
have now lapsed as ASIC's civil action has been completed.

ASIC continues to investigate the activities of the defendants.

The defendant companies associated with Messrs. Van de Steeg,
Berlowitz, Ezzy and Walker that have been placed into liquidation
are:

    * Meloka Pty Ltd, Contango Investments Pty Ltd
    * DIX-Walker Pty Ltd, Teronte Pty Ltd
    * Namrepus Pty Ltd
    * Arnah Pty Ltd
    * Soteria Holdings Pty Ltd
    * Korlea Pty Ltd
    * Solanah Pty Ltd
    * Tiamah Pty Ltd
    * Jameter Pty Ltd
    * Proteus Distribution Pty Ltd
    * Proteus Trading Pty Ltd.

ASIC has not applied to extend freezing orders against the
defendants or the passport orders against Mr. Van de Steeg.  The
Court has already ordered that Mr. Berlowitz' passport be provided
to his Trustee in Bankruptcy.  Mr. Walker has also recently placed
his financial affairs in the hands of a Trustee in Bankruptcy.
Mr. Ezzy has already provided ASIC with undertakings with respect
to any travel outside Australia.


=========
C H I N A
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WYNN LAS VEGAS: Fitch Rates $1.32 Bil. Mortgage Notes at 'BB+'
--------------------------------------------------------------
Fitch rates Wynn Las Vegas, LLC's $1.32 billion 7.75% first
mortgage notes due 2020 'BB+' and has taken these rating actions
for Wynn Resorts, Ltd.  and its subsidiaries:

Wynn Resorts, Ltd.

  -- Issuer Default Rating upgraded to 'BB-' from 'B+'.

Wynn Las Vegas, LLC

  -- IDR upgraded to 'BB-' from 'B+';
  -- Senior secured bank credit facility affirmed at 'BB';
  -- Senior secured first mortgage notes affirmed at 'BB'.

Wynn Resorts (Macau), SA

  -- IDR upgraded to 'BB-' from 'B+';
  -- Senior secured bank credit facility affirmed at 'BB+'.

The IDR upgrade primarily reflects stronger-than-expected
performance at Wynn Macau SA since Fitch assigned a Positive
Outlook to Wynn's IDR following the completion of the Hong Kong
IPO in October 2009, and the improved maturity profile at Wynn LV
LLC following the refinancing of $1.32 billion of FMNs due 2014
with the new issuance of the 10-year 7.75% FMNs due 2020.  Fitch
has revised the Rating Outlook to Stable from Positive.

Wynn announced the $1.32 billion 7.75% FMN issuance at Wynn LV
LLC, which, along with a capital contribution from Wynn Resorts,
will fund a full tender of the outstanding FMNs due 2014.  Wynn LV
LLC will pay $1,004.38 for every $1,000 of par value, plus an
additional consent payment of $30 for proposed amendments
resulting in full consideration of $1,034.38.  The proposed
transactions are leverage and liquidity neutral, but will further
improve the company's already attractive maturity profile.  Pro
forma for the transactions, the only debt maturing at Wynn LV LLC
prior to 2017 is the $518 million credit facility, which had
$333 million outstanding, including terms loans and revolver, as
of March 31, 2010.  The company had $1.76 billion in cash as of
the end of 1Q'10.

The 'BB-' IDRs reflect the company's high consolidated gross
leverage in its Las Vegas subsidiary, a lack of diversification,
Fitch's expectation of a muted recovery in Las Vegas over the
near-term, event/development risk, and key management risk.

The IDRs and Stable Rating Outlook are supported by the company's
strong liquidity position, including a solid free cash flow (FCF)
profile, minimal near-term maturities, and consistently
demonstrated capital market access.  Additional credit support is
provided by the more reasonably leveraged Macau subsidiary, Wynn's
strong brand value and high asset quality, and management's focus
on balance sheet strengthening and debt maturity extensions since
the recession deepened in fall 2008.

Robust Macau Operating Trends:

Since Fitch assigned the Positive Outlook to Wynn in October 2009
and released its 2010 industry outlook in December 2009, the Macau
market has performed much stronger than Fitch expected in 2010.
Macau's market revenues were up 57% in 1Q'10 and 77% in 2Q'10,
well exceeding even the most robust forecasts heading into the
year.  On an LTM basis as of March 31, 2010, adjusted property
EBITDA in Macau was up to $569 million on 58% growth in 1Q'10, and
Fitch expects continued strong performance to be reflected in
Macau when the company reports 2Q'10 results next week.  The
Encore at Wynn Macau expansion opened on April 21, 2010, so it
should drive continued strong Wynn Macau SA results in upcoming
quarters.

Las Vegas Operating Trends Remain Soft:

Although Fitch expects Las Vegas Strip trends to improve in the
second half of 2010 (2H'10) and 2011, its base case incorporates a
muted recovery over the next 12-18 months.  In Fitch's view,
continued improvement in corporate/convention/group demand is a
critical aspect of recovery for Las Vegas Strip performance since
improved yields on midweek room demand will generate significant
positive operating leverage.  Although the market should begin to
see the benefit of this mix shift later this year and into 2011,
Fitch believes that the operating trend acceleration will be more
pronounced later in 2011 and into 2012.

With the expected opening of the 3,000-room Cosmopolitan in
December 2010, Fitch believes supply growth will continue to
pressure the market for the next 18 months, albeit at a
decelerating pace.  Following the CityCenter opening in December
2009, Fitch previously indicated that it expected a 'push-down'
effect of the supply increase on mid- and lower-scale properties.
The impact in 1Q'10 was even greater than expected, which has
benefited companies focused at the high-end (i.e.  Wynn and Las
Vegas Sands) compared to companies with broader exposure (i.e. MGM
and Harrah's).  In 1Q'10, comparable Las Vegas Strip adjusted
property EBITDA for MGM and Harrah's declined 24.4% and 11.6%,
respectively, while Wynn and LVS realized increases of 37.5% and
17.3%, respectively.

Yesterday, Wynn preannounced 2Q'10 adjusted property EBITDA at
Wynn LV LLC of $65 million or nearly a 14% decline, so in the two
full quarters since CityCenter opened, adjusted property EBITDA at
Wynn LV LLC is up about 5%.

Leverage and Coverage:

Fitch calculates consolidated gross leverage and coverage of 4.2
times (x) and 3.6x, respectively, as of March 31, 2010.  Driven by
the outperformance of Macau and Fitch's view of the continued
difficult Las Vegas operating environment, consolidated gross de-
leveraging has been better than expected.  At the subsidiary
level, Fitch calculates gross leverage at Wynn Macau SA was 1.6x
as of March 31, 2010, while Wynn LV LLC is in line with Fitch
expectations at 10.6x.

Liquidity and Free Cash Flow:

Wynn maintains a strong liquidity profile that was boosted by
$1.87 billion of proceeds from the Hong Kong IPO in October 2009.
As of March 31, 2010, the company had $2.6 billion of available
liquidity, consisting of $1.2 billion of cash held at Wynn
Resorts, $46.5 million of cash and $185 million of credit facility
availability at Wynn LV LLC, $510.5 million of cash and
$785 million of credit facility availability at Wynn Macau SA,
offset by Fitch's estimate of nearly $150 million in
cage/operational cash.

With the $575 million Encore at Wynn Macau expansion and the
$68 million Encore Beach Club project in Las Vegas completed in
2Q'10, capex can roll down to primarily maintenance levels in
upcoming quarters.  As a result, Fitch estimates the company has
the ability to generate north of $500 million of gross free cash
flow annually, which will fund roughly $120 million of regular
dividend payments that commenced in 2010, as well as additional
growth projects and investments.  The ability to re-invest in its
Las Vegas properties while other operators on the Strip are
constrained is a key near-term competitive advantage, in Fitch's
view.

Drivers of Future Rating Actions:

Current consolidated gross leverage and coverage levels are solid
for the 'BB-' IDR relative to Wynn's business risks.  The Stable
Outlook incorporates Fitch's positive operating outlook in Macau,
offset by the weaker Las Vegas outlook discussed above.

Rating actions are likely to revolve around Fitch's view of
potential upcoming development/investment opportunities, such as
the Macau Cotai Strip in the near-to-medium term, or on the Las
Vegas golf course in the long-term.  Positive ratings momentum
could follow additional clarity on the size, scope, and funding
plans of the company's next development project or other growth
investments, while the company continues to build cash.  Negative
ratings momentum could occur if Las Vegas operating trends
deteriorate significantly due to the supply pressure noted above
and/or the potential for global economic trends to deteriorate and
point to a double-dip recession.  However, there is ample cushion
for operating deterioration at the 'BB-' IDR.

Fitch Currently Links Wynn's IDRs:

As previously indicated, Fitch is currently linking the IDRs of
Wynn Resorts, Wynn LV LLC, and Wynn Macau SA.  The parent company
and subsidiaries are distinct issuers, the subsidiary debt is non-
recourse to the parent, and there are no cross-default provisions
or cross guarantees (other than if Chairman and CEO Steve Wynn
leaves the company).  However, the strategic linkage between the
parent and subsidiaries is very high, primarily due to the use of
the Wynn brand in the overall corporate strategy, the cross-
marketing for high-end Asian customers, and the common management
team.  In addition, the company has demonstrated intercompany
support through a number of transactions.

As credit quality improves, Fitch is likely to continue to link
the IDRs if there is positive rating momentum.  Conversely, if
Wynn's credit quality were to deteriorate, Fitch may opt to view
the credits on a stand-alone rather than linked basis at some
point.  This could occur in the event the credit becomes
distressed and intercompany or parent-level support appears
unlikely, insufficient, or not possible.  The credit would
probably have to deteriorate to a weak 'B' or 'B-' IDR level for
this to occur.

Recovery Ratings Withdrawn:

In accordance with Fitch's Recovery Rating methodology, Wynn's
Recovery Ratings were withdrawn because of the IDR upgrade to
'BB-'.  While concepts of Fitch's RR methodology are considered
for all companies, explicit Recovery Ratings are assigned only to
those companies with an IDR of 'B+' or below.  At the lower IDR
levels, Fitch believes there is greater probability of default so
the impact of potential recovery prospects on issue-specific
ratings becomes more meaningful.  Therefore, as a company's IDR
improves, there is compression with respect to the notching from
the IDR.


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


AGI LOGISTICS: Chen and Wong Appointed as Liquidators
-----------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man Stephen, of RSM Nelson
Wheeler Corporate Advisory Limited on June 9, 2010, were appointed
as liquidators of AGI Logistics (Hong Kong) Limited.

The liquidators may be reached at:

         Chen Yung Ngai Kenneth
         Wong Tak Man Stephen
         29/F Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


ANSOME COMPANY: Members' Final Meeting Set for August 25
--------------------------------------------------------
Members of Ansome Company Limited will hold their final general
meeting on August 25, 2010, at 10:00 a.m., at Room 303 East Ocean
Centre, 98 Granville Road, Kowloon, in Hong Kong.

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


ASCALADE COMMUNICATIONS: Creditors' Proofs of Debt Due August 23
----------------------------------------------------------------
Creditors of Ascalade Communications Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 23, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Yeung Lui Ming (Edmund)
         35th Floor
         One Pacific Place
         88 Queensway
         Hong Kong


ASPREY HONG KONG: Members' Final Meeting Set for August 24
----------------------------------------------------------
Members of Asprey Hong Kong Limited will hold their final general
meeting on August 24, 2010, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

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


BABOR COSMETIC: Members' Final Meeting Set for August 24
--------------------------------------------------------
Members of Babor Cosmetic Asia Pacific Limited will hold their
final meeting on August 24, 2010, at 10:00 a.m., at 25/F., Wing On
Centre, 111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BUILTART DESIGN: Commences Wind-Up Proceedings
----------------------------------------------
Members of Builtart Design Limited, on July 15, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Au-yeung Sin Ming Cindy
         7/F., Chuang's Enterprises Building
         382 Lockhart Road
         Hong Kong


CADILY JEWELRY: Creditors' Proofs of Debt Due August 19
-------------------------------------------------------
Creditors of Cadily Jewelry (Hong Kong) Company Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by August 19, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 23, 2010.

The company's liquidator is:

         Chow Kwen Lim
         51 Beacon Hill Road
         Kowloon


CLIMAX PAPER: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 14, 2010, to
wind up the operations of Climax Paper Converters Limited.

The official receiver is E T O'Connell.


COASTAL POWER: Contributories and Creditors to Meet on August 10
----------------------------------------------------------------
Creditors and contributories of Coastal Power Company Limited will
hold their first meetings on August 10 2010, at 11:00 a.m., and
11:30 a.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.

The official receiver is E T O'Connell.


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

The company's liquidator is:

          Stephen Liu Yiu Keung
          62nd Floor
          One Island East
          18 Westlands Road
          Island East
          Hong Kong


DICKSON CONSTRUCTION CO: Creditors' Proofs of Debt Due August 6
---------------------------------------------------------------
Creditors of Dickson Construction Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

          Stephen Liu Yiu Keung
          62nd Floor
          One Island East
          18 Westlands Road
          Island East
          Hong Kong


DICKSON DESIGN: Creditors' Proofs of Debt Due August 6
------------------------------------------------------
Creditors of Dickson Design Services Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 6, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Liu Yiu Keung
          62nd Floor
          One Island East
          18 Westlands Road
          Island East
          Hong Kong


DISTRI-PLUS (ASIA): Court to Hear Wind-Up Petition on August 11
---------------------------------------------------------------
A petition to wind up the operations of Distri-Plus (Asia) Limited
will be heard before the High Court of Hong Kong on August 11,
2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Angela Wang & Co.
          14th Floor South China Building
          1-3 Wyndham Street, Central
          Hong Kong


GOBOWAY INVESTMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on July 14, 2010, to
wind up the operations of Goboway Investment Limited.

The official receiver is E T O'Connell.


HOT HOUSE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on July 14, 2010, to
wind up the operations of Hot House Industrial Design Limited.

The official receiver is E T O'Connell.


INTER-AUTO ENG'G: Court to Hear Wind-Up Petition on September 8
---------------------------------------------------------------
A petition to wind up the operations of Inter-Auto Engineering
Limited will be heard before the High Court of Hong Kong on
September 8, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Susan Liang & Co.
          5th Floor, Onfem Tower
          No. 29 Wyndham Street
          Central, Hong Kong


KWONG YICK: Wardell and Chan Appointed as Liquidators
-----------------------------------------------------
James Wardell and Chan Wai Dune Charles of CCIF Corporate Advisory
Services Limited on April 9, 2010, were appointed as liquidators
of Kwong Yick Metals Limited.

The liquidators may be reached at:

         James Wardell
         Chan Wai Dune Charles
         Room 1601-1602 16/F
         1 Hysan Avenue
         Causeway Bay
         Hong Kong


SINTEX INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on July 12, 2010, to
wind up the operations of Sintex International Enterprise Limited.

The official receiver is E T O'Connell.


VEGAS KNITTERS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 14, 2010, to
wind up the operations of Vegas Knitters Limited.

The official receiver is E T O'Connell.


WELL TECHNIC: Court to Hear Wind-Up Petition on August 4
--------------------------------------------------------
A petition to wind up the operations of Well Technic Limited will
be heard before the High Court of Hong Kong on August 4, 2010, at
9:30 a.m.

The Petitioner's solicitors are:

          Yip, Tse & Tang
          20th Floor, China Overseas Building
          No. 139 Hennessy Road
          Wanchai, Hong Kong


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


AIR INDIA: Unveils Turnaround Plan; Rules Out Job or Wage Cuts
--------------------------------------------------------------
Air India Ltd. on Sunday unveiled a turnaround plan that envisages
the airline reaching operational break-even and wiping out the
INR14,000 crore of accumulated losses and INR18,000 crore of debt
on its balance sheet by 2014-15, livemint.com reports.  The plan
includes raising its fleet strength to as many as 275 planes in
five years from 148 now, the report says.

Air India Chairman and Managing Director Arvind Jadhav said the
new 100-page turnaround plan for 2010-14, which ruled out any job
cuts or wage reductions and, was approved by the board and would
be adopted after incorporating suggestions by representatives of
the airline's 33,500 employees.

The new plan to turnaround the fortunes of the debt-ridden, loss-
making carrier has been prepared on the assumption of an expanding
aviation market, with robust growth in passenger traffic and
yields, unlike previous blueprints that had been based on a
"shrinking demand scenario," Mr. Jadhav told a press conference,
livemint.com says.

"We will be revisiting this fresh turnaround plan every three
months on the basis of changing dynamics of competition and
demand," livemint.com quoted Mr. Jadhav as saying.

The plan, according to livemint.com, was presented to employee
unions on Sunday by civil aviation minister Praful Patel and
Madhavan Nambiar, secretary in the ministry of civil aviation.

Under the new turnaround plan, livemint.com relates, Air India
will be either selling its land and buildings or offering them as
security to raise fresh loans.

According to the report, Mr. Jadhav said the airline will hive off
its aircraft maintenance and overhaul and ground-handling units as
separate business entities in the current fiscal, helping the
carrier to reduce its headcount and enhance profitability.  The
airline will also spin off its catering, hospitality and training
centres as separate business units, livemint.com adds.

The report relates aviation minister Patel said the government
will support Air India to reduce its cost of debt by financial
restructuring and has hired SBI Capital Markets Ltd (SBICAPS), the
merchant banking arm of State Bank of India.

"SBICAPS will submit its report by August-end.  The government has
already infused INR800 crore and allocated INR1,200 crore that
will (be) disbursed" provided certain conditions are met,
livemint.com quoted Patel as saying.

Patel also said the government planned to offer a sovereign
guarantee to the lenders of Air India to bring down its cost of
debt, according to livemint.com.

                          About Air India

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

                           *     *     *

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

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


BEST BUILDWELL: CRISIL Assigns 'BB-' Rating to INR75MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Best Buildwell
Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR75.0 Million Cash Credit      BB-/Stable (Assigned)
   INR70.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect BBPL's large working capital requirements, and
exposure to risks related to intense competition in the civil
construction industry, dominant position of its key customers, and
customer and geographic concentration in its revenue profile.
These rating weaknesses are partially offset by BBPL's moderate
capital structure with no long term debt.

Outlook: Stable

CRISIL believes that BBPL will maintain its credit risk profile
over the medium term, supported by its moderate order book and
absence of long-term debt in its books.  However, the company's
business will be highly dependent on timely completion of its
projects for Delhi Development Authority.  The outlook may be
revised to 'Positive' if the company's profitability and customer
mix improves significantly. Conversely, the outlook may be revised
to 'Negative' if BBPL undertakes a large, debt-funded capital
expenditure programme, or faces significant time/cost overruns in
its ongoing projects, leading to further deterioration in its
profitability and debt protection metrics.

                        About Best Buildwell

BBPL was incorporated in 1996 by Mr. Sanjeev Malhotra and Mr.
Harjeet Singh in Delhi.  The company provides turnkey construction
services mainly for civil works, and for erection and
commissioning of projects in group housing schemes.  The company
has executed and is in process of executing a few projects for
DDA. It has an order book of INR1.2 billion, which comprises four
projects for DDA.  BBPL also trades in cement and thermo-
mechanically-treated (TMT) steel bars used in construction. The
company commenced trading operations in 2008 in Ghaziabad (Uttar
Pradesh).

BBPL reported a profit after tax of INR4.1 million on net sales of
INR512 million for 2009-10 (refers to financial year, April 1 to
March 31), against INR1.8 million and INR347 million,
respectively, for 2008-09.


BHUWALKA STEEL: CARE Assigns 'CARE B' Rating to INR62cr LT Loans
----------------------------------------------------------------
CARE assigns 'CARE B' and 'PR4' rating to the bank facilities of
Bhuwalka Steel Industries Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities      62.00     CARE B Assigned
   Short-term Bank Facilities     20.00     PR4 Assigned

Rating Rationale

The above ratings are constrained by delays in debt servicing in
the past on account of tight liquidity position, cash losses
incurred in FY09, high working capital utilization and high
overall gearing, rescheduling of term loans by bankers in FY10,
cyclical nature of the steel industry, lack of integration,
exposure to subsidiary companies as well as foray into real
estate, which is a new sector for BSIL.  However, the ratings draw
strength from BSIL's long-standing presence in the industry,
experienced management and diversified product range.

Going forward, increase in steel demand, the ability of BSIL to
improve margins and generate sufficient cash accruals, improve
working capital management and improve on leverage and debt
service parameters will be the key rating sensitivities.

                        About Bhuwalka Steel

BSIL was incorporated in August 1981 as a Private Limited Company
and subsequently was converted into Public Limited Company in July
1987.  BSIL manufactures Mild steel rolled products, such as TMT
Rebars and structural products such as MS Flats, MS Angles, MS
Squares, MS Channels, MS Beam, MS Round, Gate channels and T
Angles.  In FY08, BSIL entered into jewellery business, which
accounts for a minor share in total business.

BSIL, currently, operates two units one located at Hoskote,
Bangalore and the other located at Wada, Mumbai.  The aggregate
installed capacity of both the units was at 2.68 lakh metric
tonnes per annum (MTPA) as on November 30, 2009.


CHETAN WOOD: Fitch Assigns 'D' National Long-Term Rating
--------------------------------------------------------
Fitch Ratings has assigned India's Chetan Wood Processing Private
Limited a National Long-term rating of 'D(ind)'.  The agency has
also assigned CWPL's INR250m long-term loans a National Long-term
rating of 'D(ind)'.

The ratings reflect the continuing delays in the repayment of
CWPL's term loan facilities.  The term loans have been taken by
the company to extend long-term advances to the coffee estate
owners for growing silver oak trees and supply of wood.  Chetan
wood is the exclusive furniture manufacturer for the Coffee Day
outlets belonging to Amalgamated Bean Coffee Trading Company Ltd.

Positive rating triggers include regularity in the repayment of
CWPL's bank facilities and an improvement in its revenues and
profitability.

CWPL, incorporated in 1990, is a Bangalore-based furniture
manufacturer.  In FY09, the company reported revenues of
INR17.5 million and an EBIDTA of negative INR3.6 million, while
in FY10 (provisional results), CWPL reported revenues of
INR23.9 million and an EBITDA of negative INR4.5m.


IDBI BANK: Earns INR251-crore in Quarter Ended June 30
------------------------------------------------------
IDBI Bank Ltd. has posted a 46% increase in its net profit for the
quarter ended June 30, helped by a healthy jump in its net
interest income and despite a significant rise in its bad loans,
The Economic Times reports.

The report discloses that net profit grew to INR251-crore during
the quarter from INR172-crore in the year-ago period buoyed by a
good jump in its net interest and fee-based revenues to INR851-
crore and INR385-crore, respectively.  Total income grew to
INR4,755-crore from INR4,219-crore in Q1 last year.

During the quarter, the bank witnessed a 38 per cent growth in its
loans to INR1.35-lakh-crore while deposit-base expanded by 36% to
INR1.57 lakh crore.

                          About IDBI Bank

IDBI Bank Limited (BOM:500116)-- http://www.idbi.com/-- formerly
Industrial Development Bank of India, is an India-based commercial
bank.  The Bank offers an array of corporate banking products
under various segments, such as Deposits, Cash Management, Central
and State Government agency business (both direct and indirect
taxes), Trade Finance and Treasury Products.  The Bank operates in
four segments: Wholesale Banking, Retail Banking, Treasury
Services and Other Banking Operations. IDBI Capital Market
Services Limited is a wholly owned subsidiary of the Bank.  Its
businesses include primary dealing, stock brokering, distribution
of financial products, merchant banking, debt arranging and
underwriting, portfolio management and research services. IDBI
Gilts Limited, a wholly owned subsidiary of the Bank undertakes
primary dealer business.  IDBI Fortis Life Insurance Company
Limited is a joint venture of the Bank, Federal Bank Limited and
Fortis Insurance International.

                         *     *     *

IDBI Bank Ltd continues to carry Moody's Investors Service's 'Ba1'
Foreign LT Bank Deposits rating, 'Ba1' Long Term rating and 'D-'
Bank Financial Strength Rating.  IDBI Bank also continues to carry
Fitch Ratings' Individual Rating of D.


INDIAN CANE: ICRA Assigns 'LB-' Rating to INR1.5 Billion Term Loan
------------------------------------------------------------------
ICRA has assigned the rating of "LB-" for INR1.5 billion term loan
and INR950 million fund based cash credit limits of Indian Cane
Power Limited. ICRA has also assigned the rating of A5 to
INR360 million short term non fund based limits of ICPL.

ICRA's non-investment grade ratings factor in certain instances of
delays in term loan and interest repayments in last one year, due
to the tight liquidity situation.  More over company has
significant debt repayment obligation in the near to medium
future. The ratings are also constrained by risks inherent in the
sugar business such as cyclicality, variations in agro-climatic
conditions and changes in the government policies on the sugar
release mechanism and cane pricing as well as high working capital
intensity associated with the business.  Adequate availability of
the cane as well as ability to negotiate the cane prices in sync
with sugar prices remains a key for future profitability as well
as for healthy liquidity.  ICRA has however noted the strengths of
the company arising out of its forward integration in distillery
and cogeneration of power, which partially insulates the company
from the sugar cycle.  Moreover the sugar plant is situated in a
region with traditionally high recovery rate. The ratings also
factor in the experience of the promoters in the industry.

ICPL was incorporated in 2002 and regular commercial production
started in 2008.  The sugar plant is based out of Uttur (Ranjangi)
village in North-Karnataka.  The sugar plant with project cost of
INR2339.3 million was set up under multiple banking arrangement.
ICPL has 5000 TCD sugar plant integrated with 28 MW cogeneration
capacity.  Samsons distillery (incorporated in 1993), based out of
Davanagere was merged with ICPL with effect from April 2008.
Distillery has a portfolio of products including anhydrous alcohol
and various spirits and leases its distillery capacity.  In
FY2010, ICPL achieved operating income of INR1.77 billion, and
accounting profit of INR26.3 million.


JINDAL COTEX: CARE Assigns 'CARE BB+' Rating to INR108.7cr Loans
----------------------------------------------------------------
CARE assigns 'CARE BB+' & 'PR4+' rating to the bank facilities of
Jindal Cotex Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities    108.7       'CARE BB+' Assigned
   Short-term Bank Facilities    18.0       'PR4+' Assigned

Rating Rationale

The ratings are constrained by elevated financial risk due to
large debt-funded diversification projects undertaken in JCL and
its two wholly-owned subsidiaries; wherein JCL has exposure as
equity and guarantee for debt.  The ratings of JCL also take into
consideration the working capital intensive operations, price
volatility in raw material and highly competitive nature of the
industry.  However, the constraints are partially offset by
experienced promoters & management, established relationship with
dealers and achievement of financial closure for the
diversification projects of JCL as well as its subsidiaries.
Going forward, the ability of JCL to successfully execute the
expansion project within the estimated cost and time would be the
key rating sensitivity.

Incorporated in 1998, JCL is promoted by Mr. Sandeep Jindal, Mr.
Yash Paul Jindal, Mr. Rajinder Jindal and Mr.  Ramesh Jindal.  It
is engaged in manufacturing of synthetic yarns viz. acrylic yarn
(AY), blended yarn (BY), polyester yarn (PY) & cotton yarn (CY)
and also  trading of knitted cloth and acrylic tops.  JCL has
manufacturing facilities at Ludhiana (Punjab) with installed
capacity of 23,472 spindles for AY and PY and 25,200 spindles for
CY.  JCl also has a wind mill power plant of 1.25MW in Jaisalmer
(Rajasthan).


MANGALAM DRUGS: CRISIL Cuts Rating on INR210MM Cash Credit to 'B'
-----------------------------------------------------------------
CRISIL has revised its ratings on Mangalam Drugs and Organics
Ltd's bank facilities to 'B/Negative/P4' from 'BB-/Stable/P4+'.

   Facilities                       Ratings
   ----------                       -------
   INR210.0 Million Cash Credit     B/Negative (Rating downgraded
                                                from 'BB-' &
                                                outlook revised
                                                from Stable )

   INR81.3 Million Long-Term Loan   B/Negative (Rating downgraded
                                                from 'BB-' &
                                                outlook revised
                                                from Stable )

   INR105.0 Mil. Letter of Credit   P4 (Rating downgraded from
                                             P4+)

   INR10.0 Million Bank Guarantee   P4 (Rating downgraded from
                                             P4+)

The downgrade and outlook revision reflects CRISIL's belief that
MDOL's liquidity will remain under stress over the near term,
which may result in pressures on company's ability to ensure
timely servicing of its term debt.  The pressures on MDOL's
liquidity are as a result of sizeable inventory built up, leading
to persistent overutilization of bank lines.

CRISIL's ratings reflect MDOL's average financial risk profile,
marked by modest net worth and weak debt protection metrics, and
modest scale of operations.  These weaknesses are partially offset
by MDOL's promoters' experience in the pharmaceutical industry.

Outlook: Negative

CRISIL believes that MDOL's credit risk profile will remain under
pressure in view of the liquidity squeeze faced by MDOL which is
expected to continue over the near term.  The ratings may be
downgraded if MDOL's liquidity weakens further thereby impeding
its ability to service its term loan commitments timely.
Conversely, the outlook may be revised to 'Stable' if MDOL
improves its liquidity significantly, supported by long-term
infusion of funds by promoters, or improves its working capital
cycle and significantly improves its cash accruals, leading to
improvement in its financial risk profile over the medium term.

                        About Mangalam Drugs

Set up in 1972, MDOL (formerly, Advent Pharma Pvt Ltd) is part of
the Mangalam group, promoted by the Dhoot family of Ahmedabad.
The company went public in 2001.  It manufactures bulk drugs,
organic and inorganic chemicals, disperse dye chemicals, and
perfumery chemicals.  The company has two multi-product
manufacturing facilities and an in-house research and development
centre at Vapi (Gujarat).  MDOL is one of the largest
manufacturers of anti-malarial active pharmaceutical ingredients
(APIs).

MDOL reported a provisional profit after tax (PAT) of INR12
million on net sales of INR1101 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR8.5
million on net sales of INR985.5 million for 2008-09.


MULTILINK: ICRA Assigns 'LBB-' Rating to INR73.5MM Bank Facilities
------------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR 73.50 million fund-
based limits of MULTILINK.  The outlook for the rating is
"stable".  ICRA has also assigned an "A4" rating to INR 20 million
short term non fund based limits of MUL.

The ratings are constrained by the modest scale of operations of
MUL in a highly competitive industry; high financial risk
characterized by high gearing (7.4x as on March 31, 2009); low
operating margins (6.2% as on March 31, 2009) and extremely thin
net margins due to high interest burden.  ICRA also notes that
MUL's profitability is vulnerable to increase in raw material
prices which can only be partially passed on to the customers and
exposure to foreign exchange volatility on the imported raw
material.  The ratings, however, factor in MUL promoters
experience in the auto component industry, MUL's wide and
diversified client base comprising majority of the two wheelers
players with long relationships.  It also takes into account
healthy two-wheeler sales growth in the past one year and
favorable growth prospects of the auto component industry in
India.  ICRA also notes that MUL has ISO certified manufacturing
facilities and is the single source supplier for relay starter
units.

MULTILINK was established in the year 1983 by three technocrats
who had clear vision of the boom of the automobile industry in the
country.  MUL started developing auto electro mechanical,
electrical, and electronic components for various applications in
two and three wheeler segments. MUL received the first prestigious
order from TVS - SUZUKI for relays, rectifier, and resistors to be
used on their first 100cc motorcycle in the country.  MUL
promoters have started Macurex Sensors Private Limited in 1993 and
M+Acer Automotive Systems Private Limited in 1999.  While Macurex
supplies electrical components to 4-wheelers and home appliances
in the domestic market, M+Acer caters to export market.  MUL has
plants at four locations equipped with modern machinery and all
the units are accredited with ISO: 9001-2000.  MUL has a strong
design team with over 35 Engineers using the latest software tools
like PRO E, CADDENCE, and Auto Cad to develop components to suit
any application.

MUL is a partnership firm held by Mr. H G Vasuki, Mr. M B
Muralidhar and Mrs. B M Mangla, each holding 33% in the firm.
Mr. Muralidhar is the director of Finance and Mr Vasuki is the
director of operations. MUL generated revenues of Rs 369.5 million
in FY09 with a net profit of Rs 3.5 million.


NIRMAL SEEDS: ICRA Reaffirms 'LBB' Rating on INR113.2MM Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating to the INR113.2 million term
loans and INR400.0 million long term fund based facilities of
Nirmal Seeds Private Limited.  The outlook on the long term rating
is stable.

The rating re-affirmation, takes into account NSPL's diverse
product portfolio with pan India presence, high growth potential
of hybrid seeds and bio-products market, strong in-house research
and development facilities with robust product pipeline and
strategic tie-ups with government and private companies in
domestic and international markets which could propel the growth
going forward.  The rating however is constrained by the
fragmented nature of hybrid seeds market with high competitive
intensity and exposure to risks of uncertain agro-climatic
conditions.  The ratings also take into account NSPL's highly
leveraged capital structure, weak coverage indicators and long
gestation periods leading to high inventory days and high working
capital intensity of operations.

Established in 1988, Nirmal Seeds Private Limited is engaged in
research, production and marketing of seeds of about 35 varieties
of crops in fibre, cereals, oil seeds, pulses and vegetables.
NSPL is also engaged in R&D, production and marketing of bio-
products such as bio-fertilizers, biopesticides, bio-organic
manures and bio plant growth vitalizers.  The company is promoted
by Mr. Raghunath Patil, Mr. Dilip Deshmukh, Dr. Jaysing Rajput and
Dr. Suresh Patil.

NSPL's R&D unit and processing plant are located at Pachora in the
Jalgaon district of Maharashtra.  The R&D unit of the Company is
recognized by Department of Scientific and Industrial Research
(DSIR), Ministry of Science and Technology, New Delhi.  The
company's other two processing plants are located at Mehkar (Dist.
Buldhana, Maharashtra) and Indore, Madhya Pradesh.

In 2008-09, the company reported a net profit of INR18.30 million
on an operating income of INR1103.45 million as against a net
profit of INR11.62 million on an operating income of INR846.86
million in 2007-08.  In 2009-10, as per provisional financials
provided by the company, the company posted a turnover of
INR1,280.02 million and a net profit of INR33.06 million.


P.K. INTERNATIONAL: CRISIL Rates INR73.8 Mil. Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of P.K. International Exports Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR73.8 Million Term Loan                BB-/Stable (Assigned)
   INR88.0 Million Export Packing Credit    P4+ (Assigned)
   INR52.0 Million Export Post Shipment     P4+ (Assigned)
                                 Credit
   INR28.0 Million Standby Line of Credit   P4+ (Assigned)
   INR10.0 Million Letter of Credit         P4+ (Assigned)

The ratings reflect PKIL's moderate financial risk profile marked
by high gearing, modest net worth, and modest debt protection
indicators, exposure to risks arising on account of modest scale
of operations in a highly competitive market and susceptibility of
its earnings to volatility in foreign exchange (forex) rates.
These rating weaknesses are partially offset by the benefits that
PKIL derives from its promoters' extensive experience in the
garments exports business.

Outlook: Stable

CRISIL believes that PKIL will continue to benefit from the stable
growth in its export revenues over the past two years.  The
outlook may be revised to 'Positive' if PKIL generates more-than-
expected operating revenues and margins, leading to significant
improvement in financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if PKIL's financial risk profile
deteriorates, most likely because of significantly larger-than-
expected debt-funded capital expenditure, deterioration in the
working capital cycle, or sharp decline in profitability because
of volatility in raw material prices or exchange rate
fluctuations.

                    About P.K. International

PKIL, promoted by Mr. Pradeep Kabra and Mr. Ramshankar Kabra and
established in 2007, manufactures and exports ready-made garments.
It has its registered and administrative office in Mumbai whereas
it has two manufacturing facilities, one located in Mumbai and the
other at Surat Apparel Park, a textile special economic zone (SEZ)
in Surat, Gujarat.  The units have a combined production capacity
of around 2.4 million pieces per annum.

PKIL reported a provisional profit after tax (PAT) of INR36.0
million on net sales of INR412 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR11.7
million on net sales of INR241.0 million for 2008-09.


SERENE ESTATES: CARE Rates INR108.5cr LT Bank Loans at 'CARE BB'
----------------------------------------------------------------
CARE assigns 'CARE BB' to the bank facilities of Serene Estates
Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities     108.50     'CARE BB' Assigned

Rating Rationale

The rating takes into account the limited track record of the
group in the real estate sector, the current status of development
of various projects and the low level of bookings, the
rescheduling of term loan, the pressure on real estate prices and
the high level of competition in the real estate market in
Hyderabad.  The rating is underpinned by the experienced
management, SEPL being part of Nuziveedu group and the tangible
and intangible support from the flagship company - Nuziveedu Seeds
Limited (NSL).  The ability of SEPL to execute and sell the
project at envisaged prices within the committed time frame is the
key rating sensitivity.

Serene Estates Private Limited belongs to Nuziveedu group and is
in the business of real estate development.  SEPL plans to develop
commercial and residential projects in and around Hyderabad.  The
company has development rights for five sites with a land area of
7.455 acres in Kukatpally.  The company has already completed and
sold one project while four other projects are in different stages
of progress.

The total project cost is INR250 crores and INR92.5 crore is to be
funded by bank borrowings, INR72.5 crore of customer advances and
INR 85 crore from promoters and internal accruals.


SHERA ENERGY: CARE Assigns 'CARE BB+' Rating to INR9.2cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to the bank facilities
of Shera Energy Pvt Ltd.

                               Amount
   Facilities               (INR crore)       Ratings
   ----------                ----------       -------
   Long-term Bank Facilities     9.20         'CARE BB+' Assigned
   Short-term Bank Facilities    7.25         'PR4+' Assigned

Rating Rationale

The ratings are constrained by SEPL's relatively small-sized
operations, its small net worth base, low profitability mainly due
to the processing nature of operations and high overall gearing.
The fragmented nature of the industry with stiff competition and
low entry barriers, resulting in low bargaining power of the
company further constrain the ratings.  The ratings take into
account SEPL's established operations managed by experienced
promoters.

SEPL's ability to increase the scale of operations with more
value-added products and consequent improvement in its financial
risk profile are key rating sensitivities.

                        About Shera Energy

Shera Energy Pvt Ltd was incorporated in 2009 to take over the
ongoing business of M/s Shera Metals & Engineers, a proprietorship
firm set up in 2003 by Sheikh Naseem to manufacture transformers
and paper-covered aluminium winding wires used in transformers.
The promoter, a technocrat, possesses more than ten years of
experience in manufacturing of transformers and components used in
transformers.

SEPL has manufacturing facilities located near Jaipur having an
installed capacity of 4,560 MTPA (Metric Tonnes Per Annum) of
winding wires and strips and 6,000 no. of transformers.

During FY10 (Un-audited 12-month; including 9-months operation
under proprietorship firm), SEPL reported operating income of
INR131.69 crore with PAT of INR1.74 crore.


SOKTAS INDIA: ICRA Reaffirms 'LBB+' Rating on INR1.48BB LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the "LBB+" rating to the INR1.48 billion long
term bank facilities (INR 1280 million term loans and INR205
million cash credit) of Soktas India Private Limited.  The outlook
on the long term rating is stable.  ICRA has also assigned an
"A4+" rating to the INR 385 million short term bank facilities
(INR205 million short term facilities, sublimit to cash credit and
INR180 million non-fund based facilities; INR50 million letter of
credit sublimit to cash credit) of SIPL.

The assigned ratings reflect the strong operational and
technological support that SIPL derives from its parent and the
internationally established brand name in the fabrics market which
has enabled SIPL to achieve high levels of capacity utilization in
its first year of operations itself.  The ratings are however
constrained by lower than anticipated margins of the Company and a
fragmented and competitive market structure restraining pricing
power offset to an extent by a premium product profile.  Going
forward, stabilization and expansion of margins would remain key
to achieving project viability.

SIPL is a subsidiary of Soktas, Turkey.  It was incorporated on
February 15, 2007 and has set up a fabric manufacturing unit with
a capacity to manufacture 7 million meters of fabric per annum at
Kolhapur.  The facility manufactures high quality yarn-processed
fabric to be used for shirting purposes, domestically as well as
for export.  The parent company has contributed to 88.2% of the
capital and the rest has been contributed by International Finance
Corporation.  The overall cost of the project is expected to be
INR 250 Crore including all phases.  The plant started commercial
production in April, 2009.

Recent results

For the fiscal year ending March 31, 2010 (as per unaudited
results), SIPL reported a net loss of INR45.1 million on a revenue
base of INR618.7 million as against a net loss of INR81.9 million
reported on revenues of INR32.9 million in FY09.


SREE TIRUMALA: CRISIL Assigns 'BB-' Rating to INR90MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' rating to Sree Tirumala
Steel Enterprises' bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR90.00 Million Cash Credit        BB-/Stable (Assigned)
   INR70.00 Million Letter of Credit   P4+ (Assigned)
   INR20.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Sree Tirumala's below-average financial risk
profile marked by high gearing, susceptibility to volatility in
steel prices, and exposure to intense competition in steel trading
business.  These rating weaknesses are partially offset by Sree
Tirumala's established business relationships with suppliers and
customers, and promoters' experience in steel trading business.

Outlook: Stable

CRISIL believes that Sree Tirumala will continue to benefit from
its established track record in the steel trading business, over
the medium term.  The outlook may be revised to 'Positive' if the
firm's capital structure improves significantly and its scale of
operations and profitability increases considerably on a sustained
basis. Conversely, the outlook may be revised to 'Negative' if
Sree Tirumala contracts sizeable debt to fund its capital
expenditure, its sales decrease significantly, or if the partners
withdraw substantial quantum of capital from the firm's account,
thereby weakening its capital structure.

                        About Sree Tirumala

Incorporated in 1998, Sree Tirumala trades in various steel
products.  The firm belongs to Mr. Grandhi Ramjee and his family
and is headquartered in Visakhapatnam (Andhra Pradesh).  The firm
trades in thermo-mechanically treated (TMT) bars, channels,
angles, I-beams, billets, squares, blooms, and rounds.  Sri
Tirumala deals in products manufactured by Rashtriya Ispat Nigam
Ltd, Steel Authority of India Ltd, and other re-rollers in and
around Visakhapatnam.  The promoters also own Sree Tirumala Steel
Rolling Mills Pvt Ltd, which manufactures TMT bars and other steel
structural products.

Sree Tirumala reported a provisional profit after tax (PAT) of
INR5.5 million on net sales of INR1.6 billion for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR5.3
million on net sales of INR1.3 billion for 2008-09.


SWASHTHIK CAPS: CRISIL Assigns 'B+' Rating to INR39.7MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Swashthik Caps, which is part of the Swashthik group.

   Facilities                        Ratings
   ----------                        -------
   INR39.70 Million Long-Term Loan   B+/Stable (Assigned)
   INR0.60 Million Cash Credit       B+/Stable (Assigned)

The rating reflects the Swashthik group's weak financial risk
profile marked by a high gearing, its small scale of operations
and exposure to intense competition.  These rating weaknesses are
partially offset by the Swashthik group's established regional
market position in the polyethylene terephthalate (PET) performs
segment and established relationships with customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Swashthik Caps and Swashthik Preforms.
This is because both the firms, together referred to as the
Swashthik group, are in same line of business, share a common
management, and have financial and operational linkages.

Outlook: Stable

CRISIL believes that the Swashthik group will maintain its
business risk profile over the medium term, supported by the
management's experience in the packaging industry.  However, the
group's financial risk profile is expected to remain weak and its
scale of operations, small.  The outlook may be revised to
'Positive' in case of a significant improvement in the group's
capital structure, supported by equity infusion and increase in
scale of operations.  Conversely, the outlook may be revised to
'Negative' if there is any unexpected pressure on the group's
profitability and cash accruals, if it undertakes a more?than-
expected debt-funded capital expenditure programme, or the
partners withdraw sizeable capital from the group.

                       About Swashthik group

The Swashthik group manufactures PET preforms, high density
polyethylene (HDPE) bottle caps, and PET single-stage bottles
(direct bottles).  Both Swashthik Preforms and Swashthik Caps were
incorporated in 2007 and are based in Puducherry.  The group's
day-to-day operations are managed by Mr. Ramnath Ashok (director -
technical) and Mr. C Vijay Kumar Surana (director - marketing).
The directors have 20 to 25 years of experience in the packaging
industry.

The Swashthik group reported a net losses of INR9 million on net
sales of INR229 million for 2009-10 (refers to financial year,
April 1 to March 31), against a profit after tax of INR4 million
on net sales of INR161 million for 2008-09.

Established in 2007, Swashthik Caps manufactures HDPE bottle caps
and PET single-stage bottles (direct bottles). It has an installed
capacity to manufacture 3 tonnes per day of HDPE bottle caps and 3
tonnes per day of PET bottles. The firm reported net losses of
INR14.40 million on net sales of INR28.30 million for 2009-10.


SWASHTHIK PREFORMS: CRISIL Puts 'B+' Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Swashthik Preforms, which is part of the Swashthik group.

   Facilities                          Ratings
   ----------                          -------
   INR26.50 Million Long-Term Loan     B+/Stable (Assigned)
   INR6.20 Million Proposed LT Loan    B+/Stable (Assigned)
   INR26.50 Million Cash Credit        B+/Stable (Assigned)

The rating reflects the Swashthik group's weak financial risk
profile marked by a high gearing, its small scale of operations,
and exposure to intense competition.  These rating weaknesses are
partially offset by the Swashthik group's established regional
market position in the polyethylene terephthalate (PET) performs
segment and established relationships with customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Swashthik Preforms and Swashthik Caps.
This is because both the firms, together referred to as the
Swashthik group, are in same line of business, share a common
management, and have financial and operational linkages.

Outlook: Stable

CRISIL believes that the Swashthik group will maintain its
business risk profile over the medium term, supported by the
management's experience in the packaging industry.  However, the
group's financial risk profile is expected to remain weak and its
scale of operations, small.  The outlook may be revised to
'Positive' in case of a significant improvement in the group's
capital structure, supported by equity infusion and increase in
scale of operations.  Conversely, the outlook may be revised to
'Negative' if there is any unexpected pressure on the group's
profitability and cash accruals, if it undertakes a more?than-
expected debt-funded capital expenditure programme, or the
partners withdraw sizeable capital from the group.

                          About the Group

The Swashthik group manufactures PET preforms, high density
polyethylene (HDPE) bottle caps, and PET single-stage bottles
(direct bottles).  Both Swashthik Preforms and Swashthik Caps were
incorporated in 2007 and are based in Puducherry. The group's day-
to-day operations are managed by Mr. Ramnath Ashok (director -
technical) and Mr. C Vijay Kumar Surana (director - marketing).
The directors have 20 to 25 years of experience in the packaging
industry.

The Swashthik group reported a net losses of INR9 million on net
sales of INR229 million for 2009-10 (refers to financial year,
April 1 to March 31), against a profit after tax of INR4 million
on net sales of INR161 million for 2008-09.

Established in 2007, Swashthik Preforms manufactures PET performs.
The firm has an installed capacity of 11 tonnnes per day. The firm
reported a provisional profit after tax (PAT) of INR5.40 million
on net sales of INR200.40 million for 2009-10.


UTTAM INDUSTRIAL: Fitch Assigns 'B+' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Uttam Industrial Engineering
Limited a National Long-term rating of 'B+(ind)'.  The Outlook is
Stable.  The agency has also assigned these ratings to UIEL's bank
loans:

  -- Term loans with a sanctioned limit of INR20m: 'B+(ind)';

  -- INR40 million fund-based working capital limits: 'B+(ind)';
     And

  -- INR430 million non-fund based working capital limits:
     'F4(ind)'.

The ratings reflect UIEL's declining revenues and profit margins.
UIEL's revenues peaked at INR2.2 billion in FY07 and have since
declined continuously to INR667.7 million in FY09.  Its operating
EBITDA/revenues also declined in FY09 to 5.3% (FY08: 17.8%).
UIEL's total book-debt at FYE09 was INR176.3m, which resulted in a
net financial leverage (net debt/operating EBITDAR) of 4.5x (FY08:
0.6x).  UIEL has also extended corporate guarantees for loans
availed by a UIEL promoted company (FYE09: INR4.54bn), which
resulted in a net adjusted financial leverage (net adjusted
debt/operating EBITDAR) of 133x for FY09 (FY08: 29x).

The ratings are further constrained by the working capital
intensive nature of UIEL's business and its high concentration
risk as it caters primarily to the sugar industry as well as by
the inherently cyclical nature of the sugar industry.  However,
Fitch notes that the company also receives advances from customers
and the same has helped it to ease its working capital
requirements.  Fitch expects Indian sugar industry capex to remain
moderate over the short-term (refer to India Sugar Outlook 2010).
Fitch also notes the relatively small size of UIEL's current
INR1253.3 million order book (FY09: 1.9x revenues).

The ratings, however, derive comfort from UIEL's long track record
and a respectable client list (which includes majority of larger
sugar manufacturers in the country).  The company enjoys
operational linkages with other group companies, including Uttam
Sucrotech International Limited ('BBB-(ind)'/Stable) which
specialises in EPC projects in sugar and power cogeneration
sectors outside India.  These linkages reduce UIEL's dependence on
the domestic sugar industry to some extent.  Ratings also find
support from UIEL's adequate net interest coverage metrics.  The
agency also notes that the company does not have any major capex
planned over the medium-term.

Negative rating triggers include a further decline in UIEL's
revenues and profitability and/ or any non-anticipated debt-funded
expansion, which would lead to a significant deterioration in its
financial leverage.  While a sustained improvement in UIEL's
revenues and profitability with a significant reduction in its
adjusted financial leverage could have a positive impact on its
ratings.

UIEL, a privately held company, is involved primarily in the
engineering of equipment and machinery as well as in the execution
of turnkey projects for the sugar industry.  It is part of the
larger Uttam Group of companies.  In FY09, the company reported a
net income of INR33.2 million, a total debt of INR176.3 million,
net interest coverage (operating EBITDA/net interest expense) of
31.9x and a financial leverage of 4.5x.


WEAVETTE TEXSTYLES: ICRA Places 'LBB+' Rating on INR122.5MM Loan
----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR122.5 million long
term bank facilities (INR67.5 million term loans and INR 55
million cash credit) of Weavette Texstyles Limited.  The outlook
on the long term rating is stable.  ICRA has also assigned an A4+
rating to the INR 25 million short term bank facilities (INR20
million letter of credit and INR5 million bank guarantee) of WTL.

The assigned ratings reflect the operational and financial support
derived by WTL from being a part of the Future Group, and the long
standing track record of the promoters in the textile designing
and weaving industry.  The ratings are however constrained by the
limited size and scale of operations of the Company that, coupled
with a fragmented industry structure, limits the pricing power,
and a stressed financial profile characterized by weak
profitability and low capitalization.  Further, the Company's
margins remain vulnerable to any raw material price fluctuations.

WTL was established as a design house in 1994 and catered to
various fabric manufacturers for textile designing.  In 2006, the
Company acquired the assets of two fabric weaving units from
Future group for a 49% stake in WTL.  Currently, Future Group has
a holding of 51% in WTL through PIL with the rest being with
Mr. Pankaj Kapoor and associates.  In FY10, the Company, sold off
one of the units and currently operates 29 looms with a capacity
to weave 100,000 sq. Mts. Per month.  WTL also engages in
outsourcing of its overall output from local players in Tarapore
and Umergaon in Gujarat.

Recent results

For the fiscal year ending March 31, 2010 (as per unaudited
results), WTL reported an OPBDITA of INR 29.2 million on a revenue
base of INR 247.6 million reflecting OPBDITA margin of 11.78%.  In
FY09, the company had reported OPBDITA of 21.3 million (6.51%) and
losses of INR 16.5 million (5.03%) on revenues of INR 327.3
million.


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


INDOSAT PALAPA: S&P Keeps 'BB' Rating on Proposed Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the proposed
guaranteed senior notes due 2020 to be issued by Indosat Palapa
Co. B.V. will continue to be rated 'BB'.  Standard & Poor's had
earlier announced the same rating on these notes on May 12, 2010.
The proposed notes will be irrevocably and unconditionally
guaranteed by Indonesian telecom company PT Indosat Tbk.
(BB/Stable/--; ASEAN scale: axBBB-/--/--).

S&P expects the net proceeds of the proposed notes issuance to be
used for refinancing the outstanding guaranteed notes due 2010 and
2012 and any other existing debt.  This would help the company
improve its debt maturity profile, especially in 2010.

Indosat announced a downward restatement of its subscriber numbers
(as of March 31, 2010) by 3.6%.  This, in S&P's opinion, has no
affect on the rating because the reduction in subscriber numbers
is negligible and Indosat has confirmed that this decline did not
affect its revenues and cash flows.


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


CORSAIR NO 2: S&P Raises Ratings on Various Series 46 Swaps
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Corsair
(Jersey) No. 2 Ltd. series 46 credit default swap and floating
rate secured portfolio credit-linked series 52 (Portfolio F360),
and at the same time removed the ratings from CreditWatch with
positive implications, where they were placed on July 9, 2010.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications.  These actions incorporate,
among other things, the effect of rating migration within
reference portfolios.

                          Ratings List

                    Corsair (Jersey) No. 2 Ltd.

                   Series 46 credit default swap

           To          From               Issue Amount
           --          ----               ------------
           Bsrp        B-srp/Watch Pos    JPY3.0 bil.

      Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

           To          From               Issue Amount
           --          ----               ------------
           CCC         CCC-/Watch Pos     JPY1.0 bil.


L-JAC THREE: S&P Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on class C,
D-1 to H-1, and I, issued under the L-JAC Three Trust Beneficial
Interest transaction.  At the same time, S&P removed from
CreditWatch with negative implications the ratings on class C and
classes D-1 to G-1, where they had been placed on April 26, 2010.
In addition, S&P affirmed the ratings on classes A, B, and X-2
issued under the same transaction.

Of the seven loans that initially backed the trust certificates,
only one remains (one loan that is due to mature in March 2011
originally representing about 29.6% of the total initial issuance
amount of the trust certificates).  Standard & Poor's made its
assessment of the likely recovery amount from the related
collateral property after reviewing the property management report
for the property and holding discussions with the asset manager.

The loan in question is backed by a retail property in the Tokyo
metropolitan area.  S&P has lowered its assumption with regard to
the likely recovery amount from the property given recent real
estate market conditions, as well as the type and location of the
property.  S&P currently estimate that the value of the property
that S&P revised this time would be about 63.4% of S&P's initial
underwriting value.  The rating actions reflect S&P's revised
assumption with respect to the likely recovery amount from that
property.

S&P removed the ratings on classes C and D-1 to G-1 from
CreditWatch with negative implications.  Nevertheless, S&P intend
to continue to assess a number of factors, including the progress
of repayment of the transaction's remaining loan, as well as the
performance of and the likely recovery amount from the related
collateral property.

S&P affirmed its ratings on classes A and B because credit
enhancement for the upper-level tranches has improved as six out
of the seven nonrecourse loans that initially backed the trust
certificates have already been repaid.

L-JAC Three is a multi-borrower CMBS transaction that was
initially backed by a pool of seven nonrecourse loans that were
secured by 17 real estate properties.  The transaction was
arranged by Lehman Brothers Japan Inc., and Capital Servicing Co.
Ltd. is the transaction servicer.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in April 2013 for the class A to C, and D-1 to
F-1 trust certificates, the full payment of interest and ultimate
repayment of principal by the legal final maturity date for the
class G-1, H-1, and I certificates, and the timely payment of
available interest for the class X-2 certificates.

             Ratings Lowered, Off Creditwatch Negative

               L-JAC Three Trust Beneficial Interest

JPY70.889 billion floating-rate trust certificates due April 2013

Class     To            From                 Initial Issue Amount
-----     --            ----                 --------------------
C          BBB+          A/Watch Neg              JPY7.0 bil.
D-1        B             BB/Watch Neg             JPY4.0 bil.
E-1        B-            BB-/Watch Neg            JPY1.4 bil.
F-1        CCC           B+/Watch Neg             JPY1.4 bil.
G-1        CCC           B/Watch Neg              JPY1.5 bil.

                          Ratings Lowered

Class      To            From                 Initial Issue Amount
-----      --            ----                 --------------------
H-1        CCC           B-                       JPY1.0 bil.
I          CCC           B-                       JPY0.583 bil.

            Ratings Affirmed, Off Creditwatch Negative

Class      Rating      Initial Issue Amount
-----      ------      --------------------
A          AAA         JPY40.0 bil.
B          AA          JPY7.0 bil.
X-2        AAA         JPY70.889 bil. (initial notional principal)


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


AIR PACIFIC: Qantas Wants to Divest Equity Stake
------------------------------------------------
The Fiji Times reports that Qantas Airways has informed the Fiji
government that it wants to sell its stake in the national
carrier, Air Pacific.

The report relates Fiji's Head of Tourism, Aiyaz Sayed-Khaiyum,
said the government was awaiting formal disclosure by the
Australian airline, stating their intention to sell.

"Qantas said they want to divest their shares in Air Pacific, they
have to formally notify us before any such sale can be
implemented," Mr. Khaiyum told the Fiji Times.

"I believe this is in the best interest of the country and
especially our national airline because you can't have a company
holding a large portion of our national carrier and at the same
time competing with us by operating their brand, Jetstar in and
out of the country," the report quoted Mr. Khaiyum as saying.

According to the report, Mr. Khaiyum said government had authority
over other interested parties in the divestment of shares.  And
once formal submission by Qantas is made, discussions will be held
in the best interest of the airline and the nation.

"We have pre-emptive rights to the shares and will make a decision
that benefits Air Pacific, our tourism industry and the country
once things are finalized," he said.

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2010, Air Pacific and the Air Pacific Group of companies
recorded an after tax loss of F$65.3 million and F$59.0 million
respectively for the year ended March 31, 2010.  The loss is quite
significant compared to the previous year where losses stood at
F$5.2 million and F$7.2 million respectively.

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


AORANGI SECURITIES: Supporters File SFO Complaint With Ombudsman
----------------------------------------------------------------
Supporters of embattled financier Alan Hubbard on Monday laid a
complaint with the Ombudsman about the Serious Fraud Office
investigation into some of his business interests, Radio New
Zealand reports.

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 said.

Radio New Zealand relates that the move to place the Hubbards and
their interests under statutory management was made on advice from
the Securities Commission.

Paul Carruthers, a supporter of Mr. Hubbard, is calling for more
investigation into a potential conflict of interest involving
Securities Commission member Simon Botherway, Radio NZ relates.
According to the report, Mr. Carruthers said Mr. Botherway should
be stood down after he revealed a company belonging to his brother
was put into receivership by Mr. Hubbard's firm South Canterbury
Finance.  Mr. Carruthers said there are three other signatories to
his complaint.

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


BLUE CHIP: SFO Seeks Lawyer's Help Over Case
--------------------------------------------
The Serious Fraud Office said it has gone as far as it can in
investigating Blue Chip and is seeking the help of a lawyer who
has led the charge for hundreds of victims of the failed
investment scheme, the New Zealand Herald reports.

The report says barrister Paul Dale will meet SFO director Adam
Feeley this week to offer his opinion on where the agency should
go from here.  At present, Mr. Feeley said the SFO did not know
what direction that might be.  "The bulk of the inquiries we could
reasonably do we have done."

Mr. Feeley, as cited by the NZ Herald, said that unlike some of
its finance company investigations, which centred around the
actions of one or two people, there were "a lot of faces" in the
Blue Chip collapse.

The NZ Herald states that SFO had looked at a range of involved
parties, from agents selling the products to those who offered
legal advice on the scheme.  It had its initial views but Mr.
Feeley couldn't rule out the possibility of some new perspectives
coming out of the discussions with Mr. Dale.

Mr. Dale represents more than 200 burned Blue Chip investors and
has led several legal challenges on their behalf since the scheme
collapsed in February 2008.  The SFO began investigating Blue Chip
in May the same year.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


* FIJI: In Danger of Defaulting on US$150 Million Bonds
-------------------------------------------------------
Fiji is in danger of defaulting next year on US$150 million of
bonds accounting for more than half its foreign debt, one of the
country's leading economists warned, according to stuff.co.nz.

Professor Biman Prasad of the University of the South Pacific,
writing in the Pacific Economic Bulletin, said Fiji had a five
year sovereign bond maturing next September requiring a single
payment of more than US$150 million, the report relates.  The
report says the bonds, carrying an annual fixed rate of 6.875
percent, are held by mainly Asian institutions and account for 56
per cent of Fiji's total external debt.

"This repayment is likely to put a serious strain on the
government's ability to service debt and run an appropriate
expenditure policy," Professor Prasad wrote.

Professor Prasad said the International Monetary Fund was already
pressuring Fiji to reduce its capital expenditure.

"Assuming that the IMF does not come to Fiji's rescue, there is
always a possibility of Fiji defaulting," the report quoted
Professor Prasad as saying.  "This could create further
instability among domestic purchasers of government bonds and
treasury bills."

Since independence in 1970 Fiji has suffered four coups and
remains under military rule since the 2006 coup of Commodore
Voreqe Bainimarama.  Professor Prasad said since 2006 Fiji has
gone into economic decline.

The warning has not been published in Fiji where all media are
subject to censorship by its military rulers, the report notes.


* NEW ZEALAND: Baycorp Reports Lower Number of Bankruptcies
-----------------------------------------------------------
The number of bankruptcies recorded against debt managed by
collection agency Baycorp has fallen sharply since the
introduction of the no assets procedure (NAP) last year, The New
Zealand Herald reports.  At the same time, the amount of legal
action pursued by Baycorp in an effort to recover money owed to
creditors has risen, the report says.

The NZ Herald relates the agency said nearly 1,300 bankruptcies
were recorded against debt it managed in the first half of this
year.  Last year there were 6,000.

Baycorp said the NAP option was for debtors unable to pay their
debts, and was designed to provide those experiencing financial
difficulty with an alternative to bankruptcy, the report relates.
But unlike bankruptcy, which stayed on a creditor's record for up
to seven years, the NAP was wiped after four years and those
involved could typically apply for credit again after only one
year.  When a debtor entered a NAP, the debt was frozen on the
date of entry and wiped on discharge.

Baycorp said its figures showed Wellington had 43% of bankruptcies
so far this year, with nearly 20% in Palmerston North and 15% in
Auckland.

Gisborne led the country in the number of cases in which legal
action had been used to recover debt so far this year, followed by
Auckland and Rotorua.


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


ATLAS CONSOLIDATED: Anglo Extends US$11.5 Million Facility
----------------------------------------------------------
The Philippine Daily Inquirer reports that Anglo Philippine
Holdings Corp. has agreed to extend the terms of the $11.5 million
loan facility to Atlas Consolidated Mining and Development Corp.

Anglo Philippines said the maturity of the loan, which was covered
by the July 2009 Atlas-Anglo Loan Agreement, would be extended
under the same terms and conditions.  The first tranche of the
loan payment should be made on August 16 and the second on
December 31.

The report discloses that the settlement by Atlas of the loan
would also be through a lump sum cash payment or through the
conversion of the loan into Atlas shares at the conversion price
of PHP10 a piece or through a combination of both modes of
payment, at the option of Anglo.

The terms and conditions, which would remain the same, included
the accrual of interest at the rate of 15% based on the principal
amount and the payment of accrued interests on the loan in two
equal tranches, the Philippine Daily Inquirer notes.

                     About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.

The Cebu copper mine ceased operations in 1994.  Activities after
the shutdown were limited to safeguarding and maintaining the
property, plant and equipment at the mine site.  The closure has
brought huge losses to the mining firm.  In January 2004, Atlas
decided to rehabilitate the company and its assets since copper
and nickel prices have recovered.


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


AKEBONO-OKAYA: Creditors' Proofs of Debt Due August 23
------------------------------------------------------
Creditors of Akebono-Okaya (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 23, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 15, 2010.

The company's liquidators are:

         Steven Tan Chee Chuan
         Douglas Tan Kay Yeow
         25 International Business Park
         #04-22/26 German Centre
         Singapore 609916


LEBIJOU (PRIVATE): Creditors' Proofs of Debt Due August 23
----------------------------------------------------------
Lebijou (Private) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 23, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


NEW CITY: Creditors' Proofs of Debt Due August 23
-------------------------------------------------
Creditors of New City Asia Trust Management Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 23, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         Martin Wong Pheng Cheong
         c/o 16 Raffles Quay 22-00
         Singapore 048581


NISSAN INTERNATIONAL: Creditors' Proofs of Debt Due August 23
-------------------------------------------------------------
Nissan International Finance Singapore Pte Ltd, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by August 23, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


TONG TIEN: Creditors' Proofs of Debt Due August 7
-------------------------------------------------
Creditors of Tong Tien See Construction Pte Ltd, which is in
liquidation, are required to file their proofs of debt by Aug. 7,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Yin Kum Choy
         138 Cecil Street
         #06-01 Cecil Court
         Singapore 069538


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


AU OPTRONICS: Will Keep Planned NT$400 Billion Project in Taiwan
----------------------------------------------------------------
AU Optronics Corp. will realize a promised investment plan to
build advanced thin-film-transistor LCD facilities in Taiwan, The
China Post citing a ranking economics official.

Vice Minister of Economic Affairs Hwang Jung-chiou told reporters
Thursday that although AUO is making some adjustments to its
NT$400 billion project, the company will not cut back on the
investment and will carry out the project as promised, according
to The China Post.  But as the NT$400 billion investment project
was planned by AUO two years ago, the company needs to upgrade the
project by making some changes to reflect the current market
situation.

AUO plans to build 10th-generation and 11th-generation flat panel
plants in central Taiwan to meet regulatory requirements, as it is
seeking to set up a 7.5th generation plant in Kunshan, in China's
Jiangsu Province.

Mr. Hwang said AUO has expressed its intention to build 11th-
generation plants only and to cancel the 10th-generation plant
plan to meet market demand, but added that AUO will not scale back
the investment amount.

                        About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays.  The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


XODTEC LED: Significant Losses Prompt Going Concern Doubt
---------------------------------------------------------
Xodtec LED, Inc., filed on July 19, 2010, its annual report on
Form 10-K for the fiscal year ended February 28, 2010.

Simon & Edward, LLP, in City of Industry, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred significant operating losses, has serious liquidity
concerns and may require additional financing in the foreseeable
future.

The Company reported a net loss of $2,582,570 on $991,645 of
revenue for fiscal 2010, compared with a net loss of $394,777 on
$1,214,842 of revenue for fiscal 2009.

The Company's balance sheet at February 28, 2010, showed
$1,840,727 in assets and $2,757,828 of liabilities, for a
stockholders' deficit of $917,101.

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

               http://researcharchives.com/t/s?66e7

Headquartered in Jhonghe City, Taiwan, Xodtec LED, Inc. is a
Nevada corporation incorporated on November 29, 2006, under the
name Sparking Events, Inc.  On June 28, 2009, the Company's
corporate name was changed to "Xodtec Group USA, Inc." and on
May 17, 2010, the Company's corporate name was changed to "Xodtec
LED, Inc."

The Company, through its subsidiaries, is engaged in the design,
marketing and selling of advanced lighting solutions which are
designed to use less energy and have a longer life than
traditional incandescent, halogen, fluorescent light sources.  The
Company's wholly-owned subsidiaries, Xodtec Technology Co., Ltd.;
Targetek Technology Co., Ltd.; UP Technology Co., Ltd., are
organized under the laws of the Republic of China (Taiwan).  The
Company also owns a 35% interest in Radiant Sun Development S.A.,
a company organized under the laws of the Independent State of
Samoa.


===============
T H A I L A N D
===============


SANYO ELECTRIC: Thailand Unit Expects THB3.2 Bil. Revenue in 2010
-----------------------------------------------------------------
Sanyo (Thailand) Co. expects its 2010 revenue will reach THB3.2
billion, an improvement of 18.5% from THB2.7 billion last year,
the Bangkok Post reports.

Despite the political unrest in April and May, the report says,
the company's electrical appliance and consumer electronics sales
still grew 30% to THB1.5 billion in the first half.

According to the report, Sanyo President Tsutomu Morimoto said the
first-half sales growth resulted from the popularity of its
camcorders, which boasted unique designs and supported social
networking applications.  As well, the collaboration between Sanyo
and Panasonic has strengthened sales of Sanyo commercial products,
especially solar panels.

Sales of commercial products will grow to 35% of total sales by
year-end, up from 30% last year.  If the promotion of solar panels
is successful with households and large companies, commercial
product sales could grow by as much as 130%.

Sanyo (Thailand) also focuses on the sales of small and medium-
sized LCD TVs and this is expected to increase sales in the second
half.

                        About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


TRUE CORP: Ordered to Pay Compensation to 9 Sacked Employees
------------------------------------------------------------
The Bangkok Post reports that the Labour Court has ordered True
Corp PCL to pay compensation to nine former employees who were
sacked three years ago.  The court ruled Thursday that True ended
their employment unfairly in 2007.

According to the report, Atsadawut Thiangthong, one of the nine
former employees, said they will appeal against the court's
ruling, saying they were seeking a court order for the company to
reinstate them, not damages.

The report relates Mr. Atsadawut said the Department of Labour
Protection and Welfare has also decided against registering the
True labour union on the grounds that those seeking the
registration are no longer True Corp employees.

Athueck Asvanund, a vice-chairman of True Corp, said the company
will not pay compensation to the dismissed staff.  The company
will appeal the ruling before the Supreme Court, he added.

                         About True Corp.

Headquartered in Bangkok, True Corp. PCL is an integrated provider
of fixed line, broadband, Internet, mobile services and cable TV
in Thailand.  True Corp. is listed on the Thailand Stock Exchange
and the CP Group is the major shareholder with approximately 30%
shareholding.  Its wireless business is predominantly conducted
through its 75.3% owned (post equity injection) True Move,
Thailand's third largest mobile telecommunications operator; and
its pay TV business is conducted through its 91.8% owned True
Visions Public Company Limited (True Visions), which is currently
the only nationwide provider of pay television services in the
country.

As reported in the Troubled Company Reporter-Asia Pacific on
September 15, 2009, Standard & Poor's Ratings Services said that
it had affirmed its 'B' long-term corporate credit rating on
Thailand-based integrated telecommunications operator, True Corp.
Public Co. Ltd., with a negative outlook.  The rating was then
withdrawn at the company's request.


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


* 1 Default Last Week Hikes S&P Year's Default Total at 45
----------------------------------------------------------
Hong Kong-based oil logistic and marine services company Titan
Petrochemicals completed a distressed exchange last week, raising
the year-to-date 2010 global corporate default tally to 45, said
an article published by Standard & Poor's, titled "Global
Corporate Default Update (July 16 - 22, 2010) (Premium)."

"By region, the current year-to-date default tallies are 32 in the
U.S., two in Europe, five in the emerging markets, and six in the
other developed region," said Diane Vazza, head of Standard &
Poor's Global Fixed Income Research. (The other developed region
is Australia, Canada, Japan, and New Zealand.)

So far this year, distressed exchanges account for 15 defaults,
missed interest or principal payments are responsible for 13,
Chapter 11 filings account for 11, regulatory directives and
receiverships account for one each, and the remaining four
defaulted issuers are confidential.

Of the global corporate defaulters in 2010, 41% of issues with
available recovery ratings had recovery ratings of '6' (indicating
our expectation for negligible recovery of 0% to 10%), 13% of the
issues had recovery ratings of '5' (modest recovery prospects of
10% to 30%), 8% had recovery ratings of '4' (average recovery
prospects of 30% to 50%), and 21% had recovery ratings of '3'
(meaningful recovery prospects of 50% to 70%).  And for the
remaining two rating categories, 15% of the issues had recovery
ratings of '2' (substantial recovery prospects of 70% to 90%) and
3% had recovery ratings of '1' (very high recovery prospects of
90% to 100%).

"In our view, a modest amount of maturing debt over the next four
quarters is one of the key factors that should keep default rates
low in the one-year forecast horizon, even though many
speculative-grade issuers could have a tough time refinancing if
financial conditions worsen materially," said Ms. Vazza.  "Our
baseline projection for the U.S. corporate speculative-grade
default rate in the 12 months ended in June 2011 is 2.8%, with
alternative scenarios of 2.5% at the optimistic end and 4.5% at
the pessimistic end."

S&P's pessimistic scenario is the same as the long-term (1981 to
2009) average default rate.  Its forecasts are based on
quantitative and qualitative factors that we consider, including,
but not limited to, Standard & Poor's proprietary default model
for the U.S. corporate speculative-grade bond market.


* S&P Raises Ratings on Four Asia-Pacific CDO Tranches
------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four
Asia-Pacific (ex-Japan) collateralized debt obligation tranches
and removed them from CreditWatch with positive implications,
where they were placed on July 14, 2010.

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

The rating upgrades reflect that the tranches had SROC scores
greater than 100% at the higher rating level, based on the maximum
scenario loss rate, largest obligor, and largest industry tests.
SROC scores rising above 100% reflect an improvement in the credit
quality of the underlying portfolio.

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

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

Notes:

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

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


* BOND PRICING: For the Week July 19 to July 22, 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       0.87
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.00
ANTARES ENERGY          10.00    10/31/2013   AUD       1.80
BECTON PROP GR           9.50    06/30/2010   AUD       0.33
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.16
CHINA CENTURY           12.00    09/30/2010   AUD       0.90
EXPORT FIN & INS         0.50    12/16/2019   AUD      60.00
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.16
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.36
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.16
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.45
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      66.09
PRAECO P/L               7.13    07/28/2020   AUD      73.19
RESOLUTE MINING         12.00    12/31/2012   AUD       0.86
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
SUNCORP METWAY I         6.75    10/06/2026   AUD      73.83


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.96


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      32.75


  INDIA
  -----

KALINDEE RAIL NI         0.50    03/07/2012   USD      71.50
PUNJAB INFRA DB          0.40    10/15/2024   INR      24.83
PUNJAB INFRA DB          0.40    10/15/2025   INR      22.60
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.68

PUNJAB INFRA DB          0.40    10/15/2027   INR      18.95
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.39
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.00
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.74
PUNJAB INFRA DB          0.40    10/15/2031   INR      12.59
PUNJAB INFRA DB          0.40    10/15/2032   INR      11.68

PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.50
SUBEX AZURE              2.00    03/09/2012   USD      65.50
SUBEX LTD                5.00    03/09/2012   USD      72.50


  JAPAN
  -----

AIFUL CORP               1.22    04/20/2012   JPY      67.85
AIFUL CORP               1.63    11/22/2012   JPY      61.86
AIFUL CORP               1.74    05/28/2013   JPY      52.96
AIFUL CORP               1.99    10/19/2015   JPY      43.88
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.10
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.72
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      69.98
SHINSEI BANK             5.62    12/29/2049   GBP      71.75
TAKEFUJI CORP            9.20    04/15/2011   USD      52.00
TAKEFUJI CORP            9.20    04/15/2011   USD      52.00
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.01


  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       1.00
DUTALAND BHD             6.00    04/11/2013   MYR       0.31
DUTALAND BHD             6.00    04/11/2013   MYR       0.76
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.95
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.99
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.33
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.30
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       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.18
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       1.15
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.22
SCOMI GROUP              4.00    03/19/2013   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.70
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.93
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.30
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.90


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

ALLIED FARMERS           9.60    11/15/2011   NZD      65.46
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      40.50
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       7.25
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.09
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             8.50    11/15/2015   NZD       9.75
INFRATIL LTD            10.18    12/29/2049   NZD      64.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.34
MARAC FINANCE           10.50    07/15/2013   NZD       0.99
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      65.42
SKY NETWORK TV           4.01    10/16/2016   NZD      55.72
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.94
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.46
ST LAURENCE PROP         9.25    07/15/2010   NZD      48.85
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.20
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.00
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       1.02
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
NEXUS 1 PTE LTD         10.50                 USD       1.00
UNITED ENG LTD           1.00    03/03/2014   SGD       1.60
WBL CORPORATION          2.50    06/10/2014   SGD       2.00


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

DONGSAN DEVELOPM         3.50    05/08/2011   KRW      11.87
DONGYANG TELECOM         6.00    07/02/2013   KRW      43.73
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      40.39
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.36
HOPE KOD 2ND            15.00    08/21/2012   KRW      32.86
HOPE KOD 3RD            15.00    09/30/2012   KRW      32.38
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.53
HOPE KOD 6TH            15.00    03/10/2013   KRW      42.02
IBK 2008/12 ABS         25.00    06/24/2011   KRW      60.54
IBK 2008/13 ABS         25.00    06/24/2011   KRW      62.88
IBK 2008/14 ABS         25.00    06/24/2011   KRW       5.12
IBK 2008/14 ABS         25.00    06/24/2011   KRW      21.15
IBK 2008/16 ABS         25.00    06/24/2011   KRW      48.71
IBK 2008/17 ABS         25.00    06/24/2011   KRW      53.27




JOONG ANG DESIGN         2.00    04/17/2012   KRW      55.63
KB 10TH SEC SPC         23.00    01/03/2011   KRW      14.04
KB 10TH SEC SPC         20.00    01/03/2011   KRW      72.35
KB 11TH SEC SPC         23.00    07/03/2011   KRW      60.69
KB 12TH SEC SPC         25.00    01/21/2012   KRW      54.71
KB 13TH SEC SPC         25.00    07/02/2012   KRW      50.73
KB 14TH SEC SPC         23.00    01/04/2013   KRW      53.61
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      52.50
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      54.46
NACF-13 ABS SPS         25.00    09/25/2010   KRW      63.11
NACF-13 ABS SPS         25.00    01/15/2010   KRW      57.57
NACF-13 ABS SPS         25.00    03/18/2011   KRW      56.71
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      74.47
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.13
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      66.26
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      61.72
SAM HO INTL              6.32    03/28/2011   KRW      71.05
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      47.10
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.35
SINBO 2ND ABS           15.00    08/26/2013   KRW      30.88
SINBO 3RD ABS           15.00    09/30/2013   KRW      30.93
SINGOK ABS               7.50    06/18/2011   KRW      50.67
SINGOK NS ABS            7.50    06/27/2011   KRW      50.74
SUNG WOO CHE ABS         7.60    09/01/2010   KRW      70.50


SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      74.72


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.73


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
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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