TCRAP_Public/100729.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, July 29, 2010, Vol. 13, No. 148

                            Headlines



A U S T R A L I A

ILLAWARRA SERIES: Fitch Affirms Ratings on 10 Classes of Notes
SIGMA PHARMACEUTICALS: Appoints New Chief Financial Officer
STORM FINANCIAL: May Have Used Unregistered MIS Model, ASIC Says
TRIO CAPITAL: Flader Still a Planner Amid Role in Missing Funds
WEALTH MANAGEMENT: Placed in Voluntary Liquidation


C H I N A

SHIMAO PROPERTY: Fitch Assigns 'BB+' Rating on 2017 Senior Notes
SHIMAO PROPERTY: Fitch Assigns 'BB+' Rating on Senior Notes
SHIMAO HOLDINGS: Moody's Assigns 'B1' Senior Unsecured Rating
SHIMAO PROPERTY: S&P Assigns 'BB-' Rating on Senior Unsec. Notes


H O N G  K O N G

HERITAGE COLLECTIONS: Members' Final Meeting Set for August 25
HIGHGANG LIMITED: Members' Final Meeting Set for August 31
HORIZON21 (HK): Creditors' Proofs of Debt Due August 24
INFOWAY LIMITED: Members' Final Meeting Set for August 31
KNITFIT KNITTERS: Members' Final Meeting Set for August 27

LAI FUNG: Share Reorganization Won't Affect S&P's 'B+' Rating
LINGUAPHONE CHINA: Ip Pui Lam Steps Down as Liquidator
LINKBEST DEVELOPMENT: Members' Final Meeting Set for August 31
MAIN CROWN: Members' Final Meeting Set for August 31
MAXFAME INVESTMENT: Members' Final Meeting Set for August 31

MEGASKY TRADING: Creditors' Proofs of Debt Due August 23
MEGAWELL TRADING: Chong Cho Mei Steps Down as Liquidator
PACIWISE DEVELOPMENT: Members' Final Meeting Set for August 31
PADDY'S COLLECTION: Briscoe and Wong Step Down as Liquidators
RICH TREASURE: Members' and Creditors Meetings Set for August 20

SAWA HOLDINGS: Members' Final General Meeting Set for August 31


I N D I A

AMBA METALS: CRISIL Cuts Rating on INR75.5MM Cash Credit to 'B-'
AMBA SHAKTI: CRISIL Cuts Rating on INR18.1 Mil. Term Loan to 'B-'
ARIHANT SOLVEX: CRISIL Reaffirms 'BB+' Rating on INR100MM Loans
ASSOCIATED ELECTRICALS: ICRA Places 'LBB' Rating on INR28.9MM Loan
INCAS INT'L: CRISIL Reaffirms 'BB+' Rating on INR32.2MM Term Loan

JAI HIND: CRISIL Reaffirms 'BB+' Rating on INR148.4MM LT Loan
KISHAN INDUSTRIES: CRISIL Cuts Rating on INR25MM Term Loan to 'D'
LINK ENTERPRISES: ICRA Rates INR3MM Bank Debts at 'LBB'
MANGAL OILS: CRISIL Cuts Rating on Various Bank Debts to 'D'
MIRHA EXPORTS: ICRA Assigns 'LBB+' Rating to INR26.7MM Term Loan

NOVA ACR: ICRA Places 'LBB+' Rating on INR30MM LT Bank Debts
PREMIER BARS: ICRA Assigns 'LBB+' Rating to INR95MM Bank Debts
SHAMVIK GLASSTECH: ICRA Assigns 'LB+' Rating to Bank Facilities
SHREE AMBE: CRISIL Assigns 'BB' Rating to INR7.5 Million LT Loan
SHREE MUKT: CRISIL Assigns 'C' Rating to INR20MM Term Loan

SONAM BUILDERS: ICRA Reaffirms 'LBB+' Rating on Sanctioned Loans
SRK CONSTRUCTIONS: CRISIL Places 'C' Rating on INR100MM LT Loan
TAJPURIYA WOODWORKS: ICRA Assigns 'LB+' Rating to INR85MM LT Loan


I N D O N E S I A

BERAU CAPITAL: S&P Rates Senior Unsecured Notes at 'B+'


J A P A N

ALL NIPPON: Loss May Have Narrowed to JPY3BB in Qtr. Ended June 30
HITACHI LTD: To Resume Supply of Engine Components in August
JAPAN AIRLINES: Seeks JPY383 Billion in Loan Waivers From 31 Banks
SAPPORO HOLDINGS: Expects Lower Net Loss for First Half of 2010


M A L A Y S I A

EVERMASTER GROUP: Issuance of Annual Results Will Be Delayed
STAMFORD COLLEGE: Bursa Rejects Proposed Regularization Plan


N E W  Z E A L A N D

DORCHESTER FINANCE: Debenture Holders Warned of Unsolicited Offer
DYNASTY GROUP: IRD Objects to Wang's 6.5c on the Dollar Offer
PGG WRIGHTSON: Bond Extension Meeting Adjourned to August 12
PROPERTY VENTURES: Court Grants Stay of Liquidation Order
STRATEGIC FINANCE: Receivers Expect Lower Loan Book Price


T A I W A N

HORIZON SECURITIES: Fitch Affirms Individual Rating at 'D'




                         - - - - -


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


ILLAWARRA SERIES: Fitch Affirms Ratings on 10 Classes of Notes
--------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of notes issued from two
Illawarra series of Australian CMBS as detailed below.  The
transactions are backed by pools of Australian SME commercial
mortgages originated by IMB Ltd.

Illawarra Series 2004-1 CMBS Trust (Series 2004-1 CMBS):

  -- AUD3.5m Class A (ISIN AU300ILWB012) affirmed at 'AAA';
     Outlook Stable; Loss Severity Rating revised to 'LS-3' from
     'LS-1';

  -- AUD12.8m Class B (ISIN AU300ILWB020) affirmed at 'AAA' ;
     Outlook Stable; Loss Severity Rating revised to 'LS-2' from
     'LS-1';

  -- AUD9.9m Class C affirmed at 'AAA' ; Outlook Stable; Loss
     Severity Rating revised to 'LS-2' from 'LS-1';

  -- AUD7.6m Class D affirmed at 'AA' ; Outlook Stable; Loss
     Severity Rating revised to 'LS-3' from 'LS-2' and

  -- AUD4.7m Class E affirmed at 'A' ; Outlook Stable; Loss
     Severity Rating revised to 'LS-3' from 'LS-2'.

Illawarra Series 2007-1 CMBS Trust (Series 2007-1 CMBS):

  -- AUD107.8m Class A (ISIN AU3FN0002747) affirmed at 'AAA';
     Outlook Stable; 'LS-1';

  -- AUD12.3m Class B (ISIN AU3FN0002754) affirmed at 'AAA' ;
     Outlook Stable; 'LS-2';

  -- AUD10.3m Class C (ISIN AU3FN0002838) affirmed at 'AA' ;
     Outlook Stable; Loss Severity Rating revised to 'LS-3' from
     'LS-2';

  -- AUD8.0m Class D (ISIN AU3FN0002853) affirmed at 'A' ; Outlook
     Stable; Loss Severity Rating revised to 'LS-3' from 'LS-2';
     and

  -- AUD4.3m Class E (ISIN AUSFN0002788) affirmed at 'BB+' ;
     Outlook Stable; Loss Severity Rating 'LS-3'.

The affirmations and Stable Outlooks on all notes for both
transactions reflect the pay down of the most senior notes,
resulting in the building of additional credit support for the
junior notes and the stable delinquency performance of each
transaction.  The 30+ days delinquencies of Series 2004-1 CMBS
stood at 0.18% at end-May 2010, and no foreclosures have occurred
within this transaction to date.  As at end-May 2010, Series 2007-
1 CMBS had no 30+ days delinquencies, and only two foreclosures
had occurred since closing, resulting in a cumulative loss rate of
0.11% of the closing mortgage balance.  All losses have been fully
reimbursed from excess spread.

"The underlying mortgage loans in both transactions have continued
to pay down, resulting in lumpy portfolios at end-May 2010, with
196 loans in Series 2004-1 CMBS and 503 loans in Series 2007-1
CMBS," notes April Chen, Associate Director in Fitch's Structured
Finance team.  "Despite the good performance of the two mortgage
pools thus far, the concentration in these pools has increased,
resulting in the increased base case loss rate of the pools, which
in turn has led to the revision of the Loss Severity Ratings for
the majority of the rated notes," adds Ms.  Chen.

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


SIGMA PHARMACEUTICALS: Appoints New Chief Financial Officer
-----------------------------------------------------------
Sigma Pharmaceuticals Ltd has appointed Jeff Sells as its new
Chief Financial Officer.

Sigma said Mr. Sells had over 20 years experience in financial and
commercial management and had most recently been the Chief
Financial Officer of Citadel Resource Group Ltd for the last two
years.  During 2002 to 2004 he was the Group Treasurer of Sigma
working with Mark Hooper who was then Chief Financial Officer.

"Jeff's appointment is another critical step forward for Sigma as
we continue to rebuild and strengthen the Company in preparation
for future success," Sigma Chairman Brian Jamieson said in a
statement.

                     About Sigma Pharmaceuticals

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

                          *     *     *

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

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


STORM FINANCIAL: May Have Used Unregistered MIS Model, ASIC Says
----------------------------------------------------------------
The Australian Securities & Investments Commission said that Storm
Financial and associated parties may have broken the law by
promoting an unregistered managed investment scheme, Anthony Marx
at The Courier-Mail reports.  The report says company executives
and lenders who spruiked the Storm model could also have acted in
an "unconscionable" way.

According to the Courier-Mail, ASIC is examining both possible
legal breaches, as a means to compensate Storm clients if a
negotiated settlement with banks and other parties cannot be
reached.

The corporate regulator said it is also probing other potential
violations of the Corporations Act by companies and individuals.

Citing ASIC's confidential note to Storm clients, the Courier-Mail
discloses that ASIC remains committed to the on-going
investigation which it launched in December 2008, and to
recovering compensation for them.

                         About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


TRIO CAPITAL: Flader Still a Planner Amid Role in Missing Funds
---------------------------------------------------------------
The Australian financial planning business of a Hong Kong
businessman, Jack Flader, is alive and kicking despite his central
role in the disappearance of $123 million from Trio Capital, The
Sydney Morning Herald reports.

The report relates Mr. Flader has been named in the Federal Court
as owner and controller of Wright Global Investments, which has a
license from the Australian Securities and Investments Commission
to act as a financial planner.  The business licenses about 60
planners as authorized representatives in cities including Sydney,
Melbourne and Perth.

SMH states that ASIC has raised no public concerns about
Mr. Flader's ownership, amid mounting evidence suggesting Trio
Capital represents Australia's largest theft of superannuation
money.

In a liquidator's examination, SMH says, Mr. Flader was named by
his former employee, Shawn Richard, as the controller of offshore
investment vehicles that received $123 million in Trio money
through Astarra Strategic, which was managed by Mr. Richard.

SMH notes that no money sent overseas has been recovered, and
there is evidence of illegal kickbacks to Mr. Richard's company
and secret commissions to financial planners.

According to the report, ASIC has made no public statement about
its investigations into Trio Capital since December.

Under the current system a licensee can authorize representatives
without ASIC approval. The licensed company is responsible for
ensuring the competence and integrity of its representatives.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2009, the Australian Prudential Regulation Authority
(APRA) suspended Trio Capital Limited (formerly Astarra Capital
Limited) as the trustee of its four superannuation funds and one
pooled superannuation trust, and appointed an Acting Trustee to
manage these five entities.  APRA suspended Trio and appointed an
Acting Trustee as a result of numerous breaches of Trio Capital
Limited's license conditions and Trio not being able to satisfy
APRA's concerns regarding the valuation of superannuation assets.
The Acting Trustee of the superannuation entities is ACT Super
Management Pty Ltd, a subsidiary of McGrathNicol.

The four main superannuation funds -- Astarra Superannuation Plan,
Astarra Personal Pension Plan, My Retirement Plan, and the
Employers Federation of NSW Superannuation Plan -- have
approximately 10,000 members and their last reported assets as at
end September 2009 totaled AU$300 million.  Total assets under
management in the various Trio Capital Limited superannuation
entities and registered managed investment schemes, for which Trio
is the Responsible Entity, are approximately AU$426 million.  The
total number of non superannuation investors is 732.  The
superannuation entities have significant investments in the
Astarra Strategic Fund (ASF), one of the Trio Capital Limited
managed investment schemes.  The ASF financial statements for the
year ended June 30, 2009, show total assets of around AU$118
million.

The Australian Securities and Investments Commission has also
suspended the Australian Financial Services Licence held by Trio
Capital Limited, under which it acts as responsible entity of 24
registered managed investment schemes, including the Astarra
Strategic Fund.

Trio Capital Limited has been placed into external administration.
Trio, under the control of its administrators, Stephen James
Parbery, Neil Singleton and Nicholas Martin of PPB, will continue
to act as responsible entity of the registered schemes until a
replacement responsible entity is found or the schemes are wound
up.


WEALTH MANAGEMENT: Placed in Voluntary Liquidation
--------------------------------------------------
Wollongong financial planning business Tarrants -- which
recommended clients invest in collapsed fund manager Trio Capital
-- had placed its Wealth Management arm into voluntary
liquidation, Illawarra Mercury reports.

A spokesman for Tarrants told the Mercury that 12 employees had
lost their jobs while 13 of Tarrants' Wealth Management employees
will be employed by WealthSure Pty Ltd.

WealthSure managing director Darren Pawski, however, said that
although his business was negotiating to take over some of
Tarrants' clients, there was no agreement to employ any of
Tarrants' staff, the Illawara Mercury relates.

Tarrants and Dominion, another Wollongong-based financial planner,
have clients' money heavily invested in the Albury-based
superannuation fund manager Trio Capital, predominantly through
its $123 million flagship investment scheme Astarra Strategic.
Trio Capital failed last October, leaving an amount of $180
million that cannot be traced.


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C H I N A
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SHIMAO PROPERTY: Fitch Assigns 'BB+' Rating on 2017 Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+' to the
proposed US$ senior notes due 2017 to be issued by Shimao Property
Holdings Limited.  The proceeds will be used to repay existing
indebtedness, finance on-going property development projects
(including land premium and construction costs), and for general
corporate purposes.  The final rating is contingent upon receipt
of documents conforming to information already received.

The rating reflects Fitch's view that the proposed notes will rank
pari passu with Shimao's existing senior unsecured debt, which is
rated in line with the company's Long-term foreign currency Issuer
Default Rating of 'BB+'.  The Outlook on the IDR is Stable.

Shimao's IDR and Outlook are supported by the company's large and
well-located land bank reserve complemented by a growing
investment property/hotel portfolio, solid EBITDA margins, a
proven track record of operating resilience in the down cycle, and
disciplined financial policies.  The agency notes Shimao's prudent
approach to new land acquisitions and its strong access to a
variety of funding channels also support its ratings at 'BB+'.
However, Shimao's ratings continue to be constrained by its
concentration in residential property development and the
unpredictability of the regulatory environment in China.

The Stable Outlook reflects Fitch's expectation that Shimao will
maintain relatively stable operating performance and prudent
financial policies in the short to medium-term.  Negative rating
actions could occur if there are any unfavourable changes in
China's regulatory and/or macro environment, resulting in a
material deterioration of Shimao's contracted sales and margin
erosion, or if there is a significant shift in management's risk
appetite or financial policies.  Any aggressive debt-funded
expansion that leads to a significantly weakened balance sheet
will also be negative for the ratings.


SHIMAO PROPERTY: Fitch Assigns 'BB+' Rating on Senior Notes
-----------------------------------------------------------
Fitch Ratings has assigned a final 'BB+' rating to the
US$500 million senior unsecured notes due 2017 issued by Shimao
Property Holdings Limited ('BB+'/Stable).

This follows the receipt of documents conforming to information
already received.  The final rating is in line with the expected
rating assigned on July 27, 2010.


SHIMAO HOLDINGS: Moody's Assigns 'B1' Senior Unsecured Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured rating
of B1 to Shimao Holdings Limited's proposed senior unsecured
Regulation S bonds.

Moody's has also affirmed Shimao's Ba3 corporate family rating.
The outlook on the ratings is stable.

The bonds will rank pari passu with the company's other senior
unsecured obligations.  The bond rating has been lowered by one
notch to reflect the risk of legal and structural subordination,
as subsidiary and secured debt will still comprise more than 20%
of the company's total assets.

Proceeds from the bonds will be used to pay down existing debt, to
finance existing and new property development projects (including
land premium and construction costs), and to cover general
corporate purposes.

"Shimao's Ba3 corporate family rating reflects the company's
large-scale development, its diversified and well-located land
bank, and its portfolio of quality investment properties," says
Peter Choy, a Moody's Vice President and Senior Credit Officer,
adding that, "the proposed bond issue will also improve its near
term liquidity."

"The rating also takes into account the company's moderate
leverage, with a debt/capital ratio of 45%-50%, which is
consistent with the low Ba rating and compared with the property
peers," adds Mr. Choy.

Moreover, the rating is tempered by Shimao's fast land
acquisitions, which could pressure its financial profile,
especially in light of the cyclicality in China's property market.

The outlook is stable, reflecting Shimao's improved liquidity,
which will provide it with funds for its land acquisitions and
working capital.  It will also provide stability to its financial
profile over the near term.

The ratings may be upgraded if Shimao Property maintains its
strong sales execution ability and an adequate cash buffer, and if
it adopts a cautious approach to land acquisitions as well as
practices prudent financial management.

In this regard, Moody's would expect (1) the company to maintain a
balance sheet with unrestricted cash amounting to 8%-10% of total
assets to support its operations in a cyclical operating
environment; (2) interest coverage to improve, with
EBITDA/interest exceeding 4.0x-4.5x; and (3) debt/total
capitalization to improve to 40%-45%.

The ratings could be downgraded if Shimao Property (1) continues
to fall short of its sales targets; (2) sees its balance sheet
liquidity weaken further; or (c) pursues additional aggressive
debt-funded land acquisitions, such that operating cash flow
weakens and interest coverage deteriorates, with EBITDA/interest
falling below 2.5x-3.0x and debt/capitalization rising above 50%.

The last rating action on Shimao was taken on October 5, 2009,
when the rating outlook was changed to stable from negative.

Shimao Property Holdings Ltd is a Grand Cayman-incorporated
Chinese property developer that was listed on the Hong Kong Stock
Exchange in July 2006.  It has 34 projects in 22 cities in Eastern
and North Eastern China.


SHIMAO PROPERTY: S&P Assigns 'BB-' Rating on Senior Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue rating
to the proposed issue of seven-year senior unsecured notes by
Shimao Property Holdings Ltd. (BB/Stable/--).

The issue rating is one notch lower than the long-term corporate
credit rating because offshore noteholders would be materially
disadvantaged, compared with onshore creditors, in the event of
default.  S&P anticipate Shimao's ratio of priority debt to total
assets will continue to be above S&P's threshold of 15% for
speculative-grade credits.  The issue rating is subject to S&P's
review of the final issuance documentation.

S&P expects the terms and conditions to be similar to those of the
outstanding senior unsecured notes.  The proceeds will be used to
refinance borrowings due in 2010 as well as the US$250 million
floating-rate notes due November 2011.  The remaining proceeds
will be used for payment of outstanding land premiums on already-
purchased land and to fund general working capital.

Shimao's aggregate debt is likely to increase significantly in
2010.  However, S&P expects its credit ratios to remain
appropriate for the current rating.  In addition to the proposed
notes, Shimao also finalized a three-year US$460 million
syndicated loan in May.  In S&P's view, Shimao's large cash
position at the end of 2009, satisfactory property sales, and some
flexibility to scale back a portion of capital spending are likely
to provide sufficient cash flow protection.  With the proposed
bond issue and other funding sources, Shimao's liquidity is
adequate, in S&P's view.

S&P believes Shimao's diverse portfolio of projects and the new
phases of established projects will help generate satisfactory
property sales, despite the weakened buyer sentiment due to the
government's recent market-cooling measures.  In S&P's base-case
scenario, S&P expects Shimao to achieve Chinese renminbi
(RMB) 20 billion in property sales for 2010, compared with the
company's budget of about RMB30 billion.  Shimao achieved good
property sales in the first half of 2010 (RMB11.3 billion),
locking in more than 50% of S&P's projected sales, although the
momentum has slowed in June.  In S&P's base case, Standard &
Poor's expects a moderate downturn for the Chinese property market
over the next 12 months.  S&P expects Shimao to maintain EBTIDA
interest coverage of 3x-4x and sustain a ratio of total debt to
EBTIDA of less than 5x in 2010.


================
H O N G  K O N G
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HERITAGE COLLECTIONS: Members' Final Meeting Set for August 25
--------------------------------------------------------------
Members of Heritage Collections Limited will hold their final
meeting on August 23, 2010, at 10:30 a.m., at Room 804, Cheong K.
Building, 84-86 Des Voeux Road Central, in Hong Kong.

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


HIGHGANG LIMITED: Members' Final Meeting Set for August 31
----------------------------------------------------------
Members of Highgang Limited will hold their final meeting on
August 31, 2010, at 11:00 a.m., at 11th Floor, Lai Sun Commercial
Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

At the meeting, Yeung Kam Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


HORIZON21 (HK): Creditors' Proofs of Debt Due August 24
-------------------------------------------------------
Creditors of Horizon21 (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 24, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra house
         18 Chater Road
         Central, Hong Kong


INFOWAY LIMITED: Members' Final Meeting Set for August 31
---------------------------------------------------------
Members of Infoway Limited will hold their final meeting on August
31, 2010, at 11:15 a.m., at 11th Floor, Lai Sun Commercial Centre,
680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

At the meeting, Yeung Kam Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.



KNITFIT KNITTERS: Members' Final Meeting Set for August 27
----------------------------------------------------------
Members of Knitfit Knitters Limited will hold their final general
meeting on August 27, 2010, at 10:00 a.m., at the 12/F., No. 3
Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LAI FUNG: Share Reorganization Won't Affect S&P's 'B+' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on Lai
Fung Holdings Ltd. (B+/Stable/--) was not affected by the
reorganization of the company's share capital.  S&P views the
reorganization as a restructuring of the ownership of the
intermediate holding companies and among the affiliates controlled
by the Lam/Lim family -- the ultimate controlling shareholder of
Lai Fung.  S&P believes this reorganization will not cause any
"change of control triggering event" as defined in the terms and
conditions of Lai Fung's US$200 million 9.125% senior unsecured
notes due 2014.  Also, S&P does not expect the share
reorganization to materially affect Lai Fung's management,
strategy, and daily operations.

On July 26, 2010, Lai Fung announced that Lai Sun Garment
(International) Ltd. and eSun Holdings Ltd. entered into a
conditional share swap agreement.  According to this agreement:
(1) LSG will transfer to eSun 40.58% of the issued share capital
of Lai Fung; and (2) eSun will transfer to LSG 36.72% of the
issued share capital of Lai Sun Development Co. Ltd. (LSD) and
also pay Hong Kong dollar 178.4 million to LSG.  LSG, LSD, and
eSun are all affiliates of the Lam/Lim family's group.


LINGUAPHONE CHINA: Ip Pui Lam Steps Down as Liquidator
------------------------------------------------------
Ip Pui Lam stepped down as liquidator of Linguaphone China
Education Holdings Limited on July 15, 2010.


LINKBEST DEVELOPMENT: Members' Final Meeting Set for August 31
--------------------------------------------------------------
Members of Linkbest Development Limited will hold their final
meeting on August 31, 2010, at 11:30 a.m., at 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

At the meeting, Yeung Kam Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MAIN CROWN: Members' Final Meeting Set for August 31
----------------------------------------------------
Members of Main Crown Development Limited will hold their final
meeting on August 31, 2010, at 11:45 a.m., at 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

At the meeting, Yeung Kam Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MAXFAME INVESTMENT: Members' Final Meeting Set for August 31
------------------------------------------------------------
Members of Maxfame Investment Limited will hold their final
meeting on August 31, 2010, at 12:00 p.m., at 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

At the meeting, Yeung Kam Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MEGASKY TRADING: Creditors' Proofs of Debt Due August 23
--------------------------------------------------------
Creditors of Megasky Trading Co., 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 commenced wind-up proceedings on July 16, 2010.

The company's liquidator is:

         Lee Kwok On Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street
         Kowloon


MEGAWELL TRADING: Chong Cho Mei Steps Down as Liquidator
--------------------------------------------------------
Chong Cho Mei stepped down as liquidator of Megawell Trading
Limited on July 12, 2010.


PACIWISE DEVELOPMENT: Members' Final Meeting Set for August 31
--------------------------------------------------------------
Members of Paciwise Development Limited will hold their final
meeting on August 31, 2010, at 2:00 p.m., at 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

At the meeting, Yeung Kam Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


PADDY'S COLLECTION: Briscoe and Wong Step Down as Liquidators
-------------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Paddy's Collection Limited on July 13, 2010.


RICH TREASURE: Members' and Creditors Meetings Set for August 20
----------------------------------------------------------------
Members and creditors of Rich Treasure Limited will hold their
final meeting on August 20, 2010, at 3:00 p.m., at the 62/F, One
Island East, 18 Westlands Road, Island East, in Hong Kong.

At the meeting, Chung Cheuk Ming, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SAWA HOLDINGS: Members' Final General Meeting Set for August 31
---------------------------------------------------------------
Members of Sawa Holdings Limited will hold their final general
meeting on August 31, 2010.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


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


AMBA METALS: CRISIL Cuts Rating on INR75.5MM Cash Credit to 'B-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Amba Metals, which is part of the Amba group, to 'B-/Negative'
from 'BB-/Negative', while reaffirming the short-term rating at
'P4'.

   Facilities                             Ratings
   ----------                             -------
   INR75.5 Million Cash Credit Facility   B-/Negative (Downgraded
                                             from 'BB-/Negative')

   INR45.4 Million Term Loan              B-/Negative (Downgraded
                                             from 'BB-/Negative')

   INR80 Million Letter of Credit         P4 (Reaffirmed)

   INR12.5 Million Bank Guarantee         P4 (Reaffirmed)

The rating downgrade reflects AMM's regular delays in repayment of
its term loan instalments in the past due to weak liquidity. The
ratings also reflect the Amba group's small scale of operations in
the highly fragmented steel industry, and its vulnerability to
fluctuations in raw material prices.  These weaknesses are
partially offset by the group's established presence in Himachal
Pradesh.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AMM and its group company, Amba Shakti
Ispat Ltd.  This is because the two entities, together referred to
as the Amba group, have strong operational linkages (AMM supplies
steel billets to ASIL), and are under a common management team;
also, the management intends to merge AMM and ASIL once the tax
holiday period expires in 2013-14 (refers to financial year, April
1 to March 31).

Outlook: Negative

CRISIL believes that the Amba group's liquidity will continue to
be stretched, thus adversely impacting its financial risk profile.
The group's scale of operations is expected to remain small;
however, the group will accrue benefits from the backward
integration in its operations over the short to medium term. The
ratings may be downgraded if the Amba group continues to delay the
repayment of its long-term debt obligations. Conversely, the
outlook may be revised to 'Stable' if the group consistently meets
its debt repayment obligations in a timely manner, or generates
higher-than-expected accruals, leading to a substantial
improvement in its financial risk profile.

                          About the Group

AMM was set up in 2004 as a partnership firm by Mr. S K Goel and
his sons, Mr. Kamal Goel and Mr. Pankaj Goel.  The firm is in the
business of manufacturing mild steel ingots or billets, and its
plant at Kala Amb (Himachal Pradesh) has a capacity of 48,000
tonnes per annum (tpa).  The firm was set up to support the raw
material requirement of ASIL.  AMM enjoyed 100 per cent income tax
exemption for the first five years of its operations till 2008-09,
and will enjoy a 20 per cent rebate on income tax for the next
five years till 2013-14.  The firm also has 100 per cent central
excise exemption for 10 years till 2013-14.

ASIL was incorporated in 2004 as a private limited company by the
partners of AMM. The company is in the business of manufacturing
thermo-mechanically-treated (TMT) bars, angles, and channels, and
its plant at Kala Amb has a capacity of 96,000 tpa. The unit
enjoys the same tax and central excise benefits as AMM.

For 2008-09, the Amba group reported a profit after tax of INR182
million on net sales of INR2.3 billion, against INR122 million and
INR1.8 billion, respectively, for the previous year.


AMBA SHAKTI: CRISIL Cuts Rating on INR18.1 Mil. Term Loan to 'B-'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Amba Shakti Ispat Ltd, which is part of the Amba group, to 'B-
/Negative' from 'BB-/Negative', while reaffirming the short-term
rating at 'P4'.

   Facilities                              Ratings
   ----------                              -------
   INR112.1 Million Cash Credit Facility   B-/Negative (Downgraded
                                           from 'BB-/Negative')

   INR18.1 Million Term Loan               B-/Negative (Downgraded
                                           from 'BB-/Negative')
   INR3.5 Million Bank Guarantee           P4 (Reaffirmed)

The rating downgrade reflects ASIL's regular delays in repayment
of its term loan instalments in the past due to weak liquidity.
The ratings also reflect the Amba group's small scale of
operations in the highly fragmented steel industry, and its
vulnerability to fluctuations in raw material prices. These
weaknesses are partially offset by the group's established
presence in Himachal Pradesh.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ASIL and its group entity, Amba Metals.
This is because the two entities, together referred to as the Amba
group, have strong operational linkages (AMM supplies steel
billets to ASIL), and are under a common management team; also,
the management intends to merge AMM and ASIL once the tax holiday
period expires in 2013-14 (refers to financial year, April 1 to
March 31).

Outlook: Negative

CRISIL believes that the Amba group's liquidity will continue to
be stretched, thus adversely impacting its financial risk profile.
The group's scale of operations is expected to remain small;
however, the group will accrue benefits from the backward
integration in its operations over the short to medium term. The
ratings may be downgraded if the Amba group continues to delay the
repayment of its long-term debt obligations. Conversely, the
outlook may be revised to 'Stable' if the group consistently meets
its debt repayment obligations in a timely manner, or generates
higher-than-expected accruals, leading to a substantial
improvement in its financial risk profile.

                           About the Group

ASIL was incorporated in 2004 as a private limited company by Mr.
S K Goel and his sons, Mr. Kamal Goel and Mr. Pankaj Goel. The
company is in the business of manufacturing thermo-mechanically-
treated (TMT) bars, angles, and channels, and its plant at Kala
Amb (Himachal Pradesh) has a capacity of 96,000 tonnes per annum
(tpa). The unit enjoyed 100 per cent income tax exemption for the
first five years of operations till 2008-09, and will enjoy a 30
per cent rebate for the next five years till 2013-14. It also
enjoys 100 per cent central excise exemption for 10 years till
2013-14.

AMM was set up in 2004 as a partnership firm by the promoters of
ASIL. The firm is in the business of manufacturing mild steel
ingots or billets, and its plant at Kala Amb has a capacity of
48,000 tpa. The firm was set up to support the raw material
requirement of ASIL. AMM enjoys the same tax and central excise
benefits as ASIL.

For 2008-09, the Amba group reported a profit after tax of INR182
million on net sales of INR2.3 billion, against INR122 million and
INR1.8 billion, respectively, for the previous year.


ARIHANT SOLVEX: CRISIL Reaffirms 'BB+' Rating on INR100MM Loans
---------------------------------------------------------------
CRISIL's rating on the cash credit facility of Arihant Solvex Pvt
Ltd continues to reflect ASP's limited financial flexibility
because of a small net worth, and low operating margin due to
intense competition arising from a fragmented industry. These
weaknesses are partially offset by ASP's established market
position in the edible oil industry.

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

Outlook: Stable

CRISIL believes that ASP will continue to maintain its market
position in the edible oil business over the medium term on the
back of its promoters' industry experience and steady demand for
its products. The outlook could be revised to 'Positive' if there
is significant and sustainable improvement in the company's
profitability and business risk profile. Conversely, large, debt-
funded capital expenditure (capex), or increased pressure on
profitability, resulting in steep deterioration in ASP's capital
structure, could trigger an outlook revision to 'Negative'.

In 2009-10 (refers to financial year, April 1 to March 31), ASP's
sales have declined by 16.8 per cent year-on-year because of
limited availability of raw material (ground nut seeds) following
a bad crop in 2009. For raw material procurement, the company's
manufacturing unit in Bikaner (Rajasthan) is dependent upon the
surrounding area where the groundnut crop is being cultivated.
However, ASP's operating margin for 2009-10 is estimated to be
better than earlier expectations because of lower expense on
freight cost as most of the goods were sold by the company on an
ex-factory basis.

ASP has successfully completed the upgrading of its boiler at an
investment of INR6.8 million funded through a term loan of INR5.0
million, as per CRISIL's expectation. The company is in the
process of further upgrading its facility by installing a
continuous neutraliser and bleacher at an investment of INR23
million, to be funded through internal accruals and unsecured
loans from promoters. CRISIL believes that ASP's financial risk
profile will remain comfortable over the medium term despite this
capex.

                       About Arihant Solvex

ASP was incorporated in 1990 by Mr. Rajendra Kumar Bader. The
company is in the business of oil extraction from groundnuts,
mustard seeds, and oil cakes. Its processing unit in Bikaner has
60,000-tonnes per annum (tpa) solvent extraction plant, a 7500 tpa
refinery, and a 22,500 tpa expeller. The company sells oil under
the brand name Royale.

For 2008-09, ASP reported a profit after tax (PAT) of INR4.4
million on net revenues of INR732 million, against a PAT of INR4.5
million on net revenues of INR646 million for the previous year.


ASSOCIATED ELECTRICALS: ICRA Places 'LBB' Rating on INR28.9MM Loan
------------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR28.9 million fund
based limits of Associated Electricals (Gzb) Private Limited.  The
outlook on the long term rating is stable.  ICRA has also assigned
an "A4" rating to the INR30 million non-fund based limits of AEPL.

The assigned ratings take into account the strong competitive
pressures and the company's marginal position in the core business
of manufacture of transformers.  Small size of operations of AEPL
also result in low economies of scale and relatively low
bargaining power vis a vis buyers who are larger entities. These
factors have resulted in relatively small revenue base, poor
revenue visibility (arising out of the negligible current order
book) and moderate profit margins in the past and this is unlikely
to change in the medium term.  Further, the rating also factors in
the high working capital intensity which is intrinsic to this
business. The rating however derives some comfort from the long
presence of the promoters in the transformer business and positive
demand outlook for distribution transformers. Further, as most of
the orders have in built price variation clause, this provides
some cushion to the profit margins against any adverse movement in
commodity prices.  Going forward the company's ability to secure
sufficient orders to optimally utilize its capacity, while
maintaining its profit margins will remain crucial for future
growth and profitability.

Associated Electricals (Gzb) Pvt. Ltd.  was established in 1976 by
Mr SK Jain to manufacture power transformers.  In 1997 the firm
was reconstituted as a private limited company with Mr SK Jain and
Mrs Renu Jain(wife of Mr S K Jain) as directors.  The Company is
engaged in the design, manufacturing of oil filled and natural air
cooled type power and distribution transformers up to 20 MVA, 66
KV Class having its manufacturing facilities located in Ghaziabad
(UP)and Haridwar (Uttarakhand).  For year ending FY10 as per
provisional numbers AEPL made PAT of INR7.17 millions on net sales
of INR130.54 millions.


INCAS INT'L: CRISIL Reaffirms 'BB+' Rating on INR32.2MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Incas International
continue to reflect Incas's average financial risk profile marked
by low gearing, average debt protection measures and low net
worth; exposure to risks relating to lack of backward integration
in operations; and to intense competition in the leather goods
industry.  These weaknesses are partially offset by the benefits
that the firm derives from its promoters' industry experience, and
from its diversified customer and product profiles.

   Facilities                            Ratings
   ----------                            -------
   INR32.2 Million Term Loan Facility    BB+/Stable (Reaffirmed)
   INR75.0 Million Packing Credit        P4+ (Reaffirmed)
   INR110.0 Million Bill Discounting     P4+ (Reaffirmed)
   INR100.0 Million Letter of Credit     P4+ (Reaffirmed)
   INR1.0 Million Bank Guarantee         P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Incas will maintain a stable business risk
profile over the medium term on the back of an established
customer base, and its promoters' experience in the leather
industry.  The outlook may be revised to 'Positive' if Incas's
scale of operations improves significantly along with improvement
in operating margin, while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if a slowdown
in the economy or intensifying competition in the leather exports
industry impacts Incas's cash accruals, or if the firm undertakes
a large, debt-funded capital expenditure (capex) programme,
weakening its capital structure.

Incas's revenues declined by around 10 per cent year-on-year to
INR285.5 million in 2009-10 (refers to financial year, April 1 to
March 31) due to the slowdown in its end-user countries, the US
and Europe. Its operating margin for the year, at 4.7 per cent,
was mostly in line with CRISIL's expectation. Despite of decline
in topline, Incas's gearing improved, and is estimated at less
than 0.5 times as on March 31, 2010, lower then CRISIL's
expectation of around 1 time. The improvement was due to low sales
in the fourth quarter of 2009-10, leading to low working capital
requirements, and no withdrawal by the proprietor in view of the
capex during the year for a new plant in Manesar (Haryana),
involving an investment of INR43 million. Incas will move its
operations to the new plant from November 2010. However, the
firm's gearing remains high at around 1 time during the peak
season, and thus the rating remains constrained at the current
level.

Incas is estimated to report a book profit of INR5.2 million on
net sales of INR285.5 million for 2009-10, against INR5.2 million
and INR316.2 million, respectively, in 2008-09.

                      About Incas International

Set up in 2000 as a proprietorship concern by Mr. Vikas Kalra,
Incas manufactures leather garments and accessories such as bags,
gloves, and belts. The company exports its products to the US and
Europe. Leather jackets, mainly for men, contribute about 80 per
cent to Incas's revenues. The company's clientele includes Esprit,
Massimo Dutti, and Caroline Biss. Incas has two plants at Gurgaon
(Haryana) for manufacture of garments and accessories.


JAI HIND: CRISIL Reaffirms 'BB+' Rating on INR148.4MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on Jai Hind Wire Rod Mills Ltd's bank facilities
continue to reflect Jai Hind's below-average financial risk
profile, marked by low net worth and high gearing; and
susceptibility of its margins to fluctuations in raw material
prices.  These rating weaknesses are partially offset by Jai
Hind's average operating efficiency and diversified customer base.

   Facilities                            Ratings
   ----------                            -------
   INR148.4 Million Long-Term Loan       BB+/Stable (Reaffirmed)
   INR50.0 Million Cash Credit           BB+/Stable (Reaffirmed)
   INR150.0 Million Letter of Credit     P4+ (Reaffirmed)
   INR2.5 Million Bank Guarantee         P4+ (Reaffirmed)

Outlook: Stable

RISIL expects Jai Hind's financial risk profile to remain weak on
account of its large debt-funded capital expenditure. The outlook
could be revised to 'Positive' if the company's capital structure
and operating margin improve significantly. Conversely, the
outlook could be revised to 'Negative' if the company's gearing
increases to more than 2 times, or if its cash accruals come under
pressure because of volatility in steel prices.

Jai Hind has a capex plan to increase the windmill-based power
generation capacity by adding around 1.5 MW on a yearly basis, to
meet its entire power requirement. The total cost of the project
is expected to be around INR80 million on a yearly basis, which
will be funded through debt and internal accruals. The company has
installed windmills with power generation capacity of 4.1 MW,
which caters to 40 per cent of its total power requirement,
besides providing additional tax benefits. The promoters have
reiterated that if the internal accruals are not sufficient to
maintain the company's gearing at 2 times, the promoters will
infuse equity.

The company had an order book of INR90 million in June 2010, which
provides revenue visibility for the subsequent months.

Jai Hind reported a profit after tax (PAT) of INR12.7 million on
net sales of INR611 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR16.1 million on net
sales of INR570 million for 2008-09.

                           About Jai Hind

Incorporated in 1991 at Salem (Tamil Nadu) by Mr. G E Govindaraj,
Jai Hind manufactures thermo-mechanically treated (TMT) rods,
twisted bars, flats, squares, and other specialty products from
scrap and sponge iron.  The company has an ingot manufacturing
capacity of 26,000 tonnes per annum (tpa), and windmills with
power generating capacity of 4.1 megawatts.


KISHAN INDUSTRIES: CRISIL Cuts Rating on INR25MM Term Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Kishan Industries' bank
facilities to 'D' from 'C'.  The downgrade reflects the delay by
Kishan Industries in servicing its debt repayment obligations; the
firm has been regularly delaying the payment of monthly interest
and principal payment by eight to ten days over the last six
months because of inadequate cash accruals and weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit Limit    D (Downgraded from "C")
   INR25.00 Million Term Loan            D (Downgraded from "C")

Kishan Industries has a below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, and large working capital requirements.  However, Kishan
Industries' operations are supported by a strong network of its
agents in the textile industry.

Registered in November 2007, Kishan Industries is a partnership
firm that manufactures cotton bales. The firm commenced operations
in November 2008 and has a ginning and pressing unit at Gondal
(Gujarat). The present partners are Mr. Vasudev Bavarava, Mr.
Suresh Bavarava and Mr. Lalit Bavarava.

Kishan Industries reported a profit after tax (PAT) of INR0.5
million on net sales of INR291 million for 2009-10 (refers to
financial year, April 1 to March 31).


LINK ENTERPRISES: ICRA Rates INR3MM Bank Debts at 'LBB'
-------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR3 million fund-based
limits and INR41 million term loans of Link Enterprises.  The
outlook for the long term rating is stable.  ICRA has also
assigned an A4 rating to the INR80 million, short term LC limits
and INR3 million short term Bank guarantee limits.

The ratings are constrained by the modest size of operations, weak
profitability indicators and the rising competitive pressures in
bunkering operations on account of increased presence of organized
players particularly Chemoil Adani as well as domestic Oil
Marketing Companies in trading of duty paid petroleum products.
The ratings are further constrained by the vulnerability of
operations to the cyclicality associated with the international
trade as was witnessed with volume reduction in 2009-10;
vulnerability of profitability to volatility in the prices of
products which are dependent on crude oil prices and vulnerability
of profitability to forex movements since bulk of the raw material
requirement is imported.  Further, LE is a proprietorship concern
and any significant withdrawals from the capital account would
affect its capital structure. The ratings however take comfort
from the long track record and established market position of the
firm in bunkering operations since last 9 years, its status as the
sole distributor for Castrol Marine products for the Gujarat
region, moderate customer concentration risk and location
advantage of being based at Kandla port which is a major port on
the Indian West Coast.

                        About Link Enterprise

Link Enterprise was started in 1994 as a sole proprietorship firm
by Mr Harendra Karia.  LE is engaged in the business of
procurement and trading of petroleum products and lubricating oil.
It has been licensed as bunker supplier to foreign-going vessels
and has been engaged in bunkering operations since 2001. It is
also the authorized sole distributor for Castrol Marine
Lubricating products for the Gujarat region.  Apart from the
trading in petroleum products, the company has also started
trading in recycled Low Density Polyethylene (LDPE) and cotton
waste from 2009, and has also installed a windmill of 0.6 MW per
annum at Barmer in Rajasthan.  The firm is based out of Gandhidham
and carries bulk of its operations at the Kandla Port. It also has
presence at other ports on the West Coast such as Mundra,
Pipapavav, Sikka, Bedi, Okha, and Porbander.

During FY 2010, the company reported an operating income of
INR648.9 million and profit before tax of INR0.9 million
(unaudited).


MANGAL OILS: CRISIL Cuts Rating on Various Bank Debts to 'D'
------------------------------------------------------------
CRISIL has downgraded the rating of Mangal Oils Pvt Ltd to 'D'
from 'C'.  The downgrade reflects the delay by MOPL in servicing
its debt repayment obligations; the company has not paid its term
loan obligation to the State Bank of India since December 2009 and
the account is classified as non performing asset (NPA) by the
bank.

   Facilities                            Ratings
   ----------                            -------
   INR50.5 Million Cash Credit Limit     D (Downgraded from "C")
   INR45.3 Million Term Loan             D (Downgraded from "C")
   INR4.2 Million Proposed Long Term     D (Downgraded from "C")
                           Facility

MOPL was incorporated in 2005 and commenced commercial production
of refined cotton seed oil from February 2007.  Its refinery has a
total capacity of 30,000 tonnes per annum (tpa) and is currently
shut down.


MIRHA EXPORTS: ICRA Assigns 'LBB+' Rating to INR26.7MM Term Loan
----------------------------------------------------------------
ICRA has assigned "LBB+" rating to the INR26.7 million term loan
of Mirha Exports Private Limited.  The outlook on the rating is
stable. ICRA has also assigned "A4+" rating to the INR150 million
fund based limits of MEPL.

ICRA's ratings of MEPL factors in its modest profitability, high
client concentration and project risks arising out of its setting
up a processing unit which is significant compared to its current
level of operations.  Further, the ratings also take into
consideration factors like exposure to foreign exchange
fluctuation, volatility in raw material prices, competitive
intensity of the industry and susceptibility to change in
regulations, social & political risks and event risks like disease
out-break.  However, the ratings derive comfort from the
experience of the promoters in this business, company's track
record, the certifications/approvals held by the company, healthy
growth in its turnover over the last five years, and moderate
working capital intensity of the company.

                         About Mirha Exports

Incorporated in 1997, Mirha Exports Private Limited (MEPL) is a
private limited company promoted by Mr. Shuab Ahmed and engaged in
the processing and export of frozen meat from India. MEPL has its
processing facility located in Sahibabad (Uttar Pradesh) and
exports its products under the brand of Al-Nisar and Amber. The
company is also setting up an integrated meat processing unit in
Dera Bassi, Punjab.

In the financial year ending March 31, 2009, the company
registered operating income of INR2.14 billion and profit after
tax (PAT) of INR25.3 million.


NOVA ACR: ICRA Places 'LBB+' Rating on INR30MM LT Bank Debts
------------------------------------------------------------
ICRA has assigned an "LBB+" rating to INR30 million long term bank
facilities and an "A4+" rating to INR120 million short term bank
facilities of Nova ACR Services (India) Pvt. Ltd.  The outlook
assigned is stable.  The ratings reflect NIPL's modest scale of
operations limited to the distributorship of a single company
products and a leveraged capital structure which also results in
weak coverage indicators.  The ratings also incorporate the high
competitive intensity in the market for Air Conditioners with
presence of several national and international brands. However,
the rating favorably factors in NIPL's exclusive distributorship
in the Western and Southern region for Mitsubishi Electric., the
management's established experience and expertise in
distributorship of AC and in the refrigeration business and the
buoyant growth prospects for the industry which is also reflected
in the top line growth the company has achieved in the last few
years.

Nova ACR Services (India) Private limited was incorporated in
March 2010 to take over the running business of Nova Industries
which was established in 1971.  The company is engaged in import,
trading and installation of Mitsubishi unitary air- Conditioners.
NIPL has exclusive distributorship of Mitsubishi Electric in South
and West India and has a network of 300 dealers across India. The
Company has its head office in Mumbai and branches in Ahmedabad,
New Delhi, Hyderabad, Bangalore and Cochin. The company also has a
warehouse in Bhiwandi, Maharashtra.

The company has earned a net profit of INR5.20 million on an
operating income of INR419.30 million in FY 10 (unaudited) and a
net profit of INR9.70 million on an operating income of
INR313.50 million in FY 09.


PREMIER BARS: ICRA Assigns 'LBB+' Rating to INR95MM Bank Debts
--------------------------------------------------------------
ICRA has assigned "LBB+" and "A4+" ratings to the INR95 million
Fund and Non-Fund Based bank limits of Premier Bars Private
Limited.  The long term rating has been assigned a stable outlook.

ICRA's ratings take into account the cyclicality inherent in the
steel business and intensely competitive nature of the industry
which makes margins and cash flows vulnerable to fluctuations in
prices. The ratings are further constrained by Premier Bars weak
financial profile as reflected by its low profitability, average
return indicators and increasing working capital requirements
which has led to constrained cash flows in the past.  While
assigning the ratings, ICRA has also noted the significant debt
funded capital expenditure planned by Premier bars which is
expected to increase the gearing going forward. Nevertheless, the
ratings derive comfort from Premier Bars experienced management
and their long track record in the steel industry; established
brand name of Premier in the steel bars industry in Rajasthan and
the company's wide-spread distribution network.  Further, backward
integration into ingots manufacturing is expected to boost
profitability going forward. Also, the company's operations have
an upside potential from the positive demand outlook for steel
given the revival in the economic activity in the country.

                        About Premier Bars

Premier Bars Private Limited was incorporated in the year FY 2004
for the manufacturing of TMT bars, Tor steel, MS bars, squares,
rounds and twisted bars, C.T.D. bars and wire rods by Mr. Ajay
Kumar Jain and Mr. Vinay Kumar Jain who had earlier launched two
other steel rolling mills in the name of M/S Premier Alloys Ltd.
(established in FY 1996) and Premier Ispat Ltd. (FY 2000) in U.P.
for manufacturing of similar products. Premier Bars Pvt. Ltd. is
set up in RICCO, Bagru Industrial Area, Jaipur which gives it
proximity to its main raw material, MS Ingots, and continuous
supply of power. The mill was installed with an initial installed
capacity of 30, 000 MT which has over the years been increased to
60, 000 MT.

Premier Bars is a private limited closely held company with
majority shareholding with the promoters who hold considerable
experience in the iron & steel industry having been in this
business through their other two companies mentioned above.


SHAMVIK GLASSTECH: ICRA Assigns 'LB+' Rating to Bank Facilities
---------------------------------------------------------------
ICRA has assigned an "LB+" rating to the INR256.2 million long
term fund based limits and an "A4" rating to the INR5.0 million
short term non fund based limits of Shamvik Glasstech Private
Limited.

The ratings reflects SGPL's weak profitability and coverage
indicators and its  stretched  liquidity position on account of
high inventory levels, resulting in frequent overutilization of
working capital limits over the past fiscal.  The above factors
coupled with the debt funded capital expenditure for a fresh
venture has led to significant increase in gearing levels in FY
2010.  The ratings also factor in SGPL's inability to scale up
operations over the years given the  limited growth potential and
the changing market dynamics in the glass manufacturing machinery
business.  The rating however, favorably factors in the company's
experience of more than three decades in glass manufacturing
machinery industry and its recent diversification in the
automobile showroom dealership business which may provide some
stability to cash flows going forward.

Incorporated in 1993, Shamvik Glasstech Private Limited is engaged
in manufacturing of I. S. machines and allied equipment for glass
container forming machines. Recently, SGPL has also ventured into
automobile showroom business by acquiring the dealership for
passenger vehicles of Tata Motors.  The company has its registered
office at Nariman Point and a production facility at Mulund.  In
the automobile division, SGPL has setup a 16000 sq ft showroom and
a state-of-the-art workshop on 35000 sq ft area with a capacity to
attend to more than 150 cars per day.

SGPL recorded a net profit of INR1.0 million on an operating
income of INR68.5 million for the year ended on 31st March 2009,
as per the audited figures and net profit of INR2.7 million on an
operating income of INR82.7 million as on 31st March 2010, as per
the unaudited figures.


SHREE AMBE: CRISIL Assigns 'BB' Rating to INR7.5 Million LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Shree Ambe Food Products Pvt Ltd, which is part of
the Ambe group.

   Facilities                         Ratings
   ----------                         -------
   INR7.50 Million Long-Term Loan     BB/Stable (Assigned)
   INR70.00 Million Cash Credit       BB/Stable (Assigned)
   INR20.00 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect the Ambe group's exposure to risks related to
fragmented nature of wheat flour industry, high inventory, and
susceptibility of margins to volatility in raw material prices.
These rating weaknesses are partially offset by SAFPPL's moderate
financial risk profile and the group's established market position
in the flour business, marked by low debtor risk.

For arriving at its ratings, CRISIL has combined the credit risk
profiles of SAFPPL and Ambe Agro Industries Ltd (AAIL). This is
because the two companies, together referred to as the Ambe group,
have common promoters, are in the same line of business, and
extend need-based financial support to each other.

Outlook: Stable
CRISIL believes that the Ambe group will continue to benefit from
its established market position in the flour business and healthy
relationships with institutional customers, over the medium term.
The outlook may be revised to 'Positive' incase of any significant
improvement in the group's operating revenue and margin.
Conversely, the outlook may be revised to 'Negative' if the
group's operating margin declines, or it undertakes large, debt-
funded capital expenditure programme.

                          About the Group

The Ambe group is managed by two families - the Guptas and the
Agrawals. Both the families have stake in AAIL and SAFPPL.

AAIL was incorporated in 1997 by Mr.Bimal Kant Gupta. The company
manufactures flour products from wheat. It has capacity of 108,900
tonnes per annum (tpa).

SAFPPL was incorporated in 2006 by Mr. Nneeraj Agrawal. It also
manufactures flour products from wheat. It has capacity of 45,000
tpa.

The Ambe group posted a provisional profit after tax (PAT) of
INR7.74 million on net sales of INR1169 million for 2009-10
(refers to financial year, April 1 to March 31), against a
reported PAT of INR6.11 million on net sales of INR978.2 million
for 2008-09.


SHREE MUKT: CRISIL Assigns 'C' Rating to INR20MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'C' rating to Shree Mukt Jeweller's bank
facilities.  The rating reflects delay by SMJ in servicing its
term loan; the delay has been caused by SMJ's weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR130.0 Million Cash Credit Facility    C (Assigned)
   INR20.0 Million Rupee Term Loan          C (Assigned)

SMJ is exposed to high price and inventory risks because of
volatility in gold prices. It is also diversifying into unrelated
businesses, such as, real estate and its partners are regularly
withdrawing capital.  The company's weak financial risk profile is
marked by high gearing, small net worth and average debt
protection metrics.  However, SMJ has an established market
position and benefits from promoter's experience in the retail
jewellery industry.

SMJ was set up as a partnership firm in 1994 by Mr. Gopalbhai Soni
and family.  The promoter family has been in the jewellery
business for more than 100 years.  The family had a number of
showrooms in Baroda (Gujarat) and one showroom in Mandvi
(Gujarat).  After the separation of the family in 1999, SMJ came
to the portfolio of Mr. Gopalbhai Soni.  Currently, five family
members are partners in the firm.

SMJ is into domestic retailing of gold-, silver- and diamond-
studded jewellery. Apart from its retail showrooms, the firm owns
a manufacturing facility in Mandvi, which has facilities for
jewellery casting and designer bangle manufacturing.  The firm has
also shifted the Mandvi facility to a 3000-square-foot location in
Baroda. Around 60 per cent of the total jewellery manufactured by
the firm is outsourced to other institutions, located in Ahmedabad
(Gujarat), Mumbai, Baroda, and Coimbatore (Tamil Nadu).  The
remainder is manufactured at its in-house manufacturing facility.

SMJ reported a profit after tax (PAT) of INR7.4 million on net
sales of INR314.3 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR11.2 million on net sales
of INR186.8 million for 2007-08.


SONAM BUILDERS: ICRA Reaffirms 'LBB+' Rating on Sanctioned Loans
----------------------------------------------------------------
ICRA has reaffirmed the "LBB+" rating assigned to the long term
sanctioned bank limits of M/s. Sonam Builders.  Further, a stable
outlook has been assigned to the long-term rating.

The rating takes into account the strong sales in the recent past
in Phase XIV, moderate gearing of 0.35x as on March 31, 2010, and
the track record of Sonam Builders in marketing and executing
residential projects in the Mira-Bhayandar area. The rating also
notes the tax exemptions enjoyed by firm on income from Phase XV
under Section 80IB (10).  The rating is constrained, among other
factors, by the withdrawal of capital by promoters in FY2010
resulting in increased dependence on internal accruals and debt
for funding the project the ongoing development of Phase XV. Also,
the repayment of the firm's term loans for funding construction of
phase XV begins in August 2010, whereas the construction of this
project is running behind schedule and is expected to get
completed by January 2012.

Sonam Builders is a closely held partnership firm of Mr. Mithalal
R. Jain who holds 60% stake, and his son Mr. Bharat M. Jain
holding 40%.  Since incorporation in 1991, the firm has firm has
completed 24 projects (Geeta Nagar, Sneha Sadan, and Golden Nest
Phase I to XIV) consisting of 172 buildings and a total saleable
area of 2.67 million. sq. ft. Golden Nest Phase XV is the latest
project being undertaken by the firm, and is expected to be
completed by January 2012.  All of these projects are located in
the Mira-Bhayandar area and have recorded good sales and
visibility in the region.  The rated loan amount of INR360 million
includes two term loans of INR180 million sanctioned to fund the
the construction of Phase XV. Both the loans have to be serviced
by the accruals from the sale of flats in this project.


SRK CONSTRUCTIONS: CRISIL Places 'C' Rating on INR100MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
SRK Constructions and Projects Private Limited.

   Facilities                          Ratings
   ----------                          -------
   INR150.0 Million Cash Credit        C (Assigned)
   INR100.0 Million Long-Term Loan     C (Assigned)
   INR190.0 Million Bank Guarantee     P4 (Assigned)

The ratings are driven by delays in servicing unsecured loans and
equipment finance loans, because of SRKCPL's weak liquidity. The
ratings also factor in the company's sub-par financial risk
profile, marked by low net worth, geographical concentration in
revenues, and increasing working capital requirements leading to
stretched liquidity. These rating weaknesses are partially offset
by the benefits that the company derives from the promoters'
experience in the road construction business.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of SRKCPL and its wholly owned subsidiary SRK
Infracon (India) Pvt Ltd.  This is because both companies are in
similar businesses and operate under the same management.

                        About SRK Constructions

Incorporated in 1982, SRKCPL is engaged in the civil construction
business, and primarily undertakes road construction work in
Andhra Pradesh.  SRKCPL is a closely held company, with the entire
shares being held by Mr. Ravi Kumar (Managing Director) and his
wife Mrs. Rama Devi (Director).  In 2007-08 (refers to financial
year, April 1 to March 31) SRKCPL floated a special-purpose
vehicle, SRK Infracon (India) Pvt Ltd) to execute a build-operate-
transfer (BOT) project on an annuity basis from Andhra Pradesh
Road Development Corporation (APRDC).

For 2009-10, SRKCPL (consolidated) reported an estimated net
profit of INR76.8 million (INR30.7 million in previous year) on
net sales of INR890 million (INR796 million).


TAJPURIYA WOODWORKS: ICRA Assigns 'LB+' Rating to INR85MM LT Loan
-----------------------------------------------------------------
ICRA has assigned "LB+" rating to the proposed INR85.0 million
long-term, fund-based credit facilities of Tajpuriya Woodworks
Private Limited.   The outlook for the long term rating is stable.
ICRA has also assigned "A4" rating to the proposed INR15.0 million
short-term, non-fund based credit facilities of TWPL.

The assigned ratings are constrained by TWPL's relatively modest
scale of operations in the highly fragmented Indian furniture
industry as well as the weak financial profile of the company.
TWPL is exposed to high client concentration risks with the top
five clients contributing about 80% of the gross revenues of the
company in FY10.  The company has a weak operating matrix
characterized by low revenue growth rates & profitability
indicators and a relatively stretched capital structure with high
gearing, low coverage ratios and low net cash accruals. The high
working capital intensity and the proposed expansion plans may
further impact the credit profile of the company in near term.

TWPL's liquidity conditions have been tight due to high working
capital requirements. However, the assigned ratings derive
supported from TWPL's experienced management team, long standing
business relations with the key clients and its established
presence in the modular furniture market in Central India.

                     About Tajpuriya Woodworks

Tajpuriya Woodworks Private Limited is a leading manufacturer of
modular wooden/steel furniture in central India.  TWPL
manufactures and markets a large variety of wooden furniture like
modular desking systems, conference tables, tabletops, partition
systems, kitchen shutters, wardrobes and bedroom sets; using
latest wood working machinery manufactured in Germany. The company
was established as a private limited company by the Nagpur based
Tajpuriya family in 2001 and is a contract manufacturer for
leading modular furniture companies like Godrej & Boyce
Manufacturing Company Limited and BP Ergo Limited.

The company has recorded an operating income of INR134.7 million
and a net profit after tax (PAT) of INR2.5 million in financial
year ending March 31, 2009.  According to provisional financials,
the company has recorded an operating income of INR142.4 million
and PAT of INR3.6 million in the financial year ending 31st March
2010.


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


BERAU CAPITAL: S&P Rates Senior Unsecured Notes at 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services said that the senior secured
notes due 2015 issued by Berau Capital Resources Pte. Ltd. will
continue to be rated 'B+'.  Standard & Poor's had earlier
announced the same rating on these notes.  The notes are
guaranteed by Indonesia-based coal mining company PT Berau Coal
Energy (Berau Energy; B+/Stable/--) and PT Berau Coal.

Berau Energy has already issued US$350 million in guaranteed
senior secured notes.  In addition, the company has reopened its
offering for issuing a maximum of an additional US$100 million
under its notes program.  Proceeds from the notes will be used to
refinance the existing debt at Berau Energy and its holding
company PT Bukit Mutiara (not rated).  S&P expects the additional
debt from the new issuance to increase debt at Berau Energy and
lower the company's EBITDA interest cover by 0.6x for the year
ending Dec. 31, 2010.  S&P expects Berau Energy's liquidity to
remain weak.  The 'B+' long-term rating on Berau Energy takes into
consideration the successful closure of the entire notes issuance
and a bank loan that S&P expects to be disbursed shortly.


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


ALL NIPPON: Loss May Have Narrowed to JPY3BB in Qtr. Ended June 30
------------------------------------------------------------------
All Nippon Airways Co.'s operating loss for the quarter ended in
June may have narrowed to about JPY3 billion (US$34.1 million)
from JPY42.4 billion a year earlier on higher international
traffic, Bloomberg News says citing Nikkei English News.

                            About ANA

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


HITACHI LTD: To Resume Supply of Engine Components in August
------------------------------------------------------------
Hitachi Ltd. said it will be able to resume supply of key engine
components in August, after a supply disruption caused Nissan
Motor Co. to suspend operations at assembly plants in Japan and
the U.S. earlier this month, Nikkei.com reports.

Hitachi is now confident it can obtain the necessary components
from semiconductor maker STMicroelectronics of Switzerland, which
had fallen behind in its deliveries of custom-made chips, the
report says.

Nikkei.com notes that Nissan Motor had to idle four domestic
factories and two U.S. factories for three days due to the
shortage.  According to the report, the automaker and Hitachi had
been negotiating with STMicroelectronics to secure a steady supply
of chips in order to prevent further production disruptions from
mid-August onward.

                           About Hitachi

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

Hitachi Ltd reported three consecutive annual net losses of
JPY106.96 billion, JPY787.33 billion, and JPY58.12 billion for the
years ended March 31, 2010, 2009 and 2008.  The company posted
JPY32.79 billion net loss in 2007.


JAPAN AIRLINES: Seeks JPY383 Billion in Loan Waivers From 31 Banks
------------------------------------------------------------------
Japan Airlines Corp. and its bankruptcy administrator, Enterprise
Turnaround Initiative Corp. of Japan, have asked 31 banks to waive
JPY383 billion in loans to the company, Kyodo News reports, citing
sources close to the matter.

The news agency says the requested loan waiver includes JPY142.1
billion from the governmental Development Bank of Japan, JPY56.6
billion from Mizuho Corporate Bank, JPY51.4 billion from the Bank
of Tokyo-Mitsubishi UFJ and JPY17.6 billion from Sumitomo Mitsui
Banking Corp.

According to Kyodo, sources said the requested debt waiver totals
JPY521.5 billion if bonds and financial derivatives are included.
The sum of JPY383 billion represents 87.5% of the banks'
uncollateralized loans to JAL, Kyodo says.

JAL's major creditor banks are expected to accept the debt waiver
request, allowing JAL to present its rehabilitation plan to the
Tokyo District Court by the end of August as scheduled, Kyodo
adds.

                        About Japan Airlines

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

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

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

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


SAPPORO HOLDINGS: Expects Lower Net Loss for First Half of 2010
---------------------------------------------------------------
Sapporo Holdings Ltd. expects a smaller group net loss for the
first half of its fiscal year due to cost cuts in advertisement
and sales promotion, Japan Today reports.  The company now
forecasts a net loss of JPY600 million for the January-June period
compared with a loss of JPY2 billion projected in February, the
report says.

Japan Today relates Sapporo Holdings said that the cost cuts were
made possible by focusing advertisement and sales promotion on the
company's mainstay products, and a reduction in production costs.
But the company lowered its group sales projection to JPY177
billion from an earlier-forecast JPY184 billion due to sluggish
domestic demand for beer and other alcoholic beverages.

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.


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


EVERMASTER GROUP: Issuance of Annual Results Will Be Delayed
------------------------------------------------------------
Evermaster Group Berhad disclosed in a regulatory filing that it
will be delayed in filing its annual audited financial statements
for the financial year ended March 31, 2010, as the External
Auditors has notified that they will not be able to start the
audit of the AFS 2010 until a professional clearance has been
obtained from the previous Auditors.

                       About Evermaster Group

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

A Receiver and Manager has been appointed over the asset of the
Evermaster Group.  The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.


STAMFORD COLLEGE: Bursa Rejects Proposed Regularization Plan
------------------------------------------------------------
Stamford College Berhad said that Bursa Securities Malaysia Berhad
has rejected the Company's Proposed Regularization Plan on concern
that the plan does not comply with Paragraph 3.1(a) of Practice
Note 17 of the Main Market Listing Requirements, which specifies
that the regularization plan must be sufficiently comprehensive
and capable of resolving all problems, financial or otherwise that
had caused the Company to trigger the Prescribed Criteria, based
on:

   (i) The steel manufacturing business that is undertaken
       by the SCB Group had only commenced operation in
       February 2010 and has yet to demonstrate that it is
       able to generate profits and positive cashflows or be
       proven to be a viable business.  In addition, the
       steel  manufacturing business may be subjected to
       further funding requirements and therefore, could
       affect the enlarged SCB Group?s ability to manage
       the resources required for the SCB Group?s operations;

  (ii) The steel manufacturing business of SCB is highly
       dependent on a single supplier and single customer,
       which is a related party, to sustain its business
       operations; and

(iii) The education business is highly competitive with a
       low barrier to entry.  Even though SCB has been
       profitable for the latest financial year ended
       December 31, 2009, it is uncertain if this can be
       maintained given that the SCB Group has been making
       losses over the years (prior to FYE 31 December 2009)
       and there are no significant changes in the Company?s
       business plan for its education segment.  As such,
       there is uncertainty whether the profits to be
       generated from the education business would be able
       to sustain the performance of the SCB Group given
       that the steel manufacturing business is still unproven
       at this juncture.

As a result, the trading in the securities of the Company will be
suspended with effect from Tuesday, August 3, 2010, pursuant to
Paragraph 8.04(7) of the Listing Requirements.

Bursa Securities said it will proceed to de-list the company if
the company does not appeal against the decision within the
stipulated timeframe or if the company does not succeed in its
appeal against the decision.

The Company said its board of directors will deliberate on the
matter and an appropriate announcement will be made in due course.

                      About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008, and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.


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


DORCHESTER FINANCE: Debenture Holders Warned of Unsolicited Offer
-----------------------------------------------------------------
The Securities Commission has warned Dorchester Finance debenture
holders to be wary of an offer from Stock & Share Trading Company
Pty Ltd to buy their debentures for 5c in the dollar.

The commission said Wednesday it reminded investors to be cautious
of any unsolicited offer to purchase their investments, especially
where the offer was well below face value.  The commission urged
investors to seek professional advice before making any decision
to accept the offer.

"When a finance company is in moratorium it is very difficult to
accurately assess the value of the company's debentures.  The
debentures are not trading on any organised market, so there is no
market price against which investors can assess the offer," the
commission said in a statement.

"Investors in Dorchester Finance Limited have voted to approve the
capital reconstruction plan.  In making their decision whether or
not to accept the offer to purchase their debentures, debenture-
holders should consider, together with other relevant factors, the
value that the directors of Dorchester Pacific Limited, the parent
company of Dorchester Finance Limited, have attributed to the
securities to be issued under that plan.

"Under securities legislation it is not illegal to offer to buy
securities below their face value.  Any offer to buy securities
from investors must not be misleading or deceptive," it said.

                      About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

Dorchester Pacific reported three consecutive net losses of
NZ$19.1 million, NZ$25.4 million and NZ$18.1 million for the years
ended March 31, 2008, 2009 and 2010, respectively.

The accounts to March 31, 2010, have been prepared on a going
concern basis.   Although an unqualified opinion is expressed,
auditors Staples Rodway note fundamental uncertainties with
respect to realization of property loans and positions and the
validity of the going concern basis  should the Capital
Reconstruction Plan not be approved by investors.

Dorchester has been operating under a deferred repayment plan
since late 2008.


DYNASTY GROUP: IRD Objects to Wang's 6.5c on the Dollar Offer
-------------------------------------------------------------
The Commissioner for Inland Revenue as well as creditor Latitude
Asia has lodged objections in the High Court at Auckland to
Dynasty Group owner Mary Wang's offer to pay creditors 6.5 cents
in the dollar, Nick Krause at BusinessDay.co.nz reports.  The
offer has to be approved by the court.

BusinessDay.co.nz says Inland Revenue told Associate Judge Bell
that the Commissioner would require a two-day hearing and four to
six weeks to prepare its case on Ms. Wang's "historical conduct".

According to the report, Ron Hucker, counsel for Latitude Asia,
said his client -- owed NZ$2,558,400 -- objected to an approval of
the Ms. Wang's proposal.

The proposal hearing is set for November 2 and 3 with Westpac,
which is not objecting to the proposal, added to the list of
interested parties, the report notes.

Ms. Wang had earlier offered payment of NZ$500,000 to clear debts
worth $22.2 million, equating to about 2.5c on the dollar.  She
later increased her offer to the creditors 6.5 cents on the
dollar.  Associate Judge Jeremy Doogue adjourned Westpac's
application to bankrupt Ms. Wang in the Auckland High Court to
give creditors time to vote on her proposal.  Westpac had applied
to court to bankrupt Ms. Wang over debts of NZ$620,000 while
Allied Nationwide Finance, as a supporting creditor, is owed about
NZ$250,000.

Dynasty Group collapsed in 2008 owing creditors about NZ$22
million.


PGG WRIGHTSON: Bond Extension Meeting Adjourned to August 12
------------------------------------------------------------
PGG Wrightson Finance held a special bondholder meeting Wednesday,
July 28, to consider a proposal to amend its Bond Trust Deed and
the conditions attaching to its $100 million NZDX listed secured
bond issue (Stock Code PWF030).  The ultimate outcome of the
proposal may be the extension of the secured bonds for a further
12 months, which was anticipated when the bonds were issued but
now requires bondholders' agreement due to differences between the
terms of the Crown guarantees.

PGW said the meeting has been adjourned until August 12 as the
required quorum was not present at the meeting either in person or
by proxy.

CEO for PGG Wrightson Finance, Mark Darrow who chaired Wednesday's
meeting, said it was always going to be a challenge getting a
quorum at the first meeting given the high 50.1% requirement and
the wide spread of bondholders around New Zealand and
internationally.

                     About PGG Wrightson Finance

PGG Wrightson Finance is a moderate-sized New Zealand-based
finance company specializing in rural finance.  The company is a
wholly owned subsidiary of PGG Wrightson, a rural services company
based in New Zealand.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 18, 2010, Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit ratings to PGG Wrightson Finance Ltd.
The outlook is stable.


PROPERTY VENTURES: Court Grants Stay of Liquidation Order
---------------------------------------------------------
Ben Heather at BusinessDay.co.nz reports that Christchurch
developer David Henderson has been granted a stay to fight a court
order to liquidate his flagship company, Property Ventures.

The report says the company, of which Mr. Henderson is a director,
owes Inland Revenue at least NZ$88,734 in tax, which it failed to
pay between September 2008 and February 2010.

BusinessDay.co.nz relates Associate Judge Rob Osborne in the High
Court in Christchurch on Tuesday rejected arguments by defense
counsel Austin Forbes, QC, that Mr. Henderson should be given
another two weeks to gather the money owed, claiming the drawn out
debt pointed clearly to Property Ventures' insolvency.  However,
the Judge granted Mr. Forbes' application for a stay of the
liquidation pending an appeal of the order to the Court of Appeal.

According to the report, IRD counsel Pauline Courtney said the
department would not oppose the stay but it was in the public
interest that the appeal was dealt with urgently.

                     About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 8, 2010, Allied Farmers Investments Ltd placed Property
Ventures Ltd into the hands of receiver Grant Thornton in an
attempt to recover a loan to Five Mile Holdings Limited (In
Receivership).  The loan was guaranteed by Property Ventures.

Allied Farmers holds a General Security Agreement over the assets
of Property Ventures, which is owned by a number of investors
including Christchurch property developer, David Henderson.  The
company has interests in more than 30 subsidiaries, including
those associated with Hotel So, and the South of Lichfield
entertainment and retail precinct in Christchurch.


STRATEGIC FINANCE: Receivers Expect Lower Loan Book Price
---------------------------------------------------------
Radio New Zealand reports that the receiver of Strategic Finance
now expects to get less than originally hoped for the failed
finance company's loan book.

According to the report, receiver John Fisk at
PricewaterhouseCoopers said several interested parties are going
through due diligence to buy the loan book, but the sale price
will be less than the NZ$229 million price given in February.

Mr. Fisk said he expects to make an announcement of the sale by
the middle of next month.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ends the moratorium arrangement that has
been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone payment on January 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd. on Tuesday appointed liquidators to failed
finance company Strategic Finance.  The High Court in Wellington
made an order that Corporate Finance's John Cregten and Andrew
McKay be appointed liquidators.


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


HORIZON SECURITIES: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Horizon Securities Co.,
Ltd's National Long-term rating at 'BBB+(twn)', National Short-
term rating at 'F2(twn)', Individual Rating at 'D' and Support
rating at '5'.  The Outlook is Stable.

HSC's ratings reflect its volatile earnings due to its limited
scale in the essential brokerage business and its high level of
market risk exposures through proprietary trading and convertible
bond investments.  The ratings also consider its relatively weak
liquidity profile since HSC has high asset allocation on fixed
assets and relies on repos for funding.  At the same time, Fitch
recognises that HSC is reasonably capitalised with moderate
financial leverage.  The Stable Outlook on HSC's long-term rating
is underpinned by its acceptable capital strength.  A significant
increase in risk appetite, leading to deterioration in
capitalisation, would pressure its ratings.

HSC's unannualised return-on-equity fell to negative 0.8% in Q110
from 9.2% in 2009, mainly due to a decline in trading income amid
volatile equity markets.  To improve its earnings, HSC plans to
dispose of its headquarters building in Taipei and/or raise new
shares to support its growth in domestic brokerage and
underwriting markets in the near-term.  The company intends to
maintain its capital adequacy ratio at above 250% over the long-
term, which Fitch considers as acceptable for its risk profile,
albeit the percentage is lower than similar-rated peers.  HSC's
equity/assets ratio was 41% at end-Q110, and its CAR of 252%
comfortably exceeded the 150% regulatory minimum.

HSC is a small, fully-licensed securities firm with a 1.1% market
share in the local stock brokerage market as of Q110.  HSC is
publicly listed in Taiwan, with the Taiwanese conglomerate
Mercuries group, as its largest shareholder with a 16% stake; The
management team owns a combined 9% stake in the firm.


                         *********

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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