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

                     A S I A   P A C I F I C

           Friday, July 30, 2010, Vol. 13, No. 149

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Obtains Extension on US$2.3 Billion Loans
NEXUS ENERGY: Delays Payment of July 15 Interest Under 2013 Notes


H O N G  K O N G

SAWA TALENT: Commences Wind-Up Proceedings
SHACHIHATA (H.K.): Members' Final Meeting Set for August 25
STAR ALLIANCE: Members' Final Meeting Set for August 31
STRANWELL HOLDINGS: Members' Final Meeting Set for August 27
SUPERFOLD INVESTMENT: Members' Final Meeting Set for August 31

TAK FU: Members' Final General Meeting Set for August 25
TITAN PETROCHEMICALS: Completes New Exchange Offer
TMI HOLDINGS: Commences Wind-Up Proceedings
UNIQUE INT'L: Members' and Creditors Meetings Set for August 24
UNIQUE REGION: Huang Qimin Steps Down as Liquidator

WIN BENEFIT: Members' Final Meeting Set for August 31
WINPET INVESTMENT: Members' Final Meeting Set for August 31
WORLD TREND: Members' Final Meeting Set for August 31


I N D I A

AANAG ENTERPRISES: CRISIL Assigns 'D' Ratings to Various Debts
BANK OF BARODA: Moody's Retains Deposit Ratings
DURABLE CERAMICS: CRISIL Puts 'B+' Rating on INR100MM Cash Credit
DURABLE TRANSFORMERS: CRISIL Puts 'B+' Rating on INR3.5M Term Loan
ICICI BANK: Moody's Retains Deposit Ratings

MADHAV INDUSTRIAL: CRISIL Upgrades Rating on INR50MM Debt to 'BB-'
MADHAV STEEL: CRISIL Lifts Ratings on INR50MM Cash Credit to 'BB-'
MAGNUM STRIPS: CRISIL Assigns 'BB+' Rating to INR200MM Cash Credit
HI GRADE: CRISIL Assigns 'B' Rating to INR14 Million LT Loan
KOPRAN LIMITED: CRISIL Reaffirms 'B-' Ratings on Various Debts

KRISHNA SAI: CRISIL Assigns 'B+' Rating to INR68MM Term Loan
MAGICRETE BUILDING: CRISIL Cuts Ratings on Bank Debts to 'D'
MEDICARE TPA: CRISIL Assigns 'BB+' Rating to INR10MM Cash Credit
MSP COKES: CRISIL Reaffirms 'BB+' Rating on INR850 Mil. Term Loan
ORICON ENTERPRISES: CRISIL Lifts Ratings on Bank Debts to 'BB'

PEARSON DRUMS: CRISIL Assigns 'B-' Rating to INR150MM Cash Credit
PUNJAB NATIONAL: Moody's Retains Deposit Ratings
RECKON PHARMACHEM: Fitch Assigns 'BB' National Long-Term Rating
RITESH EXPORT: CRISIL Reaffirms 'P4+' Ratings on Various Debts
SARVODAYA INDIA: CRISIL Reaffirms 'B+' Rating on INR77.1MM Loan

SAVITHA SUPPLIERS: CRISIL Places 'B' Rating on INR90MM Cash Credit
SRI DEVI: CRISIL Reaffirms 'BB' Rating on INR30 Mil. Term Loan
SRK INFRACON: CRISIL Rates INR240 Million Long-Term Loan at 'D'
SRI S.: CRISIL Assigns 'BB' Ratings to Various Bank Facilities
STATE BANK: Moody's Retains Deposit Ratings

UNION KRUSHAK: CRISIL Assigns 'B-' Rating to INR57.7MM LT Loan
UMIYA FLEXIFOAM: CRISIL Reaffirms 'BB-' Ratings on Various Debts
VISHNUPRIYA HOTELS: CRISIL Reaffirms 'D' Rating on INR370M Loan
VPS SILK: CRISIL Places 'B+' Rating on INR22.1MM Long-Term Loan
* INDIA: Plans to Conduct Stress Tests for Banks Twice a Year


J A P A N

JAPAN AIRLINES: Close to Agreeing With Banks on Rehab Plan
JAPAN AIRLINES: Starts Talks With Unions on Changing Pay System
MLOX 3: Moody's Downgrades Ratings on Five Classes of Notes
ORSO FUNDING: Moody's Confirms Ratings on Various Certificates
ORIX-NRL TRUST: Moody's Downgrades Ratings on Various Certificates


N E W  Z E A L A N D

DYNASTY GROUP: Wang Denies Owing $3.8 Million to IRD & Latitude
KINGSTON ACQUISITIONS: Commission Mulls Action Against Prudential
REDGROUP RETAIL: Likely to Breach Banking Covenants Next Month


P H I L I P P I N E S

MANILA CAVITE: Moody's Assigns 'B2' Rating on Series 2010-1 Notes
MANILA CAVITE: S&P Assigns 'B' Rating on US$175 Mil. Notes
PHILIPPINE AIRLINES: Flight Attendants Threaten to Strike
PHILIPPINE AIRLINES: Travel Agencies Slam PAL Promotional Packages


T A I W A N

AU OPTRONICS: Posts NT$11.25 Bil. Net Income in Qtr. Ended June 30


V I E T N A M

* Fitch Downgrades Vietnam's Issuer Default Ratings to 'B+'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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A U S T R A L I A
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CENTRO PROPERTIES: Obtains Extension on US$2.3 Billion Loans
------------------------------------------------------------
Centro Properties Group disclosed Thursday a number of financing
achievements across its US business and continues to progress its
assessment of restructure options.

                        US Financing Update

CNP has completed financing arrangements for approximately US$2.7
billion of the US$3.2 billion of debt within Super LLC (a joint
venture of CNP, Centro Retail Trust and Centro MCS 40), which was
due to expire on or before December 31, 2010.  The US$2.7 billion
financing arrangements include an extension of approximately
US$2.3 billion and a refinancing of over US$0.4 billion.  A number
of options to address the remaining balance of approximately
US$440 million are being considered and the group remains
confident these will be resolved in due course.

CNP has secured a one-year extension from December 31, 2010 to
December 31, 2011, for US$2.3 billion of debt within Super LLC.
The extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt comprising:

   * US$457.5 million outstanding secured credit facilities
     (US$262.4 million CNP, US$195.1 million CER)

   * US$122.5 million secured term loan (US$3.7 million CNP,
     US$118.8 million Centro MCS 40)

Additional aspects of the extension of the bridge term loan
include:

   * US$25 million upfront repayment of Super LLC bridge term
     loan;

   * Surplus cash to be applied against the Super LLC bridge
     term loan; and

   * No change in credit margins.

Centro NP (a subsidiary of Super LLC) has also entered into new
term loans of US$659.0 million which mature in ten years and carry
a fixed interest rate of 6.75 percent.  These loans are secured by
76 properties that are owned by Centro NP.  Proceeds from these
loans will be used to repay approximately US$469.3 million of
Centro NP debt scheduled to mature on December 31, 2010,
including:

   * US$305.6 million outstanding secured revolving credit
     facility (US$11.3 million CNP, US$294.3 million CER);

   * US$163.7 million secured term loans (US$153.4 million CNP,
     US$10.3 million CER)

A portion of the remaining US$189.7 million of proceeds from the
new term loans will be used to repay a US$103.4 million loan
(US$38.4 million CNP, US$65.0 million CER), which currently has an
effective interest rate of 11.7%, with the remainder to be used to
address future debt maturities.

In addition to the extension of the facilities within Super LLC,
CNP, CER, Centro MCS 32 and Centro MCS 39 have also extended two
additional US debt facilities outside of Super LLC, including a
US$104.2 million secured term loan (US$3.1 million CNP, US$101.1
million Centro MCS 39) and a US$20.5 million outstanding secured
revolving credit facility (US$0.62 million CNP, US$9.94 million
CER, US$9.94 million Centro MCS 32).  There is no change in credit
margins as a result of these extensions.

"These extensions and new financing transactions are important
initial steps in the ongoing assessment of the Group's
restructuring considerations," said Group Chief Executive Officer
and Managing Director Robert Tsenin.

                         Restructure Update

As previously announced, an assessment of restructure alternatives
for the Group commenced in early 2010 with the objective of
identifying the means by which the enterprise value of the Group
could be maximised, including recapitalisation options, and to
consider and analyse execution risks.

Group Chief Executive Officer and Managing Director Robert Tsenin
said that a restructure of the Centro Group could be accomplished
in a number of ways and agreement on any definitive approach would
likely take some time to reach an appropriate conclusion.

"This assessment by Centro management and its advisers has
involved identifying multiple financial and operational
restructuring alternatives for the Group, including
Centro Retail Trust, its various managed funds and syndicates
business," Mr. Tsenin said.

"We have made good progress and have commenced discussions with
our lenders on potential restructuring options we have under
consideration.

"Our assessment has confirmed that any restructure will be
complex, with numerous structural, financing and stakeholder
considerations to manage and no decisions have been made at this
stage. To complete a restructure and recapitalise the Group,
approvals and consents will be required at many levels," Mr.
Tsenin said.

Subject to market conditions, it is expected that any restructure
could take through to the end of 2011 to implement.  Centro will
report to the market its overall restructuring and
recapitalisation plan upon reaching consensus with stakeholders.

"Maximising value for our stakeholders by developing and executing
an appropriate restructuring plan and a subsequent
recapitalisation of our business, given the constraints facing the
Group, remains our goal," Mr. Tsenin said.

Whilst the restructuring work has been ongoing, the Group has
continued to remain totally focused on the operating side of the
businesses.

"Critical to any restructuring and recapitalisation of the Group
is that we continue to manage our properties, funds and syndicates
to achieve the best possible outcome for our stakeholders.

"This, coupled with management of our people, are key
considerations as these are the solid and vital platforms of the
Group's businesses," Mr. Tsenin said.

             Syndicate Funds Management Business Update

Independently of its restructuring considerations, CNP will be
seeking to strengthen and grow its syndicate business and has
commenced a process that will evaluate interest from strategic
parties to participate alongside it in the growth of its syndicate
funds management business.

CNP's syndicate property funds management platform is the largest
in Australia, and is an attractive platform for a party seeking to
gain immediate scale, presence and diversity via a significant
portfolio of quality retail assets under management, 16,000 retail
investors and a network of over 1,000 financial planners.

Group Chief Executive Officer Robert Tsenin said that this was the
appropriate time to undertake a process to obtain expressions of
interest from potential strategic parties.

"Centro is looking for a strategic partner with complementary
skills to our own to work with to grow the unlisted funds
management business. We believe this is an exciting
opportunity to grow the syndicates business, provide a superior
service to investors, and create value for Centro," Mr. Tsenin
said.

"In the context of the natural evolution of the Group, this is a
logical and sensible next step to undertake. This process will be
driven by a goal of maximising value for all Centro stakeholders.
The exact nature, terms and outcome of this process will be
determined in due course."

                  Executive Committee Appointment

CNP also announces the appointment of Sue Smith as Group General
Manager, Human Resources.  Ms. Smith recently joined Centro and
will be a member of Centro's executive committee.

"As we continue to manage our businesses and consider
restructuring initiatives, we will require a group wide and
strategic human resources focus to coordinate the management of
our people across Australasia and the US," Mr. Tsenin said.

"Sue brings to Centro extensive human resources experience in
multinational and financially focused organisations.  She also has
significant experience in workforce planning and the management of
people across different countries and cultures and has spent many
years working abroad and in well known and high profile companies
such as Foster's Group, GE and Colonial Limited."

                      About Centro Properties

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

                           *     *     *

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

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


NEXUS ENERGY: Delays Payment of July 15 Interest Under 2013 Notes
-----------------------------------------------------------------
Nexus Energy Limited was able to delay payment of interest under
its A$110 million Unsecured Senior Subordinated Notes due 2013.
On July 15, Nexus said it has entered into Commitment and
Standstill Deeds with 85.82% of the holders of the 2013 Notes.  As
at the date of receiving Binding Commitments and under the terms
of the Existing Notes, the principal amount outstanding had
capitalized to A$136.3 million.

Nexus has agreed to make an offer to all holders of Existing Notes
to exchange their Existing Notes for (i) new Unsecured Senior
Subordinated Notes, Tranche A of which are due in 2017 and Tranche
B of which are due in 2013, and (ii) Nexus ordinary shares (up to
an aggregate of 35 million shares assuming 100% acceptance).
Shares issued to Noteholders accepting the Exchange Offer will be
subject to a six-month escrow.

Under the Binding Commitments, the Committed Noteholders have
agreed to accept the Exchange Offer when made, and to forgo the
interest payment which would have been due on July 15, 2010.  The
July 15 interest payment otherwise payable to Committed
Noteholders will be paid into escrow pending financial completion
of the Exchange Offer, expected within one month.

The key terms of the New Notes (on the basis of 100% acceptance of
the Exchange Offer) are:

     (A) Issue Size

         A$152.7million in two tranches:

              Tranche A -- A$136.3million due 2017
              Tranche B -? A$16.5million due 2013

         Noteholders participation is pro-rata Tranches A and B.

     (B) Interest Rate Tranche A

         * Zero coupon to January 2011 then 8.5% fixed rate coupon
           to July 2014 then 13% fixed rate coupon to Maturity.

         * First paid coupon July 2011. Coupons paid semi-annually
           in arrears.

     (C) Tranche B -? Zero Coupon

     (D) Interest Payment Date

         Each January 15 and July 15, commencing July 15, 2011.

     (E) Repayment

         Tranche A -? Amortizing 10% per semi annual period
                      Commencing

                   -- July 2014 with 50% bullet at Maturity

         Tranche B -- Bullet repayment 2013

     (F) Issuer Call Date

         Not callable before July 2014. Nexus may call the New
         Notes from that point at 105% of face value, thereafter
         the call premium reduces by 1% at each semi-annual period
         to maturity.

     (G) Other

         Nexus has the right to repay these New Notes on an
         Interest Payment Date after July 15, 2014 by giving 30
         days notice based upon the maturity amount at that time,
         being an amount ranging from 105% of the face value of
         the New Notes in 2014 to 101% of face value of the New
         Notes on an Interest Payment Date in July 2016.

The Exchange Offer will be made to all holders of Existing Notes,
not just the Committed Noteholders.

CEO Richard Cottee stated that ?The issuance of the New Notes was
aimed firstly at removing the financial impediments to the early
development of Crux by postponing the maturity until after the
date on which Crux needs to be developed under its existing
production license (being 2014), secondly, ensuring that Nexus
maximizes its near-term cashflows to counter the effect of the
interruption of production at Longtom, and lastly, providing
interest rate relief until 2013 to enable the company to focus on
its growth strategy.

"The present value of the New Notes terms compared to the Existing
Notes exceeds the value of the shares being issued, though the
value created in terms of our growth strategy adequately
compensates the Noteholders in this regard."

Last week, Nexus appointed Mr. Cottee as Managing Director.  Mr.
Cottee was appointed CEO on May 3, 2010.  According to Nexus'
press statement, in the period since his appointment, he has
established strong foundations on which Nexus will progress its
growth strategy.  Over the last three months, largely due to the
contribution by Mr. Cottee, Nexus has managed all of its
obligations to all stakeholders due to the Longtom production
halt, improved liquidity with the interest relief to be provided
by completion of the New Notes Exchange Offer and secured a A$50
million equity line of credit to provide on competitive terms
working capital if required.

Nexus Energy Limited (ASX:NXS) is a Melbourne-based, Australian
Stock Exchange listed oil and gas company.  In 2009 Nexus
transitioned from explorer to producer with the start up of the
Longtom gas project.  The company holds interests in eight permits
located offshore Australia.  Operations are focused on the
Gippsland Basin, offshore Victoria and the Browse Basin, offshore
Western Australia.


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H O N G  K O N G
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SAWA TALENT: Commences Wind-Up Proceedings
------------------------------------------
Members of Sawa Talent Limited, on July 23, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Ms Lam Ying Sui
         Flat 12, 10/F, Block A
         Kam Chun House
         Tung Chung Court
         Shau Kei Wan
         Hong Kong


SHACHIHATA (H.K.): Members' Final Meeting Set for August 25
-----------------------------------------------------------
Members of Shachihata (H.K.) Limited will hold their final general
meeting on August 25, 2010, at 11:00 a.m., at Shop E, G/F.,
Derrick Industrial Building, 49 Wong Chuk Hang Road, Aberdeen, in
Hong Kong.

At the meeting, Wong Kwok Wai Albert and Chan kwai Ping, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


STAR ALLIANCE: Members' Final Meeting Set for August 31
-------------------------------------------------------
Members of Star Alliance Limited will hold their final meeting on
August 31, 2010, at 2:15 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.


STRANWELL HOLDINGS: Members' Final Meeting Set for August 27
------------------------------------------------------------
Members of Stranwell Holdings Limited will hold their final
meeting on August 27, 2010, at 2:30 p.m., at 1008 Shui On Centre,
6-8 Harbour Road, Wanchai, in Hong Kong.

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


SUPERFOLD INVESTMENT: Members' Final Meeting Set for August 31
--------------------------------------------------------------
Members of Superfold Investment Limited will hold their final
meeting on August 31, 2010, at 2:30 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.


TAK FU: Members' Final General Meeting Set for August 25
--------------------------------------------------------
Members of Tak Fu Investment Company Limited will hold their final
general meeting on August 25, 2010, at 11:00 a.m., at Room 1203C,
Champion Building, 301-309 Nathan Road, in Kowloon.

At the meeting, Ko Yiu Kin David, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TITAN PETROCHEMICALS: Completes New Exchange Offer
--------------------------------------------------
Titan Petrochemicals said that its new exchange offer was
completed on the settlement date, July 27, 2010, New York City
time.  Accordingly, the transactions contemplated in the
memorandum have been consummated.  The aggregate principal amount
of existing notes accepted for exchange by Titan on the settlement
date was US$209.49 million.  Titan issued US$78.728 million
(approximately $610.142 million) aggregate principal amount of the
convertible notes and US$14.193 million (approximately $109.996
million) aggregate principal amount of the new PIK notes, and paid
US$43.155 million (approximately $334.451 million) in cash, in
exchange for the tendered existing notes.

Immediately after conversion in full of the principal amount of
US$78.728 million convertible notes, the aggregate shareholding of
Tsoi Tin-chun (Titan's chairman) and his associates in Titan
decreased from 46.91% to 42.13%, while the eligible holders held
10.18% shareholding in Titan.

Last month, Titan proposed to offer in exchange for any and all of
the existing notes (of which US$315.36 million (approximately
$2.444 billion) remains outstanding) from each eligible holder
validly tendered under the new exchange offer and not validly
withdrawn prior to the expiration time, for each US$1,000 in
principal amount of existing notes validly tendered, the following
consideration: for tender prior to early tender time - convertible
notes due 2015 in a principal amount of US$376, new PIK notes due
2015 in a principal amount of US$68 and US$206 cash, totalling
US$650; or for tender after early tender time - convertible notes
due 2015 in a principal amount of US$376, new PIK notes due 2015
in a principal amount of US$68 and US$173.5 cash, totalling
US$617.5.

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/--  is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling services;
provision of logistic services (including oil transportation and
oil storage), and shipbuilding. Titan's wholly owned subsidiaries
include Titan Oil (Asia) Ltd., Titan FSU Investment Limited, Titan
Oil Storage Investment Limited, Titan Oil Trading (Asia) Limited,
Titan Bunkering Investment Limited, Harbour Sky Investments
Limited and Titan Shipyard Holdings Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
July 26, 2010, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on Titan
Petrochemicals Group Ltd. to 'SD' (selective default) from 'CC'.
At the same time, S&P lowered the issue rating on the company's
US$400 million 8.5% senior unsecured notes due 2012 to 'D' from
'CC'.  S&P then withdrew all the ratings.


TMI HOLDINGS: Commences Wind-Up Proceedings
-------------------------------------------
Members of TMI Holdings (HK) Limited, on July 9, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Liu Wan Ho
         To Chi Man
         17th Floor, Kam Sang Building
         255 Des Voeux Road
         Central, Hong Kong


UNIQUE INT'L: Members' and Creditors Meetings Set for August 24
---------------------------------------------------------------
Members and creditors of Unique International (HK) Limited will
hold their final meetings on August 24, 2010, at 2:00 p.m., and
2:30 p.m., respectively at Suites 2305-2309, Jardine House, 1
Connaught Place, Central, in Hong Kong.

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


UNIQUE REGION: Huang Qimin Steps Down as Liquidator
---------------------------------------------------
Huang Qimin stepped down as liquidator of Unique Region Limited on
July 10, 2010.


WIN BENEFIT: Members' Final Meeting Set for August 31
-----------------------------------------------------
Members of Win Benefit Investment Limited will hold their final
meeting on August 31, 2010, at 2:45 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.


WINPET INVESTMENT: Members' Final Meeting Set for August 31
-----------------------------------------------------------
Members of Winpet Investment Limited will hold their final meeting
on August 31, 2010, at 3:00 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.


WORLD TREND: Members' Final Meeting Set for August 31
-----------------------------------------------------
Members of World Trend Development Limited will hold their final
meeting on August 31, 2010, at 3:15 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.


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AANAG ENTERPRISES: CRISIL Assigns 'D' Ratings to Various Debts
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Aanag Enterprises Pvt
Ltd's bank facilities.  The ratings reflect prolonged
overutilisation of cash credit limits by AEPL, owing to weak
liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR18.5 Million Cash Credit           D (Assigned)
   INR48.0 Million Term Loan             D (Assigned)
   INR102.0 Million Proposed Long        D (Assigned)
                    Term Facility
   INR6.5 Million Bank Guarantee         P5 (Assigned)
   INR15 Million Proposed Short          P5 (Assigned)
                 Term Facility

In spite of its small scale of operations, AEPL has large working
capital requirements.  However, CRISIL believes that the company
will benefit from its longstanding presence in the automobile and
engineering industry.

Incorporated in 1996, AEPL manufactures precision components
mainly for the automobile, defense, and power sectors. The company
commenced commercial operations in 2000 and has manufacturing
facilities in Howrah (West Bengal), Gurgaon (Haryana) and Pune
(Maharashtra).  AEPL has recently entered into a joint venture
with a German company for the manufacturing and sale of precision
components in Europe.

AEPL's profit after tax (PAT) and net sales are estimated to be
INR3.4 million and INR40 million, respectively, for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR0.8 million on net sales of INR25.3 million reported for 2008-
09.


BANK OF BARODA: Moody's Retains Deposit Ratings
-----------------------------------------------
Moody's Investors Service has left unchanged the local currency
deposit ratings of all rated Indian banks following the recent
upgrade on July 26 of India's local currency debt rating to Ba1
from Ba2 (both with a positive outlook).  The sovereign upgrade
was prompted by India's economic resilience and its fiscal
consolidation strategy which is supported by intensifying
structural reforms.  This upgrade is resulting in a gradual
narrowing of the gap between the foreign currency (Baa3) and local
currency (Ba1) sovereign ratings.

"The systemic support indicator, which captures the country's
capacity to support its banking system, is unaffected by Moody's
recent sovereign rating action and remains at Baa2," says Nondas
Nicolaides Vice-President and Senior Analyst for Indian banks.
Moody's uses the systemic support indicator to assign the
supported deposit and debt ratings of banks within a given
country.

"At the Baa2 rating level, which is two notches higher than
India's local currency debt rating of Ba1, the systemic support
indicator also takes into account India's sizeable foreign-
currency reserves of around US$280 billion that could, if
required, be used for extending systemic support to the banking
system " adds Mr. Nicolaides.

Other factors considered in Moody's systemic support indicator
assessment include the relative resilience that the Indian banking
system has shown during difficult global economic conditions since
2008, as well as the continued modest size of banking assets,
relative to the size of the Indian economy.

Moody's still considers India to have a highly supportive
framework for its banks.  In fact, the government is currently
recapitalizing a number of public-sector banks, which are
majority-owned by the government and had lower capitalization
levels than other Indian banks.

The Fundamental Ratings Of The Indian Banks Remain Unchanged:

(i) State Bank of India: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign-currency deposit sovereign ceiling) with a C- bank
financial strength rating, which maps to a Baa2 baseline credit
assessment with a stable outlook.

(ii) ICICI Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(iii) Punjab National Bank: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Baa3 baseline credit assessment with a stable
outlook.

(iv) Bank of Baroda: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a stable
outlook.

(v) Bank of India: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D+ BFSR, which
maps to a Ba1 baseline credit assessment with a stable outlook.

(vi) Canara Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D+ BFSR, which
maps to a Baa3 baseline credit assessment with a stable outlook.

(vii) HDFC Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(viii) IDBI Bank: Baa3/P-3 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D- BFSR, which
maps to a Ba3 baseline credit assessment with a stable outlook.

(ix) Union Bank of India: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a stable
outlook.

(x) Axis Bank: Baa2/P-2 global local currency deposit ratings and
Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(xi) Central Bank of India: Baa3/P-3 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D- BFSR,
which maps to a Ba3 baseline credit assessment with a stable
outlook.

(xii) Syndicate Bank: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a negative
outlook.

(xiii) Oriental Bank of Commerce: Baa2/P-2 global local currency
deposit ratings and Ba1/NP foreign currency deposit ratings
(constrained by the foreign currency deposit sovereign ceiling)
with a D+ BFSR, which maps to a Ba1 baseline credit assessment
with a negative outlook.

        Previous Rating Actions & Principal Methodologies

Moody's most recent rating actions on SBI, ICICI Bank, Bank of
Baroda, Bank of India, Canara Bank, HDFC Bank, Union Bank of India
and Axis Bank were implemented on 27 January 2010, when their
foreign currency Upper Tier 2 Notes and Hybrid Tier 1 Notes were
downgraded due to Moody's revised Guidelines for Rating Bank
Hybrids and Subordinated Debt, published in November 2009, which
affected all Indian banks with rated hybrid debt outstanding.

Moody's most recent rating actions on Punjab National Bank, IDBI
Bank, Central Bank of India, Syndicate Bank and Oriental Bank of
Commerce were implemented on 17 December 2009, when their foreign
currency deposit ratings were upgraded to Ba1 from Ba2 following a
similar rating action on India's foreign currency deposit ceiling.

* (All figures quoted below are as of 31 March 2010).

State Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR10.5 trillion (US$234.6 billion).

ICICI Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR3.6 trillion (US$80.7 billion).

Punjab National Bank, headquartered in New Delhi, had total
unconsolidated assets of INR3 trillion (US$65.9 billion).

Bank of Baroda, headquartered in Mumbai, had total unconsolidated
assets of INR2.8 trillion (US$61.8 billion).

Bank of India, headquartered in Mumbai, had total unconsolidated
assets of INR2.7 trillion (US$61.1 billion).

Canara Bank, headquartered in Bangalore, had total unconsolidated
assets of INR2.6 trillion (US$58.8 billion).

IDBI Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR2.3 trillion (US$51.9 billion).

HDFC Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR2.2 trillion (US$49.4 billion).

Union Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR1.9 trillion (US$43.4 billion).

Central Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR1.8 trillion (US$40.6 billion).

Axis Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR1.8 trillion (US$40.1 billion).

Syndicate Bank, headquartered in Bangalore, had total
unconsolidated assets of INR1.4 trillion (US$30.9 billion).

Oriental Bank of Commerce, headquartered in New Delhi, had total
unconsolidated assets of INR1.4 trillion (US$30.5 billion).


DURABLE CERAMICS: CRISIL Puts 'B+' Rating on INR100MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Durable Ceramics Pvt Ltd, which is part of the
Durable group.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     B+/Stable (Assigned)
   INR50.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect the Durable group's strained financial risk
profile and limited track record of operations in the transformer
components industry, and vulnerability to customer concentration
in revenue profile.  These rating weaknesses are partially offset
by the benefits that Durable group derives from favorable demand
prospects in the insulator business.

CRISIL has combined the business and financial risk profiles of
Durable Ceramics Pvt Ltd (DCPL) and Durable Transformers Pvt Ltd,
(DTPL), collectively referred to as the Durable group. This is
because the two companies have a high level of inter-company
transactions-more than 80 per cent of DTPL's sales are to DCPL-and
have extended corporate guarantees for each other's credit
facilities.  Also, the companies have common teams managing key
functions such as finance, marketing, and procurement at the head
office.  Moreover, the companies will support each other in case
of any exigency, and the commercial terms of sale/purchase between
them are managed to ensure sufficient liquidity for both.

Outlook: Stable

CRISIL believes that the Durable group's business risk profile
will remain constrained because of its concentration of revenues
in Punjab State Electricity Board (PSEB) over the medium term,
although backed by healthy demand prospects.  The group's
financial risk profile is also marked by its highly-leveraged
capital structure due to large working capital requirements.  The
outlook may be revised to 'Positive' if the Durable group's
revenues and operating margin increase significantly, or its
capital structure improves considerably.  Conversely, the outlook
may be revised to 'Negative' in case of more-than-expected working
capital debt leading to deterioration in the group's debt
protection metrics or if its operating margin or turnover
declines, leading to lower-than-expected net cash accruals.

                        About Durable Group

DCPL was incorporated in July 2005 and commenced commercial
production in April 2006.  DCPL manufactures bushings (used in
transformers), pin insulators, disc insulator, post insulator,
high-tension and low-tension insulators and plain cement concrete
(PCC) poles.  Currently DCPL is supplying most of its products to
PSEB, either directly or through vendors supplying to PSEB.

DTPL was incorporated in April 2008 and commenced commercial
operations in December 2008.  DTPL manufactures transformers
mainly of the 10, 15 and 25 kilovolt ampere (KVA).  Although the
company has approvals for manufacturing transformers up to 100
KVA, however, it has manufactured only few transformers more than
25 KVA, for private customers till date.  More than 80 per cent of
the transformers manufactured by DTPL are being sold to DCPL.

The Durable group reported a profit after tax (PAT) of INR27.4
million on net sales of INR680 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR2 million
on net sales of INR156.5 million for 2008-09.


DURABLE TRANSFORMERS: CRISIL Puts 'B+' Rating on INR3.5M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Durable Transformers Pvt Ltd, which is part of the
Durable group.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit        B+/Stable (Assigned)
   INR3.5 Million Term Loan           B+/Stable (Assigned)
   INR40.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect the Durable group's strained financial risk
profile and limited track record of operations in the transformer
components industry, and vulnerability to customer concentration
in revenue profile.  These rating weaknesses are partially offset
by the benefits that Durable group derives from favorable demand
prospects in the insulator business.

CRISIL has combined the business and financial risk profiles of
Durable Ceramics Pvt Ltd and Durable Transformers Pvt Ltd,
collectively referred to as the Durable group.  This is because
the two companies have a high level of inter-company transactions-
more than 80 per cent of DTPL's sales are to DCPL-and have
extended corporate guarantees for each other's credit facilities.
Also, the companies have common teams managing key functions such
as finance, marketing, and procurement at the head office.
Moreover, the companies will support each other in case of any
exigency, and the commercial terms of sale/purchase between them
are managed to ensure sufficient liquidity for both.

Outlook: Stable

CRISIL believes that the Durable group's business risk profile
will remain constrained because of its concentration of revenues
in Punjab State Electricity Board (PSEB) over the medium term,
although backed by healthy demand prospects.  The group's
financial risk profile is also marked by its highly-leveraged
capital structure due to large working capital requirements.  The
outlook may be revised to 'Positive' if the Durable group's
revenues and operating margin increase significantly, or its
capital structure improves considerably.  Conversely, the outlook
may be revised to 'Negative' in case of more-than-expected working
capital debt leading to deterioration in the group's debt
protection metrics or if its operating margin or turnover
declines, leading to lower-than-expected net cash accruals.

                        About Durable Group

DCPL was incorporated in July 2005 and commenced commercial
production in April 2006. DCPL manufactures bushings (used in
transformers), pin insulators, disc insulator, post insulator,
high-tension and low-tension insulators and plain cement concrete
(PCC) poles. Currently DCPL is supplying most of its products to
PSEB, either directly or through vendors supplying to PSEB.

DTPL was incorporated in April 2008 and commenced commercial
operations in December 2008. DTPL manufactures transformers mainly
of the 10, 15 and 25 kilovolt ampere (KVA). Although the company
has approvals for manufacturing transformers up to 100 KVA,
however, it has manufactured only few transformers more than 25
KVA, for private customers till date. More than 80 per cent of the
transformers manufactured by DTPL are being sold to DCPL.

The Durable group reported a profit after tax (PAT) of INR27.4
million on net sales of INR680 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR2 million
on net sales of INR156.5 million for 2008-09.


ICICI BANK: Moody's Retains Deposit Ratings
-------------------------------------------
Moody's Investors Service has left unchanged the local currency
deposit ratings of all rated Indian banks following the recent
upgrade on July 26 of India's local currency debt rating to Ba1
from Ba2 (both with a positive outlook).  The sovereign upgrade
was prompted by India's economic resilience and its fiscal
consolidation strategy which is supported by intensifying
structural reforms.  This upgrade is resulting in a gradual
narrowing of the gap between the foreign currency (Baa3) and local
currency (Ba1) sovereign ratings.

"The systemic support indicator, which captures the country's
capacity to support its banking system, is unaffected by Moody's
recent sovereign rating action and remains at Baa2," says Nondas
Nicolaides Vice-President and Senior Analyst for Indian banks.
Moody's uses the systemic support indicator to assign the
supported deposit and debt ratings of banks within a given
country.

"At the Baa2 rating level, which is two notches higher than
India's local currency debt rating of Ba1, the systemic support
indicator also takes into account India's sizeable foreign-
currency reserves of around US$280 billion that could, if
required, be used for extending systemic support to the banking
system " adds Mr. Nicolaides.

Other factors considered in Moody's systemic support indicator
assessment include the relative resilience that the Indian banking
system has shown during difficult global economic conditions since
2008, as well as the continued modest size of banking assets,
relative to the size of the Indian economy.

Moody's still considers India to have a highly supportive
framework for its banks.  In fact, the government is currently
recapitalizing a number of public-sector banks, which are
majority-owned by the government and had lower capitalization
levels than other Indian banks.

The Fundamental Ratings Of The Indian Banks Remain Unchanged:

(i) State Bank of India: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign-currency deposit sovereign ceiling) with a C- bank
financial strength rating, which maps to a Baa2 baseline credit
assessment with a stable outlook.

(ii) ICICI Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(iii) Punjab National Bank: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Baa3 baseline credit assessment with a stable
outlook.

(iv) Bank of Baroda: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a stable
outlook.

(v) Bank of India: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D+ BFSR, which
maps to a Ba1 baseline credit assessment with a stable outlook.

(vi) Canara Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D+ BFSR, which
maps to a Baa3 baseline credit assessment with a stable outlook.

(vii) HDFC Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(viii) IDBI Bank: Baa3/P-3 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D- BFSR, which
maps to a Ba3 baseline credit assessment with a stable outlook.

(ix) Union Bank of India: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a stable
outlook.

(x) Axis Bank: Baa2/P-2 global local currency deposit ratings and
Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(xi) Central Bank of India: Baa3/P-3 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D- BFSR,
which maps to a Ba3 baseline credit assessment with a stable
outlook.

(xii) Syndicate Bank: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a negative
outlook.

(xiii) Oriental Bank of Commerce: Baa2/P-2 global local currency
deposit ratings and Ba1/NP foreign currency deposit ratings
(constrained by the foreign currency deposit sovereign ceiling)
with a D+ BFSR, which maps to a Ba1 baseline credit assessment
with a negative outlook.

        Previous Rating Actions & Principal Methodologies

Moody's most recent rating actions on SBI, ICICI Bank, Bank of
Baroda, Bank of India, Canara Bank, HDFC Bank, Union Bank of India
and Axis Bank were implemented on 27 January 2010, when their
foreign currency Upper Tier 2 Notes and Hybrid Tier 1 Notes were
downgraded due to Moody's revised Guidelines for Rating Bank
Hybrids and Subordinated Debt, published in November 2009, which
affected all Indian banks with rated hybrid debt outstanding.

Moody's most recent rating actions on Punjab National Bank, IDBI
Bank, Central Bank of India, Syndicate Bank and Oriental Bank of
Commerce were implemented on 17 December 2009, when their foreign
currency deposit ratings were upgraded to Ba1 from Ba2 following a
similar rating action on India's foreign currency deposit ceiling.

* (All figures quoted below are as of 31 March 2010).

State Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR10.5 trillion (US$234.6 billion).

ICICI Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR3.6 trillion (US$80.7 billion).

Punjab National Bank, headquartered in New Delhi, had total
unconsolidated assets of INR3 trillion (US$65.9 billion).

Bank of Baroda, headquartered in Mumbai, had total unconsolidated
assets of INR2.8 trillion (US$61.8 billion).

Bank of India, headquartered in Mumbai, had total unconsolidated
assets of INR2.7 trillion (US$61.1 billion).

Canara Bank, headquartered in Bangalore, had total unconsolidated
assets of INR2.6 trillion (US$58.8 billion).

IDBI Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR2.3 trillion (US$51.9 billion).

HDFC Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR2.2 trillion (US$49.4 billion).

Union Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR1.9 trillion (US$43.4 billion).

Central Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR1.8 trillion (US$40.6 billion).

Axis Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR1.8 trillion (US$40.1 billion).

Syndicate Bank, headquartered in Bangalore, had total
unconsolidated assets of INR1.4 trillion (US$30.9 billion).

Oriental Bank of Commerce, headquartered in New Delhi, had total
unconsolidated assets of INR1.4 trillion (US$30.5 billion).


MADHAV INDUSTRIAL: CRISIL Upgrades Rating on INR50MM Debt to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on Madhav Industrial Corporation's
bank facilities to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         BB-/Stable (Upgraded from
                                                   B+/Stable)
   INR250.0 Million Letter of Credit   P4+ (Upgraded from P4)

The rating upgrade reflects significant improvement in the Madhav
group's financial risk profile backed by increase in revenues in
2009-10 (refers to financial year, April 1 to March 31). The
Madhav group has benefited from the revival in the ship breaking
industry with consolidated sales of INR750 million and estimated
cash accruals of INR20 million in 2009-10. CRISIL believes that
the group will report higher revenues and profits in the near
term, given the expected increase in its ship-breaking activity.

CRISIL's ratings reflect the Madhav group's low net worth, small
scale of operations, exposure to risks related to cyclicality in
the ship-breaking industry and fluctuations in steel scrap prices,
and susceptibility of margins to adverse regulatory changes. These
rating weaknesses are partially offset by the experience of Madhav
group's promoters, and healthy near-term growth prospects in ship-
breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MIC and Madhav Steel - Ship Breaking
Division (MS).  This is because the two entities, collectively
referred to herein as the Madhav group, are in the same line of
business, share resources, and derive considerable business
synergies from each other.

Outlook: Stable

CRISIL believes that MIC will maintain a stable credit risk
profile over the medium term, supported by continued buoyancy in
the ship-breaking industry.  The outlook may be revised to
'Positive' if the firm substantially scales up its operations and
significantly improves its profitability.  Conversely, the outlook
may be revised to 'Negative' if any significant steel scrap price
volatility leads to material deterioration in MIC's financial risk
profile.

                         About Madhav Group

Set up in 1982 by the Patel family, the Madhav group undertakes
ship breaking activities at Alang (Gujarat), which is the leading
centre of ship breaking and recycling in Asia.  The group has
capacity to break various types of ships such as general cargo
ships, oil tankers, reefers, and bulk carriers with dead weights
ranging up to 50,000 tonnes at its two adjoining 55?square metre
plots at Alang.  The group imports ships, breaks them into iron
and steel plates, which it sells to re-rolling mills in and around
Bhavnagar (Gujarat).

MIC's net profit is estimated at INR7.0 million on net sales of
INR414.5 million for 2009-10 (refers to financial year, April 1 to
March 31) against a net profit of INR1.9 million on net sales of
INR155.9 million for 2008-09.


MADHAV STEEL: CRISIL Lifts Ratings on INR50MM Cash Credit to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on Madhav Steel - Ship Breaking
Division's bank facilities to 'BB-/Stable/P4+' from
'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         BB-/Stable (Upgraded from
                                                   B+/Stable)
   INR250.0 Million Letter of Credit   P4+ (Upgraded from P4)

The rating upgrade reflects significant improvement in the Madhav
group's financial risk profile backed by increase in revenues in
2009-10 (refers to financial year, April 1 to March 31).  The
Madhav group has benefited from the revival in the ship breaking
industry with consolidated sales of INR750 million and estimated
cash accruals of INR20 million in 2009-10. CRISIL believes that
the group will report higher revenues and profits in the near
term, given the expected increase in its ship-breaking activity.

CRISIL's ratings reflect the Madhav group's low net worth, small
scale of operations, exposure to risks related to cyclicality in
the ship-breaking industry and fluctuations in steel scrap prices,
and susceptibility of margins to adverse regulatory changes.
These rating weaknesses are partially offset by the experience of
Madhav group's promoters, and healthy near-term growth prospects
in ship-breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MS and Madhav Industrial Corporation
(MIC). This is because the two entities, collectively referred to
herein as the Madhav group, are in the same line of business,
share resources, and derive considerable business synergies from
each other.

Outlook: Stable

CRISIL believes that MS will maintain a stable credit risk profile
over the medium term, supported by continued buoyancy in the ship-
breaking industry.  The outlook may be revised to 'Positive' if
the firm substantially scales up its operations and significantly
improves its profitability.  Conversely, the outlook may be
revised to 'Negative' if any significant steel scrap price
volatility leads to material deterioration in MS's financial risk
profile.

                         About Madhav Group

Set up in 1982 by the Patel family, the Madhav group undertakes
ship breaking activities at Alang (Gujarat), which is the leading
centre of ship breaking and recycling in Asia.  The group has
capacity to break various types of ships such as general cargo
ships, oil tankers, reefers, and bulk carriers with dead weights
ranging up to 50,000 tonnes at its two adjoining 55?square metre
plots at Alang.  The group imports ships, breaks them into iron
and steel plates, which it sells to re-rolling mills in and around
Bhavnagar (Gujarat).

MS's net profit is estimated at INR4.4 million on net sales of
INR343.0 million for 2009-10 (refers to financial year, April 1 to
March 31) against a net profit of INR6.2 million on net sales of
INR196.0 million for 2008-09.


MAGNUM STRIPS: CRISIL Assigns 'BB+' Rating to INR200MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Magnum Strips & Tubes Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR200.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR100.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect MSTPL's moderate financial risk profile, and
exposure to risks relating to small scale of operations in the
electric-resistance-welded (ERW) and stainless steel pipes
industry, and to customer concentration in revenue profile.  These
weaknesses are, however, partially offset by the benefits that the
company derives from the promoters' experience in the ERW, and
stainless steel pipes industry, and established customer base.

Outlook: Stable

CRISIL believes that MSTPL will maintain a stable credit risk
profile over the medium term, backed by the promoters' experience
in the pipes industry, and by average operating profitability.
The outlook may be revised to 'Positive' if increase in
profitability leads to a stronger financial risk profile for
MSTPL. Conversely, the outlook may be revised to 'Negative' if the
company undertakes large, debt-funded capital expenditure, or if
its profitability declines, leading to deterioration in its
financial risk profile.

                         About Magnum Strips

Set up in 2000, MSTPL manufactures ERW and stainless steel pipes,
which find application in the automotive sector. It also has a
steel service centre for storing, cutting and resizing steel, and
a press shop that manufactures components for the ancillaries of
original equipment manufacturers (OEMs).  MSTPL's plant at Gurgaon
(Haryana) has a tube mill capacity of 36,000 tonnes per annum
(tpa) and a cutting and slitting capacity of 72,000 tpa.

MSTPL is estimated to report a profit after tax (PAT) of INR11.1
million on net sales of INR896 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR5.7
million on net sales of INR834 million for 2008-09.


HI GRADE: CRISIL Assigns 'B' Rating to INR14 Million LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to Hi Grade Shoe's
bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR14.00 Million Long-Term Loan       B/Negative (Assigned)
   INR15.00 Million Cash Credit          B/Negative (Assigned)
   INR3.00 Million SME Care              P4 (Assigned)
   INR10.00 Million Letter of Credit     P4 (Assigned)

The ratings reflect Hi Grade Shoe's weak financial risk profile,
marked by a small net worth and a high gearing, and large working
capital requirements, and exposure to intense competition in the
footwear industry.  These rating weaknesses are partially offset
by Hi Grade Shoe's strong customer profile, and healthy order
book.

Outlook: Negative

CRISIL believes that Hi Grade Shoe's financial risk profile will
remain weak over the medium term because of stretched liquidity,
marked by high utilization of bank lines, low accruals, and
negligible cash balances.  The rating may be downgraded if the
firm's revenues or margins decline, most likely because of intense
competition, or in case of large, debt-funded capital expenditure.
Conversely, the outlook may be revised to 'Stable' if the firm's
liquidity improves, most likely because of increase in working
capital limits or higher accruals, and if its scale of operations
increases significantly with margins sustained at current levels,
leading to an improvement in its financial risk profile.

                           About Hi Grade

Hi Grade Shoe, a partnership firm based in Vellore (Tamil Nadu),
is promoted by Mr. K S Sivakumar and his brother Mr. K S Gandhi in
2005. The firm manufactures shoe uppers and whole shoes, and has
capacity to manufacture about 1000 pairs of shoe uppers or 500
pairs of shoes per day. The firm's customers include European
footwear manufacturers and sellers, such as Lemco SRL (Italy) and
Jefar -Industria de Calcado S.A (Portugal), and exporters such as
Worldwide Agencies Company Ltd and Ponds Exports Ltd.

Hi Grade Shoe reported a profit after tax (PAT) of INR5.5 million
on net sales of INR125.7 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR0.95 million on
net sales of INR119.4 million for 2008-09.


KOPRAN LIMITED: CRISIL Reaffirms 'B-' Ratings on Various Debts
--------------------------------------------------------------
CRISIL has revised its rating outlook on Kopran Ltd's long-term
bank facilities to 'Stable' from 'Negative', while reaffirming the
rating at 'B-'; the rating on the short-term facilities has also
been reaffirmed at 'P4'.

   Facilities                          Ratings
   ----------                          -------
   INR157.5 Million Cash Credit        B-/Stable (Reaffirmed;
                                              outlook revised
                                              from 'Negative')

   INR172.5 Million Working Capital    B-/Stable (Reaffirmed;
                          Term Loan          outlook revised
                                              from 'Negative')

   INR139.5 Million Letter of Credit   P4 (Reaffirmed)
   INR5.5 Million Bank Guarantee       P4 (Reaffirmed)

The revision in the outlook reflects CRISIL's belief that Kopran's
financial risk profile will remain stable over the medium term
because Kopran has recovered from its loss-making phase and has
earned profits during 2009-10 (refers to financial year, April 1
to March 31). The improved profitability was driven by Kopran's
increased focus on export markets and higher-value products. The
improved profitability has strengthened Kopran's debt servicing
ability.

The ratings continue to reflect Kopran's past history of heavy
losses and instances of delays in debt servicing in the past.
These weaknesses are mitigated by the industry experience of
Kopran's promoters, the financial support that Kopran is likely to
receive from its group companies, and Kopran's healthy net worth
and modest gearing.

Outlook: Stable
CRISIL believes that Kopran will benefit from an increase in its
cash accruals because of a change in its revenue profile, over the
medium term.  The outlook may be revised to 'Positive' if Kopran
maintains its profitability at current level.  Conversely, the
outlook may be revised to 'Negative' if there is an adverse change
in Kopran's revenue profile or the company increases its reliance
on external debt.

                          About Kopran Ltd

Incorporated in 1958, Kopran manufactures bulk drugs and
formulations at its facilities in Mahad and Khopoli (both in
Maharashtra). The company's wholly owned subsidiary, Kopran
Research Laboratories Ltd, is into pharmaceutical research. Kopran
is part of the Parijat group of companies, promoted by the Somani
family of Mumbai, and is managed by Mr. Surendra Somani, its vice-
chairman.

For 2009-10, Kopran reported a profit after tax of INR99.20
million on net sales of INR1.64 billion, against a net loss of
INR131.90 million on net sales of INR1.19 billion for 2008-09.


KRISHNA SAI: CRISIL Assigns 'B+' Rating to INR68MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Krishna Sai
Educational Society's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR 2.0 Million Cash Credit Facility   B+/Stable (Assigned)
   INR 68.0 Million Rupee Term Loan       B+/Stable (Assigned)

The rating reflects KSES's start-up nature of operations,
geographical concentration in revenue profile, and exposure to
adverse regulatory changes in the educational sector.  These
rating weaknesses are partially offset by KSES's promoters'
experience in the education industry and high acceptability of its
courses.

Outlook: Stable

CRISIL believes that Krishna Sai Educational Society's business
risk profile will remain constrained because of the start-up
nature of its operations, and limited revenue diversity, over the
medium term.  The outlook may be revised to 'Positive' if KSES
scales up its operations significantly, thereby improving its cash
accruals and, hence, its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' in case of larger-than-
expected debt-funded capex, or lower-than-expected occupancy for
the new courses leading to significantly lower than expected
accruals.

                         About Krishna Sai

Set up in 2007, KSES runs one institute, namely Guntur Engineering
College (GEC) in Andhra Pradesh; 2008-09 (refers to financial
year, April 1 to March 31) was the institute's first academic
year. The institute offers courses in engineering and management,
including the bachelor of technology (B.Tech) and masters in
business administration (MBA) courses.

KSES reported a net profit of INR2.9 million on net income of
INR10.9 million for 2008-09, its first full year of operation.


MAGICRETE BUILDING: CRISIL Cuts Ratings on Bank Debts to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Magicrete Building Solutions Pvt Ltd to 'D' from 'BB-/Stable'.
The rating reflects current delays in Magicrete's repayment on
term loan obligations, owing to its weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR25.0 Million Cash Credit Limit     D (Downgraded from
                                            BB-/Stable)

   INR86.5 Million Term Loan*            D (Downgraded from
                                            BB-/Stable)

The rating also reflects Magicrete's exposure to risks relating to
the promoters' limited experience in the autoclaved aerated
concrete (AAC) blocks industry and working-capital-intensive
nature of Magicrete's operations.  These weaknesses are partially
offset by the benefits that the company derives from its sound
operating capabilities.

                      About Magicrete Building

Set up in April 2008 as a private limited company by Mr. Saurabh
Bansal, Mr. Siddharth Bansal, Mr. Sunil Roongta, and Mr. Vinod
Mittal, Magicrete manufactures and markets AAC blocks, which are
also known as cellular concrete (CELCON).  The company's
manufacturing facility in Navsari (Gujarat) has a capacity of
150,000 cubic metres and commercial operations started only after
September 2010.

Magicrete reported a net loss of INR10.4 million on net sales of
INR72.7 million for 2009-10 (refers to financial year, April 1 to
March 31).


MEDICARE TPA: CRISIL Assigns 'BB+' Rating to INR10MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Medicare TPA
Services (I) Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR10 Million Cash Credit             BB+/Stable (Assigned)
   INR10 Million Proposed LT Bank        BB+/Stable (Assigned)
         Loan Facility
   INR40 Million Bank Guarantee          P4+ (Assigned)
   INR20 Million Proposed ST Bank        P4+ (Assigned)
                    Loan Facility

The ratings reflect MTSL's moderate market position in the Indian
third-party administrator (TPA) industry and exposure to risks
related to low pricing power and large working capital
requirements because of the dominant position of large general
insurance companies (GICs).  These rating weaknesses are partially
offset by MTSL's above-average financial risk profile, marked by
low gearing and healthy debt protection measures, and expected
growth in operating income led by the government's focus on health
insurance.

Outlook: Stable

CRISIL believes that MTSL will maintain its credit risk profile
supported by its operating efficiencies and expected growth in the
TPA sector because of the Rashtriya Swastya Bima Yojana (RSBY)
programme initiated by the central government. The outlook may be
revised to 'Positive' in case of a substantial improvement in
MTSL's financial risk profile mainly driven by improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if MTSL's financial risk profile deteriorates owing to
a decline in its operating margin or if it undertakes a large,
debt-funded capital expenditure programme.

                        About Medicare TPA

Incorporated in 2001, MTSL provides TPA services in the insurance
sector.  The company has a network of around 4000 hospitals
through which the customers can avail cashless services.  MTSL has
entered into agreements with four public-sector and one private
GICs to provide TPA services.  The company also provides insurance
services under RSBY in Orissa, Bihar, West Bengal, and Kerala.

MTSL reported a profit after tax (PAT) of INR9.60 million on net
sales of INR135.90 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR3.90 million on net sales
of INR105.70 million for 2007-08.


MSP COKES: CRISIL Reaffirms 'BB+' Rating on INR850 Mil. Term Loan
-----------------------------------------------------------------
CRISIL's rating on MSP Cokes Pvt Ltd's bank facility continues to
reflect the company's exposure to the risks related to project
implementation, and susceptibility of margins to cyclicality in
end-user pig iron industry.  The company's proposed coke oven
plant is further delayed by eight months and is now expected to
commence operations only by October 2010.  These weaknesses are
mitigated by MSP Cokes' moderate business risk profile, supported
by the integrated operations of the MSP group. The rating also
factors in the reschedulement of term loan repayments contracted
for the coke oven project.

   Facilities                            Ratings
   ----------                            -------
   INR 850.00 Million Term Loan          BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MSP Cokes will commence commercial production
as per the revised timeline. The outlook may be revised to
'Positive' in case of better-than-expected capacity utilisation
leading to strong accruals. Conversely, the outlook may be revised
to 'Negative' if there is any further delay in completion of the
project or high cost over run, or the company's volume or profit
declines substantially.

                          About MSP Cokes

MSP Cokes, incorporated in 2008, is setting up a coke oven plant
at Jharsugda (Orissa).  The configuration of the plant will be
non-recovery and eco-friendly; it will produce low-ash
metallurgical coke.  The company is expected to start commercial
operations from October 2010, a delay in implementation by 18
months.  The project is mainly a backward integration for the
group company MSP Metallics Ltd, which is implementing an
integrated steel plant in an adjacent place. The coke produced by
MSP Cokes is expected to be utilized for manufacturing pig iron by
MSP Metallics Ltd.


ORICON ENTERPRISES: CRISIL Lifts Ratings on Bank Debts to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Oricon
Enterprises Ltd to 'BB/Positive/P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR80.0 Million Working Capital     BB/Positive (Upgraded from
                       Demand Loan                   'B+/Stable')

   INR20.0 Million Cash Credit*        BB/Positive (Upgraded from
                                                     'B+/Stable')

   INR50.0 Million Letter of Credit    P4+ (Upgraded from 'P4')

The upgrade reflects an improvement in Oricon's financial risk
profile, driven by strong cash accruals.  The company's net cash
accruals have more than doubled to over INR200 million in 2009-10
(refers to financial year, April 1 to March 31) from the previous
year's level, driven by an increase in lease rentals. CRISIL
believes that Oricon will continue to generate robust net cash
accruals over the medium term. The upgrade also reflects CRISIL's
belief that Oricon's financial risk profile will improve after it
merges with Zeuxite Investments Pvt Ltd (Zeuxite), which is the
holding company of United Shippers Ltd (USL; rated 'P1+(so)' by
CRISIL). The shareholders and creditors have approved of the
merger, which is expected to be completed in 2010-11.

The ratings reflect Oricon's exposure to risks related to real
estate development and investments made in its group companies.
These weaknesses are partially offset by the company's diversified
revenue profile, healthy financial risk profile, marked by high
net worth, moderate gearing and debt protection metrics, and
industry experience of its management body.

To arrive at its ratings, CRISIL has combined the business and
financial risk profiles of Oricon and its subsidiaries, USL
Shinrai Automobiles Ltd (USLSAL) and National Cotton Products Pvt
Ltd (NCPPL).

Outlook: Positive

CRISIL believes that Oricon's financial risk profile will improve
significantly over the medium term because of its merger with
Zeuxite. The ratings may be upgraded further in case Oricon's
financial risk profile improves more than expected after the
merger. Conversely, the outlook may be revised to 'Stable' if the
merger process gets delayed or Oricon's cash accruals decline.

                      About Oricon Enterprises

Oricon was a part of Oriental Containers Ltd.  OCL was into
packaging, petrochemical and real estate business.  In September
2006, to enable Navigate Mauritius Ltd (Navigate), the Kuala-
Lumpur-based private equity investor, to invest solely in its
packaging operations, OCL hived off its packaging division and
retained the company's name for this division. The real estate and
petrochemicals operations were restructured to form Oricon.

Oricon manufactures mixed pentane, a petrochemical with industrial
applications, and is also into trading in metals and chemicals.
The company's plant at Khopoli (Maharashtra) has a capacity of
10,000 tonnes per annum. Oricon has a wholly owned subsidiary,
USLSAL, which runs two showrooms for Toyota vehicles: one each in
Worli and Nariman Point, Mumbai. Oricon is expected to enter the
real estate activities segment by developing its own property in a
prime area at Worli. Oricon owns properties on a two-acre plot at
Worli from which it derives rental income.

During 2009-10, Oricon's board of directors approved the merger of
Naman Tradevest Pvt Ltd (Naman Tradevest) and Zeuxite with Oricon.
Naman Tradevest holds 62 per cent shares in NCPPL. With the merger
of Naman Tradevest with Oricon, NCPPL will become a 100 per cent
subsidiary of Oricon. NCPPL currently derives income from
warehousing activities but is expected to engage in real estate
development over the medium term. Zeuxite holds 50.19 per cent
equity shares of USL. USL offers integrated logistics services for
sea-borne cargo including lighterage, stevedoring and logistics.
The shareholders of Naman Tradevest will be issued three equity
shares and one compulsorily convertible preference share of Oricon
for each equity share of Naman Tradevest. The shareholders of
Zeuxite will be issued one equity share and three compulsorily
convertible preference shares of Oricon for each equity share of
Zeuxite.

For 2009-10, Oricon reported a profit after tax (PAT) of INR173.60
million on net sales of INR3.79 billion, against a PAT of INR78.40
million on net sales of INR2.31 billion for 2008-09.


PEARSON DRUMS: CRISIL Assigns 'B-' Rating to INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to Pearson Drums
& Barrels Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR150 Million Cash Credit          B-/Negative (Assigned)
   INR49.8 Million Letter of Credit    P4 (Assigned)

The ratings reflect PDBPL's weak financial risk profile, marked by
a small net worth, high gearing, weak debt protection metrics, and
weak liquidity, and large working capital requirements. These
rating weaknesses are partially offset by PDBPL's promoters'
experience in the barrel manufacturing industry.

Outlook: Negative

CRISIL believes that PDBPL's liquidity will remain weak because of
its large working capital requirements. Furthermore, its financial
risk profile is expected to remain weak over the medium term,
given its low profitability and weak capital structure. The
ratings may be downgraded if PDBPL's liquidity weakens more than
expected because of increasing working capital requirement, or if
its overall financial risk profile deteriorates, most likely
because of lower-than-expected profitability. Conversely, the
outlook may be revised to 'Stable' if the company's financial risk
profile, particularly liquidity, improves, supported by better
working capital management, increase in scale of operations, and
improvement in profitability and capital structure.

                        About Pearson Drums

Incorporated in 1989, PDBPL manufactures steel barrels of 200- to
220-litres capacity. The company also manufactures and exports
galvanised steel engineering products such as rubber support
inserts, pipe frames for scaffoldings, barrier fence, pipe support
clamps, and anti-vibration mounts and hangers. The company has an
installed manufacturing capacity of 1.086 million barrels per
annum. The manufacturing facilities of PDBPL are in Kolkata (0.486
million barrels per annum) and Taloja in Maharashtra (0.6 million
barrels per annum).  The average capacity utilisation has been
around 31% in the past three years ending March 2009. The day?to-
day operations of the company are looked after by its promoter-
director Mr. A K Saha, who has more than 30 years experience in
the barrel industry.

PDBPL reported a profit after tax (PAT) of INR4.5 million on net
sales of INR476.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.4 million on net sales
of INR432.9 million for 2007-08.


PUNJAB NATIONAL: Moody's Retains Deposit Ratings
------------------------------------------------
Moody's Investors Service has left unchanged the local currency
deposit ratings of all rated Indian banks following the recent
upgrade on July 26 of India's local currency debt rating to Ba1
from Ba2 (both with a positive outlook).  The sovereign upgrade
was prompted by India's economic resilience and its fiscal
consolidation strategy which is supported by intensifying
structural reforms.  This upgrade is resulting in a gradual
narrowing of the gap between the foreign currency (Baa3) and local
currency (Ba1) sovereign ratings.

"The systemic support indicator, which captures the country's
capacity to support its banking system, is unaffected by Moody's
recent sovereign rating action and remains at Baa2," says Nondas
Nicolaides Vice-President and Senior Analyst for Indian banks.
Moody's uses the systemic support indicator to assign the
supported deposit and debt ratings of banks within a given
country.

"At the Baa2 rating level, which is two notches higher than
India's local currency debt rating of Ba1, the systemic support
indicator also takes into account India's sizeable foreign-
currency reserves of around US$280 billion that could, if
required, be used for extending systemic support to the banking
system " adds Mr. Nicolaides.

Other factors considered in Moody's systemic support indicator
assessment include the relative resilience that the Indian banking
system has shown during difficult global economic conditions since
2008, as well as the continued modest size of banking assets,
relative to the size of the Indian economy.

Moody's still considers India to have a highly supportive
framework for its banks.  In fact, the government is currently
recapitalizing a number of public-sector banks, which are
majority-owned by the government and had lower capitalization
levels than other Indian banks.

The Fundamental Ratings Of The Indian Banks Remain Unchanged:

(i) State Bank of India: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign-currency deposit sovereign ceiling) with a C- bank
financial strength rating, which maps to a Baa2 baseline credit
assessment with a stable outlook.

(ii) ICICI Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(iii) Punjab National Bank: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Baa3 baseline credit assessment with a stable
outlook.

(iv) Bank of Baroda: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a stable
outlook.

(v) Bank of India: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D+ BFSR, which
maps to a Ba1 baseline credit assessment with a stable outlook.

(vi) Canara Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D+ BFSR, which
maps to a Baa3 baseline credit assessment with a stable outlook.

(vii) HDFC Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(viii) IDBI Bank: Baa3/P-3 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D- BFSR, which
maps to a Ba3 baseline credit assessment with a stable outlook.

(ix) Union Bank of India: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a stable
outlook.

(x) Axis Bank: Baa2/P-2 global local currency deposit ratings and
Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(xi) Central Bank of India: Baa3/P-3 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D- BFSR,
which maps to a Ba3 baseline credit assessment with a stable
outlook.

(xii) Syndicate Bank: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a negative
outlook.

(xiii) Oriental Bank of Commerce: Baa2/P-2 global local currency
deposit ratings and Ba1/NP foreign currency deposit ratings
(constrained by the foreign currency deposit sovereign ceiling)
with a D+ BFSR, which maps to a Ba1 baseline credit assessment
with a negative outlook.

        Previous Rating Actions & Principal Methodologies

Moody's most recent rating actions on SBI, ICICI Bank, Bank of
Baroda, Bank of India, Canara Bank, HDFC Bank, Union Bank of India
and Axis Bank were implemented on 27 January 2010, when their
foreign currency Upper Tier 2 Notes and Hybrid Tier 1 Notes were
downgraded due to Moody's revised Guidelines for Rating Bank
Hybrids and Subordinated Debt, published in November 2009, which
affected all Indian banks with rated hybrid debt outstanding.

Moody's most recent rating actions on Punjab National Bank, IDBI
Bank, Central Bank of India, Syndicate Bank and Oriental Bank of
Commerce were implemented on 17 December 2009, when their foreign
currency deposit ratings were upgraded to Ba1 from Ba2 following a
similar rating action on India's foreign currency deposit ceiling.

* (All figures quoted below are as of 31 March 2010).

State Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR10.5 trillion (US$234.6 billion).

ICICI Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR3.6 trillion (US$80.7 billion).

Punjab National Bank, headquartered in New Delhi, had total
unconsolidated assets of INR3 trillion (US$65.9 billion).

Bank of Baroda, headquartered in Mumbai, had total unconsolidated
assets of INR2.8 trillion (US$61.8 billion).

Bank of India, headquartered in Mumbai, had total unconsolidated
assets of INR2.7 trillion (US$61.1 billion).

Canara Bank, headquartered in Bangalore, had total unconsolidated
assets of INR2.6 trillion (US$58.8 billion).

IDBI Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR2.3 trillion (US$51.9 billion).

HDFC Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR2.2 trillion (US$49.4 billion).

Union Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR1.9 trillion (US$43.4 billion).

Central Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR1.8 trillion (US$40.6 billion).

Axis Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR1.8 trillion (US$40.1 billion).

Syndicate Bank, headquartered in Bangalore, had total
unconsolidated assets of INR1.4 trillion (US$30.9 billion).

Oriental Bank of Commerce, headquartered in New Delhi, had total
unconsolidated assets of INR1.4 trillion (US$30.5 billion).


RECKON PHARMACHEM: Fitch Assigns 'BB' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Reckon Pharmachem Private
Limited a National Long-term rating of 'BB(ind)'.  The Outlook is
Stable.  The agency has also assigned these ratings to RPPL's bank
loans:

  -- INR45.57m outstanding term loans: 'BB(ind)';

  -- INR70m fund-based working capital limits:
     'BB(ind)'/'F4(ind)'; and

  -- INR62m non-fund based working capital limits:
     'BB(ind)'/'F4(ind)'.

The ratings reflect RPPL's stable position in India's niche
vitamin C bulk manufacturing market with a healthy market share
and sound customer base even in its second year of operations.
The ratings drive strength primarily from RPPL's position in the
industry with few players of almost equal market share and also
from high entry barriers (environmental clearance, FDA compliance
drug license, etc).  The ratings are supported by the fact that
the industry will be protected from cheaper vitamin C imports from
China till 2014 due to anti-dumping duty imposed on the imports by
the Government of India.  However, illegal cheap imports of
vitamin C continue to pose a threat to the domestic players.

The ratings benefit from RPPL's favorable customer profile, which
comprises India's top pharma companies such as Piramal Healthcare,
Cipla, Cadila and Elder Pharma.  The ratings are, however,
constrained by RPPL's limited track record as it began operations
only from May 2008 and has only vitamin C as its product offering,
thus exposing it to high product concentration risk.  It is also
prone to the price rise risk in its major raw material (2-keto
Gluonic Acid), which is imported from China with no other
alternative supply option.  Also, RPPL is subjected to pricing
regulations imposed by GoI on its final product, which results in
a limited pricing power and risks of shrinking margins in case of
a rise in operating costs.

Fitch notes that RPPL's business cycle is highly working capital
intensive due to high inventory days from delays in raw material
shipment and its clearance from the port.  It had an average
inventory cycle of 128 days in FY10 with 45 creditor days and 46
debtor days, hence translating into a net cash cycle of 129 days.
RPPL's working capital funding is met through a credit facility
from banks and through interest-free unsecured loans from its
promoters, which support its liquidity position.

Negative ratings triggers include a loss of market share,
unfavorable changes in the regulation and/ or pricing of raw
materials and foreign currency fluctuations as the company does
not have any hedging mechanism in place.  Positive rating triggers
include product diversification and an expansion of its scale
while deleveraging.

RPPL is involved in the production of vitamin C in three forms
(plain, coated and ascorbic acid) at its plant in Vadodra,
Gujarat.  In FY10, the company reported revenues of INR259.2m, an
EBITDA of INR41.2m and a net income of INR5.1m.


RITESH EXPORT: CRISIL Reaffirms 'P4+' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Ritesh Export continues
to reflect Ritesh Export's weak financial risk profile, marked by
partnership form of business, low net worth, and weak debt
protection indicators, limited competitiveness because of lack of
sightholder status, and exposure to intense competition in the
diamond cutting and polishing business.  The impact of these
weaknesses is mitigated by Ritesh Export's promoters' industry
experience.

   Facilities                               Ratings
   ----------                               -------
   INR122.00 Million Packing Credit         P4+ (Reaffirmed)
   INR278.00 Million Post-Shipment Credit   P4+ (Reaffirmed)
   INR80.00 Million Line of Credit          P4+ (Reaffirmed)

Established as a partnership firm in 1986, Ritesh Export processes
and trades in diamonds.  The firm's manufacturing unit in Surat
has staff strength of 150, and has capacity to process 105,000
pieces of diamond every month.  Because of lack of sightholder
status, the firm procures rough diamonds from sightholders; the
rough diamonds are cut and polished at the firm's unit.  Ritesh
Export exports primarily to South East Asia and Europe.

Ritesh Exports reported a profit after tax (PAT) of INR42.6
million on net sales of INR1.8 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR53.3
million on net sales of INR1.5 billion for 2008-09.


SARVODAYA INDIA: CRISIL Reaffirms 'B+' Rating on INR77.1MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarvodaya India Ltd
continue to reflect SIL's modest scale of operations and average
financial risk profile.  These rating weaknesses are partially
offset by the benefits that SIL derives from the experience of its
promoters in the dyeing industry.

   Facilities                           Ratings
   ----------                           -------
   INR77.1 Million Rupee Term Loan      B+/Stable (Reaffirmed)
   INR52.5 Million Cash Credit          B+/Stable (Reaffirmed)
   INR4.0 Million Letter of Credit      P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SIL will continue to benefit from the
experience of its promoters in the dyeing and finishing industry,
over the medium term. The outlook may be revised to 'Positive' if
SIL's operating margin or debt protection measures improve
substantially. Conversely, the outlook may be revised to
'Negative' in case of significant deterioration in SIL's operating
margin or debt protection measures.

                        About Sarvodaya India

SIL is in the business of dyeing and finishing of grey fabrics.
Set up in 2003 at Bhilwara (Rajasthan), SIL was sold to the Jain
and Prahladka families in 2007. Effective April 1, 2009, the Jain
family bought the stake owned by the Prahaladka family, and
subsequently renamed the company to Sarvodaya India Ltd.

SIL reported a provisional profit after tax (PAT) of INR13.6
million on net sales of INR417.2 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.6
million on net sales of INR362.9 million for 2008-09.


SAVITHA SUPPLIERS: CRISIL Places 'B' Rating on INR90MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Savitha
Supplier's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR90.00 Million Cash Credit Limit       B/Stable (Assigned)
   INR100.00 Million Bank Guarantee Limit   P4 (Assigned)

The ratings reflect Savitha's below-average financial risk
profile, marked by a highly geared capital structure, weak
liquidity, and large working capital requirements. The ratings
also factor in Savitha's exposure to risks related to volatility
in steel prices, and to intense competition in the ferrous metals
trading industry. These rating weaknesses are partially offset by
the benefits that Savitha derives from its promoters' industry
experience and healthy relationships with key customers.

Outlook: Stable

CRISIL believes Savitha will continue to benefit from its
promoters' experience in the ferrous metals trading business, and
established relationships with key customers. The outlook may be
revised to 'Positive' if Savitha's financial risk profile improves
significantly, backed by a sharp increase in profitability and
cash accruals, and enhancement in scale of operations. Conversely,
any large debt-funded capital expenditure, lower realisations,
further deterioration in the capital structure, or decline in
revenues, may result in the outlook being revised to 'Negative'.

                      About Savitha Supplier

Set up in 1984, Savitha trades in alloy steels. Till December
2008, it was a proprietorship firm; it was reconstituted as a
partnership firm on December 26, 2008. The firm is a stockist for
Steel Authority of India Ltd products. Located in Bengaluru, the
firm is managed by Mr. G R Narayan, the founder partner. Savitha
trades in all types of alloy steel products which include rounds,
beams, plates, and tubes, in sizes ranging from 10 millimetres
(mm) to 450 mm.

Savitha reported a profit after tax (PAT) of INR16.6 million on
net sales of INR299.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR21.8 million on
net sales of INR477.8 million for 2007-08.


SRI DEVI: CRISIL Reaffirms 'BB' Rating on INR30 Mil. Term Loan
--------------------------------------------------------------
CRISIL's ratings on Sri Devi Oil Pvt Ltd's bank facilities
continue to reflect SDOPL's weak financial risk profile, exposure
to risks relating to fluctuations in raw material prices and in
the value of the Indian rupee, intense competition in the edible
oil industry, and geographic concentration in revenue profile.
These weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the edible oil
industry.

   Facilities                           Ratings
   ----------                           -------
   INR160.0 Million Cash Credit         BB/Stable (Reaffirmed)
   INR30.0 Million Term Loan            BB/Stable (Reaffirmed)
   INR300.0 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SDOPL will maintain its established presence
in the edible oil market backed by healthy demand for its product
and promoter's industry experience. The outlook may be revised to
'Positive' if there is a substantial improvement in SDOPL's
financial risk profile due to significant improvement in capital
structure and increase in cash accruals. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a large
debt-funded capital expenditure (capex) programme, or if its
margins and revenues decline, or if realisation of receivables is
delayed.

SDOPL's sales and profitability for 2009-10 (refers to financial
year, April 1 to March 31) was in line with CRISIL's expectations.
The company's liquidity continues to be stretched with high
utilisation of bank limits despite increase in the limits by
INR100 million in November 2009. However, cash accruals are
expected to be sufficient to meet its maturing term loan
obligations of INR10 million over the medium term. Furthermore,
promoters have infused INR50 million of equity during 2009-10 in
addition to retaining interest-free unsecured loans of INR40
million. The gearing is expected to remain lower vis-…-vis
CRISIL's initial estimates despite plans to undertake debt-funded
capex in the near term owing to the equity infusion.

SDOPL posted a provisional profit after tax (PAT) of INR9.2
million on net sales of INR1.95 billion for 2009-10, as against a
PAT of INR10.2 million on net sales of INR1.8 billion for 2008-09.

                          About Sri Devi

Set up in 1993 by Mr. V Dhandayuthapani, SDOPL refines crude palm
oil, and extracts palm fatty oil, and vanaspati. Its facility at
Namakkal (Tamil Nadu) has a processing capacity of 120 tonnes per
day.


SRK INFRACON: CRISIL Rates INR240 Million Long-Term Loan at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to SRK Infracon (India) Pvt
Ltd's term loan facility.  The rating reflects delay by SRK
Infracon in servicing interest on its term loan; the delay has
been caused by SRK Infracon's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR240.00 Million Long-Term Loan      D (Assigned)

SRK Infracon is exposed to risks related to concentration in its
revenue profile.  However, SRK Infracon benefits from its stable
annuity structure and promoters' industry experience.

SRK Infracon was set up as a special-purpose vehicle (SPV) to
undertake a build, operate, and transfer (BOT) project on an
annuity basis from Andhra Pradesh Road Development Corporation
(APRDC). This project includes the design and upgrade of one-lane
to two-lane carriageway, and operation and maintenance of the
Pulivendula?Alavalpadu?Vempalli road in Kadapa district (Andhra
Pradesh). 51 per cent of SRK Infracon's equity is owned by SRK
Construction and Projects Pvt Ltd (SRKCPL), and the remainder is
owned by the promoters of SRKCPL individually. SRK Infracon has
completed the BOT project in March 2010 and is awaiting approval
from APRDC.


SRI S.: CRISIL Assigns 'BB' Ratings to Various Bank Facilities
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Sri S. Subbiah
and Company's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR20.00 Million Long-Term Loan         BB/Stable (Assigned)
   INR72.00 Million Cash Credit Facility   BB/Stable (Assigned)
   INR30.00 Million Proposed Cash          BB/Stable (Assigned)
    Credit Facility
   INR30.00 Million Bank Guarantee Limit   P4+ (Assigned)
   INR70.00 Million Proposed Bank          P4+ (Assigned)
    Guarantee Limit

The ratings reflect SSC's small scale of operations,
geographically concentrated revenue profile, and large working
capital requirements.  These rating weaknesses are partially
offset by SSC's above-average financial risk profile marked by
moderate gearing and debt protection metrics, comfortable order
book, and experience of SSC's promoters in the construction
business.

Outlook: Stable

CRISIL believes that SSC will continue to benefit from its
comfortable order book over the medium term. The outlook may be
revised to 'Positive', if the firm diversifies its revenue profile
geographically and improves its operating margin significantly.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes larger-than-expected debt-funded capital expenditure
programme, or delays in execution of orders. Significant withdrawl
of capital by partners may also give a negative bias to the
outlook.

                            About Sri S.

Set up in 2003 as a partnership firm by Mr. Subbiah, Madurai-based
SSC undertakes civil construction activities, such as construction
of highway and irrigation works for Tamil Nadu state government
and Tamil Nadu Water Supply and Drainage Board. The firm currently
has an order book of around INR850 million, which is expected to
be executed over the next 12 to 15 months.

SSC reported a provisional profit after tax (PAT) of INR13 million
on net sales of INR409 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR9 million on net
sales of INR322 million for 2008-09.


STATE BANK: Moody's Retains Deposit Ratings
-------------------------------------------
Moody's Investors Service has left unchanged the local currency
deposit ratings of all rated Indian banks following the recent
upgrade on July 26 of India's local currency debt rating to Ba1
from Ba2 (both with a positive outlook).  The sovereign upgrade
was prompted by India's economic resilience and its fiscal
consolidation strategy which is supported by intensifying
structural reforms.  This upgrade is resulting in a gradual
narrowing of the gap between the foreign currency (Baa3) and local
currency (Ba1) sovereign ratings.

"The systemic support indicator, which captures the country's
capacity to support its banking system, is unaffected by Moody's
recent sovereign rating action and remains at Baa2," says Nondas
Nicolaides Vice-President and Senior Analyst for Indian banks.
Moody's uses the systemic support indicator to assign the
supported deposit and debt ratings of banks within a given
country.

"At the Baa2 rating level, which is two notches higher than
India's local currency debt rating of Ba1, the systemic support
indicator also takes into account India's sizeable foreign-
currency reserves of around US$280 billion that could, if
required, be used for extending systemic support to the banking
system " adds Mr. Nicolaides.

Other factors considered in Moody's systemic support indicator
assessment include the relative resilience that the Indian banking
system has shown during difficult global economic conditions since
2008, as well as the continued modest size of banking assets,
relative to the size of the Indian economy.

Moody's still considers India to have a highly supportive
framework for its banks.  In fact, the government is currently
recapitalizing a number of public-sector banks, which are
majority-owned by the government and had lower capitalization
levels than other Indian banks.

The Fundamental Ratings Of The Indian Banks Remain Unchanged:

(i) State Bank of India: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign-currency deposit sovereign ceiling) with a C- bank
financial strength rating, which maps to a Baa2 baseline credit
assessment with a stable outlook.

(ii) ICICI Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(iii) Punjab National Bank: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Baa3 baseline credit assessment with a stable
outlook.

(iv) Bank of Baroda: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a stable
outlook.

(v) Bank of India: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D+ BFSR, which
maps to a Ba1 baseline credit assessment with a stable outlook.

(vi) Canara Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D+ BFSR, which
maps to a Baa3 baseline credit assessment with a stable outlook.

(vii) HDFC Bank: Baa2/P-2 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(viii) IDBI Bank: Baa3/P-3 global local currency deposit ratings
and Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a D- BFSR, which
maps to a Ba3 baseline credit assessment with a stable outlook.

(ix) Union Bank of India: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a stable
outlook.

(x) Axis Bank: Baa2/P-2 global local currency deposit ratings and
Ba1/NP foreign currency deposit ratings (constrained by the
foreign currency deposit sovereign ceiling) with a C- BFSR, which
maps to a Baa2 baseline credit assessment with a stable outlook.

(xi) Central Bank of India: Baa3/P-3 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D- BFSR,
which maps to a Ba3 baseline credit assessment with a stable
outlook.

(xii) Syndicate Bank: Baa2/P-2 global local currency deposit
ratings and Ba1/NP foreign currency deposit ratings (constrained
by the foreign currency deposit sovereign ceiling) with a D+ BFSR,
which maps to a Ba1 baseline credit assessment with a negative
outlook.

(xiii) Oriental Bank of Commerce: Baa2/P-2 global local currency
deposit ratings and Ba1/NP foreign currency deposit ratings
(constrained by the foreign currency deposit sovereign ceiling)
with a D+ BFSR, which maps to a Ba1 baseline credit assessment
with a negative outlook.

        Previous Rating Actions & Principal Methodologies

Moody's most recent rating actions on SBI, ICICI Bank, Bank of
Baroda, Bank of India, Canara Bank, HDFC Bank, Union Bank of India
and Axis Bank were implemented on 27 January 2010, when their
foreign currency Upper Tier 2 Notes and Hybrid Tier 1 Notes were
downgraded due to Moody's revised Guidelines for Rating Bank
Hybrids and Subordinated Debt, published in November 2009, which
affected all Indian banks with rated hybrid debt outstanding.

Moody's most recent rating actions on Punjab National Bank, IDBI
Bank, Central Bank of India, Syndicate Bank and Oriental Bank of
Commerce were implemented on 17 December 2009, when their foreign
currency deposit ratings were upgraded to Ba1 from Ba2 following a
similar rating action on India's foreign currency deposit ceiling.

* (All figures quoted below are as of 31 March 2010).

State Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR10.5 trillion (US$234.6 billion).

ICICI Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR3.6 trillion (US$80.7 billion).

Punjab National Bank, headquartered in New Delhi, had total
unconsolidated assets of INR3 trillion (US$65.9 billion).

Bank of Baroda, headquartered in Mumbai, had total unconsolidated
assets of INR2.8 trillion (US$61.8 billion).

Bank of India, headquartered in Mumbai, had total unconsolidated
assets of INR2.7 trillion (US$61.1 billion).

Canara Bank, headquartered in Bangalore, had total unconsolidated
assets of INR2.6 trillion (US$58.8 billion).

IDBI Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR2.3 trillion (US$51.9 billion).

HDFC Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR2.2 trillion (US$49.4 billion).

Union Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR1.9 trillion (US$43.4 billion).

Central Bank of India, headquartered in Mumbai, had total
unconsolidated assets of INR1.8 trillion (US$40.6 billion).

Axis Bank Ltd, headquartered in Mumbai, had total unconsolidated
assets of INR1.8 trillion (US$40.1 billion).

Syndicate Bank, headquartered in Bangalore, had total
unconsolidated assets of INR1.4 trillion (US$30.9 billion).

Oriental Bank of Commerce, headquartered in New Delhi, had total
unconsolidated assets of INR1.4 trillion (US$30.5 billion).


UNION KRUSHAK: CRISIL Assigns 'B-' Rating to INR57.7MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank loan
facilities of Union Krushak Seva Sahakari Sanstha Limited.

   Facilities                            Ratings
   ----------                            -------
   INR57.7 Million Long-Term Bank        B-/Stable (Assigned)
                   Loan Facility
   INR0.4 Million Cash Credit Facility   B-/Stable (Assigned)
   INR74.3 Million Short-Term Bank       P4 (Assigned)
                   Loan Facility

The ratings reflect Union Krushak's small scale of operations with
regional concentration, weak asset quality, limited resource
profile, modest financial risk profile and vulnerability to
volatilities associated with agricultural activity. These rating
weaknesses are partially offset by the support that Union Krushak
receives from its sponsoring bank, Union Bank of India, for
fulfilling its funding requirements, and the society's established
relationships with farmers in select villages of Jalna district
(Maharashtra).

Outlook: Stable

CRISIL believes that Union Krushak's business and financial risk
profiles will remain weak over the medium term. The outlook may be
revised to 'Positive' if there is a significant improvement in the
society's scale of operations, asset quality, and earnings
profile. Conversely, the outlook may be revised to 'Negative' if
Union Krushak's asset quality deteriorates, thereby impacting its
earnings and capitalisation levels.

                        About Union Krushak

Incorporated in 1975, Union Krushak is a Farmer Service Society,
sponsored by Union Bank of India for its funding requirements, and
is registered with the Registrar of Cooperative Societies,
Maharashtra. It had a member base of 6773 farmers as on March 31,
2010, and its operations are restricted to 18 villages in Jalna
district. Union Krushak provides crop loan and other agricultural
loans to its members (mainly small and marginal farmers) with weak
credit risk profiles. The society also provides some ancillary
services to its members like godown facilities and supplying farm-
related products such as fertilisers and seeds at discounted rates
through its fair-price shop. As on March 31, 2010, Union Krushak's
loan portfolio stood at INR92.7 million, as against INR82.8
million a year earlier.

For 2009-10 (refers to financial year, April 1 to March 31), Union
Krushak reported a profit after tax (PAT) of INR0.2 million on a
total income of INR10.2 million, against a PAT of INR0.2 million
on a total income of INR11.9 million for the previous year.


UMIYA FLEXIFOAM: CRISIL Reaffirms 'BB-' Ratings on Various Debts
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Umiya Flexifoam Pvt Ltd
continue to reflect UFPL's weak financial risk profile, and
exposure to risks relating to its small scale of operations in the
competitive aluminium composite panel (ACP) industry. These
weaknesses are partially offset by the company's stable operating
margin despite a slowdown in the end-user industry.

   Facilities                             Ratings
   ----------                             -------
   INR45.0 Million Cash Credit Limit      BB-/Stable (Reaffirmed)
   INR10.0 Million Term Loan              BB-/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit       BB-/Stable (Reaffirmed)
   INR17.5 Million Letter of Credit       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that UFPL will maintain its business risk profile
over the medium term, backed by a stable operating margin and
improving marketing network. The outlook may be revised to
'Positive' in case the company registers high growth in revenues,
along with improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's revenues are
adversely impacted by the overall slowdown in the real estate
sector, or if its debt protection measures deteriorate further due
to large debt-funded capital expenditure.

UFPL is estimated to report an operating income of around INR200
million for 2009-10 (refers to financial year, April 1 to March
31), significantly higher than INR150 million and expectation,
primarily due to more orders with the revival in the real estate
sector, its end-user industry. UFPL's operating margin for the
year, at 8.6 per cent, was in line with expectations. UFPL
maintained its financial risk profile in 2009-10, with the gearing
estimated at 1.70 times as on March 31, 2010.

UFPL is estimated to report a profit after tax (PAT) of INR3.9
million on net sales of INR200 million for 2009-10, against a PAT
of INR4.3 million on net sales of INR150 million for 2008-09.

                        About Umiya Flexifoam

UFPL, incorporated in 2003, manufactures ACPs in five different
finishes: brushed faced, fireproof, marble faced, mirror faced,
and wood textured. The company's facility in Sanand (Gujarat) has
a capacity to manufacture 0.61 million square metres of ACPs. ACPs
find application in building interiors and exteriors for
commercial and residential premises in the real estate industry.


VISHNUPRIYA HOTELS: CRISIL Reaffirms 'D' Rating on INR370M Loan
---------------------------------------------------------------
CRISIL's rating on the bank facility of Vishnupriya Hotels &
Resorts Pvt Ltd continues to reflect delay by Vishnupriya in
servicing its term loan; the delay has been caused by
Vishnupriya's weak liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR370 Million Term Loan       D (Reaffirmed)

Vishnupriya is exposed to risks related to implementation and
occupancy of its five-star hotel at Visakhapatnam (Andhra
Pradesh), and is also susceptible to the risks related to the
industrial and economic slowdown. However, the company benefits
from its tie-up with JHM Interstate Hotels Ltd (JHM Interstate, a
50:50 joint venture between JHM Hotels and Interstate Hotels &
Resorts).

Vishnupriya has been delaying in servicing the interest on its
term loan. The stretched liquidity is on account of cost and time
overrun in the project. The hotel is now expected to commence
commercial operations from December 2010, instead of its earlier
plan of April, 2009, owing to operational and funding delays.
Also, the total project cost is estimated to increase to INR900
million against the initial project cost of INR570 million. The
cost over-run is funded by sanction of additional term loan of
INR230 million and balance by promoter's funds. The company has
also restructured its term loans on June 15, 2010 and the
repayment obligations are expected to start in 2011-12 (refers to
financial year, April 1 to March 31).

The hotel, to be managed by JHM Interstate, will now operate under
the brand of 'Four Points by Sheraton', part of Starwood Hotels;
it was previously to be operated under the brand name, 'Double
Tree', part of Hilton Hotels.

                       About Vishnupriya Hotels

Incorporated in 2005, Vishnupriya is developing an upscale, full-
service, five-star hotel at Visakhapatnam.  The property will
feature 122 rooms, three restaurants, a spa and gymnasium, and six
suites. The hotel is aimed at customers from the business segment,
particularly foreign technicians active in the oil and gas
exploration and shipping segments in and around Visakhapatnam. The
Visakhapatnam hotel, owned and developed by Vishnupriya, will be
managed and operated by JHM Interstate under the brand, 'Four
Points by Sheraton'.


VPS SILK: CRISIL Places 'B+' Rating on INR22.1MM Long-Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to VPS Silk Fabrics
Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR22.10 Million Long-Term Loan       B+/Stable (Assigned)
   INR82.50 Million Cash Credit          B+/Stable (Assigned)
   INR1.50 Million Letter of Credit &    P4 (Assigned)
                       Bank Guarantee

The ratings reflect VPS's below-average financial risk profile,
and large working capital requirements. These rating weaknesses
are partially offset by the benefits that VPS derives from its
promoters' experience in the textile industry, and established
business relationships.

Outlook: Stable

CRISIL believes that VPS will continue to benefit from its
promoters' experience in manufacturing, and trading in, sarees,
and established relationships with customers, over the medium
term. The outlook may be revised to 'Positive' if VPS's revenues
and operating margin increase significantly, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative', if the company's revenues and margins decline
significantly due to competition, or if it undertakes significant
debt-funded capital expenditure programme, or extends support to
group companies.

                           About VPS Silk

VPS, incorporated in 2007 and based in Salem (Tamil Nadu),
manufactures, and trades in, polyester and silk sarees, blouse
materials and petticoats. The company mostly outsources weaving
activities to small players in and around Salem. It has a
texturising machine and an embroidery machine. VPS also has two
associate entities, Satya Traders and Ramesh India Yarn Pvt Ltd.
VPS outsources dyeing activities to Satya Traders.

VPS reported a profit after tax (PAT) of INR34 million on net
sales of INR289 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR27 million on net sales
of INR219 million for 2008-09.


* INDIA: Plans to Conduct Stress Tests for Banks Twice a Year
-------------------------------------------------------------
India plans to conduct twice-yearly stress tests on its banks,
following in the footsteps of financial regulators in the U.S. and
Europe, James Lamont and James Fontanella at The Financial Times
report.

The Reserve Bank of India said it had conducted rudimentary stress
tests during the global financial crisis to check credit and
interest rate risk, the FT relates.  The bank said it would
undertake more sophisticated tests in the future to build
confidence in the country's banking system.

According to the FT, Duvvuri Subbarao, the governor of RBI, said
that India was "learning on the job" in its review of capital,
liquidity and leverage standards.  Mr. Subbarao said that India
needed to have more rigorous stress tests, in which bank balance
sheets are checked to see how much financial pressure they can
withstand in a simulated future crisis, the FT notes.

Anand Sinha, an executive director of the RBI, told the Financial
Times that the Indian central bank had conducted two stress tests
on the country's commercial banks and had undertaken several
sector-?specific tests.

The FT relates Mr. Sinha said the majority of India's banks had
performed well in the tests, but some lenders had faced liquidity
constraints under the stress scenarios.


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


JAPAN AIRLINES: Close to Agreeing With Banks on Rehab Plan
----------------------------------------------------------
The Enterprise Turnaround Initiative Corp. said Wednesday that
Japan Airlines Corp. is close to agreeing with creditor banks on
the details of its rehabilitation plan as the airline enters the
final stage of negotiations with the banks over its turnaround
measures, Kyodo News reports.

"My perception is that we are gradually gaining a consensus among
concerned parties," Hideo Seto, trustee of the state-backed
administrator overseeing the rehabilitation, said, according to
Kyodo.

Kyodo says Mr. Seto also indicated that he believes the agreement
will be reached before the Bon holidays in Japan in the middle of
August and that JAL's rehabilitation plan will be presented to the
Tokyo District Court by the end of August as scheduled.

As for asking banks for new loans, Mr. Seto said negotiations for
additional loans will be put off until September or later after
the plan has been submitted to the court.

                        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)


JAPAN AIRLINES: Starts Talks With Unions on Changing Pay System
---------------------------------------------------------------
Chris Cooper at Bloomberg News reports that Japan Airlines Corp.
has started talks with labor unions on changing its pay system.
Hideo Seto of the Enterprise Turnaround Corp. of Japan said the
company also plans to submit a turnaround plan to the court by the
end of August.

                        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)


MLOX 3: Moody's Downgrades Ratings on Five Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded five classes of MLOX 3
Notes.  The final maturity of the notes will take place in June
2015.

The individual rating actions are listed below.

  -- Class A, downgraded to A3 from Aa1; previously on June 18,
     2010 Aa1 placed under review for possible downgrade

  -- Class B, downgraded to Baa3 from A1; previously on June 18,
     2010 A1 placed under review for possible downgrade

  -- Class C, downgraded to B1 from Baa1; previously on June 18,
     2010 Baa1 placed under review for possible downgrade

  -- Class D, downgraded to Caa3 from B3; previously on June 18,
     2010 B3 placed under review for possible downgrade

  -- Class TK, downgraded to A3 from Aa1; previously on June 18,
     2010 Aa1 placed under review for possible downgrade

MLOX3, effected in September 2007, represents the securitization
of five non-recourse loans, one of which was prepaid before
maturity.  The four remaining loans are backed by 24 properties
(office, residential, and retail properties) located in the Tokyo
area and in provincial cities throughout the country.  One of the
loans has been under special servicing since February 2009 due to
a breach of covenants.

The previous rating actions had been prompted by Moody's growing
concerns about the need to reconsider its recovery assumptions
because the fundamental profitability -- in terms of rents and
occupancy rates -- of the properties was likely to be lower than
previously assumed and would be for some time.

Moody's thus examined additional performance data, including PM
reports and rent rolls, to confirm the properties' occupancy rates
and cash flow and re-assessed its recovery assumptions
accordingly.  Moody's also interviewed the asset manager for one
non-recourse loan on its leasing plans and strategies and disposal
activities.

The current downgrade reflects Moody's concern about the
likelihood of collateral recovery in light of its re-assessed
recovery assumptions, especially for properties in provincial
cities and properties that are not performing well.

Moody's has lowered its recovery assumptions by approximately 29%
to 34%, and to 32% for the weighted average, given that the
fundamental profitability of the properties is lower than
previously estimated.

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

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


ORSO FUNDING: Moody's Confirms Ratings on Various Certificates
--------------------------------------------------------------
Moody's Investors Service has confirmed the ratings for the Class
A through G and X Trust Certificates issued by Orso Funding CMBS
2005-2 Trust.  The final maturity of the trust certificates will
take place in July 2012.

The individual rating actions are listed below.

  -- Class A, confirmed at Aaa; previously Aaa placed under review
     for possible downgrade on April 23, 2010

  -- Class B, confirmed at Aa2; previously Aa2 placed under review
     for possible downgrade on April 23, 2010

  -- Class C, confirmed at A3; previously A3 placed under review
     for possible downgrade on April 23, 2010

  -- Class D, confirmed at Baa3; previously Baa3 placed under
     review for possible downgrade on April 23, 2010

  -- Class E, confirmed at Ba3; previously Ba3 placed under review
     for possible downgrade on April 23, 2010

  -- Class F, confirmed at B1; previously B1 placed under review
     for possible downgrade on April 23, 2010

  -- Class G, confirmed at B2; previously B2 placed under review
     for possible downgrade on April 23, 2010

  -- Class X, confirmed at Aaa; previously Aaa placed under review
     for possible downgrade on April 23, 2010

Orso Funding CMBS 2005-2 Trust, effected in July 2005, represents
the securitization of non-recourse loans and specified bonds to
seven borrowers.

On April 21, 2010, Moody's received a report from the transaction
trustee on the prospects of either keeping the current tenant, or
finding a new one for one of the properties (an office building in
Tokyo) backing one of the non-recourse loans.  The report also
provided the minutes of discussions among the transaction parties
relating to this matter.

The previous rating actions reflected Moody's growing concerns
about the negative effect on its recovery assumptions for the
property of the prospects of keeping the current tenant, or
finding a new one.

During the Moody's review, the transaction parties promoted
refinancing activities regarding the two remaining backing loans.
As a result, one loan backed by a retail building in Tokyo was
prepaid in full on July 23, 2010, and the above loan was fully
paid on July 27, 2010, at its maturity.

The current rating actions reflect these payments.

The Class A through G and X Trust Certificates will be redeemed on
July 29, 2010.


ORIX-NRL TRUST: Moody's Downgrades Ratings on Various Certificates
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for the Class
A through I and X Trust Certificates issued by ORIX-NRL Trust 15.
The final maturity of the trust certificates will take place in
June 2014.

The individual rating actions are:

  -- Class A, downgraded to Aa2 from Aaa; previously Aaa placed
     under review for possible downgrade on July 13, 2010

  -- Class B, downgraded to A3 from Aa3; previously, Aa3 placed
     under review for possible downgrade on July 13, 2010

  -- Class C, downgraded to Ba1 from Baa1; previously, Baa1 placed
     under review for possible downgrade on July 13, 2010

  -- Class D, downgraded to B2 from Ba1; previously, Ba1 placed
     under review for possible downgrade on July 13, 2010

  -- Class E, downgraded to Caa1 from Ba2; previously, Ba2 placed
     under review for possible downgrade on July 13, 2010

  -- Class F, downgraded to Caa3 from B1; previously, B1 placed
     under review for possible downgrade on July 13, 2010

  -- Class G, downgraded to Caa3 from B2; previously, B2 placed
     under review for possible downgrade on July 13, 2010

  -- Class H, downgraded to Caa3 from B3; previously, B3 placed
     under review for possible downgrade on July 13, 2010

  -- Class I, downgraded to Caa3 from B3; previously, B3 placed
     under review for possible downgrade on July 13, 2010

  -- Class X, downgraded to Aa2 from Aaa; previously Aaa placed
     under review for possible downgrade on July 13, 2010

ORIX-NRL Trust 15, effected in September 2007, represents the
securitization of seven non-recourse loans and three specified
bonds.  The transaction is currently secured by five non-recourse
loans and two specified bonds.  Two non-recourse loans and one
specified bond have been under special servicing since the closing
of the deal, and one of the loans was fully paid two months after
being placed under special servicing.

The review entailed a re-examination of Moody's recovery
assumptions for the remaining properties, as well as a re-
assessment of property cash flows and cap rates, taking into
account its comprehensive review of the properties' performance
and prospects for collateral recovery of the specially serviced
loans and specified bonds.

Moody's has downgraded these ratings because

1) it applied more stress to and reduced by 30% on average from
   initial estimates the recovery assumptions for the properties -
   - 19 residential properties and one retail building in Tokyo --
   backing one loan under special servicing since January 2009, in
   light of the servicer's updated work-out strategies for the
   remaining properties and the fact that overall vacancy rates
   are increasing for the properties.

2) it applied more stress to and reduced by 44% from initial
   estimates the recovery assumptions for the property -- one
   retail building in central Osaka -- backing one specified bond
   under special servicing since May 2010, because the main tenant
   has notified the landlord of its intention to vacate, and
   finding a new tenant will be difficult.  This situation could
   lead to a decline in the property's cash flow.

3) it applied more stress to and reduced by 30% on average from
   initial estimates the recovery assumptions for other properties
   backing the remaining loans or specified bonds, maturing
   between February 2011 and May 2012, taking into consideration
   the concern of a likely decline in the property's cash flow.


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


DYNASTY GROUP: Wang Denies Owing $3.8 Million to IRD & Latitude
------------------------------------------------------------------
May Wang, the owner of Dynasty Group, strongly disputes she owes
more than NZ$3.8 million to two creditors that are trying to
bankrupt her, The New Zealand Herald reports citing Ms. Wang's
lawyer Paul Sills.

Ms. Wang, who is currently in Asia, is alleged to owe Inland
Revenue (IRD) about NZ$1.3 million in unpaid tax on assessed
income between 2005 and 2008 and is alleged to owe Latitude Asia
about NZ$2.5 million, the report says.  Both creditors have filed
against Ms. Wang's proposal to pay creditors 6.5c in the dollar.

The report, citing a spokesperson for Ms. Wang, says the money the
IRD had assessed as income was loans from banks.  The money Ms.
Wang is alleged to owe Latitude Asia is opposed by the debtor.

According to the report, Mr. Sills said the IRD had rejected the
creditors' proposal as the money allegedly owed is public wealth
and there is a public benefit from those funds to be paid.  He
disputed any debt to Latitude Asia, the NZ Herald notes.

The Troubled Company Reporter-Asia Pacific, citing
BusinessDay.co.nz, reported on July 29, 2010, that the
Commissioner for Inland Revenue as well as creditor Latitude
Asia had lodged objections in the High Court at Auckland to
Wang's offer to pay creditors 6.5 cents in the dollar.  The
offer has to be approved by the court.  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.


KINGSTON ACQUISITIONS: Commission Mulls Action Against Prudential
-----------------------------------------------------------------
The Securities Commission is considering action against Prudential
Mortgage following complaints it withheld material information
from Kingston Flyer investors, an article posted at stuff.co.nz
says.

According to the report, former Queenstown developer Basil Walker
has complained to the Commission that Prudential solicited money
from investors to finance the Kingston Flyer without telling them
the train was already in financial difficulty.

The report relates Commission senior solicitor Natalie Muir said
in a letter sent to Mr. Walker that Prudential had been told of
its obligation to disclose all material information to investors.
This obligation also required Prudential to consider KAL's
previous loan default when deciding whether it was likely to
recover its own loan on behalf of investors, she said.

"The commission is still deciding what, if any, action it may take
in relation to this matter," the report quoted Ms. Muir as saying.
"If Prudential had breached its obligations, investors could also
seek compensation through the courts although it may be more
effective to first approach Prudential," she said.

                        About Kingston Flyer

The Kingston Flyer is a vintage steam train operating in the South
Island of New Zealand at the southern end of Lake Wakatipu.  The
Kingston Flyer stopped operating since August 2009.

On Nov. 12, 2009, the Troubled Company Reporter-Asia Pacific,
citing The Southland Times, reported that Kingston Acquisitions
Ltd, the company behind the Kingston Flyer steam train, was placed
into receivership by financier Prudential Mortgage Nominees, owing
at least NZ$4.7 million.

The company's assets, which include 80 hectares of development
land, would be sold in an international tender organized by
Bayleys Queenstown, the Southland Times said.


REDGROUP RETAIL: Likely to Breach Banking Covenants Next Month
--------------------------------------------------------------
REDGroup Retail Pty Ltd said it is likely to breach two out of
three of its banking covenants due next month due to tough trading
environment in the last quarter.

"Following consideration of the most recent management accounts,
the Board has formed the view that the Company is likely to breach
two out of three of its banking covenants when they are tested on
August 28, 2010," the company said in a statement to the NZX.

"Like many retailers, the company has experienced a tough trading
environment, particularly in Australia, in the last quarter.

"The Board at this stage expects an EBITDA result, for the purpose
of testing banking covenants, of around $25 million for the
financial year ending August 28, 2010.  This compares with annual
cash interest payments of approximately $9 million for the
financial year ending 28 August 2010," REDGroup said.

The Company said it has commenced discussions with its financiers
to seek a temporary waiver of covenants and will update the market
as and when appropriate.

REDgroup Retail -- http://www.arw.co.nz/-- is a leading books,
stationery and entertainment retailer in Australia, New Zealand
and Singapore.  The Company's divisions include Angus & Robertson,
Borders, Calendar Club, Supanews and Whitcoulls.


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


MANILA CAVITE: Moody's Assigns 'B2' Rating on Series 2010-1 Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to the Series 2010-1 Notes to be issued by Manila Cavite Toll Road
Finance Company.  The rating outlook is stable.

This is the first-time Moody's has assigned a rating to MCTR.

Moody's expects to remove the provisional status of the rating
upon completion of the notes issuance following conclusive review
of all signed documents and legal information, as well as any
subsequent changes in information.

                        Ratings Rationale

The Series 2010-1 Notes, due in 2022, are to be backed by
specifically assigned toll road collection rights for the Manila-
Cavite Toll Expressway in the Philippines, from the UEM-MARA
Philippines Corporation.

"The provisional (P)B2 rating is driven primarily by traffic ramp-
up risk, residual construction risk, and legal risks", says Paul
Ovnerud-Potter, a Moody's Vice President/Senior Credit Officer in
Moody's Asian Infrastructure Finance team.

"MCTR may be exposed to lower than expected traffic volumes,
traffic ramp-up and long-term traffic growth assumptions," says
Ovnerud-Potter, adding that "Although the existing R1 Expressway
has a 12-year operating history, Moody's sees green-field toll-
road traffic risk on the R1 Extension and there is uncertainty on
the forecast lock-step increase in daily traffic on the existing
R1 Expressway."

"An independent traffic report supports forecast traffic levels
and growth, but MCTR's limited financial capacity to absorb
downside risks constrains the rating."

"The rating is also partly driven by execution risk associated
with completion of the new 7km R1 Extension," says Ovnerud-Potter.
"While significant progress has been made on reclaiming land and
undertaking construction works to date, a large amount of final
construction work, including completing bridges and surfacing the
new road, will be required to deliver completion by end-December
2010"

MCTR could be exposed to higher costs and delay risks, given the
reliance on the performance of unrated engineering firms in a
tight construction schedule.  However, structural protections
should ensure adequate liquidity support for delays and cost
overrun risk, consistent with the rating.

MCTR may also be exposed to regulatory, political, and legal risk.
There is a heavy reliance on the legal framework associated with
both the concession and financing arrangements.  Initial toll
rates on the new R1 Extension have not received final approval,
and await the outcome of a public hearing, despite approval from
the Toll Regulatory Board.  And the Philippines Government has
announced that a value-added tax will be imposed on Philippines'
toll roads from mid-August 2010, but the implementation still
requires confirmation from the TRB, to ensure that VAT is passed
through to road-users.

The (P)B2 rating also takes into account the concentration in a
single asset, which exposes it to high event risk, in light of the
concentrated exposure to the economic, transportation, and
demographic conditions in the area from Manila to Cavite.

Moody's analysis factors in the high financial leverage in the
transaction structure, which limits the capacity of UMPC (and
therefore MCTR) to absorb higher construction costs, delays, lower
than forecast traffic, and unexpected challenges or events.  These
issues are compounded by a complicated concession and financing
structure.  Still, the rating is supported by structural
protections that should help support the company's liquidity
profile, including, an interest only period and the pre-funding of
certain reserves plus debt service until June 2011.  In addition,
the financing structure includes protective triggers, designed to
help insulate the project from weaker than expected performance.

Moody's rating addresses the timely payment of interest and
ultimate payment of principal.  While there is a sculpted
amortization profile, failure to pay principal will not trigger a
covenanted payment default, unless principal is not paid down by
the legal maturity in 2022.  In addition, the project benefits
from a concession tail of more than ten years after legal
maturity, although there is some uncertainty surrounding the
applicable revenue sharing rate from that time.

The stable outlook reflects MCRT's capacity to absorb a degree of
construction cost overrun or softer than forecast traffic, given
structural protections and reserves.

The (P)B2 rating may be downgraded if: 1) it appears likely
construction will not be completed by end-December 2010, given the
proximity to its covenant; and 2) construction costs are higher
than currently forecast and pressure contingency levels.  The
rating may also be downgraded, once the R1 Extension opens, if
traffic volumes are more than 10% below UMPC's forecast, with
consequent negative pressure on financial metrics and liquidity.
The rating could also be affected if MCTR's financial profile is
materially affected by a failure to approve the forecast toll rate
or if newly imposed VAT is not able to be passed through to road-
users or if VAT is retroactively applied to UMPC.  The rating may
also be affected if any Philippines Government authority takes any
steps that would impacts MCTR's rights to receive the forecast
toll road collections required to service its debt.  The rating
may also be downgraded if the funding costs of MCTR, following the
Notes issuance, are such that the minimum debt service coverage
ratio will be less than 1.35x or if the Funds From Operations/Debt
will average less than 8.5% in the first 3 years of operations (in
each case, based on Moody's adjusted financial metrics for the
company's base case forecast).

On the other hand, the rating could be upgraded by one notch to B1
upon the successful completion of construction of the R1 Extension
(on time and on budget) and upon the road exhibiting a solid
operating history at or above the forecast traffic levels, such
that Moody's DSCR will exceed 1.4x and FFO/Debt will exceed 15% on
a sustainable basis.

The provisional rating was assigned by evaluating factors Moody's
considers are relevant to the credit profile of MCTR, such as i)
construction risk, ii) traffic downside risk, iii) business risk
and the company's competitive position, iv) the company's capital
structure and financial risk, v) the company's projected
performance over the near to medium term, vi) its contractual
framework, and vii) by reference to Moody's methodology
"Operational Toll Roads", published in December 2006.  The
Operational Toll Roads methodology is designed for toll roads that
are not subject to material construction or traffic ramp-up risk.
As such, the methodology was used only as a reference point and
not as the main basis for the rating given that its application is
qualified by these limitations.  MCTR's attributes were also
compared to other issuers both in and outside MCTR's core
industry; Moody's therefore considers MCTR's ratings to be
comparable to those of other issuers of similar credit risk.

Manila Cavite Toll Road Finance Company is a single-purpose
exempted company incorporated in the Cayman Islands, with limited
liability.  MCTR is the financing vehicle for UEM - MARA
Philippines Corporation, which is wholly owned by Coastal Road
Corporation, incorporated in the Philippines.  UMPC has rights
under a toll road concession to design, finance, construct, and
operate the Manila Cavite Toll Expressway, including an existing
R1 Expressway, and a soon to be completed R1 Extension.  The
concession runs for a term of 35 years to October 2033.  The toll
road concession arrangements are in place with the Philippines
Reclamation Authority, a corporation that is owned and controlled
by the Government of the Republic of the Philippines and the
Philippines Government via the Toll Regulatory Board.  UMPC will
assign toll road collection rights to MCTR to support the Notes.

This is the first time Moody's has assigned a rating to a toll
road project in the Philippines.


MANILA CAVITE: S&P Assigns 'B' Rating on US$175 Mil. Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' preliminary
rating on the proposed US$175 million Series 2010-1 notes due 2022
to be issued by Manila Cavite Toll Road Finance Co.  The outlook
is stable.  S&P will assign a final rating on receipt and
satisfactory review of all final project and finance
documentation, as well as tax and legal opinions.

"The preliminary rating on the proposed notes reflects the
execution risk of not completing construction of the toll road
extension on time, the project's dependence on strong traffic
growth to meet debt service, especially during the ramp-up period,
toll rates that are high relative to other roads in the vicinity,
and weak cash flow from operations during the ramp-up period,"
said Standard & Poor's credit analyst Allan Redimerio.

"These weaknesses are balanced by the long-term potential traffic
upside of the toll road, the solid long-term concession agreement,
which benefits from some government support, and adequate
liquidity provided by debt service, operation and major
maintenance reserves," he added.

Proceeds from the note issuance will be used to finance the
completion of the road extension, repay bank loans taken to
finance the project, and fund certain reserve accounts.

The Manila Cavite Toll Expressway is a tolled expressway running
south from Paranaque city in Metro Manila to the province of
Cavite.  The MCTE provides a vital link between Metro Manila and
the province of Cavite.  The expressway consists of two segments:
the existing segment, which has been operating for more than 10
years, and the extension, which is being constructed and targeted
for completion by end-December 2010.  MCTFC is a special-purpose
vehicle owned indirectly by UEM-Mara Philippines Corp., which is
the private-sector party to a joint-venture agreement with the
concession holder, government-owned Philippine Reclamation
Authority.  UEM-Mara is responsible for building and operating the
road and in return receives 90% or more of the cash flows.

"The transaction marks a return to the international debt capital
markets for financing infrastructure projects in Southeast Asia,
where most of the projects over the past several years were funded
in the domestic or international bank loan markets," said Suzanne
Smith, managing director of corporate ratings at Standard &
Poor's.

The stable outlook reflects the favorable demand fundamentals for
the toll road and the establishment of debt service reserves that
cover interest during the construction and during the first 18
months of the ramp-up period when cash from operations is forecast
to barely cover interest payments.


PHILIPPINE AIRLINES: Flight Attendants Threaten to Strike
---------------------------------------------------------
Flight attendants of Philippine Airlines are planning to go on
strike over management's discriminatory policies, which include a
lower compulsory retirement age for attendants and stewards, abs-
cbnNEWS.com reports.

The 1,600 members of the PAL-Flight Attendants' and Stewards'
Association of the Philippines (FASAP), said in a statement that
management has been "bargaining in bad faith" and has not offered
collective bargaining agreement proposals since the last deal
expired in 2007, abs-cbnNEWS.com relates.

"The flight attendants' collective morale has dipped to an all-
time low," FASAP said, adding its members have not been granted
any salary increase, according to abs-cbnNEWS.com.

FASAP, as cited by abs-cbnNEWS.com, says the primary reason for
contemplating a strike, aside from the standoff in the CBA, is the
age and gender discrimination against its flight attendants.

"All we ask is for equality in the workplace. In PAL, the other
employees are allowed to work until 65 years old. The pilots'
compulsory retirement age for both males and females is 60 years
old. But for flight attendants, the compulsory retirement age is
as young as 40 years old," abs-cbnNEWS.com quoted FASAP President
Roberto Anduiza as saying.

Mr. Anduiza said the planned strike will force PAL management to
respect the legal CBA process and bring them back to the
negotiating table, abs-cbnNEWS.com adds.

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

PAL narrowed total comprehensive losses for its fiscal year that
ended March 2010 to $14.3 million, compared with $297.8 million in
losses during the previous fiscal year due largely to weak demand
in the international sector.  Revenues went down to $1.36 billion
from $1.6 billion the previous year.

                     About Philippine Airlines

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


PHILIPPINE AIRLINES: Travel Agencies Slam PAL Promotional Packages
------------------------------------------------------------------
The Philippine Travel Agencies Association has slammed Philippine
Airlines offering discounted fares packaged with cheap hotel rooms
and tours in popular domestic and international destinations --
services that the group claims to be its stock in trade, The
Philippine Daily Inquirer reports.

Citing PTAA's letter to PAL chief commercial group adviser Richard
Miller, the Philippine Daily Inquirer relates the group said the
airline's various packages, which had been widely advertised in
recent weeks, would eat into travel agents' business.

"The association's membership most respectfully submit . . . that
the foregoing business practice . . . observed by PAL is not
entirely in consonance with the concepts of fair play, fair
competition and equity," PTAA president Paz Alberto said in the
letter, according to the report.

The Inquirer notes PTAA said PAL's promos have hurt the travel
industry's sales since passengers are now going straight to the
airline.

The report recalls that PAL earlier this year announced that it
would offer a series of promotional packages to encourage more
people to travel amid improving economic prospects.  The promos
were also offered to mark PAL's 70th anniversary next year.

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

PAL narrowed total comprehensive losses for its fiscal year that
ended March 2010 to $14.3 million, compared with $297.8 million in
losses during the previous fiscal year due largely to weak demand
in the international sector.  Revenues went down to $1.36 billion
from $1.6 billion the previous year.

                     About Philippine Airlines

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


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


AU OPTRONICS: Posts NT$11.25 Bil. Net Income in Qtr. Ended June 30
------------------------------------------------------------------
AU Optronics Corp. disclosed its unaudited results for the second
quarter of 2010.

For the second quarter ended June 30, 2010, AUO posted
consolidated revenue of NT$128,586 million (US$3,985 million), up
15.3% from the previous quarter.  Gross profit improved 42.4%
quarter-over-quarter to NT$20,324 million (US$630 million), while
operating profit grew 62.6% quarter-over-quarter to NT$13,215
million (US$410 million).  AUO's net income came in at NT$11,246
million (US$348 million), up 54.6% quarter-over-quarter.  Net
income attributable to equity holders of the parent company was
NT$10,957 million (US$340 million), with basic EPS of NT$1.24 per
common share (US$0.38 per ADR).

For the first half of 2010, AUO reported consolidated revenues of
NT$240,150 million (US$7,442 million), with net income of
NT$18,520 million (US$574 million) or basic EPS of NT$2.05 per
common share (US$0.63 per ADR).

For the second quarter, AUO's large-sized panels reached 29.62
million units, up 8.8% quarter-over-quarter and 32.2% year-over-
year. Shipments of small- and medium-sized panels exceeded 55.43
million units, down 2.7% quarter-over-quarter and 8.9% year-over-
year.  For the first half of 2010, AUO's large-sized panels
totaled 56.84 million units and small- and medium-sized panels
exceeded 112.42 million units.

"AUO's second quarter results were generally in line with our
guidance set in the Investor Conference on April 22," said Mr.
Andy Yang, Chief Financial Officer of AUO.  "Thanks to a better
product mix, growing adoption rates of LED backlight in high-end
panels and nearly full capacity utilization rates, our gross
margin increased from last quarter's 12.8% to 15.8% this quarter.
Operating margin also increased from 7.3% last quarter to 10.3%,
while EBITDA margin maintained at 27.5%.  Starting from last year,
AUO has been actively forging strategic alliance with our
customers.  These alliances are bringing synergies to us. By
working closely with clients and involving early in the design
stages under a win-win interactive mode, we are able to better
understand the end demand, especially for the high-end products,
and timely respond to the market trends."

AUO said it had officially acquired the G4.5 fab of Toshiba Mobile
Display Co., Ltd., in Singapore, effective on July 1.  This fab
will bring in approximately 45,000 sheets of LTPS (low temperature
polysilicon) capacity per month, which enables AUO to better serve
its customers in the high-end display markets.

                         About AU Optronics

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

                           *     *     *

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


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


* Fitch Downgrades Vietnam's Issuer Default Ratings to 'B+'
-----------------------------------------------------------
Fitch Ratings has downgraded Vietnam's Long-term foreign and local
currency Issuer Default Ratings to 'B+' from 'BB-' respectively
and removed them from Rating Watch Negative.  The Outlooks on the
ratings are Stable.

At the same time, Fitch downgraded the Country Ceiling to 'B+'
from 'BB-' and affirmed the Short-term foreign currency IDR at
'B'.

"Vietnam's sovereign creditworthiness has deteriorated on the back
of weaker external finances and rising external financing
requirements amid an inconsistent macroeconomic policy framework,
a highly dollarized economy and a weak banking system," said Ai
Ling Ngiam, Director in Fitch's Asia Sovereign team.

During Q210, the State Bank of Vietnam accumulated additional
foreign assets from the banking system, marginally adding on to
the USD13.8bn trough in official foreign exchange reserves in
March 2010.  However, Fitch does not believe that Vietnam's
external finance position has stabilized as yet.  For the third
successive year, more stable, net long-term capital flows (direct
and portfolio investments) may fall short of covering the current
account deficit, which is expected to stay wide at over 10% of GDP
in 2010.  Repatriation of external assets by state-owned
enterprises also suggests that the rise in FXR so far this year
may not be sustainable.  Fitch forecasts Vietnam's gross external
financing requirements rise to 79% of FXR in 2010 from 37% in
2009, higher than the 'B' median of 55%.  This would increase
Vietnam's vulnerability to changing external financing conditions.

"Vietnam's track record of stop-go policy tightening and easing
has been ad-hoc, reactive and inconsistent," adds Ms. Ngiam.
There is a risk that policies may ease towards a pro-growth stance
in the run-up to the January 2011 national congress of the ruling
Communist Party.  Premature easing increases the risk of
macroeconomic and financial instability.  Fitch notes that
prolonged double-digit credit extension to state and private
entities underlines rising sovereign contingent liability risks
posed by the banking sector.  Fitch forecasts the stock of private
credit to reach 116% of GDP in 2010, the highest stock of private
credit relative to output in the 'B' rated category.

Vietnam has a "twin deficit" problem: the general government
deficit widened to 8.7% of GDP in 2009 and Fitch expects the
deficit to remain high at 7.6% in 2010.  Financing deficits of
this size has proved difficult, with the government resorting to
domestically-issued foreign currency instruments, raising exposure
to exchange rate risk.  Public debt has risen to 45% of GDP in
2009, eroding what had traditionally been a key rating strength,
while the risk of contingent liabilities migrating to the public
sector's balance sheet is high.

According to Fitch's Macro Prudential Risk Monitor, Vietnam's
banking system's vulnerability to potential systemic stress has
increased to "high" from "moderate" and now ranks E3, the lowest
point on the matrix.  A preliminary Fitch analysis  --  based on
Vietnamese accounting standards --  estimates a possible banking
sector recapitalization bill of the top six systemically important
banks (which represent 51% of total banking sector assets) to be
at least 12% of GDP, should systemic risks materialize.
Uncertainty surrounding the banking system's asset quality is
underscored by the fact that VAS-based non-performing loans often
fall short of that of international accounting standards by 3x-5x.
Furthermore, domestic confidence remains sensitive to shocks,
leaving the Vietnamese dong vulnerable to renewed switches into
foreign exchange and gold.  Further rounds of currency pressure
would be negative for financial stability given the highly
dollarized banking system.

At the 'B' rating category, Vietnam's sovereign fundamentals
remain supported by strong support received from multilateral and
bilateral creditors as well as significant gains in income per
capita following the introduction of the "doi moi" policy in 1986.


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


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

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


AUSTRALIA


ADVANCE HEAL-NEW        AHGN             16.93          -8.23
ARASOR INTERNATI        ARR              19.21         -26.51
AUSTAR UNITED           AUN             568.69        -325.83
AUSTRAILIAN Z-PP        AZCCA            77.74          -2.57
AUSTRALIAN ZIRC         AZC              77.74          -2.57
AUTRON CORP LTD         AAT              32.50         -13.46
BCD RESOURCES OP        BCO              22.09         -61.19
BCD RESOURCES-PP        BCOCC            22.09         -61.19
BIRON APPAREL LT        BIC              19.71          -2.22
CENTRO PROPERTIE        CNP          14,784.56        -461.11
CHALLENGER INF-A        CIF           2,307.01        -104.58
CHEMEQ LTD              CMQ              25.19         -24.25
CITY PACIFIC LTD        CIY             171.50          -6.38
ELLECT HOLDINGS         EHG              18.25         -15.49
HEALTH CORP LTD         HEA              13.85          -0.97
HEALTH CORP LT-N        HEAN             13.85          -0.97
HYRO LTD                HYO              11.59          -4.73
IVANHOE AUST LTD        IVA              49.44          -6.51
MAC COMM INFR-CD        MCGCD         8,104.42        -103.34
NATURAL FUEL LTD        NFL              19.38        -121.51
ORION GOLD NL           ORN              12.37         -24.99
POWERLAN LTD            PWR              30.84          -5.94
SCIGEN LTD-CUFS         SIE              71.22         -25.69
SHELL VILLAGES A        SVC              13.47          -1.66
TAKORADI LTD            TKG              13.99          -0.41
VERTICON GROUP          VGP              15.07         -29.20


CHINA

BAO LONG ORIENTA        600988           11.60          -7.44
BAOCHENG INVESTM        600892           21.39          -2.55
CHANGAN INFO-A          600706           19.27          -7.62
CHENGDE DALU -B         200160           26.76          -5.73
CHENGDU UNION-A         693              41.39         -12.35
CHINA KEJIAN-A          35               84.21        -182.60
CONTEL CORP LTD         CTEL             24.17         -45.31
DATONG CEMENT-A         673              21.25          -1.54
DONGGUAN FANGD-A        600656           22.26         -59.02
DONGXIN ELECTR-A        600691           13.53         -19.38
GAOXIN ZHANGTO-A        2075            110.44         -39.93
GUANGMING GRP -A        587              46.25         -38.70
GUANGXIA YINCH-A        557              30.99         -29.72
HAINAN ZHUXIN-A         600515          123.22          -2.37
HEBEI BAOSHUO -A        600155          110.09        -387.99
HEBEI JINNIU C-A        600722          227.88        -230.19
HISENSE KELON -H        921             618.47        -107.13
HISENSE KELON-A         921             618.47        -107.13
HUASU HOLDINGS-A        509              86.39          -3.82
HUNAN ANPLAS CO         156              44.13         -69.23
JINCHENG PAPER-A        820             250.82          -5.71
JINHUA GROUP-A          818             335.97         -31.40
LIAOYUAN DEHENG         600699          121.62         -29.14
QINGHAI SUNSHI-A        600381           68.98         -25.40
SHAANXI QINLIN-A        600217          233.70         -34.38
SHANG BROAD-A           600608           74.98         -19.72
SHANG HONGSHENG         600817           15.44        -457.23
SHANGHAI WORLDBE        600757          153.10        -190.22
SHENZ CHINA BI-A        17               24.86        -272.59
SHENZ CHINA BI-B        200017           24.86        -272.59
SHENZHEN DAWNC-A        863              27.13        -150.10
SHENZHEN KONDA-A        48              118.96          -0.71
SHENZHEN SHENX-A        34               23.81        -118.24
SHENZHEN ZERO-A         7                50.66          -9.39
SHIJIAZHUANG D-A        958             225.44         -69.75
SICHUAN DIRECT-A        757             103.79        -134.42
SUNTEK TECHNOL-A        600728           62.08         -15.09
TAIYUAN TIANLO-A        600234           51.10         -25.99
TIANJIN MARINE          600751           78.09         -63.86
TIANJIN MARINE-B        900938           78.09         -63.86
TIBET SUMMIT I-A        600338           87.44          -0.85
TOPSUN SCIENCE-A        600771          170.01        -152.79
WINOWNER GROUP C        600681           10.58         -71.05
WUHAN BOILER-B          200770          286.45        -140.07
WUHAN GUOYAO-A          600421           11.05         -23.63
WUHAN LINUO SOLA        600885           80.33          -0.50
XIAMEN OVERSEA-A        600870          338.03        -139.08
YANBIAN SHIXIA-A        600462          205.51         -13.20
YIBIN PAPER IN-A        600793          113.93          -0.74
YUEYANG HENGLI-A        622              38.14         -14.95
YUNNAN MALONG-A         600792          143.63         -36.68
ZHANGJIAJIE TO-A        430              45.95          -4.59
ZHONGCHANG MAR-A        600242           20.42          -1.12


HONG KONG

ASIA TELEMEDIA L        376              16.62          -5.37
BUILDMORE INTL          108              13.08         -43.45
CHINA COMMUNICAT        8206             39.84          -4.10
CHINA GOLDEN DEV        162             255.15          -4.51
CMMB VISION HOLD        471              38.50          -8.34
EGANAGOLDPFEIL          48              557.89        -132.86
FULBOND HLDGS           1041             80.19         -59.51
IMAGI INTERNATIO        585              11.29         -21.23
JACKIN INTL HLDG        630              50.53          -1.92
KING STONE ENERG        663             483.80         -64.12
MELCOLOT LTD            8198             65.62         -25.95
MITSUMARU EAST K        2358             21.23          -9.04
NEW CITY CHINA          456             112.20         -14.59
NGAI LIK INDL           332             132.82          -4.76
PAC PLYWOOD             767              68.66         -12.31
PALADIN LTD             495             155.31         -10.91
PCCW LTD                8             5,801.75        -261.18
PROVIEW INTL HLD        334             314.87        -294.85
SINO RESOURCES G        223              33.92         -58.77
TACK HSIN HLDG          611              27.01         -62.70


INDONESIA

ASIA PACIFIC            POLY            494.87        -841.93
JAKARTA KYOEI ST        JKSW             28.61         -45.23
MITRA INTERNATIO        MIRA          1,006.35        -185.12
MITRA RAJASA-RTS        MIRA-R2       1,006.35        -185.12
MULIA INDUSTRIND        MLIA            360.87        -368.54
PANASIA FILAMENT        PAFI             47.01          -6.29
PANCA WIRATAMA          PWSI             30.17         -37.32
PRIMARINDO ASIA         BIMA             11.00         -21.84
STEADY SAFE TBK         SAFE             12.29          -7.96
SURABAYA AGUNG          SAIP            262.20         -82.20
UNITEX TBK              UNTX             16.67         -14.92


INDIA

ALCOBEX METALS          AML              16.59         -21.47
ARTSON ENGR             ART              15.63          -1.61
ASHIMA LTD              ASHM             63.65         -55.81
BALAJI DISTILLER        BLD              51.16         -38.38
BELLARY STEELS          BSAL            451.68        -108.50
BHAGHEERATHA ENG        BGEL             22.65         -28.20
CAMBRIDGE SOLUTI        CAMB            156.75         -46.79
CFL CAPITAL FIN         CEATF            14.31         -40.04
COMPUTERSKILL           CPS              14.90          -7.56
CORE HEALTHCARE         CPAR            185.36        -241.91
DCM FINANCIAL SE        DCMFS            16.06          -9.47
DIGJAM LTD              DGJM             98.77         -14.62
DISH TV INDIA           DITV            422.08        -127.61
DUNCANS INDUS           DAI             116.96        -183.24
GANESH BENZOPLST        GBP              43.99         -24.57
GEM SPINNERS LTD        GEMS             15.23          -0.11
GLOBAL BOARDS           GLB              25.15          -0.79
GSL INDIA LTD           GSL              37.04         -42.34
GSL NOVA PETROCH        GSLN             44.39          -0.93
GUJARAT SIDHEE          GSCL             59.44          -0.66
HARYANA STEEL           HYSA             10.83          -5.91
HENKEL INDIA LTD        HNKL            102.05         -10.24
HFCL INFOTEL LTD        HFCL            173.52        -101.57
HIMACHAL FUTURIS        HMFC            406.63        -210.98
HINDUSTAN PHOTO         HPHT             68.94      -1,147.18
HINDUSTAN SYNTEX        HSYN             12.68          -1.79
HMT LTD                 HMT             139.31        -277.69
ICDS                    ICDS             13.30          -6.17
INDIA FOILS LTD         IF               54.77          -2.70
INFOMEDIA 18 LTD        INF18            35.80          -1.94
INTEGRAT FINANCE        IFC              45.56         -43.27
ITI LTD                 ITI           1,116.21          -0.80
JCT ELECTRONICS         JCTE            122.54         -50.00
JD ORGOCHEM LTD         JDO              10.46          -1.60
JENSON & NIC LTD        JN               17.91         -84.78
JIK INDUS LTD           KFS              20.63          -5.62
JK SYNTHETICS           JKS              13.51          -3.03
JOG ENGINEERING         VMJ              50.08         -10.08
KALYANPUR CEMENT        KCEM             37.45         -45.90
KERALA AYURVEDA         KRAP             13.41          -0.59
KINGFISHER AIR          KAIR          1,458.64        -418.91
LLOYDS FINANCE          LYDF             27.68          -8.64
LLOYDS STEEL IND        LYDS            415.66         -63.93
MILLENNIUM BEER         MLB              36.39          -3.20
MILTON PLASTICS         MILT             18.31         -40.44
NATH PULP & PAP         NPPM             13.59         -39.13
NICCO UCO ALLIAN        NICU             32.23         -71.91
NK INDUS LTD            NKI              49.04          -4.95
ORIENT PRESS LTD        OP               16.70          -0.09
PANCHMAHAL STEEL        PMS              51.02          -0.33
PARASRAMPUR SYN         PPS             111.97        -317.11
PAREKH PLATINUM         PKPL             61.08         -88.85
PEACOCK INDS LTD        PCOK             11.40         -14.40
PIRAMAL LIFE SC         PLSL             45.82         -32.69
POLAR INDS LTD          PLI              11.61         -22.28
RAMA PHOSPHATES         RMPH             34.07          -1.19
RATHI ISPAT LTD         RTIS             44.56          -3.93
RELIGARE TECHNOV        RTCL             44.13          -1.46
RENOWNED AUTO PR        RAP              14.12          -1.25
ROLLATAINERS LTD        RLT              22.97         -22.24
ROYAL CUSHION           RCVP             20.22         -62.97
SCOOTERS INDIA          SCTR             13.29          -0.58
SHALIMAR WIRES          SWRI             24.49         -49.90
SHAMKEN COTSYN          SHC              23.13          -6.17
SHAMKEN MULTIFAB        SHM              60.55         -13.26
SHAMKEN SPINNERS        SSP              42.18         -16.76
SHREE RAMA MULTI        SRMT             63.73         -52.93
SIDDHARTHA TUBES        SDT              70.93         -12.09
SIL BUSINESS ENT        SILB             12.46         -19.96
SOUTHERN PETROCH        SPET          1,543.61         -35.61
SPICEJET LTD            SJET            147.98         -84.65
STERLING HOL RES        SLHR             52.91          -0.63
STI INDIA LTD           STIB             28.05          -8.04
TAMILNADU TELE          TNT              12.82          -5.15
TATA TELESERVICE        TTLS          1,069.83        -154.99
TRIUMPH INTL            OXIF             58.46         -14.18
TRIVENI GLASS           TRSG             24.39          -8.90
UNIWORTH LTD            WW              145.71        -114.87
USHA INDIA LTD          USHA             12.06         -54.51
VENTURA TEXTILES        VRTL             14.25          -0.33
WINDSOR MACHINES        WML              14.50         -28.14
WIRE AND WIRELES        WNW             102.42         -37.06


JAPAN

ARDEPRO                 8925            310.82        -253.28
DAIWASYSTEM CO          8939            607.68        -259.76
HARAKOSAN CO            8894            225.69         -62.68
JIPANGU HOLDINGS        2684             15.05          -8.38
L CREATE CO LTD         3247             42.34          -9.15
LCA HOLDINGS COR        4798             51.30          -2.57
NIHON INTER ELEC        6974            218.08         -50.73
PROPERST CO LTD         3236            305.90        -330.20
RAYTEX CORP             6672             61.49          -3.49
SAIKAYA CO LTD          8254            375.83         -72.59
SHINWA OX CORP          2654             41.06         -24.43
SHIOMI HOLDINGS         2414            190.97         -22.81
TERRANETZ CO LTD        2140             11.63          -4.29


KOREA

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


MALAYSIA

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


NEW ZEALAND


DOMINION FINANCE        DFH             258.90         -55.31


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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