TCRAP_Public/100802.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, August 2, 2010, Vol. 13, No. 150

                            Headlines



C H I N A

SHIMAO PROPERTY: Fitch Affirms 'BB+' Issuer Default Rating
SHIMAO PROPERTY: Sells US$500 Million 7-Year Bond


H O N G  K O N G

ALL UNITY: Creditors' Proofs of Debt Due August 20
CHIEF RESOURCES: Members' Final Meeting Set for August 30
CHINA ROCKWAY: Placed Under Voluntary Wind-Up Proceedings
FORTUNE ALPHA: Placed Under Voluntary Wind-Up Proceedings
FUK HEI: Members' Final General Meeting Set for September 1

HK CHANG: Creditors' Proofs of Debt Due August 31
HK CHEUNG: Members' Final Meeting Set for September 1
INNER FLAME: Philip Brendan Gilligan Steps Down as Liquidator
M SINO: Members' Final Meeting Set for August 31
MERCURY PUBLICITY: Commences Wind-Up Proceedings


I N D I A

ANIL SPECIAL: ICRA Assigns 'LBB+' Rating to INR62.58cr Bank Debts
COLORANT LIMITED: ICRA Places 'LBB' Rating on INR55 Mil. Bank Debt
D.D. PROPERTIES: ICRA Reaffirms 'LBB' Rating on INR39cr Bank Debts
DEVKINANDAN J: ICRA Assigns 'LBB' Rating to INR150MM LT Bank Debt
EASTERN EXPORTS: CARE Rates INR7.10cr Short Term Loan at 'PR4'

FLICKER PROJECTS: ICRA Puts 'LBB+' Rating on INR400MM Term Loans
GANESHPRASAD IMPEX: ICRA Assigns 'LB+' Rating to INR50MM LT Loan
LALSONS JEWELLERS: ICRA Reaffirms 'LBB+' Rating on Long-Term Loans
LMJ INTERNATIONAL: Fitch Assigns 'BB+' National Long-Term Rating
MADRAS MEDICAL: ICRA Reaffirms 'LBB-' Rating on INR414MM Term Loan

LUCKY STAR: CARE Assigns 'CARE BB+' Rating to INR40cr LT Bank Debt
PATEL WOOD: ICRA Assigns 'LBB-' Rating to INR1 Million LT Loan
SARVPRIYA INDUSTRIES: ICRA Rates INR25.39cr LT Loan at 'LB'
SHIVSHAKTI SPONGE: CARE Assigns 'CARE BB' Rating to INR6.2cr Loan
SRC STEELS: CARE Places 'CARE BB+' Rating on INR5.4cr LT Loan

TATA MOTORS: Mercedes Benz May End Paint Shop Tie-Up in December


J A P A N

ALL NIPPON: Posts JPY5.2 Billion Net Loss in Qtr. Ended June 30
CSFS GODO: Moody's Changes Ratings on Various Classes of Bonds
DAIEI INC: To Reclassify JPY25 Billion in Earlier-Booked Losses
MLOX 4: Moody's Downgrades Ratings on Five Classes of Certificates
SOFTBANK CORP: Operating Profit Rises 44.6% on iPhone Demand

TOSHIBA CORP: Concludes Definitive Deal on Mobile Business Merger


K O R E A

KUMHO ASIANA: Chairman Park Steps Down for Health Reasons


M A L A Y S I A

MATAHARI PUTRA: S&P Affirms 'B+' Long-Term Corporate Family Rating
RHB BANK: Fitch Upgrades Individual Rating to 'C' From 'C/D'


N E W  Z E A L A N D

AORANGI SECURITIES: Investors Meeting Slated for August 6
NZ FARMING: Olam Says Company Been Badly Manage
OPTICAL HOLDINGS: Placed in Receivership; McGrathnicol Appointed
SAPPHIRE II: S&P Raises Ratings on Three Classes of RMBS Notes
SILVER FERN: To Close Processing Plant in England


S I N G A P O R E

AVIATION INVESTMENT: Creditors' Proofs of Debt Due August 13
CASHMART JEWELRY: Court to Hear Wind-Up Petition on August 13
DATALEX SINGAPORE: Creditors' Proofs of Debt Due August 28
FORD GROUP: Creditors' Proofs of Debt Due August 29
IDEAL ACCOMMODATION: Court Enters Wind-Up Order

MT. BATTEN: Court Enters Wind-Up Order
NW ENGINEERING: Creditors Get 100% and 9% Recovery on Claims




                         - - - - -


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C H I N A
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SHIMAO PROPERTY: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Shimao Property Holdings Limited's
Long-term foreign currency Issuer Default Rating at 'BB+'.  The
Outlook is Stable.  At the same time, Fitch affirmed Shimao's
foreign currency senior unsecured rating at 'BB+'.

"The rating affirmation reflects Shimao's improved liquidity
following the issuance of US$500 million senior notes due 2017
(2017 senior notes) and the company's ability to secure long-term
debt financing at a reasonable cost, despite uncertainties
surrounding China's residential property sector," says Ying Wang,
Director in Fitch's Asia-Pacific Corporates team.  "We expect
Shimao's credit profile to remain relatively stable in the next 12
to 18 months after factoring in modest stress in projected H210
and 2011 contracted sales."

Shimao reported lower monthly contracted sales in May and June
2010 as compared to April 2010 due to the delay of new pre-sale
launches following the Chinese government's implementation of a
slew of tightening policies.  However, Fitch expects contracted
sales volume to rebound in H210 driven by incremental pre-sales
from 10 to 12 new projects.  That said, the agency expects
profitability to be partially offset by modestly weaker contracted
Average Selling Prices.  With more property developers likely to
adopt a discount pricing strategy to drive sales volumes in H210,
Fitch anticipates any discount to the contracted ASPs to be rather
modest and the 2010 ASP growth to remain positive on a year-on-
year basis.

Fitch believes Shimao has adequate liquidity over the next 12 to
18 months, supported by ample unrestricted cash and unutilized
banking facilities (CNY6.9 billion and CNY5.3 billion at end-2009,
respectively), relatively resilient contracted sales (as compared
with 2009 level), and the complementary yet growing income from
the investment property/hotel portfolio.  Furthermore, the recent
debt financing, including the US$460 million syndicated loan
facility (syndicated loan) and the 2017 senior notes, also
strengthened liquidity.  The agency has factored in modest
flexibility in construction costs, land premiums, capex, and
dividend policies when reviewing Shimao's near-to-medium term
liquidity.  The agency notes both the syndicated loan and the 2017
senior notes require Shimao's dividend payout ratio be kept at
less than 35% of consolidated net profits after tax in any
financial year.  Fitch expects Shimao to maintain modest leverage
of 2.5x to 3.0x adjusted net debt/operating EBITDAR (end-2009:
3.0x) in 2010 to 2012.

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


SHIMAO PROPERTY: Sells US$500 Million 7-Year Bond
-------------------------------------------------
Shimao Property Holdings Ltd. raised $500 million on July 27 in a
seven-year bond deal that offered a yield of 9.65%, Dow Jones
Newswires reports citing Dealogic.  The securities priced at par
and are non-callable for the first four years.

Dow Jones relates the developer said it plans to issue senior
notes to repay existing debt and develop new projects.

HSBC Holdings PLC, Morgan Stanley and Standard Chartered PLC are
the joint lead managers and joint bookrunners of the sale, the
report says.

Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on July 29,
2010, Moody's Investors Service assigned a senior unsecured rating
of B1 to Shimao Holdings Limited's proposed senior unsecured
Regulation S bonds.  Moody's also affirmed Shimao's Ba3 corporate
family rating.  The outlook on the ratings is stable.


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


ALL UNITY: Creditors' Proofs of Debt Due August 20
--------------------------------------------------
Creditors of All Unity Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
August 20, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chan Mi Har
         Ying Hing Chiu
         Level 28 Three Pacific Place
         1 Queen's Road East
         Hong Kong


CHIEF RESOURCES: Members' Final Meeting Set for August 30
---------------------------------------------------------
Members of Chief Resources Limited will hold their final meeting
on August 30, 2010, at 10:00 a.m., at Room 403, 4/F., Wing On
House, 71 Des Voeux Road Central, in Hong Kong.

At the meeting, Tse Chiang Kwok Nassar, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHINA ROCKWAY: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on July 16, 2010,
creditors of China Rockway Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

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


FORTUNE ALPHA: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on July 20, 2010,
creditors of Fortune Alpha Engineering Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Ms. Leung Siu Yin
         Rm. 1501, 15/F
         Wanchai Com'l Centre
         194-204 Johnston Rd
         Hong Kong


FUK HEI: Members' Final General Meeting Set for September 1
-----------------------------------------------------------
Members of Fuk Hei Jewellery Company Limited will hold their final
general meeting on September 1, 2010, at 11:00 a.m., at Ground
Floor, 73 San Hong Street, Sheung Shui, in New Territories.

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


HK CHANG: Creditors' Proofs of Debt Due August 31
-------------------------------------------------
Creditors of Hong Kong Chang Hong Industrial Co., Limited, which
is in creditor' voluntary liquidation, are required to file their
proofs of debt by August 31, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Ng For David
         Wong Sze Wing
         2303-7 Dominion Centre
         43-59 Queen's Road East
         Hong Kong


HK CHEUNG: Members' Final Meeting Set for September 1
-----------------------------------------------------
Members of Hong Kong Cheung Shi Clansmen's Association Educational
Institute Limited will hold their final general meeting on
September 1, 2010, at 10:00 a.m., at Rooms 903-908, 9/F, Kai Tak
Commercial Building, 317-319 Des Voeux Road Central, in Hong Kong.

At the meeting, Kam Yuk Ting and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


INNER FLAME: Philip Brendan Gilligan Steps Down as Liquidator
-------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Inner Flame
Company Limited on July 26, 2010.


M SINO: Members' Final Meeting Set for August 31
------------------------------------------------
Members of M Sino Trading Limited will hold their final meeting on
August 31, 2010, at 11:00 a.m., at 31/F., The Center, 99 Queen's
Road Central, in Hong Kong.

At the meeting, Ng Kit Ying Zelinda and Michel Henricus Bots, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MERCURY PUBLICITY: Commences Wind-Up Proceedings
------------------------------------------------
Members of Mercury Publicity Asia Limited, on July 15, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Kwok Chi Sun Vincent
         Units A-C, 25/F., Seabright Plaza
         9-23 Shell Street
         Nort Point, Hong Kong


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I N D I A
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ANIL SPECIAL: ICRA Assigns 'LBB+' Rating to INR62.58cr Bank Debts
-----------------------------------------------------------------
ICRA has assigned a long term rating of "LBB+" to the INR62.58
crore fund based facilities of Anil Special Steel Industries
Limited.  The outlook for the long term rating is stable.  ICRA
has also assigned a short term rating of "A4+" to the INR22.42
crore non-fund based facilities of ASSIL.

ICRA's ratings factors in  ASSIL's moderate scale of operations;
its exposure to foreign exchange fluctuation, given that exports
constitute a sizeable share of the total turnover of the company
and the intensely competitive and fragmented nature of the steel
industry, which limits the pricing flexibility of the players.
The ratings also take into consideration the significant planned
capex (for setting up an ingot and TMT bars manufacturing
facility) which is likely to increase the debt-funding requirement
of the company.  ICRA however draws comfort from the experience of
the promoters and their long track record in the steel industry,
ASSIL's healthy profitability largely on account of partial
backward integration; and its long standing relationship with the
clients.  Also, the company's operations have an upside potential
from the positive demand outlook for steel given the revival in
the economic activity in the country.

Anil Special Steel Industries Limited is a public listed company
engaged in the manufacturing and sale of cold rolled closed
annealed coils (CRCAC), hardened and tempered (H&T) steel strips
and circular saw discs.  The company was promoted by Mr. Satya
Narain Khaitan in 1968 and currently the business is being managed
by his son, Mr. Sudhir Khaitan.  The manufacturing facility of the
company is located in Jaipur (Rajasthan) and has an installed
annual capacity of 40000 MT out of which 20000MT is being utilized
to manufacture the current product mix.

Recent Results

For FY 2010, the company has achieved an operating income of
INR109.9 crore and Profit After Tax of INR2.14 crore.


COLORANT LIMITED: ICRA Places 'LBB' Rating on INR55 Mil. Bank Debt
------------------------------------------------------------------
ICRA has assigned "LBB" rating to the INR55 million fund-based
bank facilities of Colorant Limited.  The outlook on the long-term
rating is stable.

The ratings are constrained by the company's small size of
operations, poor financial risk profile characterized by low
return indicators, moderately high gearing level and low coverage
indicators; and moderate liquidity position as reflected in high
utilization of working capital limits.  As is typical of the
industry, the company's profitability is also vulnerable to the
cyclicality inherent in textile industry, commodity price risks
and remains constrained by stiff competitive pressures from local
unorganized players.  The ratings, however, factor in the long
experience of the company's promoters in the dye industry, low
concentration risk on account of diversified product portfolio, a
favorable demand growth prospects for reactive dyes.  The company
also stands to benefit from expected higher revenues through its
upcoming capacity addition targeted towards manufacturing of
specialty dyes.

Colorant Ltd. is into the business of manufacturing of reactive
dyes for textile based applications.  The company was initially
into trading operation and started its own manufacturing with a 40
MT/month average capacity in 2004 from a leased setup at Naroda,
Ahmedabad.  In 2005, the company shifted its operations to its new
premises at Vatva near Ahmedabad and expanded its average capacity
to 90 MT/month.  In 2009, the company purchased a nearby plot for
addition of capacity of 250 MT/month for which the company has
obtained all required clearances except Environmental Clearance
from MOEF (expected in June-July 2010).

During FY 2010 (Prov.) the company has registered net profit of
INR8.4 million on a turnover of INR321.5 million.


D.D. PROPERTIES: ICRA Reaffirms 'LBB' Rating on INR39cr Bank Debts
------------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating to the INR39 crore fund based
limits of D.D. Properties Private Limited.  The rating carries a
stable outlook.

The rating reaffirmations takes into consideration the favorable
location of the project, low approval risk and the fact that debt
required for the project has already been tied up.  The rating is
however constrained by DDPL's limited track record in the real
estate sector which increases the execution and operational risks
for the company given the fact that the construction is already
running behind schedule.  The rating also takes into consideration
the fact that no pre-leasing activity has taken place which
exposes the project to significant market risks.  Moreover low
bookings can increase the funding requirements for the project as
apart from planned debt and equity infusion, a part of
construction cost is envisaged to be met from customer advances.

DDPL is a part of D. D. Group and is engaged in developing a
commercial-cum-retail complex in Moti Nagar area in West Delhi.
The group is headed by Mr. Surinder Gambhir and has diversified
business interests such as manufacturing of auto components for
replacement market; the vehicle dealership of Maruti through its
division DD Motors (DDM); and retro-fitment of CNG kits in
vehicles through its division DD Fuel Solutions (DDFS).  All the
above mentioned businesses are carried out under the company D.D.
Industries Limited.  The retail project in Delhi being implemented
under DDPL is handled by the promoter's son Mr. Rajiv Gambhir.
This is the first project for the group in the real estate sector
and hence it is exposed to execution, operation and marketing
risks.  To mitigate the execution risks, the company has appointed
qualified and experienced execution agencies like B.L. Kashyap as
construction contractor; R.S.P. Architect Bangalore as the chief
architect; Sanelac Consultants as consultant for all services and
Mr. V. K. Mutneja as structural consultant. Nevertheless, limited
track record in the real estate sector exposes the company to
execution, operational and marketing risks.

DDPL's proposed project has a total saleable area of around 2.11
lakh  sq. ft. The land parcel was acquired by DDPL in the year
2006 from Sylvania & Laxman Limited for a total consideration of
INR32.4 crore. The land cost had been entirely paid up through the
unsecured loans extended by the promoters and group companies and
the title is in the name of the company. The project site is
located on the Moti Nagar chowk in West Delhi and is at a distance
of around 500 meters from both Kirti Nagar and Moti Nagar Metro
Stations, which results in a good connectivity with the other
parts of the city.

DDPL plans to offer space for Office and retail operations with
retail at ground level and office space at upper levels. DDPL
plans to adopt a mix of sale and lease model in the ratio of 1:2
in its project.  As of now, no pre-leasing activity has taken
place, which coupled with the delay of the construction work has
increased the market risk for the project. Further, because of
presence of various other malls (existing and proposed), it faces
significant competition.

The construction work is going on as per the revised construction
schedule and DDPL is expected to launch the mall soon and the
project is expected to be completed by December 2011. The total
cost of the project is estimated at INR133 crore which is proposed
to be funded through promoters' contribution of INR39 crore (INR35
crore as unsecured loans and INR4 crore as equity), term-loan of
INR39 crore and the rest through customer advances. Although the
funds from the promoters and banks have been tied up, the other
40% of the total cost which is expected to be funded from the
customer advances is contingent on the timing and pricing of the
sales, delay or any shortfall in which can result in the delay in
the project execution.

                       About D.D. Properties

DDPL is a part of D. D. Group and is engaged in developing a
commercial-cum-retail complex in Moti Nagar area in West Delhi
with a total saleable area of 2.11 lakh sq ft.  The group is
headed by Mr. Surinder Gambhir and has diversified business
interests such as manufacturing of auto components for replacement
market; the vehicle dealership of Maruti through its division DD
Motors; and retro-fitment of CNG kits in vehicles through its
division DD Fuel Solutions (DDFS).  All the above mentioned
businesses are carried out under the company D.D. Industries
Limited, which is rated at LBB+/A4+ by ICRA. The retail project in
Delhi being implemented under DDPL is handled by the promoter's
son Mr. Rajiv Gambhir.


DEVKINANDAN J: ICRA Assigns 'LBB' Rating to INR150MM LT Bank Debt
-----------------------------------------------------------------
ICRA has assigned an "LBB" rating with a stable outlook to INR150
million long term bank facilities and an "A4" rating to INR300
million short term bank facilities of Devkinandan J. Gupta.

The rating incorporates DG's weak financial profile characterized
by volatility in revenue, low and declining profitability as a
result of low value addition in the business and moderately
leveraged capital structure arising from high working capital
intensity inherent in the metal trading business.  The ratings
also factor in the firm's moderate scale of operations and its
exposure to intense competition from unorganized as well as well
known players in the industry resulting from low barriers to
entry.  The margins remain exposed to fluctuations in steel
prices, owing to its commoditized nature and foreign exchange
fluctuations on account of around 35% of imports.  However, the
ratings favorably factors in the long track record of the promoter
in the steel trading businesses and moderately diversified and
strong client profile.

M/S Devkinandan J. Gupta is a proprietary concern managed by Mr.
Devkinandan Gupta.  The firm is in the business of trading of Iron
and steel scrap.  It has entered into ship breaking business at
Mumbai in FY 2010.  The group concern Jawandamal Dhannamal is into
ship breaking at Alang in Gujarat.  The firm has its head office
at Mumbai, warehouse at Kalamboli and Taloja in Maharashtra.

DG recorded a net profit of INR26.00 million on an operating
income of INR1268.50 million for the year ending March 31, 2009,
and a net profit of INR20.90 million on an operating income of
INR1439.40 for the year ending March 31, 2010.


EASTERN EXPORTS: CARE Rates INR7.10cr Short Term Loan at 'PR4'
--------------------------------------------------------------
CARE assigns 'PR4+' rating to the bank facilities of Eastern
Exports.

                                   Amount
   Facilities                    (INRcrore)    Ratings
   ----------                    ----------    -------
   Short-term Bank Facilities      7.10        PR4+

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of Eastern Exports (EE) at
present.  The rating may undergo a change in case of withdrawal of
capital or of the unsecured loans brought in by the partners in
addition to changes in the financial performance and other
relevant factors.

Rating Rationale

The rating is constrained by the relatively small scale of
operations, declining revenue trend in the past and highly
leveraged capital structure.  The rating also factors in the
geographical and client concentration of revenues to the US and
the ensuing foreign exchange risks.  The rating takes into account
the partners experience in the carpet business, established
presence in the international market and minimal term-debt. Going
forward, the ability of EE to profitably scale-up its operations
coupled with the improvement in the capital structure shall be the
key rating sensitivities.

                       About Eastern Exports

Eastern Exports was incorporated in 1980 and is engaged in the
manufacture & export of carpets & rugs.  The product range
includes hand-tufted carpets, hand-knotted carpets, rugs and
druggets. EE operates as a partnership with four partners. The
firm has been accorded the status of 'One Star Export House' by
the Ministry of Commerce and Industry, Government of India.

For the year ended March 31, 2009, EE had total operational income
of INR21.33cr with PBILDT and net loss of INR1.77cr and INR0.99cr,
respectively.  During FY10 (provisional), the firm posted
operational income of INR18.47cr with PAT of INR0.70cr.


FLICKER PROJECTS: ICRA Puts 'LBB+' Rating on INR400MM Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR400 million term loans of
Flicker Projects Private Limited.  The rating carries a stable
outlook.

The rating takes into account FPPL's experienced and strong
promoter group, limited competition faced by the company in
organised retail segment in Udaipur city (Rajasthan) and its
favorable capital structure.  The rating is, however, constrained
by significant market risk faced by FPPL, as more than
60% of the area is yet to be leased out and concentration risks
arising out of operating a single property.  Moreover, ability of
the company to generate and sustain healthy footfalls, (which is
important for higher tenant retention) is yet to be demonstrated;
however the risk is partially mitigated by long experience of
promoters in retail business.  While assigning the rating, ICRA
has also noted the fact that the project is currently running with
a delay; any further delay in the project execution will result in
time and cost overruns, putting the overall profitability of the
project under pressure.  Going forward, ability of the company to
lease out the remaining area at competitive rates will be the key
rating driver.

                      About Flicker Projects

Flicker Projects Pvt. Ltd., incorporated in August 2007, is a
joint venture between CapitaRetail Udaipur Mall (Mauritius)
Limited, holding 82%, and Advance India Projects Limited, holding
18 %. CUML is an affiliate of Capitaland group of companies, in
which Temasek holdings is the largest shareholder.  Capitaland
group is engaged in real estate business in Singapore, Japan,
China, Malaysia and India.

About 45.45% stake in CUML is owned by Capitamalls Asia Limited
through the CapitaRetail India Development Fund and 65.5% stake in
CMA is held by Capitaland Limited.  CMA has interests in and
manages a portfolio of 87 retail properties across five countries
of Singapore, China, Malaysia, Japan and India.

FPPL is developing a 0.388 million sq. ft. shopping mall-cum-
multiplex in Udaipur, called The Celebration Mall.  The project is
being developed at a cost of INR1.77 billion.

For the year ended March 31, 2010, as per the provisional
financial statements, FPPL posted net loss of INR9.6 million.


GANESHPRASAD IMPEX: ICRA Assigns 'LB+' Rating to INR50MM LT Loan
----------------------------------------------------------------
ICRA has assigned "A4" rating to INR27.50 million short term non
fund based facilities of Ganeshprasad Impex Private Limited.  ICRA
has also assigned "LB+" rating to INR50.00 million long term fund
based facilities of GIPL.

The rating factors in GIPL's low profitability and cash accruals
arising from the very limited value addition in the business and
its heavily leveraged capital structure.  The ratings also take
into account the intense competitive pressure in the industry with
a large number of unorganized players, as well as risks associated
with the availability of timber which is to an extent dependent on
the trade regulations prevailing in the supplying market.  The
rating favorably factors in the promoters   experience in timber
trading business and its moderately diversified market presence
across India.

Incorporated in 2004, GIPL is a private limited company. GIPL is
engaged in timber trading business and has its head office at
Mumbai.  GIPL has a group concern "Patel Wood Works & Timber Mart"
which is also engaged in the timber trading business.

GIPL recorded a net profit of INR0.20 million on an operating
income of INR34.80 million as per the audited figures for the year
ending March 31, 2009 and a net profit of INR0.30 million on an
operating income of INR44.70 million as per provisional figures of
FY 2010.


LALSONS JEWELLERS: ICRA Reaffirms 'LBB+' Rating on Long-Term Loans
------------------------------------------------------------------
ICRA has reaffirmed the "A4+" rating to the INR25.5 crore fund
based bank limits and INR38.0 crore non-fund based bank limits of
Lalsons Jewellers Limited.  The fund-based limits include a sub-
limit of INR1.0 crore, for which the long-term rating has been
reaffirmed at "LBB+" with a Stable outlook.

The ratings continue to be constrained by the weak financial
profile of the company characterized by low profitability margins,
high working capital borrowings and below average debt protection
metrics; the high fragmentation and high competitive intensity in
the jewellery business and vulnerability of profit margins to gold
price volatility and forex fluctuation risks.  Moreover, the
industry scenario and operating environment both in the export and
domestic jewellery market continues to be highly challenging with
a weak near term outlook.  The ratings however favorably consider
the experience of LJL's promoters and their long track record in
the gold jewellery business; the established brand reputation and
clientele of the company in both the domestic and export markets
and the upside potential from the recently set up SEZ unit and
other proposed capex plans.

                       About Lalsons Jewellers

Lalsons Jewellers Limited, incorporated in 1993, is engaged in the
business of manufacture and sale of gold and diamond jewellery in
India and abroad.  It is a closely held company promoted by the
Verma family, based out of Delhi, and its operations are jointly
managed by Mr. Rajeev Verma and Mr. Sanjeev Verma, who are
brothers.  The promoters have around two decades of experience in
the jewellery business.  The company is primarily a wholesaler of
gold jewellery with its retail presence being limited to one
showroom situated in Delhi.  In FY 10, it derived approx. 47% of
its turnover from exports while the balance 53% was derived from
domestic market sales.  In FY 09, LJL integrated the gold
jewellery operations of its sister concern, Lalsons Enterprises, a
partnership firm and the first jewellery venture of the group set
up in 1987, with itself, for operational synergies and
consolidation of the Lalsons brand under a single entity.

Recent Results

In 2009-10 as per provisional results, the company has reported a
Profit after tax (PAT) of INR0.86 crore on an Operating Income
(OI) of INR181 crore as against a PAT of INR0.82 crore on an
OI of INR175 crore in 2008-09.


LMJ INTERNATIONAL: Fitch Assigns 'BB+' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has downgraded LMJ International Limited's fund-
based and non-fund-based limits' Short-term rating to 'F4(ind)'
from 'F3(ind)'.  The agency has also assigned India-based LMJ a
National Long-term rating of 'BB+(ind)' with a Stable Outlook.  At
the same time, Fitch has taken these rating actions on LMJ's
facilities:

  -- Outstanding INR140.8 million long-term loans assigned at
     'BB+(ind)';

  -- INR1,845 million sanctioned fund-based limits (enhanced from
     INR1,602.5 million) downgraded to 'F4(ind)' from 'F3(ind)';
     and

  -- INR2,407.5 million sanctioned non-fund-based limits (enhanced
     from INR1,195.5 million) downgraded to 'F4(ind)' from
     'F3(ind)'.

The downgrades are driven by LMJ's planned INR1,045.6 million
capex in FY11 for setting up processing units-cum-warehouses for
pulses, tea, coffee, cashew and maize.  These will be funded by a
debt of INR700 million, which would lead to a deterioration in
LMJ's net leverage, rising to 8x in FY11 (provisional FY10:
5.28x).  The ratings are further constrained by the competitive
nature of LMJ's trading business, as reflected in its low EBITDA
margins and high working capital requirements with almost 50% of
its exports being concentrated to Bangladesh.  Also, the trading
business is exposed to government regulations.

The ratings, however, reflect LMJ's long track record in the
trading of agricultural commodities with a large product
portfolio, well-established infrastructure facilities, and its
backward integration through the set up of processing units for
tea, coffee, rice and oil.  In addition, LMJ carries low inventory
and pricing risks from back-to-back transaction-based contracts
for its bulk orders; although for retail orders, it is required to
maintain some level of inventory.  LMJ has managed its inventory
well by giving warehousing space for rent to the farmers and
earning nominal rent.

LMJ's ratings may be upgraded if there is a timely completion and
execution of its upcoming projects.  Conversely, a delay in the
execution of LMJ's upcoming projects coupled with a delay in
financial tie-ups and a fall in its EBITDA margins, which would
result in a liquidity crunch, could move its ratings downwards.

As per LMJ's FY10 provisional figures, it reported revenues of
INR10,499.5m (FY09: INR10,254.5 million), EBIDTA margins of 2.5%
(FY09: 3.2%) and interest coverage of 1.7x (FY09: 1.6x) with a
negative free cash flow (FCF; FY09: positive).  Fitch expects the
net FCF to remain negative over the short-to-medium term, given
LMJ's working capital trading nature.

Incorporated in 1992, LMJ is an agriculture-based export house.


MADRAS MEDICAL: ICRA Reaffirms 'LBB-' Rating on INR414MM Term Loan
------------------------------------------------------------------
ICRA has reaffirmed the "LBB-" rating to the INR414.0 million term
loans and the INR30.0 million fund based limits of The Madras
Medical Mission.  The outlook on the rating is stable. ICRA has
also reaffirmed the "A4" rating to the INR100 million (enhanced
from INR80 million) term loans and INR134 million short term non-
fund based limits of MMM.

The rating re-affirmation takes into account the improvement in
financial performance of the entity with steady growth in revenues
and improvement in profitability margins aided by better
operational performance of the medical college unit.  MMM's
financial profile however continues to be stretched characterized
by negative net worth owing to consistent losses incurred over the
period FY04-FY08 which had led to debt restructuring in the past.
Low fee collection coupled with average operational indicators in
the hospital unit and huge fixed costs incurred in establishing
the medical college have resulted in considerable losses adversely
impacting the capital structure.  Despite the likely improvement
in profitability over the medium term owing to improving economies
of scale and lower  leverage, capitalization levels are  expected
to remain stretched on account of the significant losses incurred
in the past.  The rating factors in the established position of
MMM in the healthcare market of Tamil Nadu, strong technical
capabilities backed by state-of-the-art equipment, and healthy
demand for healthcare services.

The Madras Medical Mission is a registered society (under the
Tamil Nadu Societies Registration Act, 1975) established in 1982
by Bishop Zachariah Mar Dionysius.  MMM commenced operations in
1987 by providing cardiac care treatment out of rented premises
and over the years has developed into a multi specialty hospital.
Currently MMM has a cardiac centre, reproductive medicine centre,
transplant centre for renal cases, radiology division and a
nuclear medicine centre.  In 2001, MMM started the Pondi cherry
Institute of Medical Sciences (PIMS) to provide medical education.
MMM has also entered into public ? private partnership with the
Ministries of Health and Family Welfare of several countries
including Tanzania, Seychelles, Bangladesh, Fiji, Bahrain,
Maldives and Rwanda for treatment of their patients and for
training of their medical and paramedical professionals. It also
has a tie up with the Indian central government to treat its
employees.  In 2008, MMM College of Nursing was established to
deliver quality nursing personnel to serve the global markets.
MMM's dedicated, committed, multi-disciplinary approach is able to
attract patients from over 35 countries around the globe.


LUCKY STAR: CARE Assigns 'CARE BB+' Rating to INR40cr LT Bank Debt
------------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Lucky
Star Jewellery Exports (I) Pvt. Ltd.

                                   Amount
   Facilities                   (INRcrore)    Ratings
   ----------                    ----------    -------
   Long-term Bank Facilities        40.00      'CARE BB+' Assigned

Rating Rationale

The rating is constrained by geographical and customer
concentration risk, low profit margins and adverse impact of
recent global economic downturn especially in the USA.  The rating
derives strength from the experience of the promoters in the
business and marketing support derived from the group companies.
Ability of Lucky Star Jewellery Exports (I) Pvt. Ltd. to improve
its profitability and diversify its operations to increase client
base and geographies is the key rating sensitivity.

Lucky Star Jewelry Exports (I) Pvt. Ltd., a private limited
company incorporated in September 1991, commenced operations in
January 2000.  The company is a 100% Export Oriented Unit (EOU)
and is located in Santacruz Electronics Export Processing Zone
(SEEPZ), a Special Economic Zone (SEZ) in Andheri, Mumbai.
It is involved in manufacturing of diamond-studded jewellery for
exports. LSJEPL belongs to Rosy Blue group.

On a total income of INR78.80 crore, LSJEPL incurred a net loss of
INR4.19 crore in FY09.  During H1FY10, LSJEPL posted net sales of
INR43.00 crore with a PAT of INR0.86 crore.


PATEL WOOD: ICRA Assigns 'LBB-' Rating to INR1 Million LT Loan
--------------------------------------------------------------
ICRA has assigned "A4" rating to INR73.00 million short term non
fund based facilities of Patel Wood Works & Timber Mart.  ICRA has
also assigned "LBB-" rating to INR1.00 million long term fund
based facilities of PWTM.  The outlook assigned to the long term
rating is "Stable."

The rating factors in PWTM's low profitability and cash accruals
arising from the very limited value addition in the business and
its leveraged capital structure.  The ratings also take into
account the intense competition with a large number of unorganized
players in the business of timber trading, as well as risks
associated with the availability of timber which is to an extent
dependent on the trade regulations prevailing in the supplying
market.  The rating favorably factors in the promoters experience
in timber trading business and its moderately diversified market
presence across India.

Incorporated in 1948, PWTM is a partnership firm. PWTM is engaged
in the timber trading business and has its head office in Mumbai.
PWTM has a group concern Ganeshprasad Impex Pvt. Ltd., which is
also engaged in the timber trading business.

PWTM recorded a net profit of INR0.60 million on an operating
income of INR64.30 million as per the audited figures for the year
ending March 31, 2009 and a net profit of INR0.90 million on an
operating income of INR138.40 million as per provisional figures
of FY 2010.


SARVPRIYA INDUSTRIES: ICRA Rates INR25.39cr LT Loan at 'LB'
-----------------------------------------------------------
ICRA has assigned a long term rating of "LB" to the INR25.39 crore
fund based facilities of Sarvpriya Industries Limited.  ICRA has
also assigned a short term rating of "A4" to the INR1.10 crore
non-fund based facilities of SIL.

ICRA's ratings factor in the irregularities in servicing of debt
commitments by SIL and the company's increasing working capital
intensity on account of the high execution time of the projects,
which have resulted in a stretched liquidity position as reflected
in over utilization of the working capital limits.  The ratings
are further constrained by SIL's vulnerability to adverse
movements in the raw material prices and the highly competitive
and fragmented nature of the Pre Engineered Building (PEB)
industry.  ICRA however draws comfort from SIL's experienced
management; it's diversified clientele comprising of reputed
companies and the positive demand outlook for PEB constructions
driven by increased demand from infrastructure sector.

Sarvpriya Industries Limited was promoted by Mr. Madan Jindal in
1985 and the entire shareholding is held by him and his family
members.  The company is engaged in the manufacturing of PEB
structure, sheet metal parts and sheet components.  The
manufacturing facility of SIL is located in Gurgaon (Haryana) with
an installed annual capacity of 6000 MT.

Recent Results

For FY 2009, the company has achieved an operating income of
INR50.83 crore and Profit After Tax of INR2.11 crore.


SHIVSHAKTI SPONGE: CARE Assigns 'CARE BB' Rating to INR6.2cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' rating to the bank facilities of
Shivshakti Sponge Iron Ltd.

                                   Amount
   Facilities                   (INRcrore)    Ratings
   ----------                    ----------    -------
   Long term bank facilities        6.20       'CARE BB' Assigned
   Short term bank facilities       0.80       'PR4' Assigned

Rating Rationale

The above ratings are constrained by SSSL's small size, closely
held nature, low capacity utilization, declining revenue & low
profitability, volatility in raw material & finished goods prices,
high level of raw material inventory, sales concentration to group
company, occasional delays in servicing interest on debt &
dishonouring of cheques, lack of backward integration and complete
dependence on the fortunes of the cyclical steel industry.  The
rating also factors in experience of the promoters, close
proximity to raw material sources and satisfactory leverage
position.  Optimization of inventory holding and ability to
increase capacity utilization, turnover & profitability on
a sustained basis would remain to be the key rating sensitivities.

Shiv Shakti Sponge Iron Ltd. was incorporated in August 2000 for
manufacturing of sponge iron.  Later it was taken over by the
current promoters - Shri Amit Kumar Singh & his two brothers in
January, 2009.  In FY09, SSSL earned PBILDT of INR1.1 crore (P.Y.
INR1.4 crore) and PAT (after defd. tax) of INR0.2 crore (P.Y.
INR0.3 crore) on a total income of INR11.7 crore (P.Y. ? INR18.5
crore).  Interest coverage ratio was moderate in FY09 and gearing
ratios were also comfortable as on March 31, 2009.


SRC STEELS: CARE Places 'CARE BB+' Rating on INR5.4cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+' and PR4+ ratings to the bank facilities of
SRC Steels Private Ltd.

                                   Amount
   Facilities                   (INRcrore)    Ratings
   ----------                    ----------    -------
   Long-term Bank Facilities        5.4        'CARE BB+' Assigned
   Short-term Bank Facilities       2.0        'PR4+' Assigned

Rating Rationale

The ratings are constrained by relatively small size of the
company despite having a decade long track record, low
profitability levels & margin, corporate guarantee of relatively
high amount extended for loans availed by associate company,
volatility in the prices of trading materials, cyclicality in the
steel industry and intense competition from organized &
unorganized sector players.  The ratings also factor in
considerable experience of the promoters, negligible debt-equity
ratio and improving outlook of the steel industry.  Ability of the
company to improve its profitability, future performance of
the steel industry and trend in major trading material prices are
key rating sensitivities.

                          About SRC Steels

SRC Steels Pvt. Limited, incorporated in June 1998, belongs to the
SRC group of Kolkata.  The company is engaged in trading of TMT
bars, sponge & pig iron and various steel related items (steel
plates/angles/channels/rounds/joists) used in the construction and
infrastructure activities.  The company's clientele includes mid-
sized steel billet & TMT Bar manufacturers and other steel related
user industries.

The promoter, Shri Ramesh Agarwala (Chairman) has more than three
decades of experience in trading of steel products.  Currently the
day-to-day affairs of the company are looked after by his son,
Shri Pankaj Lohariwal (MD; aged 37 years) having more than one
decade of association with steel industry.

Net sales grew at a CARG of 58.5% over the last three years
(FY07-10) with y-o-y growth of 33.9% in FY10. The company earned
PBILDT of INR1.1 crore (INR1.0 crore in FY09) and PAT (after defd.
tax provision) of INR0.3 crore (INR0.2 crore in FY09) on net sales
of INR54.5 crore in FY10 (INR40.7 crore in FY09).

The company has extended corporate guarantee of INR65.0 crore, to
State Bank of India for term loan and working capital facility
availed by its group company, significantly higher than its
networth (INR4.9 crore as on March 31, 2010).


TATA MOTORS: Mercedes Benz May End Paint Shop Tie-Up in December
----------------------------------------------------------------
German luxury carmaker Mercedes Benz may end the more than half-a-
century-old relationship with Tata Motors Ltd. by not renewing the
paint shop tie-up with the Indian carmaker and erecting its own
shop, The Economic Times reports.

"We are looking at our own paint shop and discussing that option
with my management globally," Wilfried Aulbur, MD and CEO of
Mercedes Benz India told ET.  "There is no final decision just
yet.  We are looking at the financial feasibility of the project,"
he added.

The report says that a Tata Motors spokesman confirmed the
agreement with Mercedes ends in December.  "A decision (on
refreshing the deal) will be taken in due course of time. Any
decision taken is internal to Tata Motors and Mercedes Benz
India," the Tata Motors spokesman told ET.

The Economic Times recalls that the paint shop arrangement started
back in 1954 when Tata Motors (then Telco) and Daimler Benz
decided to jointly manufacture medium commercial vehicles.  The
first vehicle rolled out within six months of the contract. The
truck deal lasted only 15 years.  The two firms came together
again in 1994 when they signed a joint venture agreement to
manufacture Mercedes Benz passenger cars in India.  Tata Motors,
however, sold off its entire stake in Mercedes Benz India by 2000-
2001.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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


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


ALL NIPPON: Posts JPY5.2 Billion Net Loss in Qtr. Ended June 30
---------------------------------------------------------------
ANA Group disclosed its financial results for the first quarter of
the current fiscal year, ending June 30, 2010.  Consolidated
operating revenues increased 13.7% year-on-year to JPY306.8
billion and expenses fell 2.7% to 303.8 billion, making operating
income of the first three months JPY2.9 billion, however recurring
loss of JPY2.9 billion and a net loss of JPY5.2 billion were
reported.

"While the Japanese economy showed steady recovery during the
three month period under review, deflationary effects continued to
exert downward pressure, and taking an optimistic view remains
difficult.  Concerns about a downward economic swing, primarily in
Europe, along with moves by our competitors, mean that business
conditions going forward will remain uncertain," said Tomohiro
Hidema, ANA's Executive Vice President, Finance.

"Nevertheless, ANA was successful in capturing both business and
leisure traffic demands, which has gradually recovered on both
domestic and international routes, thus operating revenue
exceeding results for the same period in the previous year.  We
have also worked to hold down costs, matching supply and demand,
and reign in operating costs, as well as reducing sales and labor
expenses," Mr. Hidema added.

                     Domestic Passenger Services

Amidst a gradual economic recovery, ANA worked to capture business
demand, stimulating latent demand by expanding its Super Tabi-wari
fares and establishing new transit discount fares.  It also
continued its effort to match supply and demand, implementing
seasonal flights and upsizing its aircraft to meet higher demand
during peak Golden Week and weekend periods.  As a result,
domestic passenger numbers for the three month period under review
rose above those in the previous year.  ANA has also worked to
strengthen competitiveness by enhancing services for its ANA
Mileage Club members, including the start of its ANA Card Family
Miles program, and introduction of a new ANA Mileage Club mobile
membership.

                   International Passenger Services

Despite the temporary impact of the volcanic eruption in Iceland
and riots by demonstrators in Thailand, a marked recovery was
seen, led by increased business demand.  ANA also increased
frequency on its Narita-Shenyang and Narita-Ho Chi Minh routes, as
well as upsized its aircraft size on Narita-Honolulu route.  By
flexibly expanding supply on routes where demand was forecasted,
we achieved significantly higher international passenger numbers
versus previous year.

Other initiatives such as introduction of new "Inspiration of
Japan" products and services, and implementation of promotional
campaign to encourage Chinese leisure traveler to Japan, all
contributed to ANA's competitiveness in the market.

                           Cargo Services

With reduced freight capacity due to downsizing of aircraft, and
the effects of sluggish demand for perishable cargo and home
delivery parcel services, domestic cargo volumes slightly fell
below those of the previous year.

However international cargo volumes rose with growth in Chinese
domestic market demand driven by the implementation of economic
stimulus measures, as well as rise in shipment demand of plasma
display and semiconductor related materials in Taipei and Seoul.
Transport saw positive growth, primarily on Asian routes, and
volumes in the period increased significantly versus last year.
As a result, revenue from international cargo routes was higher
compared to the previous year, while domestic cargo revenue fell
below.

         Outlook for FY2010 (April 1, 2010 ? March 31, 2011)

This year, while Haneda Airport represents a great opportunity for
expansion, ANA will continue to expand its international business.
We will also ensure that its planned income recovery and cost
reduction plan is implemented, and build a strong cost structure
capable of withstanding fluctuation risks.

On the other hand, downward economic swing primarily in Europe and
increasingly competitive markets both inside and outside Japan
make business conditions uncertain; therefore there will be no
change to the consolidated forecast.

                          Forecast
                          FY 2010       FY2009
   Outlook for FY2010     (Billion)    (Billion)      Difference
   ------------------     ----------    ----------    ----------
   Operating Revenues      JPY1,360     JPY1,228.3     +131.6
   Operating income           42          -54.2         +96.2
   Recurring profit           13          -86.3         +99.3
   Net income                  5          -57.3         +62.3
   ------------------      ---------    ----------    ----------

                            About ANA

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

                          *     *     *

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


CSFS GODO: Moody's Changes Ratings on Various Classes of Bonds
--------------------------------------------------------------
Moody's Investors Service has changed the ratings on the Class A
through F and Class X bonds issued by CSFS Godo Kaisha, a CMBS
transaction.  The final maturity of bonds will take place in
November 2013.

The individual rating actions are listed below.

  -- Class A-2-a, Downgraded to Aa2 from Aaa; previously, Aaa
     Placed Under Review for Possible Downgrade on July 21, 2010

  -- Class A-2-b, Downgraded to Aa2 from Aaa; previously, Aaa
     Placed Under Review for Possible Downgrade on July 21, 2010

  -- Class A-3, Downgraded to Aa2 from Aaa; previously, Aaa Placed
     Under Review for Possible Downgrade on July 21, 2010

  -- Class B-2, Downgraded to A3 from Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on July 21, 2010

  -- Class B-3, Downgraded to A3 from Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on July 21, 2010

  -- Class C-2-a, Downgraded to Ba1 from A3; previously, A3 Placed
     Under Review for Possible Downgrade on July 21, 2010

  -- Class C-2-b, Downgraded to Ba1 from A3; previously, A3 Placed
     Under Review for Possible Downgrade on July 21, 2010

  -- Class D-2-a, Downgraded to B1 from Ba1; previously, Ba1
     Placed Under Review for Possible Downgrade on July 21, 2010

  -- Class D-2-b, Downgraded to B1 from Ba1; previously, Ba1
     Placed Under Review for Possible Downgrade on July 21, 2010

  -- Class D-3, Downgraded to B1 from Ba1; previously, Ba1 Placed
     Under Review for Possible Downgrade on July 21, 2010

  -- Class E-1, Downgraded to B3 from B1; previously, B1 Placed
     Under Review for Possible Downgrade on July 21, 2010

  -- Class E-3, Downgraded to B3 from B1; previously, B1 Placed
     Under Review for Possible Downgrade on July 21, 2010

  -- Class F-1, Confirmed at B3; previously, B3 Placed Under
     Review for Possible Downgrade on July 21, 2010

  -- Class F-3, Confirmed at B3; previously, B3 Placed Under
     Review for Possible Downgrade on July 21, 2010

  -- Class X, Downgraded to Aa2 from Aaa; previously, Aaa Placed
     Under Review for Possible Downgrade on July 21, 2010

CSFS Godo Kaisha, effected in December 2006, represents the
securitization of two non-recourse loans backed by seven single-
tenant retail properties in the Kanto, Chubu and Kinki areas.

With these retail properties, their lease agreements have fixed
rents for long periods, therefore keeping property cash flows
stable.  However, Moody's has re-assessed the values of the
properties as being 28% lower than their values at the time of the
assignment of the initial ratings.  In its reassessment, Moody's
has focused on the stability of payable rents and property cash
flows, in light of the probability of the deterioration of store
revenues and profits, and property cash flows in future.

Moody's will continue to monitor the performance of the properties
and the asset manager's refinancing and disposal activities in
light of the upcoming maturities.

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.


DAIEI INC: To Reclassify JPY25 Billion in Earlier-Booked Losses
---------------------------------------------------------------
Daiei Inc. has revised its tax returns to reclassify about
JPY25 billion in earlier-booked losses as taxable income for four
years to February 2009, as instructed by the tax authorities,
Kyodo News reports citing unnamed sources.  But the taxable income
has been used for offsetting carried-over losses, resulting in no
additional tax payments, sources told Kyodo.

Under its rehabilitation plan, Kyodo notes, Daiei waived about
JPY27 billion in loans to its nine real estate business units in a
bid to consolidate them and booked the sum as losses in January
2006.  But it later changed its policy and absorbed 11
subsidiaries, including the nine.

According to Kyodo, sources said the Osaka Regional Taxation
Bureau told Daiei the loan waivers should be considered
contributions to the nine units and could not be booked as losses
because the consolidation did not take place.

Kyodo relates a Daiei representative said the company had differed
with the authorities over the losses but has eventually accepted
the authorities' interpretation.

                         About Daiei Inc.

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei.  Marubeni now holds a 44.6% stake in
the company.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


MLOX 4: Moody's Downgrades Ratings on Five Classes of Certificates
------------------------------------------------------------------
Moody's Investors Service has downgraded five classes of MLOX 4
Trust Certificates.  The final maturity of the Trust Certificates
will take place in May 2014.

The individual rating actions are listed below.

  -- Class A, downgraded to A2 from Aa2; previously on Jun 18,
     2010 Aa2 placed under review for possible downgrade

  -- Class B, downgraded to Ba1 from A2; previously on Jun 18,
     2010 A2 placed under review for possible downgrade

  -- Class C, downgraded to B2 from Baa3; previously on Jun 18,
     2010 Baa3 placed under review for possible downgrade

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

  -- Class X, downgraded to A2 from Aa2; previously on Jun 18,
     2010 Aa2 placed under review for possible downgrade

MLOX4, effected in December 2007, represents the securitization of
four non-recourse loans.  The transaction is currently backed by
22 properties (office, residential, hotel and retail properties)
located in the Tokyo area and in provincial cities throughout the
country.

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, given that the
master lessee of some of the properties backing two of the loans
is in the process of negotiations to lower the rent.

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 27%
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.


SOFTBANK CORP: Operating Profit Rises 44.6% on iPhone Demand
------------------------------------------------------------
Softbank Corp. said its group operating profit in the April-June
quarter soared 44.6% from a year earlier to JPY156.60 billion
owing to the popularity of Apple Inc.'s iPhone handsets, which
Softbank sells exclusively in Japan, according to Japan Today.

Softbank's sales rose 5.2% to JPY700.84 billion, with the new
iPhone 4 handset, released in June, contributing to a rise in
revenue from data communication fees.  Japan Today says the
release in May of Apple's iPad tablet computer also helped boost
Softbank's earnings.

But the company's net profit fell 29% to JPY19.44 billion, as
Yahoo Japan Corp., a Softbank unit, paid additional corporate
taxes of around JPY26.5 billion for its acquisition of Softbank's
data center and network business unit in 2009.

The report notes that for the whole of fiscal 2010 through March,
Softbank retained its forecast for operating profit to increase
7.3% from the previous year to JPY500 billion.

Softbank Corp. (TYO:9984) -- http://www.softbank.co.jp/-- is a
Japan-based company that provides digital information services.
The Company has six business segments.  The Mobile Communication
segment provides cellular phone services and sells attached
cellular phone terminals.  The Broadband and Infrastructure
segment provides high-speed Internet access services, Internet
protocol (IP) phone service, and contents.  The Fixed
Communication segment provides transmission services for audio and
data, as well as exclusive line and data center services.  The
Internet Culture segment is engaged in the Internet advertising,
broadband portal and auction businesses.  The Electronic Commerce
(E-Commerce) segment sells personal computers (PCs), peripheral
devices and software for PC use, as well as provides business-to-
business and business-to-customer e-commerce services.  The Others
segment is involved in the broadcasting media, technology service,
media marketing and overseas fund businesses.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 26, 2010, Standard & Poor's Ratings Services raised its
long-term corporate credit and senior unsecured debt ratings on
Softbank Corp. to 'BB+' from 'BB'.  The upgrade reflects S&P's
expectation to see steady improvement in Softbank's financial risk
profile in coming years, based on: 1) increased stability in
Softbank's earnings base through steady improvements in its
profitability and cash flow generation, and 2) the company's clear
financial policy to improve its debt leverage and credit profile
by reducing its debt.  The outlook on the long-term corporate
credit rating is stable.


TOSHIBA CORP: Concludes Definitive Deal on Mobile Business Merger
-----------------------------------------------------------------
Fujitsu Limited and Toshiba Corporation disclosed Thursday that
they have concluded a definitive agreement to merge their mobile
phone businesses, for which the companies signed a memorandum of
understanding on June 17, 2010.  Under this agreement, Toshiba
will transfer its mobile phone business to a new company that will
be managed by Fujitsu.  The companies aim to complete the merger
by the target date of October 1, 2010.

Purpose

As competition in the mobile phone market intensifies both in
Japan and across the globe, Fujitsu and Toshiba intend on
enhancing their handset development capabilities and at the same
time improving business efficiency by combining their mobile phone
development know-how and technological strengths through the
merger of their mobile phone businesses.  After the merger, the
companies aim to become the No. 1 supplier of mobile phones in
Japan by providing highly-competitive products that meet customer
needs.

Process

Toshiba will transfer its mobile phone business to a newly-
established company.  Fujitsu plans to acquire from Toshiba 80.1%
of the shares of the new company by the target date of October 1,
2010, at which point the new company will become a subsidiary of
Fujitsu.

Fujitsu's mobile phone business will continue to operate as a unit
within Fujitsu Limited.

Employees

As a result of the merger, it is expected that approximately 400
employees will be transferred from Toshiba to the Fujitsu Group.

Financial Outlook

The merger is expected to result in a 50.0-billion-yen increase in
Fujitsu's net sales for the fiscal year ending March 31, 2011, and
will not have a material impact on the company's earnings.

Toshiba's consolidated business forecast for the current fiscal
year, FY2010 ending on March 31, 2011, remains unchanged.

                           About Fujitsu

Fujitsu Limited is a Japan-based company engaged in the
information technology (IT) business.  It has three segments.  The
Technology Solution segment manufactures and sells products such
as main frame servers, UNIX servers, storage systems, various
types of software, network management systems and optical
transport systems, as well as the provision of system integrations
services, network services and system support services.  The
Ubiquitous Product Solution segment offers products such as
personal computers, mobile phones, compact hard disk drives
(HDDs), as well as optical transmitter and receiver modules.  The
Device Solution segment manufactures and sells large scale
integrations (LSIs), semiconductor packages, relays and
connectors, among others.  Effective October 1, 2009, Toshiba
Corporation completed the acquisition of hard disk businesses from
the Company.  Toshiba Corporation took over the Company's hard
disk development, manufacture, development, research and sale
business units.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                          *     *     *

Toshiba Corporation continues to carry Fitch Ratings 'BB' Long-
term FC and LC Issuer Default Ratings, 'B' Short-term FC and LC
Issuer Default Ratings and 'BB' Senior unsecured notes ratings.


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


KUMHO ASIANA: Chairman Park Steps Down for Health Reasons
---------------------------------------------------------
Kumho Asiana Group said its chairman stepped down from his post
effective on Saturday for health reasons, Yonhap News reports.

Chairman Park Chan-bup has worked with the group for more than 40
years.  He took the helm in July last year, replacing Park Sam-
koo.  Yonhap says Mr. Park will work as a business adviser to unit
Asiana Airlines Inc. after leaving his post on Saturday.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on December 30, 2009, to put two other ailing units
-- Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap News Agency reported.

                       About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


MATAHARI PUTRA: S&P Affirms 'B+' Long-Term Corporate Family Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on Jakarta-based PT
Matahari Putra Prima Tbk.  The outlook is stable.  At the same
time, S&P affirmed its 'axBB' ASEAN scale rating on Matahari.  S&P
also affirmed the 'B+' issue rating on the US$200 million 10.75%
senior notes due Aug. 7, 2012, issued by the company's wholly
owned special-purpose vehicle Matahari International B.V.
Matahari unconditionally and irrevocably guarantees the notes.
S&P removed all the ratings from CreditWatch, where S&P had placed
them with negative implications on Jan. 27, 2010.

S&P affirmed the ratings and removed them from CreditWatch to
reflect its expectation that Matahari's financial risk profile
will improve in the next three to six months.  S&P understand that
the company will use Indonesian rupiah (IDR) 3.4 trillion of the
IDR5.3 million proceeds from the sale of its stake in Matahari
Department Stores (MDS) to repay debt.  The debt includes
US$200 million in senior secured notes that is to be pre-paid in
mid-August 2010.  Post the debt repayment, S&P expects the
company's ratios of adjusted debt to EBITDA to fall to less than
3.5x and adjusted debt to capitalization to improve to less than
50% from 4.7x and 70%, respectively, as at Dec. 31, 2009.

"The rating on Matahari also factors in the highly competitive
nature of the hypermarket industry in Indonesia; execution risks
associated with securing locations, building new stores, and
introducing new store formats on time and within budget; and
ongoing challenges in improving cost efficiencies and inventory
control," said Standard & Poor's credit analyst Manuel Guerena.

S&P views Matahari's liquidity as adequate.  As at March 31, 2010,
the company had IDR2.6 trillion in cash and short-term investments
and total debt of IDR3.6 trillion.  Proceeds from the sale of MDS
substantially improved Matahari's liquidity.  The company intends
to repay a significant portion of its borrowings in the next three
months.

The stable outlook reflects S&P's expectation that the company
will use the proceeds from the MDS sale to reduce debt.  It also
incorporates S&P's view that Matahari's focus on its hypermarket
business will boost its cash flow generating ability given
Indonesia's improving economic sentiment.


RHB BANK: Fitch Upgrades Individual Rating to 'C' From 'C/D'
------------------------------------------------------------
Fitch Ratings has upgraded Malaysia's RHB Bank's Individual Rating
to 'C' from 'C/D', and affirmed all other ratings, including its
Long-term foreign currency Issuer Default Rating at 'BBB'.  The
Outlook is Stable.  A full list of rating actions is included at
the end of this release.

The upgrade in the Individual Rating reflects RHB Bank's resilient
balance sheet amid the recent downturn, with its improved capital
buffer staying intact and earnings profile satisfactory.  The
bank's asset quality, particularly its business loans, was weaker
than its peers amid the economic slowdown, although its loan
losses in 2009 were well below Fitch's conservative expectations
and easily covered by earnings.  Fitch further notes that RHB
Bank's gross NPL ratio subsequently rose to 6.4% at end-March 2010
from 4.7% at end-2009, mainly a result of the adoption of FRS 139
effective January 2010 where the definition of impaired loans is
broader, and includes potentially vulnerable, albeit performing,
loans.

On balance, the agency expects such asset quality pressures to
abate given improving economic conditions.  Moreover, RHB Bank's
capital position, which was notably stronger than two to three
years ago, helps mitigate the potential knock-on effect from any
materially adverse global events.  The bank's consolidated core
Tier 1 capital adequacy ratio (excluding hybrids) stood at an
estimated 10.0% at end-March 2010 (end-2007: 5.6%).  Hence,
notwithstanding the underlying deterioration in RHB Bank's asset
quality, notably its business loans, the bank on balance continues
to have a satisfactory loss absorption capacity and the Outlook on
its 'BBB' IDR continues to be Stable.

While the refinancing risk of borrowings of its parent, RHB
Capital, could potentially pressure RHB Bank's risk profile in an
extreme scenario, this is mitigated by the ample liquidity in the
local financial sector which the former has been able to access in
recent years.  Meanwhile, RHB Capital has received approval to
undertake a rights issue to finance its proposed Indonesian
investment in PT Bank Mestika Dharma, and hence this acquisition
is unlikely to have an adverse impact on RHB Bank's balance sheet.

RHB Bank is wholly-owned by RHB Capital, which in turn is 55% and
25%-owned by Malaysia's Employees Provident Fund and Abu Dhabi
Commercial Bank, respectively.  It has 200 branches nationwide,
with a staff-force of more than 10,000.

The full list of rating actions on RHB Bank is:

  -- Long-term foreign currency IDR affirmed at 'BBB' with a
     Stable Outlook;

  -- Individual Rating upgraded to 'C' from 'C/D';

  -- Support Rating affirmed at '2';

  -- Support Rating Floor affirmed at 'BBB-'; and

  -- Deposit rating affirmed at 'BBB+'.


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


AORANGI SECURITIES: Investors Meeting Slated for August 6
---------------------------------------------------------
The National Business Review reports that the Exposing
Unacceptable Financial Activities (Eufa) group is holding a public
meeting in Timaru this Friday to discuss issues surrounding the
statutory management of Timaru businessman Allan Hubbard, owner of
Aorangi Securities.

The agenda is to inform investors of the lack of transparency and
why Mr. Hubbard was put into statutory management, the report
says.

"Investors suffering will be empowered to have their say at the
meeting, which will give the opportunity to put publicly on
record, a demand for accountability and explanation, for the
reasons their investments were put at risk," spokeswoman Suzanne
Edmonds said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said that New Zealand appointed
statutory managers for Aorangi Securities Ltd. and seven trusts,
which are associated with Allan Hubbard, to protect investors and
prevent fraud.  Citing Commerce Minister Simon Power's e-mailed
statement, Bloomberg News related that Mr. Hubbard and his wife
are also subject to statutory management because they are so
closely connected with the businesses.  The seven charitable
trusts included in the statutory management are Te Tua, Otipua,
Oxford, Regent, Morgan, Benmore and Wai-iti.  Trevor Thornton and
Richard Simpson of Grant Thornton were appointed as statutory
managers.  More than 400 investors in Aorangi Securities owed
NZ$96 million have been told by the statutory managers they will
not receive any return of capital or interest in the short term,
stuff.co.nz said.

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


NZ FARMING: Olam Says Company Been Badly Manage
-----------------------------------------------
Singapore-based Olam International Ltd. said New Zealand Farming
Systems Uruguay has been badly managed and has made fundamental
strategic mistakes, BusinessDay.co.nz reports.

Olam International, owner of an 18.5% stake in NZ Farming Systems,
has offered to buy the rest of the company for NZ$109.5 million, a
deal analysts have assessed as well below its asset value, the
report says.

According to the report, Vivek Verma, managing director of Olam's
coffee and dairy divisions, however, said the takeover's main goal
is to buy just enough shares to achieve control -- 50.1% -- and to
correct management failures.

"Our strategy in various products is to selectively look at
upstream assets, especially in countries which have a cost of
production advantage," the report quoted Vivek Verma as saying.
"So, NZ Farming Systems fitted perfectly into that strategy for
Olam within dairy."

"But after spending some time on the ground and also following the
history of the company, we have realized the company has been
significantly underperforming and we believe that while the idea
is right and Uruguay does present unique opportunities in dairy,
we believe the company has erred on a couple of areas.  We believe
we will be able to turn around the company and be able to put a
better performance to what it has been doing if we gain control,"
Vivek Verma said.

As reported in the Troubled Company Reporter-Asia Pacific on
July 19, 2010, The National Business Review said Olam
International Ltd. plans to buy PGG Wrightson's stake in NZ
Farming Systems Uruguay Ltd. and has launched a full takeover
offer for the dairy farm developer.  Olam, which owns 18.45% of NZ
Farming Systems already, will pay 55c in its takeover bid after
striking an agreement to buy 28.1 million shares from PGG
Wrightson.  The offer represents a 34% premium on the NZS
share price of 41c prior to the offer being made and values the
company at NZ$134 million.   The offer is subject to Olam
achieving a minimum 50.1% shareholding in NZS and the approval by
the Overseas Investment Office.

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

                     About NZ Farming Systems

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


OPTICAL HOLDINGS: Placed in Receivership; McGrathnicol Appointed
----------------------------------------------------------------
Optical Holdings Ltd. and two associated companies have been
placed in receivership amid increased competition in New Zealand
and a failed push into Australia, according to an article posted
at stuff.co.nz.

According to the report, receiver William Black of McGrathNicol
said the company had struggled with recession and the recent entry
of international competitors, such as Specsavers.

Mr. Black said that the receivers had cut staff, mostly based in
Auckland, significantly to 17 and continued to operate with a view
to selling the business as a going concern.  He would not disclose
how much was owed but said that it was less than $1 million, the
report adds.

Based in Auckland, New Zealand, Optical Holdings Ltd --
http://www.optical.co.nz/-- is an optometrist wholesaler.


SAPPHIRE II: S&P Raises Ratings on Three Classes of RMBS Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on three
classes of subprime and nonconforming residential mortgage-backed
securities issued by the trustee of Sapphire II NZ Series 2005-1
Trust.  S&P also affirmed the rating on the class CA notes.

Since initial issuance, the portfolio has paid down its balance
significantly, with NZ$14.78 million outstanding as at May 2010,
which is just under 10% of the original balance.  As the portfolio
amortizes, the credit support available, as a percentage of
outstanding balance to rated notes, continues to increase under
the sequential-payment structure.

The ratings affirmation and upgrades of the rated notes reflect
the strong build-up of credit support percentages, which, in S&P's
opinion, are sufficient to withstand the estimated losses
commensurate with the revised rating levels.  Under the reverse-
turbo mechanism, excess spread available has been applied as a
principal repayment to the class BZ notes after covering losses
and prior period charge-offs.

There are some outstanding charge-offs to the class D notes.
Total arrears are currently at around 4%, but S&P expects the
level to fluctuate in percentage terms given the small size of the
pool.  Annualized prepayment rates have also been quite volatile,
ranging from a high of around 65% in March 2008, to around 6%
currently.  The pool is highly concentrated, with the top-10 loans
comprising approximately 26% of the pool.  As a result, S&P
expects that the performance deterioration of a few loans can have
a more pronounced impact on arrears and prepayment levels in
percentage terms.

The outstanding pool composition displays some concentration that
may elevate tail-end risk.  About 46% of the outstanding portfolio
consists of low documentation loans and about 48% comprise loans
to self-employed borrowers.  In addition, by current balance,
about 20% of loans have a loan-to-value ratio exceeding 80%.
Given the high concentrations and volatility observed in arrears
and prepayment levels as the pool becomes smaller, this
transaction will be vulnerable to tail-end risk.  However, in
S&P's opinion, the high subordination levels provide a strong
buffer to withstand any losses at the tail-end of this
transaction.

                          Ratings Raised

                Sapphire II NZ Series 2005-1 Trust

                Class     Rating To   Rating From
                -----     ---------   -----------
                M         AAA         AA
                BA        AA          A
                BZ        A-          BBB

                         Ratings Affirmed

                   Sapphire II NZ Series 2005-1

                        Class      Rating
                        -----      ------
                        CA         BB

      N.R. ? Not rated.  Class CZ and D notes are not rated.


SILVER FERN: To Close Processing Plant in England
-------------------------------------------------
Peter Kerr at BusinessDesk reports that Silver Fern Farms is to
close its frozen meat processing plant in Brooks, Norwich,
England.

SFF, which recently closed its Canterbury lamb cutting plant in
Christchurch as well as its rendering and casings department at
its Belfast plant, bought the Brooks operation in 1998 at a time
when significant volumes of frozen carcasses and cuts were sent
north for further processing.

An increasing emphasis and consumer demand for chilled products
and subsequent drop in frozen meat volumes sent overseas, along
with falling numbers of lambs available for processing has made
the need for the Brooks plant decrease to a point it is no longer
necessary.

The Troubled Company Reporter-Asia Pacific reported on Dec. 11,
2008, that Silver Fern Farms, formerly PPCS, said it has breached
its banking covenant due to the recent rapid decline of the New
Zealand dollar against the US dollar.  In a disclosure to the
New Zealand Stock Exchange, Silver Fern said "In accordance with
Silver Fern Farms accounting policies foreign currency derivative
instruments are taken directly to profit or loss for the year.  As
a result of this, and due to the recent rapid decline of the
New Zealand dollar against the US dollar, Silver Fern Farms has
advised its banks, subsequent to balance date that it is not
currently in compliance with its minimum shareholders funds
covenant."  Silver Fern added that it has accordingly requested a
waiver from its banks and its banks are considering revising the
covenant to accommodate such volatility.  This non-compliance, the
company said, relates only to Silver Fern Farms' banking
facilities and not to either of its SFF020 or SFF030 Bonds.

Based in Dunedin, New Zealand, Silver Fern Farms Limited --
http://www.silverfernfarms.co.nz/-- is a meat-marketing and
processing company, exporting sheep meat, beef, venison and
associated products to about 60 countries.  The company employs
more than 6,000 staff.


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


AVIATION INVESTMENT: Creditors' Proofs of Debt Due August 13
------------------------------------------------------------
Creditors of Aviation Investment Group Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by August 13, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Joseph Wong Phui Lun
         c/o 15 Beach Road #03-10
         Beach Centre
         Singapore 189677


CASHMART JEWELRY: Court to Hear Wind-Up Petition on August 13
-------------------------------------------------------------
A petition to wind up the operations of Cashmart Jewelry Pte Ltd
will be heard before the High Court of Singapore on August 13,
2010, at 10:00 a.m.

The Petitioner's solicitors are:

         Messrs Lee & Lee
         No. 5S henton Way #07-00
         UIC Building
         Singapore 068808


DATALEX SINGAPORE: Creditors' Proofs of Debt Due August 28
----------------------------------------------------------
Creditors of Datalex Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 28, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way
         #32-00 DBS Tower Two
         Singapore 068809


FORD GROUP: Creditors' Proofs of Debt Due August 29
---------------------------------------------------
Creditors of Ford Group Logistics Singapore Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 29, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way
         #32-00 DBS Tower Two
         Singapore 068809


IDEAL ACCOMMODATION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on July 23, 2010, to
wind up Ideal Accommodation (Singapore) Pte Ltd's operations.

Cove Development Pte Ltd filed the petition against the company.

The company's liquidators are:

         Abuthahir Abdul Gafoor and Ebenezer
         John Lazarus
         ELTICI Financial Advisory Services Pte Ltd
         1 Raffles Place
         #20-02 One Raffles Place
         Singapore 048616


MT. BATTEN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on July 23, 2010, to
wind up Mt. Batten Private Limited operations.

Winning Flag Enterprise Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


NW ENGINEERING: Creditors Get 100% and 9% Recovery on Claims
------------------------------------------------------------
NW Engineering And Construction Pte Ltd will declare the first and
final preferential dividend on August 18, 2010.

The company will pay 100% of all admitted claims under
Section 328 (1)(b) to (d) of the Companies Act, Cap. 50 and 9%
under Section 328 (1)(e) of the Companies Act, Cap. 50.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road,
         #03-08, Wilkie Edge
         Singapore 228095


                         *********

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.


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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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