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                     A S I A   P A C I F I C

           Tuesday, August 3, 2010, Vol. 13, No. 151

                            Headlines



A U S T R A L I A

CLIVE PEETERS: $20 Million Theft Led to Collapse, Court Told


C H I N A

CHINA GLASS: S&P Changes Outlook to Stable; Affirms 'B' Rating


H O N G  K O N G

MAXXIUM CHINA: Members' Final Meeting Set for September 3
NATIXIS COMMODITY: Creditors' Proofs of Debt Due August 16
NEW FOURTH: Members' Final Meeting Set for September 1
ONE CHINA: Members' Final Meeting Set for September 1
RHYKA VACUUM: Members' Final Meeting Set for August 31

SINO STATE: Tsui and Leung Appointed as Liquidators
SOVEREIGN TRADE: Paul David Stuart Moyes Appointed as Liquidator
SOPA GROUP: Kong Chi How Johnson Steps Down as Liquidator
TRENDWIN ENTERPRISES: Creditors' Proofs of Debt Due August 30
TRIDENT TELECOM: Hui Hak Fai Steps Down as Liquidator

UP BENEFIT: Creditors' Meeting Set for August 24
WELL LOYAL: Creditors' Proofs of Debt Due August 31
YUEN CHEONG: Creditors' Proofs of Debt Due August 31


I N D I A

ADI ISPAT: CRISIL Downgrades Rating on INR105MM Term Loan to 'D'
ARUNKKUMAR SPINNING: CRISIL Puts 'BB-' Ratings on Bank Debts
CHEMROW INDIA: Fitch Assigns 'B+' National Long-Term Rating
DURGA CARRIERS: CRISIL Rates INR57 Million Cash Credit at 'BB+'
GOWTHAMI RAW: CRISIL Rates INR40 Million Term Loan at 'B+'

HERITAGE BEVERAGES: CRISIL Assigns 'BB+' Rating to INR76.1MM Loan
INDIAN WOOD: CRISIL Assigns 'BB' Ratings to Various Bank Debts
MADURAI MUNICIPAL: Fitch Downgrades Rating on Senior Loans to 'D'
MARCK BIOSCIENCES: CRISIL Reaffirms 'D' Ratings on Various Debts
MEENAKSHI ENTERPRISES: CRISIL Puts 'BB-' Rating on INR30MM Credit

NAIHATI JUTE: CRISIL Assigns 'B+' Rating to INR29 Mil. Term Loan
NAYAK INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR52.6MM Loan
NEW ERA: CRISIL Assigns 'BB' Rating on INR5 Million Term Loan
PRADIP OVERSEAS: CRISIL Assigns 'BB' Rating to INR805.2M Term Loan
PHIL ISPAT: CRISIL Assigns 'B-' Rating to INR130.2 Mil. Term Loan

PUSHPAK MARKTRADE: CRISIL Puts 'B+' Rating on INR57.5M Cash Credit
SARVODAYA SUITINGS: CRISIL Reaffirms 'B' Rating on INR160MM Loan
SHREE BALAJI: CRISIL Reaffirms 'D' Rating on INR108.6MM Term Loan
SHRI GAUTAM: CRISIL Assigns 'B-' Rating to INR67.5MM Demand Loan
SHRI HARI: CRISIL Lifts Rating on INR60MM Packing Credit to 'P4+'

SPONGE SALES: CRISIL Assigns 'BB-' Rating to INR46MM Cash Credit
SREE SUMANGALA: CRISIL Reaffirms 'BB' Rating on INR11.5M Term Loan
STEELSMITH CONTINENTAL: CRISIL Assigns 'BB' Ratings to Bank Debts
SURENDRA AND COMPANY: Low Net Worth Cues CRISIL's 'BB-' Ratings
SURYA SPONGE: CRISIL Cuts Ratings on Various Bank Debts to 'D'

SWARUP CASTINGS: CRISIL Puts 'BB+' Rating on INR30MM Cash Credit
TRAVANCORE COCOTUFT: CRISIL Reaffirms 'P4+' Ratings on Bank Debts
TROPICANA LIQUID: CRISIL Reaffirms 'BB' Rating on INR50MM LT Loan


J A P A N

ALL NIPPON: To Invite Investors in Launching Budget Carrier
EAST STREET: Moody's Takes Rating Actions on Various Classes


N E W  Z E A L A N D

AORANGI SECURITIES: Serious Fraud Office to Interview Investors
GAS CLOTHING: Goes Into Liquidation; Closes Shops
LOMBARD FINANCE: Investors to Get Further 3 cents on the Dollar
MERMAIDS: In Receivership; Two Buyers Express Interest in Club
STRATEGIC FINANCE: Receivers' Second Report Delayed Until August 6


P H I L I P P I N E S

PHILIPPINE AIRLINES: May Miss Profit Goal after Pilots Resignation


S I N G A P O R E

ENFORA (ASIA PACIFIC): Creditors' Proofs of Debt Due August 30
JPL CORPORATION: Creditors' Proofs of Debt Due August 30
JPL SERVICES: Creditors' Proofs of Debt Due August 30
PLACER DOME: Creditors' Proofs of Debt Due August 30
SOLIDUS ELECTRICAL: Court Enters Wind-Up Order

STARLING CORPORATION: Creditors' Proofs of Debt Due August 29


T A I W A N

AU OPTRONICS: To Build TV Assembly Plant in Europe & North America
E.SUN FINANCIAL: Fitch Upgrades Individual Rating From 'C/D'
TCL CORP: Raises CNY4.5 Billion for Expansion


X X X X X X X X

* BOND PRICING: For the Week July 26 to July 30, 2010




                         - - - - -


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


CLIVE PEETERS: $20 Million Theft Led to Collapse, Court Told
------------------------------------------------------------
The Victorian Supreme Court heard Monday that a senior accountant
who stole nearly $20 million from Clive Peeters contributed to the
collapse of the company, The Sydney Morning Herald reports.

The report says that during a two-year period, Sonya Causer stole
more than AU$19 million, using the money to buy 44 properties,
cars and jewellery.  Ms. Causer of Lilydale in outer Melbourne,
has pleaded guilty to 24 counts of theft.

According to the report, prosecutor Peter Kidd said the senior
accountant used her access to the company's payroll and
superannuation accounts to steal the money.

"The theft, your honour, was one of a number of factors which
contributed to the collapse of Clive Peeters," Mr. Kidd told the
court.  "The Crown puts forward it was a factor in combination
with a number of other factors."

Clive Peeters has recovered all but AU$3.3 million of the stolen
money, the court heard.

                        About Clive Peeters

Clive Peeters Limited is a retailer of electrical appliances.  The
Company is engaged in the retailing of electrical and gas
appliances, bathroomware and computer products.  Clive Peeters
Limited's product range includes cooking and laundry appliances,
heating and cooling solutions, home entertainment equipment,
computers and small electrical goods.  The Company operates under
two brands, trading as Clive Peeters in Victoria, Queensland, New
South Wales and Tasmania, and trading as Rick Hart in Western
Australia.  The Company's subsidiaries include Clive Peeters
Wholesale Pty Ltd, Clive Peeters Kitchens and Bathrooms Pty Ltd,
Clive Peeters Home Entertainment (Brisbane) Pty Ltd, R H Fan Unit
Trust, Watercell Pty Ltd, Hi Fi Corporation (WA) Pty Ltd, NTFQ Pty
Ltd and Rick Hart Holdings Pty Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2010, Clive Peeters Ltd was placed in voluntary
administration.  Colin Nicol, Keith Crawford and Matthew Caddy of
McGrathNicol were appointed voluntary administrators of Clive
Peeters and its controlled entities by a resolution of its Board
of Directors on May 19, 2010.  The National Australia Bank
appointed Phil Carter of PPB Pty Ltd as receiver to Clive Peeters
and its controlled entities following the appointment of McGrath
Nicol as voluntary administrator.

The Herald Sun, citing Clive Peeters' latest available accounts,
disclosed that the company owed National Australia Bank about
AU$38 million as of December 31.  As at December 31, 2009, the
company had total liabilities of AU$160 million, with AU$113
million owed to trade creditors including suppliers.


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


CHINA GLASS: S&P Changes Outlook to Stable; Affirms 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on China
Glass Holdings Ltd. to stable from negative.  At the same time,
Standard & Poor's affirmed the 'B' long-term corporate credit
rating on China Glass and its 'B-' issue rating on the company's
senior unsecured notes due 2012.

The outlook revision reflects China Glass' much improved
profitability and cash flow generation since the second half of
2009.  Strong recovery in demand and price of glass has
significantly improved China Glass' operating performance,
resulting in high utilization and better operating margin.

"In S&P's view, China Glass' profitability and cash flow
generation should remain satisfactory in 2010," said Standard &
Poor's credit analyst Joe Poon.  "This is despite a more uncertain
outlook for the Chinese property market due to policy tightening,
which could somewhat restrain China Glass' performance, and the
possibility of weaker profit margin stemming from higher costs for
raw materials and heavy oil, and decline in price of glass."

China Glass, which supplies glass products mainly to property
projects, has spent significant capital expenditures in the past
four years for expansion as well as production line upgrade.  S&P
therefore believe the company may reduce its spending on expansion
significantly in the near term to improve its free operating cash
flow generation.  China Glass now has 14 glass production lines in
operation compared with only 10 a year ago.

Some of its production lines have the capability to migrate from
flat-glass products to higher-margin, high value-added low-
emission glass products.  In S&P's opinion, China Glass has the
ability to improve its product diversification, competitiveness,
and profitability in the next two to three years, Mr. Poon said.

The issue rating is one notch below the corporate credit rating to
reflect S&P's opinion that offshore noteholders would be
materially disadvantaged, compared with onshore creditors, in the
event of default.

The affirmed corporate credit rating on China Glass reflects the
cyclical and volatile nature of the global flat-glass industry, a
fragmented and competitive domestic environment, as well as the
company's high leverage.  In addition, the company is small in
scale compared with global peers.  These factors are tempered by
China Glass' diverse customer base, its experienced management
team, and the ability to migrate into higher-end glass products.


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


MAXXIUM CHINA: Members' Final Meeting Set for September 3
---------------------------------------------------------
Members of Maxxium China Corporation Limited will hold their final
general meeting on September 3, 2010, at 9:30 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


NATIXIS COMMODITY: Creditors' Proofs of Debt Due August 16
----------------------------------------------------------
Creditors of Natixis Commodity Markets (Asia) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 16, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Alan C W Tang
         Wong Kwok Man
         6th Floor, Nexxus Building
         41 Connaught Road
         Central, Hong Kong


NEW FOURTH: Members' Final Meeting Set for September 1
------------------------------------------------------
Members of The New Fourth Army History Limited will hold their
final meeting on September 1, 2010, at 11:00 a.m., at Room 1901-2,
19/F., Hong Kong Trade Centre, 161-167 Des Voeux Road, Central, in
Hong Kong.

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


ONE CHINA: Members' Final Meeting Set for September 1
-----------------------------------------------------
Members of One China Investments Limited will hold their final
meeting on September 1, 2010, at 11:00 a.m., at Flat B, 16/F.,
Empire Land Commercial Centre, 81-85 Lockhart Road, Wanchai, in
Hong Kong.

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


RHYKA VACUUM: Members' Final Meeting Set for August 31
------------------------------------------------------
Members of Rhyka Vacuum Plating (H.K.) Limited will hold their
final meeting on August 31, 2010, at 10:00 a.m., at Unit 301, Yen
Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, in Kowloon.

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


SINO STATE: Tsui and Leung Appointed as Liquidators
---------------------------------------------------
Mr. Tsui Kei Pang and Ms. Leung Fung Yee Alice on July 21, 2010,
were appointed as liquidators of Sino State Development Limited.

The liquidators may be reached at:

         Mr. Tsui Kei Pang
         Ms. Leung Fung Yee Alice
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


SOVEREIGN TRADE: Paul David Stuart Moyes Appointed as Liquidator
----------------------------------------------------------------
Paul David Stuart Moyes on July 23, 2010, was appointed as
liquidator of Sovereign Trade Services (HK) Limited.

The liquidator may be reached at:

         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road East


SOPA GROUP: Kong Chi How Johnson Steps Down as Liquidator
---------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Sopa Group
Limited on July 9, 2010.


TRENDWIN ENTERPRISES: Creditors' Proofs of Debt Due August 30
-------------------------------------------------------------
Creditors of Trendwin Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 19, 2010.

The company's liquidators are:

         Susanna Bik-Chu Lung
         Albert Wai-Shing Lo
         2503 Bank of America Tower
         12 Harcourt Road
         Central, Hong Kong


TRIDENT TELECOM: Hui Hak Fai Steps Down as Liquidator
-----------------------------------------------------
Hui Hak Fai stepped down as liquidator of Trident Telecom Ventures
Limited on July 22, 2010.


UP BENEFIT: Creditors' Meeting Set for August 24
------------------------------------------------
Creditors of UP Benefit Limited will hold their meeting on
August 24, 2010, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, and 244 of the Companies Ordinance.

The meeting will be held at Chong Hing Bank Centre, 26th Floor, 24
Des Voeux Road Central, in Hong Kong.


WELL LOYAL: Creditors' Proofs of Debt Due August 31
---------------------------------------------------
Creditors of Well Loyal Development Limited, which is in members'
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 commenced wind-up proceedings on July 30, 2010.

The company's liquidator is:

         Yu Wai Yan
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


YUEN CHEONG: Creditors' Proofs of Debt Due August 31
----------------------------------------------------
Creditors of Yuen Cheong Property Investment Co. Limited, which is
in members' 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:

         Henry Fung
         Terence Ho Yuen Wan
         Rooms 1001-1003
         10/F., Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


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


ADI ISPAT: CRISIL Downgrades Rating on INR105MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on Adi Ispat Pvt Ltd's bank
facilities to 'D/P5' from 'C/P4'.  The downgrade reflects current
delays in servicing the term loan by Adi Ispat; the delay has been
caused by weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR105.0 Million Term Loans       D (Downgraded from 'C')
   INR84.5 Million Cash Credit       D (Downgraded from 'C')
   INR20.0 Million Letter of         P5 (Downgraded from 'P4')
       Credit and Bank Guarantee

Adi Ispat has a weak financial risk profile, marked by small net
worth and weak debt protection measures; and its margins are
susceptible to cyclicality in the steel industry. However, Adi
Ispat has a moderate business risk profile backed by benefits
derived from its promoters' experience in the iron and steel
industry.

Adi Ispat was set up by Mr. Ashok Kumar Sarawgi and his sons in
2004.  Mr. Sarawgi has more than three decades of experience in
the iron and steel industry.  Adi Ispat has two induction furnaces
with annual capacities of 18,000 tonnes each, and one 96,000-tonne
per annum-capacity rolling mill.  The first induction furnace
began operations in September 2007, and the second in November
2008. The rolling mill operation was commenced in January 2010,
after a delay of six months.

Adi Ispat reported a profit after tax (PAT) of INR0.7 million on
net sales of INR144 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net sales
of INR55 million for 2007-08.


ARUNKKUMAR SPINNING: CRISIL Puts 'BB-' Ratings on Bank Debts
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Arunkkumar
Spinning Mill Private Limited's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR261.30 Million Term Loan           BB-/Stable (Assigned)
   INR80.00 Million Cash Credit          BB-/Stable (Assigned)
   INR80.00 Million Overdraft Facility   BB-/Stable (Assigned)
   INR10.00 Million PCL/FDBP/FUBP        P4+ (Assigned)
   INR20.00 Million Revolving Letter     P4+ (Assigned)
                           of Credit
   INR5.60 Million Bank Guarantee        P4+ (Assigned)
   INR5.00 Million Bill Discounting      P4+ (Assigned)
             under Letter of Credit

The ratings reflect ASMPL's below-average financial risk profile,
marked by weak capital structure and debt protection metrics, and
vulnerability of margins and cash flows to volatility in raw
material prices and scarcity of power. These rating weaknesses are
partially offset by ASMPL's promoter's extensive experience in the
textile industry, and its diverse product profile.

Outlook: Stable

CRISIL believes that ASMPL will continue to benefit from its
promoters' industry experience, over the medium term. The outlook
may be revised to 'Positive' in case of significant improvement in
ASMPL's scale of operations, sustained profitability, and
improvement in capital structure.  Conversely, the outlook may be
revised to 'Negative' if ASPL undertakes any large debt-funded
capital expenditure, or its profitability declines significantly,
thereby deteriorating its financial risk profile.

                      About Arunkkumar Spinning

Incorporated in 1989, ASMPL was in 2006 reconstituted as a private
limited company.  The promoter-director, Mr. A Velusamy has been
in similar lines of business over the past 19 years. The company
manufactures cotton Yarn and Grey fabric.  The product range in
the yarn segment includes cotton Viscose Yarn, cotton Slub Yarn,
and Organic cotton yarn.  The company operates from its single
facility at Coimbatore (Tamil Nadu) with capacity of 32,284
spindles and 984 rotors.

ASMPL reported a provisional profit after tax (PAT) of INR18
million on net sales of INR710 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3
million on net sales of INR601 million for 2008-09.


CHEMROW INDIA: Fitch Assigns 'B+' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned Chemrow India Private Limited a
National Long-term rating of 'B+(ind)'.  The Outlook is Stable.
At the same time, the agency has assigned 'B+(ind)'/'F4(ind)'
ratings to CIPL's INR125m non-fund based working capital limits
(including INR10m cash credit facility as a sub-limit).

The ratings are based on CIPL's over a decade-long experience
(since 1997) into polymers for the shoe industry.  The ratings are
further supported by CIPL's moderate working capital cycle, its
Long-term established relationships with its customers, as well as
by its ability to remain profitable since FY06-FY10 and to
generate low-but-positive free cash flows during FY09-FY10.

CIPL has been into polymer trading since 2002 without any formal
Long-term contracts for sales or purchases, with ethylene vinyl
acetate as the key product contributing to 75.7% of revenues in
FY10.  CIPL has positioned itself as a key importer of EVA;
domestic EVA production capacity is limited and India's demand for
EVA is met mostly by imports.

The ratings are constrained by CIPL's small size of operations,
its thin margins as typically witnessed in trading businesses, and
its exposure to volatility in polymer prices which are in turn
dependent upon crude oil prices.  CIPL faces significant price
risks on inventories as there is a time lag between import of
traded goods and their sale, which are made on prevailing market
rates.  As 70%-80% of the traded goods are imported from Korea,
Taiwan, Thailand, US and Canada, and distributed in the local
market, CIPL also faces risk of adverse forex movements.  These
risks are partly mitigated by nearly half of the exposure being
hedged by forward contracts.  Some of the traded goods (chemicals)
are also imported from China and sold in Mumbai via high sea sales
contracts, which enable CIPL to save on freight and warehousing
costs.

Positive rating triggers include CIPL's ability to consistently
grow its revenues and earnings while reducing its leverage.
Negative rating triggers include any adverse movement in CIPL's
earnings or a stretch in its working capital cycle that could
worsen its coverage and leverage metrics.  Any significant forex
losses (caused by rupee depreciation against US$ or other
currencies) on imports of raw materials, which would lower CIPL's
cash accruals, could also act as negative rating triggers.

As per CIPL's FY10 provisional and unaudited figures, it reported
revenues of INR632 million and a net income of INR3 million.


DURGA CARRIERS: CRISIL Rates INR57 Million Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Durga Carriers Pvt
Ltd's cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR57.00 Million Cash Credit     BB+/Stable (Assigned)

The rating reflects DCPL's small scale of operations and exposure
to intense competition in the transportation industry.  These
rating weaknesses are partially offset by DCPL's established
market position in the cement transportation segment, strong
clientele, and moderate financial risk profile, marked by
comfortable gearing and adequate debt protection metrics.

Outlook: Stable

CRISIL believes that DCPL will continue to benefit from its
longstanding relationships with client and expected growth in the
transportation industry, over the medium term.  The outlook may be
revised to 'Positive' if DCPL's financial risk profile improves
substantially supported by high accruals, equity infusion or
diversity in revenue profile.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes any large debt-
funded capital expenditure programmes, or takes up unrelated
diversification.

                       About Durga Carriers

DCPL, incorporated in 1994 by Mr. Shashi Bhushan Shukla and Mr.
Sudhir Agarwal undertakes transportation of cement, limestone,
clinker, gypsum, and flyash.  The company also trades in iron ore
fines, flue dust, diesel, petrol and oil and lubricants.
Transportation of cement and its raw material constitutes around
70 per cent of DCPL's total turnover and the rest (30 per cent) is
contributed by sales of iron ore fines, diesel, petrol, and oil
and lubricants.  DCPL is a dealer of Indian Oil Corporation Ltd
(rated 'AAA/Negative/P1+' by CRISIL)

DCPL reported a profit after tax (PAT) of INR4.2 million on net
sales of INR544 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR4.5 million on net sales
of INR532 million for 2008-09.


GOWTHAMI RAW: CRISIL Rates INR40 Million Term Loan at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Gowthami Raw and Par
Boiled Rice Mill's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR40.00 Million Term Loan        B+/Stable (Assigned)
   INR60.00 Million Cash Credit      B+/Stable (Assigned)

The rating reflects GRPBRM's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and exposure to
risks related to the regulated nature of the rice-milling
industry.  These weaknesses are partially offset by the experience
of the firm's promoters in the rice industry, and GRPBRM's stable
revenues because of the largely assured offtake of its rice by
Food Corporation of India.

Outlook: Stable

CRISIL believes that GRPBRM will continue to benefit from the
largely assured offtake of its rice production by FCI.  The
outlook may be revised to 'Positive' if GRPBRM's revenues,
profitability, and capital structure improve significantly from
current levels. Conversely, the outlook may be revised to
'Negative' if the firm undertakes an aggressive, debt-funded
capacity expansion programme, its operating margin and debt
protection metrics decline, or if the partners withdraw a
substantial quantum of capital from the firm's account.

                         About Gowthami Raw

Set up as a partnership firm in 2009 by Mr. G Eswara Raju and
family, GRPBRM purchases paddy, and mills, processes, and markets
rice. The firm's rice mill at Pedagonnuru (Andhra Pradesh) has an
installed milling capacity of 10 tonnes per hour. The firm started
its commercial operations in April 2010.


HERITAGE BEVERAGES: CRISIL Assigns 'BB+' Rating to INR76.1MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Heritage
Beverages Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR64.0 Million Cash Credit Facility    BB+/Stable (Assigned)
   INR76.1 Million Rupee Term Loan         BB+/Stable (Assigned)
   INR58.9 Million Letter of Credit        P4+ (Assigned)

The ratings reflect HBPL's average financial profile, marked by
small net worth, and modest gearing, and limited track record and
small scale of operations in the packaging industry. These rating
weaknesses are partially offset by HBPL's high revenue visibility,
backed by strong demand from its group companies.

Outlook: Stable

CRISIL expects HBPL's financial risk profile to remain moderate,
backed by low net worth base, high gearing and moderate debt
protection measures, and its scale of operations to remain small
in the near term.  The outlook may be revised to 'Positive' if
HBPL's capital structure improves, most likely through fresh
equity infusion and it manages its working capital cycle
effectively.  Conversely, the outlook may be revised to 'Negative'
in case of any unexpected pressure on the company's profitability
and cash accruals, or if the company contracts large quantum of
debt to fund its capital expenditure, or makes any unrelated
diversification.

                      About Heritage Beverages

HBPL, part of the Kandhari group of industries was originally
incorporated as Associated Bottlers Pvt Ltd in 1981 and its name
was changed to the current one in 1996.  HBPL was not operational
till 2008.  In 2008, the company commenced construction for PET
preform and the corrugated carton project at a total cost of
INR232 million.  The company's corrugated carton unit commenced
commercial operations in June 2009 and the PET preform division
commenced commercial operations in March 2010.

HBPL manufactures preforms of various sizes for filling carbonated
drinks.  Currently, HBPL has two manufacturing lines with
capability to manufacture preforms of 48 gram (for two-litre
plastic bottles), 27 gram (for 600-millilitre plastic bottles) and
a plant to manufacture corrugated cartons. HBPL is meeting the in-
house requirements of the Kandhari group of companies, and is also
marketing its products to Hindustan Coco- Cola and other coke
franchisees.

HBPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR30.4 million for 2009-10 (refers to financial year,
April 1 to March 31).


INDIAN WOOD: CRISIL Assigns 'BB' Ratings to Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Indian Wood
Products Company Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR89.50 Million Cash Credit        BB/Stable (Assigned)
   INR7.50 Million Standby Line        BB/Stable (Assigned)
                      of Credit
   INR10.20 Million Term Loan          BB/Stable (Assigned)
   INR21.80 Million Proposed LT        BB/Stable (Assigned)
             Bank Loan Facility
   INR70.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect IWPCL's exposure to risks related to small
scale of operations, unfavorable regulatory changes, and large
working capital requirements.  These rating weaknesses are
partially offset by IWPCL's strong track record in the Katha
industry, and the benefits that the company derives from its
established customer relationships.

Outlook: Stable

CRISIL expects IWPCL to maintain its stable credit profile over
the medium term, backed by its promoter experience and established
relationship with customers.  The outlook may be revised to
'Positive' if higher revenues and better working capital
management lead to higher cash flow from operations than expected.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of lower
profitability, or aggressive debt funded capital expenditure.

                         About Indian Wood

In 1919, IWPCL was promoted by Mr. H N Gladstone, Mr. H Bateson,
Mr. E H Bbray of London and others.  The company is a manufacturer
of Katha and cutch at Izatnagar (Uttar Pradesh).  The
manufacturing activities started in 1920 and the board of
directors appointed Gillanders Arbuthnot and Company Ltd, as the
managing agents to manage the daily activities of the company.

With the abolition of managing agency system by the Companies Act,
1956 Gillanders ceased to act as the managing agent of the
company.  Thereafter the control and management of IWPCL was
vested with the board of directors consisting of directors of
Gillanders and its associate companies.  In 1980, the present
management acquired the controlling interest in IWPCL.  The change
of management happened by sale of shares of the company.  Since
1980, Mr. Krishna Kumar Mohta (Chairman) has been managing the
daily operations of the company.

IWPCL reported a profit after tax (PAT) of INR3.4 million on net
sales of INR355.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.9 million on net sales
of INR307 million for 2007-08.


MADURAI MUNICIPAL: Fitch Downgrades Rating on Senior Loans to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded India's Madurai Municipal Waste
Processing Company's INR232.60 million Long-term senior project
bank loans to 'D' from 'BB(ind)' after the company failed to meet
its principal payment obligation.

MMWPCPL failed to receive an INR90 million fee from Madurai
Municipal Corporation for completing the processing of accumulated
waste, which left the waste processing project without sufficient
cash flows to meet the repayment of the first installment of
INR8.15m scheduled for 30 June 2010.

In its previous rating action commentary, titled: "Fitch Rates
Madurai Municipal Waste Processing Co's Project Loans 'BB(ind)",
published on 20 May 2010, the agency had noted that "it will
monitor the timely receipt of the scheduled concession payment due
from MMC and the subsequent payment of debt service obligation
falling due on 30 June 2010."

Future rating actions will depend on the outcome of these: MMWCPL
achieving its commercial operation date, which is expected by the
revised deadline of October-2010; timely receipt of concession
payments from the MMC; and consequently the project's ability to
meet debt service payments as scheduled.

MMWCPL is a special purpose vehicle fully owned by the Subhash
Projects group that has secured a 20-year concession from MMC to
dispose municipal solid waste, according to the Municipal Solid
Waste Rules 2000 framed by the Government of India.  The total
project's cost of INR736 million is being funded by equity of
INR102.30 million, bank loans of INR232.60 million and central
grants of INR401.10 million.


MARCK BIOSCIENCES: CRISIL Reaffirms 'D' Ratings on Various Debts
----------------------------------------------------------------
CRISIL's ratings on Marck Biosciences Ltd's bank loan facilities
continue to reflect Marck's continued delays in servicing its debt
obligations; the delay has been caused by the company's weak
liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR598.20 Million Long-Term Loans   D (Reaffirmed)
    (Reduced from INR617.50 Million)

   INR187.50 Million Cash Credit       D (Reaffirmed)

   INR50.00 Million Letter of Credit   P5 (Reaffirmed)
    (Reduced from INR72.50 Million)

Marck's rating was downgraded in February 2009 because the
repayments on the term loans were overdue and the same were being
restructured.  Subsequent to the restructuring, the repayment of
term loans has started from October 1, 2009.  However, there has
been delay in servicing due to weak liquidity caused by high
receivables.

Marck, which began operations as a parenteral manufacturer in
1995, is a closely held, unlisted company.  In Inida, the company
sells fluid therapy products, injectables, formulations, and
diluents to hospitals.  It also manufactures nasal drops, wound
care products, respiratory and ophthalmic solutions, and diluents.
In the contract manufacturing segment, Marck manufactures
injectables, formulations, ophthalmic and respiratory solutions,
nebulae, and diluents, for Indian pharmaceutical companies.  The
company will soon start its lens cleaning solution division.
Marck also sells fluid therapy products in more than 60 countries.
The company manufactures large-volume and small-volume parenterals
at its unit in Kheda (Gujarat).

Marck reported a provisional profit before tax (PBT) of INR49.96
million on net sales of INR919.5 million for 2009-10, against a
PBT of INR31.37 million on net sales of INR768.8 million for 2008-
09.


MEENAKSHI ENTERPRISES: CRISIL Puts 'BB-' Rating on INR30MM Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Meenakshi Enterprises, which is part of the
Meenakshi group.

   Facilities                            Ratings
   ----------                            -------
   INR30.0 Million Cash Credit           BB-/Stable (Assigned)
   INR130.0 Million Letter of Credit     P4+ (Assigned)
   INR20.0 Million Bills Purchase        P4+ (Assigned)

The ratings reflect the Meenakshi group's below-average financial
risk profile, marked by a small net worth, large working capital
requirements, and weak debt protection metrics, small scale of
operations, and susceptibility to volatility in sponge iron
prices.  These rating weaknesses are partially offset by the
Meenakshi group's diversified supplier profile and promoters'
experience in the steel trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Meenakshi and Sponge Sales India Pvt
Ltd.  This is because the two entities, together referred to as
the Meenakshi group, are in similar businesses, and have common
promoters, and operational and financial linkages with each other.

Outlook: Stable

CRISIL believes that the Meenakshi group will maintain its
business risk profile, on the back of its relationships with its
multiple suppliers and its well-entrenched position in the North
Indian markets of Punjab, Himachal Pradesh, and Jammu & Kashmir
(J&K).  However, the group's financial risk profile is expected to
remain weak because of its large working capital requirements and
small net worth.  The outlook may be revised to 'Positive' if the
group's financial risk profile strengthens, primarily because of
improvement in its capital structure.  Conversely, the outlook may
be revised to 'Negative' in case of further deterioration of the
group's profitability, or if it undertakes debt-funded capital
expenditure programme, thereby weakening its capital structure.

                          About the Group

Meenakshi was incorporated in 2004 by Mr. Pramod Goyal and his
father. It trades in sponge iron, steel ingots and ferro alloys.
Meenakshi is based in Mandi Gobindgarh (Punjab), and is currently
managed by Mr. Pramod Goyal, Mr. Rajesh Goyal, Mr. Kuldeep Garg
and Mr. Pankaj Khetan.

The promoters of Meenakshi group also own and manage SSIPL, which
was established in 1993. The company trades in sponge iron and
steel ingots.

The group is an authorized trader of sponge iron for the companies
such as Welspun Power and Steel Ltd, Tata Sponge Iron Ltd, Bihar
Foundry and Castings Ltd, Adhunik Alloys and Power Ltd, and
Bhushan Steel Ltd, all based in North India.

Meenakshi reported a profit after tax (PAT) of INR2.5 million on
net sales of INR893 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net sales
of INR795 million for 2007-08.


NAIHATI JUTE: CRISIL Assigns 'B+' Rating to INR29 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to The Naihati Jute
Mills Co. Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR82 Million Cash Credit        B+/Stable (Assigned)
   INR29 Million Term Loan          B+/Stable (Assigned)
   INR19 Million Proposed Facility  B+/Stable (Assigned)
   INR40 Million Inland Letter of   P4 (Assigned)
                        Guarantee

The ratings reflect Naihati Jute Mills' below-average financial
risk profile, marked by a small net worth and high gearing, and
susceptibility of margins to adverse regulatory changes.  These
rating weaknesses are partially offset by experience of Naihati
Jute Mills' promoters in the jute industry and its diversified
product profile.

Outlook: Stable

CRISIL believes that Naihati Jute Mills will continue to benefit
from its promoters' industry experience and its diversified
product portfolio over the medium term.  The outlook may be
revised to 'Positive' if there is a significant increase in the
company's scale of operations or operating margin, or if its net
worth increases most likely through equity infusion by the
promoters.  Conversely, the outlook may be revised to 'Negative'
if there is a decline in the company's profitability or its
financial risk profile deteriorates because of large debt-funded
capital expenditure.

                         About Naihati Jute

Naihati Jute Mills was acquired from a British management by the
Kolkata-based Bhagat family in the 1950s.  Currently, the second
and third generation promoters are actively involved in the
business.  The company manufactures jute products comprising
hessian, sacking and yarns, at its manufacturing facility in
Naihati (West Bengal).  It has a capacity of 30,000 tonnes per
annum (tpa).

Naihati Jute Mills reported a provisional profit after tax (PAT)
of INR5 million on net sales of INR826.58 million for 2009-10
(refers to financial year, April 1 to March 31) against a PAT of
INR6 million on net sales of INR1016.69 million for 2008-09.


NAYAK INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR52.6MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Nayak Industries Ltd
continues to reflect Nayak's delays in term loan servicing because
of weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR67.4 Million Cash Credit Limit     D (Reaffirmed)
   INR52.6 Million Term Loan             D (Reaffirmed)

Update

Nayak has closed down its operations since September 2009 because
of lack of funds.  Nayak's account has been declared by its banker
as a non-performing asset (NPA) in December 2009. The company has
not been servicing its interest and principal obligations since
April 2009.

Incorporated in 1989, Nayak manufactures refined and unrefined
wheat flour, and wheat bran.

Nayak reported a net loss of INR8.3 million on net sales of
INR298.6 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR5.0 million on net sales of
INR245.7 million for 2007-08.


NEW ERA: CRISIL Assigns 'BB' Rating on INR5 Million Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to New Era Agro
Board Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR50.0 Million Cash Credit     BB/Stable (Assigned)
   INR5.0 Million Term Loan        BB/Stable (Assigned)
   INR9.3 Million Proposed LT      BB/Stable (Assigned)
           Bank Loan Facility
   INR1.5 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect NEAB's modest scale of operations marked by
geographical and customer concentration in its revenues, modest
financial risk profile, and susceptibility of its revenues and
earnings profile to changes in government policies.  These rating
weaknesses are partially offset by the benefits that NEAB derives
from its promoters' experience in the rice milling and processing
industry.

Outlook: Stable

CRISIL believes that NEAB will maintain a stable credit profile on
the back of experience of its promoters and stable demand for its
products on the back of its established position in the business.
The outlook may be revised to 'Positive' in case the company
successfully diversifies its customer base along with improved
profitability and debt protection indicators.  Conversely, the
outlook may be revised to 'Negative' in case of larger than
expected debt funded capex leading to substantial deterioration in
debt protection indicators of the company over the medium term.

                           About New Era

New Era Agro Board Ltd (NEAB) incorporated in 2001 and promoted by
the Dayama family of Kolkata, is into milling and processing of
rice. Mr. Saket Dayama manages the day-to-day operations of the
company. Its major customers include Food Corporation of India,
District Control of Food Supply and West Bengal State Co-operative
Marketing Federation Limited. It has a manufacturing facility at
Raghunathpur, West Bengal with a capacity to process around 100
tonnes per day of rice.

NEAB reported a provisional profit after tax (PAT) of INR5.8
million on net sales of INR227.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4.0
million on net sales of INR156.7 million for 2008-09.


PRADIP OVERSEAS: CRISIL Assigns 'BB' Rating to INR805.2M Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pradip Overseas Ltd
continue to reflect Pradip's moderate financial risk profile on
account of its working-capital-intensive operations and its low
level of integration compared with other large players in the home
furnishing industry.

   Facilities                              Ratings
   ----------                              -------
   INR805.2 Million Term Loan (Reduced     BB/Stable
                from INR889.20 Million)

   INR2381.50 Million Cash Credit          BB/Stable
   (Enhanced from INR 435.00 Million)

   INR160.00 Million Packing Credit        P4+
   (Reduced from INR 1067.50 Million)

   INR808.50 Million Foreign Bills         P4+
   Discounting/Purchase (Enhanced
         from INR 503.00 Million)

   INR1650.00 Million Letter of Credit     P4+
   (Enhanced from INR1082.50 Million)

The ratings also factor in the risks relating to the
implementation of its capacity expansion project and plans for
setting up a textile special economic zone (SEZ).  These
weaknesses are partially offset by Pradip's established presence
as a process house in the bed linen industry, and its above-
average operating efficiency.

Outlook: Stable

CRISIL believes that Pradip's financial risk profile will remain
leveraged for the medium term because of its increasing working
capital requirements and planned capital expenditure (capex).  The
outlook may be revised to 'Positive' if the company stabilizes its
planned capacity expansion and prudently executes its capex plans
for setting up the SEZ, thus improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if Pradip's
liquidity deteriorates on account of delay in stabilizing the
planned capacity enhancement or if the company undertakes larger-
than-expected capex adversely affecting its financial risk profile
and liquidity.

                            About Pradip

Pradip (formerly Chetan Textiles), based in Ahmedabad, processes
and manufactures home-linen textiles.  It is promoted by Mr.
Pradip Karia and his brother, Mr. Chetan Karia.  Mr. Pradip Karia
has more than 20 years of experience in the textile trading
business.  The company's products include cotton and polyester-
blended bed sheets, duvet covers, fitted sheets, pillow covers,
and curtains.  The company currently operates two textile-
processing units with a combined installed capacity to process
136.5 Million metres per annum (MMPA) of home linen.  The company
is setting up a textile SEZ near Ahmedabad, for which it has
already procured about 95 hectares of land.  While the company has
already received approval from the state and the central
governments for the SEZ, the final notification is expected once
it procures around 100 hectares of land.  The total project is
expected to cost about INR1600 million.  The company also plans to
set up a manufacturing facility, with installed capacity of 33
mmpa, within this SEZ.  This will increase the company's total
home-linen-processing capacity to 168.5 mmpa and would cost about
INR1000 million.  In April 2010, the company issued an initial
public offering of equity shares for a total consideration of
INR1.16 billion; the company is now listed on the Bombay Stock
Exchange and the National Stock Exchange.

For 2009-10 (refers to financial year, April 1 to March 31),
Pradip reported a profit after tax (PAT) of INR573.3 million on an
operating income of INR15.67 billion, against a PAT of INR438.2
million on net sales of INR11.31 billion for the previous year.


PHIL ISPAT: CRISIL Assigns 'B-' Rating to INR130.2 Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to Phil Ispat Pvt
Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Cash Credit        B-/Negative (Assigned)
   INR130.2 Million Term Loan         B-/Negative (Assigned)
   INR10.0 Million Letter of Credit   P4 (Assigned)
   INR10.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect PIPL's weak liquidity. PIPL's financial risk
profile is expected to weaken further because of its large debt-
funded capital expenditure (capex) programmes.  The company has a
marginal market share in the steel industry, and is vulnerable to
downturns in the steel industry.  These rating weaknesses are
partially offset by the synergies that PIPL derives from its group
entities, and its secured raw material linkages.

Outlook: Negative

CRISIL expects PIPL's financial risk profile to deteriorate over
the medium term owing to the debt-funded capex.  The company's
liquidity may also be stretched on account of the capex and
increased working capital requirements.  PIPL's business risk
profile may, however, benefit from its integrated operations,
following commissioning of its captive power plant in 2012.  The
outlook may be revised to 'Stable' if PIPL's liquidity improves,
mainly through stronger accruals from business.  Conversely, the
rating may be downgraded if the company takes on more debt than
expected to fund its capex, or if there is further deterioration
in its liquidity.

                          About Phil Ispat

PIPL, incorporated in June 2004, was acquired by Mr. N K Bhojani
and Mr. S K Thacker in 2006-07 (refers to financial year, April 1
to March 31) for INR110.0 million.  PIPL manufactures sponge iron.
Its facility in Bilaspur, Chattisgarh has a capacity of 60,000
tonnes per annum (tpa).  The promoters also own N K Bhojani Pvt
Ltd (NBPL; rated 'B+/Stable/P4' by CRISIL), which was established
in 1992, and own about 44 per cent in PIPL.  NBPL currently has
capacity to produce 36,000 tpa of sponge iron, and 48,000 tpa of
ingots; its crusher machines have capacity to crush around 208,000
tpa of iron ore.  The company also undertakes iron ore mining
works and has a dealership for Larsen & Toubro Ltd for spares
sales and services.

PIPL reported a profit after tax of INR6.1 million on net sales of
INR327.0 million for 2008-09, against a net loss of INR31.8
million on net sales of INR244.0 million for 2007-08.


PUSHPAK MARKTRADE: CRISIL Puts 'B+' Rating on INR57.5M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Pushpak
Marktrade (India) Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR57.5 Million Cash Credit        B+/Stable (Assigned)
   INR32.5 Million Letter of Credit   P4 (Assigned)

The ratings reflect Pushpak's moderate financial risk profile,
marked by a small net worth and weak debt protection metrics, and
limited track record of operations.  These weaknesses are
partially offset by Pushpak's wide and diversified customer base.

Outlook: Stable

CRISIL believes that Pushpak will maintain its credit risk profile
over the medium term, backed by moderate revenue growth.  The
outlook may be revised to 'Positive' if there is substantial
equity infusion or sustained improvement in its operating margin.
Conversely, the outlook may be revised to 'Negative' if any large
debt-funded capital expenditure adversely impacts Pushpak's debt
protection metrics, or if any large increase in working capital
requirements materially stretches its liquidity.

                       About Pushpak Marktrade

Set up in 2004, by Mr. Arun Beswal, Pushpak trades in multiple
products such as coal, textile fabrics, scrap iron, steel plates,
plastic granules, and stationery items.  While around 50% of the
company's revenues in 2009-10 (refers to financial year, April 1
to March 31), came from coal trading, trading in fabrics
contributed one-fourth of the company's net sales.  The rest of
Pushpak's sales came through trading in other items such as scrap
irons, steel plates and sheets, plastic granules, ink and refills.
The products are sold to a wide customer base that includes
wholesalers, semi-wholesalers and commission agents, spread across
Gujarat (coal), Rajasthan (scrap iron and steel products) and
Maharashtra (fabrics, plastic granules).

Pushpak reported a profit after tax (PAT) of INR1.0 million on net
sales of INR467.9 million for 2009-10, against a PAT of less than
INR0.1 million on net sales of INR235.2 million for 2008-09.


SARVODAYA SUITINGS: CRISIL Reaffirms 'B' Rating on INR160MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarvodaya Suitings Ltd
continue to reflect SSL's average financial risk profile, modest
scale of operations, and significant off-balance-sheet liabilities
on account of losses in derivative transactions.  These rating
weaknesses are partially offset by the benefits that SSL derives
from the experience of its promoters.

   Facilities                         Ratings
   ----------                         -------
   INR160.0 Million Cash Credit       B/Negative (Reaffirmed)
   INR20.0 Million Standby Line       B/Negative (Reaffirmed)
                      of Credit
   INR 45.0 Million Letter of Credit  P4 (Reaffirmed)

Outlook: Negative

CRISIL believes that SSL's credit risk profile will remain
constrained over the near term, mainly on account of the ongoing
litigation with ICICI Bank Ltd with respect to derivative
transactions.  The ratings may be downgraded in case of an adverse
ruling in the dispute with ICICI Bank, thereby resulting in
crystallisation of the liabilities, or a sharp decline in the
company's operating margin, resulting in deterioration of its debt
protection metrics.  Conversely, the rating outlook may be revised
to 'Stable' if the outcome of the litigation is in favor of SSL,
or the matter is resolved through an out-of-court settlement or
otherwise, without significantly impairing the company's gearing
and debt protection metrics.

                      About Sarvodaya Suitings

SSL, incorporated in 1994 by Mr Abhay Kumar Jain and his family,
manufactures blended fabrics.  The promoters have been engaged in
the textile trading business since 1975, and have also acquired a
strong position in the manufacturing domain.

SSL reported provisional net sales of INR1550 million for 2009-10
(refers to financial year, April 1 to March 31), against net sales
of INR1363.0 million for 2008-09.


SHREE BALAJI: CRISIL Reaffirms 'D' Rating on INR108.6MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Balaji Engicons
Pvt Ltd continue to reflect Shree Balaji's continued delays in
term loan servicing; the delays have been caused by stretched
liquidity owing to delays in realisation of receivables from
customers.

   Facilities                                  Ratings
   ----------                                  -------
   INR32.50 Million Cash Credit Limits         D (Reaffirmed)
   INR4.80 Million Standby Line of Credit      D (Reaffirmed)
   INR108.60 Million Term Loan                 D (Reaffirmed)
   INR291.00 Million Bank Guarantee            P5 (Reaffirmed)

Shree Balaji remains exposed to risks arising out of its limited
geographical reach, customer concentration in revenue profile, and
large working capital requirements. The company, however, has
registered healthy topline growth and has maintained profitability
over the past three years.

                        About Shree Balaji

Shree Balaji was set up as a partnership firm in 1993 by Mr. Anil
Agarwal and family.  In 1998, the firm was reconstituted as a
private limited company.  It undertakes civil construction, road
construction, and related jobs.  Shree Balaji's activities are
restricted to Orissa; the company is a super-class contractor for
Public Works Department, Orissa.  The company also runs a petrol
pump.

For 2009-10 (refers to financial year, April 1 to March 31), Shree
Balaji reported a provisional profit after tax (PAT) of INR29
million on net sales of INR900 million, as against a PAT INR34
million on revenues of INR1122 million for 2008-09.


SHRI GAUTAM: CRISIL Assigns 'B-' Rating to INR67.5MM Demand Loan
----------------------------------------------------------------
CRISIL has upgraded its ratings on long-term bank facilities of
Shri Gautam Ship Breaking Industries Pvt Ltd's to 'B-/Stable' from
'C'; the rating on SGSBIPL's short term bank facilities has been
reaffirmed at "P4".

   Facilities                             Ratings
   ----------                             -------
   INR67.5 Million Working Capital        B-/Stable (Assigned)
                       Demand Loan
   INR40.0 Million Cash Credit Facility   B-/Stable (Upgraded from
                                                     'C')
   INR6.0 Million Bank Guarantee          P4 (Assigned)
   INR186.5 Million Letter of Credit      P4 (Reaffirmed)

The rating upgrade is driven by SGSBIPL's timely repayment of its
term loan from May 2009, driven by an increase in ship-breaking
activities, which have led to a significant improvement in
company's topline and profitability margins; the company has thus
posted higher-than-expected cash accruals of INR38 million in
2009-10 (refers to financial year, April 1 to March 31). CRISIL
believes that SGSBIPL will, over the near term, continue to
benefit from the revival in the ship-breaking industry and sustain
its topline and margins, leading to sufficient cash accruals to
meet its debt obligations on time.

CRISIL ratings on SGSBIPL's bank facilities reflect the company's
weak financial risk profile, company's exposure to risks related
to cyclicality in the ship-breaking industry, volatility in steel
scrap prices, and adverse regulatory changes. These rating
weaknesses are partially offset by the promoters' experience in,
and healthy growth prospects of, the ship-breaking industry.

Outlook: Stable

CRISIL believes that SGSBIPL will benefit from the healthy growth
prospects of the ship-breaking industry over the medium term. The
outlook maybe revised to 'Positive' if the company generates more-
than-expected revenues and profits, thereby leading to more-than-
expected cash accruals.  Conversely, the outlook may be revised to
'Negative' in case of a more-than-expected decline in SGSBIPL's
margins, most likely due to decline in scrap prices, leading to
inadequate cash accruals to service its term debt repayment
obligations in a timely manner.

                          About Shri Gautam

Set up in 1983, SGSBIPL undertakes ship-breaking activities in
Alang (Gujarat), which is the leading centre for the ship-breaking
and -recycling industry in Asia.  It purchases old ships and
breaks them into steel plates, which it supplies to rolling mills
located within Gujarat. SGSBIPL was set up by Mr. Vinod Bhayani
and his family.  Currently, his son, Mr. Samir Bhayani, who has
experience of around 2 decades in the ship-breaking industry, is
looking after the day-to-day operations of the company.

SGSBIPL reported a profit after tax (PAT) of INR38.1 million on
net sales of INR560.9 million for 2009-10 (refers to financial
year, April 1 to March 31) against book loss of INR116.1 million
on net sales of INR264.6 million for 2008-09.


SHRI HARI: CRISIL Lifts Rating on INR60MM Packing Credit to 'P4+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Shri Hari
Gems to 'P4+' from 'P4'.

   Facilities                             Ratings
   ----------                             -------
   INR150.0 Million Post Shipment Credit  P4+ (Upgraded from P4)
   INR60.0 Million Packing Credit         P4+ (Upgraded from P4)

The rating upgrade has been driven by SHG's better-than-expected
sales and profitability during 2009-10 (refers to financial year,
April 1 to March 31) and improved working capital management.
Also, the capital structure of the firm has improved following the
infusion of equity capital of INR36.8 million in 2009-10.

The rating reflects SHG's average financial risk profile, marked
by a small net worth, because of the partnership constitution, and
weak debt protection indicators, and exposure to risks related to
small scale of operations. These weaknesses are partially offset
by the benefits that SHG derives from its promoters' experience in
the diamond industry.

                          About Shri Hari

SHG, a partnership firm set up in 1999, manufactures and sells
rough and polished round diamonds. The firm is headquartered in
Mumbai, and has a manufacturing facility at Surat (Gujarat).

The firm had estimated sales and profit after tax (PAT) of
INR549.5 million and INR14.2 million, respectively, for 2009-10
(refers to financial year, April 1 to March 31), and reported
sales and PAT of INR450.5 million and INR3 million, respectively,
for 2008-09.


SPONGE SALES: CRISIL Assigns 'BB-' Rating to INR46MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Sponge Sales India Pvt Ltd, which is part of the
Meenakshi group.

   Facilities                             Ratings
   ----------                             -------
   INR46.0 Million Cash Credit            BB-/Stable (Assigned)
   INR120.0 Million Letter of Credit      P4+ (Assigned)
   INR10.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect the Meenakshi group's below-average financial
risk profile, marked by a small net worth, large working capital
requirements, and weak debt protection metrics, small scale of
operations, and susceptibility to volatility in sponge iron
prices.  These rating weaknesses are partially offset by the
Meenakshi group's diversified supplier profile and promoters'
experience in the steel trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSIPL and Meenakshi Enterprises.  This
is because the two entities, together referred to as the Meenakshi
group, are in similar businesses, and have common promoters, and
operational and financial linkages with each other.

Outlook: Stable

CRISIL believes that the Meenakshi group will maintain its
business risk profile, on the back of its relationships with its
multiple suppliers and its well-entrenched position in the North
Indian markets of Punjab, Himachal Pradesh, and Jammu & Kashmir.
However, the group's financial risk profile is expected to remain
weak because of its large working capital requirements and small
net worth. The outlook may be revised to 'Positive' if the group's
financial risk profile strengthens, primarily because of
improvement in its capital structure.  Conversely, the outlook may
be revised to 'Negative' in case of further deterioration of the
group's profitability, or if it undertakes debt-funded capital
expenditure programme, thereby weakening its capital structure.

                          About the Group

Meenakshi was incorporated in 2004 by Mr. Pramod Goyal and his
father. It trades in sponge iron, steel ingots and ferro alloys.
Meenakshi is based in Mandi Gobindgarh (Punjab), and is currently
managed by Mr. Pramod Goyal, Mr. Rajesh Goyal, Mr. Kuldeep Garg
and Mr. Pankaj Khetan.

The promoters of Meenakshi group also own and manage SSIPL, which
was established in 1993. The company trades in sponge iron and
steel ingots.

The group is an authorized trader of sponge iron for the companies
such as Welspun Power and Steel Ltd, Tata Sponge Iron Ltd, Bihar
Foundry and Castings Ltd, Adhunik Alloys and Power Ltd, and
Bhushan Steel Ltd, all based in North India.

SSIPL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR263 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR0.7 million with no
sales in 2007-08.


SREE SUMANGALA: CRISIL Reaffirms 'BB' Rating on INR11.5M Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sree Sumangala Metals
and Industries Pvt Ltd continue to reflect SSMIPL's exposure to
risks related to geographic concentration in revenue profile and
intense competition in the steel industry, its small scale of
operations, and susceptibility of SSMIPL's margins to volatility
in steel prices and foreign exchange rates. These weaknesses are
mitigated by SSMIPL's above-average financial risk profile,
moderate operating efficiency, and its promoters' experience in
the steel trading industry.

   Facilities                             Ratings
   ----------                             -------
   INR11.50 Million Long-Term Loan        BB/Stable (Reaffirmed)
   INR70.00 Million Cash Credit Limit     BB/Stable (Reaffirmed)
   INR105.00 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SSMIPL will maintain its stable business risk
profile over the medium term on the back of its established
relationships with suppliers and customers. The outlook may be
revised to 'Positive' if SSMIPL improves its financial risk
profile considerably by improving its revenues and margins
significantly from current levels. Conversely, the outlook may be
revised to 'Negative' if SSMIPL's financial risk profile
deteriorates because of large borrowings for capital expenditure
(capex), sharp decline in margins, or delay in stabilisation of
freshly expanded capacities.

Update

SSMIPL posted a provisional sales and operating profit of INR457
million and INR22.7 million, respectively, in 2009-10 (refers to
financial year, April 1 to March 31); this is in line with
CRISIL's expectations. In February 2010, the company started
aluminium ingots manufacturing, which is expected to improve its
revenues and margins over the medium term. SSMIPL had a
comfortable gearing of 1.26 times as on March 31, 2010; this is
expected to deteriorate marginally to 1.52 times by end 2010-11,
post the company's planned capex of INR22.5 million, which will
have a debt component of INR15 million. However, the gearing will
remain comfortable for the rating category. The company has
moderate liquidity supported by sufficient accruals to meet the
maturing debt obligations, moderate bank limit utilisations, and
proposed increase in working capital limits.

SSMIPL posted a provisional profit after tax (PAT) of INR8.9
million on net sales of INR457 million for 2009-10, against a PAT
of INR5.5 million on net sales of INR394 million for 2008-09.

                        About Sree Sumangala

Incorporated in 1985 by Mr. Karthik Sabanayagam in Chennai, SSMIPL
(formerly, Sumangala & Fuchs Systems Ltd) has four major business
segments, namely the trading division, manufacturing division,
auto components and mosquito coils division.  The major revenue
stream of the company is from trading of steel and flat products,
and scrap metal.


STEELSMITH CONTINENTAL: CRISIL Assigns 'BB' Ratings to Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Steelsmith Continental Manufacturing Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Facility   BB/Stable (Assigned)
   INR146.6 Million Rupee Term Loan       BB/Stable (Assigned)
   INR30.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect the Steelsmith group's exposure to risks
related to a small scale of operations and intense industry
competition, and average financial risk profile marked by a small
net worth, moderate gearing, and comfortable debt protection
measures.  These rating weaknesses are partially offset by the
benefits that the Steelsmith group derives from the continuous
improvement in its operating margin.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of SCMPL and its group company Sankalp Preformed
Systems Pvt Ltd, together referred to as the Steelsmith group.
This is because SPSPL is the selling arm of SCMPL's pre-engineered
building (PEB) business.

Outlook: Stable

CRISIL believes that the Steelsmith group will continue to benefit
from its promoters' extensive experience in the PEB and sheet
metal fabrication business.  The outlook may be revised to
'Positive' if the group reports more-than-expected revenue growth
and improvement in capital structure.  Conversely, the outlook may
be revised to 'Negative' if the group is unable to sustain its
profit margins, leading to lower-than-expected cash accruals.

                          About the Group

In 1995, the Steelmith group established Steelsmith, a
proprietorship concern.  In 2005, the business of Continental
Manufacturing Co (a group concern) was merged with Steelsmith to
form SCMPL. SCMPL undertakes two major activities, namely, the
manufacture of PEB systems, and sheet metal fabrication, which
includes the manufacture of Miniature Circuit Breaker (MCB)
distribution boards, fuel-dispensing units, automobile parts, bio-
reactors, and other fabrication products.  Its group company,
SPSPL, erects and commissions PEB buildings.  The group has a
manufacturing capacity of 6000 tonnes per annum (tpa) of PEB
systems and sheet metal fabrications at its plant at Vadodara
(Gujarat).  The group is further expanding its manufacturing
capacities by adding another 3000 tpa, at a total project cost of
around INR70 million.  The project is expected to be complete by
September 2010.

The Steelsmith group reported a provisional profit after tax (PAT)
of INR20.1 million on provisional net sales of INR339.6 million
for 2009-10 (refers to financial year, April 1 to March 31),
against a PAT of INR14.9 million on net sales of INR231.6 million
for 2008-09.


SURENDRA AND COMPANY: Low Net Worth Cues CRISIL's 'BB-' Ratings
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Surendra and Company
continue to reflect Surendra's exposure to risks relating to
geographic concentration in its revenue profile, small scale of
operations, low net worth, and the partnership nature of its
business. These weaknesses are partially offset by Surendra's
established position in Chennai's gold and diamond jewellery
market, experienced promoters, good operating margin, and moderate
growth in revenues.

   Facilities                        Ratings
   ----------                        -------
   INR186.0 Million Long-Term Loan   BB-/Stable (Reaffirmed)
   INR24.0 Million Cash Credit       BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Surendra will maintain its market position in
the Chennai region backed by its promoters' experience in the gold
and diamond jewellery business. The outlook may be revised to
'Positive' if the firm reports a higher-than-expected increase in
its operating revenues whilst maintaining its profitability
margin. Conversely, the outlook may be revised to 'Negative' if
Surendra's capital structure and debt protection measures are
weakened due to large borrowings, or if its operating margin
declines.

                           About Surendra

Surendra, started in 1978 as a proprietary concern, is one of
Chennai's well known retail gold and diamond jewellery merchants.
The firm operates its retail business through its only showroom at
Cathedral Road in Chennai. It caters to upper-middle- and upper-
class customers in and around Chennai. Over the past three years,
the firm's revenues have registered a compound annual growth rate
of over 32 per cent. Surendra diversified its business profile in
2006-07 (refers to financial year, April 1 to March 31) by
establishing a wind-energy division, which currently has six
windmill units, each with a capacity of 800 kilowatts (KW). The
firm has plans of adding further capacities in the windmill
division by installing four units of 800 KW each, at a total
outlay of about INR180 million, to be funded in a debt-to-equity
ratio of about 3 times.

Surendra reported a provisional profit after tax (PAT) of INR48
million on net sales of INR146 million for 2009-10, as against a
PAT of INR43 million on net sales of INR135 million for 2008-09.


SURYA SPONGE: CRISIL Cuts Ratings on Various Bank Debts to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the various bank facilities
of Surya Sponge Iron Ltd to 'D/P5' from 'C/P4' because of the
recent delays by SSIL in servicing its term loan; the delays have
been caused by weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR92.8 Million Cash Credit Limits   D (Downgraded from 'C')
   INR96.2 Million Term Loan            D (Downgraded from 'C')
   INR10.0 Million Letter of Credit     P5 (Downgraded from 'P4')
   INR1.0 Million Bank Guarantee        P5 (Downgraded from 'P4')

SSIL is a small player in the steel industry, with a weak
financial risk profile marked by a small net worth and weak debt
protection metrics.  It is also susceptible to cyclicality in the
steel industry.  These weaknesses are partially offset by SSIL's
average business risk profile, supported by the experience of its
promoters.

                         About Surya Sponge

SSIL, incorporated in 1996, is a manufacturer of sponge iron. The
company commenced commercial production in 1999, with an installed
capacity of 40 tonnes per day (tpd). The company has a sponge iron
plant with a capacity 84,000 tonnes per annum, and a waste heat
recovery plant with a power generation capacity of 1 megawatt; all
its units are in Jajpur (Orissa).

SSIL reported a provisional net loss of INR3 million on
provisional net sales of INR464 million for 2009-10 (refers to
financial year, April 1 to March 31), against net loss of INR39
million on net sales of INR366 million for 2008-09.


SWARUP CASTINGS: CRISIL Puts 'BB+' Rating on INR30MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Swarup Castings Pvt Ltd, which is part of the Swarup
group.

   Facilities                       Ratings
   ----------                       -------
   INR30.0 Million Cash Credit      BB+/Stable (Assigned)
   INR30.0 Million Letter of Credit P4+ (Assigned)
   INR10.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect the Swarup group's modest scale of operations,
moderate operating efficiencies and vulnerability to cyclicality
in steel industry.  These rating weaknesses are partially offset
by the Swarup group's moderate financial risk profile, marked by
low gearing and moderate debt protection metrics, and promoters'
experience in the steel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SCPL and Swarup Rolling Mills Ltd.
This is because SCPL and SRML, together referred to as the Swarup
group, have significant financial, operational and management
linkages.

Outlook: Stable

CRISIL believes that the Swarup group will maintain its financial
risk profile, marked by low gearing, over the medium term.  The
outlook may be revised to 'Positive' if the Swarup group's
business and financial risk profiles improve, supported by
significant increase in revenue and profitability.  Conversely,
the outlook may be revised to 'Negative' if the group's
profitability deteriorates, or if the group undertakes larger-
than-expected debt-funded capital expenditure, thereby adversely
affecting its financial risk profile.

                          About the Group

Set up by Mr. Saurabh Swarup and family in 1995, SCPL, based in
Muzzaffarnagar, Uttar Pradesh, manufactures ingots having
installed capacity of 32,000 tonnes per annum (TPA) which are used
in manufacturing thermo-mechanically-treated (TMT) bars.  SRML is
engaged in manufacturing of TMT and mild steel bars, having
installed capacity of 72,000 TPA.  SCPL sells about 80% of its
total production to SRML.

SCPL's profit after tax (PAT) is estimated at INR10.0 million on
estimated net sales of INR570.0 million for 2009-10 (refers to
financial year, April 1 to March 31) against a reported PAT of
INR0.5 million on net sales of INR409.4 million for 2008-09.


TRAVANCORE COCOTUFT: CRISIL Reaffirms 'P4+' Ratings on Bank Debts
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Travancore Cocotuft Pvt
Ltd continues to reflect Cocotuft's healthy financial risk
profile, experienced management, and established track record in
the coir rolls and mats industry.  These rating strengths are
partially offset by Cocotuft's small scale of operations and
limited revenue diversity.

   Facilities                             Ratings
   ----------                             -------
   INR155.0 Million Packing Credit        P4+ (Reaffirmed)
                             Limit
   INR12.0 Million Standby Line of        P4+ (Reaffirmed)
                      Credit Limit
   INR100.0 Million Bills Discounting     P4+ (Reaffirmed)
                                Limit
   INR30.0 Million Bank Guarantee Limit   P4+ (Reaffirmed)

Update

Cocotuft's revenues for 2009-10 (refers to financial year, April 1
to March 31) marginally exceeded CRISIL's expectations, driven by
healthy demand for its products in the exports market.  Cocotuft's
operating margin improved marginally, based on cost-cutting
measures. Its gearing remains comfortable despite capex of INR40
million undertaken by the company in 2009-10.  The capex is
expected to drive cost savings and improvement in operating margin
over the medium term.  CRISIL believes that Cocotuft's financial
risk profile will remain comfortable for the rating category.

                      About Travancore Cocotuft

Based in Cherthala (Kerala), Cocotuft was founded by Mr. V V
Pavitharan in 2000. The company manufactures and exports poly
vinyl chloride (PVC)-tufted coir rolls and mats. Cocotuft reported
a provisional profit after tax (PAT) of INR20 million on net sales
of INR509 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR7 million on net sales of
INR 463 million for 2008-09.


TROPICANA LIQUID: CRISIL Reaffirms 'BB' Rating on INR50MM LT Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Tropicana Liquid Storage
Pvt Ltd continues to reflect TLS's small scale of operations and
moderate financial risk profile in the liquid storage business.
These weaknesses are mitigated by the financial and management
support TLS receives from its parent Tropicana Trading DMCC and
its good operating efficiency.

   Facilities                          Ratings
   ----------                          -------
   INR50.00 Million Long-Term Loan     BB/Stable (Reaffirmed)
   INR40.00 Million Proposed LT Loan   BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TLS will continue to benefit from the
industry experience of its management, and support from its
parent.  The outlook may be revised to 'Positive' if TLS scales up
its operations, improves the financial risk profile, and
diversifies its customer profile.  Conversely, the outlook may be
revised to 'Negative' in case of unexpected termination of its
rental contracts, decline or delay in cash inflows, or if the
company undertakes a large, debt-funded capital expenditure
programme resulting in deterioration in financial risk profile.

Summary Update

TLS's revenues have increased significantly in 2009-10 (refers to
financial year, April 1 to March 31) driven by additional income
from trading activities.  During the year, TLS ventured into
trading of bitumen, which accounted for 78% of its total revenue.
Income from terminal business of INR36 million was in line with
CRISIL's expectations.  However, the profit margin dropped owing
to low trading margins and depreciation arrears of INR11 million
charged during 2009-10 for change in depreciation method.  The
company does not plan to go ahead with the trading of bitumen over
the medium term.  Its financial risk profile is expected to remain
comfortable with gearing of 0.5 times and comfortable debt
protection measures and liquidity.  Though the company plans to
set up another storage tank of 4000 kilolitres at a cost of INR20
million to INR25 million in Karwar, the same shall be funded
through internal accruals.

TLS posted a provisional profit after tax (PAT) of INR1.2 million
on net sales of INR182.7 million for 2009-10, against a reported
PAT of INR2.6 million on net sales of INR25.6 million for 2008-09.

About Tropicana Liquid

Set up in 2005 in Kochi (Kerala), TLS is a 68 per cent subsidiary
of Tropicana Logistics Ltd.  The company earns rental income by
leasing out its five liquid storage terminals at the Karwar port
(Karnataka) ? four heat-raised tanks with a combined capacity of
12,100 kilolitres, and one 4022-kilolitre non-heat-raised tank.
TLS is part of the Tropicana group based in Dubai; the group is
into diverse businesses, such as trading of petroleum products,
tourism and hospitality, charter of chemical and oil tanks, lease
of liquid storage terminals, and power generation. TLL is a 90 per
cent subsidiary of TTDMCC. TLS is thereby, a subsidiary of TLL's
parent, TTDMCC.  The parent companies, TLL and TTDMCC, are based
in Dubai.


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


ALL NIPPON: To Invite Investors in Launching Budget Carrier
-----------------------------------------------------------
All Nippon Airways Co. has decided to receive capital from foreign
airlines and investment funds in launching a low-cost carrier in
2011 or later as part of efforts to offer lower airfares than its
competitors, Kyodo News reports citing sources close to the
matter.

According to Kyodo, its source said the airline also plans to
invite investments from Japanese firms in other fields, such as
travel agencies and hotel operators, to distinguish the new budget
carrier from its ANA brand.

Sources told Kyodo that the new carrier will be capitalized at
over JPY50 billion, with foreign investors expected to take a
combined stake of less than 30% in line with Japan's regulation to
limit such investments to less than one-third of the capital.  ANA
plans to take a stake of up to around 50 percent to become the top
shareholder with the remainder to be held by other domestic
investors, the sources said.

The report notes the discount carrier, which will use small-sized
aircraft, will be based at Kansai International Airport and
operate domestic flights as well as international flights serving
mainly other Asian nations.

                             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.


EAST STREET: Moody's Takes Rating Actions on Various Classes
------------------------------------------------------------
Moody's Investors Service has announced these rating actions:

Issuer: East Street Referenced Linked Notes, 2002-1 Limited

(1) Series 1 JPY23,000M Class X1 Notes, Downgraded to Aa1;
    previously on August 5, 2009 Confirmed at Aaa

(2) Series 1 JPY10,000M Class A Notes, Downgraded to A2;
    previously on April 27, 2010 Aa1 Placed Under Review for
    Possible Downgrade

(3) Series 1 JPY6,000M Class B Notes, Downgraded to Baa3;
    previously on April 27, 2010 A2 Placed Under Review for
    Possible Downgrade

(4) Series 1 JPY5,000M Class C Notes, Downgraded to B1; previously
    on April 27, 2010 Ba1 Placed Under Review for Possible
    Downgrade

(5) Series 1 JPY1,500M Class D Notes, Downgraded to Caa1;
    previously on April 27, 2010 B2 Placed Under Review for
    Possible Downgrade

(6) Series 1 JPY500M Class E Notes, Confirmed at Caa2; previously
    on April 27, 2010 Caa2 Placed Under Review for Possible
    Downgrade

Issuer: East Street Referenced Linked Notes, 2002-1 Limited

(1) Series 2 JPY9,000M Class X1 Notes, Downgraded to A1;
    previously on April 27, 2010 Downgraded to Aa2 and Placed
    Under Review for Possible Downgrade

(2) Series 2 JPY4,875M Class A Notes, Downgraded to Baa2;
    previously on April 27, 2010 Downgraded to A3 and Placed Under
    Review for Possible Downgrade

(3) Series 2 JPY4,500M Class B Notes, Confirmed at Caa1;
    previously on April 27, 2010 Caa1 Placed Under Review for
    Possible Downgrade

Issuer: East Street Referenced Linked Notes, 2004-1 Limited

(1) JPY18,750M Class X1 Notes, Downgraded to Aa2; previously on
    April 27, 2010 Downgraded to Aa1

(2) JPY7,500M Class A Notes, Downgraded to Baa3; previously on
    April 27, 2010 Downgraded to Baa1 and Placed Under Review for
    Possible Downgrade

(3) JPY3,750M Class B Notes, Downgraded to B2; previously on
    April 27, 2010 Downgraded to Ba3 and Placed Under Review for
    Possible Downgrade

These rating actions mainly reflect the downgrades of several
Japanese ABS and CMBS assets.

These transactions are structured finance CDOs referencing ABS,
RMBS, CMBS, and CDO assets, and of which more than 70% are
Japanese assets.

As announced in "Japan CMBS: Surveillance Review 2H2009" (March
2010), additional rating actions on Japanese CMBS assets have been
taken due to concerns about the effect of stressed collections on
collateral recovery for loans and the need to reconsider property
values.

Various sensitivity analysis were also performed to test the
appropriateness of the downgrades, including runs to show the
impact of potential defaults of lowly rated referencing assets
with various recovery rates.

In deriving its ratings for structured finance assets, Moody's
uses the collateral instrument's current rating-based expected
loss, Moody's recovery rate table, and the original rating of the
instrument along with its average life to infer an unadjusted
default probability.  In addition to the quantitative factors that
are explicitly modeled, qualitative factors are part of rating
committee considerations.  These qualitative factors include the
structural protections in each transaction, the recent deal
performance in the current market environment, the legal
environment, and specific documentation features.  All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.


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


AORANGI SECURITIES: Serious Fraud Office to Interview Investors
---------------------------------------------------------------
The National Business Review reports that investors in Aorangi
Securities Ltd and several funds associated with South Canterbury
businessman Allan Hubbard will be interviewed by the Serious Fraud
Office after it decided there was enough evidence to continue its
investigation.

The report relates SFO Director Adam Feeley said investors would
be interviewed, after which a wider group of people would be
questioned.  The Hubbards would be approached once all evidence
had been obtained.

According to the report, the move was greeted with disbelief in
Timaru, where Mr. Hubbard, 82, is regarded as a pillar of the
local community.  Mr. Hubbard has called for a commission of
inquiry and has also hired law firm Russell McVeagh, NBR notes.

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.


GAS CLOTHING: Goes Into Liquidation; Closes Shops
-------------------------------------------------
Gas Clothing Limited has gone into liquidation, tvnz.co.nz
reports.

Dan Carter is a director and shareholder in Gas Clothing which has
closed its stores in Wellington, Auckland, Mount Maunganui and
Christchurch.

Thirty creditors are owed more than NZ$1.5 million, although
liquidators said most of that is owed to Mr. Carter and his
business partner.


LOMBARD FINANCE: Investors to Get Further 3 cents on the Dollar
---------------------------------------------------------------
Investors in Lombard Finance will receive a further three cents on
the dollar, bringing the total funds repaid to 9.5 cents,
BusinessDay.co.nz reports.  The report says trustee Perpetual
wrote to Lombard investors late last week to inform them of the
NZ$3.4 million payment which will be made around August 5.

Receiver PricewaterhouseCoopers said in a report to investors that
its initial estimated range of recoveries of between 15 and 24 per
cent of the original amount invested remained unchanged.

According to the report, PwC said NZ$53.9 million had been
recovered from Lombard's major asset -- its property loan book --
which had a total book value of NZ$136.7 million in March 2008.
Of the NZ$53.9 million, Lombard had received NZ$14.1 million, with
the balance paid to prior ranking security holders or as direct
sale costs.

Citing PwC's report, BusinessDay.co.nz says the receivers
continued to make progress in realizing the loan book including
pursuing and reaching settlements with guarantors.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


MERMAIDS: In Receivership; Two Buyers Express Interest in Club
--------------------------------------------------------------
The New Zealand Herald reports that Auckland's Mermaids strip club
has gone into receivership.  Victoria Toon of Corporate
Restructuring was appointed receiver to the Auckland revue bar,
which claims to be the first in the world to feature girls
swimming in aquarium-style water tanks.

According to the report, Ms. Toon said former owner Paul Hollis
fell behind on mortgage repayments after revamping the $4 million
premises in the central business district.

Ms. Toon said at least two other brothel owners had expressed an
interest in buying the club.  Ms. Toon had reassured the employees
they would hang on to their jobs.


STRATEGIC FINANCE: Receivers' Second Report Delayed Until August 6
------------------------------------------------------------------
Strategic Finance debenture holders should find out this Friday
when they'll get their first repayment from the failed property
lender's receivers and how much it will be, The New Zealand Herald
reports.

The report says the receivers, PricewaterhouseCoopers' John Fisk
and Colin McCloy, had been due to provide their second update by
July 30.  However, the report notes, they now say given several
property transactions "scheduled to occur in the first week of
August", they've delayed their second update for a week until
August 6.

"Subject to these property transactions occurring as scheduled, we
expect to be able to announce the timing and quantum of the first
interim distribution to secured debenture investors," the report
quoted the receivers as saying.

This will be the first estimate of how much money the receivers
expect to recover.

                      About Strategic Finance

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

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

                          *     *     *

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

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


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


PHILIPPINE AIRLINES: May Miss Profit Goal after Pilots Resignation
------------------------------------------------------------------
Philippine Airlines Inc. said it may miss its goal of returning to
profit this fiscal year after the resignation of pilots forced the
cancellation of at least 22 flights, Bloomberg News reports.

"We may have to revise this year's targets," PAL President Jaime
Bautista told Bloomberg by phone.

According to Bloomberg, the government also called a meeting with
airline executives and said it may consider easing air-traffic
restrictions after 25 Philippine Air pilots quit for higher paying
jobs overseas.  PAL said carriers in the Middle East and other
regions are luring pilots with offers to triple their pay,
Bloomberg relates.

"The pilot resignations are a poaching issue," Mr. Bautista said.
Bloomberg notes the carrier yesterday canceled four flights and 18
over the weekend.

Transport Undersecretary Dante Velasco also told Bloomberg that
Cebu Air Inc., which flies as Cebu Pacific, may also be losing
pilots.

Bloomberg relates Mr. Velasco said President Benigno Aquino's top
aide, Executive Secretary Paquito Ochoa, Transport Secretary Jose
de Jesus and other officials will attend the meeting.  He said he
didn't know when officials will meet with pilots.

                  Lawsuit Against Resigned Pilots

PAL President Jaime Bautista said Monday that the management is
considering suing 25 pilots who resigned en masse, ABS-CBNnews.com
reports, citing ANC.

Mr. Bautista told ANC in an interview that the 13 pilots and 12
first officers were ordered to return to work in 7 days or face
criminal and administrative charges.  He said PAL has 150 flights
a day and the cancellation of 5 flights alone meant a serious dent
on daily operations.

"They resigned without complying with the 180-day notice. Flights
are scheduled for 6 months and we need enough pilots to man the
flights.  The reason for the 180-day notice is to have the chance
to get replacements and ensure that the flights leave on time," he
said in an ABS-CBN "Umagang Kay Ganda' interview.

ABS-CBN notes Mr. Bautista said that in the case of the recent
resignations "some pilots would file their resignations today and
not show up for work the next day."

                   Probe Into Retrenchment Plan

Meanwhile, ABS-CBNnews.com reports that the Anak-Pawis partylist
filed a resolution at the House of Representatives seeking an
inquiry into the airline company's move to retrench some 2,600
employees.

"This is meant to understand the circumstances surrounding the
issue and why 2,600 employees stand to be affected.  We have to
make sure that the right of workers is not being violated," ABS-
CBN quoted Anakpawis party-list Rep.Rafael Mariano as saying.

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

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.

                     About Philippine Airlines

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


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


ENFORA (ASIA PACIFIC): Creditors' Proofs of Debt Due August 30
--------------------------------------------------------------
Creditors of Enfora (Asia Pacific) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 30, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Mdm Chia Lay Beng
         1 Scotts Road
         #21-08 Shaw Centre
         Singapore 228208


JPL CORPORATION: Creditors' Proofs of Debt Due August 30
--------------------------------------------------------
Creditors of JPL Corporation Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 30, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Leow Quek Shiong
         Leong Hon Mun Peter
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


JPL SERVICES: Creditors' Proofs of Debt Due August 30
-----------------------------------------------------
Creditors of JPL Services Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 30,
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:

         Leow Quek Shiong
         Leong Hon Mun Peter
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


PLACER DOME: Creditors' Proofs of Debt Due August 30
----------------------------------------------------
Placer Dome Singapore Private Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by August 30, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Aaron Loh Cheng Lee
         Ernst & Young Solutions LLP
         c/o One Raffles Quay North Tower Level 18
         Singapore 048583


SOLIDUS ELECTRICAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on July 16, 2010, to
wind up Solidus Electrical Engineering Pte Ltd's operations.

Tham Sau Li trading as Yex Engineering filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


STARLING CORPORATION: Creditors' Proofs of Debt Due August 29
-------------------------------------------------------------
Creditors of Starling Corporation (S) 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


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


AU OPTRONICS: To Build TV Assembly Plant in Europe & North America
------------------------------------------------------------------
AU Optronics Corp. said it was planning to build TV set assembly
bases in Europe and the North America next year, Taipei Times
reports.

"AUO will make the investments through its subsidiary in China,
BriView Technology Corp, tapping the markets in Europe and
America," the report quoted AU Optronics spokesperson Hsiao Ya-wen
as saying.

According to the report, Paul Peng, executive vice president of
AUO's Global ?Business Unit, said BriView was likely to establish
TV set assembly facilities in the Czech Republic, where AU
Optronics runs a flat panel assembly plant, but the joint venture
was also considering other options.

In North America, Peng said, BriView may choose Mexico.  The US
will be an unlikely site for the new investment because of high
production costs, he said.

                         About AU Optronics

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

                           *     *     *

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


E.SUN FINANCIAL: Fitch Upgrades Individual Rating From 'C/D'
------------------------------------------------------------
Fitch Ratings has upgraded Taiwan's E.Sun Financial Holding
Company's Individual Rating to 'C' from 'C/D' and E.Sun Securities
Corporation's (ESS, a wholly-owned subsidiary of ESFHC) Individual
Rating to 'C/D' from 'D'.  Meanwhile, the agency affirmed all
other ratings of ESFHC, ESS and E.Sun Commercial Bank (ESB, a
wholly-owned subsidiary of ESFHC).  The Outlook for all Long-term
ratings remains Stable.

The affirmation of ESB's Individual Rating at 'C' reflects its
resilient financial profile throughout the recent financial crisis
and the economic meltdown in 2008-2009.  Its capital remains
adequate with Tier 1 capital ratio of 8.1% at end March 2010 and
good liquidity reflected in a loan-to-deposit ratio of 72.7%.
Asset quality is also stable with an NPL ratio of 0.57% and
coverage ratio of 113.6%.  Even though ESB's earnings remain
modest relative to regional peers, it rebounded by 125% yoy in
2009 and 52% in Q110, thanks to increased core earnings and
normalized credit costs.  Moreover, Fitch expects ESB's earnings
to remain stable throughout 2010.

The upgrade of ESFHC's Individual Rating largely reflects the
influence of ESB, which accounts for over 99% of group assets and
significantly contributed to the group's resilient and gradually
enhanced franchise earnings and stable credit profile amid the
challenging operating environment, although it is noted that the
franchise still is small and profitability is relatively weak
compared with its regional peers.  The holding parent's double
leverage ratio is moderate at 109.8% (as at end March 2010), with
a satisfactory capital adequacy ratio of 114.2%.  Its liquidity
comfortably covers interest and operating expenses.

The rating Outlook on ESFHC and ESB is Stable, as supported by the
regaining of earnings momentum post-crisis at ESB and comparably
favorable asset quality profile.  However, a significant
deterioration in ESFHC's or ESB's capital position arising from
aggressive loan growth or M&A strategy could put downward pressure
on both entities' Long-term Ratings and Individual Ratings.

The National Ratings of ESS are driven by the obligated support
from its parent, ESFHC.  The upgrade of ESS's Individual Rating
reflects its comparably less volatile profitability and more
prudent balance sheet integrity over the past decade as compared
with its similarly-rated peers, as well as its increased scale
benefit from its expanding franchise.  Leveraging on cross-selling
to affiliated bank's larger customer base, its brokerage market
share increased to 1.04% at end-March 2010 from 0.74% at end-2008
and 0.63% at end-2007.

The rating Outlook of ESS is Stable, in line with that of its
parent.  However, any deterioration in the parent's ability to
support ESS would negatively affect ESS's National Rating.

ESFHC is a mid-sized and bank-centric financial holding company.
It provides banking and securities brokerage, insurance brokerage
and venture capital services through its fully-owned subsidiaries
ESB, ESS and other smaller subsidiaries.  ESFHC has a diversified
shareholding structure, with management and employees owning 20%
to 25% of its shares.  Foreign investors Prudential Plc (Long-term
IDR: 'AA-'/Rating Negative Watch) and Morgan Stanley Apollo
Holdings (Cayman) Limited hold around 4% and 2.6% stakes in ESFHC,
respectively.  ESB commanded a market share of 3.27% in system
deposits at end-March 2010; ESS is a small brokerage firm with a
market share of 1.04% in stock brokerage at end March 2010.

The detailed list of rating actions is:

ESFHC:

  -- Long-term foreign currency IDR 'BBB-'; Outlook Stable;
  -- Short-term foreign currency IDR 'F3';
  -- National Long-term rating 'A(twn)'; Outlook Stable;
  -- National Short-term rating 'F1(twn)';
  -- Individual upgraded to 'C' from 'C/D';
  -- Support '5';
  -- Support Rating Floor 'NF'; and
  -- Subordinated debt rating 'BBB+(twn)'.

ESB

  -- Individual 'C'; and
  -- Support '4'.

ESS:

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     Stable;

  -- National Short-term rating affirmed at 'F1(twn)';

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

  -- Support affirmed at '2'.


TCL CORP: Raises CNY4.5 Billion for Expansion
---------------------------------------------
TCL Corp. raised CNY4.5 billion ($664 million) in a private
placement of shares last month, China Daily reports.

TCL said in a filing to the Shenzhen Stock Exchange on Monday that
it issued 1.3 billion shares to 10 select investors at CNY3.46 per
share late last month to raise money for expansion, the report
says.

The Troubled Company Reporter-Asia Pacific reported on June 30,
2010, Bloomberg News said TCL Corp. received as much as CNY210
million in subsidies from the government of the southern Chinese
city of Shenzhen.

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the
manufacture of TV sets and handset products.  TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication.

                        *     *     *

The company continues to carry Xinhua Far East China Ratings'
"BB" domestic currency issuer credit rating.  The ratings
outlook remains negative.


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


* BOND PRICING: For the Week July 26 to July 30, 2010
-----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       0.90
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.02
ANTARES ENERGY          10.00    10/31/2013   AUD       1.81
BECTON PROP GR           9.50    06/30/2010   AUD       0.34
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.16
CHINA CENTURY           12.00    09/30/2010   AUD       0.90
EXPORT FIN & INS         0.50    12/16/2019   AUD      60.63
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.76
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.29
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.16
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.61
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      66.75
PRAECO P/L               7.13    07/28/2020   AUD      73.39
RESOLUTE MINING         12.00    12/31/2012   AUD       0.79
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
SUNCORP METWAY I         6.75    10/06/2026   AUD      70.62
TREAS CORP VICT          0.50    08/25/2025   AUD      57.54

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      64.26


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      33.25


  INDIA
  -----

KALINDEE RAIL NI         0.50    03/07/2012   USD      71.50
PUNJAB INFRA DB          0.40    10/15/2024   INR      24.66
PUNJAB INFRA DB          0.40    10/15/2025   INR      22.47
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.55
PUNJAB INFRA DB          0.40    10/15/2027   INR      18.32
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.27
PUNJAB INFRA DB          0.40    10/15/2029   INR      15.88
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.63
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.50
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.49
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.58
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.50
SUBEX AZURE              2.00    03/09/2012   USD      69.81
SUBEX LTD                5.00    03/09/2012   USD      72.83


  JAPAN
  -----

AIFUL CORP               1.20    01/2602012   JPY      72.83
AIFUL CORP               1.99    03/23/2012   JPY      69.93
AIFUL CORP               1.22    04/20/2012   JPY      65.89
AIFUL CORP               1.63    11/22/2012   JPY      62.02
AIFUL CORP               1.74    05/28/2013   JPY      53.19
AIFUL CORP               1.99    10/19/2015   JPY      44.44
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.87
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.46
SHINSEI BANK             5.62    12/29/2049   GBP      73.50
TAKEFUJI CORP            9.20    04/15/2011   USD      54.50
TAKEFUJI CORP            9.20    04/15/2011   USD      54.50
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.22


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.15
CAGAMAS BERHAD           2.47    08/25/2010   MYR       2.70
CRESENDO CORP B          3.75    01/11/2016   MYR       0.99
DUTALAND BHD             6.00    04/11/2013   MYR       0.33
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.06
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.10
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.33
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.20
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MALAKOFF CORP BH         9.00    04/30/2057   MYR       65.43
MITHRIL BHD              3.00    04/05/2012   MYR       0.64
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.20
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       1.18
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.22
SCOMI GROUP              4.00    03/19/2013   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.65
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.97
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.30
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.91


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

ALLIED FARMERS           9.60    11/15/2011   NZD      67.57
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      40.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       7.25
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.09
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             8.50    11/15/2015   NZD       9.30
INFRATIL LTD            10.18    12/29/2049   NZD      64.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.34
MARAC FINANCE           10.50    07/15/2013   NZD       0.99
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      66.23
SKY NETWORK TV           4.01    10/16/2016   NZD      56.90
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.94
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.58
ST LAURENCE PROP         9.25    07/15/2010   NZD      49.66
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.20
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.02
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.03
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.03
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.00


SINGAPORE
---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      64.12
UNITED ENG LTD           1.00    03/03/2014   SGD       1.62
WBL CORPORATION          2.50    06/10/2014   SGD       1.99


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

COSMOS PLC CO            3.00    05/30/2011   KRW       9.20
DAEGU BANK LTD           8.60    01/19/2039   KRW       9.79
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      21.33
DONGYANG TELECOM         6.00    07/02/2013   KRW      44.51
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.37
HOPE KOD 2ND            15.00    08/21/2012   KRW      32.97
HOPE KOD 3RD            15.00    09/30/2012   KRW      32.49
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.51
HOPE KOD 6TH            15.00    03/10/2013   KRW      41.67
IBK 2008/12 ABS         25.00    06/24/2011   KRW      60.82
IBK 2008/13 ABS         25.00    06/24/2011   KRW      55.22
IBK 2008/16 ABS         25.00    06/24/2011   KRW      57.11
IBK 2008/17 ABS         25.00    06/24/2011   KRW      45.97




JOONG ANG DESIGN         2.00    04/17/2012   KRW      56.14
KB 10TH SEC SPC         23.00    01/03/2011   KRW      52.18
KB 10TH SEC SPC         20.00    01/03/2011   KRW      72.51
KB 11TH SEC SPC         23.00    07/03/2011   KRW      64.32
KB 12TH SEC SPC         25.00    01/21/2012   KRW      58.63
KB 13TH SEC SPC         25.00    07/02/2012   KRW      48.90
KB 14TH SEC SPC         23.00    01/04/2013   KRW      46.58
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      63.79
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      54.79
KYONGNAM BANK            6.76    03/31/2039   KRW       9.51
NACF-13 ABS SPS         25.00    09/25/2010   KRW      63.23
NACF-14 ABS SPS         25.00    01/15/2011   KRW      57.92
NACF-15 ABS SPS         25.00    03/18/2011   KRW      57.04
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      74.29
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.14
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      62.05
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      65.97
SAM HO INTL              6.32    03/28/2011   KRW      74.24
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      19.54
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.34
SINBO 2ND ABS           15.00    08/26/2013   KRW      31.23
SINBO 3RD ABS           15.00    09/30/2013   KRW      29.06
SINGOK ABS               7.50    06/18/2011   KRW      68.71
SINGOK NS ABS            7.50    06/27/2011   KRW      68.55
SMI XVI ABS SPC          9.99    04/30/2011   KRW      73.53
SUNG WOO CHE ABS         7.60    09/01/2010   KRW      72.86


SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      73.60


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.45


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.60
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                         *********

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

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

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


                            *********


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

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

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

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

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





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