TCRAP_Public/100804.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, August 4, 2010, Vol. 13, No. 152

                            Headlines



C H I N A

ANV SECURITY: Raises $7MM in Private Offering of Common Stock
CHINA CABLECOM: Receives NASDAQ Deficiency Letter
INDUSTRIAL & COMMERCIAL: Moody's Assigns 'D+' Bank Strength Rating


H O N G  K O N G

ASEAN AND INTERCONTINENTAL: Final Meeting Set for August 31
BANDRIDGE HK: Creditors' Proofs of Debt Due August 31
BANDRIDGE INTERNATIONAL: Creditors' Proofs of Debt Due August 31
BILLION TARGET: Members' Final Meeting Set for August 31
CIGOL (J): Members' Final Meeting Set for September 3

CIGOL (K): Members' Final Meeting Set for September 3
CIGOL (L): Members' Final Meeting Set for September 3
CIGOL (M): Members' Final Meeting Set for September 3
CIGOL (N): Members' Final Meeting Set for September 3
CIGOL (O): Members' Final Meeting Set for September 3

CIGOL (Q): Members' Final Meeting Set for September 3
COMMUNITY COLLEGE: Members' Final Meeting Set for September 3
CHARMAX DEVELOPMENT: Commences Wind-Up Proceedings
CHEER CREATION: Billy Li Sze Kuen Appointed as Liquidator
C.W.K.F.A. KAI: Li and Hoosang Step Down as Liquidators


I N D I A

ADVATECH CERA: CRISIL Upgrades Rating on INR39.4MM Loan to 'B-'
AMRIT BIO: CRISIL Assigns 'D' Ratings to Various Bank Facilities
CHANDANA RAMESH: CRISIL Rates INR95 Million Cash Credit at 'BB+'
DEV BHOOMI: CRISIL Rates INR100MM Cash Credit Facility at 'BB-'
DRILLCON INFRASTRUCTURE: CRISIL Puts 'BB' Rating on INR30MM Loan

GENERAL MOTORS: GM India Total Sale Up 45% in July
MK ENGINEERING: CRISIL Assigns 'BB' Rating to INR10MM LT Loan
NIKI AGRO: CRISIL Places 'BB' Rating on INR75 Million Cash Credit
OM SAI: CRISIL Reaffirms 'B+' Rating on INR210 Million Cash Credit
OVERSEAS BANK: CRISIL Assigns 'B+' Rating to INR150MM Cash Credit

POLY-MECH COMPONENTS: CRISIL Assigns 'B' Rating to INR37.3MM Loan
RISHI FIBC: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
RAJ IMPEX: CRISIL Reaffirms 'BB' Rating on INR60 Million Term Loan
S.V. ELECTRONICS: CRISIL Puts 'BB-' Rating on INR90MM Cash Credit
SHRI SHYAM: CRISIL Assigns 'BB-' Rating to INR55MM Cash Credit

SANIKA COMMODITIES: CRISIL Places 'BB' Rating on INR200MM LT Loan
SARTHAK METALS: CRISIL Reaffirms 'BB+' Ratings on Various Debts
SOLO METALS: CRISIL Assigns 'B+' Rating to INR120MM Cash Credit
TATA MOTORS: Total Sales Up 41% in July 2010
TWENTY FIRST: CRISIL Reaffirms 'B+' Ratings on Various Bank Debts

UNIQUE FORGINGS: CRISIL Reaffirms 'BB-' Ratings on Various Debts
VAKIL HOUSING: Fitch Assigns 'B-' National Long-Term Rating
VIVA BOOKS: CRISIL Rates INR70 Million Cash Credit Limit at 'BB+'


I N D O N E S I A

INDOSAT PALAPA: Moody's Affirms 'Ba1' Senior Unsecured Rating


J A P A N

AIFUL CORP: S&P Withdraws 'CCC' Counterparty Credit Ratings
JAPAN AIRLINES: Submits Rehabilitation Plan to Lenders
TOSHIBA CORP: Posts JPY466 Million Net Income in Qtr Ended June 30
WILLCOM INC: Softbank to Sponsor Rehabilitation


K O R E A

KOREA LAND: To End or Delay Housing Projects Amid Mounting Debts
SSANGYONG MOTOR: Mahindra Delays Decision on Ssangyong Bid


M A L A Y S I A

HO HUP: Hew Hoi Lam Withdraws Wind-up Petition Against Bukit Jalil
HO HUP: Hires Consultants for Due Diligence Audit and Valuation
TRANSMILE GROUP: Units Placed Under Creditors' Voluntary Wind Up
VTI VINTAGE: Creditors Approve Proposed Scheme of Arrangement


P H I L I P P I N E S

EXPORT AND INDUSTRY: Sale of Banking Business to BDO Approved


S I N G A P O R E

STATS CHIPPAC: Moody's Assigns 'Ba1' Rating on Senior Notes
STATS CHIPPAC: S&P Affirms 'BB+' Long-Term Corp. Credit Rating


S R I  L A N K A

COMMERCIAL BANK: Fitch Downgrades Individual Rating to 'D/E'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ANV SECURITY: Raises $7MM in Private Offering of Common Stock
-------------------------------------------------------------
In a regulatory filing Thursday, ANV Security Group, Inc.
disclosed that it is currently engaged in an ongoing private
offering of its common stock.  The offering commenced on May 8,
2010.  The offering is for common stock at various prices but
generally at US$0.50 per share.  An aggregate of 14,740,000 shares
have been issued in the private offering and the Company has
realized net proceeds of US$6,979,250.  As a result of the private
offering, the number of shares outstanding has increased from
33,190,071 to 47,930,071.

The private placement is being conducted pursuant to the exemption
provided pursuant to Regulation S under the Securities Act of
1933, as amended, as all of the offerees and purchasers are non-US
persons.  The Company did not grant any registration rights to the
investors in the private offering.  The Company has incurred only
nominal cash expenses in connection with the private offering.

The Company will use the proceeds of the private offering as
working capital.

                        About ANV Security

Shenzhen, China-based ANV Security Group, Inc. was originally
called "B.G. S. Energy, Inc." and was incorporated under the laws
of the State of Nevada on May 29, 1981.  The Company designs,
manufactures, assembles and markets advanced and professional
security systems that include H.264 IP Camera and DVS series, NVS
Center Management System and high-end network DVR.

The Company's balance sheet at March 31, 2010, showed US$1,521,893
in assets, US$45,491 of liabilities, and US$1,476,402 of
stockholders'
equity.

                          *     *     *

As reported in the Troubled Company Reporter on July 20, 2010,
Stan J.H. Lee, CPA, in Fort Lee, N.J., expressed substantial doubt
about the Company's ability to continue as a going concern after
auditing the Company's financial statements for the fiscal year
ended March 31, 2010.  The independent public accounting firm
noted that of the Company's lack of revenue activities and losses
from operations.


CHINA CABLECOM: Receives NASDAQ Deficiency Letter
-------------------------------------------------
China Cablecom Holdings, Ltd. has received a Nasdaq Staff
Deficiency Letter dated July 26, 2010, notifying the Company of
its trading activity over the preceding 30 consecutive business
days, which was below the minimum closing bid price of US$1.00
under Nasdaq Marketplace Rule 5550 (a)(2).

In accordance with Nasdaq Marketplace Rule 5810 (c)(3)(A), China
Cablecom will be granted 180 calendar days, or until January 24,
2011 to regain compliance by maintaining a closing bid price at
US$1.00 per share or more of a minimum of 10 consecutive business
days.  Should the Company be unable to meet the minimum bid
requirement during this initial compliance period, it will then
receive written notification that its securities are subject to
delisting.  The letter has no effect on the listing of the China
Cablecom's common stock at this time and the Company will seek to
regain compliance to ensure continued listing on the Nasdaq Stock
Market.

                      About China Cablecom

China Cablecom is a joint-venture provider of cable television
services in the People's Republic of China, operating in
partnership with a local state-owned enterprise authorized by the
PRC government to control the distribution of cable TV services
through the deployment of analog and digital cable services.
China Cablecom has consummated the acquisition of a 55 percent
economic interest in a cable network in Hubei province with paying
subscribers exceeding 1,100,000.  The Company originally acquired
operating rights of the Binzhou Broadcasting network in Binzhou,
Shandong Province in September 2007 by entering into a series of
asset purchase and services agreements with a company organized by
SOEs, owned directly or indirectly by local branches of State
Administration of Radio, Film and Television in five different
municipalities to serve as a holding company of the relevant
businesses. China Cablecom now operates 28 cable networks with
over 1.7 million paying subscribers.  China Cablecom's strategy is
to replicate the acquisitions by operating partnership models in
other municipalities and provinces in the PRC and then introducing
operating efficiencies and increasing service offerings in the
networks in which it operates.


INDUSTRIAL & COMMERCIAL: Moody's Assigns 'D+' Bank Strength Rating
------------------------------------------------------------------
Moody's Investors Service has assigned these ratings to Industrial
& Commercial Bank of China (Macau) Ltd:

  - D+ Bank Financial Strength Rating;

  - A3 long-term local and foreign currency deposit ratings;

  - P-2 short-term local and foreign currency deposit ratings;

  - A3/P-2 long-term and short-term local and foreign currency
    ratings to the bank's US$800 million Certificates of Deposit
    programme.

The outlook on all these ratings is stable.  This is the first
time that Moody's has assigned ratings to ICBCM.

ICBCM is a majority-owned subsidiary of Industrial & Commercial
Bank of China.  It is the product of the integration completed in
July 2009 between ICBC Macau branch and Seng Heng Bank, which was
acquired by ICBC in 2007.

"ICBCM's D+ BFSR, which maps to a baseline credit assessment of
Ba1, is supported by its strong franchise in Macao -- where it is
the second largest bank in terms of deposits and loans -- its
ability to leverage parent ICBC's extensive network and large
customer base, its good level of efficiency, and its sound asset
quality," says Sally Yim, a Moody's Vice President/Senior Analyst.

"The operating environment is also improving against the backdrop
of a recovery in the gaming industry in Macao, supported by a
relaxation by China on its policy of visitations by Mainlanders,
and China's stable economic growth," says Yim.

"However, these strengths are offset by the bank's limited track
record under current management and ownership, weakening liquidity
and some strain on capital because of rapid loan growth, and high
borrower concentration relative to capital," adds Yim.

ICBCM's BFSR could be upgraded if it 1) establishes a track record
of good profitability, liquidity and capital adequacy under
current management and ownership; 2) achieves consistently good
profitability with the ratio of pre-provision profits to risk-
weighted assets greater than 3%; 3) improves its capital position
with its core capital ratio consistently above 10%; 4)
successfully expands its retail deposit base so that its liquidity
position improves; and/or 5) reduces its borrower concentration
such that its top 20 group exposures decline to below 200% of core
capital.

On the other hand, its BFSR could be downgraded if 1) ICBCM's core
capital ratio drops consistently below 8%; 2) the bank's asset
quality significantly deteriorates, with its NPL ratio exceeding
4.5%; 3) loan-to-deposit ratio rises above 100%; and/or 4)
profitability significantly deteriorates, with the ratio of net
income to risk-weighted assets below 1%.

                         Deposit Ratings

ICBCM's deposit ratings incorporate a very high level of parental
and systemic support, and which results in a four-notch lift to
A3/P-2 from its BCA of Ba1.

Moody's believes the probability of support from its parent ICBC
is very high, given that ICBC seeks to grow its presence in Macao
and expand its presence in Portuguese-speaking countries through
ICBCM.

In addition, a growing part of ICBCM's business represents off-
shore banking products such as bilateral and syndicated loans to
ICBC's Chinese corporate customers.  In this context, about 20% of
ICBCM's loan portfolio constitute letters of credit refinancing
referrals from the domestic branches of ICBC.  These loans carry a
lower risk weight as well as a guarantee from ICBC.  ICBCM expects
to increase its exposure in these loans.  Hence, there is a
certain degree of linkage between ICBC and ICBCM's loan
portfolios.

The probability of systemic support from the government of Macao
for ICBCM, in the unlikely event that support had not been
forthcoming from ICBC in a stress situation, is also assessed to
be very high.  This is based on ICBCM's significant market shares
in total loans and customer deposits of about 20% and 13%.

                       CD Programme Rating

The A3/P-2 rating on the CD programme is the same as the long-term
deposit ratings of ICBCM.  The programme may issue certificates of
deposit in HKD, MOP, US$ and any other currencies agreed between
the bank and the arranger.  These certificates are direct,
unsubordinated and unsecured obligations of ICBCM and rank the
same as other deposits of the bank and have maturities for at
least 7 days.

Moody's notes that the A3/P-2 rating assigned to ICBCM's CD
programme is subject to its receipt, review, and approval of final
documentation, and in which no material changes are made to the
draft terms and conditions of the programme reviewed.

Ratings List

These ratings were assigned:

* Bank financial strength rating of D+; stable outlook

* Foreign currency long-term deposit rating of A3; stable outlook

* Foreign currency short-term deposit rating of Prime-2; stable
  outlook

* Local currency long-term deposit rating of A3; stable outlook

* Local currency short-term deposit rating of Prime-2; stable
  outlook

* Foreign currency long-term CD programme rating of A3; stable
  outlook

* Foreign currency short-term CD programme rating of P-2; stable
  outlook

* Local currency long-term CD programme rating of A3; stable
  outlook;

* Local currency short-term CD programme rating of P-2; stable
  outlook.

Industrial & Commercial Bank of China (Macau) Ltd is one of the
subsidiaries of Industrial & Commercial Bank of China, which is
the largest bank in China by assets.  ICBCM's total assets was
MOP 51.8 billion as of December 31, 2009.


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


ASEAN AND INTERCONTINENTAL: Final Meeting Set for August 31
-----------------------------------------------------------
Members of Asean and Intercontinental (Far East) Limited will hold
their final general meeting on August 31, 2010, at 3:00 p.m., at
5 Shenton Way, #24-01 UIC Building, in Singapore.

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


BANDRIDGE HK: Creditors' Proofs of Debt Due August 31
-----------------------------------------------------
Creditors of Bandridge Hong Kong 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 23, 2010.

The company's liquidator is:

         Mr. Klaas van Blanken
         Room 1203 12/F Wing On Centre
         111 Connaught Road
         Central, Hong Kong


BANDRIDGE INTERNATIONAL: Creditors' Proofs of Debt Due August 31
----------------------------------------------------------------
Creditors of Bandridge International Asia 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 23, 2010.

The company's liquidator is:

         Mr. Klaas van Blanken
         Room 1203 12/F Wing On Centre
         111 Connaught Road
         Central, Hong Kong


BILLION TARGET: Members' Final Meeting Set for August 31
--------------------------------------------------------
Members of Billion Target Trading Limited will hold their final
general meeting on August 31, 2010, at 11:00 a.m., at 5th Floor,
111 Ta Chuen Ping Street, Kwai Chung, in New.Territories.

At the meeting, Lau Lincoln Pui Kei, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CIGOL (J): Members' Final Meeting Set for September 3
-----------------------------------------------------
Members of Cigol (J) Company Limited will hold their final meeting
on September 3, 2010, at 9:00 a.m., at Unit 201, 2/F., Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


CIGOL (K): Members' Final Meeting Set for September 3
-----------------------------------------------------
Members of Cigol (K) Company Limited will hold their final meeting
on September 3, 2010, at 9:15 a.m., at Unit 201, 2/F., Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


CIGOL (L): Members' Final Meeting Set for September 3
-----------------------------------------------------
Members of Cigol (L) Company Limited will hold their final meeting
on September 3, 2010, at 9:30 a.m., at Unit 201, 2/F., Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


CIGOL (M): Members' Final Meeting Set for September 3
-----------------------------------------------------
Members of Cigol (M) Company Limited will hold their final meeting
on September 3, 2010, at 9:45 a.m., at Unit 201, 2/F., Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


CIGOL (N): Members' Final Meeting Set for September 3
-----------------------------------------------------
Members of Cigol (N) Company Limited will hold their final meeting
on September 3, 2010, at 10:00 a.m., at Unit 201, 2/F., Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


CIGOL (O): Members' Final Meeting Set for September 3
-----------------------------------------------------
Members of Cigol (O) Company Limited will hold their final meeting
on September 3, 2010, at 10:15 a.m., at Unit 201, 2/F., Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


CIGOL (Q): Members' Final Meeting Set for September 3
-----------------------------------------------------
Members of Cigol (Q) Company Limited will hold their final meeting
on September 3, 2010, at 10:30 a.m., at Unit 201, 2/F., Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


COMMUNITY COLLEGE: Members' Final Meeting Set for September 3
-------------------------------------------------------------
Members of The Community College of Hong Kong Limited will hold
their final general meeting on September 3, 2010, at 3:00 p.m., at
11th Floor, Li Ka Shing Tower, The Hong Kong Polytechnic
University, Hung Hom, Kwoloon, in Hong Kong.

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


CHARMAX DEVELOPMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Sole member of Charmax Development Limited, on July 26, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Ms. Fung Kit Yee
         Unit 1603-1606, 16th Floor
         Alliance Building
         No. 130-136 Connaught Road
         Central, Sheung Wan
         Hong Kong


CHEER CREATION: Billy Li Sze Kuen Appointed as Liquidator
---------------------------------------------------------
Billy Li Sze Kuen on July 22, 2010, was appointed as liquidator of
Cheer Creation Enterprise Limited.

The liquidator may be reached at:

         Billy Li Sze Kuen
         12/F., No. 3 Lockhart Road
         Wanchai, Hong Kong


C.W.K.F.A. KAI: Li and Hoosang Step Down as Liquidators
-------------------------------------------------------
Li Kwok On and Gilbert Washington Hoosang stepped down as
liquidators of C.W.K.F.A. Kai MNG Kindergarten Limited on July 26,
2010.


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


ADVATECH CERA: CRISIL Upgrades Rating on INR39.4MM Loan to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Advatech
Cera Tiles Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                            Ratings
   ----------                            -------
   INR72.5 Million Cash Credit Limit     B-/Stable (Upgraded from
                                                    'D')

   INR39.4 Million Term Loan             B-/Stable (Upgraded from
                                                    'D')
   INR7.0 Million Bank Guarantee         P4 (Upgraded from 'P5')

The upgrade reflects regular and timely servicing of term debt by
ACTL's for the past nine months.  The upgrade also factors in
CRISIL's belief that ACTL will generate sufficient cash accruals
on the back of healthy capacity utilization and operating margin,
to service its term debt obligations over the medium term.

The ratings on ACTL's bank facilities reflect ACTL's weak
financial risk profile, marked by a small net worth, high gearing
and average debt protection metrics, and exposure to intense
competition in the ceramic tiles industry.  These rating
weaknesses are partially offset by the experience of ACTL's
promoters in the tiles industry and the company's improving
operating efficiency.

Outlook: Stable

CRISIL believes that ACTL will continue to benefit from its
promoters' industry experience and improving operating efficiency
over the medium term.  The outlook may be revised to 'Positive' if
ACTL generates healthy revenue growth and large cash accruals,
while maintaining operating profitability.  Conversely, the
outlook may be revised to 'Negative' if the company's working
capital requirements increase more than expected or it contracts
large debt to fund its capital expenditure, thereby increasing its
gearing and weakening its debt protection metrics.

                         About Advatech Cera

ACTL, incorporated in 2004, manufactures ceramic glaze tiles in
Mehsana (Gujarat).  The company manufactures tiles in various
sizes and over 45 designs, and sells the same under the brand
Alaska.

ACTL has capacity to manufacture 9000 square metre tiles per day
and is presently operating at 85 per cent capacity utilization.

ACTL is expected to report a profit before tax (PBT) of INR2.6
million on net sales of INR214.7 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PBT of INR2.6
million on net sales of INR235.8 million for 2008-09.


AMRIT BIO: CRISIL Assigns 'D' Ratings to Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Amrit Bio Energy &
Industries Ltd's bank facilities.  The rating reflects delay by
ABEIL in servicing its term loan; the delay has been caused by
ABEIL's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR36 Million Cash Credit        D (Assigned)
   INR259 Million Term Loan         D (Assigned)

ABEIL is also exposed to risks related to implementation and
stabilisation of its bio-mass power project. However, ABEIL
benefits from adequate raw material availability.

ABEIL was incorporated in 2004 under the Amrit Group.  The Amrit
group has been traditionally involved in real estate development
in West Bengal. ABEIL set up a 10-megawatt (MW) biomass power
plant at Bankati (West Bengal) and has signed a power purchase
agreement with the West Bengal State Electricity Board. ABEIL also
plans to set up another 10-MW biomass power plant at Morigaon
(Assam) over the medium term.

ABEIL commenced commercial operations from April 2010.


CHANDANA RAMESH: CRISIL Rates INR95 Million Cash Credit at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility Chandana Ramesh Jewellers & Textiles Pvt Ltd, a part of
the Chandana Ramesh group.

   Facilities                       Ratings
   ----------                       -------
   INR95 Million Cash Credit        BB+/Stable (Assigned)

The rating reflects the Chandana Ramesh group's large working
capital requirements, exposure to risks related to geographic
concentration in revenue profile, intense competition in the
textile sector, and average financial risk profile marked by small
net worth, high gearing, and low profitability margins. These
rating weaknesses are partially offset by the Chandana Ramesh
group's established brand name in the Hyderabad market, and the
benefits that the group derives from its promoters' experience in
the jewellery and textile industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CRJTPL, and its group entities -
Chandana Brothers Jewellers (Tirupati) Pvt Ltd, Chandana Brothers
Jewellers (Kakinada) Pvt Ltd, Chandana Kanchi Sarees (CKS),
Chandana Brothers (Tirupati), Chandana Brothers (Tanuku), Chandana
Ramesh Shopping Mall (Chittoor), Chandana Brothers (Chittoor),
Chandana Brothers, Chandana Brothers Shopping Mall (Rajamundhry)
and Chandana Silk Sari (Rajamundhry).  This is because all these
entities, collectively referred to as the Chandana Ramesh group,
are in the same line of business, have a common management, and
have intra-group operational and financial linkages.

Outlook: Stable

CRISIL believes that the Chandana Ramesh group will maintain its
financial risk profile over the medium term, on the back of its
established market position in the jewellery and textile retail
segment.  The outlook may be revised to 'Positive' if the group
improves its operating margin, and expands its reach.  Conversely,
the outlook may be revised to 'Negative' if the group's operating
margin declines, or it undertakes major debt-funded capital
expenditure programme.

                           About the Group

CRJTPL was incorporated as a private limited company in 2004. The
company's main promoters are Chandana Ramesh and his family and
friends.  The company runs four jewellery showrooms at Chittoor,
Rajamundhry, Tanuku, and Tirupati (all in Andhra Pradesh) and one
textile showroom in Tirupati. The promoters also own two other
private limited companies, six partnership firms, one hindu
undivided family (HUF) and one proprietorship firm, all engaged in
the same line of business, sharing a common brand name. Some of
these entities also share a common showroom. The group intends to
set up a showroom in Kakinada by November 2010. The promoters also
plan to set up another shopping mall in Rajamundhry.

The Chandana Ramesh group reported a profit after tax (PAT) of
INR12 million on net sales of INR992 million for 2008-09 (refers
to financial year, April 1 to March 31) against a PAT of INR13
million on net sales of INR778 million for 2007-08.


DEV BHOOMI: CRISIL Rates INR100MM Cash Credit Facility at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Dev Bhoomi
Automobiles Pvt Ltd's cash credit facility.

   Facilities                              Ratings
   ----------                              -------
   INR100.0 Million Cash Credit Facility   BB-/Stable (Assigned)

The rating reflects DAPL's weak financial risk profile, marked by
a small net worth and a high total outside liabilities to tangible
net worth ratio, and exposure to risks related to geographical
concentration in revenue profile.  These rating weaknesses are
partially offset by DAPL's established market position in the
automobile dealership business in Dehradun (Uttaraknand).

Outlook: Stable

CRISIL believes that DAPL will continue to benefit from its
established market position in Dehradun and its strong
relationship with its principle Hyundai Motor India Ltd (HMIL)
(rated by CRISIL at 'P1+').  However, its financial risk profile
is expected to remain weak due to its leveraged capital structure
and weak debt protection metrics. The outlook may be revised to
'Positive' if DAPL improves its capital structure or operating
margin substantially, leading to an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the company's cash accruals decline significantly due to
intensifying competition in the automobile market in Dehradun, or
if the company contracts large debt to fund its capital
expenditure.

                          About Dev Bhoomi

DAPL was incorporated in 2005 by Mr. Amrish Kumar Oberoi. The
company is into automobile dealership and services in Dehradun
(Uttarakhand). The company has one showroom of 5000 square feet
and an adjoining workshop of around 50,000 square feet.

DAPL reported a profit after tax (PAT) of INR3.7 million on net
sales of INR565.2 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.5 million on net sales
of INR507.2 million for 2007-08.


DRILLCON INFRASTRUCTURE: CRISIL Puts 'BB' Rating on INR30MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Drillcon
Infrastructure Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR30.0 Million Rupee Term Loan  BB/Stable (Assigned)
   INR30.0 Million Cash Credit      BB/Stable (Assigned)
   INR70.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect DIPL's low net worth and small scale of
operations in the construction business and exposure to risks
related to customer concentration in its revenue profile.  These
rating weaknesses are partially offset by DIPL's established
position in the niche tunnelling and grouting segments and
satisfactory financial risk profile, marked by modest gearing and
moderate debt protection measures.

In 2009-10 (refers to financial year, April 1 to March 31), DIPL,
which was incorporated in 2009, acquired the business of its
promoters' erstwhile partnership concern, Drillcon. For arriving
at the ratings, CRISIL has taken into account the business and
financial risk profiles of Drillcon for the years prior to 2009-
10, and those of DIPL thereafter.

Outlook: Stable

CRISIL believes that DIPL will maintain its credit risk profile,
backed by healthy order book providing good revenue visibility and
its satisfactory financial risk profile.  The outlook may be
revised to 'Positive' if DIPL scales up and diversifies its
operations while maintaining healthy profitability.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
a larger-than-expected debt-funded capital expenditure programme,
weakening its capital structure or if there are any cost or time
overruns in the completion of its projects, affecting its cash
flows adversely.

                   About Drillcon Infrastructure

Incorporated in 2009, by Mr. S K Chakravorty and his son, Mr. Amit
Chakravorty, DIPL undertakes tunnelling, grouting, and other
related infrastructure projects.  DIPL acquired the promoters'
erstwhile partnership firm Drillcon upon incorporation.

DIPL reported a provisional profit before tax (PBT) of INR14.4
million on net sales of INR157.3 million for 2009-10, its first
year of operations.


GENERAL MOTORS: GM India Total Sale Up 45% in July
--------------------------------------------------
General Motors India reported total sales of 7,124 units for July,
up 45% from that in the same month last year, The Economic Times
reports.

According to the report, the July sales comprised 2,244 units of
the Chevrolet Spark, 1,722 units of Chevrolet Beat, 1,546 units of
the Chevrolet Tavera.  During the month, the report notes, GM
India also sold 639 units of the sedan Chevrolet Cruze, mid-sized
sedan 375 units of Chevrolet Aveo, premium compact car 240 units
of Chevrolet Aveo U-VA, 225 units of SUV Chevrolet Captiva and 133
units of mid sized sedan Chevrolet Optra, it added.

The increase in the sales was primarily driven by the response to
Chevrolet Beat, Cruze and Spark, the report says.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 people in every major region of
the world and does business in some 140 countries.  GM and its
strategic partners produce cars and trucks in 34 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At March 31, 2010, GM had US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$23.053 billion.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MK ENGINEERING: CRISIL Assigns 'BB' Rating to INR10MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'BB/Stable/P4+' ratings to MK
Engineering's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR10 Million Proposed Long Term     BB/Stable (Assigned)
                           Facility
   INR20 Million Cash Credit            BB/Stable (Reaffirmed)
   INR80 Million Bank Guarantee         P4+(Reaffirmed)

The ratings continue to reflect MK Engg's small scale of
operations and net worth, and exposure to risks related to intense
competition in the civil construction industry, and customer and
geographical concentration in revenue profile.  These rating
weaknesses are partially offset by MK Engg's moderate financial
risk profile, marked by moderate gearing and healthy debt
protection metrics, and the benefits that the firm derives from
its experienced management team.

Outlook: Stable

CRISIL believes that MK Engg will continue to benefit from its
promoters' experience in the civil construction industry. The
outlook may be revised to 'Positive' if the firm diversifies its
customer base.  Conversely, the outlook may be revised to
'Negative' if the firm faces time or cost overruns in its
projects, or its revenues decline significantly, or it undertakes
any large debt-funded capital expenditure programme.

                          About MK Eng'g.

MK Engg was set up by Mr. Dhiroomal in 1981. The firm is currently
being managed by the second generation promoters. MK Engg
undertakes contracts in North-East India for large clients, such
as the Indian Railways, and Public Works Department. The firm
undertakes construction of bridges, tunnels, bore-pile bridges,
station building, supply of boulders, and ballast.

MK Engg has posted a provisional net profit of INR12 million on
provisional net sales of INR165 million for 2009-10 (refers to
financial year, April 1 to March 31) against a profit after tax
(PAT) of INR17 million on net sales of INR111 million for 2008-09.


NIKI AGRO: CRISIL Places 'BB' Rating on INR75 Million Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Niki Agro
Products Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR75.0 Million Cash Credit       BB/Stable (Assigned)
   INR20.0 Million Letter of Credit  P4+ (Assigned)
   INR2.5 Million Proposed Short     P4+ (Assigned)
   Term Bank Loan Facility

The ratings reflect NAPPL's below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics; small scale of operations with exposure to
customer concentration in revenue profile; large working capital
requirements; and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by NAPPL's
promoters' experience in the agricultural products industry.

Outlook: Stable

CRISIL believes that NAPPL's scale of operations will remain small
and its financial risk profile, weak, over the medium term.  The
outlook may be revised to 'Positive' if NAPPL's financial risk
profile and scale of operations improve substantially. Conversely,
the outlook may be revised to 'Negative' in case of significant
pressure on NAPPL's operating margin, or if the company contracts
a large quantum of debt to fund its capital expenditure.

                          About Niki Agro

Established in 2003 by Mr. Kantilal Jain and his son Mr. Deepak
Jain in Jalgaon (Maharashtra), NAPPL processes whole pulses into
split pulses or dal. The company processes toor dal (yellow pigeon
peas), urad dal (black gram), masoor dal (red lentils), moong dal
(green beans), and rajma dal (kidney beans). The company has four
units at its plant in Jalgaon, which have a combined capacity of
processing 65 tonnes of pulses per day.

NAPPL has an estimated profit after tax (PAT) of INR5.4 million on
net sales of INR414.6 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR1.1 million on net
sales of INR331.9 million for 2008-09.


OM SAI: CRISIL Reaffirms 'B+' Rating on INR210 Million Cash Credit
------------------------------------------------------------------
The rating continues to reflect Om Sai Motors Pvt Ltd's weak
financial risk profile, marked by a small net worth and a high
ratio of total outside liabilities to tangible net worth
(TOL/TNW), and exposure to risks related to low bargaining power
with the principal, Tata Motors Limited (TML; rated
'A+/Stable/P1+' by CRISIL).  These weaknesses are partially offset
by Om Sai' established market position as a dealer of TML's
passenger vehicles.

   Facilities                              Ratings
   ----------                              -------
   INR210.0 Million Cash Credit Facility   B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects Om Sai to maintain its stable business risk profile
over the medium term. Om Sai recently won dealership of Fiat
vehicles; this is expected to help Om Sai maintain its market
position.  The outlook may be revised to 'Positive' if the
financial risk profile improves with better inventory management
or sustained improvement in profitability and increase in net
worth.  Conversely the outlook may be revised to 'Negative' if the
company contracts large quantum of debt for capital expenditure,
thereby adversely affecting its TOL/TNW ratio, or in case there is
a more-than-expected increase in the company's working capital
requirements, thereby constraining its liquidity.

                        About Om Sai Motors

Established in 1994, as a proprietorship firm by Mr. Gangadhar
Shetty, Om Sai was incorporated in 2000. The company initially ran
a workshop for TML, and in 2001 was appointed as an authorised
dealer of TML.  Om Sai's presence is primarily centred in Mumbai
and runs three showrooms at Borivali, Charkop and Kandivali; the
vehicle inventory is stored in two warehouses at Borivali and
Vasai. The company sells around 200 automobiles a month and around
70 vehicles a month are serviced in its workshops. The company is
about to open a new showroom at Andheri in 2010-11 (refers to
financial year, April 1 to March 31) for a cost of INR30.0
million.

Om Sai reported a profit after tax (PAT) of INR4.7 million on net
sales of INR1484.0 million for 2009-10, against a PAT of INR3.7
million on net sales of INR1279.0 million for 2008-09.


OVERSEAS BANK: CRISIL Assigns 'B+' Rating to INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to M.R. Overseas Pvt
Ltd's bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR150 Million Cash Credit Limit          B+/Stable (Assigned)
   INR150 Million Packing Credit Limit       B+/Stable (Assigned)

The rating reflects MRO's below-average financial risk profile,
marked by weak debt protection metrics, high gearing, and a small
net worth; and exposure to risks related to vagaries in monsoon,
and adverse regulatory changes.  These weaknesses are partially
offset by strong growth in MRO's operating income, backed by
established relationships with suppliers and customers.

Outlook: Stable

CRISIL believes that MRO's financial risk profile will remain weak
over the medium term because of its large working capital
requirements. However, the business risk profile is expected to
remain stable over the near term.  The outlook may be revised to
'Positive' in case of significant improvement in the company's
capital structure, reflecting in an improvement in its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if MRO's profitability deteriorates, or it undertakes a
large, debt-funded capital expenditure programme.

                         About M.R. Overseas

MRO was promoted in 1996 as a partnership firm by Mr. Nand Kumar
Arora, Mr. Rajesh Kumar Arora, Mr. Sanjiv Kumar Arora, and Mr.
Rohit Arora. In 1996, it was converted into a private limited
company with the current name. MRO mills, processes, and sells
basmati rice in the export and Indian markets. Its plant in Delhi
has a rice milling and sorting capacity of 8 tonnes per hour. MRO
exports basmati rice to the US, Australia, and Canada. The company
sells under its brands Mother's Pride, Dolphin, Asian, Golden
Gate, and India Zone in India.

MRO reported a profit after tax (PAT) of INR6.9 million on net
sales of INR568.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6.0 million on net sales
of INR421.0 million for 2007-08.


POLY-MECH COMPONENTS: CRISIL Assigns 'B' Rating to INR37.3MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Poly-Mech
Components Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR37.3 Million Rupee Term Loan    B/Stable (Assigned)
   INR22.5 Million Cash Credit        B/Stable (Assigned)
   INR20.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect Poly-Mech's small net worth and scale of
operations, and weak financial risk profile, marked by average
debt protection metrics and high gearing. These rating weaknesses
are partially offset by Poly-Mech's established customer base.

Outlook: Stable

CRISIL believes that Poly-Mech will continue to benefit from
stable relationships with customers over the medium term.  The
outlook may be revised to 'Positive' if Poly-Mech's financial risk
profile improves, most likely because of significant improvement
in profitability, or infusion of capital.  Conversely, the outlook
may be revised to 'Negative' if Poly-Mech's financial risk profile
weakens, most likely because of a decline in operating
profitability and cash accruals, or larger-than-expected debt?
funded capital expenditure.

                          About Poly-Mech

Poly-Mech, set up in 1982 as a partnership firm and reconstituted
in 1990 as a private limited company, manufactures automobile
components and construction hardware parts.  The company's product
profile comprises hose clamps, cir-clips, bearing pullers,
washers, snap rings, spring steel parts and sheet metal components
which are used in automobiles, construction, and engineering
sectors. Poly-Mech has a 15,000-square-foot manufacturing unit in
Asangaon (Maharashtra).

Poly-Mech reported a profit after tax (PAT) of INR2.6 million on
net sales of INR157.6 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR3.3 million on net
sales of INR118.2 million for 2008-09.


RISHI FIBC: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's ratings on Rishi FIBC Solutions Pvt Ltd's bank facilities
continue to reflect Rishi's moderately weak financial risk
profile, exposure to risks related to limited track record of
operations in the flexible intermediate bulk containers (FIBC)
business, and concentration of revenues in exports.  These
weaknesses are partially offset by the benefits that the company
derives from its presence in the high-yielding food-grade FIBC
segment, and efficient manufacturing operations.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit Limit  BB/Stable (Reaffirmed)
   INR200.0 Million Term Loan         BB/Stable (Reaffirmed)
   INR5.0 Million Letter of Credit    P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Rishi will maintain its credit risk profile,
over the medium term, backed by healthy order book position and
steady growth in profitability.  The outlook may be revised to
'Positive' if the company's profitability improves significantly.
Conversely, the outlook may be revised to 'Negative' if the
company fails to realize high margins in its food-grade FIBC
segment, or reports less-than-expected increase in revenues.

Rishi reported provisional sales of INR468 million in 2009-10
(refers to financial year, April 1 to March 31) from INR136
million in 2008-09.  The growth in sales was driven by the
stabilisation of operations at the company's newly set up
manufacturing unit in Vadodara (Gujarat).  The plant achieved
capacity utilization of 77 per cent in its first year of
operation.  However, the company reported less-than-expected
growth in sales for food-grade and pharmaceutical-grade FIBCs,
thereby impacting the company's operating margin (provisional
operating margin of 11.3 per cent for 2009-10).  USA and Europe
account for nearly 90 per cent of the company's net sales; hence,
the economic slowdown in these key markets adversely impacted the
growth in Rishi's operating margin.

Rishi has a healthy order book with delivery schedule of 1100-1200
tonnes giving revenue visibility for two to three months. The
company plans to undertake a capital expenditure (capex) programme
for capacity enhancement in 2010-11. The capex of INR110-120
million (in line with earlier estimates shared by the management)
is likely to be funded in a debt-to-equity mix of 70:30. CRISIL
believes that Rishi will be exposed to various project risks
towards timely completion and stabilisation of its new capacities.
The timely completion of debt-funded capex will continue to remain
a key rating sensitivity factor over the medium term.

CRISIL believes that Rishi will sustain its credit risk profile
led by its healthy order book and expected improvement in
operating margins.

                          About Rishi FIBC

Rishi, incorporated in 2007 by Mr. Arvind Nopany and Mr. Joseph
Fransis, manufactures FIBC.  The company's manufacturing unit in
Vadodara, became operational in December 2009 after a four-month
delay.  The time overrun in commissioning was due to delay in
completion of civil works.  The plant, spread over an area of
200,000 square feet (sq ft), has capacity of 5400 tonnes per annum
(tpa).

Rishi reported a profit after tax (PAT) of INR2.8 million on net
sales of INR124.0 million for 2008-09 (refers to financial year,
April 1 to March 31) , against a reported net loss of INR1.9
million on net sales of INR44.0 million for 2007-08.


RAJ IMPEX: CRISIL Reaffirms 'BB' Rating on INR60 Million Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raj Impex continue to
reflect the concentration of Raj Impex's revenues in the exports
business, and the firm's susceptibility to volatility in the value
of the Indian rupee.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Term Loan        BB/Stable (Reaffirmed)
   INR216.0 Million Packing Credit  P4+ (Reaffirmed)

The ratings also factor in the firm's moderate financial risk
profile, and large working capital requirements. These weaknesses
are partially offset by Raj Impex's strong track record in the
human hair export business.

Outlook: Stable

CRISIL believes that Raj Impex will maintain its established
market position in the hair export business over the medium term
on the back of its long track record.  The outlook may be revised
to 'Positive' if the firm's financial risk profile improves
because of reduction in its gross current assets or improvement in
its realizations and profitability, driven by consolidation of its
market position in the hair export business and by introduction of
value-added products. Conversely, the outlook may be revised to
'Negative' if Raj Impex's financial risk profile deteriorates
significantly because of large, debt-funded capital expenditure
(capex) or increased working capital borrowings.

In 2009-10 (refers to financial year, April 1 to March 31), Raj
Impex's sales increased by around 8 per cent year-on-year.  The
firm's operating margin improved to around 20 per cent in 2009-10,
from 16 per cent in 2008-09, because of its entry into the value-
added products segment.

Despite an increase in capex plans and continued large working
capital requirements, Raj Impex's gearing is estimated to have
improved to around 0.9 times as on March 31, 2010, against
CRISIL's expectation of over 1 time, as a result of higher cash
accruals.  The firm was implementing a project for undertaking
value-added activities such as wefting and bleaching. The scope of
the project increased, and the additional cost of around INR50
million was entirely financed from internal accruals. The project
was partially implemented in October 2009, and was completed in
July 2010.

Furthermore, Raj Impex's operations remained working-capital
intensive, with increase in inventory days to around 330 as on
March 31, 2010, from 146 as on March 31, 2007. CRISIL believes
that Raj Impex's inventory days will not increase further, given
the change in the firm's procurement policy to procure the
specific required type of hair from the traders, as compared with
the current policy of buying the complete lot from auctions in
temples, thus leading to piling up of inventories. However, this
may lead to a decline in the firm's operating margin due to high
procurement costs, which may constrain further improvement in its
financial risk profile.

Raj Impex reported an estimated book profit of INR56 million on
net sales of INR404 million for 2009-10, against a book profit of
INR40 million on net sales of INR372 million for 2008-09.

                           About Raj Impex

Raj Impex is a proprietorship firm established by Mr. R Benjamin
Cherian. The firm initially traded in granite, stones, and
ceramics, before venturing into processing and conditioning of
human hair, which it exports to the US, Europe, and China. During
the past two years, the firm implemented a project of around
INR150 million for value-added activities, funded through term
loans of INR60 million and the balance from promoter's funds and
internal accruals. The firm also applied for rescheduling its term
loan facility, which has been approved by its banker.


S.V. ELECTRONICS: CRISIL Puts 'BB-' Rating on INR90MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to S.V.
Electronics Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR90.0 Million Cash Credit      BB-/Stable (Assigned)
   INR20.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect SVEL's below-average financial risk profile,
marked by moderately high gearing and weak debt protection
metrics, and exposure to debtor risk.  These rating weaknesses are
partially offset by SVEL's established position in the computer
hardware market in Hyderabad and low inventory risk in its
business model.

Outlook: Stable

CRISIL believes that SVEL will maintain its credit risk profile
backed by its healthy market position and a well-spread dealership
network in Hyderabad.  The outlook may be revised to 'Positive' if
SVEL experiences sustained improvement in its profitability and
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if the company takes up a large debt-funded capital
expenditure programme, affecting its capital structure adversely.

                       About S.V. Electronics

Incorporated in 1999, by Mr. Venkateshwar Rao and his family
members, SVEL deals in computer peripherals and accessories.  The
company has distributorship rights for various hardware and
software brands such as Microsoft Corp, F-Secure Corp, and Epson
India.  The company also markets other brands such as Intel, AMD,
and Hewlett Packard through its retail stores in Hyderabad and
Secunderabad (Andhra Pradesh).

SVEL reported a profit after tax (PAT) of INR4.1 million on net
sales of INR688.6 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.8 million on net sales
of INR626.3 million for 2007-08.


SHRI SHYAM: CRISIL Assigns 'BB-' Rating to INR55MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Shri Shyam
Agro Biotech Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR55 Million Cash Credit        BB-/Stable (Assigned)
   INR3.5 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect SSABPL's below-average financial risk profile,
marked by small net worth, weak debt protection metrics, low
profitability, and moderate gearing, and exposure to intense
competition in the wheat industry.  These rating weaknesses are
partially offset by the benefits that SSABPL derives from its
promoter's experience in the wheat industry.

Outlook: Stable

CRISIL believes that SSABPL will continue to benefit from its
established relationships with distributors and agents of wheat
products over the medium term.  The outlook may be revised to
'Positive' in case of substantial growth in the company's revenues
or improvement in its financial risk profile, supported by
improvement in its operating profitability or infusion of funds by
promoters.  Conversely, the outlook may be revised to 'Negative'
if the company's operating profit declines or if it undertakes any
debt-funded capital expenditure programme, adversely impacting its
financial risk profile.

                         About Shri Shyam

Incorporated in 2001, SSABPL manufactures ground wheat products
such as atta, maida, and suji.  The company has a manufacturing
plant in Burdwan (West Bengal), with installed capacity of 45,000
tonnes per annum (tpa) for its flour mill and 12,000 tpa for atta
chakki.  The plant commenced commercial operation in 2004, and
operated at 40 to 45 per cent of its capacity in the past three
years. SSABPL procures wheat from the open market in Bihar and
Uttar Pradesh on spot payment.  The company sells 70 to 80 per
cent of its output in bulk packaging of 50 kilograms (kg) and 90
kg through its network of distributors, 10 to 20 per cent directly
to corporate, and around 10 per cent in small packaging under its
brand Agro Fresh. The company plans to increase the installed
capacity of its flour mill and atta chakki to 60,000 tpa and
15,000 tpa, respectively by October 2010.  The company also plans
to set up a small besan, sattu, and spice plant in the near term.
The capital outlay for the plans is estimated at around INR14
million. SSABPL's day-to-day operations are managed by Mr. Rohit
Khaitan, Mr. Prakash Chandra Saraff, and Mr. Sambhu Agarwal.

SSABPL's profit after tax (PAT) and net sales are estimated to be
INR1.3 million and INR344.5 million respectively for 2009-10,
against a PAT of INR0.9 million on net sales of INR301.5 million
reported for 2008-09.


SANIKA COMMODITIES: CRISIL Places 'BB' Rating on INR200MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Sanika
Commodities (India) Pvt Ltd bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR200.0 Million Long-Term Loan      BB/Stable (Assigned)
   INR180.0 Million Letter of Credit    P4+ (Assigned)
   INR20.0 Million Bill Discounting     P4+ (Assigned)

The ratings reflect Sanika's susceptibility to intense competition
in the agricultural commodities industry, small scale of
operations, revenue profile with customer concentration, and
susceptibility to volatility in domestic and international
commodity prices.  These rating weaknesses are partially offset by
Sanika's moderate financial risk profile, marked by sound debt
protection indicators, and moderate working capital requirements.

Outlook: Stable

CRISIL believes that Sanika will continue to benefit from its
promoters' experience in the agricultural commodity trading
business and its stable revenue growth, over medium term.
However, Sanika's ability to sustain business growth, especially
from clients other than Project Equipments and Commodities Ltd, is
yet to be demonstrated.  The outlook may be revised to 'Positive'
if Sanika improves its financial risk profile by significantly
improving its operating margin, and diversifies its customer base.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability declines or liquidity weakens.

                           About Sanika

Sanika was set up in 2008-09 (refers to financial year, April 1 to
March 31), and is primarily a trader in agricultural commodities
such as wheat, soya bean, degummed soya oil, and millets. The
company was set up by Mr. Nikhil Daga, who is the chief executive
officer. The shares of the company are owned by the members of the
Daga family.

Sanika reported a profit after tax (PAT) of INR11 million on
Operating Income of INR2253 million for 2009-10, against a PAT of
INR10.4.million on net sales of INR1745 million for 2008-09.


SARTHAK METALS: CRISIL Reaffirms 'BB+' Ratings on Various Debts
---------------------------------------------------------------
CRISIL's ratings on Sarthak Metals Marketing Pvt Ltd's bank
facilities continue to reflect SMMPL's moderate financial risk
profile, marked by a small net worth, and exposure to risks
related to intense competition in the wire industry. These
weaknesses are partially offset by the benefits that SMMPL derives
from its promoters' experience in wire business and its
established relationships with customers and suppliers.

   Facilities                           Ratings
   ----------                           -------
   INR50 Million Cash Credit            BB+/Stable (Reaffirmed)
   INR1 Million Term Loan               BB+/Stable (Reaffirmed)
   INR10 Million Short-Term Bank        P4+ (Reaffirmed)
   Loan Facility
   INR6 Million Standby Line of Credit  P4+ (Reaffirmed)
   INR35 Million Letter of Credit       P4+ (Reaffirmed)
   INR5 Million Bank Guarantee          P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SMMPL will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' if the company's financial risk
profile improves substantially.  Conversely, the outlook may be
revised to 'Negative' if SMMPL undertakes large, debt-funded
capital expenditure (capex) programme leading to deterioration of
its financial risk profile.

SMMPL's performance for 2009-10 (refers to financial year, April 1
to March 31) is estimated to have been in line with CRISIL's
expectations. SMMPL's liquidity is likely to remain moderate,
backed by steady accruals, high bank limit utilization, and
absence of significant capex plans, and loan repayment
obligations. The company currently has an order book of around INR
300 million for supply of wires.

SMMPL reported a provisional profit after tax (PAT) of INR6
million on net sales of INR575 million for 2009-10, as against a
PAT of INR7 million on net sales of INR635 million for 2008-09.

                         About Sarthak Metals

SMMPL, set up in 1995, manufactures industrial gases. In 2003, the
company also began manufacturing cored and aluminum wires. The
company has capacities to produce 1 million cubic metres (CM) of
industrial gas and 5000 tonnes of cored wires per annum.


SOLO METALS: CRISIL Assigns 'B+' Rating to INR120MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Solo Metals Pvt
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR120.0 Million Cash Credit     B+/Stable (Assigned)
   INR10.0 Million Standby Line     B+/Stable (Assigned)
                      of Credit
   INR15.0 Million Bank Guarantee   P4 (Assigned)
   INR15.0 Million Letter of Credit P4 (Assigned)

The ratings reflect Solo Metals' weak financial risk profile,
marked by high gearing, primarily due to start up nature of
operations and marginal market share in the billets segment, and
vulnerability to cyclicality in steel industry. These rating
weaknesses are partially offset by Solo Metals' healthy operating
efficiency backed by faster turnaround and focus on value-added
products.

Outlook: Stable

CRISIL believes that Solo Metals will maintain its credit risk
profile over the medium term backed by its moderate business risk
profile. The outlook may be revised to 'Positive' if the company
achieves higher-than-expected revenue growth and reports large net
cash accruals resulting in significant improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if the company's operating profits decline sharply,
owing to low capacity utilization or if it undertakes larger-than-
expected debt-funded capital expenditure, thereby deteriorating
its financial risk profile.

                         About Solo Metals

Solo Metals was set up in 2005 by the members of the Saroha family
in Maharashtra; however, the operations commenced from November
2009.  The company manufactures billets; its plant at Wada
(Maharashtra) has manufacturing capacity of 48,000 tonnes per
annum. The company's day-to-day operations are managed by Mr.
Saket Saroha and his father Mr. Jawahar Singh Saroha.


TATA MOTORS: Total Sales Up 41% in July 2010
--------------------------------------------
Tata Motors' total sales -- including Tata commercial and
passenger vehicles -- were 67,799 vehicles in July 2010, a growth
of 41% over 48,054 vehicles sold in July 2009.  The company's
domestic sales of Tata commercial and passenger vehicles for July
2010 were 63,558 units, a 39% growth over 45,599 units sold in
July last year.

Cumulative sales (including exports) for the company for the
fiscal are 249,507 units, a growth of 46% over 171,168 units sold
last year.

The company's sales of commercial vehicles in July 2010 in the
domestic market were 35,694 units, a 26% growth compared to 28,408
vehicles sold in July last year. LCV sales were 20,438 units, a
growth of 15% over July last year. M&HCV sales stood at 15,256
units, a growth of 43% over July last year.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal are 132,923 units, a growth of 32% over last year.
Cumulative LCV sales are 75,511 units, a growth of 20% over last
year, while M&HCV sales stood at 57,412 units, a growth of 54%
over last year.

The passenger vehicles business reported a total sale and
distribution offtake of 30,165 units (27,864 Tata + 2,301 Fiat) in
the domestic market in July 2010, a 52% increase compared to
19,881 units (17,191 Tata + 2,690 Fiat) in July last year. Sales
of Tata passenger vehicles at 27,864 units is the highest ever for
the company and a growth of 62% over July 2009. Sales of the Tata
Nano were 9000 units. The Indica range sales were 8,606 units,
higher by 1% over July last year. The Indigo range recorded sales
of 7,007 units, a growth of 100% over July last year. The
Sumo/Safari range accounted for sales of 3,251 units, higher by
22% over July last year.

Jaguar Land Rover sales continued their upward trend since launch
in July 2009.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal are 108,501 units (100,100 Tata
+ 8,401 Fiat), against 70,572 units (63,028 Tata + 7,544 Fiat)
last year, a growth of 54%.

Cumulative sales of Tata passenger vehicles were 100,100 units, a
59% increase compared to 63,028 units, in July 2009. Cumulative
sales of the Nano are 23,779 units. Cumulative sales of the Indica
range are 35,113 units, lower by 6%. Cumulative sales of the
Indigo family are 28,310 units, higher by 128%. Cumulative sales
of the Sumo/Safari range are 12,898 units, higher by 20%.

The company's sales from exports at 4,241 vehicles in July 2010
registered a growth of 73% compared to 2,455 vehicles in July last
year. The cumulative sales from exports for the fiscal at 16,484
units are higher by 115% over 7,676 units in the same period last
year.

                          About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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


TWENTY FIRST: CRISIL Reaffirms 'B+' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Twenty First Century
Castings continue to reflect the expected deterioration in TFCC's
financial risk profile owing to large capital expenditure (capex)
plans and its exposure to risks relating to customer concentration
in revenue profile.  These weaknesses are partially offset by the
established track record of TFCC in the steel and alloy casting
industry, and its healthy growth prospects.

   Facilities                             Ratings
   ----------                             -------
   INR40.0 Million Cash Credit Limit      B+/Negative (Reaffirmed)
   INR4.0 Million Term Loan               B+/Negative (Reaffirmed)
   INR5.0 Million Standby Line of Credit  B+/Negative (Reaffirmed)
   INR3.5 Million Proposed Long-Term      B+/Negative (Reaffirmed)
   Bank Loan Facility

Outlook: Negative

CRISIL believes that the credit risk profile of TFCC will remain
constrained over the medium term, on account of its large debt-
funded capex and high utilization of bank limits because of large
stock in process inventory position.  The rating may be downgraded
if there are significant delays in recovery of dues from
customers, and considerable deterioration in capital structure and
debt protection measures. Conversely, the outlook may be revised
to 'Stable' if TFCC's liquidity and profitability improve.

Set up in 1996 as a partnership firm, TFCC commenced operations in
1997 and manufactures steel and alloy castings, catering mainly to
companies in cement and power industries.  It has two units in
Anand (Gujarat), with a combined capacity of 1800 tonnes per
annum. The firm is promoted by Mr. Ramnatraju R Naidu (60 per
cent) and his wife Mrs. Sandhya R Naidu (40 per cent). TFCC has
set up a private limited company in 2009-10 (refers to financial
year, April 1 to March 31) and the operations will be transferred
to the new company by end of 2010-11.

TFCC reported a profit after tax (PAT) of INR12 million on sales
of INR215 million for 2009-10, as against a PAT of INR10 million
on sales of INR178 million for 2008-09.


UNIQUE FORGINGS: CRISIL Reaffirms 'BB-' Ratings on Various Debts
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Unique Forgings (India)
Pvt Ltd continues to reflect UFIPL's small scale of operations in
the forgings and machined components business, limited financial
flexibility owing to small net worth, and exposure to risks
relating to slowdown in the end-user industry. These weaknesses
are partially offset by the benefits that UFIPL derives from its
promoters' experience in the forgings and machined components
industry.

   Facilities                              Ratings
   ----------                              -------
   INR35.0 Million Cash Credit Limit       BB-/Stable (Reaffirmed)
   INR31.1 Million Term Loan               BB-/Stable (Reaffirmed)
   INR6.5 Million Proposed Long-Term Loan  BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UFIPL will continue to benefit from its
credit risk profile and sales growth, backed by its longstanding
presence in the forgings and machined components industry, and
reputed customer base.  The outlook may be revised to 'Positive'
in case of improvement in the company's operating margin, backed
by an improved economic scenario resulting in increased profits.
Conversely, the outlook may be revised to 'Negative' in case of
significant delays in recovery of dues from customers, or further
reduction in operating margin.

UFIPL maintained its financial risk profile in 2009-10 (refers to
financial year, April 1 to March 31), with gearing estimated at
1.5 times as on March 31, 2010.  The company has maintained its
business risk profile with topline and margins in line with
expectations. The company plans to install one new hammer during
the current year at a total cost of around INR60 million.

UFIPL is estimated to report a provisional profit before tax (PBT)
of INR18.5 million on provisional net sales of INR277.4 million
for 2009-10, against a profit after tax (PAT) of INR10.0 million
on net sales of INR270.1 million for 2008-09.

                       About Unique Forgings

UFIPL was established in 1987 as a partnership firm, and was
converted to a private limited company in 2007. It manufactures
forgings and machined components and has a total installed forging
capacity of 9600 tonnes per annum at its two units in Anand
(Gujarat).


VAKIL HOUSING: Fitch Assigns 'B-' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's Vakil Housing Development
Corporation Private Limited a National Long-term rating of 'B-
(ind)' with a Stable Outlook.  The agency has also assigned
ratings to Vakil Housing's bank loans,:

  -- INR361.6 million long-term debt: 'B-(ind)'; and
  -- INR29.9 million fund based limits: 'B-(ind)'/'F4(ind)'.

The ratings reflect the experience of Vakil Housing's promoters in
the real estate sector and its rather recent foray into villas and
row houses with fair success.  While liquidity and debt service
issues are likely to persist during FY11 with the real estate
sector still showing only weak-to-moderate signs of recovery,
Vakil Housing's sizeable cash reserves of INR240m as at end-March
2010 are available to supplement its operational cashflows to meet
debt service in FY11.

The company has sizeable land bank reserves that are available for
sale and/ or development, when the market shows a sustainable
improvement in demand and prices.  However, there is a
concentration risk in that all the company's projects are in and
around Bangalore.  Concerns remain for a significant proportion of
housing units -- in projects that are now being executed -- that
still remain unsold.  Fitch expects the promoters and other Vakil
group entities to support the company with infusion of funds to
meet exigencies.

Positive ratings trigger include a significant improvement in
Vakil Housing's net debt/EBITDA of below 4.0x.  Negative ratings
trigger include its interest coverage falling to below 1.25x and
any delays in debt service.

Vakil Housing, established in 2002, is a Bangalore-based real
estate developer, involved in the selling of sites as well as in
the construction and selling of independent villas and row
houses.  In FY10 (provisional results), the company reported
revenues of INR454.2 million (FY09: INR579.3 million), an EBITDA
of INR69.9 million (FY09: INR115.6 million) with a net debt/EBITDA
of 11.5x.


VIVA BOOKS: CRISIL Rates INR70 Million Cash Credit Limit at 'BB+'
-----------------------------------------------------------------
CRISIL's rating on the cash credit facility of Viva Books Private
Limited continues to reflect Viva's large working capital
requirements, and the company's small scale of operations and low
net worth.  These weaknesses are partially offset by Viva's
established market position supported by tie-ups with reputed
publishing houses, and its comfortable financial flexibility.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit Limit   BB+/Stable
   (Enhanced from INR60.0 million)

Outlook: Stable

CRISIL believes that Viva will continue to maintain its market
position backed by established relationships with publishing
houses.  The outlook may be revised to 'Positive' in case of more-
than?expected increase in the company's cash accruals and
improvement in profitability, or if the unsecured loans from
promoters are converted into equity, resulting in significant
improvement in the company's capital structure. Conversely, the
outlook may be revised to 'Negative' if Viva's profitability
deteriorates, or if it undertakes a larger-than-expected debt-
funded capital expenditure programme, resulting in deterioration
in its financial risk profile.

                               About Viva

Viva, incorporated in 1991 by Mr. Vinod Kumar Vasishat, is into
trading, publishing and distribution of books. Its product profile
mainly consists of books for technical education. The company's
customers include educational institutions and wholesalers. Viva
has its head office in New Delhi, and branch offices in Bengaluru,
Chennai, Guwahati, Hyderabad, Kolkata and Navi Mumbai.

For 2009-10 (refers to financial year, April 1 to March 31), on a
provisional basis, Viva reported a profit after tax (PAT) of
INR6.7 million on net sales of INR360.4 million, against a PAT of
INR5.1 million on net sales of INR343.7 million for 2008-09.


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


INDOSAT PALAPA: Moody's Affirms 'Ba1' Senior Unsecured Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed Indosat Palapa Company
B.V.'s Ba1 senior unsecured rating and removed its provisional
status following the successful issuance of 10-year $650 million
7.375% notes.  The notes benefit from an unconditional and
irrevocable guarantee from PT Indosat Tbk (rated Ba1/negative),
and rank pari passu to all existing and future senior unsecured
claims of the issuer and guarantor.  The outlook for the ratings
remains negative.

The bond proceeds will be used to fund the tender offer on the
outstanding 2010 and 2012 bonds totaling $234.4 million and
$108.4 million respectively as at March 31, 2010, as well as other
refinancing requirements.

"The issuance has extended Indosat's maturity profile and will
significantly alleviate some of the company's near term
refinancing risk, and at the same time affords it more cash flow
flexibility going forward as the notes have a bullet maturity in
2020," says Laura Acres, a Moody's Vice President and Senior
Credit Officer.

"Notwithstanding the refinancing exercise, Indosat's negative
outlook continues to underscore Moody's belief that the company's
credit profile remains weakly positioned for its rating due in
part to the large capital expenditure requirements which Moody's
believe will temper the company's ability to deleverage and
improve headroom under financial covenants," adds Acres, also
Moody's Lead Analyst for Indosat.

The last rating action with respect to Indosat was taken on
May 12, 2010, when Moody's assigned a provisional (P)Ba1 rating to
the company's proposed US$ bond issuance.  Prior to this Moody's
had revised Indosat's ratings outlook to negative from stable on
March 10, 2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia.  The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services.  It also provides multi-media,
data communications, and internet services.  Indosat is 65%-owned
by Qatar Telecom (rated A1, Review DG).


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


AIFUL CORP: S&P Withdraws 'CCC' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC' long-term
and 'C' short-term counterparty credit ratings on Aiful Corp. at
the company's request.


JAPAN AIRLINES: Submits Rehabilitation Plan to Lenders
------------------------------------------------------
Japan Airlines Corp. and its bankruptcy administrator on Monday
presented a draft final plan for the carrier's rehabilitation to
its creditor banks, featuring debt waivers totaling JPY521.5
billion, Kyodo News reports citing sources familiar with the
matter.

According to Kyodo, the sources said Mizuho Corporate Bank and
other major creditor banks are expected to accept the plan, paving
the way for JAL and the government-backed Enterprise Turnaround
Initiative Corp. of Japan to submit it to the Tokyo District Court
by the deadline at the end of August.

In the draft plan, Kyodo relates, JAL asks its creditor banks to
waive JPY383 billion in loans or 87.5% of their uncollateralized
loans to the carrier.  Including bonds and financial derivatives,
the requested debt waiver totals JPY521.5 billion.

Kyodo discloses that the plan envisages JAL posting a group net
profit of JPY111.9 billion in fiscal 2014 to March 31, 2015.
Operating costs, which amounted to JPY1.63 trillion in fiscal
2009, are projected to decrease JPY440 billion in fiscal 2014
through workforce cuts and other restructuring measures to help
JAL book an operating profit of JPY133.1 billion in the year.

Kyodo notes the sources said the banks are cautious about
extending JPY319.2 billion in fresh loans requested by JAL and are
set to hold negotiations with the airline and ETIC after the plan
is submitted to the Tokyo court.

                       About Japan Airlines

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

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

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

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


TOSHIBA CORP: Posts JPY466 Million Net Income in Qtr Ended June 30
------------------------------------------------------------------
Toshiba Corporation posted net income of JPY466 million in the
three months ended June 30, 2010, compared with a net loss of
JPY57.8 billion in the same period a year earlier, Bloomberg News
reports.

According to Bloomberg, Toshiba is benefiting from a surge in chip
demand from hit products such as Apple Inc.'s iPhone.  Toshiba
plans to start production at a fifth semiconductor plant in
central Japan in the second half of next year in order to meet
rising demand for flash memory, Bloomberg says.

In the three months through June, Toshiba's chip semiconductor
business had an operating profit of JPY22.2 billion but its social
infrastructure business, which makes power-plant equipment,
trains, and elevators, had an operating loss of JPY1.1 billion.
Profit at the digital products division, which makes televisions,
notebook computers and servers, was JPY6.5 billion, the report
says.

                         About Toshiba Corp.

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

                          *     *     *

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


WILLCOM INC: Softbank to Sponsor Rehabilitation
-----------------------------------------------
Softbank Corp. said it will sponsor the rehabilitation of the
Willcom Inc., going a step further in its support for the failed
mobile phone carrier's turnaround, Kazuhiro Shimamura at Dow Jones
Newswires reports.

Dow Jones relates Softbank said it hasn't yet determined the
expected impact on its earnings of sponsoring Willcom's reform.

WILLCOM provides wireless data and voice services to corporate and
consumer customers in Japan.  The company launched its service in
1995 and is the largest operator employing Personal Handyphone
System (PHS) technology.  PHS is a kind of stripped-down cellular
service with relatively low charges; the technology was developed
in Japan and most of its users live in Japan and China. WILLCOM
provides mobile service nationwide in Japan, serving more than 4
million subscribers.  The Carlyle Group owns 60% of WILLCOM;
Kyocera Corporation owns 30%.

In February, Willcom filed for bankruptcy protection with the
Tokyo District Court with liabilities of JPY206 billion.

Willcom in September last year said it was unable to agree on a
revival plan with all creditors after failing to reschedule debt
payments.  According to Bloomberg News, Willcom has been losing
subscribers as rivals offer faster mobile-phone services.  Willcom
may seek investment from Softbank Corp., Japan's third-largest
mobile-phone company, and a Japanese investment fund, to revive
its businesses.

Researcher Teikoku Databank Ltd. said the filing by Willcom is the
biggest in Japan's telecommunications industry.  Heisei Denden
Co. was the previous biggest failure in October 2005 with
liabilities of JPY120 billion.


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


KOREA LAND: To End or Delay Housing Projects Amid Mounting Debts
----------------------------------------------------------------
The Korea Times reports that state-run housing company Korea Land
and Housing Corp. said its financial troubles will force it to
cancel or delay most of its 140 new housing and redevelopment
projects around South Korea.

The report relates LH officials said the company so far has lost
more than KRW23.7 trillion (about US$20 billion) on unsold land
and homes, which account for about 20% of its debt of KRW118
trillion.

According to the report, the official said drastic measures for
reducing business operations are inevitable as the company's
massive deficit, which is leading to daily interest payments of
around KRW10 billion, could otherwise approach KRW130 trillion by
the end of the year and exceed KRW171 trillion by 2012.

The Korea Times says LH's decision to stand down most of its pre-
shoveled projects is also connected with its efforts to
dramatically reduce its overseas presence.

The officials said that unsold land is responsible for KRW20.6
trillion of LH's current debt, with the deficit enlarged by nearly
KRW4 trillion just over the past 10 months.

The report adds that LH admits it doesn't have a prayer for
finding buyers for its unsold land soon as the property market
continues to decay.  The company has also shouldered a KRW3.6
trillion deficit from the 12,000 new homes it has yet to manage to
sell.

Korea Land and Housing Corp. was created by a merger between the
Korea National Housing Corp. and the Korea Land Corp. in October
last year.


SSANGYONG MOTOR: Mahindra Delays Decision on Ssangyong Bid
----------------------------------------------------------
The Times of India reports that Mahindra & Mahindra said it will
postpone a decision on bidding for Ssangyong Motor, buying itself
some time before the August 10 deadline for bids.

"A lot of information is coming in while the due diligence is
going on," the report quoted Bharat Doshi, chief financial officer
of Mahindra.  "So a decision on this (to make a bid or not) has
been deferred for now."

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor Co. selected Nissan Motor Co.,
Renault SA and four other bidders for due diligence on the
company.  Ssangyong Motor began accepting letters of intent on
May 10 from potential buyers, who will take over a majority of its
stake valued at around KRW300 billion.  Samjong KPMG, a South
Korean unit of the global services firm KPMG, and Macquarie
Securities are managing the sale.  Deadline for submitting binding
bids is on Aug. 10

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A South
Korean bankruptcy court approved in December Ssangyong Motor's
restructuring plan despite opposition by some bondholders, the
TCR-AP reported on Dec. 18, 2009.


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


HO HUP: Hew Hoi Lam Withdraws Wind-up Petition Against Bukit Jalil
------------------------------------------------------------------
Ho Hup Construction Co. Bhd said that Hew Hoi Lam @ Kew Hoi Lam
has withdrawn its winding-up petition against Bukit Jalil
Development Sdn. Bhd., a major subsidiary of the Company.  The
Petitioner lodged a Notice of Discontinuance with the High Court
on July 30, 2010.

Ho Hup disclosed on July 29 that a winding-up petition has been
served on Bukit Jalil Development by Hew Hoi @ Lam at Kew Hoi Lam.
The winding-up petition was presented to the High Court of Malaya
at Kuala Lumpur on July 12 and was served on BJD on July 28, 2010.

                            About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                          *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


HO HUP: Hires Consultants for Due Diligence Audit and Valuation
---------------------------------------------------------------
Ho Hup Construction Co. Bhd has appointed UHY Advisory (KL) Sdn.
Bhd. to conduct due diligence audit on Kolektra Recreation Sdn.
Bhd. and Fivestar Development (Puchong) Sdn. Bhd.  The Company
also appointed Khong & Jaafar Sdn. Bhd. to conduct valuation of
the companies' properties.

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2010, Ho Hup entered into a Memorandum of Understanding
with Raymond Tan for the purpose of acquiring 100% of the equity
interests in Fivestar Development (Puchong) Sdn Bhd and Kolektra
Recreation Sdn. Bhd. at a price to be determined and agreed by Ho
Hup and Mr. Tan prior to the execution of the Definitive Agreement
and after taking into consideration the results of the due
diligence review and valuation to be conducted by the relevant
advisors, experts, consultants and professionals.

"The purchase of the Target Companies is to facilitate Ho Hup to
undertake a regularization plan in accordance with the
requirements of Practice Note 17 of Bursa Malaysia Securities
Berhad Main Market Listing Requirements," Ho Hup told Bursa
Malaysia in July.

                            About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


TRANSMILE GROUP: Units Placed Under Creditors' Voluntary Wind Up
----------------------------------------------------------------
Transmile Group Bhd on July 22, 2010, received a written request
from The Hongkong and Shanghai Banking Corporation Limited,
Offshore Banking Unit Labuan, as the agent bank on behalf of the
syndicated term loan lenders, to initiate a liquidation of
Transmile Air (SPV) Ltd., a wholly-owned subsidiary of the
Company, based on the undisputed debt.

On July 28, 2010, the Company also received a written request from
The Hongkong and Shanghai Banking Corporation Limited, Corporate
Trust and Loan Agency, Hong Kong Office, as trustee for the
convertible bonds holders, to similarly initiate a liquidation of
TGB (SPV) Ltd, a wholly-owned subsidiary of the Company.

As a result, Transmile Air resolved to wind up both STL SPV and CB
SPV voluntarily by the way of a creditors' voluntary liquidation
pursuant to Section 254 (1)(b) of the Companies Act, 1965, as both
companies cannot by reason of their liabilities continue their
businesses.

Both companies had nominated Lim Tian Huat of Messrs Lim Tian Huat
& Co to act as provisional liquidator.

A meeting of creditors of the two companies will be convened
pursuant to Section 260(1) of the Companies Act on August 11,
2010.

                       About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


VTI VINTAGE: Creditors Approve Proposed Scheme of Arrangement
-------------------------------------------------------------
VTI Vintage Berhad disclosed that at the Court Convened Meeting
held on July 16, 2010, the company's scheme creditors approved the
Proposed Scheme of Arrangement under Section 176 of the Companies
Act, 1965.

The Company's board of directors said that VVB is still in the
midst of finalizing the self-regularization plan.

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


EXPORT AND INDUSTRY: Sale of Banking Business to BDO Approved
-------------------------------------------------------------
The Philippine Daily Inquirer reports that Exportbank has approved
the sale of its core banking business to mall tycoon Henry Sy's
Banco de Oro Unibank and the separate sale of its insurance unit
to businessman Eusebio Tanco, subject to various closing
conditions by financial regulators.

The Inquirer relates EIB said its board had approved the sale of
all bank assets to BDO after the Bangko Sentral ng Pilipinas
approved the deal "in principle."

At the same time, the Inquirer notes, the EIB board approved the
sale of the 800,000 outstanding shares of Banclife Insurance Co.
to Mr. Tanco or his assignees, subject to the approval of the
Insurance Commission.

The Inquirer says the EIB board also agreed to separately sell the
bank's rights to and interests in the 500,000 outstanding shares
of stock brokerage unit EIB Securities Inc.

However, the bank, in line with the directive of the BSP, is set
to nullify the sale of its property assets in ExportBank Plaza,
its head office, to property company Arthaland Corp.

                        Financial Disclosure

Export and Industry Bank will finally disclose the state of its
financial health to the public, BusinessWorld Online reports.  EIB
said it will submit all of its outstanding reports, which include
annual reports for 2008 and 2009, not later than August 12, the
report says.

BusinessWorld Online relates EIB also requested the stock exchange
to keep the trading of its shares suspended until after its
stockholders' meeting on September 20.

The report notes that the bank requested the stock exchange to
suspend the trading of its shares in May last year when it could
not submit its annual report for 2008 and the quarterly reports
for the fourth quarter of 2008 and the first quarter of 2009.
Succeeding quarterly reports have not been filed thereafter, nor
the annual report for 2009, the news agency adds.

                             About EIB

Headquartered in Makati City, Manila, Export and Industry Bank,
Inc. -- http://exportbank.com.ph/-- has 50 branches and has
revived former Urban Bank unit under new names.  Its principal
activity is the provision of commercial banking services such as
deposit taking, loans and trade finance, domestic and foreign
fund transfers, treasury, foreign exchange and trust services.

The Troubled Company Reporter-Asia Pacific, citing the Daily
Tribune, reported on December 08, 2009, that the Monetary Board
ruled that the possible closure of Export and Industry Bank poses
a systemic risk, paving the way for regulators to allow the
Philippine Deposit Insurance Corp. to extend a PHP10.9-billion
loan for its rehabilitation.

The Daily Tribune said EIB is seeking PHP3.3 billion in fresh
capital since June 2009 for its rehabilitation but had sought from
regulators extensions on the deadline given to it every month
since then.  EIB has been under the so-called prompt corrective
action scheme, the intensive care unit for banks, since 2007
because of lack of capital.


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


STATS CHIPPAC: Moody's Assigns 'Ba1' Rating on Senior Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to STATS
ChipPAC Ltd's proposed US$ senior unsecured notes.  At the same
time, Moody's has affirmed STATS ChipPAC's Ba1 corporate family
and senior unsecured debt ratings.  The outlook for both ratings
is stable.

The company plans to use the bond proceeds to fund up to
US$600 million in capital distribution to shareholders.

The Ba1 rating reflects STATS ChipPAC's stand-alone credit
fundamentals of Ba2 and Moody's assessment of a one-notch rating
uplift from the expected support of its 83.8% parent, Singapore
Technologies Semiconductors Pte Ltd, which is in turn a wholly
owned subsidiary of Temasek Holdings (Private) Ltd (Aaa/Stable).

"Although the proposed debt-funded capital distribution plan is
credit negative, as it will erode the company's equity base, STATS
ChipPAC's projected financial profile remains adequate for its
stand-alone Ba2 rating, with Debt/EBITDA of around 2x and
Debt/Capitalization of around 45% over the next one to two years,"
says Ken Chan, a Moody's Vice President.

"Furthermore, STATS ChipPAC has a track record of executing its
business model under a prudent financial policy and Moody's
believe this will continue.  Its balance sheet liquidity also
remains strong, with consistently over US$300 million cash on
hand, which further supports its rating," adds Chan, also Moody's
Lead Analyst for the company.

The company also plans to redeem its US$213 million 2011 notes
early through a tender offer, with the syndicated term loan
facility arranged earlier.

The possibility for near-term upward ratings pressure is limited
given the negative impact on STATS ChipPAC's credit metrics from
the proposed capital reduction plan.  However, upward rating
pressure could arise over time if the company 1) improves its
capital structure on a sustained basis and adheres to its prudent
financial policy; 2) continues to implement its business
strategies successfully, thereby growing its revenue base and
profitability; 3) generates free cash flow for permanent debt
reduction, such that Adjusted Debt/EBITDA drops below 1.0x and
Debt/Capitalization drops below 15% on a sustained basis; and 4)
maintains strong balance sheet liquidity to provide a buffer
against industry cyclicality.

On the other hand, downward ratings pressure could evolve if the
company 1) suffers a reduced asset utilization rate, decreasing
profitability and cash flow-generating capability such that
Adjusted Debt/EBITDA rises above 2.5-3.0x on a sustained basis,
and EBIT/Interest declines below 2.0x over the cycle; 2) sees its
debt-servicing ability significantly impaired by a cyclical
industry downturn; and/or 3) undertakes aggressive debt-funded
acquisitions or dividend policy that pressure its balance sheet
leverage and liquidity.

Furthermore, a significant reduction in Singapore Technologies
Semiconductors' controlling stake -- which would weaken the
support level -- would be negative for the ratings.

The last rating action with respect to STATS ChipPAC was taken on
December 1, 2009, when its Ba1 corporate family and senior
unsecured ratings were affirmed with stable outlooks.

STATS ChipPAC is one of the leading players in the global
outsourcing semiconductor assembly and test industry.  It provides
full turnkey solutions to semiconductor businesses, including
foundries, integrated device manufacturers and fabless companies
in the US, Europe and Asia.


STATS CHIPPAC: S&P Affirms 'BB+' Long-Term Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on Singapore-based
outsourced semiconductor assembly and testing services provider
STATS ChipPAC Ltd.  The outlook is stable.  At the same time, S&P
affirmed the 'BB+' issue rating on the company's senior unsecured
2011 notes.  S&P also assigned its 'BB+' issue rating on the
senior notes proposed by the company.

S&P affirmed the ratings to reflect its view that the proposed
debt-funded capital reduction exercise will not affect the
company's stand-alone credit profile, since its projected credit
protection metrics would remain adequate for the rating.  S&P
expects STATS ChipPAC's total debt to increase to approximately
US$970 million, after the capital reduction, from US$451.4 million
as of June 27, 2010.  S&P understands that on completion of the
capital reduction program, Temasek Holdings Pte. Ltd.
(AAA/Stable/--) would continue to own 83.8% of STATS ChipPAC.  The
'BB+' long-term corporate credit rating on STATS ChipPAC is one
notch above the company's stand-alone credit profile, reflecting
S&P's view of parent-subsidiary support from Temasek, if needed.

"The ratings on STATS ChipPAC reflect the highly cyclical nature
of the OSAT business, aggressive competition, and the need to
continually invest in advanced equipment to support anticipated
customer requirements in order to remain among the industry
leaders," said Standard & Poor's credit analyst Wee
Khim Loy.  "These challenges are mitigated by STATS ChipPAC's
position as the fourth-largest provider of OSAT services globally,
favorable long-term outsourcing growth prospects, and the
company's moderate leverage."

In S&P's view, STATS ChipPAC's liquidity is adequate.  The company
had cash and short-term marketable securities of US$364.2 million
and improved funds from operations of US$222 million in the first
half of 2010.  This is more than sufficient to cover short-term
debts due of US$77.1 million.

The stable outlook factors in S&P's expectations that: (1) STATS
ChipPAC will continue to successfully implement its business
strategies, thereby improving its profitability and cash flow
generation; and (2) Temasek will remain the majority shareholder
in the company, despite the proposed capital reduction.


================
S R I  L A N K A
================


COMMERCIAL BANK: Fitch Downgrades Individual Rating to 'D/E'
------------------------------------------------------------
Fitch Ratings Lanka has downgraded Commercial Bank of Ceylon PLC's
National Long-term rating to 'AA(lka)' from 'AA+(lka)' and its
Individual rating to 'D/E' from 'D'.  The agency has also
downgraded the rating on CB's subordinated debentures to 'AA-
(lka)' from 'AA(lka)'.  Fitch has simultaneously affirmed CB's
Support rating at '5'.  The Outlook is Stable.

The ratings reflect the relative deterioration in CB's credit
profile in terms of its asset quality and solvency indicators.
The Stable Outlook reflects Fitch's view that the bank could stem
the further decline and strengthen its asset quality and solvency
indicators supported by an improved economic environment,
concerted recoveries, increased provisioning and stronger equity
accretion and/ or infusion.  The agency considers that the
restoration of CB's credit profile to historical norms that were
considerably superior to that of its peers could be challenging.

A contraction in CB's loan book amidst retarded credit growth
(FY09: -4.5%), NPL accretion against a backdrop of sluggish
economic activity and, in Fitch's opinion, inadequate monitoring
of its collection performance resulted in the bank's gross NPL
ratio peaking at 8.9% in H109 before improving to 6.9% in FY09
(FY08: 5.2%), supported in part by a containment of delinquencies
through restructuring.  This along with a reduced specific
provision coverage (FY09: 28.5%; FY08: 35.5%) resulted in CB's
solvency as indicated by net NPL/equity deteriorating to 28.6% in
FY09 (FY08: 22.3%).  The agency notes that although the expected
economic rebound should ease the pressure on the accumulation of
NPLs and facilitate their declassification, the restoration of
CB's asset quality indicators to historical norms considerably
better than peers is contingent upon aggressive NPL resolution and
the recovery of the bank's retail customer base from which the
majority of NPLs originated.

Following a directive from the Controller of Exchange of the
Central Bank of Sri Lanka, CB halted payments due to foreign
counterparty banks under disputed oil derivative contracts in June
2009.  The bank reported a payable of LKR710m in FY09, although
about 67% of this exposure could be offset through a deposit
maintained at a counterparty.  However, the bank maintains that
the non-payment of dues under these transactions has not resulted
in its classification as non-performing by the counterparties.
Subsequent to the set off in FY10 of a counterparty deposit
maintained at CB, the receivable under these contracts reduced to
LKR271m in Q110.

CB has expanded its presence in Bangladesh since its acquisition
of the operations of Credit Agricole Indosuez in 2003.  In FY09,
CB's Bangladesh operations comprised 9.2% of assets and 14.9% of
net income.  Fitch notes that CB's expansion in Bangladesh has
thus far been prudently executed with delinquencies remaining very
low (below 1%).

CB reported healthy profitability (return on assets of 1.35%) with
strong tier 1 and total capital ratios (11.69% and 13.66%,
respectively) in Q110.

Established in 1969, CB is the largest private bank and the third-
largest Licensed Commercial Bank in Sri Lanka.  It accounted for
10.7% of total banking system assets at December 2009.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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.





                 *** End of Transmission ***