TCRAP_Public/100813.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

           Friday, August 13, 2010, Vol. 13, No. 159

                            Headlines



A U S T R A L I A

ED HARDY: Australian Operations Enter Voluntary Administration
CHAMELEON MINING: Litigation Funder Calls In External Receivers
CORBOY FRESH: Westpac Bank Appoints Ferrier Hodgson as Receivers
REFLECTIONS GROUP: In Receivership; KordaMentha Appointed

TRANSURBAN GROUP: Swings to Profit; Finalizes Bid for Lane Cove


H O N G  K O N G

JUO BEAR: Court Enters Wind-Up Order
LAND PARTNERS: Court Enters Wind-Up Order
LAW WONG: Stephen Briscoe Steps Down as Liquidator
LUEN YICK: Stephen Briscoe Steps Down as Liquidator
MAN LUNG: Creditors' Proofs of Debt Due August 20

NGA COMPANY: Court to Hear Wind-Up Petition on September 22
NIKKO SERVICES: Court to Hear Wind-Up Petition on September 8
REGENT POLICY: Court to Hear Wind-Up Petition on September 15
SOUND STRENGTH: Court to Hear Wind-Up Petition on September 8
TECH WISE: Court to Hear Wind-Up Petition on September 8

TEN PLUS: Provisional Liquidators Appointed
WINSOURCE INDUSTRIES: Court Enters Wind-Up Order


I N D I A

A.S. CARRIERS: CRISIL Reaffirms 'B+' Rating on INR1.70MM LT Loans
AIR INDIA: Seeks US$840-Mil. Compensation Over Dreamliner Delay
ARMSTRONG KNITTING: CRISIL Reaffirms 'C' Rating on INR56.9MM Loan
ARMSTRONG SPINNING: CRISIL Reaffirms 'C' Rating on INR161.9M Loan
BANGALORE ELEVATED: CRISIL Reaffirms 'D' Rating on INR6B Term Loan

BHARATKUMAR INDRASEN: ICRA Assigns 'LBB' Rating to INR10cr LT Loan
BULLION INFRASTRUCTURE: CRISIL Assigns 'D' Rating to INR200M Loan
GOKAK TEXTILES: ICRA Assigns 'LBB' Rating to INR37.6cr LT Loans
JAMNA METAL: CRISIL Assigns 'B-' Rating to INR60 Mil. Cash Credit
LAKSHMIGANAPATI AUTOMOBILES: CRISIL Reaffirms 'BB' Ratings

MESHCO STEELS: CRISIL Reaffirms 'BB' Rating on INR45MM Cash Credit
PALLA TEXTILES: ICRA Assigns 'LB+' Rating to INR150MM Bank Debts
PASUPATI SPINNING: CRISIL Reaffirms 'D' Ratings on INR50.2M Debt
S.N.Q.S INTERNATIONAL: ICRA Rates INR93 Mil. Term Loan at 'LBB-'
STERLING OIL: ICRA Reaffirms 'LBB+' Ratings on INR1,375cr Loans

VASUNDHARA COTTON: ICRA Reaffirms 'LBB' Ratings on Various Debts
WINGSFIELD KNITWEAR: ICRA Assigns 'LBB' Rating to INR5.75cr Loan


J A P A N

JLOC 41: S&P Downgrades Ratings on Various Classes of Notes


N E W  Z E A L A N D

ALLIED NATIONWIDE: S&P Junks Issuer Credit Rating From 'B/B'
LIGHTER QUAY: Investors Talk With Receivers Over Unpaid Returns
MARAC FINANCIAL: S&P Gives Stable Outlook; Affirms 'BB+/B' Ratings
PGG WRIGHTSON: Secures 12-Month Extension of 8.25% Bonds


P H I L I P P I N E S

NATIONAL POWER: Fitch Affirms 'BB' Rating on US$500 Mil. Notes
NATIONAL POWER: Fitch Affirms 'BB' Rating on US$300 Mil. Notes


T H A I L A N D

SIAM CITY BANK: Resilient to Political Unrest in Q210, Fitch Says

* Fitch Says Thai Banks Resilient to Political Unrest in Q210


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


ED HARDY: Australian Operations Enter Voluntary Administration
--------------------------------------------------------------
The Herald Sun reports that clothing firm Ed Hardy Operations Ltd.
has gone into voluntary administration, just weeks after it
suddenly shut down its six Westfield stores.

The report, citing documents filed with the Australian Securities
and Investments Commission, says the company has appointed
Deloitte Partners to take control of the firm.  The appointment
only relates to Ed Hardy's operations in Australia and not the Ed
Hardy group internationally.

The Herald Sun relates that the retailer was forced to suddenly
shut all six of its Westfield stores on June 29 after falling
behind on rental payments.  At the time, the report notes, the
company still had 10 other stores around the country and about 100
wholesale accounts.

The administrators will continue to operate six stores and shut
down the remaining four stores, the Herald Sun adds.

Ed Hardy Operations Ltd. -- http://www.edg.com.au/-- sells street
wear in its stores in Victoria, NSW, Queensland, South Australia
and Western Australia.  The brand is inspired by the tattoo
artwork of Don Ed Hardy, a Californian known as the "the godfather
of modern tattoo".


CHAMELEON MINING: Litigation Funder Calls In External Receivers
---------------------------------------------------------------
Rebecca Urban at The Australian reports that Chameleon Mining has
been placed in the hands of receivers amid a dispute with the
funders of a multi-million-dollar court case.

The Australian relates that the company, which emerged from a
previous administration proceeding three years ago, is suing
Murchison Metals in the Federal Court for access to its lucrative
Jack Hills iron ore project, claiming the asset was purchased with
Chameleon's funds several years earlier.

International Litigation Partners on Wednesday moved to appoint
insolvency firm Armstrong Wily as external receiver to the company
in an apparent bid to protect its interests, The Australian says.

According to the report, the trigger is understood to have been
Chameleon's decision to seek a AU$6.5 million credit facility from
the publicly listed Cape Lambert Resources.  The deal also
involves Chameleon placing shares to Cape Lambert and associated
parties to raise AU$2.5 million, the report notes.

But the deal appears to have contravened the terms of a AU$20
million fixed and floating charge the Singapore-based
International Litigation Partners secured over the group last
year, which prohibits Chameleon granting security over its assets
to a third party.

The Australian discloses that Chameleon had just AU$841,000 in
cash and shares at the end of June and sources close to the case
have claimed that the litigation funder's expenses have so far
reached AU$6 million.

According to The Australian, trading in Chameleon's shares has
been suspended, with the company claiming to have received no
notification of the "purported appointment" of a receiver.

"We expect the appointment of a receiver to be voided by way of a
court order," the report quoted Chameleon's managing director
Anthony Karam as saying.

A spokeswoman for the company told The Australian that the
agreement with the litigation funder had been terminated on
Monday.  But this has not yet been disclosed to the market.  "The
strategic alliance with Cape Lambert triggered an automatic
termination of the funding deed," the spokeswoman told The
Australian.  The funder had already received the AU$6 million it
was owed, she added.

                       About Chameleon Mining

Based in Australia, Chameleon Mining NL (ASX:CHM) --
http://www.chmnl.com/--  engages in exploration and extraction of
mineral resources.  The Company's segments include financial
investment, and mining and mineral exploration.


CORBOY FRESH: Westpac Bank Appoints Ferrier Hodgson as Receivers
----------------------------------------------------------------
Ferrier Hodgson partners James Stewart and Peter McCluskey have
been appointed as joint receivers and managers of Corboy Fresh
Fruit Pty Ltd.  They were appointed by the secured creditor,
Westpac Bank, on August 6, 2010.

Mr. Stewart said the business will immediately be placed on the
market for sale as a going concern.  He said the receivers will
continue to maintain the properties and trees throughout the sale
process.

"The business has been impacted by nearly a decade of difficult
climatic conditions and changing market dynamics as key customers
moved to refine their fresh fruit offering," Mr. Stewart said.

He indicated that the decision to appoint receivers was always a
difficult one, particularly in a rural environment where a number
of stakeholders will be affected.

Mr. Corboy acknowledged the support of Westpac over the years and
said that while this was a disappointing day, he would work with
the receivers to achieve the best possible outcome for all
stakeholders.

Michael Hede of Knight Frank and Les Young of Youngs & Co,
Shepparton, have been appointed to market and sell the properties.

                         About Corboy Fresh

Corboy Fresh Fruit Pty Ltd. is one of the biggest fruit growers in
central Victoria,.  It operates 300 hectares of apple, pear and
stone-fruit orchards around Merrigum, near Shepparton.  The
business employs 25 full-time staff as well as casual and seasonal
labour.


REFLECTIONS GROUP: In Receivership; KordaMentha Appointed
---------------------------------------------------------
SmartCompany reports that Reflections Group has been placed in
receivership, and will now be put on the sale block.  Mark Korda
and Andrew Malarkey from insolvency firm KordaMentha were
appointed receivers on August 11, 2010.

The receivers said they will start advertising for expressions of
interest to recapitalize or acquire the business.

According to the report, Mr. Korda said the business would be
offered for sale as a going concern and all proposals for an
equity injection would be considered.

"Meanwhile, the operations would continue on a business as usual
basis subject to the group's clients continuing to support the
business," SmartCompany quoted Mr. Korda as saying.

Employees have been told they will continue to be paid while
working for the group, the report adds.

                       About Reflections Group

Reflections Group is Melbourne-based cleaning, security and
facilities management company.  It employs 300 people out of
offices in Melbourne, Brisbane, Sydney and Adelaide.


TRANSURBAN GROUP: Swings to Profit; Finalizes Bid for Lane Cove
---------------------------------------------------------------
Transurban Group returned to full-year profit on an increase in
toll revenue and cost cuts, Bloomberg News reports.

Net income was AU$59.6 million in the 12 months ended June 30,
from a AU$16.1 million loss a year earlier.  The company named
Lindsay Maxsted chairman, replacing David Ryan.

"Our growth projects will further enhance the Group's
performance," Bloomberg cited Transurban Chief Executive Officer
Chris Lynch as saying in a statement.  The company's planned
dividend payout next year of at least 26 cents per share
"demonstrates confidence in our capacity to continue to add
value," he said.

Bloomberg says Transurban said this week it had finalized its
AU$630.5 million acquisition of Sydney's Lane Cove Tunnel, after
raising AU$542 million in capital.

Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.

                       About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.

                          *     *     *

This concludes the Troubled Company Reporter's coverage of
Transurban Group until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


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


JUO BEAR: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on July 28, 2010, to
wind up the operations of Juo Bear PC Net & Cafe (Causeway Bay) Co
Limited.

The official receiver is E T O'Connell.


LAND PARTNERS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 28, 2010, to
wind up the operations of Land Partners Surveyors Limited.

The official receiver is E T O'Connell.


LAW WONG: Stephen Briscoe Steps Down as Liquidator
--------------------------------------------------
Stephen Briscoe stepped down as liquidator of Law Wong Kee Law's
Construction & Engineering Company Limited on July 23, 2010.


LUEN YICK: Stephen Briscoe Steps Down as Liquidator
---------------------------------------------------
Stephen Briscoe stepped down as liquidator of Luen Yick Water and
Drainage Works Limited on July 21, 2010.


MAN LUNG: Creditors' Proofs of Debt Due August 20
-------------------------------------------------
Creditors of Man Lung Hong Securities Limited, which is in
compulsory liquidation, are required to file their proofs of debt
by August 20, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


NGA COMPANY: Court to Hear Wind-Up Petition on September 22
-----------------------------------------------------------
A petition to wind up the operations of Nga Company Limited
(formerly known as Nga Hing Metal Factory Limited) will be heard
before the High Court of Hong Kong on September 22, 2010, at 9:30
a.m.

IBM China/Hong Kong Limited filed the petition against the company
on July 20, 2010.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          Chater Road, Central
          Hong Kong


NIKKO SERVICES: Court to Hear Wind-Up Petition on September 8
-------------------------------------------------------------
A petition to wind up the operations of Nikko Services Ltd will be
heard before the High Court of Hong Kong on August 18, 2010, at
9:30 a.m.

Schindler Lifts (HK) Limited filed the petition against the
company on June 4, 2010.

The Petitioner's solicitors are:

          Shindler Lifts (HK) Limited
          29/F Devon House
          Taikoo Place, 979 King's Road
          Quarry Bay, Hong Kong


REGENT POLICY: Court to Hear Wind-Up Petition on September 15
-------------------------------------------------------------
A petition to wind up the operations of Regent Policy Development
Limited will be heard before the High Court of Hong Kong on
September 15, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 13, 2010.

The Petitioner's solicitor is:

          Anthony Chiang & Partners
          3903 Tower 2, Lippo Centre
          89 Queensway
          Central, Hong Kong


SOUND STRENGTH: Court to Hear Wind-Up Petition on September 8
-------------------------------------------------------------
A petition to wind up the operations of Sound Strength Limited
will be heard before the High Court of Hong Kong on September 8,
2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on May 11, 2010.

The Petitioner's solicitors are:

          Tong & Tsoi
          Room 3402, 34th Floor
          Bank of America Tower
          12 Harcourt Road
          Central, Hong Kong


TECH WISE: Court to Hear Wind-Up Petition on September 8
--------------------------------------------------------
A petition to wind up the operations of Tech Wise China (Holdings)
Limited will be heard before the High Court of Hong Kong on
September 1, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on June 21, 2010.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


TEN PLUS: Provisional Liquidators Appointed
-------------------------------------------
Mr. Kennic Lai Hang Lui and Mr. Yuen Tsz Chun Frank on July 27,
2010, were appointed as provisional liquidators of Ten Plus
Limited.

The liquidators may be reached at:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


WINSOURCE INDUSTRIES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on July 28, 2010, to
wind up the operations of Winsource Industries Limited.

The official receiver is E T O'Connell.


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


A.S. CARRIERS: CRISIL Reaffirms 'B+' Rating on INR1.70MM LT Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term loan facilities of A.S. Carriers
Pvt Ltd continues to be constrained by the company's weak
financial risk profile and continued expected pressure on rentals
over the medium term.  These weaknesses are mitigated by ASC's
established presence in the domestic organised warehousing
business.

   Facilities                             Ratings
   ----------                             -------
   INR1701.5 Million Long-Term Loans      B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASC's overall credit rating will be
constrained by the company's weak financial risk profile over the
medium term. The outlook may be revised to 'Positive' if the
company finalizes the lease contracts for its new projects at the
expected occupancy and realizations, and reduces its debt levels,
including through equity infusions. Conversely, the outlook may be
revised to 'Negative' if the delays in project completion impact
liquidity; lower-than-expected or delayed revenues from new
projects, or unexpected terminations of existing lease agreements
may also have a negative bias on the outlook.

Update

ASC's capital expenditure (capex) in 2009-10 (refers to financial
year, April 1 to March 31) was lower than expected at INR114
million since the two proposed warehouse projects were not
completed by March 2010. While one of the projects with built-up
space of 0.22 million square feet (sq ft) is nearing completion,
the other project with 0.65 million sq ft is expected to commence
only towards the end of 2010-11. However, the delays in capex have
not affected ASC's liquidity as the company has pushed forward the
withdrawal of funds from the loan account correspondingly.

In terms of the existing occupancies, the company is experiencing
complete utilisation with rental rates continuing as per previous
expectations; the coverage ratios are also expected to remain
broadly in line with CRISIL's expectations. ASC reported a net
profit of INR45 million on operating income of INR172 million in
2009-10 as against a net profit of INR28 million on net sales of
INR148 million in the previous year.

                         About A.S. Carriers

ASC was established in 1993 and initially carried on clearing and
forwarding (C&F) services Hindustan Unilever Ltd (HUL, rated
'AAA/Stable/P1+' by CRISIL) till 2006-07. The company is currently
engaged in the construction and letting out of industrial
warehouses. ASC currently has warehouse properties in Bangalore,
Hosur and Chennai with a combined storage space of 1.20 million sq
ft and is proposing to construct two more properties (near
Bangalore) for an aggregate storage area of 0.86 sq ft.


AIR INDIA: Seeks US$840-Mil. Compensation Over Dreamliner Delay
---------------------------------------------------------------
Bloomberg News reports that National Aviation Co. of India Ltd.,
the state-owned parent of Air India, said it plans to seek about
US$840 million in compensation from Boeing Co. for a nearly three-
year delay in the delivery of its 787 Dreamliner jets.

Citing NACIL's written response to questions, Bloomberg says the
carrier's 27 Dreamliners on order were supposed to start arriving
in September 2008, so National Aviation sought $710 million as a
compensatory late fee in January 2009 and now is increasing the
amount.  Dinesh Keskar, president of Boeing's India unit, said on
Aug. 5 that deliveries to Air India now aren't set to start until
the second quarter of 2011, Bloomberg notes.

According to Bloomberg, Air India said the delay has resulted in
the loss of opportunities, business and market share.  Bloomberg
says the company sought compensation on the grounds that:

   -- its growth plans have been hampered;

   -- it lost the opportunity to introduce more fuel-efficient
      aircraft;

   -- it had to continue leasing jets at a high Cost; and

   -- the company was saddled with additional interest burden
      on the pre-delivery payments it made for the planes.

Bloomberg states that the debut of the 787, the first composite-
plastic airliner, has been set back more than two years as
Chicago-based Boeing struggles with new materials, parts
shortages, redesign work and an increased reliance on suppliers.

                           About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising its fleet strength to
as many as 275 planes in five years from 148 now.  Air India
Chairman and Managing Director Arvind Jadhav said the new 100-page
turnaround plan for 2010-14, which ruled out any job cuts or wage
reductions and, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


ARMSTRONG KNITTING: CRISIL Reaffirms 'C' Rating on INR56.9MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Armstrong Knitting
Mills continue to reflect AKM's limited earnings diversity, with a
large proportion of its revenues being derived from Europe, small
scale of operations, and average financial risk profile marked by
weak debt protection measures. In addition, AKM's contingent
liability of INR227 million due to derivative losses could impact
its business operations in case the payment is enforced. These
weaknesses are partially offset by the extensive industry
experience of the firm's promoters, and its moderate operational
efficiencies due to integrated operations.

   Facilities                              Ratings
   ----------                              -------
   INR56.90 Million Long-Term Loan         C (Reaffirmed)
   INR140.00 Million Packing Credit        P4 (Reaffirmed)
   INR30.00 Million Foreign Bill Purchase  P4 (Reaffirmed)
   INR25.00 Million Letter of Credit       P4 (Reaffirmed)
   INR2.50 Million Bank Guarantee          P4 (Reaffirmed)

Set up in 1971, AKM, based in Tirupur (Tamil Nadu), manufactures
knitted garments, predominantly for the export market.  In 1996,
the promoters entered the cotton yarn spinning business through
Armstrong Spinning Mills Pvt. Ltd. Both the entities are part of
the Armstrong group.

For 2009-10 (refers to financial year, April 1 to March 31), AKM,
on a provisional basis, reported a profit after tax (PAT) of
INR4 million on net sales of INR593.5 million, against a PAT of
INR10.8 million on net sales of INR564.8 million for the previous
year.


ARMSTRONG SPINNING: CRISIL Reaffirms 'C' Rating on INR161.9M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Armstrong Spinning
Mills Pvt Ltd continue to reflect ASMPL's highly leveraged capital
structure (because of large working capital requirements and
sizeable debt contracted for funding capital expenditure in the
past), and the company's susceptibility to volatility in raw
material prices and power shortage in Tamil Nadu, where its
manufacturing unit is located.

   Facilities                             Ratings
   ----------                             -------
   INR161.90 Million Long-Term Loan      C (Reaffirmed)
   INR115.00 Million Cash Credit         C (Reaffirmed)
   INR10.00 Mil. Foreign Bill Purchase   P4 (Reaffirmed)
   INR7.50 Million Bill Purchase-        P4 (Reaffirmed)
            Discounting Facility
   INR12.50 Million Letter of Credit     P4 (Reaffirmed)
   INR2.00 Million Bank Guarantee        P4 (Reaffirmed)

In addition, ASMPL's operations could be adversely affected if
payment of its contingent liability of INR35.7 million is
enforced. These rating weaknesses are partially offset by ASMPL's
promoters' industry experience and the company's expertise in
manufacturing yarn from organic cotton.

                      About Armstrong Spinning

Set up in 1996, ASMPL manufactures cotton yarn; it has 26,000
spindles installed at its spinning unit.  The company is part of
the Tirupur-based Armstrong group, which is into cotton spinning,
processing, and knitting.

For 2009-10 (refers to financial year, April 1 to March 31), ASMPL
provisionally reported a profit after tax (PAT) of INR65.0 million
on net sales of INR456.1 million, against a PAT of INR19.1 million
on net sales of INR459.8 million for 2008-09.


BANGALORE ELEVATED: CRISIL Reaffirms 'D' Rating on INR6B Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Bangalore Elevated
Tollway Ltd continues to reflect delays in repayment of principal
on its rated debt. BETL has not paid its June 2010 instalment, but
has been paying interest instalments on time, supported by
promoter funding.

   Facilities                           Ratings
   ----------                           -------
   INR6.0 Billion Term Loan             D (Reaffirmed)

BETL is in negotiations with lenders to have its debt repayments
rescheduled.

BETL has been promoted by Soma Enterprises Ltd, Nagarjuna
Construction Company Ltd (which hold stakes of 33.5% each), and
Maytas Infra Ltd (which holds 33%), to undertake the construction
and maintenance of the Bangalore elevated tollway project on a
build, operate, and transfer (BOT) basis. BETL has signed a 20-
year BOT concession agreement with the National Highways Authority
of India Ltd (NHAI, rated 'AAA/Stable' by CRISIL) for the project.

The project which was scheduled for completion in April 2009,
following an extension from August 2008, was completed in
April 2010, and begun tolling.


BHARATKUMAR INDRASEN: ICRA Assigns 'LBB' Rating to INR10cr LT Loan
------------------------------------------------------------------
ICRA has assigned an "LBB" rating to INR10 crore long term fund
based facilities and an A4 rating INR15 crore short term non-fund
based limits of Bharatkumar Indrasen Trading Private Limited. The
outlook assigned to the long term rating is "Stable".

The ratings factor in BIT's weak financial profile characterized
by decline in sales in FY 2010, low profitability over the years,
given the nature of the business and leveraged capital structure
arising from the high working capital intensity.  The ratings also
take into account BIT's moderate scale of operations, which,
coupled with the intense competition faced from unorganized as
well as established players in the industry, and volatility in
steel prices owing to its commoditized nature, is expected to
keep margins under pressure.  The company has built up a
diversified client profile over the years.

Bharatkumar Indrasen was started as a proprietary concern by Mr
Indrasen Shah in 1969 catering to the diverse needs of iron and
steel industry.  In 1982, the concern started its trading
activities exclusively in mild steel products from Steel authority
of India Ltd. (SAIL).  Over the years, the company gathered
momentum in its trading activities and started concentrating
mainly in flat products in order to meet and achieve the changing
needs of its customers.

In November 1992, Bharatkumar Indrasen Trading Pvt Ltd was
incorporated under the Companies Act of 1956, to organize and
consolidate its operations in the trading activities to distribute
mild steel plates in the Western region.

The company at present is engaged in trading of various types of
steel products H.R. Coils and plates such as high tensile, boiler
quality plates, DSQ plates, TMT Bars & allied items.

The company has its head office at Mumbai, and a warehouse  at
Kalamboli in Maharashtra.  BIT's group concern Nirav Iron and
Steel Company Private Limited is also engaged in trading of steel.

Recent Results

BIT recorded a net profit of INR0.96 crore on an operating income
of INR117.74 crore for the year ending March 31, 2009 and INR0.97
crore on an operating income of Rs98.00 crore for the year ending
March 31, 2010.


BULLION INFRASTRUCTURE: CRISIL Assigns 'D' Rating to INR200M Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Bullion Infra Structure Pvt
Ltd's term loan facility.  The rating reflects delay by Bullion in
servicing its term loan; the delay has been caused by Bullion's
weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR200 Million Term Loan Facility    D (Assigned)

Bullion was set up in 1994 by Mr. Roop Kishore Madan and his
associates.  The company undertakes development of residential
real estate projects.  It is currently executing a residential
real estate project in Goa that comprises 40 villas, 36 apartments
and 12 duplex apartments.

Bullion reported a provisional profit after tax (PAT) of INR1.9
million on net sales of INR49.1 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR0.6
million on net sales of INR50.9 million for 2008-09.


GOKAK TEXTILES: ICRA Assigns 'LBB' Rating to INR37.6cr LT Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR37.6 crore fresh long-
term loans of Gokak Textiles Limited.  ICRA has also reaffirmed
the LBB and A4 ratings to the INR69 crore, long-term, fund-based
facilities and the INR40 crore, short-term, fund-based facilities
of GTL.  The INR69 crore, long-term, fund-based facilities are
completely interchangeable with short-term, fund-based limits such
that the total utilization should not exceed INR69 crore. The
outlook on the long-term rating remains stable.

The ratings derive comfort from GTL being a part of the Shapoorji
Pallonji group and the professional management of GTL with a vast
experience in the textile business. GTL derives about 82% of its
revenues from yarn segment, prospects for which have improved
considerably in the past six months on the back of revival in
global demand and continuing strong domestic demand. Also,
addition of hydropower capacity is likely to improve the
operational efficiency of GTL from the current financial year.
The company's entry into innerwear garments business, with the
launch of "FACIT" brand, is a positive from a value-addition point
of view.  However, the segment is highly competitive and its
success will be critical for GTL to gradually reduce its
dependence on the commoditised yarn segment.

Nevertheless, the ratings remain constrained by the weak financial
profile of GTL,  as reflected in high gearing levels of 4.0 times
as on March 31, 2010; weak interest coverage of 0.7 times in FY
2010 and weak debt coverage indicators of 12 times in FY 2010. The
dependence of the company on cotton yarn (about 77% of FY 2010
revenues) remains high, with concentration towards the coarser
counts (below 40s) while distance from major cotton growing areas
hampers raw material procurement efficiency. ICRA notes that the
low value-added cotton yarn segment of GTL remains vulnerable to
pricing pressures because of the cyclical nature of the textiles
industry and surplus capacities in a fragmented industry
structure.

                        About Gokak Textiles

Gokak Textiles Limited was incorporated in CY 2007, subsequent to
a scheme of demerger of the textile arm of Forbes Gokak Limited
(FGL), into a separate company, Gokak Textiles Limited with
effect from April 1, 2007.  It was decided to demerge the business
into a separate company, as it would provide focussed management
orientation and facilitate fund raising for future growth and
expansion.   Shapoorji Pallonji Group holds about 74% of the paid-
up share capital of GTL.  The Shapoorji Pallonji group is the
largest private stakeholder in Tata Sons.

GTL has three manufacturing units -- a spinning mill at Gokak
Falls producing yarn, another one in Belgaum district of
Karnataka, which produces knitted garments and one unit started
recently at Ludhiana, which is dedicated to manufacturing cotton
sweaters for domestic and export markets.  The spinning mill at
Gokak Falls produces cotton yarn (grey and dyed) as well as cotton
canvas and terry towels whereas the Belgaum unit specialises in
combed polo and T-shirts for export markets. In addition, the
company produces other value-added yarns such as bamboo/multimodal
yarns, melange yarn, compact yarns and organic yarns. GTL has an
installed capacity of 121,188 spindles and 1,104 rotors for cotton
yarn, with a manufacturing capacity of 30, 000 tonnes per annum.
The facilities have been modernised with the help of term loans
under the Technology Upgradation Fund (TUF) Scheme.
The company recently forayed into branded business with the launch
of inner wear brand, "FACIT".


JAMNA METAL: CRISIL Assigns 'B-' Rating to INR60 Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Jamna Metal
Company's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR60.00 Million Cash Credit           B-/Stable (Assigned)
   INR10.00 Million Proposed LT           B-/Stable (Assigned)
                  Bank Facility
   INR30.00 Million Bill Discounting      P4 (Assigned)
   INR30.00 Million Bill Discounting      P4 (Assigned)
              under Letter of Credit
   INR100.00 Million Bank Guarantee       P4 (Assigned)

The ratings reflect JMC's below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, small scale of operations, susceptibility to
intense competition in the galvanised steel trays market and to
volatility in raw material prices, and large working capital
requirements. These weaknesses are partially offset by JMC's
promoters' experience in the steel galvanising business, and its
established customer base.

Outlook: Stable

CRISIL believes that JMC's scale of operations will remain small
over the medium term and its financial risk profile will remain
constrained by its small networth. The outlook may be revised to
'Positive' if the firm's scale of operations increase and margins
improve considerably, and net worth increases, most likely through
substantial capital infusion by proprietor. Conversely, the
outlook may be revised to 'Negative' if the firm's profitability
declines because of increased raw material prices, or if its
liquidity is constrained by larger-than-expected debt-funded
capital expenditure.

                          About Jamna Metal

JMC commenced operations in 1997 as Shree Jamna Metal Works. The
firm was set up as a proprietorship concern by Mr. Kishen Chand
Bansal, and manufactures galvanised steel trays used in the power
sector. These trays are used as a base of laying power
transmission cables. The firm has three units in Haryana- a
fabrication unit at Hyderpur, and two galvanising units: one at
Narela with capacity of 7 tonnes per day (tpd), and the other at
Kundli, with capacity of 20 tpd, which started operations in
February 2010. The proprietor intends to start fabrication work at
Kundli, and gradually consolidate all exiting units there.

JMC reported a profit after tax (PAT) of INR1.12 million on net
sales of INR333.00 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.01 million on net
sales of INR353.00 million for 2008-09.


LAKSHMIGANAPATI AUTOMOBILES: CRISIL Reaffirms 'BB' Ratings
----------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Stable' to the bank
facilities of Lakshmiganapati Automobiles Pvt Ltd.  For arriving
at the ratings, CRISIL has combined the business and financial
risk profiles of LGAPL and Harsha Automotive Pvt Ltd, collectively
referred to as the Harsha group.  This is because the companies
are engaged in a similar line of business, have close intra-group
operational and financial linkages, including fungible cash flows,
and are under a common management.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       BB/Stable (Reaffirmed)

The ratings continue to be constrained by the group's sub-par
financial risk profile, reflected in its modest net worth and high
gearing, and the stiff competition in the automotive dealership
market. These weaknesses are mitigated by the established position
of the flagship company HAPL in the automobile dealership market,
and the group's improving profitability, supported by an
increasing share of service revenues and income from sale of
automobile spare parts.

Outlook: Stable

CRISIL expects that the overall credit profile of the Harsha group
will be constrained by its modest networth and high debt levels
over the medium term. The outlook could be revised to 'Positive'
in case of a significant improvement in the group's capital
structure and debt protection measures, following decline in
borrowings or improvement in the net worth. Conversely, it could
be revised to 'Negative' in case of deterioration in the capital
structure, because of a decline in profitability or incremental
debt-funded capital expenditure.

Update:

The Harsha group's business risk profile remains adequate, with
HAPL and LGAPL reporting stable offtake and improved profitability
for 2009-10 (refers to financial year, April 1 to March 31).
However, the group's financial risk profile continues to constrain
the rating; the group is highly leveraged, as reflected in its
high total outside liabilities to net worth ratio of 4.1 times as
on March 31, 2010. Nevertheless, the group's liquidity is expected
to remain comfortable despite small cash accruals; this is because
of small debt-related payments and availability of adequate bank
lines to fund incremental working capital requirements, over the
medium term.

The Harsha group reported a net profit of INR12.0 million on net
sales of INR2.5 billion for 2009-10, against INR8.0 million and
INR2.2 billion, respectively, for the previous year.

                          About the Group

Based in Andhra Pradesh, the Harsha group is an authorised dealer
and service provider for passenger cars and utility vehicles.
While HAPL has been carrying on business as an authorised dealer-
cum-service provider for Toyota Kirloskar Motor Pvt Ltd vehicles
since February 2004, LGAPL is a dealer for vehicles manufactured
by Mahindra & Mahindra Ltd (M&M, rated 'AA/Stable/P1+' by CRISIL)
since February 2008.


MESHCO STEELS: CRISIL Reaffirms 'BB' Rating on INR45MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Meshco Steels continue
to reflect Meshco Steels' exposure to risks related to operational
and financial uncertainty because of change in its business --
from a trader in steel plates to an intermediary in steel
procurement, and the firm's limited financial flexibility because
of its low net worth.  These rating weaknesses are partially
offset by benefits that it derives from its promoters' experience
and established business relationships.

   Facilities                         Ratings
   ----------                         -------
   INR45 Million Cash Credit          BB/ Stable (Reaffirmed)
   INR600 Million Letter of Credit    P4+ (Reclassified from 'P4')
                   /Bank Guarantee

Outlook: Stable

CRISIL believes that Meshco Steels will maintain its financial
risk profile over the medium term, supported by the new lower risk
business model. The outlook may be revised to 'Positive' if Meshco
Steels' is able to establish itself satisfactorily in the new
business. Conversely, the outlook may be revised to 'Negative' if
the firm's net worth reduces because of sizeable capital
withdrawal by its promoter-partners, or if its exposure to debtor
risk increases significantly because of the change in its
business.

Update

2009-10 (refers to financial year, April1 to March 31) was Meshco
Steels' first year of operations under its new business model.
Meshco Steels' association with its group company, Shah Brothers
Ispat Pvt Ltd (Shah Brothers), has helped the firm to set up
itself in its new business. Despite its small scale of operations,
Meshco Steels is able to source its materials at favourable prices
because of its association with Shah Brothers. Meshco Steels also
benefits in terms of established business relationships of the
group from its association with Shah Brothers.

For 2009-10, Meshco Steels reported a provisional profit after tax
(PAT) of INR17.2 million on net sales of INR368.0 million, against
a net loss of INR28.9 million on net sales of INR104.9 million for
2008-09.

                        About Meshco Steels

Set up in 1991, Meshco Steels started operations as a trader in
steel plates.  In 2009-10 the firm switched from being a trader to
an intermediary in the steel market.  Because of adverse business
environment in the steel industry, the firm transferred its
trading business to Shah Brothers.  Meshco Steels' Chief Executive
Officer is Mr. Dharmesh Shah, who is a chemical engineer with
nearly 20 years of experience.


PALLA TEXTILES: ICRA Assigns 'LB+' Rating to INR150MM Bank Debts
----------------------------------------------------------------
ICRA has assigned "LB+" rating to the INR150.0 million fund based
facilities of Palla Textiles Private Limited.  ICRA has also
assigned A4 to the short term sublimit of fund based facilities of
INR20 million.

The assigned ratings reflect the stretched financial profile of
the company characterized by high gearing, inadequate coverage
indicators and thin profitability margins.  The ratings are
further constrained by the small scale operations of the company,
its limited product profile, low value addition in the business
with majority of the revenues accrued from trading segment
limiting the margins to 3-4%, highly fragmented industry with
intense competition and high dependence on southern market.

The company has high working capital intensity on account of
stretched receivables owing to the high bargaining power at the
hands of large retailers and high inventory levels during part of
year on account of seasonality witnessed in sales and raw material
availability. The working capital requirements are largely funded
through delays in payments to creditors resulting in high creditor
days and consequently high value of Total outside
Liabilities/Tangible Net worth, which was about 9 times as on
March 2010. With capacity expansion plans on the anvil in the
medium term, capital structure of the company is expected to
remain stretched going forward.

The ratings also take into consideration PTL's strong customer
profile and its long standing relationship with its customers, who
are market leaders in apparel retail business, resulting in steady
growth in revenues over the years and PTL's near term plans to
modernize and augment its capacity, which is likely to boost its
revenues and profitability.

                       About Palla Textiles

Palla Textiles Private Limited, incorporated in August 2009, is
primarily engaged in the business of trading and also
manufacturing pure silk sarees.  The trading activity
constitutes 85% of the turnover and rest comes from the
manufacturing activity.  Prior to August 2009, the business was
being operated under nine proprietary concerns (all were operated
by the same management).  Each entity was concentrating on
specific designs and catering to specific set of customers.  In
the last fiscal, the entities were merged to achieve better
operational and financial flexibility.  The Company has got its
manufacturing facilities located at Muddireddipalli, Hindupur.
The Company has got 200 powerlooms with a capacity of one saree
per day and 200 handlooms where it takes almost 7 days to finish
one saree.


PASUPATI SPINNING: CRISIL Reaffirms 'D' Ratings on INR50.2M Debt
----------------------------------------------------------------
CRISIL has reaffirmed its rating of 'D/P5' to the bank facilities
of Pasupati Spinning and Weaving Mills Ltd.  CRISIL's ratings
continue to reflect delays by Pasupati in servicing its term loan;
the delay has been caused by Pasupati's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR50.2 Million Cash Credit Limit     D (Reaffirmed)
   INR43.8 Million Working Capital       D (Reaffirmed)
                       Demand Loan
   INR112.4 Million Packing Credit       P5 (Reaffirmed)
   INR71.1 Million Bill Purchase/        P5 (Reaffirmed)
                   Discounting
   INR40.4 Million Foreign Bill          P5 (Reaffirmed)
         Purchase / Discounting
   INR47.3 Million Letter of Credit      P5 (Reaffirmed)
   INR33.0 Million Bank Guarantee        P5 (Reaffirmed)
   INR1.8 Million Term Loan              D (Withdrawn)

Pasupati is susceptible to adverse regulatory changes. However,
the company benefits from its promoter's experience in the yarn
industry.

CRISIL has withdrawn its rating on Pasupati's INR1.8 million term
loan from IDBI Bank Ltd, as the bank has transferred the loan to
an asset reconstruction company and currently does not have any
exposure to Pasupati.

                       About Pasupati Spinning

Incorporated in 1979 by Mr. Ramesh Kumar Jain, Pasupati
manufactures 100% cotton yarn, polyester grey and dyed sewing
thread, and knitted fabric.

Pasupati reported a profit after tax (PAT) of INR59.8 million on
net sales of INR103 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR1.2 million on net
sales of INR139 million for 2007-08.


S.N.Q.S INTERNATIONAL: ICRA Rates INR93 Mil. Term Loan at 'LBB-'
----------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR93.0 million term loan
facility and INR 5.0 million long -term fund based limits of
S.N.Q.S International Socks Private Limited.  The long term rating
carries a stable outlook. ICRA has also assigned A4 rating to the
INR110.0 million short term fund based and INR35 million short
term non fund based limits of the company.

The assigned ratings take into account the stressed financial
profile of the company characterized by net losses, high leverage
and stretched coverage indicators. While the client-base consists
of reputed players, there is risk of customer concentration, with
the top three customers contributing to around ~50% of sales. The
ratings also factor in the limited entry barriers and the
susceptibility of margins to the raw material costs (yarn), which
have been volatile in the last two years.

The ratings however take comfort from the long experience of the
promoter in the textile industry and its strong ties with
established retail chains in Europe through S.N.Q.S International
(parent), a key sourcing agency for the retail player, "Primark"
in the Tirupur belt.

                       About SNQS International

SNQS International Socks Private Limited was formed by the take-
over of a company called M/s Jeyalakshmi Associates, which was
started in 1993 and was part of Lakshmi Machine Works (LMW)
group. Post take-over in 2001, Mr. Elangovan, the Managing
Director decided to convert the company as a 100% export oriented
unit to manufacture and export socks. The company has its
production unit in Coimbatore with an installed capacity of ~ two
million dozen pairs of socks per annum producing knitted socks,
with exports mainly to major brands/retailers in US and Europe and
also to some domestic branded manufacturers.

Recent Results (provisional)

As per the provisional results for 2009-10, SNQS socks reported a
net loss of INR5.7 million on an operating income of INR33
million. The operating income was up by 106% over 2008-09.


STERLING OIL: ICRA Reaffirms 'LBB+' Ratings on INR1,375cr Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR1375 Crore term loans
of Sterling Oil Resources Limited.  The outlook on the long-term
rating is stable.

The rating is constrained by the inherent geological risks
involved in Exploration and production (E&P) business, high
geopolitical risks in Nigeria (the country of operations) and lack
of operating track record of the promoters in E&P business. The
rating also factors in the risks of any delays associated
with the commissioning of oil off-take infrastructure given that
the commercial production of oil is scheduled in October 2010. The
ratings are further constrained by exposure to the price
volatility in the crude oil, and moderately high level of
leveraging for the project. The rating, however, factors in the
considerable progress achieved towards implementation of the
project, pricing benefits arising from the quality of Nigerian
Crude, and proven oil reserves in allotted oil block- OPL 280 with
considerable upside potential. While the projected debt coverage
and profitability indicators for the project operations should
remain satisfactory supported by its competitive cost structure
and fiscal levies, its ability to achieve the  budgeted volumes
remains to be seen, given the high geo-political risks prevalent
in the country of operation. ICRA also notes that debt servicing
ability of SORL is contingent on timely upstreaming of cash flows
by the project company SEEPCO; ICRA however takes comfort
from the stipulation of debt service reserve account (DSRA) and
trust & retention account (TRA) mechanism as part of loan
covenants for financing of the project by the lenders.  Any
material delays in the commencement of the project and changes in
the scope of the project, resulting in higher debt funded capital
expenditure programme, will be key rating sensitivities.

                         About Sterling Oil

Sterling Oil Resources Ltd, a Sandesara  group  company, was
incorporated in India for undertaking oil exploration and
production activities in oil prolific areas across the globe.
Through its subsidiaries in Mauritius and British Virgin Island
(BVI), SORL holds 67.5% stake in Sterling Oil Exploration & Energy
Production Company Limited (SEEPCO) which is a company
incorporated and registered in Nigeria with the main objective of
acquiring and operating Oil Exploration and Production business.
The remaining 32.5% stake is also held within the group by Mr.
Nitin Sandesara, the main promoter of the group along with
associates. The Oil Exploration business is based in Nigeria's
Niger River Delta region. SEEPCO was allotted the oil block OPL-
280 and has been appointed as the operator as per the Production
Sharing Contract (PSC) with Nigerian National Petroleum
Corporation (NNPC). The Sandesara Group has diversified business
interests in Healthcare, Machines & Precision Engineering
components and Infrastructure facilities.


VASUNDHARA COTTON: ICRA Reaffirms 'LBB' Ratings on Various Debts
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating assigned to the INR13.75
crore term loans; the INR4.50 crore, cash credit and the INR0.58
crore, non-fund-based limits of Vasundhara Cotton Mills Private
Limited at 'LBB'. ICRA has also reaffirmed its short-term rating
assigned to the INR1.00 crore, non-fund-based limits and the
INR0.80 crore, fund-based limits of G&J VCMPL at A4. ICRA has also
assigned a "stable" outlook on the long-term rating.

The ratings reaffirmation continues to favorably factor in the
vast experience of the promoters in cotton-related businesses;
proximity of the manufacturing unit of the company to cotton
growing areas besides labour costs. ICRA also notes that the
demand outlook for the spinning industry has improved
considerably since H1 2009-10, when the industry was in turmoil.
The ratings, however, are constrained by the relatively small
scale of operations of the company; weak financial profile, as
characterized by high gearing levels (of 2.5 times as on March 31,
2010); volatility in raw material costs affecting operating
margins; cyclical nature of the industry and surplus capacities in
a fragmented industry structure that restricts pricing
flexibility, when demand-supply equation is unfavorable.

                       About Vasundhara Cotton

Vasundhara Cotton Mills Private Limited, incorporated on 24th
June, 2005, is primarily engaged in production of cotton yarn.
VCMPL has spinning facilities located in Guntur District with an
aggregate installed capacity of 14,400 spindles. The company
produces cotton yarn in counts ranging from 38s to 60s.  The
company commenced commercial production with 3,600 spindleage from
June, 2007 after its manufacturing facilities at Guntur became
operational, and at full capacity of 14,400 spindles from December
07. The project was set up with support from Technology
Upgradation Fund Scheme under the Central Government.

Recent results:

As per audited results for 2009-10, company had sales of INR20.14
crore and a profit after tax (PAT)
of INR2.23 crore.


WINGSFIELD KNITWEAR: ICRA Assigns 'LBB' Rating to INR5.75cr Loan
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR5.75 crore term loan and
INR10.00 crore fund based facilities of Wingsfield Knitwear
Private Limited.  ICRA has also assigned an A4 rating to INR0.75
crore non-fund based facilities of WKPL.  The outlook on the long-
term rating is Stable.

The assigned ratings are constrained by WKPL's relatively small
scale of operations in a highly competitive and fragmented market
which limits the pricing power of the company; and the weak
financial profile with moderate profitability, high gearing and
stretched debt coverage indicators.  Though the customer
concentration is high with one customer accounting for ~43% of the
total sales in 2009-10 and ~72% of the total sales in 2008-09, the
company has established relationship with the customer which has
resulted in repeat orders. Given the low entry barriers, WKPL's
business is susceptible to new capacity additions in the industry,
however the company benefits through backward integration into
manufacturing of knitted fabrics.  The ratings also take into
account the company's focus on retailing of its branded apparels
and expansion of the retail network, which could help the
company to improve the profitability going forward,  but might
deteriorate the capital structure of the company if the expansion
is primarily debt funded.  The ratings favorably factor in the
significant experience of the promoters in the manufacturing of
garments and knitted fabric and the improved demand prospect in
the textile industry.  The ratings also take into account the
steady growth witnessed in the past with stable profitability,
though on a small base.

                     About Wingsfield Knitwears

WKPL was originally incorporated as a proprietorship firm
Wingsfield Knitwears and was converted into a private limited
company in January 2004.  The company is engaged in the
manufacturing of knitted fabric and readymade garments, both for
others and for retailing under its own brands Species
and Wingsfield.  Wingsfield offers knitted garments, mainly
sweaters, and Species which was launched in December 2007 offers
western wear for women. The company has two manufacturing units in
Ludhiana (Punjab) and Delhi which manufactures knitted fabric &
garments; and woven garments respectively.  The promoter's family
have been engaged in the manufacturing of knitted garments
(sweaters) since 1935.


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


JLOC 41: S&P Downgrades Ratings on Various Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C-3, D-1, and D-3 floating-rate notes issued under the JLOC
41 LLC transaction.  At the same time, Standard & Poor's affirmed
its ratings on the class A, B, C-1, C-2, and D-2 notes issued
under the same transaction.

The transaction's three underlying loans, which are property
sales-type loans, defaulted in 2009.  S&P downgraded classes C-3,
D-1, and D-3 because:

With regard to one of the loans (originally representing about
36.4% of the total initial issuance amount of the notes) backed by
13 collateral properties, since the interest payment date in May
2010, many of the collateral properties have been quickly sold
under instructions from the subordinate note holders.  The total
amount collected from the properties was far lower than the total
loan amount.  S&P has learned from the servicer that a principal
loss was incurred at the loan level as the subordinate note
holders exercised their options to purchase the senior portion of
the loan receivables (the stake of the senior note holders) in
August 2010.

All 13 properties backing another of the three underlying loans
(originally representing about 41.3% of the total initial issuance
amount of the notes) were sold in late July 2010 under
instructions from the subordinate note holders.  Although the
final collection amount has yet to be determined, S&P believes
that the likelihood of losses being incurred at the loan level has
increased.

Meanwhile, collections from the properties backing the remaining
underlying loan (originally representing about 22.2% of the total
initial issuance amount of the notes) will proceed in accordance
with the property liquidation report provided by the servicer in
July 2010.  S&P intends to continue to monitor information on the
progress of collections that S&P receives from the servicer.

The notes issued under this transaction were originally secured by
three loans extended to three obligors.  The loans were initially
backed by 31 real estate trust certificates or real estate
properties.  The transaction was arranged by Morgan Stanley Japan
Securities Co. Ltd., and ORIX Asset Management & Loan Services
Corp. is the transaction servicer.

                          Ratings Lowered

                            JLOC 41 LLC

       ?23.36 billion floating-rate notes due February 2015

Class     To      From      Initial Issue Amount    Coupon Type
-----     --      ----      --------------------    -----------
C-3        CCC-    BB+       ?0.99 bil.              Floating rate
D-1        CCC-    B+        ?0.78 bil.              Floating rate
D-3        CCC-    B-        ?0.87 bil.              Floating rate

                         Ratings Affirmed

Class      To      From      Initial Issue Amount    Coupon Type
-----      --      ----      --------------------    -----------
A           AA               ?15.40 bil.             Floating rate
B           BBB+             ?2.70 bil.              Floating rate
C-1         BBB-             ?1.07 bil.              Floating rate
C-2         B-               ?0.86 bil.              Floating rate
D-2         CCC              ?0.69 bil.              Floating rate


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


ALLIED NATIONWIDE: S&P Junks Issuer Credit Rating From 'B/B'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
ratings on New Zealand finance company, Allied Nationwide Finance
Ltd., to 'CC/C' from 'B/B'.  This action reflects a material
weakening of ANF's liquidity and cash position beyond what S&P
anticipated when S&P lowered the long-term issuer credit rating to
'B' and placed it on CreditWatch Negative on June 4, 2010.  ANF's
lower cash balance reflects slower-than-anticipated success in
asset sales and new capital injection, and some loan repayment
delays.  The ratings remain on CreditWatch Negative.

"The news on Aug. 6, 2010 that the trustee believes ANF to be in
breach of a covenant under its trust deed -- which saw the
prospectus withdrawn from the market -- has added significantly to
liquidity pressures and raised the risk that ANF may face a cash
shortfall while they are forced to repay all debentures that
mature," Standard & Poor's credit analyst Peter Sikora said.

In Standard & Poor's opinion, even if ANF were able to remedy the
trust deed breach with the small capital injection it is currently
negotiating with its parent (notwithstanding that ANF is of the
view that it has not breached the trust deed's covenant) and meet
liquidity needs though August 2010, the risk of ANF falling short
of sufficient cash to meet its liquidity needs is not expected to
sufficiently abate to support a higher rating without the
successful and timely execution of asset sales and
recapitalization plans and the successful renegotiation of
external liquidity facilities.  ANF's ability to recapitalize also
depends on the parent, Allied Farmers Ltd. (not rated),
successfully accessing new capital that could be passed through to
ANF, or securing additional capital from a new investor.
Furthermore, liquidity and credit issues faced by ANF could
undermine its ability to generate sufficient debenture investor
support to meet liquidity needs over the medium-to-long term.

A CreditWatch Negative listing by Standard & Poor's implies a one-
in-two likelihood that the rating may be lowered within the next
three months.  The rating will be lowered to 'D' if ANF does not
meet any of its repayment obligations in full and on time.  The
'CC/C' ratings recognize that there is a strong prospect that ANF
could default on its obligations within six months.

ANF's rating could stabilize and the CreditWatch could be reviewed
if the company successfully manages its liquidity position during
the next few months.  Its ability to do so would, in S&P's view,
require the company to remedy its trust deed breach, successfully
re-establish its ability to raise and retain debenture investor
support, and successfully execute a range of asset sale and
recapitalization initiatives.


LIGHTER QUAY: Investors Talk With Receivers Over Unpaid Returns
---------------------------------------------------------------
The New Zealand Herald reports that investors in Auckland's five-
star The Westin Lighter Quay are negotiating with receivers,
attempting to broker a deal to settle a dispute over millions in
unpaid returns.

The NZ Herald relates that about 100 mainly Asian buyers bought
suites in the ritzy 172-room waterfront five-star property where
Lighter Quay Hotel Management, the company that leases the rooms
from the investors, last month fell into the hands of receivers
KordaMentha's Michael Stiassny and Brendon Gibson.

According to the report, a group representing the investors is now
talking to the receivers about the future of the suites and what
to do about outstanding money.

Negotiations are continuing and the investors hope a successful
outcome can be announced next week, the NZ Herald says.  The
negotiations do not affect the ongoing operations of the
waterfront hotel.

Months ago, money stopped flowing to 122 investors, many
Singaporean.  They are claiming NZ$5.9 million.

                        About Lighter Quay

Lighter Quay Hotel Management is a venture managing Auckland's
five-star, NZ$130 million, 172-room Westin hotel.


MARAC FINANCIAL: S&P Gives Stable Outlook; Affirms 'BB+/B' Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on MARAC
Financial Ltd.'s ratings to stable from negative.  At the same
time S&P affirmed its 'BB+/B' issuer credit ratings on the New
Zealand finance company.

"The rating affirmation recognizes MARAC's stabilized asset
quality position, which had previously come under pressure from
the challenging domestic operating environment," Standard & Poor's
credit analyst Derryl D'silva said.  "The affirmation also
reflects MARAC's adequate liquidity position and its supportive
capitalization, which has benefited from a capital injection and
the sale and transfer of impaired commercial property loans to a
related company.  Also supporting S&P's rating is MARAC's good
market position in the New Zealand finance industry."

Moderating factors are: MARAC operates in higher-risk lending
segments; its funding position could be vulnerable to unexpected
weakening in its own credit profile or emerging industry
pressures; and its earnings are likely to remain under some
pressure from ongoing, albeit more-moderate, new loan loss
provisioning.

The stable outlook reflects S&P's view that MARAC will maintain a
financial profile that supports the 'BB+' rating.  S&P expects
that still-high arrears will continue to trend down and new loan
loss provisions will be lower than recently experienced and will
not constrain MARAC's future profitability or compromise its
capital adequacy position.  S&P also expects MARAC will maintain
an adequate liquidity position by retaining the support and
confidence of its bankers, and that it will continue to increase
the proportion of non-guaranteed debentures to manage its funding
position after the extended government guarantee expires in
December 2011.

The ratings could be lowered if there were an unexpected increase
in provisions and nonperforming assets such that net profits were
reduced by more than half.  The ratings could also be lowered if
any new operational risk events were to emerge that undermined
S&P's view of MARAC's risk management framework.  The rating could
come under pressure if there were a material deterioration in
MARAC's liquidity position or if MARAC was unsuccessful in
attracting non-guaranteed debenture funding as it approached the
expiry of the extended government guarantee on Dec. 31, 2011.

S&P does not expect to raise the ratings in the short term under
the current business model.  The most likely scenario for an
upgrade would be amalgamation plans that delivered a larger, more-
diversified, combined entity with a more supportive overall
business and financial profile.


PGG WRIGHTSON: Secures 12-Month Extension of 8.25% Bonds
--------------------------------------------------------
PGG Wrightson Finance confirmed Thursday that it has received
positive support to amend its Bond Trust Deed and the conditions
attached to its $100 million NZDX-listed secured bond issue (Stock
Code PWF030).  The ultimate outcome of this approval by
Bondholders will be the extension of the maturity date of the
Secured Bonds by the company for a further 12 months, to
October 8, 2011.  Under the extension proposal the coupon rate
will remain at 8.25%.

"When the previously adjourned meeting was reconvened in
Christchurch on Thursday, nearly 90% of bondholders voted in
favour of the proposal, well over the required 75%," the company
said in a statement.

The company had previously indicated a desire to extend the
maturity date of the Secured Bonds, however changes to the Crown
Retail Deposit Guarantee Scheme meant Bondholder approval had to
be gained by way of an Extraordinary Resolution.

CEO Mark Darrow said PGG Wrightson Finance was delighted with the
ongoing support from its investors.  "The vote represents a firm
endorsement by Bondholders that a very attractive return for a
Crown guaranteed security is a straight-forward and favourable
proposal.  Having an on-going bond program is part of our
diversified funding approach, which we will look to continue going
forward. Our debenture program has also seen exceptional support
so far this year, growing month-on-month and achieving record
reinvestment rates over the last six months.  We have always
enjoyed amazing loyalty from our depositors which we highly value
and appreciate."

The company will confirm the decision to extend the maturity date
of the Secured Bonds within the next few days.

Forsyth Barr was retained as Lead Manager for the extension of the
Secured Bonds.

PGG Wrightson Finance has a guarantee under the Crown Retail
Deposit Guarantee Scheme, being a guarantee which expires on 31
December 2011.

                     About PGG Wrightson Finance

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

                           *     *     *

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


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


NATIONAL POWER: Fitch Affirms 'BB' Rating on US$500 Mil. Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the rating of the notes issued by the
Republic of the Philippines' National Power Corporation in 2006
and maintained a Stable Outlook:

  -- US$500 million fixed rate notes due 2016 affirmed at 'BB';
     Outlook Stable.

The notes are irrevocably and unconditionally guaranteed by the
ROP, and hence the rating of the notes is based on the sovereign's
'BB' Long-term foreign currency Issuer Default Rating with a
Stable Outlook.


NATIONAL POWER: Fitch Affirms 'BB' Rating on US$300 Mil. Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the rating of the notes issued by the
Republic of the Philippines' National Power Corporation in 2005
and maintained a Stable Outlook:

  -- US$300 million floating rate notes due 2011 affirmed at 'BB';
     Outlook Stable.

The notes are irrecoverably and unconditionally guaranteed by the
ROP, and hence the rating of the notes is based on the sovereign's
'BB' Long-term foreign currency Issuer Default Rating with a
Stable Outlook.


===============
T H A I L A N D
===============


SIAM CITY BANK: Resilient to Political Unrest in Q210, Fitch Says
-----------------------------------------------------------------
Fitch Ratings has commented that despite recent political unrest
in Thailand, local banks continued to report resilient performance
in Q210 (unaudited) following a strong Q110.

The seven major Thai banks' aggregate net profit remained stable
in Q210 (up 4.1% qoq), helped surprisingly by a decline in loan
loss provisions.  In H110, the aggregate net profit of these banks
-- Bangkok Bank Public Company Limited (BBL, 'BBB+'/Stable), Krung
Thai Bank Public Company Limited (KTB, 'BBB'/Stable), Kasikornbank
Public Company Limited (KBANK, 'BBB+'/Stable), Siam Commercial
Bank Public Company Limited (SCB, 'BBB+'/Stable), Bank of Ayudhya
Public Company Limited's (BAY, 'BBB'/Stable), TMB Bank Public
Company Limited (TMB, 'BBB-'/Negative), and Siam City Bank Public
Company Limited (SCIB, 'BB'/RWP) -- amounted to THB49.1 billion,
or a 27% yoy increase.

"The performance of the Thai banks continues to show resilience
with most reporting stable net profit helped by lower provisions
and loan growth.  Despite the weak operating environment there has
been no significant asset quality deterioration.  Thai banks'
strong capital and liquidity, as well as the healthier state of
the local consumer and corporate sectors have helped provide a
strong buffer to the economic shocks in the past year," said
Vincent Milton, Managing Director of Fitch Ratings (Thailand) and
a Senior Director of Financial Institutions.

The system's profitability measures remained strong, helped by a
pick up in loan growth (up 5.3% yoy) in Q210.  The three largest
private banks, BBL, KBANK and SCB, continued to outperform the
sector with strong net profit and return on assets (ROA) in Q210.
SCB reported the strongest annualized ROA of 1.7% in Q210,
although its net profit declined by 16.7% qoq to THB5.3 billion on
the absence of dividend income from Vayupak Fund and lower gains
on exchange.  BBL's net profit of THB6.9 billion (up 13.1% qoq),
was boosted by a gain on the sale of BBL's stake in ACL Bank
Public Company Limited to Industrial and Commercial Bank of China.
KBANK reported net profit of THB5.2 billion (up 12.2% qoq) due to
stronger loan and fee income growth.

KTB's net profit increased by 9.7% qoq to THB3.4 billion.  BAY's
net profit of THB2.1 billion in Q210 was relatively flat qoq
following a strong growth in Q110 due to asset acquisitions in
2009.  TMB's performance is improving with a net profit of
THB0.9 billion (up 24.9% qoq), although revenue growth remains
weak due to further loan contraction.  SCIB's net profit increased
14.9% qoq to THB1.2 billion, due mainly to lower provisions, while
Thanachart Bank Public Company Limited's (TBANK, 'A(tha)'/RWP) net
profit should increase significantly following the acquisition of
SCIB.  Thai banks' net interest margin (NIM; major seven banks) of
3.4% appears slightly higher than Malaysia (3%), but lower than
Indonesia (6%) and the Philippines (4%).  Thai banks' NIM does not
take into account deposit protection agency cost (0.4% of
deposits), which would lower NIM to 3%.  Also, Fitch notes that
Thai banks still face a higher burden from legacy NPLs from the
1997 financial crisis.

Thai banks' asset quality remained stable at end-June 2010.  The
system's NPLs (unconsolidated), declined by THB15bn qoq to 4.4% of
total loans at end-June 2010 (end-March 2010: 4.6%).  The system's
special mention loans appeared to also have stabilized at about 3%
of total loans.  Of the major banks, KBANK reported the lowest NPL
ratio (end-June 2010: 3.6%).  TMB reported the highest NPL and SML
loans, although the former fell to THB44.0 billion (12.6% of total
loans) at end-June 2010 from THB54.4 billion (14.8% of total
loans) at end-2009, mainly due to NPL disposal of THB9.3 billion.
BAY is also in the process of selling THB5bn of NPL in Q310, which
is expected to help lower the bank's NPL ratio to about 6.5% by
end-2010.

Disclosure: Kasikorn Asset Management Company Limited (of which
KBANK holds a 100% stake) owns 10% of the shares in Fitch Ratings
(Thailand) Limited.  Muang Thai Life Assurance Company Limited (of
which KBANK holds a 38.3% economic interest) owns 10% of the
shares in Fitch Ratings (Thailand) Limited.  TISCO Asset
Management Company Limited (of which TISCO Financial Group Public
Company Limited holds 100%) owns 10% of the shares in Fitch
Ratings (Thailand) Limited.  No shareholder, other than Fitch
Ratings Limited of the UK, is involved in the day-to-day
operations of, or credit rating reviews undertaken by Fitch
Ratings (Thailand) Limited.


* Fitch Says Thai Banks Resilient to Political Unrest in Q210
-------------------------------------------------------------
Fitch Ratings has commented that despite recent political unrest
in Thailand, local banks continued to report resilient performance
in Q210 (unaudited) following a strong Q110.

The seven major Thai banks' aggregate net profit remained stable
in Q210 (up 4.1% qoq), helped surprisingly by a decline in loan
loss provisions.  In H110, the aggregate net profit of these banks
-- Bangkok Bank Public Company Limited (BBL, 'BBB+'/Stable), Krung
Thai Bank Public Company Limited (KTB, 'BBB'/Stable), Kasikornbank
Public Company Limited (KBANK, 'BBB+'/Stable), Siam Commercial
Bank Public Company Limited (SCB, 'BBB+'/Stable), Bank of Ayudhya
Public Company Limited's (BAY, 'BBB'/Stable), TMB Bank Public
Company Limited (TMB, 'BBB-'/Negative), and Siam City Bank Public
Company Limited (SCIB, 'BB'/RWP) -- amounted to THB49.1 billion,
or a 27% yoy increase.

"The performance of the Thai banks continues to show resilience
with most reporting stable net profit helped by lower provisions
and loan growth.  Despite the weak operating environment there has
been no significant asset quality deterioration.  Thai banks'
strong capital and liquidity, as well as the healthier state of
the local consumer and corporate sectors have helped provide a
strong buffer to the economic shocks in the past year," said
Vincent Milton, Managing Director of Fitch Ratings (Thailand) and
a Senior Director of Financial Institutions.

The system's profitability measures remained strong, helped by a
pick up in loan growth (up 5.3% yoy) in Q210.  The three largest
private banks, BBL, KBANK and SCB, continued to outperform the
sector with strong net profit and return on assets (ROA) in Q210.
SCB reported the strongest annualized ROA of 1.7% in Q210,
although its net profit declined by 16.7% qoq to THB5.3 billion on
the absence of dividend income from Vayupak Fund and lower gains
on exchange.  BBL's net profit of THB6.9 billion (up 13.1% qoq),
was boosted by a gain on the sale of BBL's stake in ACL Bank
Public Company Limited to Industrial and Commercial Bank of China.
KBANK reported net profit of THB5.2 billion (up 12.2% qoq) due to
stronger loan and fee income growth.

KTB's net profit increased by 9.7% qoq to THB3.4 billion.  BAY's
net profit of THB2.1 billion in Q210 was relatively flat qoq
following a strong growth in Q110 due to asset acquisitions in
2009.  TMB's performance is improving with a net profit of
THB0.9 billion (up 24.9% qoq), although revenue growth remains
weak due to further loan contraction.  SCIB's net profit increased
14.9% qoq to THB1.2 billion, due mainly to lower provisions, while
Thanachart Bank Public Company Limited's (TBANK, 'A(tha)'/RWP) net
profit should increase significantly following the acquisition of
SCIB.  Thai banks' net interest margin (NIM; major seven banks) of
3.4% appears slightly higher than Malaysia (3%), but lower than
Indonesia (6%) and the Philippines (4%).  Thai banks' NIM does not
take into account deposit protection agency cost (0.4% of
deposits), which would lower NIM to 3%.  Also, Fitch notes that
Thai banks still face a higher burden from legacy NPLs from the
1997 financial crisis.

Thai banks' asset quality remained stable at end-June 2010.  The
system's NPLs (unconsolidated), declined by THB15bn qoq to 4.4% of
total loans at end-June 2010 (end-March 2010: 4.6%).  The system's
special mention loans appeared to also have stabilized at about 3%
of total loans.  Of the major banks, KBANK reported the lowest NPL
ratio (end-June 2010: 3.6%).  TMB reported the highest NPL and SML
loans, although the former fell to THB44.0 billion (12.6% of total
loans) at end-June 2010 from THB54.4 billion (14.8% of total
loans) at end-2009, mainly due to NPL disposal of THB9.3 billion.
BAY is also in the process of selling THB5bn of NPL in Q310, which
is expected to help lower the bank's NPL ratio to about 6.5% by
end-2010.

Disclosure: Kasikorn Asset Management Company Limited (of which
KBANK holds a 100% stake) owns 10% of the shares in Fitch Ratings
(Thailand) Limited.  Muang Thai Life Assurance Company Limited (of
which KBANK holds a 38.3% economic interest) owns 10% of the
shares in Fitch Ratings (Thailand) Limited.  TISCO Asset
Management Company Limited (of which TISCO Financial Group Public
Company Limited holds 100%) owns 10% of the shares in Fitch
Ratings (Thailand) Limited.  No shareholder, other than Fitch
Ratings Limited of the UK, is involved in the day-to-day
operations of, or credit rating reviews undertaken by Fitch
Ratings (Thailand) Limited.


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW       AHGN             16.93          -8.23
ARASOR INTERNATI       ARR              19.21         -26.51
AUSTAR UNITED          AUN             502.05        -284.60
AUSTRAILIAN Z-PP       AZCCA            77.74          -2.57
AUSTRALIAN ZIRC        AZC              77.74          -2.57
AUTRON CORP LTD        AAT              32.50         -13.46
BCD RESOURCES OP       BCO              22.09         -61.19
BCD RESOURCES-PP       BCOCC            22.09         -61.19
BIRON APPAREL LT       BIC              19.71          -2.22
CENTRO PROPERTIE       CNP          14,784.56        -461.11
CHALLENGER INF-A       CIF           2,307.01        -104.58
CHEMEQ LTD             CMQ              25.19         -24.25
CITY PACIFIC LTD       CIY             171.50          -6.38
ELLECT HOLDINGS        EHG              18.25         -15.49
HEALTH CORP LTD        HEA              13.85          -0.97
HYRO LTD               HYO              11.59          -4.73
IVANHOE AUST LTD       IVA              49.44          -6.51
MAC COMM INFR-CD       MCGCD         8,104.42        -103.34
NATURAL FUEL LTD       NFL              19.38        -121.51
ORION GOLD NL          ORN              12.37         -24.99
POWERLAN LTD           PWR              30.84          -5.94
SCIGEN LTD-CUFS        SIE              71.22         -25.69
SHELL VILLAGES A       SVC              13.47          -1.66
TAKORADI LTD           TKG              13.99          -0.41
VERTICON GROUP         VGP              15.07         -29.20


CHINA

BAO LONG ORIENTA       600988           11.60          -7.44
BAOCHENG INVESTM       600892           21.39          -2.55
CHANGAN INFO-A         600706           19.27          -7.62
CHENGDE DALU -B        200160           26.76          -5.73
CHENGDU UNION-A        693              41.39         -12.35
CHINA KEJIAN-A         35               84.21        -182.60
DATONG CEMENT-A        673              20.42          -2.75
DONGGUAN FANGD-A       600656           22.26         -59.02
DONGXIN ELECTR-A       600691           13.53         -19.38
GAOXIN ZHANGTO-A       2075            110.44         -39.93
GUANGMING GRP -A       587              46.25         -38.70
GUANGXIA YINCH-A       557              30.99         -29.72
HAINAN ZHUXIN-A        600515          123.22          -2.37
HEBEI BAOSHUO -A       600155          110.09        -387.99
HEBEI JINNIU C-A       600722          227.88        -230.19
HISENSE KELON -H       921             618.47        -107.13
HISENSE KELON-A        921             618.47        -107.13
HUASU HOLDINGS-A       509              86.39          -3.82
HUNAN ANPLAS CO        156              39.16         -65.29
JINCHENG PAPER-A       820             250.82          -5.71
JINHUA GROUP-A         818             335.97         -31.40
LIAOYUAN DEHENG        600699          121.62         -29.14
MUDAN AUTOMOBI-H       8188             36.26          -0.61
QINGHAI SUNSHI-A       600381           68.98         -25.40
SHAANXI QINLIN-A       600217          233.75         -37.00
SHANG BROAD-A          600608           74.98         -19.72
SHANG HONGSHENG        600817           15.44        -457.23
SHANGHAI WORLDBE       600757          153.10        -190.22
SHENZ CHINA BI-A       17               24.86        -272.59
SHENZ CHINA BI-B       200017           24.86        -272.59
SHENZHEN DAWNC-A       863              27.13        -150.10
SHENZHEN KONDA-A       48              118.96          -0.71
SHENZHEN SHENX-A       34               23.81        -118.24
SHENZHEN ZERO-A        7                50.66          -9.39
SHIJIAZHUANG D-A       958             225.44         -69.75
SICHUAN DIRECT-A       757             103.79        -134.42
SUNTEK TECHNOL-A       600728           62.08         -15.09
TAIYUAN TIANLO-A       600234           51.10         -25.99
TIANJIN MARINE         600751           78.09         -63.86
TIANJIN MARINE-B       900938           78.09         -63.86
TIBET SUMMIT I-A       600338           83.10          -1.66
TOPSUN SCIENCE-A       600771          170.01        -152.79
WINOWNER GROUP C       600681           10.58         -71.05
WUHAN BOILER-B         200770          286.45        -140.07
WUHAN GUOYAO-A         600421           11.05         -23.63
WUHAN LINUO SOLA       600885           80.33          -0.50
XIAMEN OVERSEA-A       600870          338.03        -139.08
YANBIAN SHIXIA-A       600462          205.51         -13.20
YIBIN PAPER IN-A       600793          113.93          -0.74
YUEYANG HENGLI-A       622              38.14         -14.95
YUNNAN MALONG-A        600792          122.13         -50.67
ZHANGJIAJIE TO-A       430              45.95          -4.59
ZHONGCHANG MAR-A       600242           20.42          -1.12


HONG KONG

ASIA TELEMEDIA L       376              16.62          -5.37
BUILDMORE INTL         108              13.08         -43.45
CHINA COMMUNICAT       8206             39.84          -4.10
CHINA GOLDEN DEV       162             255.15          -4.51
CHINA HEALTHCARE       673              37.98          -2.81
CMMB VISION HOLD       471              38.50          -8.34
COSMO INTL 1000        120              83.67         -25.33
EGANAGOLDPFEIL         48              557.89        -132.86
FULBOND HLDGS          1041             80.19         -59.51
IMAGI INTERNATIO       585              11.29         -21.23
JACKIN INTL HLDG       630              50.53          -1.92
KING STONE ENERG       663             483.80         -64.12
MELCOLOT LTD           8198             65.62         -25.95
MITSUMARU EAST K       2358             21.23          -9.04
NEW CITY CHINA         456             112.20         -14.59
NGAI LIK INDL          332              21.16          -3.64
PAC PLYWOOD            767              68.66         -12.31
PALADIN LTD            495             155.31         -10.91
PCCW LTD               8             5,801.75        -261.18
PROVIEW INTL HLD       334             314.87        -294.85
SINO RESOURCES G       223              25.07         -39.10
TACK HSIN HLDG         611              27.01         -62.70
TONIC IND HLDGS        978              56.17         -54.52


INDONESIA

ASIA PACIFIC           POLY            494.87        -841.93
JAKARTA KYOEI ST       JKSW             28.61         -45.23
MITRA INTERNATIO       MIRA          1,006.35        -185.12
MITRA RAJASA-RTS       MIRA-R2       1,006.35        -185.12
MULIA INDUSTRIND       MLIA            360.87        -368.54
PANASIA FILAMENT       PAFI             47.01          -6.29
PANCA WIRATAMA         PWSI             30.17         -37.32
PRIMARINDO ASIA        BIMA             11.00         -21.84
STEADY SAFE TBK        SAFE             12.29          -7.96
SURABAYA AGUNG         SAIP            265.80         -83.61
UNITEX TBK             UNTX             16.67         -14.92


INDIA

ALCOBEX METALS         AML              16.59         -21.47
ARTSON ENGR            ART              15.63          -1.61
ASHIMA LTD             ASHM             63.65         -55.81
BALAJI DISTILLER       BLD              66.32         -25.40
BELLARY STEELS         BSAL            451.68        -108.50
BHAGHEERATHA ENG       BGEL             22.65         -28.20
CAMBRIDGE SOLUTI       CAMB            156.75         -46.79
CFL CAPITAL FIN        CEATF            14.31         -40.04
COMPUTERSKILL          CPS              14.90          -7.56
CORE HEALTHCARE        CPAR            185.36        -241.91
DCM FINANCIAL SE       DCMFS            16.06          -9.47
DIGJAM LTD             DGJM             98.77         -14.62
DISH TV INDIA          DITV            422.08        -127.61
DUNCANS INDUS          DAI             116.96        -183.24
GANESH BENZOPLST       GBP              43.99         -24.57
GEM SPINNERS LTD       GEMS             15.23          -0.11
GLOBAL BOARDS          GLB              25.15          -0.79
GSL INDIA LTD          GSL              37.04         -42.34
GSL NOVA PETROCH       GSLN             44.39          -0.93
GUJARAT SIDHEE         GSCL             59.44          -0.66
HARYANA STEEL          HYSA             10.83          -5.91
HENKEL INDIA LTD       HNKL            102.05         -10.24
HFCL INFOTEL LTD       HFCL            173.52        -101.57
HIMACHAL FUTURIS       HMFC            406.63        -210.98
HINDUSTAN PHOTO        HPHT             68.94      -1,147.18
HINDUSTAN SYNTEX       HSYN             12.68          -1.79
HMT LTD                HMT             139.31        -277.69
ICDS                   ICDS             13.30          -6.17
INDIA FOILS LTD        IF               54.77          -2.70
INFOMEDIA 18 LTD       INF18            35.80          -1.94
INTEGRAT FINANCE       IFC              45.56         -43.27
ITI LTD                ITI           1,116.21          -0.80
JCT ELECTRONICS        JCTE            122.54         -50.00
JD ORGOCHEM LTD        JDO              10.46          -1.60
JENSON & NIC LTD       JN               17.91         -84.78
JIK INDUS LTD          KFS              20.63          -5.62
JK SYNTHETICS          JKS              13.51          -3.03
JOG ENGINEERING        VMJ              50.08         -10.08
KALYANPUR CEMENT       KCEM             37.45         -45.90
KERALA AYURVEDA        KRAP             13.41          -0.59
KINGFISHER AIR         KAIR          1,458.64        -418.91
LLOYDS FINANCE         LYDF             27.68          -8.64
LLOYDS STEEL IND       LYDS            415.66         -63.93
MILLENNIUM BEER        MLB              36.39          -3.20
MILTON PLASTICS        MILT             18.31         -40.44
NICCO UCO ALLIAN       NICU             32.23         -71.91
NK INDUS LTD           NKI              49.04          -4.95
ORIENT PRESS LTD       OP               16.70          -0.09
PANCHMAHAL STEEL       PMS              51.02          -0.33
PARASRAMPUR SYN        PPS             111.97        -317.11
PAREKH PLATINUM        PKPL             61.08         -88.85
PEACOCK INDS LTD       PCOK             11.40         -14.40
PIRAMAL LIFE SC        PLSL             45.82         -32.69
POLAR INDS LTD         PLI              11.61         -22.28
RAMA PHOSPHATES        RMPH             34.07          -1.19
RATHI ISPAT LTD        RTIS             44.56          -3.93
RELIGARE TECHNOV       RTCL             44.13          -1.46
RENOWNED AUTO PR       RAP              14.12          -1.25
ROLLATAINERS LTD       RLT              22.97         -22.24
ROYAL CUSHION          RCVP             20.22         -62.97
SCOOTERS INDIA         SCTR             13.29          -0.58
SHALIMAR WIRES         SWRI             24.49         -49.90
SHAMKEN COTSYN         SHC              23.13          -6.17
SHAMKEN MULTIFAB       SHM              60.55         -13.26
SHAMKEN SPINNERS       SSP              42.18         -16.76
SHREE RAMA MULTI       SRMT             63.73         -52.93
SIDDHARTHA TUBES       SDT              70.93         -12.09
SIL BUSINESS ENT       SILB             12.46         -19.96
SOUTHERN PETROCH       SPET          1,543.61         -35.61
SPICEJET LTD           SJET            147.98         -84.65
STERLING HOL RES       SLHR             52.91          -0.63
STI INDIA LTD          STIB             28.05          -8.04
TAMILNADU TELE         TNT              12.82          -5.15
TATA TELESERVICE       TTLS          1,069.83        -154.99
TRIUMPH INTL           OXIF             58.46         -14.18
TRIVENI GLASS          TRSG             24.39          -8.90
TUTICORIN ALKALI       TACF             14.15         -11.20
UNIFLEX CABLES         UFC              45.05          -0.90
UNIFLEX CABLES         UFCZ             45.05          -0.90
UNIWORTH LTD           WW              145.71        -114.87
USHA INDIA LTD         USHA             12.06         -54.51
VENTURA TEXTILES       VRTL             14.25          -0.33
WINDSOR MACHINES       WML              14.50         -28.14
WIRE AND WIRELES       WNW             115.34         -34.49


JAPAN

ARDEPRO                8925            310.82        -253.28
DAIWASYSTEM CO         8939            607.68        -259.76
HARAKOSAN CO           8894            225.69         -62.68
JIPANGU HOLDINGS       2684             15.05          -8.38
KNT                    9726          1,058.18         -13.37
L CREATE CO LTD        3247             42.34          -9.15
LCA HOLDINGS COR       4798             51.30          -2.57
NIHON INTER ELEC       6974            218.08         -50.73
PROPERST CO LTD        3236            305.90        -330.20
RAYTEX CORP            6672             61.49          -3.49
SAIKAYA CO LTD         8254            375.83         -72.59
SHINWA OX CORP         2654             41.06         -24.43
SHIOMI HOLDINGS        2414            190.97         -22.81
SUMITOMO MITSUI        1821          2,382.17         -98.97
TERRANETZ CO LTD       2140             11.63          -4.29


KOREA

AJU MEDIA SOL-PF       44775            13.82          -1.25
DAHUI CO LTD           55250           186.00          -1.50
DAISHIN INFO           20180           740.50        -158.45
KEYSTONE GLOBAL        12170            10.61          -0.74
KUKDONG CORP           5320             51.19          -1.39
KUMHO INDUS-PFD        2995          5,837.32        -967.28
KUMHO INDUSTRIAL       2990          5,837.32        -967.28
ORICOM INC             10470            82.65         -40.04
SAMT CO LTD            31330           200.83        -152.09
TAESAN LCD CO          36210           296.83         -91.03
TONG YANG MAGIC        23020           355.15         -25.77
YOUILENSYS CORP        38720           166.70         -12.34


MALAYSIA

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


NEW ZEALAND

DOMINION FINANCE       DFH             258.90         -55.31


PHILIPPINES

APEX MINING 'B'        APXB             45.84         -20.95
APEX MINING-A          APX              45.84         -20.95
BENGUET CORP 'B'       BCB              80.66         -37.36
BENGUET CORP-A         BC               80.66         -37.36
CYBER BAY CORP         CYBR             13.30         -83.83
EAST ASIA POWER        PWR              42.01        -159.00
FIL ESTATE CORP        FC               38.38         -13.37
FILSYN CORP A          FYN              22.72         -10.89
FILSYN CORP. B         FYNB             22.72         -10.89
GOTESCO LAND-A         GO               18.68         -10.86
GOTESCO LAND-B         GOB              18.68         -10.86
MRC ALLIED INC         MRC              13.26          -5.43
PICOP RESOURCES        PCP             105.66         -23.33
PRIME ORION PHIL       POPI             90.35          -5.12
STENIEL MFG            STN              22.11         -13.42
UNIVERSAL RIGHTF       UP               45.12         -13.48
UNIWIDE HOLDINGS       UW               52.80         -56.18
VICTORIAS MILL         VMC             164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO       ASA              13.35         -12.49
ADVANCE SCT LTD        ASCT             16.05         -43.84
FALMAC LTD             FAL              10.12          -6.80
HL GLOBAL ENTERP       HLGE             93.41         -11.84
JURONG TECH IND        JTL              98.76        -227.28
LINDETEVES-JACOB       LJ              145.25         -85.84
SUNMOON FOOD COM       SMOON            13.75         -14.24
TT INTERNATIONAL       TTI             262.41         -48.15
WESTECH ELECTRON       WTE              20.26         -13.94


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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