TCRAP_Public/100816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, August 16, 2010, Vol. 13, No. 160

                            Headlines




C H I N A

CHINA ORIENTAL: Fitch Assigns 'BB+' Rating on Senior Notes


H O N G  K O N G

BBG CREATION: Creditors' Meeting Set for August 20
BEAUTY YOGA: Commences Wind-Up Proceedings
BEAUTY YOGA: Creditors' Meeting Set for August 27
CHINET LIMITED: Creditors' Meeting Set for August 20
CIL COMPANY: Placed Under Voluntary Wind-Up Proceedings

COBALT MANUFACTURING: Annual Meetings Set for August 24
COIGNITION LIMITED: Creditors' Proofs of Debt Due August 27
FIT BRIGHT: Creditors' Meeting Set for August 20
INTERNATIONAL LIMITED: Creditors' Meeting Set for August 20
KO CHUN: Members and Creditors Meetings Set for August 24

MAJORETTE HK: Creditors' Meeting Set for August 25
MONTANA TIMEPIECES: Creditors' Meeting Set for August 20
ON FOOK: Creditors' Proofs of Debt Due August 30
PURE RICHES: Creditors' Meeting Set for August 20
SINOTEC HOLDINGS: Creditors' Meeting Set for August 20

SKY TYPE: Creditors' Meeting Set for August 20
TIMETECH INDUSTRIAL: Creditors' Meeting Set for August 20
TITAN PETROCHEM 66.43% of Bondholders Accept Exchange Offer
TITAN PETROCHEM 66.43% of Bondholders Accept Exchange Offer
VICO INDUSTRIES: Creditors' Meeting Set for August 20


I N D I A

ANAMIKA CONDUCTORS: CARE Puts 'CARE BB+' Rating on Long-Term Loans
CLASSIC DIAMONDS: CRISIL Lifts Rating on INR.40BB Loan to 'BB+'
CHAMELI FLOUR: CRISIL Assigns 'B+' Ratings on Various Bank Debts
CPC PRIVATE: CRISIL Cuts Rating on INR114.9 Mil. Term Loan to 'D'
EVERGREEN ASSOCIATES: CRISIL Reaffirms 'B-' Rating on Term Loan

FINE JEWELLERY: CRISIL Lifts Ratings on Bank Various Debts to 'B'
HALLMARK STEEL: CRISIL Downgrades Rating on Term Loan to 'D'
M V OMNI: CRISIL Lifts Ratings on Various Bank Facilities to 'B+'
MESHCO STEELS: CRISIL Reaffirms 'BB' Ratings on INR45M Cash Credit
LAKSHMIGANAPATI AUTO: CRISIL Reaffirms 'BB' Rating on Cash Credit

JAMNA METAL: CRISIL Assigns 'B-' Ratings to INR60MM Cash Credit
ORCHID CHEMICALS: CARE Rates INR1,212.87cr LT Loans at 'CARE BB+'
PALAK JEWELLERS: CRISIL Reaffirms 'BB+' Rating on Cash Credit
RATTAN STEEL: CRISIL Assigns 'B-' Ratings to INR100MM Cash Credit
SATHYAM POWER: Fitch Assigns 'BB-' Rating on Senior Bank Loans

SHREE SACHIDANAND: CRISIL Assigns 'B' Rating to INR100MM Term Loan
VAYUNANDANA POWER: CRISIL Cuts Rating on INR275 Million Term Loan


I N D O N E S I A

BAKRIE TELECOM: Secures US$300 Million Loan From ICBC


J A P A N

ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
TOSHIBA CORP: Plan to Reduce Procurement Costs By JPY1 Trillion


N E W  Z E A L A N D

AORANGI SECURITIES: Brown Appointed as Independent Administrator
KRUKZIENER PROPERTIES: CallPlus Services Files Liquidation
SENSATION YACHTS: Creditors Fight Bank Over Chattels


P H I L I P P I N E S

PHILIPPINE AIRLINES: Workers Strike Looms as Negotiations Fail


S I N G A P O R E

CHEMIOXY INTERNATIONAL: Court Enters Wind-Up Order
CHENGDU CENTRE: Creditors' Meetings Set for August 31
FOLK FOOD: Court Enters Wind-Up Order
MECH-TECH MARINE: Court Enters Wind-Up Order
M.F.I NET: Court Enters Wind-Up Order

PRIME RESIDENTIAL: Creditors' Proofs of Debt Due September 13
SEA-SHORE TRANSPO: Court to Hear Wind-Up Petition on August 27
UNITED EXPRESS: Creditors Get 23.3793927% Recovery on Claims
ZHONGHUI ENVIRONMENTAL: Court Enters Wind-Up Order




                         - - - - -


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


CHINA ORIENTAL: Fitch Assigns 'BB+' Rating on Senior Notes
----------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to China
Oriental's ('BB+'/Stable) US$550 million senior unsecured notes
due 2015.

The final rating follows the receipt of documents conforming to
information already received, and is in line with the expected
rating assigned on August 10, 2010.


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


BBG CREATION: Creditors' Meeting Set for August 20
--------------------------------------------------
Creditors of BBG Creation Company Limited will hold their meeting
on August 20, 2010, at 3:00 p.m., for the purposes provided for in
Sections 241 as (modified by Section 228A(8)), 242, 243 and 255A
of the Companies Ordinance.

The meeting will be held at Room 2301, Yaumatei, Kowloon, in
Hong Kong.


BEAUTY YOGA: Commences Wind-Up Proceedings
------------------------------------------
Members of Beauty Yoga Limited, on August 9, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Ms. Tso Yin Yee
         Room 2301, 23/F
         Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


BEAUTY YOGA: Creditors' Meeting Set for August 27
-------------------------------------------------
Creditors of Beauty Yoga Limited will hold their first meeting on
August 27, 2010, for the purposes provided for in Sections 241 as
(modified by Section 228A(8)), 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Kowloon Community Hall, 3/F., 256A
Prince Edward Road, Kowloon, in Hong Kong.


CHINET LIMITED: Creditors' Meeting Set for August 20
----------------------------------------------------
Creditors of Chinet Limited will hold their first meeting on
August 27, 2010, at 9:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


CIL COMPANY: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on August 6, 2010,
creditors of Cil Company Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


COBALT MANUFACTURING: Annual Meetings Set for August 24
-------------------------------------------------------
Members and creditors of Cobalt Manufacturing Limited will hold
their annual meetings on August 24, 2010, at 2:15 p.m., and 2:30
p.m., respectively at 5/F, Gloucester Tower, The Landmark, 11
Pedder Street, Central, in Hong Kong.

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


COIGNITION LIMITED: Creditors' Proofs of Debt Due August 27
-----------------------------------------------------------
Coignition Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by August 27,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Edward Simon Middleton
         Paul Edward Mitchell
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


FIT BRIGHT: Creditors' Meeting Set for August 20
------------------------------------------------
Creditors of Fit Bright Development Limited will hold their first
meeting on August 27, 2010, at 9:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


INTERNATIONAL LIMITED: Creditors' Meeting Set for August 20
-----------------------------------------------------------
Creditors of International Limited will hold their first meeting
on August 27, 2010, at 9:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


KO CHUN: Members and Creditors Meetings Set for August 24
---------------------------------------------------------
Members and creditors of Ko Chun Hing Dyeing & Finishing Factory
Limited will hold their annual meetings on August 24, 2010, at
10:00 a.m., and 10:30 a.m., respectively at 29/F., Caroline
Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MAJORETTE HK: Creditors' Meeting Set for August 25
--------------------------------------------------
Creditors of Majorette Hong Kong Limited will hold their meeting
on August 25, 2010, at 11:00 a.m., at 5th Floor Ho Lee Commercial
Building, 38-44 D'Aguilar Street Central, in Hong Kong.

At the meeting, Kennic Lai Hang Lui and Yuen Tsz Chun Frank, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MONTANA TIMEPIECES: Creditors' Meeting Set for August 20
--------------------------------------------------------
Creditors of Montana Timepieces Limited will hold their first
meeting on August 27, 2010, at 9:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


ON FOOK: Creditors' Proofs of Debt Due August 30
------------------------------------------------
On Fook Investment Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 2, 2010

The company's liquidator is:

         Victor Robert Lew
         Tai Yau Building
         181 Johnson Road
         Wanchai, Hong Kong


PURE RICHES: Creditors' Meeting Set for August 20
-------------------------------------------------
Creditors of Pure Riches Industries Limited will hold their
first meeting on August 27, 2010, at 9:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


SINOTEC HOLDINGS: Creditors' Meeting Set for August 20
------------------------------------------------------
Creditors of Sinotec Holdings Limited will hold their first
meeting on August 27, 2010, at 9:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


SKY TYPE: Creditors' Meeting Set for August 20
----------------------------------------------
Creditors of Sky Type Limited will hold their first meeting on
August 27, 2010, at 9:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


TIMETECH INDUSTRIAL: Creditors' Meeting Set for August 20
---------------------------------------------------------
Creditors of Timetech Industrial Limited will hold their first
meeting on August 27, 2010, at 9:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


TITAN PETROCHEM 66.43% of Bondholders Accept Exchange Offer
-----------------------------------------------------------
International law firm Sidley Austin represented Goldman Sachs
(Asia) L.L.C. and ING Bank N.V., Singapore Branch in connection
with the successful distressed exchange offer by Titan
Petrochemicals Group Limited for any and all of its 8.50%
Guaranteed Senior Notes due 2012, of which approximately US$315
million was outstanding, and which were exchanged for a
combination of new PIK notes, convertible bonds and cash.  The
exchange offer achieved an acceptance rate of 66.43%, representing
a principal amount of approximately US$209 million.
Goldman Sachs was the sole global coordinator, lead arranger and
co-dealer manager.  ING Bank was the co-arranger and co-dealer
manager.  Titan is a provider of oil logistic and marine services
in the Asia Pacific region.

Commenting on the transaction, partner Matthew Sheridan, who led
the Sidley team, said, "In the current economic environment, many
corporate entities are seeking to reorganize their complex capital
structures through consent solicitations, tender offers and
exchange offers. We are very pleased that we were able to assist
with the successful completion of this transaction."

Sidley's U.S. corporate finance team in Hong Kong has an active
practice in handling debt restructuring and liability management
transactions, representing issuers, financial advisors and
investment banks in private buy-backs, cash tender offers, public
and private exchange offers and consent solicitations. In addition
to financial institutions such as Goldman Sachs and ING Bank,
Sidley has also advised on transactions involving Nine Dragons
Paper Holdings, Agile Property Holdings, Asia Aluminum, PT
Indosat, PT Davomas Abadi, PT Indika Energy and ChipMOS
Technologies.

The team was strengthened this year by the recent relocation of
partner Thomas Albrecht from the firm's Chicago office to the Hong
Kong office and the arrival of partner Alex Lloyd.  Mr. Albrecht,
a member of the firm's Management and Executive Committees and co-
head of Sidley's global structured finance and securitization
practice, assumed responsibilities as Managing Partner for the
Asia Pacific region.  Firm clients with whom he works include
Asia-based investment banks and multinational corporations.  Mr.
Lloyd's practice includes debt restructurings, liability
management exercises and debt and equity deals, in particular high
yield debt offerings and IPOs.

                     About Titan Petrochemicals

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

                           *     *     *

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


TITAN PETROCHEM 66.43% of Bondholders Accept Exchange Offer
-----------------------------------------------------------
International law firm Sidley Austin represented Goldman Sachs
(Asia) L.L.C. and ING Bank N.V., Singapore Branch in connection
with the successful distressed exchange offer by Titan
Petrochemicals Group Limited for any and all of its 8.50%
Guaranteed Senior Notes due 2012, of which approximately US$315
million was outstanding, and which were exchanged for a
combination of new PIK notes, convertible bonds and cash.  The
exchange offer achieved an acceptance rate of 66.43%, representing
a principal amount of approximately US$209 million.
Goldman Sachs was the sole global coordinator, lead arranger and
co-dealer manager.  ING Bank was the co-arranger and co-dealer
manager.  Titan is a provider of oil logistic and marine services
in the Asia Pacific region.

Commenting on the transaction, partner Matthew Sheridan, who led
the Sidley team, said, "In the current economic environment, many
corporate entities are seeking to reorganize their complex capital
structures through consent solicitations, tender offers and
exchange offers. We are very pleased that we were able to assist
with the successful completion of this transaction."

Sidley's U.S. corporate finance team in Hong Kong has an active
practice in handling debt restructuring and liability management
transactions, representing issuers, financial advisors and
investment banks in private buy-backs, cash tender offers, public
and private exchange offers and consent solicitations. In addition
to financial institutions such as Goldman Sachs and ING Bank,
Sidley has also advised on transactions involving Nine Dragons
Paper Holdings, Agile Property Holdings, Asia Aluminum, PT
Indosat, PT Davomas Abadi, PT Indika Energy and ChipMOS
Technologies.

The team was strengthened this year by the recent relocation of
partner Thomas Albrecht from the firm's Chicago office to the Hong
Kong office and the arrival of partner Alex Lloyd.  Mr. Albrecht,
a member of the firm's Management and Executive Committees and co-
head of Sidley's global structured finance and securitization
practice, assumed responsibilities as Managing Partner for the
Asia Pacific region.  Firm clients with whom he works include
Asia-based investment banks and multinational corporations.  Mr.
Lloyd's practice includes debt restructurings, liability
management exercises and debt and equity deals, in particular high
yield debt offerings and IPOs.

                     About Titan Petrochemicals

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

                           *     *     *

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


VICO INDUSTRIES: Creditors' Meeting Set for August 20
-----------------------------------------------------
Creditors of Vico Industries Limited will hold their first meeting
on August 27, 2010, at 9:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the offices of FS Asia Advisory
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.


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


ANAMIKA CONDUCTORS: CARE Puts 'CARE BB+' Rating on Long-Term Loans
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to the bank facilities
of Anamika Conductors Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 ----------     -------
   Long-term Bank Facilities     22.41       'CARE BB+' Assigned
   Short-term Bank Facilities    24.15       'PR4+' Assigned

Rating Rationale

The ratings are constrained by ACL's relatively small-sized
operations having low profitability mainly due to the limited
value addition and high overall gearing.  The fragmented nature of
the industry with stiff competition and low entry barriers further
constrain the ratings.  The ratings take into account ACL's
established operations managed by experienced promoters and long
association with major clientele.  The rating also factor in the
fact that majority of sales orders have price variation clause
which provide cushion against volatility in raw material prices.

ACL's ability to increase the scale of operations with more value-
added products and consequent improvement in its financial risk
profile are key rating sensitivities.

                      About Anamika Conductors

Jaipur based, Anamika Conductors Ltd was incorporated as Anamika
Conductors Pvt Ltd in 1988 for manufacturing aluminium cables and
conductors used in transmission line for electricity supply.  The
company is headed by Shri Sharad Bakliwal, Chairman having
experience of more than 20 years in the business of cables
and conductors.  ACL manufactures wide range of aluminium cables &
conductors such as Aluminium Conductor Steel Reinforced (ACSR),
All Aluminium Alloy Conductor (AAC) and Cross Linked Polyethylene
Insulated Aluminium Conductor (XLPE cable) etc.   As on Mar.31,
2010, ACL had installed capacity of 18,000 KM per annum for making
cables and conductors.


CLASSIC DIAMONDS: CRISIL Lifts Rating on INR.40BB Loan to 'BB+'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Classic
Diamonds India Ltd to 'BB+/Stable/P4+' from 'B/Stable/P4'.

   Facilities                       Ratings
   ----------                       -------
   Rs0.40 Billion Term Loan         BB+/Stable (Upgraded from
                                                'B/Stable')
   INR3.30 Billion Export Packing
   Credit/Post-Shipment Credit      BB+/Stable (Reclassified from
                                                'P4')

   INR0.04 Billion Bank Guarantee   P4+ (Upgraded from 'P4')

The rating upgrade reflects the fact that Classic Diamonds has
been servicing its debt on time for the past ten months, supported
by an improvement in its liquidity.  Liquidity has improved
because of healthy cash accruals in 2009-10 (refers to financial
year, April 1 to March 31) and improvement in working capital
management by reduction in debtor and inventory levels.  The
upgrade also reflects CRISIL's belief that Classic Diamonds will
continue to service its debt in a timely manner over the medium
term, backed by its improved liquidity.

The ratings reflect Classic Diamonds' weak debt protection metrics
and working-capital-intensive operations.  These weaknesses are
partially offset by the company's established market position and
its above-average operating efficiencies.

Outlook: Stable

CRISIL believes that Classic Diamonds will maintain its market
position in the low-value diamonds business and expand its diamond
jewellery exports business over the medium term.  The outlook may
be revised to 'Positive' if Classic Diamonds' liquidity continues
to improve, driven by further improvement in profitability and
early realization of receivables. Conversely, the outlook may be
revised to 'Negative' in case Classic Diamonds' debt protection
metrics deteriorate or it undertakes larger-than-expected debt-
funded capital expenditure, thereby constraining its financial
risk profile.

                      About Classic Diamonds

Classic Diamonds, promoted by Mr. Kumar Bhansali and his father,
Mr. Chandrakant Bhansali, began operations in 1986.  The company
is in the business of cutting and polishing low-value diamonds
(between 0.01 carats and 0.05 carats) and exporting diamond
jewellery.  The company's jewellery manufacturing units are
located in Mumbai, and its diamond processing units are in Surat.

Classic Diamonds reported a profit after tax (PAT) of INR174.20
million on net sales of INR7.03 billion for 2009-10, against a PAT
of INR35.70 million on net sales of INR6.23 billion for 2008-09.


CHAMELI FLOUR: CRISIL Assigns 'B+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Chameli Flour Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR77.5 Million Cash Credit      B+/Stable (Assigned)
   INR150.0 Million Term Loan       B+/Stable (Assigned)
   INR6.5 Million Bank Guarantee    P4 (Assigned)

The ratings reflect CFMPL's exposure to risks related to the
timely commissioning and stabilization of operations at its flour
mill.  Once CFMPL commences operations, its business would be
prone to risks emanating from low pricing power, and volatility in
wheat prices.  These rating weaknesses are partially offset by the
benefits that CFMPL derives from its promoters' long standing
experience in successfully running a rolling flour mill, and
strong distribution network of its group company Commander
Industries Pvt. Ltd. (rated BB+/Stable/P4+ by CRISIL) in the flour
mill industry.

Outlook: Stable

CRISIL believes that CFMPL will start commercial production
without any significant time overruns in its project.  The outlook
may be revised to 'Positive' if the company stabilizes the
operations at its upcoming plant earlier than expected and
generates more-than-expected cash accruals.  Conversely, the
outlook may be revised to 'Negative' in case the company's
profitability is below expectation because of delay in
stabilization of its plant's operations or inefficient working
capital management.

                        About Chameli Flour

Set up in 2007 by Mr. Sanjay Agarwal, CFMPL is part of the Agarwal
group of Indore (Madhya Pradesh).  Mr. Agarwal has been in the
flour mill industry for around 15 years through his other company,
Commander Industries Pvt Ltd.  Currently, CFMPL is setting up a
600-tonnes-per-day (tpd) flour mill in the food processing park at
Nirmani, Khargone (Madhya Pradesh).  The mill is expected to
commence operations by March 2010.


CPC PRIVATE: CRISIL Cuts Rating on INR114.9 Mil. Term Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of CPC
Pvt Ltd to 'D/P5' from 'B-/Negative/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR114.9 Million Term Loan         D (Downgraded from
                                         'B-/Negative')
   INR65.0 Million Cash Credit        D (Downgraded from
                                         'B-/Negative')
   INR50.0 Million Packing Credit     P5 (Downgraded from 'P4')
   INR50.0 Million Foreign Bill       P5 (Downgraded from 'P4')
                       Purchase
   INR20.0 Million Standby Line of    P5 (Downgraded from 'P4')
                            Credit
   INR10.0 Million Letter of Credit   P5 (Downgraded from 'P4')
   INR13.3 Million Bank Guarantee     P5 (Downgraded from 'P4')

The downgrade reflects the delays by CPCPL in servicing its term
loans; the delays have been caused by CPCPL's weak liquidity.

CPCPL has a weak financial risk profile marked by a negligible net
worth and weak debt coverage indicators; constrained profitability
due to inadequate utilization of enhanced capacities; and exposure
to intense competition in a fragmented castings industry.
However, CPCPL's promoters have extensive experience in the grey
iron castings business, and the company's existing units have
adequate operating capabilities.

                           About CPC Pvt

Established in 1946, CPCPL was taken over by the Coimbatore (Tamil
Nadu)-based KG group in 1980.  The company is currently managed by
Mr. D Balasundaram, Managing Director.  CPCPL manufactures grey
iron castings and machined components, which find application in
automobile parts, industrial gear box casings, and pumps.  The
company derives around 70 per cent of its turnover from exports.
In 2008-09, CPCPL had embarked on a capital expenditure programme
to increase its installed capacity from 7,500 tonnes per annum
(tpa) to 14,400 tpa.

CPCPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR545.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.67 million on net
sales of INR506.9 million for 2007-08.  For 2009-10, on a
provisional basis, CPCPL reported a net loss of INR36.0 million on
net sales of INR417.2 million.


EVERGREEN ASSOCIATES: CRISIL Reaffirms 'B-' Rating on Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Evergreen Associates
continues to reflect Evergreen's lack of a sustainable business
model, and weak financial risk profile.  These weaknesses are
partially offset by the benefits that Evergreen derives from its
promoters' experience in the local real estate business.

   Facilities                        Ratings
   ----------                        -------
   INR66.5 Million Rupee Term Loan   B-/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that Evergreen will face pressures in servicing
its debt obligations on time because of liquidity constraints. The
rating may be downgraded if the pressure on the firm's liquidity
increases further.  Conversely, the outlook may be revised to
'Stable' if Evergreen enters into profitable land sales, which
provide sufficient liquidity to meet its debt obligations.

                      About Evergreen Associates

Set up as a partnership firm in April 2001, Evergreen undertakes
land deals, and construction and development, in Panvel, Navi
Mumbai.  The firm has three partners: Mr Vilas Kothari, Mr Bipin
Munoth, and Mr Nitin Munoth.  It has completed two real estate
projects in Panvel-Neel Empress in 2003 and Neel Lake View in
2006-totaling 147,000 square feet (sq ft).  Evergreen is likely to
now focus on land deals and not undertake further construction or
development.  The firm also began generating wind power in
September 2008, to avail of tax benefits; its two wind turbines in
Jaisalmer (Rajasthan) have a capacity to generate 1.85 megawatts
of power.  Evergreen reported a loss of INR80 million on net sales
of INR4.4 million for 2008-09 (refers to financial year, April 1
to March 31), as against a profit after tax (PAT) of INR32.3
million on net sales of INR50.0 million for 2007-08.


FINE JEWELLERY: CRISIL Lifts Ratings on Bank Various Debts to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Fine
Jewellery Manufacturing Ltd to 'B/Stable/P4' from 'D/P5'.

   Facilities                        Ratings
   ----------                        -------
   INR76.0 Million Long-Term Loan    B/Stable (Upgraded from 'D')
   INR24.0 Million Proposed LT       B/Stable (Upgraded from 'D')
                 Bank Facility
   INR260.5 Million Packing Credit   P4 (Upgraded from 'P5')
   INR209.5 Million Post-Shipment    P4 (Upgraded from 'P5')
                           Credit
   INR100.0 Million Bank Guarantee   P4 (Upgraded from 'P5')

The rating upgrade reflects the fact that FJML has been servicing
its debt in a timely manner over the past seven months, backed by
improving cash accruals and shorter turnaround of export
receivables, and consequently, improved liquidity.  The upgrade
also reflects CRISIL's belief that FJML will continue to service
debt in a timely manner over the medium term, backed by its
improved liquidity.

The revised ratings reflect FJML's weak financial risk profile
marked by high gearing and weak debt protection metrics, working-
capital-intensive operations, and exposure to revenue
concentration risks.  These rating weaknesses are partially offset
by FJML's healthy operating efficiencies, supported by its strong
back-end infrastructure and designing capabilities.

Outlook: Stable

CRISIL believes that FJML will continue to benefit from its
established market position and increased demand in its key
markets.  The outlook may be revised to 'Positive' if FJML's
liquidity improves further and the company continues to repay its
debt in a timely manner.  Conversely, the outlook may be revised
to 'Negative' if FJML's cash accruals decline.

                    About Jewellery Manufacturing

FJML, promoted by Mr. Premkumar Kothari, manufactures diamond-
studded gold/platinum jewellery exclusively for the export
markets. FJML is part of the Fine Jewellery group.  Established in
1987, FJML was among the first six companies to set up a jewellery
unit in the Santacruz Electronics Export Processing Zone (SEEPZ),
Mumbai. In 2001, the Fine Jewellery group established FJML to
cater to the export market.  In April 2005, FJML commenced
operations at its manufacturing facility in SEEPZ.

FJML reported a profit after tax (PAT) of INR8.10 million on net
sales of INR1.26 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.60 million on net
sales of INR1.23 billion for 2008-09.


HALLMARK STEEL: CRISIL Downgrades Rating on Term Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded the ratings on Hallmark Steel Pvt Ltd bank
facilities to 'D/P5' from 'B+/Stable/P4'.

   Facilities                           Ratings
   ----------                           -------
   INR44.0 Million Term Loan            D (Downgraded from
                                           B+/Stable)
   INR57.0 Million Cash Credit Limit    D (Downgraded from
                                           B+/Stable)
   INR10.0 Million Letter of Credit     P5 (Downgraded from P4)

The downgrade reflects the delay by Hallmark Steel in repaying its
June 2010 term loan installment; the delay was caused by Hallmark
Steel's inadequate cash accruals and weak liquidity.

Hallmark Steel has large working capital requirements, customer
concentration in revenue profile, and small scale of operations,
and net worth.  However, the company benefits from its experienced
management team and established relationships with its customers
and suppliers.

                          About Hallmark Steel

Hallmark Steel commenced its operations in 2000 as a job worker
for Rane Engineering Valves Ltd in Hyderabad.  In 2006-07 (refers
to financial year, April 1 to March 31), the company set up a
plant for manufacturing valve steel bars used in manufacturing
automotive components, in Bhiwadi (Rajasthan).  Currently, the
plant has an installed monthly rolling mill capacity of 350 tonnes
and monthly finishing capacity of 170 tonnes.  The company is
planning to increase its monthly finishing capacity to 275 tonnes
at a cost of INR50 million; 60 per cent of the cost will be funded
by debt and the rest will be funded by the promoters in the form
of unsecured loans.

Hallmark Steel, on a provisional basis, reported a profit after
tax (PAT) of INR27 million on net sales of INR191 million for
2009-10 against a PAT of INR3 million on net sales of INR68
million for 2008-09.


M V OMNI: CRISIL Lifts Ratings on Various Bank Facilities to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of M V Omni
Projects (India) Ltd to 'B+/Stable/P4' from 'D/P5'

   Facilities                             Ratings
   ----------                             -------
   INR120.0 Million Cash Credit Limit     B+/Stable (Upgraded from
                                                     'D')

   INR22.0 Million Term Loan              B+/Stable (Upgraded from
                                                     'D')

   INR190.0 Million Bank Guarantee        P4 (Upgraded from 'P5')

The rating upgrade reflects timely servicing of debt by MVOPIL
over the past 11 months, following an improvement in liquidity
because of adequate cash accruals and improved working capital
management.  The upgrade also factors in CRISIL's expectation that
MVOPIL's business risk profile will remain strong, marked by a
large order book of INR2.48 billion as on July 31, 2010, and the
company's established track record in the construction business.

The ratings reflect MVOPIL's short track record of timely
servicing of debt, large working capital requirements, small scale
of operations, and limited diversity in revenue profile.  These
weaknesses are partially offset by MVOPIL's established regional
market position in the construction business, and moderate
financial risk profile, marked by moderate gearing and debt
protection measures but constrained by low net worth.

Outlook: Stable

CRISIL believes that MVOPIL will maintain a stable credit risk
profile over the medium term, backed by healthy revenue growth and
a strong order book.  The outlook may be revised to 'Positive' if
MVOPIL is able to diversify its revenue profile and maintain
healthy operating margins.  Conversely, the outlook may be revised
to 'Negative' if the company undertakes large, debt-funded capital
expenditure (capex), or reports lower-than-expected profitability
and cash accruals.

                           About M V Omni

Set up initially as a proprietorship firm by Mr. Mathuraprasad
Pandey in 1994, MVOPIL was reconstituted as a limited company in
2002.  The company undertakes infrastructure-related construction
activities for both government and public sector entities.

For 2009-10 (refers to financial year, April 1 to March 31),
MVOPIL reported (provisional) a profit after tax (PAT) of INR38.4
million on net sales of INR750.5 million, against a PAT of INR29.4
million on net sales of INR583.4 million for 2008-09.


MESHCO STEELS: CRISIL Reaffirms 'BB' Ratings on INR45M 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      P4+ (Reclassified from 'P4')
      Credit/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.


LAKSHMIGANAPATI AUTO: CRISIL Reaffirms 'BB' Rating on Cash Credit
-----------------------------------------------------------------
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 Harsha Group

Based in Andhra Pradesh, the Harsha group is an authorized 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.


JAMNA METAL: CRISIL Assigns 'B-' Ratings to INR60MM 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 Long       B-/Stable (Assigned)
               Term 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 galvanizing 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.


ORCHID CHEMICALS: CARE Rates INR1,212.87cr LT Loans at 'CARE BB+'
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Orchid Chemicals & Pharmaceuticals Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 ----------     -------
   Long-term Bank Facilities   1,212.87      'CARE BB+' Assigned
   Short-term Bank Facilities    282.00      'PR4+' Assigned

Rating Rationale

The ratings are constrained by delay in receipt of key product
approvals by Orchid and consequent underutilization of assets,
leading to cash flow mismatches and delay in servicing its debt
repayment obligations during the past two years ended Mar'10.  The
ratings also factor in the high level of debtors, company's exit
from niche and high margin sterile formulation business, its
marginal presence in the non-antibiotic segment at present and
high level of regulatory risks associated with the industry.

The ratings also take into account Orchid's long track record of
operations, its established presence as bulk drug manufacturer,
successful foray into regulated generics market, demonstrated
ability to develop and establish its presence in challenging and
niche sterile product offering, improved financial flexibility
consequent to monetization of assets and strong pipeline of non-
antibiotic products.

Timelines of future product approvals and launch thereof and
improvement in debt servicing track record will be key rating
sensitivities.

Background

Established in 1992, Orchid is an integrated pharmaceutical
company with presence in bulk drug manufacturing, formulations and
drug discovery.  During FY10, Orchid sold its sterile injectable
formulations business to one of its marketing partner - Hospira
Inc and is now left with API business (of cephalosporin,
penicillin, carbapenem and non-antibiotics) and oral formulation
businesses of cephalosporin and non-antibiotics.  For the year
ended Mar.31, 2010, Orchid reported a PAT of INR306cr on a total
income of INR1250cr.


PALAK JEWELLERS: CRISIL Reaffirms 'BB+' Rating on Cash Credit
-------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB+/Stable/P4+' ratings to
Palak Jewellers Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      BB+/Stable (Reaffirmed)
   INR70.0 Million Bank Guarantee   P4+ (Reaffirmed)

The ratings continue to reflect Palak's moderate financial risk
profile, and exposure to intense competition.  These rating
weaknesses are partially offset by Palak's proven and efficient
risk management policies, and its established relationship with
key supplier Emerald Jewel Industry India Pvt Ltd (Emerald).

Outlook: Stable

CRISIL believes that Palak will continue to benefit from its
established relationships with customers and suppliers.  The
outlook may be revised to 'Positive' if Palak significantly
increases its scale of operations and revenues on sustainable
basis, while maintaining its debt protection indicators.
Conversely, the outlook may be revised to 'Negative' if the
company's accruals decline steeply, or debt protection indicators
deteriorate substantially.

Update

Palak posted revenues (provisional) INR747 million for year 2009-
10 (refers to financial year, April 1 to March 31) vis-a-vis
INR445 million in year 2008 - 09, a sales growth of 24 per cent
(provisional) on the back of steady demand for gold jewellery.
While year 2009 - 10 saw fluctuations in the gold prices, there
has been in fact no impact on demand. However, the company's
profitability has reduced from 1.5% in FY 2009 to 1.2% for FY 2010
due to adverse price movement during the last quarter of FY 2010.

The company has also recently entered into sale of 18 carat gold
jewellery during the current year and is also planning to enter
into sale of diamond jewellery in the near future.  The company
expects the demand for gold and diamond jewellery to remain steady
and has already posted revenues of INR33 Crs for first quarter
ended June 2010.  Company expects to post revenues of around
INR100 Crores during the current year given the present level of
prices, since Q3 and Q4 which traditionally mark highest sales
levels in any given year are expected to record higher than
present quarter level of sales.  Absence of long term debt
commitments and promoter support in form of unsecured loan sustain
Palak's financial flexibility.

Palak reported a profit after tax (PAT) of INR9.4 million on net
sales of INR747.3 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR7.2 million on net sales
of INR476.7 million for 2008-09.

                       About Palak Jewellers

Set up in 2006 by Mr. Nilesh Daga and his brother Mr. Shailesh
Daga, Palak is a wholesale trader of gold ornaments and leading
distributor for the Coimbatore-based Emerald.  Palak procures
Bureau of Indian Standards-hallmarked gold ornaments from Emerald,
and caters to clients across India, including Tribhuvandas Bhimji
Zaveri, Rajawat Jewellers, and Swarn Plaza.  Palak largely sells
22-carat gold ornaments and operates through its office in Mumbai.


RATTAN STEEL: CRISIL Assigns 'B-' Ratings to INR100MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Rattan Steel Supply Co.

   Facilities                      Ratings
   ----------                      -------
   INR110 Million Cash Credit      B-/Stable (Assigned)
   INR5 Million Bill Discounting   P4 (Assigned)

The ratings reflect RSSC's weak financial risk profile, marked by
a small net worth, high gearing, weak debt protection metrics, and
constrained liquidity, and exposure to risks related to volatility
in steel prices and intense competition in the steel industry.
These rating weaknesses are partially offset by the benefits that
RSSC derives from the partner's extensive experience in the steel
trading business.

Outlook: Stable

CRISIL believes that RSSC will maintain its moderate business risk
profile over the medium term, backed by the partner's extensive
experience in the steel trading business; the firm's financial
risk profile is expected to remain weak over the medium term due
to its working-capital-intensive operations.  The outlook may be
revised to 'Positive' in case of a sustained and significant
improvement in RSSC's revenues and profitability. Conversely, the
outlook may be revised to 'Negative' if the firm significantly
increases its borrowings, or if its revenues and profitability
decline significantly, leading to deterioration of its financial
risk profile.

                         About Rattan Steel

Set up as a proprietorship concern in 1967, RSSC was reconstituted
as a partnership firm in 1979.  RSSC currently has two equal
partners: Mr. Ajay Gupta, who became a partner in 1988, and his
wife. Mr. Ajay Gupta is the active partner.  The Kolkata-based
firm trades in steel products, including mild-steel angles.

RSSC posted a provisional net profit of INR3 million on
provisional net sales of INR818 million for 2009-10 (refers to
financial year, April 1 to March 31), against a profit after tax
(PAT) of INR2 million on net sales of INR811 million for 2008-09.


SATHYAM POWER: Fitch Assigns 'BB-' Rating on Senior Bank Loans
--------------------------------------------------------------
Fitch Ratings has assigned a final 'BB-(ind)' rating to India's
Sathyam Power Pvt Ltd's INR358.4 million senior project bank
loans, after a review of the financing and project documents.  The
final rating is a two-notch upgrade over the expected rating of
'B(ind)' assigned by the agency on May 12, 2009.  The Outlook is
Stable.

SPPL is constructing a 10MW biomass power plant in Rajasthan.  The
two-notch upgrade reflects the execution of all of SPPL's major
project documents that lend relatively higher contractual
certainty to projected cash flows, infusion of entire sponsor
equity, and the substantial progress registered in construction.
However, the lenders' engineer's report for May 2010 raises some
concerns for achieving the project's completion by September 2010.

The ratings continue to remain constrained by these: residual
completion risks; the lack of firm arrangements for fuel supply;
the possibility of the input costs exceeding base case
assumptions; and risks associated with the project's continued
ability to ensure stable operating performance parameters once the
plant becomes operational.

The project proposes to use suitable agrowaste (mainly mustard
husk) as a primary fuel, and lignite or coal as a supplementary
fuel (to a maximum of 15% in drought years).  A study commissioned
by SPPL suggests an availability of sufficient fuel in the project
catchment area, although mustard being a seasonal crop will need
storing for catering to the lean period requirement.  Fitch notes
that the state policy does not allow any other power plant to set
up its operation within an 80km radius from this plant.

Any potential increase in input prices that is not captured in a
corresponding tariff revision can shrink SSPL's margins.  A
limited operational track record of biomass-based energy projects
in India, as compared to the conventional thermal projects, may
give rise to potential operational uncertainties that were not
factored earlier by the sponsors.  That said, the sponsors have
been successfully operating another 7.5MW biomass plant in the
same state.

Despite concerns on the generally weak financial status of most
Indian state electricity distribution companies (discoms), the 20-
year power purchase agreement with Rajasthan state discoms for the
off-take of entire power generated helps to mitigate revenue risk
and supports the rating.  Payments are secured by an irrevocable,
revolving and a standing letter of credit to be issued by the
discom in favour of SPPL for an amount equivalent to one billing
month.  Fitch will monitor the quality and mechanism of the letter
of credit once it is established.

The Government of Rajasthan's current policy of supporting clean
energy initiatives lend support to the rating.  Key features of
the policy include special privileges for bio-fuel powered energy
generators through the dispensation of a merit order system,
preferential tariffs over conventional energy forms, an option to
choose indexation mechanism for fuel prices and variable charges,
as well as assistance in the reservation of areas for fuel
cultivation to avoid unhealthy competition.

As with most other project bank debt in India, the aggressive
amortization schedule and the floating interest rates (12.5%)
constrain the debt service coverage ratios, although there is some
resilience to absorb stresses in latter years.

Future rating movements will be governed by the achievement of the
scheduled completion date and the actual operating and revenue
performance of the project.  This includes the project's ability
to secure an uninterrupted fuel supply, manage fuel price
volatility movements and functioning of the payment mechanism with
the off-taker and SPPL's ability to make timely debt service
payments.  Given the characteristics of biomass power projects,
Fitch will monitor for plant availability interruptions that may
hamper the realization of projected revenues.


SHREE SACHIDANAND: CRISIL Assigns 'B' Rating to INR100MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Shree Sachidanand
Industries Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR20.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR100.0 Million Term Loan            B/Stable (Assigned)

The rating reflects SSIPL's below-average financial risk profile,
marked by small net worth and weak debt protection metrics, small
scale of operations, and exposure to intense competition in the
dyeing and printing industry.  These rating weaknesses are
partially offset by experience of SSIPL's promoters in the textile
industry through group entities.

Outlook: Stable

CRISIL believes that SSIPL will continue to benefit from its
promoters experience in the textile dyeing and printing industry,
and expectation of timely commencement of commercial production,
over the medium term.  The outlook may be revised to 'Positive' if
SSIPL's cash accruals increase significantly, backed by healthy
profitability and stabilization of operations at its upcoming
capacities.  Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates, most likely
because of decline in profitability, leading to deterioration in
debt protection metrics.

                      About Shree Sachidanand

SSIPL is promoted by the Jajoo family of Surat (Gujarat) in 2009.
SSIPL was earlier known as Jajoo Overseas Pvt Ltd.  SSIPL is
setting up a fabric dyeing-and-printing process house with
capacity of 58,800 metres per day (mpd).  SSIPL will undertake
printing and dyeing on job-work basis for local dealers,
wholesalers and export houses. The promoters have been in this
industry for the past 16 years through three group concerns that
operate three separate process houses.  Mr. Ramavatar Jajoo looks
after the overall management of SSIPL.


VAYUNANDANA POWER: CRISIL Cuts Rating on INR275 Million Term Loan
-----------------------------------------------------------------
CRISIL has downgraded the ratings on Vayunandana Power Ltd's bank
facilities to 'D' from 'B-/Negative'.

   Facilities                           Ratings
   ----------                           -------
   INR275.00 Million Long Term Loan     D (Downgraded from
                                           B-/Negative)

The downgrade reflects the delay by VPL in repaying its July 2010
term loan installment; the delays are driven by VPL's inadequate
cash accruals, because its plant has not commenced commercial
operations as scheduled and there is absence of timely funding
support from its promoters.

VPL's margins are vulnerable to volatility in input costs and
customer concentration in revenue profile, while its cash flows
are susceptible to the credit quality of its customer, Maharashtra
State Electricity Distribution Company Ltd.  However, VPL benefits
from, its power purchase agreement leading to assured offtake of
power by MSEDCL, and its promoters' experience in setting up
biomass-based power plants.

Incorporated in 2002 by Mr. Popuri Ankineedu, Mr. P Vijay Kumar,
Mr. Krishna, and Mr. V Krishna Mohan Rao, VPL is setting up a 10-
mega watt (MW) biomass-based power generation plant at Gadchiroli
(Maharashtra).  The cost of the project is expected to be around
INR420 million; the project is being funded at a gearing of 1.9
times. The commissioning of the plant has been delayed by nine
months and the plant is now expected to commence commercial
operations from last week of August 2010.


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


BAKRIE TELECOM: Secures US$300 Million Loan From ICBC
-----------------------------------------------------
PT Bakrie Telecom has secured US$300 million in loan from the
Industrial and Commercial Bank of China, The Jakarta Post reports.

The report relates the loan will be used to finance BTEL's capital
expenditure.  The loan is extended in China's Renmimbi
denomination which equals $300 million.

"The support from ICBC will help us expanding our network so that
more people can use BTEL's high quality and affordable voice and
data service," the Jakarta Post quoted BTEL's president director
Anindya Bakrie as saying.

PT Bakrie Telecom Tbk -- http://www.bakrietelecom.com/-- is an
Indonesia-based telecommunication services provider.  The
Company's services include fixed wireless access using extended-
time division multiple access (E-TDMA) technology, which is a
limited mobility service using code division multiple access
(CDMA) 2000 1x technology. The Company's products consist of Esia,
Wifone, Wimode, EsiaTel and SLI Hemat 009. During the year ended
December 31, 2009, the Company had 3,677 base transceiver station
(BTS), two call centers, 90 Gerai Esia and 98,000 dealers and
outlets throughout Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2010, Fitch Ratings assigned Long-term foreign and local
currency Issuer Default Ratings of 'B' to PT Bakrie Telecom Tbk.
The Outlook is Stable.  Fitch has also assigned an expected rating
of 'B' and an expected recovery rating of 'RR4' to the proposed
US$250m notes due 2015 to be issued by Bakrie Telecom Pte. Ltd. (a
wholly-owned subsidiary of BTEL), and guaranteed by BTEL.  The
final ratings are contingent upon receipt of documents conforming
to information already received.

BTEL plans to use most of the proceeds from the 2015 Notes to
fully repay the outstanding principal of its existing syndicated
facility of US$145m and bridging loan of US$45m.  The remaining
proceeds will be used to finance capital expenditure related to
its wireless broadband business and for general purpose.  BTEL's
debt would comprise mainly the 2015 Notes, capital leases of
IDR2.6 trillion and an IDR650 billion bond after the 2015 Notes
are issued.


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


ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class D to F trust certificates issued under the ORIX-NRL Trust 15
transaction and placed the ratings on classes A to C on
CreditWatch with negative implications.  At the same time,
Standard & Poor's affirmed its ratings on the class G to I, and X
trust certificates issued under the same transaction.

On Sept. 14, 2009, S&P downgraded classes B to I and affirmed its
ratings on classes A and X.  S&P downgraded classes D to F
because: of the seven nonrecourse loans and three specified bonds
(effectively nine "loans") that initially backed the transaction,
only seven "loans" (effectively seven "loans"; one loan and one
specified bond that have defaulted, and five "loans" that are due
to mature by the end of May 2012) remain.  S&P views the recovery
prospects of the properties backing these seven "loans" with
uncertainty.  Although S&P has yet to finalize its assessment of
the recovery prospects of the properties, S&P holds the view that
a certain level of decline in the likely recovery amount from the
properties appears inevitable.

S&P has reviewed the property management reports for the
collateral properties in question.  S&P intends to review its
ratings on the classes that S&P placed on CreditWatch with
negative implications after taking into account information that
S&P will obtain through meetings with the asset manager, the
progress of collections undertaken by the servicer, and finalizing
its assessment of the recovery prospects of the properties.

The transaction's seven remaining "loans" consist of:

* A loan (originally representing about 41% of the total initial
  issuance amount of the trust certificates), which is backed by
  19 rental condominium buildings (initially 20 condominium
  buildings, one of which has been sold) and one retail building
  located in Tokyo.  This loan is in special servicing.

* A loan maturing in February 2011 (originally representing about
  15.6% of the total initial issuance amount of the trust
  certificates), which is backed by two warehouses in Kanagawa
  Prefecture;

* A specified bond (originally representing about 14.4% of the
  total initial issuance amount of the trust certificates), which
  is backed by a retail building in Osaka Prefecture.  This
  specified bond is in special servicing.

* A loan maturing in May 2012 (originally representing about 4.5%
  of the total initial issuance amount of the trust certificates),
  which is backed by a retail building in Tokyo;

* A specified bond maturing in February 2012 (originally
  representing about 3.8% of the total initial issuance amount of
  the trust certificates), which is backed by two office buildings
  in Osaka Prefecture.

* A loan maturing in February 2012 (originally representing about
  3.2% of the total initial issuance amount of the trust
  certificates), which is backed by a retail facility located in
  Ehime Prefecture; and

* A loan maturing in February 2012 (originally representing about
  2.7% of the total initial issuance amount of the trust
  certificates), which is backed by a retail building in Tokyo.

In particular, a major tenant of the retail building backing the
specified bond in special servicing has given notice of departure.
From a report that S&P has received through the servicer, S&P has
learned that finding a new tenant will likely be difficult.
Hence, S&P see a possibility of  value of the property being
clouded by considerable uncertainty.

ORIX-NRL Trust 15 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by seven nonrecourse loans and
three specified bonds (tokutei shasai) extended to nine obligors,
which were originally backed by 33 real estate certificates and
real estate properties.  The transaction was arranged by ORIX
Corp., and ORIX Asset Management & Loan Services Corp. is the
transaction servicer.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in June 2014 for the class A trust
certificates, the full payment of interest and ultimate repayment
of principal by the legal final maturity date for the class B to I
certificates, and the timely payment of available interest for the
class X certificates.

                         Ratings Lowered

      ORIX-NRL Trust 15 (The issue date was Sept. 4, 2007.)
         ?37.8 billion trust certificates due June 2014

      Class       To       From         Initial Issue Amount
      -----       --       ----         --------------------
      D           B        B+           ?3.0 bil.
      E           B-       B            ?1.3 bil.
      F           B-       B            ?0.4 bil.

                   Ratings Placed On Creditwatch

   Class       To                 From      Initial Issue Amount
   -----       --                 ----      --------------------
   A           AAA/Watch Neg      AAA       ?25.4 bil.
   B           A+/Watch Neg       A+        ?3.5 bil.
   C           BBB-/Watch Neg     BBB-      ?3.4 bil.

                         Ratings Affirmed

Class       Rating        Initial Issue Amount
-----       ------        --------------------
G           B-            ?0.4 bil.
H           B-            ?0.2 bil.
I           B-            ?0.2 bil.
X*          AAA           ?37.8 bil. (Initial notional principal)


TOSHIBA CORP: Plan to Reduce Procurement Costs By JPY1 Trillion
---------------------------------------------------------------
Toshiba Corp. said on Friday it plans to reduce its procurement
costs by JPY1 trillion over the next three years by seeking new
suppliers in emerging economies, Reuters reports.

Reuters, citing a company spokesman, reports that Toshiba aims to
spend 70% of its procurement budget overseas in the year starting
April 2012, up from 57% in the 2009/10 financial year.

Toshiba plans to slash costs especially in flat TVs and other
electronic products businesses, where a price war is weighing on
its profitability, Reuters says.

Reuters notes the company has stationed buyers in India and
Vietnam and plans to do the same in Russia and Eastern Europe.  It
will also hire local experts to speed its search for new
suppliers.

                           About Toshiba Corp.

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

                           *     *     *

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


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


AORANGI SECURITIES: Brown Appointed as Independent Administrator
----------------------------------------------------------------
The National Business Review reports that retired banker Dick
Brown has been appointed by Grant Thornton, the statutory manager
of Aorangi Securities, as an independent administrator to assess
hardship cases for those who have had funds frozen.

In a letter to distressed investors, NBR relates statutory manager
Trevor Thornton said that those investors who needed to cover
urgent living expenses should contact Mr. Brown.

According to NBR, Mr. Brown will assess investors' needs and make
recommendations to the statutory managers.  For investors outside
South Canterbury, a suitably qualified person in their area will
be identified to make the assessment, the report says.

"We know that the placing of the funds into statutory management,
and the subsequent 'freezing' of the investments, is stressful to
many investors. We hope that the arrangements made will lessen
that stress," NBR quoted Mr. Thornton as saying.

The National Business Review, citing the Otago Daily Times
newspaper, meanwhile, reports that a spokesman for the Hubbard
Support Fund Trust, John Funnell, said nearly NZ$40,000 had been
raised from the public to help Aorangi investors most in need.

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

Aorangi Securities was incorporated in 1974 and is solely
controlled by the Hubbards.


KRUKZIENER PROPERTIES: CallPlus Services Files Liquidation
----------------------------------------------------------
CallPlus Services has filed a liquidation application against
Andrew Krukziener's property development company Krukziener
Properties, The New Zealand Herald reports.  The winding up
application will be heard on September 3, 2010, in Auckland.

According to the report, the Inland Revenue has applied to
bankrupt Mr. Krukziener over NZ$600,000 debt and the Taxation
Review Authority won its case against him in November for alleged
tax avoidance.  Mr. Krukziener is appealing this decision at the
High Court, the report notes.

Krukziener Properties is a New Zealand-based real estate
developer.


SENSATION YACHTS: Creditors Fight Bank Over Chattels
----------------------------------------------------
Creditors of Sensation Yachts owner Ivan Erceg will have to go to
trial to keep damaged and half-finished luxury vessels docked in
his former West Auckland boatyard, The New Zealand Herald reports.

The NZ Herald says the legal battles keep mounting for Erceg who,
since leaving New Zealand for the south of France, has been
bankrupted and his company, Sensation Yachts, placed into
liquidation.

According to the NZ Herald, HSBC lost an application to have
chattels removed from Erceg's former 5ha Henderson boatyard.
The bank is trying to have the chattels removed, which include
three incomplete 50m-long, 10m-wide hulls, so that it can sell the
property and recoup its NZ$6.5 million investment, the report
says.

Justice Raynor Asher scheduled the dispute between HSBC and
Mr. Erceg and his creditors to go to trial on November 1, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of the company after creditor
Public Trust filed an application to liquidate the company.
On Aug 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, according to the Sunday Star
Times.


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


PHILIPPINE AIRLINES: Workers Strike Looms as Negotiations Fail
--------------------------------------------------------------
The Philippine Star reports that work stoppage at Philippines
Airlines has become more imminent as negotiations to settle
prevailing labor disputes in the airline company failed anew
yesterday.

The report relates that Philippine Airlines Employees Association
president Gerry Rivera warned they are poised to go on strike if
PAL management starts the termination of its 2,700 employees.

"We have long been ready, but we are now more ready to go on
strike if the management would insist on implementing the order of
the Department of Labor and Employment (DOLE)," the report quoted
Mr. Rivera as saying.

The Philippine Star notes that the management of PAL, however,
assured the riding public that there will be no immediate strike
from its ground and cabin crew unions.

The report says PAL president Jaime Bautista remains hopeful that
PAL, with the help from DOLE, can still find a peaceful and
amicable solution to PAL's labor problems.

According to the report, Labor Secretary Rosalinda Baldoz called
PAL and PALEA representatives for a conciliation meeting, but the
four-hour talks between the two parties resulted in a deadlock.
Among the contentious issues in the negotiation was the plan of
PAL management to close down three departments and outsource non-
core positions, Mr. Rivera said.

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

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

                     About Philippine Airlines

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


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


CHEMIOXY INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on August 6, 2010, to
wind up the operations of Chemioxy International Private Limited.

Dbs Bank Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


CHENGDU CENTRE: Creditors' Meetings Set for August 31
-----------------------------------------------------
Chengdu Centre (Singapore) Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on August 31,
2010, at 03:00 p.m., at 1 Claymore Drive #08-11 Orchard Towers
(RearBlock) Singapore 229594.

Agenda of the meeting includes:

   a. to receive a report from the liquidator;

   b. to approve liquidators' and fees and disbursement of
      $2,690/-; and

   c. discuss other business.

The company's liquidator is:

         Goh Boon Kok
         1 Claymore Drive
         #08-11 Orchard Towers (RearBlock)
         Singapore 229594


FOLK FOOD: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on July 23, 2010, to
wind up the operations of Folk Food Pte Ltd.

Jack Investment Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road, #06-11
         Singapore 069118


MECH-TECH MARINE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 30, 2010, to
wind up the operations of Mech-Tech Marine Pte Ltd.

Chadha Gurpreet Kaur filed the petition against the company.

The company's liquidator is:

         Ms Chee Fung Mei
         Chee FM & Associates
         C/o VNP International Pte Ltd
         138 Cecil Street
         #05-03 Cecil Court
         Singapore 069538


M.F.I NET: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on August 6, 2010, to
wind up the operations of M.F.I Net (S) Pte Ltd.

Conet Inc. filed the petition against the company.

The company's liquidators are:

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


PRIME RESIDENTIAL: Creditors' Proofs of Debt Due September 13
-------------------------------------------------------------
Creditors of Prime Residential Holdings Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by September 13, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Tay Ngan Keng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


SEA-SHORE TRANSPO: Court to Hear Wind-Up Petition on August 27
--------------------------------------------------------------
A petition to wind up the operations of Sea-Shore Transportation
Pte Ltd will be heard before the High Court of Singapore on
August 27, 2010, at 10:00 a.m.

Loh Motor Launch Service filed the petition against the company on
August 3, 2010.

The Petitioner's solicitors are:

          Messrs Lim & Bangras
          133 New Bridge Road
          #11-06 China town Point
          Singapore 059413


UNITED EXPRESS: Creditors Get 23.3793927% Recovery on Claims
------------------------------------------------------------
United Express Coat Pte Ltd declared the first and final dividend
to unsecured creditors on August 13, 2010.

The company paid 23.3793927% to the received claims.

The company's liquidator is:

         Goh Ngiap Suan
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


ZHONGHUI ENVIRONMENTAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on July 30, 2010, to
wind up the operations of Zhonghui Environmental Conservation
Corporation Pte Ltd (formerly known as Charmhaven Pte. Ltd.).

The company's liquidators are:

         Messrs Goh Thien Phong
         Chan Kheng Tek
         C/O Price waterhouseCoopers LLP
         8 Cross Street
         #17-00 PWC Building
         Singapore 048424


                         *********

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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