TCRAP_Public/100817.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

           Tuesday, August 17, 2010, Vol. 13, No. 161

                            Headlines



A U S T R A L I A

CHAMELEON MINING: Seeks Court Nod to Lift Receivership
DIRECT FACTORY: In Talks With Lenders Over $1 Billion of Debt
SIGMA PHARMA: Sells Drug Units to Aspen for AU$900 Million
TARRANTS FINANCIAL: Formally Placed Into Liquidation


H O N G  K O N G

ASIAN FANTASMA: Members' Final Meeting Set for September 17
BEP MANAGEMENT: Members' and Creditors Meetings Set for Sept. 14
CHINA TIAN: Wong and Leung Step Down as Liquidators
COMMERCIAL INT'L: Members' Final General Meeting Set for Sept. 17
COMPONENT I-NET: Members' Final Meeting Set for September 13

DAVOR POWER: Inability to Pay Debts Prompts Wind-Up
ELO HOLDINGS: Lai, Blaauw and Tan Step Down as Liquidators
FORTIS PRIVATE: Law Yui Lun Steps Down as Liquidator
FRANKO INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings
GRACEHEART CHARITY: Placed Under Voluntary Wind-Up Proceedings

GREENWOOD MANAGEMENT: Members' Final Meeting Set for September 17
GULIANO (HK): Commences Wind-Up Proceedings
INTER CHINA: Ying and Chan Step Down as Liquidators
KEY COMPANY: Creditors' Proofs of Debt Due September 10
KINGWEALTH TECHNOLOGY: Creditors' Proofs of Debt Due September 15

LINK TARGET: Creditors' Proofs of Debt Due September 15
LIQUIDITY SERVICES: Commences Wind-Up Proceedings
MAIN LEGEND: Placed Under Voluntary Wind-Up Proceedings
MAX ELEGANCE: Placed Under Voluntary Wind-Up Proceedings
MOS INT'L: Members and Creditors Meetings Set for September 25


I N D I A

ADITYA POLYMERS: CRISIL Reaffirms 'BB+' Rating on Bank Debts
ASHIANA ISPAT: CRISIL Reaffirms 'BB' Rating on Bank Facilities
BALAR EXPORTS: CRISIL Reaffirms 'P4' Rating on INR18.5MM Debts
BANK OF RAJASTHAN: RBI Approves Bank's Merger With ICICI
BRIGHT POWER: CRISIL Upgrades Rating on INR80MM Debt to 'BB+'

GANGOTRI TEXTILES: CRISIL Reaffirms 'D' Ratings on Bank Debts
HR INTERNATIONAL: CRISIL Reaffirms 'BB' Rating on INR60MM Debt
MULTI MAX: CRISIL Assigns 'B' Rating to Various Bank Facilities
PALRIWAL INDUSTRIES: CRISIL Cuts Rating on INR50MM Loan to 'BB-'
PREMCO RAIL: CRISIL Upgrades Rating on INR350MM Debt to 'BB'

ICICI BANK: Fitch Affirms 'BB-' Rating on Perpetual Hybrid Debt
INDO GLOBAL: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
SUVEN LIFE: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
TATA MOTORS: S&P Raises Corporate Credit Rating to 'B+'
VEE KAY: CRISIL Rates INR65.0 Million Cash Credit Limit at 'BB'

VIKRAM HOSPITAL: CRISIL Cuts Rating on INR510.2MM LT Loan to 'B+'
WARYAM STEEL: CRISIL Assigns 'BB' Rating on INR80MM Cash Credit


N E W  Z E A L A N D

AUCKLAND DISTRICT: Moody's Withdraws Ratings on Various Bonds
FELTEX CARPET: Registrar of Companies Won't Appeal Acquittal
HALIFAX FINANCE: Court Appoints ShephardDunphy as Liquidator


X X X X X X X X

* BOND PRICING: For the Week August 9 to August 13, 2010




                         - - - - -


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


CHAMELEON MINING: Seeks Court Nod to Lift Receivership
------------------------------------------------------
The Sydney Morning Herald reports that Chameleon Mining NL said it
expects its receivership, brought about by its litigation funder,
will be lifted this week in a Supreme Court decision.

As reported in the Troubled Company Reporter-Asia Pacific on
August 13, 2010, The Australian said Chameleon Mining has been
placed in the hands of receivers amid a dispute with the funders
of a multi-million-dollar court case.  International Litigation
Partners on August 11 moved to appoint insolvency firm Armstrong
Wily as external receiver to the company in an apparent bid to
protect its interests.  According to The Australian, 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
Australian noted.  But the deal appears to have contravened the
terms of a AU$20 million fixed and floating charge ILP secured
over the group last year, which prohibits Chameleon granting
security over its assets to a third party.

According to SMH, the Chameleon spokesman said Chameleon later on
August 11 obtained from the Supreme Court of NSW an injunction to
restrain the receiver from acting.

SMH adds that the spokesman said the receiver on Thursday
submitted an application to dissolve Chameleon's injunction,
"which failed on all counts".  "The judge (Justice Clifford
Einstein) said that these matters are urgent and must be dealt
with on a final basis as soon as possible," the report quoted the
spokesman as saying.

                       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.


DIRECT FACTORY: In Talks With Lenders Over $1 Billion of Debt
-------------------------------------------------------------
SmartCompany reports that Austexx, the company which owns
Australia's Direct Factory Outlets chain, is believed to be locked
in talks over its future after media reports said it is struggling
under $1 billion of debt and may be on the "verge of collapse".

SmartCompany, citing a report in The Sunday Age, says Austexx was
on the "verge of collapse" and with a "consortium of banks edging
closer to foreclosing on the company".  According to SmartCompany,
The Sunday Age also claimed experts from insolvency firm
KordaMentha had been engaged to examine Austexx's position.
However, SmartCompany says, Austexx is currently in talks with
representatives from the company's banking syndicate.

SmartCompany relates media reports said the DFO at Melbourne's
South Wharf precinct, which opened in 2009, is at the heart of the
company's problems.  The centre has not performed to expectations
and parts of the development, including a cinema complex and food
court, remain uncompleted.  SmartCompany notes lenders to the
South Wharf project are believed to include Suncorp Metway.

Founded in 1996, Direct Factory Outlets has eight factory outlet-
style centres operating on the Eastern Seaboard.  It was founded
in 1996 by rich list members David Golberger and David Wieland,
and is owned by holding company Austexx.


SIGMA PHARMA: Sells Drug Units to Aspen for AU$900 Million
----------------------------------------------------------
Bloomberg News reports that Aspen Pharmacare Holdings Ltd. agreed
to buy the drugs unit of Sigma Pharmaceuticals Ltd. for AU$900
million to gain assets from a company that's lost about half its
value in the past year.

Bloomberg says Sigma is selling the unit, which includes generic
and over-the-counter drugs, at about 12 times forecast earnings
before interest and taxes for the year to January.  According to
Bloomberg, the sale proceeds exceed Sigma's net debt and will
leave the Melbourne-based company with wholesale and retail
operations.

Sigma said Lazard Ltd. and Minter Ellison are its advisers.
Investec Plc is advising Aspen.

The Troubled Company Reporter-Asia Pacific reported on July 8,
2010, that Sigma Pharmaceuticals received a formal takeover
proposal from Aspen Pharmacare Holdings Limited to acquire all of
Sigma's issued share capital for cash at AU$0.55 per Sigma share,
8% lower than Aspen's original offer of AU$0.60 a share.  The
offer from Aspen values Sigma at AU$648 million, various media
reports said.  Sigma said Aspen had proposed that the transaction
will be implemented via a scheme of arrangement.

                    About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- manufactures, markets and
distributes pharmaceutical products through the pharmacy and
grocery channels and the provision of services to retail
pharmacists.  Its Pharmaceuticals segment includes the manufacture
or contract manufacture for Australian and overseas customers.
The Company's Healthcare segment represents its traditional
pharmacy wholesale business. Its subsidiaries include Chemist Club
Pty Limited, Sigma Company Limited, Amcal Pty. Limited,
Commonwealth Drug Company Pty. Ltd., Fawns & McAllan Proprietary
Limited, Guardian Pharmacies Australia Pty. Ltd and Sigma Finance
Pty. Ltd.  On October 2, 2009, the Company acquired some parts of
the Australian business operations of Bristol Myers Squibb
Australia (BMSA) and associated assets (BMS Australian Business).
The BMS Australian Business consists of the pharmaceutical and
technical operations division, which operates out of BMS
Australia's Noble Park facility.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, The Sydney Morning Herald had noted.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported that Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that the company had breached debt
covenants and that creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30, 2010.


TARRANTS FINANCIAL: Formally Placed Into Liquidation
----------------------------------------------------
The Illawarra Mercury reports that Tarrants Financial Consultants
has been formally placed into liquidation with debts of about
AU$870,000.

Citing documents from the Australian Securities and Investments
Commission, the Mercury says ASIC confirm Jamieson Andre Louttit,
of Sydney insolvency firm Jamieson Louttit and Associates, was
appointed liquidator to the company at a meeting of directors on
Friday.

The Mercury reports that Tarrants and another Wollongong financial
advisor, Colin Warne, encouraged clients to invest in now
collapsed fund manager Trio Capital, predominantly through its
$123 million flagship investment Astarra Strategic Fund.

The report relates Trio and its parent company Astarra Funds
Management are being wound up, while 10 months of investigations
have been unable to trace the money it invested in a web of hedge
funds in foreign tax havens.

A letter sent to creditors on Monday, and obtained by the Mercury,
indicates that Tarrants Financial Consultants has liabilities of
$870,483.  The liabilities do not include money that investors
fear they have lost through Astarra, the report notes.


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


ASIAN FANTASMA: Members' Final Meeting Set for September 17
-----------------------------------------------------------
Members of Asian Fantasma Hong Kong Limited will hold their final
meeting on September 17, 2010, at 10:00 a.m., at Rooms 1105-1108,
11/F, Gloucester Tower, The Landmark, 15 Queen's Road Central, in
Hong Kong.

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


BEP MANAGEMENT: Members' and Creditors Meetings Set for Sept. 14
----------------------------------------------------------------
Creditors and members of BEP Management Services Limited will hold
their meetings on September 14, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at 25th Floor, Wing On Centre, 111 Connaught Road
Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHINA TIAN: Wong and Leung Step Down as Liquidators
---------------------------------------------------
Wong Ming Lai and Leung Chung Yin stepped down as liquidators of
China Tian Yun Development Ltd on August 1, 2010.


COMMERCIAL INT'L: Members' Final General Meeting Set for Sept. 17
-----------------------------------------------------------------
Members of Commercial International Trade Services Limited will
hold their final general meeting on September 17, 2010, at 9:01
a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in
Hong Kong.

At the meeting, Amr Youssef Hassan El-Ganainy, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


COMPONENT I-NET: Members' Final Meeting Set for September 13
------------------------------------------------------------
Members of Component I-Net Limited will hold their final general
meeting on September 13, 2010, at 10:00 a.m., at Flat C, 4/F.,
Good Luck Industrial Building, 105 How Ming Street, Kwun Tong,
Kowloon, in Hong Kong.

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


DAVOR POWER: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
Members of Davor Power Trade Hong Kong Limited on July 30, 2010,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it fall due.

The company's liquidators are:

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


ELO HOLDINGS: Lai, Blaauw and Tan Step Down as Liquidators
----------------------------------------------------------
Lai Kar Yan Derek and Tan Man Kou (Deceased) stepped down as
liquidators of Elo Holdings Limited on May 25, 2010.


FORTIS PRIVATE: Law Yui Lun Steps Down as Liquidator
----------------------------------------------------
Law Yui Lun stepped down as liquidator of Fortis Private Equity
(Hong Kong) Limited on August 3, 2010.


FRANKO INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on August 4, 2010,
creditors of Franko Industrial Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

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


GRACEHEART CHARITY: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on July 31, 2010,
creditors of Graceheart Charity Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Wong Siu Yee
         Room 704, 7/F
         Gee Tuck Building
         18 Bonham Strand
         Hong Kong


GREENWOOD MANAGEMENT: Members' Final Meeting Set for September 17
-----------------------------------------------------------------
Members of Greenwood Management Services (H.K.) Limited will hold
their final general meeting on September 17, 2010, at 11:00 a.m.,
at 905 Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon,
in Hong Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GULIANO (HK): Commences Wind-Up Proceedings
-------------------------------------------
Members of Guliano (HK) Limited, on July 30, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Herman Van De Velde
         Dendermondesteenweg 90
         9230 Welteren
         Belgium


INTER CHINA: Ying and Chan Step Down as Liquidators
---------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Inter China Services Limited on August 13, 2010.




KEY COMPANY: Creditors' Proofs of Debt Due September 10
-------------------------------------------------------
The Key Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by September 10, 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:

         Andrew Morrison Paul
         23/F., Tung Hip Commercial Building
         244 Des Voeux Road
         Central, Hong Kong


KINGWEALTH TECHNOLOGY: Creditors' Proofs of Debt Due September 15
-----------------------------------------------------------------
Creditors of Kingwealth Technology Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 15, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 9, 2010.

The company's liquidator is:

         Malcolm Andrew Bleach
         Rooms 1501-3, Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


LINK TARGET: Creditors' Proofs of Debt Due September 15
-------------------------------------------------------
Link Target Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 15,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on August 10, 2010

The company's liquidator is:

         Cheung Au Yuen Ling Rosalind
         Room 1808-1809, Wing Lung Bank Centre
         636 Nathan Road, Mongkok
         Kowloon


LIQUIDITY SERVICES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Liquidity Services Asia Limited, on August 2, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Rick Wang
         26/F Times Media Centre
         133 Wanchai Road
         Wanchai, Hong Kong


MAIN LEGEND: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on August 4, 2010,
creditors of Main Legend Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

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


MAX ELEGANCE: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on August 4, 2010,
creditors of Max Elegance Enterprises Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

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


MOS INT'L: Members and Creditors Meetings Set for September 25
--------------------------------------------------------------
Members and creditors of Mos International Limited will hold their
meetings on September 25, 2010, at 10:30 a.m., and 10:30 a.m.,
respectively at Room C, 2nd Floor, Wing Tat Commercial Building,
121-125 Wing Lok Street, Central, in Hong Kong

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


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


ADITYA POLYMERS: CRISIL Reaffirms 'BB+' Rating on Bank Debts
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aditya Polymers &
Chemicals India Pvt Ltd bcontinue to reflect APCPL's moderate
financial risk profile marked by high gearing and modest interest
coverage, and small scale of operations in the polymer
distribution business.  These weaknesses are, however, partially
offset by the moderate debtor risk and absence of inventory risk
in APCPL's business.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR105.0 Million Channel Finance   P4+ (Reaffirmed)
   INR63.0 Million Bill Discounting   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that APCPL will maintain its credit risk profile
over the medium term on the back of healthy working capital
management.  The outlook may be revised to 'Negative' if
significant increase in debtors, or adverse movements in interest
rates affect the spreads available to the company.  Conversely,
the outlook may be revised to 'Positive' if the company scales up
its operations, and strengthens its capital structure and debt
protection measures.

Update

The company's performance in 2009-10 (refers to financial year,
April 1 to March 31) was in line with CRISIL's expectation.  The
company registered operating income of around INR81 million while
maintaining an operating margin of around 60%.  CRISIL believes
that APCPL will sustain its business risk profile, with its stable
relationship with principal Reliance Industries Ltd (RIL, CRISIL
rated 'AAA/Stable/P1+'.)

The company has undertaken a major debt-funded capex -- to acquire
new office space -- thereby constraining potential improvement in
capital structure.  APCPL maintained a high gearing of around 3
times while its interest coverage was low at around 1.7 times as
on March 31, 2010.  CRISIL believes that APCPL's cash accruals
during 2010-11 will be sufficient to service term debt.  The
operations continue to have low working capital requirements,
while the receivables management has improved marginally during
2009-10.  However, the bank limit utilization remains high.

APCPL reported a profit before tax (PBT) of INR20.5 million on
operating income of INR81.3 million for 2009-10, as against a PAT
of INR17.8 million on operating income of INR84.3 million for
2008-09.

                       About Aditya Polymers

Set up in 1969 by Mr. Anirudha Joshi, APCPL initially was engaged
in merchant import of polymer products.  The company began
operations as a del credere agent for RIL in 1993.  The company
sells various polymer products such as Low Density Poly Ethylene
(LDPE), Low Linear Density Polyethylene (LLDPE), Polypropylene
(PP), High Density Polypropylene (HDPE) and Poly Vinyl Chloride
(PVC).


ASHIANA ISPAT: CRISIL Reaffirms 'BB' Rating on Bank Facilities
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Ashiana Ispat Limited
continue to reflect AIL's weak financial risk profile, marked by
high gearing, and exposure to intensifying competition in the
steel long products industry because of capacity additions in the
industry.  These rating weaknesses are partially offset by AIL's
comfortable market position in the thermo mechanically treated
(TMT) bars industry, and strong brand appeal of its products.

   Facilities                        Ratings
   ----------                        -------
   INR180.0 Million Cash Credit      BB/Stable (Reaffirmed)
   INR20.0 Million Term Loan         BB/Stable (Reaffirmed)
   INR30.0 Million Letter of         P4+ (Reaffirmed)
   Credit/Bank Guarantee

Outlook: Stable

CRISIL believes that AIL's financial risk profile will remain weak
because of its high working capital requirements.  The outlook may
be revised to 'Positive' if the company's financial risk profile
improves significantly, most likely through fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected growth in AIL's operating income, steep
decline in its profitability adversely affecting its debt
protection metrics, additional debt-funded capital expenditure, or
more-than-expected investments in real estate business through
group companies.

                        About Ashiana Ispat

AIL was incorporated in 1992, promoted by Shri Surendra Kumar
Gupta and Shri Prem Prakash Gupta.  The company was taken over by
Kamdhenu Ispat Ltd (Kamdhenu Ispat) in 1997.  AIL was a sick unit
at the time of takeover and had a capacity to manufacture about
15000 tonnes of rolled products. Following a separation between
two promoter groups of Kamdhenu Ispat Ltd, the Agarwal and Jain
families, in 2003, AIL came under the management of the Jain
family and Kamdhenu Ispat Ltd came under the management of the
Agarwal family.  Currently Mr. S S Jain is the chairman and Mr.
Naresh Chand, the managing director of AIL.

AIL is listed on Bombay Stock Exchange, manufactures mild steel
ingots and thermo mechanically treated (TMT) bars, and has an
installed capacity to manufacture 80,000 tonnes of TMT bars and
25,200 tonnes of mild steel ingots per annum.  The company's
manufacturing unit is in Bhiwadi (Rajasthan).

For 2008-09 (refers to financial year, April 1 to March 31), AIL
reported a profit after tax (PAT) of INR 20 million on net sales
of INR 2,081 million, against a PAT of INR 23 million on net sales
of INR 1674 million for 2007-08.


BALAR EXPORTS: CRISIL Reaffirms 'P4' Rating on INR18.5MM Debts
--------------------------------------------------------------
CRISIL ratings on Balar Exports bank facilities continue to
reflect below-average financial risk profile, marked by a small
net worth and weak debt protection indicators, and small scale of
operations.  These weaknesses are, however, partially offset by
the benefits that the firm derives from its promoters' experience
in the diamond business.

   Facilities                             Ratings
   ----------                             -------
   INR56.5 Million Post Shipment Credit   P4 (Reaffirmed)
   INR18.5 Million Packing Credit         P4 (Reaffirmed)

Set up in 1997 as a partnership firm, Balar Exports manufactures
and trades in rough and polished diamonds of all cuts, colours,
carats, and clarity.  The firm has its headquarters in Mumbai, and
a manufacturing unit in Surat (Gujarat).  The firm is not a sight-
holder and imports its rough requirements from diamond traders in
Belgium and other European countries.

Balar Exports reported net loss of INR0.1 million on net sales of
INR609.9 million for 2008-09 (refers to financial year, April 1 to
March 31) against a profit after tax (PAT) of INR52.9 million on
net sales of INR755.1 million for 2007-08.


BANK OF RAJASTHAN: RBI Approves Bank's Merger With ICICI
--------------------------------------------------------
The Reserve Bank of India has approved the merger of Bank of
Rajasthan with ICICI Bank effective August 13, The Hindu reports.

Post-regulatory approvals, The Hindu notes, this would be the
third acquisition by ICICI Bank.  It acquired Bank of Madura way
back in 2001 and Maharashtra-based Sangli Bank was amalgamated
with itself in 2007.

The Bank of Rajasthan Ltd. is an India-based private sector bank.
The Bank operates in three business segments: treasury operations,
banking operations and others/residual. The services provided by
the Bank includes commercial banking, merchant banking, auxiliary
services, consumer banking, deposit and money placement services,
trusts and custodial services, international banking, private
sector banking and depository. The other products provided by the
Bank includes anywhere banking, Internet banking, mobile banking,
life insurance, general insurance, mutual funds, depository
services, credit cards, international debit cards, foreign
remittances, Western Union money transfer, stamp franking, online
shopping and lockers facility.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2010, the Board of Directors of ICICI Bank Ltd. and
Bank of Rajasthan Ltd at their respective meetings approved an
in-principle all-stock amalgamation of BOR with ICICI Bank subject
to due diligence and valuation by an independent valuer jointly
appointed by both banks.  The Board will consider the due
diligence report and valuation report at a subsequent meeting.
The proposal if approved by the Boards of both ICICI Bank and Bank
of Rajasthan would then be placed before the shareholders of both
banks for approval and would be submitted to Reserve Bank of India
(RBI) for its consideration.

The TCR-AP reported on June 3, 2010, that Moody's Investors
Service said the proposed merger of ICICI Bank with Bank of
Rajasthan will not have an impact on ICICI Bank's C- bank
financial strength rating nor its Baa2 global local currency
deposit rating and foreign currency senior unsecured debt
rating.  Over the longer term, Moody's expects ICICI Bank's
franchise value to benefit from this merger but with no immediate
positive impact on its ratings.

Moody's noted that BoR's full-year results as of March 2010
recorded a net loss of INR1.02 billion (US$22.7 million) mainly
due to higher credit costs and much higher employee expenses,
while recording a capital adequacy ratio of 7.52%, lower than the
9% regulatory minimum.  Moody's believes that ICICI Bank's strong
Tier 1 position of 14% as of March 2010 gives it the capacity to
absorb any possible losses stemming from BoR's balance sheet,
without compromising its financial standing and its ratings.  In
addition, Moody's estimates that BoR's volume of net NPLs combined
with its restructured loans account for less than 6% of ICICI
Bank's FY2010 (year ending March 2010) pre-provision income.


BRIGHT POWER: CRISIL Upgrades Rating on INR80MM Debt to 'BB+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Bright Power Projects (India) Pvt Ltd to 'BB+/Stable' from
'BB/Stable' while reaffirming its rating on the company's short-
term bank facility at 'P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR80.0 Million Cash Credit         BB+/Stable (Upgraded from
                                                   BB/Stable)
   INR140.0 Million Bank Guarantee     P4+ (Reaffirmed)

The upgrade reflects significant improvement in company's business
risk profile on the back of healthy demand from railways, addition
of new customers through geographical and sectoral
diversification, and favorable change in revenue mix with a tilt
towards higher margin service contracts.  The upgrade also
reflects improvement in company's financial risk profile backed by
improved profitability margins, and better operating efficiencies.

CRISIL's rating continues to reflect BPP's modest scale of
operations.  These rating weaknesses are partially offset by BPP's
established market position in the electrical contracts business.

Outlook: Stable

CRISIL believes that BPP will continue to benefit from its
established presence in the electrical contracts business over the
medium term.  The outlook may be revised to 'Positive' if BPP's
financial risk profile improves substantially, led by sustained
improvement in profitability and debt protection indicators.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates materially, most
likely because of liquidity constraints or large, debt-funded
capital expenditure.

                         About Bright Power

Incorporated in 1993 by Mr. B R Poonja and Mr. U V Kamath, BPP
undertakes electrical contracts for erection, installation,
commissioning, and maintenance of overhead lines, transformers,
and other equipment for Indian Railways, Bhabha Atomic Research
Centre, and Maharashtra State Electricity Board.

BPP reported a provisional profit after tax (PAT) of INR 32.7
million on net sales of INR602.4 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR14.2
million on net sales of INR513.4 million for 2008-09.


GANGOTRI TEXTILES: CRISIL Reaffirms 'D' Ratings on Bank Debts
-------------------------------------------------------------
CRISIL's ratings on Gangotri Textiles Ltd's bank loan facilities
continue to reflect GTL's continued delays in servicing its debt
obligations; the delays have been on account of weak cash
generation.  The company is rescheduling its debt obligations
through a corporate debt restructuring programme.

   Facilities                            Ratings
   ----------                            -------
   INR3138.8 Million Long-Term Loan      D (Reaffirmed)
   INR159.9 Million Cash Credit          D (Reaffirmed)
   INR427.8 Proposed Long Term Facility  D (Reaffirmed)
   INR50 Million Letter of Credit        P5 (Reaffirmed)
   INR18.3 Million Bank Guarantee        P5 (Reaffirmed)

GTL was promoted by Mr. Manoj Kumar Tibrewal in 1989 and spins
open-ended and ring-spun yarn, besides manufacturing fabric and
garments for the domestic market under the brand name, Tibre.

For 2009-10 (refers to financial year, April 1 to March 31), the
company reported a net loss of INR324.3 million on net sales of
INR1.4 billion, as against a net loss of INR493.2 million on net
sales of INR1.2 billion in the previous year.  During the three-
month period ended June 30, 2010; the company reported a net loss
of INR49.1 million on net sales of INR455.8 million, as against
net loss of INR94.8 million on net sales of INR273.1 million
during the corresponding period in the previous year.


HR INTERNATIONAL: CRISIL Reaffirms 'BB' Rating on INR60MM Debt
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of HR International Ltd
continue to reflect HRIL's exposure to risks relating to moderate
scale of operations in the intensely competitive jute industry,
and average financial risk profile.  These rating weaknesses are
partially offset by HRIL's strong track record and the benefits
that the company derives from the vast experience of its
promoters.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit          BB/Stable (Reaffirmed)
   INR90.0 Million Bills Discounting    P4+ (Reaffirmed)
   INR30.0 Million Packing Credit       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that HRIL will continue to benefit over the medium
term from its established position in the jute and jute products
trading industry.  The outlook may be revised to 'Positive' if the
company improves its operating revenues and margins significantly.
Conversely, the outlook may be revised to 'Negative' if HRIL's
financial risk profile deteriorates because of adverse movements
in its working capital requirements, leading to significant
pressure on its debt protection indicators.

Update

HRIL's sales increased by around 2.5% to around INR1.24 billion in
2009-10 (refers to financial year, April 1 to March 31) over the
previous year.  It had operating profit and net profit of around
INR19.7 million and INR7.9 million (provisional) for 2009-10.  The
company's dependence on bank lines to support working capital
requirements was significantly high, at around 95% during the past
12 months.

                       About HR International

Set up in 1970 by the Mall family of Kolkata, HRIL trades in raw
jute and jute products.  The promoters also promote the Emjay
group, which has interests in real estate, jute textiles,
pharmaceuticals, and trading.

HRIL reported a provisional profit after tax (PAT) of INR7.9
million on net sales of INR1.24 billion for 2009-10, as against
a PAT of INR2.12 million on net sales of INR1.21 billion for
2007-08.


MULTI MAX: CRISIL Assigns 'B' Rating to Various Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Multi Max
Engineering Works Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR23.0 Million Cash Credit Limit       B/Stable (Assigned)
   INR25.5 Million Term Loan               B/Stable (Assigned)
   INR3.4 Million Standby Line of Credit   B/Stable (Assigned)
   INR108.1 Million Proposed Long Term     B/Stable (Assigned)
   Bank Loan Facility
   INR20.0 Million Bank Guarantee          P4 (Assigned)

The ratings reflect MEPL's below-average financial risk profile,
marked by high gearing, small net worth and weak debt protection
measures driven by large working capital requirements; and
fluctuations in revenue owing to cyclicality in capacity addition
in the end-user industry.  These rating weaknesses are partially
offset by the experience of MEPL's promoters in the engineering
industry.

Outlook: Stable

CRISIL believes that MEPL will continue to benefit from its
promoters' industry experience over the medium term.  The
company's financial risk profile is expected to remain weak
because of its large working capital requirements and small net
worth.  The outlook may be revised to 'Positive' if MEPL executes
current order book position in time along with efficient working
capital management and strengthen its order book position.
Conversely, the outlook may be revised to 'Negative', if the
company's order book shrinks, or its financial risk profile
deteriorates because of large working capital requirements, or
additional, debt-funded capital expenditure.

                          About Multi Max

MEPL (formerly, Multi Max Engineering Works) was incorporated as a
proprietorship firm in 1978 by Mr. Ravi Aggarwal.  The firm was
converted into a private limited company in 2007-08 (refers to
financial year, April 1 to March 31).  The company, based in
Meerut (Uttar Pradesh), manufactures pressure vessels and heat
exchangers, which are used in the oil and gas exploration
industry. MEPL was only catering to the replacement market for
pressure vessels and heat exchangers until 2009-10.  However, in
2010-11, it obtained approvals to become an OEM of these products.

MEPL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR36.1 million for 2009-10, against a PAT of INR 1.6
million on net sales of INR41 million for 2008-09.


PALRIWAL INDUSTRIES: CRISIL Cuts Rating on INR50MM Loan to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded its rating on Palriwal Industries Pvt Ltd's
bank facilities to 'BB-/Stable' from 'BB/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR110 Million Cash Credit Limit   BB-/Stable (Downgraded from
                                                  'BB/Stable')
   INR50 Million Long-Term Loan       BB-/Stable (Downgraded from
                                                  'BB/Stable')

The downgrade reflects the more-than-expected deterioration in
PIPL's financial risk profile following the ongoing debt-funded
capital expenditure (capex), coupled with increase in its working
capital requirements.  As on March 31, 2010, the company's gearing
was around 2.64 times, as against the expected gearing of less
than 2 times.

The ratings reflect PIPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, exposure to risks
associated with large debt-funded capex, and susceptibility of its
margins to the cyclical nature of the end-user industries and to
volatility in crude oil prices.  These rating weaknesses are
partially offset by the company's moderate business risk profile,
backed by its established relations with customers and suppliers.

Outlook: Stable

CRISIL believes that PIPL will maintain its business risk profile
over the medium term backed by its established relationships with
its customers and suppliers.  However, the company's financial
risk profile is expected to remain weak due to debt-funded capex
plans in 2010-11 (refers to financial year, April 1 to March 31).
The outlook may be revised to 'Positive' if the company derives
more-than-anticipated benefits from its expansion project, or its
financial risk profile improves, most likely because of
substantial equity infusion.  Conversely, the outlook may be
revised to 'Negative' if there is significant delay in
commissioning of PIPL's project, or the company's accruals are
lower than anticipated, putting pressure on its liquidity.

                      About Palriwal Industries

PIPL (formerly, Palriwal Hydrocarbons & Chemicals Pvt Ltd),
promoted by Mr. Bijay Kumar Agarwal and Mr. Kamal Kumar Palriwal,
has its registered office in Kolkata. Set up in 2000, the company
manufactures coal tar pitch, and trades in its by-products such as
creosote oil, naphthalene, and dehydrated coal tar.  The company's
manufacturing facilities in Ranchi (Jharkhand) have a coal tar
distillation capacity of 27,000 tonnes per annum (tpa).
Currently, PIPL is in the process of setting up an aluminum
conductor wire unit at Ranchi with a manufacturing capacity of
21,600 tpa.

For 2009-10, PIPL reported a profit after tax (PAT) of INR3.1
million on net sales of INR505 million, against a PAT of INR3.4
million on net sales of INR628 million for 2008-09.


PREMCO RAIL: CRISIL Upgrades Rating on INR350MM Debt to 'BB'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Premco
Rail Engineers Ltd to 'BB/Stable/P4+' from 'B/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR350.00 Million Cash Credit         BB/Stable (Upgraded from
                                         B/Stable)
   INR540.00 Million Bank Guarantee      P4+ (Upgraded from P4)
   INR210.00 Million Proposed            P4+ (Upgraded from P4)
   Bank Guarantee

The upgrade reflects Premco Rail's improved financial flexibility
and revenue visibility.  The company's bank limits have been
enhanced to INR350 million from December 2009 as against INR143.9
million previously resulting in no instance of overutilisation of
its bank limits for the past 15 months ending June 2010.  This has
resulted in improved liquidity and flexibility for Premco Rail.
The company also has healthy order book of INR4 billion as on
June 30, 2010, which is to be executed over the next 24 months
period, leading to improved revenue visibility.

CRISIL's ratings reflect Premco Rail's large working capital
requirements and exposure to risks related to concentration of
revenues in the rail infrastructure segment.  These rating
weaknesses are partially offset by Premco Rail's healthy debt
protection metrics and gearing and its promoters' experience in
the rail infrastructure business.

Outlook: Stable

CRISIL believes that Premco Rail will continue to benefit from
healthy growth in its revenues, over the medium term.  The outlook
may be revised to 'Positive' if the company's liquidity improves
because of significant equity infusion or better working capital
management.  Conversely, the outlook may be revised to 'Negative'
if Premco Rail reports lower-than-expected accruals because of
decline in revenues or profitability, or undertakes larger-than-
expected debt-funded capital expenditure programme.

                         About Premco Rail

Set up in 1988 by Mr. Prem Kumar Lihala, Premco Rail renders
integrated engineering, procurement, and construction services for
construction of railway siding and main line railway tracks, and
for overhead electrification, bridges, pavements and road works
for the India and overseas markets.  The company is an approved
consultant for design and construction of private sidings for all
the 19 zonal railway authorities in India. Premco Rail caters to
both the private and public sectors.  It acquired the
propertiorship firm, Premco Traders, in 2006-07 (refers to
financial year, April 1 to March 31).

Premco Rail reported a profit after tax (PAT) of INR65.2 million
on net sales of INR1898.6 million for 2009-10 against a PAT of
INR57.9 million on net sales of INR1493.2 million for 2008-09.


ICICI BANK: Fitch Affirms 'BB-' Rating on Perpetual Hybrid Debt
---------------------------------------------------------------
Fitch Ratings has affirmed ICICI Bank Ltd.'s Long-term foreign
currency Issuer Default Rating at 'BBB-', Short-term foreign
currency IDR at 'F3' and Support Rating Floor at 'BBB-'.
Simultaneously, the Individual rating and Support ratings have
been affirmed at 'C' and '2', respectively.  The agency has also
affirmed ICICI's Long-term Senior debt rating at 'BBB-' and Long-
term rating of its perpetual hybrid debt at 'BB-'.  The Outlook is
Stable.  The instrument details are given at the end of the
commentary.

ICICI's Long-term IDR and Individual Rating reflect its high
capitalization levels, its improved funding profile and a better
economic outlook.  This has helped the bank to mitigate late 2008-
early 2009 concerns over its refinancing risks, due to its
substantial dependence on wholesale borrowings, particularly for
its international operations.

ICICI's funding profile has improved considerably, partly
alleviating some of the late 2008 concerns expressed by Fitch.
Although wholesale borrowings and bulk deposits still account for
a measurable portion of total funding (Fitch estimates 35-40%),
there has been considerable improvement in ICICI's retail deposit
base backed by an increased network of branches (June 2010: 2,016;
FY08: 1,262).  This number has now increased to 2,500 with the
regulatory approval for Bank of Rajasthan's and ICICI's merger
(effective August 13, 2010).  The bank's near-term maturities are
well-covered by liquid assets at hand, while its borrowing
capacity overseas has also improved due to a better credit
environment and the bank's relatively lower risk profile.

In Fitch's opinion, ICICI enjoys strong regulatory support, thanks
to its systemic importance as India's second largest domestic bank
which is reflected in its support rating of '2' and its long-term
rating is also at its Support Floor.

The bank's reported gross non-performing loans, at 5% of total
loans, is the highest among larger domestic peers.  The bank's
NPLs are largely driven by delinquencies in the consumer loan
segment.  It has, over the past two years, aggressively trimmed
its loan book across various borrower classes, and most notably in
retail loans -- where the gross NPL ratio was 9% at end-March 2010
-- mainly led by unsecured retail exposure.  While high levels of
restructured loans and tightening interest rates could lead to
more NPLs, Fitch is comforted by the gradual decline in the pace
of new NPLs in FY10 due partly to ICICI's reduced loan
originations since 2009.  ICICI's loan loss reserves also improved
to 65% of gross NPLs in Q1FY11 (FY10: 60%; Q1FY10: 51%), closer to
the regulatory requirement of 70%.

ICICI's capitalization level (Q1FY11: capital adequacy ratio: 20%,
Tier 1 ratio: 14%; hybrids less than 10% of total Tier 1 capital)
is clearly the best among its peers and the overall market
average.  The improvements are supported by the sharp reduction in
its risk-weighted assets.  The quality of capital is strong with
hybrid Tier 1 securities comprising only 6% of the bank's Tier 1
capital.  The high loss absorption capacity should provide the
bank with enough headroom to withstand another economic downturn.

A strong balance of both interest and non-interest income helps to
support ICICI's income profile.  Moreover, a higher current
account and savings account deposit base and sharply reduced
expenses have helped provide resilience to the bank financial
performance despite high provisioning costs.

ICICI is India's largest private sector bank and the second
largest bank in India with an asset base of US$80.5bn in FY10.  It
has a robust domestic franchise with over 2,016 branches and 5,219
ATMs in India.  The bank's overseas operations are mainly based in
UK, Canada and Asia.

Instrument details are:

  -- SGD200 million senior notes: 'BBB-';
  -- US$7 billion senior notes: 'BBB-'; and
  -- US$1.5 billion perpetual Tier 1 debt: 'BB-'.


INDO GLOBAL: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on Indo Global Commercials Pvt Ltd's bank
facilities continue to reflect Indo Global's low net worth and
moderate scale of operations in the paper trading industry, and
stretched debtor profile.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit            BB+/Stable (Reaffirmed)
   INR27.5 Million Rupee Term Loan        BB+/Stable (Reaffirmed)
   INR27.5 Million Proposed Long-Term     BB+/Stable (Reaffirmed)
                   Bank Loan Facility
   INR20.0 Million Letter of Credit       P4+ (Reaffirmed)
   INR5.0 Million Bank Guarantee          P4+ (Reaffirmed)

These weaknesses are partially offset by the company's low
gearing, comfortable debt protection measures, and the benefits
derives from its established relationships with suppliers and
customers.

Outlook: Stable

CRISIL believes that Indo Global will continue to benefit from its
satisfactory track record in the paper trading business, and low
inventory risks.  The outlook may be revised to 'Positive' if Indo
Global's revenues grow substantially while it maintains current
profitability and manages its receivables comfortably.
Conversely, the outlook may be revised to 'Negative' if large
debt-funded capital expenditure leads to deterioration in Indo
Global's financial risk profile, or if poor receivables management
results in stretched liquidity.

Update

Indo Global's performance during 2009-10 (refers to financial
year, April 1 to March 31) has been lower than CRISIL's
expectations: although Indo Global registered a year-on-year
revenue growth of around 35%, its agency sales volumes declined
significantly, while its operating margin reduced to around 8%
during the year from 20% in the previous year.  However, its
revenues and sales volumes have improved during the first quarter
of 2010-11.  In 2009-10, Indo Global purchased a new office space
for a capex of INR10 million, which was funded entirely by
liquidation of investments.  The company's capital structure
improved marginally, primarily because of reduced working capital
requirements required for lower sales volumes.  The firm's
interest coverage ratio was modest at around 2 times in 2009-10.
Its cash accruals remain adequate, with no significant fixed
repayment obligations for the medium term.  CRISIL believes that
Indo Global will sustain its credit risk profile over the medium
term.

Indo Global reported a profit after tax (PAT) of INR9.4 million on
net sales of INR234.7 million for 2009-10, as against a PAT of
INR15.6 million on net sales of INR142.2 million for 2008-09.

                          About Indo Global

Set up in 1997 by Mr. Sajjan Jain, Indo Global trades in newsprint
and other varieties of paper.  The company also trades in coal.
Its key customers include India's leading newspaper agencies.
Indo Global also exports to countries in the Middle East and East
Africa.  The company also has a windmill in Maharashtra with
capacity to generate 0.60 mega watts of power.


SUVEN LIFE: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL's ratings on Suven Life Sciences Ltd's bank facilities
continue to reflect high-risk nature of Suven's business, Suven's
average net worth, and limited financial flexibility.  These
rating weaknesses are partially offset by Suven's good track
record in contract research and manufacturing services (CRAMS) and
strong research and development (R&D) capabilities.

   Facilities                           Ratings
   ----------                           -------
   INR20.0 Million Cash Credit          BB+/Negative (Reaffirmed)
   INR104.8 Million Rupee Term Loan     BB+/Negative (Reaffirmed)
   INR184.7 Million Foreign Currency    BB+/Negative (Reaffirmed)
                          Term Loan
   INR105.0 Million Packing             P4 (Reaffirmed)
   Credit/Bill Discounting Facility
   INR60.0 Million Letter of Credit     P4 (Reaffirmed)
   INR5.0 Million Bank Guarantee        P4 (Reaffirmed)

Outlook: Negative

CRISIL believes that Suven's liquidity will remain under pressure
because of its continuing expenditure on R&D and large maturing
debt obligations.  The ratings may be downgraded if Suven's cash
accruals and profitability decline more than expected.
Conversely, the outlook could be revised to 'Stable' if Suven
raises equity (through stake dilution), or reduces its exposure to
risks related to its new chemical entity programme by entering
into partnerships or out-licensing agreements.

                          About Suven Life

Incorporated in 1989, Suven is into pharmaceutical CRAMS business.
The company acquired its first manufacturing facility, in
Suryapet, from Andhra Pradesh State Financial Corporation, in
1989, as a sick unit; it was later converted to an active
pharmaceutical ingredient research unit.  In 1992-93 (refers to
financial year, April 1 to March 31), Suven purchased another sick
unit, Lordwin Laboratories, from State Bank of India; this
facility, located at Pashamylaram, near Hyderabad, is approved by
the US Food and Drug Administration.  The third facility, at
Jedimatla, also purchased in 1992-93, focuses on process research
and pilot manufacturing.

For the first three months of 2010-11, Suven reported a net profit
of INR34.4 million on net sales of INR359.2 million, against a net
profit of INR21.8 million on net sales of INR310.2 million for the
corresponding period of the previous year. For 2009-10, Suven
reported a net profit of INR70.0 million (Rs.71.2 million in 2008-
09) on net sales of INR1.3 billion (Rs.1.4 billion).


TATA MOTORS: S&P Raises Corporate Credit Rating to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on India-based Tata Motors Ltd. to
'B+' from 'B'.  The outlook is positive.  At the same time, it
raised the issue rating on the company's senior unsecured notes to
'B+' from 'B'.

S&P raised the rating on Tata Motors to reflect the sustained
improvement in the operating performance of Jaguar and Land Rover
(JLR) and the company's India operations over the past year.  The
improvement in Tata Motors' operating performance, along with the
company's debt reduction measures, has improved its cash flow
protection measures and liquidity position.  Tata Motors'
consolidated adjusted EBITDA margins were about 10% in the quarter
ended June 30, 2010, and 8% for the past nine months.

"Improved price realizations, higher sales, and favorable exchange
rate movements led the improvement at JLR.  In addition, Tata
Motors' India operations benefited from strong domestic economic
growth, new product launches, commissioning of the Sanand plant
for the production of the Nano, and a dominant market position in
the commercial vehicles market," said Standard & Poor's credit
analyst Mehul Sukkawala.  "Nevertheless, S&P expects the company's
margins to remain susceptible to the tentative global economic
recovery and exchange rate movements at JLR, increasing pressure
on cost because of higher commodity prices, and increasing
competition in the Indian commercial vehicle market."

Tata Motors' financial risk profile has improved, although it
remains aggressive.  Better operating performance and debt
reduction measures aided the improvement in the company's
financial risk profile.  S&P expects the company to largely
sustain the improvement in its operating performance and its
financial profile.  In addition, S&P view Tata Motors' liquidity
as adequate.

The positive rating outlook reflects S&P's expectation that the
company will maintain its improved operating performance,
especially at JLR, thereby further improving its financial risk
profile.


VEE KAY: CRISIL Rates INR65.0 Million Cash Credit Limit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' ratings to the cash credit
facility of Vee Kay Concast Pvt Ltd, which is part of the Waryam
group.

   Facilities                            Ratings
   ----------                            -------
   INR65.0 Million Cash Credit Limit     BB/Stable (Assigned)

The ratings reflect the Waryam group's small scale of operations,
and exposure to risks related to intense competition in the
alloyed and non-alloyed steel ingots segment and to customer and
end-user industry concentration in its revenue profile.  These
rating weaknesses are partially offset by the Waryam group's
moderate financial risk profile, marked by moderate gearing and
comfortable debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of WSCL and Vee Kay Concast Pvt Ltd (VCL),
together referred to as the Waryam group.  This is primarily
because the entities are in the same lines of businesses and
derive considerable operational, financial and business synergies
from each other.

Outlook: Stable

CRISIL believes that the Waryam group's financial risk profile
will remain moderate, marked by moderate gearing and debt
protection measures, over the medium term.  However, the Waryam
group's business risk profile may be constrained by the group's
small scale of operations in the intensely competitive steel
industry, leading to low operating margin.  The outlook may be
revised to 'Positive' if the group scales up its operations while
improving its operating margin.  Conversely, the outlook may be
revised to 'Negative' if the Waryam group's financial risk profile
weakens because of decline in sales, or if the group undertakes a
larger-than-expected, debt-funded capex programmes, leading to
deterioration in its financial risk profile.

                           About the Group

Incorporated in 1991, WSCL was acquired by Mr. Vipan Gupta in
January 2002. WSCL manufactures alloyed and non-alloyed steel
ingots.  It also trades in commodities such as scrap, ingots, iron
and steel.  The company has capacity to produce around 1500 tonnes
of ingots per month at its facilities in Ludhiana (Punjab).

Incorporated in 1996, VCL (formerly, Saeco Concast Pvt Ltd) was
acquired by Mr. Atul Gupta (brother of Mr. Vipan Gupta) in 1999.
The company manufactures industrial rounds from alloyed and non-
alloyed steel ingots.  These rounds are available in various
grades and sizes ranging from 20 millimeters (mm) to 80mm.  The
company has capacity to produce around 2000 tonnes of rounds at
its facilities in Ludhiana.

VCL is estimated to report a profit after tax (PAT) of INR1
million on net sales of INR385 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR0.9
million on net sales of INR358 million for 2008-09.


VIKRAM HOSPITAL: CRISIL Cuts Rating on INR510.2MM LT Loan to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Vikram
Hospital Pvt Ltd to 'B+/Negative' from 'BB+/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR510.2 Million Long-Term Loan      B+/Negative (Downgraded
                                        from 'BB+/Stable)

   INR36.6 Million Cash Credit Limit    B+/Negative (Downgraded
                                        from 'BB+/Stable)

The downgrade reflects deterioration in the group's financial risk
profile due to aggressive capital expenditure (capex) plans of the
group prior to the stabilization of the new hospital in Bengaluru
through wholly owned subsidiary, Vikram Hospital (Bengaluru) Pvt
Ltd.  The group proposes to set up additional hospitals in 2010-11
(refers to financial year, April 1 to March 31) and 2011-12 in
Karnataka.  Its profitability reduced to 16% in 2009-10 from 19%
in 2007-08 owing to high fixed costs due to expansions undertaken.
Profitability is expected to remain constrained over the medium
term, given the additional hospitals being set up by the group.
The capex plans are to be funded largely through debt.  CRISIL,
therefore, expects the group's debt servicing ability and debt
protection measures to remain weak over the medium term.

The rating continues to reflect VHPL's small scale of operations,
exposure to risks relating to geographical concentration in
revenues and project implementation, and below-average financial
risk profile.  These weaknesses are partially offset by VHPL's
established presence in the tertiary health care segment.

CRISIL has consolidated the financial and business risk profiles
of Vikram Hospital and VHBPL as VHBPL is a 100% owned subsidiary
of Vikram Hospital with effect from April 2010.  These are
together referred to as the Vikram group. VHBPL, on commencement
of operations, would also be operating in the tertiary care
segment like its parent and the parent seeks to establish its
brand in Bangalore (so far, Vikram Hospital has been focussing on
cities other than Bangalore in Karnataka) through VHBPL.

Outlook: Negative

CRISIL believes that the Vikram group's financial risk profile is
likely to deteriorate over the medium term owing to large-scale
expansions undertaken by the group.  The rating may be downgraded
if deterioration in profitability or delays in commencement of
operations at the Bengaluru hospital impact its debt-servicing
ability.  Conversely, the outlook may be revised to 'Stable' in
case of sustained improvement in the group's debt protection
metrics.

                          About Vikram Hospital

Incorporated in 2002 by Dr. S B Vikram in Mysore, the Vikram group
provides tertiary healthcare and other healthcare-related
services.  Its infrastructure consists of a 116-bed hospital with
four operation theatres, a pharmacy and a blood bank.  The group
has set up three hospitals and one outpatient department (OPD) in
Mysore, one hospital each in Mandya and Tumkur (both in
Karnataka).  The Vikram group's new hospital in Bengaluru is
expected to commence operations by the end of August 2010.
Furthermore, the group plans to expand to cities such as Hassan,
Belgaum, Hubli, Hospet and Bellary at a total project cost of
INR650 million over 2010-11 and 2011-12.  ICICI Venture has
decided to invest INR960 million in the group through its
healthcare arm, I-Ven. I-Ven has infused funds amounting to
INR550.8 million as on March 31, 2010, with the balance to be
infused by 2011-12.

For 2009-10 (refers to financial year, April 1 to March 31), the
Vikram group reported a provisional profit after tax (PAT) of
INR12.7 million on net sales of INR493.7 million, as against a PAT
of INR1.1 million on net sales of INR348.6 million for 2008-09.


WARYAM STEEL: CRISIL Assigns 'BB' Rating on INR80MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Waryam Steel Castings Pvt Ltd, which is part of the
Waryam group.

   Facilities                             Ratings
   ----------                             -------
   INR80.0 Million Cash Credit Limit      BB/Stable (Assigned)
   INR100.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect the Waryam group's small scale of operations,
and exposure to risks related to intense competition in the
alloyed and non-alloyed steel ingots segment and to customer and
end-user industry concentration in its revenue profile.  These
rating weaknesses are partially offset by the Waryam group's
moderate financial risk profile, marked by moderate gearing and
comfortable debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of WSCL and Vee Kay Concast Pvt Ltd (VCL),
together referred to as the Waryam group.  This is primarily
because the entities are in the same lines of businesses and
derive considerable operational, financial and business synergies
from each other.

Outlook: Stable

CRISIL believes that the Waryam group's financial risk profile
will remain moderate, marked by moderate gearing and debt
protection measures, over the medium term.  However, the Waryam
group's business risk profile may be constrained by the group's
small scale of operations in the intensely competitive steel
industry, leading to low operating margin.  The outlook may be
revised to 'Positive' if the group scales up its operations while
improving its operating margin.  Conversely, the outlook may be
revised to 'Negative' if the Waryam group's financial risk profile
weakens because of decline in sales, or if the group undertakes a
larger-than-expected, debt-funded capex programmes, leading to
deterioration in its financial risk profile.

                     About the Group

Incorporated in 1991, WSCL was acquired by Mr. Vipan Gupta in
January 2002. WSCL manufactures alloyed and non-alloyed steel
ingots.  It also trades in commodities such as scrap, ingots, iron
and steel.  The company has capacity to produce around 1500 tonnes
of ingots per month at its facilities in Ludhiana (Punjab).

Incorporated in 1996, VCL (formerly, Saeco Concast Pvt Ltd) was
acquired by Mr. Atul Gupta (brother of Mr. Vipan Gupta) in 1999.
The company manufactures industrial rounds from alloyed and non-
alloyed steel ingots.  These rounds are available in various
grades and sizes ranging from 20 millimeters (mm) to 80mm.  The
company has capacity to produce around 2000 tonnes of rounds at
its facilities in Ludhiana.

WSCL is estimated to report a profit after tax (PAT) of INR1
million on net sales of INR420 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR0.8
million on net sales of INR506 million for 2008-09.


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


AUCKLAND DISTRICT: Moody's Withdraws Ratings on Various Bonds
-------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on the
NZD70 million, 7.75% bonds due September 15, 2010, and the
NZD50 million, 7.75% bonds due September 15, 2015, issued by
Auckland District Health Board and guaranteed by MBIA Insurance
Corporation.  Moody's has withdrawn these ratings for business
reasons.

The ratings withdrawal reflects Moody's current policy to withdraw
ratings on MBIA Insurance Corporation wrapped securities for which
there is no published underlying rating.  Should MBIA Insurance
Corporation's rating subsequently move back into the investment
grade range or should Auckland District Health Board subsequently
request publication of the underlying ratings, Moody's would
reinstate the ratings to the wrapped instruments.  For further
information, please refer to Moody's special comment: 'Assignment
of Wrapped Ratings When Financial Guarantor Falls below Investment
Grade (May 6, 2008).

These ratings have been withdrawn:

  -- Auckland District Health Board: 7.75% capital bonds due
     September 15, 2010, and 7.75% capital bonds due September 15,
     2015, having the benefit of a guarantee from MBIA Insurance
     Corporation.

The last rating action on these bonds was implemented on
February 18, 2009, when Moody's placed MBIA Insurance
Corporation's Baa1 rating on review with direction uncertain.
MBIA Insurance Corporation is currently rated at B3 with a
negative outlook.


FELTEX CARPET: Registrar of Companies Won't Appeal Acquittal
------------------------------------------------------------
The Registrar of Companies said he won't be appealing this month's
court ruling to acquit Feltex Carpet's five directors of Financial
Reporting Act charges, The New Zealand Herald reports.

As reported in the Troubled Company Reporter-Asia Pacific on
August 5, 2010, The National Business Review said five former
directors of Feltex Carpets have been found not guilty of
Financial Reporting Act breaches.  The five directors of the once
NZX-listed Feltex Carpets -- Peter Hunter, Peter Thomas, Michael
Feeney, John Hagen and former chairman Tim Saunders -- faced two
charges under the Financial Reporting Act 1993, to which they
pleaded not guilty.  These related to failing to publish a breach
of Feltex's banking covenants and not properly classifying its
AU$119.5 million (NZ$157 million) debt facility with the ANZ bank
in the company's December 2005 half-year accounts.  The NBR noted
that the directors had accepted the interim accounts did not meet
the new accounting standards, but argued they took all reasonable
and proper steps to ensure compliance, including employing
specialist accounting firm Ernst & Young to audit the
statements.

                        About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan, the
United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006, and
named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of the
sale will be used to ease the company's NZ$128-million debt to ANZ
Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex Carpets
putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


HALIFAX FINANCE: Court Appoints ShephardDunphy as Liquidator
------------------------------------------------------------
Karen Goodger at The Nelson Mail reports that Halifax Finance has
been placed in liquidation.  Associate Judge Rob Osborne in the
High Court at Nelson agreed on Friday to put Halifax Finance in
liquidation, and appointed ShephardDunphy as the liquidator.

According to the report, the move comes three years after Halifax
Finance ceased trading.

The liquidation application was made by Alison Lawley and Gary
Calderbank, who had invested in Halifax Finance.  Ms Lawley said
she was pleased the application had been granted allowing a
liquidator to investigate.

The company is owned by former car dealer Paul Brownie, who was
not represented in court.

Halifax Finance is a New Zealand-based finance company.


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


* BOND PRICING: For the Week August 9 to August 13, 2010
--------------------------------------------------------


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

AUSTRALIA
---------

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

CHINA
-----

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


HONG KONG
---------

RESPARCS FUNDING         8.00    12/29/2049   USD      33.25


INDIA
-----

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


JAPAN
-----

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


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


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

COSMOS PLC CO            3.00    05/30/2011   KRW       9.20
DAEGU BANK LTD           8.60    01/19/2039   KRW       9.79
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      21.33
DONGYANG TELECOM         6.00    07/02/2013   KRW      44.51
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.37
HOPE KOD 2ND            15.00    08/21/2012   KRW      32.97
HOPE KOD 3RD            15.00    09/30/2012   KRW      32.49
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.51
HOPE KOD 6TH            15.00    03/10/2013   KRW      41.67
IBK 2008/12 ABS         25.00    06/24/2011   KRW      60.82
IBK 2008/13 ABS         25.00    06/24/2011   KRW      55.22
IBK 2008/16 ABS         25.00    06/24/2011   KRW      57.11
IBK 2008/17 ABS         25.00    06/24/2011   KRW      45.97
JOONG ANG DESIGN         2.00    04/17/2012   KRW      56.14
KB 10TH SEC SPC         23.00    01/03/2011   KRW      52.18
KB 10TH SEC SPC         20.00    01/03/2011   KRW      72.51
KB 11TH SEC SPC         23.00    07/03/2011   KRW      64.32
KB 12TH SEC SPC         25.00    01/21/2012   KRW      58.63
KB 13TH SEC SPC         25.00    07/02/2012   KRW      48.90
KB 14TH SEC SPC         23.00    01/04/2013   KRW      46.58
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      63.79
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      54.79
KYONGNAM BANK            6.76    03/31/2039   KRW       9.51
NACF-13 ABS SPS         25.00    09/25/2010   KRW      63.23
NACF-14 ABS SPS         25.00    01/15/2011   KRW      57.92
NACF-15 ABS SPS         25.00    03/18/2011   KRW      57.04
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      74.29
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.14
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      62.05
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      65.97
SAM HO INTL              6.32    03/28/2011   KRW      74.24
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      19.54
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.34
SINBO 2ND ABS           15.00    08/26/2013   KRW      31.23
SINBO 3RD ABS           15.00    09/30/2013   KRW      29.06
SINGOK ABS               7.50    06/18/2011   KRW      68.71
SINGOK NS ABS            7.50    06/27/2011   KRW      68.55
SMI XVI ABS SPC          9.99    04/30/2011   KRW      73.53
SUNG WOO CHE ABS         7.60    09/01/2010   KRW      72.86


SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      73.60


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.45


VIETNAM
--------

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***