TCRAP_Public/100819.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

           Thursday, August 19, 2010, Vol. 13, No. 163

                            Headlines



H O N G  K O N G

ALLIED MASTER: Court Enters Wind-Up Order
AMAX WORLD: Court to Hear Wind-Up Petition on September 29
BEST PALACE: Members' Final Meeting Set for September 3
CABEN LIMITED: Members' Final Meeting Set for September 13
CHELTON FINANCE: Li and Tsang Appointed as Liquidators

CHEUNG FUNG: Creditors' Meetings Set for August 26
CREATIVE ENERGY: Chiong and Sutton Step Down as Liquidators
CROWN INDUSTRIA: Commences Wind-Up Proceedings
DIAMOND TERM: Creditors Get 2.2% Recovery on Claims
ELI LILLY: Ying and Chan Step Down as Liquidators

EVERTOP FORTUNE: Court to Hear Wind-Up Petition on October 6
EVERWAY ENTERPRISE: Court to Hear Wind-Up Petition on September 9
EVERWELL ELECTRONIC: Arboit and Blade Appointed as Liquidators
FAR HERO: Members' Final Meeting Set for September 13
GALLERIA (HONGKONG): Borrelli and Walsh Appointed as Liquidators

GEZHOUBA GROUP: Members' Final Meeting Set for September 3
GUANGDONG (H.K.): Members' and Creditors Meetings Set for Sept. 1
GUANGDONG LI: Court Enters Wind-Up Order
HARVEST MEDIA: Court Enters Wind-Up Order
HK 365: Court Enters Wind-Up Order

HIH HOLDINGS: Creditors' Proofs of Debt Due September 2


I N D I A

BEST & CROMPTON: CRISIL Assigns 'B+' Rating to INR950MM LT Loan
HI-TECH CONSTRUCTION: CRISIL Reaffirms 'BB' Rating on Bank Debts
K. K. COTEX: CRISIL Assigns 'B' Rating to INR130MM Cash Credit
LONDON STAR: CRISIL Assigns 'P4+' Rating to INR380MM Bank Debts
MAHABIR TECHNO: CRISIL Assigns 'B+' Rating to INR130MM Cash Credit

MAHAVIR DAL: CRISIL Reaffirms 'BB+' Rating on INR9.0MM Term Loan
MANISH FLOUR: CRISIL Assigns 'B+' Rating on INR71.5 Mil. LT Loan
POJ HOTELS: CRISIL Reaffirms 'B+' Rating on INR100 Mil. LT Loan
PRABHAT ELASTOMERS: CRISIL Lifts Ratings on Various Debts to 'B-'
SAVAIR ENERGY: CRISIL Assigns 'BB' Rating to INR26 Mil. Term Loan

SHYAM TIMBER: ICRA Assigns 'LBB-' Rating to Various Bank Debts
SHREEJI POWER: CRISIL Downgrades Rating on INR160MM Loan to 'D'
SPA CERAMIC: ICRA Assigns 'LBB-' Rating to INR4.14cr Term Loan
STAR AGRO: ICRA Reaffirms 'LBB' Rating on INR27.7MM Term Loans
SWARNA SARITA: CRISIL Assigns 'BB' Rating to INR100MM Cash Credit


I N D O N E S I A

INTERNATIONAL NICKEL: S&P Withdraws 'BB-' Corporate Credit Rating


J A P A N

ALL NIPPON: Aims to Boost Profit From Higher Frequent Flier Member


K O R E A

SSANGYONG MOTOR: Net Loss Narrows to KRW21.54 Bil. in Second Qtr


M A L A Y S I A

KENMARK INDUSTRIAL: Receives Letter of Demand from EON Bank
LIMAHSOON BERHAD: Unit Receives Summons After Payment Default
MALAYSIAN MERCHANT: Ordered to Sell MT Ashton Vessel to Pay Debts
NAM FATT: Defaults on MYR52.51 Million Bank Facilities
TRANSMILE GROUP: CCM Strikes-Off Indonesian Unit From Register


N E W  Z E A L A N D

REYNOLDS GROUP: S&P Puts 'B+' Rating on CreditWatch Negative


P A K I S T A N

PAKISTAN MOBILINK: Moody's Reviews 'B2' Corporate Family Rating




                         - - - - -


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


ALLIED MASTER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of Allied Master Investment Limited.

The company's liquidator is:

          Mat Ng
          John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


AMAX WORLD: Court to Hear Wind-Up Petition on September 29
----------------------------------------------------------
A petition to wind up the operations of Amax World Limited will be
heard before the High Court of Hong Kong on September 29, 2010, at
9:30 a.m.

Mok Sai Ngan filed the petition against the company on July 26,
2010.


BEST PALACE: Members' Final Meeting Set for September 3
-------------------------------------------------------
Members of Best Palace Limited will hold their final meeting on
September 3, 2010, at 11:00 a.m., at Flat 9, 12/F, Deca Industrial
Centre, 12 Kut Shing Street, Chaiwan, in Hong Kong.

At the meeting, Tsang Chung Ying, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CABEN LIMITED: Members' Final Meeting Set for September 13
----------------------------------------------------------
Members of Caben Limited will hold their final general meeting on
September 13, 2010, at 11:00 a.m., at 8th Floor, Gloucester Tower,
The Landmark, 15 Queen's Road Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHELTON FINANCE: Li and Tsang Appointed as Liquidators
------------------------------------------------------
Li Man Wai and Tsang Lai Fun on August 5, 2010, were appointed as
liquidators of Chelton Finance Limited.

The liquidators may be reached at:

          Li Man Wai
          Tsang Lai Fun
          c/o Raymond Li & Co., CPA
          Room 1001, 10th Floor
          Tai Yau Building
          Wanchai, Hong Kong


CHEUNG FUNG: Creditors' Meetings Set for August 26
--------------------------------------------------
Creditors of Cheung Fung Technology (Holdings) Limited will hold
their meeting on August 26, 2010, at 3:00 p.m., at 6th Foor,
Sunning Plaza, 10 Hysan Avenue, Causeway Bay, in Hong Kong.

At the meeting, Wong Kwok Man and Alan C W Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CREATIVE ENERGY: Chiong and Sutton Step Down as Liquidators
-----------------------------------------------------------
Mr. Desmond Chung Seng Chiong and Mr. Roderick John Sutton stepped
down as liquidators of Creative Energy Solutions Holdings Limited
on July 29, 2010.


CROWN INDUSTRIA: Commences Wind-Up Proceedings
----------------------------------------------
Members of Crown Industrial Resources Limited, on August 2, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Guan Haishan
         Rooms 1801-05
         Hua Qin International Building
         340 Queen's Road
         Central, Hong Kong


DIAMOND TERM: Creditors Get 2.2% Recovery on Claims
---------------------------------------------------
Diamond Term Limited, which is in liquidation, declared the first
and final ordinary dividend to its creditors on August 13, 2010.

The company paid 2.2% for ordinary claims.

The company's liquidators are:

         John Robert Lees
         c/o John Lees Associates
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


ELI LILLY: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators Eli
Lilly Funding Limited on August 10, 2010.


EVERTOP FORTUNE: Court to Hear Wind-Up Petition on October 6
------------------------------------------------------------
A petition to wind up the operations of Evertop Fortune Limited
will be heard before the High Court of Hong Kong on October 6,
2010, at 9:30 a.m.

Ho Chi Yung filed the petition against the company on August 2,
2010.

The Petitioner's solicitors are:

          Boase Cohen & Collins
          2303-7 Dominion Centre
          43-59 Queen's Road East
          Hong Kong


EVERWAY ENTERPRISE: Court to Hear Wind-Up Petition on September 9
-----------------------------------------------------------------
A petition to wind up the operations of Everway Enterprise (HK)
Limited will be heard before the High Court of Hong Kong on
September 9, 2010, at 9:30 a.m.

Quitsubdue Limited filed the petition against the company on
July 28, 2010.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor, Tower 2
          Nina Tower, No. 8 Yeung Uk Road
          Tsuen Wan, New Territories


EVERWELL ELECTRONIC: Arboit and Blade Appointed as Liquidators
--------------------------------------------------------------
Bruno Arboit and Simon Richard Blade on June 21, 2010, were
appointed as liquidators of Everwell Electronic Products Limited.

The liquidators may be reached at:

          Bruno Arboit
          Simon Richard Blade
          1008 Shui On Centre
          6-8 Harbour Road
          Wanchai, Hong Kong


FAR HERO: Members' Final Meeting Set for September 13
-----------------------------------------------------
Members of Far Hero Limited will hold their final general meeting
on September 13, 2010, at 10:00 a.m., at Unit 1602, 16/F, Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Ching Eng Chin, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GALLERIA (HONGKONG): Borrelli and Walsh Appointed as Liquidators
----------------------------------------------------------------
Cosimo Borrelli and G Jacqueline Fangonil Walsh on July 23, 2010,
were appointed as liquidators of Galleria (Hongkong), Limited.

The liquidators may be reached at:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


GEZHOUBA GROUP: Members' Final Meeting Set for September 3
----------------------------------------------------------
Members of Gezhouba Group (Hong Kong) Co., Limited will hold their
final general meeting on September 14, 2010, at 11:00 a.m.

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


GUANGDONG (H.K.): Members' and Creditors Meetings Set for Sept. 1
-----------------------------------------------------------------
Creditors and members of Guangdong (H.K.) Tours Company Limited
will hold their annual meetings on September 1, 2010, at 11:00
a.m., and 11:30 a.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Kennic Lai Hang Lui and Ruby Mun Yee Leung, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GUANGDONG LI: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Guangdong Li Feng Food Limited.

The official receiver is E T O'Connell.


HARVEST MEDIA: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Harvest Media Limited.

The official receiver is E T O'Connell.


HK 365: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Hong Kong 365 Internet Exhibition Co.,
Limited.

The official receiver is E T O'Connell.


HIH HOLDINGS: Creditors' Proofs of Debt Due September 2
-------------------------------------------------------
Creditors of HIH Holdings (Asia) Limited, which is in liquidation,
are required to file their proofs of debt by September 2, 2010, to
be included in the company's dividend distribution.

The company's liquidators are:

          Jan G W Blaauw
          Rainier HC Lam
          c/o PricewaterhouseCoopers
          20/F, Prince's Building
          Central, Hong Kong


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


BEST & CROMPTON: CRISIL Assigns 'B+' Rating to INR950MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Best & Crompton
Textiles Ltd's proposed bank facility.

   Facilities                             Ratings
   ----------                             -------
   INR950.00 Million Proposed LT Loan     B+/Stable (Assigned)

The rating reflects BCTL's exposure to risks related to its
ongoing project and limited pricing flexibility in the texturising
industry.  These rating weaknesses are partially offset by the
healthy demand prospects for polyester filament yarn (PFY) and
polyester-based products, and the support BCTL receives from its
parent, Best & Crompton Engineering Ltd.

Outlook: Stable

CRISIL believes that BCTL will maintain a stable credit risk
profile over the medium term, backed by support from the parent
company and robust demand for polyesters over the medium term. The
outlook may be revised to 'Positive' if BCTL completes its ongoing
project within scheduled time and cost, and stabilises operations
after completion of the project, generating better-than-expected
margins. Conversely, the outlook may be revised to 'Negative' in
case of significant time and cost overruns in BCTL's project.

                        About Best & Crompton

BCTL is a subsidiary of BCEL. BCTL was incorporated in June 2010
and has its head office in Chennai (Tamil Nadu). BCTL is setting
up a yarn-dyeing and fabric-manufacturing facility in Nagari
(Andhra Pradesh). The product category includes dyed yarn and
apparel for sportswear and performance wear. The proposed capacity
is 5400 tonnes per annum of dyed yarn and 14.4 million yards per
annum of fabric. The company is currently in the process of
acquiring nearly 100 acres of land for setting up the facility.
The operations are expected to commence from September 2011.

BCEL, which has 90 per cent stake in BCTL, is more than 100 years
old. Best & Co was founded in 1879 as a partnership firm in
Chennai. After a series of amalgamation and acquisitions, the
company was renamed as Best & Crompton Engineering Ltd in 1975.
BCEL is currently in the business of industrial pumps and foundry.


HI-TECH CONSTRUCTION: CRISIL Reaffirms 'BB' Rating on Bank Debts
----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Stable/P4+' on Hi-Tech
Construction's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR60 Million Cash Credit Limits       BB/Stable (Reaffirmed)
   INR100 Million Bank Guarantee          P4+ (Reaffirmed)

The ratings continue to reflect Hi-Tech Construction's small scale
of operations in the civil construction industry, low net worth,
and exposure to risks relating to geographical and customer
concentration in its revenue profile. These weaknesses are
partially offset by healthy growth in the firm's revenues,
supported by a comfortable order book.

Outlook: Stable

CRISIL believes that Hi-Tech Construction will benefit from the
growth prospects in the civil construction industry, although the
firm may remain exposed to risks of revenue concentration in a
single state, Assam.  The outlook may be revised to 'Positive' if
Hi-Tech Construction strengthens its business risk profile by
improving the diversity in its revenue profile, while maintaining
its operating margins.  Conversely, the outlook may be revised to
'Negative' if Hi-Tech Construction undertakes additional, debt-
funded capital expenditure, leading to deterioration in its
financial risk profile.

Update

Hi-Tech Construction reported an estimated healthy growth in
revenues, reflected in a 58% growth in topline in 2009-10 (refers
to financial year, April 1 to March 31) over the previous year.
However, the operating profitability has remained stable at the
2008-09 levels.  The estimated gearing was healthy at 0.81 times
as on March 31, 2010.  The liquidity is stretched, as indicated by
the fact that the firm's bank limits have had a high utilization
of 96 per cent on average during the 12 months through March 2010,
owing to working capital intensity in operations and stretched
receivables.  The company does not have any major capex plans for
the medium term.  The gearing is therefore, unlikely to exceed 1
time over the same term.  The company derives comfortable revenue
visibility from its unexecuted order book of INR1100 million as on
June 30, 2010.

                     About Hi-Tech Construction

Set up in 1993 as a partnership firm by Mr. Bijoy Jain, Mr.
Subhash Jain, Mr. Mahabir Jain, Mrs. Premlata Jain, and Mrs.
Sunita Jain, Hi-Tech Construction undertakes civil construction
activities including road construction, building construction, and
bridge construction in Assam.

Hi-Tech Construction reported a profit after tax (PAT) of INR32
million on net sales of INR588 million for 2008-09, as against a
PAT of INR21 million on net sales of INR533 million for 2007-08.


K. K. COTEX: CRISIL Assigns 'B' Rating to INR130MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to K. K. Cotex's cash
credit facility.

   Facilities                               Ratings
   ----------                               -------
   INR130.0 Million Cash Credit Facility    B/Stable (Assigned)

The rating reflects KK's weak financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics;
and susceptibility to adverse regulatory changes.  These rating
weaknesses are partially offset by the experience of KK's
promoters in the cotton industry.

Outlook: Stable

CRISIL believes that KK will, over the medium term, continue to
benefit from its promoters' experience in the cotton ginning
industry.  The outlook may be revised to 'Positive' in case of
significant improvement in the firm's accruals, or infusion of
equity leading to improvement in its capital structure and
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case KK reports a lower-than-expected operating
margin, causing deterioration in cash accruals, or it undertakes a
large, debt-funded capital expenditure programme, adversely
impacting its debt protection metrics over the medium term.

                         About K. K. Cotex

Incorporated in 2007 by Mr. Kishore Bhai Patel, KK undertakes
cotton ginning and pressing activities in Gondal (Gujarat).  The
firm commenced commercial production in January 2008.  It has a
capacity to manufacture 550 cotton bales per day and is presently
operating at about 50 per cent utilization.

KK is expected to report a book profit of INR1.2 million on net
sales of INR 721.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a book profit of INR1.8 million on
net sales of INR640.8 million for 2008-09.


LONDON STAR: CRISIL Assigns 'P4+' Rating to INR380MM Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to London Star Diamond
Company (India) Pvt Ltd's post shipment credit facility.

   Facilities                               Ratings
   ----------                               -------
   INR380.0 Million Post Shipment Credit    P4+ (Assigned)

The rating reflects London Star's weak financial risk profile,
marked by small net worth and weak debt protection metrics, and
expected pressure on its revenues and profitability because of
slower-than-expected recovery in its key markets.  These rating
weaknesses are partially offset by the experience of London Star's
promoters in the diamond business.

London Star, incorporated in 1964 by the late Mr. S G Jhaveri,
trades in polished diamonds. London Star was originally set up as
a 50:50 joint venture between the Jhaveri family of Mumbai and
Star Diamond Plc, UK, to manufacture polished diamonds. However,
the company changed its business focus to trading from
manufacturing in 1998.

London Star mainly trades in cut and polished diamonds. It has a
manufacturing facility in Mumbai, and the scale of manufacturing
operations is small. The Jhaveri family owns the majority of the
company's equity. The company is managed by Mr. Kamlesh Jhaveri
(son of Mr. S G Jhaveri), Mr. Rishabh Jhaveri, and Mr. Chirag
Shah.

London Star reported, on a provisional basis, a profit after tax
(PAT) of INR1.6 million on net sales of INR1373.0 million for
2009-10 (refers to financial year, April 1 to March 31), against a
PAT of INR2.0 million on net sales of INR1276.0 million for 2008-
09.


MAHABIR TECHNO: CRISIL Assigns 'B+' Rating to INR130MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Mahabir Techno
Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR130.0 Million Cash Credit         B+/Stable (Assigned)
   INR20.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect MTL's small scale of operations; below-average
financial risk profile, marked by high gearing, small net worth,
and weak debt protection metrics; large working capital
requirements; and exposure to risks related to intense competition
in the edible oil and by-products industry.  These rating
weaknesses are partially offset by MTL's established market
position and industry experience of its promoters.

Outlook: Stable

CRISIL expects MTL's financial risk profile to remain constrained
because of high gearing and weak debt protection metrics, and its
scale of operations to remain small, over the medium term. The
outlook may be revised to 'Positive' in case of substantial
improvement in the company's financial risk profile, most likely
because of increase in accruals and better working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of further deterioration in MTL's liquidity arising from
large incremental working capital requirements, or in case of
larger-than-expected debt-funded capital expenditure (capex).

                        About Mahabir Techno

Set up by the Khurana family of Kurukshetra (Haryana), MTL
undertakes refining of palm oil, rice-bran oil, sunflower oil, and
other oils.  The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.
The company has a total manufacturing capacity of 113 tonnes per
day of refined oils.  It also owns a solvent-extraction plant for
manufacturing rice bran oil.  The plant, however, is currently not
operational as the oil produced by this plant has a relatively
higher colour and free fatty acid (FFA) content, which is not
desirable. The company has a INR12.5-million capex plan for
upgrading its plant; the same is expected to be completed by the
end of 2010-11 (refers to financial year, April 1 to March 31).

MTL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR657.9 million for 2009-10, against a net loss of
INR1.3 million on net sales of INR553.9 million for 2008-09.


MAHAVIR DAL: CRISIL Reaffirms 'BB+' Rating on INR9.0MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Mahavir Dal Mills Pvt
Ltd continues to reflect MDM's large working capital requirements
and small scale of operations.  These weaknesses are partially
offset by MDM's healthy financial risk profile, marked by low
gearing.

   Facilities                            Ratings
   ----------                            -------
   INR47.0 Million Cash Credit Limit     BB+/Stable (Reaffirmed)
   INR9.0 Million Term Loan              BB+/Stable (Reaffirmed)
   INR59.0 Million Proposed              BB+/Stable (Reaffirmed)
   Long-Term Bank Loan Facility

Outlook: Stable

CRISIL believes that MDM will sustain its business risk profile
over the medium term, backed by its stable profit margins and the
healthy demand prospects for the food industry.  The outlook may
be revised to 'Positive' in case the company increases its scale
of operations by enhancing its geographical diversification,
and/or by achieving a more-than-expected improvement in its
operating income.  Conversely, the outlook may be revised to
'Negative' if MDM's profitability declines, or its debt protection
measures deteriorate because of larger-than-expected debt-funded
capital expenditure.

Update

MDM's estimated operating income for 2009-10 (refers to financial
year, April 1 to March 31) was in line with CRISIL's projections.
The company's estimated operating profitability for the year, at 2
per cent, is 2 percentage points lower than CRISIL's earlier
expectations due to the constant decline in the market prices of
masoor dal (lentils) in the last quarter of 2009-10.  The
company's operating profitability is estimated to be in the range
of 2 per cent over the near to medium term.

MDM's working capital limits have been enhanced to INR70.0 million
in March 2010, from INR47.0 million.  The company continues to
fully utilise its working capital limits for the procurement of
masoor dal.  It had plans for setting up a manufacturing facility
at Kolkatta, but now the management intends to go slow on
investments in the project. MDM had an estimated gearing of 2.24
times as on March 31, 2010, which is higher than CRISIL's initial
expectations.

                         About Mahavir Dal

MDM, promoted by Mr. Mukesh Kumar Agarwal in 2005, is into
processing of pulses (mainly masoor dal).  The company's
processing unit, located in Kanpur (Uttar Pradesh), comprises two
sorting machines (for removing impurities on the basis of colour)
that were installed in 2008-09.

MDM reported a profit after tax (PAT) of INR4 million on net sales
of INR311 million for 2008-09, against a PAT of INR2 million on
net sales of INR258 million for 2007-08.


MANISH FLOUR: CRISIL Assigns 'B+' Rating on INR71.5 Mil. LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Manish Flour Mills
Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR71.5 Million Long-Term Loan       B+/Stable (Assigned)
   INR50.0 Million Cash Credit          B+/Stable (Assigned)

The rating reflects MFM's weak financial risk profile, marked by a
small net worth, high gearing, and moderate debt protection
metrics, and limited track record in the agricultural commodities
industry. These rating weaknesses are partially offset by MFM's
promoter's experience in the milling business, and its superior
milling facilities.

Outlook: Stable

CRISIL believes that MFM will generate healthy revenue growth over
the medium term, backed by stabilization of operations at its
production units and growing domestic demand for wheat flour and
other wheat-based products. The outlook may be revised to
'Positive' if MFM's financial risk profile, particularly capital
structure, improves, most likely because of successful
stabilization of operations at its newly established manufacturing
capacities. Conversely the outlook may be revised to 'Negative' if
MFM's debt servicing ability weakens, most likely because of less-
than-expected revenue realization or more-than-expected delay in
stabilization of operations.

                         About Manish Flour

MFM set up in 2007, commenced commercial operations on February
15, 2010. The company is promoted by Mr. Manish Jain. MFM has a
wheat flour mill with an installed capacity of 350 tonnes per day
(tpd) which produces products such as maida, rawa, bran and germ.
The company also has a chakki with an installed capacity of 100
tpd which manufactures only atta from wheat.


POJ HOTELS: CRISIL Reaffirms 'B+' Rating on INR100 Mil. LT Loan
---------------------------------------------------------------
CRISIL's rating on bank facilities of POJ Hotels Pvt Ltd reflects
POJ's exposure to risks related to stabilization and low occupancy
levels of its hotel during the initial period of operations.
These rating weaknesses are partially offset by POJ's good
business prospects for its three-star hotel.

   Facilities                             Ratings
   ----------                             -------
   INR100.00 Million Long Term Loan       B+/Stable (Reaffirmed)
   INR13.20 Million Cash Credit           B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that POJ's liquidity position will continue to be
strained over the near term due to early stage of operation and
therefore its debt repayment ability will also remain constrained
during the same period.  The outlook may be revised to 'Positive'
if the company stabilises the hotel's operations, resulting in
improved liquidity.  Conversely, the outlook may be revised to
'Negative' if the occupancy rate at POJ's hotel remains low,
leading to insufficient cash accruals for the repayment of debt.


                          About POJ Hotels

Incorporated in 2005 by Mr. Gorla Sundaraiah and Mr. Gorla
Jayaprakash, POJ Hotels runs an upscale, full-service, three-star
hotel at Nellore (Andhra Pradesh).  The property features 104
rooms, two presidential suites, two restaurants, a spa and a
gymnasium, and one presidential suite.  The hotel is aimed at
customers from the business segment in and around Nellore, such as
Krishnapatnam Port Ltd, and upcoming projects, such as the GVK
Krishnapatnam Power Project and International Leather Park,
amongst others.  The promoters are in the business of civil
construction and irrigation works. POJ Hotels will be managed and
operated by POJ Hotels' management, and Mr. Balaram Reddy, an
experienced person in the hotel industry.  The hotel commenced
operations in April 2010.


PRABHAT ELASTOMERS: CRISIL Lifts Ratings on Various Debts to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Prabhat
Elastomers Pvt Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                              Ratings
   ----------                              -------
   INR54.0 Million Term Loan               B-/Stable (Upgraded
                                           from 'D')
   INR201.0 Million Proposed LT Facility   B-/Stable (Upgraded
                                           from 'D')
   INR120.0 Million Cash Credit*           B-/Stable (Upgraded
                                           from 'D')
   INR60.0 Million Letter of Credit        P4 (Upgraded from 'P5')
   INR5.0 Million Bank Guarantee           P4 (Upgraded from 'P5')

The rating upgrade follows PEPL's timely servicing of its debt
over the past seven months, backed by infusion of funds by the
promoters in the form of unsecured loans, and realization of
export receivables. The upgrade also reflects CRISIL's belief that
PEPL will continue to service its debt in a timely manner over the
medium term, backed by support from its promoters and improvement
in its sales offtake.

The revised ratings reflect PEPL's weak financial risk profile,
marked by high gearing and weak debt protection metrics, and
working-capital-intensive operations. These rating weaknesses are
partially offset by PEPL's established presence in the synthetic
rubber gaskets segment, supported by its longstanding customer
relationships, well-diversified product portfolio, and in-house
research and development team.

Outlook: Stable

CRISIL believes that PEPL will continue to benefit from its
established market position and the improvement in demand from the
local and export markets.  The outlook may be revised to
'Positive' if PEPL's profitability improves significantly,
resulting in better liquidity, and the company continues to meet
its debt obligations in a timely manner. Conversely, the outlook
may be revised to 'Negative' if PEPL's cash accruals decline.

                     About Prabhat Elastomers

Incorporated in 1994, PEPL was set up by Mr. Harsukhlal Dhruv and
his family. The company manufactures a variety of synthetic rubber
gaskets for use in pipes for the water works industry, sewerage
pipes, and fire protection and sprinkler water systems. The
company's manufacturing facility at Sarigam (Gujarat) has the
capacity to manufacture more than 20 million gaskets per annum.
PEPL derived 40 per cent of its revenues from exports in 2009-10
(refers to financial year, April 1 to March 31). It also caters to
large domestic customers such as Jindal Saw Ltd.

PEPL recorded a net loss of INR11.7 million on net sales of INR211
million in 2009-10, as against a profit after tax of INR2.7
million on net sales of INR291 million in 2008-09.


SAVAIR ENERGY: CRISIL Assigns 'BB' Rating to INR26 Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Savair Energy
Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR55.0 Million Cash Credit         BB/Stable (Assigned)
   INR26.0 Million Term Loan           BB/Stable (Assigned)
   INR259.0 Million Proposed LT        BB/Stable (Assigned)
           Bank Loan Facilities
   INR140.0 Million Bank Guarantee     P4+ (Assigned)
   INR10.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect Savair's average financial risk profile,
marked by a weak capital structure.  These rating weaknesses are
partially offset by the benefits that Savair derives from the
experience of its promoter in the engineering, procurement and
commissioning (EPC) industry and its established customer base.

Outlook: Stable

CRISIL believes that Savair will continue to benefit from its
technological expertise and established relationships with
customers, over the medium term.  The outlook may be revised to
'Positive' if Savair's liquidity and receivables improve
substantially, or if more-than-expected revenues and steady
operating margins lead to large net cash accruals and robust debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile further
deteriorates or the company takes on large debt-funded capital
expenditure programme, weakening its debt protection metrics.

                        About Savair Energy

Savair, incorporated in 2001 by Mr. Saji Antony (a first
generation entrepreneur), is an EPC company, providing turnkey
solutions in compressed air systems, chilling plants, fire-
fighting systems, oil and gas storage and distribution systems,
and water-treatment plants.  The company also conducts energy
audits and provides consulting services in engineering.  Its
customers include Reliance Industries Ltd (Rated AAA/Stable/P1+ by
CRISIL), Oil and Natural Gas Corporation Ltd (Rated AAA/Stable/P1+
by CRISIL), and Bhabha Atomic Research Centre.  It has a
manufacturing facility in Ambernath, near Mumbai (Maharashtra).

Savair reported a profit after tax (PAT) of INR11.5 million on net
sales of INR270.6 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR9.8 million on net sales
of INR283.5 million for 2008-09.


SHYAM TIMBER: ICRA Assigns 'LBB-' Rating to Various Bank Debts
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR2.0 crores cash
credit facility of Shyam Timber Private Limited.  The outlook for
the rating is stable.  The Cash credit forms the sublimit of
INR12.50 crores, short-term, non-fund based limits which has been
assigned an 'A4' rating by ICRA.

The ratings are constrained by STPL's relatively modest size of
operations; weak debt coverage indicators, its feeble
profitability due to trading nature of operations; exposure to
volatility in timber prices; and uncertain regulatory environment
in Africa which could affect the supply of timber for STPL.
The ratings also factor in the highly competitive business
environment on account of a fragmented industry structure and the
commoditized nature of STPL's product due to limited value
addition, which result in price-based competition. The company is
also exposed to fluctuation in exchange rates due to inevitable
timing difference between procurement of timber which is in
foreign currency as against sales which is mostly after receipt of
material and is in domestic currency.

The ratings, however, favorably factors in long experience of the
promoters in the timber trading business, established relationship
with timber suppliers, well diversified client base, moderate
capital structure and healthy demand outlook for teakwood in the
country.

                        About Shyam Timber

Shyam Timber Private Limited was incorporated in March 2002 by Mr.
Praveen Jethwa along with his brother Mr. Sunil Jethwa.  STPL is
engaged in the timber trading business where in it imports
teakwood from African countries and sells it to saw mills in
India.  The company's works is located at Gandhidham of Kutch
District (Gujarat), near to the Kandla port.  STPL setup a branch
in Mumbai in FY 08 for importing timber at Nhava Sheva port in
order to improve its cost competitiveness in terms of lower inland
freight cost for its south based customers.


SHREEJI POWER: CRISIL Downgrades Rating on INR160MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shreeji Power and Insulators Pvt Ltd to 'D/P5' from 'B-
/Negative/P4' because of delays by SPIPL in servicing its debt
obligations; the delays have been caused by SPIPL's weak cash
generation ability.

   Facilities                            Ratings
   ----------                            -------
   INR160 Million Long-Term Loan         D (Downgraded from 'B-
                                            /Negative')
   INR80 Million Cash Credit Facility    D (Downgraded from 'B-
                                            /Negative')
   INR50 Million Bank Guarantee/Letter   P5 (Downgraded from
                           of Credit         'P4')

SPIPL has had low capacity utilization on account of delays in
getting technical approvals from state transmission companies;
this has adversely affected its cash generation ability, resulting
in weak debt protection measures.

SPIPL was promoted in 2007 by the Kiran group which has interests
in transportation, warehousing, and shipping. SPIPL has set up a
new facility at Gandhidham (Gujarat) for the manufacture of disc-
type electrical insulators.  The plant, which has a manufacturing
capacity of 5600 tonnes per annum, started trial runs in September
2009 and began commercial operations from February 2010.  The
company has bid for tenders of about INR350 million as on date.
However, it is yet to receive technical clearance from state
transmission companies.


SPA CERAMIC: ICRA Assigns 'LBB-' Rating to INR4.14cr Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR4.14 crore term loans
and INR1.00 crore cash credit facility of Spa Ceramic Private
Limited.  The outlook for the rating is stable. ICRA has also
assigned an A4 rating to the INR0.55 crore, short-term, non-fund
based, bank guarantee limits of SCPL.

The ratings are constrained by the limited track record of the
company, modest size of operations in relation to other larger
organized ceramic tile manufacturers, highly competitive nature of
the ceramic tile industry resulting from large established tile
manufacturers and unorganized players as well as import threat
from China.  The ratings also take into account SCPL's relatively
lower brand visibility compared to other large organized players
as well as vulnerability of the profitability to the cyclicality
associated with the real estate industry and to the availability
and increasing prices of gas, as gas is major source of fuel.

The ratings however have favorably considered the experience of
one of the promoters in the ceramic industry and the positive
demand outlook for ceramic tiles in India due to the steady
revival of the real estate sector.

                         About Spa Ceramics

Spa Ceramics Pvt. Ltd. is engaged in the business of manufacturing
ceramic wall glazed tiles. The company was incorporated in
November 2009.  It has its manufacturing facility located at
Morbi, Gujarat with reported manufacturing capacity of 18000 MTPA.
SCPL started its trial production for sampling purposes in July
2010.  The company currently has the capability to manufacture
wall tiles of sizes 12"x12", 12"x24", 16"x12", 8"x12" and 8"x24"
with the current set of machineries.  It has established "Spa" and
"Sparkle" as the brands for selling its products in the markets.


STAR AGRO: ICRA Reaffirms 'LBB' Rating on INR27.7MM Term Loans
--------------------------------------------------------------
ICRA has reaffirmed 'LBB' rating to the fund based facilities of
INR27.7 million term loans and the INR17.3 million Loans against
Deposits (LAD) of Star Agro Marine Exports Private Limited.  The
outlook on the rating is Stable.  ICRA has also reaffirmed A4
rating to the non-fund based facilities of INR130.0 million of
letters of credit and the fund based facilities of INR182.5
million and INR178.5 million of Foreign Discount Bill Purchase
(FDBP) and Packing Credit in Foreign Currency (PCFC) facilities,
respectively, of STAGRO.

The ratings factor in the highly fragmented nature of the Indian
shrimp processing industry with low entry barriers, significant
competition in the export market from other competing countries,
threat from other sea food varieties, vulnerability to the
outbreak of any disease and negligible value addition to products.
The ratings also consider the possible increase in antidumping
duties by importing countries, and withdrawal of various export
incentives extended by the Government of India (GoI) together with
volatility in foreign currency exchange rates.  Further, the
relatively small scale of operations, moderate client
concentration risk, highly leveraged financial structure with weak
cash flows and tight liquidity impact the ratings.  The company
has commenced vannamei production and has a moderately diversified
geographic presence with low churn in customers.

Star Agro Marine Exports Private Limited was incorporated in 1998
with its factory at Nellore in Andhra Pradesh.  Its promoter, Mr.
Shaik Abdul Aziz, has over fourteen years of experience in shrimp
farming. Until 2000, the company outsourced processing of shrimps
and in 2005, the company acquired the current processing plant to
consolidate its operations and improve its efficiency. The company
currently has processing facilities of 30 tons per day (tpd) and
cold storage capacity of 1600 tpd.  In 2006, the company floated
M/s. Star Agro Marine Inc., a liaison office in the United States
of America. The company currently caters only to export markets
and supplies to Belgium, France, Germany, United Kingdom and the
United States. Currently, the equity of the company is mainly held
by Mr. Aziz and his associates.


SWARNA SARITA: CRISIL Assigns 'BB' Rating to INR100MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Swarna Sarita
Jwellers Pvt Ltd's cash credit facility.

   Facilities                          Ratings
   ----------                          -------
   INR100.00 Million Cash Credit       BB/Stable (Assigned)

The rating reflects SSJPL's small scale of operations, large
working capital requirements, exposure to intense competition in
the jewellery industry, and susceptibility to volatility in gold
prices.  The rating also factors in expected deterioration in
SSJPL's financial risk profile because of increase in working
capital borrowings.  These rating weaknesses are partially offset
by SSJPL's promoters's experience in the jewellery business.

Outlook: Stable

CRISIL believes that SSJPL's scale of operations will remain small
over the medium term.  The outlook may be revised to 'Positive' if
SSJPL increases its scale of operations and improves its margins.
Conversely, the outlook may be revised to 'Negative' if there is
significant pressure on SSJPL's profitability because of increase
in gold prices or pressure on its liquidity because of increased
working capital requirements.

                       About Swarna Sarita

SSJPL trades in gold- and diamond-studded jewellery.  The company
specialises in antique and Calcutta jewellery.  It sells to
retailers in Mumbai, Bangalore, Kolkata, and Ahmedabad. SSJPL has
a 1000-square-foot showroom in Jhaveri Bazaar, Mumbai.

SSJPL reported a provisional profit after tax (PAT) of INR4.8
million on net sales of INR425 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.7
million on net sales of INR292 million for 2008-09.


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


INTERNATIONAL NICKEL: S&P Withdraws 'BB-' Corporate Credit Rating
-----------------------------------------------------------------
(SAO PAULO (Standard & Poor's) Aug. 17, 2010)
Standard & Poor's Ratings Services said that it withdrew its 'BB-'
long-term corporate credit rating on PT International Nickel
Indonesia at the request of its controlling shareholder, Vale S.A.
(BBB+/Stable).  PT Inco is an Indonesia-based nickel company that
is 61.16%-owned by Vale.


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


ALL NIPPON: Aims to Boost Profit From Higher Frequent Flier Member
------------------------------------------------------------------
All Nippon Airways Co. intends to boost profit from its 20.5
million-member frequent flier program after adding twice the
number of new cardholders as Japan Airlines Corp., The Japan Times
reports.

"We aim to increase profit every year," the report quoted Haruo
Konishi, a manager in ANA's loyalty marketing section, as saying.
Mr. Konishi said the loyalty-card unit made a profit last fiscal
year, when the overall carrier lost money, The Japan Times
relates.

The Japan Times says ANA signed up 940,000 new frequent-fliers in
the first half, 38% more than a year earlier, after adding new
promotions and flying more passengers.  JAL's new enrollments
plunged 26% during the same period as it slumped into bankruptcy
and slashed flights, the report notes.

"People are worried about the stability of JAL," said Yasuhiro
Matsumoto, an analyst at Shinsei Securities Co.  "It makes sense
for them to shift to ANA."

To win more members, the report notes, ANA introduced an American
Express Co.-branded credit card in October.  It already had tieups
with Visa Inc. and Mastercard Inc.  The carrier also allowed
cardholders to pool points with family members beginning in April.

Konishi said ANA has no plans to grow its frequent-flier unit into
a separate business.  It predicts net income of JPY5 billion this
business year ending March 31, compared with a loss of JPY57
billion in the previous 12 months.

                              About ANA

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

All Nippon Airways Co., Ltd., continues to carry Moody's Investors
Service 'Ba2' long term rating and 'Ba2' senior unsecured debt
rating.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.  The rating action concludes the review for
possible downgrade initiated by Moody's on November 2, 2009.  The
downgrade has been driven by ANA's weakening credit quality, due
in turn to the deterioration in its earnings, and increasing
uncertainty as to the extent and timing of government support to
the airline industry, given the recent experience of Japan
Airlines Corporation (not rated by Moody's), the holding company
which owns Japan Airlines International Co., Ltd. (Caa1 on review
for possible downgrade).


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


SSANGYONG MOTOR: Net Loss Narrows to KRW21.54 Bil. in Second Qtr
----------------------------------------------------------------
Dow Jones Daily Bankruptcy Review reports that Ssangyong Motor Co.
said improved sales helped narrow net losses in the second
quarter, with an expanded product lineup in the second half to
further boost earnings in the second half.

Ssangyong said the net loss narrowed to KRW21.54 billion ($18
million) in the three months ended June 30 from KRW177.17 billion
a year earlier, the result of higher sales and debt-rescheduling
associated with its court-ordered bankruptcy protection, Dow Jones
relates.

"The company and the union ended this year's wage talks in May
without strikes, with Ssangyong becoming the first company to
accept the government's plan to cut the number of paid union
executives in large numbers," company spokesman Choi Jin-woong
told Dow Jones.  "Settling the wage talks created a stable
production schedule so the company could meet the increasing
demand for Ssangyong vehicles."

According to Dow Jones, Ssangyong said in the statement that if
the Korando C compact sport-utility vehicle goes on sale in the
domestic market in the second half as planned, sales will improve
further.

Operating losses narrowed to KRW8.39 billion for the three months
ended June 30 from KRW27.49 billion, while sales jumped to
KRW529.63 billion from KRW221.73 billion, the company said in a
regulatory filing.

"Efforts to explore new markets such as Russia and Latin America
and to restore the brand image in overseas markets began to work
(in the quarter)," the statement said.

                        About Ssangyong Motor

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

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

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

The TCR-AP reported on Aug. 12, 2010, that Ssangyong Motor Co.
chosen India's top utility vehicle maker Mahindra & Mahindra Ltd.
as the preferred bidder for its majority stake.


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


KENMARK INDUSTRIAL: Receives Letter of Demand from EON Bank
-----------------------------------------------------------
Kenmark Industrial Co. (M) Berhad has received a letter of demand
for MYR7,668,375.41 from Messrs. Azim, Tunku Farik & Wong acting
for EON Bank Berhad to be paid within seven days from the date of
the letter on August 11, 2010, for default of banking facilities.

Kenmark said the default arose from the failure of Kenmark Paper
Sdn Bhd, the Company's wholly-owned subsidiary, to operate the
banking facilities granted by the Bank and the demand from Kenmark
as the Guarantor.

The details of the entire amount outstanding as at May 27, 2010,
are:

   * Bankers Acceptance: MYR3,659,326.00
   * Revolving Credit: MYR3,509,050.13; and
   * Overdraft: MYR499,998.78.

Kenmark has also received a letter of demand for MYR2,171,289.78
from Messrs. Lee Hishammuddin Allen & Gledhill acting for RHB Bank
Berhad to be paid within seven days from the date of the letter on
August 3, 2010, for default of banking facilities.

                       About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The
Company is engaged in the manufacturing of computer workstations,
cabinets, furniture; printing of packaging materials; the
distribution of consumer products, and investment holding. The
Company is also engaged in plastic injection for furniture parts,
and assembly and distribution of liquid crystal display (LCD). It
exports its products to the United States, Europe, Japan and
Australia. The Company's wholly owned subsidiaries include Kenmark
Paper Sdn. Bhd., which is engaged in manufacturing plastic parts
for wooden furniture and cabinets, and investment holding; Kenmark
(Labuan) Limited, which is engaged in international trading,
commission agent and investment holding; Phoenix International
Group Limited, which is engaged in trading in electronic devices,
and Billion Dynamic Sdn. Bhd., which is engaged in the assembling
and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.  The Company's major subsidiaries have defaulted on
some of their banking facilities.  The Company is also unable to
provide a solvency declaration.


LIMAHSOON BERHAD: Unit Receives Summons After Payment Default
-------------------------------------------------------------
Kilang Papan Lim Ah Soon Sdn Bhd, a subsidiary of Limahsoon
Berhad, has been served with a Writ of Summons by Worldclass
Profile Sdn Bhd for default in payment of freight forwarding
services.

Worldclass Profile is claiming for MYR39,897.11 due and owing at
interest rate of 8% p.a. from the date of court judgement to the
date of full and final realization.

The litigation will not have any operational impact on Limahsoon
Group as Limahsoon is an investment holding company and has no
operations.  KPLAS has ceased operations with effective from
December 31, 2009.

Limahsoon will seek necessary legal advice from its solicitors
with regards to the claim.

                       About Limahsoon Berhad

Limahsoon Berhad (KUL:LIMAHSN) -- http://www.limahsoon.com/-- is
a Malaysia-based company engaged in investment holding and the
provision of management services to its subsidiaries.  The Company
operates in two business segments: manufacturing of laminated
board, which includes pressure treatment, kiln drying and the
manufacture of laminated boards and mouldings, and sawmilling,
which includes sawmilling of green rubberwood.

Limahsoon Berhad has been classified a Practice Note No. 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd after as the Company defaulted in payment and is unable to
provide a Solvency Declaration to Bursa Securities.


MALAYSIAN MERCHANT: Ordered to Sell MT Ashton Vessel to Pay Debts
-----------------------------------------------------------------
Malaysian Merchant Marine Berhad said that it has received
notification from its solicitors in Manila that the Philippines'
Trial Court of Pasig had ordered the sale of its vessel, MT
Ashton, as settlement of US$900,070 debt owed by the Company to a
Philippines creditor.  The Company was also informed that the same
creditor had disposed the said vessel on August 2, 2010, for US$1
million.

With the Court ordered disposal of MT Ashton and the seizure (by
the bondholder) of the Company's other 2 vessels, namely MT Dayton
and MT Kingston, the Company said it does not possess any more
assets.

                      About Malaysian Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's shareholders' equity on a
consolidated basis is less than 25% of its issued and paid up
capital of the Company and is less than MYR40 million.

The Board of Directors is of the view that the Company's going
concern status in the present capital structure and business model
is in serious doubt and accordingly, the Company offered voluntary
separation settlement terms to all its employees on March 4, 2010.


NAM FATT: Defaults on MYR52.51 Million Bank Facilities
------------------------------------------------------
Nam Fatt Corporation Berhad disclosed that it had not made any
payment on principal and/or interest for the outstanding A
Irredeemable Convertible Unsecured Loan Stocks ("A-ICULS") and B
Irredeemable Convertible Unsecured Loan Stocks ("B-ICULS") of the
Company totaling MYR52,519,816.19 as at March 31, 2010, together
with any interest thereon were deemed defaulted.  The total amount
outstanding of MYR52,519,816.19 is inclusive of the default in
payment of interest for A-ICULS as announced on June 30.

The Company said it does not have sufficient funds to repay the
outstanding amount.

The Company is formulating a scheme of compromise with financial
institutions and creditors of the Scheme Companies under Section
176 of the Companies Act, 1965.  The A-ICULS and B-ICULS will be
resolved under the scheme of compromise.

Such default may have an adverse impact on the business, financial
and operational aspects of the Company and its subsidiaries in
terms of securing of new contracts and/or raising finance for new
contracts, if there is any.

The Company's directors are of the opinion that such default will
constitute an event of default under different agreements for
indebtedness (cross default) under the Nam Fatt Group.  The total
credit facilities granted to the Nam Fatt Group as at March 31,
2010 is approximately MYR599.073 million.

The directors were also of the opinion that the Company will not
be able to pay all its debts as and when they fall due over the
next 12 months, and this opinion remains unchanged.

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


TRANSMILE GROUP: CCM Strikes-Off Indonesian Unit From Register
--------------------------------------------------------------
Transmile Group Berhad said it received notification from the
Companies Commission of Malaysia that Transmile (Indonesia) Sdn.
Bhd., a wholly-owned subsidiary of Transmile Air Services Sdn.
Bhd. (also a wholly-owned subsidiary of Transmile Group) has been
struck-off from the register of the Companies of Malaysia.

TISB was incorporated in Malaysia on December 15, 1997.

The Striking-Off has no material effect on the earnings and net
assets per share of the Company for the financial year ending
December 31, 2010.  Upon completion of the Striking-Off, TISB will
cease to be wholly-owned subsidiary of TAS and sub-subsidiary of
TGB.

                        About Transmile Group

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

                           *     *     *

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

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


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N E W  Z E A L A N D
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REYNOLDS GROUP: S&P Puts 'B+' Rating on CreditWatch Negative
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Standard & Poor's Ratings Services said that it placed all its
ratings, including its 'B+' long-term corporate credit rating, on
New Zealand-based packaging supplier Reynolds Group Holdings Ltd.
on CreditWatch with negative implications.

"The CreditWatch placement reflects the likelihood that Reynolds'
financial risk profile will weaken, as a result of the proposed
acquisition of U.S.-based packaging company Pactiv Corp., and the
risk that the negative impact from this would not be offset by a
positive impact on the group's business risk profile," said
Standard & Poor's credit analyst Izabela Listowska.

S&P understand, based on an announcement on Aug. 17, 2010, that
Reynolds intends to acquire Pactiv for a total consideration of
about US$4.6 billion (about NZ$3.6 billion) with a total
transaction value of about US$6 billion (including equity, assumed
debt, and transaction costs).  Reynolds plans to finance the
acquisition through new debt issuance of about $5 billion, and a
combination of assumed debt, common equity, and cash.  The
acquisition is expected to close in the fourth quarter of 2010,
and is subject to customary regulatory approvals and closing
conditions.

S&P currently believe that the impact on Reynolds' business risk
profile (currently "satisfactory") is likely to be moderately
positive, providing a successful completion of the acquisition of
Pactiv.  This is based on Pactiv's leading market positions, a
strong brand, product innovation, stable food-related end markets,
and a focus on operational excellence.

Nevertheless, based on available information with regard to the
intended funding, S&P believes that the impact of the acquisition
on Reynolds' financial risk profile will be strongly negative.
This is based on a transaction multiple of unadjusted debt to
EBITDA of about 8x, compared with Reynolds' current pro forma
last-12-months debt to EBITDA of about 5.45x (based on last 12
months ended March 31, 2010).  S&P estimates, based on the size of
the transaction, and an estimate of adjustments according to its
corporate criteria, that pro forma adjusted debt to EBITDA could
increase to above 6.5x.  S&P views this as aggressive in relation
to S&P's current expectation of a ratio of about 5.5x for the
existing ratings, which is based on the current business risk
profile.  Furthermore, in the context of financial policies, S&P
views the proposed acquisition as being very aggressive.
Combined, these factors could lead to a lowering of the ratings.

S&P expects to resolve the CreditWatch placement within the next
three months, during which S&P will consider the impact of the
proposed acquisition on Reynolds' business risk and financial risk
profiles.  S&P will focus on the magnitude of the likely negative
impact on the Reynolds' financial risk profile, including credit
metrics, as well as an assessment of any impact on the group's
liquidity profile.  Furthermore, S&P will assess any potential
positive impact on Reynolds' business risk profile, including the
potential for better diversification and for realizing synergies.
At this point, S&P expects that any downgrade of the corporate
credit rating would be limited to one notch.


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P A K I S T A N
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PAKISTAN MOBILINK: Moody's Reviews 'B2' Corporate Family Rating
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Moody's Investors Service has placed its B2 corporate family and
Caa1 senior unsecured bond ratings for Pakistan Mobilink
Communications Limited under review for possible downgrade.

The review has been prompted by a similar action for parent
Orascom Telecom Holdings SAE (B2 corporate family and Caa1 senior
unsecured bond ratings under review for possible downgrade), on
concerns about the operating performance of OTH's Algerian
subsidiary and the ability to repatriate cash from that country,
as well as ongoing liquidity pressures at the holdco level.

The rating action also reflects the close linkage between OTH and
Mobilink, in light of OTH's 100% ownership and Mobilink's
historical track record of relying on OTH's support for covenant
compliance.

"In Moody's view, Mobilink should be able to comply with amended
bank covenants at least for the next 12 months.  Beyond this date,
Moody's anticipates that covenant headroom could erode, and
further support from OTH may be required -- particularly as the
covenants are scheduled to step down in December 2011 -- unless
Mobilink is able to meet its projections," says Laura Acres, a
Moody's Vice President and Senior Credit Officer.

"However, recently announced Q2 2010 results indicate an adjusted
debt/EBITDA of 2.8x and, together with compliance certificates for
the June 30, 2010, test date, suggest that the company is
performing well against expectation," adds Acres, also Moody's
Lead Analyst for Mobilink.

Mobilink's stand-alone financial metrics are strongly positioned
for the current rating level, reflecting the company's established
brand, leading market position, and extensive network coverage, as
well as its moderate leverage and strong margins.  However, in
Moody's view, these strengths are largely offset by the company's
tightening liquidity profile given plans to increase capex in H2
2010 as well as inherent emerging market risks given Pakistani
operations.

The review will focus on: 1) Mobilink's ability to achieve its
projections such that no financial assistance will be required;
and 2) any negative impact on Mobilink's operating and financial
profile arising as a consequence of negative rating pressures on
OTH.  The review will also consider the extent to which Mobilink's
ratings can deviate from those of OTH's, given the protections in
Mobilink's loan documentation.

The last rating action was on July 1, 2010, when Mobilink's B2
corporate family rating and Caa1 senior unsecured bond rating were
confirmed with a negative outlook following the successful
completion of its covenant amendment exercise with creditors.

Mobilink is the largest mobile operator in Pakistan with more than
32.2 million customers and a subscriber market share of 32.6% as
at June 2010 (according to PTA).  Mobilink is indirectly 100%-
owned by OTH.


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Tuesday's edition of the TCR-AP delivers a list of indicative
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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-
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