TCRAP_Public/100820.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, August 20, 2010, Vol. 13, No. 164

                            Headlines



A U S T R A L I A

DIRECT FACTORY: Wins Reprieve From Lenders; Escapes Receivership
LIBERTY FUNDING: S&P Assigns Ratings on Seven Prime RMBS Deals
OCTAVIAR LTD: Board Raised Option to Liquidate Firm, White Says


H O N G  K O N G

H.K. SIEMENS: Court to Hear Wind-Up Petition on September 15
HIH UNDERWRITING: Creditors' Proofs of Debt Due September 2
HK FORTUNE: Members' Final General Meeting Set for September 15
HONGDA ENTERPRISES: Li and Tsang Appointed as Liquidators
INTERNATIONAL AGENCIES: Creditors' Proofs of Debt Due September 30

JADE FOREST: Members' Final Meeting Set for September 13
KONHAN INVESTMENTS: Court Enters Wind-Up Order
KWAI MOON: Court Enters Wind-Up Order
KWONG HOP: Court Enters Wind-Up Order
LEHMAN BROTHERS: HkmA Reports Progress of Probe on Minibond Cases

LI FENG: Court Enters Wind-Up Order
LI FUNG: Court to Hear Wind-Up Petition on August 25
LIFENG ENTERPRISE: Court Enters Wind-Up Order
LILLY HK: Ying and Chan Step Down as Liquidators
LILLY HK FINANCE: Ying and Chan Step Down as Liquidators

LIU SHIH: Court to Hear Wind-Up Petition on September 1
LUCIDA (HK): Lai and Haughey Step Down as Liquidators
MANIN HING: Members' Final General Meeting Set for September 22
MAN EARN: Creditors and Contributories to Meet on August 23
MCGILL TRADING: Creditors' Proofs of Debt Due August 27

METHOD BUILDING: Court Enters Wind-Up Order
NEW CHAMPION: Court to Hear Wind-Up Petition on August 25
NEW JADE: Court Enters Wind-Up Order
MYGUIDEGPS LIMITED: Court Enters Wind-Up Order
PACIFIC POWER: Court Enters Wind-Up Order

PIONEER IRON: Court to Hear Wind-Up Petition on August 25


I N D I A

AKSHAY INSULATED: ICRA Puts 'LBB' Rating on INR2.75cr Cash Credit
AMBE METSTEEL: CRISIL Assigns 'D' Rating to INR44 Mil. Term Loan
ANTONY GARAGES: CRISIL Reaffirms 'BB' Rating on INR11.6MM Loan
FALCON BUSINESS: ICRA Assigns 'LBB+' Rating to INR1.86cr Loans
FISHFA RUBBERS: CRISIL Reaffirms 'BB-' Rating on INR15MM Term Loan

KUBER TIEUP: CRISIL Rates INR150 Million Cash Credit at 'B'
HANUMANT VANIJYA: Fitch Assigns 'B' National Long-Term Rating
RAJ RAJESHWARI: ICRA Assigns 'LB+' Rating to INR6.5cr Term Loan
SADHANA NITRO: CRISIL Reaffirms 'C' Rating on INR232.4MM LT Loan
SHIVALI UDHYOG: CRISIL Cuts Rating on INR40MM Term Loan to 'BB+'

SHRI RAM: CRISIL Rates INR100 Million Cash Credit at 'BB-'
SRI LAKSHMI: CRISIL Assigns 'BB-' Rating to INR13MM Term Loan
SUMAN CREATION: CRISIL Lifts Ratings on Bank Debts to 'P4'

* Moody's Gives New Annual Sovereign Credit Report on India


J A P A N

ALL NIPPON: To Reduce Fuel Surcharge on International Flights
JAPAN AIRLINES: Mismanagement Led to JAL's Bankruptcy, Panel Says


K O R E A

KOREA EXCHANGE: Lone Star Scraps Plan to Sell KEB Stake


M A L A Y S I A

TRANSMILE GROUP: Two Units Placed Under Creditors' Liquidation
WWE HOLDINGS: Seeks Extension of Time to Regularize Condition


N E W  Z E A L A N D

PGG WRIGHTSON: Earns NZ$8.9 Million in Year Ended June 30
REYNOLDS GROUP: Moody's Reviews 'B2' Corporate Family Rating
REYNOLDS GROUP: S&P Puts 'B+' Long-Term Corporate Credit Rating
VIADUCT CAPITAL: Depositors Can Recoup Up to 33c, Receivers Say


P H I L I P P I N E S

PHILIPPINE AIRLINES: Crew to Go on Strike in Two Weeks


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


DIRECT FACTORY: Wins Reprieve From Lenders; Escapes Receivership
----------------------------------------------------------------
Direct Factory Outlet will be granted a bank bailout after its
owner, Austexx Pty Ltd, struck an agreement with lenders, which is
likely to see the firm avoid being placed in receivership, the
Business Spectator reports, citing The Australian Financial Review
newspaper.

Business Spectator relates The Australian Financial Review said a
banking syndicate including Suncorp-Metway Ltd., National
Australia Bank Ltd., St George Bank and Royal Bank of Scotland
owed AU$450 million have agreed to extend a line of credit to DFO
to ensure it can complete the construction of its unfinished South
Wharf retail development.

The Age reports that the bailout was made possible after trustees
representing Australian Competition and Consumer Commission
chairman Graeme Samuel, an investor in Austexx, withdrew their
opposition.

Mr. Samuel's trustees, Andrew Kroger and Guy Jalland, had been
holding back on agreeing to a deal because they were seeking
compensation for the use of assets, invested in by Mr. Samuel, as
collateral to prop up projects in which he does not have a stake,
The Sydney Morning Herald says.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2010, SmartCompany said Austexx was locked in talks over
its future after media reports said it is struggling under
AU$1 billion of debt and may be on the "verge of collapse".
SmartCompany, citing a report in The Sunday Age, said at the time
that 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.  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.

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 Pty Ltd.


LIBERTY FUNDING: S&P Assigns Ratings on Seven Prime RMBS Deals
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
seven classes of prime residential mortgage-backed securities
issued by Liberty Funding Pty. Ltd. in respect of the Liberty
PRIME Series 2010-1.

The ratings reflect:

* The two-tier structure of the transaction.  Liberty Funding Pty
  Ltd. will use the proceeds of the Liberty Series notes to
  purchase the notes issued by Liberty PRIME Series 2010-1 Trust.
  The tenor of the Liberty Series notes will match the tenor of
  the Liberty Trust notes;

* The credit risk of the underlying collateral portfolio of the
  notes;

* The underwriting and servicing operations of Liberty Financial;

* The assessment of borrowers' repayment capacity;

* A weighted-average borrower rate on loans of at least the
  greater of: (i) the threshold rate required to ensure all trust
  obligations are met, and (ii) a defined required interest-rate
  margin over the bank bill swap rate (BBSW);

* Liquidity to support noteholder payments, equal to 2% of the
  outstanding balance of the invested amount of the notes, and
  funded through note issuance;

* Principal draws, as an additional form of liquidity.  Principal
  collections can then be utilized as an additional form of
  liquidity to meet any short-term liquidity shortfalls;

* The provision of a reserve account established and maintained
  through the trapping of excess spread on each payment date.  The
  reserve account may be utilized to meet current loan losses, and
  as a third source of liquidity for the payment of unpaid
  interest;

* The availability of excess spread to cover any current losses
  And carryover charge-offs on notes from prior periods;

* The composition of the underlying collateral pool, which
  entirely consists of loans with variable rate mortgages.  No
  loans subject to a fixed rate of interest will be permitted
  within the pool;

* For the class A1 and A2 notes, the subordination of the class
  AB, B, C, D, E, and F notes;

* For the class AB notes, the subordination of the class B, C, D,
  E, and F notes;

* For the class B notes, the subordination of the class C, D, E,
  and F notes;

* For the class C notes, the subordination of the class D, E, and
  F notes;

* For the class D notes, the subordination of the class E and F
  notes; and

* For the class E notes, the subordination of the class F notes.

The issuer has not informed Standard & Poor's (Australia) Pty Ltd.
whether the issuer is publicly disclosing all relevant information
about the structured finance instruments the subject of this
rating report or whether relevant information remains non-public.

                         Ratings Assigned

                    Liberty PRIME Series 2010-1

                Class    Rating   Amount (mil. A$)
                -----    ------   ----------------
                A1       AAA      85.00
                A2       AAA      90.00
                AB       AAA      10.40
                B        AA        3.60
                C        A         3.60
                D        BBB       3.40
                E        BB        1.00
                F        N.R.       3.00

                         N.R. ? Not rated


OCTAVIAR LTD: Board Raised Option to Liquidate Firm, White Says
---------------------------------------------------------------
The former deputy-CEO of Octaviar Ltd., formerly known as MFS
Group, said board advisers had raised the option of placing the
company into voluntary liquidation, The Australian reports.

The NSW Supreme Court heard Wednesday that the advice was given
seven months before it collapsed in September 2008 with debts of
AU$2.5 billion.

When asked by Adam Bell SC on behalf of MFS liquidator Bentleys
Corporate Recovery whether advisers Korda Mentha and 333 Capital
raised the option of placing MFS into voluntary administration,
The Australian relates Craig White said: "Voluntary administration
was considered at meetings discussing insolvency."

According to The Australian, Mr. White was on the stand on
Wednesday as part of a public examination by Bentleys to determine
when Octaviar became insolvent.

The court heard that senior MFS management was also trying to keep
the company solvent by paying off one loan facility with another,
the report adds.

                       About Octaviar Limited

Headquartered in Queensland, Australia, Octaviar Limited (ASX:OCV)
-- http://www.mfsgroup.com.au-- formerly known as MFS Limited,
perates as an Investment Management business with a portfolio of
usinesses and assets, including: operating businesses in the
leisure and childcare sectors; real estate portfolio; 35% interest
in the Stella Group; operating businesses which hold AFSL licenses
and act as Responsible Entity for a number of Managed Investment
Schemes.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and Nicholas
Harwood of Deloitte as Voluntary Administrators.  The directors of
three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd,
Octaviar Investment Notes Limited and Octaviar Investment Bonds
Limited, also appointed Messrs. Greig and Harwood as Voluntary
Administrators.  Fortress Credit Corporation (Australia) II Pty
Ltd., one of Octaviar Limited's major creditors, also appointed
Stephen James Parbery and Anthony Milton Sims of PPB as receivers
and managers for Octaviar.

In December 2008, Octaviar's creditors voted for a deed of company
arrangement over two entities in the Octaviar group, Octaviar
Limited and Octaviar Administration Pty Limited.  The three other
companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Limited into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AU$2.5 billion from the Group, which was found to have AU$1
billion in inter-company loans.


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


H.K. SIEMENS: Court to Hear Wind-Up Petition on September 15
------------------------------------------------------------
A petition to wind up the operations of H.K. Siemens Sun Energy
Sources Int'l Limited will be heard before the High Court of Hong
Kong on September 15, 2010, at 9:30 a.m.

Siemens Aktiengesellschaft filed the petition against the company
on July 9, 2010.

The Petitioner's solicitors are:

          Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


HIH UNDERWRITING: Creditors' Proofs of Debt Due September 2
-----------------------------------------------------------
Creditors of HIH Underwriting Services (Asia) Limited, which is in
creditors' voluntary 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


HK FORTUNE: Members' Final General Meeting Set for September 15
---------------------------------------------------------------
Members of Hong Kong Fortune Foundation Limited will hold their
final general meeting on September 15, 2010, at 10:00 a.m., at
Unit 2, 20/F., Far East Consurtiom Building, 121 Des Voeux Road
Central, in Hong Kong.

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


HONGDA ENTERPRISES: Li and Tsang Appointed as Liquidators
---------------------------------------------------------
Li Man Wai and Tsang Lai Fung on July 30, 2010, were appointed as
liquidators of Hongda Enterprises (Groups) Limited.

The liquidators may be reached at:

          Li Man Wai
          Tsang Lai Fung
          Room 1001, 10th Floor
          Tai Yau Building
          Wanchai, Hong Kong


INTERNATIONAL AGENCIES: Creditors' Proofs of Debt Due September 30
------------------------------------------------------------------
Creditors of International Agencies Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 30, 2010, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Cheng Chi Pang
         Room 1428, New World Tower 1
         18 Queen's Road
         Central, Hong Kong


JADE FOREST: Members' Final Meeting Set for September 13
-------------------------------------------------------
Members of Jade Forest Int'l Limited will hold their final meeting
on September 13, 2010, at 10:00 a.m., at Room 2302, 23/F, Chung
Kiu Comm. Bldg., 47-51 Shantung St., MongKok, Kln.

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


KONHAN INVESTMENTS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Konhan Investments Limited.

The official receiver is E T O'Connell.


KWAI MOON: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Kwai Moon Lau Seafood Restaurant
Limited.

The official receiver is E T O'Connell.


KWONG HOP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of Kwong Hop Label (HK) Limited.

The company's liquidator is:

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


LEHMAN BROTHERS: HkmA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced August 13 that
investigation of over 99% of a total of 21,694 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 13,079 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,498 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,572 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 2,818 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 1,862 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 956 cases; and

    * 543 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 182 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://researcharchives.com/t/s?6942

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LI FENG: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Li Feng (Hong Kong) Trading
Transportation Limited.

The official receiver is E T O'Connell.


LI FUNG: Court to Hear Wind-Up Petition on August 25
----------------------------------------------------
A petition to wind up the operations of Li Fung Housewares Co
Limited now known as Airnet Co., Limited will be heard before the
High Court of Hong Kong on August 25, 2010, at 9:30 a.m.

Li & Fung (B.V.I) Limited filed the petition against the company
on June 1, 2010.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


LIFENG ENTERPRISE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Lifeng Enterprise Group Co., Limited.

The official receiver is E T O'Connell.


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


LILLY HK FINANCE: Ying and Chan Step Down as Liquidators
--------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators Lilly
HK Finance II Limited on August 10, 2010.


LIU SHIH: Court to Hear Wind-Up Petition on September 1
-------------------------------------------------------
A petition to wind up the operations of Liu Shih Kun Piano & Arts
Centre Limited will be heard before the High Court of Hong Kong on
September 1, 2010, at 9:30 a.m.

Lau Sze Kwan filed the petition against the company on June 29,
2010.

The Petitioner's solicitors are:

          Messrs. Tang, Lee & Co.
          Rooms 2106-09, Wing Lung Bank Centre
          No. 636 Nathan Road
          Mongkok, Kowloon
          Hong Kong


LUCIDA (HK): Lai and Haughey Step Down as Liquidators
-----------------------------------------------------
Lai Kar Yan and Darach E. Haughey stepped down as liquidators
Lucida (Hong Kong) Limited on July 21, 2010.


MANIN HING: Members' Final General Meeting Set for September 22
---------------------------------------------------------------
Members of Manin Hing Company Limited will hold their final
general meeting on September 22, 2010, at 10:00 a.m., at 21/F,
Catic Plaza, 8 Causeway Road, Causeway Bay, in Hong Kong.

At the meeting, Norman Lai Kin Lee, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MAN EARN: Creditors and Contributories to Meet on August 23
-----------------------------------------------------------
Creditors and contributories of Man Earn Limited will hold their
first meetings on August 23, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Unit 511, 5/F, Tower 1, Silvercord, 30 Canton
Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MCGILL TRADING: Creditors' Proofs of Debt Due August 27
-------------------------------------------------------
Creditors of McGill Trading Company Limited, which is in
liquidation, are required to file their proofs of debt by
August 27, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

        Kenny King Ching Tam
        Room 908, 9/F
        Nan Fung Tower
        173 Des Voeux Road
        Central, Hong Kong


METHOD BUILDING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Method Building & Engineering Works
Limited.

The official receiver is E T O'Connell.


NEW CHAMPION: Court to Hear Wind-Up Petition on August 25
---------------------------------------------------------
A petition to wind up the operations of New Champion (Hong Kong)
Limited will be heard before the High Court of Hong Kong on
August 25, 2010, at 9:30 a.m.

Treble & Triple Limited filed the petition against the company on
May 31, 2010.

The Petitioner's solicitors are:

          K.C. Ho & Fong
          18th Floor, Henley Building
          No. 5 Queen's Road
          Central, Hong Kong


NEW JADE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of New Jade Roasted Goose & Seafod
Restaurant Limited.

The official receiver is E T O'Connell.


MYGUIDEGPS LIMITED: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of MyGuideGPS Limited.

The company's liquidator is:

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


PACIFIC POWER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on August 2, 2010, to
wind up the operations of Pacific Power Logistics International
Limited.

The official receiver is E T O'Connell.


PIONEER IRON: Court to Hear Wind-Up Petition on August 25
---------------------------------------------------------
A petition to wind up the operations of Pioneer Iron and Steel
Group Company Limited will be heard before the High Court of Hong
Kong on August 25, 2010, at 9:30 a.m.

William Tacon filed the petition against the company on June 29,
2010.

The Petitioner's solicitors are:

          Clifford Chance
          28th Floor, Jardine House
          One Connaught Place
          Central, Hong Kong


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


AKSHAY INSULATED: ICRA Puts 'LBB' Rating on INR2.75cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating with stable outlook to the
INR2.75 crore cash credit facility of Akshay Insulated Conductors.
ICRA has also assigned an 'A4' rating to the INR0.25 crore short
term fund based facilities and INR4.50 crore short term non fund
based facilities of AIC.

The assigned ratings take into consideration significant growth
achieved by the company over last three fiscal years. The ratings
also draw comfort from the raw material procurement arrangement
which protects the company from copper price volatility which is
the biggest risk in copper wires industry.  The ratings are
however constrained by AIC's small scale of operations and thin
margins as well as low entry barriers and stiff competition in the
industry.  The company has planned capital expenditure primarily
funded by debt, which will put pressure on capital structure and
cash flows of the company in medium term.

AIC has been manufacturing enamelled and bare copper wires
historically but the focus is currently shifted to trading of bare
copper wires.  The change of focus was to increase scale of
operations and build relationship with suppliers and customers
which will help the company going forward.  The company plans to
concentrate on manufacturing business in long term and it has
planned capital expenditure to increase the installed capacity by
960 MT per annum which currently stands at 275 MT per annum.

                     About Akshay Insulated

AIC was established in 1979 and it operates in highly competitive
copper wire industry.  It started with manufacturing of enamelled
copper wires.  AIC started manufacturing Bare Copper Wires in
2005.  In 2008, AIC started trading of bare copper wires. The
company also developed Bondable Wires and Litz wires in 2003 and
2007 respectively. AIC has also setup a unit in Parwanoo, Himachal
Pradesh.

AIC has shifted its focus from manufacturing to trading of bare
copper wires since last three years and currently around 80% of
the volumes are driven by the trading business. The move by the
management aims to improve scale of operations, customer and
supplier relationships and geographical reach for the company. In
long term, the company plans to concentrate on manufacturing.

Recent Results

AIC has reported a profit after tax (PAT) of INR0.45 crore in FY10
on an operating income of INR45.59 crore. The company has reported
operating profit before depreciation, interest, amortization and
tax (OPBDITA) of 0.93 crore in the same period.


AMBE METSTEEL: CRISIL Assigns 'D' Rating to INR44 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Ambe Metsteel Pvt Ltd's bank
facilities.

   Facilities                      Ratings
   ----------                      -------
   INR123.00 Million Cash Credit   D (Assigned)
   INR44.00 Million Term Loan      D (Assigned)

The rating reflects delays by Ambe in servicing interest
obligations on its term loan; the delay has been caused by Ambe's
weak liquidity, which is a result of large incremental working
capital requirements arising from the company's increasing
operations.

Ambe has weak financial risk profile and small scale of
operations, is vulnerable to volatility in raw material prices,
and faces intense competition in the steel industry.  The company
is, however, likely to benefit from the expected growth in the
steel industry over the medium term.

Ambe, based in Thane (Maharastra), was incorporated in 1990 as
Trisha Investment Pvt Ltd (an investment company); its name was
changed to Trisha Trading Pvt Ltd in 1996. In January 2000, the
company's name was changed to the current one after it obtained a
fresh certificate of incorporation; this enabled the company to
execute a rolling mill project.  Currently, Ambe manufactures
thermo-mechanically treated steel bars and channels, angels, and
has a production capacity of 50,000 tonnes per annum on a single-
shift basis.  The company resumed production in May 2009; Ambe had
stopped production in 2007-08 (refers to financial year, April 1
to March 31).  The company is owned by Mr. Santosh Singh, Mr.
Mahesh Mehta, Mr. Ashok Nakman, and Mr. Sudhir Dhody; they jointly
acquired the company in March 2008.

Ambe reported, on a provisional basis, a net loss of INR4.5
million on net sales of INR510.0 million for 2009-10, against a
net loss of INR10.1 million on net sales of INR4.1 million for
2008-09.


ANTONY GARAGES: CRISIL Reaffirms 'BB' Rating on INR11.6MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Stable/P4+' on the bank
facilities of Antony Garages Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR11.6 Million Rupee Term Loan     BB/Stable (Reaffirmed)
   INR75.0 Million Cash Credit         BB/Stable (Reaffirmed)
   INR60.0 Million Bank Guarantee      P4+ (Reaffirmed)

CRISIL's ratings on the bank facilities of AGPL continue to
reflect AGPL's exposure to risks relating to the tender-based
nature of its business and working capital intensive nature of its
operations.  These weaknesses are partially mitigated by the
satisfactory financial risk profile of the company.

Outlook: Stable

CRISIL believes that AGPL will maintain a stable credit risk
profile backed by its strong debt protection measures.  The
outlook may be changed to 'Negative' if the company undertakes a
large debt funded capital expenditure leading to substantially
deterioration of financial risk profile.  Conversely the outlook
may be changed to 'Positive' if the company is able to reduce its
reliance on tender based business and reports sustained growth in
revenues while maintaining its profitability.

Update

AGPL's revenues for 2009-10 (refers to financial year, April 1 to
March 31) is estimated at INR 520 million, growth of over 66 per
cent over 2008-09, although largely in line with CRISIL's
expectation.  The substantial improvement was because all State
Transport Undertakings (STU) were sanctioned grants under
Jawaharlal Nehru National Urban Renewal Mission (JNNURM), which
resulted in high order placements with the company. The company's
operating margins are estimated at around 11%, marginally lower
than CRISIL expectations and also profitability in the past. The
decline in margin was due to higher than expected costs of power
and fuel.  The margins of the company have also been volatile in
the past due to price changes in its raw materials like aluminium
and steel, and also due to the dependence on tender based nature
of the contracts with STUs.  Going forward the CRISIL expects the
margins to continue to remain susceptible to any fluctuations in
the raw material prices.  AGPL has no major capex plans in 2010-
11; and CRISIL believes the company will sustain its financial
risk profile over the medium term.

AGPL reported a profit after tax (PAT) of INR13 million on net
sales of INR313 million for 2008-09, as against a PAT of INR9
million on net sales of INR227 million for 2007-08.

                         About Antony Garages

Incorporated in 1983 by Mr. Jacob Ouesph Kallarakkal, AGPL offers
body building services for buses, trucks, ambulances,
refridgerated vans, garbage bins and containers. Its facilities
are located at Rabale and Patalganga in Maharashtra.


FALCON BUSINESS: ICRA Assigns 'LBB+' Rating to INR1.86cr Loans
--------------------------------------------------------------
ICRA has assigned a rating of 'LBB+' to the INR1.86 crore fund
based facilities of Falcon Business Resources Private Limited.
The outlook on long term rating is stable.  ICRA has also assigned
an 'A4+' rating to the INR8.14 crore non fund based facilities of
FBRPL.

The assigned ratings factor in risks arising out of small scale of
operations of FBRPL, which results in limited economies of scale
and bargaining power vis-a-vis customers or suppliers, moderate
exposure of its business to foreign exchange fluctuation,
dependence of its business on its customers' international travel
budget which in turn is contingent on global economic conditions
and technological obsolescence risk associated with telecom
business.  The ratings also take into account the unorganized
nature of the country specific SIM (Subscriber Identity Module)
services business characterized by low entry barriers and lower
capital expenditure which increases the competitive intensity of
the business.  The ratings are however supported by the company's
experienced promoters, its reputed customer base and its
comfortable financial profile characterized by low debt
commitments and satisfactory debt protection indicators.

FBRPL is engaged in the business of providing airtime services
using international SIM cards to business travelers abroad which
serves the purpose of cost cutting on international roaming for
Multi National Companies and Individual travelers.  The company
operates under the brand name of "Clay Telecom" and provides
international SIM card services of over 40 countries majorly being
United States, England, Thailand, Hong Kong and Australia.   FBRPL
purchases international airtime from multiple telecom operators
located across the globe and then earns revenues on the airtime
sales made to its users.  The company is mainly into post paid
international airtime services (90%) with pre paid connections
forming around 10% of the total sales. The sales of the company
are derived from the airtime usage of the postpaid connections by
its users while travelling internationally.

                       About Falcon Business

Falcon Business Resources Private Limited was incorporated in 1983
under the name of Delhi Super Trade Pvt. Ltd. and the name was
changed to FBRPL in 2003.  The company started its business as an
exclusive reseller of Bharti Airtel SIM cards which was
discontinued in the year 2007.  The company diversified into
selling international post paid and pre-paid airtime business
since 2004 which is also now its main line of business. The
company started its international airtime business by entering
into an agreement with T Mobile UK.  The company's international
SIM cards are sold under the brand name of "clay telecom".  Clay
telecom offers a range of national and international rental
packages for SIM cards, cell phones, wireless gadgets and data
cards.  The company provides international airtime services of
over 40 countries majorly being United States, England, Thailand,
Hong Kong and Australia.

Recent Results

Falcon Business Resources Private Limited reported a profit after
tax (PAT) of INR0.75 Crore in FY 2008-09 on an operating income of
INR28.55 Crore registering a growth of 29.7% in its revenue over
previous year led by an increase in the airtime sales as the
company has widened its services under the "Clay Telecom" brand
across India and expanding its presence as an exporter of telecom
services to distributors in other countries.


FISHFA RUBBERS: CRISIL Reaffirms 'BB-' Rating on INR15MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fishfa Rubbers Pvt Ltd
continue to reflect FRPL's below-average financial risk profile,
marked by a limited financial flexibility because of small net
worth and high gearing.  This rating weakness is partially offset
by strong growth in FRPL's turnover, driven by increasing exports.

   Facilities                            Ratings
   ----------                            -------
   INR6.0 Million Cash Credit Limit      BB-/Stable (Reaffirmed)

   INR15.0 Million Term Loan (Reduced    BB-/Stable (Reaffirmed)
                 from INR29.1 Million)

   INR59.0 Million Export Packing        P4+ (Assigned)
   Credit (Enhanced from INR39 Million)

   INR20.0 Million Bills Purchase/Bill   P4+ (Assigned)
                   Discounted Facility

Outlook: Stable

CRISIL believes that FRPL will maintain its moderate business risk
profile on back of strong growth in turnover, supported by its
established market position in the butyl reclaim rubber market and
frequent initiatives to enhance diversification of its customer
profile. The outlook may be revised to 'Positive' if FRPL's
capital structure improves significantly, driven most likely by
fresh infusion of funds or significant improvement in
profitability. Conversely, the outlook may be revised to
'Negative' if the company undertakes larger-than-expected debt-
funded capital expenditure programme, leading to increased
pressure on capital structure and debt protection metrics.

Update

FRPL's performance in 2009-10 (refers to financial year, April 1
to March 31) was in line with CRISIL's expectation. FRPL sustained
growth in its topline, supported by increasing demand for its
products in the export market, repeat orders from old customers,
and addition of new customers in the US market. The company has
undertaken a capacity expansion programme entailing an outlay of
about INR15 million to increase its capacity by about 3000 tonnes
per annum (tpa); the new line is expected to be commissioned by
September 2010. FRPL reported, on a provisional basis, a profit
after tax (PAT) of INR13 million on net sales of INR414 million
for 2009-10, against a PAT of INR11 million on net sales of INR219
million for 2008-09. The company's liquidity is likely to remain
weak over the medium term because of high bank limit utilisation
levels, maturing term loan obligations, and lack of equity
contribution.

FRPL, incorporated in 2000, manufactures butyl and natural tube
reclaim rubber, which account for about 80 per cent and 20 per
cent, respectively, of its total sales. Its two units at Rajkot
(Gujarat) have a combined capacity to produce 12,000 tpa of
reclaimed rubber.


KUBER TIEUP: CRISIL Rates INR150 Million Cash Credit at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Kuber Tieup Pvt Ltd's
cash credit facility.

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

The rating reflects Kuber's large working capital requirements,
leading to constrained liquidity, and geographically concentrated
revenue profile.  These rating weaknesses are partially offset by
Kuber's promoters' experience in the tea trading industry.

Outlook: Stable

CRISIL believes that Kuber will continue to benefit from its
established relationships with business associates and its
promoters' experience in the tea trading industry. The company's
financial risk profile will, however, remain constrained because
of its large working capital requirements, leading to constrained
liquidity.  The outlook may be revised to 'Positive' in case of a
sustained and significant improvement in the company's revenues
and profitability, along with increasing diversification of
customer base. Conversely, the outlook may be revised to
'Negative' if the company contracts more-than-expected debt, if
its revenues and profitability decline significantly, or if the
company extends funding support to its group companies, thereby
significantly constraining its financial risk profile.

Kuber, based in Kolkata (West Bengal), is a wholesale trader of
tea; it trades in primarily premium varieties of tea. The company
was set up in 2005 by the Kolkata-based Mr. Ujjwal Kumar Das and
his father, Mr. Santosh Kumar Das; the Das family has diverse
business interests.

Kuber has various group companies, which operate in diverse
industries such as rice processing, iron and steel, real estate,
cement, power, and trading of agricultural commodities. Most of
the group companies are currently in project stage; any unforeseen
support from Kuber to the group companies could put pressure on
Kuber's financial risk profile, and further constrain its
financial flexibility and liquidity.

Kuber posted a provisional net profit of INR24 million on
provisional net sales of INR1.7 billion for 2009-10 (refers to
financial year, April 1 to March 31) against a profit after tax
(PAT) of INR20 million on net sales of INR1.6 billion for 2008-09.


HANUMANT VANIJYA: Fitch Assigns 'B' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Hanumant Vanijya Pvt. Ltd. a
National Long-term rating of 'B(ind)' with a Stable Outlook.  The
agency has also assigned a 'B(ind)' rating to HVPL's INR130
million fund-based working capital limits.

HVPL's ratings reflect its small scale of operations, risks of
volatility of raw material prices, and its high working capital
requirements, which have contributed to its negative cash flows
from operations over FY08-FY10.

The ratings benefit from HVPL's four-decade long experience in
hosiery and related businesses, an infusion of funds by its
promoters to maintain its liquidity, and an absence of any major
long-term liabilities.

Positive rating triggers include an increase in HVPL's EBIDTA
margins of beyond 3%, interest coverage (EBIDTA /Interest)
exceeding 1.5x, a gross leverage of below 7x with an increase in
its volumes.  Negative rating triggers include HVPL's interest
coverage of below 1.1x with a decline in its EBIDTA of below 2%.

HVPL, incorporated in 2005, is involved in the manufacturing of
vests and briefs and owns fabric cutting facilities in Howrah,
Kolkata.  As per HVPL's provisional FY10 figures, the company
reported annual sales of INR608.47 million and EBIDTA margins of
2.6% (FY09: 3.4%).


RAJ RAJESHWARI: ICRA Assigns 'LB+' Rating to INR6.5cr Term Loan
---------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR6.50 crore term loan, INR2.30
crore fund based and INR0.20 crore non-fund based facilities of
Raj Rajeshwari Techno Fab (P) Limited.

The assigned rating is constrained by the delays in the debt
servicing by the company, RRTF's relatively small scale of
operations in a market dominated by few large established players
in the organized sector and a large number of small players in the
unorganized sector which increases the competitive intensity. In
addition, the relatively low value- add of the zippers in the
final product, limits the pricing power of the companies in the
industry.  The rating however favorably takes into account the
financial profile of the company characterized by healthy
profitability, low gearing and adequate debt coverage indicators;
and the group support on being part of the Shri Lakshmi group,
which is a leading textile group in the country.  The rating also
takes into account the wide product range of zippers manufactured
by the company which are used across diverse applications such as
apparels, luggage and bags; fiscal incentives from the central
government due to presence in Uttarakhand and the significant
experience of the promoters who had been in the textile industry
for over two decades.

                        About Raj Rajeshwari

RRTF was incorporated in 2004-05 and was engaged in the trading of
fabric and garment accessories till 2007-08.  In May 2008, the
company set up its own unit for manufacturing of zippers in
Roorkee (Uttarakhand) and had been involved in this line of
business since then. RRTF is part of the Shri Lakshmi Group, which
is a leading textile group in the country.  RRTF is one of the
promoters of Shri Lakshmi Cotsyn Ltd., the flagship company of the
group, with 2.95% of the shareholding as on March 31, 2010.
Moreover, the promoters of Shri Lakshmi Cotsyn Ltd. have a total
shareholding of 29.13% in RRTF as well.


SADHANA NITRO: CRISIL Reaffirms 'C' Rating on INR232.4MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sadhana Nitro Chem Ltd
continue to reflect the stretch in SNCL's liquidity, driven by the
absence of positive cash accruals and high bank limit utilization
levels.

   Facilities                                 Ratings
   ----------                                 -------
   INR232.40 Million LT Loan                  C (Reaffirmed)
   (Enhanced from INR47.50 Million)

   INR70.00 Million Cash Credit               C (Reaffirmed)
   (Reduced from INR100 Million)

   INR70.00 Million Cash Credit               D (Reaffirmed)
   (Axis Bank) (Reduced from INR120 Million)

   INR60.00 Letter of Credit/Bank Guarantee   P4 (Upgraded from
   (Enhanced from INR30.00 Million)               'P5')

   INR40.0 Million Letter of Credit and       P5 (Reaffirmed)
                         Bank Guarantee

SNCL has restructured its term loans with State Bank of India and
State Bank of Patiala.  The company's proposal for restructuring
its bank facilities with Axis Bank is awaiting approval.

SNCL was incorporated in 1973 by the late Mr. D T Javeri. The
company is currently managed by his son Mr. Asit D Jhaveri. SNCL
manufactures benzene-based compounds such as nitrobenzene,
metanilic acid, and meta-amino phenol.

For the quarter ended June 30, 2010, SNCL posted a net loss of
INR13.4 million on net sales of INR117 million, as against a net
loss of INR159 million on net sales of INR99.3 million for the
corresponding period of the previous year.


SHIVALI UDHYOG: CRISIL Cuts Rating on INR40MM Term Loan to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shivali
Udhyog (Industries) Ltd to 'BB+/Stable' from 'BBB-/Stable'.

   Facilities                          Ratings
   ----------                          -------
   INR40.0 Million Term Loan           BB+/Stable (Downgraded from
   (Enhanced from INR13.7 Million)                 BBB-/Stable)

   INR230.0 Million Cash Credit        BB+/Stable (Downgraded from
   (Reduced from INR300.0 Million)                 BBB-/Stable)

   INR45.80 Million Proposed LT Bank   BB+/Stable (Downgraded from
   Loan Facility (Enhanced from                    BBB-/Stable)
                 INR2.1 Million)

The downgrade reflects deterioration in Shivali Udhyog's working
capital cycle, coupled with a steep decline in its revenues and
Net cash accruals and increased exposure to group entities.

The rating also continues to reflect Shivali Udhyog's low
operating margins, constraining its debt protection indicators.
These weaknesses are partially offset by the extensive experience
of Shivali Udhyog's promoters in the steel industry.

Outlook: Stable

CRISIL believes that Shivali Udyog will maintain a stable business
risk profile over the medium term, backed by established presence
of its promoters in the steel industry. The outlook may be revised
to 'Positive' in case of a significant and sustainable improvement
in the company's revenues and working capital cycle, and more-
than-expected improvement in its operating margin and net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
Shivali Udyog continues to extend support to its group companies
or undertakes a large, debt-funded capital expenditure programme.

                         About Shivali Udyog

Shivali Udyog, based in Raipur (Chhattisgarh), was acquired by its
current promoters, Mr. Vinod Agrawal, Mr. Ashok Agrawal, and Mr.
Subhas Garg in March 2002. The promoters have experience of more
than three decades in the iron and steel industry. The company
produces mild steel (MS) wire rods in coil, MS rounds, thermo-
mechanically treated (TMT) bars, and HB wires. Its facilities have
an installed capacity of 41,000 tonnes per annum (tpa) for HB
wires and a rolling capacity of 100,000 tpa.

Shivali Udyog reported a profit after tax (PAT) of INR5.4 million
on net sales of INR1.13 billion for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR8.2 million on net
sales of INR1.69 billion for 2008-09.


SHRI RAM: CRISIL Rates INR100 Million Cash Credit at 'BB-'
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the proposed cash
credit facility of Shri Ram Auto Loan Private Ltd.

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

The rating reflects SRAL's small scale of operations with regional
concentration, low net worth, modest resource profile, and weak
earnings profile.  These rating weaknesses are partially offset by
the company's sound asset quality, and adequate experience of its
promoters in asset financing.

Outlook: Stable

CRISIL believes that while SRAL would maintain its sound asset
quality, the company would remain a relatively small player within
the asset-financing space, over the medium term. The outlook may
be revised to 'Positive' if SRAL substantially improves its scale
of operations, capitalisation, and earnings profile, while
maintaining its asset quality levels. Conversely, the outlook may
be revised to 'Negative' if the company reports significant
deterioration in its asset quality and profitability, leading to
stress on its capitalisation.

                            About Shri Ram

SRAL (formerly, Shri Ram Wheeler Private Ltd), promoted by Mr.
Ganesh Bhattar and Mr. Gourav Bhattar, was registered as a non-
banking financial company (NBFC) on July 15, 2008.  SRAL is
largely involved in two-wheeler financing (97 per cent of loans
outstanding as on March 31, 2010) and has recently started
financing three-wheelers as well.  The promoters have been engaged
in two-wheeler financing through a proprietorship concern since
2002. The company has its registered office in Raipur
(Chhattisgarh), and it operates out of rural regions located
around the Raipur district.  As on March 31, 2010, the company had
six branches, and counters in 14 dealer outlets with an
outstanding portfolio of INR86.7 million.  Apart from its asset-
financing business, the company also maintains a stock of vehicles
in its branches and provides after-sales services on the sold
vehicles. It received vehicle sales commission (INR0.8 million in
2009-10 [refers to financial year, April 1 to March 31]) and
servicing charge income (INR0.2 million) from these services.

For 2009-10, SRAL reported a profit after tax (PAT) of INR0.7
million on a total income of INR18.0 million, against a PAT of
INR0.3 million on a total income of INR7.8 million for the
previous year.


SRI LAKSHMI: CRISIL Assigns 'BB-' Rating to INR13MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Sri Lakshmi
Satyanarayana Raw & Boiled Rice Mill's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR13.00 Million Term Loan        BB-/Stable (Assigned)
   INR120.00 Million Cash Credit     BB-/Stable (Assigned)
   INR17.00 Million Proposed         BB-/Stable (Assigned)
                Cash Credit

The rating reflects SLS's below-average financial risk profile,
marked by high gearing, large working capital requirements, and
susceptibility to adverse regulatory changes and volatility in
paddy prices. These rating weaknesses are partially offset by
SLS's promoters' experience in the rice mill business.

Outlook: Stable

CRISIL believes that SLS will continue to benefit from its
promoters' experience in the rice mill business. The outlook may
be revised to 'Positive' if SLS generates more-than-expected
revenues, maintains its profitability and improves its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the firm's revenues or profitability decline sharply, its partners
make sizeable withdrawal of capital, or if the firm undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

                          About Sri Lakshmi

SLS, a registered partnership firm set up in 1983, undertakes
milling and processing of paddy into rice; in the process, it
generates by-products, such as broken rice, bran, and husk. SLS
has paddy-milling capacity of 40 tonnes per hour (around 2.8
million quintals per annum) at Penuguduru (Andhra Pradesh). SLS is
promoted by Mr. Nallamilli Satyanarayana Reddy and family, and is
currently managed by his son Mr. Nallamilli Suryanarayana Reddy
and his grandson Mr. Nallamilli Ramalingeswara Reddy. SLS sells
the rice in the open market under the Coconut and Murari brands.
It also supplies rice to Food Corporation of India (rated
'AAA(so)/Stable' by CRISIL).

SLS reported a provisional profit after tax (PAT) of INR4 million
on net sales of INR512 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR3 million on net
sales of INR507 million for 2008-09.


SUMAN CREATION: CRISIL Lifts Ratings on Bank Debts to 'P4'
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Suman
Creation to 'P4' from 'P5'.

   Facilities                              Ratings
   ----------                              -------
   INR26.5 Million Export Packing Credit   P4 (Upgraded from 'P5')
   INR47.5 Million Bills Discounting       P4 (Upgraded from 'P5')

The upgrade follows the timely repayment of term loans by Suman
Creation since June 2009.  The firm has prepaid its term loan in
April 2010, and availed a new term loan of INR11 million for its
expansion project.  The upgrade also factors in CRISIL's belief
that Suman Creation's sales growth and profitability will be
healthy over the medium term, backed by capacity increases,
healthy industry prospects, and established customer
relationships.

However, the rating also reflects Suman Creation's exposure to
risks relating customer concentration in its revenue profile, and
its small scale of operations. These weaknesses are partially
offset by the firm's longstanding presence in the textile
industry, and its moderate financial risk profile marked by
comfortable capital structure.

                       About Suman Creation

Suman Creation manufactures and exports readymade garments. The
partnership firm, set up in 2007-08 (refers to financial year,
April 1 to March 31), took over the business of the proprietorship
concern set up by one of its partners, Mr. Suman Jain, in 1980.
Its manufacturing facilities, located in Dadra and Silvassa (Union
Territory of Dadra and Nagar Haveli), have around 200 stitching
machines.

For 2009-10, Suman Creation, on a provisional basis, reported a
profit after tax of INR5 million on net sales of INR231 million,
against INR9.7 million and INR185 million, respectively, for the
previous year.


* Moody's Gives New Annual Sovereign Credit Report on India
-----------------------------------------------------------
Moody's Investors Service has published a new annual sovereign
credit report on India.  The report provides a detailed
explanation of the rationale for the Baa3 foreign currency and
recently upgraded Ba1 local currency rating.

India's ratings are based on four key methodological factors:

1.  Medium economic strength: derived from a large, well-
    diversified economic structure within which rapid growth is
    supported by ongoing economic liberalization, high household
    savings, and a strong and competitive private sector.
    However, low income levels -- along with inadequate social and
    physical infrastructure, and rigidities in pricing mechanisms
    -- constrains a better assessment of the country's economic
    strengths.

2.  Medium institutional strength: this is supported by moderately
    effective macroeconomic policies, a track record of
    incremental institutional reforms, and gradual improvements in
    governance.

3.  Low government financial strength: which reflects the
    government's large debt and debt service burden, but, whose
    risks are offset by a favorable debt composition and
    structure; a semi captive financing pool; healthy external
    position; and ongoing fiscal reforms.

4.  Low susceptibility to event risk: reflects a constitutionally
    based and well tested democratic framework which heightens the
    country's shock absorption capacities; and it also reflects a
    a well managed corporate and banking system where the lack of
    excessive external, commercial or household leverage imparts
    stability.

Rating outlook:

"The positive outlook on the Ba1 local currency sovereign rating
encapsulates Moody's expectation that reasonable policy management
and a deepening of reforms will contain medium-term inflationary
pressures, and reduce the risk of renewed fiscal slippage.  It
also reflects the political scope and the policy commitment for
implementing reforms until the end of the current government's
term in office in 2014, against the risk of heightened structural
fiscal pressures from a broadening of social welfare programs,"
said Mr. Aninda Mitra, a Moody's Vice President and its lead
sovereign analyst for India.

"Currently, the Indian government's foreign currency bond rating
of Baa3 carries a stable outlook signifying evenly balanced risks
to the country's reasonably healthy external fundamentals and
macroeconomic prospects," he added.

What could eliminate the ratings gap:

Moody's ratings gap in favor of the Indian government's foreign
currency obligations signifies a potential likelihood that the
government of India could prioritize its external obligations over
its domestic obligations.  The former are easily repayable and
owed predominantly to official creditors; and the latter are
onerous and owed largely to a statutorily pliable domestic
creditor base.

However, even amidst a trying global and local environment, Indian
authorities have remained on the course of implementing
incremental institutional and regulatory reforms that are
deepening and liberalizing domestic capital markets.  And,
improving government finances will also gradually ease the need
for onshore controls, and risk socialization.

In this context, Moody's will consider unifying India's local and
foreign currency ratings at Baa3 should the track record of fiscal
reforms deepen, and if --currently higher than usual- inflation
pressures normalize.  These developments would underpin the
government's structural reform program and improve its local
currency creditworthiness.

What Could Change the Rating -- Up:

A significant and credible improvement in the government's fiscal
and debt position; lowering and better management of inflation;
and, improvements in infrastructure, supported by larger foreign
direct investment inflows.

What Could Change the Rating -- Down:

Failure to progress on fiscal consolidation or a loss of inflation
control and a sustained worsening of the external balance and
foreign currency liquidity position.  A sharp rise in subsidies
which puts significant pressure on the fiscal position.

Previous rating action and methodology:

Moody's last rating action on India was taken on July 26, at which
time it upgraded the local currency sovereign rating to Ba1, from
Ba2, and kept the outlook on positive.


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


ALL NIPPON: To Reduce Fuel Surcharge on International Flights
-------------------------------------------------------------
All Nippon Airways Co. said it will reduce its fuel surcharge on
international flights for October and November to reflect lower
fuel prices, The Nikkei reports.

The Nikkei says passengers will be charged JPY21,000 to cover fuel
costs on round-trip flights between Japan and Europe, JPY7,000
less than the current amount.  The surcharge will be halved to
JPY1,000 on flights serving South Korea.

According to the report, ANA revises its surcharge every two
months, while rival Japan Airlines Corp. does so every three
months.  JAL's surcharge is lower than ANA's for August and
September, but the two airlines will likely charge around the same
amount in October, the report says.

                             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).


JAPAN AIRLINES: Mismanagement Led to JAL's Bankruptcy, Panel Says
-----------------------------------------------------------------
Mismanagement and a lack of risk awareness caused Japan Airlines
Corp. to file for bankruptcy protection in January, Kyodo News
says citing a draft report by a panel studying JAL's management
practices.

Kyodo, citing sources, relates the five-member panel said in the
report that it is difficult to place criminal or civil liability
on former heads of the carrier.

According to Kyodo's sources, the panel said management failed to
detect that the airline was in financial crisis because of the
firm's compartmentalized administrative structure in terms of
corporate planning, sales and marketing, and other operations.

JAL set up the compliance investigation panel March 2 made up of
third-party members who were tasked with examining past management
practices, Kyodo notes.

Kyodo relates the panel said JAL was tardy in implementing massive
restructuring efforts to improve its balance sheet when it was
seeing a decline in passengers due to the Sept. 11, 2001,
terrorist attacks in the United States and then the epidemic of
severe acute respiratory syndrome, or SARS.

Kyodo News says the panel plans to report that JAL needs to change
its corporate culture and no longer act with the complacency that
it was the country's flag carrier.

                        About Japan Airlines

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

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

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company estimated
debts at $28 billion.

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


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


KOREA EXCHANGE: Lone Star Scraps Plan to Sell KEB Stake
-------------------------------------------------------
Lone Star has decided to scrap its plan to sell a majority stake
in Korea Exchange Bank worth $4 billion at current market price
because of weak demand from potential investors, Reuters reports
citing the Seoul Economic Daily.

The report relates the decision, if confirmed, would be Lone
Star's third failure to sell KEB since buying into the bank in
2003, and also comes as Australia and New Zealand Banking Group
Ltd was preparing due diligence on KEB to decide on a bid by mid-
October.

"Lone Star told financial investors in the United States,
Hong Kong and Europe that it would suspend the sale of KEB
indefinitely," the Seoul Economic Daily quoted an unnamed private
equity source close to the deal as saying, according to Reuters.

According to Reuters, the report said Lone Star had decided to
halt the sale because of the huge price gap with potential buyers
and concern that property-related financing may turn sour and
reduce the appeal of Korean banks in general.

Reuters relates the newspaper said Lone Star wanted to sell for at
least KRW18,000 per share, while potential bidders including ANZ
were willing to pay slightly more than KRW10,000.

                      About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 8,
2007, that as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service upgraded Korea
Exchange's Bank Financial Strength Rating to C- from D.

On November 7, 2008, Moody's Investors Service changed the outlook
on the C- bank financial strength rating (BFSR) of Korea Exchange
Bank (KEB) to negative from stable.  Its debt and deposit ratings
are unaffected and carry a stable outlook.


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


TRANSMILE GROUP: Two Units Placed Under Creditors' Liquidation
--------------------------------------------------------------
Transmile Group disclosed that at a meeting held on August 11,
2010, creditors of Transmile Air (SPV) Ltd. and TGB (SPV) Ltd,
wholly owned subsidiaries of Transmile Group, resolved to appoint
Lim Tian Huat of Messrs. Lim Tian Huat & Co as liquidator for STL
SPV and CB SPV.

The creditors also resolved to appoint a Committee of Inspection
consisting of not more than five persons pursuant to Section 262
of the Act.

                        About Transmile Group

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

                           *     *     *

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

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


WWE HOLDINGS: Seeks Extension of Time to Regularize Condition
-------------------------------------------------------------
WWE Holdings Bhd disclosed in a regulatory filing that it had
submitted an application letter to Bursa Malaysia Securities Bhd
seeking for a time extension to regularize its financial
condition.

Bursa Securities announced on August 13 that the securities of WWE
Holdings will be de-listed and removed from the Official List of
Bursa Securities on August 25, 2010, after the Securities
Commission rejected WWE's proposed restructuring scheme.

                         About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering services
related to design, fabrication, installation and commissioning of
water, wastewater treatment, environmental facilities and
construction activities; WWE Industries Sdn.  Bhd., which provides
installation of mechanical and electrical works connected with
water, wastewater treatment and environmental engineering, and
Quality Water Technology Sdn. Bhd., which undertakes research and
development activities to develop new technologies related to
water and wastewater.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


PGG WRIGHTSON: Earns NZ$8.9 Million in Year Ended June 30
---------------------------------------------------------
PGG Wrightson Finance has posted results for the year ended
June 30, 2010, with operating earnings before tax of NZ$13.1
million compared with NZ$10.1 million for 2009.  Net profit after
tax was NZ$8.9 million (2009: NZ$7.8 million).

The results were considered positive against the backdrop of the
global financial crisis and difficult trading conditions in the
agricultural sector.

Mark Darrow, CEO of PWF said the company had devoted its efforts
to servicing existing clients and concentrated on working capital
finance which offered not only better returns but also served to
position capital where it could be of the most support to farmers
and growers during the current challenging business cycle. "This
saw overall assets decrease by 5% for the year, but with increased
revenue and operating profit."

Mr. Darrow said while loan impairments for the year had increased
to NZ$8.9 million primarily as a result of several dairy sector
exposures, the company had continued to limit dairy exposure to
around 25% of its portfolio - versus an industry average of more
than 60%.

"During the year the company received a first time BB (stable)
credit rating from Standard & Poor's, which enabled our
application and acceptance into the extended Crown Guarantee
scheme. This facilitated the company being the first to offer
unguaranteed deposits from January 2010, and receiving a
substantial refund of Crown Guarantee fees."

Total loans and receivables decreased by 5% from NZ$559.7 million
at June 2009 to NZ$530.9 million at June 2010 reflecting reduced
appetite in lower yielding term loans, with more focus on working
capital finance.  "Excellent support from retail investors saw a
15% increase in deposits since November 2009, while the company
also experienced a very strong debenture reinvestment rate which
averaged nearly 80% for the financial year," Mr. Darrow said.

Post year end, PWF also rolled over their NZDX listed NZ$100
millin bond programme (PWF030) for a further year with an emphatic
90% positive vote from bondholders.

"Having an on-going bond program is part of our diversified
funding approach, which we will look to continue going forward.
Our debenture program has also seen exceptional support so far
this year growing month on month and achieving record reinvestment
rates over the last 6 months.  We have always enjoyed amazing
loyalty from our depositor base which we highly value."

Looking ahead Mr. Darrow said PWF was strongly positioned to meet
a number of non bank deposit taker regulations coming into force
over the coming period.  "We are acutely aware that we are
operating in a challenging environment, and will continue to
operate the business with a more prudent and conservative approach
particularly from liquidity and credit perspectives. We are
delighted to deliver another record result to provide further
confidence to our investors, which in turn enables us to support
the agriculture sector."

                      About PGG Wrightson Finance

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

                           *     *     *

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


REYNOLDS GROUP: Moody's Reviews 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service placed the 'B2' Corporate Family Rating
of Reynolds Group Holdings Limited on review for possible
downgrade.  The ratings on the existing notes and bank credit
facilities were placed on review as well.

The rating review has been prompted by RGHL's announcement that it
has reached an agreement to acquire all of the outstanding stock
of Pactiv Corporation, a publicly listed packaging company based
in the US (rated Baa2 under review for potential downgrade).  The
acquisition is expected to occur in the fourth quarter of 2010 and
is subject to customary regulatory approvals and closing
conditions, including the approval of Pactiv shareholders.
According to RGHL the purchase price is approximately US$4.6
billion and the entire transaction value is approximately US$6
billion.  Moody's understands that RGHL expects to finance the
purchase price of the acquisition of Pactiv and associated
transaction costs with a combination of up to approximately US$5
billion of new indebtedness, as well as cash, assumed debt and
equity.

Given the large size of the acquired operation, challenges to
realize synergy benefits, and the heavily debt weighted financing
Moody's is concerned that the group's leverage ratios may fall
below levels required for the current B2 rating for an extended
period of time.  The rating review will focus in particular on (i)
the financing structure of the acquisition and implications on
leverage ratios, (ii) the benefits of the acquisition on the
group's overall business profile and (iii) the combined group's
de-leveraging prospects.

As communicated earlier, RGHL's ratings could be downgraded, if
the group is unable to generate positive free cash flows, if
leverage remains around 6x debt/EBITDA for a sustained period also
if caused by a major debt-financed acquisition.  Furthermore, a
tightening of financial covenant headroom without an appropriate
reset to levels accommodating the transaction would put pressure
on the rating.  These aspects, however, may be balanced by
potential benefits from the contemplated acquisition such as
synergies, increased diversification or higher purchasing power.

On Review for Possible Downgrade:

Issuer: Beverage Packaging Holdings (Lux) II S.A.

  -- Senior Subordinated Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1, LGD6, 94%

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Caa1, LGD5, 82%

Issuer: Reynolds Group Holdings Inc.

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently a range of B1, LGD3, 32%

Issuer: Reynolds Group Holdings Limited

  -- Probability of Default Rating, Placed on Review for Possible
     Downgrade, currently B2

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B2

Issuer: Reynolds Group Issuer Inc.

  -- Senior Secured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently a range of B1, LGD3, 32%

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Caa1, LGD5, 82%

Outlook Actions:

Issuer: Beverage Packaging Holdings (Lux) II S.A.

  -- Outlook, Changed To Rating Under Review From Stable

Issuer: Reynolds Group Holdings Inc.

  -- Outlook, Changed To Rating Under Review From Stable

Issuer: Reynolds Group Holdings Limited

  -- Outlook, Changed To Rating Under Review From Stable

Issuer: Reynolds Group Issuer Inc.

  -- Outlook, Changed To Rating Under Review From Stable

The last rating action was implemented on April 20, 2010, when the
B2 Corporate Family Rating of Reynolds Group Holdings Limited was
affirmed with a stable outlook.

Reynolds Group Holdings Limited is a leading global manufacturer
and supplier of food and beverage packaging and consumer storage
products.  The group operates through four divisions: SIG,
Evergreen, Reynolds Consumer and Closures.  The group in its
current form was established in November 2009, when SIG acquired
the Reynolds Consumer and the Closure Systems International
businesses from entities controlled by their ultimate shareholder
Graeme Hart.  The combined group was then renamed "Reynolds".
Subsequently, in May 2010, the group was further enlarged as a
result of the acquisition of the Evergreen Packaging business,
also from entities controlled by Graeme Hart.  Based on pro forma
2009 figures (as if the enlarged group was formed on January 1,
2009), this group generated EUR3.8 billion of sales in 2009.


REYNOLDS GROUP: S&P Puts 'B+' Long-Term Corporate Credit Rating
---------------------------------------------------------------
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 $4.6 billion (about EUR3.6 billion) with a total transaction
value of about $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 estimate, based on the size of
the transaction, and an estimate of adjustments according to S&P's
corporate criteria, that pro forma adjusted debt to EBITDA could
increase to above 6.5x.  S&P views this as aggressive in relation
to its 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.


VIADUCT CAPITAL: Depositors Can Recoup Up to 33c, Receivers Say
---------------------------------------------------------------
The New Zealand Herald reports that Viaduct Capital's receivers
said security sharing deeds on some of the company's loans, which
have bumped them down the repayment pecking order, and the demise
of Mutual Finance which was the recipient of some of these SSDs,
are likely to reduce the amount of money they can recover.

Receivers Iain McLennan and Boris van Delden of McDonald Vague
said in their first report that depositors not covered by the
guarantee can only expect to get back between 28 cents and 33
cents in the dollar, according to the NZ Herald.

Unsecured creditors owed NZ$79,500, including one unsecured
capital note holder owed NZ$5,000, aren't expected to get any
money back, the report says.

According to the NZ Herald, the receivers note that many of
Viaduct Capital's loans are exposed to SSDs given by the company
in return for funds received.  They have verified that this money
has been paid to Viaduct Capital.  However, the report notes, the
SSDs mean Viaduct Capital's priority in the security over which
the lending was made has been replaced by the new funding
provider.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2010, Viaduct Capital Ltd. has been placed into
receivership with debts of NZ$7.8 million.  Prince and Partners
Trustee Company Limited on May 13 appointed Iain McLennan and
Boris van Delden from McDonald Vague as receivers of Viaduct
Capital.  Colin Wilson of Prince and Partners Trustee Company
Limited said the action is "to protect the interests of investors
through an orderly realization of the company's assets."

Viaduct Capital has $7.8 million of secured debentures held by
approximately 110 investors.  Viaduct said in a statement posted
in its Web site that NZ$7.3 million is covered by the Government
Guarantee, with the balance of NZ$500,000 unguaranteed.

Viaduct Capital Ltd. is a New Zealand-based finance company.


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


PHILIPPINE AIRLINES: Crew to Go on Strike in Two Weeks
------------------------------------------------------
The Manila Standard Today reports that the Philippine Airlines'
cabin crew said they would strike in two weeks after talks with
the management collapsed Tuesday.

"We withdrew from the negotiations because, in the past 10 months,
nothing was happening," the report quoted Andy Ortega, vice
president of the Flight Attendants and Stewards Association of the
Philippines, as saying.  "We will go on strike to get what we
deserve."

Mr. Ortega told the Manila Standard that his group, representing
about 1,600 flight attendants and stewards, would no longer sign a
collective bargaining agreement or agree to any more meetings
unless their demand to raise the mandatory retirement age of 40
was taken up, and a "reasonable" salary increase was offered.

The Manila Standard relates Mr. Ortega said his group would file a
notice of strike this week.

Another union, the report says, the PAL Employees Association,
comprising the carrier's ground employees, has already filed a
notice of strike with the Labor Department over the company's plan
to spin off its non-core units and retire 2,600 employees.

Earlier, the Manila Standard notes, the Lucio Tan-owned airline
said it would deploy administrative staff to fill the posts
vacated by any striking workers.  Passengers may also be
transferred to PAL's 134 partner airlines in case of any flight
disruptions, the report adds.

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

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

                     About Philippine Airlines

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


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

DOMINION FINANCE       DFH             258.90         -55.31


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                         *********

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

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

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


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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-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

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

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

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





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