TCRAP_Public/100823.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, August 23, 2010, Vol. 13, No. 165

                            Headlines



A U S T R A L I A

MOBIUS ELR-01: Fitch Affirms Ratings on Three Classes of Notes


C H I N A

BAOLONG AUTO: BAIC Agrees to Acquire Firm


H O N G  K O N G

AKAMAI FINANCIAL: Annual Meetings Set for August 27
CHAODA MODERN: Bond Issuance Won't Affect S&P's 'BB-' Rating
POLAND TRADING: Wong Pui Wing Steps Down as Liquidator
RAINBOW CITY: Creditors' Proofs of Debt Due September 13
REIM INDUSTRIAL: Members' Final Meeting Set for September 2

ROCKWAY TECHNOLOGY: Chen and Wong Appointed as Liquidators
SAWA TALENT: Members' Final General Meeting Set for September 15
SIMONS ELECTRIC: Court to Hear Wind-Up Petition on September 15
SOUTH CHINA: Court Enters Wind-Up Order
TECHGLORY INT'L: Final Meeting Set for September 14

TITANIUM TECHNOLOGY: Court to Hear Wind-Up Petition on Sept. 15
TMT FINANCIAL: Creditors' Meetings Set for August 23
UNION CHARM: Court Enters Wind-Up Order
WELL TECHNIC: Court Enters Wind-Up Order
WINSON HANDTAPS: Kong and Lo Appointed as Liquidators

WINSON TRADING: Kong and Lo Appointed as Liquidators
WOLFMAN JACK: Court to Hear Wind-Up Petition on September 15
* Hong Kong Bankruptcy Petitions Drop to 833 in July


I N D I A

AASRA FOUNDATIONS: CRISIL Puts 'C' Rating on INR20MM Cash Credit
ALFA FLEXITUBES: CRISIL Reaffirms 'D' Ratings on Various Debts
ANDHRA FERRO: CRISIL Assigns 'BB' Ratings to Various Bank Debts
COMMANDER INDUSTRIES: CRISIL Reaffirms 'BB+' Rating on Bank Debts
ELECTRO TEKNICA: CRISIL Places 'BB' Rating on INR15MM Cash Credit

GANESH POLYTEX: CRISIL Lifts Ratings on Various Debts to 'BB+'
GAYATRI SUGARS: CRISIL Reaffirms 'D' Rating on INR317.6MM Loan
GEMINI ALUMINIUM: CRISIL Rates INR50 Million Cash Credit at 'B'
GSR SUGARS: CRISIL Reaffirms 'D' Rating on INR555MM Long-Term Loan
HAWA VALVES: Fitch Assigns 'BB(ind)' National Long-Term Rating

HILLWOOD FURNITURE: CRISIL Reaffirms 'BB-' Rating on INR15MM Debt
HILLWOOD IMPORTS: CRISIL Reaffirms 'BB-' Rating on INR6MM Credit
IMPERIAL WATERPROOFING: CRISIL Puts 'BB-' Rating on INR25MM Credit
JAG HEET: CARE Rates INR24cr Long-Term Loan at 'CARE BB+'
JANARDAN CEMENT: CRISIL Assigns 'BB-' Rating to INR94MM Term Loan

JET AIRWAYS: Seeks RBI Nod to Raise Foreign Currency Loans
LALJI ENERGY: CRISIL Assigns 'BB' Rating to INR230MM Cash Credit
NICOMET INDUSTRIES: CRISIL Lifts Ratings on Various Debts to 'BB-'
SRI RAMA: CRISIL Reaffirms 'D' Rating on INR230MM Cash Credit
SUNCITY REALTORS: CRISIL Rates INR235 Million Term Loan at 'BB'

TATA MOTORS: Hires Citigroup & Credit Suisse to Raise US$1 Billion
TEAM FERRO: CRISIL Reaffirms 'BB' Rating on INR10MM Term Loan
VIYYAT POWER: CRISIL Cuts Rating on INR110MM LT Loan to 'BB-'


I N D O N E S I A

BANK VICTORIA: Fitch Affirms Individual Rating at 'D/E'


J A P A N

GODO KAISHA: S&P Downgrades Ratings on Various Classes of Notes
JAPAN AIRLINES: May Sell Shares by 2012 Under Turnaround Plan
JVC KENWOOD: To License Brand in Africa, Russia & Latin America


N E W  Z E A L A N D

ALLIED NATIONWIDE: Placed in Receivership; McGrathNicol Appointed
LOMBARD FINANCE: Executives to Appear in Court on September 14


P H I L I P P I N E S

CE CASECNAN: S&P Lifts Rating on $171.5 Mil. Senior Bonds to 'BB+'


S I N G A P O R E

A & P: Court to Hear Wind-Up Petition on September 3
ADMIRALTY TECH: Members' Meeting Set for August 26
ATLAS MINERAL: Court Enters Wind-Up Order
CLUBMARC & COMPANY: Court to Hear Wind-Up Petition on September 3
HOTEL ASIA: Creditors' Proofs of Debt Due September 20

INNORESOURCE PTE: Creditors' Proofs of Debt Due August 23
GARB SG: Creditors' Proofs of Debt Due September 1
GEOCON PILING: Creditors' Meetings Set for August 27
YEW SENG: Creditors Get 39.4337% Recovery on Claims




                         - - - - -


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


MOBIUS ELR-01: Fitch Affirms Ratings on Three Classes of Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of three classes of notes
issued by Mobius ELR-01 Trust and simultaneously withdrawn them.
The transaction is a securitization of equipment lease
receivables.

The rating actions are listed below:

  -- AUD21.3 million* Class B (ISIN AU300MOB3026): affirmed at
     'Dsf'; Recovery Rating revised to 'RR5' from'RR4'; withdrawn;

  -- AUD2.7 million* Class C (ISIN AU300MOB3034): affirmed at
     'Dsf'; Recovery Rating of 'RR6'; withdrawn; and

  -- AUD2.8 million* Class D (ISIN AU300MOB3042): affirmed at
     'Dsf', Recovery Rating of 'RR6'; withdrawn.

  * Invested amount.  The stated amounts for classes B, C and D
    differ due to charge-offs.

With only AUD8.2 million worth of current leases outstanding, the
total invested amount of classes B, C and D is in excess of
AUD26.7 million.

The ratings have been withdrawn as a result of Classes B, C and D
being irretrievably impaired, with principal not expected to be
paid in full during the life of the transaction, which supports
their 'Dsf' rating, and are of little value to investors or the
market.

The agency will no longer provide rating or analytical coverage on
Mobius ELR-01 Trust.


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


BAOLONG AUTO: BAIC Agrees to Acquire Firm
-----------------------------------------
Beijing Automotive Industry Holdings Co. has agreed to buy Baolong
Auto, according to Shanghai Daily.

Shanghai Daily says Baolong has been losing money and suspended
output over the past few years.

The report, citing industry observers, relates that the buyout of
Baolong will help BAIC, as Beijing Automotive is known, expand its
own-brand footprint into south China.

According to Shanghai Daily, BAIC will invest CNY5 billion (US$736
million) to turn Baolong's idle production capacity into a
facility with an annual output of 300,000 units, making its self-
branded cars, especially SUVs.

Guangzhou-based Baolong Auto produces light commercial vehicles
and sport-utility vehicles.


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


AKAMAI FINANCIAL: Annual Meetings Set for August 27
---------------------------------------------------
Members and creditors of Akamai Financial Markets (Hong Kong)
Limited will hold their annual meetings on August 27, 2010, at
10:00 a.m., at the offices of FS Asia Advisory Limited (formerly
know as Ferrier Hodgson Limited), 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

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


CHAODA MODERN: Bond Issuance Won't Affect S&P's 'BB-' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that the rating on Chaoda
Modern Agriculture (Holdings) Ltd. (BB-/Positive/--) is unaffected
by the company's plans to issue a US$200 million convertible bond,
a share placement, and call options.  S&P expects Chaoda's ratio
of total debt to total capital to remain at about 15%; it has
minimal debt after repaying its US$225 million senior notes in
February 2010.  S&P doesn't believe that the company can sustain
its low leverage, however, given its appetite for aggressive
growth and an expansion plan that may require debt-funding.
Chaoda's current credit ratios are good for a 'BB-' rating.

S&P may raise the rating if S&P gain a better understanding of
Chaoda's growth appetite and funding plan, and believe that the
company can maintain its financial metrics, including positive
free operating cash flow, at a level that is appropriate for a
higher rating.  S&P may revise the outlook to stable or lower the
rating if Chaoda's debt-funded growth strategy proves to be more
aggressive than expected.  The company intends to use net proceeds
of US$347 million from its fund-raising initiatives to expand its
agricultural planting areas.


POLAND TRADING: Wong Pui Wing Steps Down as Liquidator
------------------------------------------------------
Wong Pui Wing (also known as Wong Pui Wing Paul) stepped down as
liquidator of Poland Trading Company Limited on August 5, 2010.


RAINBOW CITY: Creditors' Proofs of Debt Due September 13
--------------------------------------------------------
Creditors of Rainbow City Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by September 13, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 5, 2010.

The company's liquidators are:

        Chan Lai Ha
        Cheung Chi Fan Francisca
        Room 402, 4/F
        Kai Tak Commercial Building
        317-319 Des Voeux Road
        Central, Hong Kong


REIM INDUSTRIAL: Members' Final Meeting Set for September 2
-----------------------------------------------------------
Members of Reim Industrial Limited will hold their final meeting
on September 2, 2010, at 11:00 a.m., at 20th Floor, Wah Hing
Commercial Building, 283 Lockhart Road, Wanchai, in Hong Kong.

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


ROCKWAY TECHNOLOGY: Chen and Wong Appointed as Liquidators
----------------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man Stephen on May 7, 2010,
were appointed as liquidators of Rockway Technology Limited.

The liquidators may be reached at:

          Chen Yung Ngai Kenneth
          Wong Tak Man Stephen
          29th Floor, Caroline Centre
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


SAWA TALENT: Members' Final General Meeting Set for September 15
----------------------------------------------------------------
Members of Sawa Talent Limited will hold their final general
meeting on September 15, 2010.

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


SIMONS ELECTRIC: Court to Hear Wind-Up Petition on September 15
---------------------------------------------------------------
A petition to wind up the operations of Simons Electric Group
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


SOUTH CHINA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of South China Petrochemical Group Limited.

The official receiver is E T O'Connell.


TECHGLORY INT'L: Final Meeting Set for September 14
---------------------------------------------------
Members and creditors of Techglory International Limited will hold
their final meetings on September 14, 2010, at 10:00 a.m., and
10:30 a.m., respectively at the office of John Lees Associates,
20/F, Henley Building, 5 Queen's Road Central, in Hong Kong.

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


TITANIUM TECHNOLOGY: Court to Hear Wind-Up Petition on Sept. 15
---------------------------------------------------------------
A petition to wind up the operations of Titanium Technology
Limited will be heard before the High Court of Hong Kong on
September 15, 2010, at 9:30 a.m.

Hong Kong Communications Company Limited filed the petition
against the company on July 9, 2010.

The Petitioner's solicitors are:

          Francis Li & Co
          Room 708, 7th Floor
          Admiralty Centre, Tower II
          18 Harcourt Road
          Hong Kong


TMT FINANCIAL: Creditors' Meetings Set for August 23
----------------------------------------------------
Creditors of TMT Financial Services Limited will hold their
meeting on August 23, 2010, at 10:30 a.m., at the office of FTI
Consulting (Asia) Limited, 1008, Shui On Centre, 6-8 Harbour Road,
Wanchai, in Hong Kong.

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


UNION CHARM: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of Union Charm Limited.

The company's liquidator is:

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


WELL TECHNIC: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on August 4, 2010, to
wind up the operations of Well Technic Limited.

The official receiver is E T O'Connell.


WINSON HANDTAPS: Kong and Lo Appointed as Liquidators
-----------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 22, 2010, were
appointed as liquidators of Winson Handtaps Company Limited.

The liquidators may be reached at:

          Mr. Kong Chi How Johnson
          Mr. Lo Siu Ki
          25/F Wing On Centre
          111 Connaught Road
          Central, Hong Kong


WINSON TRADING: Kong and Lo Appointed as Liquidators
----------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 15, 2010, were
appointed as liquidators of Winson Trading (H.K.) Company Limited.

The liquidators may be reached at:

          Mr. Kong Chi How Johnson
          Mr. Lo Siu Ki
          25/F Wing On Centre
          111 Connaught Road
          Central, Hong Kong


WOLFMAN JACK: Court to Hear Wind-Up Petition on September 15
------------------------------------------------------------
A petition to wind up the operations of Wolfman Jack Entertainment
(H.K.) Limited will be heard before the High Court of Hong Kong on
September 15, 2010, at 9:30 a.m.

Honger Music Venture Limited filed the petition against the
company on July 14, 2010.

The Petitioner's solicitors are:

          Howell & Co
          1202A, Wing On House
          71 Des Voeux Road
          Central, Hong Kong


* Hong Kong Bankruptcy Petitions Drop to 833 in July
----------------------------------------------------
Bloomberg News, citing the Official Receiver's Office, reports
that the number of bankruptcy petitions in Hong Kong fell for the
first time in three months to 833 in July from 842 in June.  The
number of compulsory winding-up petitions declined to 31 from 44,
Bloomberg relates.


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


AASRA FOUNDATIONS: CRISIL Puts 'C' Rating on INR20MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to Aasra Foundations
(Regd.)'s bank facilities.  The ratings reflect past instances of
delays by AF in servicing its term loan obligations.

   Facilities                            Ratings
   ----------                            -------
   INR20.0 Million Cash Credit Limit     C (Assigned)
   INR248.5 Million Proposed LT Bank     C (Assigned)
                       Loan Facility
   INR4.0 Million Bank Guarantee         P4 (Assigned)
   INR7.5 Million Proposed ST Bank       P4 (Assigned)
                    Loan Facility

The ratings also reflect AF's weak financial risk profile marked
by high gearing and small net worth, and exposure to risks
relating to adverse changes in regulatory policies.  These rating
weaknesses are partially offset by the wide portfolio of courses
offered by AF's institutes, attracting a broader base of students.

AF, a society registered in Punjab with the Registrar of Firms and
Societies, has been operating educational institutes since 1996.
AF is part of a group set up by its promoter Dr. Zora Singh. The
group is primarily involved in the education sector. AF runs a
cluster of institutes imparting education in the fields of
engineering, technology, management, medicine, dentistry,
ayurveda, and nursing. The society currently has 12 institutes
with campuses in Mandi, Gobindgarh (Punjab), and around 4000
students on its rolls in various programs offered by its
institutes.

AF reported a net surplus of INR42.7 million on income of INR161.8
million for 2008-09 (refers to financial year, April 1 to
March 31) against a net surplus of INR9.2 million on income of
INR112.6 million for 2007-08.


ALFA FLEXITUBES: CRISIL Reaffirms 'D' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alfa Flexitubes Pvt Ltd
continue to reflect Alfa's delays in servicing its term loans; the
delays are being caused by Alfa's weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR62.5 Million Cash Credit/Export       D (Reaffirmed)
     Packing Credit/ Bill Discounting
   INR10.0 Million Standby Line of Credit   D (Reaffirmed)
   INR57.5 Million Term Loan                D (Reaffirmed)
   INR50.0 Million Letter Of Credit/Bank    P5 (Reaffirmed)
                              Guarantee

Alfa has a weak financial risk profile marked by high gearing and
a small net worth.  Its business risk profile is constrained by
its small scale of operations and exposure to fluctuations in raw
material prices.  However, the company benefits from its
promoter's experience in the auto-flexible connectors and hoses
business.

                        About Alfa Flexitubes

Alfa manufactures stainless steel (SS) flexible hoses and auto-
flexible connectors, along with small quantities of other products
such as SS billows and braidings. The company exports most of the
connectors it produces to Europe, the Middle East, and the US.

For 2008-09 (refers to financial year, April 1 to March 31), Alfa
reported a net loss of INR0.1 million on net sales of INR142.3
million, against profit after tax (PAT) of INR5.4 million on net
sales of INR186.3 million for 2007-08. For FY 2009-10, on a
provisional basis, the company has reported a PAT of INR3 million
on net sales of around INR153 million.


ANDHRA FERRO: CRISIL Assigns 'BB' Ratings to Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Andhra Ferro Alloys Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR10.0 Million Cash Credit               BB/Stable (Assigned)
   INR25.0 Million Standby Cash Credit       BB/Stable (Assigned)
   INR140.0 Million Export Packing Credit    BB/Stable (Assigned)
   INR40.0 Million Term Loan                 BB/Stable (Assigned)
   INR40.0 Million Proposed Export Packing   P4+ (Assigned)
                                    Credit
   INR165.0 Million Letter of Credit         P4+ (Assigned)
   INR50.0 Million Adhoc Letter of Credit    P4+ (Assigned)

The ratings reflect AFAL's small scale of operations in the
intensely competitive ferroalloys industry, the expected pressure
on the company's financial risk profile because of its large
capital expenditure (capex) plans, and susceptibility of its
margins to volatility in raw material prices, foreign currency
exchange rates, and cyclicality in steel industry.  The impact of
these rating weaknesses is mitigated by the industry experience of
AFAL's promoters, the company's established clientele, and its
recent entry into Indian market.

Outlook: Stable

CRISIL believes that AFAL will maintain its business risk profile
over the medium term, supported by promoters' experience and
AFAL's recent entry into the Indian market.  The outlook may be
revised to 'Positive' if AFAL stabilizes operations at its new
plant, increases its scale of operations substantially, and
maintains operating margin at the current level.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens, most likely because of significant pressure
on margins leading to reduced cash accruals, or significant time
or cost overrun in its ongoing capacity expansion project.

                         About Andhra Ferro

Set up in 1987, AFAL manufactures and exports high-carbon
ferroalloys and silico-manganese ferroalloys, which are primarily
used in production of variety of steels.  AFAL has obtained
International Standards Organization (ISO) 9000:2001 certificate,
and has two plants near the port city of Vishakhapattanam, with a
combined installed capacity of 30,000 tonnes of high-carbon
ferroalloy per annum.

AFAL reported, on a provisional basis, a profit after tax (PAT) of
INR38.3 million on net estimated sales of INR1154.6 million for
2009-10 (refers to financial year, April 1 to March 31), against a
PAT of INR19.4 million on net sales of INR1086.1 million for 2008-
09.


COMMANDER INDUSTRIES: CRISIL Reaffirms 'BB+' Rating on Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on Commander Industries Pvt Ltd's bank facilities
continue to reflect Commander's exposure to risks related to
intense competition in the flourmill business, its limited scale
of operations and low margins, the commodity nature of its
products, and limited financial flexibility because of low net
worth.  These rating weaknesses are partially offset by
Commander's adequate debt protection metrics and low-levered
capital structure.

   Facilities                            Ratings
   ----------                            -------
   INR52.5 Million Cash Credit           BB+/Stable (Reaffirmed)
   INR27.0 Million Term Loan             BB+/Stable (Reaffirmed)
   INR0.5 Million Bank Guarantee         P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Commander will remain exposed to risks
relating to small scale of operations in the intensely competitive
flourmill industry, low operating margin, and limited financial
flexibility over the medium term.  The outlook may be revised to
'Positive' if Commander's scale of operations improves and net
worth increases considerably.  Conversely, the outlook may be
revised to 'Negative' if Commander contracts large debt to fund
its capacity expansions, thereby weakening its capital structure.

                     About Commander Industries

Commander was promoted by Mr. Sanjay Kumar Agarwal in the early
1990s as a partnership firm.  It was converted into a private
limited company in 1999.  This is one of the companies of the
Agarwal group of Indore, Madhya Pradesh.  It manufactures and
sells traditional wheat-based products, such as atta (flour),
maida (refined flour), and rava and suji (both semolina variants),
among other items.  Commander has a flourmill in Khandwa, Madhya
Pradesh, with a capacity of 200 tonnes per day. The company has
also set up a windmill for power generation at Dewas (Madhya
Pradesh).

Commander reported a provisional profit after tax (PAT) of INR1.8
million on net sales of INR700.2 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR6.3
million on net sales of INR708.3 million for 2008-09.


ELECTRO TEKNICA: CRISIL Places 'BB' Rating on INR15MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Electro Teknica
Switchgears Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR15.00 Million Cash Credit          BB/Stable (Assigned)
   INR5.00 Million Letter of Credit      P4+ (Assigned)
   INR45.00 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect ESPL's small scale of operations, large
working capital requirements, and exposure to risks related to
intense competition in the electrical equipment industry, and to
the tender-based nature of its business.  These rating weaknesses
are partially offset by ESPL's moderate financial risk profile,
marked by low gearing and long standing experience of promoters in
the industry.

Outlook: Stable

CRISIL believes that ESPL will maintain its credit risk profile
over the medium term, supported by its promoter's industry
experience and its moderate order book.  The outlook may be
revised to 'Positive' if the company registers significant growth
in revenues and profitability, thereby strengthening its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if ESPL faces significant delays in recovery of
debtors, or if it undertakes a large, debt-funded capacity
expansion programme, leading to stress on its debt protection
metrics.

                       About Electro Teknica

ESPL, a 100 per cent subsidiary of Vijai Electricals Ltd (rated
'BBB-/Negative/P3' by CRISIL), was set up in 1988, and commenced
commercial operations in 1989.  ESPL manufactures high-voltage
switchgears and dry-type transformers.  The company is managed by
its promoter Mr. D K Majumdar, who has an experience of over two
decades in the same line of business.

ESPL reported a profit after tax (PAT) of INR4.1 million on net
sales of INR208.7 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR4.6 million on net sales
of INR250.0 million for 2008-09.


GANESH POLYTEX: CRISIL Lifts Ratings on Various Debts to 'BB+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ganesh Polytex Ltd to 'BB+/Stable' from 'BB/Stable', while
reaffirming its rating on the company's short-term facilities at
'P4+'.

   Facilities                            Ratings
   ----------                            -------
   INR376.5 Million Term Loan            BB+/Stable (Upgraded from
                                                     'BB/Stable')
   INR314.0 Million Cash Credit          BB+/Stable (Upgraded from
                                                     'BB/Stable')
   INR7.5 Million Standby Line of        BB+/Stable (Upgraded from
                          Credit                     'BB/Stable')
   INR23.5 Million Proposed LT Loan      BB+/Stable (Upgraded from
                                                     'BB/Stable')
   INR23.5 Million Proposed LT Bank      BB+/Stable (Upgraded from
                      Loan Facility                  'BB/Stable')
   INR35.0 Million Bill Purchase/        P4+ (Reaffirmed)
                     Discounting
   INR15.0 Million Letter of Credit      P4+ (Reaffirmed)
   INR13.0 Million Bank Guarantee        P4+ (Reaffirmed)
   INR2.0 Million Proposed ST Bank Loan  P4+ (Reaffirmed)
                               Facility

The rating upgrade reflects the better-than-expected business
performance reported by GPL on the back of the fast ramping up of
operations at its additional capacities.  CRISIL believes that
GPL's business risk profile will be supported by the continued
healthy demand for recycled polyester staple fibre (RPSF) and
increase in its capacities in 2010-11 (refers to financial year,
April 1 to March 31).  The company's financial risk profile has
also shown improvement from past weak levels, with higher cash
accruals; however, it still at average levels because of high
gearing.

The ratings continue to reflect GPL's average financial risk
profile marked by high gearing, and its limited pricing power
because of the dominance of large players.  These weaknesses are
partially offset by GPL's established market position, its stable
profitability, and the benefits it derives from its promoter's
experience in the RPSF business.

Outlook: Stable

CRISIL believes that GPL will maintain its business risk profile
over the medium term on the back of continued healthy demand for
RPSF, and increasing scale of operations.  The company's financial
risk profile, which is currently at average levels, is expected to
be supported by improving cash accruals.  The outlook may be
revised to 'Positive' if GPL improves its financial risk profile
significantly, backed by better-than-expected capacity
utilization, while maintaining its healthy operating margin.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower?than-expected profitability, or its capital
structure deteriorates because of any large, debt-funded capital
expenditure.

                        About Ganesh Polytex

GPL was incorporated in 1989 by Mr. S S Sharma, with an installed
dyeing capacity of 2400 tonnes per annum (tpa). In 1995, the
company diversified into the manufacture of RPSF through
polyethylene terephthalate (PET) bottles and polyester lump (soft
polyester waste).  Waste PET bottles constitute a major portion of
the company's raw material.  GPL had set up its RPSF facility with
an installed capacity of around 7800 tpa, which was increased to
around 39,600 tpa in 2008-09.  The additional capacity began
commercial production in January 2009.  In 2010-11, the company
has commissioned additional RPSF capacity at its Rudrapur
(Uttarakhand) plant, thus taking the total capacity to 57,600 tpa.

On a provisional basis, GPL reported a profit after tax (PAT) of
INR89 million on net sales of INR2 billion for 2009-10, against a
PAT of INR43 million on net sales of INR1.35 billion for 2008-09.


GAYATRI SUGARS: CRISIL Reaffirms 'D' Rating on INR317.6MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gayatri Sugars Ltd,
which is part of the Gayatri group, continue to reflect delays by
the Gayatri group in servicing its term loan; the delays are being
caused by the group's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR317.60 Million Long-Term Loan      D (Reaffirmed)
   INR330.10 Million Cash Credit         D (Reaffirmed)

The Gayatri group has a weak financial risk profile, marked by
high gearing. The location of the group's sugar units is
disadvantageous; the group is also susceptible to adverse
regulatory changes. However, the group benefits from its moderate
operational capabilities, supported by its integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GSL and GSR Sugars Pvt Ltd, together
referred to as the Gayatri group.  This is because both the
companies are in the same line of business, and have a common
management and operational and financial linkages.

GSL, set up in 1995, manufactures white crystal sugar. It has an
installed cane crushing capacity of 3500 tonnes per day (tpd) and
a distillery with capacity of 50 kilolitres per day (klpd).

GSPL, incorporated in 2001, manufactures white crystal sugar. It
has an installed cane crushing capacity of 3000 tpd and a 16.25-
megawatt cogeneration power plant. GSPL commenced operations in
November 2007.

For 2009-10 (refers to financial year, April 1 to March 31), GSL
provisionally reported a net loss of INR52.0 million on net sales
of INR603.3 million, against a net loss of INR140.7 million on net
sales of INR722.8 million for the previous year.


GEMINI ALUMINIUM: CRISIL Rates INR50 Million Cash Credit at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Gemini Aluminium
Trading Company Pvt Ltd's cash credit facility.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Million Cash Credit       B/Stable (Assigned)

The rating reflects Gemini's below-average financial risk profile,
marked by small net worth, large working capital requirements, and
weak debt protection metrics, small scale of operations, and
geographically concentrated revenue profile. These rating
weaknesses are partially offset by Gemini's promoters' experience
in the aluminium trading business and its established relationship
with suppliers.

Outlook: Stable

CRISIL believes that Gemini will continue to benefit from its
promoters' industry experience and longstanding relationships with
its principals, over the medium term. The outlook may be revised
to 'Positive' if Gemini's financial risk profile improves
significantly, led by sustained improvement in its operating
margin or infusion of equity.  Conversely, the outlook may be
revised to 'Negative' in case Gemini's profitability and revenues
decline materially, or if it undertakes larger-than-expected
capital expenditure programme, leading to further weakening of
financial risk profile.

                       About Gemini Aluminium

Incorporated in 2003, Gemini trades in various aluminium-based
products, including aluminium coils, chequered sheets and
extrusions.  The company is promoted by Mr. Futarmal Mehta and his
son Mr. Kuldeep Mehta. Mr. Futarmal Mehta has around 50 years of
experience in the aluminium trading business.  The company is an
authorised agent of Bharat Aluminium Company Ltd and National
Aluminium Company Ltd.

Gemini reported a profit after tax (PAT) of INR1.4 million on net
sales of INR350.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR0.4 million on net
sales of INR258.1 million for 2008-09.


GSR SUGARS: CRISIL Reaffirms 'D' Rating on INR555MM Long-Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of GSR Sugars Private Ltd,
which is part of the Gayatri group, continue to reflect delays by
the Gayatri group in servicing its term loan; the delays are being
caused by the group's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR270.00 Million Cash Credit        D (Reaffirmed)
   INR555.00 Million Long-Term Loan     D (Reaffirmed)

The Gayatri group has a weak financial risk profile, marked by
high gearing.  The location of the group's sugar units is
disadvantageous; the group is also susceptible to adverse
regulatory changes.  However, the group benefits from its moderate
operational capabilities, supported by its integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GSPL and Gayatri Sugars Ltd, together
referred to as the Gayatri group.  This is because both the
companies are in the same line of business, and have a common
management and operational and financial linkages.

                        About Gayatri Group

GSL, set up in 1995, manufactures white crystal sugar.  It has an
installed cane crushing capacity of 3500 tonnes per day (tpd) and
a distillery with capacity of 50 kilolitres per day (klpd).

GSPL, incorporated in 2001, manufactures white crystal sugar. It
has an installed cane crushing capacity of 3000 tpd and a 16.25-
megawatt cogeneration power plant.  GSPL commenced operations in
November 2007.

For 2009-10 (refers to financial year, April 1 to March 31), GSPL
provisionally reported a net loss of INR86.6 million on net sales
of INR306.9 million, against a net loss of INR42.7 million on net
sales of INR504.2 million for the previous year.


HAWA VALVES: Fitch Assigns 'BB(ind)' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned Hawa Valves (India) Private Limited a
National Long-term rating of 'BB(ind)'.  The Outlook is Stable.
The agency has also assigned ratings to HVIPL's bank facilities:

  - INR150 million fund-based working capital limits:
    'BB(ind)'/'F4(ind)';

  - INR81.8 million outstanding long-term loans: 'BB(ind)'; and

  - INR50 million non-fund based limits: 'BB(ind)'/'F4(ind)'.

HVIPL's ratings reflect its sound track record in the
manufacturing of valves with a focus on oil and gas segment
supported by a strong clientele.  HVIPL has shown a steady
improvement in its performance with its sales (in quantity) and
profitability rising consistently over the last five years.  As
per HVIPL's FY10 provisional figures, its profitability (EBITDAR
margin) increased to 14% (FY09: 9.3%), while its revenues declined
to INR504 million (FY09: INR650 million) due to a fall in steel
prices and consequent reduction in realizations.

The ratings are constrained by HVIPL's weak financial profile on
account of its strained liquidity - a result of its working
capital intensive nature of business and weak cash accruals.
HVIPL's working capital requirements have increased significantly
over last five years.  In addition, it has incurred a capital
expenditure of INR210 million over FY06-FY10.  HVIPL funded a
significant part of its additional funding requirements through
debts which resulted in a high leverage (net debt/ EBITDAR) of
above 4x in FY10 (FY08: 5x).  The high leverage was also because
of HVIPL's weak profitability (except in FY10) with EBITDAR
margins of below 10%.  HVIPL fully utilizes its working capital
limits, thus any worsening in its working capital situation may
severely impact its liquidity given its limited financial
flexibility.

The ratings also factor in HVIPL's small size of operations (an
installed capacity of 50,000 units) and increased competition from
both Indian and global players.  HVIPL plans to double its
existing capacity over the medium-term, which is expected to be
largely debt funded.  Its profitability may be impacted on account
of fluctuations in raw material prices (steel) and foreign
currency (with 80% of its revenues from exports).

Negative rating triggers include a deterioration in HVIPL's
profitability and liquidity, a significant capex, and a leverage
of beyond 5x on a sustained basis.  Positive rating triggers
include an improvement in HVIPL's liquidity on a sustained basis,
its ability to maintain consistent profitability at current level,
and a decline in its debt levels, which would result in a leverage
of below 4x on a sustained basis.

HVIPL, which started its operations in 2001, has manufacturing
facilities at Navi Mumbai, Ahmedabad and Hubli in India.


HILLWOOD FURNITURE: CRISIL Reaffirms 'BB-' Rating on INR15MM Debt
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hillwood Furniture Pvt
Ltd, part of the Hillwood group, continue to reflect the Hillwood
group's below-average financial risk profile, small scale of
operations, and exposure to intense competition in the timber
industry.  The impact of the rating weaknesses is mitigated by the
extensive experience of the group's promoters in the timber
trading business.

   Facilities                              Ratings
   ----------                              -------
   INR15.00 Million Cash Credit Limit      BB-/Stable (Reaffirmed)
   INR10.00 Million Export Packing         P4+ (Reaffirmed)
                      Credit Limit
   INR100.00 Million Letter of Credit      P4+ (Reaffirmed)
                               Limit
   INR5.00 Million Bank Guarantee Limit    P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hillwood Furniture and Hillwood Imports
and Exports Pvt Ltd, together referred to as the Hillwood group;
this is because both the companies have common promoters, are in
the similar lines of business, and have fungible funds.

Update

The Hillwood group's net sales of INR635.4 million in 2009-10
(refers to financial year, April 1 to March 31), were more than
CRISIL's estimate.  This was driven by increase in demand from the
construction sector.  The group's operating margin was 1.03 per
cent, lower than CRISIL's estimate, because of significantly
higher timber prices and the group's trading nature of operations.
Gearing was comfortable at 0.97 times as on March 31, 2010; but it
is expected to increase marginally because of the group's proposed
venture into the wooden tile business.  However, the gearing is
likely to be adequate for the rating category.  The group's
operations remain working capital intensive, reflected in its high
bank limit utilisation.

The Hillwood group posted a provisional a profit after tax of
INR10.5 million on net sales of INR635.4 million for 2009-10; it
reported a net loss of INR4.8 million on net sales of INR52.0
million for 2008-09.

Outlook: Stable

CRISIL believes that the Hillwood group will continue to benefit
from its promoters' experience in the timber-trading business. The
outlook may be revised to 'Positive' if the group's financial risk
profile improves significantly, supported by increase in its scale
of operations and considerable improvement in operating margins.
Conversely, the outlook may be revised to 'Negative' in case the
group's financial risk profile deteriorates as a result of large,
debt-funded capital expenditure or decline in margins.

                       About Hillwood Group

Set up in 2001, the Hillwood group trades in timber logs and
processed timber. The group imports most of its raw materials from
Singapore and Burma. The group exports 20 per cent of timber to
Dubai and Singapore, and the remainder to domestic customers
through 150 dealers across Kerala, Karnataka and Tamil Nadu.


HILLWOOD IMPORTS: CRISIL Reaffirms 'BB-' Rating on INR6MM Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hillwood Imports and
Exports Pvt Ltd continue to reflect the Hillwood group's below-
average financial risk profile, small scale of operations, and
exposure to intense competition in the timber industry.  The
impact of the rating weaknesses is mitigated by the extensive
experience of the group's promoters in the timber trading
business.

   Facilities                             Ratings
   ----------                             -------
   INR6.00 Million Cash Credit Limit      BB-/Stable (Reaffirmed)
   INR1.00 Million Standby Line of        P4+ (Reaffirmed)
                      Credit Limit
   INR2.50 Million Bills Discounting      P4+ (Reaffirmed)
                               Limit
   INR90.00 Million Letter of Credit      P4+ (Reaffirmed)
                              Limit

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hillwood Imports and Hillwood Furniture
Pvt Ltd, together referred to as the Hillwood group; this is
because both the companies have common promoters, are in the
similar lines of business, and have fungible funds.

Update

The Hillwood group's net sales of INR635.4 million in 2009-10
(refers to financial year, April 1 to March 31), were more than
CRISIL's estimate.  This was driven by increase in demand from the
construction sector.  The group's operating margin was 1.03 per
cent, lower than CRISIL's estimate, because of significantly
higher timber prices and the group's trading nature of operations.
Gearing was comfortable at 0.97 times as on March 31, 2010; but it
is expected to increase marginally because of the group's proposed
venture into the wooden tile business.  However, the gearing is
likely to be adequate for the rating category.  The group's
operations remain working capital intensive, reflected in its high
bank limit utilization.

The Hillwood group posted a provisional profit after tax of
INR10.5 million on net sales of INR635.4 million for 2009-10; it
reported a net loss of INR4.8 million on net sales of INR52.0
million for 2008-09.

Outlook: Stable

CRISIL believes that the Hillwood group will continue to benefit
from its promoters' experience in the timber-trading business.
The outlook may be revised to 'Positive' if the group's financial
risk profile improves significantly, supported by increase in its
scale of operations and considerable improvement in operating
margins.  Conversely, the outlook may be revised to 'Negative' in
case the group's financial risk profile deteriorates as a result
of large, debt-funded capital expenditure or decline in margins.

                          About the Group

Set up in 2001, the Hillwood group trades in timber logs and
processed timber. The group imports most of its raw materials from
Singapore and Burma. The group exports 20 per cent of timber to
Dubai and Singapore, and the remainder to domestic customers
through 150 dealers across Kerala, Karnataka and Tamil Nadu.


IMPERIAL WATERPROOFING: CRISIL Puts 'BB-' Rating on INR25MM Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Imperial Waterproofing Industries Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR25.0 Million Cash Credit           BB-/Stable (Assigned)
   INR40.0 Million Letter of Credit      P4+ (Assigned)
   INR1.4 Million Bill Discounting       P4+ (Assigned)

The ratings reflect IWIPL's exposure to risks relating to low
profitability with high exposure to raw material prices, and
customer concentration.  These weaknesses are, however, partially
offset by the firm's above-average financial risk profile marked
by low gearing.

Outlook: Stable

CRISIL believes that IWIPL will maintain a stable financial risk
profile, backed by a favorable capital structure and satisfactory
debt protection measures.  The outlook may be revised to
'Positive' if the company scales up its operations significantly
with sustained improvement in profitability.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens on account of incremental borrowings.

                     About Imperial Waterproofing

IWIPL, set up as a partnership firm by Mr. Nitin Jhaveri, his
family, and their associates, was incorporated in 1993 as a
private limited company.  It manufactures synthetic rubber nitrile
butadiene runner and poly vinyl chloride (NBRPVC) blended sheets.
As NBRPVC has properties such as temperature, ozone, and abrasion
resistance and fire retardation, it is used primarily in
manufacturing hoses, automotive rubber moulded products, floor
matting, and conveyor belts.  IWIPL's products are sold under
brand, Rubaloy.  The company's plant at Taloja has a capacity of
around 2500 tonnes per annum.

IWIPL reported an estimated profit after tax (PAT) of INR9.7
million on estimated net sales of INR180.0 million for 2009-10
(refers to financial year, April 1 to March 31), as against a PAT
of INR3.1 million on net sales of INR211.3 million for 2008-09.


JAG HEET: CARE Rates INR24cr Long-Term Loan at 'CARE BB+'
---------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of JAG Heet
Exports Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)      Ratings
   ----------                  -----------      -------
  Long-term Bank Facilities       24.00         'CARE BB+'

Rating Rationale

The rating is constrained by JHE's short track record of
operations, small size of operations with low networth & very low
level of fixed assets, family centric management and weak
financial risk profile marked by low profit margins, high gearing
and stressed liquidity position.  The rating also gets constrained
by the forex fluctuation risk arising on significant unhedged
export transactions and client concentration risk overseas.

The rating, however, favorably factors in the vast experience of
promoter, healthy growth in income witnessed during last two years
and fresh equity infusion and conversion of unsecured loan
envisaged in FY11, which is expected to improve financial risk
profile by some extent.

The ability of the company to increase the scale of operations
with improvement in financial risk profile and mitigating various
operational risks as mentioned above would be the key rating
sensitivities.

                         About JAG Heet

Ahmedabad based JHE started its operations as a partnership firm
in FY05 and is engaged in the trading of diamonds, gold ornaments
and silver bars etc.  The ownership of the firm was transferred to
the current directors - Shri Jasubhai Soni and his family in
June 2007.  Shri Jasubhai Soni has a work experience of around
four decades in gems and jewellery industry and is also the
Director in Jasubhai Jewellers Pvt Ltd (rated CARE BB+/PR4).


JANARDAN CEMENT: CRISIL Assigns 'BB-' Rating to INR94MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Janardan Cement
Company Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR24.9 Million Cash Credit       BB-/Stable (Assigned)
   INR94 Million Term Loan           BB-/Stable (Assigned)

The rating reflects Janardan's marginal market share and
susceptibility to cyclicality in the cement industry, and exposure
to risks related to implementation and stabilization of its
ongoing capacity expansion (capex) programme.  These rating
weaknesses are partially offset by Janardan's moderate financial
risk profile, marked by moderate gearing.

Outlook: Stable

CRISIL believes that Janardan's business risk profile will remain
constrained on account of its marginal market share in the
competitive cement industry.  The outlook may be revised to
'Positive' if Janardan achieves more-than-expected topline growth
on successful stabilization of operations following its ongoing
capex through successful market penetration, while maintaining its
profitability and liquidity.  Conversely, the outlook may be
revised to 'Negative' in case of time or cost overruns in project
implementation and stabilization, weakening the company's
financial risk profile, or if the company undertakes additional
debt-funded capex.

                      About Janardan Cement

Janardan, based in Durgapur (West Bengal), is engaged in cement
grinding, with grinding capacity of 150 tonnes per day (tpd).  The
company was taken over in 2006-07 (refers to financial year,
April 1 to March 31) by the Kolkata-based Mr. Ujjwal Kumar Das and
his father, Mr. Santosh Kumar Das; the Das family has diverse
business interests.

Janardan is expanding its grinding capacity by 400 tpd; the
ongoing capex is expected to cost (including margin money for
working capital) around INR170 million, and is expected to be
funded through equity of INR64 million, debt of INR94 million,
and internal accruals of INR12 million.  Equity of around
INR40 million was infused by July 2010, and most of the term loan
has been disbursed.  The company had completed 75 per cent of the
project by July 2010; the expended capacity is expected to
commence commercial operations by November 2010.

Janardan 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 Janardan to the group companies could put pressure on
Janardan's financial risk profile, and constrain its financial
flexibility and liquidity.

Janardan posted a provisional net profit of INR12 million on
provisional net sales of INR88 million for 2009-10 against a
profit after tax (PAT) of INR6 million on net sales of INR69
million for 2008-09.


JET AIRWAYS: Seeks RBI Nod to Raise Foreign Currency Loans
----------------------------------------------------------
The Economic Times reports that Jet Airways Ltd. is seeking the
Reserve Bank of India's approval to raise foreign currency loans
to repay expensive rupee loans from local banks.  The report,
citing Jet Airways' letter to RBI, says the proposal is 'critical'
for the company.

Under current regulations, the report notes, foreign currency
loans, better known as external commercial borrowings (ECBs),
cannot be used to refinance domestic loans.

According to the report, Jet has sought RBI's nod to raise
INR3,450 crore of ECBs, which carry a lower interest charge, to
pay off INR3,200 crore of rupee loans and use the balance to meet
operational expenses.

Jet has also proposed that the loans could be fully or partially
guaranteed by the Indian banks and secured against credit card
realizations outside India, the report adds.  The Economic Times
reports that Jet's current credit card realizations are over $25
million a month, which the airliner expects to grow to $1.5
billion in five years as fares and freight volumes surge.

?In view of the same, we propose to raise 50% of the projected
realisations, $750 million, as an external commercial borrowing
loan,? the report cited Jet in its letter to RBI.

The report adds that Jet has said this is critical for the company
to ensure it remains consistent in its payments to its suppliers,
service providers, lenders and lessors.  The company also said
RBI's support is needed to ensure uninterrupted services and
continued employment to over 13,000 employees.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                          *     *     *

Jet Airways posted a consolidated net loss of INR9.6 billion for
the year ended March 31, 2009, compared with consolidated net
loss of INR6.5 billion for the year ended March 31, 2008.
Consolidated total sales increased from INR109.9 billion for the
year ended March 31, 2008 to INR134.4 billion for the year ended
March 31, 2009.


LALJI ENERGY: CRISIL Assigns 'BB' Rating to INR230MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Lalji Energy
Foods Pvt Ltd's bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR230.00 Million Cash Credit             BB/Stable (Assigned)
   INR230.00 Million Proposed Cash Credit    BB/Stable (Assigned)
   INR20.00 Million Bank Guarantee           P4+ (Assigned)
   INR20.00 Million Proposed Short Term      P4+ (Assigned)
                          Bank Facility

The ratings reflect the customer concentration in Lalji's revenue
profile, large working capital requirements, and vulnerability of
margins to fluctuations in raw material prices.  These rating
weaknesses are partially offset by the industry experience of
Lalji's promoter's, its healthy order book and moderate financial
risk profile, driven by moderate gearing and comfortable debt
protection indicators, though constraint by its low net worth.

Outlook: Stable

CRISIL believes that Lalji's revenue will remain vulnerable to
high customer concentration and its profitability to fluctuations
in raw material prices, over the medium term.  The outlook may be
revised to 'Positive' in case of significant improvement in
Lalji's business risk profile, most likely from diversification of
its customer base and also improvement in net worth base.
Conversely, the outlook may be revised to 'Negative' in case of
any significantly lower than expected profitability and cash
accruals due to increase in raw material prices, pressure on
liquidity due to delay in receivables or in case of any
significant increase in exposure to group companies.

                       About Lalji Energy

Incorporated in 2004, Lalji manufactures ready-to-eat weaning
foods/nutritional supplements for sale to the Department of Women
and Child Development, Government of Uttar Pradesh (GoUP), under
the Integrated Child Development Services (ICDS) programme.  These
items are for free distribution to below poverty-line families and
infants in rural parts of UP. Lalji has one manufacturing unit in
Greater Noida, UP.

The company did not had any operations till 2009 and in August
2009 received a order for INR 750 crore for supply of weaning food
over three years. These orders were earlier bid by the group in
its flagship company Bikanervala Foods Pvt Ltd.

The company is a joint venture between two business families,
Bikanervala family and the KS group. The Bikanervala family is a
leading manufacturer and retailer of sweets and other ready-to-eat
foods items in India as well as in foreign markets. Its flagship
company is Bikanervala Foods Pvt Ltd (BFPL). The KS group is
engaged in glass manufacturing activities in Firozabad, UP.

Lalji reported a profit after tax (PAT) of INR157 million on net
sales of INR1390 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR5.3 million for 2008-09.


NICOMET INDUSTRIES: CRISIL Lifts Ratings on Various Debts to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on Nicomet Industries Ltd's bank
facilities to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR95.0 Million Term Loan             BB-/Stable (Upgraded from
                                                     B+/ Stable)

   INR237.5 Million Cash Credit          BB-/Stable (Assigned)

   INR12.5 Million Proposed Long Term    BB-/Stable (Upgraded from
   Bank Loan Facility (enhanced from                 B+/ Stable)
                      INR 10 Million)

   INR237.5 Million Packing Credit &     P4+ (Upgraded from P4)
   Post Shipment (enhanced from
                INR 200 Million)

   INR886.5 Million Letter of Credit     P4+ (Upgraded from P4)
   (reduced from INR1175.0 Million)

   INR76.0 Million Proposed Short        P4+ (Assigned)
          Term Bank Loan Facility

The upgrade is driven by an improvement in Nicomet's liquidity
owing to enhanced bank lines, and progress in its financial risk
profile backed by reduced gearing and improved operating margin.
CRISIL believes that Nicomet's capital structure and debt
protection metrics will remain average over the medium term, in
the absence of any major debt-funded capital expenditure (capex)
programme. These rating strengths are partially offset by the
susceptibility of Nicomet's margins to volatility in metal prices
and rupee value.

Outlook: Stable

CRISIL believes that Nicomet's liquidity will remain below-average
over the medium term on account of increasing working capital
requirement for the newly commissioned nickel plant. The outlook
may be revised to 'Positive' if there is a significant and
sustainable increase in Nicomet's revenue while maintaining its
operating margin, or if there is an improvement in the company's
net worth, most likely through fresh equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
Nicomet's nickel extraction facility takes longer?than-expected
time to stabilise, thereby impacting its cash accruals or if the
company's profitability declines owing to low demand for metals or
decline in metal prices.

                     About Nicomet Industries

Incorporated in 1993, Nicomet was promoted by Mr. Rajendra Agrawal
and his associates, Mr. Vijay Porwal and Mr. Bhupat Shah. Nicomet
set up the first plant for cobalt extraction in the country, and
is the second largest producer of cobalt with an installed
capacity of 1000 tonnes per annum (tpa). It has now set up a 2000
tpa nickel extraction facility, the first in the country, at a
cost of INR200 million. Presently, nickel demand in the country is
met completely through imports.

Nicomet's refining facility is located in Goa. The company
extracts cobalt from imported ore and concentrates. Cobalt by
nature is available mixed either with copper or with nickel. Since
Nicomet procures copper-cobalt concentrate, the company produces
copper as a by-product. The separate cycle for nickel extraction
will provide the company flexibility to source either nickel-
cobalt concentrate or copper-cobalt concentrate.

Nicomet reported a profit after tax (PAT) of INR111 million on net
sales of INR1.1 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.6 million on net
sales of INR1.7 billion for 2008-09.


SRI RAMA: CRISIL Reaffirms 'D' Rating on INR230MM Cash Credit
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Sri Rama Steels Ltd,
which is part of the Srirama group, continue to reflect delays by
the Srirama group, in servicing its term loan; the delays are
being caused by then group's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR230.0 Million Cash Credit         D (Reaffirmed)
   INR473.0 Million Letter of Credit    P5 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SRSL and Chandigarh Iron and Steel
Company Ltd (CISCL, rated 'D/P5', by CRISIL).  This is because the
two companies, together referred to as the Srirama group, are
under the same management, in the same line of business, share
significant operational linkages, and have fungible cash flows.
The entire raw material of CISCL is sourced from SRSL, against
extended credit.  The two companies have also provided cross-
corporate guarantees for each other's bank facilities.

                          About the Group

The Srirama group commenced operations in 1981 by setting up SRSL
for manufacturing mild steel billets. SRSL has two manufacturing
units at Solan (Himachal Pradesh), with a combined installed
manufacturing capacity of 124,500 tonnes per annum.  In 2006-07
(refers to financial year, April 1 to March 31), the group's
management, to forward integrate operations, started the
construction of a rolling mill for manufacturing thermo-
mechanically treated (TMT) steel bars under CISCL.  At present
CISCL has capacity of 500 tonnes per day (tpd); raw material
(billets) is procured entirely from SRSL. CISCL's manufacturing
units are in Himachal Pradesh and enjoy several fiscal benefits.

The Srirama group reported, on a provisional basis, a profit after
tax (PAT) of INR52 million on net sales of INR2127 million for
2009-10, against a PAT of INR48 million on net sales of INR1646
million for 2008-09.


SUNCITY REALTORS: CRISIL Rates INR235 Million Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Suncity Realtors Pvt
Ltd's term loan facility.

   Facilities                        Ratings
   ----------                        -------
   INR235.0 Million Term Loan        BB/Stable (Assigned)

The rating reflects SRPL's weak financial risk profile, marked by
continued losses and high gearing, and vulnerability to adverse
regulatory changes in the education sector.  These rating
weaknesses are partially offset by increasing student occupancy
levels of the school set up by SRPL, and the company's experienced
management and good infrastructure facilities.

Outlook: Stable

CRISIL believes that SRPL will increase its operating income,
backed by its experienced management and increasing number of
students in the school; however, the increasing repayment
obligations to the banks are likely to keep SRPL's financial
flexibility weak over the near term.  The outlook may be revised
to 'Positive' if higher-than-expected revenues and profitability
leads to sizeable cash accruals and sooner-than-expected increase
in net worth.  Conversely, the outlook may be revised to
'Negative' if lower-than-expected growth in cash accruals affects
SRPL's liquidity adversely, or decline in capital structure or
debt protection metrics because of more-than-expected, debt-funded
capital expenditure.

                       About Suncity Realtors

SRPL, incorporated in 2003, provides education from kindergarten
to high school level. SRPL has been running a school, Suncity
School, based at Sector 54, Gurgaon (Haryana) since 2006-07
(refers to financial year, April 1 to March 31). SRPL is a part of
the Suncity group of companies.  The Suncity group was started by
the Essel group, the Action group and Odeon Builders Pvt Ltd
(Odeon Builders) to undertake real estate development activities.
Suncity School became operational from the academic year 2006-07.
The school is affiliated to the Central Board of Secondary
Education (CBSE).  Currently, the school has 100 classrooms with
capacity to accommodate 1600 students.

SRPL reported a net loss of INR39.4 million on net sales of
INR70.4 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a net loss of INR70.7 million on net sales
of INR34.7 million for 2007-08.


TATA MOTORS: Hires Citigroup & Credit Suisse to Raise US$1 Billion
------------------------------------------------------------------
Tata Motors Ltd. hired Citigroup Inc. and Credit Suisse Group AG
to raise as much as US$1 billion from selling securities,
Bloomberg News reports citing two people with knowledge of the
matter.

The people, declining to be named before a public announcement,
told Bloomberg that the carmaker may tap capital markets in the
next month.  According to Bloomberg, the people said the Company
is considering options including a private placement, shares with
differential voting rights and foreign currency convertible bonds.

Bloomberg News says Tata Motors, the best-performing stock in the
benchmark index in the past year, said in June it plans to raise
as much as INR47 billion ($1 billion) to pare debt and expand
operations.

The company hasn't determined how it will raise the funds,
spokesman Debasis Ray told Bloomberg by telephone, declining to
comment further.

According to Bloomberg, Tata Motors said on Aug. 10 that it may
sell shares, convertible bonds and other securities in India or
overseas.  The funds may be raised at one time or in separate
tranches, it has said.  Investors also approved a proposal to
raise borrowing limits for the company, Bloomberg adds.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.  Tata Motors has operations in the United
Kingdom, South Korea, Thailand and Spain.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2010, Standard & Poor's Ratings Services said that it
raised its long-term corporate credit rating on India-based Tata
Motors Ltd. to 'B+' from 'B'.  The outlook is positive.  At the
same time, it raised the issue rating on the company's senior
unsecured notes to 'B+' from 'B'.

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


TEAM FERRO: CRISIL Reaffirms 'BB' Rating on INR10MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Team Ferro Alloys Pvt
Ltd continue to reflect TFAPL's aggressive growth strategy and
financial policy, and vulnerability to cyclicality in the steel
industry.

   Facilities                           Ratings
   ----------                           -------
   INR10.0 Million Term Loan            BB/Stable (Reaffirmed)
   INR110.0 Million Cash Credit         BB/Stable (Reaffirmed)
   INR70.0 Million Letter of Credit     P4+ (Reaffirmed)

These rating weaknesses are partially offset by TFAPL's moderate
financial risk profile, marked by a moderate net worth and healthy
debt protection metrics, and the benefits that the company derives
from its promoters' experience in the ferroalloys industry, strong
client base, and increased operating efficiencies.

Outlook: Stable

CRISIL believes that Team Ferro Alloys Pvt Ltd (TFAPL) will
maintain its business risk profile over the medium term on the
back of its promoters' experience, strong client base, and
increased operating efficiencies due to its captive power plant.
The outlook may be revised to 'Positive' if the company sustains
the improvement in its profitability margins and maintains its
capital structure. Conversely, the outlook may be revised to
'Negative' if there is any deterioration in financial risk profile
on account of debt-funded capex or acquisition.

                         About Team Ferro

Incorporated in 1998 by Mr. A K Gutgutia, Dr. R J Singh, and Mr.
Rajesh K Singh, TFAPL manufactures ferroalloys used as
intermediates in the steel industry.  Its main products include
ferromanganese and silico-manganese.  The company has plants at
five locations: Gondia (Maharashtra), Butibori (Nagpur,
Maharashtra), Sarigam (Gujarat), Hyderabad (Andhra Pradesh), and
Dadra and Nagar Haveli; it has an installed capacity of around
36,000 tonnes per annum (tpa).  TFAPL has plans to increase its
scale of operations by acquiring ferro alloy manufacturing assets
on an opportune basis for an aggregate consideration of around
INR1 billion. However, since the plans are at a nascent stage, and
the operational profile of the asset or the funding mix has not
been finalized, CRISIL has not factored in these plans in its
rating and it will remain a key rating sensitivity factor.

TFAPL reported a profit after tax (PAT) of INR65 million on net
sales of INR1.1 billion for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR16 million on net sales
of INR639 for 2008-09.


VIYYAT POWER: CRISIL Cuts Rating on INR110MM LT Loan to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on Viyyat Power Pvt Ltd's bank
facilities to 'BB-/Stable' from 'BB/Stable'.  The downgrade
reflects time and cost overruns in commencement of commercial
operations of VPPL's hydroelectric (hydel) power plant.

   Facilities                           Ratings
   ----------                           -------
   INR110.00 Million Long-Term Loan     BB-/Stable (Downgraded
                                             from 'BB/Stable')

The rating also reflects VPPL's exposure to project-related and
hydrology risks. These weaknesses are partially offset by VPPL's
revenue stability because of its long-term, fixed-price, power
purchase agreement with the Kerala State Electricity Board, and
its promoters' experience in executing hydel power projects.

Outlook: Stable

CRISIL believes that commencement of operations at VPPL's hydel
plant by September 2010 will support VPPL's cash flow
requirements.  The outlook may be revised to 'Positive' in case of
a significant and sustainable increase in the company's cash
flows, and improvement in its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' if VPPL reports further
time or cost overruns in the commencement of its operations, or
undertakes a large, debt-funded capital expenditure programme.
Unplanned outages, resulting in low plant load factor and decline
in cash flows, or a prolonged drought in the River Kallar (Idukki
District, Kerala) could also result in a 'Negative' outlook.

                         About Viyyat Power

Incorporated in 2003 by Mr. P D Nair, VPPL is expected to begin
commercial operations from September 2010.  The company is
constructing a 3-megawatt capacity small hydel power plant on the
River Kallar.  The project has been allotted to VPPL by the
Government of Kerala on a build-operate-transfer basis for a
period of 30 years.


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


BANK VICTORIA: Fitch Affirms Individual Rating at 'D/E'
-------------------------------------------------------
Fitch Ratings has affirmed PT Bank Victoria International Tbk's
National Long-term rating at 'BBB+(idn)', Individual rating at
'D/E', Support rating at '5', as well as its IDR200 billion 5-year
senior bond at 'BBB+(idn)', and its subordinated bond at
'BBB(idn)'; both were issued in 2007.  The Outlook is Stable.

The ratings take into account Bank Victoria's limited banking
franchise with a relatively concentrated deposit base and loan
portfolio.  However, these risks are mitigated by the bank's good
capital, reserves and liquidity buffers.  Many small and private-
owned Indonesian banks, such as Bank Victoria, appear exposed to
varying corporate governance challenges and in Fitch's view, this
generally results in a lower Individual Rating than most other
rated banks in Indonesia, although such governance has gradually
improved in recent years; the bank's related party loans are
within the regulatory limits, and it is run by a professional
management team.  The agency also notes the possible constraints
in the bank's risk management resources and management's
experience in coping with its strong loan growth aspiration.

Bank Victoria held a sizable amount of liquid assets -
particularly government bonds and central bank paper -comprising
32% of total assets at end-Q110, which mitigate the concentration
risks typically present in the deposit base of small local banks
in Indonesia.  As a result, the bank's margins and hence
profitability have been below that of its peers.  With that and
the fact that any rapid loan growth may cause a decline in its
capital ratios, the bank plans to undertake a rights issue of
IDR200bn in Q410 in order to maintain total CAR at a minimum of
17%.  At end-Q110, Bank Victoria's total CAR stood at 21% (Tier 1
CAR: 17.5%), higher than its equity to asset ratio of 9.6% due to
lower risk-weights on the aforementioned liquid assets.

The bank has a relatively concentrated loan book given that its 20
largest borrowers comprised 46% of loans (198% of the bank's
equity) at end-Q110.  In the event of a difficult economic
environment, any weakening in the borrowers' payment capacity is
likely to have considerable negative impact on the bank's balance
sheet.  Indeed, Bank Victoria's special mention loans - at a high
6.4% of total loans at end-Q110 - were accounted for by two of the
top 20 largest borrowers, although its reported gross NPL ratio,
in comparison, was lower at 3.2%.  On balance, NPL provisioning
risks may be mitigated by the bank's high reserves (in view of the
195% NPL reserve coverage) and good capital buffer.  Moreover,
asset quality pressures are likely to recede given the more stable
credit environment.

Bank Victoria's Support Rating of '5' indicates that support from
the state, while possible, cannot be relied upon in Fitch's view
given the bank's small asset size (0.2% of system assets) and
consequently lower systemic importance.

Established in 1992 and publicly listed in 1999, Bank Victoria is
a small non foreign-exchange domestic bank in Indonesia.  The bank
operates a network of 76 branches, mainly located in the greater
Jakarta area and is focused on commercial and consumer lending.
The bank is majority controlled by a few private individuals
through various financial and investment holding companies, which
collectively own 63.1% of the bank.


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


GODO KAISHA: S&P Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
floating-rate notes, classes C to F, issued by Godo Kaisha ORSO
Funding CMBS 7 in July 2007.  At the same time, S&P removed the
ratings on these four classes from CreditWatch with negative
implications, where they had been placed on May 26, 2010.  S&P
also affirmed its ratings on classes A, B, and X issued under the
same transaction.

Of the four loans and two TMK bonds (extended to or issued by six
obligors) that initially backed the transaction, only four loans
and one TMK bond (the loans originally represented a combined 83%
or so of the total initial issuance amount of the notes) remain,
with the final loan maturing by the end of April 2012.

The rating actions follow S&P's review of the property management
reports for the properties backing the transaction's remaining
loans and its meetings with the asset managers.   S&P lowered its
assumptions with respect to the likely collection amount from the
properties after considering a number of factors, including the
performances and the types and locations of the related
properties, based on the possibility that the loans might not be
redeemed and the properties might need to be liquidated.  S&P
currently assume that the total value of the remaining properties
that S&P revised this time would be about 66% of its initial
underwriting value.

S&P affirmed its ratings on classes A and B because: under this
transaction, the principal on the floating-rate notes is redeemed
either in sequential order or pro rata.  The redemption method
varies depending on the characteristics of each of the underlying
loans.  As proceeds from the underlying TMK bond that has already
been redeemed (other than the remaining TMK bond) are being used
to make principal payments on the upper-level tranches of notes in
sequential order, principal redemption for these tranches has
progressed.

Godo Kaisha ORSO Funding CMBS 7 Trust is a multi-borrower CMBS
transaction.  The floating-rate notes were initially secured by
four loans and two TMK bonds extended to or issued by six
obligors.  The loans and the TMK bonds were originally backed by
42 real estate properties.  The transaction was arranged by Bear
Stearns (Japan) Ltd., Tokyo Branch.  Premier Asset Management Co.
acts as the servicer for this transaction.

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

            Ratings Lowered, Off Creditwatch Negative

                 Godo Kaisha ORSO Funding CMBS 7

          JPY50.3 billion floating-rate notes due May 2014

Class        To      From                     Initial Issue Amount
-----        --      ----                     --------------------
C            BBB     A/Watch Neg                   JPY 5.4 bil.
D            B+      BB/Watch Neg                  JPY 5.4 bil.
E            B-      B+/Watch Neg                  JPY 5.9 bil.
F            B-      B/Watch Neg                   JPY 0.9 bil.

                         Ratings Affirmed

            Class        Rating    Initial Issue Amount
            -----        ------    --------------------
            A            AAA       JPY27.3 bil.
            B            AA        JPY 5.4 bil.
            X            AAA       JPY 50.3 bil.*

                   * Initial notional principal

The issue date was July 30, 2007.


JAPAN AIRLINES: May Sell Shares by 2012 Under Turnaround Plan
-------------------------------------------------------------
Japan Airlines Corp. may sell shares by the end of 2012 under a
turnaround plan being discussed with lenders, Bloomberg News
reports citing two people familiar with the situation.

The people, who declined to be as the negotiations are private,
told Bloomberg that the stock offering is one option in a plan
that the carrier and lenders intend to submit to the court
overseeing the airline's restructuring by the end of the month.

According to Bloomberg, JAL has also drawn up plans to shed staff
and cut routes to return to profit after filing for bankruptcy
with JPY2.32 trillion ($27 billion) of liabilities.

Bloomberg adds the people said the plan also includes a JPY350
billion investment from a state-backed turnaround fund and debt-
forgiveness of more than JPY500 billion from lenders.

                      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)


JVC KENWOOD: To License Brand in Africa, Russia & Latin America
---------------------------------------------------------------
Bloomberg News reports that JVC Kenwood Holdings, Inc., will
license its JVC brand to sales agents in Africa, Russia and Latin
America to bolster revenue.

According to Bloomberg, JVC Kenwood spokesman Yoshiki Kotake said
the company will start by selling JVC-branded liquid crystal
display televisions through an electronics distributor in
Argentina in December.

The Nikkei newspaper, without saying where it obtained the
information, reported that the Argentina sales agent will probably
sell 100,000 JVC TV sets a year for royalties estimated at
hundreds of millions of yen, Bloomberg relates.

                        About JVC Kenwood

Based in Japan, JVC Kenwood Holdings, Inc. (TYO:6632)--
http://www.jk-holdings.com/-- focuses on car and home electronics
and wireless systems.  The Company has 134 subsidiaries and 11
associated companies.  JVC Kenwood sells TVs via Victor Co. of
Japan Ltd.

                          *     *     *

JVC Kenwood Holdings, Inc., posted three consecutive net losses of
JPY30.73 billion, JPY43.48 billion and JPY10.94 billion for the
fiscal years ended March 31, 2010, 2009 and 2008, respectively.


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


ALLIED NATIONWIDE: Placed in Receivership; McGrathNicol Appointed
-----------------------------------------------------------------
Allied Nationwide Finance Limited advised that its directors
requested Friday that its Trustee, New Zealand Guardian Trust,
appointed receivers to the Company.

NZGT said it will appoint Kerryn Downey and Andrew Grenfell of
McGrathNicol as Receivers of ANF.  McGrathNicol has been acting as
independent advisors to NZGT and prepared a report on ANF which
resulted in the alleged breach of its Trust Deed ratio, as advised
on August 6, 2010.

"ANF has been working diligently on a number of strategic
initiatives that it considered would provide the Company with
sufficient short and medium term liquidity, and position the
Company to meet Trust Deed and regulatory capital requirements,"
ANF said in a statement to the stock exchange.

"However, the notice received from NZGT of the alleged Trust Deed
ratio breach and the subsequent withdrawal of ANF's prospectus had
a significant and immediate impact on these initiatives, and the
ability of ANF to continue to meet its obligations.  The Board and
management of ANF will cooperate fully with the Receiver in the
interests of all stakeholders of the Company, including deposit
and bond investors, staff, customers and Allied Farmers as
shareholder.  ANF expects an acceptable outcome from the
receivership on the basis of its current net asset position and
level of shareholder funds," the finance company said.

ANF remains covered under the Crown deposit guarantee scheme in
respect of its secured deposits and further information will be
provided by the Receiver in relation to the process for claims
under the guarantee in due course.

                     About Allied Nationwide

Allied Nationwide Finance Ltd. is a New Zealand-based finance and
investment company.  It is wholly owned subsidiary of NZX-listed
Allied Farmers Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 9, 2010, Standard & Poor's Ratings Services lowered its long-
term issuer credit rating on New Zealand finance company, Allied
Nationwide Finance Ltd. to 'B' from 'BB-'.  At the same time, the
'B/B' issuer credit ratings were placed on CreditWatch with
negative implications.

"The ratings actions reflect a material deterioration in ANF's
liquidity position beyond what S&P previously expected and
factored into the 'BB-' rating," Standard & Poor's credit analyst
Peter Sikora said.  "In S&P's view, this deterioration has
increased ANF's exposure to a cash shortfall from now until
October 2010 should reinvestment rates weaken from current
already-modest levels or should cash inflows from loan repayments
be delayed beyond S&P's current expectations."


LOMBARD FINANCE: Executives to Appear in Court on September 14
--------------------------------------------------------------
The New Zealand Press Association reports that criminal
proceedings brought against Lombard Finance and Investments
directors Sir Douglas Graham, Michael Reeves, Bill Jeffries and
Lawrence Bryant are due to come before the Wellington District
Court next month.

NZPA says the charges were laid in April by the Securities
Commission which alleged the directors made false statements in a
2007 prospectus.  They carry a maximum penalty of five years'
imprisonment or fines of up to NZ$300,000.

NZPA notes that the defendants have said they do not accept the
accusations that company documents and advertisements misled
investors.

An appearance set down on Friday was deferred until September 14,
the report says.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


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


CE CASECNAN: S&P Lifts Rating on $171.5 Mil. Senior Bonds to 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue rating on
US$171.5 million senior secured bonds (US$8.6 million outstanding)
issued by CE Casecnan Water and Energy Co. Inc. to 'BB+' from
'BB'.  The outlook is stable.

S&P raised the rating on CE Casecnan to the same level as that of
the transfer and convertibility assessment of the Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B; ASEAN
scale rating axBBB+/axA-2) to reflect these: the remaining
payments under the notes, which will be due in three
months, are fully funded; and the funds are held with the Chicago,
Illinois, branch of the Bank of New York Mellon (AA/Stable/A-1+)
and invested in money market securities that are considered to be
cash equivalents.

The notes will mature on Nov. 15, 2010, and the final total
payment will be US$9.1 million, consisting of principal repayment
of US$8.6 million and accrued interest of US$0.5 million.

"S&P expects CE Casecnan to be able to service its remaining debt
adequately in 2010, based on its operating cash flow, despite the
drier-than-normal weather in the Philippines so far this year due
to the effects of El Nino," said Standard & Poor's credit analyst
Allan Redimerio.

Although this weather pattern resulted in significantly lower
levels of energy and water delivered for the first six months of
2010 compared with the same period last year, the company
continues to collect the guaranteed energy and water delivery fees
from the National Irrigation Authority).

The Philippine government provides a performance undertaking for
NIA's contractual obligations.  Actual rolling 12-month debt
service coverage ratio for the first half of 2010 was 5.4x, while
the company's forecast for fiscal 2010 is 5.6x.  S&P estimate DSCR
for fiscal 2010 to be at least 4.0x in a stress-case scenario,
which assumes CE Casecnan will receive zero variable energy and
water fees for the second half of the year.

The stable outlook reflects the outlook on the sovereign credit
rating on the Philippine government and S&P's expectation that CE
Casecnan's operations will remain stable in the future.


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


A & P: Court to Hear Wind-Up Petition on September 3
----------------------------------------------------
A petition to wind up the operations of A & P Coordinator Pte Ltd
will be heard before the High Court of Singapore on September 3,
2010, at 10:00 a.m.

Standard Form Pte Ltd filed the petition against the company on
August 16, 2010.

The Petitioner's solicitors are:

          Lawrence Quahe & Woo LLC
          180, Clemenceau Avenue
          #02-02, Haw Par Centre
          Singapore 239922


ADMIRALTY TECH: Members' Meeting Set for August 26
--------------------------------------------------
Contributories and creditors of Admiralty Technologies Pte Ltd
will hold separate meetings on August 26, 2010, at 2:00 p.m., and
3:00 p.m., respectively at 21 Bukit Batok Crescent #15-74, WCEGA
Tower, Singapore 658065.

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


ATLAS MINERAL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on August 6, 2010, to
wind up the operations of Atlas Mineral Investment Pte Ltd.

Phillip Securities Pte Ltd filed the petition against the company.

The company's liquidator is:

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


CLUBMARC & COMPANY: Court to Hear Wind-Up Petition on September 3
-----------------------------------------------------------------
A petition to wind up the operations of Clubmarc & Company Pte Ltd
will be heard before the High Court of Singapore on September 3,
2010, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on August 12, 2010.

The Petitioner's solicitors are:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


HOTEL ASIA: Creditors' Proofs of Debt Due September 20
------------------------------------------------------
Creditors of Hotel Asia Private Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 20, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


INNORESOURCE PTE: Creditors' Proofs of Debt Due August 23
---------------------------------------------------------
Creditors of Innoresource Pte Ltd, which is in liquidation, are
required to file their proofs of debt by August 23, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Goh Ngiap Suan
         c/o Goh Ngiap Suan & Co
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


GARB SG: Creditors' Proofs of Debt Due September 1
--------------------------------------------------
GARB SG Pte Ltd, which is in liquidation, requires its creditors
to file their proofs of debt by September 1, 2010, to be included
in the company's dividend distribution.

The company's liquidator is:

         Mr. Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza 20 Cecil Street #12-02
         Singapore 049705


GEOCON PILING: Creditors' Meetings Set for August 27
----------------------------------------------------
Geocon Piling and Engineering Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on August 27,
2010, at 4:00 p.m., at 6 Shenton Way, #32-00 DBS Building Tower
Two, Singapore 068809.

Agenda of the meeting includes:

   a. to receive a status update of the liquidation
      administration;

   b. to consider legal proceeding against a debtor in relation to
      outstanding claims;

   c. to approve the liquidator's and solicitor's remuneration;
      and

   d. to discuss other business.

The company's liquidator is Tam Chee Chong.


YEW SENG: Creditors Get 39.4337% Recovery on Claims
---------------------------------------------------
Yew Seng Trading Co Pte Ltd declared the preferential dividend on
July 14, 2010.

The company paid 39.4337% to the received claims.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road, #06-11
         The URA Centre (East Wing)
         Singapore 069118


                         *********

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

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

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


                            *********


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

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

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

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

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





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