TCRAP_Public/100824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, August 24, 2010, Vol. 13, No. 166

                            Headlines



A U S T R A L I A

ALLCO FINANCE: ASIC to Finance Inquiry Into Alleged Breaches
EQUITABLE MORTGAGES: S&P Cuts Issuer Credit Ratings to 'BB-'


C H I N A

TOM GROUP: S&P Downgrades Corporate Credit Rating to 'BB-'


H O N G  K O N G

ALLSTEEL ASIA: Creditors' Proofs of Debt Due September 20
ARENA TRADING: Members' Final Meeting Set for September 21
ARTIST HOME.NET: Creditors' Proofs of Debt Due September 21
BEST AREA: Commences Wind-Up Proceedings
CHAINWIN ENTERPRISE: Commences Wind-Up Proceedings

CHARMEX INTERNATIONAL: Members' Final Meeting Set for September 20
CROWN RICH: Members' Final Meeting Set for September 20
DIODES ZETEX: Commences Wind-Up Proceedings
DYNAMIC TRADING: Commences Wind-Up Proceedings
GOLD PROUD: Chang Yu Ting Steps Down as Liquidator

GRAND CHANNEL: Members' Final Meeting Set for September 21
HAU LI: Placed Under Voluntary Wind-Up Proceedings
JEWELLERY COLLECTION: Wong Sun Keung Steps Down as Liquidator
KADA DEVELOPMENT: Members' Final General Meeting Set for Sept. 20
KEENSTAR INTERNATIONAL: Commences Wind-Up Proceedings

L & P: Creditors' Meeting Set for September 8
LAMEX HOLDINGS: Creditors' Proofs of Debt Due September 20
LASALLE TRADE: Members' Final Meeting Set for September 24
LONGSHAFT LIMITED: Griffiths Steps Down as Liquidator
MITSUI ZOSEN: Creditors' Proofs of Debt Due September 20


I N D I A

CHANDIGARH IRON: CRISIL Reaffirms 'D' Ratings on Various Debts
CHANDRI PAPER: CRISIL Reaffirms 'BB-' Ratings on Various Debts
DILPREET TUBES: CRISIL Reaffirms 'BB-' Rating on INR110MM Debt
JASWANT & CO: ICRA Assigns 'LBB-' Rating to INR4cr Long Term Loan
LAKSHMI SUGAR: ICRA Assigns 'LBB-' Rating to INR6.28cr Term Loan

MAHALAKHSMI PROFILES: ICRA Rates INR1.58cr Term Loan at 'LB+'
MILROC DEVELOPMENT: CRISIL Assigns 'BB' Rating to INR40MM LT Loan
RTSTAR JEWELRY: ICRA Assigns 'LB' Rating to INR7.5cr Term Loans
RUBY BUS: ICRA Assigns 'LBB' Rating to INR2.14cr Term Loans
SAMRAT PLYWOOD: ICRA Reaffirms 'LBB-' Rating on INR20.41cr LT Loan

SHREENATHJI COTTON: ICRA Rates INR8cr Long Term Loan at 'LBB'
STEEL & METALS: ICRA Places 'LBB' Rating on INR44 Mil. Bank Loans
TERRAM GEOSYNTHETICS: ICRA Assigns 'LBB+' Rating to Bank Debts


J A P A N

HMV JAPAN: Closes Down Flagship Store in Shibuya
ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates


K O R E A

SSANGYONG MOTOR: Mahindra Signs MOU to Acquire Stake in Ssangyong


N E W  Z E A L A N D

ALLIED NATIONWIDE: S&P Downgrades Issuer Credit Rating to 'D'
ELGIN INVESTMENTS: Placed in Liquidation
LANE WALKER: Court Winds Up Subsidiary Over Unpaid Tax Bill
LIZ MITCHELL: Goes Into Liquidation Amid Downturn in Sales
SOUTH CANTERBURY: Chief Remains Confident Amid Credit Rating Cut

SOUTH CANTERBURY: S&P Junks Issuer Credit Rating from 'B-'


P H I L I P P I N E S

METROPOLITAN BANK: Fitch Upgrades Individual Rating to 'C/D'
PHILIPPINE AIRLINES: Earns US$31.6 Million in Qtr. Ended June 30


S I N G A P O R E

ENG HENG: Court Enters Wind-Up Order
ENG HUAT: Members' Final Meeting Set for September 24
HYPERBARIC AND OCCUPATIONAL: Court Enters Wind-Up Order
PI COURT: Court to Hear Wind-Up Petition on September 3
TAN TOO: Creditors' Proofs of Debt Due September 3

TRANSFIELD ER: Court to Hear Wind-Up Petition on September 3
VENTURA (BISHAN): Creditors' Proofs of Debt Due September 20


X X X X X X X X

* BOND PRICING: For the Week August 16 to August 20, 2010




                         - - - - -


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


ALLCO FINANCE: ASIC to Finance Inquiry Into Alleged Breaches
------------------------------------------------------------
The Sydney Morning Herald reports that the liquidator of Allco
Finance Group has secured cash from the Australian Securities and
Investments Commission to pursue an investigation into a series of
"potential offences" resulting from alleged breaches of the
Corporations Act.

With no money available to it arising from Allco's collapse in
November 2008, SMH says, McGrathNicol has been unable to carry out
any more inquiries into the issues that it first identified after
their appointment as administrators.

SHM notes that McGrathNicol, in a report to creditors in March
last year, raised questions about the validity of $1.1 billion of
transactions including several related-party loans made by Allco
to subsidiaries or joint-venture partners.  The liquidator then
applied to ASIC last September for funding under the regulator's
Assetless Administration Fund to continue its inquiries, SMH
relates.

According to SMH, McGrathNicol told creditors in its first annual
report released at the weekend that ASIC, which has been
monitoring the progress of the liquidators' investigation
"recently agreed'' to underwrite the case.  However, as the
inquiry is still under way ASIC has yet to hand over the money.

                         About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.  The
company is a vendor of Momentum Investment Finance Pty Limited and
Allco Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion in total
debt.


EQUITABLE MORTGAGES: S&P Cuts Issuer Credit Ratings to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term issuer credit ratings on Equitable Mortgages Ltd. and
Equitable Life Insurance Co Ltd. to 'BB-' from 'BB'.  The 'B'
short-term ratings on both companies were affirmed, and the
ratings on both companies remain on negative outlook.  EML and
ELIC, along with Equitable Mortgage Income Trust, are the key
issuers and are considered core subsidiaries of the New Zealand-
based Equitable Group (not rated), which is wholly owned by the
Spencer family.

"The ratings action reflects Equitable's poor asset quality and
its failure to resolve arrears as promptly as S&P anticipated,"
Standard & Poor's credit analyst Mark Legge said.  "This has
undermined earnings performance and put some pressure on
liquidity.  However, the ratings continue to recognize support
received and expected from the Spencer family as sole owners."

Equitable's creditworthiness has deteriorated, in S&P's view,
partly as a result of arrears remaining higher than is S&P's level
of comfort for the rating.  Continued softening in the New Zealand
commercial property market, the lack of third-market financing
alternatives, and low property-investor confidence has contributed
to delays in loan repayments and seen an increase in arrears.  The
weak property market has also weakened Equitable's prospects of
realizing its security against some lending exposures.
Importantly, Equitable General Insurance Co. Ltd. offers the group
some credit protection against higher lending losses; S&P expects
this insurance will be able to absorb up to another NZ$10 million
in lending losses.

S&P sees Equitable's earnings performance as modest and below its
previous expectations.  The group reported a small profit in
fiscal 2010 with operating performance undermined by: increased
funding costs, as much of the cheaper funding rolled off during
the year; lower interest income due to a (deliberate) shrinking of
the loan book; and, since late 2009, higher levels of liquidity
being held.  The group's earnings continue to be squeezed as it
maintains high levels of liquidity and, as such, Standard & Poor's
does not expect any significant rebound in earnings in the short
term.

Standard & Poor's believes Equitable has adequate liquidity to
meet its needs over the next three months, even if debenture
reinvestment deteriorated materially or if scheduled loan
repayments were delayed (noting that during this period a higher
level of debentures is set to mature and large loan inflows are
expected, compared with other months).  As is the case with many
New Zealand finance companies, most of Equitable's debentures
mature in the three or so months preceding October 2010 (which is
when the first crown debenture guarantee period expires).  The
group has deliberately kept liquidity high in the face of asset
quality and debenture funding challenges; cash has been kept in
the NZ$45 million to NZ$50 million range in recent months.
Reinvestment rates appear to be holding up at about 55%, as is new
money being invested.  Equitable's liquidity is supported by its
access to an undrawn NZ$30 million committed 120-day bank
facility.

In the near term, the negative outlook reflects the financial
challenges Equitable faces with respect to managing its asset
quality and liquidity positions, particularly given its short-term
debenture maturity profile.  In the longer term, the outlook
reflects the pressure on Equitable's financial profile given the
difficult conditions in New Zealand's commercial property market,
which could hamper its effective resolution of loan arrears and
undermine the group's capital position and operating performance
prospects.  Additionally, this financial pressure--if not eased--
could in S&P's view dilute shareholder incentive to continue to
support the group.  If shareholder support mechanisms to absorb
loan losses do not eventuate or are inadequate, the long-term
ratings will likely be lowered, potentially by two or more
notches.

A significant operational loss--or one that undermined S&P's
overall view of Equitable's risk management capability--would also
put downward pressure on the rating, as would a large and
unexpected credit loss from the group's "core" portfolio.
Moreover, if the group were to post material operating losses that
diluted its capital adequacy position, S&P would consider lowering
the ratings.  A return to a stable outlook at the 'BB-' level
would require both a significant fall in arrears and an
improvement in earnings performance.

Given the challenging operating conditions, S&P is unlikely to
raise the ratings in the short-to-medium term in the absence of a
material shareholder injection of support.


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


TOM GROUP: S&P Downgrades Corporate Credit Rating to 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on TOM Group Ltd. to 'BB-' from
'BB' with a stable outlook.  It then withdrew the rating at the
company's request.

TOM's operating results for first half of 2010 were weaker than
S&P expected.  In S&P's base-case scenario, S&P anticipated that
the company's financial performance would improve sequentially,
with EBITDA interest coverage of more than 3x.  This ratio was 2x
on an annualized basis.  In addition, there is low visibility over
the company's financial performance.

The rating on TOM reflected a stand-alone credit profile of 'B'
and the explicit financial support the company received from its
major shareholders.  TOM's stand-alone credit profile factored in
the company's highly leveraged capital structure, small cash flow
base, competitive and evolving market conditions, and its evolving
business model.  TOM's adequate liquidity position tempered these
weaknesses.


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


ALLSTEEL ASIA: Creditors' Proofs of Debt Due September 20
---------------------------------------------------------
Creditors of Allsteel Asia 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 commenced wind-up proceedings on August 9, 2010.

The company's liquidator is:

         Wong Man Hung Windy
         Room 1708 Dominion Centre
         43-59 Queen's Road East
         Wanchai, Hong Kong


ARENA TRADING: Members' Final Meeting Set for September 21
---------------------------------------------------------
Members of Arena Trading Limited will hold their final general
meeting on September 21, 2010, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ARTIST HOME.NET: Creditors' Proofs of Debt Due September 21
-----------------------------------------------------------
Creditors of Artist Home.net Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 21, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 20, 2010.

The company's liquidator is:

         Li Ming Shu
         21/F., Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


BEST AREA: Commences Wind-Up Proceedings
----------------------------------------
Members of Best Area Investment Limited, on August 13, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


CHAINWIN ENTERPRISE: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Chainwin Enterprise Limited, on August 13, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidator is

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


CHARMEX INTERNATIONAL: Members' Final Meeting Set for September 20
------------------------------------------------------------------
Members of Charmex International Limited will hold their final
general meeting on September 20, 2010, at 11:00 a.m., at 13/F,
Neich Tower, 128 Gloucester Road, Wanchai, in Hong Kong.

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


CROWN RICH: Members' Final Meeting Set for September 20
-------------------------------------------------------
Members of Crown Rich Year Limited will hold their final general
meeting on September 20, 2010, at 11:00 a.m., at 31/F, Gloucester
Tower, The Landmark, 11 Pedder Street, Central, in Hong Kong.

At the meeting, Chan Yuen Bik Jane, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DIODES ZETEX: Commences Wind-Up Proceedings
-------------------------------------------
Members of Diodes Zetex Procurement (AP) Limited, on August 12,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

         Ho Man Kit
         Kong Sau Wai
         Unit 511, 5th Floor
         Tower 1, Silvercord
         No. 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


DYNAMIC TRADING: Commences Wind-Up Proceedings
----------------------------------------------
Members of Dynamic Trading (H.K.) Company Limited, on August 13,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


GOLD PROUD: Chang Yu Ting Steps Down as Liquidator
--------------------------------------------------
Chang Yu Ting stepped down as liquidator of Gold Proud Development
International Limited on August 17, 2010.


GRAND CHANNEL: Members' Final Meeting Set for September 21
----------------------------------------------------------
Members of Grand Channel International Limited will hold their
final general meeting on September 21, 2010, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HAU LI: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------
At an extraordinary general meeting held on August 16, 2010, sole
member of Hau Li Loi Decoration & Design Eng. Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Tse Ka Yee
         Unit 204, 2/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


JEWELLERY COLLECTION: Wong Sun Keung Steps Down as Liquidator
-------------------------------------------------------------
Wong Sun Keung stepped down as liquidator of Jewellery Collection
Group Limited on August 11, 2010.


KADA DEVELOPMENT: Members' Final General Meeting Set for Sept. 20
-----------------------------------------------------------------
Members of Kada Development Limited will hold their final general
meeting on September 20, 2010, at 10:00 a.m., at Suites 702-704,
7/F., Rightful Centre, 12 Tak Hing Street, Kowloon, in Hong Kong.

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


KEENSTAR INTERNATIONAL: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of Keenstar International Limited, on August 13, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


L & P: Creditors' Meeting Set for September 8
---------------------------------------------
Creditors of L & P Limited will hold their meeting on September 8,
2010, at 10:30 a.m., for the purposes provided for in Sections
241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Unit 702, 7th Floor, Tung Hip
Commercial Building, 244 Des Voeux Road Central, in Hong Kong.


LAMEX HOLDINGS: Creditors' Proofs of Debt Due September 20
----------------------------------------------------------
Creditors of Lamex Holdings 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 commenced wind-up proceedings on August 9, 2010.

The company's liquidator is:

         Wong Man Hung Windy
         Room 1708 Dominion Centre
         43-59 Queen's Road East
         Wanchai, Hong Kong


LASALLE TRADE: Members' Final Meeting Set for September 24
----------------------------------------------------------
Members of LaSalle Trade Services Limited will hold their final
meeting on September 24, 2010, at 10:00 a.m., at 31/F., The
Center, 99 Queen's Road Central, in Hong Kong.

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


LONGSHAFT LIMITED: Griffiths Steps Down as Liquidator
-----------------------------------------------------
Peter Raymond Griffiths stepped down as liquidator of Longshaft
Limited on August 10, 2010.


MITSUI ZOSEN: Creditors' Proofs of Debt Due September 20
--------------------------------------------------------
Creditors of Mitsui Zosen Enterprises (H.K.) 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 commenced wind-up proceedings on August 11, 2010.

The company's liquidator is:

         Tai Yiu Wah
         21st Floor, 128 Connaught Road
         Central, Hong Kong


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


CHANDIGARH IRON: CRISIL Reaffirms 'D' Ratings on Various Debts
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Chandigarh Iron and Steel
Company 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
   ----------                      -------
   INR80 Million Cash Credit       D (Reaffirmed)
   INR43 Million Term Loan         D (Reaffirmed)
   INR79 Million Proposed LT       D (Reaffirmed)
          Bank Loan Facility
   INR2.5 Million Bank Guarantee   P5 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CISCL and Sri Rama Steels Ltd (SRSL,
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.


CHANDRI PAPER: CRISIL Reaffirms 'BB-' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chandri Paper & Allied
Products Pvt Ltd continue to reflect Chandri's low net worth,
moderate debt protection measures, and exposure to risks relating
to volatility in raw material prices. These weaknesses are
partially offset by Chandri's established customer base and wide
applications of its products.

   Facilities                         Ratings
   ----------                         -------
   INR55.0 Million Cash Credit        BB-/Stable (Reaffirmed)
   INR100.0 Million Proposed LT       BB-/Stable (Reaffirmed)
            Bank Loan Facility
   INR30.0 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Chandri will maintain its business risk
profile over the medium term on the back of stable demand for
paraffin, and established relationships with suppliers. The
outlook may be revised to 'Positive' if the company substantially
scales up its operations, and improves its capital structure and
debt protection measures. Conversely, the outlook may be revised
to 'Negative' if Chandri undertakes a large, debt-funded capital
expenditure (capex) programme, leading to material deterioration
in its financial risk profile.

Update

Chandri's net sales are estimated to have increased to INR347
million in 2009-10 (refers to financial year, April 1 to
March 31), as compared with INR221 million in 2008-09.  The growth
in net sales was driven by increased volume offtake by the
company's existing customers. Despite the increased turnover,
company's net cash accruals (NCAs) are estimated to have remained
around the 2008-09 level of INR2 million to INR3 million. The
lower NCAs were primarily because of higher interest and finance
charges during 2009-10. Chandri's interest coverage ratio is
estimated to have moderated in 2009-10, to around 1.7 times, as
compared with 2.0 times in 2008-09.  The company's net worth
remains low, at around INR36 million as on March 31, 2010, despite
an infusion of fresh equity of INR18 million during 2009-10.

CRISIL believes that Chandri's financial risk profile would remain
moderate, with the company planning to undertake a large debt-
funded capex programme over the near term.

                        About Chandri Paper

Set up in 1981 by the Kedia family, Chandri was taken over by Mr.
Ishwardas Agarwal in 1995. It began manufacturing paraffin wax in
2003. Its manufacturing facility, located at Tarapur
(Maharashtra), has a capacity to manufacture 450 tonnes per annum.

Chandri reported a profit after tax (PAT) of INR1.6 million on net
sales of INR220.9 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR144.5 million for 2007-08.


DILPREET TUBES: CRISIL Reaffirms 'BB-' Rating on INR110MM Debt
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dilpreet Tubes Pvt Ltd
continue to reflect DTPL's weak debt protection metrics,
vulnerability of its operating margin to volatility in raw
material prices, and its small scale of operations in the
fragmented mild-steel (MS) tubes industry.  These weaknesses are
partially offset by DTPL's long-standing presence in the market
and efficient working capital management.

   Facilities                             Ratings
   ----------                             -------
   INR110.0 Million Cash Credit Limit     BB-/Stable (Reaffirmed)
   INR15.0 Million Standby Line of        P4+ (Reaffirmed)
                      Credit Limit

Outlook: Stable

CRISIL believes that DTPL will continue to maintain its
established presence in the MS tubes industry. However, the
profitability margins and debt protection metrics are expected to
remain weak over the medium term.  The outlook may be revised to
'Positive' in case of a significant and sustainable improvement in
the company's profitability and cash flows, and thereby, in its
financial risk profile.  Conversely, any large debt-funded capital
expenditure, or sharp decline in the company's margins and
accruals, resulting in deterioration in its financial risk
profile, could lead to a revision in the outlook to 'Negative'.

                       About Dilpreet Tubes

Set up in 2001, the Hyderabad-based DTPL manufactures mild-steel
tubes, which are used in the telecommunication towers
(contributing 60 per cent of the company's revenues), construction
(25 per cent), and automobile (15 per cent) segments. The company
has a memorandum of understanding (MoU) with Steel Authority of
India Ltd (SAIL) to procure raw materials. Currently, SAIL
supplies around 80% of DTPL's total raw material requirements; the
remainder is procured from Ispat Industries Ltd, Jindal Steel &
Power Ltd, and Essar Steel Ltd. DTPL markets its products through
dealers spread across Andhra Pradesh, Tamil Nadu, Karnataka, and
Kerala.

DTPL reported a profit after tax of INR2.9 million on net sales of
INR574 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a net loss of INR2.2 million on net sales of
INR679 million for 2008-09.


JASWANT & CO: ICRA Assigns 'LBB-' Rating to INR4cr Long Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR4.00 Crore long term
fund based bank facility of Jaswant & Co.  The outlook on the
assigned rating is stable.  ICRA has also assigned an A4 rating to
JC's INR1.00 Crore short term non-fund based bank facility.

The ratings take into account JC's weak financial profile
characterized by volatility in revenues, highly leveraged capital
structure following high working capital borrowings and stretched
liquidity position.  The ratings also incorporate JC's modest size
of operations and lack of diversity in its client profile.  The
ratings favorably reflect the firm's comfortable order book
position at present; its established client base and experienced
management with a reasonable-track record in civil construction
business.

                       About Jaswant & Company

Jaswant & Company was established in 1993 as a partnership concern
by Mr. Jaswant Jain.  JC is involved in civil construction
business in the Maharashtra region.  The main activities of JC in
these areas include installation of pipelines, building Elevated
Service Reservoirs, desilting of drains and operations and
maintenance of the facility.  The firm has its head office at
Borivli, Mumbai.

Recent results:

The firm earned net profit of INR0.70 Crore on an operating income
of INR20.19 Crore for the year ended March 31st 2009, and net
profit of INR0.84 Crore on an operating income of INR17.76 Crore
for the year ended March 31, 2010, as per the provisional figures.


LAKSHMI SUGAR: ICRA Assigns 'LBB-' Rating to INR6.28cr Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR6.28 crore term loan,
INR60 crores fund based limits and INR40.92 crores unallocated
bank facilities of Lakshmi Sugar Mills Co. Limited.  ICRA has also
assigned a short term rating of A4 to the INR5.40 crore non fund
based bank limits of LSM. The outlook on the rating is stable.

ICRA rating factors in the long presence of LSM in the sugar
business and its adequate scale of operations and availability of
fiscal sops (that is, excise and income tax exemptions) on account
of its location in Uttrakhand. The ratings of ICRA draw comfort
from the adequate working capital limits of the company and the
proposed equity infusion from the promoters for the expansion. The
rating is, however, constrained by deterioration in outlook on the
sugar sector following a steep correction in the domestic sugar
prices since the month of March 2010. Further, ICRA expects the
sugar production for Sugar Year (SY) 2010-11 to outstrip domestic
consumption which is likely to result in the sugar prices
remaining under pressure in the near term. Further, the cane price
in Uttrakhand continues to follow State Administered Prices (SAP)
regime which results in delink age of sugar prices and cane
prices.  Currently, the operations of the company are only
marginally integrated which offers little protection
against sugar cyclicity.  In ICRA's view, the coming up of
proposed new capacity both in cane crushing and cogeneration would
render its profitability relatively less vulnerable to price
cyclicality in the sugar business once the capacities reach
optimal utilisation. Ratings also include risks arising from agro-
climactic factors and government policies concerning cane pricing,
sugar release mechanism and pricing of by-products such as
molasses and power. Partially debt funded proposed expansion of
LSM coupled with expected build-up of sugar inventories in short
to medium term to keep the gearing high and liquidity under
pressure.

ICRA has taken note of the fact that in FY 2007-08 (a year in
which the company  reported losses), LSM and some Uttrakhand  -
based sugar mills  proposed for re-schedulement of the debt that
was availed from the Government of Uttrakhand (GoUA) (for cane
payments for the previous season) for which GoUA consent has not
been obtained as yet. ICRA will review the rating as and when a
final decision is taken by GoUA on the aforesaid re-schedulement.

LSM reported an OI of INR177.54  crore  for the year ending June
2009-10( Prov)  as against an OI of INR100.66 crore for the
corresponding period in 2008-09 owing to higher sugar sales
volumes and improved price realisations over the aforementioned
period. Operating profits (defined as OPBDIT) also increased
significantly to INR19.64 crore for the year ending June 2009-10(
Prov)  from INR15.63 crore in corresponding period in 2008-09
backed by better realisations of both sugar and its by products(
molasses, bagasse), although profitability remains constrained by
increased cane costs (with the increase in declared SAP). The net
profit margin levels also improved substantially at Rs 5.58
crore for the year ending June 2010(prov.) as against loss of 1.55
crore for the corresponding period in 2009. Debt-funded expansions
coupled with high working capital loans (to support sugar
inventory levels) in  the past resulted in high debt levels and
gearing levels of the company, High debt levels in turn resulted
in significant increase in interest cost over the last two years
and affected the coverage indicators. ICRA has taken note of the
fact that a sizable portion of the outstanding long term loans
comprise of soft loans from Govt which are low interest bearing
and unsecured loans from promoters which are interest free.
Further, in FY3 2007-08 (a year in which the company reported
losses), thecompany proposed re-schedulement of a debt availed
from the Government of Uttrakhand (GoUA) (for cane payments for
the previous season) and for which GoUA consent has not been
obtained as yet.

                        About Lakshmi Sugar

Lakshmi Sugar which was incorporated in 1940 in Kapurthala state
with around 1500 TCD capacity .The operations started in 1942 and
continued till 1952 until the area under cultivation decreased due
to the partition. Therefore the company shifted its operation to
the existing site in Uttrakhand. Since the time of its
incorporation, capacity of sugar mill has increased many-fold, to
its current capacity of 4500 TCD with a cogeneration facility of
11.70 MW.

Recent Results

The company reported a net profit of INR5.58  crores in year
ending June 30  2010 on an Operating Income (OI)   of INR177.54
crores, as compared to a net  loss   of INR1.55    crores on an OI
of INR100.66 crores for the year ending June 30 2009


MAHALAKHSMI PROFILES: ICRA Rates INR1.58cr Term Loan at 'LB+'
-------------------------------------------------------------
ICRA has assigned 'LB+' ratings to INR1.58 crore term loan, INR13
crore cash credit limit and 2.15 crore non-fund based limits of
Mahalakshmi Profiles Private Limited.  The ratings assigned by
ICRA take into account the stretched liquidity position of the
company  as reflected in consistently high working capital limit
utilization and delays in debt servicing in recent past.  The
rating is also constrained on account of high level of competitive
intensity, MPPL's low capacity utilization, its relatively small
scale of operations, and low profitability. The company also
remains exposed to risks arising from wide variations in steel
prices, given the cyclicality inherent in the steel business.
Nevertheless, the ratings favorably factor in the experience of
the promoters in the pipe manufacturing business; its good revenue
growth led by growing demand from various sectors; and backward
integration into  HR (Hot rolled) Strips production capacity for
manufacturing ERW (Electric Resistant Welded) pipes.  Going
forward, ICRA expects that MPPL's ability to reach optimal
capacity utilization levels; and its ability to maintain its
capital structure under control while implementing its proposed
backward integration plans will remain the key rating
sensitivities.

MPPL is mainly engaged in the manufacturing of HR Strips and Mild
Steel - ERW pipes, which find applications in scaffolding
structures, engineering, furniture and automotive industries.  The
manufacturing facilities of MPPL are located at Toopran in Medak
district of Andhra Pradesh, with an installed capacity of 50,000
metric tonne per annum (MTPA) for HR Strips and approximately
30,000 MTPA for ERW pipes. The company is in the advance stage of
expanding its pipe manufacturing capacity by 10,000 MTPA of pipes
and the facility is likely to be operational from September 2010.
MPPL also has production capacity for scaffolding structures and W
Straps. During FY10, around 60% of MPPL?s total revenue was from
sale of ERW pipes, 35% from skelp and remaining 5% from sale of
scrap, scaffolding structures, and W straps. The company procures
its main raw material, that is, billets from leading steel
producers as well as local traders of south India. Raw material
for ERW pipe is HR Strips which is produced by MPPL from billets;
the company also sells HR Strips to other pipe manufacturers and
traders.

Growing demand from customers enabled MPPL achieve an annual
revenue growth of 25% as the company recorded operating income of
INR90 crore in FY 10 as compared to INR72 crore in FY09.  During
the first three months of FY11, MPPL recorded a turnover of Rs 31
crore .  With an additional pipe mill becoming operational in
Spetember 2010, the company's installed capacity is expected to
increase by 30% to 40,000 MTPA. MPPL has improved its capacity
utilization in FY10 to 56% for pipes, and 44% for skelp as against
FY09 levels of 48% for pipes, 32% for skelp.  Given the limited
value additive nature of the process, the operating profitability
of MPPL has remained low at a level of around 4% during last four
years.  This, coupled with debt funded capacity expansion resulted
in high interest cost during FY 09 and FY10.  As a result, the Net
Profit Margin of the company was low at 1.5% for FY10. With recent
capacity addition being financed through internal accruals and no
incremental term loans, company's capital structure improved and
its gearing was 1.60  times as on March 31, 2010 as against 1.86
times as on March 31, 2009. Similarly, MPPL's coverage  indicators
improved during FY10 as NCA/Total Debt increased to 11% from 3% in
FY09, and interest coverage ratio to 1.95 times from 1.26 times in
FY09.

The company has some backward integration projects in pipeline
like billet manufacturing facility and a steel plant in Karnataka,
MPPL's ability to implement these projects without excessive
reliance on debt would be a key rating sensitivity going forward.

                     About Mahalakshmi Profiles

Established in 1996, MPPL is primarily engaged in the manufacture
of HR Strips and MS-ERW Pipes.  Its manufacturing facilities are
located at Toopran in the Medak district of Andhra Pradesh. The
Company's installed capacity is 50,000 TPA for HR Strips and 30000
TPA for ERW Pipes.  The HR Strips manufactured by the company are
sold directly to the pipe manufacturers and are also indigenously
used for production of MS- ERW Pipes.  The company's products find
their applications in scaffolding structures, engineering,
collieries and furniture industries.  The Company has also started
manufacturing scaffolding systems to serve construction industry.
MPPL being a regional player mainly caters to the customers in
Andhra Pradesh, Karnataka, Kerala and Tamilnadu.  As per
provisional accounts, for the year ended March 31, 2010, MPPL
reported a net profit of INR1.34 crore on the operating income of
INR90.22 crore. MPPL recorded gross sales of around INR31 crore in
the first 3 months of FY11.


MILROC DEVELOPMENT: CRISIL Assigns 'BB' Rating to INR40MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Milroc Development Company, which is part of the Milroc group.

   Facilities                      Ratings
   ----------                      -------
   INR30 Million Bank Overdraft    BB/Stable (Assigned)
   INR40 Million Long-Term Loan    BB/Stable (Assigned)

The rating reflects the Milroc group's dependence on timely
generation of revenues from its ongoing projects to part-fund its
future projects, and its geographically concentrated revenue
profile.  These rating weaknesses are partially offset by the
benefits that the group derives from its promoters' experience in
the real estate business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MDC and Milroc Good Earth Property and
Developers Pvt Ltd.  This is because the two entities, together
referred to as the Milroc group, are in the same line of business.
Moreover, MDC has guaranteed the bank facilities of, and is a
majority (51%) shareholder in, MGE.

Outlook: Stable

CRISIL believes that the Milroc group will continue to benefit
from the experience of its promoters in the real estate industry.
The outlook may be revised to 'Positive' if the group improves its
business and financial risk profiles significantly, most likely by
sooner-than-expected generation of revenues from its ongoing
projects.  Conversely, the outlook may be revised to 'Negative' if
the group delays in generating revenues from its ongoing projects,
delays the commencement of its future projects, or contracts more-
than-expected debt for funding its projects.

                          About the Group

MDC, set up in 1989 by Mr. Kamlesh Jhaveri, Mr. Allaparthi
Durgaprasad, and Mr. Kantipudi Kulasekhar, develops residential
and commercial properties in Goa. MGE is also in the same line of
business.  The day-to-day operations of the group are managed by
Mr. Durgaprasad and Mr. Kulasekhar. The promoters have, over the
past 20 years, developed more than 15 residential and commercial
properties in Goa. The group currently has seven ongoing projects,
all in Goa.

MDC reported (provisionally) a profit after tax (PAT) of INR15.5
million on net sales of INR69.8 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR10.1
million on net sales of INR120.5 million for 2008-09.


RTSTAR JEWELRY: ICRA Assigns 'LB' Rating to INR7.5cr Term Loans
---------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR7.5 crore working capital
term loans of RTStar Jewelry Private Limited.  ICRA has also
assigned 'LB/A4' rating to the INR35 crore fund based bank limits
of RTSJPL.

The ratings are constrained by the recent delays in servicing the
long term debt obligations, susceptibility of revenues and
profitability to adverse foreign exchange fluctuations as well as
intense competition, weak capital structure coupled with modest
coverage indicators and high working capital intensity as well as
stretched liquidity position owing to delay in export receivables.
The ratings derive comfort from the long experience of RTSJPL's
promoters in the gems & jewellery industry and the group's
presence in the vertically integrated businesses which lends
support to the company's overall business operations.

                        About RTStar Jewelry

RTStar Jewelry Private Limited was established in 2002 for
manufacturing and exporting of diamond studded gold jewellery.
The company is a part of the RTStar group which was founded in
1978 by Mr. Nitin Ratilal Shah, son of Late Shri Ratilal
Tribhovandas Shah (founder promoter of the RTStar Group).
Mr. Nitin Shah has a wide experience of over three decades in the
gems and jewellery industry.  The other major companies in the
RTStar Group include RTStar Solitaires  {rated LBB+ (stable)/A4+
by ICRA}, RTStar Diamonds  {rated LBB (stable)/A4  by ICRA},
Hiraco Jewellery (India) Private Limited, etc.

Recent results:

For the financial year ended March 2010, the company reported a
Net Profit of INR4.3 crore on an operating income of INR69.9
crore.


RUBY BUS: ICRA Assigns 'LBB' Rating to INR2.14cr Term Loans
-----------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR2.14 crore term loans and
the INR40 crore fund based facility of Ruby Bus Private Limited.
The outlook on the long term rating is stable.  ICRA has also
assigned A4 rating to the INR5 crore non-fund based limits of
RBPL.

The rating is constrained by RBPL's highly leveraged capital
structure resulting from high working capital intensity of its
operations, its low profitability and low cash accruals,
overdependence on key customers leading to client concentration
risks as well as the fragmented and highly competitive nature of
the bus body building industry which is expected to continue
exerting pressure on the company's margins. In addition to these,
the rating also factors in the high susceptibility of RBPL's
business to the slowdown in the user industry (commercial
vehicles) as witnessed from the relatively large losses incurred
in FY09.  The rating, though, favorably factors in the vast
experience of RBPL's promoters in the bus body building business,
its reputed client profile, flexibility of operations on account
of contract manufacturing, improved economic scenario coupled with
strong order book and proposed introduction of bus code in the
near term  which is likely to benefit organized players like RBPL.

The rating also takes into account RBPL's plans to foray into
manufacturing of kits wherein the entire bus model will be made
without chassis, improved business terms with the OEMs and other
plans with some of the leading OEMs (Eicher and ALL) to use the
existing spare capacity to manufacture commercial vehicles like
tippers.

                           About Ruby Bus

Ruby Bus Private Limited was incorporated in the year 1947 and has
been a part of the Indian bus body building industry for over five
decades. The company which is engaged in the business of
building bus bodies was promoted by late Mr. Shantilal Kapashi,
grandfather of the current Managing Director Mr. Pankaj Kapashi.
Headquartered in Mumbai, the company has manufacturing facilities
set up at Naroda, Ahmedabad, where it employs about 900 people and
has the capacity and infrastructure to produce 3000 bus bodies per
annum. Over the years, the company, through Tata Exports Ltd. and
Ashok Leyland Ltd., has registered exports of more than 15,000
vehicles to various countries like Sri Lanka, Afghanistan, Ghana,
among many others.

Recent Results

For the year ended March 31, 2010, the company reported an
operating income of INR56.5 crore and profit before tax of
INR0.2 crore.


SAMRAT PLYWOOD: ICRA Reaffirms 'LBB-' Rating on INR20.41cr LT Loan
------------------------------------------------------------------
ICRA has reaffirmed the long-term rating of 'LBB-' outstanding on
the INR20.41 crore fund based facilities of Samrat Plywood
Limited.  The outlook for the long term rating is stable.  ICRA
has also reaffirmed the short term rating of A4 to the INR0.67
crore fund based facilities and INR1.92 crore non-fund based
facilities of SPL.

The ratings continue to remain constrained by the highly
fragmented and competitive nature of the plywood and laminates
industry which coupled with rising threat from close substitutes
(particle/medium density fibre (MDF) board limits the pricing
flexibility of the players including SPL.  Further the high
working capital intensity of the business has led to increased
funding requirements and high gearing (3.75 times as on March 31,
2010) for the company.  The assigned ratings however derive
comfort from the experience of the promoters in the industry,
SPL's relatively well established brand "Samrat" and its extensive
distribution network which has enabled the company  to pass on the
increased raw material cost and achieve stable profitability over
the years.

Samrat Plywood Limited is a closely held public limited company
engaged in the manufacturing of plywood and laminates. The
business was originally carried out through a partnership firm
(promoted by Mr. Suresh Singhal, Mr. Sushil Singhal and Mr.
Sitaram Jhawar), which was dissolved in the year 1987 and SPL was
incorporated.  The management of the company is currently vested
with Mr. Suresh Singhal and his three sons (Mr. Rajiv Singhal, Mr.
Anand Singhal and Mr. Puneet Singhal).  The company produces
plywood at its Derabassi (Punjab) unit with an installed annual
capacity of 1200000 square metres and laminates at its Nalagarh
(Himachal Pradesh) unit, with an installed annual capacity of
991,500 units.

Recent Results

For FY 2010, the company has achieved an operating income of
INR38.9 crore and a Profit After Tax of INR0.44 crore.


SHREENATHJI COTTON: ICRA Rates INR8cr Long Term Loan at 'LBB'
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR8 Crore long term fund
based facilities of Shreenathji Cotton Industries.  The outlook
assigned to the long term rating is "Stable".

The rating factors in the weak financial profile of the firm,
characterized by sharp drop in revenue following demand
contraction in the textile and oil manufacturing industry, low
operating margins and leveraged capital structure arising from
mainly working capital borrowings.  ICRA also notes that the
cotton industry is seasonal in nature; further the firm's small
scale of operations makes it more vulnerable to policy changes and
disparity in cotton prices between the domestic and international
markets. However, the rating draws comfort from its diversified
customer base, location advantage arising out of proximity to
quality cotton producing region and operating and financial
support from the group concern engaged in forward integrated
business.

Shreenathji Cotton Industries was incorporated as a partnership
firm by a group of seven partners in 2005. The manufacturing
facility is spread within three acres of useable land and a single
story structure. The existing production set up has an installed
capacity of 400 bales per day located in Anjar, Gujarat. A major
group concern, Shreenathji Oil Industries, is engaged in
manufacturing of cotton seed oil.

Recent Results:

SCI reported a net profit of INR0.25 Cr on an operating income of
INR36.89 Cr as per the provisional figures up to December, 2009.


STEEL & METALS: ICRA Places 'LBB' Rating on INR44 Mil. Bank Loans
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR44.0 million fund
based bank facility of Steel & Metals.  The outlook on the rating
is stable. ICRA has also assigned an A4 rating to INR5.0 million
fund based limit and INR50.0 million non-fund based bank limit of
SM.

The assigned ratings take into account the fragmented nature of
the industry with low entry barriers resulting in high competition
and therefore thin profit margin of players including SM. The
ratings also factor in the firm's small scale of operations at
present, low bargaining power against established suppliers and
vulnerability of its margins to fluctuations in the prices of
traded goods. The ratings also take into consideration SM's
adverse capital structure and weak coverage indicators. The
ratings, however, take into consideration the long experience of
the promoters, established relationship of the firm with its
existing customers and a low working capital intensity of
operations.

Steel & Metals was set up as a partnership firm in 1979; founded
by Mr. Bihari Lal Ajitsaria and Arun Kumar Ajitsaria. Currently
the firm is engaged in the trading of aluminium sheet, section,
ingot and rods.

During 2008-09, SM reported a net profit of INR0.54 million on net
sales of INR419.13 million. During the first eleven months of
2009-10, the firm posted a net profit (provisional) of INR0.70
million on net sales of INR465.40 million.


TERRAM GEOSYNTHETICS: ICRA Assigns 'LBB+' Rating to Bank Debts
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR40.25 crores fund
based bank limits of Terram Geosynthetics Private Limited.  The
long term rating carries a stable outlook.  ICRA has also assigned
an A4+ rating to the INR2.00 crores non-fund based bank limits of
TGPL.

The ratings are constrained by TGPL's lack of operating history,
delays in commissioning of the company's manufacturing facility,
exposure of operating margins to volatility in raw material prices
which is accentuated by the fact that raw material consumption
constitutes 40-50% of revenues, and TGPL's exposure to exchange
rate risks and counterparty credit risks. The ratings however,
favorably factor in the established brand of the company's
products, the growing awareness regarding the benefits of
geosynthetics and the favorable outlook for TGPL's products.  The
ratings also factor in the advantages TGPL derives from being
located in Mundra MITAP, the experienced key management
personnel of the company and the support TGPL derives from its UK-
based parent, Terram Limited (Terram), in terms of access to
experienced personnel as well as purchase commitments through off-
take agreements.

                     About Terram Geosynthetics

Terram Geosynthetics Private Limited, incorporated in April 2008,
is an associate of UK-based Terram Limited (Terram). Terram,
incorporated in 1966 as part of the Imperial Chemical Industries
(ICI) Group, has witnessed numerous changes in ownership over the
years and is currently a wholly-owned subsidiary of UK-based
Fiberweb Plc, which ranks among the top ten global manufacturers
of nonwovens.

TGPL is currently setting up a production facility at MITAP to
manufacture thermally-bonded nonwoven geotextiles. The facility
will have an installed capacity of 5740 metric tonnes and is
expected to commence operations from August 2010.


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


HMV JAPAN: Closes Down Flagship Store in Shibuya
------------------------------------------------
HMV Japan KK closed its flagship music CD store Sunday night in
the commercial Shibuya district of Tokyo after 21 years in the
business, Japan Today reports.

According to the report, while the company said it is shutting
down the store called HMV Shibuya because of its store management
policy, industry analysts said it is believed that the company
fell on bad times as many consumers are downloading music from the
Internet.

The report, citing the Recording Industry Association of Japan,
says the production volume of CDs in Japan reached a peak of 587.8
billion yen in 1998 and has declined since then, dropping to 245.9
billion yen in 2009.

HMV Japan sells CDs, DVDs and books.  The Shibuya store was the
first HMV outlet set up in Japan in 1990 under the Japanese unit
of the British entertainment retail group, HMV Group plc. Daiwa
Securities SMBC Principal Investments Co, a wholly owned
subsidiary of Daiwa Securities SMBC, acquired all outstanding
shares of HMV Japan in 2007.


ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to E trust certificates issued under the ORIX-NRL Trust 14
transaction and removed them from CreditWatch with negative
implications.  The ratings had been placed on CreditWatch negative
on Feb. 22, 2010, and maintained on CreditWatch on May 20, 2010.
At the same time, S&P affirmed the ratings on classes A, F to H,
and X.

Of the 10 loans and specified bonds (hereinafter "loans"; extended
to or issued by eight obligors) that initially backed the
transaction, only six loans (effectively five loans) remain, three
of which (two loans and one specified bond) have defaulted.

S&P downgraded classes B to E because:

S&P lowered further its assumption with respect to the likely
collection amount from the properties backing one of the three
loans that have defaulted (the loan originally represented about
13.4% of the total initial issuance amount of the trust
certificates) after considering the progress of collections
undertaken by the servicer; and

Similarly, S&P lowered its assumption with regard to the likely
collection amount from another of the transaction's remaining
specified bonds maturing in November 2011 that originally
represented about 8.8% of the total initial issuance amount of the
trust certificates (the specified bond is backed by a retail
property in Ehime Prefecture), based on the possibility that the
specified bond might not be redeemed on the maturity date and the
property might need to be liquidated.

S&P currently assume that the combined value of the properties
backing the aforementioned defaulted loan and the aforementioned
specified bond would be about 55% of its initial underwriting
value.

In addition, an underlying loan that was due to mature in August
2011 (the loan originally represented about 20.7% of the total
initial issuance amount of the trust certificates; the loan is
backed by a retail property in Shibuya-ward, Tokyo), which S&P had
been reviewing, was prepaid in August 2010, thereby helping raise
credit enhancement levels for the upper-level tranches.  The
rating actions also reflect the higher credit enhancement for
these tranches.

ORIX-NRL Trust 14 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by 10 nonrecourse loans and
specified bonds extended to eight obligors, which were originally
backed by 39 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.  The
ratings address the full and timely payment of interest and the
ultimate repayment of principal by the transaction's legal final
maturity date in December 2014 for the class A certificates, the
full payment of interest and ultimate repayment of principal by
the legal maturity date for the class B to H certificates, and the
timely payment of available interest for the interest-only class X
certificates.

            Ratings Lowered, Off Creditwatch Negative

                        ORIX-NRL Trust 14
        JPY20.7 billion trust certificates due December 2014

Class         To             From             Initial Issue Amount
-----         --             ----             --------------------
B             A+             AA/Watch Neg      JPY2.0 bil.
C             BB             BBB/Watch Neg     JPY1.2 bil.
D             CCC+           B/Watch Neg       JPY0.7 bil.
E             CCC            B-/Watch Neg      JPY0.3 bil.

                         Ratings Affirmed

Class         Rating       Initial Issue Amount
-----         ------       --------------------
A             AAA          JPY15.7 bil.
F             CCC          JPY0.5 bil.
G             CCC          JPY0.1 bil.
H             CCC          JPY0.2 bil.
X*            AAA          JPY20.7 bil. (Initial notional
principal)

                         * Interest only


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


SSANGYONG MOTOR: Mahindra Signs MOU to Acquire Stake in Ssangyong
-----------------------------------------------------------------
Ssangyong Motor Co. signed Monday a memorandum of understanding
with Mahindra & Mahindra Ltd. on the latter's acquisition of South
Korea's smallest automaker, Yonhap New Agency reports.

Creditors of Ssangyong are seeking to reach a preliminary
agreement with Mahindra by the end of August and sign a contract
for the sale in November, the report says.

"Ssangyong Motor has good experiences in the R&D and innovation
areas," Yonhap quoted Anand Mahindra, vice chairman of the Indian
company, as saying.  "Ssangyong Motor will have a good chance in
India where demand for sport utility vehicles is fast rising."

According to Yonhap, the vice chairman said the two companies,
successfully combined, will emerge as a strong player in the
global SUV market by capitalizing on the firms' name recognition
in both domestic and foreign markets.

Mahindra had earlier been chosen as the preferred bidder for a
majority stake in Ssangyong.

                        About Ssangyong Motor

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

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

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A South
Korean bankruptcy court approved in December Ssangyong Motor's
restructuring plan despite opposition by some bondholders, the
TCR-AP reported on Dec. 18, 2009.


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


ALLIED NATIONWIDE: S&P Downgrades Issuer Credit Rating to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term local-
currency issuer credit rating on New Zealand finance company
Allied Nationwide Finance Ltd. to 'D' from 'CC'.

"This rating action follows ANF's announcement that it has not met
the debenture payments that were due on Aug. 19, 2010, and the
announcement that ANF's directors have requested that its trustee
appoint receivers to the company," Standard & Poor's credit
analyst Peter Sikora said.  "S&P believes this was due to the
capital and funding initiatives that the company was negotiating
not being executed in sufficient time for ANF to meet its
liquidity needs, including the remedy of its trust deed breach."

S&P understand that ANF expects to complete an initial transaction
that could result in the payment of debenture maturities now due.
S&P also understand that ANF has requested that New Zealand
Guardian Trust (ANF's trustee company) consent to this transaction
and provide a short extension to the original deadline.

ANF's slower-than-anticipated success in asset sales and new
capital injection--along with some loan repayment delays--has
material weakened its liquidity and cash position.  Additionally,
on Aug. 6, 2010, the trustee believed ANF to be in breach of a
covenant under its trust deed--which saw the prospectus withdrawn
from the market--and forced the company to repay all debentures as
they matured; this has added significantly to ANF's liquidity
pressures.


ELGIN INVESTMENTS: Placed in Liquidation
----------------------------------------
Rebecca Stevenson at BusinessDay.co.nz reports that Allied Farmers
Investments has successfully fought to have Christchurch property
developer David Henderson's Elgin Investments put into liquidation
in Auckland, but there is little likelihood creditors will see any
of the almost NZ$18 million owing.

Ms. Stevenson discloses that Elgin Investments was put into
receivership in March this year owing over NZ$4.7 million to
unsecured creditor Allied Farmers and just over NZ$13.2 million to
preferred creditor AXA New Zealand.

According to the report, Associate Judge Roger Bell on Monday
placed the company under the control of the Official Assignee in
the High Court in Auckland -- even though a certificate of debt
proving how much Allied is owed is still to be filed.

Elgin Investments developed and managed the Sydenham Shopping
Centre in Christchurch, New Zealand.


LANE WALKER: Court Winds Up Subsidiary Over Unpaid Tax Bill
-----------------------------------------------------------
Ben Heather at BusinessDay.co.nz reports that LWR International
Ltd, a unit of Lane Walker Rudkin, has been wound up over an
unpaid tax bill.

In the High Court in Christchurch on Monday, LWR International was
placed into liquidation by Associate Judge Osborne following an
application by Inland Revenue.

The report says it is unknown how much the clothing manufacturing
company owes and the company did not oppose the application in
court.

Apart from office equipment, BusinessDay.co.nz discloses that
records show LWR International has no assets.  It is a subsidiary
of the group holding company Lane Walker Rudkin Industries, which
is already in receivership.

                         About Lane Walker

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people were employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.

Lane Walker Rudkin Industries went into receivership in April 2009
with debt of more than NZ$50 million.  Brian Mayo-Smith and
Stephen Tubbs, partners at BDO Spicers, have been appointed joint
receivers and managers of LWR.  The appointment was made by LWR's
bankers to protect the financial position of LWR and its
subsidiary Pod while issues facing the group are resolved.  The
LWR operations were unprofitable and have incurred a substantial
increase in bank debt.

LWR is currently subject of a Serious Fraud Office investigation
following a complaint from the LWR group's receivers.  The
receivers claimed LWR had misrepresented its financial strength to
Westpac in order to borrow from the bank.  The company owes about
NZ$120 million to Westpac.


LIZ MITCHELL: Goes Into Liquidation Amid Downturn in Sales
----------------------------------------------------------
The New Zealand Herald reports that Liz Mitchell Design Ltd has
gone into liquidation, owing creditors nearly NZ$200,000.

Citing a liquidation report prepared by Shepard Dunphy, the Herald
says the company has suffered from a downturn in sales and orders.
"This downturn, in combination with yet-to-be-determined losses
resulting from unauthorized payments by a now ex-employee, caused
severe stress on the company's cashflow, as did the liquidation of
a major client."

According to the Herald, the report said the business, including
the Liz Mitchell brand, was sold as a going concern last month.

Liz Mitchell, the company's director, told the Herald on Sunday
another of her companies, Ruby Small Holdings, bought Liz Mitchell
Design Ltd, including the well-known brand, shortly before it went
into voluntary liquidation.

New Zealand-based Liz Mitchell Design Ltd. is a top fashion design
company.


SOUTH CANTERBURY: Chief Remains Confident Amid Credit Rating Cut
----------------------------------------------------------------
South Canterbury Finance has had its credit rating cut again but
chief executive Sandy Maier is confident a deal to inject capital
into the company will be done by August 31, an article posted at
stuff.co.nz says.

S&P on Friday lowered the long term rating from B- to CC with a
negative outlook, which means it could be lowered further.

The trustee, Trustee Executors, who represents the interests of
debenture holders, expects SCF to have secured a deal to inject a
significant amount of capital into the company by the end of the
month.

According to the report, Mr. Maier said good progress was being
made on recapitalizing the business with the target of making an
announcement on August 31.

There has been speculation SCF's cash is running down but Mr.
Maier said SCF "is comfortable with its liquidity position and
continues to meet all obligations as they fall due".

The report says SCF continued to enjoy the Crown's extended retail
deposit guarantee scheme which remains in place until December 31,
2011.

                     About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.


SOUTH CANTERBURY: S&P Junks Issuer Credit Rating from 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term issuer credit rating on New Zealand finance company,
South Canterbury Finance Ltd. to 'CC' from 'B-'.  The short-term
issuer credit rating has been affirmed at 'C'.  At the same time,
the issuer credit ratings remain on CreditWatch Negative where
they were placed on June 21, 2010.

"The rating action reflects a material weakening of SCF's
liquidity and cash position beyond what S&P anticipated when S&P
lowered the issuer credit ratings to 'B-/C' and placed the ratings
on CreditWatch Negative on June 21, 2010," Standard & Poor's
credit analyst Peter Sikora said.  "SCF's substantially diminished
cash balance--which is now at a level that in S&P's view may see
the company seek additional liquidity support--reflects a
combination of loan repayment delays and weaker-than-anticipated
reinvestment experience and new debenture inflows.  This rating
action is despite SCF having some success in managing forward
maturities over the past few months."

S&P noted on June 21, 2010, that the rating could be lowered if
the likelihood of success in recapitalization efforts was
materially delayed or compromised or if new credit concerns
emerged.  The weaker-than-expected cash and liquidity position and
the lack of progress in recapitalization efforts--as the Aug. 31,
2010, covenant breach waiver deadline approaches--has compromised
SCF's business viability without the successful progression of
recapitalization plans over the next few weeks.  Even if
recapitalization plans are progressed, S&P understand that SCF
will also require trustee approval and support to progress and
execute recapitalization plans after Aug. 31, 2010, while it is
still in breach of trust deed covenants.  While the company is
pursuing a range of recapitalization options, benefits from these
initiatives would only be recognized in the company's ratings once
they were sufficiently progressed and a comprehensive assessment
was done.

A CreditWatch Negative listing by Standard & Poor's implies a one-
in-two likelihood that the rating may be lowered within the next
three months.  The rating will be lowered to 'D' if SCF does not
meet any of its repayment obligations in full and on time.  The
'CC/C' ratings recognize that there is a strong possibility that
SCF could default on its obligations within six months.  The most
likely scenario for default for SCF is an inability to progress
recapitalization plans before the expiry of its trust deed waiver
on Aug. 31, 2010.

S&P may stabilize SCF's rating and review the CreditWatch if the
company successfully executes the recapitalization of its
operations and receives the necessary support from all
stakeholders implicated in any such recapitalization.  This would
help remedy SCF's trust deed breach and help strengthen the
company's current weak liquidity position.


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


METROPOLITAN BANK: Fitch Upgrades Individual Rating to 'C/D'
------------------------------------------------------------
Fitch Ratings has upgraded Philippines-based Metropolitan Bank and
Trust Company's Individual Rating to 'C/D' from 'D'.  The agency
has concurrently affirmed all other ratings of the bank; The
Outlook on the bank's 'BB' Long-term foreign currency Issuer
Default Rating remains at Stable.  A full list of the rating
actions is included at the end of this release.

The upgrade of Metrobank's Individual Rating reflects its stronger
capital position, particularly after raising new common equity in
2010 and its reasonably good performance despite the recent
downturn in 2008/2009.  Fitch believes that the capital raising
has enhanced the bank's loss absorption capacity and helps
alleviate any potential weaknesses that could arise from its
balance sheet, particularly in the event of a renewed difficult
environment.  Positively, such pressures on asset quality and
capital have gradually eased in view of the more stable credit
environment, which is likely to continue amid the ongoing economic
recovery in the Philippines.

Metrobank has a strong domestic presence and its balance sheet
health has improved in recent years, with a higher capital buffer
and steadily reducing and better-reserved non-performing assets.
Although loan quality held up fairly well, non-loan assets
contributed most of the bank's impairment charges in 2009,
equalling to a high 1.1% of total assets.  However, the reserve
coverage on its investment properties (mostly foreclosed assets)
remained lower at 9% than that of non-performing loans at 76% at
end-2009.

Nonetheless, Fitch notes Metrobank's improved capital position,
with its core Tier 1 capital adequacy ratio (CAR, excluding hybrid
Tier 1 securities) having risen to about 10% after its private
placement in May 2010, and hence the bank is better-placed to
cushion any potential impairment risks in a worst case scenario.
Moreover, its investment properties exposure has progressively
reduced over the years to 3.0% of assets at end-2009 (end-2008:
3.6%) through disposals, and mostly at a profit.  Fitch expects
this trend to continue given the improved economic environment.

The agency also notes Metrobank's investments in non-financial
institution associates (ie not majority stake), though sizeable,
do not appear to exert any significant pressure on its capital as
most of these have been profitable investments.  Together with
reduced downside risks to the bank's financial profile amid the
more stable economic environment, Metrobank's rating Outlook is
Stable.

Further positive rating action on the Individual Rating would
require more balance sheet improvements with considerably lower
provisioning risks from bad assets, and the preservation of a good
capital buffer, which appears more likely over the medium-term; at
present, however, Metrobank's long-term foreign currency IDR of
'BB' is already the same as that of the sovereign.  Conversely,
any unexpected weakening in capital and asset quality,
particularly in a challenging economic environment, may exert
downward rating pressure, although such risks have largely receded
amidst improved economic conditions.

Fitch has also affirmed Metrobank's hybrid rating at 'B', which is
three notches below the bank's long-term foreign currency IDR of
'BB', in accordance with the agency's criteria of rating hybrid
securities and preference shares of financial institutions.

The full list of rating actions is:

Metrobank

  -- Long-term foreign currency IDR affirmed at 'BB' with a Stable
     Outlook;

  -- Short-term foreign currency IDR affirmed at 'B';

  -- Individual rating upgraded to 'C/D' from 'D';

  -- Support rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB-'; and

  -- Ratings on Variable Rate Perpetual Callable Non Cumulative

  -- Tier 1 Subordinated Notes affirmed at 'B'.


PHILIPPINE AIRLINES: Earns US$31.6 Million in Qtr. Ended June 30
----------------------------------------------------------------
Philippine Airlines reported total comprehensive income of
US$31.6 million for the quarter ended June 30, 2010.  The figure
is lower by US$3.9 million or 11% compared to the same period last
year.

Despite encouraging numbers on account of the peak travel season,
PAL President and COO Jaime J. Bautista said PAL is bracing for
lower passenger volumes during the airline's 'lean season' usually
between August to November.

PAL reported revenues of US$426.7 million for the first quarter of
its fiscal year 2010-11, an improvement of US$99.0 million or 30%
over the same period total of US$327.7 million in 2009.

During the first three months of its current fiscal year, the
airline benefited from improvements in passenger traffic as well
as cargo, reflecting signs of economic recovery worldwide.  Higher
yields generated per seat offering also complemented growth in
passenger demand.

Total expenses amounted to US$391.6 million, up by US$106.1
million or 37% from the same quarter total of US$285.5 million the
previous year.  Jet fuel, which continues to be the airline's
biggest operating expense, rose by US$55 million during the first
quarter with fuel prices at an average of US$100.47 per barrel
from US$70.28 per barrel in 2009.  The airline also reported a
reduction in ?Other Income? by US$47.5 million to US$15.4 million
for the first three months this year compared with US$62.9 million
for the same period the year before.

Mr. Bautista said that while the aviation industry is showing
signs of slow recovery, PAL remains focused on continuing efforts
to generate more revenues and control costs.  Moving forward, he
said PAL must ?swallow bitter pills? and handle its labor issues
with ?utmost care? to survive amidst the difficult and cut-throat
operating environment.

During its last fiscal year ending March 2010, PAL reported a net
comprehensive loss of US$14.4 million in spite of a US$35.5
million profit during the first quarter.

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

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

                     About Philippine Airlines

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


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


ENG HENG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on August 6, 2010, to
wind up the operations of Eng Heng Noodle Factory Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road, #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


ENG HUAT: Members' Final Meeting Set for September 24
-----------------------------------------------------
Members of Eng Huat Private Limited will hold their final general
meeting on September 24, 2010, at 11:00 a.m., at 25 International
Business Park, #04-22/26 German Centre, in Singapore 609916.

At the meeting, Steven Tan Chee Chuan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HYPERBARIC AND OCCUPATIONAL: Court Enters Wind-Up Order
-------------------------------------------------------
The High Court of Singapore entered an order on August 13, 2010,
to wind up the operations of Hyperbaric and Occupational Medicine
Pte Ltd.

Future Link Properties Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


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

Kian An Realty Limited filed the petition against the company on
August 16, 2010.

The Petitioner's solicitors are:

          Messrs Lee & Lee
          5 Shenton Way
          #07-00 UIC Building
          Singapore 068808


TAN TOO: Creditors' Proofs of Debt Due September 3
--------------------------------------------------
Tan Too Guan Private Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by September 3, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


TRANSFIELD ER: Court to Hear Wind-Up Petition on September 3
------------------------------------------------------------
A petition to wind up the operations of Transfield ER Cape Limited
will be heard before the High Court of Singapore on September 3,
2010, at 10:00 a.m.

Constellation Energy Commodities Group Inc filed the petition
against the company on August 10, 2010.

The Petitioner's solicitors are:

          Messrs Ang & Partners
          79 Robinson Road
          #22-00, CPF Building
          Singapore 068897


VENTURA (BISHAN): Creditors' Proofs of Debt Due September 20
------------------------------------------------------------
Ventura (Bishan) Limited, which is in members' voluntary
liquidation, requires its creditors 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


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


* BOND PRICING: For the Week August 16 to August 20, 2010
---------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       0.94
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.01
ANTARES ENERGY          10.00    10/31/2013   AUD       1.82
BECTON PROP GR           9.50    06/30/2010   AUD       0.35
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.83
EXPORT FIN & INS         0.50    12/16/2019   AUD      61.40
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.07
EXPORT FIN & INS         0.50    06/15/2020   AUD      63.22
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.12
GRIFFIN COAL MIN         9.50    12/01/2016   USD      53.25
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.65
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      58.11
PRAECO P/L               7.13    07/28/2020   AUD      68.69
RESOLUTE MINING         12.00    12/31/2012   AUD       0.83
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2025   AUD      56.25

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      65.92


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      33.00


  INDIA
  -----

AFTEK INFOSYS            1.00    06/25/2010   USD      70.00
KALINDEE RAIL NI         0.50    03/07/2012   USD      71.50
L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.38
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.18
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.13
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.18
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.34
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.63
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.06
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.66
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.42
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.61

  JAPAN
  -----

AIFUL CORP               1.20    11/22/2012   JPY      59.88
AIFUL CORP               1.99    05/28/2012   JPY      64.30
AIFUL CORP               1.22    10/19/2015   JPY      45.73
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      66.12
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      66.80
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      70.46
SHINSEI BANK             5.62    12/29/2049   GBP      73.75
TAKEFUJI CORP            9.20    04/15/2011   USD      55.25
TAKEFUJI CORP            9.20    04/15/2011   USD      55.25
TAKEFUJI CORP            4.00    06/05/2022   JPY      52.56


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.20
CRESENDO CORP B          3.75    01/11/2016   MYR       0.99
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.08
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.11
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.00
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.65
NAM FATT CORP            2.00    06/24/2011   MYR       0.07
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.51
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       1.06
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.13
SCOMI GROUP              4.00    03/19/2013   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.84
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.11
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.31
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.95


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

ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.06
FLETCHER BUI             8.50    03/15/2015   NZD       7.50
FLETCHER BUI             7.55    03/15/2011   NZD       7.50
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.09
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             8.50    11/15/2015   NZD       7.90
INFRATIL LTD            10.18    12/29/2049   NZD      63.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.33
MARAC FINANCE           10.50    07/15/2013   NZD       1.01
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      71.29
SKY NETWORK TV           4.01    10/16/2016   NZD      56.06
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.93
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.65
ST LAURENCE PROP         9.25    07/15/2010   NZD      55.05
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.02
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.05
VECTOR LTD               7.80    10/15/2014   NZD       1.01
VECTOR LTD               8.00    12/29/2049   NZD       7.00


SINGAPORE
---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      64.50
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.45
SENGKANG MALL            4.88    11/20/2012   USD       0.10
SENGKANG MALL            8.00    11/20/2012   USD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.52
WBL CORPORATION          2.50    06/10/2014   SGD       1.86


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

COSMOS PLC CO            3.00    05/30/2011   KRW      14.58
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      20.83
DONGYANG TELECOM         6.00    07/17/2012   KRW      66.47
DONGYANG TELECOM         6.00    07/02/2013   KRW      59.63
DONGYANG TELECOM         6.00    04/28/2012   KRW      45.81
HOPE KOD 1ST             8.50    06/30/2012   KRW      33.65
HOPE KOD 2ND            15.00    08/21/2012   KRW      31.91
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.77
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.52
HOPE KOD 6TH            15.00    03/10/2013   KRW      40.65
IBK 2008/12 ABS         25.00    06/24/2011   KRW      69.28
IBK 2008/13 ABS         25.00    06/24/2011   KRW      64.29
IBK 2008/16 ABS         25.00    06/24/2011   KRW      58.25
IBK 2008/17 ABS         25.00    06/24/2011   KRW      54.78
KB 10TH SEC SPC         23.00    01/03/2011   KRW      61.75
KB 10TH SEC SPC         20.00    01/03/2011   KRW      41.52
KB 11TH SEC SPC         23.00    07/03/2011   KRW      61.88
KB 12TH SEC SPC         25.00    01/21/2012   KRW      59.64
KB 13TH SEC SPC         25.00    07/02/2012   KRW      56.64
KB 14TH SEC SPC         23.00    01/04/2013   KRW      55.02

KDB 5TH SEC SPC         15.00    01/04/2013   KRW      55.02
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      52.75
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      55.58
NACF-13 ABS SPS         25.00    09/25/2010   KRW      64.62
NACF-14 ABS SPS         25.00    01/15/2011   KRW      59.60
NACF-15 ABS SPS         25.00    03/18/2011   KRW      59.60
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      74.64
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      34.68
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      65.03
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      64.83
SAM HO INTL              6.32    03/28/2011   KRW      71.80
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      20.63
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.37
SINBO 2ND ABS           15.00    08/26/2013   KRW      31.95
SINBO 3RD ABS           15.00    09/30/2013   KRW      31.89
SINGOK ABS               7.50    06/18/2011   KRW      51.06
SINGOK NS ABS            7.50    06/27/2011   KRW      51.12
SMI XVI ABS SPC          9.99    04/30/2011   KRW      73.92
XROAD CO LTD             5.00    10/08/2012   KRW      29.71


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      73.96


VIETNAM
--------

VDB BOND                 8.40    01/12/2012   VND       9.80
VIETNAM MACHINE          9.20    06/06/2017   VND      74.60
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***