TCRAP_Public/100827.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, August 27, 2010, Vol. 13, No. 169

                            Headlines



C H I N A

CNC DEVELOPMENT: UHY Vocation HK Raises Going Concern Doubt
KWG PROPERTY: Moody's Assigns 'B1' Rating on Senior Unsec. Bonds


H O N G  K O N G

ACEVINYL PRODUCTS: Kong and Lo Appointed as Liquidators
AMERY CONSTRUCTION: Kong and Lo Appointed as Liquidators
ARTAKE DESIGN: Court Enters Wind-Up Order
ASIATEX INTERNATIONAL: Kong and Lo Appointed as Liquidators
BEPEAK LIMITED: Kong and Lo Appointed as Liquidators

BEST CYCLE: Kong and Lo Appointed as Liquidators
CHAMPION VANTAGE: Arboit and Blade Appointed as Liquidators
CHUEN LEE: Ho and Kong Appointed as Liquidators
CHOR LAU: Kong and Lo Appointed as Liquidators
COUPLE DESIGN: Kong and Lo Appointed as Liquidators

DAVINA PACKAGING: Court to Hear Wind-Up Petition on October 6
DEGREEASIA LIMITED: Court to Hear Wind-Up Petition on September 15
DESCHAMPS CATERING: Court Enters Wind-Up Order
DIAMOND EARN: Kong and Lo Appointed as Liquidators
DIGITAL NUNET: Kong and Lo Appointed as Liquidators

DRAGON PALACE: Kong and Lo Appointed as Liquidators
EARNSMATE LIMITED: Kong and Lo Appointed as Liquidators
ETC ENVIRONMENTAL: Kong and Lo Appointed as Liquidators
EVERMONT INT'L: Court to Hear Wind-Up Petition on October 13
FAITH DEE: Kong and Lo Appointed as Liquidators

FIVE TOWNS: Kong and Lo Appointed as Liquidators
FRIENDS OF MINE: Kong and Lo Appointed as Liquidators
F.T. TRADING: Ho and Kong Appointed as Liquidators
GLOBAL SUCCESS: Court to Hear Wind-Up Petition on September 15
HEMPSTONE LIMITED: Court to Hear Wind-Up Petition on September 1


I N D I A

ALPEX EXPORTS: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
BANK OF INDIA: Fitch Affirms Individual Rating at 'C/D'
CROWN STEEL: CRISIL Assigns 'BB' Rating to INR35 Mil. Cash Credit
DELUXE COLD: CRISIL Rates INR400 Million Cash Credit at 'BB-'
GANESH SPONGE: CRISIL Upgrades Rating on INR180MM Loan to 'BB-'

KEDIA CARBON: CRISIL Reaffirms 'BB+' Rating on INR80MM Cash Credit
M.A.K. (INDIA): CRISIL Rates INR98 Million Term Loan at 'D'
MANISHRI REFRACTORIES: CRISIL Assigns 'B' Rating on Various Debts
NARAYANI COKE: CRISIL Reaffirms 'BB-' Rating on INR14.7MM Loan
PREGNA INT'L: CRISIL Reaffirms 'B+' Rating on INR3MM Term Loan

RR ENERGY: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
SANATHAN INFRA: CRISIL Rates INR100 Mil. Cash Credit Limit at 'B+'
SHAKTI PLASTIC: CRISIL Assigns 'D' Ratings to Various Bank Debts
SHIRDI INDUSTRIES: CRISIL Cuts Rating on Bank Debts to 'C'
SHREE BANKEY: CRISIL Rates INR1.25 Billion Cash Credit at 'BB-'

SUJA SHOEI: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
SWATHI COTTONS: CRISIL Assigns 'B+' Rating to INR147.4MM Term Loan
TELU RAM: CRISIL Rates INR150 Million Cash Credit at 'BB-'
VERDANT LIFE: CRISIL Assigns 'B' Rating to INR66MM Rupee Term Loan


J A P A N

GODO KAISHA: S&P Downgrades Ratings on Various Classes of Notes
JAPAN AIRLINES: May Start Discount Carrier for Overseas Flights
JAPAN AIRLINES: Sells Stakes in Passenger & Cargo Handling Units


K O R E A

HYUNDAI ENGINEERING: Hyundai Group Set to Reclaim Engineering Firm
* South Korea to Disclose List of Troubled Universities Next Week


M A L A Y S I A

FOUNTAIN VIEW: Swings to MYR5.18 Million Loss in Qtr Ended June 30
HO HUP: Posts MYR4.04 Million Net Loss in Quarter Ended June 30
KENMARK INDUSTRIAL: Deloitte Appointed as Provisional Liquidator
METECH GROUP: Classified as Affected Listed Issuer Under PN17


N E W  Z E A L A N D

ALLIED FARMERS: To Renegotiate Terms of Bank Facility With Westpac
AORANGI SECURITIES: SFO to Reveal Next Step in Probe Next Week
FIVE STAR: SFO Lays Over 100 Charges Against 4 Executives


P H I L I P P I N E S

PHILIPPINE AIRLINES: First Pacific Not Interested in PAL


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


CNC DEVELOPMENT: UHY Vocation HK Raises Going Concern Doubt
-----------------------------------------------------------
CNC Development Ltd. filed on August 19, 2010, its annual report
on Form 20-F, for the fiscal year ended December 31, 2009.

UHY Vocation HK CPA Limited, in Hong Kong, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has only
$1.6 million of working capital as of December 31, 2009, and is
dependent on obtaining additional financing to execute its
business plan.

The Company reported a net loss of US$4.3 million on zero revenue
for 2009, compared with net income of US$3.8 million on
US$4.9 million of revenue for 2008.

No revenue was recorded during the year ended December 31, 2009,
because no project received final acceptance during that period.

The Company's balance sheet as of December 31, 2009, showed
US$25.4 million in total assets, US$30.8 million in total
liabilities, and a stockholders' deficit of US$5.4 million.

A full-text copy of the Form 20-F is available for free at:

               http://researcharchives.com/t/s?6a13

Based in Shanghai, the People's Republic of China, CNC Development
Ltd. was, until the suspension of business operations in late
2009, engaged in providing services to municipal-government
customers to integrate project design, implementation and
financing for BT projects in the Peoples Republic of China.  The
address of CNC's U.S. agent, WHI, Inc., is 410 South Michigan
Ave., Suite 620, Chicago, IL 60605.


KWG PROPERTY: Moody's Assigns 'B1' Rating on Senior Unsec. Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
unsecured bond rating on the US$250 million 12.5% notes due 2017
issued by KWG Property Holding Limited.  The definitive rating on
this debt obligation confirms the provisional rating assigned on 3
August 2010.  At the same time, Moody's has affirmed the company's
Ba3 corporate family rating.  The rating outlook is stable.

                        Ratings Rationale

"KWG's Ba3 corporate family rating reflects its strong brand name,
in turn supported by its quality products and its diversified
product range," says Peter Choy, a Moody's Vice President and
Senior Credit Officer.

"The ratings also recognize KWG's good operating track record for
property development in the Mainland cities of Guangzhou, Chengdu
and Suzhou," says Choy.

"However, the ratings are constrained by the low geographic
diversity apparent in its portfolio, with half of its land bank
located in Guangzhou," says Choy.  "The ratings also factor in the
execution risk associated with the company's entry into new cities
and the developing status of its offshore banking relationship."

The bond rating has been notched down to B1 from Ba3, reflecting
the risk of structural and legal subordination.

The stable outlook reflects the company's current adequate
liquidity position that will support its property development
business in the next 12 -- 18 months.

Upward rating pressure on the ratings could be limited in the near
future.  However, medium-term upgrade pressure may emerge if KWG
(1) achieves its planned sales; (2) replicates its success in
Guangdong Province in other Chinese cities; and (3) shows good
financial discipline and expands cautiously while maintaining a
sound liquidity profile and strong credit metrics.

Moody's sees EBITDA/interest coverage consistently above 4-5x and
adjusted debt leverage below 40% - 45% as indications of a
potential rating upgrade.

The ratings could undergo a downgrade if KWG (1) experiences a
significant shortfall in sales; (2) materially increases its
investment in projects but without a corresponding increase in
cash inflow; (3) executes an aggressive land acquisition plan
funded mainly by debt; and/or (4) shows evidence of material
weakening of balance sheet liquidity.

Moody's sees EBITDA/interest falling below 2.5 - 3.0x and adjusted
debt leverage consistently above 50% as indications of a potential
downgrade of the ratings.

Moody's last rating action on KWG was taken on 3 August 2010, when
Moody's assigned its first-time Ba3 corporate family and
provisional (P)B1 bond ratings on its proposed US$ senior
unsecured notes.

KWG Property Holding Limited is a Chinese property developer.  It
listed on the Hong Kong Stock Exchange in July 2007.  It operates
in Guangzhou, Chengdu, Suzhou, Beijing and Hainan, developing mid-
to-high end residential properties, office buildings, shopping
malls and hotels.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, and
confidential and proprietary Moody's Investors Service's
information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.

The date on which some Credit Ratings were first released goes
back to a time before Moody's Investors Service's Credit Ratings
were fully digitized and accurate data may not be available.
Consequently, Moody's Investors Service provides a date that it
believes is the most reliable and accurate based on the
information that is available to it.


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


ACEVINYL PRODUCTS: Kong and Lo Appointed as Liquidators
-------------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Acevinyl Products Industrial Company
Limited.

The liquidators may be reached at:

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


AMERY CONSTRUCTION: Kong and Lo Appointed as Liquidators
--------------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Amery Construction Water Proofing Co.
Limited.

The liquidators may be reached at:

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


ARTAKE DESIGN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on August 11, 2010,
to wind up the operations of Artake Design & Associates Limited.

The official receiver is E T O'Connell.


ASIATEX INTERNATIONAL: Kong and Lo Appointed as Liquidators
-----------------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Asiatex International Limited.

The liquidators may be reached at:

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


BEPEAK LIMITED: Kong and Lo Appointed as Liquidators
----------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Bepeak Limited.

The liquidators may be reached at:

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


BEST CYCLE: Kong and Lo Appointed as Liquidators
------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Best Cycle Limited.

The liquidators may be reached at:

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


CHAMPION VANTAGE: Arboit and Blade Appointed as Liquidators
-----------------------------------------------------------
Messrs Bruno Arboit and Simon Richard Blade on August 6, 2010,
were appointed as liquidators of Champion Vantage Limited.

The liquidators may be reached at:

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


CHUEN LEE: Ho and Kong Appointed as Liquidators
-----------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone said in notice dated
August 20, 2010, they have been appointed by the High Court of
Hong Kong as joint and several liquidators of Chuen Lee Industrial
Limited.  The High Court entered an order on June 18, 2010, to
wind up the operations of Chuen Lee Industrial Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


CHOR LAU: Kong and Lo Appointed as Liquidators
----------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Chor Lau Heung Restaurant Company
Limited.

The liquidators may be reached at:

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


COUPLE DESIGN: Kong and Lo Appointed as Liquidators
---------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of The Couple Design & Production Company
Limited.

The liquidators may be reached at:

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


DAVINA PACKAGING: Court to Hear Wind-Up Petition on October 6
-------------------------------------------------------------
A petition to wind up the operations of Davina Packaging Company
Limited will be heard before the High Court of Hong Kong on
October 6, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on August 3, 2010.

The Petitioner's solicitors are:

          Chu & Lau
          2nd Floor, The Chinese General
          Chamber of Commerce Building
          No. 24-25 Connaught Road
          Central, Hong Kong


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

Nanyang Commercial Bank Limited filed the petition against the
company on July 14, 2010.

The Petitioner's solicitors are:

          Anthony Chiang & Partners
          3903 Tower 2, Lippo Centre
          89 Queensway Central
          Hong Kong


DESCHAMPS CATERING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on August 11, 2010,
to wind up the operations of Deschamps Catering Company Limited.

The official receiver is E T O'Connell.


DIAMOND EARN: Kong and Lo Appointed as Liquidators
--------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Diamond Earn Investments Limited.

The liquidators may be reached at:

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


DIGITAL NUNET: Kong and Lo Appointed as Liquidators
---------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Digital Nunet Exchange Limited.

The liquidators may be reached at:

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


DRAGON PALACE: Kong and Lo Appointed as Liquidators
---------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Dragon Palace International Limited.

The liquidators may be reached at:

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


EARNSMATE LIMITED: Kong and Lo Appointed as Liquidators
-------------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Earnsmate Limited.

The liquidators may be reached at:

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


ETC ENVIRONMENTAL: Kong and Lo Appointed as Liquidators
-------------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of ETC Environmental Technology Limited.

The liquidators may be reached at:

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


EVERMONT INT'L: Court to Hear Wind-Up Petition on October 13
------------------------------------------------------------
A petition to wind up the operations of Evermont International
Limited will be heard before the High Court of Hong Kong on
October 13, 2010, at 9:30 a.m.

Bulkhandling Handymax AS filed the petition against the company on
August 9, 2010.

The Petitioner's solicitor is:

          Stephen Harwood
          35th Floor, Bank of China Tower 1
          Garden Road
          Central, Hong Kong


FAITH DEE: Kong and Lo Appointed as Liquidators
-----------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Faith Dee Limited.

The liquidators may be reached at:

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


FIVE TOWNS: Kong and Lo Appointed as Liquidators
------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Five Towns Development Company
Limited.

The liquidators may be reached at:

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


FRIENDS OF MINE: Kong and Lo Appointed as Liquidators
-----------------------------------------------------
Mr. Kong Chi How Johnson and Mr. Lo Siu Ki on July 27, 2010, were
appointed as liquidators of Friends of Mine Group Limited.

The liquidators may be reached at:

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


F.T. TRADING: Ho and Kong Appointed as Liquidators
--------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone said in notice dated
August 20, 2010, they have been appointed by the High Court of
Hong Kong as joint and several liquidators of F.T. Trading (H.K.)
Limited.  The High Court entered an order on May 26, 2010, to wind
up the operations of F.T. Trading (H.K.) Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


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

The Government of the Hong Kong Special Administrative Region
acting by and/or through the Secretary for Justice filed the
petition against the company on June 24, 2010.


HEMPSTONE LIMITED: Court to Hear Wind-Up Petition on September 1
----------------------------------------------------------------
A petition to wind up the operations of Hempstone Limited will be
heard before the High Court of Hong Kong on September 1, 2010, at
9:30 a.m.

Lam Charm and Wong Sek Tung filed the petition against the company
on June 28, 2010.

The Petitioner's solicitor is:

          Poon & Cheung
          21st Floor, V. Heun Building
          138 Queen's Road
          Central, Hong Kong


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I N D I A
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ALPEX EXPORTS: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alpex Exports Private
Limited continue to reflect AEPL's limited financial flexibility
arising out of significant investments in the solar panel
business, and vulnerability of operating margins to volatility in
the value of the Indian rupee.  The impact of the rating
weaknesses are mitigated by the benefits that AEPL derives from
the industry experience of its promoters, and its moderate
financial risk profile.

   Facilities                          Ratings
   ----------                          -------
   INR10.0 Million Cash Credit         BB/Stable (Reaffirmed)
   INR70.0 Million Term Loan           BB/Stable (Reaffirmed)
   INR20.0 Million Proposed LT Bank    BB/Stable (Reaffirmed)
                      Loan Facility
   INR75.0 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that AEPL will maintain a stable credit risk
profile over the medium term backed by the industry experience of
its promoters and its moderate financial risk profile.  The
outlook may be revised to 'Positive' if it manages its working
capital requirements effectively, leading to better liquidity
position and improve its operating margins. Conversely, the
outlook may be revised to 'Negative' in case AEPL generates lower-
than-expected revenues from the solar panel business, or the
company undertakes large, debt-funded capital expenditure or its
working capital requirements increase significantly, thereby
weakening its capital structure and liquidity.

Update

AEPL's is estimated to report revenues of around INR520 million
during 2009-10 (refers to financial year, April 1 to March 31),
higher then CRISIL's expectation, primarily due to higher sales
contribution from its solar panel business; which started
commercial production in November 2009. AEPL's margins were also
in-line with expectations at 14 per cent.  However, gearing
remains high at 1.08 times, primarily due to increased debt to
fund the working capital requirements; thus the ratings remain
constrained at current level.

AEPL is also in the process of increasing the capacity of its
solar panel plant by 25% at an approx. cost of INR30 million,
which it expects to fund entirely from internal accruals.  The
plant is expected to come online by the end of 2011-12.

AEPL is estimated to report a book profit of INR22.2 million on
net sales of INR520 million for 2009-10, against a book profit of
INR23.6 million on net sales of INR325 million in 2008-09.

                        About Alpex Exports

AEPL, incorporated in 1993, trades in textile products, including
creora (lycra) spandex, Samsung knitting needles, and nylon and
polyester yarns.  The company installed two wind mills of 0.75
mega watt (MW) each in Tamil Nadu for which it has an energy
purchase agreement with Tamil Nadu Electricity Board.

AEPL diversified its operations into manufacturing and exporting
solar panels, the commercial production of which commenced in
November 2009.  The plant, a 100 per cent export-oriented unit
(EOU), located in Himachal Pradesh, has manufacturing capacity of
15 MW.


BANK OF INDIA: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed Bank of India's Individual rating at
'C/D' and Support rating at '2'.

BOI's Individual rating is driven by its strong domestic franchise
and satisfactory financial profile amongst Indian banks.  Its
asset quality worsened in FY10 compared to other large Indian
government banks due to a few issuer concentrations.  However,
BOI's NPL trends are expected to normalize over the medium-term.
BOI's capitalization ratios have improved since FY09, which gives
it some cushion for any further asset quality deterioration.  The
Individual rating could be affected if asset quality problems were
to persist, leading to a sustained underperformance compared to
the banking system.

BOI's Support rating has been affirmed at '2' given its systemic
importance of being the fifth-largest bank in India with a
national presence and deposits market share of close to 4.5%,
together with the majority government ownership.

The bank was adequately capitalized with Tier 1 ratio of 8.5% in
FY10, though the bank's hybrid capital instruments (12.6% of Tier
1 capital) have somewhat diluted its capital quality over the last
three years.  With a government holding of 64.5%, the bank has
adequate headroom to raise common equity from the market before it
reaches statutory minimum of 51%.

BOI's gross NPL ratio soared to 2.7% at end-June 2010 (FY09:
1.8%), mainly due to high delinquencies (22%) from restructured
loans.  Its asset quality could deteriorate over the short-term as
its restructured loans (classified as standard and constitute 3.1%
of its total loans in FY10) mature in FY11 along with the
tightening of interest rates.  The bank expects to meet minimum
(70%) regulatory loan loss reserve coverage ratio (68% at end-June
2010) by end-September 2010.

BOI's profitability (FY10 return on assets: 0.7%; FY09: 1.5%)
deteriorated in FY10 due to a contraction in its net interest
margins and an increase in its credit costs.  The trend of NIM
contraction is expected to reverse in FY11 as credit growth picks
up and the bank replaces its lower yielding investments with
loans.  However, the increased credit costs are expected to put
pressure on BOI's profitability.

Thanks to BOI's pan-India deposit franchise and its position as a
government bank, around 70% of its term deposits are retail and
relatively sticky.  Its liquidity is also supported by holding of
government securities (above regulatory minimum of 25% of net
demand and time liabilities; 30% as at end-September 2009).

BOI has a strong national presence with a network of 3236
branches, which is planned to be expanded to 3500 by FY11.  It
conducts international business (FY10: 17% of assets) on the back
of India trade through its 25 overseas branches.


CROWN STEEL: CRISIL Assigns 'BB' Rating to INR35 Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Crown Steel Co.

   Facilities                             Ratings
   ----------                             -------
   INR35.0 Million Cash Credit Facility   BB/Stable (Assigned)
   INR225.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect CSC's small scale of operations and
constrained financial flexibility, and the firm's exposure to
risks related to intense competition and cyclicality in the ship
breaking industry, and its susceptibility to adverse changes in
government regulations.  These rating weaknesses are partially
offset by the benefits that CSC derives from its promoters'
experience in the ship breaking industry.

Outlook: Stable

CRISIL believes that CSC will continue to benefit over the near
term from the promoters' experience in the ship breaking industry
and healthy growth prospects of the ship-breaking industry in the
near term.  The outlook may be revised to 'Positive' if CSC
generates more-than-expected sales and profits.  Conversely, the
outlook may be revised to 'Negative' in case CSC's margins decline
sharply, most likely because of a sharp decline in steel scrap
prices, or if the firm fails to recover the cost of ship purchase.

                         About Crown Steel

Set up in 1982 as a partnership firm by Mr. Arvindbhai Shah, Mr.
Sagarmal Shah, Mr. Rameshbhai Shah, and Mr. Kalpeshbhai Shah, CSC
in engaged in the ship breaking business at its 45-meter plot in
Alang (Gujarat).  The firm diversified into trading in seamless
pipes in 2004-05 (refers to financial year, April 1 to March 31).
Mr. Kalpeshbhai Shah resigned from partnership in September 2009
and his stake (15 per cent) was acquired by Mr. Arvindbhai Shah.

CSC reported a book profit of INR6.1 million on net sales of
INR96.9 million for 2008-09, against a book profit of INR0.9
million on net sales of INR37.4 million for 2007-08.


DELUXE COLD: CRISIL Rates INR400 Million Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Deluxe Cold Storage and Food Processors Ltd, which is
part of the Shree Bankey Behari group.

   Facilities                       Ratings
   ----------                       -------
   INR400.0 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects the Shree Bankey Behari group's below-average
financial risk profile, marked by moderate net worth, high
gearing, and weak debt protection metrics (because of large
working capital requirements); financial risk profile is likely to
come under pressure due to large debt-funded capital expenditure
[capex]).  The rating also reflects the group's exposure to
intense competition in the agricultural commodities industry,
subdued margins because of low value-addition in its products, and
its susceptibility to volatility in input prices and adverse
regulatory changes. These rating weaknesses are partially offset
by experience of the group's established market position in the
agricultural commodities business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DCSFPL, Shree Bankey Behari Exports Ltd
(SBBEL), and the proprietorship firm Telu Ram Amar Chand &
Company(TRAC). This is because the three entities, collectively
referred to as the Shree Bankey Behari group, are in the same line
of business, have common promoters and management team, and
significant operational and financial inter-linkages.

Outlook: Stable

CRISIL believes that the Shree Bankey Behari group's financial
risk profile will remain weak over the medium term, driven by low
profitability and large capex plans. However, the group will
continue to maintain its established position in the pulses and
wheat processing business, and benefit from its promoters'
extensive experience.  The outlook may be revised to 'Positive' if
the group's financial risk profile improves, driven most likely by
substantial equity infusion or larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in the group's proposed project, or more-
than-expected deterioration in financial risk profile, driven most
likely by large working capital requirements.

                           About the Group

DCSFPL was incorporated as a private limited company in 1984, and
reconstituted as a public limited company (closely held) in 1993.
The company processes wheat products, such as wheat flour (maida)
and its by-products, such as semolina (suji), and unrefined wheat
flour (atta).  It has a unit at Lawrence Road in Delhi, which has
a capacity to process around 500 tonnes per day (tpd).

SBBEL was incorporated in June 1994. The company processes raw
gram seed to produce gram pulses (dal) and gram flour (besan). The
company has 10 mills in Delhi, with a combined capacity to process
around 700 tpd.

TRAC, set up in 1998, is the proprietorship firm of Mr. Amar Chand
Gupta. The firm trades in agricultural products, such as wheat,
gram, and flour. The firm sources wheat, flour, and grain from
local suppliers and its group companies. It also procures gram and
wheat on behalf of its group companies. The firm runs four retail
shops at Naya Bazaar in Delhi.

Shree Bankey Behari group's profit after tax (PAT) and net sales
are estimated to be INR23.00 million and INR7.37 billion,
respectively, for 2009-10 (refers to financial year, April 1 to
March 31); the group reported a PAT of INR13.50 million on net
sales of INR6.54 billion for 2008-09.


GANESH SPONGE: CRISIL Upgrades Rating on INR180MM Loan to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of
Ganesh Sponge Pvt Ltd to 'BB-/Stable' from 'B+/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR140.0 Million Cash Credit         BB-/Stable (Upgraded from
   (Enhanced from INR103.0 Million)                 'B+/Stable')

   INR180.0 Million Term Loan           BB-/Stable (Upgraded from
   (Enhanced from INR127.0 Million)                 'B+/Stable')

The rating upgrade follows the successful commissioning of fresh
capacities by GSPL at its plant in March 2010.  The upgrade
factors in GSPL's stable topline growth and sustained
profitability over the past three years ? topline has grown at a
compound annual growth rate (CAGR) of over 36 per cent between
2007-08 (refers to financial year, April 1 to March 31) and 2009-
10, and operating profit margin was over 15 per cent on an average
during the same period.  The upgrade also reflects CRISIL's belief
that GSPL will maintain profitability at current levels over the
medium term, supported by stabilisation of operations at the newly
commissioned capacities, steady topline growth, and absence of any
large debt-funded capital expenditure (capex) plan.

The rating reflects GSPL's marginal market share, susceptibility
to downtrends in industry, below-average financial risk profile
marked by low networth base, high gearing and inadequate debt
protection metrics and lack of integrated operations. These rating
weaknesses are partially offset by the benefits that GSPL derives
from its moderate business risk profile, marked by continuous
capacity additions and location advantage.

Outlook: Stable

CRISIL believes that GSPL will maintain its moderate business risk
profile over the medium term, supported by its location advantage
and established relationships with suppliers and customers.  The
outlook may be revised to 'Positive' if GSPL generates more-than-
expected revenues or integrates its operations. Conversely, the
outlook may be revised to 'Negative' if GSPL's operating margin
declines steeply because of lower-than-expected capacity
utilisation, or its capital structure weakens because of larger-
than-expected debt-funded capex.

                        About Ganesh Sponge

GSPL was incorporated in 2004.  The company manufactures sponge
iron at its plant in Angul, Orissa, which has capacity of 90,000
tonnes per annum. Mr. S K Dalmiya is the current chairman and his
son, Mr. Vikash Dalmiya, is the managing director of the company.
GSPL was acquired from its previous promoters, the Agarwal family
in March 2008.  The company's manufacturing unit is located close
to raw material sources. After the acquisition two kilns were
added, one in 2009 and other in 2010.

GSPL reported, on a provisional basis, a profit after tax (PAT) of
INR10.0 million on net sales of INR509.0 million for 2009-10,
against a PAT of INR35.0 million on net sales of INR368.0 million
for 2008-09.


KEDIA CARBON: CRISIL Reaffirms 'BB+' Rating on INR80MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kedia Carbon Pvt Ltd
continue to reflect KCPL's average financial risk profile, marked
by a low net worth and, modest gearing and debt protection
measures.

   Facilities                           Ratings
   ----------                           -------
   INR80.0 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR30.00 Million Bank Guarantee      P4+ (Reaffirmed)

The ratings also factor in the company's exposure to risks
relating to the cyclicality of its end-user industries.  These
weaknesses are partially offset by KCPL's established
relationships with its reputed customers and suppliers.

Outlook: Stable

CRISIL believes that KCPL will maintain a stable business risk
profile over the medium term on the back of its established
relations with its suppliers and customers.  The company's
financial risk profile may, however, remain constrained by large
working capital requirements.  The outlook may be revised to
'Positive' if KCPL's profitability and debt protection measures
improve significantly. Conversely, the outlook may be revised to
'Negative' if KCPL's profitability declines on account of pricing
pressures from end-user industries, or if the company undertakes a
large, debt-funded capital expenditure programme.

                         About Kedia Carbon

KCPL, incorporated by Mr. Mahesh Kumar Kedia and family in 2003,
manufactures coal tar pitch, and trades in this material's by-
products such as creosote oil and naphthalene.  The company's
manufacturing facilities are located in Rourkela (Orissa) with a
coal tar distillation capacity of 80,000 tonnes per annum (tpa).
The company proposes to enhance its capacity to 96,000 tpa by
2011-12 (refers to financial year, April 1 to March 31).

KCPL, reported on a provisional basis, a profit after tax (PAT) of
INR7.7 million on net sales of INR535.7 million for 2009-10
(refers to financial year, April 1 to March 31). It had reported a
PAT of INR6.6 million on net sales of INR550.0 million for 2008-
09.


M.A.K. (INDIA): CRISIL Rates INR98 Million Term Loan at 'D'
-----------------------------------------------------------
CRISIL has assigned its 'D' rating to M.A.K. (India) Chemicals
Ltd's term loan facility.  The rating reflects delay by MAK in
servicing its term loan; the delay has been caused by MAK's weak
liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR98.0 Million Term Loan        D (Assigned)

MAK has a below-average financial risk profile, marked by high
gearing, weak debt protection metrics, and a small net worth.  It
is also exposed to customer concentration in its revenue profile.
However, MAK benefits from its promoter's experience in the tyre
industry and established relationships with its customer: Birla
Tyres, a unit of Kesoram Industries Ltd

MAK (formerly, Prem Prakash Aromatics Ltd) was incorporated in
1995 by Mr. Mahesh Rai. However, the company was not operational
till 2007-08 (refers to financial year, April 1 to March 31).  In
2008, MAK started implementing a project for manufacturing flaps
and tyre tubes exclusively for Birla Tyres, a unit of Kesoram
Industries Ltd, at its facilities in Kashipur (Uttrakhand). The
company commenced commercial production of flaps in January 2009
and tyre tubes in October 2009.  Currently, the company has a
capacity to produce around 0.15 million flaps and 0.3 million
tubes per month. It plans to increase its capacity to around 0.25
million flaps and 0.6 million tubes per month by October 2010.
Around 70 per cent of tubes manufactured by MAK are utilized for
two-wheelers, while the remainder find application in other
vehicles.  The company manufactures flaps only for light
commercial vehicles.

MAK reported an estimated profit after tax (PAT) of INR4.7 million
on net sales of INR67.9 million for 2009-10 (refers to financial
year, April 1 to March 31), against loss of INR2.7 million on net
sales of INR7.4 million for 2008-09.


MANISHRI REFRACTORIES: CRISIL Assigns 'B' Rating on Various Debts
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Manishri Refractories & Ceramics (Pvt) Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR86 Million Letter of Credit         B/Stable (Assigned)
   INR170 Million Term Loan               B/Stable (Assigned)
   INR50 Million Bank Guarantee           P4 (Assigned)
   INR30 Million Letter of Credit         P4 (Assigned)
   INR50 Million Capex Letter of Credit   P4 (Assigned)
   INR2 Million Proposed Short-Term Bank  P4 (Assigned)
                          Loan Facility

The ratings reflect Manishri's exposure to risks related to
working-capital-intensive nature of operations and to project
implementation.  These rating weaknesses are partially offset by
the benefits that Manishri derives from its promoters' experience
in the refractory industry.

Outlook: Stable

CRISIL believes that Manishri will continue to benefit from its
promoter's extensive experience in the refractory industry over
the medium term.  The outlook may be revised to 'Positive' if the
company reports significant growth in revenues, or improvement in
its financial risk profile, driven by improvement in operating
profitability. Conversely, the outlook may be revised to
'Negative' if Manishri's operating profitability declines, or if
there are further delays in implementation of the capacity
expansion project, leading to deterioration in the company's
liquidity or financial risk profile.

                      About Manishri Refractories

Manishri was set up as a proprietorship firm by the Late Mr. B C
Mohanty in 1972.  In 1991, it was reconstituted as a private
limited company.  The company manufactures alumina silicate
refractories products, with current installed capacity of 24,000
tonnes per annum (tpa), at its facility in Madhupatna (Orissa).
Manishri's main competitors are Orissa Cement Ltd and Sarvesh
Refractories Ltd (rated 'D' by CRISIL).

Manishri's day-to-day operations are looked after by the company's
managing director, Mr. Biswajit Mohanty (son of Mr. B C Mohanty),
and his brother, Mr. Satyajit Mohanty. The promoters are currently
increasing Manishri's installed capacity to 48,000 tpa from the
existing 24,000 tpa.

Manishri's profit after tax (PAT) and net sales are estimated to
be INR15.6 million and INR490.7 million respectively for 2009-10,
against a PAT of INR8.9 million on net sales of INR286.9 million
reported for 2008-09.


NARAYANI COKE: CRISIL Reaffirms 'BB-' Rating on INR14.7MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Narayani Coke Pvt Ltd
continue to reflect NCPL's weak financial risk profile, marked by
a low net worth and weak debt protection measures, limited
financial flexibility owing to the low net worth, and exposure to
risks relating to the cyclicality inherent in the end-user steel
industry.  These weaknesses are partially offset by the benefits
that NCPL derives from its promoter's established track record in
the coke industry.

   Facilities                           Ratings
   ----------                           -------
   INR35.0 Million Cash Credit Limit    BB-/Stable (Reaffirmed)
   INR14.7 Million Term Loan            BB-/Stable (Reaffirmed)
   INR190.0 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that NCPL will continue to benefit from its
promoter's experience in the coke industry and its reputed
customer base, over the medium term.  The outlook may be revised
to 'Positive' in case the company reports higher-than-expected
revenue growth and profitability.  Conversely, the outlook may be
revised to 'Negative' if NCPL faces significant delay in recovery
of dues, or undertakes a large, debt-funded capital expenditure
programme.

Update

NCPL maintained its financial risk profile in 2009-10 (refers to
financial year, April 1 to March 31), with the gearing estimated
at 0.9 times as on March 31, 2010. The company has also maintained
its business risk profile with a 25 per cent year-on-year growth
in topline, though it posted a lower-then-expected operating
margin. NCPL plans to enhance its low-ash metallurgical (LAM) coke
manufacturing capacities by 25,000 tonnes per annum (tpa) during
the current year.  As the expansion is to be funded entirely from
internal accruals and unsecured loans from promoters, the company
is expected to maintain its financial risk profile at current
levels.

NCPL is estimated to report a profit after tax (PAT) of INR3.3
million on provisional net sales of INR360.8 million for 2009-10,
against a PAT of INR2.5 million on net sales of INR287.6 million
for 2008-09.

                         About Narayani Coke

NCPL was incorporated in 2003, and commenced operations in July
2004. Owing to lack of bank funding, the company's operations were
stopped in March 2005; it resumed operations in September 2006.
NCPL has an installed capacity to manufacture 50,000 tpa of LAM
coke at its manufacturing facility in Kutch (Gujarat).


PREGNA INT'L: CRISIL Reaffirms 'B+' Rating on INR3MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pregna International
Ltd continue to reflect Pregna's weak financial risk profile,
marked by a low net worth and large working capital requirements,
and small scale of operations.  These weaknesses are partially
offset by the benefits the company derives from its established
presence and leadership position in the intra-uterine devices
(IUD) segment.

   Facilities                               Ratings
   ----------                               -------
   INR71.0 Million Proposed LT Bank         B+/Stable
   Facility (Enhanced from INR37.5 Mil.)

   INR3.0 Million Term Loan                 B+/Stable (Reaffirmed)
   (Reduced from INR12.0 Million)

   INR41.5 Million Cash Credit              B+/Stable (Reaffirmed)

   INR12.5 Million Letter of Credit         P4 (Reaffirmed)
   (Reduced from INR25.0 Million)

   INR12.0 Million Bank Guarantee           P4 (Reaffirmed)
   (Reduced from INR24.0 Million)

Outlook: Stable

CRISIL believes that Pregna will continue to benefit from its
established position in the IUD segment, over the medium term. The
outlook may be revised to 'Positive' in case of significant growth
in Pregna's revenues and cash accruals. Conversely, the outlook
could be revised to 'Negative' if the company's performance
remains weak over the near to medium term, or if it undertakes a
significant, debt funded capital expenditure (capex) programme
that adversely impacts its financial risk profile.

Update

Pregna's performance during 2009-10 (refers to financial year,
April 1 to March 31) was adversely impacted because of
cancellation of tendering process for supplying laparoscopes. As a
result, the laparoscope division incurred significant losses, and
the company's overall revenues registered an estimated year-on-
year decline of 21 per cent.  While the revenues and profitability
from IUDs and other contraceptive devices were healthy and in line
with past trends, they were not strong enough to cover the losses
incurred in the laparoscope division.  This division's performance
may remain weak in 2010-11, with no new tenders on the anvil;
however, losses are expected to be lower because of reduction in
the division's staff strength.  Pregna had a healthy order book of
about INR43 million for export of IUDs as on June 30, 2010. The
company has received an order of about INR39 million from the
Ministry of Health and Welfare, Government of India, for supplying
contraceptive devices; this is expected to boost the company's
profitability over the near term.  The company has deferred its
capex plans for constructing a new facility to manufacture oral
contraceptive pills because of insufficient cash accruals; the
plans are expected to be implemented only after the cash accruals
improve substantially.

For 2009-10, on a provisional basis, Pregna reported a net loss of
INR4.1 million on net sales of INR96.4 million. It had reported a
PAT of INR3.1 million on net sales of INR121.6 million for 2008-
09.

                       About the Company

Set up in 1996 by Mr. Rameshchandra Taparia, Pregna manufactures
contraceptive devices, including IUDs, tubal rings, and
laparoscopes.  These are sold mainly through government and donor
organisations, social marketing, and private parties. Laparoscopes
are sold domestically, while the other products are mainly
exported.


RR ENERGY: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of RR Energy Pvt Ltd
continue to reflect RREPL's susceptibility to volatility in power
selling rates and raw material prices, and exposure to risks
related to its large, proposed capital expenditure (capex).  The
financial risk profile of the company is estimated to deteriorate,
over the medium term, because of capex.  These rating weaknesses
are partially offset by RREPL's healthy financial risk profile,
marked by low gearing and healthy cash accruals, and the benefits
that the company derives from its substantial sale of power under
open access.

   Facilities                      Ratings
   ----------                      -------
   INR269.60 Million Term Loan     BB+/Stable (Reaffirmed)
   INR21.00 Million Cash Credit    BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RREPL will maintain its financial risk
profile, backed by its healthy net cash accruals and moderate net
worth, over the medium term.  The outlook may be revised to
'Positive' if RREPL derives benefits from its proposed capex
leading to improvement in its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' if the company generates
lower-than-expected profitability, its exposure to group companies
increases from the current levels, or it undertakes larger-than-
expected capex programme, leading to deterioration in its capital
structure.

                          About RR Energy

RREPL, incorporated in 2004, has a 15 mega watt (mw) power plant
in Raigarh, Chhattisgarh. Initially the company generated power
from biomass and had entered into a power purchase agreement with
Chhattisgarh State Electricity Board (CSEB) to supply electricity
(generated from biomass) for ten years at the rate of INR3.14 per
unit.  However, because of lower prices and delays in receipt of
payments, the company terminated the contract with the state board
in November 2008. RREPL converted its plant from a complete
biomass unit to a mix of biomass and thermal power unit.  The
company increased the units' combined load to 132 kilovolt (kV)
from 33 kV in November 2008. The company was also awarded open
access license for supplying power. RREPL's clientele currently
comprises CSEB and power traders under open access.  The company
plans to set-up a 25 mw coal-based power plant, a ferro-alloys
plant of 30,000 tonnes per day (tpa), and a coal washing unit in
Raigarh, Chhattisgarh. RREPL has acquired 25 per cent stake in
manganese ore mines in South Africa.

RREPL reported a profit after tax (PAT) of INR66 million on net
sales of INR503 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR115 million on net sales
of INR540 million for 2008-09.


SANATHAN INFRA: CRISIL Rates INR100 Mil. Cash Credit Limit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its 'B+/Negative' rating to the cash credit
facility of Sanathan Infrastructure and Developers Pvt Ltd, which
is part of the Sanathan group.

   Facilities                            Ratings
   ----------                            -------
   INR100.00 Million Cash Credit Limit   B+/Negative (Assigned)

The rating reflects the Sanathan group's limited track record,
geographically concentrated revenue profile, and below-average
financial risk profile, marked by weak debt protection metrics and
high gearing.  These rating weaknesses are partially offset by the
group's promoters' extensive experience in the civil construction
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SIDPL and its subsidiary Seguro
Infrastructure Pvt Ltd.  This is because both the companies,
together referred to as the Sanathan group, are in same line of
business, share a common management, and have financial and
operational linkages.

Outlook: Negative

CRISIL believes that the Sanathan group's liquidity will
deteriorate over the medium term because of incremental working
capital requirements against its already weak capital structure.
The rating may be downgraded if the group faces time or cost
overruns in its maiden project, thereby adversely affecting its
profitability and prospective orders. Conversely, the outlook may
be revised to 'Stable' if SIDPL generates higher-than-expected
profitability and improves its capital structure.

                          About the Group
Set up in 2008 by Mr. K J Paul, Mr. Vishwanathan Arangath, and Mr.
P J Jacob, SIDPL is into civil construction works.  SIDPL
commenced works on its maiden Chamravattom project in October
2009. The project was sub-contracted by Ramky Infrastructure Ltd
to SIDPL for around INR1190 million.  The project involves
construction of regulator-cum-bridge (including mechanical and
electrical works) at Chamaravattom across the Bharathapuzha River
in Kerala.  The project is expected to be completed by May 2011.
SIDPL had floated a 50-per-cent subsidiary, Seguro, along with two
leading civil contractors of Kerala, as a specialist in the niche
segment of piling in the civil construction industry.  In 2009-10
(refers to financial year, April 1 to March 31), Seguro invested
INR75 million to acquire two piling rigs.


SHAKTI PLASTIC: CRISIL Assigns 'D' Ratings to Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Shakti Plastic Industries'
bank facilities.  The rating reflects delay by SPI in servicing
its term loan; the delay has been caused by SPI's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR20.0 Million Cash Credit Facility   D (Assigned)
   INR30.0 Million Term Loan              D (Assigned)
   INR15.0 Million Proposed Long-Term     D (Assigned)
                   Bank Loan Facility

SPI's large, ongoing capital expenditure (capex) programme is
likely to weaken its financial risk profile. The firm's scale of
operations remains small.  However SPI benefits from its
promoters' extensive industry experience.

SPI, a partnership firm set up in 1970 by the late Mr. Vishwanath
Podar, manufactures recycled plastic granules.  It has its main
manufacturing unit in Palghar (Maharashtra) and also has a second
unit in Tamil Nadu for procurement and processing of waste
plastic.  The firm is currently implementing a capacity expansion
programme in its Palghar unit at an estimated cost of INR43
million.

SPI reported a profit after tax (PAT) of INR1.5 million on net
sales of INR69.6 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.1 million on net sales
of INR64.1 million for 2007-08.


SHIRDI INDUSTRIES: CRISIL Cuts Rating on Bank Debts to 'C'
----------------------------------------------------------
CRISIL has downgraded the rating assigned to the bank facilities
of Shirdi Industries Ltd to 'C/P4' from 'BB+/Stable/P4+'.

   Facilities                           Ratings
   ----------                           -------
   INR1251.0 Million Cash Credit        C (Downgraded from
   (Enhanced from INR400 Million)          'BB+/Stable')

   INR1222.6 Million Term Loan          C (Downgraded from
   (Enhanced from INR950.0 Million)        'BB+/Stable')

   INR427.4 Million Letter of Credit    P4 (Downgraded from 'P4+')
   (Enhanced from INR90 Million)

The ratings reflect delays in servicing the term loan by SIL
because of weak liquidity; the interest on term loans were being
serviced with a delay of 5-10 days from the due date.  SIL's
liquidity is expected to improve over the medium term, because of
expected increase in its working capital facilities by INR290
million and its proposed initial public offering (IPO).

The ratings reflect SIL's working-capital-intensive operations,
and exposure to risks arising out of large sized project expected
to be undertaken over the medium term.  These weaknesses are
partially offset by the company's established market position,
diversified product profile, and moderate networth and gearing.

                      About Shirdi Industries

Incorporated in 1993, SIL manufactures medium-density fibre (MDF)
and particle boards (PBs).  It began operations by offering
foreign trade advisory services.  In February 2007, SIL
commissioned its INR1.33-billion plant to manufacture laminates,
and plain and laminated MDF and PB, in Pantnagar, Uttaranchal. The
company added another plant in Coimbatore in 2009-10 (refers to
financial year, April 1 to March 31) for pre-lamination of
imported MDF and PB.  It discontinued consultancy and trading
activities in 2007-08 and 2008-09, respectively, and intends to
focus on manufacturing activities.

The company has plans for an IPO issuance in September 2010; it
will use the fund raided through it to fund its capital
expenditure at Chennai and Uttarakhand.

For 2009-10, SIL reported a profit after tax (PAT) of INR260.0
million on net sales of INR2.9 billion, against a PAT of INR171.0
million on net sales of INR2.2 billion for the previous year.


SHREE BANKEY: CRISIL Rates INR1.25 Billion Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Shree Bankey Behari Exports Ltd, which is part of the
Shree Bankey Behari group.

   Facilities                      Ratings
   ----------                      -------
   INR1.25 Billion Cash Credit     BB-/Stable (Assigned)

The rating reflects the Shree Bankey Behari group's below-average
financial risk profile, marked by moderate net worth, high
gearing, and weak debt protection metrics (because of large
working capital requirements); financial risk profile is likely to
come under pressure due to large debt-funded capital expenditure
[capex]).  The rating also reflects the group's exposure to
intense competition in the agricultural commodities industry,
subdued margins because of low value-addition in its products, and
its susceptibility to volatility in input prices and adverse
regulatory changes. These rating weaknesses are partially offset
by experience of the group's established market position in the
agricultural commodities business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SBBEL, Deluxe Cold Storage and Food
Processors Ltd (DCSFPL), and the proprietorship firm Telu Ram Amar
Chand (TRAC). This is because the three entities, collectively
referred to as the Shree Bankey Behari group, are in the same line
of business, have common promoters and management team, and
significant operational and financial inter-linkages.

Outlook: Stable

CRISIL believes that the Shree Bankey Behari group's financial
risk profile will remain weak over the medium term, driven by low
profitability and large capex plans. However, the group will
continue to maintain its established position in the pulses and
wheat processing business, and benefit from its promoters'
extensive experience. The outlook may be revised to 'Positive' if
the group's financial risk profile improves, driven most likely by
substantial equity infusion or larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in the group's proposed project, or more-
than-expected deterioration in financial risk profile, driven most
likely by large working capital requirements.

                           About the Group

SBBEL was incorporated in June 1994. The company processes raw
gram seed to produce gram pulses (dal) and gram flour (besan). The
company has 10 mills in Delhi, with a combined capacity to process
around 700 tonnes per day (tpd).

TRAC, set up in 1998, is the proprietorship firm of Mr. Amar Chand
Gupta. The firm trades in agricultural products, such as wheat,
gram, and flour. The firm sources wheat, flour, and grain from
local suppliers and its group companies. It also procures gram and
wheat on behalf of its group companies. The firm runs four retail
shops at Naya Bazaar in Delhi.

DCSPL was incorporated as a private limited company in 1984, and
reconstituted as a public limited company (closely held) in 1993.
The company processes wheat products, such as wheat flour (maida)
and its by-products, such as semolina (suji), and unrefined wheat
flour (atta). It has a unit at Lawrence Road in Delhi, which has a
capacity to process around 500 tpd.

Shree Bankey Behari group's profit after tax (PAT) and net sales
are estimated to be INR23.00 million and INR7.37 billion,
respectively, for 2009-10 (refers to financial year, April 1 to
March 31); the group reported a PAT of INR13.50 million on net
sales of INR6.54 billion for 2008-09.


SUJA SHOEI: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
---------------------------------------------------------------
CRISIL's ratings on Suja Shoei Industries Pvt Ltd's bank
facilities continue to reflect Suja Shoei's small scale of
operations, and exposure to risks related to limited revenue
diversity and intense competition in the automobile rubber
components industry.  These weaknesses are partially offset by the
company's experienced management team, moderate operating
efficiencies, and moderate financial risk profile, marked by
comfortable debt protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR68.10 Million Long-Term Loan     BB+/Stable (Reaffirmed)
   INR10.00 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR1.50 Million Standby Line of     BB+/Stable (Reaffirmed)
                            Credit
   INR10.00 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Suja Shoei will maintain its established
market position in the rubber components industry, over the medium
term. The outlook may be revised to 'Positive' if the company
scales up its operations, while diversifying its revenue base and
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if Suja Shoei undertakes a large, debt-
funded capital expenditure programme, or faces delays in receipts
from customers, affecting its working capital management.

Update

Suja Shoei reported 42 per cent growth in revenues for 2009-10
(refers to financial year, April 1 to March 31) ahead of CRISIL's
expectations, backed by increase in demand for the specialised
rubber products. The company has comfortable liquidity with
sufficient accruals to meet debt repayments, low 12-month average
bank limit utilisation of 11 per cent and high unencumbered cash
and bank balances of INR43 million as on March 31, 2010.
Furthermore, the company's profitability marginally declined, in
line with CRISIL's expectations, on account of increase in rubber
prices. Its revenue profile, however, remains exposed to customer
concentration with the top five customers accounting for 76 per
cent of its revenues.

Suja Shoei is planning to set up another manufacturing unit in
Tamil Nadu at a cost of about INR400 million. The project is still
in nascent stage with uncertainty over the funding and timelines
of commencing the project. The quantum of debt to fund the project
and utilisation of current and proposed capacities shall continue
to remain a rating sensitivity factor.

Suja Shoei reported a provisional profit after tax (PAT) of INR16
million on provisional net sales of INR424 million for 2009-10, as
against a reported PAT of INR8 million on net sales of INR299
million for 2008-09.

                         About Suja Shoei

Set up in 1975, Tamil Nadu-based Suja Shoei is a Tier-II
manufacturer of rubber components catering primarily to the
automobile industry. The company entered into a technical
collaboration with Shoei Corporation (Japan) in October 2007 for a
period of 10 years. Shoei Corporation provides technical know-how
for manufacturing the products supplied by Suja Shoei to it; these
products contribute around 14 per cent of Suja Shoei's total
revenues.


SWATHI COTTONS: CRISIL Assigns 'B+' Rating to INR147.4MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' rating to Swathi Cottons
Private Limited's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR147.40 Million Term Loan          B+/Stable (Assigned)
   INR215.00 Million Cash Credit        B+/Stable (Assigned)
   INR10.00 Million Letter of Credit    P4 (Assigned)

The rating reflects SCPL's below-average financial risk profile,
marked by a high gearing and weak debt protection metrics, and
susceptibility to volatility in cotton and cotton seed prices.
These rating weaknesses are partially offset by SCPL's promoters'
experience and its established market position in the cotton
industry.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit from its
promoters' experience in the cotton business, over the medium
term. The outlook may be revised to 'Positive' if SCPL improves
its capital structure or if its revenues and profitability
increase significantly. Conversely, the outlook may be revised to
'Negative' if the company contracts large quantum of debt to fund
its capital expenditure or sharp decline in realizations and
margins due to adverse movement in cotton prices.

                        About Swathi Cottons

Based in Ganapavaram in Guntur district (Andhra Pradesh), SCPL was
set up in 1998 by Mr. Prathipati Pulla Rao and Mr. Boggavarapu
Ankamma Rao. The company is into cotton ginning, cotton seed oil
extraction and trading of raw cotton and yarn. The company was
primarily involved in ginning of cotton till 2006-07 (refers to
financial year, April 1 to March 31). It constructed a new
facility to produce cotton seed oil which commenced commercial
operations in November 2008.

SCPL reported a provisional profit after tax (PAT) of INR19
million on net sales of INR1310 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR16
million on net sales of INR759 million for 2008-09.


TELU RAM: CRISIL Rates INR150 Million Cash Credit at 'BB-'
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facilitY of Telu Ram Amar Chand and Company, which is part of the
Shree Bankey Behari group.

   Facilities                          Ratings
   ----------                          -------
   INR150.0 Million Cash Credit        BB-/Stable (Assigned)

The rating reflects the Shree Bankey Behari group's below-average
financial risk profile, marked by moderate net worth, high
gearing, and weak debt protection metrics (because of large
working capital requirements); financial risk profile is likely to
come under pressure due to large debt-funded capital expenditure
[capex].  The rating also reflects the group's exposure to intense
competition in the agricultural commodities industry, subdued
margins because of low value-addition in its products, and its
susceptibility to volatility in input prices and adverse
regulatory changes.  These rating weaknesses are partially offset
by experience of the group's established market position in the
agricultural commodities business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of TRAC, Shree Bankey Behari Exports Ltd
(SBBEL), and Deluxe Cold Storage and Food Processors Ltd (DCSFPL).
This is because the three entities, collectively referred to as
the Shree Bankey Behari group, are in the same line of business,
have common promoters and management team, and significant
operational and financial inter-linkages.

Outlook: Stable

CRISIL believes that the Shree Bankey Behari group's financial
risk profile will remain weak over the medium term, driven by low
profitability and large capex plans. However, the group will
continue to maintain its established position in the pulses and
wheat processing business, and benefit from its promoters'
extensive experience.  The outlook may be revised to 'Positive' if
the group's financial risk profile improves, driven most likely by
substantial equity infusion or larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in the group's proposed project, or more-
than-expected deterioration in financial risk profile, driven most
likely by large working capital requirements.

                           About the Group

TRAC, set up in 1998, is the proprietorship firm of Mr. Amar Chand
Gupta. The firm trades in agricultural products, such as wheat,
gram, and flour. The firm sources wheat, flour, and grain from
local suppliers and its group companies. It also procures gram and
wheat on behalf of its group companies. The firm runs four retail
shops at Naya Bazaar in Delhi.

SBBEL was incorporated in June 1994. The company processes raw
gram seed to produce gram pulses (dal) and gram flour (besan). The
company has 10 mills in Delhi, with a combined capacity to process
around 700 tonnes per day (tpd).

DCSFPL was incorporated as a private limited company in 1984, and
reconstituted as a public limited company (closely held) in 1993.
The company processes wheat products, such as wheat flour (maida)
and its by-products, such as semolina (suji), and unrefined wheat
flour (atta). It has a unit at Lawrence Road in Delhi, which has a
capacity to process around 500 tpd.

Shree Bankey Behari group's profit after tax (PAT) and net sales
are estimated to be INR23.00 million and INR7.37 billion,
respectively, for 2009-10 (refers to financial year, April 1 to
March 31); the group reported a PAT of INR13.50 million on net
sales of INR6.54 billion for 2008-09.


VERDANT LIFE: CRISIL Assigns 'B' Rating to INR66MM Rupee Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Verdant Life
Sciences Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR66.0 Million Rupee Term Loan      B/Stable (Assigned)
   INR20.0 Million Cash Credit          B/Stable (Assigned)
   INR7.5 Million Letter of Credit      P4 (Assigned)
   INR2.5 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Verdant's weak financial risk profile, marked
by low cash accruals and large, debt-funded capital expenditure
(capex) plans.  The ratings also factor in Verdant's short track
record in the bulk drugs and intermediates industry. These
weaknesses are partially offset by the benefits that Verdant
derives from its management's experience in the business.

Outlook: Stable

CRISIL believes that Verdant will continue to benefit from steady
revenue growth, while maintaining a moderate operating margin,
over the medium term.  The outlook may be revised to 'Positive' if
the company scales up its operations considerably while
maintaining strong profitability, or if substantial equity
infusions help strengthen its capital structure.  Conversely, the
outlook may be revised to 'Negative' if large, debt-funded capex
plans lead to material deterioration in Verdant's debt protection
measures or capital structure.

                          About Verdant Life

Verdant, set up in 2008 by Mr. U Amarnath and Mr. V S N Murthy,
began operations in 2010. It manufactures bulk drugs and
intermediates at its manufacturing facility in Jawaharlal Nehru
Pharma City in Visakhapatnam. It sells these products in India and
abroad.

Verdant reported a net loss of INR3.8 million on net sales of
INR1.8 million for 2009-10 (refers to financial year, April 1 to
March 31), when the company started its operation.


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


GODO KAISHA: S&P Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
floating-rate notes, classes B to F, issued by Godo Kaisha ORSO
Funding CMBS 6 in March 2007.  At the same time, S&P maintained
the ratings on classes A to C on CreditWatch with negative
implications and removed those on classes D to F from CreditWatch
negative.  The ratings on classes A to F had been placed on
CreditWatch with negative implications on May 27, 2010.  S&P also
affirmed its ratings on class X (TK distribution) issued under the
same transaction.

The transaction was initially backed by four TMK bonds and two
loans issued by/extended to six obligors.  As the two loans (the
loans originally represented a combined 36.9% or so of the total
issuance amount of the notes) have been repaid, only four TMK
bonds remain.

On May 27, 2010, S&P downgraded classes D to F and placed the
ratings on classes A to F on CreditWatch with negative
implications.  The ratings actions were based on S&P's view that
the recovery prospects of the properties backing three of the
transaction's four remaining TMK bonds were uncertain given the
performance of the properties, based on the possibility that the
TMK bonds might not be redeemed on their respective maturity dates
and that the properties might need to be liquidated.

S&P downgraded classes B to F because:

With regard to two of the three TMK bonds that led to the negative
CreditWatch placements in May 2010, S&P has held meetings with the
asset manager and examined information regarding the related
collateral properties.  S&P has lowered its assumption with regard
to the likely collection amount from the properties after
considering a number of factors, including property cash flow, as
well as the locations, the types of the properties and information
S&P obtained through the meetings with the asset manager.  S&P
currently assume that the total value of the properties would be
about 65% of its initial underwriting value.

The other TMK bond (the TMK bond, which is due to mature in
January 2011, originally represented about 17.1% of the total
initial issuance amount of the notes) is backed by two hotels, one
of which is located in Tokyo and the other in a provincial area.
Although S&P has yet to finalize its assessment of the likely
collection amount from these hotels, S&P is of the opinion that a
decline in the likely collection amount from the properties
appears unavoidable.  Accordingly S&P has lowered its assumption
with respect to likely collection amount.  S&P intend to review
its ratings on the three classes that S&P maintained on
CreditWatch with negative implications after completing its
assessment of the recovery prospects of the properties backing the
TMK bond maturing in January 2011.

Godo Kaisha ORSO Funding CMBS 6 Trust is a multi-borrower CMBS
transaction.

The floating-rate notes were initially secured by four TMK bonds
and two loans issued by/extended to six obligors.  The TMK bonds
were originally backed by 32 real estate properties.  The
transaction was arranged by Bear Stearns (Japan) Ltd., Tokyo
Branch.  Premier Asset Management Co. acts as the servicer for
this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in November 2013 for the class A notes, the
full payment of interest and ultimate repayment of principal by
the legal final maturity date for the class B to F notes, and the
timely payment of available distribution until the earlier of the
legal final maturity date or the termination of the TK agreement
for the interest-only class X TK distribution.

            Ratings Lowered, Off Creditwatch Negative

                  Godo Kaisha ORSO Funding CMBS 6
        JPY29.9 billion floating-rate notes due November 2013

Class      To         From                   Initial Issue Amount
-----      --         ----                   --------------------
D          B- (sf)    BB (sf)/Watch Neg      JPY3.6 bil.
E          CCC (sf)   B (sf)/Watch Neg       JPY3.0 bil.
F          CCC (sf)   B (sf)/Watch Neg       JPY0.2 bil.

           Ratings Lowered, Kept On Creditwatch Negative

Class    To                 From              Initial Issue Amount
-----    --                 ----              --------------------
B        A (sf)/Watch Neg   AA (sf)/Watch Neg  JPY3.5 bil.
C        BB+ (sf)/Watch Neg A (sf)/Watch Neg   JPY3.6 bil.


                Rating Kept On Creditwatch Negative




Class   To                 From               Initial Issue Amount
-----   --                 ----               --------------------
A       AAA (sf)/Watch Neg AAA (sf)/Watch Neg  JPY16.0 bil.

                          Rating Affirmed

                 Class                   Rating
                 -----                   ------
                 X (TK distribution)     AAA (sf)

The issue date was March 19, 2007.


JAPAN AIRLINES: May Start Discount Carrier for Overseas Flights
---------------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that Japan
Airlines Corp. may start a discount carrier under its business
turnaround plan being prepared.

Bloomberg relates the Nikkei said JAL wants to increase revenue
from international flights to JPY440.8 billion (US$5.2 billion) in
the year ending March 31, 2013, from this fiscal year's projected
JPY419 billion.  JAL would use added slots at Tokyo's Haneda
Airport, Nikkei reported.

Meanwhile, Japan Today reports that Japan Airlines Corp.
officially announced Tuesday it will submit a rehabilitation plan
to the Tokyo District Court on Aug. 31, featuring debt waivers
totaling JPY521.5 billion.

According to Japan Today, the airline said JAL Chairman Kazuo
Inamori and President Masaru Onishi will meet reporters, together
with officials of the government-backed Enterprise Turnaround
Initiative Corp of Japan, after submitting the plan to the court.

                        About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Sells Stakes in Passenger & Cargo Handling Units
----------------------------------------------------------------
The JAL Group disclosed that Japan Airlines Corp. subsidiary,
Japan Airlines International Co., Ltd. (JALI), will sell 95% of
its stake in JAL Sky Nagoya Co., Ltd (JNGO) and 61% of its 66%
stake in Chubu Sky Support Co., Ltd. (CSS), while JAL Ground
Service Co., Ltd. (JGS), also a JAL Group subsidiary, will sell
34% of its stake in CSS, to Suzuyo & Co., Ltd. (Suzuyo) by way of
a stock transfer agreement.

Additionally, JALI subsidiary JAL Cargo Service Co., Ltd. (JCG),
headquartered in Narita, will transfer the business and assets of
its cargo handling operations at ChubuCentrair International
Airportto Suzuyo through a business transfer agreement.

JALI, JGS and Suzuyo entered into a stock transfer agreement on
August 19, 2010, in which the latter will acquire 95% of stakes in
JNGO and CSS, as well as the business and assets of JCG's Nagoya
branch cargo operations at Chubu Centrair International Airport.

Of the 600 shares owned by Japan Airlines International co., Ltd.
in JAL Sky Nagoya Co., Ltd., 570 shares will be transferred to
Suzuyo & Co. Ltd.

Suzuyo & Co. Ltd. will also acquire 95% of the 9,000 shares in
Chubu Sky Support Co., Ltd. after the transfer of 5,490 shares
from Japan Airlines International Co., Ltd which will retain a 5%
stake, and 3,060 shares from JAL Ground Service Co., Ltd.

The cargo handling business at Centrair, operated by the Nagoya
branch of JAL Cargo Service, will be transferred to Suzuyo after
the reorganization of JNGO following the stock transfer.

                        About Japan Airlines

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

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

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

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


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


HYUNDAI ENGINEERING: Hyundai Group Set to Reclaim Engineering Firm
------------------------------------------------------------------
Hyundai Group is reportedly planning to bid for a stake in Hyundai
Engineering and Construction.

The Korea Times says the group, led by Hyun Jung-eun, the widow of
Chung Mong-hun, one of the founder's sons, is just about ready to
acquire Korea's leading construction firm.

According to the Korea Times, acquiring the construction firm is
both a sentimental issue as well as a pivotal business move for
Hyundai Group.

Hyundai Engineering, which was the starting point of the business
empire before a three-way split, has been under creditors'
control.  In August 2001, Hyundai Group was split into three --
Hyundai Motor, Hyundai Heavy Industries and one which retained the
name, Hyundai Group -- while the remaining businesses were taken
over by creditors.

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2010, Bloomberg News said Hyundai Engineering's creditors
plan to choose a preferred bidder for a KRW2.17 trillion
controlling stake in the builder by the end of this year.  The
debt holders plan to complete the sale, open to both domestic and
overseas buyers, by early 2011.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.


* South Korea to Disclose List of Troubled Universities Next Week
-----------------------------------------------------------------
The Korea Times reports that the government will announce a list
of about 50 financially-weak universities next week, which will
see cuts in central funding for student loans.

According to the report, the Ministry of Education, Science and
Technology said it will rate national and private universities in
groups according to their financial status, the employment rate of
their graduates and other key data.  The ministry said it has
picked the lowest 15 percent in the school rankings and they will
see their benefits cut.

The Korea Times says the move is expected to speed up the weeding
out of poorly-operated colleges.

The ministry will announce the list of colleges next month, before
the academic institutes start to recruit new students.  Korea has
some 350 colleges nationwide.


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


FOUNTAIN VIEW: Swings to MYR5.18 Million Loss in Qtr Ended June 30
------------------------------------------------------------------
Fountain View Development Berhad reported a net loss of MYR5.18
million for the quarter ended June 30, 2010, compared with a net
income of MYR19.57 million on for the same period in 2009.

As of June 30, 2010, the Company's balance sheet showed
MYR407.34 million in total assets, MYR300.71 million in total
liabilities and MYR106.63 million in stockholders' equity.

The Company's consolidated balance sheet at June 30, 2010,
showed strained liquidity with MYR185.61 million in total current
assets available to pay MYR300.71 million in total current
liabilities.

                          About Fountain View

Fountain View Development Berhad is a Malaysia-based investment
holding company.  The Company operates in four segments:
Plantation, Property development, Investment and Elimination. The
Company principally operates in Malaysia.  Its subsidiaries
includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View
Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings
Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties
Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and
Extrogold Sdn. Bhd.

Fountain View Development Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of
the PN17 for having an insignificant business or operation.

The Company's unaudited second quarterly financial result ended
June 30, 2009, recorded no revenue resulting in the Company
triggering Paragraph 2.1 (h) of the PN17.


HO HUP: Posts MYR4.04 Million Net Loss in Quarter Ended June 30
---------------------------------------------------------------
Ho Hup Construction Company Bhd reported a net loss of MYR4.04
million on revenues of MYR3.16 million in the quarter ended
June 30, 2010, compared with a net loss of MYR3.70 million on
MYR17.84 million of revenues in the same quarter in 2009.

As of June 30, 2010, the Company had MYR221.51 in total assets and
MYR244.40 million in total liabilities, resulting in total
shareholders' deficit of MYR22.89 million.

The company's balance sheet as of June 30, 2010, also showed
strained liquidity with MYR62.32 million in total current assets
available to pay MYR239.31 million in total current liabilities.

A full-text copy of the Company's Quarterly Results is available
for free at: http://ResearchArchives.com/t/s?6a07

                           About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


KENMARK INDUSTRIAL: Deloitte Appointed as Provisional Liquidator
----------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad received a notice of appointment
of provisional liquidators on August 24, 2010, from Deloitte
Corporate Solutions Sdn Bhd notifying the appointment of Messrs.
Mak Kum Choon and Yeoh Siew Ming as Provisional Liquidators of the
Company by an order of the High Court.

Export-Import Bank of Malaysia Berhad on June 8, 2010, served a
Notice on the Company for MYR16.31 million which is due and owed
to the Bank.  On August 18, EXIM Bank through an ex-parte
application received the Court Order for the appointment of the
Provisional Liquidators of the Company pending the full and final
disposal of the winding up petition or until further order.

"With the appointment of the Provisional Liquidators, the powers
of the Board of Directors and officers of the Company to deal with
the Company's property or to manage its undertaking were
suspended," Kenmark said in a filing with Bursa Malaysia.

"However, the Directors' statutory obligations as Directors
continue," it said.

The directors have taken legal advice and are taking steps to
challenge the Court Order.

                      About Kenmark Industrial

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

                           *     *     *

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


METECH GROUP: Classified as Affected Listed Issuer Under PN17
-------------------------------------------------------------
Metech Group Berhad is now considered as an Affected Listed Issuer
pursuant to the Practice Note 17 of the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad after the Company
suspended or ceased its major operations as a result of the
disposal of its major business.

Metech said it had completed the disposal of its entire equity
interest in Metech Aluminium Industries Sdn Bhd, comprising
5,100,000 'A' class ordinary shares of MYR1.00 each in MAI,
representing 51% equity interest in MAI to Tong Herr Resources
Berhad.

The Company said it does not have a formal regularization plan at
present to regularise its financial conditions.  However, the
Company is taking the necessary action to formulate a
regularisation plan.

Metech Group Berhad (Metech) -- http://www.metech.com.my/-- is a
Malaysia-based company engaged in investment holding and provision
of management services for its subsidiaries.  Through its
subsidiaries, Metech is engaged in the manufacture and sales of
steel storage racking systems, aluminum extrusion and related
products, steel doors, metal doors frames and trading of aluminum
fittings and extrusion parts, roller shutters parts and
accessories. Metech distributes its products within the domestic
market and to other Asean countries, the Middle East countries and
European countries. As of December 31, 2009, Metech's direct
subsidiaries were Mefu Industries Sdn. Bhd., Durack Metal System
Sdn. Bhd., Metech Aluminium Industries Sdn. Bhd., Metech Kenzai
Sdn. Bhd., Metech Properties Holdings Sdn. Bhd., Metech Industries
Sdn. Bhd. and Metech-Chaun Choung Technology Sdn. Bhd.


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


ALLIED FARMERS: To Renegotiate Terms of Bank Facility With Westpac
------------------------------------------------------------------
Allied Farmers Ltd. said will renegotiate the terms of its bank
facility with Westpac following the receivership of its subsidiary
Allied Nationwide Finance, The National Business Review reports.

NBR relates that Allied Farmers, which took over the stricken
Hanover finance loan book last December, was granted an extension
on the Westpac facilities until March 31, 2011.

However, Allied Farmers said the receivership of Allied Nationwide
has meant that the milestones for the agreed debt terms, including
debt retirement and a restructuring initiative, will require
renegotiation.

"Allied Farmers is in constructive discussions with Westpac and
the lead manager of its previously announced rights issue," the
company said.

Allied Farmers said it currently has senior debt totaling $16.9
million, consisting of a multi-option credit facility of $14.4
million and an overdraft of $2.5 million.

NBR says Allied temporarily withdrew a planned $19.3 million
capital raising via a rights issue when the finance arm breached
its trust deed ratios earlier this month, before going into
receivership.

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2010, Allied Farmers gained a six-month extension of its
loan facility with Westpac, giving the finance company more time
to repay debt and restructure its business.  Allied had NZ$21
million outstanding on the facility as at June 30 and had an
overdraft facility of NZ$2.5 million that was set to expire on
July 1.  The latest agreement pushes out the due date to March 31
next year from September 24, 2010.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


AORANGI SECURITIES: SFO to Reveal Next Step in Probe Next Week
--------------------------------------------------------------
Serious Fraud Office boss Adam Feeley expects to reveal next week
the next step in his investigation of Allan Hubbard's Aorangi
Securities and a group of trusts associated with the Timaru
businessman and his wife Jean, Jenni McManus at BusinessDay.co.nz
reports.

BusinessDay.co.nz relates Mr. Feeley has received a report,
including complex wiring diagrams constructed by the SFO's
investigators from Companies Office records and other public
documents, which analyses Hubbard's 400 interwoven directorships.

According to the report, Mr. Feeley's comments on Aorangi next
week ?will not necessarily be exciting ? but then they may be".

BusinessDay.co.nz notes that Mr. Feeley has three options:

  * to decide there is insufficient evidence of serious
    and complex fraud and drop the investigation;

  * to say the SFO's inquiries confirm there are matters
    that need further investigation; or

  * to lay charges.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Citing Commerce Minister Simon Power's e-mailed statement,
Bloomberg related that Mr. Hubbard and his wife are also subject
to statutory management because they are so closely connected with
the businesses.  The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti.  Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.  More than 400
investors in Aorangi Securities owed NZ$96 million have been told
by the statutory managers they will not receive any return of
capital or interest in the short term.  The Serious Fraud Office
also started its investigation into Aorangi's affairs, and
those of Allan Hubbard and his wife.

Aorangi Securities was incorporated in 1974 and is solely
controlled by the Hubbards.


FIVE STAR: SFO Lays Over 100 Charges Against 4 Executives
---------------------------------------------------------
The Serious Fraud Office has laid over 100 charges under the
Crimes Act against Nicholas Kirk, Marcus MacDonald, Anthony Bowden
and Neill Williams who are associated with the collapsed Five Star
Finance Group, according to The New Zealand Press Association.

NZPA says the offences each carry a maximum penalty of seven years
imprisonment.

Messrs. Kirk, McDonald and Bowden are former directors of Five
Star Finance Ltd, while Mr. Williams was heavily involved in its
management, NZPA relates.

NZPA reports that the Companies Office earlier laid criminal
charges in Auckland District Court against Messrs. MacDonald,
Bowden, Kirk and Williams.  The case was referred to it by the
Securities Commission.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


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


PHILIPPINE AIRLINES: First Pacific Not Interested in PAL
--------------------------------------------------------
The First Pacific Group has turned down an offer to invest in
cash-strapped Philippine Airlines saying it was not interested in
airline operations, The Manila Standard Today reports.

The Manila Standard relates First Pacific Managing Director Manuel
Pangilinan said the group found airline operation an unpredictable
business.

?Variables in going on a business of airline is beyond your
control,? he said, citing fuel prices, weather conditions and the
economic conditions that greatly affect the flow of the business.

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.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses.  The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.

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

                     About Philippine Airlines

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


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

DOMINION FINANCE       DFH             258.90         -55.31


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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