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                     A S I A   P A C I F I C

           Monday, August 30, 2010, Vol. 13, No. 170

                            Headlines



A U S T R A L I A

EXCOM EDUCATION: Goes Into Liquidation; 100 Jobs at Risk


H O N G  K O N G

HIGHGROBE LIMITED: Kong and Lo Appointed as Liquidators
HONDEX PROPERTIES: Kong and Lo Appointed as Liquidators
HONG KEE: Kong and Lo Appointed as Liquidators
HOPLIK CARTON: Kong and Lo Appointed as Liquidators
HOSEN INVESTMENT: Kong and Lo Appointed as Liquidators

INCORPORATED OWNERS: Chen and Wong Appointed as Liquidators
JC INFINITIVE: Kong and Lo Appointed as Liquidators
JOINTEK CONSULTANTS: Kong and Lo Appointed as Liquidators
JOYCA DEVELOPMENT: Kong and Lo Appointed as Liquidators
KCL CAPITAL: Court Enters Wind-Up Order

KEEN PACIFIC: Kong and Lo Appointed as Liquidators
KIN LEE: Kong and Lo Appointed as Liquidators
KIN WAI: Court to Hear Wind-Up Petition on October 6
KOOLL INTERNATIONAL: Kong and Lo Appointed as Liquidators
LEADER ALUMINIUM: Kong and Lo Appointed as Liquidators

LUCKY AWARD: Kong and Lo Appointed as Liquidators
LUCKY DRAGON: Court to Hear Wind-Up Petition on October 6
LUEN TAT: Creditors and contributories to Meet on September 7
MANDAR FINANCE: Court to Hear Wind-Up Petition on October 6
M & E ENGINEERING: Kong and Lo Appointed as Liquidators


I N D I A

A INFRASTRUCTURE: CRISIL Reaffirms 'BB-' Ratings on Various Debts
BHAGWATI ENTERPRISES: ICRA Assigns 'LBB-' Rating to INR1.6cr Debt
DR. JAIN VIDEO: ICRA Assigns 'LC+' Rating to INR11cr Term Loans
EDICT PHARMACEUTICALS: ICRA Assigns 'LBB' Rating to INR10cr Loan
JET AIRWAYS: Shareholders Approve US$400 Million Fund Raising

KULKARNI & SAHU: CRISIL Assigns 'BB' Rating to INR10MM Cash Credit
LALA BHAGWAN: CRISIL Lifts Rating on INR126 Million Loan to 'B+'
LATHIYA BROTHERS: ICRA Assigns 'LBB' Rating to LT Bank Facilities
M P K STEELS: CRISIL Assigns 'BB-' Rating to INR45MM Term Loan
M S ENGINEERING: CRISIL Cuts Rating on INR50MM Cash Credit to 'D'

MA CHHINNAMASTIKA: CRISIL Reaffirms 'D' Rating on INR320MM Loan
MARVEL VINYLS: ICRA Assigns 'LBB' Rating to INR2.11cr Term Loans
MEERUT ROLLER: CRISIL Assigns 'BB-' Rating to INR68.5M Cash Credit
MICROPARK LOGISTICS: CRISIL Assigns 'B' Rating to INR47.5MM Loan
MILLENNIA INFRA: ICRA Reaffirms 'LBB-' Rating on INR195cr Loans

MITTAPALLI AGRO: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
MOHTA ELECTRO: CRISIL Rates INR70 Million Cash Credit at 'BB'
NEPTUNE DEVELOPERS: Fitch Assigns 'B' National Long-Term Rating
RAIPUR ROTOCAST: ICRA Assigns 'LBB+' Rating to INR5.5cr Bank Debts
ROYAL CASTOR: ICRA Assigns 'LBB+' Rating to INR2.5cr Loans

SHREE SHANKAR: ICRA Assigns 'LBB-' Rating to INR1.8cr LT Loan
TOUCH LAMINATES: ICRA Assigns 'LB' Rating to INR3.75cr Term Loans


I N D O N E S I A

BERLIAN LAJU: S&P Downgrades Corporate Credit Rating to 'B-'


J A P A N

JLOC XI: S&P Downgrades Ratings on Various Classes to 'B-'
ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates


M A L A Y S I A

BASWELL RESOURCES: Posts MYR9.01MM Net Loss for June 30 Quarter
LIMAHSOON BERHAD: Posts MYR13.83 Million Net Loss in 2nd Quarter


N E W  Z E A L A N D

AORANGI SECURITIES: Statutory Managers Confirm Shortfall in Funds


P H I L I P P I N E S

LEGACY GROUP: Owner Pleads Not Guilty to Estafa
SKYTECH INTERNATIONAL: Owner Closes Shop, Owes Workers PHP50 Mil.




                         - - - - -


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


EXCOM EDUCATION: Goes Into Liquidation; 100 Jobs at Risk
--------------------------------------------------------
The Brisbane Times reports that IT provider Excom Education has
gone into liquidation with millions of dollars of debt, leaving
more than 100 students with an uncertain future and about 100
employees without a job.

Excom directors and founders Paul Koukounaras and Graeme Newey
agreed at a meeting held on August 25 to wind up Excom and
appointed liquidators Roger Grant, Victor Dye and Nicholas
Giasoumi of Dye & Co.

The report says the collapse has left students, many of whom paid
about $25,000 for the "Express IT course", scared that they will
not receive their qualifications.

Excom Education provides IT training courses in Australia, with
offices in Melbourne, Sydney, Brisbane, Canberra, Adelaide, Perth,
Auckland and Singapore.


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


HIGHGROBE 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 Highgrobe 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


HONDEX PROPERTIES: 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 Hondex Properties 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


HONG KEE: 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 Hong Kee 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


HOPLIK CARTON: 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 Hoplink Carton Paper Factory 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


HOSEN INVESTMENT: 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 Hosen Investment 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


INCORPORATED OWNERS: Chen and Wong Appointed as Liquidators
-----------------------------------------------------------
Mr. Chen Yung Ngai Kenneth and Mr. Wong Tak Man Stephen on
July 21, 2010, were appointed as liquidators of The Incorporated
Owners of Nos. 6, 6A, 6B, 8, 10, 12, 14, & 16 Wing Kwong Street.

The liquidators may be reached at:

          Mr. Chen Yung Ngai Kenneth
          Mr. Wong Tak Man Stephen
          29/F Caroline Centre Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


JC INFINITIVE: 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 JC Infinitive 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


JOINTEK CONSULTANTS: 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 Jointek Consultants 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


JOYCA DEVELOPMENT: 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 Joyca Development 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


KCL CAPITAL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on August 11, 2010,
to wind up the operations of KCL Capital Limited.

The official receiver is E T O?Connell.


KEEN PACIFIC: 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 Keen Pacific Development 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


KIN LEE: 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 Kin Lee Ko Construction 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


KIN WAI: Court to Hear Wind-Up Petition on October 6
-----------------------------------------------------
A petition to wind up the operations of Kin Wai Poly Bag Printing
Limited will be heard before the High Court of Hong Kong on
October 6, 2010, at 9:30 a.m.

Lui Sheung Cho filed the petition against the company on August 2,
2010.

The Petitioner's solicitor is:

          Joseph C. T. Lee & Co
          10th Floor, Euro Trade Centre
          21-23 Des Voeux Road
          Central, Hong Kong


KOOLL 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 Kooll International Consolidated
Services 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


LEADER ALUMINIUM: 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 Leader Aluminium (Engineering) 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


LUCKY AWARD: 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 Lucky Award 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


LUCKY DRAGON: Court to Hear Wind-Up Petition on October 6
---------------------------------------------------------
A petition to wind up the operations of Lucky Dragon Boat
(Chaiwan) Restaurant Limited will be heard before the High Court
of Hong Kong on October 6, 2010, at 9:30 a.m.

Hui Wu Tip filed the petition against the company on August 2,
2010.


LUEN TAT: Creditors and contributories to Meet on September 7
-------------------------------------------------------------
Creditors and contributories of Luen Tat Watch Band Manufacturing
Limited will hold their first meetings on September 7, 2010, at
3:00 p.m., and 3:30 p.m., respectively at 60th Floor, One Island
East 18 Westlands Road Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MANDAR FINANCE: Court to Hear Wind-Up Petition on October 6
------------------------------------------------------------
A petition to wind up the operations of Mandar Finance 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 13, 2010.

The Petitioner's solicitor is:

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


M & E ENGINEERING: 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 M & E Engineering 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


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


A INFRASTRUCTURE: CRISIL Reaffirms 'BB-' Ratings on Various Debts
-----------------------------------------------------------------
CRISIL has revised its outlook on A Infrastructure Ltd's long-term
bank facilities to 'Stable' from 'Negative' while reaffirming the
rating at 'BB-'; the rating on the company's short-term facility
has been upgraded to 'P4+' from 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR183.0 Million Cash Credit       BB-/Stable (Reaffirmed;
                         Limit                    Outlook revised
                                                  from Negative)

   INR109.0 Million Working Capital   BB-/Stable (Reaffirmed;
                        Demand Loan               Outlook revised
                                                  from Negative)

   INR78.0 Million Foreign Currency   BB-/Stable (Reaffirmed;
             Non Resident (FCNR (B))              Outlook revised
                                                  from Negative)

   INR70.0 Million Overdraft          BB-/Stable (Reaffirmed;
                                                  Outlook revised
                                                  from Negative)

   INR342 .5 Million Term Loan        BB-/Stable (Reaffirmed;
                                                  Outlook revised
                                                  from Negative)

   INR345.0 Mil. Letter of Credit     P4+ (Upgraded from P4)

   INR105 Million Bank Guarantee      P4+ (Upgraded from P4)

The rating action reflects stabilization of AIL's new capacities,
coupled with its improved capacity utilization.  The upgrade also
factors in steady growth in AIL's topline, and its stable
profitability-at 8 to 10 per cent-over the past five years. CRISIL
believes that AIL will maintain growth in topline, and stable
profitability, and not undertake any debt-funded capital
expenditure (capex) over the near term.

The ratings continue to reflect AIL's weak financial risk profile
marked by high gearing, modest net worth, and weak debt protection
measures, and vulnerability to adverse changes in government
regulations, and large working capital requirements. These
weaknesses are partially offset by the company's above-average
business risk profile, marked by established position in the
asbestos pipes and sheets segment.

Outlook: Stable

CRISIL believes that AIL will maintain a moderate business risk
profile on the back of its leadership position in the asbestos
cement (AC) pressure pipes segment, and stabilization of new
capacities.  The outlook may be revised to 'Positive' if AIL
reports substantial growth in revenues and profitability, and a
considerably stronger capital structure owing, most likely, to
fresh equity infusions. Conversely, the outlook may be revised to
'Negative' if offtake from new capacities remains below
expectations, or if AIL faces a steep decline in profitability, or
takes on large debt to fund capex.

                       About A Infrastructure

AIL (formerly Shree Pipes Ltd) was promoted in the joint sector by
Mr. B K Kanoria and Rajasthan State Industrial Investment
Corporation (RIICO) in 1980 for manufacture of AC pressure pipes.
AIL has manufactured AC pressure pipes since inception and AC
roofing sheets since 2006.  AIL has a manufacturing plant in
Bhilwara, and leased plants in Ahmedabad and Aurangabad. Its AC
sheet division has an overall capacity (including leased units) of
172,000 tonnes per annum (tpa) in the three locations. The AC
pipes division has an overall capacity (including leased units) of
152,600 tpa at its facility in Bhilwara, and a leased facility in
Aurangabad. AIL has recently set up an additional capacity of
45,000 tpa at its existing facility at Bhilwara; the facility
commenced operations in September 2009.

AIL reported a profit after tax (PAT) of INR41 million on net
sales of INR2084 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR21 million on net
sales of INR1771 million for 2008-09.


BHAGWATI ENTERPRISES: ICRA Assigns 'LBB-' Rating to INR1.6cr Debt
-----------------------------------------------------------------
ICRA has assigned 'A4' rating to INR8.25 Crore   short term non
fund based facilities of Bhagwati Enterprises.  ICRA has also
assigned 'LBB-' rating to INR1.60 Crore long term fund based
facilities of BE.  The outlook assigned to the long term limit is
'Stable'.

The rating  factors  in BE's weak market position as reflected in
small size of its operations as well as very marginal growth in
turnover attained during last few years, despite being present in
this business for a long time.  The rating also reflects the low
profitability and cash accruals arising from the very limited
value addition in the business and the competitive nature of the
industry BE's liquidity position is also stretched with high
collection period and inventory pile up.  ICRA also notes that the
availability of timber is to an extent dependent on the trade
regulations prevailing in the supplying market.  The rating
favourably factors in the promoters experience in timber trading
business, its moderately diversified market presence across India
and its moderately conservative capital structure at present.

                     About Bhagwati Enterprises

Incorporated in 1987, BE is a partnership firm. BE is engaged in
timber trading business and has its head office at Mumbai. BE has
a group concern 'Shree Shankar Vijay Saw Mill' which is also
engaged in the timber trading business.

Recent results:

BE recorded a net profit of INR0.02 Crore on an operating income
of INR2.96 Crore as per the audited figures for the year ending
March 31, 2009 and a net profit of INR0.05 Crore on an operating
income of INR9.45 Crore as per provisional figures of FY 2010.


DR. JAIN VIDEO: ICRA Assigns 'LC+' Rating to INR11cr Term Loans
---------------------------------------------------------------
ICRA has assigned 'LC+' rating to the INR11.0 Crore term loans and
INR4.0 Crore cash credit limits of Dr. Jain Video On Wheels
Limited.  ICRA has also assigned A5 rating to INR4.0 Crore non-
fund based limits of DJVOW.

The ratings are constrained by DJVOW's small scale of operations
and the inadequate liquidity as evident from delays in interest
and principal payments in the last one year.  The rating is also
constrained by the high variability in DJVOW's operating income
and profitability as well as the growing competitive intensity in
each of its business segments which could continue to put pressure
on its profit margins.  The rating also takes into account the
client concentration risk with the company deriving more than 70%
of revenues from Uttarakhand government in 2009-10.  ICRA also
notes that the company plans to foray into construction sector
where the company and promoters have little prior experience and
the size of projects that the company is looking at are
significantly large in relation to its existing scale of
operations.  However, the risk is partly mitigated by the fact
that the company is contemplating these projects in collaboration
with partners who could bring in the required technical expertise.
The ratings also favorably factor in the qualified and experienced
promoters, their strong liaisoning skills with the government
departments and agencies as reflected in the business they get
from these agencies.

DJVOW is primarily engaged in providing medical healthcare
services (~91 % of OI in 2009-10) to remote villages on behalf of
state governments.  Besides, the company is also involved in other
social infrastructure assignments of the state governments like
conducting workshops for education and awareness, mobile agri-
clinics, etc. and content creation mainly for Prasar Bharti. The
company has been producing episodes for an agricultural news based
DD (Doordarshan) programme on a commission model with the per
episode commission rate fixed in the annual contract from Prasar
Bharti.

The medical health care services are provided through Mobile
Health Clinics (MHC) which are basically light commercial vehicles
fitted with medical equipments for preventive, curative and
diagnostic treatments.  The company currently operates 37 MHC vans
in the three states of Uttarakhand (11 vans), Madhya Pradesh (14)
and Bihar (12). With Uttarakhand contributing about 72% of overall
revenues in 2009-10, the company is exposed to substantial client
concentration risks especially given that the inherent political
risks attached with government orders.  The other major clients
are the Madhya Pradesh (MP) and Bihar state governments with
revenue contribution of 20% and 6% respectively in 2009-10; the
remaining  being  on account of content production business from
Prasar Bharti.  The revenues and profit margins from the content
production segment have been very volatile in the recent past
given the increased competition.

With an operating income of INR12.7 Crore in 2009-10, DJVOW is a
small size company.  The company's turnover has grown with a CAGR
of about 40% in the last two years led by the  increasing  focus
and penetration in MHC business which it started with MP in 2006-
07 and then entered Uttarakhand and Bihar in 2008-09 and 2009-10
respectively.  The growth in MHC business has more than offset the
steep decline in the revenues from content production segment.
The company's operating and net profit margins for 2009-10 were
respectively 15.8% and 2.4%.  The Company's capital structure is
relatively leveraged as reflected in a gearing of 1.3 times as of
March 31, 2010. Nevertheless, the coverage indicators are
supported by sound margins. NCA/ total debt and interest coverage
ratio were respectively 19% and 2.9 times as of March 31, 2010.
The capital expenditure plans for 2010-11 is about INR7.3 Crore.

                        About Dr. Jain Video

Incorporated in 1999, Dr. Jain video on wheels Ltd (DJVOW) is
engaged in the social infrastructure assignments ranging from
production of Information, Education & Communication (IEC)
material on socially relevant issues to provision of
infrastructure for dissemination of the same.  For last four
years, the company has been providing medical health care services
through MHC vans besides being involved in other social sector
assignments with the Government and facilitation of CSR (Corporate
Social Responsibility) initiatives of corporate houses and NGOs.
The company has also been producing content on rural education,
agriculture, health awareness, population stability and other
social issues for Prasar Bharti and the state and central
government ministries.  It has over 1500 hours of software on
rural development and agriculture

DJVOW is a subsidiary of the group company Jain Studios Limited
(JSL) which broadcasts the 24 hours news channel "Jain TV". JSL
holds about 53% stake in DJVOW.


EDICT PHARMACEUTICALS: ICRA Assigns 'LBB' Rating to INR10cr Loan
----------------------------------------------------------------
ICRA has assigned 'LBB' rating, to the INR10.0 Crores long-term
loan facility, INR8.0 Crores long-term Corporate loan facility and
INR2.0 Crores proposed fund based facility of Edict
Pharmaceuticals Private Limited.  The outlook on the long-term
rating is stable.  ICRA has also assigned 'A4' rating to the
INR2.0 Crores short term non-fund based facilities sub-limits (of
Corporate Loan) of EPPL.

The ratings reflect the significant experience of the promoters in
both the Indian and USA pharmaceutical markets which are expected
to support the future activities of the Company.

However, the risk of delays in USFDA approval for its ANDA filings
and the possible litigation risk associated with Para IV filing in
the US markets pose concern.  The ratings are also constrained by
the start up nature of the business and associated lack of
financial flexibility.

EPPL is currently developing generic formulations for filing ANDAs
in the USA markets. On approval, EPPL will be engaged in the
manufacture and marketing of the drugs in the US markets.  EPPL is
in the initial stages of trials and is yet to start commercial
production as its generic drugs are pending approval from the
USFDA.

                     About Edit Pharmaceuticals

Edict Pharmaceuticals Private Limited was incorporated in 2007 as
Novel Therapeutics Private Limited, with Ordain Healthcare Private
Limited and Gavis Pharma LLC having 50% stake each.  Later, Mr.
Jayaseelan and Mr. Muthusamy Shanmugam both acquired 50% stake
each in the entity.  The Company has now been renamed as Edict
Pharmaceuticals Private Limited.

EPPL is primarily a generic formulations company.  The company was
set up with the intention of developing generic formulations,
filing and receiving ANDAs for these formulations and
manufacturing them.  These products, which are targeted
exclusively at the USA markets will be marketed using agents based
in the USA. Currently, the company has filed eight abbreviated new
drug applications (ANDA) for seven off-patent and one under patent
challenge (Para IV).  The company is also into contract research
for a few Pharmaceutical companies (Indian and US) for their US
market operations.

The company has applied for USFDA filing for its drugs.  It
currently houses 52 scientists and 24 technical staff.
The USFDA application for the drugs is expected to be completed in
2010-11.


JET AIRWAYS: Shareholders Approve US$400 Million Fund Raising
-------------------------------------------------------------
Bloomberg News reports that Jet Airways (India) Ltd's shareholders
have approved a plan to raise as much as US$400 million to repay
debt and fund expansion.

M. Shivkumar, senior vice president in charge of finance, told
Bloomberg that Jet Airways plans to raise funds by selling new
shares to institutional investors.  The company has written to the
Indian government for clarifications regarding an earlier approval
granted for the share sale, he said, without elaborating on a
timeframe.

Bloomberg relates Mr. Shivkumar said Jet Airways, based in Mumbai,
has INR135 billion (US$2.9 billion) of debt.

                          About Jet Airways

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

                           *     *     *

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


KULKARNI & SAHU: CRISIL Assigns 'BB' Rating to INR10MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Kulkarni & Sahu
Associates' bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR10.0 Million Cash Credit        BB/Stable (Assigned)
   INR80.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect KSA's exposure to risks relating to
geographical and sectoral concentration in its revenue profile,
and its small net worth and scale of operations in the
construction business.  These rating weaknesses are partially
offset by KSA's above-average financial risk profile, marked by
satisfactory debt protection metrics and low gearing, and by the
benefits that the firm derives from its management team's
experience in the construction business.

Outlook: Stable

CRISIL believes that KSA will maintain its healthy capital
structure and debt protection metrics over the medium term. The
outlook may be revised to 'Positive' if KSA scales up and
diversifies its operations while maintaining profitability at the
current level.  Conversely, the outlook may be revised to
'Negative' if the firm undertakes large debt-funded capital
expenditure programme, thereby weakening its capital structure.

                       About Kulkarni & Sahu

KSA was set up in 1996 by Mr. Kiran Kulkarni and Mr. Hari Shankar
Sahu as a partnership concern. The firm takes up building and road
construction projects primarily in and around Bhilai
(Chhattisgarh).

KSA reported an estimated profit after tax (PAT) of INR7.3 million
on estimated net sales of INR230.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR11.9
million on net sales of INR292.0 million for 2008-09.


LALA BHAGWAN: CRISIL Lifts Rating on INR126 Million Loan to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Lala
Bhagwan Dass Educational Trust to 'B+/Stable' from 'D'.

   Facilities                       Ratings
   ----------                       -------
   INR126.0 Million Term Loan       B+/Stable (Upgraded from 'D')

The upgrade reflects the regular and timely servicing of term debt
by LBDET over the nine months through June 2010.  The upgrade also
factors in CRISIL's belief that LBDET will generate sufficient
cash accruals, supported by healthy student occupancy at its
dental college, to service its debt obligations over the medium
term.

CRISIL's ratings on LBDET's bank facilities reflect LBDET's small
scale of operations, geographically concentrated revenue profile,
and susceptibility to adverse regulatory changes.  These rating
weaknesses are partially offset by LBDET's moderate financial risk
profile, marked by above-average debt protection metrics and
moderate gearing.

Outlook: Stable

CRISIL believes that LBDET will maintain its moderate financial
risk profile, marked by moderate gearing and above-average debt
protection metrics, over the medium term.  The outlook may be
revised to 'Positive' if LBDET's general hospital's operations
break even, leading to higher-than-expected margins.  Conversely,
the outlook may be revised to 'Negative' if inefficiencies in cash
flow management lead to liquidity pressures and/or the trust's
financial risk profile deteriorates significantly because of
higher-than-expected deficits in its hospital.

Set up in 2002, LBDET, is a trust formed in the memory of late Ms.
Sudha Rustagi by her father, Mr. Dharamvir Gupta.  The trust
manages a dental college Sudha Rustagi College of Dental Sciences
and Research, in Faridabad (Haryana).  The college has 100 seats
in the bachelor of dental surgery course and 16 seats in master of
dental surgery course. The college also has a multi-specialty
hospital with capacity of 100 beds.

LBDET's net surplus and net income are estimated to be around
INR2.4 million and INR84.6 million, respectively, for 2009-10; it
reported a net surplus of INR2.0 million on net income of INR67.2
million for 2008-09.


LATHIYA BROTHERS: ICRA Assigns 'LBB' Rating to LT Bank Facilities
-----------------------------------------------------------------
ICRA has reaffirmed the "A4" rating to INR6.50 crore sanctioned
bank limits for short term fund based facility of Lathiya Brothers
& Co.  The long term rating assigned to the bank lines is "LBB"
and it carries a stable outlook.  The fund based limits are rated
on both the scales though the total utilization should not exceed
INR6.50 crore at any point of usage.

The rating reaffirmation continues to reflect the firm's company's
weak competitive position characterized by small scale of
operations, decline in operating income as a result of adverse
demand conditions in the export markets, low profitability and
stretched  receivables position.  The reaffirmed rating further
incorporates the susceptibility of margins to volatility in
diamond prices.  ICRA also takes note of the high competitive
intensity inherent in the gems and jewellery industry as also the
exposure to foreign exchange fluctuations.  The rating favorably
factors in the promoters experience in the cut and polished
diamonds business and the company's reasonably conservative
capital structure.

Promoted by Mr. Valjibhai K. Lathiya and his brothers and closely
held by the promoters/promoters' family, Lathiya Brothers & Co.
(LBC) commenced business as a partnership firm in 1989.  LBC is
engaged in export of cut and polished diamonds.  The firm has
processing unit in Surat and a sales office in Mumbai.

Recent Results:

LBC recorded a net profit of INR0.08 crore on an operating income
of INR21.39 crore for the year ended March 31, 2009.


M P K STEELS: CRISIL Assigns 'BB-' Rating to INR45MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to M P K Steels (I)
Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Facility   BB-/Stable (Assigned)
   INR45.0 Million Term Loan              BB-/Stable (Assigned)

The rating reflects MPK's small scale of operations, moderate
financial risk profile, marked by a small net worth and moderate
gearing, and exposure to risks related to intense competition in
the steel industry and lack of backward integration in its
operations.  These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' experience,
and favourable growth prospects for its end-user industries,
mainly infrastructure and construction.

Outlook: Stable

CRISIL believes that MPK's financial risk profile will remain
moderate and its scale of operations will remain small, over the
medium term.  The outlook may be revised to 'Positive' if there is
a significant improvement in MPK's capital structure, most likely
through fresh equity infusion and improved track record of
operations.  Conversely, the outlook may be revised to 'Negative'
in case of unexpected pressure on MPK's profitability and cash
accruals, or if the company's working capital borrowings increase
significantly.

                         About M P K Steels

MPK was set up in 2005 by the Upadhyay family of Jaipur
(Rajasthan) and commenced commercial operations in 2006. The
company has a steel rolling mill and manufactures structural steel
products such as angles, beams and channels.  The company
completed the expansion of its existing steel mill in March 2010
for a cost of INR60 million and doubled its capacity to 3,000
tonnes per month.  The expansion was funded through debt of INR45
million and equity of INR15 million. The new capacity manufactures
larger beams, angles and channels.

MPK is expected to report a profit after tax (PAT) of INR2.5
million on net sales of INR364 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR6.5
million on net sales of INR412 million for 2008-09.


M S ENGINEERING: CRISIL Cuts Rating on INR50MM Cash Credit to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on M S Engineering's bank
facilities to 'D/P5' from 'C/P4'.  The downgrade is driven by the
prolonged overutilization of cash credit limits because of its
weak liquidity and working-capital-intensive operations.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        D (Downgraded from 'C')
   INR19.4 Million Bank Guarantee     P5 (Downgraded from 'P4')

M S Engineering's revenue profile has segmental and geographical
concentration, and the firm's financial flexibility is limited
because of its small scale of operations and net worth. The firm,
however, benefits from its long track record.

M S Engineering was formed as a partnership concern in 1984, with
Mr. Debabrata Das and Mr. Satyabrata Das as partners. The firm
undertakes construction and maintenance of roads made of bitumen.
It has executed several projects under the Pradhan Mantri Gram
Sadak Yojana (PMGSY) scheme. The firm's operations are
concentrated in West Bengal.

M S Engineering reported, on provisional basis, a profit after tax
(PAT) of INR9 million on net sales of INR198 million for 2009-10;
it reported a PAT of INR9 million on net sales of INR207 million
for 2008-09.


MA CHHINNAMASTIKA: CRISIL Reaffirms 'D' Rating on INR320MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ma Chhinnamastika Steel
& Power Ltd continue to reflect delays by MCSPL in servicing its
term loan.  The delays have been caused by MCSPL's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR120 Million Cash Credit         D (Reaffirmed)
   INR320 Million Term Loan           D (Reaffirmed)
   INR80 Million Packing Credit       P5 (Reaffirmed)
   INR10 Million Bank Guarantee       P5 (Reaffirmed)

MCSPL was incorporated in October 2001 and is promoted by Mr.
Pradip Bhardwaj.  The company manufactures sponge iron, which is
used to manufacture steel ingots and billets.  In 2002, MCSPL set
up a steel plant in Purulia District, West Bengal.  In 2005-06
(refers to financial year, April 1 to March 31), MCSPL
commissioned a new sponge iron kiln, with capacity of 90,000
metrics tonnes per annum; however operations at this plant has
been shut down because of the company's weak liquidity and
volatile market conditions.


MARVEL VINYLS: ICRA Assigns 'LBB' Rating to INR2.11cr Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR2.11 crore term loans
and the INR10.25 crores fund based facilities of Marvel Vinyls
Limited.  ICRA has also assigned a short term rating of A4
to the INR10.14 crore non-fund based bank limits of MVL. The
outlook on the long term ratings is stable.

The ratings reflect the high competitive intensity and
fragmentation in the PVC sheet and fabric industry; customer
concentration risk with about 24% of the sales of the company to
three  customer and 54% of the sales to the auto industry; project
execution risk as the company is implementing a large project in
relation to its current size; vulnerability of profitability to
price fluctuations in PVC resin the latter being a crude
derivative though the risk is mitigated to some  extent by the raw
material pass through clauses with few of the auto OEMs and the
company's moderate financial risk profile characterized by low
profitability and return indicators as well as high gearing.
However, ICRA takes note of the long established track record of
the promoters in the PVC sheet and fabric business; established
relationships with large auto OEMs and favorable demand outlook
for auto industry in the medium term.

                        About Marvel Vinyls

Marvel Vinyls Limited was incorporated in 1985 as a private
limited company.  The company commenced its operations in 1985 by
taking over a sick company M/s Oriental Vinyls Limited of Birla
group with its manufacturing unit at Sahibabad in the state of
Uttar Pradesh.  The promoters turned around the company by
1987.  In 1993 the company commissioned its second manufacturing
unit at Malanpur in the state of Madhya Pradesh.  In 1995 the
company came out with its maiden public offer wherein the
promoters offloaded about 25% of their stake.

The family of the promoters Mr. Pawan Chawla and Mr. Pankaj Chawla
was involved in the trading of PVC films and sheeting for three
decades under the partnership firm Ganesh Das & Company,
incorporated in 1957, before they took over the sick company M/s
Oriental Vinyls Limited.

Recent Results

In 2009-10 the firm reported a net profit of INR0.90 crore on net
sales of INR73.74 crores as against a net profit of INR0.37 crore
on net sales of INR67.51 crores in 2008-09.


MEERUT ROLLER: CRISIL Assigns 'BB-' Rating to INR68.5M Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Meerut Roller Flour
Mills Pvt Ltd continues to reflect Meerut Flour's weak financial
risk profile marked by high gearing and weak debt protection
measures, limited financial flexibility owing to low net worth,
and exposure to risks relating to its small scale of operations in
the intensely competitive agricultural commodities industry, and
dependence on wheat as raw material.  These weaknesses are
partially offset by the benefits that Meerut Flour derives from
its established customer base, and its promoters' experience in
the agricultural commodities industry.

   Facilities                              Ratings
   ----------                              -------
   INR68.5 Million Cash Credit             BB-/Stable
   (Enhanced from INR65.0 Million)

   INR5.0 Million Standby Line of Credit   BB-/Stable (Reaffirmed)

   INR10.0 Million Term Loan               BB-/Stable (Reaffirmed)
   (Reduced from INR13.5 Million)

Outlook: Stable

CRISIL believes that Meerut Flour will maintain a stable business
risk profile over the medium term, supported by its established
customer base, and its promoters' experience in the agricultural
commodities industry.  The company's financial risk profile may,
however, remain constrained by low net worth, and large debt.  The
outlook may be revised to 'Positive' if the promoters' infuse
equity into Meerut Flour, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company undertakes a large, debt-funded capital expenditure
(capex) programme, thereby weakening its financial risk profile.

Update

Meerut Flour's business and financial risk profiles have been in
line with CRISIL's expectations during 2009-10 (refers to
financial year, April 1 to March 31).  The company does not have
any significant capex plan over the medium term, and hence is
expected to maintain stable business and financial profiles over
this period.

Meerut Flour is expected to report a profit after tax (PAT) of
INR3.3 million on net sales of INR819 million for 2009-10, as
against a PAT of INR3.2 million on net sales of INR751 million for
2008-0 9.

                        About Meerut Roller

Set up in 1991, Meerut Flour operates flour mills for production
of wheat products such as maida, atta, rava, and suji.  It has two
flour mills at Hapur (Uttar Pradesh) with a total capacity of 240
tonnes per day.


MICROPARK LOGISTICS: CRISIL Assigns 'B' Rating to INR47.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to Micropark
Logistics Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR47.5 Million Term Loan           B/Negative ( Assigned)
   INR127.5 Million Cash Credit        B/Negative ( Assigned)
   INR20.0 Million Bank Guarantee      P4 ( Assigned)

The ratings reflect MLPL's constrained financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, and the susceptibility of its margins to intense
competition in the automobile dealership business.  These rating
weaknesses are partially offset by MLPL's established presence in
the carriage and forwarding (C&F) and distribution business, the
key profit drivers of the company.

Outlook: Negative

CRISIL believes that MLPL's financial risk profile will be
constrained over the near to medium term by high gearing and
modest net cash accruals vis--vis its term debt obligations.  The
rating may be downgraded in case MLPL's net cash accruals are
significantly lower-than-expected, thereby impacting its ability
to meet term debt obligations on time. Conversely, the outlook may
be revised to 'Stable' in case of significant increase in the
company's revenues coupled with greater than expected improvement
in its net cash accruals and debt protection metrics.

                      About Micropark Logistics

MLPL, incorporated in 2004 by Mr. Hemang Parikh, Mr. Hitesh
Parikh, Mr. Dilip Parikh, and Mr. Ramshankar Mehadia, operates an
automobile dealership and is engaged in distribution and C&F
activities. MLPL is an authorised dealer of Mahindra & Mahindra
Ltd (rated 'AA/Stable/P1+' by CRISIL) and has four showrooms in
the Vidarbha region of Maharashtra under the Unnati Motors brand.
The company is a distributor for the products of Alembic Ltd ('AA-
/Stable/P1+'), Orchid Chemicals & Pharmaceuticals Ltd, and Sony
Ericsson. MLPL is also a C&F agent for companies such as Merck &
Co Inc and Ranbaxy Fine Chemicals Ltd.

MLPL reported a profit after tax (PAT) of INR4.2 million on net
sales of INR578.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.8 million on net sales
of INR509.5 million for 2007-08.


MILLENNIA INFRA: ICRA Reaffirms 'LBB-' Rating on INR195cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the enhanced
amount of INR195.0 crore (enhanced from INR183.0 crore) long-term
debt of Millennia Infrastructure Private Limited at "LBB-".  The
outlook on the rating is stable.

The re-affirmation in rating takes into account the prior
experience of the RMZ Group in commercial property development,
the Group's track record of successful project management and
execution and the modest project gearing with a Debt: Equity ratio
of 1.4 times.  The rating further comforts from the improvement in
cash flow generation capability owing to leasing activity for
block 2B of the four block project undertaken by MIPL.  The
rating, however, is constrained by increased market risk given
that MIPL is yet to tie-up large portion of its ongoing
development (Block 1A, 1B, and 2A) coupled with the oversupply
situation in Kolkata office markets which may impact occupancy and
rentals in future. Further, MIPL has high client concentration
risk as the completed development (Block 2B) is leased out largely
to a single tenant - McNally Bharat Engineering Company. Besides,
as the project is in construction stages, any delay in project
execution can impact the future cash flow generation from the
project.  ICRA also notes that MIPL's borrowing consists of
construction finance loans with bullet repayment in FY 2011-12 the
repayment of which largely depends on the ability of the company
to lease out the ongoing commercial developments.

                   About Millennia Infrastructure

Incorporated in 2005, MIPL is the joint venture between Messrs Raj
and Manoj Menda (promoters of RMZ Group of Companies) and American
International Group Global Real Estate (AIGGRE). Messrs Raj and
Manoj Menda are the promoters of the Bangalore based RMZ Group of
companies, a leading player in commercial property development in
Bangalore. AIGGRE headquartered in New York, actively invests in
and develops properties around the world on behalf of AIG
companies and unaffiliated institutional and corporate clients.
The company was formed with the purpose of developing a commercial
project entitled 'RMZ Ecospace'.  RMZ Ecospace is a commercial
development spread over 10.0 acres of land located at Rajarhat,
Kolkata ? IT/ITES hub located in Nort-East Kolkata.  The project
envisages development of commercial office space of 0.9 million
sqft with quality construction and supporting infrastructure
facilities spread across four blocks namely: 1A, 1B, 2A, and 2B.
The total project cost of INR345 crore is being funded by equity
of INR105 crore, bank borrowings of INR195 crore and INR45 crore
of rental deposits.  MIPL has developed 0.2 million sqft of
commercial office space (block 2B), which is completely leased
out.  Moreover, MIPL has completed the construction of another
block ? 2A, and is currently constructing the remaining two blocks
namely 1A and 1B.

Recent Results

For the fiscal 2009-10, MIPL reported an Operating Income of
INR1.42 crore and a net profit of INR(-4.62) crore.


MITTAPALLI AGRO: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Mittapalli Agro
Enterprises bank loan facilities.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Cash Credit        B/Stable (Assigned)
   INR50 Million Packing Credit     P4 (Assigned)

The rating reflects MAE's weak financial risk profile marked by
low net worth and weak debt protection measures, and its working-
capital-intensive operations.  These weaknesses are partially
offset by MAE's moderate business risk profile, backed by the
promoters' industry experience, and the healthy demand prospects
for the tobacco industry.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profile of MAE and Mittapalli Agro Products Pvt
Ltd (MAPL, rated 'B/Stable/P4' by CRISIL), together referred as
Mittapalli group.  This is because of common management control,
similar line of business and operational linkages.

Outlook: Stable

CRISIL believes that the Mittapalli group will maintain its
operating margin and revenue growth over the medium term, on the
back of stable demand for its products in the export market. The
outlook may be revised to 'Positive' if the group's financial risk
profile improves on account of equity infusion by the promoters or
higher-than-expected profitability. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates because of significant increase in debt or
substantial decline in profitability.

                          About the Group

MAE was formed in 2010 by Mr. Mittapalli Ramesh Babu in Guntur
(Andhra Pradesh). The firm trades in tobacco leaves in the
domestic and export markets. MAE started commercial operations
from June 2010.

MAPL, formed in 2005 by Mr. Mittapalli Ramesh Babu in 2005,
processes tobacco leaves for sale in the domestic and export
markets. Most of MAPL's customers are cigar and cigarette
manufacturers.

MAPL reported an estimated profit after tax (PAT) of INR2.2
million on net sales of INR502 million in 2009-10 (refers to
financial year, April 1 to March 31). MAPL reported a PAT of
INR1.5 million on net sales of INR441 million in 2008-09, against
a PAT of INR0.4 million on net sales of INR220 million for
2007-08.


MOHTA ELECTRO: CRISIL Rates INR70 Million Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Mohta Electro
Systems Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR70 Million Cash Credit           BB/Stable (Assigned)
   INR40 Million Bill Discounting      P4+ (Assigned)
   INR20 Million Letter of Credit      P4+ (Assigned)

The ratings reflect MESPL's weak financial risk profile, marked by
a small net worth, high gearing, and constrained debt protection
metrics, and susceptibility to volatility in raw material prices
and intense competition in the light-duty electricity cable (LDEC)
industry.  These rating weaknesses are partially offset by MESPL's
promoters' extensive experience LDEC business.

Outlook: Stable

CRISIL believes that MESPL will maintain a stable business risk
profile, supported by the promoters' experience.  The outlook may
be revised to 'Positive' if significant improvement in cash
accruals from business drive improvement in MESPL's financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes large debt-funded capital expenditure or
investments, or faces significant pressure on profitability and
cash accruals

                        About Mohta Electro

MESPL was set up in 1984, by the Kolkata-based Mohta family. It
has been manufacturing LDEC since 2001.  The company's
manufacturing unit for copper wire drawing, in Kolkata, has
capacity of 300 tonnes per month.

MESPL reported a profit after tax (PAT) of INR5 million on
operating income of INR459million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR3 million on
operating income of INR355 million for 2007-08.


NEPTUNE DEVELOPERS: Fitch Assigns 'B' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Neptune Developers a National
Long-term rating of 'B(ind)'.  The agency has also assigned a
'B(ind)' rating to ND's INR739 million term loans.  The Outlook is
Stable.

ND is in a process of setting up a INR1,591 million IT park in
Thane (Mumbai).  Land for this project has been acquired in a
50:50 JV with Dosti Corporation, a real estate developer.  The
project is a 12-storied building expected to be completed by
September 2010.  The project is partly financed by the promoter's
contribution of INR293.7 million, quasi equity, advances of
INR397.3m and a balance sum of INR900 million by bank term loans.

The ratings are constrained by the low level of area leased by ND
and the large refinancing risks for its INR600 million debt
repayment due in FY12.  The company is in the final stages of
negotiations with various IT/ITES providers to lease out the space
but nothing has been finalized till now.  This is a cause of
concern given that the project is expected to be completed in less
than a month.  Fitch estimates that the lease rentals would be
insufficient to meet the company's obligations and expose it to
significant refinancing risks.  The company maintains that it
would sell off some of the area to pay the obligations.  The
ratings are also constrained by the partnership structure of
company formation and the increasing competition in the Mumbai
suburbs - with a few other realtors also planning to build IT
parks and commercial complexes in the region.  At the same time, a
slowdown in the IT/IT-enabled services remains a concern as ND is
entirely dependent on these sectors.

The ratings benefit from the presence of a reputed EPC provider -
BL Kashyap, which provides comfort on the quality and timely
completion of the project.  The ratings also reflect the location
advantage enjoyed by the upcoming IT park, as it is located in an
industrial estate that has excellent connectivity from Thane and
nearby suburbs.  Also, it is next to a fully leased out IT park
being built by the Dosti Group.

Fitch notes that the commercial property segment was adversely
impacted in FY10 due to the lack of demand from corporate clients
particularly in the IT/ITES sector.  Also, the segment witnessed
signs of over supply in certain markets which led to a sharp drop
in rentals.  Fitch expects rentals in Mumbai to rise in FY11,
which may bode well for the company.  The agency would be
monitoring the company's progress in terms of leasing out the
space once the project is completed.

Negative rating triggers include any material delay by ND in
leasing out and/or sale of the available space.  Positive rating
triggers include successful leasing out of ND's entire area or
sale of part of its space, which would allow the firm to meet its
debt repayment obligations comfortably.

ND is a partnership firm promoted by Neptune Developers Limited
(with 91% share).


RAIPUR ROTOCAST: ICRA Assigns 'LBB+' Rating to INR5.5cr Bank Debts
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR5.50 crore fund-based
bank facilities of Raipur Rotocast Limited.  The outlook on the
long-term rating is 'stable'.  ICRA has also assigned an A4+
rating to the INR0.50 crore non-fund based bank facilities of RRL.

The assigned ratings are constrained by RRL's exposure to the
cyclicality associated with the steel industry, its relatively
small scale of operations at present, weak operating profitability
and moderate level of coverage indicators.  The ratings, however,
take into account the long track record of the promoters in the
steel sector; an established client base that reduces counterparty
risks and consistent improvement in the company's capital
structure.

RRL's production facility has two induction furnaces of 2 metric
tonne (MT) and 3.5 MT, which are used for its steel castings and
steel shot/grit units with annual installed capacities of 1,500 MT
and 5,250 MT respectively. While sale of steel shots/grits
contributed around 80% of RRL's total gross sales during 2009-10,
steel castings contributed the balance during the same period.
During 2009-10, capacity utilization of steel castings declined
significantly, but the same improved substantially for the steel
shots/grits unit on account of buoyant demand conditions for the
latter from the automobile sector.  At the same time, utilization
of steel castings unit declined on account of a decline in the
number of orders received during 2009-10 and longer production
process for the same.  In the steel shot segment, RRL has a strong
client base including reputed companies in the automobile and auto
ancillary industries, while in the steel castings segment, RRL has
a strong client base in the steel and mining industries.  ICRA
believes that while the reputed customer profile reduces RRL's
counterparty risks considerably, the company's bargaining power
against its large customers is likely to be low.

The operating income of RRL has grown at a moderate pace of around
7% annually over the past five years, reaching INR38.47 crore in
2009-10. Of the total sales, steel shots contributed to around 77%
during 2009-10, while steel castings contributed to the balance.
In 2009-10, the company increased the production of steel shots
significantly on account of increased demand from the automobile
industry.  The profits and cash accruals of RRL have remained low
in the past and have declined after 2007-08, when the company
earned an extra ordinary income of INR0.77 crore from the sale of
its loss making synthetic division.  In the absence of any major
capital expenditure programme undertaken, the gearing of RRL
however remains at moderate level of 0.88 time as on March 31,
2010. Consequently, despite the weak profitability, RRL's coverage
indicators remained at moderate levels as reflected by an interest
coverage of 2.8 time and net cash accruals relative to total debt
of 17.90% in 2009-10.

                        About Raipur Rotocast

Incorporated in 1984, RRL is a closely held company belonging to
the Raipur-based Malani & Mohta Group. RRL has facilities at
Raipur, Chattisgarh for manufacturing steel shots/grits and steel
castings from two induction furnaces of 2 MT and 3.5 MT each.

Recent Results

In 2009-10, as per the provisional results, RRL reported an
operating income of INR38.47 crore and a net profit of INR0.73
crore, as against an operating income of INR35.19 crore and a net
profit of INR0.64 crore in 2008-09.


ROYAL CASTOR: ICRA Assigns 'LBB+' Rating to INR2.5cr Loans
----------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR2.5 crore term loans
facility of Royal Castor Products Limited.  The outlook on the
long term rating is stable. ICRA has also assigned 'A4+' rating on
short term scale to the INR40 crore fund based limits of RCPL.
The fund based facility includes sub limits (CC) of INR10 crore
which have been rated on a long term scale at LBB+.

The ratings are constrained by the modest size of company's
operations, concentration of product portfolio towards low value
added products like HCO and 12-H S A & climatic risks associated
with procurement of indigenous oilseeds and consequently castor
seed oil.  The ratings also consider the vulnerability of
profitability margins to castor oil price volatility and
vulnerability to forex fluctuation risks.  The rating are further
constrained by the high working capital intensity and gearing
levels which are expected to remain high given the increased
working capital requirements for expanded capacity and funding
requirements for other new product developments.  However, the
ratings favorably consider the experience of RCPL's
promoters in the castor oil business;  the  company's locational
advantage due to proximity to both raw material source (with
Gujarat being the hub for castor seed production) and seaports
(for export of castor oil products); diversified clientele across
the globe; overall favorable demand prospects for castor oil in
the export market; improving margins because of fiscal incentives
and group support.

                         About Royal Castor

Royal Castor Products Limited was incorporated in August, 1994 and
is based out of Sidhpur in the Patan district of Gujarat.  The
Company was initially promoted by Mr. Mohanbhai M Patel and
presently has more than 50 shareholders. Standard Greases &
Specialities Pvt. Ltd. has a stake of around 25%.  The company is
engaged in the business of manufacturing derivative products by
processing castor oil and refined castor oil. It manufactures
around 20 derivative products.  It has a refining plant with a
capacity of 75 Tonnes per Day (TPD).

Recent Results

For the year ended March 31, 2010, the company reported an
operating income of INR114.7 crore and profit after tax of
INR2.3 crore.


SHREE SHANKAR: ICRA Assigns 'LBB-' Rating to INR1.8cr LT Loan
-------------------------------------------------------------
ICRA has assigned 'A4' rating to INR8.25 Crore short term non fund
based facilities of Shree Shankar Vijay Saw Mill. ICRA has also
assigned 'LBB-' rating to INR1.80 Crore long term fund based
facilities of SSVSM.  The outlook assigned to the long term rating
is 'Stable'.

The rating factors in SSVSM's weak market position as reflected in
small size of its operations as well as very marginal growth in
turnover attained during last few years, despite being present in
this business for a long time. The rating also reflects the low
profitability and cash accruals arising from the very limited
value addition in the business and the competitive nature of the
industry. SSVSM's liquidity position is also stretched with high
collection period and inventory pile up. ICRA also notes that the
availability of timber is to an extent dependent on the trade
regulations prevailing in the supplying market. The rating
favourably factors in the promoters experience in timber trading
business, its moderately diversified market presence across India
and its moderately conservative capital structure at present.

Incorporated in 1944, SSVSM is a partnership firm. SSVSM is
engaged in timber trading business and has its head office at
Mumbai. SSVSM has a group concern 'Bhagwati Enterprises which is
also engaged in the timber trading business.

Recent results:

SSVSM recorded a net profit of INR0.02 Crore on an operating
income of INR4.75 Crore as per the audited figures for the year
ending March 31, 2009 and a net profit of INR0.05 Crore on an
operating income of INR9.62 Crore as per the provisional figures
of FY 2010.


TOUCH LAMINATES: ICRA Assigns 'LB' Rating to INR3.75cr Term Loans
-----------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR3.75 crore term loans
and INR5.00 crore cash credit facility of Touch Laminates Private
Limited.  ICRA has also assigned an 'A4' rating to the INR1.15
crore, short-term, non-fund based limits of TLPL.

The ratings are constrained by the unsatisfactory debt servicing
as reflected in delays in the term loan repayments, relatively
small size of operations of TLPL, its moderate financial profile
indicated by low net margins, low return indicators and high
gearing.  Also, the intensely competitive nature of the industry
due to large number of unorganized players, the vulnerability of
profitability to dependence of laminates industry on the cyclical
real estate sector and the exposure to the price fluctuations of
raw materials have further constrained the ratings.

However, ICRA has favorably considered the association of TLPL
with its critical raw material supplier, B. Chokshi Chemicals Pvt.
Ltd. (BCCPL) and the favorable outlook for decorative laminates
demand due to large scale infrastructure development across the
country.

                      About Touch Laminates

Touch Laminates Private Limited was incorporated in October, 2004
to manufacture decorative and hardcore laminates. It has its
production unit located in Prantij, Gujarat and has an installed
capacity to manufacture 1.3 million laminate sheets per annum. It
markets its products under the brand names Optus and Matrix. In
June 2009, the Chokshi family acquired majority stake in TLPL
which also owns B. Chokshi Chemicals Pvt. Limited (BCCPL). TLPL
has been procuring its critical raw materials from BCCPL.

Recent Results

The company reported an operating income of INR11.80 Cr. and
profit after tax of INR0.11 Cr. during FY 2010.


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


BERLIAN LAJU: S&P Downgrades Corporate Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Indonesia-based shipping company PT Berlian Laju
Tanker Tbk. to 'B-' from 'B', and placed it on CreditWatch with
negative implications.  At the same time, Standard & Poor's
lowered its foreign currency issue rating to 'CCC', from 'CCC+',
on the US$400 million senior unsecured notes due 2014, and the
US$125 million five-year convertible bonds due 2012 by BLT Finance
B.V., a wholly owned subsidiary of BLT.  These ratings have also
been placed on CreditWatch with negative implications.

"S&P's BLT downgrade is driven by the company's high leverage and
weak liquidity," said Standard & Poor's credit analyst Manuel
Guerena.  Despite successfully getting funding (local currency
bonds, sale-and-leasebacks, bank loans, convertible bonds and two
right offerings) for a total of approximately US$730 million since
2009, BLT's leverage has not improved materially and its liquidity
remains weak, given its tight cash flow generating capacity and
aggressive capital expenditures, he said.

The CreditWatch placement reflects the high probability of BLT
breaching its EBITDA-related debt covenants in the next few
quarters, given prospects of softer margins in the second half of
the year and their very tight compliance headroom currently; a
test of covenant compliance in June 2010 showed it was close to
being in breach.

"The two unsecured notes are rated two notches lower than BLT's
issuer credit rating due to the substantial amount of secured debt
that ranks ahead of the unsecured notes," Mr. Guerena said.

Resolution of the CreditWatch will depend on how BLT deals with
covenant pressure.  A failure to address the potential covenant
breach could trigger a further downgrade.  However, if the company
increases the headroom in its covenant compliance and there are no
near-term refinancing difficulties, Standard & Poor's will remove
the ratings from CreditWatch and revise the outlook to negative or
stable, depending partly on the shipping industry outlook.

BLT is highly leveraged, as evident from its ratio of operating-
lease-adjusted debt to annualized EBITDA of approximately 7.5x as
at June 2010.  While that is better than in 2009, S&P believes
further improvement will be limited in the near term, due to the
pressure on the company's profitability for the rest of 2010 and
its aggressive capital expenditure program.

BLT's key business is the operation of chemical tankers, which
together contributes approximately 74% of revenue and 70% of
EBITDA.  BLT plans to grow its business by participating more in
the Indonesian market under the new cabotage rules, likely by
bidding for Pertamina's oil and gas tankers and other offshore
vessels.


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


JLOC XI: S&P Downgrades Ratings on Various Classes to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B- (sf)' from 'BB
(sf)' its ratings on the floating-rate note class D-1 and fixed-
rate note class D-2 issued under the JLOC XI Ltd. transaction and
removed the ratings on both classes from CreditWatch with negative
implications, where they had been placed on May 28, 2010.  At the
same time, S&P affirmed its ratings on classes A to C, and X
issued under the same transaction.

The transaction was initially backed by 14 loans.  Thirteen out of
the 14 loans (the 13 loans originally represented a combined 98.5%
or so of the total initial issuance amount of the notes) have
already been redeemed, including one loan that was repaid on the
maturity date in August 2010 and another loan that was prepaid
through collateral property sales also in August 2010.  As such,
only one loan (the loan originally represented about 1.5% of the
total initial issuance amount of the notes), which is backed by a
restaurant in Kanagawa Prefecture, remains.

S&P took rating actions on the notes because S&P lowered its
assumption with regard to the likely collection amount from the
transaction's remaining loan, which is due to mature in November
2010, based on the possibility that the loan might not be redeemed
on the maturity date and the related collateral property might
need to be liquidated.  S&P currently assume that the value of the
property is about 55% of its initial underwriting value.

Principal proceeds from the two loans that were repaid in August
2010 will be used to redeem the notes in sequential order
(starting from the upper-level tranches).  Accordingly, the class
A to C notes are likely to be fully redeemed on the next principal
and interest payment date in September 2010.

JLOC XI Ltd. is a multi-borrower CMBS transaction.  The notes were
initially secured by 14 nonrecourse loans, which were originally
backed by 25 real estate properties.  The transaction was arranged
by Morgan Stanley Japan Securities Co. Ltd. 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 December 2012 for the class A to D-2 notes
and the timely payment of available interest for the class X
notes.

            Ratings Lowered, Off Creditwatch Negative

                           JLOC XI Ltd.
         JPY35.15 billion structured notes due December 2012

Class To      From              Initial Issue Amount Coupon Type
----- --      ----              -------------------- -----------
D-1   B- (sf) BB (sf)/Watch Neg  JPY2.7 bil.         Floating rate
D-2   B- (sf) BB (sf)/Watch Neg  JPY1.2 bil.         Fixed rate

                         Rating Affirmed

                           JLOC XI Ltd.

         Class     Rating            Initial Issue Amount
         -----     ------            --------------------
         A         AAA (sf)          JPY23.75 bil.
         B         AA (sf)           JPY3.8 bil.
         C         A (sf)            JPY3.7 bil.
         X         AAA (sf)          JPY35.15 bil.*

                   * Initial notional principal

The issue date was Feb. 23, 2004.


ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on ORIX-NRL
Trust 18's trust certificates classes B to E and removed the
ratings on these four classes from CreditWatch with negative
implications, where they had been placed on June 1, 2010.  At the
same time, S&P affirmed the ratings on classes A and X.

Of the four non-recourse loans and specified bonds (hereinafter
"loans") that originally backed the transaction, two specified
bonds remain.  The downgrades reflect the following factors:

S&P has learned through the reports provided from the servicer
that the performance of the hotel that backs one of the
transaction's remaining specified bonds (the specified bond, which
originally represented 42.7% of the total initial issuance amount
of the trust certificates, and is due to mature in August 2012)
has worsened.  Accordingly, S&P has held meetings with the asset
manager and examined information regarding the property.  S&P has
lowered its assumption with regard to the likely collection amount
from the property after considering a number of factors, including
property cash flow, as well as the location, the type of the
property and information S&P obtained from the asset manager.  S&P
currently assume that the value of the property would be about 61%
of its initial underwriting value.

The other remaining specified bond (the specified bond, which
originally represented 21.6% of the total initial issuance amount
of the trust certificates, is due to mature in November 2010) is
backed by an office building located in Tokyo.  Although the cash
flow from the building is higher than its initial assumption, S&P
has lowered its assumption with respect to the likely collection
amount from that property given recent real estate market
conditions.  S&P currently assume that the value of the property
would be about 83% of its initial underwriting value.  The obligor
of this specified bond has also issued subordinated bonds, and the
loan-to-value (LTV) level rises considerably when the subordinated
bonds are incorporated.  As such, the possibility of repayment by
maturity is relatively low.

S&P affirmed the rating on class A because:

Two out of four loans that backed the transaction initially (the
two loans originally accounted for 35.4% of the initial issuance
amount of the trust certificates), were redeemed on the maturity
date in May 2010.  Hence, credit enhancement for class A has
improved, reflecting progress in the redemption of principal for
the trust certificates.  The affirmation reflects the higher
credit enhancement for that class.

ORIX-NRL Trust 18 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by four loans and specified
bonds (extended to/issued by four obligors), which were originally
backed by nine real estate properties and real estate
certificates.  This transaction was arranged by ORIX Corp., and
ORIX Asset Management & Loan Services Corp. 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 for the class A certificates, the full payment
of interest and ultimate repayment of principal by the legal
maturity date in September 2014 for the class B to E certificates,
and the timely payment of available interest for the interest-only
class X certificates.

            Ratings Lowered, Off Creditwatch Negative

                        ORIX-NRL Trust 18

       JPY23.4 billion trust certificates due September 2014

Class  To      From                  Initial Amount     Coupon
-----  --      ----                  --------------     ------
B      A (sf)  AA (sf)/Watch Neg     JPY2.4 bil.        Floating
C      BB (sf) A (sf)/Watch Neg      JPY1.8 bil.        Floating
D      B (sf)  BB (sf)/Watch Neg     JPY1.5 bil.        Floating
E      B- (sf) BB- (sf)/Watch Neg    JPY0.3 bil.        Floating

                         Ratings Affirmed

Class    Rating        Initial Amount                     Coupon
-----    ------        --------------                     ------
A        AAA (sf)      JPY17.4 bil.                       Floating
X        AAA (sf)      JPY23.4 (initial notional principal)


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


BASWELL RESOURCES: Posts MYR9.01MM Net Loss for June 30 Quarter
---------------------------------------------------------------
Baswell Resources Berhad posted a net loss of MYR9.01 million on
revenues of MYR3.35 million for the three months ended June 30,
2010, compared with a net loss of MYR4.65 million on revenues of
MYR4.53 million for the same period ended June 30, 2009.

At June 30, 2010, the Company's consolidated balance sheet showed
MYR46.50 million in total assets, MYR34.59 million in total
liabilities and MYR11.91 in shareholders' equity.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?6a4a

Based in Malaysia, Baswell Resources Berhad --
http://www.baswell.com.my/-- is an investment holding company
engaged in the provision of management services to its
subsidiaries.  It operates in three segments: furniture, which
includes the manufacturing of knockdown wooden furniture and
furniture parts, and the provision of preservative treatment and
kiln drying of wood and timber; packing, which includes the
manufacturer and dealer in papers, paper carton boxes and boards,
and other related products, and others, which comprises investment
holding and provision of management services.  The Company?s
subsidiaries include Aimwood Furniture Industries Sdn Bhd, Baswood
Industries Sdn Bhd, Deswell Packaging (M) Sdn Bhd and Woodmaster
Furniture Consolidation Sdn Bhd.

Baswell Resources Berhad has been classified as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the company ceased all its furniture-manufacturing
operations effective August 9, 2010.

The company was also put under PN 17 after a proposed memorandum
of understanding with Metroplex Resources Ltd for a project in
Middle East was terminated.

The company's wholly owned furniture-manufacturing subsidiaries
Baswood Industries Sdn Bhd and Aimwood Furniture Industries Sdn
Bhd also defaulted in loan payment.


LIMAHSOON BERHAD: Posts MYR13.83 Million Net Loss in 2nd Quarter
----------------------------------------------------------------
Limahsoon Berhad reported a net loss of MYR13.83 million on
revenue of MYR267,000 for the second quarter ended June 30, 2010,
compared with a net loss of MYR9.76 million on revenue of MYR1.51
million in the same period last year.

At June 30, 2010, the company's consolidated balance sheet showed
MYR29.38 million in total assets and MYR92.47 million in total
liabilities resulting in a stockholders' deficit of MYR63.09
million.

The company's consolidated balance sheet at June 30, 2010, also
showed strained liquidity with MYR1.93 million in total current
assets available to pay MYR91.35 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?6a4b

                        About Limahsoon Berhad

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

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


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


AORANGI SECURITIES: Statutory Managers Confirm Shortfall in Funds
-----------------------------------------------------------------
Around 300 investors in Hubbard Management Funds, an investment
entity of Allan Hubbard which is in statutory management, have
been told that the reported value of their investments at
March 31, 2010, was overstated by at least 25%.  This revelation
is contained in the statutory managers' second report to
investors.

In their report, Richard Simpson and Trevor Thornton of Grant
Thornton New Zealand also warn that investors in Aorangi
Securities Limited may suffer a loss in their investments.

"As statutory managers, we are aware that this news will be a
shock and a disappointment to the many people who have invested in
these businesses operated by Mr. Hubbard," said Mr. Simpson.

"We are mindful that some people depended on a flow of funds from
HMF and Aorangi for their day to day living and that the freezing
of the funds under statutory management has created hardship for
them. For those people, an emergency fund has been established."
In the case of Aorangi, an underlying problem we are dealing with
is that Mr. Hubbard has allowed Aorangi to accept deposits of
about $96 million from investors on call, but he invested those
funds in investments or loans which are nearly all long term in
nature.  Much of the money is invested in minority interests in
approximately 25 farms as well as in a charitable trust
administered by Mr. Hubbard and a number of other commercial
entities, some of which are of poor quality. These investments do
not generate sufficient income to pay the interest due to
Aorangi's investors.  Many of the farming businesses invested in
are highly geared, the dairy farm sales cycle is currently at a
low, and in the case of the charitable trust, many of the loans
are interest free and some will not be recoverable."

"While we hope to be able to make a small repayment to the Aorangi
investors in October 2010, Aorangi has only a small amount of
available cash and it will take a long time before the investments
can be realised.  HMF has deposits of about $82 million and is
invested in public company shares, venture capital funds and
unlisted companies.  The total value of HMF is at least 25% less
than reported by Mr. Hubbard to investors in the March 31
statements this year. The reason for this is that some of those
statements included investments and cash balances, which did not
exist. There are also likely to have been further losses in value
in the fund since 31 March 2010 due to the weakness in the markets
over that period.  The investment profile is not consistent with
what would be appropriate for a typical investor in HMF.  There is
a lack of blue chip investments and the composition of the fund's
portfolio generally means that the fund is high risk in nature."

"We have many issues to still work through and we will have a
further progress report to the investors at the end of September
2010", Mr. Simpson said.

                  Hubbard Felt "Ambushed" By Report

The New Zealand Press Association reports that Timaru businessman
Allan Hubbard said he feels ambushed by the statutory managers of
his businesses, and disappointed not to have had a chance to
review a report showing a significant shortfall in one of the
managed funds.

NZPA relates Mr. Hubbard said that five weeks ago he had submitted
a proposal to the statutory managers and Registrar of Companies
for the Aorangi and Hubbard managed funds, but had received no
response.  Mr. Hubbard felt he and his wife Jean had been attacked
personally, NZPA notes.

"Not to have had the courtesy of a copy before its release, let
alone the opportunity to review it, is very disappointing," NZPA
quoted Mr. Hubbard as saying.  "I have to say that I am very
disappointed that while they have continually told me to refrain
from speaking about these issues in public, which I have
respected, the statutory managers ambush me in the media in this
way."

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, stuff.co.nz said.

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


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


LEGACY GROUP: Owner Pleads Not Guilty to Estafa
-----------------------------------------------
The Philippine Star reports that Legacy Group owner Celso de los
Angeles pleaded not guilty to multiple estafa cases filed against
him before the Regional Trial Court Branch 12 in Ormoc City,
Philippines.

The report says Carl Magsoling, the clerk of court at the Ormoc
trial court, confirmed the plea made by Mr. De los Angeles during
the arraignment.

The Philippine Star says that presiding Judge Clinton Nuevo
ordered the arrest of Mr. De los Angeles early this month.
According to the report, the court has allowed De los Angeles to
be under hospital arrest for "humanitarian reasons" because he is
suffering from fourth stage cancer of the throat.

Mr. De los Angeles faces a string of estafa cases, along with
other officials of the Legacy Group of Companies, for
misappropriating PHP487 million worth of petty deposits in the
First Interstate Bank of Leyte.

                         About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

                           *     *     *

The Bangko Sentral ng Pilipinas in 2008 placed 13 Legacy-member
rural banks under the receivership of the Philippine Deposit
Insurance Corporation due to insolvency.  The banks under
receivership are Rural Bank of Paranaque; Rural Bank of San Jose
(in Batangas); Pilipino Rural Bank (in Cebu); Rural Bank of Bais
(in Negros Oriental province); Bank of East Asia (in Cebu); First
Interstate Bank (Rural Bank of Kananga, Leyte), Inc.; Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City); Rural Bank of DARBCI (General Santos); Bicol
Development Bank (Legaspi City); and the Rural Bank of Carmen
(Cebu).

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns.  To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.


SKYTECH INTERNATIONAL: Owner Closes Shop, Owes Workers PHP50 Mil.
-----------------------------------------------------------------
An American businessman has suddenly closed his dental-related
manufacturing shop in Manila, leaving 416 workers with unpaid
salaries and severance pays, abs-cbnNEWS.com reports.

Laurence Kevin Fishman, owner of Skytech International Dental
Laboratories in Sta. Mesa, Manila, left for the United States and
informed his employees via e-mail that his company had gone
bankrupt and would no longer operate starting August 25, according
to abs-cbnNEWS.com.

According to the report, Mr. Fishman reportedly owes some 416
workers PHP50 million in unpaid salaries and benefits.  He also
left unpaid obligations, including rent worth PHP1.7 million, and
PHP500 million in electricity bills, the report says.

The report adds that the employees said the businessman left after
a senior employee he fired filed a case against him before the
Bureau of Immigration.

Skytech International Dental Laboratories engages in the
production of dental prosthetic.  It has laboratories in Vietnam
and China and is headquartered in Los Angeles, California under
the corporate name of Trident Dental Laboratories.


                         *********

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,
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Information contained herein is obtained from sources believed
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