TCRAP_Public/100901.mbx       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, September 1, 2010, Vol. 13, No. 172

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: 2010 Full Year Loss Narrows to AU$652.7 Million


H O N G  K O N G

ADVANCED INK: Creditors Get 100% Recovery on Claims
ASTROTEC COMPANY: Court to Hear Wind-Up Petition on September 8
BIG DRAGON: Creditors' Proofs of Debt Due September 10
CAMPION INTERNATIONAL: Court Enters Wind-Up Order
DISTRI-PLUS (ASIA): Court to Hear Wind-Up Petition on September 8

MEGA PROJECTS: Court to Hear Wind-Up Petition on September 22
THERAPEDIC (HK): Creditors Get 100% & 17.1597% Recovery on Claims
TRIMLY HOST: Kong and Lo Appointed as Liquidators
UNISIGN LIMITED: Court to Hear Wind-Up Petition on October 13
UNITED FAME: Kong and Lo Appointed as Liquidators

UNIVERSAL SHEEN: Creditors' Proofs of Debt Due August 8
VICTORIOUS CARGO: Kong and Lo Appointed as Liquidators
VICTORIA GARMENT: Kong and Lo Appointed as Liquidators
VICTORY MARK: Kong and Lo Appointed as Liquidators
VICTY LIMITED: Kong and Lo Appointed as Liquidators

WAYGAIN LIMITED: Kong and Lo Appointed as Liquidators
WEALTH FORD: Kong and Lo Appointed as Liquidators
XINDAS ENTERPRISES: Kong and Lo Appointed as Liquidators
YUE SHING: Kong and Lo Appointed as Liquidators
YUE XIU: Kong and Lo Appointed as Liquidators


I N D I A

CLAY CRAFT: CRISIL Cuts Rating on INR90MM Term Loan to 'BB+'
JITENDER ROLLER: CRISIL Rates INR170MM Cash Credit at 'BB+'
KRISHNA POULTRY: CRISIL Assigns 'B-' Rating to INR91.8MM LT Loan
MADRAS HARDTOOLS: CRISIL Upgrades Rating on Bank Debts to 'B'
PATANJALI YOGPEETH: CRISIL Reaffirms 'BB+' Rating on INR500MM Loan

PERFECTO ELECTRICALS: CRISIL Puts 'BB' Rating on INR50MM Cash Debt
SARATHY AUTOCARS: CRISIL Rates INR164.8 Million Cash Credit 'BB'
SPICEJET LIMITED: Founder Director Singh Steps Down From Board
SRI DHARMA: CRISIL Assigns 'B+' Rating to INR39.2MM Term Loan
SHRI VARALAKSHMI: CRISIL Puts 'BB-' Rating on INR135MM Cash Credit

TREHAN PROMOTERS: CRISIL Lifts Rating on INR250M Term Loan to 'B-'
VEEKAYEM TEXTILE: CRISIL Lifts Rating on Various Debts to 'BB-'
VISHAL PIPES: CRISIL Rates INR10 Million Term Loan at 'BB+'
WINE ENTERPRISES: CRISIL Rates INR310 Mil. Cash Credit at 'BB+'


I N D O N E S I A

BAKRIE TELECOM: First Half Profit Slips 96% to IDR2.72 Billion
BANK PAN: Fitch Assigns Ratings on Proposed Senior Unsec. Bonds
BERAU COAL: Loan Refinancing Won't Affect S&P's 'B+' Rating


J A P A N

RESONA BANK: Fitch Affirms Individual Rating at 'C/D'


K O R E A

DAEWOO INT'L: POSCO Buys 68% Stake for KRW3.37 Trillion


M A L A Y S I A

ARK RESOURCES: Swings to MYR332,000 Net Income in June 30 Quarter
JPK HOLDINGS: Incurs MYR2.59 Million Net Loss in June 30 Quarter
JPK HOLDINGS: Appoints Dr. Liew Lai Ping as New Chairman
LCL CORPORATION: Court Enters Wind-Up Order Against LCL Trading
SYARIKAT KAYU: Swings to MYR3.25 Million Net Income in June 30 Qtr


N E W  Z E A L A N D

ALLIED FARMERS: NZX Grants Extension for Filing Results
STOP THE STADIUM: Goes Into Liquidation


P H I L I P P I N E S

MANILA CAVITE: Moody's Assigns 'B2' Rating on Series 2010-1 Notes
MANILA CAVITE: S&P Assigns 'B' Rating on US$160 Mil. 2010-1 Notes


S I N G A P O R E

AVIATION INVESTMENT: Creditors' Proofs of Debt Due September 13
J. MARTENS: Creditors' Proofs of Debt Due September 27
PACIFIC KING: Court to Hear Wind-Up Petition on September 17
PACIFIC KING PTE: Court to Hear Wind-Up Petition on September 17
BINTAI ENGINEERING: Creditors' Proofs of Debt Due September 10

ARTON PTE: Creditors' Proofs of Debt Due September 10


V I E T N A M

VIETNAM SHIPBUILDING: Two More Vinashin Executives Suspended


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


CENTRO PROPERTIES: 2010 Full Year Loss Narrows to AU$652.7 Million
------------------------------------------------------------------
Centro Properties Group disclosed Monday a net statutory loss
attributable to ordinary securityholders of AU$652.7 million for
the year ended June 30, 2010.  Underlying Profit for the year was
AU$173.8 million compared to AU$229.2 million for the previous
corresponding period.

Centro Chief Executive Officer Robert Tsenin said: "Centro's
statutory net loss of AU$652.7 million is an improvement on the
net loss of AU$3.54 billion for the prior corresponding period.
This improvement is largely due to significantly lower property
devaluations and the favorable impact on translation of our net US
dollar liability position resulting from appreciation of the
Australian dollar against the US dollar.  Underlying Profit has
decreased by 24.2% to AU$173.8 million primarily as a result of
both reduced Property Investment and Services Business income."

As highlighted to the market during the year there are a number of
economic and operational factors impacting Centro's Underlying
Profit.

One of the more significant items is the movement in the
Australian and US dollar foreign exchange rate.  The appreciation
of the Australian dollar, from an average of 75 cents in
FY09 to 88 cents in FY10, has reduced the Australian dollar
equivalent of US dollar denominated net income, thereby decreasing
Investment and Services Business income from US investments as
well as decreasing interest expense on US dollar denominated
debt.

Property investment income for the year was AU$253 million, down
15% compared with the prior corresponding year. This decrease was
largely due to:

   * Reduced net operating income from US investments due to
     lower rental income;

   * Increased interest rates impacting the cost of debt within
     the Company's Australian fund investments; and

   * The appreciation of the Australian dollar by an average 18%,
     reducing the Australian Dollar equivalent of Centro's income
     from US investments.

These negative impacts were partly offset by a reduction in US
interest expense, predominantly within Super LLC.

Services business income was AU$222 million, down 26% from AU$300
million for the prior corresponding year.  This represents the
reduction in fees due to a combination of property devaluations,
asset sales, and foreign exchange rate movements.

Centro's net interest expense has reduced to AU$162 million
compared to AU$199 million for the prior corresponding year.  This
saving resulted from the restructuring of debt as part of the
Stabilization Agreement with the Group's lenders, as well as the
favorable impact on translation of US dollar denominated interest
payments.

Balance sheet movements over the year were largely a result of the
movements in property devaluations, the impairment of intangible
assets and foreign exchange rates.

Net Tangible Assets (NTA) per security attributable to ordinary
securityholders of Centro were negative AU$3.12; a decline of
AU$0.21 from June 30, 2009.

At June 30, 2010, net equity attributable to members of Centro was
negative AU$2.1 billion compared to negative AU$1.6 billion at the
end of FY09.

                Joint Venture in Syndicates Business

The Australian reports that Centro Properties said it had edged
closer to partially offloading its stake in a syndicates business
to a joint-venture partner.

A part-sale of Centro's syndicates business, which holds AU$6
billion worth of Australian and US shopping-centre property, could
be the first major transaction in a rescue plan to save the debt-
laden shopping-centre owner and manager.

Centro Properties Group CEO Robert Tsenin said Tuesday the
business was entering the serious stage of discussions to find a
likely joint-venture partner for the syndicates operation, which
accounts for up to 40% of its services business.

                       About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under management
of US$24.9 billion.

                           *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

On Jan. 16, 2009, the Troubled Company Reporter-Asia Pacific
reported that Centro Properties Group obtained a three-year
extension on its AU$3.9 billion of the senior syndicated debt
facility.  It also obtained extension of the debt facilities
within Super LLC (Centro's U.S. joint venture investment with
Centro Retail Trust (CER) and CMCS 40).


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


ADVANCED INK: Creditors Get 100% Recovery on Claims
---------------------------------------------------
Advanced Ink & Coatings Limited, which is in liquidation,
declared the first and final ordinary dividend to its creditors
on August 31, 2010.

The company paid 100% for ordinary claims.

The company's liquidators are:

         Wong Kwok Man
         Alison Wong Lee Fung Ying
         6/F, Sunning Plaza
         10 Hysan Avenue
         Causeway Bay, Hong Kong


ASTROTEC COMPANY: Court to Hear Wind-Up Petition on September 8
---------------------------------------------------------------
A petition to wind up the operations of Astrotec Company Limited
will be heard before the High Court of Hong Kong on September 8,
2010, at 9:30 a.m.

Lu Jun filed the petition against the company on June 30, 2010.

The Petitioner's solicitors are:

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


BIG DRAGON: Creditors' Proofs of Debt Due September 10
------------------------------------------------------
Creditors of Big Dragon Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 10, 2010, to be included in the company's dividend
distribution.

The company's liquidators are Kong Chi How Johnson and Lo Siu Ki.


CAMPION INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of Campion International Development Limited.

The company's liquidator is:

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


DISTRI-PLUS (ASIA): Court to Hear Wind-Up Petition on September 8
-----------------------------------------------------------------
A petition to wind up the operations of Distri-Plus (Asia) Limited
will be heard before the High Court of Hong Kong on September 8,
2010, at 9:30 a.m.

Savidan Jean Marie Nicolas filed the petition against the company
on May 26, 2010.

The Petitioner's solicitors are:

          Angela Wang & Co
          14th Floor South China Building
          1-3 Wyndham Street
          Central, Hong Kong


MEGA PROJECTS: Court to Hear Wind-Up Petition on September 22
-------------------------------------------------------------
A petition to wind up the operations of Mega Projects Construction
Limited will be heard before the High Court of Hong Kong on
September 22, 2010, at 9:30 a.m.

Li Kin Wah filed the petition against the company on July 19,
2010.


THERAPEDIC (HK): Creditors Get 100% & 17.1597% Recovery on Claims
-----------------------------------------------------------------
Therapedic (HK) Limited, which is in creditors' voluntary
liquidation, will pay the first and final dividend to its
creditors on August 30, 2010.

The company will pay 100% for preferential and 17.1597 for Non-
preferential claims.

The company's liquidator is Lui Siu Tsuen Richard.


TRIMLY HOST: 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 Trimly Host 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


UNISIGN LIMITED: Court to Hear Wind-Up Petition on October 13
-------------------------------------------------------------
A petition to wind up the operations of Unisign Limited will be
heard before the High Court of Hong Kong on October 13, 2010, at
9:30 a.m.

Elpida Memory (Hong Kong) Company Limited filed the petition
against the company on August 5, 2010.

The Petitioner's solicitors are:

          Angela Ho & Associates
          1106, Tower 1, Lippo Centre
          89 Queensway, Hong Kong


UNITED FAME: 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 United Fame Enterprise 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


UNIVERSAL SHEEN: Creditors' Proofs of Debt Due August 8
-------------------------------------------------------
Creditors of Universal Sheen Group Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 8, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Siu Hung
         Room 1909-10 Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


VICTORIOUS CARGO: 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 Victorious Cargo 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


VICTORIA GARMENT: 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 Victoria Garment Manufacturing 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


VICTORY MARK: 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 Victory Mark 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


VICTY 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 Victy 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


WAYGAIN 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 Waygain 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


WEALTH FORD: 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 Wealth Ford 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


XINDAS ENTERPRISES: 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 Xindas Enterprises 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


YUE SHING: 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 Yue Shing Industrial 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


YUE XIU: 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 Yue Xiu Metals & Minerals 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


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I N D I A
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CLAY CRAFT: CRISIL Cuts Rating on INR90MM Term Loan to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on Clay Craft India Pvt Ltd's
bank facilities to 'BB+/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                          Ratings
   ----------                          -------
   INR40.0 Million Cash Credit Limit   BB+/Stable (Downgraded from
                                                   'BBB-/Stable')

   INR90.0 Million Term Loan           BB+/Stable (Downgraded from
                                                   'BBB-/Stable')
   INR2.5 Million Letter of Credit     P4+ (Downgraded from 'P3')
   INR2.5 Million Bank Guarantee       P4+ (Downgraded from 'P3')

The downgrade reflects deterioration in CCIPL's financial risk
profile caused by higher working capital requirements and lower
than expected cash accruals. CIPL's gearing is estimated to have
increased to 1.77 times as on March 31, 2010 from around 0.39
times in 2007-08.  The company's operating income growth in 2008-
09 and 2009-10 has been lower than CRISIL's expectations. CCIPL
has been underutilizing the capacities it set up in 2008-09
(refers to financial year, April 1 to March 31). CCIPL's cash
accruals in 2010-11 are expected to be around INR20.0 million, and
would be barely sufficient to service maturing debt obligations of
around INR13.0 million during the year.

The ratings reflect CCIPL's weak financial risk profile, marked by
high gearing, and exposure to intense market competition because
of fragmentation in crockery industry and proliferation of cheaper
substitutes. These weaknesses are partially offset by CCIPL's
established market position in the crockery segment.

Outlook: Stable

CRISIL believes that CCIPL credit risk profile is supported by its
established brand and long-term relationships with suppliers and
customers. The outlook may be revised to 'Positive' if CCIPL's
financial risk profile improves, driven most likely by more-than-
expected profitability and cash accruals. Conversely, the outlook
may be revised to 'Negative' if CCIPL's profitability declines or
its debt protection metrics deteriorate, driven most likely by
larger-than-expected debt-funded capital expenditure.

                         About Clay Craft

CCIPL, incorporated in 1988 by Mr. Padam Agarwal, manufactures
bone china crockery, including dinner sets and glasses/mugs. The
company's manufacturing facility at Jaipur, Rajasthan, has
capacity to manufacture around 2400-2800 tonnes per annum of
crockery. CCIPL markets its products across India under the brand
Bharat; it has a nationwide dealer network.

CCIPL reported a profit after tax (PAT) of INR 2.50 million on net
sales of INR 190 million for 2008-09, against a PAT of INR 13.25
million on net sales of INR 189 million for 2007-08.


JITENDER ROLLER: CRISIL Rates INR170MM Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of Jitender Roller Flour Mills.

   Facilities                             Ratings
   ----------                             -------
   INR170 Million Cash Credit Facility    BB+/Stable(Assigned)

The rating reflects JRFM's average financial risk profile marked
by moderate gearing and below-average debt protection metrics,
exposure to intense competition in the wheat processing industry,
and susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by JRFM's promoters'
industry experience, and the firm's established customer
relationships.

Outlook: Stable

CRISIL believes that JRFM will continue to benefit over the medium
term from its promoters' industry experience.  The outlook may be
revised to 'Positive' if JRFM continues to improve its
profitability over the medium term, and increases its net worth,
most likely through equity infusion. Conversely, the outlook may
be revised to 'Negative' if there is a sharp decline in JRFM's
margins, or the firm undertakes a larger-than-expected debt-funded
capital expenditure programme, resulting in deterioration in its
financial risk profile.

                       About Jitender Roller

Set up in 1982 as a partnership firm in Hyderabad, JRFM processes
wheat products such as maida, atta, bran, and suji.  The firm is
managed by Mr. Jitender Kumar Gupta. It part of the Sahuwala
group, which has other entities in similar businesses.  The firm
has an installed capacity of 6,500 tonnes per month.  JRFM has a
diversified clientele, with a fair mix of institutional and
wholesale customers.  JRFM is one of the five dedicated
manufacturers for Hindustan Unilever Ltd (rated 'AAA/Stable/P1+'
by CRISIL) in India.

JRFM reported, on provisional basis, a profit after tax (PAT) of
INR4 million on net sales of INR728 million for 2009-10 (refers to
financial year, April 1 to March 31); it reported a PAT of INR3
million on net sales of INR660 million for 2008-09.


KRISHNA POULTRY: CRISIL Assigns 'B-' Rating to INR91.8MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Krishna Poultry Tex Mill India Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR91.80 Million Long Term Loan    B-/Stable (Assigned)
   INR29.50 Million Cash Credit       B-/Stable (Assigned)
   INR22.50 Million Bank Guarantee    P4 (Assigned)

The ratings reflect KPTMIPL's weak financial risk profile, marked
by high gearing, and susceptibility to volatility in raw material
prices and risks inherent in the poultry industry. These rating
weaknesses are partially offset by the benefits that KPTMIPL
derives from its diversified revenue profile and promoter's
extensive experience in the poultry industry.

Outlook: Stable

CRISIL believes that KPTMIPL will continue to benefit over the
medium term from its promoters' industry experience.  The outlook
may be revised to 'Positive' if KPTMIPL's capital structure and
liquidity improve significantly from current levels. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
a larger-than-expected, debt-funded capital expenditure programme,
or if a sharp decline in realizations leads to significant
deterioration in its financial risk profile.

                       About Krishna Poultry

Set up in the 1980s as a proprietary concern by Mr. V C Palanisamy
in Tamil Nadu, KPTMIPL got its current name in 2005.  The company
derives around 55 per cent of its revenue from sale of layer eggs,
and the remainder from manufacture of cotton yarn and fabric.

In the poultry division, KPTMIPL has capacities of around 400,000
birds, which lay about 120 million eggs per annum.  In the
spinning division, the company has 12,000 spindles and 44 looms.
It produces 40-count cotton yarn, which it sells mainly in Tamil
Nadu.

KPTMIPL reported a provisional profit after tax (PAT) of INR2
million on net sales of INR470 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR0.1
million on net sales of INR405 million for 2008-09.


MADRAS HARDTOOLS: CRISIL Upgrades Rating on Bank Debts to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Madras Hardtools Pvt Ltd. to 'B/Stable' from 'C', while
reaffirming its rating on the company's short-term bank facilities
at 'P4'.  The rating upgrade is driven by an improvement in MHPL's
liquidity, backed by an increase in its bank lines.  The company
has been regular in meeting its term debt obligations.

   Facilities                        Ratings
   ----------                        -------
   INR31.00 Million Long-Term Loan   B/Stable (Upgraded from 'C')
   INR100.00 Million Cash Credit     B/Stable (Upgraded from 'C')
   INR5.00 Million Bill Purchase     P4 (Reaffirmed)
           Discounting Facility
   INR5.00 Million Bank Guarantee    P4 (Reaffirmed

The ratings reflect MHPL's below-average financial risk profile
marked by high gearing and working capital intensive nature of
operations.  These rating weaknesses are partially offset by the
company's established position in the engineering industry, and
moderate operating efficiency, marked by a steady growth in
revenues and stable margins.

Outlook: Stable

CRISIL believes that MHPL will continue to benefit from its
experienced management and improving demand for its products over
the medium term.  The outlook may be revised to 'Positive' in case
of significant and sustainable improvement in MHPL's liquidity and
capital structure.  Conversely, the outlook may be revised to
'Negative' if the company's operating margin declines, or it
undertakes a large, debt-funded capital expenditure programme,
leading to further deterioration in its liquidity.

                      About Madras Hardtools

Set up as a partnership firm in 1972 by Mr. S Badruddin and his
son, Mr. B Ali Akbar, in Chennai (Tamil Nadu), MHPL was
reconstituted as a private limited company in 1985.  It
manufactures wire rope slings, which are basic material-handling
tools used in lifting applications in offshore, infrastructure,
and heavy industries.  The company derives 80% of its revenues
from trading in raw materials used for manufacturing wire rope
slings, and the remainder from its manufactured product.  MHPL
purchases around 80 per cent of its raw materials from Usha Martin
Ltd (Usha), and is Usha's exclusive dealer for these materials in
South India.

MHPL posted a provisional profit after tax (PAT) of INR19 million
on net sales of INR761 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR11 million on net
sales of INR612 million for 2008-09.


PATANJALI YOGPEETH: CRISIL Reaffirms 'BB+' Rating on INR500MM Loan
------------------------------------------------------------------
CRISIL's rating on the term loan facility of Patanjali Yogpeeth
Trust continues to reflect uncertainty in the trust's revenue
streams and funding for its planned capital expenditure (capex),
and the dependence of Patanjali on its co-founder, the yoga guru
Swami Ramdev, and his mass following.  These weaknesses are
partially offset by the benefits that the trust derives from Swami
Ramdev's established position as a yoga guru.

   Facilities                          Ratings
   ----------                          -------
   INR500 Million Term Loan Facility   BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Patanjali will continue to be vulnerable to
the level of donations received over the medium term. The outlook
may be revised to 'Positive' if there is greater transparency in
the policies related to the expected movement of funds among the
various trusts formed under the same management. Conversely, the
outlook may be revised to 'Negative' if the trust's financial risk
profile deteriorates on account of considerable outflow of funds
from Patanjali to other trusts, or if the trust contracts large
debt to fund capex.

Update

Patanjali's operating income is estimated to have declined to
INR500 million in 2009-10 (refers to financial year, April 1 to
March 31) from INR699 million in 2008-09 on account of lower
donations received from the related trusts, and fewer yoga camps
organised by Swami Ramdev during the year. Also, the level of
predictability of donations received continues to be uncertain.
However, the trust's operating margin was healthy at 83 per cent
in 2009-10. During 2009-10, Patanjali undertook capex of INR500
million on the yoga ashram. The trust is not likely to avail any
further term loans for the ashram besides the amount of around
INR90 million already availed. The trust has plans for a capex of
around INR3 billion for setting up University of Patanjali. It is
likely to have a capex of INR1.3 billion to Rs,1.4 billion in the
first phase, which will be funded by bank loans of INR800 million
to INR900 million. With this debt-funded capex, Patanjali's
gearing is expected to increase to around 0.7 times in the near to
medium term.

                          About Patanjali

Patanjali is a charitable trust founded by Swami Ramdev in 2005.
The other founding members of the trust are Swami Muktanand and
Acharya Balkrishan. The trust aims to create a disease-free world
by means of yoga and ayurveda. The trust's yoga services are
managed by Swami Ramdev, while its ayurvedic treatment and
research activities are managed by Acharya Balkrishan. The trust
organises yoga camps in various parts of India and overseas. These
camps are funded through donations from camp participants and
members.

Patanjali reported a profit after tax (PAT) of INR630.9 million on
net revenues of INR698.9 million for 2008-09, as against a PAT of
INR212.0 million on net revenues of INR252.1 million for 2007-08.


PERFECTO ELECTRICALS: CRISIL Puts 'BB' Rating on INR50MM Cash Debt
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Perfecto Electricals, which is part of the Perfecto
group.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        BB/Stable (Assigned)
   INR200 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect Perfecto group's weak financial risk profile,
marked by a small net worth, and weak debt protection metrics, and
geographically concentrated revenue profile.  These rating
weaknesses are partially offset by the Perfecto group's promoters'
experience in railway signaling systems business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Perfecto, International Trading
Corporation, Aviral Securities Pvt Ltd (Aviral), DK Developers Pvt
Ltd (DKD), MD Electro Mech Pvt Ltd (MD Electro), and Exchange
Holding Pvt Ltd (EHPL). This is because the entities, collectively
referred to as the Perfecto group, are under a common management
and have strong operational linkages with each other.

Outlook: Stable

CRISIL believes that the Perfecto group will continue to benefit
from its promoters industry experience over the medium term.  The
outlook may be revised to 'Positive' if the Perfecto group
strengthens its business risk profile through improved operating
efficiencies, which would help it execute more technologically
advanced projects.  Conversely, any large additional debt-funded
capital expenditure, leading to deterioration in the group's
financial risk profile, may lead to the outlook being revised to
Negative'.

                     About Perfecto Electricals

Perfecto, incorporated in 1964 by Mr. M D Joshi, is a partnership
firm which undertakes signalling and telecommunication and
electrical works for Indian Railways.  The firm started operations
by undertaking electrical works for the railways.  In 1985, the
firm ventured into signalling and telecommunications. Currently,
the day to day operations are managed by Mr. M D Joshi and his
son, Mr. L K Joshi.  The firm has traditionally been providing
supply and installation services for panel interlocking (PI)
signalling services to the railways; it has installations at
nearly 400 stations.

The firm has 5 group companies - International Trading
Corporation, Aviral Securities Pvt Ltd, D.K Developers Pvt Ltd, MD
Electro Mech Pvt Ltd,Exchange Holding Pvt Ltd to which it sub
contracts the installation services.

The Perfecto group reported a profit after tax (PAT) of INR2.6
million on net sales of INR386.6 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR1.7
million on net sales of INR271.8 million for 2007-08.


SARATHY AUTOCARS: CRISIL Rates INR164.8 Million Cash Credit 'BB'
----------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Sarathy Autocars to 'BB/Stable' from 'BB-/Stable'.  The upgrade is
driven by Sarathy's better-than-expected business performance on
the back of increased passenger car sales of its principal, Maruti
Suzuki India Ltd (MSIL; rated 'AAA/Stable/P1+' by CRISIL), leading
to higher-than-expected cash accruals for Sarathy.

   Facilities                       Ratings
   ----------                       -------
   INR164.80 Million Cash Credit    BB/Stable (Upgraded from
                                               'BB-/Stable')

The rating, however, continues to reflect Sarathy's below average
financial risk profile marked by high gearing and weak debt
protection metrics, geographical and product concentration in its
revenue profile, and its vulnerability to intense competition in
the Indian automobile dealership market.  These weaknesses are
partially offset by Sarathy's moderate operating efficiency, and
the benefits that the firm derives from the experience of its
management in the automobile dealership market.

Outlook: Stable

CRISIL believes that Sarathy will maintain its stable business
risk profile over the medium term on the back of its established
market position in Kollam (Kerala) and its promoters' industry
experience.  The outlook may be revised to 'Positive' if Sarathy
improves its capital structure, and if its revenues and
profitability increase significantly.  Conversely, the outlook may
be revised to 'Negative' in case of a slowdown in the automobile
industry, significantly affecting the firm's revenues and
profitability; if the firm undertakes any large debt-funded
capital expenditure programme, thereby adversely affecting its
capital structure; or in case of deterioration in its cash
accruals or significant withdrawal of capital by its partners.

                       About Sarathy Autocars

Set up in 1999 as a partnership firm, Sarathy is a leading dealer
of MSIL in Kollam (Kerala).  Currently, Sarathy has eight
showrooms and five authorised MSIL service stations in Kerala.
The firm's operations are looked after by the managing partner,
Mr. Rajesh Somanathan.

Sarathy, on a provisional basis, reported a profit after tax (PAT)
of INR11 million on net sales of INR1.24 billion for 2009-10; it
had reported a PAT of INR9.2 million on net sales of INR1.12
billion for 2008-09.


SPICEJET LIMITED: Founder Director Singh Steps Down From Board
--------------------------------------------------------------
The Hindu reports that Ajay Singh, one of the founder directors of
Spicejet Ltd, has left the board of the low-cost airline, paving
the way for restructuring of the company by its new owner
Kalanithi Maran, the promoter of Sun TV.

According to the report, the company, in its annual general
meeting held on Friday, also announced that along with Mr. Singh,
another director of Spicejet Atul Sharma had decided to leave the
company.

Mr. Singh, along with London-based NRI Bhupendra Kansagra, set up
the second largest domestic no-frills carrier in 2005.  He is
likely to keep his 4.13 per cent stake in the airline, the report
notes.

The Hindu reports that the restructuring of the Spicejet board is
expected to take place after an open offer by Mr. Maran for an
additional 20% equity in the company.  The open offer was supposed
to take place this month, but was postponed by the new promoters.

                        About Spicejet Ltd

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                           *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007, INR1.33 billion in 2008 and INR3.52 billion in 2009.


SRI DHARMA: CRISIL Assigns 'B+' Rating to INR39.2MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Sri Dharma
Spinners Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR23.60 Million Cash Credit     B+/Stable (Assigned)
   INR39.20 Million Term Loan       B+/Stable (Assigned)
   INR4.00 Million Bank Guarantee   P4 (Assigned)

The ratings reflect Sri Dharma's small scale of operations in the
fragmented cotton spinning industry, regional concentration in
revenues, and weak operating efficiencies.  The ratings also
factor in susceptibility of the company's margins to volatility in
input prices, and Sri Dharma's average financial risk profile.
These rating weaknesses are partially offset by the extensive
industry experience of Sri Dharma's promoters.

Outlook: Stable

CRISIL believes that Sri Dharma's scale of operations will remain
small and its financial risk profile moderate over the medium
term. The outlook may be revised to 'Positive' if significant
increase in scale of operations and profitability leads to better
cash accruals.  Conversely, the outlook may be revised to
'Negative' if significant pressure on operating margin leads to
lower cash accruals or large working capital requirements leads to
deterioration in Sri Dharma's liquidity.

                            About Sri Dharma

Sri Dharma was incorporated in June 1999.  The company's spinning
unit at Rajapalyam in Tamil Nadu started operations in July 2001
with a capacity of 5565 spindles.  The company subsequently
expanded its capacity and currently has 13,264 spindles. It
manufactures cone yarn and hank yarn.

Sri Dharma reported a profit after tax (PAT) of INR4.96 million on
net sales of INR96.02 million for 2009-10 (refers to financial
year, April 1 to March 31) against a PAT of INR0.89 million on net
sales of INR96.14 million for 2008-09.


SHRI VARALAKSHMI: CRISIL Puts 'BB-' Rating on INR135MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Shri
Varalakshmi Company's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR135.00 Million Cash Credit     BB-/Stable (Assigned)
   INR20.00 Million Standby Line     BB-/Stable (Assigned)
                     of Credit
   INR30.60 Million Term Loan        BB-/Stable (Assigned)
   INR7.10 Million Packing Credit    P4+ (Assigned)
   INR2.00 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect the expected deterioration in SVC's financial
risk profile because of large debt-funded capital expenditure
(capex).  The ratings also factor in the firm's large working
capital requirements, small scale of operations, and exposure to
risks related to volatility in raw material prices and intense
competition in the sago market.  These rating weaknesses are
partially offset by SVC's established position in the highly
fragmented sago market, backed by its promoter's extensive
experience.

Outlook: Stable

CRISIL believes that SVC will remain a small player in the sago
market, and that its financial risk profile will remain
constrained over the medium term by its small net worth and large
proposed capex.  The outlook may be revised to 'Positive' in case
of any large capital infusion to fund the firm's proposed capex,
or more-than-expected increase in revenues and cash accruals post
completion of the capex. Conversely, the outlook may be revised to
'Negative' if there is any significant time or cost overrun in the
project, or pressure on SVC's cash accruals.

                      About Varalakshmi Company

SVC, which was originally by Mr. R Varadaraja Gounder in 1977,
manufactures processed sago (sabudana) under the brand
Varalakshmi. In 1984, Mr. V Sundaresan (Mr. Gounder's son and the
current managing partner) joined the business, and the name of the
firm was changed to its present one. SVC manufactures eight
varieties of sabudana. The firm has a unit is Salem (Tamil Nadu),
with tapioca crushing capacity of 4500 bags per day (bpd), and
drying capacity of 150 bpd. Presently, SVC enjoys a leadership
position in manufacturing of sabudana, with an 8 per cent share in
the total annual production of sabudana in India.

SVC reported a profit after tax (PAT) of INR11.69 million on net
sales of INR629.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR12.74 million on net
sales of INR520.71 million for 2008-09.


TREHAN PROMOTERS: CRISIL Lifts Rating on INR250M Term Loan to 'B-'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Trehan
Promoters and Builders Pvt Ltd to 'B-/Stable' from 'C'.

   Facilities                       Ratings
   ----------                       -------
   INR250.0 Million Term Loan       B-/Stable (Upgraded from C)

The upgrade reflects regular and timely servicing of term debt by
TPBPL for the past nine months.  The upgrade also factors in
CRISIL's belief that TPBPL will have sufficient funds, supported
by improved track record of bookings at its Tikri project, to
service its term debt obligations over the medium term.

The rating reflects Trehan's exposure to risks related to delays
in receipt of customer advances and inherent cyclicality in the
real estate industry. These rating weaknesses are partially offset
by Trehan's established position in the real estate industry.

Outlook: Stable

CRISIL believes that Trehan will continue to benefit over the
medium term from its promoter's extensive experience in the real
estate industry.  However, completion of its Tikri project will
depend on timeliness of receipt of customer advances and sale of
its project's remaining space.  The outlook may be revised to
'Positive' if Trehan completes the construction of the project
sooner than expected and reports more-than-expected profitability.
Conversely, the outlook may be revised to 'Negative' in case of
delays in completion of the project, or if the company's liquidity
deteriorates significantly because of slower-than-expected
bookings and/or less-than-expected receipt of remaining customer
advances.

                       About Trehan Promoters

Incorporated in 1994, Trehan operates in the real estate sector
under the brand 'Iris'. Trehan undertakes construction of
commercial complexes, and information technology (IT) parks, and
development of residential townships in the National Capital
Region.

Trehan is currently undertaking the IRIS Tech Park Sohna Road
project (Tikri Project), which involves construction of three
towers each for IT offices, food chains, and commercial purposes
such as exclusive showrooms. The total project cost is estimated
at around INR770 million to INR800 million to be financed through
debt of INR 250 million, promoter's contribution of around INR150
million, and balance through advances received from prospective
buyers.


VEEKAYEM TEXTILE: CRISIL Lifts Rating on Various Debts to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Veekayem
Textile Mills Pvt Ltd to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                        Ratings
   ----------                        -------
   INR102.9 Million Long-Term Loan   BB-/Stable (Upgraded from
                                                 B+/Stable)
   INR90.0 Million Cash Credit       BB-/Stable (Upgraded from
                                                 B+/Stable)
   INR13.0 Million Proposed LT       BB-/Stable (Upgraded from
           Bank Loan Facility                    B+/Stable)
   INR90.0 Million Export Packing    P4+ (Upgraded from P4)
                           Credit
   INR20.0 Million Letter of Credit  P4+ (Upgraded from P4)

The upgrade is driven by better than-expected business performance
marked by higher sales growth in 2009-10 (refers to financial
year, April 1 to March 31), and improved working capital cycle due
to quicker realisations from debtors, and reduced inventory
levels.

The ratings continue to reflect VTMPL's weak financial risk
profile, and lack of integrated facilities.  These weaknesses are,
however, partially offset by the benefits that VTMPL derives from
its promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that VTMPL will maintain a stable business risk
profile supported by its promoters' longstanding experience in the
textile industry. The outlook may be revised to 'Positive' if the
company's financial risk profile improves considerably, backed by
a significantly stronger capital structure. Conversely, the rating
may be revised to 'Negative' if the company undertakes large,
debt-funded capital expenditure, or if its liquidity position
deteriorates over the medium term.

                      About Veekayem Textile

Incorporated in 1987 by Mr. Krishnakant Gupta, VTMPL manufactures
suitings and readymade garments.  The company manufactures nearly
20 varieties of fabric, including cotton, polyviscose, polycot and
nylon. The company has a manufacturing facility at Umbargaon
(Gujarat).

VTMPL, on a provisional basis, reported a profit after tax (PAT)
of INR5.4 million on an operating income of INR912 million for
2009-10, as against a PAT of INR4.3 million on an operating income
of INR801 million for 2008-09.


VISHAL PIPES: CRISIL Rates INR10 Million Term Loan at 'BB+'
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishal Pipes Ltd
continue to reflect VPL's average financial risk profile, marked
by a low net worth and weak debt protection measures, and small
scale of operations in the electric resistance welded (ERW) pipe
segment.  These weaknesses are partially offset by the benefits
that the company derives from its promoters' experience in the ERW
pipe segment.

   Facilities                           Ratings
   ----------                           -------
   INR180.0 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR10.0 Million Term Loan            BB+/Stable (Reaffirmed)
   INR70.0 Million Letter of Credit     P4+ (Reaffirmed)
   INR50.0 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VPL will maintain a stable business risk
profile over the medium term, supported by its promoters'
experience and its diversified product portfolio.  However, VPL's
financial risk profile is expected to remain average owing to its
modest debt protection measures, low margins, and large working
capital requirements.  The outlook may be revised to 'Positive' if
VPL's margins improve significantly, leading to improvement in its
debt protection measures; or to 'Negative' if the company
undertakes a large, debt-funded capital expenditure programme, or
faces a marked decline in its operating margin.

Update

VPL's revenues declined by around 9 per cent year-on-year to
INR1.47 billion in 2009-10 (refers to financial year, April 1 to
March 31) due to lower selling price of steel pipes and lower
export sales to the European markets.  However, the sales in the
domestic market increased as compared with the previous year
driven by higher demand from existing customers. Also, VPL's
operating margin for 2009-10, at 3.3 per cent, was higher then
CRISIL's expectation of 3 per cent due to the company's lower
operating expenses. VPL's gearing increased to around 1.6 times as
on March 31, 2010, against CRISIL's expectations of around 1.3
times, primarily because of debt contracted to fund incremental
working capital requirements, as the company had to maintain
higher inventory levels for servicing large orders.

VPL is estimated to report a profit after tax (PAT) of INR16.2
million on net sales of INR1.47 billion for 2009-10, against a PAT
of INR17.1 million on net sales of INR1.62 billion for 2008-09.

                        About Vishal Pipes

Incorporated in 1985 by Mr. Radhey Shyam Agarwal, VPL manufactures
ERW black pipes, galvanised pipes, and poly vinyl chloride (PVC)
pipes. The company's plant at Sikandrabad (Uttar Pradesh) has a
capacity to manufacture 30,000 tonnes per annum (tpa), 24,000 tpa,
and 4000 tpa of mild steel pipes, galvanised pipes, and PVC pipes,
respectively.


WINE ENTERPRISES: CRISIL Rates INR310 Mil. Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL's rating on Wine Enterprises' bank facilities continue to
reflect Wine Enterprises' weak financial risk profile, marked by
weak capital structure and debt protection metrics, low
profitability because of low-margin trading operations, exposure
to supplier concentration risks, and large working capital
requirements.  These rating weaknesses are partially offset by
Wine Enterprises' healthy regional market position, favorable
relationships with suppliers, and limited exposure to inventory
and debtor risks.

   Facilities                        Ratings
   ----------                        -------
   INR310.0 Million Cash Credit      BB+/Stable
   (Enhanced from INR250 million)

Outlook: Stable

CRISIL believes that Wine Enterprises will maintain its healthy
market position in the regional liquor distribution business over
the medium term, and that the firm's scale of operations will
remain moderate and its profitability, stable, driven by limited
volatility in liquor prices.  The firm's gearing is expected to
remain moderately high because of its incremental working capital
requirements.  The outlook may be revised to 'Positive' if the
firm's capital structure improves, and if it increases the
diversification of its supplier profile.  Conversely, the outlook
may be revised to 'Negative' in case Wine Enterprises' gearing
increases, or if the firm increases its exposure to unrelated
businesses.

Update

Wine Enterprises' sales in 2009-10 (refers to financial year,
April 1 to March 31) were more than CRISIL's estimate, at INR2.43
billion, resulting in a growth of 40% over that in 2008-09.
Operating profitability, however, remained low, as expected, at
2.4%, because of the firm's commission?based business.  The
higher-than-expected growth resulted in increased working capital
requirements during 2009-10, which were largely funded by debt
because of the firm's low profitability.  The firm's business risk
profile continues to be marked by its robust risk management
practices.

When CRISIL assigned its initial rating on Wine Enterprises' bank
facility in December, 2009, the firm had acquired a restaurant for
INR67.00 million, funded through partners capital; the initial
rating had also factored in INR150.00 million retained in the firm
by its partners for business purposes. However, the restaurant was
subsequently transferred to the firm's partners (in their personal
capacity). This led to a decline in both gross block and net worth
of the firm as on March 31, 2010. As a result, the current rating
factors in an increased gearing of 2.9 times and a smaller net
worth of INR90.00 million as on March 31, 2010. The transfer of
asset, however, did not result in any cash outflow from the firm,
and the profits generated in 2009-10 were retained in the firm.
CRISIL, therefore, believes that Wine Enterprises will maintain
its business risk profile over the medium term.

                       About Wine Enterprises

Wine Enterprises, a partnership firm, commenced operations in 1980
in Amritsar (Punjab) as a wholesale distributor for Mohan Meakin
Ltd (MML). In 1992, the firm shifted its business to Pune.
Currently, Wine Enterprises is the sole distributor for the
Seagram group in Pune district (excluding Pune city) and Thane
district in Maharashtra; for MML in Pune and Thane districts; for
Asia Pacific Breweries Ltd in Pune district; and for Crown Beer
Distributors LLC in Thane district. Wine Enterprises' founder, Mr.
Narendra Singh Uppal, and his son, Mr. Manpreet Uppal, currently
manage the firm.


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


BAKRIE TELECOM: First Half Profit Slips 96% to IDR2.72 Billion
--------------------------------------------------------------
ANTARA News reports that PT Bakrie Telecom Tbk said on Monday its
net profit in the first half of 2010 dropped 96.3% to IDR2.72
billion from the same period last year on surging financial
burden.

ANTARA News relates PT Bakrie Telecom Tbk President Director
Anindya N. Bakrie said financial burden soared 95.3% to IDR206.3
billion from IDR105.6 billion.

According to the news agency, Mr. Anindya said the surge in
financial burden was related to the issuance of global bonds worth
US$250 million in the second quarter to repay syndicated debts and
finance capital expenditure on internet broadband wireless access.

ANTARA News says the company's operating profit in the first half
of 2010, however, rose 10.1% to IDR174.6 billion from IDR158.6
billion in the same period last year.

PT Bakrie Telecom Tbk -- http://www.bakrietelecom.com/-- is an
Indonesia-based telecommunication services provider.  The
Company's services include fixed wireless access using extended-
time division multiple access (E-TDMA) technology, which is a
limited mobility service using code division multiple access
(CDMA) 2000 1x technology. The Company's products consist of Esia,
Wifone, Wimode, EsiaTel and SLI Hemat 009. During the year ended
December 31, 2009, the Company had 3,677 base transceiver station
(BTS), two call centers, 90 Gerai Esia and 98,000 dealers and
outlets throughout Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2010, Fitch Ratings assigned Long-term foreign and local
currency Issuer Default Ratings of 'B' to PT Bakrie Telecom Tbk.
The Outlook is Stable.  Fitch has also assigned an expected rating
of 'B' and an expected recovery rating of 'RR4' to the proposed
US$250m notes due 2015 to be issued by Bakrie Telecom Pte. Ltd. (a
wholly-owned subsidiary of BTEL), and guaranteed by BTEL.  The
final ratings are contingent upon receipt of documents conforming
to information already received.

BTEL plans to use most of the proceeds from the 2015 Notes to
fully repay the outstanding principal of its existing syndicated
facility of US$145m and bridging loan of US$45m.  The remaining
proceeds will be used to finance capital expenditure related to
its wireless broadband business and for general purpose.  BTEL's
debt would comprise mainly the 2015 Notes, capital leases of
IDR2.6 trillion and an IDR650 billion bond after the 2015 Notes
are issued.


BANK PAN: Fitch Assigns Ratings on Proposed Senior Unsec. Bonds
---------------------------------------------------------------
Fitch Ratings has assigned PT Bank Pan Indonesia Tbk's proposed
five-year Rupiah senior unsecured bonds an expected rating of
'AA(idn)', and its seven-year Rupiah subordinated debt an expected
rating of 'A+(idn)'.  The final ratings are contingent on receipt
of final documentation conforming to information already received.
A full list of Panin's ratings is included at the end of this
release.

The senior unsecured bonds issuance is rated the same as Panin's
National Long-term rating as it constitutes direct, unsubordinated
and unsecured obligations of the bank, hence would rank pari passu
with all its other unsecured and unsubordinated obligations.  The
subordinated debt rating is two notches below the bank's 'AA(idn)'
National Long-term rating, and reflects the presence of cumulative
deferral conditions not previously included in subordinated debt
issuances by Indonesian banks prior to 2009; these conditions are
now required in compliance with Bank Indonesia's regulation on
Minimum Capital Adequacy Requirement for Commercial Banks (PBI No.
10/15/PBI/2008).  In Fitch's view, these instruments are now more
hybrid-like in nature and are thus subject to greater notching
under Fitch's hybrid security rating criteria.

Based on information received, payment of interest is subject to
two main conditions - that the bank's minimum CAR (currently 8%)
is not breached at the time of payment or as a result of payment,
and that, either at the time of interest payment or as a result of
interest payment, distributable reserves in the equity account are
not or would not become negative.  Based on Fitch's rating
criteria on hybrid securities, the cumulative coupon deferral is
considered a form of going concern loss absorption, which it
reflects through at least a two-notch differential between the
hybrid security rating and the issuer's National Long-term rating.
bank's reasonably strong financial position among Indonesian
For Panin, its 'BB' Issuer Default Rating, 'AA(idn)' National
Long-term rating and 'C/D' Individual Rating primarily reflect the
banks.  Hence, the rupiah sub-debt issue is notched two below its
National Rating at an expected rating of 'A+(idn)'.

Although the agency considers the likelihood of activation of the
loss absorption feature on this instrument to be low, it notes
that the existence of the deferral feature in this subordinated
debt issue (as well as on all subordinated debt issued by
Indonesian banks since 2009) differentiates it from the 'straight'
(non-deferrable) lower Tier 2 subordinated instruments issued
prior to 2009.  Consequently, as a result of greater hybrid-like
characteristics, the expected rating assigned to the issue is two
notches lower, compared with one notch for previous subordinated
debt issues (prior to 2009).  Should there be a materially
increased likelihood of activation of the loss absorption feature
(such as an annual net profit test), then a differential of three
or more notches would be applied under Fitch's criteria.

Panin was established in 1971 by the Gunawan family, which remains
in control of the bank through a 44.7% stake held by PT Panin Life
Tbk.  ANZ acquired a 5.2% stake in 1999, which was raised to 30%
at end-2007, and again to a current 38.8%.

Panin's ratings are:

  - Long-term Issuer Default Rating at 'BB'; Positive Outlook;

  - National Long-term Rating at 'AA(idn)'; Stable Outlook;

  - Individual rating at 'C/D';

  - Support Rating at '3';

  - IDR1.6 trillion senior unsecured debt (Bonds II/2007) at
    'AA(idn)';

  - IDR0.8 trillion senior unsecured debt (Bonds III/2009) at
    'AA(idn)';and

  - IDR1.5 trillion - Subordinated Bonds II/2008 (without presence
    of cumulative deferral conditions) at 'AA-(idn)'.


BERAU COAL: Loan Refinancing Won't Affect S&P's 'B+' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on PT
Berau Coal Energy (B+/Stable/--) is not affected by the company's
refinancing of its bank loans due December 2010.  S&P continues to
view Berau Energy's liquidity as adequate.

Berau Energy has refinanced bank loans of US$300 million each at
the company level and its holding company PT Bukit Mutiara (not
rated).  The company procured a US$400 million (new) bank loan and
issued US$450 million in guaranteed senior secured notes to
refinance its debt.  In addition, Berau Energy has raised about
US$150 million through an IPO.  Proceeds from the bank loan, the
notes issuance, and the IPO have also helped PT Bukit Mutiara to
repay part of the loan from PT Bumi Resources Tbk.  (BB/Stable/--;
ASEAN scale axBBB-/--/--) and the vendor notes.


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


RESONA BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has affirmed Resona Bank's Individual Rating at
'C/D' following its parent's, Resona Holdings, Inc.'s announcement
that it intends to repay public funds.  At the same time, Fitch
has affirmed Resona's Support Rating at '1'.

Resona Holdings plans to repay JPY400 billion of Deposit Insurance
Law Preferred Shares (DIL Preferred Shares) on August 31, 2010,
which would mark the first repayment of the JPY1,664 billion in
DIL Preferred Shares injected in June 2003.  After the repayment,
Resona Holdings' Tier 1 ratio is expected to fall to 8.67% (end-
June 2010: 10.84%).  The premium that Resona Holdings will pay is
JPY25.7 billion, or 6.4% of the par amount

In assessing Resona's Individual Rating, Fitch has taken into
consideration capitalization at the holding company; in its view
the repayment of public funds will lead to deterioration in
Resona's underlying capitalization.  However, the deterioration in
Resona's Fitch-defined "Eligible Capital" (FEC; which limits the
contribution of hybrid capital to 30% of eligible Tier 1, but
includes most kinds of public funds) is not considered material
enough to warrant a downgrade of the Individual Rating since it is
still comparable to 'C/D' rated peers (albeit now at the low end
of the peer group).  By Fitch's estimate Resona Holdings' eligible
Tier 1 capital ratio will decline to 6.8% from 9.0% as a result of
the public funds repayment (based on end-June 2010 figures).

The agency notes Resona Holdings' aim in maintaining its Tier 1
ratio above 8%, and has taken this into account in affirming the
Individual Rating.  Fitch considers this aim as appropriate for
the current rating.  Given Resona Holdings' modest FEC and
profitability, the agency expects that it may take a relatively
long time for Resona Holdings to accumulate meaningful internal
capital.  In this regard, should Resona Holdings lower its target
minimum Tier 1 ratio, which would also see FEC fall materially
below 6%, Fitch would consider downgrading Resona's Individual
rating.  As hybrid capital is largely excluded from FEC, the
agency would also view as negative any replacement of public funds
with non-government held hybrid securities; Fitch expects this
possibility to be low, based on discussions with Resona Holdings.

On the other hand, the repayment of public funds either through
the issuance of common equity or accumulated retained earnings (if
Fitch eligible and core capital ratios remain substantially higher
than current levels) would be viewed positively by Fitch.  The
prospect of an upgrade of the Individual Rating is primarily
constrained by the quality and quantity of Resona's capital.
However, Fitch will continue to take into account the bank's
current and future business and operating prospects in its ratings
deliberations.

The affirmation of Resona's Support Rating at '1' reflects the
bank's systemic importance in the domestic financial system, as it
ranks among the six largest banking groups in Japan.


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


DAEWOO INT'L: POSCO Buys 68% Stake for KRW3.37 Trillion
-------------------------------------------------------
The Korea Herald reports that Seoul, South Korean-based steelmaker
POSCO has signed a deal to acquire Daewoo International Corp.

The contract was signed by POSCO and Korea Asset Management Corp.,
representative of Daewoo International stakeholders, and calls for
the steelmaker to make the payment by the end of September, the
Korea Herald says.

According to the report, POSCO will acquire about 68% of Daewoo
International or 68.68 million shares, for KRW3.37 trillion
(US$2.8 billion), KRW87.8 billion less than the steelmaker's
initial offer of KRW3.46 trillion.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Yonhap News Agency said that creditors of Daewoo
International Corp. planned to put the company up for sale.  The
state-run Korea Asset Management Corp. (KAMCO), the biggest
shareholder in Daewoo International, has been moving to sell a 68%
stake that is jointly held by the Export-Import Bank of Korea, the
state-run Korea Development Bank and other state agencies.
Bloomberg News discloses that KAMCO said it is recouping KRW1.76
trillion in public funds from selling its entire 35.5% stake.  The
acquisition is the largest of the year in South Korea, based on
equity value excluding debt, according to data compiled by
Bloomberg.  According to Bloomberg, the transaction will be
completed by the end of September.  The creditors acquired the
assets as part of the bailout of Daewoo Corp. in 2000.

Daewoo International Corporation (SEO:047050) is a Korea-based
company specialized in the provision of trade services.  The
Company operates its business through two divisions: trade, and
manufacturing and distribution.  Its trade division provides
distributors and retailers with steels, metals, chemicals,
automobile parts, machines, electronics, fibers, energy and other
related products.  Its manufacturing and distribution division
manufactures automobile seats, polyurethane, raw fabric and other
related products, and distributes goods through a department store
in Gyeongsangnam Province, Korea.


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


ARK RESOURCES: Swings to MYR332,000 Net Income in June 30 Quarter
-----------------------------------------------------------------
ARK Resources Bhd reported net income of MYR332,000 on MYR326,000
of revenue for the quarter ended June 30, 2010, compared with a
net loss of MYR94,000 on MYR188,00 of revenue for the three months
ended June 30, 2009.

The Company's balance sheet as of June 30, 2010, showed
MYR9.69 million in total assets, MYR118.91 million in total
liabilities, and a stockholders' deficit of MYR109.22 million.

In its latest quarter report, the Company discloses that as of
June 30, 2010, it has incurred an accumulated deficit of MYR163.38
million, and that its current liabilities exceed its current
assets by MYR109.45 million, which may not be sufficient to pay
for the operating expenses in the next 12 months.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, ARK Resources was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.


JPK HOLDINGS: Incurs MYR2.59 Million Net Loss in June 30 Quarter
----------------------------------------------------------------
JPK Holdings Berhad reported a net loss of MYR2.59 million on
revenue of MYR4.42 for the first quarter ended June 30, 2010,
compared with a net loss of MYR2.42 million on revenue of
MYR8.46 million in the same period last year.

At June 30, 2010, the company's consolidated balance sheet showed
MYR64.74 million in total assets, MYR62.92 million in total
liabilities and stockholders' equity of MYR1.07 million.

The company's consolidated balance sheet at June 30, 2010, showed
strained liquidity with MYR13.19 million in total current assets
available to pay MYR62.92 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?6a63

                         About JPK Holdings

JPK Holdings Berhad is a Malaysia-based investment holding company
engaged in the provision of management services to its
subsidiaries.  The Company's subsidiaries include JPK (Malaysia)
Sdn. Bhd., which is engaged in the manufacture of precision
plastic injection moulded parts; JPK Industries Sdn. Bhd., which
is engaged in property holding; JPK Co. Ltd., which is engaged in
investment holding; JPK (Dongguan) Co. Ltd., which is engaged in
the Manufacture of precision plastic injection moulded parts, and
JPK (Hanoi) Co. Ltd., which is engaged in the manufacture,
assemble, process and design precision plastic injection moulded
parts.  The Company's operating businesses are organized and
managed into three geographical locations: Malaysia, The Socialist
Republic of Vietnam and The People's Republic of China.

                           *     *     *

JPK Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the external auditors of the Company have expressed a
disclaimer opinion on the Company's audited financial statements
for the financial year ended March 31, 2009.


JPK HOLDINGS: Appoints Dr. Liew Lai Ping as New Chairman
--------------------------------------------------------
JPK Holdings Berhad has appointed Dr. Liew Lai Ping as its new
chairman.

Dr. Ping has been in the plastic injection moulding business for
more than twenty (20) years and is one of the founders of JPK
(Malaysia) Sdn. Bhd. (JPK Malaysia) in 1989.

JPK Holdings Berhad is a Malaysia-based investment holding company
engaged in the provision of management services to its
subsidiaries.  The Company's subsidiaries include JPK (Malaysia)
Sdn. Bhd., which is engaged in the manufacture of precision
plastic injection moulded parts; JPK Industries Sdn. Bhd., which
is engaged in property holding; JPK Co. Ltd., which is engaged in
investment holding; JPK (Dongguan) Co. Ltd., which is engaged in
the Manufacture of precision plastic injection moulded parts, and
JPK (Hanoi) Co. Ltd., which is engaged in the manufacture,
assemble, process and design precision plastic injection moulded
parts.  The Company's operating businesses are organized and
managed into three geographical locations: Malaysia, The Socialist
Republic of Vietnam and The People's Republic of China.

                           *     *     *

JPK Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the external auditors of the Company have expressed a
disclaimer opinion on the Company's audited financial statements
for the financial year ended March 31, 2009.


LCL CORPORATION: Court Enters Wind-Up Order Against LCL Trading
---------------------------------------------------------------
LCL Corporation Berhad disclosed that the Shah Alam High Court
entered an order on August 4, 2010, to wind up LCL Trading Sdn
Bhd, a subsidiary of LCL, under the provisions of the Companies
Act, 1965.

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2010, LCL Corp. said that a demand notice was served on
the Company's subsidiary LCL Trading Sdn Bhd by Messrs. Mak, Ong &
Ng, Advocates & Solicitors acting for San Lik Woodtrade Sdn Bhd
for outstanding loan payment of MYR243,054.

                           About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.


SYARIKAT KAYU: Swings to MYR3.25 Million Net Income in June 30 Qtr
------------------------------------------------------------------
Syarikat Kayu Wangi Bhd posted net income of MYR3.25 million on
MYR7.82 million of revenues for the quarter ended June 30, 2010,
compared with a net loss of MYR1.14 million on MYR3.46 million of
revenues in the same quarter in 2009.

Syarikat Kayu's unaudited balance sheet as of June 30, 2010,
showed total assets of MYR94.64 million, total liabilities of
MYR77.63 million and shareholders' equity of MYR17.01 million.

As of June 30, 2010, the company's unaudited balance sheet showed
strained liquidity with current assets of MYR18.05 million
available to pay MYR76.32 million of liabilities coming due within
the next twelve months.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?6a66

                        About Syarikat Kayu

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.


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


ALLIED FARMERS: NZX Grants Extension for Filing Results
-------------------------------------------------------
The National Business Review reports that Allied Farmers has been
unable to provide its unaudited full year results to NZX within
the required 60 days, due to the receivership of subsidiary Allied
Nationwide Finance.

NBR relates NZX said it had granted Allied Farmers a waiver from
the requirement until September 10.

Receivers were appointed to ANF on August 20, six business days
before Tuesday's due date for the preliminary announcement.

According to NBR, NZX said ANF represented a significant portion
of the Allied Farmers group, which needed enough time to fully
consider the implications of the receivership on the Allied
Farmers accounts, as well as the valuation of Allied Farmers'
other assets that were affected by the event.

Allied Farmers had been talking with its auditors about the
appropriate accounting treatment, and was still working through
the full implications of that, the report notes.

NBR adds that the valuation was affected by the receivership, and
by the approach the receiver took and the approach by Allied
Farmers' senior bankers in respect of the company's banking
facilities.  All those parties needed time to consider their
position, NZX said.

The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2010, that Allied Farmers Ltd. said it will renegotiate the terms
of its bank facility with Westpac following the receivership of
its subsidiary Allied Nationwide Finance.  The National Business
Review said Allied Farmers, which took over the stricken Hanover
finance loan book last December, was granted an extension on the
Westpac facilities until March 31, 2011.  However, Allied Farmers
said the receivership of Allied Nationwide has meant that the
milestones for the agreed debt terms, including debt retirement
and a restructuring initiative, will require renegotiation.

                        About Allied Farmers

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


STOP THE STADIUM: Goes Into Liquidation
---------------------------------------
The New Zealand Herald reports that Stop the Stadium, a group
fighting the development of New Zealand's largest indoor arena in
Dunedin, has gone into liquidation.

According to the NZ Herald, the Dunedin City Council in May this
year sought to recover NZ$11,060, or force STS, now known as Stop
the System, into liquidation over its unsuccessful legal challenge
to the council's funding for Dunedin's new Forsyth Barr stadium.

The report, citing the Otago Daily Times, says Associate Judge Rob
Osborne in the High Court at Dunedin on Monday ruled "political
issues" raised as a defense by STS president Dave Witherow were
not matters for the court.  Mr. Witherow had not taken legal
advice and his statement of defense was not in a form the court
could accept, the report adds.

Judge Osborne ruled the society should be liquidated, and
indicated there would be costs awarded to the council, the NZ
Herald says.


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


MANILA CAVITE: Moody's Assigns 'B2' Rating on Series 2010-1 Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating to
the Series 2010-1 Notes issued by Manila Cavite Toll Road Finance
Company.  The rating outlook is stable.

                        Ratings Rationale

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on July 28, 2010.  Moody's rating
rationale was set out in a press release and explored more fully
in a Credit Analysis Report issued on July 29, 2010.

The Series 2010-1 Notes, due in 2022, are backed by specifically
assigned toll road collection rights for the Manila-Cavite Toll
Expressway in the Philippines, from the UEM-MARA Philippines
Corporation.

The rating was assigned by evaluating factors Moody's considers
are relevant to the credit profile of MCTR, such as i)
construction risk, ii) traffic downside risk, iii) business risk
and the company's competitive position, iv) the company's capital
structure and financial risk, v) the company's projected
performance over the near to medium term, vi) its contractual
framework, and vii) by reference to Moody's methodology
"Operational Toll Roads", published in December 2006.  The
Operational Toll Roads methodology is designed for toll roads that
are not subject to material construction or traffic ramp-up risk.
As such, the methodology was used only as a reference point and
not as the main basis for the rating given that its application is
qualified by these limitations.  MCTR's attributes were also
compared to other issuers both in and outside MCTR's core
industry; Moody's therefore considers MCTR's ratings to be
comparable to those of other issuers of similar credit risk.

Manila Cavite Toll Road Finance Company is a single-purpose
exempted company incorporated in the Cayman Islands, with limited
liability.  MCTR is the financing vehicle for UEM - MARA
Philippines Corporation, which is wholly owned by Coastal Road
Corporation, incorporated in the Philippines.  UMPC has rights
under a toll road concession to design, finance, construct, and
operate the Manila Cavite Toll Expressway, including an existing
R1 Expressway, and a soon to be completed R1 Extension.  The
concession runs for a term of 35 years to October 2033.  The toll
road concession arrangements are in place with the Philippines
Reclamation Authority, a corporation that is owned and controlled
by the Government of the Republic of the Philippines and the
Philippines Government via the Toll Regulatory Board.  At
financial close, UMPC has assigned its toll road collection rights
to MCTR to support the Notes.


MANILA CAVITE: S&P Assigns 'B' Rating on US$160 Mil. 2010-1 Notes
-----------------------------------------------------------------
Standard & Poor's Rating Services assigned its final 'B' rating on
the US$160 million Series 2010-1 notes due 2022 to be issued by
Manila Cavite Toll Road Finance Co.  The outlook is stable.

The final rating on the proposed notes reflects the execution risk
of not completing the extension of the toll road on time and the
project's dependence on strong traffic growth to meet debt
service.

These weaknesses are balanced by the long-term potential traffic
growth of the toll road, the solid concession agreement, and
adequate liquidity at the rating level, including a cash reserve
account (debt service reserve account) covering at least 12 months
of note servicing (including swap premiums) during the life of the
transaction.  The concession agreement also benefits from some
government support.

The proceeds of the issue will be used to finance the completion
of the road extension, repay bank loans taken to finance the
project, and fund certain reserve accounts to support cash flow
obligations.

"The original offering of US$175 million was reduced to US$160
million because of lower expected construction costs going
forward, and the company's decision to not fund the subordinated
debt reserve account from the note issue proceeds," said Standard
& Poor's credit analyst Allan Redimerio.

Construction costs between April and June to develop the extension
segment of the road were funded using cash flows from the existing
portion of the road.  This resulted in approximately US$6 million
reduction in the original amount required to complete the project.

The original plan was to fund the subordinated debt reserve
account with up to approximately US$9 million from the note
proceeds, but it will now be funded completely from operational
cash flows of the toll road.

Based on the lower principal size of US$160 million, and a final
interest rate of 12% per annum fixed, the transaction's debt
financing cost is effectively equivalent to about 11% per annum
fixed under the originally planned principal issue size.  In
addition, the premium on the participating currency swap has been
set at 3.50% per annum fixed until September 2012, and
subsequently steps up to 4.85% per annum until September 2015.
The swap's tenor matches that of the notes, but the premiums are
paid during the first five years only.  Although this level of
financing costs for both notes and swap are higher than S&P's
base-case figures of 10.5% per annum fixed and 3.75% per annum
fixed, it still supports the rating of the notes at 'B'.

The stable outlook reflects the transaction's adequate liquidity
provisions, mechanisms to retain some cash (referred to in the
industry as "cash traps") during the construction, and debt
service reserve during the traffic ramp-up phase.


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


AVIATION INVESTMENT: Creditors' Proofs of Debt Due September 13
---------------------------------------------------------------
Creditors of Aviation Investment Group Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by September 13, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Joseph Wong Phui Lim
          c/o 15 Beach Road #03-10
          Beach Centre
          Singapore 189677


J. MARTENS: Creditors' Proofs of Debt Due September 27
------------------------------------------------------
Creditors of J. Martens (Asia-Pacific) Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by September 27, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


PACIFIC KING: Court to Hear Wind-Up Petition on September 17
------------------------------------------------------------
A petition to wind up the operations of Pacific King Shipping
Holdings Pte Ltd will be heard before the High Court of Singapore
on September 17, 2010, at 10:00 a.m.

Glory Wealth Shipping Pte Ltd filed the petition against the
company on November 30, 2009.

The Petitioner's solicitors are:

         Allen & Gledhill LLP
         One Marina Boulevard #28-00
         Singapore 018989


PACIFIC KING PTE: Court to Hear Wind-Up Petition on September 17
----------------------------------------------------------------
A petition to wind up the operations of Pacific King Shipping Pte
Ltd will be heard before the High Court of Singapore on
September 17, 2010, at 10:00 a.m.

Glory Wealth Shipping Pte Ltd filed the petition against the
company on November 30, 2009.

The Petitioner's solicitors are:

         Allen & Gledhill LLP
         One Marina Boulevard #28-00
         Singapore 018989


BINTAI ENGINEERING: Creditors' Proofs of Debt Due September 10
--------------------------------------------------------------
Creditors of Bintai Engineering Internatinal Pte Ltd., which is in
voluntary liquidation, are required to file their proofs of debt
by September 10, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


ARTON PTE: Creditors' Proofs of Debt Due September 10
-----------------------------------------------------
Creditors of Arton Pte Ltd., which is in voluntary liquidation,
are required to file their proofs of debt by September 10, 2010,
to be included in the company's dividend distribution.

The company's liquidator is:

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


=============
V I E T N A M
=============


VIETNAM SHIPBUILDING: Two More Vinashin Executives Suspended
------------------------------------------------------------
Vietnam's Prime Minister Nguyen Sinh Hung suspended two board
members of Vietnam Shipbuilding Industry Group as part of an
investigation, Bloomberg News reports.

Nguyen Xuan Phuc, chairman of the Government Office, which
oversees implementation of state plans, said in a statement that
Tran Quang Vu and Tran Van Liem were removed from the board,
Bloomberg relates.

The board is also considering the dismissal of Tran Quang
Vu, chief executive officer, Tran Tuan Anh, Hanoi-based vice head
of personnel at the shipbuilder, told Bloomberg News.  The
government statement said the prime minister had asked for Mr. Vu
to stand down.

Nguyen Quoc Anh, the state-owned company's current business
manager, will be appointed acting chief executive officer of
Vietnam Shipbuilding Industry Group, Bloomberg reports.

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2010, Prime Minister Nguyen Tan Dung decided to suspend
Phan Thanh Binh from his Chairmanship of Vinashin as the
government started an investigation into financial dilemma of the
state-owned company.  According to a statement on the government's
Web site on July 14, Minister-Chairman of the Office of Government
Nguyen Xuan Phuc said Prime Minister Nguyen Tan Dung ordered to
investigate responsibilities and detect faults of Mr. Binh when he
carried out the assigned tasks.  Deputy Minister of Transport
Nguyen Hong Truong was appointed to replace Mr. Binh as the
Chairman of Vinashin.

Vinashin doesn't have enough funds for some projects after its
customers and lenders were hit by the global recession that
started in 2008.  The company also over-diversified its business
activities and hasn't managed its cash flow and debt.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

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

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

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

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





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