TCRAP_Public/100903.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, September 3, 2010, Vol. 13, No. 174

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: JPMorgan Sells US$484.6MM of Mortgage Debt
CITY PACIFIC: Balmain to File Legal Action Against Former Execs


C H I N A

CHINA TRACTOR: Posts US$1.2 Million Net Loss in June 30 Quarter
POWERLONG REAL: Moody's Assigns 'Ba3' Corporate Family Rating


H O N G  K O N G

ABLE SMART: Members' and Creditors Meetings Set for September 20
ACE FINE: Lui and Yuen Step Down as Liquidators
ASIA SINO: Members' Final Meeting Set for September 20
BASF CONSTRUCTION: Members' Final Meeting Set for September 30
CADILY JEWELRY: Members' Final Meeting Set for September 29

COMMSECURE (HK): Commences Wind-Up Proceedings
CRYSTALRAY HOLDINGS: Members' Final Meeting Set for September 30
EAST ORIENT: Members' Final Meeting Set for September 27
EASTERN ROYAL: Members' Final Meeting Set for September 27
EAST WELL: Members' Final Meeting Set for September 27

EMPIRE TOYS: Lees and Sebastian Step Down as Liquidators
FIBERXON (HK): Commences Wind-Up Proceedings
GALWAY LIMITED: Cheng and Ngan Step Down as Liquidators
GENERAL TRADING: Members' Final Meeting Set for September 27
GUANGDONG TOURS: Annual Meetings Slated for September 16

GREAT TIME: Creditors' Meeting Set for September 28
HK FOUNDRY: Placed Under Voluntary Wind-Up Proceedings
HOME MART: Members' Final General Meeting Set for September 27
JUPITER NAVIGATION: Creditors' Proofs of Debt Due September 13
KPT (HK): Members' Final Meeting Set for September 29


I N D I A

ANUGRAHA FASHION: CRISIL Reaffirms 'D' Rating on INR346.6MM Loan
ARUSH INDUSTRIES: ICRA Assigns 'LBB+' Rating to INR7.25cr Loan
AVANI TEXTILES: CRISIL Lifts Rating on INR940MM Term Loan to 'B-'
COMPACT LAMPS: CRISIL Assigns 'BB+' Rating to INR78MM Term Loan
EAST WEST: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts

FUJIKAWA POWER: ICRA Assigns 'LBB+' Rating to INR8cr Bank Debts
GEON INT'L: ICRA Places 'LBB+' Rating on INR2cr Fund Based Limits
NEXT RETAIL: Fitch Affirms National Long-Term Rating at 'BB+'
OFFICEDGE INDIA: Fitch Assigns 'BB' National Long-Term Rating
PALLAVI MOTORS: CRISIL Reaffirms 'BB' Rating on INR47.5MM Debt

SASI ANAND: CRISIL Reaffirms 'BB' Rating on Various Bank Debts
SAPNA GEMS: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
SG INTERNATIONAL: ICRA Places 'LBB+' Rating on INR2cr Bank Debts
SWADIST OILS: CRISIL Reaffirms 'BB' Rating on INR70MM Term Loan
SWAJIT ENGINEERING: CRISIL Cuts Rating on INR5.6MM Loan to 'BB-'

TRIDENT PROPERTIES: CRISIL Reaffirms 'B' Rating on INR210MM Debt


J A P A N

GK ORSO: Fitch Downgrades Ratings on Various Classes of Notes
JAPAN AIRLINES: No Objections to Restructuring Plan in Japan
JAPAN AIRLINES: Sells 90% Stake in JAL Sky Kansai Subsidiary
JAPAN AIRLINES: Sells 79.6% Stake in Hotel Unit to Okura
JAPAN AIRLINES: To Expand Codeshare With Vietnam Airlines


M A L A Y S I A

LIMAHSOON BERHAD: Nutech Serves Writ of Summons Against Unit
MITHRIL BERHAD: Classified as Affected Listed Issuer Under PN17
NAM FATT: Ferrier Hodgson MH Appointed as Provisional Liquidators
SWEE JOO: Inability to Provide Solvency Declaration Cues PN 17


N E W  Z E A L A N D

SOUTH CANTERBURY: Unit Unaffected by SCF's Receivership


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


CENTRO PROPERTIES: JPMorgan Sells US$484.6MM of Mortgage Debt
-------------------------------------------------------------
Bloomberg News reports that JPMorgan Chase & Co. sold US$484.6
million of bonds backed by a loan to Centro Properties Group.

A person familiar with the sale who declined to be identified
because terms aren't public told Bloomberg News that the largest
top-rated portion of the bond, containing $272 million in debt
maturing in 10 years, yields 165 basis points more than the
benchmark swap rate.

According to data compiled by Bloomberg, Wall Street is seeking to
revive the market for bonds backed by commercial property loans
after issuance plummeted 95% to US$11.2 billion in 2008 from a
record $234 billion in 2007.  Bloomberg says JPMorgan's Centro
deal is the sixth sale this year.

Half of this year's sales have been linked to properties of a
single borrower.  In 2007, offerings of as much as $7.6 billion
contained as many as 300 loans from multiple U.S. borrowers,
Bloomberg data show.

                      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 Properties Group 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.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010 to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.


CITY PACIFIC: Balmain to File Legal Action Against Former Execs
---------------------------------------------------------------
Balmain Trilogy is preparing a legal challenge against former
directors of City Pacific Ltd. but company founder and former
chief executive Phil Sullivan will not be among those targeted,
Nick Nichols at goldcoast.com.au reports.

According to the report, Balmain Trilogy joint chief executive
Andrew Griffin unveiled plans to home in on the directors'
liability insurance with the backing of litigation funder IMF.
Mr. Griffin, when questioned about BT's recovery proposal, told
about 1,000 unitholders in Brisbane that "there was something to
chase."  Mr. Griffin said his team would drive the case which
could take up to six years to play out.

BT said it had approached the Australian Securities and
Investments Commission four months ago to help fund a public
examination of City Pacific's involvement in the fund but the
corporate watchdog had yet to respond, the report notes.

                       Rescue Plan Rejected

Separately, The Sydney Morning Herald reports that Balmain Trilogy
said thousands of people who invested in City Pacific First
Mortgage Fund will be denied choice after unit holders blocked a
rescue strategy.

According to SMH, the funds manager on Wednesday failed to garner
the required support of 75% of units to change the troubled fund's
constitution and overhaul managers' fees.

Balmain blamed the result on "misinformation" spread by some
investors about a proposed performance bonus, which it said would
have been capped at $30 million, SMH says.

SMH relates Rodger Bacon, the fund's joint chief executive, said
the new strategy would have allowed Balmain Trilogy to oversee the
development of stalled property projects backed by the fund, but
it would now have to pay for external experts to manage the
development process.  Mr. Bacon said the fund would push ahead
with a $295 million program of payments between now and 2012 to be
divided on a pro-rata basis to the owners of all 887 million
units, including $35 million (about 4› a unit) in October.

The Sydney Morning Herald reports that investment bank Morgan
Stanley confirmed Wednesday that its offer of 26› a unit for an
immediate payment remained on the table for disheartened
investors, whose units were originally worth $1 each but have been
frozen for the past two years.

                         About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is engaged in funds management, including acting as responsible
entity and manager of four registered managed investment schemes
(City Pacific First Mortgage Fund (formerly City Pacific Mortgage
Trust), City Pacific Income Fund, City Pacific Managed Fund and
City Pacific Private Fund), property, financial services,
investment/trading activities and operations.  The Company
conducts business in five primary segments, being funds
management, property, financial services, investment/trading and
operating. On July 2, 2007, the Company acquired Australian
Beneficial Finance Pty Ltd., which is a mortgage manager
specializing in residential mortgage origination and management,
and commercial and development funding.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.  City Pacific's banker, the Commonwealth Bank,
called in Ian Carson and Daniel Bryant from PPB to act as
receivers and managers because the company is unable to pay debts
of more than AU$100 million.  PPB partner Ian Carson said City
Pacific's loss of the fund had had a "significant impact upon
(its) ability to service its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd has
been put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AU$3,060.


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C H I N A
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CHINA TRACTOR: Posts US$1.2 Million Net Loss in June 30 Quarter
---------------------------------------------------------------
China Tractor Holdings, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of US$1.2 million for the three months
ended June 30, 2010, compared with net income of US$204,221 for
the same period of 2009.

There was no revenue for the three months ended June 30, 2010,
compared with US$18,984 of revenue for the comparable period of
2009 due to there being no operating activities in first three
months of 2010.

The Company's balance sheet as of June 30, 2010, showed
US$13.4 million in total assets, US$4.3 million in total
liabilities, and stockholders' equity of US$9.1 million.

Goldman Parks Kurland Mohidin LLP, in Encino Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted that the Company has incurred a loss of
US$3.7 million, including loss from continuing operations of
US$488,640.

A full-text copy of the Form 10-Q is available for free at:

               http://researcharchives.com/t/s?6a9d

                       About China Tractor

ChangChun City, P.R. China-based China Tractor Holding, Inc.
currently does not have any operations.  On March 15, 2010, the
Company signed a stock transfer agreement to transfer all shares
owned by the Company in Chang Tuo Agricultural Machinery Equipment
Group Co., Ltd. to State-owned Assets Supervision and
Administration Commission of Changchun ("SOASACC"), and the
agreement was approved by Changchun government on April 19, 2010.
After the completion of the transaction, the Company will have no
substantial business operations until it enters a new industry
through merger or acquires other operational entities.  Up until
December 1, 2009, the business operation of Chang Tuo was the sole
business of the Company.


POWERLONG REAL: Moody's Assigns 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to Powerlong Real Estate Holdings Limited.

Moody's has also assigned a provisional (P)B1 rating to its
proposed US$ senior unsecured bond issue.

The ratings outlook is stable.

The proceeds from the proposed bonds will be used for financing
existing and new property projects and general working capital
purposes.

The provisional status of the bond rating will be removed after
Powerlong has completed the US$ issuance.

                        Ratings Rationale

"Powerlong's Ba3 corporate family rating reflects the strengths of
its niche business model, which offers a balanced mix of large-
scale integrated residential and commercial properties --
including shopping malls -- in China," according to Kaven Tsang, a
Moody's AVP/Analyst.

"It also reflects the company's diversification among China's
second- and lower-tier cities, where demand for property is weaker
than in the first-tier cities, but such markets are also less
susceptible to regulatory measures," says Tsang, also a lead
analyst for the company.

"Powerlong's investment properties are still under development and
their revenue contributions will be low, representing around 5% of
cash inflow, for the next couple of years."

"But over the medium term, Powerlong aims to develop a meaningful
scale in its retail investment property portfolio to achieve
recurring revenue," says Tsang.

"Its strategy is to establish close relationships with good
domestic and international anchor tenants to ensure good occupancy
rates and stable long-term recurring revenue which can offset the
volatility in the property development business and the effects of
regulatory measures on residential properties," says Tsang.

The Ba3 rating is constrained by the operating and financial
challenges stemming from its rapid business growth plan and its
short operating history since listing.

However, its growth execution risks are mitigated partly by its
high profit margin, which allows it the flexibility to adjust
prices against competition in a down market.

Powerlong's bond rating is notched down to B1, reflecting
structural and legal subordination.  Moody's expects its secured
and subsidiary debt to total assets ratio will be 15%-20% for the
next year or two, given that the company will use predominantly
onshore bank loans to fund its construction projects.

The stable outlook reflects Moody's expectation that Powerlong
will maintain its business strategy of developing large-scale
integrated residential and commercial projects in second- and
lower-tier cities.  The stable outlook also expects the company to
maintain a stable profit margin, as well as access to onshore bank
funding for its construction activities.

Powerlong's ratings could be upgraded if it 1) establishes a track
record of achieving its planned sales growth with stable profit
margins; 2) develops stable and material recurring income from its
investment properties as planned; 3) demonstrates a stable
financial profile without aggressive land acquisitions; and/or 4)
strengthens its liquidity profile with broadened banking
relationships and free cash supporting its scale of operations.

Moody's will consider an upgrade if Powerlong's credit metrics
strengthen with EBITDA/interest above 6x and net rental
income/interests beyond 1-1.25x on a sustained basis while
maintaining adjusted debt/capitalization below 40%.

On the other hand, the ratings could be downgraded if Powerlong's
financial position deteriorates, arising from its 1) weaker-than-
expected sales performance; 2) aggressive development and/or land
acquisitions beyond expectation, and without a correspondent
increase in cash inflow; and/or 3) weakened liquidity position to
support its operations.

The credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization rising beyond 50%
and/or EBITDA/interest falling under 3-4x.

Powerlong Real Estate Holdings Limited is a Chinese developer that
builds residential and commercial properties in second- and lower-
tier cities in China.  It currently has a development land bank of
around 6.89 million sqm in gross floor area in 15 cities.  It has
7 completed investment properties.  Some are held by the company
as long-term investments.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's information.

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

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


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


ABLE SMART: Members' and Creditors Meetings Set for September 20
----------------------------------------------------------------
Members and creditors of Able Smart Holdings Limited will hold
their annual meetings on September 20, 2010, at 10:00 a.m., and
10:30 a.m., respectively at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidator, will give a report on the company's
wind-up proceedings and property disposal.


ACE FINE: Lui and Yuen Step Down as Liquidators
-----------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz chun Frank stepped down as
liquidators of Ace fine Investment Limited on August 18, 2010.


ASIA SINO: Members' Final Meeting Set for September 20
------------------------------------------------------
Members of Asia Sino Communication Limited will hold their final
meeting on September 28, 2010, at 11:00 a.m., at Room 1301-2,
13/F., CRE Building, 303 Hennessy Road, Wanchai, in Hong Kong.

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


BASF CONSTRUCTION: Members' Final Meeting Set for September 30
--------------------------------------------------------------
Members of BASF Construction Chemicals (Hong Kong) Limited will
hold their final meeting on September 30, 2010, at 11:30 a.m., at
Room 1902, 19/F, Queen's Place, 74 Queen's Road Central, in Hong
Kong.

At the meeting, Ng Wai Yan and Ha Man Kit Marcus, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CADILY JEWELRY: Members' Final Meeting Set for September 29
-----------------------------------------------------------
Members of Cadily Jewelry (Hong Kong) Company Limited will hold
their final general meeting on September 29, 2010, at 10:00 a.m.,
at 2/F., Chow Sang Sang Building, 229 Nathan Road, in Yaumatei.

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


COMMSECURE (HK): Commences Wind-Up Proceedings
----------------------------------------------
Members of Commsecure (Hong Kong) Limited, on August 18, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


CRYSTALRAY HOLDINGS: Members' Final Meeting Set for September 30
----------------------------------------------------------------
Members of Crystalray Holdings Limited will hold their final
meeting on September 29, 2010, at 10:00 a.m., at 9/F., Tung Ning
Building, 249-253 Des Voeux Road Central, in Hong Kong.

At the meeting, Chan Shu Kin and Chow Chi Tong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EAST ORIENT: Members' Final Meeting Set for September 27
--------------------------------------------------------
Members of East Orient (HK) Limited will hold their final meeting
on September 27, 2010, at 3:00 p.m., at its registered office.

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


EASTERN ROYAL: Members' Final Meeting Set for September 27
----------------------------------------------------------
Members of Eastern Royal Limited will hold their final meeting on
September 27, 2010, at 3:15 p.m., at its registered office.

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


EAST WELL: Members' Final Meeting Set for September 27
------------------------------------------------------
Members of East Well Development Limited will hold their final
meeting on September 27, 2010, at 3:30 p.m., at its registered
office.

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


EMPIRE TOYS: Lees and Sebastian Step Down as Liquidators
--------------------------------------------------------
John Robert Lees and Colum Sebastian stepped down as liquidators
of Empire Toys (Hong Kong) Limited on August 3, 2010.


FIBERXON (HK): Commences Wind-Up Proceedings
--------------------------------------------
Members of Fiberxon (Hong Kong) Limited, on August 13, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

         Dr. Terence Ho Yuen Wan
         Mr. Henry Fung
         Rooms 1001-1003, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


GALWAY LIMITED: Cheng and Ngan Step Down as Liquidators
-------------------------------------------------------
Cheng Chung Por Gordon and Ngan Lin Chun Esther stepped down as
liquidators of Galway Limited on August 17, 2010.


GENERAL TRADING: Members' Final Meeting Set for September 27
------------------------------------------------------------
Members of General Trading and Investment Company Limited will
hold their final meeting on September 27, 2010, at 11:00 a.m., at
Room 4411, 44th Floor, Cosco Tower, 183 Queen's Road Central, in
Hong Kong.

At the meeting, Koo Chee Kong Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GUANGDONG TOURS: Annual Meetings Slated for September 16
--------------------------------------------------------
Members and creditors of Guangdong Tours Transportation Limited
will hold their annual meetings on September 16, 2010, at 11:00
a.m., and 11:30 a.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Kennic Lai Hang Lui and Leung Mun Yee Ruby, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


GREAT TIME: Creditors' Meeting Set for September 28
---------------------------------------------------
Creditors of Great Time Electronics Co., Limited will hold their
meeting on September 28, 2010, at 2:30 p.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Room 204, 2/F., Malaysia Building, 50
Gloucester Road, Wanchai, in Hong Kong.


HK FOUNDRY: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on August 18, 2010,
creditors of Hong Kong Foundry Association Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


HOME MART: Members' Final General Meeting Set for September 27
--------------------------------------------------------------
Members of Home Mart Limited will hold their final general meeting
on September 27, 2010, at 10:30 a.m., at 20/F., Prince's Building,
Central, in Hong Kong.

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


JUPITER NAVIGATION: Creditors' Proofs of Debt Due September 13
--------------------------------------------------------------
Jupiter Navigation Corporation Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by September 13, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 18, 2010

The company's liquidators are:

         Wong Wai Pui Ricky
         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


KPT (HK): Members' Final Meeting Set for September 29
-----------------------------------------------------
Members of KPT (Hong Kong) Limited will hold their final general
meeting on September 29, 2010, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

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


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ANUGRAHA FASHION: CRISIL Reaffirms 'D' Rating on INR346.6MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'D/P5' to Anugraha Fashion
Mills Pvt Ltd bank facilities.  The ratings reflect default by
AFMPL on its term loan obligations, owing to weak liquidity.

   Facilities                                 Ratings
   ----------                                 -------
   INR30.0 Million Cash Credit                D (Reaffirmed)
   INR346.60 Million Term Loan                D (Reaffirmed)
   INR150.00 Million Packing Credit           P5 (Reaffirmed)
   INR100.00 Million Foreign Bill Purchase    P5 (Reaffirmed)

Update

AFMPL has been delaying payment of instalment and interest on its
term loans from Canara Bank and Royal Bank of Scotland.  Although,
the company's liquidity has improved marginally due to increase in
cash accruals, bank limits continue to be fully utilized.

AFMPL posted a provisional profit after tax (PAT) of INR43.6
million on net sales of INR642 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR27.6
million on net sales of INR457 million for 2008-09.

                      About Anugraha Fashion

Set up as a partnership firm under the name Fab-N-Fabrics in 1988,
AFMPL converted to a private limited company in October 2008.
AFMPL, based in Tirupur, manufactures and exports knitted
garments.  The company has vertically-integrated operations, with
all processes, including spinning, knitting, processing and
garmenting being carried out in-house.


ARUSH INDUSTRIES: ICRA Assigns 'LBB+' Rating to INR7.25cr Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR7.25 crores fund
based limits of Arush Industries.  ICRA has also assigned an A4+
rating to the INR2.50 crores non-fund based limits of AI.  The
outlook on the long-term rating is stable.

The ratings take into account the highly competitive nature of the
battery manufacturing industry, exposure of AI's profitability to
movement in raw material prices and the likely impact on AI's
profitability after the current tax incentives expire. While
assigning the ratings, ICRA has also noted that AI is a newly set
up firm and its manufacturing operations are yet to stabilize. The
rating is also constrained by the risks inherent in partnership
firms like limited ability to raise capital and the risk of
dissolution.  Nevertheless the ratings derive comfort from AI's
experienced management, the established track record of the Okaya
group in the battery business and the benefits enjoyed by the
firm from being a part of the Okaya group which include a well-
established brand image and a strong distribution network.  The
rating also factors in the favorable capital structure as the
entire capital cost has been funded through equity infusion by
promoters.  Going forward, the firm's ability to stabilize the
operations of the new unit and achieve desired production and
sales volumes remains the key rating sensitivity factor.

                       About Arush Industries

Arush Industries is a partnership firm promoted by Mr. OP Gupta
and his family members.  The firm is a part of Microtek-Okaya
Group which has been in the business of power back-up solutions
and manufacturing of batteries for more than a decade.  AI was set
up in 2010 for production of batteries and its components.  The
manufacturing unit of the firm is located at Baddi in Himachal
Pradesh and has a production capacity of 3 lakh batteries per
annum.  The firm sells batteries under the brand name 'Okaya'.


AVANI TEXTILES: CRISIL Lifts Rating on INR940MM Term Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Avani
Textiles Ltd to 'B-/Stable' from 'D'.

   Facilities                        Ratings
   ----------                        -------
   INR800.00 Million Cash Credit     B-/Stable (Upgraded from 'D')
   INR940.00 Million Term Loan       B-/Stable (Upgraded from 'D')

The upgrade reflects timely debt servicing by ATL over the past
three months, supported by an improvement in liquidity and
management discipline in servicing debt.  ATL's revenues have
increased significantly: its operating income increased to
INR1972.1 million in 2009-10 (refers to financial year, April 1 to
March 31) from INR814.8 million in 2008-09.  Consequently, ATL's
cash accruals increased to INR82.7 million in 2009-10 from INR40.1
million in 2008-09.  The company's liquidity has, therefore,
improved despite its large incremental working capital
requirements.  The upgrade also reflects CRISIL's belief that
ATL's liquidity will improve further over the medium term, driven
by steady increase in cash accruals.

The ratings reflect ATL's weak financial risk profile marked by a
small net worth, high gearing, and weak debt protection metrics,
large working capital requirements leading to liquidity pressures,
susceptibility to volatility in cotton prices, and limited track
record in the highly fragmented cotton spinning industry. These
rating weaknesses are partially offset by ATL's healthy topline
growth and moderate scale of operations.

Outlook: Stable

CRISIL believes that ATL's liquidity will remain constrained by
large debt repayment obligations and working capital requirements,
despite expected ramp-up in revenue and cash accruals. The outlook
may be revised to 'Positive' if scale-up in operations and
improved profitability result in substantially stronger cash
accruals for ATL.  Conversely, the outlook may be revised to
'Negative', if the liquidity deteriorates on account of reduced
cash accruals and large working capital requirements, or if ATL
undertakes large, debt-funded capital expenditure.

                        About Avani Textiles

Incorporated in August 2006, ATL is promoted by the Jindal and
Goyal families of Sangrur. ATL manufactures cotton yarn; its
manufacturing unit in Sangrur (Punjab) has capacities of 52,800
spindles (ring frame) and 1865 rotors (open-ended coarse cotton).

For 2009-10, Avani's profit after tax (PAT) and operating income
are estimated to be INR11.3 million and INR1972.1 million,
respectively; it reported a PAT of INR4.1 million on an operating
income of INR814.8 million for 2008-09.


COMPACT LAMPS: CRISIL Assigns 'BB+' Rating to INR78MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Compact Lamps Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR150.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR78.0 Million Term Loan             BB+/Stable (Assigned)

The rating reflects Compact's limited track record of operations
in the compact fluorescent lamps (CFL) manufacturing business, and
weak financial risk profile, marked by high gearing and small net
worth.  These rating weaknesses are partially offset by the
benefits that Compact derives from its promoters' experience in
the CFL manufacturing business through a group company, Delta
Electronics Ltd (rated 'BBB-/Stable' by CRISIL) and the healthy
growth prospects for the CFL industry.

Outlook: Stable

CRISIL believes that Compact's gearing will continue to remain
moderately high over the medium term, because of large debt
contracted for setting up the company's CFL manufacturing unit in
Uttarakhand, and for meeting the incremental working capital
requirements.  The outlook may be revised to 'Positive' if the
company registers higher-than-expected operating income growth and
profitability or more-than-expected improvement in gearing.
Conversely, the outlook may be revised to 'Negative' if Compact
undertakes large, debt-funded capital expenditure program leading
to further increase in its gearing, or if the company's operating
income growth and profitability decline sharply.

                         About Compact Lamps

Set up in 2010, Compact commenced commercial operations on March
30th, 2010. The company manufactures and supplies CFLs in the
range of 5 to 36 watts.  The company is mainly a contract
manufacturer of CFL for established players in the Indian lighting
industry. Its unit at Ram Nagar (Uttarakhand) is spread over a
land area of 4800 square meters and has capacity to produce 2.2
million pieces (CFLs) per month.


EAST WEST: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the proposed long-
term bank facility of East West Freight Carriers Pvt Ltd; this was
earlier a proposed short-term bank facility, which was rated 'P4+'
by CRISIL.

   Facilities                         Ratings
   ----------                         -------
   INR71.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR3.5 Million Standby Line        BB+/Stable (Reaffirmed)
                     of Credit
   INR74.5 Million Proposed LT        BB+/Stable (Reassigned)
                 Bank Facility
   INR1.0 Million Bank Guarantee      P4+ (Reaffirmed)

The ratings on the company's other bank facilities have been
reaffirmed at 'BB+/Stable/P4+'.  The ratings continue to reflect
East West's exposure to risks related to operating in the highly
competitive and fragmented logistics industry, and the company's
heavy reliance on export cargo.  These weaknesses are partially
offset by East West's established position in the freight
forwarding business, and its above-average financial risk profile
marked by healthy debt protection measures and low gearing.

Outlook: Stable

CRISIL believes that East West will maintain its market position
and credit risk profile over the medium term, supported by its
longstanding relationships with clients and improving cash
accruals.  The outlook may be revised to 'Positive' if there is a
significant improvement in the company's capital structure,
primarily driven by equity infusion or significant increase in
scale of operations coupled with improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if East
West's liquidity weakens further, or if its profitability is lower
than expectations.

                          About East West

East West was started as a proprietorship concern in 1976 by Mr.
Mohammed Shafi, and was reconstituted as a private limited company
in 1979.  The Mumbai-based company provides freight forwarding and
customs clearing services. East West has 14 branches across the
country.  It is an approved International Air Transport
Association agent for issue of airway bills, and a registered
Custom House Agent.  It also has a Multi-Modal Transport Operator
licence from the Directorate General of Shipping.

For 2008-09 (refers to financial year, April 1 to March 31), East
West reported a profit after tax (PAT) of INR11.9 million on net
sales of INR1.20 billion, as against a PAT of INR13.3 million on
net sales of INR1.06 billion for the previous year.


FUJIKAWA POWER: ICRA Assigns 'LBB+' Rating to INR8cr Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR8 crores fund based
limits of Fujikawa Power.  ICRA has also assigned an 'A4+' rating
to the INR5.00 crores non-fund based limits of FP.  The outlook on
the long-term rating is stable.

The ratings take into account the highly competitive nature of the
battery manufacturing industry, exposure of FP's profitability to
movement in raw material prices and the likely impact on FP's
profitability after the current tax incentives expire.  While
assigning the ratings, ICRA has also noted that FP is a newly set
up firm and its manufacturing operations are yet to stabilize. The
rating is also constrained by the risks inherent in partnership
firms like limited ability to raise capital and the risk of
dissolution.  Nevertheless the ratings derive comfort from FP's
experienced management, the established track record of the Okaya
group in the battery business and the benefits enjoyed by the
firm from being a part of the Okaya group which include a well-
established brand image and a strong distribution network.  The
rating also factors in the favorable capital structure as the
entire capital cost has been funded through equity infusion by
promoters.  Going forward, the firm's ability to stabilize the
operations of the new unit and achieve desired production and
sales volumes remains the key rating sensitivity factor.

                        About Fujikawa Power

FP is a partnership firm promoted by Mr. Om Prakash Gupta and his
family members.  The firm is a part of Microtek-Okaya Group which
has been in the business of power back-up solutions and
manufacturing of batteries for more than a decade. FP was set up
in 2009 for production of batteries and its components. The
manufacturing unit of the firm is located at Baddi in Himachal
Pradesh and has a production capacity of 6 lakh batteries per
annum.  The firm sells batteries under the brand name 'Okaya'.


GEON INT'L: ICRA Places 'LBB+' Rating on INR2cr Fund Based Limits
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR2 crores fund based
limits of Geon International.  The outlook on the long term rating
is stable. ICRA has also assigned an A4+ rating to the INR3 crores
non-fund based limits of GI.

The ratings are constrained by the highly competitive nature of
the industry in which GI operates and the exposure of GI to any
adverse movement in raw material prices which can impact the
profitability going forward.  The operations of the firm have
commenced in CY09 only and the operations have not stabilized
completely.  While assigning the ratings, ICRA has also factored
in the risks inherent in partnership firms like limited ability to
raise capital and the risk of dissolution.  However ratings derive
comfort from GI's experienced management, and the benefits enjoyed
by the firm from being a part of the Okaya group which include a
well- established brand image and a strong distribution network.
The ratings also take into account GI's financial flexibility
arising from the fact that there are no repayment obligations as
the entire project is funded through promoters own contribution.
Going forward the firm's ability to operate the plant at full
capacity (thereby stabilizing production and sales volume) and
managing raw material price risks will be the key rating drivers.

                     About Geon International

GI is a partnership firm promoted by Mr. Rajesh Gupta and his
family members.  The firm is a part of Microtek-Okaya Group which
has been in the business of power back-up solutions and
manufacturing of batteries for more than a decade.  The firm is
engaged in processing of lead which is required for battery
manufacturing.  The manufacturing facility of the firm is located
in tax free holiday zone of Baddi (HP) The firm started commercial
production in August 2009.  The plant is expected to become fully
operational by September 2010.


NEXT RETAIL: Fitch Affirms National Long-Term Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed NEXT Retail India's National Long-term
rating at 'BB+(ind)'.  The Outlook is Stable.  Fitch has also
affirmed NEXT's cash credit limits of INR2,662.5m (previously
INR2,112.5m) at 'BB+(ind)'.

The ratings take into account NEXT's position as the market leader
in organized electronics retailing.  NEXT is India's largest
electronics retail chain, with more than 550 outlets across 24
states.  Fitch notes that NEXT has been able to enjoy favorable
terms with vendors, largely driven by its size and scale.  The
ratings also reflect the increase in the company's sales - 35% yoy
growth in FY10 - as well as improvements in key store-level
operating metrics, higher average sales per square foot per annum
and higher gross margins.

Fitch also notes that ratings continue to factor in NEXT's
moderate operating and strategic linkages to Videocon Industries
Limited (VIL, 'A-(ind)'/Stable Outlook), and VIL's credit profile
will impact NEXT's ratings.

The ratings are constrained by retail business' low margins and
the working capital intensive nature, which have put pressure on
the company's cash flow from operations.  Fitch does note that
cash flow operations has improved - NEXT has reported positive
cash flow from operations, on the back of an increasing focus on
the franchisee model, wherein a part of working capital risks are
covered by the minimum guarantee contracts.  Additionally, the
ratings are constrained by lower interest cover and higher
leverage levels; though the leverage levels have improved yoy,
they continue to remain high for its rating category (FY10
interest cover: 1.2x versus FY09: 1.2x; FY10 total adjusted
debt/EBITDAR: 8.1x versus FY09: 9.3x).

Fitch expects leverage levels to remain high given significant
inventory requirements and expected capex plans; the agency will
monitor the company's leverage levels.  Negative rating triggers
include material deterioration in interest coverage of below 1x,
and adjusted debt/EBITDAR of above 9x.  The positive rating
triggers include interest coverage of above 1.5x and adjusted
debt/EBITDAR of below 7x on a sustained basis.

NEXT is a multi-brand, multi-product electronics goods chain.  For
the year ending March 2010, it had net revenue of INR11,167.3m
(FY09: 8270.9m), an EBITDAR margin of 6.6% (FY09: 8.7%) and net
income of INR13.3m (FY09: INR1.6m).


OFFICEDGE INDIA: Fitch Assigns 'BB' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Officedge India Private Limited
a National Long-term rating of 'BB(ind)' with a Stable Outlook.
The agency has also assigned ratings to Officedge's bank loans:

  -- INR40 million fund-based working capital limits: 'BB(ind)';
     and

  -- INR10 million non-fund based working capital limits:
     'F4(ind)'.

Officedge's ratings reflect its standing as a supply chain partner
for speciality chemicals serving Hindustan Unilever Limited's
('AAA(ind)'/Stable) personal care products division.  The ratings
benefit from Officedge's established relationship with HUL for
over four years.  Fitch notes that the company has so far
maintained relatively low leverage and high interest coverage.
Officedge liquidity is supported by its efficient working capital
management reflected in low working capital limits utilizations in
FY09.  It is further supported by its key customer-HUL's strong
credit quality and demonstrated record of timely payments.
Furthermore, the ratings reflect prior experience of Officedge's
sponsors in logistics business, which partially offsets its
limited track record.  The agency notes that Officedge's business
is closely integrated with that of HUL, and the former has
maintained comfortable credit metrics.  The ratings also reflect
Officedge's stable margins as the company carries limited
inventory risk with purchasing undertaken on HUL's defined
production schedules.  The stability is further supported by the
fact that negotiated product prices and payment terms with HUL's
global vendors are passed through.

The ratings are however constrained by the high customer
concentration risks arising from HUL being Officedge's only
customer and the non-existence of any formal agreement between HUL
and the company.  The ratings are further constrained by
Officedge's small scale of operations and low entry barrier nature
of its business.  Officedge's low EBITDA margins put further
pressure on its ratings.

Negative rating triggers include any significant reduction in
business from HUL, any material deterioration in Officedge's
leverage exceeding 4x and fixed charges cover of below 2x.
Positive rating triggers include a diversification in Officedge's
customer base - which would reduce its dependence on HUL - while
maintaining the current level of profitability and leverage.

Established in 2003, Officedge supplies speciality chemicals to 17
HUL plants across India and also to second parties and third
parties vendors of HUL.  In FY09, the company reported revenues of
INR530.5m (FY08: INR403.9m), a leverage (net adjusted
debt/EBITDAR) of 0.2x (FY08: 1.9x), and EBITDAR/fixed charges of
5.6x (FY08: 3.3x).  During FY08-FY09, it maintained a steady
EBITDAR margin of 2.9%.


PALLAVI MOTORS: CRISIL Reaffirms 'BB' Rating on INR47.5MM Debt
--------------------------------------------------------------
CRISIL's ratings on Pallavi Motors Pvt Ltd's bank loan facilities
continue to reflect PMPL's weak financial risk profile, marked by
small net worth and weak debt protection measures, its exposure to
risks related to intense competition in the automotive dealership
market, and low bargaining power with automobile manufacturers.
These rating weaknesses are partially offset by PMPL's average
business risk profile, backed by its strong relations with its
principal, Maruti Suzuki India Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR47.50 Million Cash Credit         'BB/Stable' (Reaffirmed)
   INR30.00 Million Bank Guarantee      'P4+' (Reaffirmed)

Outlook: Stable

CRISIL believes that PMPL will maintain its average business risk
profile over the medium term, backed by stable relationships with
MSIL.  The outlook could be revised to 'Positive' if the company
improves its operating margin significantly. Conversely, the
outlook could be revised to 'Negative' if PMPL's turnover and
margins decline significantly.

Update

PMPL is estimated to report a 19 per cent increase in operating
income in 2009-10 (refers to financial year, April 1 to March 31)
backed by strong growth in demand for four wheelers in Guwahati
and neighbouring areas.  The operating margin of the company is
expected to be around 3.2 per cent driven by moderate increase in
prices of four wheelers; however, this is partially offset by
increasing competition in the region. The company has adequate
liquidity with no term debt obligation over the near term;
however, its bank limit utilization was high at an average 80 per
cent for the 12 months ending June 2010.  The company has plans to
set up a new service centre in Guwahati over the near term; since
the plan is in the nascent stage, the same has not been factored
in to the rating.

PMPL reported a profit after tax (PAT) of INR1.6 million on an
operating income of INR417 million for 2008-09, as against a PAT
of INR1.4 million on operating income of INR581 million for 2007-
08. PMPL is estimated to report a profit before tax of INR5.8
million on an operating income of INR496 million for 2009-10.

                        About Pallavi Motors

PMPL was incorporated in 1999 as a closely held company by Mr. Om
Prakash Lahoty.  The company is an authorized dealer to MSIL's
passenger cars in Guwahati.  The company also operates a Maruti
spare parts showroom, and a True Value outlet.


SASI ANAND: CRISIL Reaffirms 'BB' Rating on Various Bank Debts
--------------------------------------------------------------
CRISIL's ratings on Sasi Anand Spinning Mills Pvt Ltd's bank
facilities continue to reflect SASMPL's small scale of operations,
the vulnerability of its margins to fluctuations in raw material
prices, and its exposure to risks inherent in the poultry
industry.  These weaknesses are partially offset by SASMPL's
moderate business risk profile and diversified product mix.

   Facilities                        Ratings
   ----------                        -------
   INR90 Million Cash Credit         BB/Stable (Reaffirmed)
   INR90 Million Long-Term Loan      BB/Stable (Reaffirmed)
   INR22.50 Million Bank Guarantee   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SASMPL will maintain its moderate business
risk profile over the medium term, backed by a diversified product
portfolio.  The outlook may be revised to 'Positive' if the
company scales up its operations considerably; or to 'Negative',
if SASMPL undertakes a large, debt-funded expansion programme,
resulting in significant weakening in its financial risk profile.

Update

SASMPL's net cash accruals in 2009-10 (refers to financial year,
April 1 to March 31) were in line with CRISIL's expectations, with
lower-than-expected profitability compensated by higher-than-
expected sales.  The company's liquidity is adequate, with net
cash accruals sufficient to meet its term debt obligations over
the medium term, and bank limit utilisations low, in the range of
35 to 40 per cent.  SASMPL has not had any additional capital
expenditure (capex), and no additional term loans have been raised
during 2009-10.  The company, however, has plans to set up 12,000
spindles during 2011-12, with an estimated capex of INR150
million, which will be funded through term loans to the extent of
around INR100 million.  This plan is, however, yet to be
finalised. SASMPL's had a high gearing, at 2.4 times, as on March
31, 2010, which is attributed to the large year-end inventory of
INR161 million; the current inventory levels are significantly
lower, at INR62.3 million.  The company has prepaid the demand
loan of INR66 million raised for the inventory purchases. The
gearing is expected to remain in the range of 2.3 to 2.5 times
over the medium term, despite the debt-funded capex plans.

SASMPL posted a provisional profit after tax (PAT) of INR14.8
million on net sales of INR468 million for 2009-10, as against a
PAT of INR2.7 million on net sales of INR412 million for 2008-09.

                          About Sasi Anand

SASMPL, set up in 2004 in Tamil Nadu, undertakes spinning and
poultry activities. SASMPL's promoters have had a presence in the
poultry business since 1980, through Sasi Anand Poultry Farm and
Rajlakshmi Poultry Farm. The company is managed by Mr. A Duraisamy
and his two sons Mr. D Sasikumar and Mr. D Anand. The poultry
division has around 500,000 birds, which lay around 350,000 eggs
per day. The spinning division has 16,800 spindles.


SAPNA GEMS: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Sapna Gems continues to
reflect Sapna Gems' small scale of operations in the fragmented
diamond industry, weak financial risk profile, marked by small net
worth and weak debt protection metrics, and susceptibility to
volatility in diamond prices and in the value of the Indian rupee.
The impact of these weaknesses is mitigated by the benefits Sapna
Gems derives from the industry experience of its promoters.

   Facilities                              Ratings
   ----------                              -------
   INR15.0 Million Packing Credit          P4 (Reaffirmed)
   INR60.0 Million Post-Shipment Credit    P4 (Reaffirmed)

Update

Sapna Gems' sales in 2009-10 (refers to financial year, April 1 to
March 31) were in line with CRISIL's estimate, at INR289.8 million
(a decline of 8 per cent from sales in 2008-09). The firm's
operating profitability, at 2.8 per cent, however, was lower than
CRISIL's estimate because of adverse currency movements. The firm
operations continue to be working capital intensive with high
receivables level. Sapna Gems' business risk profile continues to
be supported by its promoter's industry experience.

                         About Sapna Gems

Sapna Gems is a partnership firm, set up in 1978 by Mr. Popatlal
Shah and Mr. Dayabhai Shah. The firm trades in polished diamonds.
Its offices are in Mumbai and Hong Kong. The firm has a small
polished diamond manufacturing facility, which contributes around
5 per cent to its revenues. Mr. Dayabhai Shah exited the
partnership in 1994. Currently, Mr. Poptalal Shah and Mr. Devendra
Shah are equal partners in Sapna Gems.


SG INTERNATIONAL: ICRA Places 'LBB+' Rating on INR2cr Bank Debts
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR2.00 crores fund
based limits of SG International.  ICRA has also assigned an A4+
rating to the INR3.00 crores non-fund based limits of SGI. The
outlook on the long-term rating is stable.

The ratings take into account the highly competitive nature of the
battery manufacturing industry, exposure of SGI's profitability to
movement in raw material prices and the likely impact on SGI's
profitability after the current tax incentives expire. While
assigning the ratings, ICRA has also noted that SGI is a newly set
up firm and its manufacturing operations are yet to stabilize. The
rating is also constrained by the risks inherent in partnership
firms like limited ability to raise capital and the risk of
dissolution.  Nevertheless the ratings derive comfort from SGI's
experienced management, the established track record of the Okaya
group in the battery business and the benefits enjoyed by the
firm from being a part of the Okaya group which include a well-
established brand image and a strong distribution network. The
rating also factors in the favorable capital structure as the
entire capital cost has been funded through equity infusion by
promoters. Going forward, the firm's ability to stabilize the
operations of the new unit and achieve desired production and
sales volumes remains the key rating sensitivity factor.

                      About SG International

SGI is a partnership firm promoted by Mr. Subaodh Gupta and his
family members.  The firm is a part of Microtek-Okaya Group which
has been in the business of power back-up solutions and
manufacturing of batteries for more than a decade.  SGI was set up
in 2009 for production of batteries and its components.  The
manufacturing unit of the firm is located at Baddi in Himachal
Pradesh and has a production capacity of 3 lakh batteries per
annum. The firm sells batteries under the brand name 'Okaya'.


SWADIST OILS: CRISIL Reaffirms 'BB' Rating on INR70MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swadist Oils Pvt Ltd
continue to reflect SOPL's limited financial flexibility because
of its small net worth and large working capital requirement, and
low operating margin because of exposure to intense market
competition in the highly fragmented edible oils industry. These
rating weaknesses are partially offset by SOPL's promoters'
extensive experience in the edible oils industry.

   Facilities                        Ratings
   ----------                        -------
   INR70 Million Term loan           BB/Stable (Reaffirmed)
   INR250 Million Cash Credit        BB/Stable (Reaffirmed)
   INR130 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SOPL will continue to benefit from its
promoters' four decades of experience in the edible oil industry
and stable demand from the end-user industry. The outlook may be
revised to 'Positive' if SOPL stabilises its operations, reports
more-than-expected profitability, and maintains capital structure
at current level over the medium term. Conversely, the outlook may
be revised to 'Negative' in case the company undertakes larger-
than-expected debt-funded capital expenditure (capex) programme,
leading to deterioration in its financial risk profile.

Update

SOPL commenced operations at its solvent extraction unit in
2009-10 (refers to financial year, April 1to March 31). The
overall performance of the company was modest in its first year of
operations due to a shortage of soybeans (for crushing). The
company derived close to 60 per cent of its revenues from sale of
edible oil, while the remaining came from sale of crude palm oil
on high-seas basis.

                        About Swadist Oils

SOPL was originally incorporated as AMG Exports Pvt Ltd in 1996;
the name was changed in April 2004. The company was non-
operational till December 2007, when Mr. Dinesh Arora and Mr.
Tilak Raj Sharma bought the company from its previous promoters,
and started importing crude palm oil on high-seas basis. The
company has recently set up a solvent extraction plant with
capacity of 600 tonnes per day (tpd) at Rania, Kanpur, Uttar
Pradesh.  The plant is fully integrated and began commercial
production on April 22, 2009.

SOPL reported, on provisional basis, a profit after tax (PAT) of
INR30.10 million on net sales of INR 1.17 billion for 2009-10; it
reported a PAT of INR3.90 million on net sales of INR503.10
million for 2008-09.


SWAJIT ENGINEERING: CRISIL Cuts Rating on INR5.6MM Loan to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Swajit Engineering Pvt Ltd to 'BB-/Stable' from 'BB/Stable' and
re-affirmed its short term rating on the bank facilities of SEPL
at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR45.00 Million Cash Credit       BB-/Stable (Downgraded from
                                                 'BB/Stable')

   INR5.60 Million Long Term Loan     BB-/Stable (Downgraded from
                                                  'BB/Stable')
   INR4.50 Million Letter of Credit   P4+ (Reaffirmed)
   INR4.00 Million Bank Guarantee     P4+ (Reaffirmed)

The downgrade reflects CRISIL's belief that going ahead liquidity
position of the company will remain constrained, with limited
cushion available to the company from its cash accruals to repay
its maturing debt obligations. In 2009-10 (refers to financial
year, April 1 to March 31) SEPL's sales declined significantly,
because of decline in the steel prices, leading to less-than-
expected cash accruals vis-…-vis its debt repayment obligations
and also high bank limit utilization of over 90%. The revenue
growth is, however, expected to pick up again in 2010-11.

The ratings reflect SEPL's average financial risk profile, marked
by modest profitability and weak debt protection measures, limited
revenue diversity, and small scale of operations.  These rating
weaknesses are partially offset by SEPL's established track record
and customer relationships, and promoters' experience in
manufacturing specialised transmission chains.

Outlook: Stable

CRISIL believes that SEPL will maintain its business risk profile
over the medium term, supported by its established track record
and customer relationships, and promoters' industry experience.
The outlook may be revised to 'Positive' if SEPL increases its
revenue diversity significantly, leading to a sustained
improvement in profitability.  Conversely, the outlook may be
revised to 'Negative' if SEPL's financial risk profile
deteriorates, driven most likely by larger-than-expected debt-
funded capital expenditure or weakened debt servicing ability
because of less-than-expected cash accruals.

                       About Swajit Engineering

Incorporated in 1992, SEPL manufactures specialised transmission
chains (or roller conveyor chains) used particularly in material
handling.  The company focuses on customers in sugar and cement
industries. SEPL's manufacturing facility in Aurangabad
(Maharashtra) has capacity to manufacture around 700 feet of
chains and accessories per day.

SEPL is estimated to report a net loss of INR0.03 million on
estimated net sales of INR200 million for 2009-10, against a
profit after tax (PAT) of INR6.3 million on net sales of INR244
million for 2008-09.


TRIDENT PROPERTIES: CRISIL Reaffirms 'B' Rating on INR210MM Debt
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Trident Properties Pvt
Ltd continues to reflect TPPL's exposure to risks inherent in real
estate projects, and geographic concentration in its revenue
profile.  The impact of these weaknesses is mitigated by TPPL's
promoters' experience and demonstrated project-execution
capabilities in the real estate business.

   Facilities                          Ratings
   ----------                          -------
   INR210.00 Million Cash Credit       B/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that TPPL's cash flows will be impacted over the
medium term because of uncertainties with respect to completion
and saleability of its ongoing project and ongoing slowdown in the
real estate sector.  The rating may be downgraded if TPPL's
financial risk profile deteriorates beyond expectation, because of
less-than-expected revenues from, or time and cost overruns in,
its ongoing project. Conversely, the outlook may be revised to
'Stable' if TPPL completes its project as per schedule, and
finalizes sales contracts for all the saleable units, without
diluting its realizations.

Update

TPPL's ongoing project is around 20 per cent complete and the
remaining is expected to be completed by November 2011; there has
been a delay of three months because of delay in receipt of
approvals.  The total project cost of INR600 million (customer
advances of INR16 million, equity infusion of INR60 million, and
debt of INR55 million); INR130 million have been spent as on date.
Of the project's 220 planned flats, 50 have been booked so far.
TPPL is exposed to high demand risks, with less than 25 per cent
of the flats being booked, and high implementation risks, with 20
per cent of the project completed so far. The customer advances
may not be sufficient to meet the bullet repayment of INR210
million in September 2011, caused by delay in project execution.

                      About Trident Properties

Promoted in August 2007 by Mr. Veerprakash and Mr. Bijay Kumar
Mandhani, TPPL is developing Trident Grande, a residential project
of 220 flats, at Medchal, Hyderabad. The total cost is estimated
at INR600 million, and the project is expected to be completed by
November 2011. The promoters have been in real estate development
for the past 10 years, through group company Oorjita Projects Pvt
Ltd.


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


GK ORSO: Fitch Downgrades Ratings on Various Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded Classes D and E of G.K. Orso Funding
CMBS 7's notes due May 2014, and placed Classes C and D notes on
Rating Watch Negative.  The agency has simultaneously affirmed
Classes A and B notes, and withdrawn the rating on the Class X
notes.  The transaction is a Japanese multi-borrower type CMBS
securitization.  The rating actions are:

  -- JPY17.16 billion* Class A notes affirmed at 'AAAsf'; Outlook
     Stable;

  -- JPY5.20 billionn* Class B notes affirmed at 'AAsf'; Outlook
     Stable;

  -- JPY5.20 billion* Class C notes 'Asf'; placed on RWN;

  -- JPY5.20 billion* Class D notes downgraded to 'BBsf' from
    'BBBsf'; placed on RWN;

  -- JPY5.68 billion* Class E notes downgraded to 'CCCsf' from
     'Bsf'; assigned a Recovery Rating of 'RR4'; and

  -- JPY0.87 billion* Class F notes affirmed at 'CCCsf'; Recovery
     Rating revised to 'RR5' from 'RR4'.

  * as of August 31, 2010

Class X notes (interest-only), rating of 'AAAsf' with Stable
Outlook has been withdrawn.

Fitch has downgraded the Class D and E notes to reflect revisions
to the cash flow expectations and valuations of some collateral
properties.  It has reviewed the cash flow performance of each
underlying loan and property, and revised downwards the cash flow
expectations for eight properties, following a detailed review of
the property management reports.  In addition, the value adopted
for properties was more stressed at this time, compared to the
value adopted at a previous rating review in October 2009 to
reflect the relatively shorter time to maturity.

The Class C and D notes have been placed on RWN to reflect the
agency's concern that a mixed-used property - comprising an
office, hotel and retail tower located in the Tokyo metropolitan
area - may have declined further in value.  The subject property
is the largest collateral property backing the transaction by
value.  Historical cash flow performance has generally been in
line with Fitch's expectation.  However, cash flow expectations
are likely to be revised downwards to reflect the recent
deterioration of income from the office tower, which has been
lower than the agency's initial expectations.  Fitch expects to
resolve the RWN status by end-September 2010, following a review
and assessment of the property management strategy regarding the
subject property, through an on-site meeting to be held with the
asset manager.

Fitch has affirmed the Class A and B notes as credit enhancement
for these classes have improved since the issuance of the notes,
and is expected to remain at a level sufficient to support the
ratings.  In accordance with the transaction documentation,
proceeds from a few particular underlying loans, resulting from
property disposition or repayment at maturity, will be allocated
on a pro-rata basis.  Proceeds from other loans, as well as from
all defaulted loans or loans breaching the financial tests such as
LTV test or DSCR test, will be allocated on a sequential basis.
One underlying loan has been fully repaid with the proceeds being
allocated on a sequential basis.

The rating on the interest-only Class X notes, which only
addresses the likelihood of receiving interest payments, while
principal on the related notes remain outstanding, has been
withdrawn.

This transaction is a securitization of four non-recourse loans
and two Tokutei Mokuteki Kaisha specified bonds (TMK bonds), which
were ultimately backed by 42 commercial real estate properties.
To date, one TMK bond has been fully repaid and two loans
partially repaid due to collateral disposition; the transaction is
now backed by four loans and one TMK bond, backed by a total of 29
properties.


JAPAN AIRLINES: No Objections to Restructuring Plan in Japan
------------------------------------------------------------
Eiji Katayama, as foreign representative to Japan Airlines
Corporation, Japan Airlines International Co., Ltd., and JAL
Capital Co., Ltd., filed a status report to update Judge James
Peck of the U.S. Bankruptcy Court for the Southern District of New
York of the Debtors' pending reorganization cases.

The Foreign Representative relates that since January 19, 2010, he
has progressed toward development of a comprehensive restructuring
plan to reorganize the Debtors' balance sheets and operations.

In addition, and in furtherance of the Debtors' restructuring
efforts, the Foreign Representative, with the approval of the
Tokyo District Court, established March 19, 2010, as the bar date
for submission of claims against the Debtors.  The Foreign
Representative was then required to admit or object to those
claims by May 28, 2010, and was entitled to an initial
investigation period regarding those claims running from May 31
through and including June 14.

On May 25, 2010, the Debtors announced that they anticipated
submitting their restructuring plan to the Tokyo District Court
and the Debtors' creditors by August 31.  Although Japan's
Corporate Reorganization Act permits corporate debtors as much as
one year to submit a restructuring plan, the Debtors originally
intended to file their restructuring plan by the end of June 2010.
The brief postponement until August 31 of submission of the plan
will enable the Debtors to more fully meet their restructuring
goals and return their businesses to profitability, the Foreign
Representative said.  Indeed, he noted, on June 5, 2010, the
Debtors announced that their consolidated financial forecast for
the fiscal year ending March 2011 anticipated a net operating
profit of JPY22 billion, or US$251 million, a dramatic turnaround
from the Debtors' challenging financial position at the
commencement of the Japan Proceeding.

From an operational perspective, the Debtors have undertaken other
critical restructuring activities subsequent to the Petition Date,
the Foreign Representative said.  On April 28, 2010, the Debtors
announced they would discontinue 45 unprofitable routes starting
September 30, 2010, to better streamline their operations.
Moreover, the Debtors have offered certain employees an early
retirement option, which approximately 3,500 employees accepted,
reducing the Debtors' future labor liabilities.  Finally, the
Debtors have made strides to dispose of certain non-core assets,
including their wholly owned hotel operating unit, which operates
58 hotels in Japan.  The Debtors believe that these and other
restructuring actions have and will continue to ensure the
ultimate success of their reorganization in the Japan Proceeding,
enabling the Debtors to emerge from bankruptcy as stronger,
healthier companies.

The Foreign Representative also related that the Debtors have
received no opposition from creditors to the restructuring
process.  Indeed, though creditors are permitted by Japanese law
to propose plans of reorganization, no creditors have taken that
step.  The Foreign Representative, however, said one shareholder
has submitted an unsolicited plan of reorganization but there is
great uncertainty as to whether the plan complies with applicable
law.

              Settlement of Antitrust Litigations

JALI and various other international airlines have been named as
defendants in a number of class action lawsuits involving
allegations of antitrust violations regarding air cargo
transportation and, separately, trans-pacific air passenger
transportation.  Plaintiffs in both sets of lawsuits allege price
fixing and other violations of Sherman Act Section 1, Section 1 of
Title 15 of the U.S. Code, and seek treble damages, attorneys'
fees, and costs of suit under Clayton Act Section 16, Section 26
of Title 15 of the U.S. Code.

The United States Judicial Panel on Multidistrict Litigation
consolidated and transferred the air cargo lawsuits to the United
States District Court for the Eastern District of New York (MDL
No. 177) and the trans-pacific air passenger lawsuits to the
Northern District of California (MDL No. 1913).

Proceedings in both the Cargo Litigation and the Passenger
Litigation are still in relatively early stages, the Foreign
Representative said.  In the Cargo Litigation, after the filing of
a First Consolidated Amended Complaint on February 8, 2007, all
defendants, including JALI, moved to dismiss the complaint on
various grounds.  On August 21, 2009, the MDL Court adopted a
magistrate judge's recommendations, among others, to dismiss
certain claims based on violations of competition laws of the
European Union and all claims by indirect purchasers, but
permitted claims under U.S. law by direct purchasers based on
transportation to, from, or within the United States, wherever
purchased, to proceed.  The indirect purchasers have appealed the
final dismissal of their claims.  Answers to the complaint were
filed on October 30, 2009, and discovery has commenced.

In the Passenger Litigation, plaintiffs filed a Consolidated Class
Action Complaint on August 6, 2009.  On September 22, 2009, the
MDL Court granted JALI an extension of time until March 15, 2010,
for JALI to respond.  On November 24, 2009, all defendants other
than JALI filed motions to dismiss claims against them on various
grounds.  The MDL Court has not yet ruled on those motions.
Discovery has commenced.

After commencement of the Japan Proceeding, JALI reached separate
agreements in principle with the plaintiffs in the Cargo and
Passenger Litigations to settle claims against JALI in those
matters, the Foreign Representative told the Bankruptcy Court.

On July 1, 2010, the Tokyo District Court authorized JALI to
settle the Cargo and Passenger Litigations.  JALI executed
separate settlement agreements with the plaintiffs in the
Passenger Litigation dated as of July 6 and in the Cargo
Litigation dated as of July 8.

The Cargo Settlement resolves all claims against JALI by direct
purchasers of air cargo transportation to, from, or in the United
States during the period January 1, 2000, through September 11,
2006.  The main terms of the Cargo Settlement are:

  * Plaintiffs agree to release JALI from all antitrust claims
    relating to direct purchases of air freight transportation
    services during the period of the case;

  * JALI agrees to pay $12 million into an escrow account, for
    subsequent distribution to qualified class members.  All
    attorneys' fees, litigation costs, and costs of notifying
    class members and distributing funds to them must come from
    this "all-in" payment; and

  * JALI agrees to cooperate with plaintiffs by providing
    certain documents and information.

On July 20, 2010, Plaintiffs filed a Motion for Preliminary
Approval of the Cargo Settlement.  JALI has transferred the agreed
$12 million by wire to the designated escrow account.

The Passenger Settlement resolves all claims against JALI by
purchasers of transpacific passenger transportation services
occurring between January 1, 2000, and February 1, 2010.  The main
terms of the passenger settlement are:

  * Plaintiffs agree to release JALI from all antitrust claims
    relating to purchases of transpacific passenger
    transportation services (excluding certain flights to or
    from Korea) during the period of the case;

  * JALI agrees to pay $10 million into an escrow account, for
    subsequent distribution to qualified class members, unless
    certain currently pending motions to dismiss are granted.
    If the motions are granted, then JAL will owe nothing.  All
    attorneys' fees, litigation costs, and costs of notifying
    class members and distributing funds to them must come from
    any "all-in" payment; and

  * JALI agrees to cooperate with plaintiffs by providing
    certain documents, as well as certain readily available
    electronic data, help securing testimony from certain
    employees, and up to a certain number of hours of time with
    JAL's attorneys to provide an overview of information
    available.

On July 21, 2010, Plaintiff and JALI jointly filed a Joint Notice
of Settlement of the Passenger Settlement.  The agreement is
contained in that filing.

As required by Rule 23(e) of the Federal Rule of Civil Procedure,
both the Cargo and the Passenger Settlement are subject to, and
the releases conditioned upon, approval of the settlements after
notice to and an opportunity for class members to opt out of the
settlements.  Furthermore, as required by the Class Action
Fairness Act of 2005, JALI will, at the appropriate time, provide
notice of the settlement to the Attorney General of the United
States, as well as the primary state regulatory or licensing
authority (or state attorney general, if no primary state
regulatory or licensing authority exists) for each state in which
a class member resides.

As set forth in the Court's Recognition Order, the Tokyo District
Court's July 1, 2010, approval of the Passenger Settlement and the
Cargo Settlement is given automatic recognition in the United
States upon approval of those settlements by the Tokyo District
Court, without the need for further petition to the Court.
Accordingly, the Foreign Representatives said the Debtors are not
seeking approval of either settlement from the Bankruptcy Court,
but have submitted the Status Report in the interest of keeping
the Court apprised of certain important events with regard to the
Debtors' restructuring efforts.

The Foreign Representative stated that it believes the settlements
will prove beneficial to the Debtors' restructuring process in the
Japan Proceeding.  Importantly, the settlement will enable the
Debtors and the Foreign Representative to devote their undivided
attention to development of a debt restructuring plan that they
ultimately intend to submit for approval to the Debtors' creditors
and the Tokyo District Court.  Moreover, monetization of an
otherwise uncertain liability helps to ensure finality as the
Debtors and the Foreign Representative continue the process of
resolving claims asserted against the estates.  In short, the
Tokyo District Court's authorization of these settlements benefits
the estate and creditors and aids the Debtors in their further
restructuring efforts, the Foreign Representative said.

                        About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Sells 90% Stake in JAL Sky Kansai Subsidiary
------------------------------------------------------------
The JAL Group said in a public statement dated August 11 that
Japan Airlines Corporation's subsidiary, Japan Airlines
International Co., Ltd., will sell 90.0% of its stake in JAL Sky
Kansai Co., Ltd., while another Group subsidiary JAL Ground
Service Co., Ltd., will sell 90.0% of its stake in both JAL Ground
Service Kansai Co., Ltd, and JAL Ground Support Kansai Co., Ltd.,
to Konoike Transport Co., Ltd. by way of a stock transfer
agreement.

According to the company statement, the JAL Group is striving to
achieve a swift and fundamental reform of the company in a short
period of time with the support of the Enterprise Turnaround
Initiative Corporation of Japan to maintain at the highest level
possible, the corporate value of the airline.

As part of those endeavors, JALI and JGS started to examine the
options of stock transfers of JKIX, JGSK and JGSX.  During this
process, the three companies received high appraisal for their
corporate value and future growth potential from Konoike
Transport, an Osaka-based company specializing in outsourcing and
logistical support services.  Consequently, JALI, JGS and Konoike
Transport entered into a stock transfer agreement whereby Konoike
Transport will acquire a percentage of stakes in JKIX, JGSK and
JGSX.

Of the 1,000 stocks owned by Japan Airlines International in JAL
Sky Kansai Co., Ltd., 900 stocks will be transferred to Konoike
Transport.

Of the 2,400 stocks owned by JAL Ground Service in JAL Ground
Support Kansai Co., Ltd., and 28,000 stocks in JAL Ground Service
Kansai Co., Ltd., 2,160 and 25,200 of stocks from the respective
subsidiaries will be transferred to Konoike Transport.

JAL Group intends to conclude the transfer negotiations by the end
of September.

                        About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Sells 79.6% Stake in Hotel Unit to Okura
--------------------------------------------------------
Japan Airlines Corp. sold a 79.6% stake in its hotel business
subsidiary to Hotel Okura Co.  The move, according to Dow Jones,
is in line with the air carrier's restructuring to focus on its
airline business.

JAL holds a 90.7% stake in JAL Hotels Co. through its wholly owned
subsidiary Japan Airlines International Co.  JAL will retain its
remaining 11.1% stake in JAL Hotels, which operates 40 hotels in
Japan and 18 hotels overseas, Dow Jones said.

The share transfer is slated to be finalized by the end of
September.

                        About Japan Airlines

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

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

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

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


JAPAN AIRLINES: To Expand Codeshare With Vietnam Airlines
---------------------------------------------------------
Japan Airlines and Vietnam Airlines said in a public statement
that they will expand the scope of their bilateral agreement from
October 1, 2010, to again offer Vietnam Airlines-operated
codeshare flights between Nagoya, Chubu, and Ho Chi Minh, as well
as between Tokyo, Narita and Hanoi.  Reservations and ticket sales
have already started.

From October 1, 2010, JAL and Vietnam Airlines will be able to
collectively offer codeshare flights on eight routes that
effectively connect vital gateways in Japan -- Tokyo, (Narita),
Osaka (Kansai), Nagoya (Chubu) and Fukuoka, with both Vietnamese
cities of Hanoi and Ho Chi Minh.

Flights will be operated between Chubu and Ho Chi Minh on Monday
and Friday with an Airbus A321 aircraft.  The flights from Narita
to Hanoi will be operated on Tuesday, Thursday, Saturday and
Sunday with an Airbus A330 aircraft.  Flights will also be
operated from Hanoi to Narita on Monday, Wednesday and Friday
using an Airbus A330 aircraft.

                        About Japan Airlines

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

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

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

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


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


LIMAHSOON BERHAD: Nutech Serves Writ of Summons Against Unit
------------------------------------------------------------
Limahsoon Berhad's subsidiary, Kilang Papan Lim Ah Soon Sdn Bhd,
was served with a Writ of Summons on August 30, 2010, by Nufarm
Technologies Sdn Bhd for default in payment of goods delivered to
KPLAS.  The summons is fixed for further mention on November 9,
2010.

Nufarm Technologies is claiming for MYR5,625.00 in respect of
goods ordered and delivered to KPLAS on November 10, 2008.  No
interest was claimed in the Summons and Statement of Claim.

Limahsoon will seek necessary legal advice from its solicitors
with regards to the claim.

                      About Limahsoon Berhad

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

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


MITHRIL BERHAD: Classified as Affected Listed Issuer Under PN17
---------------------------------------------------------------
Mithril Berhad has been classified as an Affected Listed Issuer
pursuant to paragraph 2.1(a) of PN 17 where the consolidated
shareholders' equity stands at MYR9.12 million which is below 25%
of the paid-up share capital of MYR49.77 million and the
shareholders' equity is less than MYR40 million as required under
paragraph 8.04(2) of the Listing Requirements.

As an Affected Listed Issuer, the Company is required to:

   (a) undertake a regularization plan to regularize its financial
       position and ensure that the same sufficiently and
       comprehensively resolves all issues in relation to the PN17
       status;

   (b) submit the Regularization Plan within 12 months and to
       implement the same within the timeframe stipulated by the
       Approving Authorities;

   (c) make these announcements:

       * Within 3 months from the date of the first announcement,
         on whether the Regularization Plan will result in a
         significant change in the business direction or policy
         of the PN17 Company;

       * the status of the Regularization Plan and the number of
         months to the end of the relevant timeframes referred to
         in Paragraph 5.1 or 5.2 of PN17, as may be applicable,
         on a monthly basis until further notice from Bursa
         Malaysia Securities Berhad;

       * the Company's compliance or non-compliance with a
         particular obligation imposed pursuant to PN17, on an
         immediate basis; and

       * details of the Regularization Plan, which shall fulfill
         the requirements set out in Paragraph 4.2 of PN17.

In event the Company fails to comply with the obligation under
PN17 to regularize, all its listed securities will be suspended
from trading immediately upon notification by Bursa Securities
Berhad and de-listing shall commence against the Company.

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

                        About Mithril Berhad

Headquartered in Kota Kinabalu, Malaysia, Mithril Berhad
-- http://www.mithril.com.my/-- manufactures bricks and
polyurethane products.  Its other activities include dealing and
distribution of bricks and building materials, development of
properties, property management and investment holding.


NAM FATT: Ferrier Hodgson MH Appointed as Provisional Liquidators
-----------------------------------------------------------------
Nam Fatt Corporation Berhad on August 25, 2010, appointed Michael
Joseph Monteiro and Heng Ji Keng of Ferrier Hodgson MH as
provisional liquidators of Nam Fatt Oil & Gas Sdn. Bhd.

NFO&G is a wholly-owned subsidiary of the Company, incorporated on
July 10, 1991, and has an authorized share capital of MYR25,000
with issued and paid-up capital of MYR2.00.

On August 25, 2010, NFO&G declared that it cannot by reason of its
liabilities continue its business.  The loss for the financial
year ended December 31, 2009, is MYR56,428,007.

The meeting of its creditors will be summoned for date within one
month from August 25, 2010.

The Company does not foresee any financial and operational impact
resulting from the winding up of NFO&G.

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


SWEE JOO: Inability to Provide Solvency Declaration Cues PN 17
--------------------------------------------------------------
Swee Joo Berhad is now listed as an Amended Practice Note 17
Company based on the criteria set by the Bursa Malaysia Securities
Bhd.

According to a disclosure statement with the bourse, the Company
triggered the PN17 listing as it is unable to provide a solvency
declaration to Bursa Malaysia.

As a listed company under the Amended PN17 of the Bursa
Securities, the Company is required to submit a reform plan to
regularize its financial condition.  The plan will be submitted
for approval to the Securities Commission and other relevant
authorities.

                          Default in Payment

The Company and its subsidiaries, Johan Shipping Sdn Bhd and Asia
Bulkers Sdn Bhd, are in default in the payment of interest,
principal sums or both in respect of certain credit facilities,
where the total amount outstanding of the defaulted credit
facility is more than 5% of the consolidated net assets of SJB for
the six months period ended March 31, 2010.  This has resulted in
an occurrence of an event of default.

The Company said the reason for the default was that the current
cash flow generated from the operations of SJB group is
insufficient to repay the outstanding amount in view of the
challenging environment faced by our Liquid Bulk division due to
the declining freight rates.

SJB is currently negotiating with the lenders and working towards
a mutually agreeable settlement with the lenders.

                           About Swee Joo

Swee Joo Berhad is a Malaysia-based investment holding company.
Through its subsidiaries, the Company operates in four segments:
Shipping services, which is involved in the provision of container
and other shipping services; Shipping agency, which is involved in
the provision of shipping agency services; Transportation and
haulage, which is involved in the provision of transportation and
haulage services, and Container repair and related services, which
is involved in the provision of handling, repairing and
maintaining containers.  As of September 30, 2009, the Company
owns and operates 39 vessels, which comprises of 13 tugboats, 10
container vessels, seven barges, five dual-purpose vessels and
four chemical tankers.


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


SOUTH CANTERBURY: Unit Unaffected by SCF's Receivership
-------------------------------------------------------
Scales Corporation said it is unaffected by the receivership of
its parent South Canterbury Finance, The National Business Review
reports.

Scales, which posted an unaudited $10.1 million pretax operating
profit for the year ending June 30, was one of the bright spots on
SCF's books, along with Helicopters NZ and Dairy Holdings,
according to NBR.

NBR relates Scales Chief Executive Andy Borland said the company
operates autonomously from the activities of its 79.7%
shareholder, and its operations would be unaffected by the
receivership.

Scales Corporation operates a shipping logistics business, a
petfood ingredients operation, temperature controlled coolstores,
industrial parks, bulk liquid storage and processing, insurance,
and is New Zealand's largest apple grower and exporter.

                       About South Canterbury

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

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalise.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

DOMINION FINANCE       DFH             258.90         -55.31


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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