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                     A S I A   P A C I F I C

           Monday, September 6, 2010, Vol. 13, No. 175

                            Headlines



A U S T R A L I A

MACQUARIE GROUP: Fitch Affirms All Issuer Default Ratings
NUFARM LTD: S&P Puts 'BB' Rating on CreditWatch Negative
NUFARM LTD: Expects to Finalize Debt Waiver by Mid-September
NUFARM LTD: Shareholders Likely to Launch Class Action Suit
RIVERCITY MOTORWAY: May Face Lawsuit Over Clem7 Tunnel Losses

SIGMA PHARMACEUTICALS: May Face Shareholder Class Action Suit


H O N G  K O N G

LI & FUNG: Members' Final General Meeting Set for September 27
LI & FUNG MGT: Members' Final General Meeting Set for September 27
MIRAGE ELECTRONIC: Creditors' Proofs of Debt Due September 20
MOBILIA LIMITED: Members' Final General Meeting Set for Sept. 27
PARISTA PACIFIC: Members' Final General Meeting Set for Sept. 28

ROMANOV COMPANY: Members' Final General Meeting Set for Sept. 27
UNI-PRESIDENT INT'L: Members' Final Meeting Set for September 28
UP BENEFIT: Creditors' Proofs of Debt Due September 27
SANBORN FINANCE: Members' Final General Meeting Set for Sept. 30
SCANBA LIMITED: Shek Kwok Choi Steps Down as Liquidator

SHELL BITUMEN: Members' Final Meeting Set for September 28
SUN KEE: Shek Kwok Choi Steps Down as Liquidator
SYNDICA LIMITED: Shek Kwok Choi Steps Down as Liquidator
WONDERFUL (H.K): Members' Final Meeting Set for September 28
XRG COMPANY: Creditors' Proofs of Debt Due September 26

ZIBA LIMITED: Members' Final General Meeting Set for September 30


I N D I A

C M SMITH: CRISIL Reaffirms 'D' Rating on INR420.6 Mil. Term Loan
DEVKIRAN PAPER: CRISIL Reaffirms 'B' Rating on INR97.5MM LT Loan
HARAPARVATHI REALTORS: CRISIL Rates INR1.94 Bil. LT Loan at 'BB'
HIND MOTORS: CRISIL Assigns 'B+' Ratings to Various Bank Debts
JIVANLAL JOITARAM: CRISIL Cuts Rating on INR130MM Credit to 'D'

JL MORISON: CRISIL Cuts Rating on INR22 Million Credit to 'BB'
KANYAKA PARAMESHWARI: CRISIL Assigns 'BB' Rating to INR70MM Debt
LOVELY ENTERPRISES: CRISIL Lifts Rating on INR180MM Credit to 'BB'
LOVELY INT'L: CRISIL Lifts Ratings on Various Bank Debts to 'BB'
MULTIWAL DUPLEX: CRISIL Puts 'BB+' Rating on INR200MM Cash Credit

SABARI INDUSTRIES: CRISIL Assigns 'D' Rating to INR91MM Term Loan
SAMBANDAM SPINNING: CRISIL Assigns 'BB-' Ratings on Various Debts
SCANIA STEELS: CRISIL Lifts Rating on INR100 Mil. Term Loan to 'B'
SHREE TIRUPATI: CRISIL Assigns 'BB-' Rating to INR130MM Term Loan
SK EXPORTS: CRISIL Reaffirms 'P4+' Rating on INR70M Packing Credit

SPECIAL ENGINEERING: CRISIL Reaffirms 'D' Rating on INR45.8M Loan
SPPL HOTELS: CRISIL Rates INR1.51 Billion Term Loan at 'BB'
SREE MURALI: CRISIL Reaffirms 'BB' Rating on INR60MM Term Loan


J A P A N

WMT GLOBAL: S&P Downgrades Ratings on Various Classes of Notes


M A L A Y S I A

HAISAN RESOURCES: EON Bank Demands Payment on MYR1.51 Million Loan
LINEAR CORP: Reports MYR2.65 Million Net Income in June 30 Quarter
NAM FATT: Incurs MYR15.13 Million Net Loss in June 30 Quarter
SWEE JOO: Sells Shares in Unit to Johabaru for MYR3.95 Million


N E W  Z E A L A N D

ALLIED FARMERS: CEO Rob Alloway to Step Down in December
HMS KINGS: Placed in Liquidation by IRD
KRUKZIENER PROPERTIES: High Court Adjourns Hearing on Liquidation
SOPRANOS GOURMET: Owner Shuts Restaurant, Won't Renew Lease
SOUTH CANTERBURY: Government May Sell Assets as Going Concerns


S I N G A P O R E

BASIC BUILDING: Creditors' Proofs of Debt Due September 17
DMC OFFSHORE: Court to Hear Wind-Up Petition on September 17
HOUSE OF TEAK: Court to Hear Wind-Up Petition on September 17
GTR TECHNOLOGIES: Court to Hear Wind-Up Petition on September 17
INTRAD PTE: Creditors' Proofs of Debt Due October 2

LABRADOR PTE: Creditors' Meetings Set for September 14
LABRADOR PTE LTD: Contributories Meetings Slated for September 14
NEW MARBLE: Creditors' Proofs of Debt Due September 30


X X X X X X X X

* Moody's Gives Neg. Outlook on Ratings of Five Pakistani Banks




                         - - - - -


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


MACQUARIE GROUP: Fitch Affirms All Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Macquarie Group Limited
and its wholly-owned operating subsidiaries, Macquarie Bank Ltd.,
Macquarie Financial Holdings Limited and Macquarie International
Finance Limited.  All Long-term Issuer Default Ratings have a
Stable Outlook.  At the same time the agency has assigned a
Support rating of '1' to MFHL.  A full list of rating actions is
provided at the end of this commentary.

The ratings of MGL and its subsidiaries reflect the group's
business diversity, strong corporate governance and risk
management culture, and solid liquidity and capital positions,
partially offset by earnings volatility.  MGL's banking
subsidiary, MBL, has a Long-term IDR that is one notch above MGL
and MFHL (MGL's non-banking subsidiary), reflecting the agency's
view that MBL's standalone risk profile is lower than MFHL's and
MGL's.  The potential for support from the broader Macquarie group
is a key driver of MFHL's Long-term IDR; the assignation of a '1'
Support rating highlights this.  On the other hand, Fitch believes
support for MGL and MBL, should it be required, would come from
the Australian authorities and reflects this in their Support
ratings of '5' and '3' respectively.

MGL's balance sheet has been significantly strengthened since mid-
2007.  At March 31, 2010, the group had cash and unencumbered
liquid assets totaling AUD22 billion; this was further boosted
post-FYE10 with the transfer of AUD9.6 billion of off-balance
sheet cash management trust funds into on-balance sheet deposit
accounts in July 2010.  MGL also maintained a capital surplus of
AUD4bn above the regulatory minimum requirement of AUD8 billion at
FYE10, although this buffer had decreased to AUD3.1 billion at
June 30, 2010, largely due to asset growth.  MBL, which is subject
to bank prudential requirements, reported a Tier 1 capital ratio
of 10.3% at June 30, 2010.  Given these strong positions, MGL and
its subsidiaries appear reasonably well placed to address proposed
changes to global liquidity and capital regulation.

In addition, the funding profile has shifted towards deposits and
long-term wholesale funding at the expense of short-term
wholesale, with just 28% of wholesale funding maturing in FY11.
MBL was a regular issuer of Australian government guaranteed
wholesale debt.  While a portion of this issuance was purchased by
investors who would not normally buy MBL debt, the bank appears to
have managed maturity concentrations reasonably well, which should
help mitigate any refinance risk.  The strong liquidity position
of the group could also assist in this process.

MGL was somewhat acquisitive during FY10, using the strength of
its balance sheet to take advantage of opportunities in a number
of business segments including, but not limited to, leasing,
advisory and funds management.  These acquisitions reflect a
continued broadening of MGL's global operations and in the case of
businesses such as funds management, offer the group an increased
level of relatively stable non-interest income streams.  While MGL
is likely to continue seeking such opportunities, a strong balance
sheet is a key rating driver of the group and Fitch expects it to
maintain a relatively conservative position over the next 12
months, particularly while uncertainty around the operating
environment and new global liquidity and capital regulations
remains.

Continued weakness in MGL's operating environment contributed to a
fall of 26% in Fitch's calculation of operating profit during
FY10.  Revenues may come under some pressure in FY11, particularly
if economic activity remains subdued, although MGL should benefit
from a full-year contribution from its FY10 acquisitions.

MGL is the non-operating holding company of Australia's largest
locally owned investment banking group.  Operations span markets
in Australia, the UK, Europe, Asia and the US.  Its two main
operating subsidiaries are MBL, which undertakes the group's more
traditional banking operations, and MFHL, the group's investment
banking arm.  MIFL is wholly-owned by MBL and provides funding
solely to Macquarie group entities; a key driver of its Long-term
IDR is the potential for support from the broader Macquarie group.

The ratings of MGL and its subsidiaries are listed below:

Macquarie Group Limited:

  -- Long-term Foreign Currency Issuer Default Rating: affirmed at
     'A'; Stable Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F1';

  -- Individual Rating: affirmed at 'B';

  -- Support Rating: affirmed at '5';

  -- Support Rating Floor: affirmed at 'NF';

  -- Senior unsecured debt: affirmed at 'A'; and

  -- US$10 billion Medium Term Note Programme: Long-term rating
     affirmed at 'A'; Short-term rating affirmed at 'F1'.

Macquarie Bank Ltd.  (MBL):

  -- Long-term Foreign Currency IDR: affirmed at 'A+'; Stable
     Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F1';

  -- Individual Rating: affirmed at 'B';

  -- Support Rating: affirmed at '3';

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

  -- AUD-denominated government guaranteed senior debt: affirmed
     at 'AAA';

Foreign currency denominated government guaranteed senior debt:
affirmed at 'AA+';

  -- Senior unsecured debt: affirmed at 'A+';

  -- Subordinated debt: affirmed at 'A';

  -- Hybrid capital instruments: affirmed at 'BBB+';

  -- US$25 billion Debt Issuance Programme: Long-term rating
     affirmed at 'A+'; Short-term rating affirmed at 'F1';

  -- US$20 billion Medium Term Note Programme: Long-term rating
     affirmed at 'A+'; Short-term rating affirmed at 'F1'; and

  -- US$10 billion Commercial Paper Programme: Short-term rating
     affirmed at 'F1'.

Macquarie Financial Holdings Limited:

  -- Long-term Foreign Currency IDR: affirmed at 'A'; Stable
     Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F1'; and

  -- Support Rating: assigned at '1'.

Macquarie International Finance Limited:

  -- Long-term Foreign Currency IDR: affirmed at 'A'; Stable
     Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F1';

  -- Individual Rating: affirmed at 'B/C'; and

  -- Support Rating: affirmed at '1'.


NUFARM LTD: S&P Puts 'BB' Rating on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB' long-term corporate credit rating on Nufarm Ltd. on
CreditWatch with negative implications after the company's latest
market update.  The CreditWatch reflects S&P's concerns about the
company's liquidity position and its ability to improve
profitability in fiscal 2011.  The 'B' rating on Nufarm's step-up
securities was also placed on CreditWatch with negative
implications.

"The CreditWatch placement reflects S&P's view that Nufarm's
liquidity is currently less than adequate," Standard & Poor's
credit analyst Richard Creed said.  "Resolution of the CreditWatch
is contingent on Nufarm obtaining near-term support from its
lenders.  This could be demonstrated by covenant waivers from
Nufarm's banks, and finalization of terms of a new funding package
that provides the company with access to funding to meet its peak
debt requirements (which typically arise in the third quarter of
the company's fiscal year)."

Achievement of a new longer-dated funding package-on terms and
conditions that do not unduly restrict the company's financial
flexibility-will mitigate what S&P considers has historically been
a high reliance on short-term seasonal funding.  However, if the
company cannot access adequate levels of funding, the rating may
be lowered by more than one notch.

To stabilize the rating at the 'BB' level, Standard & Poor's would
expect to see Nufarm  demonstrate that it can increase its
earnings in fiscal 2011, to deliver financial metrics that are
consistent with the rating (for example, funds from operations to
debt of at least 15%).  The independent reviews of Nufarm's
forecasts and strategy will help validate the company's ongoing
profitability assumptions.

Mr. Creed added: "The company's performance for the half year to
Jan. 31, 2011 will be an important milestone for re-establishing
credibility of the profit potential of Nufarm, notwithstanding the
seasonality of the business with its strong bias to second-half
earnings.  If S&P believes the company cannot achieve the credit-
protection metrics underpinning the 'BB' rating, S&P is likely to
lower the rating by one notch."


NUFARM LTD: Expects to Finalize Debt Waiver by Mid-September
------------------------------------------------------------
Nufarm Limited disclosed on September 1, 2010, that preliminary
and unaudited analysis of 2010 year end results confirm that the
net operating profit for the company will be within the $55
million to $65 million range indicated by management in its
July 14 market update.

Net debt at July 31 will be approximately $620 million, which is
higher than the estimate provided on July 14 (approximately $450
million).  The higher debt is attributable to increased working
capital levels at July 31 mainly due to higher than anticipated
receivables.  July sales were largely in line with company
expectations but the collection of cash associated with those
sales -- and the majority of sales made in June -- will not occur
until after the end of the financial year.

The audited results for the 12 months ending July 31, 2010, will
be released on September 28.

Nufarm also confirmed that it continues to make positive progress
in relation to securing a waiver from its banking group over the
various covenants that govern existing banking facilities.

Nufarm's banking arrangements are, in the main, governed by a core
financing document which contains Nufarm's main financing
covenants.  Several of the company's financiers have already
provided waivers in respect of covenant breaches that result from
Nufarm's lower than expected profit result for the 2010 financial
year.

Nufarm on August 31 received terms relating to a waiver from the
remainder of its banking group which has the benefit of those
covenants.  That proposal has been reviewed by Nufarm and the
company believes the terms can be met.

It is anticipated that formal documentation of a waiver agreement
with the banking group will be finalised by mid-September.

The higher than anticipated debt level at July 31 places the
company in minor breach of its covenant relating to gearing levels
(net debt to EBITDA).  That breach will also be covered by the
waivers now being put in place.

Nufarm has commenced discussions with its financiers aimed at
transitioning to a revised banking structure that will more
closely meet the needs of the business and should result in other
efficiency benefits.  It is proposed to have the new structure in
place before the end of the calendar year.

Once the waiver agreement is executed, Nufarm's existing bilateral
banking arrangements will remain in place and will be available to
support the capital requirements of the business until the new
financing structure is finalized.

Nufarm's Chairman, Donald McGauchie, also confirmed that the
previously announced strategic review of the business is underway
and that both Deloitte and Gresham Advisory Partners have been
retained to assist with elements of the review.

Deloitte is reviewing Nufarm's budgeting and forecasting
processes; information systems and management reporting. Gresham
is assisting with strategic and business aspects of the review.

"Both of these firms have extensive experience and strong
capabilities and will help ensure our review of the business is
rigorous, objective and results in outcomes that provide the best
way forward for Nufarm to achieve profitable and sustainable
growth," said Mr. McGauchie.

The review process involves a number of phases and is expected to
be concluded by the end of the calendar year.  Mr. McGauchie said
the Nufarm Board will receive regular progress reports from
consultants and management as the review proceeds and the company
will provide updates on the process to coincide with the formal
release of 2010 year end results (September 28) and at the Nufarm
Annual General Meeting on December 2.

                        About Nufarm Limited

Based in Australia, Nufarm Limited (ASX:NUF)--
http://www.nufarm.com/-- manufactures and supplies a range of
agricultural chemicals used by farmers to protect crops from
damage caused by weeds, pests and disease.  The Company has
production and marketing operations worldwide and sells products
in more than 100 countries.


NUFARM LTD: Shareholders Likely to Launch Class Action Suit
-----------------------------------------------------------
Nufarm Ltd's shareholders are likely to launch a class action
against the Company for allegedly misleading conduct relating to
profit forecasts, The Sydney Morning Herald reports.

According to SMH, law firm Slater & Gordon said on Friday it was
investigating Nufarm's actions since the company delivered profit
guidance on March 2.  The report relates that the investigation
followed approaches by Nufarm shareholders shortly after the
company halved its profit guidance in July.

According to the report, Nufarm on July 14 forecast net operating
profit between $55 million and $65 million, down from guidance
issued in March of an operating result of between $110 million and
$130 million.

"Institutional investors expressed serious concerns when Nufarm
halved its full-year operating profit guidance on July 14, 2010,"
the report quoted Slater & Gordon senior associate Ben Phi as
saying.  "The guidance had been confirmed on numerous occasions
since the beginning of March, including in late April when the
company raised $250 million from its current shareholders under an
entitlement offer."

Mr. Phi, as cited by SMH, said that a proposed class action on
behalf of shareholders who bought Nufarm stock between March 2 and
July 14 has received strong support from institutional
shareholders.  Retail investors are expected to join, he said.

SMH adds that the action would allege that Nufarm engaged in
misleading or deceptive conduct when it provided its profit
guidance on March 2, 2010, and breached its continuous disclosure
obligations throughout the period.

                        About Nufarm Limited

Based in Australia, Nufarm Limited (ASX:NUF)--
http://www.nufarm.com/-- manufactures and supplies a range of
agricultural chemicals used by farmers to protect crops from
damage caused by weeds, pests and disease.  The Company has
production and marketing operations worldwide and sells products
in more than 100 countries.


RIVERCITY MOTORWAY: May Face Lawsuit Over Clem7 Tunnel Losses
-------------------------------------------------------------
Liam Walsh and Alison Sandy at The Courier-Mail report that
investors are flagging up possible court action over huge losses
sustained by Clem7 tunnel operators RiverCity Motorway.

But organizations renowned for involvement in corporate lawsuits
are yet to decide on whether a shot at operator RiverCity Motorway
is valid, the report says.

The Courier-Mail says RiverCity last week reported a $1.67 billion
net loss for the year due to a huge valuation writedown on its
Clem7 tunnel.  Traffic through the tunnel fell well below its
forecasts for the first five months, the report notes.

The Company said that the precise reasons for the reduced traffic
volumes to date are unknown, according to The Courier-Mail.

The Courier-Mail reports that Sydney academic and staunch critic
of privately owned toll roads, Dr. John Goldberg, believes
RiverCity Motorways was doomed to fail because of its financial
model and traffic projection assumptions.

"About six months ago I did predict that RiverCity would go under
because it followed the same model that the Cross City Tunnel and
Lane Cove Tunnel in Sydney used," the report quoted Mr. Goldberg
as saying.

Both Sydney projects went into receivership after usage numbers
failed to meet forecasts, The Courier-Mail says.

                      About RiverCity Motorway

RiverCity Motorway Group -- http://www.rivercitymotorway.com.au/
-- is a Queensland, Australia-based toll road company.  The
Company has been awarded a 45-year concession by the Brisbane City
Council to finance, design, construct and operate Clem Jones
Tunnel (CLEM7), the city's first private toll road.  CLEM7,
scheduled to open in 2010, will connect major traffic arteries on
the south and north of the Brisbane CBD.


SIGMA PHARMACEUTICALS: May Face Shareholder Class Action Suit
-------------------------------------------------------------
The Sydney Morning Herald reports that Sigma Pharmaceuticals said
it might be hit with a shareholder class action lawsuit over its
alleged failure to disclose its financial position before a
capital raising in September 2009.

The company said it had received correspondence foreshadowing a
legal action for non-disclosure.  Sigma said the amount claimed
under the lawsuit had not been quantified but would vigorously
defend the action.

                   About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- manufactures, markets and
distributes pharmaceutical products through the pharmacy and
grocery channels and the provision of services to retail
pharmacists.  Its Pharmaceuticals segment includes the manufacture
or contract manufacture for Australian and overseas customers.
The Company's Healthcare segment represents its traditional
pharmacy wholesale business.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, The Sydney Morning Herald had noted.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported that Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that the company had breached debt
covenants and that creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30, 2010.


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


LI & FUNG: Members' Final General Meeting Set for September 27
--------------------------------------------------------------
Members of Li & Fung Marketing (Hong Kong) Limited will hold their
final general meeting on September 27, 2010, at 10:00 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.


LI & FUNG MGT: Members' Final General Meeting Set for September 27
------------------------------------------------------------------
Members of Li & Fung Management Services Limited will hold their
final general meeting on September 27, 2010, at 12:00 p.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.


MIRAGE ELECTRONIC: Creditors' Proofs of Debt Due September 20
-------------------------------------------------------------
Mirage Electronic (H.K.) Company Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by September 20, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Yiu Kwong man
         Rooms 1501-03, Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


MOBILIA LIMITED: Members' Final General Meeting Set for Sept. 27
----------------------------------------------------------------
Members of Mobilia Limited will hold their final general meeting
on September 27, 2010, at 11:00 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.


PARISTA PACIFIC: Members' Final General Meeting Set for Sept. 28
----------------------------------------------------------------
Members of Parista Pacific Company Limited will hold their final
general meeting on September 28, 2010, at 10:00 a.m., at Room
1401, 14/F., Hong Kong and Macau Building, 156-157 connaught Road
Central, in Hong Kong.

At the meeting, Ngan Kar Leung Paul, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ROMANOV COMPANY: Members' Final General Meeting Set for Sept. 27
----------------------------------------------------------------
Members of Romanov Company Limited will hold their final general
meeting on September 27, 2010, at 11:30 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.


UNI-PRESIDENT INT'L: Members' Final Meeting Set for September 28
----------------------------------------------------------------
Members of Uni-President International (HK) Company Limited will
hold their final general meeting on September 28, 2010, at
10:00 a.m., at No. 301, Jhongjheng Rd., Yongkang City, Taiwan
County 710, in Taiwan, R.O.C.

At the meeting, Sze Lin Tang, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


UP BENEFIT: Creditors' Proofs of Debt Due September 27
------------------------------------------------------
UP Benefit Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by
September 27, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 14, 2010

The company's liquidator is:

         Tong Tsin Ka
         1202 Takshing House
         20 Des Voeux Road
         Central, Hong Kong


SANBORN FINANCE: Members' Final General Meeting Set for Sept. 30
----------------------------------------------------------------
Members of Sanborn Finance Limited will hold their final general
meeting on September 30, 2010, at 10:00 a.m., at 23/F., Arion
Commercial Centre, 2-12 Queen's Road West, in Hong Kong.

At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SCANBA LIMITED: Shek Kwok Choi Steps Down as Liquidator
-------------------------------------------------------
Ho Yau Sing stepped down as liquidator of Scanba Limited on
August 19, 2010.


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

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


SUN KEE: Shek Kwok Choi Steps Down as Liquidator
------------------------------------------------
Shek Kwok Choi stepped down as liquidator of Sun Kee Customer
Services Co. Limited on August 23, 2010.


SYNDICA LIMITED: Shek Kwok Choi Steps Down as Liquidator
-------------------------------------------------------
Ho Yau Sing stepped down as liquidator of Syndica Limited on
August 19, 2010.


WONDERFUL (H.K): Members' Final Meeting Set for September 28
------------------------------------------------------------
Members of Wonderful (H.K) Industrial Company Limited will hold
their final meeting on September 28, 2010, at 10:00 a.m., at Room
A, 20/F, Tak Lee Commercial Building, 113-117 Wan Chai Road, in
Hong Kong.

At the meeting, Wong Pong Kwok Ivan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


XRG COMPANY: Creditors' Proofs of Debt Due September 26
-------------------------------------------------------
XRG Company Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by September
26, 2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on August 28, 2010

The company's liquidators are:

         Susanna Bik-Chu Lung
         Albert Wai-Shing Lo
         2503 Bank of America Tower
         12 Harcourt Road
         Central, Hong Kong


ZIBA LIMITED: Members' Final General Meeting Set for September 30
-----------------------------------------------------------------
Members of Ziba Limited will hold their final general meeting on
September 30, 2010, at 3:00 p.m., at 8/F., Gold & Silver
Commercial building, 12-18 Mercer Street, Central, in Hong Kong.

At the meeting, Ho Hoi Lam and Man Fung Ying, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


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


C M SMITH: CRISIL Reaffirms 'D' Rating on INR420.6 Mil. Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of C M Smith and Sons Ltd
continue to reflect the delays by CMS in servicing its loans. The
delays have been caused by CMS's weak liquidity arising out of
large working capital requirements.

   Facilities                        Ratings
   ----------                        -------
   INR160.0 Million Cash Credit      D (Reaffirmed)
   INR420.6 Million Term Loan        D (Reaffirmed)
   INR1.5 Million Proposed Short-    P5 (Reaffirmed)
          Term Bank Loan Facility

The ratings also continue to reflect CMS' weak financial risk
profile and small scale of operations in auto components industry.
These weaknesses are partially offset by its established presence
in castings market.

Update

CMS has commenced commercial operations at its new plant in
Ahmedabad. The plant, which has castings capacity of 1.3 million
tonnes per annum, has been set up for INR580.00 million in January
2009; the new plant has increased the company's total capacity to
1.7 million tonnes per annum.  CMS's plants had a capacity
utilisation of 24 per cent on an average in 2009-10 (refers to
financial year, April 1 to March 31).  The operating income of the
company has increased by 110% in 2009-10 from that in 2008-09
following a drop of 27% in 2008-09 from that in 2008-07.  The
increase in CMS's sales in 2009-10 has been driven by the orders
aggregating INR12.45 billion, as on May 31, 2010.

CMS continues to delay repayments on its term debt obligations;
the delays range from a few days to a month, as a result of weak
liquidity because of large working capital requirements.  This
resulted in a very high bank limit utilization for the company: an
average of around 98 per cent for the 12 months from July 2009 to
June 2010.

                        About C M Smith

Established in 1943, CMS is a closely held public limited company.
It manufactures automotive components, such as brake drums and
clutch housing, for large commercial vehicles.  It also
manufactures a wide range of non-automotive components.  The
company's operations include both casting and machining of
components. CMS has established relationships with original
equipment manufacturers (OEMs) in the Indian and export markets.
It has three units in Nadiad (Gujarat) and a new unit in
Ahmedabad.

CMS reported a profit after tax (PAT) of INR25.70 million on net
sales of INR1.02 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR42.50 million on
net sales of INR480.60 million for the previous year.


DEVKIRAN PAPER: CRISIL Reaffirms 'B' Rating on INR97.5MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on Devkiran Paper Mills Pvt Ltd's bank facilities
continue to reflect DPMPL's weak financial risk profile, marked by
small net worth and high gearing, small scale of operations,
exposure to intense competition in the kraft paper market,
susceptibility to volatility in raw material prices, and continued
delays in commissioning its new manufacturing unit.  These rating
weaknesses are partially offset by DPMPL's established position in
the kraft paper market.

   Facilities                            Ratings
   ----------                            -------
   INR97.50 Million Long-Term Loan       B/Stable (Reaffirmed)
   INR7.50 Million Cash Credit (Stocks)  B/Stable (Reaffirmed)
                                 Limit
   INR12.50 Million Cash Credit
            (Receivables) Limit          B/Stable (Reaffirmed)
   INR7.50 Million Letter of Credit      P4 (Reaffirmed)
                              Limit
   INR5.00 Million Bank Guarantee Limit  P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that DPMPL will benefit from its increasing scale
of operations over the medium term; DPMPL's financial risk
profile, however, is likely to remain weak over the medium term
because of its ongoing large debt-funded capital expenditure
(capex).  The outlook may be revised to 'Positive' if DPMPL
successfully commissions its new capacity as per scheduled,
leading to considerable improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's debt-funded capex is larger than expected, or it reports
a significant decline in margins or cash accruals.

Update

DRPML's revenues and profitability declined more than CRISIL's
expectations in 2009-10 (refers to financial year, April 1 to
March 31).  The decline in revenues has been largely on account of
closure of the company's plant for a month, following breakdown in
machinery. There was also delay in commissioning the new
manufacturing unit?the project, which was initially scheduled for
commissioning in January 2010, will now be commissioned in
October 2010.  The delay has been on account of heavy rains in
2009 that halted construction.  The company's operating
profitability declined because of increase in pulp prices, and
expenses for repair of machinery.  Although DRPML's profit after
tax (PAT) increased, this was because of profits realized from
sale of land. The company's performance is expected to improve in
2010-11, backed by increase in scale of operations after
commissioning the new plant. Further delays in commissioning of
the plant will, however, remain a rating sensitivity factor. The
company's liquidity is moderate, as indicated by its low bank
limit utilization of 50 per cent on average during 2009-10.
DRPML's banker has rescheduled its term loans to fund construction
of its new plant, providing some cushion to the company's
liquidity. DRPML reported, on provisional basis, a PAT of INR23.5
million on net sales of INR60 million for 2009-10; it reported a
PAT of INR3.0 million on net sales of INR66 million for 2008-09.

                         About Devkiran Paper

Set up in April 1985 in Bengaluru, DPMPL manufactures kraft paper,
and has a production capacity of 15 tonnes per day (tpd).  The
company's products are used in manufacturing corrugated boxes, and
are sold mainly to customers in Bengaluru. The company is setting
up another kraft paper manufacturing unit, with a capacity of 100
tpd, and a 1-megawatt steam-based captive power plant, at
Bengaluru. The estimated project cost of INR180 million is
proposed to be funded in a debt-to-equity mix of 2:1.


HARAPARVATHI REALTORS: CRISIL Rates INR1.94 Bil. LT Loan at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Haraparvathi
Realtors Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR1.94 Billion Proposed Long    BB/Stable (Assigned)
                   Term Facility

The rating reflects HRPL's exposure to risks related to
commercialisation of its hotel project and to cyclicality in the
hospitality industry.  These rating weaknesses are partially
offset by strong operational and financial support from HRPL's
promoters, and the benefits that the company derives from tie-up
with the Intercontinental Hotels Group group and its strategic
location.

Outlook: Stable

CRISIL believes that HRPL will commence operations of its hotel
without any cost or time overruns, on the back of the promoter's
support and experience. The outlook may be revised to 'Positive'
in case of higher-than-expected occupancy rates, or sooner than
expected commencement of the hotel and the resultant increase in
accruals. Conversely, the outlook may be revised to 'Negative' in
case of any further time or cost overruns in the hotel project,
impacting HRPL's financial risk profile

                    About Haraparvathi Realtors

HRPL, set up in 2006, has been jointly promoted by the Salarpuria
group and the Kothari group with both the groups having a combined
equity interest of 51 per cent in the company; Ridgewood Holdings
Ltd, a part of the Merrill Lynch group, holds the balance 49 per
cent stake in the company.  The company has identified 2.93 acres
of land at Ring Road, Sarjapur, (Bengaluru) to build a hotel under
the 'Holiday Inn' brand.  The total cost of the project is around
INR3300 million, which is being funded in a 1.5:1 debt-to-equity
ratio; cost incurred up to June 2010 was around INR300 million.
The hotel would be having 362 rooms and 88 serviced apartments and
is expected to commence operations by March 2013.


HIND MOTORS: CRISIL Assigns 'B+' Ratings to Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Hind Motors
(India) Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR250.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR53.70 Million Term Loan            B+/Stable (Assigned)
   INR41.80 Million Proposed Long Term   B+/Stable (Assigned)
                    Bank Loan Facility
   INR5.50 Million Bank Guarantee        P4 (Assigned)

The ratings reflect HMIL's weak financial risk profile, marked by
highly leveraged capital structure and weak debt protection
measures, and susceptibility of business operations to economic
downturns.  These rating weaknesses are partially offset by HMIL's
established market position as a dealer for Tata Motors Ltd in
Chandigarh.

Outlook: Stable

CRISIL believes that HMIL will maintain a weak financial risk
profile, over the medium term backed by highly leveraged capital
structure and stressed debt protection measures.  The outlook may
be revised to 'Positive' if HMIL's capital structure and debt
protection matrices improve substantially.  Conversely, the
outlook may be revised to 'Negative' if the company's
profitability and cash accruals decrease sharply, or if the
inventory rise significantly leading to further deterioration in
the financial risk profile.

                          About Hind Motors

HMIL was set up in 1956 by Mr. C M Gupta.  HMIL has been operating
an auto dealership of Tata Motors Ltd since 1998.  It had the
dealership of Hindustan Motors Ltd from 1960 to 1998.  The company
has been selling the entire range of passenger car vehicles for
TML for the past 10 years.

HMIL reported a profit after tax (PAT) of INR7 million on net
sales of INR1186 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR1741 million for 2007-08.


JIVANLAL JOITARAM: CRISIL Cuts Rating on INR130MM Credit to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on Jivanlal Joitaram Patel's bank
facility to 'D/P5' from 'BB+/Stable/P4+'.  The downgrade reflects
the fact that JJP's cash credit facilities have remained
continuously overdrawn for more than 30 days over the past 2 and
half months.

   Facilities                       Ratings
   ----------                       -------
   INR130.0 Million Cash Credit     D (Downgraded from BB+/Stable)
   INR150.0 Million Bank Guarantee  P5 (Downgraded from P4+)

JJP has been under significant liquidity pressure over the past
few months primarily because of delayed debtor realizations.  The
firm has, in particular, faced delays in realization of its dues
of around INR100 million from the Ahmedabad Municipal Corporation.
These delays have resulted in JJP's liquidity remaining highly
stretched.

In December 2009, the Madhya Pradesh government invoked a bank
guarantee from ICICI Bank Ltd for failure of JJP's performance on
a contract.  In reaction to this, the disbursement limit on the
firm's cash credit facility was reduced to INR142.5 million from
INR150 million by Bank of Baroda.  Since the reduction in
disbursement levels, the firm has continuously overdrawn its bank
limits, with the amounts remaining persistently overdrawn for more
than 30 days.

The amounts due from AMC are expected to be realized over the next
three to four months.  CRISIL believes that the realization of
these dues would ease the liquidity pressures on JJP.

JJP continues to remain exposed to risks relating to geographical
and customer concentration in its revenue profile and its small
scale of operations in the intensely-competitive construction
industry. These weaknesses are, however, partially offset by JJP's
strong track record in the road construction business, healthy
order book, and average financial risk profile, supported by
interest-free, unsecured loans from promoters.

                        About Jivanlal Joitaram

Set up in 1979, JJP undertakes civil construction activities such
as construction of bitumen roads for government and semi-
government bodies in Gujarat and parts of Madhya Pradesh. The firm
is an approved 'AA' contractor with the Government of Gujarat and
an 'A-V' contractor with the Public Works Department of the
Government of Madhya Pradesh. It has also executed projects for
organisations such as Oil and Natural Gas Corporation, Kandla Port
Trust, and Roman Tarmat Ltd.

JJP has provisionally reported a profit after tax (PAT) of INR19
million on net sales of INR795 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR24
million on net sales of INR603 million for 2008-09.


JL MORISON: CRISIL Cuts Rating on INR22 Million Credit to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its rating on JL Morison (India) Ltd's long-
term bank facility to 'BB/Negative' from 'BB+/Negative', and has
reaffirmed the rating on the company's short-term bank facility at
'P4+'.

   Facilities                      Ratings
   ----------                      -------
   INR220.0 Million Cash Credit    BB/Negative (Downgraded from
   (Enhanced from INR70.0 Million)              'BB+/Negative')

   INR253.7 Million Letter of      P4+ (Reaffirmed)
   Credit & Bank Guarantee
   (Reduced from INR403.7 Million)

The downgrade reflects the substantial decline in JL Morison's
revenues and operating margin, and factors in CRISIL's expectation
that JL Morison's revenues and accruals will remain under pressure
on account of the significant time and promotional expenditure
required to establish its brands in the highly competitive
personal care segment.

CRISIL's ratings on JL Morison's bank facilities reflect the
company's exposure to risks related to its lack of strong brands
with sustainable revenue generating potential, and its limited
pricing flexibility.  These rating weaknesses are partially offset
by JL Morison's established market position in the personal care
and fast-moving consumer goods (FMCG) segment.

Outlook: Negative

CRISIL believes that JL Morison's operating margin and revenues
will remain under pressure over the medium term. The rating may be
downgraded if the company reports lower-than-expected operating
margin and revenues, coupled with deterioration in its debt
protection indicators.  Conversely, the outlook may be revised to
'Stable' in case of a substantial and sustainable improvement in
JL Morison's operating margin and revenues.

                          About JL Morison

Set up in 1934 by British nationals, JL Morison became part of the
Rasoi group in 1986.  JL Morison trades in, manufactures, and
markets personal care and FMCG products.  The company is owned and
managed by Mr. Raghu Mody and Mr. Varun Mody.  The other major
companies in the Rasoi group are Rasoi Ltd and Hindustan
Composites Ltd.

JL Morison reported a profit after tax (PAT) of INR7.3 million on
net sales of INR784.9 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR8 million on net
sales of INR1140.2 million for 2008-09.


KANYAKA PARAMESHWARI: CRISIL Assigns 'BB' Rating to INR70MM Debt
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Kanyaka Parameshwari Engineering Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR70.00 Million Overdraft Facility      BB/Stable (Assigned)
   INR120.00 Million Bank Guarantee Limit   P4+ (Assigned)

The ratings reflect KPEL's exposure to risks related to large
working capital requirements and small scale of operations, amid
intense competition in the transformers manufacturing industry.
These rating weaknesses are partially offset by KPEL's established
position in the transformers industry and a moderate financial
risk profile, marked by moderate gearing and debt protection
metrics.

Outlook: Stable

CRISIL believes that KPEL will maintain its business risk profile
over the medium term, backed by its established position in the
distribution transformers industry. The outlook may be revised to
'Positive' if the company's revenues and profitability increase
considerably from current levels. Conversely, the outlook may be
revised to 'Negative' if delays in collection of receivables or
large, debt-funded expansions lead to stress on the company's
gearing and debt protection measures.

                     About Kanyaka Parameshwari

KPEL was set up in 1983 by Mr. Rajeshwar Rao Gampa. Until 2002,
the company manufactured liquid petroleum gas (LPG) cylinders.
However, this business was discontinued because of unfavourable
changes in regulatory policies and low profitability of
operations. Presently, the company manufactures distribution
transformers, primarily in the low-voltage range. The company has
a manufacturing capacity of 900 transformers per month at
Hyderabad.

KPEL reported a provisional profit after tax (PAT) of INR11
million on net sales of INR295 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR11
million on net sales of INR203 million for 2008-09.


LOVELY ENTERPRISES: CRISIL Lifts Rating on INR180MM Credit to 'BB'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Lovely
Enterprises Pvt Ltd, which is part of the Lovely group, to
'BB/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR180 Million Cash Credit       BB/Stable (Upgraded from
                                               'B+/Stable')

   INR40 Million Letter of Credit   P4+ (Upgraded from 'P4')

The upgrade reflects improvement in the Lovely group's financial
risk profile following equity infusion of INR109.1 million by its
promoters in 2009-10 (refers to financial year, April 1 to
March 31), and improvement in its business risk profile, driven by
increased product diversification in its marble, coal, and iron
and steel products trading.  The upgrade also reflects CRISIL's
belief that the Lovely group will continue to benefit over the
medium term from the healthy demand scenario and absence of any
debt-funded capital expenditure (capex) plan.

The ratings reflect the Lovely group's below-average financial
risk profile, marked by low profitability and weak debt protection
metrics, and exposure to risks related to intense competition in
the timber industry.  These rating weaknesses are partially offset
by the group's promoters' experience in the timber industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LEPL and Lovely International Pvt Ltd
(LIPL). This is because the two companies, together referred to as
the Lovely group, are in same line of business, under a common
management, and have significant operational and financial
interlinkages.

Outlook: Stable

CRISIL believes that the Lovely group will continue to benefit
over the medium term from the group's product diversification
initiatives, healthy demand for the products it trades in, and its
promoters' industry experience.  The outlook may be revised to
'Positive' if the group generates more-than-expected cash accruals
or scales up its operations, primarily backed by its
diversification into trading of coal, marble, and iron and steel
products. Conversely, any large debt-funded capex/acquisition or
decline in profitability may result in a revision in the outlook
to 'Negative'.

                         About Lovely group

The Lovely group, based in West Bengal, has been promoted by Mr.
Kishan Gopal Biyani and his son Mr. Samir Biyani. The promoters
have a combined experience of more than a decade in the timber
industry. The group trades in timber logs and swan timber,
primarily in West Bengal, Orissa, Bihar, and Assam. The group
sources around 80 per cent of its timber requirements from
Malaysia, and the rest from Ghana, Nigeria, Saudi Arabia, and
Burma. In 2009-10, the group has also entered into trading in
coal, marble, and iron and steel products.

The Lovely group reported a profit after tax (PAT) of INR21.0
million on net sales of INR2.0 billion million for 2009-10,
against a PAT of INR14.0 million on net sales of INR1.6 billion
for 2008-09.

LEPL was incorporated in 2003.  The company is into trading in
swan timber, coal, and iron and steel products. The company
procures timber from within India.

LEPL reported a PAT of INR7.2 million on net sales of INR680.5
million for 2009-10, against a PAT of INR5.9 million on net sales
of INR511.2 million for 2008-09.

LIPL was incorporated in 1999.  It is into trading in sawn timber
and timber logs.  It purchases 85-90 per cent of its total timber
requirement from Malaysia and the rest from Ghana, Nigeria, Saudi
Arabia, and Burma.

LIPL reported a PAT of INR14.0 million on net sales of
INR1.3 billion for 2009-10, against a PAT of INR8.0 million on net
sales of INR1.1 billion for 2008-09.


LOVELY INT'L: CRISIL Lifts Ratings on Various Bank Debts to 'BB'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Lovely
International Pvt Ltd, which is part of the Lovely group, to
'BB/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR290 Million Cash Credit            BB/Stable (Upgraded from
                                                    'B+/Stable')

   INR50 Mil. Inland Bill Discounting    BB/Stable (Upgraded from
                                                    'B+/Stable')
   INR140 Million Letter of Credit       P4+ (Upgraded from 'P4')

The upgrade reflects improvement in the Lovely group's financial
risk profile following equity infusion of INR109.1 million by its
promoters in 2009-10 (refers to financial year, April 1 to
March 31), and improvement in its business risk profile, driven by
increased product diversification in its marble, coal, and iron
and steel products trading.  The upgrade also reflects CRISIL's
belief that the Lovely group will continue to benefit over the
medium term from the healthy demand scenario and absence of any
debt-funded capital expenditure (capex) plan.

The ratings reflect the Lovely group's below-average financial
risk profile, marked by low profitability and weak debt protection
metrics, and exposure to risks related to intense competition in
the timber industry.  These rating weaknesses are partially offset
by the group's promoters' experience in the timber industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LIPL and Lovely Enterprises Pvt Ltd.
This is because the two companies, together referred to as the
Lovely group, are in same line of business, under a common
management, and have significant operational and financial
interlinkages.

Outlook: Stable

CRISIL believes that the Lovely group will continue to benefit
over the medium term from the group's product diversification
initiatives, healthy demand for the products it trades in, and its
promoters' industry experience.  The outlook may be revised to
'Positive' if the group generates more-than-expected cash accruals
or scales up its operations, primarily backed by its
diversification into trading of coal, marble, and iron and steel
products.  Conversely, any large debt-funded capex/acquisition or
decline in profitability may result in a revision in the outlook
to 'Negative'.

                        About Lovely group

The Lovely group, based in West Bengal, has been promoted by Mr.
Kishan Gopal Biyani and his son Mr. Samir Biyani.  The promoters
have a combined experience of more than a decade in the timber
industry.  The group trades in timber logs and swan timber,
primarily in West Bengal, Orissa, Bihar, and Assam. The group
sources around 80 per cent of its timber requirements from
Malaysia, and the rest from Ghana, Nigeria, Saudi Arabia, and
Burma.  In 2009-10, the group has also entered into trading in
coal, marble, and iron and steel products.

The Lovely group reported a profit after tax (PAT) of INR21.0
million on net sales of INR2.0 billion million for 2009-10,
against a PAT of INR14.0 million on net sales of INR1.6 billion
for 2008-09.

LIPL was incorporated in 1999.  It is into trading in sawn timber
and timber logs.  It purchases 85-90 per cent of its total timber
requirement from Malaysia and the rest from Ghana, Nigeria, Saudi
Arabia, and Burma.

LIPL reported a PAT of INR14.0 million on net sales of INR1.3
billion for 2009-10, against a PAT of INR8.0 million on net sales
of INR1.1 billion for 2008-09.

LEPL was incorporated in 2003. The company is into trading in swan
timber, coal, and iron and steel products.  The company procures
timber from within India.

LEPL reported a PAT of INR7.2 million on net sales of INR680.5
million for 2009-10, against a PAT of INR5.9 million on net sales
of INR511.2 million for 2008-09.


MULTIWAL DUPLEX: CRISIL Puts 'BB+' Rating on INR200MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Multiwal
Duplex Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR200.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR20.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect MDPL's large working capital requirements,
small scale of operations, and susceptibility of profitability to
volatility in waste paper prices.  These rating weaknesses are
partially offset by MDPL's above average financial risk profile,
marked by comfortable debt protection metrics and moderate capital
structure, and its established market position in the duplex board
segment.

Outlook: Stable

CRISIL believes that MDPL will continue to have cost-effective
operations, leading to comfortable cash accruals, over the medium
term.  The credit risk profile is, however, expected to remain
constrained by expected increase in gearing, largely because of
increased working capital requirements.  The outlook may be
revised to 'Positive' if MDPL's capital structure improves
significantly, most likely due to increase in net worth through
significantly improved profitability or capital infusion.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a larger than expected debt-funded capital
expenditure program, thereby adversely impacting its capital
structure, or if its debt protection metrics weaken sharply.

                         About Satnam Paper

MDPL (formerly Satnam Paper Mills (P) Ltd manufactures various
types of duplex boards by using white waste paper such as old
books and newsprint.  The company was acquired by Mr. Waseem Ahmed
Khan in 2002.  Before being acquired by Mr. Khan, SPML was a non-
performing asset (NPA) account of Punjab National Bank, Kashipur
(Uttarakhand), running a duplex board paper mill having capacity
of 10 tonnes per day (tpd).  The capacity of the mill has been
enhanced at regular intervals and the current capacity of the
paper mill is 120 tpd.

MDPL reported a profit after tax (PAT) of INR17.9 million on net
sales of INR488.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR11.8 million on net
sales of INR414.6 million for 2007-08.


SABARI INDUSTRIES: CRISIL Assigns 'D' Rating to INR91MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Sabari Industries Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR91.00 Million Long Term Loan     D (Assigned)
   INR97.00 Million Cash Credit        D (Assigned)
   INR52.00 Million Letter of Credit   P5 (Assigned)

The ratings reflect delay by SIPL in servicing its term loan; the
delay has been caused by SIPL's weak liquidity.

SIPL has a weak financial risk profile marked by high gearing,
weak debt protection metrics, and large working capital
requirements.  However, SIPL benefits from its experienced
management.

                      About Sabari Industries

SIPL was incorporated in 2003 when the company acquired Harihar
Power Alloys Pvt Ltd. SIPL is part of the Sabari group, promoted
by Mr. Shashi Kumar and his wife Ms. Leena Sashi.  The company
manufactures sponge iron and ingots, and also produces power.
SIPL's plant, located near Tiruchirapally (Tamil Nadu), has a
production capacity of 100 tonnes per day (tpd) of sponge iron and
150 tpd of ingots, and a 7.2-megawatt captive power plant.  The
Sabari group is into diverse businesses, including ingot
manufacturing, steel trading, marine sea food exports, and textile
manufacturing.

SIPL posted a profit after tax of INR3.6 million on net sales of
INR332.0 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR29.2 million on net sales of
INR351.0 million for 2008-09.


SAMBANDAM SPINNING: CRISIL Assigns 'BB-' Ratings on Various Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Sambandam
Spinning Mills Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR1106.60 Million Long Term Loan        BB-/Stable (Assigned)
   INR234.30 Million Cash Credit Facility   BB-/Stable (Assigned)
   INR183.20 Million FCNRB Demand Loan      BB-/Stable (Assigned)
   INR135.00 Million Letter of Credit/      P4+ (Assigned)
                      Bank Guarantee

The ratings reflect SSML's below-average financial risk profile,
marked by high gearing, and weak debt protection metrics. The
ratings also factor its susceptibility to volatility in raw
material prices and to power shortages.  These rating weaknesses
are partially offset by the benefits that SSML derives from its
established position in the cotton yarn market, modernized plant
with healthy operating efficiencies, and its promoters' vast
industry experience.

Outlook: Stable

CRISIL believes that SSML will continue to benefit over the medium
term from its established position in the cotton yarn market. The
outlook may be revised to 'Positive' if SSML's capital structure
and debt protection metrics improve considerably.  Conversely the
outlook may be revised to 'Negative' if the company undertakes
large, unexpected debt-funded capital expenditure programmes, or
reports significant decline in its revenues and margins.

                       About Sambandam Spinning

Incorporated in 1973, as a private limited company by Mr. S P
Ratnam, Mr. S P Sambandam, Mr. S P Rajendran, and Mr. Y
Jagannathan, SSML got its current name in 1994.  SSML manufactures
cotton yarn and has a capacity of 85,452 spindles spread among
three units in Salem.  Currently, the company is managed by Mr. S
P Sambandam's sons, Mr. S Devarajan, Mr. S Jegarajan, and Mr. S
Dinakaran.

SSML reported a profit after tax (PAT) of INR45.2 million on net
sales of INR1.32 billion for 2009-10 (refers to financial year,
April 1 to March 31) against a net loss of INR40.0 million on net
sales of INR1.08 billion for 2008-09.


SCANIA STEELS: CRISIL Lifts Rating on INR100 Mil. Term Loan to 'B'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Scania
Steels & Powers Ltd to 'B/Stable/P4' from 'D/P5'.

   Facilities                     Ratings
   ----------                     -------
   INR70 Million Cash Credit      B/Stable (Upgraded from 'D')
   INR100 Million Term Loan       B/Stable (Upgraded from 'D')
   INR10 Million Proposed Letter  P4 (Upgraded from 'P5')
                       of Credit

The upgrade follows Scania's regular and timely servicing of its
term loan obligations for the 12 months through July 2010. The
upgrade also factors in the company's stable cash accruals and
improved business risk profile after the successful commissioning
of the enhanced capacities at its sponge iron division. CRISIL
believes that Scania will generate sufficient cash accruals over
the medium term to service the maturing term loan obligations over
this period.

The ratings, however, continue to reflect Scania's aggressive
debt-funded capital expenditure (capex) plans, and the company's
exposure to fluctuations in prices of raw materials. These
weaknesses are partially offset by the company's moderate business
risk profile.

Outlook: Stable

CRISIL believes that Scania will maintain a moderate business risk
profile over the medium term, backed by the stabilisation of
operations at its recently enhanced capacities, and supported by
the buoyancy in the end-user, steel, industry. The outlook may be
revised to 'Positive' in case the company's gearing levels are
lower than expected, most likely because of higher equity infusion
for capex or improved profitability. Conversely, the outlook could
be revised to 'Negative' if the offtake from the enhanced
capacities is lower than expected, or if the company undertakes a
higher-than-expected and aggressively debt-funded capex programme,
leading to further deterioration in its debt protection measures.

                        About Scania Steels

Scania was promoted by Mr. Satish Garg and family (from Delhi) in
1995 as a sponge-iron producing unit in Raigarh (Chhattisgarh).
However, due to some internal problems among the family members,
the company was sold during 2006-07 (refers to financial year,
April 1 to March 31). Mr. Sanjay Gadodia, based in Rourkela
(Orissa), purchased the company and thereafter changed its name to
Scania Steels & Power Ltd. Scania has a sponge-iron producing unit
with a capacity of 120,000 tonnes per annum. In 2009-10, the
company had embarked upon a capex programme to increase its sponge
iron capacity by 60,000 tpa, which was successfully commissioned
in August 2010.

For 2009-10, Scania reported a profit after tax (PAT) of INR27
million on net sales of INR699 million, as against a PAT of INR28
million on net sales of INR877 million for the previous year.


SHREE TIRUPATI: CRISIL Assigns 'BB-' Rating to INR130MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Shree Tirupati
Greenfield Developers' bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR130.0 Million Term Loan      BB-/Stable (Assigned)
   INR260.0 Million Proposed LT    BB-/Stable (Assigned)
             Bank Loan Facility

The rating reflects STGD's exposure to risks related to
implementation and saleabillity of its project, Marigold, to
geographical concentration in revenue profile, and vulnerability
to cyclicality in the real estate sector.  These rating weaknesses
are partially offset by STGD's adequate funding sources, and
moderate risk appetite of the promoters.

Outlook: Stable

CRISIL believes that STGD will over the medium term, continue to
benefit from adequate funding available from two of its on-going
real estate projects ? Glacia and Jasmine.  The outlook may be
changed to 'Positive' if STGD receives more-than-expected customer
advances for the on-going projects thereby substantially improving
its overall liquidity.  Conversely, the outlook may be revised to
'Negative' if the company faces time or cost overruns in its
projects and reports lower-than-expected saleability.

                       About Shree Tirupati

STGD is a partnership firm between Mr. Haresh G Doulatani,
Mr. Sunil Gupta, Mr. Arvind Gupta and Mr. Satpaul Gupta and was
incorporated in 2007. STGD is part of the Shree Tirupati group,
which has been in real estate development over the past eight
years. STGD has built one residential complex ? Riviera in
Siddeshwar Gardens near Kohlset Road in Thane (Maharashtra). Apart
from this, STGD is also building two other residential complexes,
Jasmine and Marigold in the same area. STGD's project, Glacia, in
Temmbhi Naka, Thane (Maharashtra) is a redevelopment residential-
cum-commercial project.

The STGD group has so far completed and sold one residential
project, while one other residential project is ready for
possession (Riviera: being done under STGD). The group has also
completed and sold three commercial projects apart from a hotel.
The group is presently in the process of executing six other
projects, with three of these projects being executed under STGD.
The combined saleable value of these projects is estimated to be
around INR2.50 billion. Apart from this, the group has plans of
executing three other residential projects in next two years, with
total saleable value of INR2.50 billion.


SK EXPORTS: CRISIL Reaffirms 'P4+' Rating on INR70M Packing Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of SK Exports continues to
reflect SK Exports' small scale of operations and geographically
concentrated revenue profile. These rating weaknesses are
partially offset by SK Exports' moderate financial risk profile,
marked by low gearing and comfortable debt protection indicators.

   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Packing Credit    P4+ (Reaffirmed)

Update

SK Exports' net sales increased by 26 per cent year-on-year to
Rs.204.7 million in 2009-10 (refers to financial year, April 1 to
March 31). Its operating profit margin declined marginally to 9
per cent in 2009-10 from the previous year's level. The US market
remains the firm's main source of revenues despite its expanding
presence in Europe, Japan, and Australia. The firm also expanded
its customer base, doubling its active customers to 30 in 2009-10.
During the year, the firm also doubled its manufacturing capacity
by setting up a facility in Kolkata with a capacity of 8000 units
per month.

SK Exports has weak liquidity. Its utilisation of bank lines was
high at 92 per cent on an average over the twelve months ended
July 2010, with two instances where the firm required ad-hoc
limits to meet its working capital requirements. CRISIL believes
that SK Exports' liquidity will remain weak over the medium term
with the deployment of additional capacity.

SK Exports reported, on provisional basis, a profit after tax
(PAT) of INR18.0 million on net sales of INR204.7 million for
2009-10; it reported a PAT of INR15.8 million on net sales of
INR163.0 million for 2008-09.

                          About SK Exports

SK Exports was set up in 1979 by Mr. Sanjay Khanna. The firm
manufactures and exports leather goods such as belts, handbags,
and footwear. Its manufacturing facilities, with a combined
production capacity of up to 16,000 units per month, are located
in Mumbai and Kolkata.


SPECIAL ENGINEERING: CRISIL Reaffirms 'D' Rating on INR45.8M Loan
-----------------------------------------------------------------
CRISIL's ratings on Special Engineering Services Limited bank
facilities continue to reflect delay by SESL in its repayment of
term debt obligations, owing to weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR45.8 Million Term Loan            D (Reaffirmed)
   INR25.0 Million Cash Credit          D (Reaffirmed)
   INR25.0 Million Bills Discounting    P5 (Reaffirmed)
   INR32.0 Million Letter of Credit     P5 (Reaffirmed)
   INR1.0 Million Bank Guarantee        P5 (Reaffirmed)

Summary Update

SESL has been regularly delaying its repayment of term loan
installments.  The installment due by June 30, 2010 remained
unpaid as on August 18, 2010.

The net revenues of the company grew by 61 per cent in 2009-10 to
INR780 million on the back of revival in demand from end-user
industry.  The operating margins was also positive at 10.2 per
cent in 2009-10 as compared to a operating loss of 4.1 per cent in
2008-09; the improvement in operating margin was mainly driven by
the company's ability to negotiate a higher margin with its
customers and the higher revenues positively affected the
absorption in fixed costs.

However, SESL's bills discounting limits have not been raised
commensurately with the increase in revenues. As a result, the
bills discounting were fully utilized and were not adequate to
cover the subsequent growth in the debtors from the incremental
revenues.  As a result, the cash flow from operations in April ?
June 2010 was not sufficient to meet term debt obligations of
INR2.25 million in that period. The June 2010 term debt obligation
remains unpaid as on August 18, 2010.

                      About Special Engineering

Set up in 1960, SESL is a joint venture of the C K Birla group and
Intrust AG (Switzerland).  SESL manufactures automotive and
locomotive components such as axle boxes, magnetic frames,
catalytic converters, and propeller shafts.  It has manufacturing
facilities in Chennai, Jaipur and Kolkata.

SESL reported a profit after tax (PAT) of INR22 million on net
sales of INR378 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT loss of INR14 million on
net sales of INR234 million for 2008-09.


SPPL HOTELS: CRISIL Rates INR1.51 Billion Term Loan at 'BB'
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to SPPL Hotels Pvt
Ltd's term loan facility.

   Facilities                      Ratings
   ----------                      -------
   INR 1.51 Billion Term Loan      BB/Stable (Assigned)

The rating reflects SHPL's exposure to risks related to
commercialisation of its hotel project and to cyclicality in the
hospitality industry. These rating weaknesses are partially offset
by strong operational and financial support from SHPL's promoters,
and the benefits that the company derives from its tie-up with the
Accor group, and its strategic location.

Outlook: Stable

CRISIL believes that SHPL will commence operations of its hotel
without any cost or time overruns, on the back of the promoter's
support and experience. The outlook may be revised to 'Positive'
in case of higher-than-expected occupancy rates, or sooner than
expected commencement of the hotel and the resultant rise in
accruals. Conversely, the outlook may be revised to 'Negative' in
case of any further time or cost overruns in the hotel project,
impacting SHPL's financial risk profile.

                          About SPPL Hotels

SHPL, set up in November 2005, has been jointly promoted by the
Salarpuria group and the Kothari group with both the groups having
a combined equity interest of 51 per cent in the company;
Ridgewood Holdings Ltd, a part of the Merrill Lynch group, holds
the balance 49 per cent stake in the company. The company is
developing a hotel under the 'Novotel' brand on 3.57 acres of land
at Rajarhat (Kolkata). The total cost of the project is around
INR2600 million, which is being funded in a 1.5:1 debt-to-equity
ratio; cost incurred up to June 2010 was around INR500 million.
The hotel would have 300 rooms and 50 serviced apartments and is
expected to commence operations by July 2012.


SREE MURALI: CRISIL Reaffirms 'BB' Rating on INR60MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sree Murali Mohana
Boiled and Raw Rice Mill Pvt Ltd continues to reflect Sree
Murali's below-average financial risk profile, marked by weak debt
protection measures, and exposure to risks relating to the
regulated nature of the rice industry.  These weaknesses are
partially offset by the benefits that Sree Murali derives from its
promoters' experience in the rice industry.

   Facilities                      Ratings
   ----------                      -------
   INR60.0 Million Term Loan       BB/Stable (Reaffirmed)
   INR630.0 Million Cash Credit    BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sree Murali will continue to benefit from its
promoters' experience in the rice mill business, over the medium
term. The outlook may be revised to 'Positive' if the company
improves its margins, and expands its operations considerably.
Conversely, the outlook may be revised to 'Negative' if there is a
decline in the company's margins, or if it undertakes a large,
debt-funded capital expenditure (capex) programme.

Summary Update

Sree Murali's revenues are estimated to have grown by 37 per cent
year-on-year in 2009-10 (refers to financial year, April 1 to
March 31), mainly driven by the increase in realizations following
the rise in the paddy prices. Sree Murali's operating margin,
however, is estimated to have declined to 6.7 per cent in 2009-10,
from 8.7 per cent in 2008-09, as the company was not able to fully
pass on the raw material price increase to its customers because
of increasing competitive pressures in the industry.  The
company's operations continue to remain working capital intensive,
as reflected in its high average bank limit utilization of 85 per
cent in 2009-10. The company does not have any major capex plans
over the medium term.

                         About Sree Murali

Set up in 1983 as a partnership firm with the acquisition of a
small rice mill, Sree Murali was reconstituted as a private
limited company in 2002.  It is engaged in milling, processing,
and selling boiled rice, raw rice, bran, and husk; boiled rice
accounted for around 65 per cent of the company's 2009-10
revenues.  Currently, Sree Murali has a paddy milling capacity of
1.93 million quintals per annum. Its rice is sold under the brand
Bell.

Sree Murali, on a provisional basis, reported a profit after tax
(PAT) of INR32.6 million on net sales of INR1.9 billion for 2009-
10. against a PAT of INR27.5 million on net sales of INR1.4
billion.


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


WMT GLOBAL: S&P Downgrades Ratings on Various Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C to E fixed-rate notes issued under the WMT Global Funding
II Inc. transaction, and placed the ratings on classes A-1 to D on
CreditWatch with negative implications.

The downgrades of classes C to E and placement of classes B to D
on credit watch negative reflect S&P's view regarding uncertainty
over the likely collection amount from the properties backing the
transaction's underlying loan, considering the status of
collection procedures undertaken by the servicer.

Although S&P has yet to finalize its assessment of the likely
collection amount from the properties, it is S&P's view that a
certain level of decline in the likely collection amount appears
inevitable.

S&P placed the ratings on classes A-1 and A-2 on CreditWatch with
negative implications because, given the limited amount of time
remaining until the transaction's legal final maturity date in
November 2011, there is an increased risk of non-completion of the
collection process by the transaction's legal final maturity date.

S&P intends to review S&P's ratings on the classes that S&P placed
on CreditWatch with negative implications after assessing the
likely collection amount and the progress of collection from the
properties in question.

WMT Global Funding II Inc. is a single-borrower multi-asset CMBS
transaction.  The notes issued under this transaction are backed
by a loan extended to a single borrower.  The loan was originally
secured by ten extended-stay limited-service apartment properties.
The transaction was arranged by Lehman Brothers Japan Inc. Capital
Servicing Co. Ltd. acts as the servicer for this transaction.

                         Rating Lowered

                    WMT Global Funding II Inc.
JPY9.3 billion commercial mortgage-backed notes due November 2011

  Class        To             From          Initial Issue Amount
  -----        --             ----          --------------------
  E            CCC (sf)       B- (sf)       JPY1.1 bil.

        Ratings Lowered And Placed On Creditwatch Negative

Class       To                    From        Initial Issue Amount
-----       --                    ----        --------------------
C           BBB- (sf)/Watch Neg   A- (sf)      JPY1.1 bil.
D           B (sf) /Watch Neg     BB+ (sf)     JPY0.9 bil.

              Ratings Placed On Creditwatch Negative

Class        To                    From       Initial Issue Amount
-----        --                    ----       --------------------
A-1          AAA (sf)/Watch Neg    AAA (sf)      JPY4.0 bil.
A-2          AAA (sf)/Watch Neg    AAA (sf)      JPY1.0 bil.
B            AA (sf)/Watch Neg     AA (sf)       JPY1.2 bil.


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


HAISAN RESOURCES: EON Bank Demands Payment on MYR1.51 Million Loan
------------------------------------------------------------------
IGLO (M) Sdn Bhd on August 27, 2010, a wholly owned subsidiary of
Haisan Resources, received a letter of demand from Messrs. Shearn
Delamore & Co., on behalf of EON Bank Berhad, demanding payment of
a MYR1.51 million overdraft facility.

The Company has appointed a Scheme Adviser, UHY Diong Advisory
(KL) Sdn Bhd, to formulate a conclusive Debt Restructuring
Proposal.  The DRP is expected to form an integral part of the
overall Regularization Plan to revive and reorganize the financial
condition of the Company.

The Company is unable to meet its obligations within the next 12
months.

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


LINEAR CORP: Reports MYR2.65 Million Net Income in June 30 Quarter
------------------------------------------------------------------
Linear Corporation reported net income of MYR2.65 million on
MYR2.77 million of revenue for the quarter ended June 30, 2010,
compared with a net loss of MYR2.66 million on MYR4.44 million of
revenue for the three months ended June 30, 2009.

The Company's balance sheet as of June 30, 2010, showed
MYR117.51 million in total assets, MYR62.68 million in total
liabilities, and stockholders' equity of MYR54.83 million.

The company's consolidated balance sheet at June 30, 2010, showed
strained liquidity with MYR58.25 million in total current assets
available to pay MYR59.89 million in total current liabilities.

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

                         About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


NAM FATT: Incurs MYR15.13 Million Net Loss in June 30 Quarter
-------------------------------------------------------------
Nam Fatt Corporation Berhad posted a net loss of MYR15.13 million
on revenue of MYR25.66 million for the quarter ended June 30,
2010, compared with a net loss of MYR18.28 million on revenue of
MYR38.88 million in the same period last year.

At June 30, 2010, the Company's consolidated balance sheet showed
MYR960.93 million in total assets, MYR943.84 million in total
liabilities and stockholders' equity of MYR17.09 million.

The company's consolidated balance sheet at June 30, 2010, showed
strained liquidity with MYR631.03 million in total current assets
available to pay MYR943.84 million in total current liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?6aa9

                           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: Sells Shares in Unit to Johabaru for MYR3.95 Million
--------------------------------------------------------------
Swee Joo Berhad has entered into a share sale agreement with
Johabaru Sdn Bhd for the sale of JH Logistics Sdn Bhd, a wholly
owned subsidiary of Swee Joo, for MYR3,956,902.

Swee Joo said the transactions do not require the approval of the
Company's shareholders or any government or approving authorities.

                           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.

On September 1, 2010, Swee Joo Berhad was 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.


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


ALLIED FARMERS: CEO Rob Alloway to Step Down in December
--------------------------------------------------------
Allied Farmers disclosed Friday that its Managing Director,
Rob Alloway, will step down from his current role in December this
year.  Mr. Alloway will remain on the Board of Allied Farmers and
its subsidiaries in the meantime.  Mr. Alloway has given notice to
the Board to allow a timely search for a new CEO and a measured
handover of the business.

Mr. Alloway said ?the time was right to step down from the hands-
on, day-today role of running the business as the restructuring
process which began about a year ago was nearing completion.?

The Board acknowledged Mr. Alloway?s strong and insightful
leadership during a period of tremendous change, and said that
while they were disappointed Mr. Alloway was changing his role
from an executive, his ongoing involvement as a director means Mr.
Alloway will continue to contribute to the Company.

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

                        About Allied Farmers

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


HMS KINGS: Placed in Liquidation by IRD
---------------------------------------
The Southland Times reports that HMS Kings Ltd was placed into
liquidation at the request of the Inland Revenue Department on
September 1, 2010.  The restaurant has been closed since July 20.

The Southland Times relates owner Robyn Waddel said difficult
economic times had played a part in the closure, as had the
illness of her partner and co-owner Jim Wardrop.

Southland Chamber of Commerce chief executive Richard Hay said
economic recovery had been much slower than expected and that had
affected the hospitality industry, the report adds.

Invercargill, New Zealand-based HMS Kings Ltd runs a seafood
restaurant.


KRUKZIENER PROPERTIES: High Court Adjourns Hearing on Liquidation
-----------------------------------------------------------------
A liquidation attempt against Krukziener Properties has been
adjourned for three months so owner Andrew Krukziener can get a
repayment plan approved, The National Business Review reports.

According to the report, CallPlus Services is chasing Krukziener
Properties over a small debt described by Mr. Krukziener?s lawyer
Lawrence Herzog as being a few thousand dollars.

On September 3, the High Court at Auckland granted Mr. Herzog?s
request for an adjournment, scheduling the next hearing of the
application for December 3, NBR notes.

According to NBR, Mr. Krukziener?s payment plan involves an
initial lump sum then monthly installments.  NBR adds that on
November 17 and 18 the High Court will also hear his creditors'
proposal as he tries to clear about NZ$50 million of debt.

Krukziener Properties is a New Zealand-based real estate
developer.


SOPRANOS GOURMET: Owner Shuts Restaurant, Won't Renew Lease
-----------------------------------------------------------
The Southland Times reports that Sopranos Gourmet Wood Fired Pizza
restaurant closed on Sunday, September 5.

According to the report, owner Matty Hawkes said it had been a
slightly quieter winter than normal but the key reason for closing
was that he and wife Kirsty had decided not to renew their Tay St
lease.

Southland Chamber of Commerce chief executive Richard Hay said
economic recovery had been much slower than expected and that had
affected the hospitality industry, the report adds.
Sopranos Gourmet Wood Fired Pizza is a pizza restaurant based in
Incarvergill, New Zealand.


SOUTH CANTERBURY: Government May Sell Assets as Going Concerns
--------------------------------------------------------------
The New Zealand government favors selling South Canterbury Finance
assets as going concerns rather than a long, costly receivership,
according to The New Zealand Herald.

The NZ Herald relates that a spokesman for Finance Minister Bill
English said potential investors who had approached South
Canterbury "should now make their interest known to the receiver".

"At this stage the Government has an open mind about what shape
those bids might take -- but we would prefer that the assets are
sold as going concerns.  The Government is looking to further set
out its thinking around the receivership next week," the report
quoted the spokesman as saying.

The receivers Kerryn Downey and William Black of McGrathNicol are
expected to make their initial report to the Government early this
week, the NZ Herald notes.

                       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.


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


BASIC BUILDING: Creditors' Proofs of Debt Due September 17
----------------------------------------------------------
Basic Building Supplies Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by September 17, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


DMC OFFSHORE: Court to Hear Wind-Up Petition on September 17
------------------------------------------------------------
A petition to wind up the operations of DMC Offshore Pte Ltd will
be heard before the High Court of Singapore on September 17, 2010,
at 10:00 a.m.

William Alan Lyons filed the petition against the company on
August 20, 2010.

The Petitioner's solicitors are:

          ATMD Bird & Bird LLP
          No. 2 Shenton Way
          #18-01 SGX Centre 1
          Singapore 068804


HOUSE OF TEAK: Court to Hear Wind-Up Petition on September 17
-------------------------------------------------------------
A petition to wind up the operations of House of Teak
(Harbourfront) Pte Ltd will be heard before the High Court of
Singapore on September 17, 2010, at 10:00 a.m.

Hawaii Furnishing Pte Ltd filed the petition against the company
on August 25, 2010.

The Petitioner's solicitors are:

          Messrs Lee Bon Leong & Co.
          79 Anson Road #11-01/02
          Singapore 079906


GTR TECHNOLOGIES: Court to Hear Wind-Up Petition on September 17
----------------------------------------------------------------
A petition to wind up the operations of GTR Technologies Pte Ltd
will be heard before the High Court of Singapore on September 17,
2010, at 10:00 a.m.

Management Corporation Strata filed the petition against the
company on August 20, 2010.

The Petitioner's solicitors are:

          Messrs Harry Elias Partnership LLP
          SGX Centre 2, #17-01
          4 Shenton Way
          Singapore 068807


INTRAD PTE: Creditors' Proofs of Debt Due October 2
---------------------------------------------------
Creditors of Intrad Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
October 2, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Leow Quek Shiong
         Leong Hon Mun Peter
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


LABRADOR PTE: Creditors' Meetings Set for September 14
------------------------------------------------------
Labrador Pte Ltd, which is in creditors' voluntary liquidation,
will hold a meeting for its creditors on September 14, 2010, at
3:00 p.m., at 19 Keppel Road #03-07 Jit Poh Building Singapore
089058.

Agenda of the meeting includes:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a committee of inspection, if thought fit;

   c. to approve the liquidators' fees and disbursements; and

   d. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


LABRADOR PTE LTD: Contributories Meetings Slated for September 14
-----------------------------------------------------------------
Labrador Pte Ltd, which is in creditors' voluntary liquidation,
will hold a meeting for its contributories on September 14, 2010,
at 2:30 p.m., at 19 Keppel Road #03-07 Jit Poh Building Singapore
089058.

Agenda of the meeting includes:

   a. to update the contributories on the status of the
      liquidation of the Company;

   b. to appoint a committee of inspection, if thought fit; and

   c. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


NEW MARBLE: Creditors' Proofs of Debt Due September 30
------------------------------------------------------
Creditors of New Marble Insurance Company Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by September 30, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o Lau Chin Huat & Co
         50 Havelock Road #02-767
         Singapore 160050


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


* Moody's Gives Neg. Outlook on Ratings of Five Pakistani Banks
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the long-term local currency deposit ratings and bank
financial strength ratings of these five Pakistani banks: Allied
Bank Ltd (D-/ Ba3), Habib Bank Ltd (D-/ Ba3), MCB Bank Ltd (D/
Ba2), National Bank of Pakistan Ltd (D/ Ba2) and United Bank Ltd
(D-/ Ba3).  At the same time, Moody's has affirmed the foreign
currency deposit ratings of B3/ Not-Prime assigned to these banks.
Those ratings are constrained by Pakistan's country ceiling of B3
on foreign currency deposit ratings.

According to Moody's, the outlook changes have been prompted by
the economic challenges arising from the heavy flooding that has
inundated a fifth of Pakistan's territory.  The floods have mainly
plagued rural areas, where commercial establishments are limited
and most of the population does not use banks.  Although the
immediate economic impact of the flooding is limited to the
agricultural sector and SME establishments in the affected areas,
Moody's expects that the natural disaster will have adverse
repercussions for the national economy.

The rating agency says it expects economic growth to slow down and
inflationary pressures to rise sharply on account of food
shortages, rising input prices and renewed recourse to deficit
monetization.  These factors are in turn likely to impede the
corporate sector's recovery and challenge borrowers' repayment
capacity.  Higher input prices may also lead to a loss of
competitiveness in certain export-oriented industries, with the
textile sector (accounting for 14% of the rated banks' loan book,
according to the banks' audited financial statements as of the end
of 2009) expected to be the most affected given the estimated 20%
destruction of cotton crops.

As a consequence, Moody's expects negative pressure on the
financial fundamentals of Pakistan's five rated banks, mainly in
the form of asset quality deterioration, stemming from a higher
level of non-performing loans, as well as a likely decline in
profitability due to the increased provisioning requirements.

Moody's also notes that the banks' already high level of
sovereign-related exposures could rise further as macro-economic
conditions are likely to reduce growth in the banks' loan
portfolios and encourage investment in government securities.  The
rated banks' exposure to the government sector are estimated
between 360% and 460% of Tier I equity as at the end of December
2009, according to the banks' audited financial statements.  This
makes the banks increasingly susceptible to event risks at the
sovereign level.  The debt of the government of Pakistan is
currently rated B3 (stable outlook), which is three to four
notches below the banks' ratings.

Despite these growing challenges, Moody's believes that certain
factors continue to support the Pakistani banks' ratings.  In
particular, the rated banks' adequate capitalization levels
(according to the banks' audited financial statements, the
weighted average Tier I equity was 12.4% as of the end of December
2009) and the relatively comfortable liquidity profiles funded
predominantly by customer deposits, should continue to provide an
adequate level of stability amid deteriorating macroeconomic
conditions, although these estimates are subject to downside
risks.

Moody's says that it will continue to monitor the country's
macroeconomic developments closely and -- depending on the
severity and longevity of the economic impact of the flood -- it
may lower the ratings of banks that exhibit weakened financial
strength, in particular in terms of asset quality, profitability
and liquidity.  Material further increase in sovereign-related
exposures may also lead to similar downward pressure on the banks'
ratings.

The last rating action for Allied Bank was implemented on 13 May
2010, when Moody's assigned the ratings of the bank.  The last
rating actions for Habib Bank, MCB Bank, National Bank of Pakistan
and United Bank were implemented on 17 August 2009, when Moody's
changed to stable from negative the foreign currency deposit
ratings, in line with the country ceiling for such ratings.

Headquartered in Lahore, Pakistan, Allied Bank had total assets of
US$5.0 billion as of the end of June 2010.

Headquartered in Karachi, Pakistan, Habib Bank had total assets of
US$10.2 billion as of the end of June 2010.

Headquartered in Lahore, Pakistan, MCB Bank had total assets of
US$6.2 billion as of the end of June 2010.

Headquartered in Karachi, Pakistan, National Bank of Pakistan had
total assets of US$11.8 billion as of the end of June 2010.

Headquartered in Karachi, Pakistan, United Bank had total assets
of US$7.8 billion as of the end of June 2010.


                         *********

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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