TCRAP_Public/100907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, September 7, 2010, Vol. 13, No. 176

                            Headlines



A U S T R A L I A

WILLMOTT FORESTS: Lenders Call In Receivers; Scrap Debt Waiver


H O N G  K O N G

ALLIANCE FOOTWEAR: Members' Final General Meeting Set for Oct. 7
BETTER BUSINESS: Creditors' Meeting Set for September 15
CHEUNG FUNG: Final Meetings Slated for October 5
CHINESE PENTECOSTAL: Ng Sau Wa Sylvia Steps Down as Liquidator
FIBERXON (HK): Creditors' Proofs of Debt Due October 4

FINANCE AND CONSULTING: Wan and Fung Step Down as Liquidators
GRACEHEART CHARITY: Creditors' Proofs of Debt Due September 17
HK FOUNDRY: Creditors' Proofs of Debt Due October 4
HUNG ON: Creditors' Proofs of Debt Due October 4
KANA SOFTWARE: Placed Under Voluntary Wind-Up Proceedings

MACGREGOR GOLF: Members' Final Meeting Set for October 5
MANIVEST CORPORATE: Members' Final Meeting Set for October 6
MICROWAVE RADIO: Members' Final Meeting Set for October 4
MONTANA TIMEPIECES: Placed Under Voluntary Wind-Up Proceedings
MONTGOMERY WATSON: Members' Final Meeting Set for October 4

MOULIN GLOBAL: Creditors' Proofs of Debt Due September 16
ORGANTEX ASIA: Members' Final Meeting Set for October 4
OUTDISTANCE DEV'T: Placed Under Voluntary Wind-Up Proceedings
PILKINGTON (ASIA): Creditors' Proofs of Debt Due October 3
PIER INTERNATIONAL: Commences Wind-Up Proceedings


I N D I A

HIND PRAKASH: CARE Places 'CARE B' Rating on INR9cr LT Bank Debts
KAYGAON PAPER: ICRA Assigns 'LBB' Rating to INR3.5cr Term Loans
M.D. FROZEN: ICRA Assigns 'LBB' Rating to INR15cr Bank Lines
PUNEET ENTERPRISES: ICRA Assigns 'LBB' Rating to INR15cr Cash Debt
SHREE ARUN: ICRA Reaffirms 'LBB' Rating on INR5.77cr Term Loans

SHRI SAKTHI: ICRA Places 'LBB' Rating on Various Bank Facilities
SRI VENKATRAM: Fitch Assigns National Long-Term Rating at 'D'
TOTEM INFRA: CARE Assigns 'CARE BB+' Rating to INR285cr LT Loan


J A P A N

JLOC XXXIII: S&P Downgrades Ratings on Class C Certs. to 'B-'
ORSO ABS: S&P Downgrades Ratings on Various Classes of Notes
SHIN-NIHON TATEMONO: To Enter Out-of-Court Debt Mediation


K O R E A

HYUNDAI ENGINEERING: Creditors to Re-Invite Fresh Bids This Month


M A L A Y S I A

KENMARK INDUSTRIAL: Not Seeking More Time to Submit Results
LUSTER INDUSTRIES: Reports MYR2.49 Million Net Loss in June 30 Qtr
OILCORP BERHAD: Incurs MYR12.68 Million Net Loss in June 30 Qtr
SATANG HOLDINGS: Posts MYR258,000 Net Income in Qtr Ended June 30
VTI VINTAGE: Posts MYR964,000 Net Loss in Quarter Ended June 30


N E W  Z E A L A N D

SOUTH CANTERBURY: Turners and Growers Not Keen on Buying Scales


P H I L I P P I N E S

PRIMETOWN PROPERTY: SEC Revokes Permit to Sell Securities


S I N G A P O R E

IONA TECHNOLOGIES: Creditors' Proofs of Debt Due October 4
OAS ENGINEERING: Court to Hear Wind-Up Petition on September 17
SPI TECHNOLOGY: Members' Final Meeting Set for October 4
TAMPINES PROPERTIES: Creditors' Proofs of Debt Due October 3
UNISTEEL PRECISION: Members' Final Meeting Set for October 4

VERTEX GLOBAL: Court Enters Wind-Up Order


V I E T N A M

VIETNAM SHIPBUILDING: Four More Former Vinashin Officials Arrested


X X X X X X X X

KABUL BANK: Teetering on Insolvency, Seeks U.S. Bailout

* BOND PRICING: For the Week August 30 to September 3, 2010




                         - - - - -


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


WILLMOTT FORESTS: Lenders Call In Receivers; Scrap Debt Waiver
--------------------------------------------------------------
Willmott Forests Ltd has been placed in receivership.

The Australian reports that the board of Willmott advised on
Monday that its syndicate of banks, including Commonwealth Bank
and St. George Bank, had appointed Mark Mentha and Bryan Webster
of Korda Mentha as receivers, after scrapping waivers to the $120
million owed.

According to the report, the syndicate had granted the company
temporary waivers as Willmott undertook a business review,
including the sale of land assets to repay debt.

"The syndicate advised Willmott Forrests that the temporary waiver
is terminated and that all loans are immediately due and payable,"
the company said.

                      About Willmott Forests

Based in Australia, Willmott Forests Limited (ASX:WFL) --
http://www.willmottforests.com.au/-- is engaged in identification
and acquisition of land for plantation establishment; site
preparation, planting and maintenance of Pine (Pinus radiata),
Silky Oak (Grevillea) and She-oak (Casuarina) plantations pursuant
to woodlot sales; negotiation and management of plantation
harvesting contracts and operations; marketing of forestry
investment projects to the public through complying offer
documents; management of the loan book generated by woodlot sales;
production, processing and sale of landscape and fencing timber
products, and research and development for producing ethanol from
lignocellulosic material.  The Company offers woodlot investment
projects in Australian states and territories, and operates timber
processing facilities in New South Wales.  Its subsidiaries
include BioForest Limited, Willmott Timbers Pty Ltd, Willmott
Finance Pty Ltd and Willmott Notes Pty Ltd, among others.


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


ALLIANCE FOOTWEAR: Members' Final General Meeting Set for Oct. 7
-----------------------------------------------------------------
Members of Alliance Footwear (China) Limited will hold their final
general meeting on October 7, 2010, at 11:00 a.m., at 1/F, Milo's
Industrial Building, 2-10 Tai Yuen Street, Kwai Chung, N.T.

At the meeting, Woo Sin Yee Winnie, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BETTER BUSINESS: Creditors' Meeting Set for September 15
--------------------------------------------------------
Creditors of Better Business International Hong Kong Limited will
hold their meeting on September 15, 2010, at 11:00 a.m., for the
purposes provided for in Sections 241, 242, 243, 244 of the
Companies Ordinance.

The meeting will be held at Room 1702, 17/F, Asian House, 1
Hennessy Rd., H.K.


CHEUNG FUNG: Final Meetings Slated for October 5
-------------------------------------------------
Creditors and contributories of Cheung Fung Technology (Holdings)
Limited will hold their first meetings on October 5, 2010, at
11:00 a.m., and 11:30 a.m., respectively at the office of Grant
Thornton, 6th Floor, Sunning Plaza, 10 Hysan Avenue, Causeway Bay,
in Hong Kong.

At the meeting, Wong Kwok Man and Alan C W Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CHINESE PENTECOSTAL: Ng Sau Wa Sylvia Steps Down as Liquidator
--------------------------------------------------------------
Ng Sau Wa Sylvia stepped down as liquidator of The Chinese
Pentecostal Church Limited on September 3, 2010.


FIBERXON (HK): Creditors' Proofs of Debt Due October 4
------------------------------------------------------
Creditors of Fiberxon (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 4, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


FINANCE AND CONSULTING: Wan and Fung Step Down as Liquidators
-------------------------------------------------------------
Dr. Terence Ho Yuen Wan and Mr. Henry Fung stepped down as
liquidators of Finance and Consulting Asia Limited on August 16,
2010.


GRACEHEART CHARITY: Creditors' Proofs of Debt Due September 17
--------------------------------------------------------------
Graceheart Charity Limited, 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:

         Wong Siu Yee
         Room 704, 7/F, Gee Tuck Building
         18 Bonham Strand
         Hong Kong


HK FOUNDRY: Creditors' Proofs of Debt Due October 4
---------------------------------------------------
Hong Kong Foundry Association Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by October 4, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


HUNG ON: Creditors' Proofs of Debt Due October 4
------------------------------------------------
Hung On Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 4, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 27, 2010

The company's liquidators are:

         Cheng Kwok Wai David
         Chan Yuen Bik Jane
         31/F, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


KANA SOFTWARE: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on August 25, 2010,
creditors of Kana Software Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

        Poon Chi Woo
        Li Man Fai
        Room 1307-8 Dominion Centre
        43-59 Queen's Road East
        Wanchai, Hong Kong


MACGREGOR GOLF: Members' Final Meeting Set for October 5
--------------------------------------------------------
Members of Macgregor Golf World Sourcing Limited will hold their
final meeting on October 5, 2010, at 10:00 a.m., at Units 1005-6,
10/F, Cigna Tower, 482 Jaffe Road, Causeway Bay, in Hong Kong.

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


MANIVEST CORPORATE: Members' Final Meeting Set for October 6
------------------------------------------------------------
Members of Manivest Corporate (Nominees) Limited will hold their
final meeting on October 6, 2010, at 3:30 p.m., at Unit 511, 5/F,
Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong
Kong.

At the meeting, Ho Man Kit and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MICROWAVE RADIO: Members' Final Meeting Set for October 4
---------------------------------------------------------
Members of Microwave Radio Communications Hong Kong Limited will
hold their final meeting on October 4, 2010, at 10:00 a.m., at
Units 3401-2, 34th Floor, AIA Tower, 183 Electric Road, North
Point, in Hong Kong.

At the meeting, Mok Mun Lan Linda, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MONTANA TIMEPIECES: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on August 20, 2010,
creditors of Montana Timepieces International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are Roderick John Sutton and John Howard
Batchelor.


MONTGOMERY WATSON: Members' Final Meeting Set for October 4
-----------------------------------------------------------
Members of Montgomery Watson Asia Limited will hold their final
meeting on October 4, 2010, at 10:00 a.m., at 20/F., Henley
Building, 5 Queen's Road Central, in Hong Kong.

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


MOULIN GLOBAL: Creditors' Proofs of Debt Due September 16
---------------------------------------------------------
Moulin Global Eyecare Services Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by September 16, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o FTI Consulting (Hong Kong) Limited
         14/F The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


ORGANTEX ASIA: Members' Final Meeting Set for October 4
-------------------------------------------------------
Members of Organtex Asia Limited will hold their final general
meeting on October 4, 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
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


OUTDISTANCE DEV'T: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on August 25, 2010,
creditors of Outdistance Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Michel Henricus Bots
         Ng, Kit Ying Zelinda
         31/F., The Center, 99 Queen's Road
         Central, Hong Kong


PILKINGTON (ASIA): Creditors' Proofs of Debt Due October 3
----------------------------------------------------------
Pilkington (Asia) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 3, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 25, 2010

The company's liquidators are:

         Ho Siu Pik
         Yeung Betty Yuen
         Level 28m Three Pacific Place
         1 Queen's Road East
         Hong Kong


PIER INTERNATIONAL: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Pier International Limited, on August 27, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


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I N D I A
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HIND PRAKASH: CARE Places 'CARE B' Rating on INR9cr LT Bank Debts
-----------------------------------------------------------------
CARE assigns 'CARE B' and 'PR4' ratings to bank facilities of
Hind Prakash International Pvt Ltd.

                                  Amount
   Facilities                   (INR crore)      Ratings
   ----------                   ----------       -------
   Long-term Bank Facilities       9.00          'CARE B' Assigned
   Short-term Bank Facilities     15.00          'PR4' Assigned

Rating Rationale

The ratings are mainly constrained by the weak Corporate
Governance and risks associated with trading business like low
margins, forex fluctuation and price fluctuation risk.  The
ratings, however, favorably factor in the vast experience of
promoter in dyes and chemical industry, reputed clientele of dye
manufacturers and moderate financial risk profile marked by
moderate gearing and coverage ratios.

The ability of the company to improve Corporate Governance
practices and mitigate forex fluctuation and price fluctuation
risk are the major key rating sensitivities.

                         About Hind Prakash

Ahmedabad-based HIPL commenced its business in January 2003. HIPL
is a part of Hind Prakash group having four more companies ? all
engaged in the business of dyes, intermediates and chemicals.
HIPL's Board consists of three Directors and is led by Shri
Santosh Nambiar.

The corporate governance practices are weak as reflected by the
significant amount of inter-group transactions for which no proper
disclosure was given.  The company has also delayed in payment of
statutory dues consistently in last three years as qualified by
their statutory auditors.


KAYGAON PAPER: ICRA Assigns 'LBB' Rating to INR3.5cr Term Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR3.5 crore term loans
and INR5.5 crore fund based facilities of Kaygaon Paper Mills
Limited.  ICRA has also assigned an 'A4' rating to the INR0.5
crore short term non fund based facilities of the company.
The outlook on the long term rating is stable.

The ratings are constrained by the lack of diversification in the
product portfolio as the company solely manufactures kraft paper,
modest size of operations with low profitability indicators, high
gearing level on account of largely debt funded capacity expansion
undertaken in the recent past and high competition prevalent in
the business from large players as well as several smaller units.
The ratings are however supported by healthy plant utilization
levels, increase in production levels on account of capacity
expansion carried out in FY 2010, improvement in average
realization levels on account of healthy demand indicators and the
long track record of the promoter group in the kraft paper
industry.  With the company looking to increase production of
kraft paper with higher burst factor, the realization levels and
thereby the profitability indicators are expected to witness
improvement going forward.  ICRA however notes that the
contribution margins in the business will continue to remain
sensitive to any volatility in the waste paper prices.

                        About Kaygaon Paper

KPML started its commercial production in 1992 and is engaged in
the manufacture of Kraft paper of various grades viz. Media, 14BF,
16 BF, 18 BF, 22BF and 24BF (BF stands for Burst Factor), which
finds its application in the packaging industry, especially for
making corrugated boxes.  The company's factory premises are
located at Kaygaon, Taluka Gangapur Dist- Aurangabad in
Maharashtra.  Over the years the Company has undergone several
phases of expansion and has an installed capacity of
36,000 MT per annum as on June 30, 2010.

Recent Results

KPML reported a profit after tax (PAT) of INR0.96 crore in FY
2009-10 (prov.) on an operating income of INR47.64 Crore.  Higher
utilization levels and healthy demand indicators supported
improvement in operating income.


M.D. FROZEN: ICRA Assigns 'LBB' Rating to INR15cr Bank Lines
------------------------------------------------------------
ICRA has assigned an "LBB" rating to INR15.00 crore bank lines of
MD Frozen Food Exports Limited.  The outlook on the rating is
stable.

The rating factors in the modest scale of operations of MDPL;
intense competition in the meat export industry and the inherent
business risk pertaining to the industry, whereby it remains
susceptible to adverse movements in raw material prices; and
changes in Government regulations and event risks like disease
out-break.  The rating is further constrained by the significant
working capital requirements of the business, which have resulted
in high gearing levels (of 1.7 times as on March 31, 2010) and
exposure to fluctuations in exchange rates.  The rating,
nevertheless, derives comfort from the significant experience of
the promoters in this business; the established relationships of
the company with overseas clients and favorable location of its
facilities, ensuring easy accessibility to raw materials.  The
rating also takes into account that the company is committed to
the quality of processing, as reflected by the certification that
it received from the Agricultural and Processed Food Products
Export Development Authority.

                         About M.D. Frozen

Incorporated in 1996, M.D. Frozen Food Exports Private Limited
(MDPL) is engaged in processing and export of frozen meat to
various countries in Asia, Middle East, CIS Countries and African
Countries like Kuwait, Angola, Oman and Lebanon.  MDPL purchases
raw meat from various local butchers and government-run slaughter
houses.  The meat is then given to associate concerns, Sushil Ice
Fatory and Cold Storage Private Limited and MD Frozen Food Exports
(a partnership firm under same group), for processing the meat on
job work basis.  The associate company (SPL) has its processing
plant and cold storage at Lawrence Road in New Delhi for the past
8-10 years and the partnership concern has recently commenced
operations at its processing plant at Ghaziabad in Uttar Pradesh.
The old processing facility (which is an acquired facility) of the
group (operating under SPL) has the capacity to process upto 85
tonnes per day (TPD) of buffalo meat and the new facility set up
at Ghaziabad has the capacity to process upto 332 TPD.

Recent Results

In the financial year ending March 31, 2010, the company
registered an operating income of INR60.01 crore and profit after
tax (PAT) of INR0.70 crore.


PUNEET ENTERPRISES: ICRA Assigns 'LBB' Rating to INR15cr Cash Debt
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR15.0 crore cash credit
facility of Puneet Enterprises.  The rating has been assigned a
stable outlook.

The rating draws comfort from longstanding experience of the
promoter in the cotton industry and the firm's close proximity to
the cotton producing belt of Maharashtra, Madhya Pradesh and
Gujarat which gives it favorable access to raw material.  ICRA
notes that recent venture of Puneet into spinning business could
improve overall profitability.  The rating also reflects Puneet's
small scale of operation, its stretched capital structure
characterized by high gearing and weak coverage indicators;
strained cash flow and low value added activity which has resulted
in thin margin.

M/s Puneet Enterprises is a proprietorship concern of M/s
Rasdeepsingh Manmohansingh Chawla (HUF) a Hindu Undivided Family
headed by Mr. Rasdeepsingh Chawla.  The firm is engaged in cotton
ginning and pressing, and also performs cotton seed oil extraction
activity.  The firm's current processing facility at Sillod
(Aurangabad, Maharashtra) has capacity to produce 375 Bales per
day.  In addition to above, the firm has also leasehold Oil Mill
which has 14 oil expellers with installed capacity of 182MT oil
seed crushing per day in 2 shifts running, from Manjeet Oil
Products (Family Concern).

Recent Result

As per FY10 unaudited provisional results, the firm has reported
an operating profit of INR2.68 crore on an operating income of
INR164.45 crore.


SHREE ARUN: ICRA Reaffirms 'LBB' Rating on INR5.77cr Term Loans
---------------------------------------------------------------
ICRA has re-affirmed the 'LBB' rating assigned to the INR5.77
crore term loans and INR3.00 crore long term fund based credit
facilities of Shree Arun Packaging Company Private Limited.  The
outlook for the long term rating is stable.  ICRA has also re-
affirmed the "A4" rating assigned to the INR2.25 crore short-term
fund based credit facilities (comprising book debts sub-limit
within cash credit limits) of SAPCO.

The re-affirmation takes into account the established track record
of the company's promoters in the printing & packaging business,
its exposure to defensive sectors like Pharmaceuticals & FMCG and
the relatively moderate financial profile of the company.
However, the ratings are constrained by the company's relatively
modest scale of operations and highly fragmented nature of the
industry owing to large number of organized as well as unorganized
players.  The profitability indicators of the company are expected
to remain constrained due to lower value added nature of
operations, moderate capacity utilizations and high client
concentration risks for the company.  Moreover, the high working
capital intensity and capacity upgradation plans are expected to
impact the capital structure and free cash flows for the company
over the medium term.

                          About Shree Arun

Shree Arun Packaging Company Private limited, a packaging company
incorporated in 1995, is engaged in multi-color printing and paper
conversions for cartons, boxes, catch covers, wrappers, labels,
stickers, leaflets, folders, visual aids, playing cards, and other
items of paper and board.

SAPCO mainly caters to the requirements of the pharmaceuticals and
FMCG sector with some of the leading pharmaceutical companies as
its clients.  The company is complete solutions provider of
cartons to these sectors with high quality offset printing,
punching, foil stamping, UV varnishing and laminating
capabilities.  The company has its manufacturing facilities in
Mahape, Navi Mumbai.

Recent Results

SAPCO has recorded a profit after tax (PAT) of INR1.39 crore on an
operating income of INR14.89 crore for the financial year ending
March 31, 2010.  The company had recorded a net loss of INR0.26
crore on an operating income of INR11.16 crore for previous
financial year ending March 31, 2009.


SHRI SAKTHI: ICRA Places 'LBB' Rating on Various Bank Facilities
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR6.29 crore fund-based term
loans and the INR4.50 crore cash credit facilities of Shri Sakthi
Papers India Private Limited the outlook on the rating is Stable.
ICRA has also assigned an 'A4' rating to the INR0.75 crore non-
fund based letter of credit and the INR0.10 crore bank guarantee
facilities of SPPL.

The ratings are constrained by the highly fragmented nature of the
industry with low entry barriers; modest scale of operations;
inherent cyclicality of the paper industry; and the weak financial
risk profile characterized by high gearing and tight liquidity
position.  The ratings, however, favorably factor in the positive
demand outlook for Printing & Writing Paper (PWP) in the medium
term; the healthy plant capacity utilization and efficiency
levels; established relationships with customers in southern India
and the significant track record of the promoters in the paper
industry.

                        About Shri Sakthi

Shri Sakthi Papers India Private Limited, incorporated in 2004, is
predominantly engaged in the production of printing and writing
paper (PWP) including cream wove paper, maplitho paper and
coated paper.  The company was promoted by the first generation
entrepreneur, Mr. P. Swaminathan, and began commercial production
in 2006.  The company has a manufacturing unit in Erode District,
Tamil Nadu, with a capacity of 7500 metric tonnes per annum (mtpa)
and plans to expand the capacity to 13000 mtpa in FY2011.  The
company is a privately held company and the entire equity stake is
held by the promoters.  Trinity Papers Private Limited, which is a
group company, is a dealer for Ballarpur Industries Limited (BILT)
for Coimbatore, Tirupur, Salem and Kerala.

The company reported operating income of INR17.1 crore and net
profit after tax of INR0.7 crore in FY2010.


SRI VENKATRAM: Fitch Assigns National Long-Term Rating at 'D'
-------------------------------------------------------------
Fitch Ratings has assigned India's Sri Venkatram Spinners Private
Limited a National Long-term rating of 'D(ind)'.  The agency has
also assigned ratings to SVSPL's bank facilities:

  - INR262 million long-term loans: 'D(ind)';

  - INR160 million fund-based working capital limits:
    'D(ind)'/'F5(ind)'; and

  - INR70 million non-fund based limits: 'D(ind)'/'F5(ind)'.

The ratings reflect the continuing delays in the repayment of
SVSPL's term loan facilities.  There have been liquidity pressures
due to adverse conditions in the domestic spinning industry in
2009; however, more recently, the company has stated that its
margins and cash flows have improved, which would enable it to
avoid delays in its debt service obligations in future.  The
company is characterized by its relatively smaller size, and is
therefore vulnerable to adverse variations in prices of cotton and
yarn.  The industry is working capital intensive and liquidity
issues are a prime concern.

Positive rating triggers include regularity in the repayment of
SVSPL's bank facilities and an improvement in its revenues and
profitability.

SVSPL is a Rajapalyam-based (near Madurai, Tamil Nadu) company
engaged in the manufacturing of cotton yarn with an installed
capacity of 43,824 spindles as at FYE10.  In FY10, SVSPL reported
revenues of INR635.3 million (FY09: INR613.7 million) and an
EBITDA of INR121.5 million (FY09: INR80.2 million).


TOTEM INFRA: CARE Assigns 'CARE BB+' Rating to INR285cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR 4' rating to bank facilities of
Totem Infrastructure Ltd.

                                 Amount
   Facilities                  (INR crore)     Ratings
   ----------                   ---------      -------
   Long-term Bank Facilities        285        'CARE BB+' Assigned
   Long/Short-term Bank Facilities  520        'CARE BB+'/'PR 4'
                                                Assigned
Rating Rationale

The rating factors in liquidity strain faced by TIL from higher
growth in the turnover, limited track record of operations when
compared to other larger and established players in the
construction industry, high gearing levels, and significant
concentration of the order book in respect of a few projects.  The
rating derives strength from experienced promoters and
professional management, experience of the company in execution of
infrastructure projects, healthy order book position, favorable
industry scenario and steps taken by the company to diversify into
new areas.  The ability of the company to manage future growth
without further deterioration in its financial risk profile is the
key rating sensitivities.

                     About Totem Infrastructure

Incorporated in 1997 Totem Infrastructure Ltd. is a civil
engineering and Construction Company promoted by Mr.Salalith
Tottempudi, currently Managing Director.  The company is engaged
in construction of national highways, irrigation projects,
land development and industrial infrastructure projects.  As on
December 1, 2009, the order book of TIL was at INR1127 crore.  On
a total income of INR295 crore, TIL earned a PAT of INR13 crore in
FY09.  The company achieved a total income of INR546 crore with
PAT of INR21 crore in FY10 (Prov).


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


JLOC XXXIII: S&P Downgrades Ratings on Class C Certs. to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B- (sf)' from 'BB+
(sf)' (five notches) its rating on class C of the JLOC XXXIII
Trust Certificate transaction and affirmed its ratings on the
class A, B, D, and X trust certificates issued under the same
transaction.

Out of the ten loans and specified bonds that initially backed the
transaction, only one loan and three specified bonds remain, all
of which have defaulted.  S&P downgraded class C because:

With regard to one of the three remaining specified bonds (the
specified bond, which originally represented about 14.2% of the
total initial issuance amount of the trust certificates, is backed
by rental apartment buildings and office buildings located in
Hokkaido), S&P further lowered its assumption with respect to the
likely collection amount from the related collateral properties
considering the status of collection procedures undertaken by the
servicer.  S&P currently assume that the combined value of the
properties that S&P revised this time is about 41% of its initial
underwriting value, whereas S&P assumed that the total value of
the properties was about 55% of its initial underwriting value
when S&P reviewed its ratings on Sept. 18, 2009.

Similarly, S&P further lowered its assumption with respect to the
likely collection amount from the transaction's remaining loan
(the loan originally represented about 14.5% of the total initial
issuance amount of the trust certificates), after considering a
number of factors, including the status of collection procedures
undertaken by the servicer, the performances of the remaining
properties backing the loan (the remaining properties consist of
rental apartment buildings in Tokyo), and property cash flow.  S&P
currently assume that the combined value of the properties that
S&P revised this time is about 68% of its initial underwriting
value, whereas S&P assumed that the total value of the properties
was about 74% of its initial underwriting value when S&P reviewed
its ratings on Sept. 18, 2009.

Six out of the ten loans and specified bonds that initially backed
the transaction have been repaid.  As such, credit enhancement has
improved as the redemption of principal for the trust certificates
has progressed.  The affirmations of classes A and B reflect the
higher credit enhancement for these two classes.  At the same
time, S&P affirmed its ratings on the class D and X trust
certificates.

JLOC XXXIII is a multi-borrower CMBS transaction.  The
certificates were originally secured by five nonrecourse loans and
five specified bonds.  The loans and specified bonds were
initially backed by a total of 110 real estate properties and real
estate beneficial interests owned by nine obligors.  This
transaction was arranged by Morgan Stanley Japan Securities Co.
Ltd., and ORIX Asset Management & Loan Services Corp. is the
transaction servicer.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in July 2013 for the class A certificates, the
full payment of interest and ultimate repayment of principal by
the legal maturity date for the class B to D certificates, and the
timely payment of available interest for the interest-only class X
certificates.

                          Rating Lowered

                            JLOC XXXIII

      JPY67.8 billion trust certificates due July 2013 issued
                         on Nov. 16, 2006.

Class         To          From               Initial Issue Amount
-----         --          ----               --------------------
C             B- (sf)     BB+ (sf)           JPY8.0 bil.

                         Ratings Affirmed

   Class         Rating                    Initial Issue Amount
   -----         ------                    --------------------
   A             AAA (sf)                  JPY43.7 bil.
   B             AA (sf)                   JPY8.6 bil.
   D             CCC (sf)                  JPY7.5 bil.
   X             AAA  (sf)                 JPY67.8 bil.*

                   * Initial notional principal.


ORSO ABS: S&P Downgrades Ratings on Various Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on ORSO ABS
Funding Trust1-SFFC's classes C to class E-Deferral beneficiary
interests, and affirmed its rating on the class B beneficiary
interests.  At the same time, S&P removed the ratings on all four
classes from CreditWatch with negative implications, where they
had been placed on June 10, 2010.  Class A has already been
redeemed.

The negative CreditWatch placements made on June 10, 2010,
reflected the following factors: 1) the timing of the liquidation
of collateral properties was behind the schedule set out in the
initial business plan; 2) under the  revised business plan, the
schedule for the liquidation of the collateral properties was
extended and the assumption with respect to the likely collection
amount from the properties was lowered (as of June 10, 2010, the
revised business plan had yet to be approved); 3) while some
progress had been made in the liquidation of the collateral
properties, recoveries by other means were limited and there was
no real expectation that they would increase in the future; and 4)
delays in liquidating the collateral properties raised concern
over a possible increase in negative carry risk that arises when a
portion of principal collections is applied to the payment of
dividends and transaction costs prior to the repayment of the
beneficiary interests, thus decreasing the amount available for
repayment.

Standard & Poor's has confirmed that the revised business plan was
approved, ascertained the reasons behind the revision, and
reviewed a number of factors including the content of the business
plan, as well as the backup servicer's collection policy through
meetings with the backup servicer.  The downgrades reflect S&P's
view concerning: (1) the revised business plan that was approved
in June; (2) the obligors' creditworthiness given that recovery by
means other than selling the collateral properties is highly
unlikely; and (3) a possible increase in negative carry risk.

Meanwhile, S&P affirmed its rating on class B because, as
principal redemption on that class has progressed, it is its view
that the current rating is commensurate with the likelihood of
principal being redeemed before the transaction's legal final
maturity date.

Classes B to E-Deferral beneficiary interests are ultimately
backed by: 1) real estate-backed loan receivables originated by
Real Estate Credit Co. Ltd. (the former SF Real Estate Credit Co.
Ltd.), a newly established company that took over the real estate
backed loan business of SFCG Co. Ltd. through a company spin-off;
and 2) real estate-backed loan receivables originated by SFCG
prior to the company spin-off.

             Ratings Lowered, Off Creditwatch Negative

                   ORSO ABS Funding Trust1-SFFC
       JPY30 billion beneficiary interests due September 2012

Class   To         From                 Initial Issue Amount  Coupon Type
-----   --         ----                 --------------------  -----------
C       B- (sf)    BB (sf)/Watch Neg    JPY3.1 bil.           Floating
D       CCC- (sf)  B- (sf)/Watch Neg    JPY2.8 bil.           Floating

                                              Initial
Class        To         From                  Issue Amount    Coupon Type
-----        --         ----                  ------------    -----------
E-Deferral*  CCC- (sf)  CCC (sf)/Watch Neg    JPY3.6 bil.     Floating

                 * Conditional deferred dividends

            Rating Affirmed, Off Creditwatch Negative

Class To       From               Initial Issue Amount Coupon Type
----- --       ----               -------------------- -----------
B     BBB (sf) BBB (sf)/Watch Neg JPY4.6 bil.          Floating

Issue date Sept. 21, 2007.


SHIN-NIHON TATEMONO: To Enter Out-of-Court Debt Mediation
---------------------------------------------------------
Bloomberg News reports that Shin-Nihon Tatemono Co. will enter
out-of-court debt mediation.

Shin-Nihon Tatemono said in a statement to the Tokyo Stock
Exchange that the Japanese Association of Turnaround Professionals
accepted the company's application on September 3, according to
Bloomberg.  The Company did not disclose the size of its
liabilities, the report adds.

Shin-Nihon Tatemono Co., Ltd., is a Japan-based company engaged in
the real estate business.  The Company operates in four business
segments.  The Liquidation segment sells investment properties for
funds, as well as the condominium land to other developers in
inner-city district.  The Condominium Sales segment sells family
residential condominiums.  The Detached House Sales segment sells
houses in the outskirts of Tokyo, as well as Kanagawa, Chiba and
Saitama Prefectures.  The Others segment is engaged in the leasing
of residential and commercial properties, as well as the provision
of real estate-related consulting services.


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


HYUNDAI ENGINEERING: Creditors to Re-Invite Fresh Bids This Month
-----------------------------------------------------------------
Creditors of Hyundai Engineering & Construction Co. said Sunday
that they will re-invite fresh bids for the company later this
month, Yonhap News Agency reports.

Yonhap relates the creditors said they will send out invitational
notices on the Hyundai Engineering sale on Sept. 24, receive bids
in early November and select a preferred bidder in December.

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

                     About Hyundai Engineering

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

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


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


KENMARK INDUSTRIAL: Not Seeking More Time to Submit Results
-----------------------------------------------------------
Kenmark Industrial Co. (M) Berhad said that it will not apply for
extension of time to issue first quarter financial results ended
June 30, 2010.

The Company told Bursa Malaysia that the reason was because the
directors were unable to obtain the financial information from
overseas subsidiaries for consolidation as the overseas offices
have ceased to operate.

The Company has been suspended since August 9, 2010, when it
failed to submit its audited financial statements for the
financial year ended March 31, 2010, to Bursa Securities for
public release within the stipulated timeframe.

Due to these reasons, the Company said its directors were unable
to advise on the date of the issuance of the results.

                     About Kenmark Industrial

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

                           *     *     *

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


LUSTER INDUSTRIES: Reports MYR2.49 Million Net Loss in June 30 Qtr
------------------------------------------------------------------
Luster Industries Berhad reported a net loss of MYR2.49 million on
revenue of MYR14.22 million for the three months ended June 30,
2010, compared with a net loss of MYR2.08 million on revenue of
MYR10.54 million in the same quarter of 2009.

The higher loss after taxation for current quarter under review
was mainly due to the completion of the disposal of Mctronic Group
which has resulted in a loss of MYR0.7 million and the disposal of
idle plant & machinery which has resulted in a loss of
MYR0.9 million.

As of June 30, 2010, the Company's consolidated balance sheet
showed MYR74.09 million in total assets, MYR79.66 million in total
liabilities and a shareholders' deficit of MYR5.56 million.

The Company's consolidated balance sheet at June 30, 2010, also
showed strained liquidity with MYR36.57 million in total current
assets available to pay MYR78.24 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?6ac0

                       Going Concern Doubt

The audited report of the preceding annual financial statements of
Luster Industries Bhd contained an emphasis of matter on the
uncertainties over its ability to continue as a going concern.
The going concern of the Group is dependent on the approval and
successful implementation of the proposed Regularization Plan.

                      About Luster Industries

Luster Industries Berhad is a Malaysia-based investment holding
company that provides management services to its subsidiaries.
The company is principally engaged in the manufacture of
precision plastic parts and components, and sub assembly and
full assembly of plastic parts and products.  During the year
ended December 31, 2005, the company acquired Mctronic Plastic
Sdn. Bhd., Mature Step International Limited and Poly Link
Limited.  On June 29, 2006, the company disposed of its
investment in its joint venture, Luster Nakazawa R&D Sdn Bhd,
representing 51% of Luster Nakazawa R&D Sdn Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company's going concern and on its
consolidated shareholders' equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


OILCORP BERHAD: Incurs MYR12.68 Million Net Loss in June 30 Qtr
---------------------------------------------------------------
OilCorp Berhad reported a net loss of MYR12.68 million on revenues
of MYR29.68 million for the three months ended June 30, 2010,
compared with a net income of MYR170,00 on revenues of
MYR69.53 million for the same period ended June 30, 2009.

At June 30, 2010, the Company's consolidated balance sheet
showed MYR296.54 million in total assets, MYR502.59 million in
total liabilities and a shareholders' deficit of MYR206.05
million.

The Company's consolidated balance sheet at June 30, 2010, also
showed strained liquidity with MYR77.39 million in total current
assets available to pay MYR496.06 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?6abe

                       About Oilcorp Berhad

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


SATANG HOLDINGS: Posts MYR258,000 Net Income in Qtr Ended June 30
-----------------------------------------------------------------
Satang Holdings Berhad reported net income of MYR258,000 on
MYR16.41 million of revenues in the quarter ended June 30, 2010,
compared with net income of MYR965,000 on MYR12.45 million of
revenues in the same quarter in 2009.

The Company's balance sheet as of end-June showed MYR53.57 million
in total assets, MYR30.93 million in total liabilities and total
shareholders' equity of MYR22.64 million.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?6ac3

                      About Satang Holdings

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.


VTI VINTAGE: Posts MYR964,000 Net Loss in Quarter Ended June 30
---------------------------------------------------------------
VTI Vintage Berhad posted a net loss of MYR964,000 on revenue of
MYR2.44 million for the quarter ended June 30, 2010, compared with
a net loss of MYR2.15 million on revenue of MYR2.12 million in the
same period last year.

At June 30, 2010, the Company's consolidated balance sheet showed
MYR54.56 million in total assets, MYR51.72 million in total
liabilities and stockholders' equity of MYR2.84 million.

The company's consolidated balance sheet at June 30, 2010, showed
strained liquidity with MYR9.94 million in total current assets
available to pay MYR37.41 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?6abd

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


SOUTH CANTERBURY: Turners and Growers Not Keen on Buying Scales
---------------------------------------------------------------
Turners and Growers said it is not interested in buying South
Canterbury Finance's apple business, The New Zealand Herald
reports.

The NZ Herald discloses that South Canterbury Finance owns 79.7%
of Scales Corporation, one of New Zealand's largest apple
producers, through its subsidiary Mr. Apple New Zealand.

The firm, which has 17 orchards in the Hawkes Bay and grows more
than two million cartons of apples each year, is expected to be
sold as part of South Canterbury's receivership, the report says.

Turners and Growers Chairman Tony Gibbs, however, said "We are not
interested in being a commodity apple grower."  Mr. Gibbs said
while Turners had joint ventures with other growers it was more
interested in exporting than growing apples, according to the NZ
Herald.

The report, citing one industry source, says the Scales business
was unlikely to be sold as a whole in New Zealand because some of
the orchards were not well-positioned.  The source said Scale was
likely to be either be broken up or sold to an overseas buyer.

                       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.


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


PRIMETOWN PROPERTY: SEC Revokes Permit to Sell Securities
---------------------------------------------------------
BusinessWorld Online reports that the Securities and Exchange
Commission has revoked Primetown Property Group, Inc.'s
registration and permit to sell securities because of failure to
submit financial statements.

BusinessWorld discloses that Primetown Property did not file its
financial reports for 2008 and the first to third quarters of last
year, resulting in a penalty of PHP154,100.

According to the report, Primetown Property also failed to submit
subsequent reports which were already due, such as the 2009 annual
report and 2010 first quarter report.

BusinessWorld says the listed property firm on July 21 requested
more time to allow external auditors to complete the audit of its
financial statement.  But in an en banc meeting on Aug. 26, the
corporate regulator denied the petition of Primetown Property.

In May this year, the SEC suspended Primetown Property's
registration and permit to sell securities for 60 days due to its
failure to submit financial statements.

                     About Primetown Property

Primetown Property Group Inc. was incorporated on May 16, 1989
as an owner and developer of real estate properties.  Its first
project was the Century Citadel Inn Makati, which was completed
in 1993.  The success of this maiden project led PMT to launch
another condotel project in 1994, the Makati Prime Century
Tower.  That same year, PMT also launched the Makati Prime City,
a mixed-use residential and commercial development on a 1.7-
hectare property located near San Antonio Village, Makati City.
PMT went into a rapid expansion mode in 1996, but after having
launched several big projects, the company was caught flat-
footed when the Asian financial crisis hit the Philippines in
July 1997 and continued through 1998.

The company was forced to enter into various restructuring and
dacion en pago arrangements with its creditors to reduce its
debt, to downsize substantially its operations to cut costs, and
to suspend construction on all projects, except those already
transferred to the banks to conserve cash.  PMT was also forced
to suspend contracting of new sales and collection of
receivables from the affected projects pending the resumption of
project construction.  The last five years from 2002 to 2006
were a period of further downsizing, cost-cutting, debt-
retirement, searching and negotiating with prospective joint
venture partners for possible takeover of PMT's projects.  As a
result, the company's operations have been substantially
reduced.

On December 15, 2003, the Board and stockholders of PMT approved
the shortening of term of corporate existence of PMT's
subsidiaries up to December 31, 2003, thereby dissolving all
subsidiaries, except Billion Land Inc.  These subsidiaries have
not yet started commercial operations since their incorporation
in 1997.  The SEC approved the dissolution in March 2004.


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


IONA TECHNOLOGIES: Creditors' Proofs of Debt Due October 4
----------------------------------------------------------
Iona Technologies Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 4, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Timothy James Reid
         c/o 8 Robinson Road
         #12-00 ASO Building
         Singapore 048544


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

The Comptroller of Goods and Services Tax filed the petition
against the company on August 26, 2010.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


SPI TECHNOLOGY: Members' Final Meeting Set for October 4
--------------------------------------------------------
Members of Spi Technology Pte Ltd, will hold their final meeting
on October 4, 2010, at 10:00 a.m., at 10 Jalan Besar, #11-05, Sim
Lim Tower, Singapore 208787.

At the meeting, Akber Ali S/O Thajudeen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TAMPINES PROPERTIES: Creditors' Proofs of Debt Due October 3
------------------------------------------------------------
Tampines Properties Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 3, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Tam Chee Chong
         Andrew Grimmett
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


UNISTEEL PRECISION: Members' Final Meeting Set for October 4
------------------------------------------------------------
Members of Unisteel Precision Pte Ltd, will hold their final
meeting on October 4, 2010, at 10:00 a.m., at 10 Jalan Besar, #11-
05, Sim Lim Tower, Singapore 208787.

At the meeting, Akber Ali S/O Thajudeen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


VERTEX GLOBAL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on August 20, 2010,
to wind up the operations of Vertex Global Holdings Pte Ltd.

Chartered Architects International filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road, #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


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


VIETNAM SHIPBUILDING: Four More Former Vinashin Officials Arrested
------------------------------------------------------------------
Bloomberg News reports that Vietnamese police arrested four former
officials of Vietnam Shipbuilding Industry Group, known as
Vinashin, as the government extended its investigation into
financial difficulties at the state-owned company.

Bloomberg relates the Ministry of Public Security said the people
arrested on Sept. 3 include two former board members, Tran Quang
Vu and Tran Van Liem, and ex-general directors of two of
Vinashin's subsidiaries, Nguyen Van Tuyen and Nguyen Tuan Duong.
Bloomberg notes that Pham Thanh Binh, the company's former
chairman and chief executive officer, was arrested a month ago.

The officials "have intentionally violated state regulations on
economic management that have resulted in serious consequences,"
the Ministry of Public Security in the statement, according to
Bloomberg.  The findings are "based on investigation results,
evidence and confessions from Pham Thanh Binh."

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

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

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


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


KABUL BANK: Teetering on Insolvency, Seeks U.S. Bailout
-------------------------------------------------------
The Wall Street Journal's Matthew Rosenberg reports that Mahmood
Karzai, brother of Afghanistan's president and the third-largest
shareholder in Kabul Bank, the country's largest bank, called on
the United States to shore up the lender after depositors withdrew
about a third of its cash reserves in two days, while the country
sought to avert a destabilizing crisis at a crucial moment in the
fight against the Taliban.

Depositors have withdrawn about $177 million from the lender --
about a third of its available cash -- in the two days since
Afghan regulators forced out the bank's two top executives and
placed a central bank official in charge, amid allegations that
they made hundreds of millions of dollars in often-clandestine
loans to themselves and Afghan government insiders.

The Journal says Mr. Karzai urged the U.S. to calm the situation,
saying the lender could keep up with the pace of withdrawals for
only a few more days.

According to the Journal, the U.S. said it has no plans to prop up
Kabul Bank and has only sent in a small team of experts to help
the Afghan central bank sort out the mess.

"While we are providing technical assistance to the Afghan
government, we are taking no steps to bail out Kabul Bank," said
White House spokesman Robert Gibbs, according to the Journal.

The Journal reports Mr. Karzai said if the withdrawals continue
apace, the bank would be effectively insolvent by early next week.
The Journal relates the bank has $1.3 billion in deposits, and its
total assets are almost equal to its liabilities.  But the lender
only had $500 million in cash on hand at the start of the crisis,
Mr. Karzai said.  Its other assets -- including Dubai real estate
investments of uncertain value -- aren't easily convertible into
cash.

The Journal also reports Kabul Bank's woes pose a threat to
Afghanistan's nine other private banks, potentially foiling years
of American-backed efforts to build from scratch the kind of
banking system seen as essential to a healthy economy.

The Journal further relates some U.S. officials expressed doubt
that the Afghan government could bear the strain of propping up
Kabul Bank without outside help. The government took in less than
$1 billion in revenue last year and relies on the U.S. and other
donors for much of its budget.

If Kabul Bank were to run short of money, the cash for depositors
"may well come from the coffers of U.S. taxpayers and other
international donors," said one U.S. official.


* BOND PRICING: For the Week August 30 to September 3, 2010
-----------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.00
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.03
ANTARES ENERGY          10.00    10/31/2013   AUD       1.98
BECTON PROP GR           9.50    06/30/2010   AUD       0.25
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
CHINA CENTURY           12.00    09/30/2010   AUD       0.85
EXPORT FIN & INS         0.50    12/16/2019   AUD      61.70
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.40
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.84
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      61.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.91
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.72
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      68.93
NEW S WALES TREA         0.50    09/14/2022   AUD      57.07
RESOLUTE MINING         12.00    12/31/2012   AUD       0.97
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2025   AUD      55.90

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      65.47

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      34.00


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.25
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.00
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.02
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.22
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.15
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.14
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.83
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.64
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.57
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.60
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.43

  JAPAN
  -----

AIFUL CORP               1.20    11/22/2012   JPY      59.88
AIFUL CORP               1.99    05/28/2012   JPY      64.78
AIFUL CORP               1.22    10/19/2015   JPY      46.01
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.25
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.61
KIRAYAKA BUILDING        2.59    03/22/2016   JPY      67.50
SHINSEI BANK             5.62    12/29/2049   GBP      72.22
TAKEFUJI CORP            9.20    04/15/2011   USD      59.75
TAKEFUJI CORP            9.20    04/15/2011   USD      59.75
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.47


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.21
CRESENDO CORP B          3.75    01/11/2016   MYR       0.84
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.71
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.09
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.11
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.00
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.59
NAM FATT CORP            2.00    06/24/2011   MYR       0.06
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.53
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.20
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       1.01
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.05
SCOMI GROUP              4.00    03/19/2013   MYR       0.95
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.77
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.10
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.29
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.93


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD       0.97
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.04
FLETCHER BUI             8.50    03/15/2015   NZD       7.50
FLETCHER BUI             7.55    03/15/2011   NZD       7.25
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.09
INFRATIL LTD             8.50    09/15/2013   NZD       8.60
INFRATIL LTD             8.50    11/15/2015   NZD       8.90
INFRATIL LTD            10.18    12/29/2049   NZD      60.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.33
MARAC FINANCE           10.50    07/15/2013   NZD       0.96
SKY NETWORK TV           4.01    10/16/2016   NZD       5.65
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.96
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.71
ST LAURENCE PROP         9.25    07/15/2010   NZD      52.68
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.30
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.01
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.03
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.00


SINGAPORE
---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      65.75
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.21
SENGKANG MALL            4.88    11/20/2012   USD       0.10
SENGKANG MALL            8.00    11/20/2012   USD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.52
WBL CORPORATION          2.50    06/10/2014   SGD       1.80


SOUTH KOREA
-----------

COSMOS PLC CO            3.00    05/30/2011   KRW      16.05
DAEWOO MTR SALES         6.55    03/17/2011   KRW      71.45
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      12.44
DONGYANG TELECOM         6.00    04/28/2012   KRW      69.04
DONGYANG TELECOM         6.00    07/17/2012   KRW      69.08
DONGYANG TELECOM         6.00    07/02/2013   KRW      45.28
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.42
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.43
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.03
HOPE KOD 4TH            15.00    12/29/2012   KRW      32.03
HOPE KOD 6TH            15.00    03/10/2013   KRW      35.96
IBK 2008/12 ABS         25.00    06/24/2011   KRW      62.03
IBK 2009/13 ABS         25.00    02/03/2012   KRW      64.76
IBK 2009/14 ABS         25.00    03/30/2012   KRW       5.77
IBK 2008/15 ABS         25.00    06/25/2012   KRW       6.19
IBK 2009/16 ABS         25.00    09/24/2012   KRW      58.77
IBK 2009/16 ABS         25.00    09/24/2012   KRW      48.61
IBK 2009/17 ABS         25.00    12/29/2012   KRW      55.26
KB 10TH SEC SPC         23.00    01/03/2011   KRW      41.61
KB 10TH SEC SPC         20.00    01/03/2011   KRW      70.36
KB 11TH SEC SPC         23.00    07/03/2011   KRW      65.35
KB 12TH SEC SPC         25.00    01/21/2012   KRW      60.10
KB 13TH SEC SPC         25.00    07/02/2012   KRW      57.19
KB 14TH SEC SPC         23.00    01/04/2013   KRW      55.44
KDB 1ST SEC SPC         20.00    06/20/2013   KRW      72.83
KDB 5TH SEC SPC         15.00    01/04/2013   KRW      72.98
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      65.65
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      47.68
KEDCOM CO LTD            8.00    05/29/2012   KRW      44.98
NACF-13 ABS SPS         25.00    09/25/2010   KRW      67.14
NACF-14 ABS SPS         25.00    01/15/2011   KRW      59.46
NACF-15 ABS SPS         25.00    03/18/2011   KRW      58.50
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.17
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      62.37
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      66.96
SAM HO INTL              6.32    03/28/2011   KRW      74.73
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      18.89
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.38
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.05
SINBO 3RD ABS           15.00    09/30/2013   KRW      29.97
SINGOK ABS               7.50    06/18/2011   KRW      69.61
SINGOK NS ABS            7.50    06/27/2011   KRW      51.22
SMI XVI ABS SPC          9.99    04/30/2011   KRW      74.00
XROAD CO LTD             5.00    10/08/2012   KRW      35.74


VIETNAM
--------

VDB BOND                 8.40    01/12/2012   VND       9.80
VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                         *********

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.





                 *** End of Transmission ***