TCRAP_Public/100908.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, September 8, 2010, Vol. 13, No. 177

                            Headlines



A U S T R A L I A

ARAB BANK: Fitch Affirms 'C/D' Ratings; Gives Stable Outlook
OCTAVIAR LIMITED: Liquidator Reveals UBS's Role in MFS Collapse
REFLECTIONS GROUP: Unsecured Creditors Unlikely to be Repaid


C H I N A

CHINA VOIP: Posts US$111,700 Net Loss in June 30 Quarter


H O N G  K O N G

1,2,3 PRINTING: Court Enters Wind-Up Order
ASSOCIATION OF INTERNATIONAL: Creditors' Meeting Set for Sept. 20
AIRCOMMUNICATIONS INFO: Young and Wong Step Down as Liquidators
ANTEX ELECTRONIC: Pui and Cheung Appointed as Liquidators
BABOR COSMETICS: Kong Chi How Johnson Steps Down as Liquidator

CANDY CREATIONS: Lees and Ng Appointed as Provisional Liquidators
DICKSON CONST: Creditors Get 100% & 4.79% Recovery on Claims
PURE RICHES: Placed Under Voluntary Wind-Up Proceedings
RATIONAL INDUSTRIAL: Contributories, Creditors to Meet on Sept. 10
REAL INTEGRITY: Members' Final Meeting Set for October 6

RINGGIT NAVIGATION: Man Yun Wah Steps Down as Liquidator
SENCO INDUSTRIES: Commences Wind-Up Proceedings
SHEEN BENEFIT: Contributories and Creditors to Meet on Sept. 10
SINOFORD HK: Final Meetings Slated for October 5
SKYLINK GROUP: Creditors and Contributories to Meet on Sept. 14

STREAMVPN ASIA: Members' Final Meeting Set for October 4
SWEET ESSENTIALS: Creditors' Proofs of Debt Due September 17
TEAMRICH LIMITED: Members' Final Meeting Set for October 3
TIMETECH INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings
TRENDWIN ENTERPRISES: Members' Final Meeting Set for October 8

TRINITY HOLISTIC: Members' Final Meeting Set for October 3
YUEN CHEONG: Members' Final General Meeting Set for October 4


I N D I A

AIR INDIA: April-July Revenue Up 25.8% on Improved Seat Factor
ARIHANT COAL: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
DIEHARD DIES: CRISIL Downgrades Rating on INR160MM LT Loan to 'D'
IND SPHINX: CRISIL Reaffirms 'D' Rating on INR305MM Term Loan
KINGFISHER AIRLINES: Signs Code Share Deal With British Airways

MUNISH INT'L: CRISIL Assigns 'B+' Rating on INR70MM Demand Loan
NARMADA EXTRUSIONS: CRISIL Reaffirms 'BB' Rating on INR36MM Debt
SANGAMNER-LONI INFRA: CRISIL Reaffirms 'BB' Rating on INR140M Loan
SPECIALTY POLYFILMS: CRISIL Reaffirms 'B' Rating to INR70MM Loan
SRIRAMAGIRI SPINNING: CRISIL Assigns 'BB-' to INR295MM LT Loan

SRI VAKIRAKAALIAMMAN: CRISIL Assigns 'B+' Rating to INR89MM Loan


K O R E A

HYUNDAI ENGINEERING: Creditors May Seek 20% Premium on Stake


M A L A Y S I A

BASWELL RESOURCES: Provisional Liquidator Appointed to Unit
FOUNTAIN VIEW: Seeks Extension of Time to Submit Plan
JPK HOLDINGS: Reprimanded for Breaching Listing Rules
OILCORP BERHAD: Receives Demand Notice From Ahmad Hisham
STAMFORD COLLEGE: Posts MYR1.27 Million Net Loss in June 30 Qtr


N E W  Z E A L A N D

ALLIED FARMERS: Receives NZ$3.5 Million 2nd Interim Distribution
NELSON BUILDING: Fitch Upgrades Issuer Default Rating to 'BB+'
SOUTH CANTERBURY: Receivers to Give Update on Funding Arrangements


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ARAB BANK: Fitch Affirms 'C/D' Ratings; Gives Stable Outlook
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Arab Bank Australia
Limited's.  The Outlook is Stable.  A full list of ratings can be
found at the end of this release.

ABAL's ratings are underpinned by an extremely high probability of
support from its closely-related parent, Arab Bank plc ('A-
'/Outlook Stable/'F1'), a Jordanian bank with a leading market
position in the Middle East, and an extensive global presence.
Arab Bank plc has a history of consistent profitability, prudent
balance sheet management, a strong capital base and stable
funding, such that Fitch believes Arab Bank plc would not only be
willing, but also has good capacity to provide support.

ABAL's Individual rating reflects a conservative risk appetite
underpinned by prudent credit policies and balance sheet settings,
but at the same time recognizes funding pressures being
experienced by ABAL, and other small Australian financial
institutions.  While ABAL's funding position remains sound, should
competition materially erode the bank's deposit base, it could
have negative rating implications, particularly for ABAL's
Individual rating.

Although the bank's Tier 1 capital ratio has fallen over the past
three years to reside at 9.5% at December 31, 2009, it compares
well with other Australian banks.  Growth in risk-weighted assets
and increased deductions for intangibles has had a major influence
on this ratio.  The fiercely competitive deposit market has caused
deposit balances to shrink by around 20% in absolute terms, and
management focused on sourcing alternative and additional funding
from a longer-term government-guaranteed wholesale debt issue.
Additional capital through a small amount of subordinated debt
from Arab Bank plc was received throughout the year to assist the
continued growth of the bank.  Nonetheless, liquidity remains well
managed, with ABAL maintaining a holding in excess of 20% of total
assets.

While ABAL's liquidity and capital position is sound, it could
also seek additional liquidity support from its parent, if ever
the need arose.  The Arab Bank Group typically holds high levels
of liquidity and capital: at December 31, 2009, its loans/deposits
ratio was 65.5%, and Tier 1 capital ratio was 17.1%.

Apart from one large impairment charge of AUD10.9m, ABAL's
profitability remained solid in the financial year ending
December 31, 2009.  This charge related to a trade finance
exposure to a Middle-eastern bank, which collapsed prior to
confirming a letter of credit, leaving ABAL with an unsecured
exposure.  With the help of Arab Bank Plc, recovery action is
underway; ABAL has adopted a conservative position, setting aside
provisions that cover the entire exposure.  Largely due to the
influence of this single exposure, gross impaired loans relative
to gross loans increased noticeably to 1.31% by December 31, 2009,
from 0.18% at December 31, 2008.

ABAL is a wholly-owned subsidiary of Arab Bank plc, which is based
in Amman, Jordan.  ABAL commenced operations in Australia as a
merchant bank in 1986 and was granted an unrestricted banking
licence in 1994.  ABAL's core market is the Arab community in
metropolitan Sydney and Melbourne.

The ratings of Arab Bank Australia Limited are affirmed as below:

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

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

  -- Individual Rating: affirmed at 'C/D';

  -- Support Rating: affirmed at '1'; and

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


OCTAVIAR LIMITED: Liquidator Reveals UBS's Role in MFS Collapse
---------------------------------------------------------------
The Sydney Morning Herald reports that the liquidator
investigating the collapse of MFS Ltd, now known as Octaviar Ltd,
has highlighted the role of the investment bank UBS in the cash
crisis that crippled the travel operator and financier in 2007.

In the New South Wales Supreme Court on September 3, 2010,
Adam Bell, SC, on behalf of liquidator Kate Barnet of Bentleys
Corporate Recovery, examined Rolf Krecklenberg, a former MFS
director and the boss of its travel subsidiary Stella, about a
$1.1 billion facility provided by the Swiss bank.

As part of the funding agreement in June 2007, SMH relates, UBS
included terms restricting the flow of cash between the group's
companies if certain debt-to-earnings ratios were not met.

According to SMH, Mr. Bell described the clause as a "cash lock-
up."  Mr. Krecklenberg agreed the clause meant distributions were
governed by a leveraged ratio agreement of debt to normalised
EBITDA, the report relates.

The Sydney Morning Herald further says that throughout the latter
half of 2007, MFS was in talks to sell its travel and leisure
business, Stella, to private equity firm CVC.  But as the global
financial crisis unfolded, MFS faced increasing funding
difficulties.

Having drawn down about $800 million of the UBS facility, SHM
notes, MFS took out a fresh $240 million short-term loan from
Fortress.  MFS's debt position became more critical the longer CVC
took to negotiate the deal.

SMH relates that with $140 million due to be repaid to Fortress by
February 2008, the court heard there was $211 million in free cash
on Stella's balance sheet that MFS wanted.  Mr. Bell suggested:
"Stella wasn't in the position to repay interest on company loans
since the UBS facility was entered into."

                       About Octaviar Limited

Headquartered in Queensland, Australia, Octaviar Limited (ASX:OCV)
-- http://www.mfsgroup.com.au-- formerly known as MFS Limited,
perates as an Investment Management business with a portfolio of
usinesses and assets, including: operating businesses in the
leisure and childcare sectors; real estate portfolio; 35% interest
in the Stella Group; operating businesses which hold AFSL licenses
and act as Responsible Entity for a number of Managed Investment
Schemes.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and Nicholas
Harwood of Deloitte as Voluntary Administrators.  The directors of
three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd,
Octaviar Investment Notes Limited and Octaviar Investment Bonds
Limited, also appointed Messrs. Greig and Harwood as Voluntary
Administrators.  Fortress Credit Corporation (Australia) II Pty
Ltd., one of Octaviar Limited's major creditors, also appointed
Stephen James Parbery and Anthony Milton Sims of PPB as receivers
and managers for Octaviar.

In December 2008, Octaviar's creditors voted for a deed of company
arrangement over two entities in the Octaviar group, Octaviar
Limited and Octaviar Administration Pty Limited.  The three other
companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Limited into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AU$2.5 billion from the Group, which was found to have AU$1
billion in inter-company loans.


REFLECTIONS GROUP: Unsecured Creditors Unlikely to be Repaid
------------------------------------------------------------
James Thomson at SmartCompany reports that the bulk of the 3,500
staff of Reflections Group will keep their jobs after the
company's contracts were put out to tender, but unsecured
creditors are unlikely to receive a return as the business now has
no tangible assets.

Reflections Group was one of Australia's largest contract
cleaners, providing cleaning services to more than 450 sites on a
daily basis, including an estimated one third of all shopping
centres.  The company had revenue of $150 million a year and about
3,500 staff.

SmartCompany says the company's contracts have been re-tendered
over the last three weeks, with bidders asked to agree to re-
employ staff where possible.

According to the report, Jack Juresko of JP Downey and Co, which
was appointed as the company's administrators prior to the
appointment of receivers, confirmed the company would be
liquidated with little prospect of a return for unsecured
creditors.

Mr. Juresko said that without its contracts, Reflections Group
does not have much in the way of tangible assets, according to
SmartCompany.

SmartCompany reports Gerry Goldberg, president of the National
Cleaning Suppliers Association, said his members that have been
affected by the collapse are largely resigned to not receiving a
return from the liquidation process, but warns the ripple effects
will be felt throughout the industries.

According to SmartCompany, Mr. Goldberg said industry sources
suggested Reflections Group's total debts could be as high as $50
million, which has many in the sector asking what happened in the
lead-up to the collapse.

                       About Reflections Group

Reflections Group is a Melbourne-based cleaning, security and
facilities management company.

Reflections Group was placed in receivership on August 11, 2010.
Mark Korda and Andrew Malarkey from insolvency firm KordaMentha
were appointed receivers to the company.


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C H I N A
=========


CHINA VOIP: Posts US$111,700 Net Loss in June 30 Quarter
--------------------------------------------------------
China VoIP & Digital Telecom, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of US$111,730 on US$1.0 million of
revenue for the three months ended June 30, 2010, compared with
net income of US$1.3 million on US$75,745 of revenue for the same
period last year.

The Company recorded an operating loss of US$984,087 during the
three month period ended June 30, 2010, compared to an operating
loss of US$158,759 during the same period of 2009.  Significant
growth of net revenues during the three month period ended
June 30, 2010, was not enough to offset the increases in cost of
revenue and SG&A expenses.

The Company has an accumulated deficit of US$5.0 million as of
June 30, 2010.

The Company's balance sheet as of June 30, 2010, showed
US$8.4 million in total assets, US$7.6 million in total
liabilities, and stockholders' equity of US$861,829.

As reported in the Troubled Company Reporter on April 28, 2010,
Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
of the Company's significant operating losses and insufficient
capital.

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

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

Based in Jihan, China, China VoIP & Digital Telecom, Inc.,
formerly known as Crawford Lake Mining, Inc., is a developer of
computer software and hardware and digital video pictures system
and a developer of computer network and network audio devices,
parts and low value consumables.  After completing the acquisition
of Beijing PowerUnique Technologies Co., Ltd. in 2008, the Company
was focusing on the Voice over Internet Phone, information
security and virtualization technology related business.


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


1,2,3 PRINTING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 9, 2007, to
wind up the operations of 1,2,3 Printing Services Limited.

The company's liquidator is:

         Ng Kwok Wai
         Unit A, 14/F., JCG Building
         16 Mongkok Road, Mongkok
         Kowloon, Hong Kong


ASSOCIATION OF INTERNATIONAL: Creditors' Meeting Set for Sept. 20
-----------------------------------------------------------------
Creditors of Association of International Beauty Therapist Limited
will hold their meeting on September 20, 2010, at 11:00 a.m., for
the purposes provided for in Sections 241, 242, 243, 244 and 255A
of the Companies Ordinance.

The meeting will be held at Room 1103, Hang Seng Mongkok Building,
677 Nathan Road, in Mongkok Kowloon.


AIRCOMMUNICATIONS INFO: Young and Wong Step Down as Liquidators
---------------------------------------------------------------
Isabelle Angeline Young and John Chi Wai Wong stepped down as
liquidators of Aircommunications Information Services Limited on
August 19, 2010.


ANTEX ELECTRONIC: Pui and Cheung Appointed as Liquidators
---------------------------------------------------------
Pui Chiu Wing and Cheung Lai Kuen on February 9, 2010, were
appointed as liquidators of Antex Electronic Systems Company
Limited.

The liquidators may be reached at:

         Pui Chiu Wing
         Cheung Lai Kuen
         c/o Neil Collins Corporate Advisory Services
         Room 10 16/F
         25 Kin Wing Street
         Tuen Mu, NT
         Hong Kong


BABOR COSMETICS: Kong Chi How Johnson Steps Down as Liquidator
--------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Babor Cosmetics
Asia Pacific Limited on August 24, 2010.


CANDY CREATIONS: Lees and Ng Appointed as Provisional Liquidators
-----------------------------------------------------------------
John Lees and Mat Ng of John Lees Associates on June 30, 2010,
were appointed as liquidators of Candy Creations Manufacturing
Group Limited.

The liquidators may be reached at:

         John Lees
         Mat Ng
         c/o John Lees & Associates Limited
         20/F Henley Building
         5 Queen's Road
         Central Hong Kong


DICKSON CONST: Creditors Get 100% & 4.79% Recovery on Claims
------------------------------------------------------------
Dickson Construction (Maintenance) Limited, which is in
liquidation, paid the preferential and ordinary dividend to
creditors on September 3, 2010.

The company paid 100% for preferential and 4.79% for ordinary
claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


PURE RICHES: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on August 20, 2010,
creditors of Pure Riches Industries Limited resolved to
voluntarily wind up the company's operations.

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


RATIONAL INDUSTRIAL: Contributories, Creditors to Meet on Sept. 10
------------------------------------------------------------------
Contributories and creditors of Rational Industrial Limited will
hold their meetings on September 10, 2010, at 10:00 a.m., and
10:30 a.m., respectively at 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

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


REAL INTEGRITY: Members' Final Meeting Set for October 6
--------------------------------------------------------
Members of Real Integrity Limited will hold their final meeting on
October 6, 2010, at 2:30 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.


RINGGIT NAVIGATION: Man Yun Wah Steps Down as Liquidator
--------------------------------------------------------
Man Yun Wah stepped down as liquidator of Ringgit Navigation
Company Limited on September 3, 2010.


SENCO INDUSTRIES: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Senco Industries Limited, on August 25, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainer Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


SHEEN BENEFIT: Contributories and Creditors to Meet on Sept. 10
---------------------------------------------------------------
Contributories and creditors of Sheen Benefit International
Limited will hold their meetings on September 10, 2010, at
11:00 a.m., and 11:30 a.m., respectively at 62/F, One Island East,
18 Westlands Road, Island East, in Hong Kong.

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


SINOFORD HK: Final Meetings Slated for October 5
------------------------------------------------
Members and creditors of Sinoford Hong Kong Investment Limited
will hold their final meetings on September 30, 2010, at 3:00
p.m., and 3:30 p.m., respectively at Rooms 1214-1215, 12/F.,
Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui
East, in Kowloon.

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


SKYLINK GROUP: Creditors and Contributories to Meet on Sept. 14
---------------------------------------------------------------
Creditors and contributories of Skylink Group Holdings Limited
will hold their first meetings on September 14, 2010, at
10:00 a.m., and 11:00 a.m., respectively at the Official
Receiver's Office, 10th Floor, Queensway Government Offices, 66
Queensway, in Hong Kong.


STREAMVPN ASIA: Members' Final Meeting Set for October 4
--------------------------------------------------------
Members of Streamvpn Asia Limited will hold their final meeting on
October 4, 2010, at 9:00 a.m., at 27/F Alexandra House, 18 Chater
Road, Central, in Hong Kong.

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


SWEET ESSENTIALS: Creditors' Proofs of Debt Due September 17
------------------------------------------------------------
Sweet Essentials 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 liquidators are:

         Edward Simon Middleton
         Chan Mei Lan
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


TEAMRICH LIMITED: Members' Final Meeting Set for October 3
----------------------------------------------------------
Members of Teamrich Limited will hold their final meeting on
October 3, 2010, at 10:00 am., at Unit 1201, 12th Floor, Ka Wahd
Bank Centre, 232 Des Voeux Road Central, in Hong Kong.

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


TIMETECH INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on August 20, 2010,
creditors of Timetech Industrial Limited resolved to voluntarily
wind up the company's operations.

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


TRENDWIN ENTERPRISES: Members' Final Meeting Set for October 8
--------------------------------------------------------------
Members of Trendwin Enterprises Limited will hold their final
general meeting on October 8, 2010, at 2503 Bank of America Tower,
12 Harcourt Road, Central, in Hong Kong.

At the meeting, Susanna Bik-Chu Lung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TRINITY HOLISTIC: Members' Final Meeting Set for October 3
----------------------------------------------------------
Members of Trinity Holistic Healthcare Co. Limited will hold their
final meeting on October 3, 2010, at 11:00 am., at Unit 1201, 12th
Floor, Ka Wahd Bank Centre, 232 Des Voeux Road Central, in Hong
Kong.

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


YUEN CHEONG: Members' Final General Meeting Set for October 4
-------------------------------------------------------------
Members of Yuen Cheong Property Investment Co. Limited will hold
their final general meeting on October 4, 2010, at 10:30 am., at
Suite 2202, 22/F., Chinachem Tower, 34-37 Connaught Road Central,
in Hong Kong

At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


AIR INDIA: April-July Revenue Up 25.8% on Improved Seat Factor
--------------------------------------------------------------
Air India Ltd has booked growth in revenues besides a significant
improvement in yields and seat-factor in the April-July period,
The Economic Times reports citing an unnamed source.

AI carried 7.1 lakh passengers on its domestic network with a
17.3% market share in July, the report says.

"The airline clocked a 25.8% growth in revenue at INR3,577 crore
in the first four-months of FY11 against INR2,843 crore in the
corresponding period of the last fiscal," the report quoted a
source as saying.

According to the report, the source said the rise in revenue has
been across both domestic and international operations.  The air-
carrier has clocked a robust 43.1% growth in revenue on domestic
operations during this period.  "Revenue from international
operations increased 16.2%," the source said.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising its fleet strength to
as many as 275 planes in five years from 148 now.  Air India
Chairman and Managing Director Arvind Jadhav said the new 100-page
turnaround plan for 2010-14, which ruled out any job cuts or wage
reductions and, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


ARIHANT COAL: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arihant Coal Sales
India Pvt Ltd continue to reflect Arihant's modest scale of
operations in the intensely competitive coal trading industry,
weak capital structure and lack of forward integration in
operations.  These weaknesses are partially offset by Arihant's
promoters' experience in the coal trading business and the
company's reputed clientele.

   Facilities                         Ratings
   ----------                         -------
   INR210.0 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR30.0 Million Line of Credit     BB+/Stable (Reaffirmed)
   INR30.0 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Arihant will maintain its business risk
profile over the medium term, supported by established client
relationships and increase in scale of operations.  The outlook
may be revised to 'Positive' if Arihant improves its gearing along
with increasing its scale of operations.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes larger-
than-expected debt-funded capital expenditure (capex) programme,
thereby weakening its capital structure, or faces pressure on
profitability.

Update

Arihant's sales increased by 7% in 2009-10 (refers to financial
year, April 1 to March 31) over the previous year; this increase
has been lower than CRISIL's expectations primarily because of
decline in the prices of coal; though, this was offset by increase
in quantity of coal sold to 533,000 tonnes in 2009-10 from 431,000
tonnes in 2008-09.  The company's operating profitability improved
considerably because of purchase of imported coal at a rate
cheaper than the domestic purchase rate and mild inventory gain.
The company's financial risk profile has deteriorated marginally
owing to increase in gearing and weakening in debt protection
metrics. Increase in its working capital requirements has been met
by increased limits, promoter's equity infusion, and increased
internal accruals.  Arihant proposes to begin offering
beneficiation services, which will entail a total outlay of INR150
million.  The management has begun to look for land to set up the
facility near mines to ensure smooth procurement of raw material
and save on transportation costs.  As the project is in its
initial stage it has not been factored into the ratings.

                        About Arihant Coal

Set up in 2004, Arihant is into coal-trading and coal-liasoning.
It procures coal from Coal India Ltd, and occasionally buys excess
stock from its customers.  Arihant buys coal through auctions
conducted by two auction agents of CIL: Metal Junction, and Metal
and Scrap Trading Corporation Ltd.  Arihant has yard facilities in
Bhopal, and Katni (Madhya Pradesh), in Nagpur and Wani
(Maharashtra), and in Kota (Rajasthan).

Arihant reported a profit after tax (PAT) of INR28.00 million on
net sales of INR1.34 billion for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR30.00 million on
net sales of INR1.25 billion for 2008-09.


DIEHARD DIES: CRISIL Downgrades Rating on INR160MM LT Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Diehard Dies Pvt Ltd's bank
facilities to 'D/P5' from 'BB/Stable/P4+'.  The downgrade follows
delay in repayment of term debt installment of Rs.12.5 million for
the quarter ended June 2010.  The delay has been caused by Diehard
Dies's weak liquidity, which was a result of delays in
commissioning of the company's ongoing project involving
manufacturing of dies for Flat Steel rule cutting.

   Facilities                        Ratings
   ----------                        -------
   INR20.6 Million Cash Credit       D (Downgraded from
                                        'BB/Stable')

   INR160.0 Million Long Term Loan   D (Downgraded from
                                        'BB/Stable')

   INR20.0 Million Letter of Credit  P5 (Downgraded from 'P4+')

                         About Diehard Dies

Diehard Dies is part of the Tulasi group of companies headed by
Mr. Tulasi Ramachandra Prabhu.  The group was set up in the 1970s
with the establishment of Coastal Packaging.  Diehard Dies was set
up in 2007-08 (refers to financial year, April 1 to March 31) and
is setting up a unit for manufacturing flat-steel-rule-cutting-
creasing-stripping dies, rotary-steel-cutting dies, and steel?
line-label-cutting dies (flexible dies).  The total project cost
is around INR230 million to be funded in debt equity ratio of
1.9:1.The production of flat steel rule cutting and rotary steel
cutting dies has started from November 10, 2009, while that of
flexible dies is expected to start from October 2010.

Diehard Dies reported a profit after tax (PAT) of INR0.1 million
on net sales of INR0.8 million for 2009-10.


IND SPHINX: CRISIL Reaffirms 'D' Rating on INR305MM Term Loan
-------------------------------------------------------------
CRISIL's ratings of 'D/P5' on the bank facilities of IND Sphinx
Precision Ltd continue to reflect ISPL's continuing delays in
servicing its debt; the delays are being caused by ISPL's weak
liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR305.0 Million Term Loan              D (Reaffirmed)
   INR13.0 Million Cash Credit             D (Reaffirmed)
   INR64.0 Million Export Packing Credit   P5 (Reaffirmed)
   INR17.0 Million Letter of Credit        P5 (Reaffirmed)
   INR1.0 Million Bank Guarantee           P5 (Reaffirmed)

ISPL has weak financial risk profile marked by high gearing and
weak debt protection indicators on account of large working
capital requirements and large debt funded capital expenditure.
The company, however, continues to benefit from high operational
efficiency and extensive experience of promoters in printed
circuit board (PCB) drilling tools industry.

ISPL was incorporated in 1987.  It is a joint venture of Mr. Sunil
Taneja and Sphinx Werke Mueller AG of Switzerland.  ISPL
manufactures tungsten carbide tools, used in drilling/routing and
micromachining printed circuit boards (PCBs).  The majority of
ISPL's products are sold in the export market.  Its manufacturing
plant in Parwanoo, Himachal Pradesh, has a capacity of 10.55
million units per annum.  The company has recently ventured into
non-PCB tools.

For 2008-09 (refers to financial year, April 1 to March 31), ISPL
reported a profit after tax (PAT) of INR0.8 million on net sales
of INR218.0 million, against a PAT of INR7.8 million on net sales
of INR208.0 million for 2007-08.

For 2009-10, ISPL reported, on a provisional basis, a PAT of
INR9.0 million on net sales of INR242.0 million.


KINGFISHER AIRLINES: Signs Code Share Deal With British Airways
---------------------------------------------------------------
Kingfisher Airlines' Executive Vice-President (Commercial) Manoj
Chacko and British Airways' Chief Executive Willie Walsh on
Saturday disclosed the launch of code sharing between the two air
carriers from September 15, The Hindu reports.

Under the code-share agreement, British Airways code will be
placed on 11 domestic routes and one international route (Sri
Lanka) operated by Kingfisher Airlines while Kingfisher Airlines'
code will be placed on nine British Airways routes from Heathrow
to the U.K. regions and continental Europe.

"The code-share with Kingfisher Airlines will give our customers
easier access to the Indian domestic routes and Sri Lanka," The
Hindu quoted Mr. Walsh as saying.

The Hindu notes that the BA code will be placed on Kingfisher
flights from Bangalore to Chennai, Coimbatore and Kochi, Chennai
to Coimbatore and Colombo, Delhi to Bangalore and Kolkata, Mumbai
to Bangalore, Chennai, Goa, Hyderabad and Kolkata.

Similarly, the report says, the Kingfisher code will be placed on
BA flights from Heathrow to Aberdeen, Edinburgh, Glasgow,
Manchester, Amsterdam, Brussels, Dusseldorf, Lisbon and Paris.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR21.40 billion, INR1.89 billion, and INR4.2 billion for the
FY2007 through FY2009.


MUNISH INT'L: CRISIL Assigns 'B+' Rating on INR70MM Demand Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' ratings to the working capital
demand loan and proposed short-term facility of Munish
International Pvt Ltd, while reaffirming the rating on the
company's other short-term facilities at 'P4'.

   Facilities                               Ratings
   ----------                               -------
   INR70.0 Million Working Capital          B+/Stable (Assigned)
                   Demand Loan
   INR172.5 Million Export Packing Credit   P4 (Reaffirmed)
   INR35.5 Million Letter of                P4 (Reaffirmed)
                   Credit/Bank Guarantee

The ratings reflect the Munish group's large working capital
requirements, below-average financial risk profile, marked by weak
liquidity, high gearing, and weak debt protection metrics, and
susceptibility to volatility in raw material prices and intense
competition in the forgings segment. These rating weaknesses are
partially offset by the Munish group's diversified revenue
profile, and presence in the high-value-added products segment in
the industrial forgings industry..

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MIPL, Munish Forge Pvt Ltd, and Dev
Arjuna Cast and Forge Pvt Ltd, collectively referred to as the
Munish group.  This is because MIPL works as the exclusive export
arm of MFPL and DACF, and sells most of the products manufactured
by them. All three companies have also extended corporate
guarantee for the bank lines of each other.

Outlook: Stable

CRISIL believes that the Munish group will continue to benefit
from its comfortable market position in industrial forgings
segment overseas. However, the group's financial risk profile,
particularly liquidity, is expected to remain weak because of
depressed cash accruals. The outlook may be revised to 'Positive'
in case of significant improvement in the Munish group's
liquidity, most likely through fresh equity infusion or sharp
increase in cash accruals. Conversely, the outlook may be revised
to 'Negative' if there is increased pressure on the cash accruals
and liquidity of the group, most likely because of continuing
depressed demand from the US and Canadian markets.

                           About the Group

Set up in 1985 as partnership firm, MIPL was reconstituted as a
private limited company in 2006. MIPL is part of the Munish group
of companies based in Ludhiana (Punjab) and is the export arm of
the group. The Munish group manufactures automobile components
(off-highway vehicles), flanges, and scaffoldings through its two
manufacturing arms, MFPL and DACF. The group has three
manufacturing facilities: one in MFPL and two in DACF, all in
Ludhiana.

MIPL exports goods imported from China. However, import from China
is only against specific order from the customer. In the Indian
market, MIPL procures primarily from MFPL and DACF with minimal
procurement from outside the group.

The Munish group reported a profit after tax (PAT) of INR1 million
on an operating income of INR897 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR42
million on an operating income of INR956 million for 2007-08.


NARMADA EXTRUSIONS: CRISIL Reaffirms 'BB' Rating on INR36MM Debt
----------------------------------------------------------------
CRISIL has re-affirmed its ratings on Narmada Extrusions (P)
Limited at BB/Stable/P4+.

   Facilities                          Ratings
   ----------                          -------
   INR36.0 Million Cash Credit         BB/Stable (Reaffirmed)
   INR144.0 Million Working Capital    BB/Stable (Reaffirmed)
                      Demand Loan
   INR110.3 Million Term Loan          BB/Stable (Reaffirmed)
   INR10.0 Million Bill Discounting    P4+ (Reaffirmed)
   INR45.0 Million Bank Guarantee      P4+ (Reaffirmed)

CRISIL's ratings on the bank facilities of Narmada Extrusions
continue to reflect its limited financial flexibility because of
its moderate gearing, working-capital-intensive operations, and
small scale of operations in the fragmented poly-bags industry.
These weaknesses are partially offset by Narmada Extrusions'
strong track record in the poly-bags industry, and its established
customer relationships.

Outlook: Stable

CRISIL believes that Narmada Extrusions will continue to benefit
from its long track record and healthy customer profile over the
medium term.  The outlook may be revised to 'Positive' if Narmada
Extrusions' financial risk profile improves significantly, driven
by an increase in net cash accruals and consequent significant
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile weakens on account of large, debt-funded capital
expenditure.

                      About Narmada Extrusions

Incorporated in 1985 as a private limited company, Narmada
Extrusions is promoted by Mr. Mahesh Mittal and his family. It was
reconstituted as a public limited company in 1998. The company
manufactures high-density polyethylene (HDPE) bags and
polypropylene (PP) bags. Narmada Extrusions also has a trading
division, which distributes GAIL (India) Ltd's polymer products.

Narmada Extrusions' profit after tax (PAT) and net revenues are
estimated to be INR18 million and INR913 million for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR12 million on net revenues of INR767 million for 2008-09.


SANGAMNER-LONI INFRA: CRISIL Reaffirms 'BB' Rating on INR140M Loan
------------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sangamner-Loni
Infrastructure Pvt Ltd continue to reflect company's weak debt-
protection measures.  These weaknesses are, however, partially
offset by the benefits that the SPV derives from stable traffic
driven by diverse traffic base.

   Facilities                      Ratings
   ----------                      -------
   INR140.0 Million Term Loan      BB/Stable (Reaffirmed)
   INR10.0 Million Proposed        BB/Stable (Reaffirmed)
         Term Loan Facility

Outlook: Stable

CRISIL believes that Sangamner Loni will generate stable revenues
on the back of continued and increasing traffic inflow.  The
outlook may be revised to 'Positive' in case the company's
revenues are larger-than-expected because of significant increase
in traffic volumes.  Conversely, the outlook may be revised to
'Negative' in case Sangamner Loni's revenues take a hit because of
lower-than-expected traffic volumes.

Update

For 2009-10 (refers to financial year, April 1 to March 31),
Sangamner-Loni reported better-than-expected operating income of
INR42 million, on account of marketing efforts undertaken by the
company to improve traffic along the tollway.  This also resulted
in more-than-expected profitability and cash accruals.  The
company is also likely to benefit from Maharashtra Public Work
Department's permission to hike toll rates by about 15% with
effect from July 01, 2010.  However, the company will use its cash
accruals to meet increased term loan obligations from 2010-11
onwards ? term loan instalments are expected to increase to
INR21.9 million in 2010-11 from INR6.0 million in 2009-10.
Sangamner-Loni's gearing, as on March 31, 2010, was lower than
expected because of better profitability and equity infusion of
INR14.1 million by promoters to partly fund capital expenditure on
renewal of toll road.  However, gearing is expected to increase
over the medium term because of the company's additional term loan
INR30 million.

                        About Sangamner-Loni

Sangamner-Loni was set up in May 2002, as a special-purpose
vehicle (SPV) by Rudranee Construction Company, to improve the
Sangamner-Loni-Kolhar Road (Maharashtra) on a build-operate-
transfer (BOT) basis.  The project involved widening the road to
10 meters from 7.5 meters and applying a layer of bitumen on the
road on a BOT basis for a concession period till December 2016.
The total length of the project road is 36 kilometres.  The cost
of the project was INR200 million and the toll road was
operational in March 2006.  Mr. Mohammed Israil Sheikh bought the
toll road in 2006 from the promoters of RCC, and infused
INR10 million in 2007-08 in the SPV.

Sangamner-Loni reported a net loss of INR0.2 million on an
operating income of INR42.0 million for 2009-10, against a net
loss of INR4.6 million on operating income of INR37.0 million for
2008-09.


SPECIALTY POLYFILMS: CRISIL Reaffirms 'B' Rating to INR70MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Specialty Polyfilms
(India) Pvt Ltd continue to reflect Specialty's weak financial
risk profile and small scale of operations in the synthetic
packaging films industry.  These rating weaknesses are partially
offset by the benefits that Speciality derives from its
established relationships with customers.

   Facilities                              Ratings
   ----------                              -------
   INR70.4 Million Long Term Loan          B/Stable (Reaffirmed)
   INR40.0 Million Cash Credit             B/Stable (Reaffirmed)
   INR6.0 Million Standby Line of Credit   B/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit        P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Specialty will continue to benefit over the
medium term from its established relationships with customers and
its modest profitability. The outlook may be revised to 'Positive'
if Speciality's financial risk profile improves significantly,
driven most likely by significant increase in cash accruals as a
result of increase in revenues and operating margin, or
substantial equity infusion by promoters. Conversely, the outlook
may be revised to 'Negative' if Specialty's financial risk profile
weakens, most likely because of a considerable decline in
operating profitability or large debt-funded capital expenditure
(capex).

Update

Specialty's net sales increased substantially to around INR191
million in 2009-10 (refers to financial year, April 1 to March 31)
from INR133 million in 2008-09, and its operating profitability
improved marginally because of its recent entry into high-value-
added product segment.

Specialty's gearing remained high at more than 3 times as on
March 31, 2010, despite equity infusion of around INR10 million by
promoters during 2009-10, given the company's working-capital-
intensive operations and its large debt-funded capex. Although
Specialty's receivables management has remained stable, its
inventory requirement has increased marginally in 2009-10. The
company's liquidity, as reflected in its high bank limit
utilisation, remains weak. CRISIL expects Speciality's financial
risk profile to remain weak, marked by high gearing and weak debt
protection metrics over the medium term.

Specialty reported a net loss of around INR0.1 million on net
sales of INR191.0 million for 2009-10, against a profit after tax
of INR4.6 million on net sales of INR133.0 million for 2008-09.

                     About Specialty Polyfilms

Speciality was incorporated in 2000; it is promoted by Mr.
Shantanu Deshpande. Specialty manufactures synthetic films, used
in packaging industrial and food products. The company has four
main product categories: industrial wrap, food wrap, protective,
and agricultural product wrap films. Recently, Speciality also
began manufacturing aluminium foil. In early 2009-10, Specialty
increased its capacity to more than 4100 tonnes per annum (tpa)
from about 1100 tpa.


SRIRAMAGIRI SPINNING: CRISIL Assigns 'BB-' to INR295MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Sriramagiri Spinning Mills Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR55 Million Cash Credit       BB-/Stable (Assigned)
   INR295 Million Long-Term Loan   BB-/Stable (Assigned)

The rating reflects SSML's financial risk profile is marked by
weak debt protection measures, and exposure to risks related to
volatility in raw material prices. These rating weaknesses are
partially offset by SSML's successful stabilization of operations
and proposed increase in capacity which is expected to improve the
scale of operations.

Outlook: Stable

CRISIL believes that SSML will maintain a stable business risk
profile backed by successful stabilization of operations and
improved demand scenario over the medium term.  The outlook may be
revised to 'Positive' if SSML's financial risk profile improves
substantially, with sustainable improvement in the company's
margins and capital structure. Conversely, the outlook may be
revised to 'Negative' if SSML undertakes any large, debt-funded
capital expenditure programme, or if its profitability declines
significantly, thereby deteriorating its financial risk profile.

                       About Sriramagiri Spinning

Incorporated in July 2006, SSML manufactures cotton yarn. SSML was
set up to take over the business of the erstwhile Sriramagiri Cold
Storage Ltd, which was incorporated in August 2001 to set up a
cold storage business; however, SCSL remained a shell company.
SSML's manufacturing unit is situated in Nalgonda (Andhra
Pradesh).  The company commenced operations in April 2010 with
16,800 ring spindles.  It manufactures yarn in counts of 36s to
42s, but largely manufactures yarn in the count of 40s.  The mill
has capacity to manufacture 6000 kilogram of cotton yarn per day.
Tirupur (Tamil Nadu) and Maharashtra are SSML's major markets.


SRI VAKIRAKAALIAMMAN: CRISIL Assigns 'B+' Rating to INR89MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Sri
Vakirakaaliamman Spinning Mills Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR89.00 Million Term Loan        B+/Stable (Assigned)
   INR135.00 Million Cash Credit     B+/Stable (Assigned)
   INR6.50 Million Letter of         P4 (Assigned)
   Credit/ Bank Guarantee

The ratings reflect SVS's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, small
scale of operations, and large working capital requirements. These
weaknesses are partially offset by SVS's promoters' experience in
the textile industry.

Outlook: Stable

CRISIL believes that SVS will maintain its moderate business risk
profile on the back of its promoters' experience in the cotton
spinning industry. The outlook may be revised to 'Positive' in
case SVS reports a significant improvement in its capital
structure and increase in its scale of operations, while
sustaining its profitability. Conversely, the outlook may be
revised to 'Negative' if SVS undertakes a larger-than-expected
debt-funded capital expenditure programme, its profitability
declines significantly, or it extends sizeable funding support to
its group entities, thereby weakening its financial risk profile.

                   About Sri Vakirakaaliamman

SVS has been manufacturing hosiery yarn since 2001; it has spindle
capacity of 16,532.  Earlier, the business of the company was run
under the entity CRR Textiles, established in 1996 by another
promoter group. CRR Textiles was taken over by SVS's current
management in 2001, and its name was changed to the current one.
SVS is promoted and currently managed by Mr. R M Rajmanickam, and
his son Mr. R Jagadeeshwaran.  The manufacturing operations are
being carried out at its unit at Dindigul (Tamil Nadu); its
administrative office is in Tirupur (Tamil Nadu).

SVS reported a provisional profit after tax (PAT) of INR6.0
million on net sales of INR218.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR0.3
million on net sales of INR161.0 million for 2008-09.


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


HYUNDAI ENGINEERING: Creditors May Seek 20% Premium on Stake
------------------------------------------------------------
Hyundai Engineering & Construction Co.'s creditors plan to sell
their stake in South Korea's largest builder for as much as 20
percent more than its market value, Bloomberg News reports citing
an official at one of the debt holders.

The official, declining to be named because the information isn't
public, told Bloomberg News that the creditors aim to sell the 35
percent stake at a premium of between 10 percent and 20 percent.
That would price the holding, which comes with management rights,
at as much as KRW3.1 trillion (US$2.6 billion).

According to Bloomberg, the official said Hyundai Engineering's
nine creditors will announce the sale Sept. 24.

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
===============


BASWELL RESOURCES: Provisional Liquidator Appointed to Unit
-----------------------------------------------------------
Baswell Resources Berhad disclosed in a regulatory filing that
Dato' Robert Teo Keng Tuan of Messrs. RSM NWT Advisory Services
Sdn. Bhd. has been appointed as provisional liquidator for the
Company's subsidiary, Aimwood Furniture Industries Sdn. Bhd.

Achieve Coatings and Services Sdn. Bhd. filed the petition against
AFISB on August 20, 2010.

Baswell told Bursa Malaysia that the appointment of provisional
liquidator may adversely affect the realizable values of assets
arising from the companies asset disposal programme as the
liquidator will now manage the sale of assets and interested
parties will now have to negotiate with the provisional liquidator
instead of the Directors.

With the cessation of AFISB'S business operations, the Company's
board of directors does not foresee any operational impact arising
from the appointment of Provisional Liquidator.

                       About Baswell Resources

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

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

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

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


FOUNTAIN VIEW: Seeks Extension of Time to Submit Plan
-----------------------------------------------------
Fountain View Development Berhad has submitted an application for
an extension of time to submit its regularization plan to the
relevant authorities for approval.  As such, Bursa Malaysia
Securities Berhad will defer the de-listing of the Company's
securities pending the decision on the Company Application.

                       About Fountain View

Fountain View Development Berhad is a Malaysia-based investment
holding company.  The Company operates in four segments:
Plantation, Property development, Investment and Elimination. The
Company principally operates in Malaysia.  Its subsidiaries
includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View
Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings
Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties
Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and
Extrogold Sdn. Bhd.

Fountain View Development Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of
the PN17 for having an insignificant business or operation.

The Company's unaudited second quarterly financial result ended
June 30, 2009, recorded no revenue resulting in the Company
triggering Paragraph 2.1 (h) of the PN17.


JPK HOLDINGS: Reprimanded for Breaching Listing Rules
-----------------------------------------------------
Bursa Malaysia Securities Berhad has reprimanded JPK Holdings
Berhad for breach of paragraph 9.19(19) of the Bursa Malaysia
Securities Berhad Main Market Listing Requirements.

The Company had breached paragraph 9.19(19) of the Main Market LR
for failing to make an immediate announcement of the winding-up
petitions served on JPK (Malaysia) Sdn Bhd by Public Bank (M)
Berhad and Corplast Packaging Industries Sdn Bhd on February 17,
2010, and April 5, 2010.   The Company only made the announcements
in respect of the winding-petitions by PBB and CORPLAST on
March 4, 2010 and April 13, 2010, respectively.

JPKM is a major subsidiary of the Company where the total assets
of JPKM of MYR69.352 million represented 74% of JPK Group's total
assets of MYR94.035 million as at 31 March 2009.

                         About JPK Holdings

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

                           *     *     *

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


OILCORP BERHAD: Receives Demand Notice From Ahmad Hisham
--------------------------------------------------------
Oilcorp Berhad has been served with a notice pursuant to
Section 218 of the Companies Act 1965 by Messrs. Hisham &
Associates, solicitors acting for Ahmad Hisham Bin Kamaruddin and
Jamsalina Binti Jaafar.

Ahmad Hisham is demanding the payment of MYR260,000 with interest
of 8% per annum from March 10, 2010, until full settlement, for
the outstanding legal fees due and disbursements payable for
professional services rendered.

Oilcorp will seek legal advice in respect of the Notice and will
make further announcements in due course.

                       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.


STAMFORD COLLEGE: Posts MYR1.27 Million Net Loss in June 30 Qtr
---------------------------------------------------------------
Stamford College Berhad posted a net loss of MYR1.27 million on
revenue of MYR6.96 million for the three months ended June 30,
2010, compared with net income of MYR154,000 on revenue of
MYR3.76 million in the same quarter of 2009.

As of June 30, 2010, the Company's consolidated balance sheet
showed MYR46.61 million in total assets, MYR25.76 million in total
liabilities and shareholders' equity of MYR20.85million.

The Company's consolidated balance sheet at June 30, 2010,
showed strained liquidity with MYR10.94 million in total
current assets available to pay MYR22.49 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?6ad9

                       About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008, and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.


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


ALLIED FARMERS: Receives NZ$3.5 Million 2nd Interim Distribution
----------------------------------------------------------------
The New Zealand Press Association reports Allied Farmers Ltd said
Trustees Executors, the trustee of its capital notes, has written
to the Companies Office about the financial state of Allied
Farmers.

According to the report, Allied Farmers, which purchased the
assets of Hanover Group last year, has delayed the reporting of
its annual accounts after the receivership of its finance company
Allied Nationwide Finance, and its chairman and managing director
have resigned.

"We are making solid progress in addressing our financial position
and we will give a further update, including some likely further
positive developments when we release our preliminary accounts
later this week," Rob Alloway, who is continuing in his role as
managing director until December, said Monday, NZPA relates.

The company told NZX Monday that on Saturday morning it had been
awarded a further interim distribution of about NZ$3.5 million
relating to a luxury development in Beverley Hills, California,
known as the Maison Reeves Condominiums, NZPA reports.  This
development was financed in part by Hanover and has been in
receivership. This is the second distribution. More than NZ$6
million was received in June.

According to the report, the company said it is seeking to brief
relevant stakeholders, including Trustees Executors and the
Companies Office on the state of various initiatives, including
the impending receipt of the Maison Reeves funds and other
positive news expected shortly.  Allied Farmers is confident that
these initiatives and an appropriate briefing will assist in
clarifying the state of Allied Farmers' financial position.

NZPA relates the Californian receiver is likely to be able to
apply to the court within the next few months for a motion to make
a final distribution of about NZ$7 million to Allied Farmers.

While Allied Farmers expects to report that it remains in
compliance with its covenants in respect of the capital notes,
Trustees Executors has an ongoing obligation to consider and
report on the financial position of Allied Farmers generally, and
has made Allied Farmers aware that it has written to the Companies
Office in relation to the financial state of Allied Farmers, NZPA
notes.

Given the work being undertaken on its accounts and also given
that a number of proposed actions are incomplete and subject to
commercial sensitivities, and therefore are not capable of general
disclosure, the position is that not all stakeholders can be fully
up to date with developments at all times, and Trustees Executors'
action therefore necessarily occurred without it being aware of
the latest information or developments, NZPA adds.

                        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.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2010, Allied Farmers Lt 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 Farmers
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.


NELSON BUILDING: Fitch Upgrades Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Rating of
Nelson Building Society to 'BB+' from 'BB'.  The Outlook is
Stable.  Fitch also upgraded the Support Rating for NBS, Wairarapa
Building Society and Hastings Building Society to '4' from '5' and
assigned a Support Rating Floor at 'B' for all three building
societies.  At the same time, the agency affirmed the Long-term
IDR of WBS at 'BB+'.  The Outlook of WBS' Long-term IDR remains
Stable.  HBS' Long-term IDR is maintained at 'BB' Rating Watch
Positive.  All other ratings are affirmed.  A full list of rating
actions is included at the end of this rating action commentary.

Despite a difficult operating environment all three building
societies performed well, although some faired better than others.
"From an international perspective, all three entities are small
but consistently report relatively strong capital and asset
quality ratios, as well as healthy pre-impairment operating
profitability," says Andrea Jaehne, Director in Fitch's Financial
Institutions team.  "On a domestic level, these three institutions
have stable funding positions largely due to the strong ties they
maintain with their members.  However, as a result of changes in
regulatory liquidity and funding requirements, competition for
customer deposits is likely to remain intense," adds John Miles,
Senior Director in Fitch's Financial Institutions team.

The upgrade of NBS' Long-term IDR reflects the society's
consistent improvement relative to similar rated peers.  This is
supported by NBS' resilient performance over the last two years
while New Zealand experienced an economic recession, and the
customer deposit market, being NBS' main funding source, became
highly competitive.  Despite these negative developments in its
challenging operating environment, NBS benefited from stable
operating profitability, good asset quality, and a sound funding
and adequate liquidity position.  The potential for further
upgrades of its Long-term IDR is constrained by NBS' small
absolute capital base and significant regional geographical
concentration.

The Support Rating upgrade for all three building societies
reflects Fitch's view that the propensity for the New Zealand
regulatory authorities to provide support is higher than Fitch
originally considered likely at the initial assignation of the
ratings.  The Reserve Bank of New Zealand assumed responsibility
for the prudential supervision of non-bank deposit-taking
institutions in 2010 under a new regulatory framework.

The Support Rating Floor assigned to NBS, WBS and HBS at 'B'
indicates Fitch's view that support from the local authorities is
likely to be provided at these rating levels, meaning that, were
the Long-term IDRs to be downgraded, they would not fall below the
Support Rating Floor of 'B'.

The ratings of HBS reflect its small absolute size and take the
deterioration in HBS' asset quality into consideration but also
HBS' improving pre-impairment operating profitability and an
adequate funding position due to its local franchise.  The RWP on
HBS' Long-term and Short-term IDRs and Individual Rating which was
assigned on July 2, 2010, after the announcement of HBS' intention
to merge with the larger Southland Building Society (SBS Bank,
SBS, rated Long-term IDR 'BBB'/ Stable), is maintained.  In
addition, a RWP was assigned on HBS' Support Rating Floor,
reflecting the planned merger and SBS' higher Support Rating
Floor.  At end-August 2010, HBS' members voted in favor of the
merger with SBS.  Fitch will resolve the RWP once the merger with
SBS is legally completed which is expected to take place in
October 2010.

The affirmation of WBS' Long-term and Short-term IDRs and
Individual Rating reflects its small size, concentration in loans
and deposits, and dependence on bank facilities for liquidity.  At
the same time, the ratings also consider the conservative nature
of its lending activities, as well as good asset quality and
capital ratios.

All three building societies operate within the New Zealand
banking market, which is dominated by large subsidiaries of
Australian banks.  All New Zealand building societies accounted
for less than 10% of the mortgage and deposit market at FYE10.

Nelson Building Society:

  -- Long-term IDR upgraded to 'BB+' from 'BB'; Outlook Stable;

  -- Local Currency Long-term IDR upgraded to 'BB+' from 'BB';
     Outlook Stable;

  -- Short-term IDR affirmed at 'B';

  -- Local Currency Short-term IDR affirmed at 'B';

  -- Individual Rating affirmed at 'C/D';

  -- Support rating upgraded to '4' from '5'; and

  -- Support rating floor assigned at 'B'.

Hastings Building Society:

  -- Long-term IDR 'BB'; Rating Watch Positive maintained;

  -- Local Currency Long-term IDR 'BB'; Rating Watch Positive
     maintained;

  -- Short-term IDR 'B', RWP maintained;

  -- Local Currency Short-term IDR 'B', RWP maintained;

  -- Individual Rating maintained at 'C/D', RWP maintained;

  -- Support rating upgraded to '4' from '5'; and

  -- Support rating floor assigned at 'B'; RWP assigned.

Wairarapa Building Society:

  -- Long-term IDR affirmed at 'BB+'; Outlook Stable;

  -- Local Currency Long-term IDR affirmed at 'BB+'; Outlook
     Stable;

  -- Short-term IDR affirmed at 'B';

  -- Local Currency Short-term IDR affirmed at 'B';

  -- Individual Rating affirmed at 'C/D';

  -- Support rating upgraded to '4' from '5'; and

  -- Support rating floor assigned at 'B'


SOUTH CANTERBURY: Receivers to Give Update on Funding Arrangements
------------------------------------------------------------------
The National Business Review reports that South Canterbury
Finance's receivers expect to update borrowers this week on their
funding arrangements as prospective buyer interest in the
company's assets heightens.

NBR relates Kerryn Downey and William Black, of McGrathNicol, said
they had made significant progress assessing the group's
operations over the past week with the help of South Canterbury
Finance management and staff.

According to the report, the receivers said they had already
fielded a significant number of enquiries from prospective buyers
and were working with the Crown to compile a coordinated register
of interest.

The receivers, as cited by NBR, said they also expected to update
South Canterbury customers this week on various matters affecting
business operations, including funding arrangements.

A spokesman for McGrathNicol told NBR that the update would look
to address concerns borrowers had over revolving credit facilities
and seasonal finance -- "just how that's going to be managed,
what's going to be done and by whom."

                       About South Canterbury

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

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

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

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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***