TCRAP_Public/100913.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

           Monday, September 13, 2010, Vol. 13, No. 180

                            Headlines



C H I N A

CHINA HUIYUAN: Shares Suspended Over Loan Covenant Breach


H O N G  K O N G

PERFECT SHARP: Court Enters Wind-Up Order
PROFIT GEM: Court Enters Wind-Up Order
QUIXOTE (HK): Creditors' Proofs of Debt Due October 4
RAPID COLLECTION: Creditors' Proofs of Debt Due October 4
RETRUE ENTERPRISE: Tam Chun Wan Steps Down as Liquidator

SINO CONCEPT: Court Enters Wind-Up Order
SKY SUCCESS: Court Enters Wind-Up Order
STARBAY INTERNATIONAL: Creditors Get 7.35% Recovery on Claims
STEINBOCK ORIGINAL: Court Enters Wind-Up Order
SUNBIG TEXTILE: Creditors' Proofs of Debt Due September 20

TAT CHEONG: Court Enters Wind-Up Order
TELEWISE GROUP: Court Enters Wind-Up Order
TEN PLUS: Court to Hear Wind-Up Petition on September 29
UNI-PAC RETAIL: Court Enters Wind-Up Order
WAH KONG: Court Enters Wind-Up Order

WAI FAT: Court Enters Wind-Up Order
WEBCENTRAL (HK): Members' Final General Meeting Set for Oct. 4
WELL-TEX GARMENT: Court Enters Wind-Up Order
WILLING KNITWEAR: Court to Hear Wind-Up Petition on October 27
YEE TAT: Creditors' Meeting Set for September 17


I N D I A

AKIK TILES: CRISIL Assigns 'B' Ratings to INR85MM Cash Credit
ARTISTIQUE CERAMICS: ICRA Assigns 'LBB+' Rating to INR3.45cr Loan
DEEPAK RUGS: CRISIL Assigns 'P4' Ratings to Various Bank Debts
GOLD STAR: CRISIL Reaffirms 'BB-' Rating on INR55MM Cash Credit
GOLF CERAMICS: CRISIL Reaffirms 'D' Rating on INR95.8MM Term Loan

KOHINOOR CTNL: ICRA Assigns 'LBB+' Rating to INR936cr LT Loan
LEEDS INTERNATIONAL: CARE Revises Rating on Bank Debts to 'CARE D'
NIRMAL LIFESTYLE: CARE Puts 'CARE BB+' Rating on INR142.32cr Loan
ORISSA CONCRETE: CRISIL Reaffirms 'BB-' Rating on Cash Credit
RACHANA SEEDS: ICRA Places 'LBB-' Rating on INR1.86cr Term Loan

SHREE STEEL: CRISIL Rates INR25 Mil. Cash Credit Facility at 'B+'
SPHEREORIGINS MULTIVISION: CRISIL Cuts Ratings on Loans to 'BB-'
SRI RAMAA: ICRA Assigns 'LB' Rating to INR14.75cr Fund Based Loans
SUPREME INDIA: CRISIL Reaffirms 'B+' Rating on INR92.6MM Term Loan
* INDIA: RBI Asks Banks to Restructure Airline Loans


J A P A N

INCUBATOR BANK: Files for Bankruptcy Protection
TITAN JAPAN: S&P Lowers Ratings of Classes B to D Floating Bonds


N E W  Z E A L A N D

ALLIED FARMERS: Settles Five Mile Sale & Reduces Debt to Westpac
ALLIED FARMERS: Reports Annual Operating Loss of NZ$77.58 Million
DORCHESTER PACIFIC: Appoints Greg Main as New General Manager
SOUTH CANTERBURY: Receivers Assure Borrowers of Continuous Funding


S I N G A P O R E

A & P: Court Enters Wind-Up Order
ARAM GLOBAL: Creditors' Proofs of Debt Due October 11
BIAN SENG: Creditors' Proofs of Debt Due September 23
CEDRIC MOTOR: Creditors' Proofs of Debt Due September 23
CLUBMARC & COMPANY: Court Enters Wind-Up Order

GREENLIFE HERBAL: Creditors' Proofs of Debt Due September 23
HT TECHNOLOGIES: Creditors' Proofs of Debt Due September 23
LEUNG CHOW: Creditors' Proofs of Debt Due September 23
PI COURT: Court Enters Wind-Up Order
PROCENTEC PTE: Court to Hear Wind-Up Petition on September 24

SHIKOKU TECHNOLOGIES: Court to Hear Wind-Up Petition on Sept. 24
SUMMA SQUARE: Creditors' Proofs of Debt Due October 21
ZENECON ENGINEERING: Creditors' Proofs of Debt Due September 23


T A I W A N

TACHAN SECURITIES: Fitch Affirms Issuer Default Rating at 'BB'




                         - - - - -


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


CHINA HUIYUAN: Shares Suspended Over Loan Covenant Breach
---------------------------------------------------------
Robert Fenner and Wendy Leung at Bloomberg News report that China
Huiyuan Juice Group Ltd., the drinks maker Coca-Cola Co. proposed
to buy before being blocked by Chinese regulators, was halted in
Hong Kong trading on Friday after a report it breached loan
covenants.

Bloomberg, citing Reuters, says the company is seeking to amend
the covenants for a $250 million three-year loan after breaching
the terms.  According to Bloomberg, Reuters said the drinks maker
is offering a 50 basis point waiver fee to 18 lenders as it seeks
to loosen covenants to allow higher debt ratios and lower
multiples of interest cover.

Bloomberg notes that since Coca-Cola's bid was blocked in
March 2009 by China's Ministry of Commerce, Huiyuan has faced
increasing competition for sales as international soft-drink
makers step up investment to win customers with beverages that
cater to Chinese tastes.

China Huiyuan Juice Group Limited, an investment holding company,
engages in the manufacture and sale of juice products primarily in
the People's Republic of China.  It offers fruit and vegetable
juice products, as well as other beverage products under the
Huiyuan brand.  The company also provides mineral and bottled
water, tea, milk, and dairy drinks, as well as markets and sells
fruit and vegetable juices.  It sells its products directly, as
well as through sales distribution networks.  The company was
founded in 1992 and is headquartered in Beijing, the People's
Republic of China.


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


PERFECT SHARP: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of Perfect Sharp Limited.

The company's liquidator is:

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


PROFIT GEM: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 4, 2007, to
wind up the operations of Profit Gem International Limited.

The company's liquidator is:

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


QUIXOTE (HK): Creditors' Proofs of Debt Due October 4
-----------------------------------------------------
Creditors of Quixote (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 liquidator is:

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


RAPID COLLECTION: Creditors' Proofs of Debt Due October 4
---------------------------------------------------------
Creditors of Rapid Collection 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 commenced wind-up proceedings on September 2, 2010.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F., Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


RETRUE ENTERPRISE: Tam Chun Wan Steps Down as Liquidator
--------------------------------------------------------
Tam Chun Wan stepped down as liquidator of Retrue Enterprise
Limited on August 26, 2010.


SINO CONCEPT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on August 5, 2010, to
wind up the operations of Sino Concept Development Limited.

The company's liquidator is:

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


SKY SUCCESS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 27, 2010, to
wind up the operations of Sky Success Management Limited.

The company's liquidator is:

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


STARBAY INTERNATIONAL: Creditors Get 7.35% Recovery on Claims
-------------------------------------------------------------
Starbay International Limited, which is in liquidation, paid the
second and interim dividend to its unsecured creditors on Aug. 27,
2010.

The company paid 7.35% for ordinary claims.

The company's liquidators are:

         Stephen Briscoe
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


STEINBOCK ORIGINAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on May 18, 2009, to
wind up the operations of Steinbock Original German Sausages
Limited.

The company's liquidator is:

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


SUNBIG TEXTILE: Creditors' Proofs of Debt Due September 20
----------------------------------------------------------
Creditors of Sunbig Textile Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 20, 2010, to be included in the company's dividend
distribution.

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


TAT CHEONG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on December 27, 2007,
to wind up the operations of Tat Cheong Hong Builders and
Engineers Limited.

The company's liquidator is:

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


TELEWISE GROUP: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 16, 2010, to
wind up the operations of Telewise Group Limited.

The company's liquidator is Lau Siu Hung.


TEN PLUS: Court to Hear Wind-Up Petition on September 29
--------------------------------------------------------
A petition to wind up the operations Ten Plus Limited will be
heard before the High Court of Hong Kong on September 29, 2010, at
9:30 a.m.

Olympic Diamond Corp. filed the petition against the company on
July 26, 2010.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road, Central
          Hong Kong


UNI-PAC RETAIL: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on April 21, 2010, to
wind up the operations of Uni-Pac Retail Packaging Limited.

The company's liquidator is:

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


WAH KONG: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on August 14, 2008,
to wind up the operations of Wah Kong Paper Products Limited.

The company's liquidator is:

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


WAI FAT: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of Wai Fat Resources Limited.

The company's liquidator is Lau Siu Hung.


WEBCENTRAL (HK): Members' Final General Meeting Set for Oct. 4
--------------------------------------------------------------
Members of Webcentral (Hong Kong) Limited will hold their final
general meeting on October 4, 2010, at 10:00 a.m., at 62/F One
Island East, 18 Westlands Road, Island East, in Hong Kong.

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


WELL-TEX GARMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of Well-Tex Garment Limited.

The company's liquidator is:

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


WILLING KNITWEAR: Court to Hear Wind-Up Petition on October 27
--------------------------------------------------------------
A petition to wind up the operations of Willing Knitwear Factory
Limited will be heard before the High Court of Hong Kong on
October 27, 2010, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on Aug. 23, 2010.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          7th Floor
          Wing On Central Building
          26 Des Voeux Road Central
          Hong Kong


YEE TAT: Creditors' Meeting Set for September 17
------------------------------------------------
Creditors of Yee Tat Plumbing Drainage Engineering Company Limited
will hold a meeting on September 17, 2010, at 10:00 a.m., at Room
103, 1/F., Duke of Windsor Social Service Building, No. 15
Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


AKIK TILES: CRISIL Assigns 'B' Ratings to INR85MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the bank facilities
of Akik Tiles Ltd, which is part of the Swastik group.  The rating
reflects the Swastik group's below-average financial risk profile,
marked by a high gearing and limited financial flexibility.  These
rating weaknesses are partially offset by Swastik group's
diversified product portfolio with increasing proportion of value-
added products.

   Facilities                            Ratings
   ----------                            -------
   INR85.0 Million Cash Credit Limit     B/Negative (Assigned)
   INR72.2 Million Term Loan             B/Negative (Assigned)
   INR37.8 Million Proposed Long Term    B/Negative (Assigned)
                       Bank Facility

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Akik, Gladder Ceramics, and Swastik
Ceracon.  This is because the three entities, collectively
referred to herein as the Swastik group is in same line of
business, under a common management, and have centralized business
functions of finance, procurement of clay and marketing of tiles.
Further all the three entities are likely to be merged in the near
term.

Outlook: Negative

CRISIL believes that the Swastik group's liquidity will remain
weak over the medium team as its net cash accruals are expected to
remain low vis--vis its maturing term loan obligations.  Also,
the group's gearing is expected to remain high because of large
borrowings to meet capital expenditure and working capital
requirements.  The outlook may be revised to 'Stable' in case the
group generates higher-than-expected net cash accruals over the
medium term.  Conversely, the rating may be downgraded in case of
steeper-than-expected decline in the Swastik group's profitability
and deterioration in its financial risk profile.

                        About Swastik group

The Swastik group manufactures ceramic, porcelain, and vitrified
floor tiles, with a daily production capacity of 24,000 to 25,000
square metres per day.  The group's manufacturing units are
located in the 'Ceramic Zone' at Himmatnagar and Mehsana in North
Gujarat.  The group is present in all three major tile segments:
ceramic tiles (through Akik Tiles Ltd), porcelain tiles (Gladder
Ceramics), and vitrified tiles (Marbolite).  Products under all
the three segments are sold under the Swastik Tiles brand.

Akik's profit after tax (PAT) is estimated at around INR25.6
million on net sales of INR311.7 million for 2008-09 (refers to
financial year, April 1 to March 31), against a reported net loss
of INR5.8 million on net sales of INR159.0 million for 2007-08.


ARTISTIQUE CERAMICS: ICRA Assigns 'LBB+' Rating to INR3.45cr Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR3.45 crore term loans
and INR3.00 crore cash credit facility of Artistique Ceramics
Private Limited.  The outlook for the rating is stable.  ICRA has
also assigned an A4+ rating to the INR0.50 crore, short-term, non-
fund based, bank guarantee limits of ACPL.

The ratings are constrained by the relatively small size of
operations of the company in comparison with other organized
ceramic tile manufacturers, the vulnerability of the profitability
and cash flows due to the cyclical nature of the real estate
sector and increasing prices of gas and its availability, which is
a key cost component for the ceramic industry.

The ratings have however positively considered the association of
ACPL with an established player like Asian Granito India Limited,
which has resulted in benefits like streamlining of ACPL's
production processes, entire production of ACPL being procured and
marketed by AGIL under its established brand "Bonzer 7" and
financial support in the form of advances  for finished goods
which has lead to ACPL again becoming profitable.  The rating also
takes into account recent capacity expansion which is likely to
yield growth in volumes going forward and the revival of the real
estate sector resulting in a promising outlook for the ceramic
industry.

                     About Artistique Ceramics

Artistique Ceramics Private Limited is engaged in the business of
manufacturing ceramic wall tiles.  The company was incorporated in
May, 2004 by Mr. Ravindra Gupta and his family.  In December 2007,
the management of the company was taken over by relatives of
promoters of Asian Granito India Limited and is now managed by Mr.
Dipak Patel and Mr. Vipul Patel.  The company has its
manufacturing facility located in Kheda, Gujarat and manufactures
wall tiles of sizes 10"x16", 8"x12" and 8"x16".  The company has
recently installed a new kiln which has doubled its
manufacturing capacity to 24000 MTPA.  The entire production of
ACPL is bought by AGIL and marketed under the brand name of
"Bonzer 7".


DEEPAK RUGS: CRISIL Assigns 'P4' Ratings to Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'P4' ratings to Deepak Rugs' bank
facilities.

   Facilities                            Ratings
   ----------                            -------
   INR30.00 Million Packing Credit       P4 (Assigned)
   INR20.00 Million Foreign Demand       P4 (Assigned)
                    Bill Purchase
   INR1.00 Million Bill Discounting      P4 (Assigned)

The ratings reflect Deepak Rugs' small scale of operations with
exposure to risks related to high geographic and customer
concentration in revenue profile, and weak financial risk profile,
marked by low net worth and weak debt protection measures, and
working-capital-intensive nature of operations.  These rating
weaknesses are partially offset by the benefits that Deepak Rugs
derives from its promoters' experience in floor coverings
business.

                         About Deepak Rugs

Set up in 1999 as a proprietorship firm by Mr. Surendra Kumar
Srivastava, Deepak Rugs was reconstituted as a partnership firm in
the same year, with Mr. Deepak Srivastava, the founder's son,
joining the firm as a partner. The firm manufactures and exports
floor coverings, mainly handmade woollen rugs and carpets (tufted
and durries) at its facilities at Bhadohi (Uttar Pradesh).
Mr. Surendra Kumar Srivastava has been in this line of business
prior to setting up Deepak Rugs, through a partnership firm,
Deepak Carpets.

Deepak Rugs reported a profit after tax (PAT) of INR6.4 million on
net sales of INR77.8 million for 2008-09 (refers to financial
year, April 1 to March 31) against a loss of INR6.8 million on net
sales of INR51.1 million for 2007-08.


GOLD STAR: CRISIL Reaffirms 'BB-' Rating on INR55MM Cash Credit
---------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facility of Gold Star Steels Pvt Ltd's, which is part of the
Orissa Concrete group, to 'Stable' from 'Negative' while
reaffirming the rating at 'BB-'; the rating on the short-term
facilities has been upgraded to 'P4+'from 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR55 Million Cash Credit Limits   BB-/Stable (Reaffirmed,
                                                  Outlook Revised
                                                  from 'Negative')

   INR25 Million Letter of Credit &   P4+ (Upgraded from 'P4')
                     Bank Guarantee

The rating actions reflect CRISIL's belief that the group will
maintain a stable financial risk profile together with adequate
liquidity.  The rating actions also reflect the fact that the
risks associated with the group's contingent liabilities have
reduced because the group has provided for these liabilities in
its books over 2008-09 (refers to financial year, April 1 to
March 31) and 2009-10 without adversely affecting its stable
financial risk profile.

The ratings continue to reflect the Orissa Concrete group's small
scale of operations in the concrete sleepers industry and weak
financial risk profile marked by a small net worth.  These rating
weaknesses are partially offset by the group's moderate business
risk profile, marked by integrated nature of operations and long
association with Indian Railways.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GSSPL and Orissa Concrete & Allied
Industries Ltd.  This is because the two companies, together
referred to as the Orissa Concrete group, share a common
management and have operational linkages.

Outlook: Stable

CRISIL believes that the Orissa Concrete group will continue to
benefit from the sustained demand from the Indian Railways over
the medium term.  The outlook may be revised to 'Positive' if the
group reports significant growth in its revenues and
profitability, or if its net worth increases because of equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
the group reports low profit margins, or undertakes large debt-
funded capital expenditure (capex) programmes.

Update

OCAIL withdrew its entire shareholding in GSSPL and sold it to the
promoters of the Orissa Concrete group in 2009-10.  However, GSSPL
will continue to be a backward integration unit for OCAIL wherein
GSSPL will continue to supply the entire requirement of inserts
and about 50 per cent of the requirement of high-tensile steel
(HTS) wires to OCAIL.  The Orissa Concrete group continues to
cater to the Indian Railways, which contributes about 80 per cent
to the group's revenues.  The group has no major capex plan for
the medium term.

The Orissa Concrete group's performance for 2009-10 has been in
line with CRISIL's expectations.  The group's liquidity is likely
to remain adequate, backed by steady accruals, no major capex
plan, and no term loan repayment obligations.  The group reported,
on provisional basis, a profit after tax (PAT) of INR7 million on
net sales of about INR677 million for 2009-10, against a PAT of
INR5 million on net sales of INR615 million for 2008-09.

                          About Gold Star

Set up in 1981 by Mr. Navin Agarwal, OCAIL manufactures concrete
sleepers used in railway tracks. The company's facility at Raipur
has capacity to manufacture 0.6 million sleepers per annum.

GSSPL manufactures inserts and HTS wires, which it supplies,
largely to OCAIL.


GOLF CERAMICS: CRISIL Reaffirms 'D' Rating on INR95.8MM Term Loan
-----------------------------------------------------------------
CRISIL ratings on Golf Ceramics Ltd's bank facilities continue to
reflect delays by GCL in servicing its term loans.  The delays
have been caused by GCL's weak liquidity, led by delays in
receivables collection.

   Facilities                            Ratings
   ----------                            -------
   INR22.5 Million Cash Credit Limit     D (Reaffirmed)
   INR95.8 Million Rupee Term Loan       D (Reaffirmed)
   INR8.2 Million Bank Guarantee         P5 (Reaffirmed)

GCL has small net worth and small scale of operations. However,
its revenues are expected to remain stable over the medium term,
backed by experience of its promoters in the sanitaryware
business.

Update

GCL's liquidity continues to be weak because of its stretched
debtor levels.  Moreover, the company's bank limits were almost
fully utilised, with some instances of the company overdrawing the
limits, over the six months through August 2010.  GCL has been
delaying its monthly instalment payments in recent months,
primarily because of inferior collection management, despite
healthy cash accruals.  Moreover, the company also has delayed
interest payments in some months.

                        About Golf Ceramics

Set up in 2006, GCL manufactures vitreous sanitaryware such as
washbasins and closets.  The company commenced commercial
operations in April 2008, after the completion of the construction
of its plant with capacity of 15000 tonnes per annum.  Before the
plant began manufacturing operations, GCL used to trade in tiles
and sanitaryware.


KOHINOOR CTNL: ICRA Assigns 'LBB+' Rating to INR936cr LT Loan
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR936 crore long term
fund based bank facilities of Kohinoor CTNL Infrastructure Company
Private Limited.  The outlook assigned to the long term rating is
stable.

The rating is constrained by significant project execution risk on
account of nascent stage of project construction and market risk
on account of large amount of unsold/unleased area in the project
in view of significant  anticipated supply of commercial space in
the Central Mumbai region.  The rating also takes note of the fact
that there is a moratorium period of only 6 months for debt
repayment from the scheduled project completion date, which
coupled with the steep construction timeline increases the
probability of cash flow mismatches in debt servicing in case of a
delay in project execution or a slowdown in sale/lease of
commercial space in the project.

The rating, however, takes comfort from the established track
record of the promoters in the real estate market of Mumbai,
favorable location of the project, anchor sale of ~0.3 msf in the
project to the IL&FS and Kohinoor Group and the fact that all
major approvals are in place.  The rating also takes note of the
low funding risk for the project as debt tie-up for the project
has been achieved and significant amount of equity has been
infused upfront.  Going forward, the company's ability to execute
the project as per schedule and achieve the projected sale/lease
tie-up in a timely manner remain the key rating sensitivities.

                        About Kohinoor CTNL

Incorporated in August 2005, KCICPL is a Special Purpose Vehicle
(SPV) promoted by the Mumbai based Kohinoor Group to undertake the
development of a commercial cum retail project in the Dadar area
of Mumbai.  At present, the Kohinoor Group holds 60% of the share
capital of KCICPL through two group companies ?  Kohinoor Planet
Constructions Private Limited (12%) (rated LBB+/A4+ by ICRA) and
Kohinoor Projects Pvt Ltd (48%).  The balance 40% is held by the
IL&FS Group through IIRF India Realty VII Ltd (IIRF-7) (39%) and
IL&FS Trust Company Limited (1%).  IIRF-7 is a real estate
focused fund managed by IL&FS Investment Managers Limited.

The project entails the development of ~1.47 msf of
leasable/saleable area of high end commercial (~1.39 msf) and
retail space (~0.07 msf) on the erstwhile Kohinoor Mills land in
central Mumbai.  The land for the project (~4.8 acres) was
purchased by a consortium comprising of the Kohinoor Group and
IL&FS in October from NTC through an auction process.  The
construction for the project commenced in June 2009 and is
estimated to be completed by March 2012.  The total project cost
is estimated at INR 2100 to be funded by bank debt of INR 936
Crore (45%), equity of INR 500 Crore (24%) and sale advances of
INR 664 Crore (32%).


LEEDS INTERNATIONAL: CARE Revises Rating on Bank Debts to 'CARE D'
------------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Leeds
International.

                                 Amount
   Facilities                  (INR cr.)     Ratings
   ----------                  ---------     -------
   Long-term Bank Facilities     11.34       'CARE D' Revised from
                                                      'CARE C'
   Short-term Bank Facilities    12.25        'PR5' Revised from
                                                    'PR4'
Rating Rationale

The revision in ratings takes into account the continuing tight
liquidity position and ongoing delays by Leeds in servicing its
debt obligations.

Leeds was formed on April 15, 2005 as a partnership firm and is
involved in manufacturing and export of knitted hosiery garments
at its facility in Tirupur.  The installed capacity of the firm
was 35 lakh units per annum as on March 31, 2010.  During FY10
(provisional), Leeds posted a total income of INR20 crore and
incurred a net loss of INR0.98 crore.  The overall gearing of the
firm stood at 5.91x as on March 31, 2010.


NIRMAL LIFESTYLE: CARE Puts 'CARE BB+' Rating on INR142.32cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
Nirmal Lifestyle Ltd.

                                 Amount
   Facilities                  (INR cr.)      Ratings
   ----------                  ---------      -------
   Long-term Bank Facilities     142.32       'CARE BB +' Assigned
   Short- term Bank facilities    38.60       'PR 4' Assigned

Rating Rationale

The ratings are constrained by NLL's high gearing levels limiting
its financial flexibility, high dependence on advances from
customers in respect of projects undertaken by the company,
substantial contribution to the revenue from FY12 onwards expected
to come from the projects which are either at a nascent stage or
are yet to be launched and the inherent project execution risk.
The ratings are further constrained by NLL's presence mainly in a
single geographic location, exposing it to concentration risk.

The ratings, however, derive strength from NLL's good brand image
in the Mulund region, the company's experienced management, high
operating margins due to low cost of land and availability of land
bank in eastern suburbs,  having a good development potential.
The ratings also factor in repayment of part of the existing loan
through lease rentals from Phase I of the operational mall at
Mulund.  The ratings further take cognizance of a large
proportion of Letters of Intent (LOIs) signed for Phase II of the
mall which is under construction and the provision to convert the
construction loan into loan secured against future lease rentals
at the discretion of the lender, once this Phase becomes
operational.

The ability of NLL to complete the ongoing/proposed projects as
scheduled, lease rental rates and capital values and the demand-
supply scenario of retail/residential/commercial space in Mulund
and Kalyan in the future remains the key rating sensitivities.

                      About Nirmal Lifestyle

Nirmal Lifestyle Limited is the flagship company of Nirmal Group.
It was incorporated in the year 1999 to undertake residential and
commercial construction activities.  NLL is a closely-held
company.  Till March 2010, the group has developed about 3.01 msf
of saleable area in Mumbai and had land banks in the eastern
suburbs of Mumbai with the development potential of 14 msf.

During FY09, NLL reported a total income of INR162.63 crore, and
earned a PAT of INR33.3 crore.


ORISSA CONCRETE: CRISIL Reaffirms 'BB-' Rating on Cash Credit
-------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facility of Orissa Concrete & Allied Industries Ltd, which is part
of the Orissa Concrete group, to 'Stable' from 'Negative' while
reaffirming the rating at 'BB-'; the rating on the short-term
facilities has been upgraded to 'P4+' from 'P4'.

   Facilities                          Ratings
   ----------                          -------
   INR90 Million Cash Credit Limits    BB-/Stable (Reaffirmed,
                                                   Outlook revised
                                                   from Negative)

   INR30 Million Proposed LT Loan      BB-/Stable (Reaffirmed,
               Bank Loan Facility                  Outlook revised
                                                   from Negative)

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

The rating actions reflect CRISIL's belief that the group will
maintain a stable financial risk profile together with adequate
liquidity.  The rating actions also reflect the fact that the
risks associated with the group's contingent liabilities have
reduced because the group has provided for these liabilities in
its books over 2008-09 (refers to financial year, April 1 to
March 31) and 2009-10 without adversely affecting its stable
financial risk profile.

The ratings continue to reflect the Orissa Concrete group's small
scale of operations in the concrete sleepers industry and weak
financial risk profile marked by a small net worth.  These rating
weaknesses are partially offset by the group's moderate business
risk profile, marked by integrated nature of operations and long
association with Indian Railways.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of OCAIL and Gold Star Steel Pvt Ltd
(GSSPL). This is because the two companies, together referred to
as the Orissa Concrete group, share a common management and have
operational linkages.

Outlook: Stable

CRISIL believes that the Orissa Concrete group will continue to
benefit from the sustained demand from the Indian Railways over
the medium term.  The outlook may be revised to 'Positive' if the
group reports significant growth in its revenues and
profitability, or if its net worth increases because of equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
the group reports low profit margins, or undertakes large debt-
funded capital expenditure (capex) programmes.

Update

OCAIL withdrew its entire shareholding in GSSPL and sold it to the
promoters of the Orissa Concrete group in 2009-10.  However, GSSPL
will continue to be a backward integration unit for OCAIL wherein
GSSPL will continue to supply the entire requirement of inserts
and about 50 per cent of the requirement of high-tensile steel
(HTS) wires to OCAIL.  The Orissa Concrete group continues to
cater to the Indian Railways, which contributes about 80 per cent
to the group's revenues.  The group has no major capex plan for
the medium term.

The Orissa Concrete group's performance for 2009-10 has been in
line with CRISIL's expectations.  The group's liquidity is likely
to remain adequate, backed by steady accruals, no major capex
plan, and no term loan repayment obligations.  The group reported,
on provisional basis, a profit after tax (PAT) of INR7 million on
net sales of about INR677 million for 2009-10, against a PAT of
INR5 million on net sales of INR615 million for 2008-09.

                        About Orissa Concrete

Set up in 1981 by Mr. Navin Agarwal, OCAIL manufactures concrete
sleepers used in railway tracks. The company's facility at Raipur
has capacity to manufacture 0.6 million sleepers per annum.

GSSPL manufactures inserts and HTS wires, which it supplies,
largely to OCAIL.


RACHANA SEEDS: ICRA Places 'LBB-' Rating on INR1.86cr Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR1.86 crore term loan
and INR9.0 crore cash credit facilities of Rachana Seeds
Industries.  The long term rating has been assigned stable
outlook.  ICRA has also assigned an 'A4' rating to the INR13.50
crore short term fund based facilities and INR1.50 crore short
term non fund based facilities of RSI.  The combined utilization
of cash credit facilities and short term fund based facilities
should not exceed INR16.50 crore.

The assigned rating takes into account long standing experience of
promoters in the commodity trading and processing industry
combined with the location advantages for the company arising out
of proximity to raw material supplies with the company being
located in leading groundnut producing Saurashtra region of
Gujarat.  The ratings are however constrained by small scale of
operations of the company in a highly competitive and fragmented
industry.  The company has highly leveraged capital structure with
liquidity profile being further constrained by low profitability
indicators.  Further the profitability of operations is highly
vulnerable to regulatory framework with regards to export
incentives and agro climatic conditions in the country.

                        About Rachana Seeds

RSI, a partnership firm of Mr. Vikram Duvani and his mother, was
established in 1985 in Junagarh district of Gujarat.  It is
engaged in processing and trading of Agro based commodities from
Saurashtra region in domestic as well as international market with
more than 90% of revenues coming from groundnut processing.

Recent Result

In FY10, RSI has reported a net profit of INR0.72 crore on an
operating income of INR67.5 crore.


SHREE STEEL: CRISIL Rates INR25 Mil. Cash Credit Facility at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Shree Steel
Impex's bank facilities.

   Facilities                                 Ratings
   ----------                                 -------
   INR25.0 Million Cash Credit Facility       B+/Stable (Assigned)
   INR32.5 Million Letter of Credit Facility  P4 (Assigned)

The ratings reflect SSI's weak financial risk profile, marked by a
small net worth and highly leveraged capital structure, and
exposure to risks related to small scale of operations, intense
competition and cyclicality in the in the steel industry. These
rating weaknesses are partially offset by experience of SSI's
promoters and the firm's established relationships with customers
and suppliers.

Outlook: Stable

CRISIL believes that SSI will continue to benefit from its
promoters' experience in the steel trading industry, over the
medium term.  The firm's credit risk profile, however, is expected
to remain constrained because of its weak financial risk profile,
marked by a leveraged capital structure.  The outlook may be
revised to 'Positive' if SSI strengthens its capital structure and
improves its scale of operations and profitability.  Conversely,
the outlook may be revised to 'Negative' if SSI's working capital
management, particularly inventory management, deteriorates,
leading to pressures on its liquidity.

Based in Mumbai, SSI was promoted by Mr. Pukharaj Shah and other
family members in 2003 as a partnership firm. Mr. Shah has been
involved in the steel trading business for more than two decades.
SSI trades in steel products, such as steel rods, bars, sheets,
and pipes, both stainless steel and mild steel; most of its
products find application in the automobile industry.

SSI reported an estimated profit after tax (PAT) of INR1.0 million
on an estimated net sales of INR336.38 million for 2009-10 (refers
to financial year, April 1 to March 31) against a PAT of INR0.90
million on net sales of INR383.45 million for 2008-09.


SPHEREORIGINS MULTIVISION: CRISIL Cuts Ratings on Loans to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Sphereorigins Multivisions Pvt Ltd to 'BB-/Negative' from
'BB/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR44.0 Million Long-Term Loan    BB-/Negative (Downgraded from
                                                   'BB/Stable')

   INR150.0 Million Cash Credit      BB-/Negative (Downgraded from
                                                   'BB/Stable')

   INR126.0 Million Proposed LT      BB-/Negative (Downgraded from
             Bank Loan Facility                    'BB/Stable')

The downgrade reflects SMPL's lower-than-expected revenues and
cash accruals in 2009-10, along with expected deterioration in the
company's financial risk profile because of its planned debt-
funded diversification into the hotel business.  Lower accruals
and debt-funded capital expenditure (capex) are likely to result
in high gearing, and low interest coverage and net cash accruals
to total debt (NCATD) ratios.

The rating reflects SMPL's weak financial risk profile, marked by
low networth, high gearing and weak debt protection measures,
exposure to risks inherent in the television (TV) content
production business, and large working capital requirements. These
rating weaknesses are partially offset by SMPL's established
market position as a TV content production house, the commissioned
model of its operations, and good demand prospects for TV content
producers.

Outlook: Negative

CRISIL believes that SMPL's liquidity will weaken over the medium
term because of uncertainties in generation of cash accruals
arising out of delays in realization and in launch of new shows by
SMPL.  The company's debt-funded diversification into the hotel
business is expected to increase its gearing over the medium term.
The rating may be downgraded if SMPL faces production cost
overruns, resulting in lesser-than-expected cash accruals,
switches over to a riskier business model, or undertakes a larger-
than-expected debt-funded capex programme.  Conversely, the
outlook may be revised to 'Stable' if SMPL generates more-than-
expected revenues, resulting in increase in cash accruals.

                  About Sphereorigins Multivisions

SMPL is a TV content producer. It has produced 16 TV serials and a
telefilm since 2002 in genres such as family drama, detective
series, fantasy, and horror. It focuses on general entertainment
channels (GECs).  SMPL has established good relations with channel
broadcasters such as Star India Pvt Ltd and Zee Television Ltd.
SMPL has also added newer channels such as 9X (Inx India Pvt Ltd),
NDTV Imagine, and Colours (Viacom 18 Media Pvt Ltd) to its channel
broadcaster list. Its ongoing portfolio includes social dramas
such as Tere Mere Sapne on Star Plus, Balika Vadhu on Colors, Ek
Chutki Asmaan on Sahara, and Jyoti on NDTV Imagine.  The company
has four more TV serials in the pipeline; these will be telecast
by the end of 2010-11 (refers to financial year, April 1 to March
31).

SMPL reported, on provisional basis, a profit after tax (PAT) of
INR17.2 million on net sales of INR669.2 million for 2009-10,
against a PAT of INR18.4 million on net sales of INR599.1 million
for 2008-09.


SRI RAMAA: ICRA Assigns 'LB' Rating to INR14.75cr Fund Based Loans
------------------------------------------------------------------
ICRA has assigned 'LB' rating to INR14.75 crore fund based and
INR0.05 crore non-fund based facilities of Sri Ramaa Cotton
Ginning and Oil Mills.  The assigned rating is severely
constrained by the consistent lack of financial discipline to
service the debt obligations by RCG.  The rating is also
constrained by RCG's low profit margins.

ICRA notes the company's vulnerability to adverse regulatory
changes as cotton industry is one of the regulated industries; any
hike in MSP would severely dent the operating profitability. Given
the low value added nature of operations low barriers to entry,
the industry is fragmented and highly competitive in nature.
ICRA also notes that the company has limited financial flexibility
due to highly leveraged capital structure as evident from a
gearing of 2.78 times as of March 31, 2010.

The rating, however, takes into account the experience of the
promoters in the ginning industry.  The proximity to the cotton
growing region coupled with better quality output (lint) from the
TMC unit stands in favor of the company.  The geographically
diversified supplier base of RCG enables it to operate its plant
for 9 months.  This is considered as a positive factor. For RCG,
March, April and May are critical months as bulk of the ginning
activity takes place in these months.  Ginning mills in Andhra
Pradesh faced significant cuts in the supply of power due to a
shortfall in power in the state during these three months.  This
had led to lower capacity utilization of RCG.

                          About Sri Ramaa

RCG was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP.  In addition to better quality output, TMC
unit has other advantages such as higher production speeds and low
manpower requirement.  RCG is promoted by Mr. D. Ram Mohan Rao who
has over 4 decades of experience in cotton ginning and trading.
The ginning mill has a current installed capacity of 48 gins
which can produce 71,153 bales of cotton lint during the cotton
season each year.


SUPREME INDIA: CRISIL Reaffirms 'B+' Rating on INR92.6MM Term Loan
------------------------------------------------------------------
CRISIL ratings on Supreme India Impex Ltd's bank facilities
continue to reflect Supreme's weak financial risk profile; the
ratings also reflect Supreme's exposure to risks relating to
customer concentration in its revenues.  These weaknesses are,
however, partially offset by the benefits that Supreme derives
from its promoters' experience in the textile industry, and
improvement in its operational profile backed by forward
integration initiatives.

   Facilities                            Ratings
   ----------                            -------
   INR10.0 Million Cash Credit Limit     B+/Stable (Reaffirmed)
   INR92.6 Million Term Loan             B+/Stable (Reaffirmed)
   INR110.0 Million Packing Credit       P4 (Reaffirmed)
   INR360.0 Million Bill Purchase/       P4 (Reaffirmed)
                      Discounting

Outlook: Stable

CRISIL believes that Supreme will maintain healthy growth in
revenue over the medium term. Supreme's financial risk profile
may, however, remain constrained by weak debt service coverage and
high gearing.  The outlook may be revised to 'Positive' if
significant improvement in operating margin leads to stronger cash
accruals, and if Supreme enhances the diversity in its customer
profile.  Conversely, the outlook may be revised to 'Negative' if
the company takes on substantial debt to fund capital expenditure,
or if slowdown in growth in revenues leads to reduced cash
accruals.

Update

Supreme's sales increased to INR1390 million in 2009-10 (refers to
financial year, April 1 to March 31) from INR1070 million in
2008-09, a growth of 30 per cent.  The growth in sales was backed
largely by addition of three new embroidery machines of Swiss
make.  Supreme has also added two new export customers from Africa
and the Middle East to diversify its customer profile;
geographical concentration in revenues, however, continues to
constrain its business profile.  Supreme's profitability improved
marginally in 2009-10, supported by higher value-added work from
the new machines and better sales realizations.  The company's
capital structure remains aggressive, with gearing estimated at
3.33 times as on March 31, 2010 and weak comfortable debt
protection metrics. CRISIL believes that Supreme will maintain a
stable credit risk profile, led by strong customer relationships.

                          About Supreme India

Supreme, set up in 1995 by Mr. Jugal Kishore Jhawar and his
brothers in Surat, undertakes value-added work such as embroidery,
sequencing, zari and handwork on synthetic fabric. Mr. Jhawar has
been in the textile industry since 1980.

Supreme reported a profit after tax (PAT) of INR19 million on net
sales of INR1391 million for 2009-10, as against a PAT of INR11
million on net sales of INR1069 million for 2008-09.


* INDIA: RBI Asks Banks to Restructure Airline Loans
----------------------------------------------------
The Economic Times reports that the Reserve Bank of India has
asked banks to work out a special concessional package for the
crisis-ridden aviation sector.

"The RBI has allowed in the case of aviation sector a special
concession. Banking industry could on a case-by-case basis,
subject to the guidelines and parameters given by RBI, look to see
how this industry could be helped by a rescheduling,
restructuring," the report quoted State Bank of India Chairman O.
P. Bhatt as saying.

The Economic Times reports that the RBI had sent a communication
to the banks with regard to debt restructuring for airlines in the
last week of August.

According to the Economic Times, the Indian airline industry is
facing mounting debts due to an economic downturn and resultant
excess capacity, which still exists. However, the industry of late
has been showing signs of recovery, which could gather pace if
banks restructure their loans.

The report says the cumulative debt of the airline industry is
estimated at about INR60,000 crore.  As of March, 2010, Air India
had about INR40,000 crore debt, while Kingfisher Airlines had a
debt of about INR6,000 crore.

Major carriers like Air India and Jet Airways have plans to
restructure their debt and have been in talks with banks to get
soft loans instead of high-interest ones, the report notes.


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


INCUBATOR BANK: Files for Bankruptcy Protection
-----------------------------------------------
Kyodo News reports that the Incubator Bank of Japan Ltd. filed for
bankruptcy proceedings with the Financial Services Agency under
the Deposit Insurance Law on Friday.

Kyodo says the FSA is expected to invoke the deposit protection
scheme for the first time since it was instituted in 1971.  The
protection covers up to JPY10 million in deposits and interest.

The agency ordered the bank to suspend all its operations from
Friday through Sunday with the aim of protecting depositors, the
report says.

Kyodo relates that some of the bank's operations have been
suspended under the FSA order citing its obstruction of an audit
between June last year and March this year and a "serious
violation of the law" regarding its dealings with collapsed
moneylender SFCG Co.

According to Kyodo, sources said the bank may incur a capital
deficit in its semiannual period through September.

The bank had about JPY592.7 billion in deposits as of March 31,
of which JPY68.6 billion had been deposited in excess of the
JPY10 million threshold by some 4,800 depositors.

Incubator Bank of Japan Ltd. is a Tokyo-based small business
lender.


TITAN JAPAN: S&P Lowers Ratings of Classes B to D Floating Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to D floating-rate bonds issued under the Titan Japan,
Series 1 GK (Titan) transaction and placed the ratings on classes
A to C on CreditWatch with negative applications.  At
the same time, Standard & Poor's affirmed its 'AAA (sf)' rating on
the class X bonds issued under the same transaction.

The downgrades and negative CreditWatch placements reflect what
S&P view as uncertainty over the likely collection amount from the
properties backing three loans (effectively two loans) out of the
transaction's four remaining loans (effectively three loans).

Out of the six loans (effectively four loans) that backed the
transaction when the bonds were issued in December 2007, only four
loans (effectively three loans) remain.  One of the six initial
loans (the loan, which originally represented 13.8% of the total
initial issuance amount of the bonds, is backed by a retail
property in Tokyo), which matured at the end of August 2010, has
been repaid.  Since repayment proceeds are scheduled to be used to
redeem the bonds in sequential order (starting from the upper-
level tranches), credit enhancement is expected to improve to a
certain degree.  Even so, S&P downgraded classes B to D and placed
classes A to C on CreditWatch with negative implications because:

    * In September 2009, S&P lowered its assumption with respect
      to the likely collection amount from the properties backing
      two loans (the loans, which originally represented 63.9% of
      the total initial issuance amount of the bonds, are due to
      mature in November 2010) out of the transaction's four
      remaining loans. Under S&P's revised assumption, S&P
      estimated that the combined value of the properties was 69%
      of S&P initial underwriting value. The two loans
      (effectively one loan) are backed by retail properties
      located on the outskirts of Tokyo or in provincial areas.
      S&P holds the view that there is uncertainty over the likely
      collection amount from the properties in question given the
      recent situation regarding real estate deals involving
      similar asset types.

    * In September 2009, S&P also lowered its assumption with
      regard to the likely collection amount from the properties
      backing another remaining loan (a loan other than the two
      loans maturing in November 2010; the loan originally
      represented 15.5% of the total initial issuance amount of
      the bonds), which defaulted in June 2010.  Under its revised
      assumption, S&P estimated that the combined value of the
      properties was 67% of S&P initial underwriting value.
      However, S&P now believe that uncertainty is mounting over
      the likely collection amount from the properties in question
      given their performances.

Although S&P have yet to finalize its assessment of the likely
collection amount from the properties backing the aforementioned
three remaining loans (the two loans maturing in November 2010 and
the loan that defaulted in June 2010), it is S&P's view that a
certain level of decline in the likely collection amount appears
unavoidable.  Accordingly, S&P downgraded classes B to D.

S&P intends to review its ratings on the classes placed on
CreditWatch with negative implications after completing
assessment of the recovery prospect for the properties.  As part
of this review, S&P will consider the cash flow performance of the
properties and the plans made by the sponsor and servicer in
regard to loan repayment and collateral liquidation.

S&P affirmed rating on class X.  However S&P will withdraw rating
on that class if all principal and interest paying classes rated
'AA- (sf)' or higher are retired or downgraded below that rating
level to reflect S&P's updated criteria for rating interest-only
securities.

Titan Japan, Series 1 GK is a multi-borrower CMBS transaction.
The bonds were originally secured by six nonrecourse loans
(effectively four loans) extended to six obligors.  The
nonrecourse loans were initially backed by 43 real estate
properties or real estate beneficial interests.  The transaction
was arranged by Credit Suisse Securities, and Premier Asset
Management Co. 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 November 2012 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.

   RATINGS LOWERED, PLACED ON CREDITWATCH NEGATIVE
   Titan Japan, Series 1 GK
   JPY125.8 billion floating-rate bonds due Nov. 2012

   Class   To                   From          Initial Issue Amount
   B       BBB (sf)/Watch Neg   A (sf)        JPY12.1 bil.

   C       BB- (sf)/Watch Neg   BBB- (sf)     JPY11.8 bil.

   RATING LOWERED:

   Class   To                   From          Initial Issue Amount
   D       CCC (sf)             B (sf)        JPY11.7 bil.

   RATING PLACED ON CREDITWATCH NEGATIVE:

   Class   To                   From          Initial Issue Amount
   A       AA+ (sf)/Watch Neg   AA+ (sf)      JPY90.2 bil.

   RATING AFFIRMED:

   Class   Rating              Initial Issue Amount
   X*      AAA (sf)            JPY125.8 bil. (Initial notional
                                              principal)
   *Interest only


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


ALLIED FARMERS: Settles Five Mile Sale & Reduces Debt to Westpac
----------------------------------------------------------------
Allied Farmers Ltd. disclosed an earlier than expected settlement
of the sale of its Five Mile property near Queenstown Airport and
has used proceeds from the early settlement to reduce its term
debt to Westpac from NZ$14.2 million to NZ$5.4 million.

Allied Farmers said this debt will be further reduced early this
week with the receipt of proceeds from the successful MAC Reeves
court hearing.

"This is a good outcome, given we achieved a price for Five Mile
that was within range of the valuation. Concluding the Five Mile
deal early and winning the judgment on the MAC Reeves property
will bring senior term debt down to less than $2.0 million, and
gives significant impetus to our debt reduction programme," Allied
Farmers Managing Director, Rob Alloway, said.

                       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 Ltd. 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.


ALLIED FARMERS: Reports Annual Operating Loss of NZ$77.58 Million
-----------------------------------------------------------------
Allied Farmers Ltd. disclosed an unaudited operating loss after
tax of NZ$77.587 million (2009: NZ$34.198 million loss) for the
12-month period ended June 30, 2010.  The result for the year
includes a NZ$21.395 million impairment of goodwill in its
investment in subsidiary Allied Nationwide Finance which was
placed in receivership on August 20, 2010.

Consequent to receivership, all of the goodwill related to this
investment has been written off.  Corporate expenses for the year
include one off acquisition costs of NZ$5.984 million, directly
related to the purchase of the Hanover Finance and United Finance
assets.  Impairment losses of NZ$20.203 million on the ex Hanover
Finance and United Finance assets relating to events after the
December 18, 2009, acquisition date have been recognized in the
result for the year.

As at June 30, 2010, Allied Nationwide Finance was under the
control of Allied Farmers and therefore its result, an after tax
loss for the year of NZ$19.335 million, has been consolidated in
the Group accounts.  The appointment of a receiver to Allied
Nationwide Finance after balance date has resulted in Allied
Farmers writing off NZ$21.395 million of goodwill which was being
carried in relation to this subsidiary.  This write-off is
included as part of the Corporate expenses outlined in the table
above. Additional "Group Proforma" information has been included
in the reported Income Statement, Statement of Comprehensive
Income, Statement of Changes in Equity, Balance Sheet and
Statement of Cash Flows which represents the consolidated Group as
it would stand excluding Allied Nationwide Finance.  This provides
a more relevant reflection of the Group going forward.  The
carrying value of Allied Nationwide Finance is reported in the
Proforma accounts as nil.

Managing Director Rob Alloway said the receivership of Allied
Nationwide Finance was disappointing, and noted that the reasons
for receivership of Allied Nationwide Finance had been well
documented.

Allied Farmers Investments, the asset management subsidiary which
holds the assets acquired from Hanover Finance and United Finance
incurred a loss of NZ$21.694 million for the period to June 30,
2010. Included in the loss are NZ$20.203 million of impairments on
property and loan assets.  Since the December 31, 2009, Interim
Financial Statements there have been NZ$85.748 million of
additional impairments recorded, NZ$65.545 million of which has
been attributed against the fair value of the assets acquired as
at acquisition date of December 18, 2009.  This decreases the
NZ$175.520 million provisional fair value assessment as at
acquisition date reported in the December 31, 2009, Interim
Financial Statements to NZ$109.975 million.

Mr. Alloway said the fair value assessment of the assets acquired
from Hanover Finance and United Finance was very disappointing
given the level of independent expert overview of these values
while Hanover was in moratorium and prior to acquisition.  In a
number of cases, the combined effect of reduced liquidity in the
financial sector and reduced demand for property has severely
diminished the security value which backs these assets.  Many had
been valued based on assumptions that were subsequently found to
be unrealistic.

"Our fair value assessment process was designed from the outset to
be fair, taking into account parameters such as security value,
prior charges, borrower risk, guarantor risk and country risk ?
and has delivered what we believe to be a realistic representation
of the value, as it stands today," Mr. Alloway said.  The recovery
process on loans and properties has been encouraging with NZ$9.447
million recovered in the six months to June 30, 2010.

The rural services subsidiary, Allied Farmers Rural, encountered
tough trading conditions during the year and reported a loss of
NZ$0.757 million.  Mr. Alloway said "Increased competition in the
merchandising segment has again put pressure on margins and caused
us to examine the way we do business in many areas. The Livestock
division experienced a reduction in stock numbers. This was due to
drought in some regions, and once again a tightening of on-farm
cash flow led by the major banks, many of who are heavily exposed
to the rural sector. Allied Farmers does however see some strong
signals for recovery coming out of the dairy sector, with forward
sales figures into 2011 for dairy herds well up on the previous
season. This, together with signs of recovery across the rural
sector generally, is likely to have a positive impact on
performance in all the business sectors in which the rural
business operates"

Senior term debt during the year has decreased to NZ$16.5 million
(2009: NZ$21.0 million) as at June 30, 2010.  The Board has
acknowledged Allied Farmers was over geared for the current
environment, and debt reduction has been the key objective during
the year and will remain a key focus for the Group for some time
to come.

                        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 Ltd. 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.


DORCHESTER PACIFIC: Appoints Greg Main as New General Manager
-------------------------------------------------------------
Dorchester Pacific has appointed Greg Main as its new general
manager for insurance and lending, replacing Henry Lynch who left
Dorchester for the New Zealand Association of Credit Unions, an
article posted at stuff.co.nz says.

Mr. Main was formerly general manager for Lumley General
Insurance's Lumley Business Solutions, the report says.

According to the report, Dorchester executive director Paul Byrnes
said Mr. Main brings a wealth of knowledge to the business based
on more than 15 years experience in leadership positions at
insurance and banking companies in New Zealand and overseas.

                       About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                          *     *     *

Dorchester Pacific reported three consecutive net losses of
NZ$19.1 million, NZ$25.4 million and NZ$18.1 million for the years
ended March 31, 2008, 2009 and 2010, respectively.

The accounts to March 31, 2010, have been prepared on a going
concern basis.   Although an unqualified opinion is expressed,
auditors Staples Rodway note fundamental uncertainties with
respect to realization of property loans and positions and the
validity of the going concern basis  should the Capital
Reconstruction Plan not be approved by investors.

Dorchester has been operating under a deferred repayment plan
since late 2008.


SOUTH CANTERBURY: Receivers Assure Borrowers of Continuous Funding
------------------------------------------------------------------
The receivers of South Canterbury Finance Ltd. moved to reassure
the company's borrowers that their funding support is confirmed as
long as they "meet the SCF Group's lending criteria," BusinessDesk
reports.

BusinessDesk relates receivers Kerryn Downey and William Black, of
advisory firm McGrathNicol, said: "Over the past week, SCF Group
senior management and staff have contacted the SCF Group's major
customers to determine their funding requirements and make the
necessary arrangements."

"Confirming the continuity of funding lines for performing
customers will help maintain the Group's ongoing business
operations and preserve the value of the Group's assets.  We
recognise the importance of stable ongoing funding to SCF Group's
customers and we want to reassure customers that funding will
continue where lending criteria are being met," the receivers
said.

According to BusinessDesk, the receivers also reported ongoing
interest from potential buyers of SCF's assets.

                       About South Canterbury

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

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

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

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


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


A & P: Court Enters Wind-Up Order
---------------------------------
The High Court of Singapore entered an order on September 3, 2010,
to wind up the operations of A & P Co-Ordinator Pte Ltd.

Standard Form Pte Ltd filed the petition against the company.

The company's liquidator is:

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


ARAM GLOBAL: Creditors' Proofs of Debt Due October 11
-----------------------------------------------------
Creditors of Aram Global Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 11,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         Wong Joo Wan
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


BIAN SENG: Creditors' Proofs of Debt Due September 23
-----------------------------------------------------
Creditors of Bian Seng Construction Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 23, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


CEDRIC MOTOR: Creditors' Proofs of Debt Due September 23
--------------------------------------------------------
Creditors of Cedric Motor (Pte) Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 23, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


CLUBMARC & COMPANY: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on September 3, 2010,
to wind up the operations of Clubmarc & Company Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


GREENLIFE HERBAL: Creditors' Proofs of Debt Due September 23
------------------------------------------------------------
Greenlife Herbal & Seafood Restaurant Pte Ltd, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by September 23, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

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


HT TECHNOLOGIES: Creditors' Proofs of Debt Due September 23
-----------------------------------------------------------
HT Technologies (F.E.) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by September 23, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


LEUNG CHOW: Creditors' Proofs of Debt Due September 23
------------------------------------------------------
Creditors of Leung Chow Industrial Co Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by September 23, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

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


PI COURT: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on September 3, 2010,
to wind up the operations of PI Court Pte Ltd.

Kian An Realty Limited filed the petition against the company.

The company's liquidator is:

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


PROCENTEC PTE: Court to Hear Wind-Up Petition on September 24
-------------------------------------------------------------
A petition to wind up the operations of Procentec Pte Ltd will be
heard before the High Court of Singapore on September 24, 2010, at
10:00 a.m.

Procentec B.V. filed the petition against the company on September
1, 2010.

The Petitioner's solicitors are:

          Messrs Wong Partnership LLP
          One George Street #20-01
          Singapore 049145


SHIKOKU TECHNOLOGIES: Court to Hear Wind-Up Petition on Sept. 24
----------------------------------------------------------------
A petition to wind up the operations of Shikoku Technologies
Singapore Pte Ltd will be heard before the High Court of Singapore
on September 24, 2010, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on September 1, 2010.

The Petitioner's solicitors are:

          Messrs Wong Partnership LLP
          One George Street #20-01
          Singapore 049145


SUMMA SQUARE: Creditors' Proofs of Debt Due October 21
------------------------------------------------------
Creditors of Summa Square Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 21,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Heng Lee Seng
         15 Hoe Chiang Road
         #12-02 Tower Fifteen
         Singapore 089316


ZENECON ENGINEERING: Creditors' Proofs of Debt Due September 23
---------------------------------------------------------------
Zenecon Engineering Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by September 23, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


===========
T A I W A N
===========


TACHAN SECURITIES: Fitch Affirms Issuer Default Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed Tachan Securities Co., Ltd's Long-term
Issuer Default Rating at 'BB', Short-term IDR at 'B', National
Long-term rating at 'BBB+(twn)', National Short-term rating at
'F2(twn)', Individual rating at 'D', Support rating at '5' and
Support Rating Floor at 'NF'.  The Outlook for Tachan's Long-term
IDR and National Long-term rating is Stable.

Tachan's ratings and Stable Outlook reflect its very limited use
of leverage, which is evidenced by its strong capitalization and
liquidity profile.  At end-H110, Tachan reported a CAR of 711%
(substantially above the regulatory requirement of 150%), and
maintained a fairly liquid balance sheet as indicated by the
surplus in net current assets.  Tachan's business profile focuses
on proprietary trading, which is a major rating constraint as its
performance is highly susceptible to the volatility of the equity
market.  In Fitch's view, a sustainable improvement in earning
quality through higher brokerage-related revenues could benefit
Tachan's ratings. On the other hand, a large trading loss leading
to a significant weakening in capitalization could pressure the
ratings.

Proprietary trading has continued to heavily influence Tachan's
earnings performance, as contribution of its brokerage business
remains small due to a disadvantage in scale.  In an effort to
improve its brokerage market share and earnings diversity, Tachan
upgraded its online electronic trading tools and enhanced its risk
control measures in 2010.  While Fitch views the system
enhancements as vital for Tachan in maintaining its current
presence in the broking segment, the agency believes further
growth in this segment will be challenging.

Tachan reported an annualized ROE of 1.2% (un-audited) in the
first seven months of 2010 and 5.5% in 2009, a reversal from a net
loss of 8.2% in 2008, thanks to the strong recovery of the
domestic stock market.  While a volatile stock market could pose a
threat to Tachan's bottom-line earnings in 2010, Fitch notes that
Tachan has a strong capital buffer to accommodate unexpectedly
large trading losses.  Tachan's risk appetite remains moderate, as
it trimmed its bond positions and shifted to stock investments
over 2009-H110.  Fitch considers the risk arising from Tachan's
stock trading position to be manageable, as the exposure accounted
for 22.6% of equity at end-H110.

Tachan, established in 1988, is one of the smaller securities
firms in Taiwan, with a national brokerage market share of 0.13%
in H110.  Marlon Chu, the founder, and investment associates own
about 80% of the company.


                             *********

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

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

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


                            *********


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

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

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

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

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





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