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                     A S I A   P A C I F I C

         Wednesday, September 15, 2010, Vol. 13, No. 182

                            Headlines



A U S T R A L I A

AFFILIATE MARKETING: Placed in Voluntary Administration
ALLIED BRANDS: Says Still Has Dunkin Brands Distribution Rights
FOODWORKS: Incurs AU$26 Million Loss; Going Concern Doubt Raised
RELIANCE SECURITY: Administrators Chase Over AU$3MM Outside Loan
TIMBERLAND FURNITURES: Up for Sale; Deloitte Named as Receivers


H O N G  K O N G

PACIWISE DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
PACIFIC UNION: Creditors' Proofs of Debt Due October 4
RIDGE LUCK: Members' Final Meeting Set for October 15
SEBOD FOUNDATION: Members' Final General Meeting Set for Oct. 15
SHINKO SECURITIES: Yan and Haughey Step Down as Liquidators

SIEMENS BUILDING: Cowley and Mitchell Step Down as Liquidators
SOLUTION 6: Arboit and Blade Step Down as Liquidators
STAR ALLIANCE: Yeung Kam Hoi Steps Down as Liquidator
SUPERFOLD INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
TAK KEE: Placed Under Voluntary Wind-Up Proceedings

TOP WONDER: Creditors' Proofs of Debt Due October 4
VARITRONIX FOUNDATION: Creditors' Proofs of Debt Due September 30
WELL HARVEST: Members' Final Meeting Set for October 15
WIN BENEFIT: Yeung Kam Hoi Steps Down as Liquidator
WINPET INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator

WORLD TREND: Yeung Kam Hoi Steps Down as Liquidator
YOGA PLUS: Members' Final Meeting Set for October 11


I N D I A

ADARSH DEVELOPERS: Fitch Assigns 'BB-' National Long-Term Rating
ADARSH REALTY: Fitch Assigns National Long-Term Rating at 'B+'
AMAN INFRATEX: CRISIL Assigns 'BB-' Rating to INR482.5MM Term Loan
GREAT EASTERN: CRISIL Places 'BB' Ratings on Various Bank Debts
INDIAN GEM: ICRA Places 'LBB' Rating on INR28cr Fund Based Debts

INTEGRATED EQUIPMENT: CRISIL Rates INR140.6MM Term Loan at 'B'
KOHINOOR EDUCATION: ICRA Assigns 'LBB' Rating to INR64cr LT Loan
MAVIN TEXTURISERS: CRISIL Reaffirms 'BB' Rating on INR14.1MM Loan
NHC INDUSTRIES: ICRA Reaffirms 'LBB' Rating on Term Loans
SAINSONS PULP: CRISIL Cuts Rating on INR322.5MM Term Loan to 'B+'

SHAHEED KARTAR: ICRA Assigns 'LB' Rating to INR8.75cr Bank Debts
SHAKTI POLYWEAVE: ICRA Assigns 'LBB' Rating to INR1.62cr Term Loan
SHRI JAGDAMBA: ICRA Places 'LBB' Rating on INR49.2MM Term Loan
SURYA PROCESSORS: Fitch Assigns 'BB-' National Long-Term Rating


J A P A N

INCUBATOR BANK: Starts Refunding Depositors Covered Under Scheme
SHINSEI BANK: Moody's Assigns Rating on Callable Subordinate Notes
WMT GLOBAL: S&P Retains CreditWatch Negative on Note Ratings
WMT GLOBAL: S&P Downgrades Ratings on Various Classes of Notes


N E W  Z E A L A N D

INVESTMENT RESEARCH: In Talks With Banks Over Covenant Breach
MUTUAL FINANCE: Receivers Can't Estimate Government Recovery Yet


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
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AFFILIATE MARKETING: Placed in Voluntary Administration
-------------------------------------------------------
Affiliate Marketing Solutions has been placed in administration
affecting small web publishers, advertising companies, Telstra and
Neverfail Springwater, SmartCompany reports.

SmartCompany says the company, run by Christian Knight and Andrew
Kilday, managed web-based affiliate marketing programs for a range
of big-name clients, including Quickflix, CareerOne and RSVP.

While the level of debt owed is small by insolvency industry
standards -- Vouris told SmartCompany that AMS has debts of
AU$500,000, versus assets of about AU$200,000 -- the list of
creditors includes some big names.

According to the report, Telstra, owed just AU$240.36, is the
biggest name on the list, while other well-known creditors include
Neverfail Springwater (owed AU$189.10), Veda Advantage (owed
AU$16,984), Tempest Media (owed AU$6,681) and Shop-A-Docket (owed
AU$3,388).  Two of the largest creditors are King (owed almost
AU$75,000) and Kindlay (owed almost AU$30,000).

SmartCompany adds Craig Seitam, founder of
CompetitionsGuide.com.au, said he was one of many Web site owners
to receive correspondence last week from the administrators saying
commissions owed by AMS would not be paid as a result of the
collapse.

Sydney-based Affiliate Marketing Solutions manages affiliate
marketing services business.


ALLIED BRANDS: Says Still Has Dunkin Brands Distribution Rights
---------------------------------------------------------------
Allied Brands Ltd. said it still has the rights to distribute
Baskin Robbins products in Australia and discussions are ongoing
between the company and the owner of the ice-cream chain, Dunkin
Brands, The Sydney Morning Herald reports.

SMH relates Allied Brands said in a statement on Tuesday that
US-based Dunkin Brands had sent a letter on September 10 to end
the rights of the Australian firm to franchise and distribute the
Baskin Robbins chain across the nation.

Subsequent discussions between the firms have led to Dunkin Brands
to not ending the arrangement but reserving the right to do so,
the report says.

SMH relates that the company's acting chief executive, Sean
Corbin, has flown to the U.S. because of the dispute over its
master franchise agreement with Dunkin Brands.

According to SMH, the franchisor earlier this month reported a
full-year net loss of AU$35.2 million following two profit
downgrades and write-downs across the group.  Shares in the
company have fallen 86% this year and last traded at 2.7›, the
report says.

SMH says the poor result has left Allied with negative net
tangible assets and in breach of its banking covenants.  The
company said in a statement it "relies on its financial
institutions and noteholders to continue as a going concern".  At
June 30, the company was AU$640,000 deep into its bank overdraft.

                         About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.


FOODWORKS: Incurs AU$26 Million Loss; Going Concern Doubt Raised
----------------------------------------------------------------
The Sydney Morning Herald reports that Foodworks has been deeply
wounded by its failed bid to take over 45 Coles stores, running up
a AU$26 million loss for the year.  The company reported a AU$2
million loss in 2009.

According to the report, auditors Pitcher Partners warn there is
"significant doubt" the group can continue as a going concern
because current liabilities exceed current assets by AU$7.2
million.

Citing FoodWorks' statement to the NSX, SMH relates that FoodWorks
chairman John Bridgfoot and acting chief executive Rick Wright
admitted "the corporate store program did not work out as
intended."

SMH notes that FoodWorks group plans to be rid of all 22 stores so
far transferred from Coles by Christmas.  So far, Australian
United Retailers, the head company of the FoodWorks group, has
closed one store and sold nine.

SHM reports that Coles owner Wesfarmers, which loaned FoodWorks
AU$31.7 million to buy the supermarkets, has agreed to a new
payment timetable that pushes the bulk of repayments out to the
end of next financial year.  Under the new deal, FoodWorks is to
pay back AU$6 million this year and AU$19.7 million next year.

                          About Foodworks

Australian United Retailers Limited (AURL) is an independent
retail supermarket group trading under the "FoodWorks" brand.
It was created from the Merger of the FoodWorks Supermarket Group
Ltd and Australian United Retailers in November 2004.


RELIANCE SECURITY: Administrators Chase Over AU$3MM Outside Loan
----------------------------------------------------------------
Administrators from Sydney firm Lawler Partners are investigating
the collapse of Reliance Security Group, which was placed into the
hands of administrators in July, according to SmartCompany.

SmartCompany says the company employed about 200 people, who are
owed AU$2.4 million in entitlements.

Citing the administrators' latest report to creditors,
SmartCompany relates that Reliance Security collapsed with debts
of more than AU$5.3 million despite having revenue of more than
AU$10 million in 2009-10, no bank debt and no secured creditors.

The administrators are chasing more than AU$3 million in loans
made to outside parties, SmartCompany adds.

Reliance Security Group is an Australian-based private security
firm.


TIMBERLAND FURNITURES: Up for Sale; Deloitte Named as Receivers
---------------------------------------------------------------
SmartCompany reports that Timberland Furnitures has been put up
for sale after falling into the hands of receivers.  The company
was placed under the control of Neil Cussen and Vaughn Strawbridge
from accounting firm Deloitte after falling into receivership on
September 6.

SmartCompany, citing a report from the Illawarra Mercury, says the
chain may have been experiencing problems as early October last
year, when its Warrawong store was suddenly closed.

A sales campaign for the business was launched on September 10,
SmartCompany reports.

Timberland Furnitures is a Sydney-based furniture retailer.  The
company has 10 stores in New South Wales and the Australian
Capital Territory.


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


PACIWISE DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
------------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Paciwise Development
Limited on September 1, 2010.


PACIFIC UNION: Creditors' Proofs of Debt Due October 4
------------------------------------------------------
Creditors of Pacific Union Management 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 3, 2010.

The company's liquidator is:

         Yan Tat Wah
         5/F., Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


RIDGE LUCK: Members' Final Meeting Set for October 15
-----------------------------------------------------
Members of Ridge Luck Limited will hold their final meeting on
October 15, 2010, at 11:00 a.m., at Unit D, 12th Floor, Seabright
Plaza, 9-23 Shell Street, North Point, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SEBOD FOUNDATION: Members' Final General Meeting Set for Oct. 15
----------------------------------------------------------------
Members of Sebod Foundation Limited will hold their final general
meeting on October 15, 2010, at 10:00 a.m., at 14th Floor,
Shanghai Industrial Investment Building, 48 Hennessy Road,
Wanchai, in Hong Kong.

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


SHINKO SECURITIES: Yan and Haughey Step Down as Liquidators
-----------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Shinko Securities (H.K.) Limited on September 6,
2010.


SIEMENS BUILDING: Cowley and Mitchell Step Down as Liquidators
--------------------------------------------------------------
Patrick Cowley and Paul Edward Mitchell stepped down as
liquidators of Siemens Building Technologies (China) Limited on
September 10, 2010.


SOLUTION 6: Arboit and Blade Step Down as Liquidators
-----------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Solution 6 (Asia) Limited on September 6, 2010.


STAR ALLIANCE: Yeung Kam Hoi Steps Down as Liquidator
-----------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Star Alliance Limited
on September 1, 2010.


SUPERFOLD INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
------------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Superfold Investment
Limited on September 1, 2010.


TAK KEE: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on September 2, 2010,
creditors of Tak Kee Tson Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Mr. Chan Chun Yim
         Rm. 1501, 15/F
         Wanchai, Com'l Centre
         194-204 Johnston R
         Wanchai, Hong Kong


TOP WONDER: Creditors' Proofs of Debt Due October 4
---------------------------------------------------
Creditors of Top Wonder Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 4, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lui Pui Chung
         Ng Wai Kit
         Suite 2202, Austin Plaza
         83 Austin Road
         Kowloon, Hong Kong


VARITRONIX FOUNDATION: Creditors' Proofs of Debt Due September 30
-----------------------------------------------------------------
Creditors of Varitronix Foundation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 31, 2010.

The company's liquidators are

         Chan Chi Ho
         Lau Wai Fung
         Rm 1403, Sugar Street
         Hong Kong


WELL HARVEST: Members' Final Meeting Set for October 15
-------------------------------------------------------
Members of Well Harvest Investment Limited will hold their final
meeting on October 15, 2010, at 10:30 a.m., at Room 1601, Wing On
Centre, 111 Connaught Road Central, in Hong Kong.

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


WIN BENEFIT: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Win Benefit Investment
Limited on September 1, 2010.


WINPET INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Winpet Investment
Limited on September 1, 2010.


WORLD TREND: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of World Trend
Development Limited on September 1, 2010.


YOGA PLUS: Members' Final Meeting Set for October 11
----------------------------------------------------
Members of Yoga Plus Limited will hold their final meeting on
October 11, 2010, at 2:00 p.m., at 25/F., Tern Centre Tower 1, 237
Queen's Road Central, in Hong Kong.

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


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I N D I A
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ADARSH DEVELOPERS: Fitch Assigns 'BB-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Adarsh Developers a National
Long-term rating of 'BB-(ind)'.  The Outlook is Stable.  The
agency has also assigned 'BB-(ind)' ratings to Adarsh's
outstanding INR1,739.4 million long-term bank loans and
INR1,000 million overdraft limit.

Adarsh's ratings reflect its relatively strong performance during
the severe economic downturn in the domestic real estate market
over FY09-FY10, its leading position as a seller of high-end
villas in Bangalore and the improving real estate market in the
city.  The company is a medium-sized residential real estate
developer, with an operational track record of 15 years in the
Bangalore market.  The sales in the ongoing projects have been
continuous.  The company reported a further improvement in its
sales in Q1FY11.

The ratings are however constrained by Adarsh's relatively
stretched financial performance in FY10.  It reported a high
gearing (total debt/net worth) of 3.13x compared to its peers.
The ratings are also constrained by the high level of borrowings
relative to the current scale of operations, which resulted in a
high leverage (debt/EBIDTA) of 6.31x and interest coverage of
1.49x in FY10.  Its adjusted debt/EBIDTA was high at 9.68x at
FYE10, considering the debt on other group entities (Adarsh Realty
& Hotels Private Limited and Adarsh Prime Projects Limited), which
have a personal guarantee from the partners of Adarsh.  The
ratings are moderated by the re-emergence of demand in the
Bangalore market and an improvement in the fundamentals of India's
real estate sector.  Fitch has estimated that the company's cash
flows from the already sold units will contribute about 30% of its
contracted outflows (through construction expenses for the ongoing
projects, interest and principal repayment obligations).  Hence,
the balance is required to be supported by additional inflows from
new sales and additional debt financing.

Adarsh is a closely held partnership firm with the majority share
of 99.95% being held by the managing partner.  The partners have
two other key ventures, namely Adarsh Realty & Hotels Private
Limited and Adarsh Prime Projects Limited.  Fitch expects the firm
to provide financial support to the other ventures of the promoter
group.  The agency also expects Adarsh's leverage and gearing to
continue to be high as Adarsh and the other group companies have a
large pipeline of ongoing and future projects.

Positive rating triggers include a successful demonstration of the
projected level of apartment and villa sales, which would result
in an improvement in Adarsh's profitability and credit metrics,
such that its adjusted (including guarantees) debt/EBIDTA
decreases below 5.5x.  Negative rating triggers include any
material impact to Adarsh's credit metrics, which would result in
its total adjusted debt/EBIDTA exceeding 8x and a decline in
interest cover of below 1.5x.

As per Adarsh's FY10 provisional and unaudited figures, the
company reported revenues of INR3,167.6 million, an EBIDTA of
INR1,358.7 million and a profit before tax of INR528.7 million.
Its gross debt outstanding as at end-March 2010 was
INR8,566.8 million, resulting in a gross adjusted debt/EBIDTA of
6.31x.


ADARSH REALTY: Fitch Assigns National Long-Term Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned India's Adarsh Realty & Hotels Private
Limited a National Long-term rating of 'B+(ind)'.  The Outlook is
Stable.  The agency has also assigned a 'B+(ind)' rating to Adarsh
Realty's INR2,750 million long-term loans.

Adarsh Realty's ratings reflect the operational track record of
Palm Meadows Club - a club house operated by the company in Adarsh
Palm Retreat, Whitefield, Bangalore, which was developed by Adarsh
Developers ('BB-(ind)'/Stable).  Furthermore, Adarsh Realty is
implementing a five-star hotel project called "Adarsh Palace Road"
in a tie-up with the Shangri-La group.  The ratings also
incorporate the strength the project derived from the branding,
technical assistance, management and marketing collaboration with
the Shangri-La group.  The ratings also consider the operational
and financial support from Adarsh Developers, which is
constructing the proposed property and also the common management.
The agreements and approvals had initially been in the name of
Adarsh Developers, but were later transferred to Adarsh Realty.
The managing partner of the former has a 99.95% share in Adarsh
Realty and has provided a personal guarantee for its term loans
along with the other partners.  Fitch expects Adarsh Realty to be
dependent upon Adarsh Developers for financial support until the
project is implemented and starts generating operating cash flows
sufficient to service the debt on its own.

The ratings are constrained by the significant size of the project
(total capex of INR4,397.6 million) in relation to the company's
present size and scale of operations.  This large debt-funded
capital expenditure plan (debt component of INR2,750 million) has
stretched the company's leverage to very high levels (FY10
debt/EBITDA: 19.10x) and gearing (FY10 debt/net worth: 8.19x).
Furthermore, the project has been delayed due to factors such as
time taken for statutory approvals and modification of the terms
with the Shangri-La group.  The additional capacity coming up in
the five-star and five-star deluxe categories over the next three-
four years in Bangalore is likely to further impact the occupancy
levels and the average room rates.

Positive ratings triggers include timely implementation of the
ongoing project, which would result in a sustained increase in
Adarsh Realty's revenues and profitability, and an improvement in
Adarsh Developers' credit profile which would result in an
improvement in Adarsh Realty's credit profile.  Negative rating
triggers include any cost and/or time overruns, which would result
in a sustained deterioration in Adarsh Realty's EBIDTA margins of
below 40% and interest cover of below 1.5x.

Adarsh Realty was incorporated in 1996 and has been operating the
Palm Meadows Club since 2005.  It has also been operating a
business hotel called "Adarsh Hamilton" in Bangalore since May
2010.  For FY10, the company reported (provisional, unaudited)
revenues of INR172.80m and an EBIDTA of INR 82.15m (47.5%).


AMAN INFRATEX: CRISIL Assigns 'BB-' Rating to INR482.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to Aman Infratex
Ltd.'s bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR482.5 Million Term Loan        BB-/Negative (Assigned)
   INR280.0 Million Cash Credit      BB-/Negative (Assigned)
   INR130.0 Million Letter of Credit P4 (Assigned)
   INR20.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect Aman Infratex's average financial risk
profile, marked by high gearing and moderate debt protection
metrics, and susceptibility to volatility in raw material prices.
These rating weaknesses are partially offset by Aman Infratex's
promoter's experience in the yarn industry.

Outlook: Negative

CRISIL believes that Aman Infratex's financial risk profile will
remain under pressure over the medium term because of its weak
liquidity, below-average debt protection metrics, and high
gearing. The ratings may be downgraded, if the company's liquidity
deteriorates further, or it undertakes large debt-funded capital
expenditure programmes. Conversely, the outlook may be revised to
'Stable', if Aman Infratex demonstrates a significant and
sustainable improvement in liquidity, either through better
working capital management or by infusing long-term funds to
augment the net working capital, and generates significantly
higher-than-expected revenues and net cash accruals, leading to
improvement in its debt servicing ability.

                         About Aman Infratex

Aman Infratex, incorporated in 1999, manufactures texturised
polyester yarn and fabrics.  The company was set up by Mr. Dilip
Sarawagi (second generation entrepreneur).  It has a manufacturing
facility in Silvassa (Gujarat) with capacity of 1800 tonnes per
month (tpm) for texturised yarn and 600 tpm for fabrics. The day-
to-day operations are managed by Mr. Dilip Sarawagi and his
brother Mr. Anil Sarawagi.

Aman Infratex reported a profit after tax (PAT) of INR27.5 million
on net sales of INR1613.0 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR21.0 million on
net sales of INR1241.7 million for 2008-09.


GREAT EASTERN: CRISIL Places 'BB' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Great Eastern
Trading Company's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR115 Million Cash Credit             BB/Stable (Assigned)
   INR15 Million Standby Line of Credit   BB/Stable (Assigned)
   INR27.5 Million Term Loan              BB/Stable (Assigned)
   INR2.5 Million Proposed LT Bank Loan
                               Facility   BB/Stable (Assigned)

The rating reflects Great Eastern's weak financial risk profile,
marked by high gearing and weak debt protection metrics and large
working capital requirements.  These rating weaknesses are
partially offset by Great Eastern's established market position in
distribution of consumer electronics products business in West
Bengal.

Outlook: Stable

CRISIL believes that Great Eastern will maintain its comfortable
business risk profile backed by its widespread retail outlets,
diversified product profile, and established relationships with
original manufacturers.  The outlook may be revised to 'Positive'
if there is significant improvement in Great Eastern's financial
risk profile through equity infusion or if there is more-than-
expected growth in turnover while maintaining profitability.
Conversely, the outlook may be revised to 'Negative' if there is a
slowdown in sales and profitability leading to deterioration in
its financial risk profile.

                         About Great Eastern

Great Eastern, a unit of Great Eastern Hire Purchase Pvt Ltd, was
set up in 1976 by Mr. Mahendra Kumar Baid and his father, the late
Mr. Punam Chand Ji Baid.  Since inception the firm has been
trading in various electronics consumer appliances and durables.
The firm started its first showroom in Dalhousie (Kolkata) with an
owned area of around 4000 square feet (sq ft). Great Eastern
currently has eight showrooms in and around Kolkata with retail
space of about 36,500 sq ft. The firm sells products of Sony India
Pvt Ltd (Sony; rated 'AA/Negative' by CRISIL), Samsung India
Electronics Ltd (Samsung), Godrej and Boyce Manufacturing Co Ltd
(Godrej; rated 'AA-/Stable/P1+' by CRISIL), Whirlpool of India Ltd
(Whirlpool; rated 'A+/Negative/P1+' by CRISIL), Videocon India
Ltd, Onida, Philips Electronics India Ltd (Philips; rated
'AA/Stable/P1+' by CRISIL) etc.

Great Eastern reported a provisional profit after tax (PAT) of
INR8.7 million on net sales of INR 1050.0 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR3.35 million on net sales of INR539.9 million for 2008-09.


INDIAN GEM: ICRA Places 'LBB' Rating on INR28cr Fund Based Debts
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 28 crore fund based
limits of Indian Gem & Jewellery Imperial Private Limited.  The
outlook on the assigned long term rating is stable.  ICRA has also
assigned an 'A4' rating to the INR2 crore non fund based sub
limits of IGJIPL.

The ratings reflect IGJIPL's low operating margins resulting from
a highly competitive nature of the jewellery industry with a low
value addition in business, high working capital requirements and
susceptibility of profits to gold price fluctuations.  The net
profit margins are also low, resulting in low cash accruals and in
turn leading to weak coverage indicators.  The ratings also factor
in the company's geographical concentration risks arising out of
its single city operations at present, although the company has
plans to expand its reach to some other cities in the eastern
India.  The ratings however derive comfort from the long
experience of the promoters in the jewellery business, own
design capability of the company and its established position in
Kolkata.

                          About Indian Gem

IGJIPL was incorporated in November, 2006 as Indian Gem &
Jewellery Pvt. Ltd. In the year 2007, the business of Indian Gem &
Jewellery Pvt. Ltd. was divided among two brothers. After the
division, the current promoter Mr Prasanna Dugar established
IGJIPL, which is engaged in the manufacturing and trading of gold
jewellery, diamond studded jewellery and precious and semi
precious stones studded jewellery. Gold jewellery contributes to
the bulk of the company's revenue (around 65% in FY10) with
diamond and stone studded jewellery contributing the rest. The
company has three showrooms in the prime locations in Kolkata.

Recent Results
The company reported a net profit of INR 0.29 crore in FY10 on an
operating income of INR142.77 crore, as compared to a net profit
of INR0.25 crore on an operating income of INR115.14 crore during
FY09.


INTEGRATED EQUIPMENT: CRISIL Rates INR140.6MM Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to Integrated
Equipment (India) Pvt Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR140.6 Million Rupee Term Loan         B /Negative (Assigned)
   INR10.0 Million Letter of Credit         P4 (Assigned)
   INR45.00 Million Export Packing Credit/
                   Export Bill Discounting  P4 (Assigned)

The ratings reflect IEI's weak liquidity because of working?
capital-intensive operations, small scale of operations with
pressure on revenues, and weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by the support that
IEI derives from its group company Integrated Equipment
International Inc, USA (IEII USA), and IEI's comfortable operating
efficiency.

Outlook: Negative

CRISIL believes that IEI will remain exposed to liquidity
pressures over the medium term because of its large repayment
obligations vis-…-vis small cash accruals.  The ratings may be
downgraded in case of continued pressure on the company's
revenues, resulting in depressed cash accruals vis-…-vis high debt
repayment obligation.  Conversely, the outlook may be revised to
'Stable' if Integrated India's liquidity improves, backed by
higher-than-expected cash accruals driven by increased revenues,
or in case of fresh equity infusion, improving the company's
capital structure.

                     About Integrated Equipment

Incorporated in 2006, IEI is promoted by Mr. Ashish Sharma and his
father Mr. Brijmohanlal Sharma as an export-oriented unit.  The
company manufactures pressure-control equipments which are used in
the oil and gas industry, at its facility in Pune (Maharashtra).
IEI sells most of its output to IEII USA, its selling arm based in
the US.

IEI reported a profit after tax (PAT) of INR1 million on net sales
of INR102 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR24 million on net sales of
INR171million for 2008-09.


KOHINOOR EDUCATION: ICRA Assigns 'LBB' Rating to INR64cr LT Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 64 crore long term
fund based bank facilities and an 'A4' rating to the INR1 crore
non-fund based facilities of Kohinoor Education Trust.  The
outlook assigned to the long term rating is stable.

The ratings are constrained by the nascent stage of operations of
the various institutes operating under the Trust and project risk
on account of ongoing infrastructure development work at the
Trust's educational complex in Mumbai with significant costs yet
to be incurred.  The ratings, however, draw comfort from the
strong brand name of the Kohinoor Group in the education sector in
Maharashtra and the favorable debt maturity profile of the Trust
with no major repayments due in the near term.  Going forward, the
ability of the Trust to complete infrastructure development and
increase student intake at its education complex in Mumbai remain
the key rating sensitivities.

KET was established in September 2007 as a Public Trust by the
Mumbai based Kohinoor Group.  The Kohinoor Group, founded in 1961
by Mr. Manohar Joshi has presence in education, real estate
healthcare and hospitality through various group companies. Mr.
Unmesh Joshi, who is the current chairman and managing director of
the Group, is also the managing trustee of KET.  Under KET, the
Group established KBSCMR at its Khandala campus in 2008-09 with a
batch strength of 60 students. Apart from KBSCMR, KET is currently
in the process of setting up a management college
and ICSE School at Kurla in Mumbai.

Recent Results

For the twelve month period ending March 31, 2010, KET reported a
net loss of INR0.42 crore on an OI of INR2.38 crore.


MAVIN TEXTURISERS: CRISIL Reaffirms 'BB' Rating on INR14.1MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mavin Texturisers Pvt
Ltd continue to reflect Mavin's weak financial risk profile,
marked by low networth, modest debt protection measures, and weak
liquidity (because of high level of unrealized debtors), and small
scale of, and non-integrated, operations.  These rating weaknesses
are partially offset by the established track record of Mavin's
promoters.

   Facilities                           Ratings
   ----------                           -------
   INR14.1 Million Term Loan            BB/Stable (Reaffirmed)
   INR50.0 Million Cash Credit Limit    BB/Stable (Reaffirmed)
   INR10.0 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Mavin will continue to benefit from its
promoters' strong track record in the textile industry. Mavin's
financial risk profile is, however, expected to remain constrained
because of its proposed large debt-funded capital expenditure
(capex) and stretch in receivables.  The outlook may be revised to
'Positive' if Mavin stabilises operations at its proposed
capacities on time, resulting in increased scale of operations,
and improves its profitability and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
decline in operating margin, or any further stretch in
realisations from debtors.

                       About Mavin Texturisers

Incorporated in 1997, Mavin manufactures grey fabric and
texturised yarn.  The company is managed by Mr. Mahesh Kumar
Nangalia and family.  The company has capacity of 5.4 million
metres per annum for grey fabric manufacturing and 700 tonnes per
annum for filament yarn.  The company is proposing a capex
programme of INR35 million to increase its grey fabric production
capacity by 3.6 million metres per annum; the fresh capacities are
expected to be operational by April 2011. The capex is expected to
be funded through term debt of INR25 million.

Mavin reported a profit after tax (PAT) of INR2.0 million on net
sales of INR228.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net sales
of INR216.9 million for 2008-09.


NHC INDUSTRIES: ICRA Reaffirms 'LBB' Rating on Term Loans
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of 'LBB' assigned to the
Term Loans and Fund Based Limits of NHC Industries Private Limited
aggregating to INR6.00 crore and INR14.00 crore respectively. ICRA
has placed the rating under rating watch with developing
implications.

The rating remains constrained by the weak financial profile of
the company characterized by modest size of operations, low
profitability indicators and stretched capital structure.  The
operations of the company remain susceptible to agro climatic
conditions and the stiff competition from domestic as well
as foreign players.  The rating however favorably factors in the
company's established track record in the trading business, the
recent commissioning of new facility at Pardi (Gujarat) that would
lead to better quality control, the diversified product profile
and tie-ups with customers from diversified geographic markets.
ICRA notes that NIPL has been amalgamated with Midpoint Software
and Electro Systems Limited and the High Court sanction for the
same was announced in August 2010.  ICRA has placed the rating
under rating watch with developing implications and is awaiting
further details on the new entity to assess the impact on the
credit profile of NIPL.

                        About NHC Industries

NHC Industries Private Limited is engaged in trading activities of
agro commodities in the export markets.  It is a family owned
business formed in the year 1996 by Mr. Himatlal Shah and his
son Mr. Apoorva Shah as a partnership firm NHC Exports
Corporation.  It was converted into a private limited company in
the year 2006.  NIPL is currently recognized as Two Star Export
House by the Office of Joint Director General of Foreign Trade.
The company has been awarded ISO 9001:2008 certification in
September 2009 that will be valid till September 2012. The company
has its warehousing facility in Thane (Mumbai) and has setup a
food processing plant at Pardi (near Vapi) in the state of
Gujarat.  The company has amalgamated with Midpoint Software and
Electro Systems Ltd.  and the High Court sanction for the same was
given in August 2010.

For FY 2010, NIPL reported PBT (Profit Before Tax) of
INR1.69 crore on operating income of INR70.42 crore (provisional
results).


SAINSONS PULP: CRISIL Cuts Rating on INR322.5MM Term Loan to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Sainsons Pulp and Papers
Ltd's bank facilities to 'B+/Negative/P4' from 'BB/Stable/P4+.

   Facilities                         Ratings
   ----------                         -------
   INR60 Million Cash Credit Limit    B+/Negative (Downgraded from
                                                   'BB/Stable')

   INR322.5 Million Term Loan         B+/Negative (Downgraded from
                                                   'BB/Stable')

   INR100 Million Letter of Credit    P4 (Downgraded from 'P4+')
   INR27 Million Bank Guarantee       P4 (Downgraded from 'P4+')

The downgrade reflects deterioration in SPPL's financial risk
profile, driven by aggressively debt-funded capital expenditure
(capex) programme undertaken by the company and delay in project
completion weakening its debt repayment ability. SPPL was
initially setting up a facility for manufacturing writing and
printing paper with capacity of 150 tonnes per day (tpd) for
INR501 million; the project was scheduled to be completed by
September 2009. However, the completion date was rescheduled to
January 2010 and project cost increased to INR925 million as
capacity was enhanced to 200 tpd.  The project completion got
further delayed to March 2010 with total project cost increasing
again to INR1060 million in a debt-to-equity mix of 70:30.  CRISIL
believes that SPPL's debt protection metrics will remain weak over
the medium term: SPPL's cash accruals will not be sufficient to
meet its maturing term debt obligations of INR17.5 million in
September 2010, and the company will have to rely on borrowings or
infusion of equity from promoters.

The rating reflects SPPL's below average-financial risk profile,
marked by high gearing and weak debt protection metrics, and large
working capital requirements.  These rating weaknesses are
partially offset by SPPL's promoter's experience in the paper
industry.

Outlook: Negative

CRISIL believes that SPPL's cash accruals will be insufficient for
meeting its maturing term debt obligations over then medium term;
SPPL will depend entirely on borrowings, equity infusion by
promoters, or debt restructuring.  The rating may be downgraded if
there is lesser-than-adequate equity infusion made by SPPL's
promoters.  Conversely, the outlook may be revised to 'Stable' if
SPPL prevents its capital structure and liquidity from
deteriorating further or manages to source more-than-expected
equity-funding from promoters.

                         About Sainsons Pulp

SPPL was incorporated in 2005 for setting up a, waste paper-based
writing and printing paper mill, with production capacity of 200
tonnes per day.  The company's facility is located at Taliwal-
Nichla in the district of Una in Himachal Pradesh.  The company is
promoted by Mr. Ramesh Kumar Saini, who has more than 18 years of
experience in the paper industry.


SHAHEED KARTAR: ICRA Assigns 'LB' Rating to INR8.75cr Bank Debts
----------------------------------------------------------------
ICRA has assigned "LB" rating to the INR8.75 crore fund-based and
INR2.00 crore non fund based bank limits of Shaheed Kartar Singh
Sarabha Charitable Trust.  The rating takes into account modest
scale of operations and adverse financial profile characterized by
low profitability and weak coverage indicators. The rating is
further constrained by stressed liquidity as reflected in the
recent delays in servicing debt obligations.  However the rating
draws comfort from healthy occupancy levels and moderate gearing
for the Trust.

Shaheed Kartar Singh Sarabha Charitable Trust was incorporated
under the Society Registration Act in the State of Punjab in 1998.
The society operates three institutes providing courses at the
graduate level and one charitable hospital all situated in Sarabha
campus.  The educational institutes being run by the SKSST are:

   * SKSS Nursing College
   * SKSS Dental College
   * SKSS Ayurvedic College
   * SKSS Charitable Hospital

The trust has total strength of around 700 students with its 35%
revenues coming from Nursing College, 33% from Ayurvedic College,
20% from Charitable Hospital and 12% from Dental College in FY10.


SHAKTI POLYWEAVE: ICRA Assigns 'LBB' Rating to INR1.62cr Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR1.62 crore term loan
and INR15 crore fund-based bank facilities of Shakti Polyweave
Private Limited.  The rating outlook is stable.  ICRA has also
assigned an 'A4' rating to the INR7 crore non-fund-based bank
facilities of SPPL.

The assigned ratings are constrained by SPPL's weak financial risk
profile characterized by a high gearing & weak coverage
indicators; its high working capital requirement, its feeble
profitability due to limited value addition; exposure to volatile
polymer prices; weak bargaining power with its raw material
suppliers and relatively small scale of operations.  The ratings
also factor in the highly competitive business environment on
account of a fragmented industry structure and the commoditized
nature of SPPL's product, which result in price-based competition.
With large part of the production being exported, the utilization
of its facilities is linked to the economic prospects in these
countries.  The company is also exposed to fluctuation in exchange
rates as large part of the revenues are derived from exports while
the input and manufacturing cost incurred are mostly in domestic
currency.  The ratings, however, favorably factor in long track
record of the promoters in the polymer industry and long
association with various stockiest and distributors, which
enhances its marketing position.

                      About Shakti Polyweave

Founded in December 1997, SPPL was promoted by Mr Hanskumar
Agarwal and their family members for manufacturing and marketing
of woven sacks.  The plant was set up as an export oriented unit
at GIDC Estate, Dholka, approximately 50 km from Ahmedabad and is
in close proximity to Mundra & Pipavav ports and most of the
exports are through a network of distributors/ stockiest's and are
centered in USA and European countries. During the period ended
2009-10, the company reported net profit before tax of
INR0. 9 crore on a turnover of INR71.9 crore.


SHRI JAGDAMBA: ICRA Places 'LBB' Rating on INR49.2MM Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR49.2 million term loan
and INR73 million cash credit facilities of Shri Jagdamba Polymers
Limited.  The rating outlook is stable.  ICRA has also assigned an
'A4' rating to the INR 31 million non-fund-based bank facilities
of SJPL.

The assigned ratings are constrained by SJPL's small scale of
operations, high working capital extensive operations and
leveraged capital structure as indicated by a gearing of 1.7 times
as on March 31, 2010.  The ratings also factor in the highly
competitive business environment on account of a fragmented
industry structure and the commoditized nature of SJPL's product,
which result in price-based competition.  Because of the large
composition of exports in the sales mix, the company's prospects
are linked to the economic performance in these countries.  The
large inventory holding period exposes it to the volatility in
input prices.  Also, the company is exposed to fluctuation in
exchange rates as large part of the revenues are derived from
exports while the input and manufacturing cost incurred are mostly
in domestic currency.  The ratings, however, favorably factors in
long track record of the promoters in the polymer industry and
long association with various stockists and distributors, which
enhances its marketing position.

                       About Shri Jagdamba

Founded in May 1985, SJPL was promoted by Mr Ramakant
Bhojnagarwala for manufacturing of woven bags and fabric on job
work basis as well as marketing it directly to end customers and
intermediaries.  The plant was set up as an export oriented unit
at GIDC Estate, Dholka, approximately 50 km from Ahmedabad and is
in close proximity to Mundra & Pipavav ports. During the period
ended 2009-10, the company reported net profit before tax of
INR1.1 crore on a turnover of INR32.1 crore.


SURYA PROCESSORS: Fitch Assigns 'BB-' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Surya Processors Private
Limited a National Long-term rating of 'BB-(ind)'.  The Outlook is
Stable.  At the same time, Fitch has assigned National ratings to
SPPL's bank loans,:

  - INR224.5 million long-term bank loans: 'BB-(ind)';

  - INR120 million fund-based working capital limits: 'BB-
    (ind)/'F4(ind)'; and

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

SPPL's ratings benefit from the longstanding experience of its
promoters in fabric processing and its exposure to the more stable
domestic textile market.  The ratings also take into account the
company's established position as a key manufacturer and trader of
woven interlinings in the domestic market.

The ratings are however constrained by SPPL's small scale of
operations, track record of high leverage and gearing (partly on
account of unsecured loans from promoters) and high working
capital intensity.  Its liquidity remained comfortable and
cushioned due to the unused fund-based working capital limits
(INR106.6 million as at end-March 2010).  The liquidity was
further supported by the regular infusion of unsecured interest
free loans by the promoters and an equity infusion of INR33.6m in
FY10.  SPPL's liquidity is also supported by long-drawn debt
maturities under Technology Upgradation Fund Scheme.

SPPL has hitherto a moderate earnings profile with EBITDA margin
(unaudited) of 9.8% in FY10, mainly constrained by the high cost
of self-generated power (using furnace oil and diesel).  Fitch
notes that the company's ongoing INR222 million capex programme
for the expansion of its weaving and fabric processing capacities
coupled with the modernization of its existing unit in Ghaziabad
by replacing obsolete machinery would lower the processing time
and improve the product quality.  SPPL expects major savings in
its power costs by switching to state grid 33KV continuous supply
connection in April 2010, and thus anticipates an improvement in
its revenues and margins FY11 onwards.  The capex also includes a
yarn dyeing plant for higher quality dyed yarn fabrics.

Positive rating triggers include SPPL's ability to demonstrate a
significant growth in its EBITDA margins, which would also lead to
deleveraging.  Negative rating triggers include SPPL's inability
to successfully execute or implement the ongoing capex project,
and/or a decline in its EBITDA margins, which could also
deteriorate its leverage and coverage metrics.

Set up in 1985, SPPL is a fabric weaver and processor, with a
fabric processing capacity of 100,000 meters a day.  As per SPPL's
FY10 provisional and unaudited figures, it reported revenues of
INR567 million, an EBITDA of INR55.4 million, net income of
INR17.7 million and a net debt/EBITDA ratio of 6.5x.


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


INCUBATOR BANK: Starts Refunding Depositors Covered Under Scheme
----------------------------------------------------------------
Kyodo News reports that Incubator Bank of Japan has started
refunding depositors at some of its branches under the deposit
protection plan, which caps the value of refund payments.

Kyodo News relates the bank on Monday began the process of
refunding each depositor their deposits -- up to JPY10 million
plus interest earned -- guaranteed by the nation's deposit
protection plan.

According to the news agency, the state-backed Deposit Insurance
Corp. of Japan said Sunday that around JPY11 billion, or about
1.9%, of deposits at the failed Incubator Bank will not be covered
by the deposit protection scheme.  The amount belongs to 3,423, or
about 2.7%, of depositors with the lender for small businesses,
Kyodo News notes.

Kyodo News discloses that refunds related to unprotected amounts
will be decided after Deposit Insurance Corp. examines the bank's
asset components. There is a high possibility that some portions
will not be returned and refunds are unlikely to be made for at
least a year.

As reported in the Troubled Company Reporter-Asia Pacific on
September 13, 2010, Kyodo News said the Incubator Bank of Japan
Ltd. filed for bankruptcy proceedings with the Financial Services
Agency under the Deposit Insurance Law.  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.  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.


SHINSEI BANK: Moody's Assigns Rating on Callable Subordinate Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 rating to the
EUR347,228,000 Euro-Denominated Fixed to Floating Rate Callable
Subordinated Notes due 2020 issued by Shinsei Bank, Limited.  The
debt was assigned a provisional (P)Baa2 rating on August 31, 2010,
and this rating assignment is in response to the formal signing of
the debt agreement.  At the same time, Moody's has placed this
rating on review for possible downgrade.

                        Ratings Rationale

Shinsei's above-mentioned senior subordinated debt is rated Baa2,
one notch below the bank's debt rating of Baa1.  The Baa1 derives
from the combination of its D+ BFSR (baseline credit assessment of
Ba1), systemic support input of Aaa (JGB, plus two notches) for
Japan, and Moody's assessment -- based on its importance as a bank
operating nationwide in Japan -- that the probability of systemic
support is "very high."

Shinsei Bank, Limited, headquartered in Tokyo, had consolidated
assets of JPY10.9 trillion as of June 30, 2010.

                      Regulatory Disclosures

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.

The date on which some Credit Ratings were first released goes
back to a time before Moody's Investors Service's Credit Ratings
were fully digitized and accurate data may not be available.
Consequently, Moody's Investors Service provides a date that it
believes is the most reliable and accurate based on the
information that is available to it.


WMT GLOBAL: S&P Retains CreditWatch Negative on Note Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services kept the ratings on the class A
to C fixed-rate notes issued under the WMT Global Funding I Inc.
transaction on CreditWatch with negative implications.  At the
same time, S&P affirmed its ratings on classes D and E.

S&P had initially placed the ratings on classes A to E on
CreditWatch negative on April 9, 2009, and followed up with
several other rating actions.

The servicer has been working to sell the properties backing the
transaction's underlying loan since the loan defaulted in October
2008.  According to the servicer, although the sale of the
properties is being finalized and discussions between the relevant
parties with a view to entering a final agreement shortly are in
progress, the sale has yet to be completed.  In addition, the
amount of time left until the transaction's legal final maturity
date is limited (about seven weeks).

Although it is highly likely that the proceeds from the sale of
the collateral properties will exceed the principal amount of the
class A to C notes, S&P kept these three classes on CreditWatch
with negative implications because S&P still see a risk of non-
completion of the collection process before the transaction's
legal final maturity date.  Nevertheless, S&P may need to consider
further rating actions if the collection process drags on as the
legal final maturity date draws closer.

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

               Ratings Kept On Creditwatch Negative

                     WMT Global Funding I Inc.

JPY10.7 billion commercial mortgage backed notes due
November 2010

   Class         Rating                     Initial Issue Amount
   -----         ------                     --------------------
   A             BB (sf)/Watch Neg          JPY5.9 bil.
   B             BB- (sf)/Watch Neg         JPY1.4 bil.
   C             B- (sf)/Watch Neg          JPY1.2 bil.

                         Ratings Affirmed

   Class         Rating                     Initial Issue Amount
   -----         ------                     --------------------
   D             CCC (sf)                   JPY1.0 bil.
   E             CCC (sf)                   JPY1.2 bil.


WMT GLOBAL: S&P Downgrades Ratings on Various Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
A-1 to D fixed-rate notes issued under the WMT Global Funding II
Inc. transaction, while keeping the ratings on these five classes
on CreditWatch with negative implications, where they had been
placed on Sept. 2, 2010.  At the same time, S&P affirmed S&P's
'CCC (sf)' rating on class E issued under the same transaction.

S&P downgraded classes A-1 and A-2 and kept classes A-1, A-2, and
B on CreditWatch with negative implications because S&P believes
that collection from the properties backing the transaction's
underlying loan (the loan defaulted in October 2009) is now less
likely to be completed by the legal final maturity date in
November 2011.  Since the collection process is dragging on mostly
due to the characteristics of the properties, and given the
limited amount of time remaining until the transaction's legal
final maturity date (about 14 months), S&P hold the view that the
likelihood of completion of the collection process (by the
transaction's legal final maturity date) is no longer commensurate
with the current ratings.  However, S&P may need to consider
further rating actions on class A-1, A-2, and B if prospects with
regard to the completion of the collection process remain unclear
as the transaction's legal final maturity date draws closer,

S&P downgraded classes B to D because S&P has lowered its
assumption with respect to the likely collection amount from the
properties in question.  Meanwhile, S&P kept classes C and D on
CreditWatch with negative implications because the likely
collection amount may decline further, depending on the progress
of collection.

S&P intend to review its ratings on classes B to D after
considering a number of factors, including information that S&P
receive from the servicer regarding the progress of collection, as
well as the cash flow performance of the properties.

WMT Global Funding II Inc. is a single-borrower multi-asset CMBS
transaction.  The notes issued under this transaction are backed
by a loan extended to a single borrower.  The loan was originally
secured by 10 extended-stay limited-service apartment properties.
The transaction was arranged by Lehman Brothers Japan Inc. Capital
Servicing Co. Ltd. acts as the servicer for this transaction.

         Ratings Lowered And Kept On Creditwatch Negative

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

Class To                  From                Initial Issue Amount
----- --                  ----                --------------------
A-1   AA (sf)/Watch Neg   AAA (sf)/Watch Neg   JPY4.0 bil.
A-2   AA (sf)/Watch Neg   AAA (sf)/Watch Neg   JPY1.0 bil.
B     A+ (sf)/Watch Neg   AA (sf)/Watch Neg    JPY1.2 bil.
C     BB- (sf)/Watch Neg  BBB- (sf)/Watch Neg  JPY1.1 bil.
D     B- (sf)/Watch Neg   B (sf) /Watch Neg    JPY0.9 bil.

                          Rating Affirmed

       Class         Rating             Initial Issue Amount
       -----         ------             --------------------
       E             CCC (sf)           JPY1.1 bil.


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


INVESTMENT RESEARCH: In Talks With Banks Over Covenant Breach
-------------------------------------------------------------
Investment Research Group said it expects to report an unaudited
estimated net loss before tax from operations of approximately
NZ$890,000 for the year ended March 31, 2010.  This compares to
the previously advised figure of a NZ$175,000 profit.

The company said the result reduction arose from a writedown of
the carrying value of various databases and goodwill in accordance
with IFRS and other year-end adjustments.

IRG said it was expecting the auditors to qualify their audit
report on the carrying values of some assets and their final
opinion will be determined upon outcome of the discussions being
held with the bank and the director's assessment of bank and
shareholder support.  Subsequent to the year end, the largest
shareholder, Managing Director Brent King, has continued to
provide support in the form of advances to the company totalling
NZ$440,776.

With these changes, IRG said it will be in breach of its bank
covenants.  The Company is now in discussions with its bank on
solutions.

In June this year, IRG had its stock and warrants suspended
after failing to file its full-year accounts for the year ending
March 31, 2010.

                             About IRG

New Zealand-based Investment Research Group Limited (NZE:IRG) --
http://www.irg.co.nz/-- formerly known as Viking Capital
Limited, is engaged in investing in and providing professional
services to organizations in New Zealand and overseas.  The
Company's subsidiary businesses are IRG Media, IRG Portfolio and
IRG Investment Advisers.  IRG Media includes all the media
publications of the Company, including New Zealand Investor
Monthly an investment magazine; Equity weekly, an e-mail
Newsletter; MoneyOnline newsletter; McEwen Investment Report, a
weekly subscription newsletter; IRG Investment year Book, an
yearbook giving five-year data on listed New Zealand and
Australian shares.  IRG Portfolio focuses on portfolio service
using Aegis, the custodial platform.


MUTUAL FINANCE: Receivers Can't Estimate Government Recovery Yet
----------------------------------------------------------------
The receivers of Mutual Finance said three months into the process
they still can't say how much the government will get back under
the retail deposit guarantee, Paul McBeth at BusinessDesk reports.

According to BusinessDesk, Grant Graham and Brendon Gibson of
KordaMentha said "at this time it is not possible to estimate the
level of recovery" from Mutual's loan book worth some NZ$8.2
million and other assorted assets.

The receivers expect the Inland Revenue to put in a claim, though
they doubt there will be enough to make a return to unsecured
creditors.

Mutual Finance is an Auckland-based financial institution with
around 400 depositors and approximately NZ$8 million in guaranteed
deposits.

As reported in Troubled Company Reporter-Asia Pacific on July 16,
2010, Mutual Finance was placed into receivership, with NZ$8
million of deposits covered by the retail deposit guarantee
scheme.  Covenant Trustee appointed Brendan Gibson and Grant
Graham of KordaMentha as receivers of Mutual Finance.

The finance company said it had been in technical breach of one of
its covenants and its trustee, Covenant Trustee, had deemed there
was a risk of a "cash flow mismatch" between the timing of asset
sales and payments to depositors.


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


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

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.





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