TCRAP_Public/100920.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 20, 2010, Vol. 13, No. 185

                            Headlines



A U S T R A L I A

ALINTA ENERGY: In Talks With Lenders Over Asset Sale
EXCOM EDUCATION: New Zealand Unit in Liquidation
GLOBAL RULE: Supreme Court Appoints Grant Thornton as Receivers
OCTAVIAR LIMITED: Premium Income Unitholders to Get Payout Soon
SANTOS FINANCE: S&P Puts BB Rating on Proposed Subordinated Notes

WESTPOINT GROUP: ASIC Recovers AU$24.5 Million for Investors
WESTPOINT GROUP: ASIC Reaches Compensation Deal With Barzen


H O N G  K O N G

EGANA OF SWITZERLAND: Middleton and Power Appointed as Liquidators
EMPIRE ONE: Court Enters Wind-Up Order
GAINWAY CLEANING: Court to Hear Wind-Up Petition on October 13
GLOBAL WEALTH: Court to Hear Wind-Up Petition on October 27
GOLD ACT: Court Enters Wind-Up Order

GREAT PACIFIC: Court to Hear Wind-Up Petition on October 20
HEALTHFULAIR LIMITED: Court to Hear Wind-Up Petition on October 20
HK CHANG: Creditors' Meeting Set for September 27
JOYWORLD LIMITED: Chiong and Sutton Step Down as Liquidators
LEHMAN BROTHERS ASIA: Creditors' Proofs of Debt Due December 10

LEHMAN BROTHERS COMMERCIAL: Creditors' Proofs of Debt Due Dec. 10
LEHMAN BROTHERS FUTURES: Creditors' Proofs of Debt Due December 10
LEHMAN BROTHERS NOMINEES: Creditors' Proofs of Debt Due Dec. 10
LEHMAN BROTHERS SECURITIES: Creditors' Proofs of Debt Due Dec. 10
LOYAL KINGDOM: Lam and Hague Step Down as Liquidators

NEW PROSPECT: Court to Hear Wind-Up Petition on October 20
OPUS COLLECTION: Court to Hear Wind-Up Petition on October 13
ORO DESIGN: Middleton and Power Appointed as Liquidators
PHILMA PETROLEUM: Creditors' Proofs of Debt Due September 27
SERVICE CENTRE: Creditors' Proofs of Debt Due September 29

SINO FAME: Creditors' Proofs of Debt Due September 24
SUNNEL INVESTMENTS: Fung and Pang Step Down as Liquidators
TEAM BRIGHT: Court to Hear Wind-Up Petition on September 29
TEAMTEX TEXTILE: Chiong and Sutton Step Down as Liquidators
TECH WISE: Court Enters Wind-Up Order

UNITED CENTURY: Creditors' Meeting Set for September 24


I N D I A

AIR INDIA: To Raise US$1.15BB to Refinance Aircraft Purchase Loan
ANGADPAL INDUSTRIES: ICRA Rates INR8.2cr LT Bank Debts at 'LBB'
DEVASHREE FOODS: CRISIL Cuts Rating on INR197.7MM LT Loan to 'D'
ETA ENGINEERING: CRISIL Cuts Rating on INR120MM LT Loan to 'C'
FINE FACETS: CRISIL Places 'P4' Rating on Various Bank Facilities

GUHAN TEXTILE: Delay in Loan Repayment Cues CRISIL's 'D' Ratings
PARANI SPINNING: CRISIL Assigns 'D' Rating to INR129.4MM LT Loan
PHOENIX TRANSMISSION: CRISIL Assigns 'BB-' Rating to INR75MM Loan
PINK STAR: CRISIL Assigns 'B' Rating to INR33.8M WC Term Loan
K CHANDRAKANT: CRISIL Assigns 'BB-' Rating to INR353.7MM Debt

LAKSHMI KALYANI: CRISIL Cuts Rating on INR133MM LT Loan to 'D'
MOTHER'S PET: CRISIL Assigns 'BB+' Rating to INR74.3MM Term Loan
RAMKRUPA GINNING: CRISIL Rates INR99.9 Million Cash Credit at 'B'
RAMKRISHNA ELECTRICALS: CRISIL Reaffirms 'BB' Rating on Bank Debts
SHYAM TEX: CRISIL Rates INR58.5 Million Term Loan at 'BB'

SHREE VENKATESHWARA: CRISIL Reaffirms 'D' Rating on INR178MM Loan
SREE RAYALASEEMA: Delay in Loan Repayment Cues CRISIL's 'D' Rating
SURAT GLASS: CRISIL Places 'D' Rating on INR173.3MM Term Loan
UNIFY TEXTURISERS: CRISIL Puts 'BB+' Rating on INR247.6MM LT Loan


J A P A N

CAFES 4: Moody's Downgrades Ratings on Two Classes of Certs.


K O R E A

GM DAEWOO: Hosts Product Conference to Boost Sales


N E W  Z E A L A N D

AORANGI SECURITIES: Investors Support Call For Public Inquiry
CRAFAR FARMS: Overseas Investment Denies Rejecting Chinese Bid
MARAC FINANCE: S&P Puts 'BB+/B' Ratings on CreditWatch Positive


S I N G A P O R E

AVIATION INVESTMENT: Creditors Get 18.6937818% Recovery on Claims
BEDEC EUROFORM: Court to Hear Wind-Up Petition on October 1
C.T. MANAGEMENT: Members' Final Meeting Set for October 15
KWEE JIN: Court to Hear Wind-Up Petition on October 1
LEUN WAH: Creditors' Proofs of Debt Due October 1

MERMAID MARINE: Creditors' Proofs of Debt Due October 15
ORCHARD CUPPAGE: Creditors' Meetings Set for September 22




                         - - - - -


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


ALINTA ENERGY: In Talks With Lenders Over Asset Sale
----------------------------------------------------
The Sydney Morning Herald reports that Alinta Energy Group said it
would meet with lenders to consider bids for its assets and
discuss "lender-led" solutions.

TPG Capital, Oaktree and Anchorage Capital Partners, which hold
35% to 40% of Alinta's debt, are in talks with the company, the
report says.

Meanwhile, The Australian reports that the Future Fund has tens of
millions of dollars invested in Alinta Energy, which is teetering
on the brink of collapse.

The Australian said that one the funds that invests on behalf of
the sovereign wealth fund Boston-based Sankaty Advisers is locked
in a bitter stoush with fellow Alinta Energy Group creditors over
the terms of a rescue plan and is threatening to derail efforts to
save the company.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2010, Alinta Energy Group, formerly known as Babcock &
Brown Power, received a number of indicative, non-binding, and
confidential bids for both whole of business and parts of the
business.  "Alinta Energy continues to assess deleveraging options
for the business, including asset sale and capital management
options, with a focus on maximising total enterprise value,"
Alinta Energy said in a statement to the stock exchange.  Alinta
Energy said it has made a request to its banking syndicate
for the variation of covenants for the period to March 31, 2011,
as under some trading scenarios, these covenants could come under
pressure and frustrate the deleveraging activities.

                        About Alinta Energy

Alinta Energy Group (ASX:AEJ) -- http://www.alintaenergy.com/--
is a power generation business, with assets diversified by
geographic location, fuel source, customers, contract types and
operating mode.  The portfolio has interests in 12 operating power
stations representing approximately 3,000MW of installed
generation capacity.  In Western Australia, Alinta Energy also
operates the largest integrated private gas and electricity
retailer with over 580,000 customers.

Alinta Energy Group posted a net loss of AU$148.98 million for
the year ended June 30, 2009, compared with a net loss of
AU$426.51 million in 2008.


EXCOM EDUCATION: New Zealand Unit in Liquidation
------------------------------------------------
Reseller News reports that the Excom New Zealand has gone into
liquidation after its Australian parent company did so in late
August.  Deloitte was appointed as liquidator of the New Zealand
unit on Sept. 14, 2010.

Reseller News relates that shortly after the Australian business
closed, the New Zealand branch said it was a separate entity and
would continue to run courses.  However, the report notes, an
earlier notice on the Companies Office said the New Zealand
business was overdue in filing an annual return, and the registrar
would initiate action to remove the company from the register if
the return was not filed immediately.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2010, the Brisbane Times said Excom Education has
gone into liquidation with millions of dollars of debt, leaving
more than 100 students with an uncertain future and about 100
employees without a job.  Excom directors and founders Paul
Koukounaras and Graeme Newey agreed at a meeting held on August 25
agreed to wind up Excom and appointed liquidators Roger Grant,
Victor Dye and Nicholas Giasoumi of Dye & Co.

Excom Education provides IT training courses in Australia, with
offices in Melbourne, Sydney, Brisbane, Canberra, Adelaide, Perth,
Auckland and Singapore.


GLOBAL RULE: Supreme Court Appoints Grant Thornton as Receivers
---------------------------------------------------------------
The Australian Securities & Investments Commission has obtained
interim orders in the Supreme Court of Queensland in relation to
Global Rule Pty Ltd and its directors.

The Supreme Court appointed Michael McCann and Graham Killer of
Grant Thornton as receivers and managers over the assets of Global
Rule.  Freezing orders were also made restraining the disposal of
any property (including monies and securities) by Global Rule's
directors, Frederick Leslie Hansen and William John Meywes,
subject to a number of conditions.  The conditions include meeting
ordinary living, business and operating expenses and reasonably
incurred legal costs.

ASIC has alleged that Mr. Hansen and Mr. Meywes, through Global
Rule, have operated an unregistered managed investment scheme
which has raised approximately AU$15 million from over 135
investors.

ASIC commenced its proceedings in the Supreme Court for the
appointment of receivers and managers to identify and secure the
assets of the alleged scheme for the benefit of investors and
creditors.

Messrs. McCann and Killer are to provide a report to the Court by
October 11, 2010.

ASIC's investigation is continuing.

Australian-based Global Rule Pty Ltd operates managed investment
scheme.


OCTAVIAR LIMITED: Premium Income Unitholders to Get Payout Soon
---------------------------------------------------------------
Unitholders of formerly MFS-controlled Premium Income Fund finally
are about to receive a 1c on the dollar payout from their frozen
investment after waiting almost three years, goldcoast.com.au
reports.

The report says the fund is poised to distribute AU$7.55 million
to 11,000 investors on October 29.

According to the report, fund manager Wellington Capital said
there could be another payment before Christmas, but that would
depend on further sales in two of the fund's completed projects at
Wollongong and Port Macquarie in NSW.

The payout comes two years after Wellington promised unitholders
3c a unit by the end of 2008, but those plans were dashed by the
failure of a proposed deed of company arrangement for MFS Ltd, now
known as Octaviar, which would have seen about AU$44 million
returned to the fund.

                       About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operates as an investment management business with a portfolio of
businesses and assets.

                           *     *     *

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

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

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

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

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


SANTOS FINANCE: S&P Puts BB Rating on Proposed Subordinated Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term issue rating to Santos Finance Ltd's proposed
subordinated notes issuance.  The subordinated notes will be
guaranteed by Santos Ltd. (BBB+/Stable/A-2).  The notes have
received a 'high' equity credit classification from Standard &
Poor's; this means that S&P will treat the notes entirely as
equity in its calculations.

Key features of the subordinated notes include a mandatory
deferral of interest for up to five years if the long-term
corporate credit rating on Santos falls to 'BB+' or below.  Other
features of the instrument include a 60-year term to maturity; a
100 basis point step-up at year seven; a legally binding
replacement capital covenant, which requires that the issuer fund
any redemption of the instrument with a similarly equity-like
instrument; and a first call date from year five.

Proceeds of the issue are to be used for general corporate
purposes and to fund the company's growth strategy, including the
Gladstone Liquefied Natural Gas project.


WESTPOINT GROUP: ASIC Recovers AU$24.5 Million for Investors
------------------------------------------------------------
The Australian Securities & Investments Commission disclosed that
Westpoint investors in its class [action] against Glenhurst
Corporation Pty Ltd will receive their share of AU$24.5 million
recovered to date by the Commission.

The Glenhurst settlement, worth AU$2.5 million, is one of six
reached by ASIC on behalf of investors in the Westpoint Group
seeking compensation for their failed investments.  The settlement
will provide returns to 90 investors.

Other settlements reached by ASIC over the past 12 months were
with Professional Investment Services Pty Ltd (AU$5.9 million);
Bongiorno Financial Advisers Pty Ltd and Bongiorno Financial
Advisers (Aust) Ltd (AU$2.6 million) and State Trustees Ltd
(AU$13.5 million).  A settlement agreement with Joseph Dukes and
Barzen Pty Ltd (formerly Dukes Financial Services Pty Ltd) (AU$1
million) is subject to approval by the Federal Court and, if
approved, will take the total compensation to AU$25.5 million.
These settlements have provided benefits to almost 1,000
investors.

In November 2008, ASIC also settled a claim on behalf of investors
against Masu Financial Management Pty Ltd.  The terms of this
settlement remain confidential between the parties.

Since 2007, ASIC has launched 19 actions for the benefit of
Westpoint investors.  In all, investors are expected to see a
return of about AU$100 million of the AU$388 million in losses as
a result of the above settlements, returns from liquidators and
returns from companies not in liquidation.  Further Westpoint
proceedings are going forward in relation to directors, auditors
and three Australian Financial Services (AFS) licensees. ASIC
hopes to resolve these claims during 2010?11.

ASIC Chairman Tony D'Aloisio said a key focus for ASIC is using
s50 of the ASIC Act to seek compensation for investors who lose
funds through failed investment schemes.

"ASIC's use of s50 in the Westpoint case is very important for the
Commission. Our focus is, as it should be, on identifying the most
appropriate and effective regulatory outcome on behalf of retail
investors.  In this particular case, we felt it was in the public
interest to act on behalf of Westpoint investors who were unlikely
to get satisfactory redress through other means," Mr. D'Aloisio
said.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property development
and owns or manages retail and commercial properties with a total
value of over AU$300 million.  The Group's troubles began in 2005
when the Australian Securities and Investments Commission
commenced investigations on 160 companies within the Westpoint
Group.  The ASIC's investigation led to ASIC initiating action in
late 2005 in the Federal Court of Australia against a number of
mezzanine companies in the Westpoint Group, including winding up
proceedings.  The ASIC contends that Westpoint projects are
suffering from significant shortfall of assets over liabilities so
that hundreds of investors are at serious risk of not receiving
repayment of their investments.  The ASIC also sought wind-up
orders after the Westpoint companies failed to comply with its
requirement to lodge accounts for certain financial years.  These
wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had applied
to wind up the company on grounds of insolvency.  The ASIC
believes that Westpoint Corporation is responsible for arranging,
managing and coordinating Westpoint Group's property projects as
well as holding money for other group companies.  The ASIC was
concerned that Westpoint Corporation was unable to pay its debts,
including its obligations under the guarantees given to the
mezzanine companies to make good expected shortfalls in the
repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


WESTPOINT GROUP: ASIC Reaches Compensation Deal With Barzen
-----------------------------------------------------------
The Australian Securities & Investments Commission has reached an
agreement to settle its actions against Barzen Pty Ltd (formerly
Dukes Financial Services Pty Ltd) and Joseph Dukes for $1 million.
This settlement is subject to the approval of the Federal Court.

If approved by the court, the Dukes' settlement should result in
compensation being paid by Dukes to eligible investors.

In April 2008, ASIC initiated class actions against Dukes to seek
compensation for clients who invested in certain financial
products issued by various companies within the failed Westpoint
Group on the advice of Dukes (or its representatives).  The claim
alleges that Dukes negligently advised Group Members to invest in
certain Westpoint products and engaged in misleading and deceptive
conduct.

This settlement is the sixth reached by ASIC as part of its
compensation proceedings commenced on behalf of Westpoint
investors and reflects the Commission's priority to assist and
protect retail investors.  The settlement was reached without any
admission of liability by Dukes.

The process for approval of the settlement will include:

   * ASIC writing to Group Members to provide details of the
     compensation they may receive and to advise them of their
     right to lodge any objection to the settlement with the
     Court;

   * ASIC placing an advertisement in a national newspaper
     advising that a settlement of the proceedings will shortly
     be considered by the Court;
   * the parties and the Court obtaining a final determination
     as to who will receive compensation under the settlement;
     and

   * the Court considering submissions from ASIC, Dukes and any
     Group Member as to why the settlement should or should not
     be approved.

Following ASIC's application to seek approval of the settlement,
the Court made orders on September 10, 2010.  ASIC will now
contact Group Members, provide details of the compensation they
will likely receive, and advise them of their right to object to
the settlement.  The Court will hear submissions for and against
the approval of the settlement at 9:30 a.m. on November 3, 2010.

In the event the settlement is approved, ASIC anticipates that 70
percent of the settlement sum will be distributed in January 2011
with the balance distributed in November 2011.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property development
and owns or manages retail and commercial properties with a total
value of over AU$300 million.  The Group's troubles began in 2005
when the Australian Securities and Investments Commission
commenced investigations on 160 companies within the Westpoint
Group.  The ASIC's investigation led to ASIC initiating action in
late 2005 in the Federal Court of Australia against a number of
mezzanine companies in the Westpoint Group, including winding up
proceedings.  The ASIC contends that Westpoint projects are
suffering from significant shortfall of assets over liabilities so
that hundreds of investors are at serious risk of not receiving
repayment of their investments.  The ASIC also sought wind-up
orders after the Westpoint companies failed to comply with its
requirement to lodge accounts for certain financial years.  These
wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had applied
to wind up the company on grounds of insolvency.  The ASIC
believes that Westpoint Corporation is responsible for arranging,
managing and coordinating Westpoint Group's property projects as
well as holding money for other group companies.  The ASIC was
concerned that Westpoint Corporation was unable to pay its debts,
including its obligations under the guarantees given to the
mezzanine companies to make good expected shortfalls in the
repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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


EGANA OF SWITZERLAND: Middleton and Power Appointed as Liquidators
------------------------------------------------------------------
Mr. Edward Simon Middleton and Mr. Fergal Thomas Power on July 23,
2010, were appointed as liquidators of Egana of Switzerland (Far
East) Limited.

The liquidators may be reached at:

          Edward Simon Middleton
          Fergal Thomas Power
          KMPG
          8th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


EMPIRE ONE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of Empire One Trading Limited.

The official receiver is E T O'Connell.


GAINWAY CLEANING: Court to Hear Wind-Up Petition on October 13
--------------------------------------------------------------
A petition to wind up the operations of Gainway Cleaning Limited
will be heard before the High Court of Hong Kong on October 13,
2010, at 9:30 a.m.


GLOBAL WEALTH: Court to Hear Wind-Up Petition on October 27
-----------------------------------------------------------
A petition to wind up the operations of Global Wealth Creation
Limited will be heard before the High Court of Hong Kong on
October 27, 2010, at 9:30 a.m.


GOLD ACT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of Gold Act Investment Limited.

The official receiver is E T O'Connell.


GREAT PACIFIC: Court to Hear Wind-Up Petition on October 20
-----------------------------------------------------------
A petition to wind up the operations of Great Pacific Textile
Limited will be heard before the High Court of Hong Kong on
October 20, 2010, at 9:30 a.m.


HEALTHFULAIR LIMITED: Court to Hear Wind-Up Petition on October 20
------------------------------------------------------------------
A petition to wind up the operations of Healthfulair Limited will
be heard before the High Court of Hong Kong on October 20, 2010,
at 9:30 a.m.


HK CHANG: Creditors' Meeting Set for September 27
-------------------------------------------------
Creditors of Hong Kong Chang Hong Industrial Co., Limited will
hold their meeting on September 27, 2010, at 10:00 a.m., for the
purposes provided for in Section 245 of the Companies Ordinance.

The meeting will be held at 2303-7, Dominion Centre, 43-59 Queen's
Road East, in Hong Kong.


JOYWORLD LIMITED: Chiong and Sutton Step Down as Liquidators
------------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Joyworld Limited on July 26, 2010.


LEHMAN BROTHERS ASIA: Creditors' Proofs of Debt Due December 10
---------------------------------------------------------------
Creditors of Lehman Brothers Asia Limited, which is in
liquidation, are required to file their proofs of debt by Dec. 10,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         KMPG
         27/F Alexandra House
         18 Chater Road
         Central, Hong Kong


LEHMAN BROTHERS COMMERCIAL: Creditors' Proofs of Debt Due Dec. 10
-----------------------------------------------------------------
Creditors of Lehman Brothers Commercial Corporation Asia Limited,
which is in liquidation, are required to file their proofs of debt
by December 10, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         c/o KMPG
         27/F Alexandra House
         18 Chater Road
         Central, Hong Kong


LEHMAN BROTHERS FUTURES: Creditors' Proofs of Debt Due December 10
------------------------------------------------------------------
Creditors of Lehman Brothers Futures Asia Limited, which is in
liquidation, are required to file their proofs of debt by Dec. 10,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         c/o KMPG
         27/F Alexandra House
         18 Chater Road
         Central, Hong Kong


LEHMAN BROTHERS NOMINEES: Creditors' Proofs of Debt Due Dec. 10
---------------------------------------------------------------
Creditors of Lehman Brothers Nominees (H.K.) Limited, which is in
liquidation, are required to file their proofs of debt by Dec. 10,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         c/o KMPG
         27/F Alexandra House
         18 Chater Road
         Central, Hong Kong


LEHMAN BROTHERS SECURITIES: Creditors' Proofs of Debt Due Dec. 10
-----------------------------------------------------------------
Creditors of Lehman Brothers Securities Asia Limited, which is in
liquidation, are required to file their proofs of debt by Dec. 10,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         c/o KMPG
         27/F Alexandra House
         18 Chater Road
         Central, Hong Kong


LOYAL KINGDOM: Lam and Hague Step Down as Liquidators
-----------------------------------------------------
Rainier Hok Chung Lam and David Richard Hague stepped down as
liquidators of Loyal Kingdom International Limited on August 19,
2010.


NEW PROSPECT: Court to Hear Wind-Up Petition on October 20
----------------------------------------------------------
A petition to wind up the operations of New Prospect Development
Limited will be heard before the High Court of Hong Kong on
October 20, 2010, at 9:30 a.m.

China Everbright Holdings Company Limited filed the petition
against the company on August 16, 2010.

The Petitioner's solicitors are:

          Li & Partners
          Rooms 2201-03, 22/F
          World Wide House
          19 Des Voeux Road Central
          Hong Kong


OPUS COLLECTION: Court to Hear Wind-Up Petition on October 13
-------------------------------------------------------------
A petition to wind up the operations of Opus Collection Limited
will be heard before the High Court of Hong Kong on October 13,
2010, at 9:30 a.m.

Ratnaraj filed the petition against the company on August 10,
2010.

The Petitioner's solicitors are:

          Hui & Lam
          Room 1505-6, 15th Floor
          The Center,
          99 Queen's Road Central
          Hong Kong


ORO DESIGN: Middleton and Power Appointed as Liquidators
--------------------------------------------------------
Edward Simon Middleton and Fergal Thomas Power of KMPG on July 23,
2010, were appointed as liquidators of Oro Design Limited.

The liquidators may be reached at:

          Edward Simon Middleton
          Fergal Thomas Power
          c/o KMPG
          8th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


PHILMA PETROLEUM: Creditors' Proofs of Debt Due September 27
------------------------------------------------------------
Creditors of Philma Petroleum Limited, which is in liquidation,
are required to file their proofs of debt by September 27, 2010,
to be included in the company's dividend distribution.

The company's liquidator is:

         E T O'Connell
         10th Floor, Queensway
         Government Offices
         66 Queensway, Hong Kong


SERVICE CENTRE: Creditors' Proofs of Debt Due September 29
----------------------------------------------------------
Creditors of Service Centre (Hong Kong Inter-Association) Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by September 29, 2010, to be included in the
company's dividend distribution.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          35th Floor, One Pacific Place
          88 Queensway
          Hong Kong


SINO FAME: Creditors' Proofs of Debt Due September 24
-----------------------------------------------------
Creditors of Sino Fame Technology Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 24, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

          Fok Hei Yu
          Roderick John Sutton
          14/F The Hong Kong Club Building
          Central, Hong Kong


SUNNEL INVESTMENTS: Fung and Pang Step Down as Liquidators
----------------------------------------------------------
Fung Wing Yuem and Pang Ho Choi Robin stepped down as liquidators
of Sunnel Investments Limited on August 18, 2010.


TEAM BRIGHT: Court to Hear Wind-Up Petition on September 29
-----------------------------------------------------------
A petition to wind up the operations of Team Bright Corporation
Limited will be heard before the High Court of Hong Kong on
September 29, 2010, at 9:30 a.m.


TEAMTEX TEXTILE: Chiong and Sutton Step Down as Liquidators
-----------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Teamtex Textile Limited on August 5, 2010.


TECH WISE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of Tech Wise China (Holdings) Limited.

The official receiver is E T O'Connell.


UNITED CENTURY: Creditors' Meeting Set for September 24
-------------------------------------------------------
Creditors of United Century Book Services Limited will hold their
meeting on September 24, 2010, at 9:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at 22/F, On Hong Commercial Bldg., 145
Hennessy Rd., Wanchai, in Hong Kong.


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


AIR INDIA: To Raise US$1.15BB to Refinance Aircraft Purchase Loan
-----------------------------------------------------------------
The Economic Times reports that Air India Ltd. will now float a
fresh tender to raise US$1.15 billion for refinancing its aircraft
purchase loan.

According to the report, the airline will make an offer to banks
in about four to five weeks with an aircraft as the most-likely
collateral to the lender, though the airline says it could be a
government guarantee as well, but not both.

"We are floating the tender afresh since only one level of
security is proposed to be offered -- either the government
guarantee or the aircraft," the airline told ET in an emailed
response.

The report notes that the civil aviation ministry has made its
stand clear that since Air India has not defaulted on any interest
payments, a double guarantee was not needed.

                           About Air India

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

                           *     *     *

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

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


ANGADPAL INDUSTRIES: ICRA Rates INR8.2cr LT Bank Debts at 'LBB'
---------------------------------------------------------------
ICRA has assigned the 'LBB' rating to INR8.2 crore long term fund
based bank lines of Angadpal Industries Private Limited.  The
outlook for the long term rating is stable.  ICRA has also
assigned the 'A4' rating to INR0.1 crore fund based short term
bank lines of the company.

The ratings are supported by the comfortable working capital
intensity, promoter's experience in the textile industry and
company's established relationship with customers.  ICRA notes
that the company has achieved gradual turnaround in financial
profile on basis of modernization of its plant and augmentation of
existing capacity to cater to increasing volumes from customers.
Further improvement in financial profile will depend on
stabilization of new phase, increase in turnover resulting better
absorption of fixed overheads.  The ratings are however
constrained by the weak financial indicators characterized by
stretched capital structure, weak coverage indicators and strained
cash flows of the company.  Capital structure of the company
remains stretched as result of low accruals to reserves and
increase in debt to support capacity expansion and modernization
programme of the company.  Though company enjoys moderate
operating margins, depreciation charge and interest charges have
impacted net margins. Customer concentration remains moderately
high which can be linked to the small scale of operations of the
company.

                     About Angadpal Industries

Angadpal Industries had taken over erstwhile Sant Hari Silk Mills
Private Limited in 1993 and was converted from weaving unit to
processing house.  The company, a part of the Pal group of
companies, is owned and managed by Mr. Jagjit Singh Arora and his
family members.  Pal group of companies comprise of trading
companies and weaving unit under Pal Synthetics Private Limited,
all owned and controlled by promoter family. The day to day
operations of the company are managed by Mr. Rapinderpal Singh
Arora, son of the promoter Mr. Jagjit Singh Arora.  API is fabric
processing arm of the group with factory set up in the MIDC area
of Tarapur and having estimated production (processing) capacity
of 24 million meters per annum.

Recent Results

For year ended March 31, 2010, the company recorded a PAT of
INR1.2 crore on operating income of INR23.8 crore (based on
unaudited numbers).  The company recorded net profit of
INR0.4 crore on operating income of INR6.9 crore (based on
unaudited numbers).


DEVASHREE FOODS: CRISIL Cuts Rating on INR197.7MM LT Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on Devashree Foods Pvt Ltd's bank
facilities to 'D' from 'BB-/Stable'.

   Facilities                          Ratings
   ----------                          -------
   INR197.7 Million Long-Term Loan     D (Downgraded from
                                          BB-/Stable)
   INR75.0 Million Cash Credit         D (Downgraded from
                                          BB/Stable)

The downgrade reflects delays by Devashree in servicing its term
loan during the period from June to August 2010.  The delays have
been caused by Devashree's weak liquidity.  In 2009-10 (refers to
financial year, April 1 to March 31), Devashree undertook a
capital expenditure (capex) programme of around INR250 million for
setting up a plant for manufacturing creamer cups, egg replacers
for cakes, and non-dairy whipping cream.  The company contracted a
term loan of INR197.7 million for the capex.  The first instalment
payment on the loan was due in June, 2010.  Devashree has
requested its banker to reschedule the term loan, which the banker
has not yet approved of.

Devashree faces severe challenges in generating volumes in its new
product lines.  Some of its recently launched products, such as
creamer cups, which are relatively new to the Indian market, have
taken more-than-expected time for market penetration.  In
addition, Devashree's small net worth, high gearing, and moderate
debt protection indicators severely constrain its financial risk
profile.  However, the company continues to benefit from its focus
on niche segments, association with Schreiber Dynamix Dairies Ltd
(rated'AA-/Stable/P1+' by CRISIL), and promoters' extensive
experience in the dairy industry.

                       About Devashree Foods

Devashree was incorporated in 2000.  The company markets and
distributes dairy products such as cooking butter, processed
cheese, and skimmed milk powder.  In 2009-10, the company
commenced manufacture of creamer cups, egg replacers for cakes,
and non-dairy whipping cream.

Devashree reported, on provisional basis, a net loss of INR41
million on net sales of INR196 million for 2009-10 (refers to
financial year, April 1 to March 31); it reported a profit after
tax of INR2 million on net sales of INR159 million for 2008-09.


ETA ENGINEERING: CRISIL Cuts Rating on INR120MM LT Loan to 'C'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of ETA
Engineering Pvt Ltd to 'C/P4' from 'BBB+/P2' and removed the
rating from 'Rating Watch with Negative Implications'.

   Facilities                          Ratings
   ----------                          -------
   INR120.00 Million Long-Term Loan    C (Downgraded from 'BBB+';
                                          Removed from 'Rating
                                          Watch with Negative
                                          Implications')

   INR995.00 Million Cash Credit       C (Downgraded from 'BBB+';
                                          Removed from 'Rating
                                          Watch with Negative
                                          Implications')

   INR5221.50 Million Letter of        P4 (Downgraded from 'P2';
   Credit/Bank Guarantee                   Removed from 'Rating
                                           Watch with Negative
                                           Implications')

The downgrade reflects delays in payment of interest on term loans
(not rated by CRISIL) contracted by ETA Eng's logistics division.
The delays have been caused by lack of timely financial support
from ETA Eng's ultimate parent, the Dubai-based ETA group.

In 2006, the ETA group ventured into multi-modal logistics
business by obtaining license from the Indian Railways (IR)
through ETA Eng to meet the eligibility norms laid down by IR; the
logistics business was supposed to be hived off into a separate
company on or before March 31, 2010, after obtaining the required
clearances.  The total project cost for setting up the logistics
division was estimated to be INR4.70 billion, including INR3.23
billion of debt; INR2.70 million was spent till June 2010.  The
transfer of the logistics division got delayed because of
deterioration in the credit risk profile of the ETA group.
Furthermore, the ETA group was likely to continue extending full
support to ETA Eng's logistics division till its transfer. The
heating, ventilation, and air-conditioning (HVAC) division of ETA
Eng, though healthy, will not support the logistics business as
per management's policy.  The lack of timely support from the ETA
group led to delays by ETA Eng in paying the interest components
on its term loans.

The rating continues to reflect ETA Eng's sizeable order book in
the HVAC segment, its status as an established player in the air-
conditioning solutions market, with integrated operations and
strong execution capabilities, and the above-average financial
risk profile of the company's HVAC division. These rating
strengths are partially offset by ETA Eng's tender-based business,
exposure to intense competition in the air-conditioning solutions
business, working-capital-intensive operations, the pressures it
is faced with in its engineering division because of the current
slowdown in the infrastructure sector, and by its capital-
intensive logistics division.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ETA Eng and its subsidiary, Alpha Duct
Pvt Ltd, which manufactures conventional ducts for captive use by
ETA Eng.

                       About ETA Engineering

Incorporated in 1994, ETA Eng undertakes HVAC projects,
electromechanical projects and services (EMPS), and mechanical,
electrical, and plumbing (MEP) works.  The company also ventured
into multi-modal logistics services in 2006.  ETA Eng has two
manufacturing plants with capacity to manufacture a wide range of
ductable split units and HVAC units.  ETA Eng is a subsidiary of
Electromechanical Technical Associates Ltd, Mauritius, owned by
Emirates Trading Agency LLC, Dubai, which is part of Dubai-based
industrial conglomerate, the ETA group, which includes the ETA-
ASCON group of companies and the ETA-Star group of companies.

For 2008-09 (refers to financial year, April 1 to March 31), ETA
Eng (consolidated) reported a net loss of INR8.0 million on net
sales of INR5.8 billion, against a profit after tax of INR79.0
million on net sales of INR3.5 billion for the previous year.


FINE FACETS: CRISIL Places 'P4' Rating on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of Fine
Facets (I) Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR30.00 Million Packing Credit          P4 (Assigned)
   INR50.00 Million Post Shipment Credit    P4 (Assigned)
   INR18.00 Million Proposed Packing        P4 (Assigned)
    Credit/Post Shipment Credit

The rating reflects FFIPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics,
and exposure to risks related to a small scale of operations and
to working capital intensity of operations.  These rating
weaknesses are partially offset by the benefits that FFIPL derives
from its promoters' experience in the diamond industry.

Incorporated in 2005 by the Mehta family of Maharashtra, FFIPL
manufactures and trades in large sized polished solitaires.  It
also manufactures gold, silver, and diamond-studded jewellery
which is usually sold in the domestic market.  The company mainly
exports its products to Belgium, USA, the Middle East, Hong Kong,
and Sri Lanka.

FFIPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR232 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.6 million on net sales
of INR247 million for 2008-09.


GUHAN TEXTILE: Delay in Loan Repayment Cues CRISIL's 'D' Ratings
----------------------------------------------------------------
CRISIL has assigned its 'D/P4' ratings to the bank facilities of
Guhan Textile Mills Pvt Ltd, which is part of the Parani group.
The ratings reflect delay by Guhan in servicing its term loan.
The delay has been caused by the Parani group's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR75.60 Million Long Term loan      D (Assigned)
   INR92.50 Million Cash Credit         D (Assigned)
   INR20.00 Million Adhoc Limit         D (Assigned)
   INR12.90 Million Deposit Cum         P4 (Assigned)
                Demand Loan
   INR15.00 Million Bill Discounting    P4 (Assigned)
   INR42.50 Million Letter of Credit    P4 (Assigned)
   INR5.00 Million Bank Guarantee       P4 (Assigned)

The Parani group has a weak financial risk profile, marked by weak
liquidity, high gearing, and weak debt protection metrics, and is
susceptible to volatility in raw material prices and to power
shortage.  However, the group benefits from its moderate scale of
operations ? it has around 76,000 spindles at its mill in Dindigul
(Tamil Nadu), and from its promoters' experience in the cotton
yarn segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Guhan and Parani Spinning Mills Pvt Ltd
(PSMPL), together referred to as the Parani group.  This is
because both the companies are in the same line of business, and
have a common management, common procurement and marketing
strategies, and fungible funds.

                            About the Group

Established in 1992 by Mr. M Krishnaswamy, Guhan manufactures
cotton yarn in counts ranging from 30s to 60s at its spinning
facility in Dindigul.  The company, on a standalone basis, has
37,536 spindles.

Set up in 1988, PSMPL has 38,912 spindles at its mill which is
near Guhan's mill.

The Parani group reported a net loss of INR40 million on net sales
of INR763 million for 2008-09 (refers to financial year, April 1
to March 31), against a net loss of INR34 million on net sales of
INR849 million for 2007-08.


PARANI SPINNING: CRISIL Assigns 'D' Rating to INR129.4MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P4' ratings to the bank facilities of
Parani Spinning Mills Pvt Ltd, which is part of the Parani group.
The ratings reflect delay by PSMPL in servicing its term loan.
The delay has been caused by the Parani group's weak liquidity.

   Facilities                                Ratings
   ----------                                -------
   INR129.40 Million Long-Term Loan          D (Assigned)
   INR92.50 Million Cash Credit              D (Assigned)
   INR20.00 Million Adhoc Limit              D (Assigned)
   INR1.40 Million Deposit Cum Demand Loan   P4 (Assigned)
   INR20.00 Million Bill Discounting         P4 (Assigned)
   INR42.50 Million Letter of Credit         P4 (Assigned)
   INR5.00 Million Bank Guarantee            P4 (Assigned)

The Parani group has a weak financial risk profile, marked by weak
liquidity, high gearing, and weak debt protection metrics, and is
susceptible to volatility in raw material prices and to power
shortage.  However, the group benefits from its moderate scale of
operations -- it has around 76,000 spindles at its mill in
Dindigul (Tamil Nadu), and from its promoters' experience in the
cotton yarn segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PSMPL and Guhan Textile Mills Pvt Ltd,
together referred to as the Parani group.  This is because both
the companies are in the same line of business, and have a common
management, common procurement and marketing strategies, and
fungible funds.

                          About the Group

Established in 1988 by Mr. M Krishnaswamy, PSMPL manufactures
cotton yarn in counts ranging from 30s to 60s at its spinning
facility in Dindigul.  The company, on a standalone basis, has
38,912 spindles.

Set up in 1992, Guhan has 37,536 spindles at its mill which is
near PSMPL's mill.

The Parani group reported a net loss of INR40 million on net sales
of INR763 million for 2008-09 (refers to financial year, April 1
to March 31), against a net loss of INR34 million on net sales of
INR849 million for 2007-08.


PHOENIX TRANSMISSION: CRISIL Assigns 'BB-' Rating to INR75MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Phoenix
Transmission Products Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR110.0 Million Cash Credit Limit     BB-/Stable (Assigned)
   INR75.0 Million Term Loan              BB-/Stable (Assigned)

The rating reflects Phoenix's short track record of operations and
below-average financial risk profile, marked by a high gearing,
small net worth, and weak debt protection metrics.  These rating
weaknesses are partially offset by the experience of Phoenix's
promoters in the aluminium rod manufacturing business, and healthy
growth prospects for the power sector.

Outlook: Stable

CRISIL believes that Phoenix will continue to have a weak
financial risk profile, driven by large debt contracted for
setting up its aluminium conductor manufacturing unit.  The
outlook may be revised to 'Positive' if Phoenix reports higher-
than-expected operating income growth and profitability, or more-
than-expected improvement in its gearing over the medium term.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a significant debt-funded capital expenditure
programme, leading to further increase in its gearing, or it
witnesses a sharp decline in operating income and profitability.

                    About Phoenix Transmission

Set up in 2009, Phoenix commenced commercial operations in April,
2010. Phoenix manufactures aluminium and aluminium alloys, such as
aluminium conductor steel reinforced all aluminium conductors, all
aluminium alloy conductors, and aerial bundled conductors of
different sizes as per Bureau of Indian Standards (BIS)
specifications.  These conductors are mainly used in transmission
and distribution systems to carry the generated electrical energy
from the generating station to the end user.  The company carries
out the manufacturing of aluminium conductors at its plant at
Panchkula (Haryana), spread over 3.7 acres, and having an annual
capacity of 12,000 tonnes for different types of aluminium
conductors.


PINK STAR: CRISIL Assigns 'B' Rating to INR33.8M WC Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
facilities of Pink Star; the export packing and post-shipment
credit facilities were earlier short-term facilities which were
rated'P4' by CRISIL.

   Facilities                               Ratings
   ----------                               -------
   INR33.80 Million Working Capital Term    B/Stable (Assigned)
                                    Loan
   INR40.00 Million Export Packing Credit   B/Stable (Reassigned)
   INR170.00 Million Post-Shipment Credit   B/Stable (Reassigned)

The rating reflects Pink Star's weak financial risk profile marked
by small net worth, high gearing, and weak debt protection
metrics, and small scale of operations.  These rating weaknesses
are partially offset by Pink Star's promoters' experience in the
diamond cutting and polishing business.

Outlook: Stable

CRISIL believes that Pink Star will continue to benefit over the
medium term from stable cash accruals and healthy demand growth
for the gems and jewellery industry.  The outlook may be revised
to 'Positive' if Pink Star generates more-than-expected cash
accruals and improves its working capital cycle.  Conversely, the
outlook may be revised to 'Negative' in case of lesser-than-
expected cash accruals or deterioration in the firm's working
capital cycle.

                          About Pink Star

Established in 1977, Pink Star is the flagship entity of the
Shreeji group, which is a family-run business.  The firm
manufactures and exports cut and polished diamonds.  The firm is
currently managed by Mr. Pravin Shah and his brother Mr. Vinod
Shah.

Pink Star's profit after tax (PAT) and net sales are estimated to
be INR5.5 million and INR620.8 million, respectively, for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR5.5 million on net sales of INR661.6 million for 2008-09.


K CHANDRAKANT: CRISIL Assigns 'BB-' Rating to INR353.7MM Debt
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term bank
facilities of K Chandrakant & Co; these facilities were earlier
short-term facilities, which were rated 'P4+' by CRISIL.

   Facilities                          Ratings
   ----------                          -------
   INR353.7 Million Post-Shipment      BB-/Stable (Reassigned)
                           Credit      BB-/Stable (Reassigned)
   INR89.3 Million Packing Credit
   INR107 Million Proposed LT Bank     BB-/Stable (Reassigned)
                       Facility

CRISIL's rating on the bank facilities of K Chandrakant continues
to reflect the firm's average scale of operations, geographical
concentration in revenue profile, and declining profitability.
These rating weaknesses are partially offset by K Chandrakant's
established market position, backed by a strong track record of
around five decades, in the diamond business.

Outlook: Stable

CRISIL believes that K Chandrakant will continue to benefit from
its established customer relationships, over the medium term. The
outlook may be revised to 'Positive' in case of a significant
increase in the firm's net worth in proportion to the growth in
outside liabilities, leading to sustained improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if K Chandrakant's profitability deteriorates
significantly, thereby adversely affecting its cash accruals, or
if growth in capital is not commensurate with growth in the firm's
liabilities.

                        About K Chandrakant

K Chandrakant was set up as a partnership firm in 1958 by Mr.
Chhabildas Shah, Mr. Kantilal Shah, and Mr. Chandrakant Doshi.  It
manufactures, and trades in, cut and polished diamonds. Its
manufacturing facilities are in Surat (Gujarat) and Mumbai.  The
firm derives about 90 per cent of its revenues from the US market.
K Chandrakant has eight partners?three founder partners, and their
five sons.

For 2009-10 (refers to financial year, April 1 to March 31), K
Chandrakant reported a profit after tax (PAT) of INR20.2 million
on net sales of INR2.25 billion, against a PAT of INR7.5 million
on net sales of INR1.41 billion for 2008-09.


LAKSHMI KALYANI: CRISIL Cuts Rating on INR133MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the term loan facility of
Lakshmi Kalyani Ingots Pvt Ltd, a part of the Venkateshwara group,
to 'D' from 'C', while reaffirming the rating on the company's
cash credit facility at 'C'.

   Facilities                           Ratings
   ----------                           -------
   INR133 Million Long-Term Loan        D (Downgraded from 'C')
   INR60 Million Cash Credit Limit      C (Reaffirmed)

The rating downgrade is driven by LKIPL's continuous delays in
servicing the term loan over the 12 months through August 2010,
because of weak liquidity.

The Venkateshwara group also has a below-average financial risk
profile by high gearing, small net worth, weak debt protection
measures and weak liquidity.  The group, however, has moderate
operating efficiencies, derived from group synergies, and an
experienced management.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LKIPL and Shree Venkateshwara Sponge &
Power Pvt Ltd, together referred to as the Venkateshwara group;
this is because the two companies have business linkages as well
as inter-company transactions.  Furthermore, LKIPL procures around
50 per cent of its sponge iron requirement from SVSP

                          About the Group

Promoted by Mr. Bhavani Prasad in 2005, the Venkateshwara group is
engaged in manufacturing sponge iron and steel ingots.  LKIPL,
which manufactures steel ingots and thermo-mechanically-treated
(TMT) bars, has a production capacity of 22,500 tonnes per annum
(tpa) for steel ingots and 72,000 tpa for TMT bars. SVSPPL, which
manufactures sponge iron, has a production capacity of 50,000 tpa.
Around 30 per cent of SVSPPL's production is supplied to LKIPL.

The Venkateshwara group, on a provisional basis, reported a net
loss of INR20.0 million on net sales of INR469.5 million for 2009-
10 (refers to financial year, April 1 to March 31); it had
reported a net loss of INR21.8 million on net sales of INR555.1
million for 2008-09.

For 2009-10, LKIPL (standalone), on a provisional basis, reported
a net loss of INR27.3 million on net sales of INR129.9 million; it
had reported a net loss of INR17.7 million on net sales of
INR233.5 million for 2008-09.

SVSPPL (standalone), on a provisional basis, reported a profit
after tax (PAT) of INR7.4 million on net sales of INR340.7 million
for 2009-10; it had reported a net loss of INR24.1 million on net
sales of INR321.6 million for 2008-09.


MOTHER'S PET: CRISIL Assigns 'BB+' Rating to INR74.3MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Mother's Pet Kindergarten, which is part of the Mother's Pet
group.

   Facilities                            Ratings
   ----------                            -------
   INR74.3 Million Rupee Term Loan       BB+/Stable (Assigned)
   INR0.7 Million Proposed Long-Term     BB+/Stable (Assigned)
                  Bank Loan Facility

The rating reflects MPKG's relatively small scale of operations
and risks associated with the company's ongoing capacity expansion
project.  These rating weaknesses are partially offset by the
healthy financial risk profile, marked by low gearing and strong
debt protection metrics, and established market position in the
pre-nursery education sector in Nagpur (Maharashtra).

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MPKG and Nagpur Estate Private Limited,
together referred to as the Mother's Pet group.  This is because
the entities are under a common management and have fungible cash
flows. Moreover, NEPL, which is the in-house construction company
of the Mother's Pet group, constructs and modifies buildings used
by MPKG and Centre Point Schools (CPS).

Outlook: Stable

CRISIL believes that MPKG will maintain its business risk profile
over the medium term, supported by its established brand in the
pre-nursery education segment in Nagpur.  The company is also
likely to maintain its healthy financial risk profile, supported
by comfortable debt protection metrics.  The outlook may be
revised to 'Positive' if the company increases its revenues and
improves its profitability by way of increasing its student
strength or fees significantly.  Conversely, the outlook may be
revised to 'Negative' if the company's, cash flows, and
consequently debt protection metrics, decline, most likely because
of time and cost overruns in its ongoing capacity expansion
project resulting in less-than-expected student intake.

                           About the Group

MPKG is a proprietorship concern founded by Mrs. Aruna Upadhyay in
1979. MPKG offers pre-school education to children between two and
five years of age, in four classes - pre-nursery, nursery, lower
kindergarten (KG-I) and upper kindergarten (KG-II).  It has four
branches in Nagpur with combined student strength of around 2500.
Mrs. Aruna Upadhyay has also started three schools under CPS
brand.  The schools are run by Mother's Pet Education Society
(MPES); Mrs. Aruna Upadhyay is the chairperson of the society.
The students of MPKG get direct admission to CPS after KG-II.

NEPL is a construction company; it constructs buildings for MPKG
and CPS.

MPKG reported a provisional profit after tax (PAT) of INR21
million on provisional net sales of INR75 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR17 million on net sales of INR42 million for 2008-09.


RAMKRUPA GINNING: CRISIL Rates INR99.9 Million Cash Credit at 'B'
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Ramkrupa Ginning and
Pressing Pvt Ltd's cash credit facility.

   Facilities                             Ratings
   ----------                             -------
   INR99.9 Million Cash Credit Facility   B/Stable (Assigned)

The rating reflects Ramkrupa's below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and exposure to risks related to adverse
regulatory changes.  These rating weaknesses are partially offset
by experience of Ramkrupa's promoters in the cotton ginning
industry.

Outlook: Stable

CRISIL believes that Ramkrupa Ginning & Pressing Pvt Ltd will
continue to benefit from its promoters' extensive experience in
the cotton ginning industry over the medium term.  The outlook may
be revised to 'Positive' if the company's capital structure and
financial risk profile improves significantly, backed by
significant improvement in cash accruals and equity infusion.
Conversely, the outlook may be revised to 'Negative' if Ramkrupa's
cash accruals deteriorate because of a lower-than-expected
operating margin, or if the company's debt protection measures are
adversely affected because of a large, debt-funded capex.

                       About Ramkrupa Ginning

Incorporated in 2007 by Mr. Bipin Gondalia, Ramkrupa commenced
commercial operations in 2008.  The company, located at Gondal
(Gujarat), is in the cotton ginning and pressing business.  Its
plant has an installed capacity of 48 ginning machines.

Ramkrupa reported a provisional profit after tax (PAT) of around
INR7.1 million on estimated net sales of INR411 million for
2009-10 (refers to financial year, April 1 to March 31), against a
PAT of INR1.0 million on net sales of INR200 million for 2008-09.


RAMKRISHNA ELECTRICALS: CRISIL Reaffirms 'BB' Rating on Bank Debts
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ramkrishna Electricals
Ltd continue to reflect REL's below-average financial risk
profile, marked by weak debt protection metrics, and its small-
scale and working-capital-intensive operations in the power
transformer business.  These rating weaknesses are partially
offset by REL's established market position and strong growth
prospects for the transformer industry.

   Facilities                             Ratings
   ----------                             -------
   INR120.0 Million Cash Credit           BB/Stable (Reaffirmed)
   (Enhanced from INR105.0 Million)
   INR3.7 Million Proposed LT Bank        BB/Stable (Assigned)
                    Loan Facility
   INR30.0 Million Letter of Credit       P4+ (Reaffirmed)
   INR30.0 Million Bank Guarantee         P4+ (Reaffirmed)
   (Reduced from INR48.7 Million)

Outlook: Stable

CRISIL believes that REL will continue to benefit from its
established market position in the power transformer business.
The outlook may be revised to 'Positive' if REL scales up its
operations significantly, and strengthens its debt-servicing
ability.  Conversely, the outlook may be revised to 'Negative' if
the company's working capital position does not improve, or it
undertakes a larger-than-expected debt-funded capital expenditure
(capex) programme, thereby weakening its capital structure and
debt protection metrics.

Update

REL's revenues declined by 22 percent in 2009-10 (refers to
financial year, April 1 to March 31), to INR230 million from that
in 2008-09.  This is because a large number of orders could not be
executed due to delays in inspection of finished goods by its
clients.  The company's operating margin, however, has improved to
13.4 per cent in 2009-10 from 11.8 per cent in 2007-08 as a result
of better pricing by the company.

The interest coverage ratio has weakened to 1.17 times in 2009-10
from 1.91 times in 2008-09, as a result of an increase in interest
charges, following a rise in the company's working capital
requirements. The company's debtor level was high at 242 days as
on March 31, 2010.

REL's promoters have infused around INR30 million of equity
capital during the first quarter of 2010-11 to help the company
decrease its reliance on external borrowings and thereby lower its
interest charges.  As a result, the gearing of the company has
moderated to around 1 time as on August 31, 2010 from 1.36 times
as on March 31, 2010.  The promoters are likely to make fresh
capital infusion of INR30 million by December 2010 to fund REL's
increasing working capital requirements.

The company is expected to set up a facility in Chennai for around
INR15 million, of which INR10 million will be funded by term loans
and the remainder by equity capital. Despite this, the gearing is
likely to remain at current levels over the medium term.

REL reported a profit after tax (PAT) of INR0.98 million on net
sales of INR226 million for 2009-10, against a PAT of INR2.70
million on net sales of INR283 million for 2008-09.

                    About Ramkrishna Electricals

Set up in 1979 by Mr. S Ramlingam, REL (formerly, Arkays
Electricals), manufactures and distributes power transformers.
The company has manufacturing capacity of around 480,000 kilovolt
ampere (kVA) per annum at Nagpur.  In 2007-08, the company
amalgamated two of its group entities, M/s Ramco Power Equipments
and M/s Maharashtra Electricals, with itself.


SHYAM TEX: CRISIL Rates INR58.5 Million Term Loan at 'BB'
---------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Shyam Tex Exports Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR58.5 Million Term Loan                BB/Stable (Assigned)
   INR65.0 Million Packing Credit           P4+ (Assigned)
   INR20.0 Million Foreign Bills Purchase   P4+ (Assigned)
   INR30.0 Million Letter of Credit         P4+ (Assigned)

The ratings reflect STEL's small scale of operations, limited
track record, client concentration risk, and susceptibility to
adverse movements in cotton yarn prices.  These rating weaknesses
are partially offset by STEL's financial risk profile, marked by
moderate gearing levels and above average debt protection
measures, and moderate operating efficiencies.

Outlook: Stable

CRISIL expects STEL's financial risk profile to remain moderate
and its scale of operations to remain small (despite increasing)
over the medium term; STEL's revenues are expected to increase at
a compound annual growth rate (CAGR) of 25-30 per cent over the
medium term, supported by the company's capacity expansion and
establishment of relationships with key customers.  The outlook
may be revised to 'Positive' if STEL increases diversity in its
client profile, increases sales realizations, or generates more-
than-expected profitability while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company's financial flexibility weakens because of lower than
expected accruals from business or it undertakes larger-than-
expected debt-funded capital expenditure.

                          About Shyam Tex

STEL was established in 2007 by Mr. Vikas Aggarwal and Mr. Vinod
Aggarwal.  The company manufactures readymade garments (mainly t-
shirts, jackets, and pyjamas) and sells to reputed fashion brands
such as French Connection (FCUK), Gaastra, Guess, Just Brands,
Pall Mall, and Vanity Fare.  STEL's production unit is in
Faridabad (Haryana); it can manufacture about 1.8 million pieces
per annum.

STEL reported a profit after tax of INR3.2 million on net sales of
INR255.2 million for 2009-10 (refers to financial year, April 1 to
March 31), against INR0.5 million and INR173.6 million,
respectively, for 2008-09.


SHREE VENKATESHWARA: CRISIL Reaffirms 'D' Rating on INR178MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Venkateshwara
Sponge & Power Pvt Ltd, a part of the Venkateshwara group,
continue to reflect the default by SVSPPL in servicing its term
loan obligations.  The company has been in default over the 12
months through August 2010, because of weak liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR178 Million Long-Term Loan           D (Reaffirmed)
   INR65 Million Cash Credit Limit         C (Reaffirmed)
   INR60 Million Bills Discounting Limit   P4 (Reaffirmed)
   INR50 Million Letter of Credit Limit    P4 (Reaffirmed)

The Venkateshwara group also has a below-average financial risk
profile marked by high gearing, small net worth, weak debt
protection measures and weak liquidity.  The group, however, has
moderate operating efficiencies, derived from group synergies, and
an experienced management.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVSPPL and Lakshmi Kalyani Ingots Pvt
Ltd, together referred to as the Venkateshwara group; this is
because the two companies have business linkages as well as inter-
company transactions.  Furthermore, LKIPL procures around 50 per
cent of its sponge iron requirement from SVSPPL.

Promoted by Mr. Bhavani Prasad in 2005, the Venkateshwara group is
engaged in manufacturing sponge iron and steel ingots.  LKIPL,
which manufactures steel ingots and thermo-mechanically-treated
(TMT) bars, has a production capacity of 22,500 tonnes per annum
(tpa) for steel ingots and 72,000 tpa for TMT bars.  SVSPPL, which
manufactures sponge iron, has a production capacity of 50,000 tpa.
Around 30 per cent of SVSPPL's production is supplied to LKIPL.

The Venkateshwara group, on a provisional basis, reported a net
loss of INR20.0 million on net sales of INR469.5 million for
2009-10 (refers to financial year, April 1 to March 31); it had
reported a net loss of INR21.8 million on net sales of
INR555.1 million for 2008-09.

SVSPPL (standalone), on a provisional basis, reported a profit
after tax (PAT) of INR7.4 million on net sales of INR340.7 million
for 2009-10; it had reported a net loss of INR24.1 million on net
sales of INR321.6 million for 2008-09.

For 2009-10, LKIPL (standalone), on a provisional basis, reported
a net loss of INR27.3 million on net sales of INR129.9 million; it
had reported a net loss of INR17.7 million on net sales of
INR233.5 million for 2008-09.


SREE RAYALASEEMA: Delay in Loan Repayment Cues CRISIL's 'D' Rating
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Sree
Rayalaseema Sugar & Energy Pvt Ltd.  The rating reflects delay by
SRSEPL in servicing its term loan; the delay has been caused by
SRSEPL's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR14.90 Million Long Term Loan      D (Assigned)
   INR150.00 Million Cash Credit        D (Assigned)

SRSEPL has a below-average financial risk profile, marked by low
cash accruals, high gearing, and weak debt protection metrics.  It
is also exposed to risks related to working-capital-intensive
operations, and to adverse regulatory changes.  However, SRSEPL
benefits from its promoters' extensive experience in the sugar
industry.

SRSEPL acquired Nandyal Coperative Sugars Ltd, a state government
entity, in 2002.  It manufactures sugar, and by-products molasses,
and bagasse.  The company's sugar mill in Nandyal (Andhra Pradesh)
has capacity to crush 1250 tonnes of sugarcane per day.

SRSEPL reported a provisional profit after tax (PAT) of INR10.4
million on net sales of INR 171.7 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR5.6
million on net sales of INR 195.5 million for 2008-09.


SURAT GLASS: CRISIL Places 'D' Rating on INR173.3MM Term Loan
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Surat
Glass India Pvt Ltd to 'D' from 'B+/Stable'.  The downgrade
reflects delays by SGIPL in servicing its term loan.  The delays
have been caused by SGIPL's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    D (Downgraded from
                                          'B+/Stable')
   INR173.3 Million Term Loan           D (Downgraded from
                                          'B+/Stable')

SGIPL has a weak financial risk profile, marked by weak liquidity,
high gearing, and small net worth, and large working capital
requirements.  The company, however, benefits from the experience
of its promoters in the glass industry, and the assured offtake of
glass bottles because of its tie-up with M/s Jai Glass Works.

                         About Surat Glass

Promoted by Mr. Dayabhai Kanjibhai Sekhaliya in 2008, SGIPL
manufactures glass bottles.  Its unit in Surat, Gujarat, has
capacity to manufacture 142 tonnes of glass bottles per day. The
company began commercial operations in January 2010.  It caters
mainly to the soft drinks, liquor, milk, and pharmaceutical
industries.

SGIPL reported, on provisional basis, net sales of INR92.2 million
for 2009-10 (refers to financial year, April 1 to March 31).


UNIFY TEXTURISERS: CRISIL Puts 'BB+' Rating on INR247.6MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Negative' rating to the bank
facilities of Unify Texturisers Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR247.6 Million Long-Term Loan      BB+/Negative (Assigned)
   INR160.0 Million Cash Credit         BB+/Negative (Assigned)
   INR742.4 Million Proposed LT Bank    BB+/Negative (Assigned)
                 Loan Facility

The rating reflects the expected deterioration in Unify's
financial risk profile because of large, debt-funded capital
expenditure (capex) plans, and the company's limited pricing
flexibility in the partially oriented yarn (POY) industry because
of concentration of capacities with large players, which control
the pricing. These weaknesses are partially offset by the benefits
that Unify derives from its improved operating efficiency because
of backward integration initiatives, and its promoters' extensive
experience in the texturising business.

Outlook: Negative

CRISIL believes that Unify's financial risk profile will
deteriorate over the medium term because of the company's
aggressive, debt-funded capex plans.  The rating may be downgraded
in case of delays in stabilization of enhanced capacities,
significant cost overruns in the project, and/or more-than-
expected weakening of the company's financial risk profile.
Conversely, the outlook may be revised to 'Stable' in case of
successful stabilization of the new capacities, leading to a
substantial increase in Unify's net cash accruals over the medium
term.

                       About Unify Texturisers

Incorporated in 2007, Unify is promoted by the Dhorajiwala family.
The company manufactures various varieties of yarns such as semi-
dull textured yarn, cationic yarn, and coloured full-doped yarn.
It has also integrated backwards into POY manufacturing.  Unify
has an installed manufacturing capacity of 24,000 tonnes per annum
(tpa) for texturising and 2000 tpa for producing polyester
filament yarn.  After the proposed capex its the texturising
capacity would increase to 60000 tonnes per annum (tpa), whereas
the POY capacity will remain at 32400 tonnes per annum (TPA).

Unify reported a profit after tax (PAT) of INR68 million on net
sales of INR2.1 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a loss of INR10.5 million on net
sales of INR2.12 billion for 2007-08.


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


CAFES 4: Moody's Downgrades Ratings on Two Classes of Certs.
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the Class
C and Class D trust certificates issued by Cafes 4.  The final
maturity of the trust certificates will take place in November
2011.

The individual rating actions are listed below.

  -- Class C, downgraded to Ca (sf) from B1 (sf); previously,
     downgraded to B1 (sf) from Baa3 (sf) on February 26, 2010

  -- Class D, downgraded to C (sf) from Caa2 (sf); previously,
     downgraded to Caa2 (sf) from B1 (sf) on February 26, 2010

Cafes 4, effected in July 2008, represents the securitization of a
non-recourse loan.  The loan defaulted in October 2009 and was
placed in collections by the special servicer.

Moody's has received reports from the servicer and confirmed that
the sale of the collateral property and all recovery activities on
the loan were completed on September 15, 2010.This rating action
reflects the likelihood that the Class A(A3 (sf)) and B(Ba1 (sf))
Trust Certificates will be redeemed in full, and the Class C Trust
Certificate, in part-- on the November 2010 trust distribution
date.

                     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.


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


GM DAEWOO: Hosts Product Conference to Boost Sales
--------------------------------------------------
GM Daewoo Auto & Technology Co., the South Korean unit of U.S.
automaker General Motors Co., is seeking to increase its global
sales by hosting a product conference for its international
representatives, Yonhap News Agency reports.

GM Daewoo said the global product conference, which was held last
week, has brought together about 100 global brand managers and
dealers from across the globe to personally witness the quality,
design and increasing sales of the South Korean automaker,
according to Yonhap News.

                          About GM Daewoo

GM Daewoo Auto & Technology is a South Korean-based automobile
manufacturer.  GMDAT is a subsidiary of US-based General Motors
Company.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2010, Yonhap News Agency said the Korea Development Bank
rolled over KRW1.13 trillion (US$965.5 billion) in maturing loans
of GM Daewoo Auto & Technology Co. amid stalled talks with U.S.
parent General Motors Co. over its turnaround plan.

GM Daewoo suffered a cash squeeze since early 2009 as the 2008
global crisis troubled the company's vehicle sales.  The Korea
Development Bank has been negotiating with General Motors on GM's
injection of fresh cash into the embattled unit and other ways of
keeping it afloat, including a transfer of key auto technologies,
shareholder rights and a dispatch of officials to oversee the
subsidiary's finances.  The lender is considering retrieving the
loans from GM Daewoo if both sides fail to reach agreement on the
turnaround plan.


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


AORANGI SECURITIES: Investors Support Call For Public Inquiry
-------------------------------------------------------------
The Timaru Herald reports that more than 200 investors turned up
to a meeting on Saturday to show their support for Timaru based
Allan Hubbard.

At the meeting, the investors voted to send a letter to Labour MP
David Cunliffe, supporting his call for a public inquiry.  They
also passed a vote of no confidence in the Government and would
give their reasons in the letter.  Investors will also send a
letter of support to the Hubbards.

Meanwhile, BusinessDay.co.nz reports that Mr. Hubbard and his wife
Jean have hired partner Tim Clarke at Russell McVeagh's Wellington
office to act on matters relating to the statutory management of a
raft of trusts associated with the couple, and a Serious Fraud
Office investigation into their affairs.

BusinessDay.co.nz reports notes Mr. Clarke, however, won't say
whether the Hubbards plan a legal challenge to the statutory
management.  It is also unclear who might be footing the bill, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Citing Commerce Minister Simon Power's e-mailed statement,
Bloomberg related that Mr. Hubbard and his wife are also subject
to statutory management because they are so closely connected with
the businesses.  The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti.  Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.  More than 400
investors in Aorangi Securities owed NZ$96 million have been told
by the statutory managers they will not receive any return of
capital or interest in the short term, stuff.co.nz said.

Two more trusts established by Mr. Hubbard were put into statutory
management this month.  The Temple Bar Family Trust and Barns
Charitable Trust were put into statutory management on
recommendation from the Securities Commission.

Aorangi Securities was incorporated in 1974 and is solely
controlled by the Hubbards.


CRAFAR FARMS: Overseas Investment Denies Rejecting Chinese Bid
--------------------------------------------------------------
Andrea Fox at BusinessDay.co.nz reports that the Overseas
Investment Office said it had not rejected, nor suggested
significant constraints on, the application by Chinese company
Natural Dairy to do a business deal that would enable it to buy
the in-receivership Crafar farms.

BusinessDay.co.nz relates that a newspaper report on Friday said
Natural Dairy's application for Government consent was in trouble,
and that state-owned farmer Landcorp could be in the running again
to buy the 16 North Island Crafar farms from receivers
KordaMentha.

According to BusinessDay.co.nz, Landcorp chief executive Chris
Kelly said Landcorp has not been invited to bid again for the farm
estate, and has no information to suggest the conditional sale to
Natural Dairy will fall through.

BusinessDay.co.nz relates OIO manager Annelies McClure said her
office has neither turned down the application or suggested or
imposed significant constraints.

No decision has been made and the OIO continues to assess Natural
Dairy's application, she added.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2010, receivers Michael Stiassny and Brendon Gibson of
KordaMentha said conditional sale and purchase agreements had been
signed with Natural Dairy and its New Zealand associate firm UBNZ
Funds Management Ltd and a "substantial" deposit had been paid.
The deal however is still conditional on approval by the Overseas
Investment Office and receivers KordaMentha not getting an offer
they prefer, according to BusinessDay.co.nz.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


MARAC FINANCE: S&P Puts 'BB+/B' Ratings on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+/B' ratings on
MARAC Finance Ltd. on CreditWatch Positive following the company's
announcement that it has signed a merger implementation agreement
to merge its business with Canterbury Building Society
(BB+/Stable/B) and Southern Cross Building Society (BB/Stable/B).
The ratings on CBS and SCBS are unaffected by this announcement.
The ratings on CBS and SCBS will be withdrawn once the merger is
completed, although S&P note that the creditors of both building
societies will benefit from the potentially better credit profile
of the newly merged group.

If the proposed merger is successful, MARAC's creditors and merger
partners are likely to benefit from a larger and more diversified
financial institution with about NZ$2.2 billion in total assets
and about NZ$285 million in capital.  Under the proposed merger,
Pyne Gould Corporation (MARAC's shareholder) will own 71% of the
merged entity and CBS and SCBS will each own 14.5%.  Completion of
the merger is subject to a number of conditions including
regulatory and stakeholder approvals.

"In S&P's view, a higher rating on MARAC would be based on MARAC
forming a core part of the proposed merged group.  The proposed
group's credit profile would reflect its enlarged and improved
business and financial profile," Standard & Poor's credit analyst
Derryl D'silva said.  "Specifically, S&P believes that the group
would benefit from increased scale, diversification, and
geographic reach across New Zealand, being comprised of the
combined operations of MARAC, CBS, and SCBS.  Other potential
benefits include: a stronger funding profile stemming from the
merged group's anticipated better access to retail and wholesale
funding; a larger capital base with greater financial flexibility
on the back of a plan to list on the New Zealand stock exchange;
and improved earnings diversity."

In S&P's view, however, the group could also face challenges
around the integration of branches, staff, IT systems, operational
and management structures, customers, creditors, and possible
cultural differences.  S&P also views the proposed merger
structure as relatively complex and requiring a number of
approvals to proceed, all of which needs to be managed
appropriately.

Standard & Poor's believes that if the merger is successfully
executed and underlying assumptions are met, the rating benefit is
likely to be limited to one notch with a stable outlook.  The
ratings could be taken off CreditWatch Positive and raised one
notch with a stable outlook, provided there is sufficient evidence
that:

The merger plans are effectively executed and integration risks
and related costs are appropriately managed.

The merged group is able to meet board and governance expectations
that are supportive of a higher rating.

The merged entity is able to retain the support of its depositors,
debenture investors, and providers of wholesale funding, and
maintain a funding and liquidity profile that is comparable with
other 'BBB' category peers.

The financial profile of the merged group progresses as expected
and leads to a progressive improvement in operating performance.
No new credit concerns emerge that undermine the merged group's
financial profile or S&P's assessment of its risk management
capability.

The expectation that the recent stabilization and improvement in
asset quality across merger partners will continue.

The financial impact of the Christchurch earthquake does not
detract from S&P's assessment of the merged group's credit
profile.

There will be no material divergence of strategy from current
expectations such that it compromises S&P's view of the benefits
from the merger, or any strategic shift that increases the merged
group's overall risk profile.

In S&P's view, new partners may join the merged group in the
future.  S&P's CreditWatch Positive rating action does not factor
in any strategic moves to incorporate new entities.


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


AVIATION INVESTMENT: Creditors Get 18.6937818% Recovery on Claims
-----------------------------------------------------------------
Aviation Investment Group Limited will today, September 20, 2010,
declare the first and final dividend.

The company will pay 18.6937818% to the received claims.


BEDEC EUROFORM: Court to Hear Wind-Up Petition on October 1
-----------------------------------------------------------
A petition to wind up the operations of Bedec Euroform Pte Ltd
will be heard before the High Court of Singapore on October 1,
2010, at 10:00 a.m.

Forspac Steel Works Pte Ltd filed the petition against the company
on September 7, 2010.

The Petitioner's solicitors are:

         Messrs Wee Swee Teow & Co
         11 Unity Street
         #02-03 Robertson Walk
         Singapore 237995


C.T. MANAGEMENT: Members' Final Meeting Set for October 15
----------------------------------------------------------
Members of C.T. Management Pte Ltd, will hold their final meeting
on October 15, 2010, at 10:00 a.m., at 1 Scotts Road, #21-08 Shaw
Centre, Singapore 228208.

At the meeting, Madam Chia Lay Beng, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KWEE JIN: Court to Hear Wind-Up Petition on October 1
-----------------------------------------------------
A petition to wind up the operations of Kwee Jin Distribution Pte
Ltd will be heard before the High Court of Singapore on October 1,
2010, at 10:00 a.m.

Moonstone Distribution Pte Ltd filed the petition against the
company on September 3, 2010.

The Petitioner's solicitors are:

         Messrs Unilegal LLC
         No.62 Cecil Street
         #02-00, TPI Building
         Singapore 049710


LEUN WAH: Creditors' Proofs of Debt Due October 1
-------------------------------------------------
Creditors of Leun Wah Electric Company (Private) Ltd, which is in
liquidation, are required to file their proofs of debt by October
1, 2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way
         #32-00, DBS Building Tower Two
         Singapore 068809


MERMAID MARINE: Creditors' Proofs of Debt Due October 15
--------------------------------------------------------
Mermaid Marine Charters Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by October 15, 2010, to
be included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         C/o 6S henton Way #32-00
         DBS Building Tower Two
         Singapore 068809


ORCHARD CUPPAGE: Creditors' Meetings Set for September 22
---------------------------------------------------------
Orchard Cuppage Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on September 22, 2010, at 4:00 p.m., at
19 Keppel Road #02-01 Jit Poh Building Singapore 089058.

Agenda of the meeting includes:

   a. To give an update on the status of the liquidation of the
      Company;

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

   c. discuss other business.

The company's liquidator is:

         Lai Seng Kwoon
         c/o 8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


                             *********

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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