TCRAP_Public/100922.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, September 22, 2010, Vol. 13, No. 187

                            Headlines



A U S T R A L I A

ALINTA ENERGY: Reaches Asset Sale Deal With Lenders
GRIFFIN COAL: Cash Crunch, Rising Costs Pushed Firm Over the Edge
PERPETUAL TRUSTEE: S&P Raises Ratings on Two 2007-1 Notes
* AUSTRALIA: Senate Panel Recommends Setup of Insolvency Authority


H O N G  K O N G

C Y FOUNDATION: Petitioner Seeks Appointment of Receivers
GRAND GOLDEN: Creditors' Proofs of Debt Due October 20
HANDY FAIR: Members' Final Meeting Set for October 19
HB HEATING: Members' Final Meeting Set for October 18
HAMEG-BELTRON INDUSTRIES: Members' Final Meeting Set for Oct. 18

HASTEN GROWTH: Commences Wind-Up Proceedings
HENDERSON-MIRAMAR HOTEL: Creditors' Proofs of Debt Due Oct. 22
HEYWOOD LIMITED: Creditors' Proofs of Debt Due October 18
HK I-EDUCATION: Heung Sai Kit Steps Down as Liquidator
HK DAIEI: Creditors' Proofs of Debt Due October 18

HOI TIM: Members' Final Meeting Set for October 20
HONG KONG COMMUNITYU: Heung Sai Kit Steps Down as Liquidator
INTERDEAN (FAR EAST): Members' Final Meeting Set for October 18
IVY ASSET: Commences Wind-Up Proceedings
JE MACHINERY: Creditors' Proofs of Debt Due October 30

KING CHANNEL: Members' Final Meeting Set for October 22
* HONG KONG: No. of Bankruptcy Petitions Fall to 765 in August


I N D I A

BHADIYADRA GEMS: CRISIL Assigns 'P4+' Rating to INR15MM Bank Debt
DEEPAK DIAMONDS: CRISIL Reassigns 'B+' Rating to INR39MM Debt
GEETASTAR HOTELS: CRISIL Cuts Rating on INR140MM Term Loan to 'D'
MAHAVIR FOODS: CRISIL Assigns 'D' Rating to INR7.2MM Term Loan
MURLI KRISHNA: CRISIL Assigns 'BB+' Rating to INR7.9MM Term Loan

NARODA COMMERCIAL: CRISIL Rates INR150MM Cash Credit at 'B+'
NEELESH INDUSTRIAL: Fitch Assigns 'B+' National Long-Term Rating
PARAS INDUSTRIES: CRISIL Rates INR75MM Pre-shipment Credit at 'P5'
PARKSONS GRAPHICS: CRISIL Assigns 'BB+' Rating to INR26.2MM Loan
R.K.MODERN: CRISIL Places 'B+' Rating on INR14.2MM Term Loan

RAILONE PROJECTS: Fitch Assigns 'B+' National Long-Term Rating
SALICYLATES AND CHEMICALS: CRISIL Puts 'BB+' Ratings on Bank Debts
SHRAWASTHI AGROTECH: CRISIL Assigns 'BB' Rating to INR31.6MM Loan
SUMARAJ SEAFOODS: CRISIL Puts 'C' Rating on INR18.4MM Demand Loan
SWASTIK STEVEDORES: CRISIL Assigns 'B' Rating to INR32MM Bank Debt

TEMPUS INFRA: CRISIL Lifts Rating on INR350MM Cash Credit to 'BB-'
TOLANI PROJECTS: CRISIL Assigns 'BB+' Rating to INR9MM Term Loan
WOCKHARDT LTD: Expects to Complete Debt Restructuring Soon


I N D O N E S I A

BUMI RESOURCES: Moody's Confirms 'Ba3' Corporate Family Rating


J A P A N

JAPAN AIRLINES: Must Get Agreement on Turnaround Plan by November
TOHOKU DEVICE: Kaneka Corp. to Sponsor Rehabilitation


K O R E A

JEJU BANK: Fitch Affirms Individual Rating at 'C/D'


N E W  Z E A L A N D

AORANGI SECURITIES: Two More Hubbard Firms in Statutory Management
PIKE RIVER: Needs Short-Term Funding for Mine Development
SOUTH CANTERBURY: No Need for Public Inquiry, Prime Minister Says


P H I L I P P I N E S

* Exchange Offer Won't Affect Fitch's Rating on the Philippines

* Moody's Expects to Assign 'Ba3' Rating on the Philippines' Bonds


S I N G A P O R E

AMB FUND: Creditors' Proofs of Debt Due October 17
BESTEM INDUSTRIES: Creditors Get 0.9130% Recovery on Claims
IPACS TECHNOLOGY: Creditors Get 100% Recovery on Claims
KCE LOGISTICS: Creditors Get 34.43225% Recovery on Claims
LIP SIN: Creditors Get 16.33% Recovery on Claims

PTS ENGINEERING: Creditors' Proofs of Debt Due October 1
SEA-SHORE TRANS: Court to Hear Wind-Up Petition on October 1
SHANGHAI BOOK: Creditors Get 4.688% Recovery on Claims
SWAN SWEE: Creditors Get 16.524% Recovery on Claims


T A I W A N

* Fitch Takes Rating Actions on Taiwan-Based Bills Finance Cos.


V I E T N A M

INT'L TEXTILE: June 30 Balance Sheet Upside-Down by US$81.9 Mil.


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ALINTA ENERGY: Reaches Asset Sale Deal With Lenders
---------------------------------------------------
Alinta Energy said in a news release that it has reached an
understanding with its lending group on a proposed plan for the
Alinta Group.

As previously disclosed, Alinta, a syndicate of lenders and both
parties' advisers have been working for a number of months to
determine the best plan to deleverage the Alinta business.  As
part of this process, a number of trade bids for both the whole of
business and parts of the business were received and were
considered by the Syndicate Lenders last week. No trade bid repays
the Syndicate Lenders in full.

As previously disclosed, the Directors remain of the view that
deleveraging the business is critical as almost all available cash
generated in the business after operating costs is absorbed by
debt servicing.  This situation does not allow for appropriate
capital management of the business. Directors do not believe that,
in the absence of successful deleveraging transaction, the company
can continue to trade as a going concern.

Accordingly, subsequent to the receipt and review of the trade
bids and discussions with the Syndicate Lenders, the parties have
determined to work constructively together to implement a proposed
sale of Alinta Group assets to a new company owned by the
Syndicate Lenders as an alternative to accepting a trade bid.
The transaction is subject to credit approvals, court approval,
documentation and securityholder approval including an Independent
Expert Report that opines on whether the transaction is in the
best interests of securityholders.  Assuming the transaction is
agreed over the coming weeks, then the broad outline of the

                         Syndicate Lenders

All the Syndicate Lenders debt owed by Alinta Finance Australia
Pty Limited, the principal borrower entity, will be discharged in
exchange for an acquisition of the AFA Assets.  Hence all the
Alinta Group operating assets, other than Redbank and Oakey, will
be acquired by a new company wholly owned by the Syndicate
Lenders.

                           Securityholders

Securityholders will be asked to destaple the Alinta Energy
Limited Shares from the Alinta Energy Trust units and an Alinta
subsidiary will offer to acquire all securityholders AET Units for
10 cents per unit.  Funds to make this acquisition will be a
combination of a payment made by the Syndicate Lenders
supplemented by cash currently outside the Syndicate Lenders
security package, being unencumbered Alinta Group funds.

Once the AET Units are acquired, securityholders will continue to
own their AEL Shares which will give them an interest in Redbank
Power Station.  Redbank is fuelled by a mix of coal tailings and
mined coal.

Given Redbank's project financing debt levels, recent plant
performance issues and trade bid interest, the Directors advise
that they do not consider there is any value remaining in Redbank.
Consequently there is likely to be no further equity available to
securityholders after payment of the 10 cents per security.

The Board will decide what to do with the remainder of the
business in due course.

                             Next Steps

The Transaction will require substantial further work to develop
it to the stage where documents can be executed.  Alinta said it
will continue to work with Syndicate Lenders, including TPG, and
our advisers and note there is risk to execution of the
transaction.

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.


GRIFFIN COAL: Cash Crunch, Rising Costs Pushed Firm Over the Edge
-----------------------------------------------------------------
An investigation into the billion-dollar collapse of Griffin Coal
Mining Company Pty Ltd is looking into whether the company traded
while insolvent and potential breaches of the Corporations Act by
directors including the company's reclusive owner, Ric Stowe, The
Sydney Morning Herald reports.

The Sydney Morning Herald, citing a report by the administrators,
led by KordaMentha's Brian McMaster, relates that other matters
being investigated include "arrangements to avoid employee
entitlements" and "unreasonable director-related transactions."

According to The Sydney Morning Herald, the administrator's report
also offered further detail on how the company quickly slid into
oblivion despite a commodities boom.

The Sydney Morning Herald notes that Griffin Coal, put into
administration in January this year, went from a AU$19 million
gross profit in 2008 to a AU$20 million loss for the year ending
June 30, 2010.  "The drivers for declining gross profit were the
escalating cash costs of production [as a percentage of revenue],"
the administrators' report said, with reference to the cost of
"overburden" removal, needed to access the mine's coal seams, The
Sydney Morning Herald relates.

The report says that the collapse in earnings highlights the task
faced by the administrators, who plan to sell the coal mines and
power stations before Christmas to meet creditor claims of about
AU$1 billion.

Meanwhile, The Sydney Morning Herald notes, Mr. McMaster received
permission from the Federal Court to extend the convening period
for the second creditors' meeting until February to allow for the
asset sales and a conclusion to his investigations.  The report
relates that the administrators said they would provide creditors
with additional information at next year's meeting concerning what
action the company could take against directors if the Griffin
companies were wound up.

                         About Griffin Coal

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
Administrator.  The coal supplier defaulted on an interest payment
in December 2009 to bondholders owed US$475 million and also
missed a payment to Australia's tax authority.


PERPETUAL TRUSTEE: S&P Raises Ratings on Two 2007-1 Notes
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
ratings on the class B and C notes issued by Perpetual Trustee Co.
Ltd. as trustee for Series 2007-1 REDS EHP Trust.  At the same
time, S&P affirmed the ratings on the class A-2, D, E, and F
notes.  These notes are backed by a pool of fully and partially-
amortizing Australian-dollar automobile and equipment loans
originated by Bank of Queensland Ltd. The ratings affirmation and
upgrades of the rated notes reflect the build-up of credit support
percentages, which, in S&P's opinion, are sufficient to withstand
the estimated losses commensurate with the respective rating
levels.

Since initial issuance, the portfolio has paid down its balance
significantly, with 21.4% of the original receivables balance
remaining as at Aug. 31, 2010.  Furthermore, the portfolio is well
seasoned, where the weighted-average term to maturity of the
remaining receivables is 14 months.

The transaction has recently reverted from paying principal on a
pro-rata basis to sequentially after triggering step-down tests;
S&P believes it is likely to pay principal sequentially for its
remaining life.  While the pro-rata pay mechanism has reduced the
dollar value of credit support, the level in percentage terms has
not been eroded due to limited charge-offs to unrated notes.  The
partial repayment of some lower ranking notes has also decreased
the impact of rising weighted-average funding costs toward the
tail-end period of the transaction.

Cumulative net losses experienced to date have been 1.48% of the
original receivables balance.  Although a considerable portion of
the losses were covered by excess spread, there are currently
AU$3.7 million of charge-offs applied to the unrated class G
notes.  While the percentage of loans in arrears greater than 30
days is 6.3% of the current receivables balance, S&P believes that
the current credit enhancements available to the rated notes are
sufficient to cover S&P's stressed loss expectations commensurate
with the respective rating levels of the notes.

                         Ratings Raised

Name                            Class    Rating to   Rating from
----                            -----    ---------   -----------
Series 2007-1 REDS EHP Trust    B        AA (sf)     A (sf)
Series 2007-1 REDS EHP Trust    C        A- (sf)     BBB (sf)

                         Ratings Affirmed

        Name                            Class    Rating
        ----                            -----    ------
        Series 2007-1 REDS EHP Trust    A        AAA (sf)
        Series 2007-1 REDS EHP Trust    D        BB (sf)
        Series 2007-1 REDS EHP Trust    E        BB- (sf)
        Series 2007-1 REDS EHP Trust    F        B (sf)


* AUSTRALIA: Senate Panel Recommends Setup of Insolvency Authority
------------------------------------------------------------------
Paul Quinn at Business Spectator reports that the Senate Economics
References Committee issued a paper making 17 recommendations on
the regulation, registration and remuneration of insolvency
practitioners in Australia.

According to the report, these recommendations include:

   -- the establishment of a new Australian Insolvency
      Practitioners Authority,

   -- the introduction of a licensing system and establishing
      'flying squads' to conduct investigations on the conduct of
      insolvency practitioners, and

   -- changes to the Corporations Act to allow liquidators to be
      removed by a vote of no confidence by a majority of
      creditors or where changes by the liquidator will not result
      in a reasonable cost-benefit analysis for the company.

The report notes that these recommendations are targeted at the
conduct of liquidators when a company is placed in liquidation.
However, the report relates it should not lose sight of the best
way to avoid these problems is to avoid placing the company in
liquidation in the first place.

The committee, the report discloses, said that this is the more
important area of law reform as its current insolvency laws do not
encourage workouts aimed at saving the company from liquidation.

The report says that this was highlighted by New South Wales Chief
Justice Jim Spigelman who said that there might be instances where
directors, in a bid to avoid breaching corporate law, put their
businesses into administration prematurely.  This, Justice
Spigelman said, would be the law at odds with economic policy
goals and would therefore need to be changed, the report relates.

Justice Spigelman, the report notes, pointed to reforms in the
United Kingdom and, in particular, the United States, where there
existed 'a culture of corporate rescue' reflected in Chapter 11 of
the US Bankruptcy Code.

The report notes that the main difference is that in Australia,
directors must notify the regulatory authorities and call in
administrators as soon as they find out that their company is
insolvent.  Failing to do so place the director under threat of
being held personally liable for the debts of the company, the
report adds.


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


C Y FOUNDATION: Petitioner Seeks Appointment of Receivers
---------------------------------------------------------
Joshua Fellman at Bloomberg News reports that C Y Foundation Group
Ltd. was served a summons from a petitioner who is seeking to have
receivers appointed to preserve the company's assets.

C Y Foundation said it's seeking legal advice and intends to
oppose the petition, Bloomberg adds.

Based in Hong Kong, C Y Foundation Group Ltd. (HKG:1182) --
http://www.cyfoundation.com/-- along with its subsidiaries, is
principally engaged in digital entertainment business,
manufacturing and sale of packaging products, watch trading and
investment holding.


GRAND GOLDEN: Creditors' Proofs of Debt Due October 20
------------------------------------------------------
Creditors of Grand Golden Develop Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 20, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 8, 2010.

The company's liquidator is:

         Cheung Hok Hin Alan
         Suite 2302, 23rd Floor
         Seaview Commercial Building
         21 Connaught Road West
         Sheung Wan, Hong Kong


HANDY FAIR: Members' Final Meeting Set for October 19
-----------------------------------------------------
Members of Handy Fair Company Limited will hold their final
general meeting on October 19, 2010, at 12:00 p.m., at Flat A,
12th Floor, Cimbria Court, No. 24 Conduit Road, Mid Levels, in
Hong Kong.

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


HB HEATING: Members' Final Meeting Set for October 18
-----------------------------------------------------
Members of HB Heating Systems Limited will hold their final
meeting on October 18, 2010, at 10:00 a.m., at Unit 1602, 16/F.,
Malaysia Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


HAMEG-BELTRON INDUSTRIES: Members' Final Meeting Set for Oct. 18
----------------------------------------------------------------
Members of Hameg-Beltron Industries Limited will hold their final
meeting on October 18, 2010, at 10:00 a.m., at Unit 1602, 16/F.,
Malaysia Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


HASTEN GROWTH: Commences Wind-Up Proceedings
--------------------------------------------
Members of Hasten Growth Limited, on September 9, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


HENDERSON-MIRAMAR HOTEL: Creditors' Proofs of Debt Due Oct. 22
--------------------------------------------------------------
Creditors of Henderson-Miramar Hotel Management Company Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by October 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 7, 2010.

The company's liquidator is:

         Man Kwok Leung
         1603, 16/F., Island Place Tower
         510 King's Road
         Hong Kong


HEYWOOD LIMITED: Creditors' Proofs of Debt Due October 18
---------------------------------------------------------
Heywood Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by October 18,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Lam Wing Cheong
         Unit Nos. 301-02, 3/F
         New East Ocean Centre
         No. 9 Science Museum Road
         Tsimshatsui, Kowloon


HK I-EDUCATION: Heung Sai Kit Steps Down as Liquidator
------------------------------------------------------
Heung Sai Kit stepped down as liquidator of The Hong Kong I-
Education Limited on September 13, 2010.


HK DAIEI: Creditors' Proofs of Debt Due October 18
--------------------------------------------------
Creditors of Hong Kong Daiei Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 18, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 3, 2010.

The company's liquidator is:

         Lam Wai Shan
         Unit A, 23/F
         Empire Land Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


HOI TIM: Members' Final Meeting Set for October 20
--------------------------------------------------
Members of Hoi Tim Company Limited will hold their final general
meeting on October 20, 2010, at 11:00 a.m., at Room 1-6, 5/F.,
Block A, Hi-Tech Industrial Centre, 5-21 Pak Tin Par Street, Tsuen
Wan, in New Territories.

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


HONG KONG COMMUNITYU: Heung Sai Kit Steps Down as Liquidator
------------------------------------------------------------
Heung Sai Kit stepped down as liquidator of Hong Kong CommunityU
Limited on September 13, 2010.


INTERDEAN (FAR EAST): Members' Final Meeting Set for October 18
---------------------------------------------------------------
Members of Interdean (Far East) Limited will hold their final
meeting on October 18, 2010, at 9:30 a.m., at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


IVY ASSET: Commences Wind-Up Proceedings
----------------------------------------
Members of Ivy Asset Management (HK) Limited, on September 7,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

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


JE MACHINERY: Creditors' Proofs of Debt Due October 30
------------------------------------------------------
Creditors of JE Machinery Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 10, 2010.

The company's liquidator is:

         Ms. Yip Chee Lan
         Ms. Regina Tam Lai Ha
         12 Science Park East Avenue
         6/F., Hong Kong Science Park
         Shatin, New Territories
         Hong Kong


KING CHANNEL: Members' Final Meeting Set for October 22
-------------------------------------------------------
Members of King Channel Development Limited will hold their final
meeting on October 22, 2010, at 10:30 a.m., at Room 1601, Wing On
Centre, 111 Connaught Road Central, in Hong Kong.

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


* HONG KONG: No. of Bankruptcy Petitions Fall to 765 in August
--------------------------------------------------------------
Bloomberg News, citing the Official Receiver's Office, reports
that the number of bankruptcy petitions in Hong Kong fell for a
second month to 765 in August from 833 in July.  The number of
petitions for compulsory winding-up rose to 43 in August from 31
in July, Bloomberg says.


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


BHADIYADRA GEMS: CRISIL Assigns 'P4+' Rating to INR15MM Bank Debt
-----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Bhadiyadra Gems' bank
facilities.

   Facilities                             Ratings
   ----------                             -------
   INR75.0 Million Post Shipment Credit   P4+ (Assigned)
   INR15.0 Million Proposed Short Term    P4+ (Assigned)
                    Bank Loan Facility

The rating reflects Bhadiyadra Gems' moderate financial risk
profile and modest scale of operations.  These rating weaknesses
are partially offset by experience of Bhadiyadra Gem's partners in
the diamond industry, and established relationships with its
channel partners.

Bhadiyadra Gems was set up in 1993 by Mr. Mukesh Bhadiyadra.  At
present the firm has 5 partners namely Mr. Mukesh Bhadiyadra , Mr.
Dhiraj Bhadiyadra, Mr. Bhagwan Kajavadara, Mr. Sanjay Kajavadara
and Mr. Jitesh Kajavadara.  The firm manufactures and exports
polished diamonds from its manufacturing unit in Surat (Gujarat),
while the firm is managed from its office at Opera House, Mumbai.

Bhadiyadra Gems reported a profit after tax (PAT) of INR3.60
million on net sales of INR460.00 million for 2009-10 (refers to
financial year, April 1 to March 31), against a net loss of
INR 8.10 million on net sales of INR510.70 million for 2008-09.


DEEPAK DIAMONDS: CRISIL Reassigns 'B+' Rating to INR39MM Debt
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of Deepak Diamonds; these facilities were earlier
short-term facilities which were rated 'P4' by CRISIL.

   Facilities                            Ratings
   ----------                            -------
   INR39 Million Export Packing Credit   B+/Stable (Reassigned)
   INR147 Million Post-Shipment Credit   B+/Stable (Reassigned)

The ratings reflect Deepak Diamonds' average financial risk
profile, marked by small net worth and weak debt coverage
indicators, exposure to risks inherent in its partnership
structure, small scale of operations, and susceptibility to
shortage of skilled labor in the diamond polishing business.
These rating weaknesses are partially offset by Deepak Diamonds'
promoters' extensive experience in the brown diamond business.

Outlook: Stable

CRISIL believes that Deepak Diamonds 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 Deepak Diamonds 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 Deepak Diamonds

Set up in 1988, Deepak Diamonds is a family-run business, promoted
by Mr. Parshottambhai Patel and his sons, Mr. Vijay Patel and Mr.
Alpesh Patel.  The firm primarily manufactures and trades in brown
diamonds in the range of 0.5 points to 20 points. The firm has its
own manufacturing facility in Surat, Gujarat.

Deepak Diamonds' profit after tax (PAT) and net sales are
estimated to be INR9.2 million and INR464.0 million for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR13.5 million on net sales of INR482.0 million for 2008-09.


GEETASTAR HOTELS: CRISIL Cuts Rating on INR140MM Term Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Geetastar Hotels & Resorts Pvt
Ltd's bank facilities to 'D' from 'B/Negative'.

   Facilities                           Ratings
   ----------                           -------
   INR5.0 Million Over draft            D (Assigned)
   INR140.0 Million Term Loan (Reduced
                  from INR145 Million)  D (Downgraded from
                                           B/Negative)

The rating downgrade is driven by the delay by Geetastar in
meeting the interest payment obligations on its term loan; the
delay was because the company had negative accruals as it is in
its initial period of operations.

Geetastar has a small scale of operations and a weak financial
risk profile, marked by high gearing and low expected cash
accruals in its initial years of operations.  Moreover, its
margins are susceptible to cyclicality in the hospitality
industry. Geetastar, however, benefits from its promoters'
industry experience.

                        About Geetastar Hotels

Geetastar, formerly St. Bhikshu Infrastructure Pvt Ltd, runs a
three-star hotel, The Fern, in Jaipur (Rajasthan).  The company
has tied up with the Concept Hospitality group for operating the
hotel. Geetastar began the construction of the hotel project in
2005, and commenced commercial operations in December 2009.  For
funding the total project cost of around INR409 million, the
promoters infused around INR150 million as equity, and around
INR19 million as unsecured loans.  The remaining amount of around
INR240 million has been funded through long-term loans: INR140
million from Bank of Baroda and INR100 million from Rajasthan
State Industrial Development & Investment Corporation Ltd.

Geetastar is part of the Udai Kant Misra and Sons group, which has
a large land bank in and around Jaipur.

Geetastar is estimated to report a net loss of INR4.6 million on
an operating income of INR45 million for 2009-10 (refers to
financial year, April 1 to March 31).


MAHAVIR FOODS: CRISIL Assigns 'D' Rating to INR7.2MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Mahavir Foods, which is part of the Mahavir Foods group.

   Facilities                         Ratings
   ----------                         -------
   INR20.00 Million Cash Credit       D (Assigned)
   INR7.20 Million Term Loan          D (Assigned)
   INR100.00 Million Packing Credit   P5 (Assigned)
   INR40.00 Million Bill Purchase?    P5 (Assigned)
                      Discounting

The ratings reflect the fact that Mahavir Foods has been
continuously overdrawing its fund-based facilities for the past
one year.  This has been caused by the Mahavir Foods group's weak
liquidity.

The Mahavir Food group has a weak financial risk profile and small
scale of operations in rice industry.  The group is vulnerable to
adverse regulatory changes, volatility in raw material prices, and
adverse climatic conditions.  However, the group benefits from its
promoters' experience in the rice business. Moreover, the group's
revenues have increased over the past 4 years. .

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Mahavir Foods and Sidhi Vinayak Rice
Mill (SVRM), together referred to as the Mahavir Foods group.
This is because both the entities are in the same line of
business, have strong operational and financial interlinkages,
including fungible funds, and are under a common management.

                         About the Group

Set up in 1998 by Mr. Suresh Garg and Mr. Amit Garg, Mahavir
Foods, a partnership firm, mills, processes, and sells par-boiled
basmati rice, primarily in the exports market.  The firm has a
milling capacity of 2 tonnes per hour (tph) and a grading and
sorting capacity of 6 tph at its facility at Taraori, Haryana.

Mahavir Foods' partners have set up another rice mill, SVRM, at
Taraori, Karnal, in 2008; this unit has a milling capacity of 6
tph and a grading and sorting capacity of 9 tph.  The unit
commenced sorting operations in February 2009; the milling unit
started operations in 2009-10.

The Mahavir Foods group's profit after tax (PAT) and net sales are
estimated to be INR4.0 million and INR1140.0 million,
respectively, for 2009-10 (refers to financial year, April 1 to
March 31); it reported a PAT of INR1.3 million on net sales of
INR537.0 million for 2008-09.


MURLI KRISHNA: CRISIL Assigns 'BB+' Rating to INR7.9MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Murli Krishna Chicory Processors Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR105.0 Million Cash Credit        BB+/Stable (Assigned)
   INR7.9 Million Proposed Term Loan   BB+/Stable (Assigned)
   INR2.5 Million Working Capital      BB+/Stable (Assigned)
                       Demand Loan

The rating reflects MKC's working-capital-intensive operations
leading to high dependence on short-term debt, vulnerability to
volatility of foreign exchange rates, and exposure to risks
related to customer concentration in revenue profile.  The impact
of these weaknesses is mitigated by the experience of MKC's
promoters in chicory industry, and the company's efficient
operations leading to its price competitiveness in the export
markets.

Outlook: Stable

CRISIL believes that MKC will maintain its business risk profile
over the medium term, supported by its focus on improving its
business volumes and its established client relationships.  The
outlook may be revised to 'Positive' if MKC increases its scale of
operations by diversifying its client-mix, improves its capital
structure, or increases its cash accruals be generating more-than-
expected growth in operating income. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in the company's
profitability or capital structure, or if it loses key clients.

                         About Murli Krishna

MKC was incorporated in 2005 by Mr. Rakesh Kumar, Mr. Dinesh
Kumar, Mr. Ashok Gupta, and Mr. Giriahchand Sahni. MKC started
operations in 2007-08 (refers to financial year, April 1 to March
31) by taking over the operations from the partnership firm,
Chicory Processors.  MKC is into processing roasted chicory used
in blending of coffee powder. Its manufacturing unit is located in
Etawah (Uttar Pradesh) and has a roasting capacity of 12,000 tonne
per annum. The company has established customers, including Nestle
India Ltd (rated 'AAA/Stable/P1+' by CRISIL).

In 2009-10, MKC exported roasted chicory of INR173.2 million,
constituting 64 per cent of its total sales. MKC receives 4 per
cent Duty Entitlement Pass Book (DEPB) benefit on export sales and
2 per cent interest subsidy on export packing credit (EPC)
facility.

For 2008-09, MKC reported a profit after tax of INR4.0 million on
net revenue of INR173.0 million, against INR2.0 million and
INR150.0 million, respectively, for the previous financial year.


NARODA COMMERCIAL: CRISIL Rates INR150MM Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Naroda Commercial
Pvt Ltd's cash credit facility.  The rating reflects Naroda's
working-capital-intensive operations, and highly regulated and
competitive rice-trading industry.  These rating weaknesses are
partially offset by the benefits that Naroda derives from its
promoter's experience in the rice-trading industry.

   Facilities                      Ratings
   ----------                      -------
   INR150 Million Cash Credit      B+/Stable (Assigned)

Outlook: Stable

CRISIL believes that Naroda will continue to benefit over the
medium term from its promoter's experience in the rice-trading
industry. Naroda's financial risk profile will, however, remain
constrained by the company's large working capital requirements,
leading to weak liquidity.  The outlook may be revised to
'Positive' in case of a sustained and significant improvement in
Naroda's accruals, leading to improvement in the company's
liquidity.  Conversely, the outlook may be revised to 'Negative'
if the company contracts larger-than-expected debt to fund its
working capital requirement or capex.

                      About Naroda Commercial

Set up in 1985 in Kolkata (West Bengal), Naroda was acquired by
its current promoter, Mr. Nikhil Kumar Das, in 2008; Mr. Ujjal
Kumar Das acquired a majority shareholding in the company in June
2009.  Kolkata-based Mr. Ujjwal Kumar Das and family have diverse
business interests. Naroda trades in rice, which it procures from
rice mills and traders in and around West Bengal, and sells to
dealers and wholesalers in the same region. Naroda has various
group companies, which operate in diverse industries such as rice
processing, iron and steel, real estate, cement, power; some of
the companies also trade in agricultural commodities.

Naroda reported a profit after tax (PAT) of INR10 million on net
sales of INR1221 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9 million on net sales
of INR1120 million for 2008-09.


NEELESH INDUSTRIAL: Fitch Assigns 'B+' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Neelesh Industrial Agency Pvt
Ltd a National Long-term rating of 'B+(ind)'.  The agency has also
assigned 'F4(ind)' ratings to Neelesh Industrial's INR55 million
working capital facilities.

The ratings are supported by Neelesh Industrial's long operating
track record of cement trading and strong distribution network.
The company is part of the Vraj Group, and its businesses include
logistic operations, cement trading, packaging and supply of
equipment for the domestic construction industry.  The company has
a sound understanding of the market as the group's other
businesses are also centred around cement industry in India.
Fitch has taken a standalone view on Neelesh Industrial's ratings.
The company's liquidity is supported by the fact that a fairly
large part of loans is from sponsors, which do not carry interest
or a fixed repayment schedule.

Neelesh Industrial's ratings are constrained by its relatively
lower margin business and high working capital requirements.  The
company is into cement trading and primarily operates in Mumbai.
The ratings are also constrained by the company's relatively
higher leverage and its inability to pass on any raw material
price increases to end-customer, which reflects in its volatile
operating margins for the past five years.  The company's growth
over last four years has been stagnant due to the lack of
diversification in different regions and new products.  The
intense competition and unorganized market also limit the
profitability in the business.

Negative rating triggers include any significant negative impact
from the company's working capital requirements, which could
substantially raise its leverage levels and/ or any greater-than-
expected decline in end-market demand, which could affect its
margins.

As per Neelesh Industrial's FY10 provisional figures, it reported
net sales of INR397.5 million (FY09: INR333.6m), an EBITDA margin
of 3.07% (FY09: 6.86%) and a debt/EBITDA of 7.76x (FY09: 3.10x).
At FYE10, the company's total debt was INR94.5 million, which also
includes an unsecured loan (from sponsors) of INR59.5 million.
Its working capital utilization has been almost 100% over the last
12 months; however, over the short-to-medium term Neelesh
Industrial's liquidity is expected to be consistent with the
ratings.


PARAS INDUSTRIES: CRISIL Rates INR75MM Pre-shipment Credit at 'P5'
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Paras Industries
continues to reflect the firm's severely stretched liquidity.
Though the firm has not delayed the repayment of its rated
facilities in the past three months for more than 30 days, it
continues to face severe liquidity pressures.  CRISIL believes
that with low internal accruals, Paras Industries may not have
adequate funds to meet its repayment obligations on the rated
facilities in the near term.

   Facilities                            Ratings
   ----------                            -------
   INR75 Million Pre-Shipment Credit     P5 (Reaffirmed)
        (Enhanced from INR62 Million)
   INR37 Million Post-Shipment Credit    P5 (Reaffirmed)
        (Reduced from INR50 Million)

Paras Industries, a partnership firm, was set up in 1987 by the
Jariwala and the Shah families; the Shah family withdrew from the
partnership in 2009-10 (refers to financial year, April 1 to
March 31).  The firm exports knitted garments and accessories,
mainly to departmental stores in the US, the UK, and other
European nations. The firm also undertakes job work for the
domestic market.

For 2009-10, Paras Industries reported an estimated loss of INR6.7
million on sales of INR146 million, as against a profit of 0.13
million on sales of INR157 million in 2008-09.


PARKSONS GRAPHICS: CRISIL Assigns 'BB+' Rating to INR26.2MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Parksons Graphics Prop, Abhi-Ani Mfg. Co. Pvt. Ltd,
which is part of the Parksons group.

   Facilities                        Ratings
   ----------                        -------
   INR26.2 Million Long-Term Loan    BB+/Stable (Assigned)
   INR30.0 Million Cash Credit       BB+/Stable (Assigned)
   INR48.2 Million Buyer's Credit    P4+ (Assigned)
   INR5.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect the Parksons group's large debt-funded capital
expenditure (capex) plans, small scale of its operations, and
exposure to risks related to geographic and customer concentration
in its revenue profile.  These weaknesses are partially offset by
the group's established market position in the commercial printing
business, and its moderate financial risk profile, marked by
healthy debt protection indicators.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Parksons Graphics and Parvati Packers
(a partnership concern).  This is because the entities,
collectively referred to as the Parksons group, have common
promoters, are in the same line of business, and have operational
and financial linkages.

Outlook: Stable

CRISIL believes that the Parksons group's credit risk profile will
remain stable over the medium term, backed by its healthy
operating margin and established market position.  The outlook may
be revised to 'Positive' if the group increases its revenues and
improves its profitability significantly after implementing its
new project, and maintains its capital structure. Conversely, the
outlook may be revised to 'Negative' if there is significant cost
and time overruns in the group's ongoing capacity expansion
project, or lower-than-expected cash accruals, leading to
deterioration in its financial risk profile.

                        About Parksons Group

The Parksons group was promoted by the Kejriwal family in Mumbai.
It is currently managed by Mr. Sunil Kejriwal and his two sons,
Mr. Abhishek Kejriwal and Mr. Animesh Kejriwal. Parksons Graphics,
incorporated in 1996, is into commercial printing, and caters to a
wide range of end-user industries. Parvati Packers, a partnership
concern, prints playing cards for various brands.  The entity also
manufactures printing tags and wrap-around material used in
textile packaging.

The Parksons group reported a profit after tax (PAT) of INR8
million on net sales of INR291 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR27
million on net sales of INR339 million for 2007-08. For 2009-10,
the group's PAT and net sales are estimated at INR23 million and
INR341 million, respectively.


R.K.MODERN: CRISIL Places 'B+' Rating on INR14.2MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Sri R.K. Modern Rice
Mill's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR14.20 Million Term Loan       B+/Stable (Assigned)
   INR150.00 Million Cash Credit    B+/Stable (Assigned)
   INR15.80 Million Proposed Long-  B+/Stable (Assigned)
          Term Bank Loan Facility

The rating reflects RK's below-average financial risk profile,
marked by a small net worth and high gearing, and susceptibility
to unfavorable regulatory changes and volatility in raw material
prices.  These rating weaknesses are partially offset by RK's
promoters' experience in the rice business.

Outlook: Stable

CRISIL believes that RK will continue to benefit from its
promoters' experience in the paddy-milling and rice-trading
business.  The outlook may be revised to 'Positive' if RK
increases its revenues substantially, while improving its
profitability and capital structure.  Conversely, the outlook may
be revised to 'Negative' if RK undertakes a larger-than-expected
debt-funded capital expenditure programme, its revenues or
profitability decline sharply, or if the partners withdraw
substantial capital, leading to deterioration of the firm's
financial risk profile.

                       About Sri R.K. Modern

RK, an unregistered partnership firm set up in 1998, undertakes
milling and processing of paddy into boiled and raw rice; in the
process, it also gets byproducts of broken rice, bran, and husk.
RK has a paddy-milling capacity of 12 tonnes per hour (around 1
million quintals per annum) at Nizamabad (Andhra Pradesh). RK is
promoted by Mr. Pawan Kedia and his brother Mr. Susheel Kedia. The
firm sells rice under the brand Kedia.

RK's profit after tax (PAT) and net sales are estimated to be INR6
million and INR805 million , respectively, for 2009-10 (refers to
financial year, April 1 to March 31), against a reported PAT of
INR6 million on net sales of INR635 million for 2008-09.


RAILONE PROJECTS: Fitch Assigns 'B+' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Railone Projects Private
Limited a National Long-term rating of 'B+(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to Railone's bank
loans:

  - INR100 million fund-based working capital limits:
    'B+(ind)/F4(ind)';

  - INR300 million non-fund based working capital limits;
    'B+(ind)/F4(ind)'; and

  - INR30 million long-term loans: 'B+(ind)'.

Railone's ratings are underpinned by the extensive experience of
its promoters in the domestic rail infrastructure space, its
profitable operations since inception in 2008, strong order book
position (5.3x of FY10 revenues) with a positive outlook on order
accretion, and low leverage with net debt/EBITDA of 0.9x in FY10
(FY09: 0.01x).

The ratings are, however, constrained by Railone's limited track
record of operations, sustainability of margins given competitive
pressures, and challenges of managing growth.  Its working capital
utilization has been high in the past year at over 90%, and there
could be liquidity issues rendering Railone vulnerable.  The
management has also stated that the company would diversify into
other infrastructure segments like roads, where they have no prior
experience.

Negative rating triggers include a sustained decrease in Railone's
EBITDA margins of below 7.5%, which would lead to an increase in
its debt/EBITDA of beyond 3x.  Positive rating triggers include
maintenance of Railone's EBITDA margins of beyond 9% and net
debt/EBITDA of below 1.5x in FY11.

Railone is a Hyderabad-based company, which is involved in the
construction of railway infrastructure like pre-stressed concrete
road and rail over bridges.  As per Railone's provisional FY10
figures, it reported operating income of INR408.7 million (FY09:
INR112.1 million), operating EBITDA of INR44.8 million (FY09:
INR6.2 million) and net income of INR18.5 million (FY09:
INR2.46 million).


SALICYLATES AND CHEMICALS: CRISIL Puts 'BB+' Ratings on Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Salicylates
and Chemicals Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR15.0 Million Cash Credit        BB+/Stable (Assigned)
   INR7.6 Million Long Term Loan      BB+/Stable (Assigned)
   INR104.9 Million Proposed Long     BB+/Stable (Assigned)
            rm Bank Loan Facility
   INR40.0 Million Bill Discounting   P4+ (Assigned)
   INR25.0 Million Letter of Credit   P4+ (Assigned)
   INR7.5 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect SCPL's large working capital requirements
leading to stretched liquidity and exposure to risks related to
implementation and stabilization of its capacity expansion plans
over the medium term.  These rating weaknesses are partially
offset by SCPL's strong track record in the chemical industry,
mainly in the Paraben product segment, along with strong sales
growth rate and high operating margin, and moderate financial risk
profile, marked by healthy debt protection metrics.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive experience in the chemicals
business and the healthy growth in sales of Paraben.  The outlook
may be revised to 'Positive' if the company's operating
profitability and revenues increase substantially.  Conversely,
the rating outlook may be revised to 'Negative' if SCPL undertakes
larger-than-expected, debt-funded capital expenditure or reports
low profitability in the sunscreen chemicals business.

                 About Salicylates and Chemicals

SCPL was incorporated on 1978 in Hyderabad for manufacturing
organic chemicals, pharmaceuticals products. In 1982, the Sarvaiya
family (existing management) acquired the company. The company is
currently managed by Mr. Samir Sarvaiya. Initially, the company
was manufacturing salicylic acid.  The management has gradually
revised its product mix and commenced manufacturing of Para
Hydroxy Benzoic Acid [PHBA] in 1982.  In 1985, the management
decided to manufacture Parabens, supported by inhouse availability
of PHBA.  The company's manufacturing facility is located in
Hyderabad.  The facility has a production capacity of about 1,380
metric tonnes (MT) per annum for Parabens and about 800 MT per
annum for other chemicals.

SCPL has recently installed additional capacities in its existing
facility for the manufacture of sunscreen chemicals for cosmetics
and pharmaceutical industries. The commercial production of
sunscreen chemicals is likely to commence in 2010-11(refers to
financial year, April 1 to March 31).

SCPL reported a profit after tax (PAT) of INR26 million
(provisional) on net sales of INR585 million for 2009-10, against
a PAT of INR10 million on net sales of INR400 million for 2008-09.


SHRAWASTHI AGROTECH: CRISIL Assigns 'BB' Rating to INR31.6MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Shrawasthi Agrotech
Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR90.0 Million Cash Credit Limit     BB/Stable (Assigned)
   INR31.6 Million Term Loan             BB/Stable (Assigned)

The rating reflects SAPL's low capacity utilisation and
profitability, and exposure to risks relating to intense
competition in the poultry feeds industry.  The rating also
factors in the company's below-average financial risk profile,
marked by small net worth and weak debt protection metrics.  These
rating weaknesses are partially offset by the benefits that SAPL
derives from its increasing scale of operations and established
distribution network in Uttar Pradesh.

Outlook: Stable

CRISIL believes that Shrawasthi Agrotech (P) Ltd's profitability
will remain low owing to intense competition in the domestic
poultry feeds industry.  The outlook may be revised to 'Positive'
if the company's profitability improves significantly, or if a
sizable equity infusion improves its net worth and capital
structure.  Conversely, the outlook may be revised to 'Negative'
if SAPL undertakes large debt-funded capex, or if its
profitability and revenues decline sharply.

                      About Shrawasthi Agrotech

Set up in 2007 by the Ghidia family of Lucknow (Uttar Pradesh),
led by Mr. Vijai Kumar Ghidia, SAPL manufactures poultry feed from
a mixture of various ingredients such as maize, bajra, rice bran,
and soyabean de-oiled cakes. SAPL's products are sold to poultries
in states such as Uttar Pradesh, Madhya Pradesh, Bihar and
Uttaranchal.  The company operates three plants (two in Lucknow
and one in Patna) with a combined capacity to manufacture 120,000
tonnes of poultry feed per annum.

SAPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR724 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR1.2 million on net sales
of INR317 million for 2008-09.


SUMARAJ SEAFOODS: CRISIL Puts 'C' Rating on INR18.4MM Demand Loan
-----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Sumaraj Seafoods Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR18.4 Million Working Capital      C (Assigned)
                       Demand Loan
   INR90.0 Million Packing Credit       P4 (Assigned)
   INR50.0 Million Bill Purchase-       P4 (Assigned)
             Discounting Facility

The ratings reflect Sumaraj's delays in servicing its debt
repayment obligations in the recent past, its weak financial risk
profile, marked by a high gearing and small net worth, and
exposure to risks inherent in the aquaculture industry, and
related to uncertainty in procurement, and susceptibility to
volatility in the value of the Indian rupee.  These rating
weaknesses are partially offset by the benefits that Sumaraj
derives from its above average operating efficiencies and
promoters' extensive experience in the aquaculture business.

                       About Sumaraj Seafoods

Sumaraj was set up by Mr. Ramu Naga Chandan and family, in 1996;
however the company commenced commercial operations in 2000-01
(refers to financial year, April 1 to March 31). The company
exports black tiger shrimp mainly to the European Union, China,
the Middle and Far East, and Mauritius. The firm's processing and
storage facility in Taloja (Maharashtra) is Hazard Analysis and
Critical Control Point (HACCP) certified having a capacity of 113
metric tonnes per day.

Sumaraj is estimated to report a profit after tax (PAT) of INR0.7
million on net sales of INR165.1 million for 2009-10, against a
reported PAT of INR 5.7 million on net sales of INR254.4 million
for 2008-09.


SWASTIK STEVEDORES: CRISIL Assigns 'B' Rating to INR32MM Bank Debt
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Swastik
Stevedores Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR32.0 Million Cash Credit     B/Stable (Assigned)
   INR9.2 Million Proposed LT      B/Stable (Assigned)
          Bank Loan Facility
   INR43.0 Million Packing Credit  P4 (Assigned)
   INR20.0 Million Bank Guarantee  P4 (Assigned)

The ratings reflect SSPL's below-average financial risk profile,
marked by small net worth and high gearing, and exposure to risks
related to cyclicality in the end-user steel industry and
regulatory framework governing iron ore trading.  These rating
weaknesses are partially offset by SSPL's promoters' established
relations with iron ore suppliers, on account of its stevedoring
activity.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
promoters' established relations with iron ore suppliers and
synergies between its stevedoring and iron ore trading businesses
over the medium term.  The outlook may be revised to 'Positive' if
SSPL's revenues increase significantly along with improvement in
operating margin and debt protection metrics.  Conversely, the
outlook may be revised to 'Negative' if SSPL's operating margin or
debt protection metrics deteriorate significantly.

                      About Swastik Stevedores

SSPL, set up in 1990 by Mr. Harihar Mishra, undertakes stevedoring
and civil construction activities. The company recently started
trading in iron ore fines. The company is a registered agent at
Paradip port (Orissa) for undertaking stevedoring activities.

SSPL, on a provisional basis, reported a profit after tax (PAT) of
INR6.6 million on net sales of INR263.1 million for 2009-10
(refers to financial year, April 1 to March 31) ; it reported a
PAT of INR4.1 million on net sales of INR136.4 million for 2008-
09.


TEMPUS INFRA: CRISIL Lifts Rating on INR350MM Cash Credit to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Tempus
Infra Projects Pvt Ltd to 'BB-/Stable/P4+' from 'B/Stable/P4'.

   Facilities                           Ratings
   ----------                           -------
   INR350 Million Cash Credit           BB-/Stable (Upgraded from
   (Enhanced from INR 200 Million)                 'B/Stable')

   INR450 Million Bank Guarantee        P4+ (Upgraded from 'P4')
   (Enhanced from INR 300 Million)

The upgrade reflects improvement in Tempus's business risk
profile, marked by a strong growth in revenues and better-than-
expected operating profitability in 2009-10 (refers to financial
year, April 1 to March 31); the company registered a five-fold
growth in revenues, with an operating margin of about 13 per cent.
The upgrade also factors in CRISIL's expectation that Tempus will
continue to exhibit a healthy operating performance on the back of
its strong order book.

The ratings, however, also reflect Tempus's aggressive growth
plans, which are expected to significantly increase its working
capital requirements and put pressure on its debt protection
metrics.

Outlook: Stable

CRISIL believes that Tempus will register strong revenue growth
over the medium term on the back of its healthy order book and
speedy order execution.  The outlook may be revised to 'Positive'
in case of higher-than-expected operating cash flows or
significant improvement in Tempus's capital structure or market
position.  Conversely, the outlook could be revised to 'Negative'
if there is lower-than-expected growth in revenues, or a
significant increase in the company's working capital
requirements, putting pressure on its liquidity

                         About Tempus Infra

Tempus, incorporated in January 2008, was co-promoted by Mr. Y
Maheedhar Reddy and Mr. N Ravindranath Reddy. The company
undertakes civil works for several clients, typically under fixed-
price contracts.  It has completed real estate (both residential
and commercial), roads, and other infrastructure construction
projects. Tempus is currently undertaking a civil construction
project for a residential complex.

For 2009-10, Tempus, on a provisional basis, reported a profit
after tax (PAT) of INR50.3 million on net sales of INR826.0
million; it had reported a PAT of INR10.6 million on net sales of
INR158.9 million for the previous year.


TOLANI PROJECTS: CRISIL Assigns 'BB+' Rating to INR9MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Tolani
Projects Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR21.0 Million Overdraft Facility    BB+/Stable (Assigned)
   INR9.0 Million Rupee Term Loan        BB+/Stable (Assigned)
   INR1.0 Million Proposed Long Term     BB+/Stable (Assigned)
                  Bank Loan Facility
   INR70.0 Million Letter of Credit      P4+ (Assigned)
   INR70.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect TPPL's exposure to risks related to customer
concentration in revenue profile, and small scale of operations.
These rating weaknesses are partially offset by TPPL's above-
average financial risk profile, marked by healthy debt protection
metrics and extensive experience of promoters in operations and
maintenance (O&M) services industry.

Outlook: Stable

CRISIL believes that TPPL will continue to benefit from healthy
growth prospects in end-user industries and established
relationships with customers, over the medium term.  The outlook
may be revised to 'Positive' if the company's business risk
profile improves substantially led by diversification and
significant growth in revenue.  Conversely, the outlook may be
revised to 'Negative' if the company's credit risk profile
deteriorates due to decline in revenue or margins, or due to the
company's inability to successfully bid for contracts, or any
invocation of guarantee, or if the company undertakes any large
debt-funded capital expenditure.

                        About Tolani Projects

TPPL (formerly, Tolani Fabricators) was set up in 1979 as a
proprietorship firm, by Mr. Narainbhai Hundaldas Tolani.  The firm
was subsequently reconstituted into a partnership firm in April
2009 and then into a private limited entity in January 2010. The
Surat (Gujarat)-based entity provides O&M services including the
fabrication, coating, installation, and commissioning as well as
maintenance of pipelines for transportation and tanks for storage
requirements primarily to the oil and gas industry.

TPPL is estimated to report profit before tax of (PBT) of INR23.2
million on net sales of INR402.5 million for 2009-10 (refers to
financial year, April 1 to March 31), against a reported PAT of
INR7.1 million on net sales of INR127.6 million for 2008-09.


WOCKHARDT LTD: Expects to Complete Debt Restructuring Soon
----------------------------------------------------------
The Economic Times reports that Wockhardt Ltd expects to close all
issues pertaining to its corporate debt restructuring (CDR) in the
next few months.

"We have already sorted out the issues of Indian lenders," The
Economic Times quoted Wockhardt's chairman Habil Khorakiwala as
saying.  "In the case of others, we have managed to sort out most
of the issues and the remaining would be taken care of in the next
few months."

Mr. Khorakiwala said Indian banks have approved the restructuring
scheme of the company's debt, The Economic Times relates.  "We
have a positive cash flow and we are able to repay the CDR till
70% . . . a major part of the derivates are settled," he said.

On the foreign currency convertible bonds (FCCB), The Economic
Times notes, Mr. Khorakiwala said its paid-up capital will
increase by 20% on the conversion of FCCBs, adding the company was
in discussion with FCCB-holders on the conversion rates. "We are
in discussion (with FCCB holders) on the (conversion) rates," he
said.

The Economic Times reports that Wockhardt had FCCBs worth INR446-
crore on its books as on March 31.  FCCBs were due for repayment
in October 2009 and this liability was comprehensively covered by
the CDR.

                      About Wockhardt Limited

Wockhardt Limited is an India-based pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L.  In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     program downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


=================
I N D O N E S I A
=================


BUMI RESOURCES: Moody's Confirms 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed its Ba3 corporate family
rating on PT Bumi Resources Tbk and on the senior secured bond
issued by Bumi Capital Pte Ltd, which is wholly owned and
guaranteed by Bumi.  The outlook on the ratings is negative.

This action closes the review for possible downgrade which was
initiated on May 14, 2010.

"The confirmation reflects Moody's expectation that Bumi will
arrange sufficient funding to address its very near term
refinancing requirements and that its underlying performance will
show gradual improvement," says Laura Acres, a Moody's Vice
President and Senior Credit Officer.

The Ba3 rating also reflects Bumi's majority ownership in two of
Indonesia's largest thermal coal mines.  Both mines have long
reserve lives and well established operations with a track record
of consistent production growth.  While the holdco debt burden is
high, the position is partially ameliorated by the low leverage at
the coal mines and the cash flows they generate.  These cash flows
are caught under Bumi's Cash Distribution Agreements and as such
provide some protections to creditors as regards debt service;
however, final repayment risk continues to lie with the holdco.

"The negative outlook reflects ongoing refinancing risk at the
holdco level over the next 12 months (assuming all puts are
exercised), although Moody's notes the committed facilities in
place to cover near term maturities, specifically those in Q4
2010," says Acres, adding, "The negative outlook also reflects the
extent to which Bumi's performance, despite improvement, is below
its projections, particularly in terms of normalized, consolidated
adjusted debt/EBITDA which stood at 3.9x on an LTM basis and was
above the downward trigger of 3.0x."

"Given underlying improved performance at the coal companies in H1
2010, together with plans to raise US$350-400 million through the
pre-emptive rights issue, the proceeds of which will be deployed
towards debt repayment, it is Moody's expectation that debt/EBITDA
could fall to 3.0-3.3x for FY 2010, which is still considered high
for Ba3 rating," says Acres, also Moody's Lead Analyst for Bumi.

Upward rating pressure is unlikely given the negative outlook.
The outlook could revert to stable should Bumi deliver on its
financial projections and offer a clear plan to reduce the debt
burden such that adjusted, consolidated, debt/EBITDA falls below
3.0x on a consistent basis.

Further downward pressure could emerge on the rating should Bumi
fail to deal convincingly with its debt maturity profile over the
next 12 months such that it refinances facilities with other
short-term lines.  Moody's would also be concerned if production
at the coal companies faltered such that Bumi was unable to
deliver on its projections and specifically its deleveraging plans
or if it deviates from the business plan and strategy currently
contemplated as part of the rating.  Moody's would also look for
holdco leverage to decrease and failure to do so would put
downward pressure on the rating.

The last rating action was taken on 14th May 2010 when Bumi's
ratings were placed under review for possible downgrade following
worse than expected financial performance and eroding headroom
under covenants.

Established in 1973 and listed on the Jakarta Stock Exchange in
1990, Bumi is Indonesia's largest thermal coal producer and one of
the top three largest thermal coal exporters globally.  Through
its principal assets (65% stake in PT Kaltim Prima Coal and 70%
stake in PT Arutmin), Bumi accounts for approximately 25% of
Indonesia's total coal production.

Approximately 19.3% of Bumi's shares are held by Bakrie &
Brothers, which is controlled by members of the Bakrie family.
Members of the Bakrie family (outside of Bakrie & Brothers) also
own shares in Bumi.


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


JAPAN AIRLINES: Must Get Agreement on Turnaround Plan by November
-----------------------------------------------------------------
Chris Cooper at Bloomberg News reports that Japanese Transport
Minister Sumio Mabuchi said Japan Airlines Corp. should obtain
agreement on its turnaround plan by November.

Minister Mabuchi said Japan will discuss lowering landing fees and
that the country is considering incentives to encourage low-cost
carriers.

Separately, Bloomberg News reports that outgoing Vice Finance
Minister Naoki Minezaki said he was concerned about the progress
Japan Airlines has made in restructuring under government-backed
bankruptcy protection.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company estimated
debts at $28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TOHOKU DEVICE: Kaneka Corp. to Sponsor Rehabilitation
-----------------------------------------------------
Fergus Maguire at Bloomberg News reports that Kaneka Corp. will
sponsor the rehabilitation of Tohoku Device Co, which filed for
bankruptcy protection with about JPY3.7 billion in debt in July.

Citing the Nikkei English News, Bloomberg relates that Kaneka may
spend several hundreds of millions of yen to set up a company to
acquire Tohoku.

Tohoku Device Co. is a Japan-based maker of organic
electroluminescent materials.


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


JEJU BANK: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------
Fitch Ratings has revised Jeju Bank's Outlook to Negative from
Stable, and simultaneously affirmed its Long-term foreign currency
Issuer Default Rating at 'BBB+', Support rating at '2' and
Individual Rating at 'C/D'.

The Outlook revision is triggered by the agency's rating action on
Shinhan Bank ('A'/Negative) on September 20, 2010, (for more
information please refer to the rating action commentary, entitled
"Fitch Revises Shinhan's Outlook to Negative", dated September 20,
2010).  The agency revised SHB's Outlook to Negative to reflect
corporate governance issues, and the potential financial and
reputational impact of a series of lawsuits against its senior
management team, and its parent Shinhan Financial Group along with
regulatory probes on a potential violation of South Korea's real-
name financial transaction law.  Fitch notes that this is amid a
backdrop of deteriorating loan quality at SHB.

The affirmation of JJB's IDRs and Support rating reflect the
agency's continued belief of a very high propensity for support
from its parent, SFG (SK's third-largest financial group on total
assets basis).  Fitch believes that JJB will be supported by SFG
if required, on account of reputational concerns and an obligation
as the largest shareholder of the bank.  During the global credit
crisis, SFG injected fresh capital (KRW33bn) into JJB in January
2009 to meet the heightened CAR guideline set by the local
regulator, increasing its stake by 6.4% to the current 68.8%
stake.

Fitch notes that a downgrade of SHB's IDR will cause a downgrade
of JJB's IDR.  A significant deterioration of JJB's asset quality,
weakening its capitalisation noticeably may lead to downgrade of
its Individual Rating.

The affirmation of JJB's Individual rating reflects the bank's
very small business operation which is concentrated in Jeju
Islands.  It also takes into account the subdued operating
environment, which is somewhat mitigated by the government's
strong support measures for the country's banking system and
economy.

JJB's overall profitability has been modest, evidenced by an
average 0.69% of its operating ROA over 2006- mid-2010.  Like
other regional banks, JJB benefits from a non-competitive
operating environment (versus its larger peers in Seoul).  NIM was
high at 3.2% in H110 (system-wide: 2.4%).  However its relative
cost base is high, as it is handicapped in terms of economies of
scale.  That said, JJB benefits substantially by benchmarking off
SHB, particularly, in risk management, Information Technology and
Information Systems, and new products.

Fitch does not expect JJB's credit costs to decline dramatically
over the next few years given its large exposure to the ailing
construction/real-estate related corporates (17% of total loans),
and SMEs (71% of total loans).  JJB's loan quality was adequate
with an NPL ratio of 1.4% and provision coverage ratio of 118% at
mid-2010.  Meanwhile, its precautionary-and-below loans ratio has
increased to 4.4% at mid-2010 (system-wide: 4.4%) from 1.9% at
end-2008 (system-wide: 2.6%).

JJB's reliance on wholesale funding has increased with a
loans/customer deposits ratio at 123% at end-2009 (end-2005: 83%).
Like its peers, the bank does not have any meaningful retail
deposits or committed credit lines in foreign currency and is
vulnerable to capital markets volatility.

Its capitalisation was strong at mid-2010, with total CAR and Tier
1 ratio of 14.3% and 11.2%, respectively.  Fitch expects its
capitalisation to continue to be strong for the next few years,
given a low demand for loans within the Jeju Islands and it being
more disciplined in lending after the global credit crisis.

JJB is the country's smallest bank in terms of total assets, with
0.2% of system's assets.  It is 68.8% owned by SFG and 21.4% owned
by Korea Deposit Insurance Corporation.


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


AORANGI SECURITIES: Two More Hubbard Firms in Statutory Management
------------------------------------------------------------------
The New Zealand government on Monday put Hubbard Churcher Trust
Management and Forresters Nominee Company into statutory
management after receiving a recommendation from the Securities
Commission, the New Zealand Herald reports.

According to the NZ Herald, Commerce Minister Simon Power said the
decision to add the two companies established by Allan Hubbard was
a result of the ongoing investigations by the statutory managers
who reported their findings to the Securities Commission.  "The
Securities Commission recommended this action to preserve the
interests of the beneficiaries of trusts administered by the
companies, preserve the interests of investors in Hubbard
Management Funds in the public interest, and allow the affairs of
the companies to be dealt with in a more orderly or expeditious
way.  The Securities Commission was satisfied that those interests
could not be adequately protected any other way."

The NZ Herald discloses that Hubbard Churcher Trust Management is
owned and operated by the partners of HC Partners in Timaru, an
accountancy firm formerly known as Hubbard Churcher.  HCTM holds
the majority of the investment assets of Hubbard Management Funds,
which invests funds on behalf of 300 investors, the NZ Herald
says.

HCTM is also a corporate trustee for some clients of HC Partners.

Forresters Nominee Company has Allan Hubbard as its sole current
director and shareholder, the NZ Herald notes.

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.  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.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management earlier this month on recommendation
from the Securities Commission.

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


PIKE RIVER: Needs Short-Term Funding for Mine Development
---------------------------------------------------------
Peter Kerr at BusinessDesk reports that Pike River Coal Ltd. said
it requires more short-term funding to sustain its rate of
underground mine development.

BusinessDesk says Pike, whose mine location includes part of the
Paparoa National Park, expects to announce by late September the
results of its advanced discussions with potential funders.

Chairman John Dow said good progress has been made this quarter in
installation of hydro-mining equipment, though capital costs have
been higher than expected and installation has taken longer than
forecast, according to the report.

BusinessDesk notes that the company has also committed to the
purchase of a second, and unbudgeted, ABM20 continuous miner ready
for operation in early 2011, following the success the first
machine gave in improved development rates.

Based in New Zealand, Pike River Coal Limited is engaged in the
exploration and evaluation, development and production of coal.
The Company operates a coal mine near Greymouth on the West Coast
of the South Island, New Zealand.  It has drilled two in-seam
drill holes more than 500 meters in distance west from the pit-
bottom area through the graben and into the coal seam. Pike Energy
Limited is the Company's wholly owned subsidiary.

Pike River Coal reported a NZ$39 million loss for the year ended
June 2010, following a NZ$13 million loss in the 2009 year.


SOUTH CANTERBURY: No Need for Public Inquiry, Prime Minister Says
-----------------------------------------------------------------
New Zealand Prime Minister John Key said that there is not a need
for a public inquiry into the failure of South Canterbury Finance,
Radio New Zealand News reports.

According to the report, the Government has since paid NZ$1.75
billion to investors who were covered by its retail deposit
guarantee scheme, as well as other creditors.  The report relates
Mr. Key said that the receivers are still working to claw back
value from the company's assets, but he has not had any up-to-date
advice on how it is progressing.

However, the report notes, Mr. Key said that Finance Minister Bill
English plans to issue as much paperwork about the collapse as
soon as possible.

                      About South Canterbury

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

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

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

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


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


* Exchange Offer Won't Affect Fitch's Rating on the Philippines
---------------------------------------------------------------
Fitch Ratings has said that it expects no sovereign rating
implications to follow from the offer of the Republic of the
Philippines to exchange up to US$3 billion from US$17.7 billion of
its outstanding sovereign Global bonds.  Fitch views the recent
global bond offering and debt exchange as part of the Republic's
broader liabilities management programme.

The offer of exchange is extended to holders of 14 bonds maturing
from 2011 to 2031, and is scheduled to expire on 28 September
2010.  Eligible bonds maturing from 2011 to 2017 can be exchanged
for newly-issued US$-denominated Global Bonds maturing in 2021.
The Philippines' 6.375% US$1.85bn Global bonds maturing in 2034
will be re-opened, for which eligible bonds maturing from 2011 to
2031 can be exchanged.  Fitch has assigned expected 'BB' Long-term
foreign currency ratings to both securities under the Philippines'
forthcoming bond exchange offer.  The final rating is contingent
upon receipt of final documents conforming to information already
received.

In August 2010, Fitch affirmed the Philippines' Long-term foreign
currency and local currency Issuer Default Ratings at 'BB' and
'BB+', respectively, with Stable Outlooks.  Philippines' sovereign
ratings reflect a balance between the strength of external
finances well-supported by strong foreign remittance inflows
against some poor economic fundamentals, such as low investment
and incomes, and weaknesses in the public finances including the
sovereign's chronically-low tax take.


* Moody's Expects to Assign 'Ba3' Rating on the Philippines' Bonds
------------------------------------------------------------------
Moody's Investors Service will assign a foreign currency rating of
Ba3 with a stable outlook to the securities under the Philippines'
forthcoming bond exchange offer.  The securities available on
offer include a new global bond issuance and a re-opening of a
pre-existing bond issuance program.  The proposed rating is
subject to receipt of final documentation, the terms and
conditions of which are not expected to change in any material way
from the draft documents reviewed by Moody's.

"The rating is anchored by the continued strength in the
sovereign's external payments position and a favorable outlook for
domestic-demand driven economic growth.  In addition, the rating
is supported by a relatively sound and liquid banking system,
which poses manageable risks to the government's balance sheet,"
says Christian de Guzman, a Moody's Assistant Vice President, and
the lead sovereign analyst for the Philippines.

Resilient overseas remittances during the crisis and the
subsequent export recovery have boosted foreign exchange reserves
to a historically high level, providing the economy and government
finances a significant buffer against external shocks.

The stable outlook is also influenced by the continued ability of
the country's central bank to anchor inflationary expectations
under its formal inflation-targeting framework.  Moody's expects
inflation to remain with Bangko Sentral's target range of 3.5 to
5.5 percent for 2010 and 3.0 to 4.0 percent for 2011.

"However, the sovereign's Ba3 rating also reflects continued
weaknesses in revenue collection, as well as a large public-sector
debt overhang, relative to its rating peers," notes de Guzman.
"Furthermore, the pre-crisis trend towards fiscal consolidation
has not been restored given the larger-than-expected expenditure
outlays so far this year."

Pressure on the finance-ability of the government's larger deficit
has been alleviated by ample liquidity in the domestic market and
its access to the global bond market.  Nonetheless, the
authorities' continued commitment to resume fiscal consolidation
will be crucial to supporting the rating outlook and augur well
for the Philippines' long-term economic fundamentals.

The last rating action on Philippines was taken on July 23, 2009,
when Moody's upgraded the sovereign bond rating to Ba3 from B1.


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


AMB FUND: Creditors' Proofs of Debt Due October 17
--------------------------------------------------
Creditors of AMB Fund Holding Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 17, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


BESTEM INDUSTRIES: Creditors Get 0.9130% Recovery on Claims
-----------------------------------------------------------
Bestem Industries Pte Ltd declared the second and final dividend
on September 3, 2010.

The company paid 0.9130% to the received claims.

The company's liquidator is:

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


IPACS TECHNOLOGY: Creditors Get 100% Recovery on Claims
-------------------------------------------------------
The IPACS Technology Pte Ltd declared the first and final dividend
on September 17, 2010.

The company paid 100% to the received claims.


KCE LOGISTICS: Creditors Get 34.43225% Recovery on Claims
---------------------------------------------------------
KCE Logistics Pte Ltd declared the preferential dividend on
September 3, 2010.

The company paid 34.43225% to the received claims.

The company's liquidator is:

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


LIP SIN: Creditors Get 16.33% Recovery on Claims
------------------------------------------------
Lip Sin Construction Pte Ltd declared the first and final dividend
on April 28, 2010.

The company paid 16.33% to the received claims.

The company's liquidator is:

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


PTS ENGINEERING: Creditors' Proofs of Debt Due October 1
--------------------------------------------------------
Creditors of PTS Engineering Pte Ltd, which is in members'
voluntary 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:

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


SEA-SHORE TRANS: Court to Hear Wind-Up Petition on October 1
------------------------------------------------------------
A petition to wind up the operations of Sea-Shore Transportation
Pte Ltd will be heard before the High Court of Singapore on
October 1, 2010, at 10:00 a.m.

The Maritime and Port Authority of Singapore filed the petition
against the company on September 4, 2010.

The Petitioner's solicitor is:

          Messrs Dennis Mathiew
          7500 A Beach Road
          #06-302 The Plaza
          Singapore 199591


SHANGHAI BOOK: Creditors Get 4.688% Recovery on Claims
------------------------------------------------------
The Shanghai Book (CNPIEC) Co. (Pte) Ltd will declare the first
and final dividend on September 22, 2010.

The company will pay 4.688% to the received claims.

The company's liquidator is:

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


SWAN SWEE: Creditors Get 16.524% Recovery on Claims
---------------------------------------------------
Swan Swee Enterprises Pte Ltd declared the first and final
dividend on September 6, 2010.

The company paid 16.524% to the received claims.

The company's liquidator is:

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


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


* Fitch Takes Rating Actions on Taiwan-Based Bills Finance Cos.
---------------------------------------------------------------
Fitch Ratings has, following a review of Taiwan's bills finance
industry, upgraded Taching Bills Finance Corporation's National
Long-term Rating to 'A(twn)' from 'A-(twn)' and Taishin Bills
Finance Corporation's Support Rating to '2' from '3'.  At the same
time, the agency has affirmed the ratings of five Taiwan-based
Bills Finance Companies': China Bills Finance Corporation, Dah
Chung Bills Finance Corporation, Grand Bills Finance Corporation,
Taiwan Finance Corporation, and Taiwan Cooperative Bills Finance
Corporation.  All of the BFCs' Long-term ratings are on Stable
Outlooks, except for International Bills Finance which remains on
Rating Watch Negative.  For a full list of rating actions, please
refer to the end of this rating action commentary.

The Taiwanese bills finance industry continued to record a
reasonable annualized pre-tax ROE of 8.2% in H110, although Fitch
expects the industry to face earnings pressure in the near term,
due to rising short-term interest rates and a competitive pricing
environment.  "From an international perspective, the major
factors constraining BFCs' ratings are their small size,
restricted business scope, funding weaknesses, and susceptibility
to interest rate volatility," says Jonathan Lee, Senior Director
in Fitch's Financial Institutions team.  "However, the BFCs'
improved balance sheets and a lower potential systemic liquidity
stress, from substantial deleveraging and market consolidation
over recent years, have allayed structural weaknesses, and support
the Stable Outlooks on most BFCs' ratings, in the context of an
upcoming challenging interest rate cycle," adds Mr. Lee.

"The affirmations of most of the BFCs' ratings reflect their
strengthened capital, asset quality, and liquidity due to
deleveraging, as well as the manageable downside risk to their
profits given their subdued risk exposures and continued economic
recovery," says Cherry Huang, Director in Fitch's Financial
Institutions team; the BFCs' industry-wide capital adequacy ratio
improved to 16.3% at end-H110 (end-2008: 15.0%) due to
deleveraging.  The impaired guarantee/reserve coverage ratios
improved to 1.1% and 224%, respectively at end-H110 (end-2008:
2.6% and 137%, respectively) due to a limited incidence of new
NPLs and pre-emptive provisioning.  The outlook for liquidity is
further supported by reduced potential system stress in liquidity
due to deleveraging, market consolidation, and newly instituted
contingent funding by Bank of Taiwan ('AAA(twn)'/Stable).

The upgrade of Taching BFC's National Long-term Rating reflects
the company's good profitability which has consistently
outperformed peer average over H110-2005, as well as its proven
track record in asset quality, liquidity management, and
satisfactory capitalization.  However, Fitch notes that the
potential for a further upgrade of its National Long-term rating
is constrained by the company's small franchise and lack in
diversity in products and credit risks.

The upgrade of Taishin BFC's Support Rating reflects that the
company is an integral part of the Taishin Financial Holdings
Company (IDR: 'BBB-'/Outlook Stable; Individual Rating 'C').
Taishin BFC is positioned as part of the group's wholesale banking
platform to provide commercial paper guarantee services to
institutional clients, to benefit from and support the group's
relationship with local corporate customers.  Changes in Taishin
BFC's Long-term ratings are subject to changes in the group's
credit profile.  Given the parent's improving financials, Fitch
does not expect a severe deterioration in the group's credit
profile to pressure Taishin BFC's Long-term ratings.

International Bills Finance Corporation's ratings were placed on
RWN on April 23, 2010.  This came on the back of an announced
leveraged acquisition of the entire stake of MetLife Taiwan by
IBF's sole parent - Waterland Financial Holdings (WFH; IDR: 'BBB-
'/RWN) - which could negatively impact the group's credit profile.
The RWN will be resolved upon the local regulator's approval for
the acquisition, more information being made available by WFH's
management on its business strategy and capital planning, as well
as an assessment of the group's consolidated credit profile post
completion of the transaction.  A clear weakening in IBF's capital
position and/or the group's consolidated capital strength coupled
with a substantial decline in IBF's profitability could affect
IBF's ratings.

The affirmations of Taiwan Finance Corporation's Long-term IDR and
Support rating, and the Stable Outlook reflect the high
probability of support from its strong bank shareholders.  The
shareholders' willingness to support TFC can be inferred from
their active board involvement and committed liquidity lines.
Although unlikely in the near term, integration into the operation
of one of its strong bank shareholders will result in an upgrade
to TFC's IDRs.  Meanwhile, TFC's Individual Rating of 'D' reflects
its small franchise and weak profitability, but also considers its
high capital level, satisfactory liquidity and asset quality.
Upward momentum of its Individual Rating could result from an
improvement in the company's profitability, or through sustained
business development; these however are more likely over a longer
period.

The affirmations of TCBFC's IDRs are based on expected strong
support from its parent, Taiwan Cooperative Bank (TCB;
IDR:'BBB+'/Stable; Individual Rating: 'C/D').  TCB's IDRs are
based on the expectation of strong government support, should the
need arise, given its significant market position in the local
banking industry.  TCBFC's Stable Outlook is in line with TCB's.
TCBFC's Individual rating considers its small franchise, less
diversified revenue sources and potential risks associated with
interest rate volatility, but also takes into account its adequate
capitalisation and liquid balance sheet.  A sustainable
improvement in earnings quality through an expanded business scope
would help TCBFC's Individual rating.

The affirmations of CBF's Individual Rating and IDRs reflect its
leading position in Taiwan's bills finance segment, its good asset
quality and adequate capitalisation.  A sustainable improvement in
earnings quality, aided by an expanded business scope could, in
time, benefit its ratings.  On the other hand, a severe weakening
in core capital and/or a sharp rise in leverage arising from
increased risk appetite would have an adverse effect on CBF's
ratings.

The affirmation of DCBFC's IDRs and Stable Outlook reflect its
satisfactory guarantee book quality, adequate liquidity and sound
capitalization.  Major factors constraining its ratings include
its susceptibility to potential interest rate hikes and its rather
limited franchise.  Furthermore, Fitch is cautious with DCBFC's
proportionately large property-related exposure, which have to
date performed satisfactorily but could render it vulnerable to a
pronounced property market downturn.  A material increase in its
risk appetite, which would compromise the company's currently
favorable asset quality profile, could place pressure on its
ratings.

The affirmations of GBF's IDRs and Individual Rating reflect its
satisfactory capitalization and liquidity.  The ratings also
reflect its fairly conservative management which has pursued
organic growth strategies without compromising on critical areas
of asset quality and capital ratios.  Major factors constraining
its ratings are its small franchise and the industry issues
discussed above.  That said, despite the uncertain interest rate
environment, the Stable Outlook reflects Fitch's expectation that
GBF can manage the heightened market risk without material
impairment to its financial profile.

These rating actions have been taken:

Taching Bills Finance Corporation:

  -- National Long-term rating upgraded to 'A(twn)' from 'A-
     (twn)'; Outlook Stable

  -- National Short-term rating upgraded to 'F1(twn)' from
     'F2(twn)';

  -- Individual rating affirmed at 'C/D'; and

  -- Support rating affirmed at '5'.

Taishin Bills Finance Corporation:

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1(twn)';

  -- Individual rating affirmed at 'C/D'; and

  -- Support rating upgraded to '2' from '3'.

International Bills Finance Corporation:

  -- Long-term foreign currency IDR of 'BBB' remained on RWN;
  -- Short-term foreign currency IDR of 'F3' remained on RWN;
  -- National Long-term rating of 'A+(twn)' remained on RWN;
  -- National Short-term rating of 'F1(twn)' remained on RWN;
  -- Individual rating affirmed at 'C';
  -- Support rating affirmed at '4'; and
  -- Support Rating Floor affirmed at 'B+'.

China Bills Finance Corporation:

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A+(twn)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1(twn)';

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '4'; and

  -- Support Rating Floor affirmed at 'B+'.

Dah Chung Bills Finance Corporation:

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1(twn)';

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

  -- Support rating affirmed at '5'; and

  -- Support Rating Floor affirmed at 'NF'.

Grand Bills Finance Corporation:

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1(twn)';

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

  -- Support rating affirmed at '5';

  -- Support Rating Floor affirmed at 'NF'; and

  -- Senior unsecured debt rating affirmed at 'A(twn)'.

Taiwan Finance Corporation:

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1(twn)';

  -- Individual rating affirmed at 'D'; and

  -- Support rating affirmed at '2'.

Taiwan Cooperative Bills Finance Corporation:

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F1(twn)';

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '2'; and

  -- Support Rating Floor affirmed at 'NF'.


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


INT'L TEXTILE: June 30 Balance Sheet Upside-Down by US$81.9 Mil.
----------------------------------------------------------------
International Textile Group, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $7.5 million on $165.4 million
of revenue for the three months ended June 30, 2010, compared with
a net loss of $126.5 million on $202.1 million of revenue for the
same period of 2009.

The Company's balance sheet as of June 30, 2010, showed
$443.7 million in total assets, $525.6 million in total
liabilities, and a stockholders' deficit of $81.9 million.

The Company has a significant amount of debt outstanding, with
maturities on a material portion thereof in March and June 2011.
At June 30, 2010, there was $42.8 million outstanding under the
Company Bank Credit Agreement, $7.1 million outstanding under the
Term Loan Agreement and $48.6 million in senior subordinated notes
held by various third parties.

The Company's ability to pay its substantial debt is dependent
upon, among other things, its ability to refinance its existing
debt that matures at various times during 2011, restructure or
obtain replacement financing for, or obtain modifications or
amendments to, any debt instruments of which the Company is not in
covenant compliance, of which there can be no assurances.

The Company had a working capital deficit of $75.1 million and an
accumulated deficit of $428.4 million, as of June 30, 2010.

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

                  http://researcharchives.com/t/s?6b59

                   About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***