TCRAP_Public/100928.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

          Tuesday, September 28, 2010, Vol. 13, No. 191

                            Headlines



A U S T R A L I A

DIRECT FACTORY: CFS Completes AU$540MM Placement for DFO Purchase
NUFARM LTD: Secures Debt Covenant Waivers; Cans 2010 Dividend


H O N G  K O N G

KEI CHEONG: Court Enters Wind-Up Order
KI DA: Court Enters Wind-Up Order
LUCKY JOLLY: Court to Hear Wind-Up Petition on October 20
NEW GENERATION: Court Enters Wind-Up Order
SAMSAM PRODUCTIONS: Court Enters Wind-Up Order

SUCCESSFUL RESTAURANT: Shou and Tsang Appointed as Liquidators
SUI WING: Court to Hear Wind-Up Petition on October 6
SUNVIEW GARMENT: Court Enters Wind-Up Order
TICKTOCK GRAPHIC: Court to Hear Wind-Up Petition on November 10
TONIC ELECTRONICS: First Meetings Slated for September 30

TREASURE TOP: Court Enters Wind-Up Order
WINMASTER CORPORATION: Court to Hear Wind-Up Petition on Oct. 27
WIN CHAMPION: Court Enters Wind-Up Order
YOGA YOGA: Court to Hear Wind-Up Petition on October 6


I N D I A

ACTION RETAIL: ICRA Cuts Rating on INR5cr Capital Limits to 'LBB'
AGGARWAL TRADING: CRISIL Reaffirms 'B' Rating on INR140MM Credit
AVANEETHA TEXTILES: CARE Assigns 'CARE BB' Rating to LT Bank Debts
DADU PIPES: CRISIL Assigns 'B+' Rating on INR25 Million Term Loan
DEV BHUMI STEELS: CRISIL Assigns 'D' Rating to INR50MM Term Loan

DEV BHUMI: CRISIL Places 'D' Rating on INR80 Million Term Loan
NAGPUR MAHILA: DICGC Approves Release of Funds to Depositors
RAMYA SPINNING: ICRA Reaffirms 'LBB' Rating on INR7.83cr Term Loan
SHRI GANAPATI: CARE Rates INR36.97cr LT Bank Debts at 'CARE BB-'
TA INFRA: CARE Places 'D' Rating on INR134.25cr LT Bank Loans

TRIVENI SHIP: ICRA Assigns 'LBB' Rating to INR3 Crore Bank Debts
VARAM BIO: CARE Rates INR32.5 Crore Long-Term Loans at 'CARE D'
VIKASH METAL: Fitch Downgrades National Long-Term Rating to 'D'


J A P A N

INCUBATOR BANK: Deposit Refund Applications Hit JPY45.3 Billion
TAKEFUJI CORP: Denies Plans to Seek Court-Backed Rehabilitation


K O R E A

* SOUTH KOREA: Loan Delinquency Rate Hits 15-Month High in August


N E W  Z E A L A N D

AORANGI SECURITIES: SFO Finalizes Report Into Hubbard Firms
FELTEX CARPETS: Ernst & Young Partner Guilty of Breaching Ethics
NATHANS FINANCE: Director Seeks to Delay NZ$66 Million Civil Case
PULP MEDIA: Goes Into Voluntary Liquidation


S I N G A P O R E

BW GROUP: S&P Affirms 'BB+' Rating on US$500MM Sr. Unsecured Notes
GALSWORTHY LIMITED: Court to Hear Wind-Up Petition on October 8
IDEAL FAMILY: Court to Hear Wind-Up Petition on October 8
J & D: Court Enters Wind-Up Order
WOOD MAGIC: Court Enters Wind-Up Order

WUZHOU DEVELOPMENT: Creditors' Proofs of Debt Due October 8


X X X X X X X X

* BOND PRICING: For the Week September 20 to September 24, 2010




                         - - - - -


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


DIRECT FACTORY: CFS Completes AU$540MM Placement for DFO Purchase
-----------------------------------------------------------------
CFS Retail Property Trust has completed its AU$540 million equity
sale enabling its purchase of four Direct Factory Outlet (DFO)
centres, the Australian Associated Press reports.

According to the AAP, CFS Retail's manager, Colonial First State
Property Retail, said 290.3 million units were placed at a price
of AU$1.86.  CFS Retail units started trading on Monday at
AU$1.95.

The AAP says the proceeds will be used for the AU$498 million
acquisition of the DFO stores, located at Homebush in Sydney and
Essendon, Moorabbin and South Wharf in Melbourne.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 20, 2010, the Business Spectator said Direct Factory Outlet
was granted a bank bailout after its owner, Austexx Pty Ltd,
struck an agreement with lenders, which is likely to see the firm
avoid being placed in receivership.  Business Spectator related
that a banking syndicate including Suncorp-Metway Ltd., National
Australia Bank Ltd., St George Bank and Royal Bank of Scotland
owed AU$450 million have agreed to extend a line of credit to DFO
to ensure it can complete the construction of its unfinished South
Wharf retail development.

Founded in 1996, Direct Factory Outlets has eight factory outlet-
style centres operating on the Eastern Seaboard.  It was founded
in 1996 by rich list members David Golberger and David Wieland,
and is owned by holding company Austexx Pty Ltd.


NUFARM LTD: Secures Debt Covenant Waivers; Cans 2010 Dividend
-------------------------------------------------------------
Nufarm Limited said it has secured waivers on its banking
covenants in respect of the periods ending July 31, 2010 and
October 30, 2010.  Nufarm's lenders have also agreed to provide a
funding facility for the period through to mid-December.

The waiver agreement has been finalized with banks that are a
party to the Negative Pledge Deed (Nufarm's core financing
document) and addresses all maturities falling due during the
balance of this calendar year.

The funding facility is subject to satisfactory performance
against interim milestones based on the company's own projections
and objectives, as well as progress relating to strategy
and management plans, as discussed with its lenders.

"The Nufarm Board is confident that the milestones and other
requirements can be met.  The facility is also subject to
undertakings and covenants typical for a transaction of this
nature," the company said in a statement.

The agreement includes an undertaking by Nufarm to provide
security over its assets.  Some of that security has been provided
under the documentation signed on Monday, with further
documentation to be arranged through the period to mid-December.

Nufarm's Managing Director, Doug Rathbone, said "the company is
now working with its lenders to establish a more efficient long-
term banking structure and has an objective of finalizing that
structure by mid December."

The Nufarm Board has resolved that no full-year ordinary dividend
will be paid by the company for the 2010 financial year.  The
Board further resolved to pay the distribution in respect of the
Nufarm Step-Up Securities on October 15, for holders of those
securities on the record as at close of business on October 7.

The company's audited full-year results for the 12 months to
July 31, 2010, will be released today, September 28.

                        About Nufarm Limited

Based in Australia, Nufarm Limited (ASX:NUF)--
http://www.nufarm.com/-- manufactures and supplies a range of
agricultural chemicals used by farmers to protect crops from
damage caused by weeds, pests and disease.  The Company has
production and marketing operations worldwide and sells products
in more than 100 countries.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 6, 2010, Standard & Poor's Ratings Services had placed its
'BB' long-term corporate credit rating on Nufarm Ltd. on
CreditWatch with negative implications after the company's latest
market update.  The CreditWatch reflects S&P's concerns about the
company's liquidity position and its ability to improve
profitability in fiscal 2011.  The 'B' rating on Nufarm's step-up
securities was also placed on CreditWatch with negative
implications.

"The CreditWatch placement reflects S&P's view that Nufarm's
liquidity is currently less than adequate," Standard & Poor's
credit analyst Richard Creed said.  "Resolution of the CreditWatch
is contingent on Nufarm obtaining near-term support from its
lenders.  This could be demonstrated by covenant waivers from
Nufarm's banks, and finalization of terms of a new funding package
that provides the company with access to funding to meet its peak
debt requirements (which typically arise in the third quarter of
the company's fiscal year)."


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


KEI CHEONG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 28, 2010, to
wind up the operations of Kei Cheong Transportation Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


KI DA: Court Enters Wind-Up Order
---------------------------------
The High Court of Hong Kong entered an order on February 18, 2010,
to wind up the operations of KI DA Construction Company Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


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

Sze Man Far filed the petition against the company.


NEW GENERATION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 12, 2010, to
wind up the operations of New Generation Travel Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


SAMSAM PRODUCTIONS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on July 20, 2010, to
wind up the operations of Samsam Productions Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


SUCCESSFUL RESTAURANT: Shou and Tsang Appointed as Liquidators
--------------------------------------------------------------
Messrs Victor Chiu Koon Shou and Tsang Fan Wan on January 19,
2010, were appointed as liquidator of Successful Restaurant
Limited.

The liquidators may be reached at:

         Messrs Victor Chiu Koon Shou
         Tsang Fan Wan
         8th Floor Club Lusitano
         16 Ice House Street
         Central, Hong Kong


SUI WING: Court to Hear Wind-Up Petition on October 6
-----------------------------------------------------
A petition to wind up the operations of Sui Wing Resources Limited
will be heard before the High Court of Hong Kong on October 6,
2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Anthony Chiang & Partners
          3903 Tower 2, Lippo Centre
          89 Queensway Central, Hong Kong


SUNVIEW GARMENT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on April 9, 2010, to
wind up the operations of Sunview Garment Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


TICKTOCK GRAPHIC: Court to Hear Wind-Up Petition on November 10
---------------------------------------------------------------
A petition to wind up the operations of Ticktock Graphic Equipment
Company Limited will be heard before the High Court of Hong Kong
on November 10, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Tso & Associates
          Unit B, 20th Floor, Winsan Tower
          98 Thomson Road, Wanchai
          Hong Kong


TONIC ELECTRONICS: First Meetings Slated for September 30
---------------------------------------------------------
Contributories and creditors of Tonic Electronics Limited will
hold their first meetings on September 30, 2010, at 4:00 p.m., and
4:15 p.m., respectively at Room 202 Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Huen Ho Yin and Huen Yuen Fun, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


TREASURE TOP: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 28, 2010, to
wind up the operations of Treasure Top Industrial Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


WINMASTER CORPORATION: Court to Hear Wind-Up Petition on Oct. 27
----------------------------------------------------------------
A petition to wind up the operations of Winmaster Corporation
Limited will be heard before the High Court of Hong Kong on
October 20, 2010, at 9:30 a.m.

Leung Kam Fai filed the petition against the company.


WIN CHAMPION: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on April 9, 2010, to
wind up the operations of Win Champion Development Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


YOGA YOGA: Court to Hear Wind-Up Petition on October 6
------------------------------------------------------
A petition to wind up the operations of Yoga Yoga International
Limited will be heard before the High Court of Hong Kong on
October 6, 2010, at 9:30 a.m.

Hung Wing Yi filed the petition against the company.


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


ACTION RETAIL: ICRA Cuts Rating on INR5cr Capital Limits to 'LBB'
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the
INR5.00 crore fund based working capital limits and INR6.60 crore
term loan (earlier INR8.80 crore term loan) of Action Retail
Ventures Private Limited from 'LBBB-' to 'LBB' and assigned a
stable outlook to the rating.

The rating downgrade takes into account the weakening of the
financial profile of the company given the heavy  inventory losses
in FY09 resulting in reduction of net worth base and consequent
high gearing.  The rating is also constrained by ARVPL's moderate
scale of operations, high competitive intensity, its low
profitability and its high working capital intensive nature of
business.  However, the rating continues to derive comfort from
ARVPL's experienced management and the benefits enjoyed by the
company being a part of the well-established Action Group such as
established brand and pan India distribution network.

Action Retail Ventures Private Limited is a part of Action group
having interest in various sectors such as Footwear, Hospitals,
Iron and Steel, Power Backup Devices and Real Estate etc.  The
company was incorporated in FY2006 to serve as retailing arm for
the footwear business of the group.  The company buys footwear
from Nikhil Footwear Private Limited and then sells it to the
distributors.

Recent Results

The company reported a net profit after tax of INR0.40 crore on an
operating income of INR25.14 crore in FY 2010.


AGGARWAL TRADING: CRISIL Reaffirms 'B' Rating on INR140MM Credit
----------------------------------------------------------------
CRISIL's rating on the cash credit limit of Aggarwal Trading
Company continues to reflect ATC's small scale of operations in
the rice industry, weak financial risk profile, marked by high
gearing, weak debt protection metrics, and small net worth, and
susceptibility to adverse changes in government policies.  These
weaknesses are partially offset by the benefits that ATC is likely
to derive from healthy growth prospects for the rice industry.

   Facilities                            Ratings
   ----------                            -------
   INR140.0 Million Cash Credit Limit    B/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects ATC's financial risk profile to remain weak over
the medium term, because of its working capital?intensive
operations and aggressive expansion plans.  The outlook may be
revised to 'Positive' if the firm's profitability improves
substantially after the commencement of the proposed sela plant.
Conversely, the outlook may be revised to 'Negative' if large,
debt?funded capex leads to further deterioration in the firm's
capital structure.

Update

ATC's financial risk profile continues to be weak. Its gearing was
5.59 times as on March 31, 2010, and is expected to be at similar
levels over the medium term because of large working capital
borrowings.  The debt protection metrics are also weak, with net
cash accruals to total debt (NCATD) and interest coverage ratios
of 3 per cent and 1.3 times, respectively, for 2009-10 (refers to
financial year, April 1 to March 31) .

ATC has also deferred its capex plan to commission a 200-tonnes-
per-day (tpd) rice plant for the manufacture of parboiled rice.
The total capex of INR150 million was to be funded in a debt-to-
equity mix of 60:40. The scale of operations of the firm is
expected to remain small in comparison with other players in the
industry.  ATC's small scale of operations also restricts its
ability to commission a captive power plant.

ATC reported a profit after tax (PAT) of INR2.3 million on net
sales of INR1035.0 million for 2009-10, against a PAT of INR1.4
million on net sales of INR996.0 million for 2008-09.

                       About Aggarwal Trading

Set up in 1980, ATC processes and sells basmati rice under the
brand Sohni. It produces polished as well as unpolished rice.  The
firm's plant at Bakhtawarpur (New Delhi) has a milling capacity of
200 tonnes per day.


AVANEETHA TEXTILES: CARE Assigns 'CARE BB' Rating to LT Bank Debts
------------------------------------------------------------------
CARE assigns 'CARE BB & 'PR4' ratings to bank facilities of
Avaneetha Textiles Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)    Ratings
   ----------                   ----------    -------
   Long-term Bank facilities     95.49        CARE BB Assigned
   Short-term Bank facilities     5.76        PR4 Assigned

Rating Rationale

The ratings are constrained by Avaneetha Textiles Private
Limited's) limited operational track record, the relatively small
size of operations, weak financial profile characterized by high
overall gearing, low profit margins, poor debt-coverage indicators
and restructuring of bank loans in the recent past.  The ratings
also factor in the working capital intensive nature of operation,
susceptibility of profits to volatile cotton prices and the poor
power supply situation in the state of Tamil Nadu.

The ratings also factors in the experienced promoters and
management team and ATPL's operational synergies with the
promoter's family concern which is a major player in the textile
market and the availability of fairly advanced machineries.

Going forward, the ability of ATPL to improve its profitability in
a scenario of volatile raw material prices and the poor power
supply situation in Tamil Nadu, infusion of equity and
impact of any large debt-funded expansion on the overall risk
profile of ATPL would be key rating sensitivities.

                       About Avaneetha Textiles

ATPL is a Coimbatore-based company engaged in the manufacture of
cotton yarn. ATPL was incorporated in the year 2004 by Mrs. Uma
Sekar and Mrs. Kalpana Anand, daughters of Mr. K. P. Ramasamy, the
present chairman of KPR Mills Limited (KPR, Rated CARE A-/PR2+).
ATPL commenced its operation with an installed capacity of 15,600
spindles in January 2007 and as on March 2010, had a capacity of
36,000 spindles.  During FY09, ATPL registered a PAT of INR0.02 cr
on a total income of INR60 cr. During FY10 (provisional), ATPL
posted a PAT of INR2.52 cr on a total income of INR90 cr.


DADU PIPES: CRISIL Assigns 'B+' Rating on INR25 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Dadu Pipes Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR100.0 Million Cash Credit      B+/Stable (Assigned)
   INR25.0 Million Term Loan         B+/Stable (Assigned)
   INR20.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect DPL's weak financial risk profile, and
exposure to risks relating to intense competition and small scale
of operations in the electric resistance welded (ERW) pipe
industry.  These weaknesses are, however partially offset by the
benefits that the company derives from its promoters' experience
in the ERW pipe business.

Outlook: Stable

CRISIL believes that DPL will maintain a stable business risk
profile over the medium term, on the back of promoters long
experience in the ERW industry.  The outlook may be revised to
'Positive' if the company is able to generate more than expected
operating income/cash accruals leading to increased scale of
operations.  Conversely, the outlook may be revised to 'Negative'
if the profitability of the company declines and/or the company
undertakes greater than anticipated debt funded capex, both
leading to deterioration in the debt protection measures for the
company.

                          About Dadu Pipes

Set up in 2006 by Mr. Rajesh Kumar Agarwal, DPL manufactures black
ERW pipes.  Its manufacturing facility at Sikandrabad (Uttar
Pradesh) has capacity to produce 20,000 tonnes of ERW pipes per
annum.

DPL reported a profit after tax (PAT) of INR9 million on net sales
of INR548 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR3 million on net sales of
INR200 million for 2007-08.


DEV BHUMI STEELS: CRISIL Assigns 'D' Rating to INR50MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Dev Bhumi Steels, which is part of the Dev Bhumi group.  The
ratings reflect delay by DBI in servicing its term loan; the delay
has been caused by the Dev Bhumi group's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    D (Assigned)
   INR50.0 Million Term Loan            D (Assigned)
   INR7.0 Million Letter of Credit      P5 (Assigned)

The Dev Bhumi group has a weak financial risk profile, marked by
high gearing and weak debt protection metrics; the group's weak
liquidity had led to instances of overdrawn bank limits by group
companies in the past.  The group also has a geographically
concentrated revenue profile, and its margins are susceptible to
downturns in the end-user industry and to volatility in steel
prices.  The Dev Bhumi group, however, benefits from its
promoters' experience in the steel industry and its semi-
integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DBS, Nalagarh Steel Rolling Mill Pvt
Ltd, Shree Kangra Steels Pvt Ltd, and Dev Bhumi Ispat,
collectively referred to as the Dev Bhumi group.  This is because
all the entities are under common promoters and management, in the
same line of business, and have strong operational linkages.  The
output of Shree Kangra and DBS is raw material for NSRMPL and DBI.
The entities have significant cash flow fungibility and undertake
inter-company sales and purchases.

                       About Dev Bhumi Group

The Dev Bhumi group manufactures mild-steel ingots, thermo-
mechanically treated (TMT) bars, and structured steel products
such as angles, beams, channels, and flats.  Its manufacturing
facility is in Nalagarh (Himachal Pradesh).  The Dev Bhumi group
is a family-run business promoted by Mr. Surendra Bansal.  While
Shree Kangra and DBS manufacture mild-steel ingots, NSRMPL and DBI
manufacture TMT bars and structured products such as flats,
angels, and beams.

The Dev Bhumi group reported a profit after tax (PAT) of INR6.1
million on net sales of INR936.2 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1001.0
million on net sales of INR5.9 million for 2008-09.


DEV BHUMI: CRISIL Places 'D' Rating on INR80 Million Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Dev Bhumi Ispat, which is part of the Dev Bhumi group.

   Facilities                            Ratings
   ----------                            -------
   INR130.0 Million Cash Credit Limit    D (Assigned)
   INR80.0 Million Term Loan             D (Assigned)
   INR5.0 Million Letter of Credit       P5 (Assigned)

The ratings reflect delay by DBI in servicing its term loan; the
delay has been caused by the Dev Bhumi group's weak liquidity.

The Dev Bhumi group has a weak financial risk profile, marked by
high gearing and weak debt protection metrics; the group's weak
liquidity had led to instances of overdrawn bank limits by group
companies in the past.  The group also has a geographically
concentrated revenue profile, and its margins are susceptible to
downturns in the end-user industry and to volatility in steel
prices.  The Dev Bhumi group, however, benefits from its
promoters' experience in the steel industry and its semi-
integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DBI, Nalagarh Steel Rolling Mill Pvt
Ltd, Shree Kangra Steels Pvt Ltd, and Dev Bhumi Steels,
collectively referred to as the Dev Bhumi group.  This is because
all the entities are under common promoters and management, in the
same line of business, and have strong operational linkages.  The
output of Shree Kangra and DBS serves as raw material for NSRMPL
and DBI. The entities have significantly fungible cash flows and
undertake inter-company sales and purchases.

                        About Dev Bhumi Group

The Dev Bhumi group manufactures mild-steel ingots, thermo-
mechanically-treated (TMT) bars, and structured steel products
such as angles, beams, channels, and flats. Its manufacturing
facility is in Nalagarh (Himachal Pradesh). The Dev Bhumi group is
a family-run business promoted by Mr. Surendra Bansal. While Shree
Kangra and DBS manufacture mild-steel ingots, NSRMPL and DBI
manufacture TMT bars and structural products such as flats,
angles, and beams.

The Dev Bhumi group reported a profit after tax (PAT) of INR6.1
million on net sales of INR936.2 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1001.0
million on net sales of INR5.9 million for 2008-09.


NAGPUR MAHILA: DICGC Approves Release of Funds to Depositors
------------------------------------------------------------
The Deposit Insurance and Credit Guarantee Corporation (DICGC) has
given its nod to release the funds parked by more than 50,000
depositors of Nagpur Mahila Urban Cooperative Bank, the Times of
India reports.

According to the report, the liquidator will have to first repay
the DICGC.  Any funds left after that will go to the depositors.

The Times of India relates DICGC had paid just over INR19 crore
out of the INR47 crore being paid to depositors.  The remaining
INR28 crore have come from bank's own resources, the report notes.

Mahila Bank Urban Cooperative Bank fell into crisis in 2004
following large-scale irregularities.  The bank remained under a
government administrator with the board being sacked but all
efforts to revive it through merger with a bigger institution
failed.  It was finally put under liquidation last September.


RAMYA SPINNING: ICRA Reaffirms 'LBB' Rating on INR7.83cr Term Loan
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating assigned to INR7.83 crore
term loan and INR7.75 crore fund based facilities of Ramya
Spinning Mills Private Limited.  The outlook on the long term
rating is Stable.

The rating reaffirmation takes into account the company's
financial risk profile characterized by high gearing and stretched
debt coverage indicators; and vulnerability to intense competition
in a fragmented industry given the small scale of operations and
commoditized nature of the grey cotton yarn, which limits the
pricing power.  ICRA notes that in absence of power backup
facilities, the operations of the company are dependent on the
availability of regular power supply in the state which
had been erratic  in  the past.  The rating favorably factors in
the promoters' significant experience in cotton ginning and
spinning, proximity of the manufacturing unit to a major cotton
growing area, low power tariffs in the state and fiscal incentives
offered by the state government which helps in improving the
operating profitability and provides competitive advantage to the
spinning mills in the state. ICRA notes that the demand for spun
yarn has improved post the showdown witnessed during 2008-09
which has resulted in improved realizations and profitability for
the yarn manufacturers.

                        About Ramya Spinning

RSMPL was incorporated in 2000 and is engaged in manufacturing of
100% grey cotton yarn with an average count of 40s.  RSMPL has a
spinning mill in Guntur district of Andhra Pradesh and commenced
operations in June 2004 with an installed capacity of 6,336
spindles which was subsequently increased to 12,096 spindles by
2006-07.


SHRI GANAPATI: CARE Rates INR36.97cr LT Bank Debts at 'CARE BB-'
-----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Shri Ganapati Jilha Krishi Audhyogik S. S. S. Society Ltd. ?
Tasgaon Sakhar Karkhana unit.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                  ----------    -------
   Long-term Bank Facilities      36.97     'CARE BB-' Assigned

Rating Rationale

The ratings are constrained by the weak financial risk profile of
the Society characterised by high overall gearing vis--vis the
small size of operations and elongated working capital cycle. The
ratings are further constrained by the Society's susceptibility to
the seasonality and cyclicality of sugar business, which adversely
affects the credit profile of the Society being a non-integrated
sugar player.

However, the ratings derive strength from the long track record of
the Society of more than eight decades, experienced management and
the predominant ownership by the State Government.

Improvement in the overall capital structure and ability to
achieve the envisaged sales and profitability are the key rating
sensitivities.

Shri Ganpati Zilha Krushi Audhyogik Sarva Seva Sahakari Society
Ltd. is a co-operative society operating in the Sangli district of
Maharashtra.  For the past 84 years, the Society has been
providing various services and facilities on co-operative
principles to its members, farmers, and others in the Sangli
district.  The Society started operating the Tasgaon Sakhar
Karkhana Unit (TSKU) from sugar season (SS) 2007-08. The sugar
unit has been leased by the society from Maharashtra State Co-
operative Bank Ltd. As on March 31, 2010, TSKU had licensed
capacity of 2,750 TCD.

As per provisional results for FY10, the Society generated total
operating income of INR57.57 crore with PBILDT and PAT margin of
15.54% and 9.43% respectively.  The tangible networth as on
March 31, 2010 was INR4.28 crore and the overall gearing ratio
stood at 18.62x.


TA INFRA: CARE Places 'D' Rating on INR134.25cr LT Bank Loans
-------------------------------------------------------------
CARE assigns 'CARE D' and 'PR5' rating to the bank facilities of
TA Infra Projects P. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   ----------                   ----------   -------
   Long-term Bank Facilities      134.25     'CARE D' Assigned
   Long-term/Short-term Bank        6.75     'CARE D/PR5' Assigned
   Short-term Bank Facilities      19.00     'PR5' Assigned

Rating Rationale

The ratings take into account the strain on the liquidity position
of TA Infra Projects P. Ltd. and consequent delays in servicing of
debt obligations.

Incorporated as a public limited company in January 1997, TAIPL is
a small-sized construction company with major focus in providing
construction services in the field of water supply, sewerage,
irrigation & telecom projects on turnkey basis. Besides, it has
backward integration facility for production of pipes (which are
backed by construction contracts).

As on August 01, 2010, TAIPL had an order book position of INR500
crore. TAIPL earned a PAT (after deferred tax) of INR8.6 crore
(provisional) (against INR5.5 crore in FY09) on total income of
INR180.3 crore (provisional) (against INR170.7 crore in FY09) in
FY10.  While the gearing ratios are satisfactory, the company has
been facing strain on liquidity front due to stretched collection
period leading to irregularity in debt servicing.


TRIVENI SHIP: ICRA Assigns 'LBB' Rating to INR3 Crore Bank Debts
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR3.00 crore fund based
facility of Triveni Ship Breakers.  The outlook on the long term
rating is stable. ICRA has also assigned 'A4' rating on short term
scale to the INR26.58 crore non fund based limits of TSB.

The ratings are constrained by high volatility associated with the
business of the firm, as the ship breaking business prospects are
linked to international shipping business fundamentals; its modest
size of operations; weak financial profile characterized by low
profitability margins and weak coverage indicators;  vulnerability
of profitability to fluctuating  foreign exchange rate  and steel
prices. Further, TSB is a partnership concern and any significant
withdrawals from the capital account would affect its capital
structure.

However, the assigned ratings reflect TSB's established presence
in the ship breaking business, low gearing, strong support from
the group companies which helps it to partially mitigate
fluctuating steel prices and a favorable outlook of ship breaking
industry in the near term.

                      About Triveni Ship

Triveni Ship Breakers is a partnership firm engaged in ship
breaking activities since the last 27 years.  It started ship
breaking operations in the year 1983 with its office at Bhavnagar
and ship breaking yard at Alang in Gujarat.  The firm currently
leases Plot No. 23 at Alang Ship breaking Yard, Bhavnagar. The
firm is run by its four partners viz. Mr. Gunvantrai H Kanakiya,
Mr Yogesh G Kanakiya, Mr. Mahesh G Kanakiya and Mr. Nitin G
Kanakiya.  The Triveni group also owns two other companies viz.
Vinubhai Steel Co. Pvt. Ltd. and Triveni Iron & Steel Ind. Pvt.
Ltd. which have re-rolling units.  The ship breaking firm was
established as a backward integration unit to help their Re-
Rolling Units.

Recent Results

For the year ended March 5, 2010, the company reported an
operating income of INR35.58 crore and profit after tax of
INR0.28 crore.


VARAM BIO: CARE Rates INR32.5 Crore Long-Term Loans at 'CARE D'
---------------------------------------------------------------
CARE assigns 'CARE D' to bank facilities of Varam Bio Energy Pvt.
Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   ----------                   ----------   -------
   Long-term Bank Facilities      32.50      'CARE D' Assigned

Rating Rationale

The rating takes into account outstanding delay of about three
months in servicing of debt obligation, limited track record,
delay in stabilization of commercial operation of plant due
to teething problems and lack of firm tie up for fuel supply. The
rating also takes into account experienced management and power
purchase agreement (PPA) with Maharashtra State Electricity
Distribution Company Limited.

Varam Bio Energy Pvt. Limited owns and operates a 10MW bio-mass
power plant located in Rajegaon Village, Bhandara near Nagpur.
The plant has started its commercial operations from February 18,
2009.  The plant is yet to stabilize and is facing various
teething problems.  As on November 2009, the company was yet to
repay the instalment of the debt which has fallen due in
August 2009.  VBEPL has incurred losses of INR1.6 crore in its 2
months of operation in FY09 and loss of INR3.74 crore in H1FY10 on
account of frequent breakdown of the plant.  Overall gearing ratio
as on March 31, 2009 stood at 1.81x.


VIKASH METAL: Fitch Downgrades National Long-Term Rating to 'D'
---------------------------------------------------------------
Fitch Ratings has downgraded India's Vikash Metal & Power
Limited's National Long-term rating to 'D(ind)' from 'BBB-(ind)'
and simultaneously re-assigned it a rating of 'C(ind)', reflecting
the company's weak credit profile with no current default.  The
agency has also downgraded and then re-assigned ratings to VMPL's
bank loans:

  - Outstanding INR651.84 million long-term loans (enhanced from
    INR417.3 million): downgraded to 'D(ind)' from 'BBB-(ind)' and
    re-assigned at 'C(ind)';

  - Sanctioned INR657.5 million fund-based limits (enhanced from
    INR311.3 million): downgraded to 'D(ind)' from 'BBB-(ind)'
    and re-assigned at 'C(ind)'; and

  - Sanctioned INR1,050 million non-fund-based limits (enhanced
    from INR545 million): downgraded to 'F5(ind)' from 'F3(ind)'
    and re-assigned at 'F5(ind)'.

The downgrade of VMPL's ratings reflects its unsatisfactory debt
servicing record on account of delays in interest payment of term
loans, weak financial profile due to high leverage in FY10 with
net debt/EBITDA of 8.09x (FY09: 6.29x) and liquidity pressure due
to lower capacity utilization over the last two years.  The
ratings further reflect a decline in VMPL's EBITDA margins in
Q1FY11 to 4.1% (Q1FY10: 5.1%).

Positive rating triggers include regularity in VMPL's debt
servicing, i.e timely payment of interest and instalments without
any further delay.

As per VMPL's FY10 figures, the company reported revenues of
INR6,918.6 million (FY09: INR5,935.8 million) and a total debt of
INR3,282.9 million (FY09: INR2,031 million).  Its total debt
comprised INR659.1 million of term loans, INR868.3 million of
working capital debt and INR1,755.5 million of unsecured loans
from promoters.  VMPL reported negative free cash flow of
INR1,167.2 million in FY10 (FY09: negative INR373 million), and
Fitch expects the company's net FCF to remain negative over the
short-to-medium term due to its increasing working capital
requirements.


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


INCUBATOR BANK: Deposit Refund Applications Hit JPY45.3 Billion
---------------------------------------------------------------
Kyodo News reports that the Incubator Bank of Japan has received
applications for refunds totaling JPY45.3 billion from depositors
seeking to close their accounts in the 10-day period since the
bank resumed operations on Sept. 13.

Kyodo News relates the Deposit Insurance Corp. of Japan, which has
been acting as the failed bank's government-appointed
administrator, said the bank held combined deposits of JPY582
billion when it failed on Sept. 10, the amount is equivalent to
7.8 percent of the total.

According to Kyodo News, DIC said during the 10-day period through
September 22, the bank received a total of 12,884 applications
from depositors to close accounts by mail or over the counter at
41 of its 101 branches.  Kyodo News says the cumulative number of
depositors who had visited the branches by 5:00 p.m. Friday since
the bank entered into bankruptcy stood at 7,623.

As reported in the Troubled Company Reporter-Asia Pacific on
September 13, 2010, Kyodo News said the Incubator Bank of Japan
Ltd. filed for bankruptcy proceedings with the Financial Services
Agency under the Deposit Insurance Law.  The FSA is expected to
invoke the deposit protection scheme for the first time since it
was instituted in 1971.  The protection covers up to JPY10 million
in deposits and interest.  According to Kyodo, sources said the
bank may incur a capital deficit in its semiannual period through
September.  The bank had about JPY592.7 billion in deposits as of
March 31, of which JPY68.6 billion had been deposited in excess of
the JPY10 million threshold by some 4,800 depositors.

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


TAKEFUJI CORP: Denies Plans to Seek Court-Backed Rehabilitation
---------------------------------------------------------------
Kyodo News reports citing sources familiar with the move that
Takefuji Corp. has decided to seek court-backed rehabilitation in
the face of mounting claims by borrowers for reimbursement of
excessive interest charges and thinning profit margins under
tightened consumer loan regulations.

According to Kyodo News, sources said Takefuji had been trying to
turn itself around on its own but has decided to file with the
Tokyo District Court to seek restructuring under the Corporate
Rehabilitation Law.  It will look for sponsors with the help of
the court, sources told Kyodo News.

Kyodo News reports that Takefuji President Akira Kiyokawa,
however, denied media reports about it, saying no decision has
been made about what has been reported.

The Tokyo Stock Exchange suspended trading in Takefuji shares,
listed on its First Section, Monday in order to confirm the
veracity of the media reports, Kyodo News says.

Kyodo News, citing credit research firm Tokyo Shoko Research, says
Takefuji has debts totaling JPY430 billion.  The amount is
estimated to expand sharply if unclaimed interest reimbursements
were to be added, Kyodo adds.

                           About Takefuji

Takefuji Corporation (TYO:8564) --http://www.takefuji.co.jp/ is a
Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 20, 2010, Moody's Investors Service lowered to Ca from Caa2
the long-term issuer and senior unsecured debt ratings of Takefuji
Corporation.  The outlook for the ratings is stable.  This action
concludes the review for possible downgrade initiated on March 25,
2010, due to Moody's increased concern on the company's liquidity.
The rating downgrade reflects Moody's further increased concerns
that Takefuji's current liquidity, its funding results so far, and
the prospects of continued challenging funding environment will
constrain the company's payment ability.  The downgrade also
reflects Moody's concern that the likelihood of an exchange offer
for the debt has increased specifically in relation to maturing
global bonds due in April 2011 and potential economic losses could
arise if the company were to conduct such an offer.

The TCR-AP also reported on Dec. 18, 2009, that Standard & Poor's
Ratings Services revised to 'CCC-' from 'SD' its long-term
counterparty credit rating on Takefuji, reflecting S&P's
assessment of the company's credit quality subsequent to the
implementation of debt restructuring.  At the same time, S&P
affirmed its 'CCC-' rating on the outstanding senior unsecured
bonds issued by Takefuji.  The outlook on the long-term
counterparty credit rating is negative.  S&P revised its long-term
counterparty credit rating on Takefuji to 'SD' with the intention
of keeping it on 'SD' for one day, based on S&P's opinion that a
debt exchange of convertible bonds (NR) that the company completed
on Dec. 14, 2009, constituted debt restructuring due to financial
distress.  The 'CCC-' rating and negative outlook reflect S&P's
view that Takefuji's liquidity position remains severe.  Ahead of
the full implementation of the amended Money Lending Business Law
(scheduled to occur by mid-2010), Takefuji's asset size and
interest income have been declining.  In addition, both the burden
of refunds of overcharged interest and that of near-term debt
repayments remain high.  The rating may come under further
downward pressure if the liquidity risk assumed by Takefuji
increases, or S&P sees it as likely that the company will conduct
further debt restructuring that is recognized as a default under
S&P's rating criteria.  Conversely, Takefuji's credit quality
would likely benefit if the company can improve its financial
standing by securing funds through asset disposals or raising new
funds.


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


* SOUTH KOREA: Loan Delinquency Rate Hits 15-Month High in August
-----------------------------------------------------------------
South Korean banks' loan delinquency rate rose to the highest
level in 15 months in August as more corporate borrowers fell
behind their repayment, Yonhap News Agency says, citing the
Financial Supervisory Service.

The financial watchdog said in a report that loans overdue one day
or more reached 1.5 percent of the total lending held by 18 local
lenders as of the end of August, up 0.23 percentage point from a
month earlier, according to Yonhap News.


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


AORANGI SECURITIES: SFO Finalizes Report Into Hubbard Firms
-----------------------------------------------------------
Serious Fraud Office director Adam Feeley hopes the organization
will decide within weeks whether to charge Allan Hubbard or close
its investigation, the New Zealand Herald reports.

The NZ Herald relates Mr. Feeley said the SFO's investigation team
was in the process of finalizing its second interim report into
Hubbard and related entities.  The SFO would be considering the
second report with its external counsel in the next couple of
weeks, he said.

The report notes that the SFO would consider three options --
charging, continuing the investigation or closing the
investigation.

Although he said he couldn't predetermine a decision at this
stage, Mr. Feeley said he hoped the SFO would be in a position to
make a firm decision in terms of either laying charges or closing
the investigation, the NZ Herald relates.

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.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20.

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


FELTEX CARPETS: Ernst & Young Partner Guilty of Breaching Ethics
----------------------------------------------------------------
The New Zealand Herald reports that Gordon Fulton, the New Zealand
partner of Ernst & Young who signed off a review of the 2005
six-month accounts of carpet maker Feltex Carpets, has been found
guilty of a charge of breaching an accounting industry code of
ethics.

The NZ Herald relates that a Disciplinary Tribunal of the New
Zealand Institute of Chartered Accountants found Fulton guilty of
the charge of breaching the institute's code of ethics in a
decision published on Monday.  The tribunal is not imposing a
penalty, the NZ Herald notes.

"In our view the finding of guilt together with the considerable
level of present and prospective publicity is in itself a
sufficiently punitive result and gives appropriate effect to the
institute's responsibility to maintain professional standards,"
the tribunal said, according to the NZ Herald.

The NZ Herald notes that the Securities Commission had earlier
said it did not consider the work done by Ernst & Young and the
responsible partner Fulton, in their review of the accounts to
December 31, 2005, met the required standards of a review
engagement.  It referred the matter to the institute.

According to the NZ Herald, the tribunal's report noted that a
review engagement was not an audit and that the review of the
accounts published on February 20, 2006, was unqualified.

The NZ Herald says Feltex had moved it head office to Melbourne
but because the Feltex directors wished to "do everything feasible
to reinforce Feltex as an iconic Kiwi brand" it was arranged that
the review would be signed by Mr. Fulton, enabling Feltex to have
a review report with a New Zealand letterhead.  All the work
relating to the review was carried out by Ernst & Young Australia
under the supervision of Australian partner Stuart Painter, the NZ
Herald notes.

The report relates Mr. Fulton accepted that he was professionally
responsible for the engagement.  The tribunal accepted that Mr.
Fulton was entitled to place considerable reliance on Mr. Painter
and Ernst & Young Australia.

According to the NZ Herald, the tribunal said the level of enquiry
made by Mr.  Fulton fell short of standards required by the
institute.

Mr. Fulton was "on notice" of possible breaches of banking
covenants with ANZ and he had an obligation to make specific
inquiries to satisfy himself regarding the firm's banking
arrangements.  He did not make such inquiries.

Mr. Fulton is a former chairman of the board of Ernst & Young
New Zealand.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan, the
United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006, and
named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of the
sale will be used to ease the company's NZ$128-million debt to ANZ
Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex Carpets
putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


NATHANS FINANCE: Director Seeks to Delay NZ$66 Million Civil Case
-----------------------------------------------------------------
Nathans Finance director Mervyn Doolan is asking the High Court at
Auckland to delay hearing a NZ$66 million civil case against him
and his fellow directors until after their criminal trial next
March, Jenni MacManus at BusinessDay.co.nz reports.

BusinessDay.co.nz says Nathans' receiver, PricewaterhouseCoopers,
filed the claim earlier this year, alleging breaches of duty
against Mr. Doolan, John Hotchin, Roger Moses and Don Young.

Nathans' auditor, accounting firm Staples Rodway, is also a
defendant, the report notes.

According to BusinessDay.co.nz, the receiver's lawsuit is separate
from the 21 criminal charges laid by the Securities Commission
against the four directors, but involves similar issues.  Among
other things, the commission alleges the Nathans prospectus,
registered on December 15, 2006, lied about the manner and extent
of its lending to related parties - in particular, to its parent
company, the VTL Group.  The four directors have denied all 21
charges.

                       About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on August 20, 2007.  The company owed approximately
NZ$174 million to some 7,000 investors.  Nathans Finance is a
wholly owned subsidiary of VTL Group Limited, which also went into
receivership in November 2008.  VTL Group owns a number of vending
machine related businesses which operate in New Zealand,
Australia, North America and Europe.


PULP MEDIA: Goes Into Voluntary Liquidation
-------------------------------------------
The New Zealand Herald reports that Pulp Media Ltd. has gone into
voluntary liquidation.  But liquidators Waterstone Insolvency said
it hoped to sell the business as a going concern.

Pulp Media publishes youth culture magazine Pulp.

Waterstone's Damien Grant said Pulp Media had been circulating for
about 15 years and was selling 3,500 copies a quarter, the NZ
Herald relates.

Mr. Grant told the NZ Herald that the amount owed by Pulp Media
was not great and he estimated the final shortfall would be less
than NZ$100,000. "What killed them was a one-off slump in
advertising for the last edition," he said.

Based in Auckland, New Zealand, Pulp Media Limited is a publishing
company.


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


BW GROUP: S&P Affirms 'BB+' Rating on US$500MM Sr. Unsecured Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on BW Group
to negative from stable and affirmed its 'BB+' long-term corporate
credit rating.  At the same time, Standard & Poor's affirmed its
'BB+' rating on the shipping company's US$500 million senior
unsecured notes due June 2017.

BW's 66.95%-owned subsidiary BW Offshore and 29.88%-indirectly
owned Prosafe Production Public Ltd. announced their merger plan
on Sept. 13, 2010; shareholders have until Sept. 30, 2010, to vote
on this.  If the merger is successful, BW's holding would be
diluted to approximately 47% in the combined BWO-Prosafe entity.
Standard & Poor's will continue to use its consolidated analytical
approach, given S&P's view that BW would support the offshore
business if needed, at least until next year or while BWO
continues to be funded internally by BW.  The company informed us
that BWO will be looking to refinance on its own and repay all
debts owed to BW.

"The negative outlook on the corporate credit rating is based on
S&P's expectations that as BW increases its offshore operations,
either through organic growth or acquisitions, it will be more
exposed to a maritime segment that is more capital intensive and
has significantly longer working capital requirements than its
other business segments," said Standard & Poor's credit analyst
Manuel Guerena.  If this happens and the company's debt-to-EBITDA
ratio heads back toward 7x, the rating could be lowered.

The US$500 million proceeds from the sale of APL are to be used to
reduce BWO's debt.  Factoring in the reduced BWO debt and Prosafe,
S&P expects BW's credit metrics to improve when the transaction
closes, with pro forma debt to annualized EBITDA (as at June 2010)
possibly close to 5.0x.  Although BW said it has no plan to
increase investments in the offshore segment if this has a
substantial adverse impact on the company's financial position,
S&P believes that the growth in this business may require
additional funding that may affect the improvement in BW's
financial metrics, Mr. Guerena said.

The rating on BW reflects Standard & Poor's expectations that the
shipping company's leverage will take time to improve.  The rating
also reflects the company's partial exposure to some of the more
volatile classes of the business, i.e., very large crude carriers
and very large gas carriers transporting liquefied petroleum gas,
and the potential for further fleet expansion or acquisitions.
These factors are partially offset by the BW's established market
position, a diversified earnings base with stable revenues from
long-term charter contracts, a largely unencumbered fleet, and a
favorable debt maturity schedule.


GALSWORTHY LIMITED: Court to Hear Wind-Up Petition on October 8
---------------------------------------------------------------
A petition to wind up the operations of Galsworthy Limited of the
Republic of Liberia will be heard before the High Court of
Singapore on October 8, 2010, at 10:00 a.m.

Glory Wealth Shipping Pte Ltd filed the petition against the
company on September 16, 2010.

The Petitioner's solicitors are:

          Legal Solutions LLC
          25 Church Street #03-03
          Capital Square Three
          Singapore 049482


IDEAL FAMILY: Court to Hear Wind-Up Petition on October 8
---------------------------------------------------------
A petition to wind up the operations of Ideal Family Hostel Pte
Ltd will be heard before the High Court of Singapore on October 8,
2010, at 10:00 a.m.

Fragrance Realty Pte Ltd filed the petition against the company on
September 14, 2010.

The Petitioner's solicitor is:

          M/s David Ong & Co, Advocates & Solicitors
          151 Chin Swee Road
          #08-14 Manhattan House
          Singapore 169876


J & D: Court Enters Wind-Up Order
---------------------------------
The High Court of Singapore entered an order on September 17,
2010, to wind up the operations of J & D Focus Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust, filed the petition against
the company.

The company's liquidator is:

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


WOOD MAGIC: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on September 17,
2010, to wind up the operations of Wood Magic Construction Pte
Ltd.

Serrano Holdings Pte Ltd filed the petition against the company.

The company's liquidators are:

        Chee Yoh Chuang
        Lim Lee Meng
        Stone Forest Corporate Advisory Pte Ltd
        8 Wilkie Road #03-08
        Wilkie Edge
        Singapore 228095


WUZHOU DEVELOPMENT: Creditors' Proofs of Debt Due October 8
-----------------------------------------------------------
Creditors of Wuzhou Development Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 8, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


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


* BOND PRICING: For the Week September 20 to September 24, 2010
---------------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.00
AMITY OIL LTD           10.00    10/31/2013   AUD       1.98
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
ANTARES ENERGY          10.00    10/31/2013   AUD       1.87
BECTON PROP GR           9.50    06/30/2010   AUD       0.20
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
CHINA CENTURY           12.00    09/30/2010   AUD       0.76
EXPORT FIN & INS         0.50    12/16/2019   AUD      62.27
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.43
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.55
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      61.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.75
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.72
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      67.85
NEW S WALES TREA         0.50    09/14/2022   AUD      54.78
NEW S WALES TREA         0.50    09/14/2022   AUD      56.67
PRAECO P/L               7.13    07/28/2020   AUD      73.89
RESOLUTE MINING         12.00    12/31/2012   AUD       1.40
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      54.82

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.19

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      42.25


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.47
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.16
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.16
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.35
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.72
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.25
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.93
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.73
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.65
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.68
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.43

  JAPAN
  -----

AIFUL CORP               1.20    11/22/2012   JPY      59.88
AIFUL CORP               1.22    10/19/2015   JPY      46.28
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      64.02
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.35
SHINSEI BANK             5.62    12/29/2049   GBP      72.63
TAKEFUJI CORP            9.20    04/15/2011   USD      58.12
TAKEFUJI CORP            9.20    04/15/2011   USD      58.12
TAKEFUJI CORP            4.00    06/05/2022   JPY      49.32


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.33
CRESENDO CORP B          3.75    01/11/2016   MYR       1.33
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.10
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.14
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.96
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.58
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
REDTONE INTL             2.75    03/04/2020   MYR       0.05
RUBBEREX CORP            4.00    08/14/2012   MYR       0.94
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.06
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.95
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.10
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.25
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.00


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      34.59
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.06
FLETCHER BUI             8.50    03/15/2015   NZD       8.25
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.08
INFRATIL LTD             8.50    09/15/2013   NZD       8.30
INFRATIL LTD             8.50    11/15/2015   NZD       8.90
INFRATIL LTD            10.18    12/29/2049   NZD      60.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.32
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      66.76
SKY NETWORK TV           4.01    10/16/2016   NZD       5.65
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.66
ST LAURENCE PROP         9.25    07/15/2010   NZD      57.90
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.50
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.05
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.02
VECTOR LTD               8.00    06/15/2012   NZD       7.25
VECTOR LTD               8.00    10/15/2014   NZD       1.00


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      28.50
DAVOMAS INTL FIN         5.50    12/08/2014   USD      65.50
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.99
UNITED ENG LTD           1.00    03/03/2014   SGD       1.72
WBL CORPORATION          2.50    06/10/2014   SGD       1.80


SOUTH KOREA
-----------

DAEWOO MTR SALES         6.55    03/17/2011   KRW      62.49
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      17.86
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.96
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.93
HOPE KOD 3RD            15.00    09/30/2012   KRW      31.12
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.01
HOPE KOD 6TH            15.00    03/10/2013   KRW      39.69
IBK 2008/12 ABS         25.00    06/24/2011   KRW      65.69
IBK 2009/13 ABS         25.00    02/03/2012   KRW      66.58
IBK 2009/16 ABS         25.00    09/24/2012   KRW      60.19
IBK 2009/17 ABS         25.00    12/29/2012   KRW      56.62
KB 10TH SEC SPC         23.00    01/03/2011   KRW      64.63
KB 10TH SEC SPC         20.00    01/03/2011   KRW      43.99
KB 11TH SEC SPC         23.00    07/03/2011   KRW      64.28
KB 12TH SEC SPC         25.00    01/21/2012   KRW      61.99
KB 13RD SEC SPC         25.00    07/02/2012   KRW      58.58
KB 14TH SEC SPC         23.00    01/04/2013   KRW      56.71
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      53.31
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      57.60
NACF-14 ABS SPS         25.00    01/15/2011   KRW      63.02
NACF-15 ABS SPS         25.00    03/18/2011   KRW      60.30
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      73.79
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.79
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.13
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      62.90
SAM HO INTL              6.32    03/28/2011   KRW      72.97
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      20.51
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.67
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.82
SINBO 3RD ABS           15.00    09/30/2013   KRW      28.56
SINBO 4TH ABS           15.00    09/30/2013   KRW      30.65
SINGOK ABS               7.50    06/18/2011   KRW      52.36
SMI XVI ABS SPC          9.99    04/30/2011   KRW      12.74
TONG YANG MAJOR          7.60    04/12/2012   KRW      42.52
TONG YANG MAJOR          7.60    04/12/2012   KRW      35.22
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      10.12


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      74.98


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00



                             *********

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

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

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


                            *********


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

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

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

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

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





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