TCRAP_Public/100929.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 29, 2010, Vol. 13, No. 192

                            Headlines



A U S T R A L I A

SONRAY CAPITAL: Administrators After Exec's AU$1.2MM Beach House
TASCOT TEMPLETON: 150 Workers' Future in Limbo


H O N G  K O N G

AXIS MULTI-PRINTING: Creditors' Meeting Set for October 24
BALLY HK: Commences Wind-Up Proceedings
BESTGAIN TRADING: Creditors' Proofs of Debt Due October 29
BETTER BUSINESS: Yiu Cho Yan Appointed as Liquidator
BIG DRAGON: Creditors Get 100% Recovery on Claims

FEDERAL INTERNATIONAL: Creditors' Proofs of Debt Due October 25
CATHAY ARTS: Fok Hei Yuen Paul Appointed as Liquidator
CHEERFUL WORLD: Ho and Kong Appointed as Liquidators
CORAL SEA: Creditors' Proofs of Debt Due October 29
DRAGON TECHNOLOGY: Final Meetings Set for October 18

EURET LIMITED: Tam Shuk Fan Margaret Appointed as Liquidator
FRENCH ASIAN: Members' Final Meeting Set for October 29
GALA PEARL: Members' Final General Meeting Set for October 25
GARNET SHIELD: Kong Chi How Johnson Steps Down as Liquidator
GOLDEN WELL: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ANCHOR MALLS: Fitch Assigns National Long-term Rating at 'B+'
GANGA ACROWOOLS: CRISIL Lifts Rating on INR245.6MM Loan to 'B+'
KINGFISHER AIRLINES: Defers Delivery of Airbus380
KINGFISHER AIRLINES: Withdraws Petition Against CCI Probe
KENT AMUSEMENT: CRISIL Rates INR80 Million Rupee Term Loan at 'D'

MERA BABA: CRISIL Assigns 'D' Rating to INR400 Million Term Loan
NALAGARH STEEL: CRISIL Rates INR175MM Cash Credit Limit at 'B-'
ORSON HOLDINGS: CRISIL Rates INR50 Million Cash Credit at 'BB+'
PALLIPALAYAM SPINNERS: CRISIL Reaffirms 'B-' Rating on LT Loan
PLYMEX TIMBER: CRISIL Assigns 'BB-' Rating to INR50MM Foreign LoC

RITESH EXPORT: CRISIL Reassigns 'BB+' Ratings to Bank Facilities
S.R. TIMBER: CRISIL Lifts Ratings on Various Debts to 'BB+'
SANYOG ENTERPRISES: CRISIL Puts 'BB' Rating on INR125MM Credit
SHREE KANGRA: CRISIL Assigns 'B-' Rating to INR3.5MM Term Loan
SUMER SONS: CRISIL Assigns 'B+' Rating to INR130MM Cash Credit

SVSVS PROJECTS: CRISIL Puts 'B+' Rating on INR17.5MM Cash Credit


I N D O N E S I A

BAKRIE SUMATERA: Moody's Reviews 'B3' Corporate Family Rating
CHANDRA ASRI: Moody's Reviews 'B2' Corporate Family Rating


J A P A N

INCUBATOR BANK: Resumes Operations at 60 Branches
SILK ROAD: S&P Withdraws 'B' Rating on Limited-Recourse Notes
TAKEFUJI CORP: Files for Bankruptcy Protection
TAKEFUJI CORP: S&P Downgrades Counterparty Credit Rating to 'CC'


N E W  Z E A L A N D

BRIDGECORP LTD: Petricevic & Roest to Appear in Court Next Year
GRAVITAS WINE: Bids Hit NZ$2 Million, Negotiations Still Under Way
LOMBARD FINANCE: Post-Committal Conference Set for October 28
* NEW ZEALAND: 150 Small Firms in Trouble After Christchurch Quake


P H I L I P P I N E S

LEGACY GROUP: PDIC Files PHP5.37 Billion Syndicated Estafa Case
PHILIPPINE AIRLINES: Needs US$230 Million Annually to Survive


S I N G A P O R E

AGRI INTERNATIONAL: Moody's Reviews 'Caa1' Corporate Family Rating


S R I  L A N K A

* Fitch Assigns 'B+' Sri Lanka's Upcoming Bond Issue


T A I W A N

FAR EASTERN: Fitch Gives Stable Outlook; Affirms All Ratings


X X X X X X X X

* S&P Raises Ratings on Three Asia-Pacific CDO Tranches

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


SONRAY CAPITAL: Administrators After Exec's AU$1.2MM Beach House
----------------------------------------------------------------
Rebecca Urban at The Australian reports that administrators of
Sonray Capital Markets have lodged a caveat over a beachside
holiday house owned by the company's managing director.  The move
on Russell Johnson's holiday house is part of a bid to recoup some
of the funds lost, the report says.

According to The Australian, the Victorian Supreme Court last week
heard that Sonray had been footing the bill for the house -- about
AU$3,900 a month -- through a leasing arrangement that covered the
full cost of the mortgage.  The property is owned by Mr. Johnson's
private company, RJ Capital Pty Ltd.

A spokesman for Ferrier Hodgson confirmed that a caveat had been
lodged over the property, valued at about AU$1.2 million, late
last month, The Australian notes.

Brothers-in-law Russell Johnson and Scott Murray have been ordered
to attend a hearing at the Victorian Supreme Court to be publicly
examined under oath by the firm's administrator.

                        About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specializes in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company has
operated since 2003 and employs about 70 people in offices in
Melbourne and on the Gold Coast.

In June 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.


TASCOT TEMPLETON: 150 Workers' Future in Limbo
----------------------------------------------
ABC News reports that it is likely to be at least two weeks before
150 workers at Tascot Templeton Carpets know whether they still
have jobs.

According to ABC News, the Textile Clothing and Footwear Union
said the Tasmanian Government has already given the company
AU$4 million and it is time the Commonwealth provided some
assistance.

Federal Member for Braddon Sid Sidebottom said there is already
special assistance for textile workers but he will meet the union,
ABC News reports.

The union's Mark Edwards said workers face an anxious wait until
the second creditor's meeting in two weeks time.

Based in East Devonport, Australia, Tascot Templeton Carpets --
http://www.tascot.com.au/-- designs, manufactures and distributes
carpets for both residential and commercial applications.  The
Company was established in 1961.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 24, 2010, ABC News said Tascot Templeton Carpets went into
administration after orders dried up, leaving 150 jobs with the
carpet weaving company at risk.  The Company was offered State
government financial assistance last year when it reported demand
for high-end carpet had stalled.


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


AXIS MULTI-PRINTING: Creditors' Meeting Set for October 24
----------------------------------------------------------
Creditors of Axis Multi-Printing Company Limited will hold their
meeting on October 24, 2010, at 2:30 p.m., for the purposes
provided for in Sections 241, 242, 243, and 244 of the Companies
Ordinance.

The meeting will be held at Room 503, Bonham Trade Centre, 50
Bonham Strand, Sheung Wan, in Hong Kong.


BALLY HK: Commences Wind-Up Proceedings
---------------------------------------
Members of Bally Hong Kong Limited, on September 17, 2010, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lam Hiu Shun
         10/F., Great Smart Tower
         230 Wanchai Road
         Wanchai, Hong Kong


BESTGAIN TRADING: Creditors' Proofs of Debt Due October 29
----------------------------------------------------------
Bestgain Trading Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 29, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ha Yue Fuen Henry
         Unit A, 5/F., Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong


BETTER BUSINESS: Yiu Cho Yan Appointed as Liquidator
----------------------------------------------------
Yiu Cho Yan on September 15, 2010, was appointed as liquidator of
Better Business International Hong Kong Limited.

The liquidator may be reached at:

         Yiu Cho Yan
         Room 1702, 17/F
         Asian House, 1 Hennessy Road
         Wanchai, Hong Kong


BIG DRAGON: Creditors Get 100% Recovery on Claims
-------------------------------------------------
Big Dragon Asia Limited, which is in compulsory liquidation, will
pay the first and final dividend to its creditors on september 30,
2010.

The company will pay 100% for ordinary claims.

The company's liquidators are:

         Kong Chi How Johnson
         Lo Siu Ki
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


FEDERAL INTERNATIONAL: Creditors' Proofs of Debt Due October 25
---------------------------------------------------------------
Federal International Mining Group Co Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by October 25, 2010, to be included in the
company's dividend distribution.

The company's liquidators are:

         Poon Wai Hung Richard
         Yao Yi
         Room 1410, 14/F
         Harbour Centre
         No. 25 Harbour Road
         Wanchai, Hong Kong


CATHAY ARTS: Fok Hei Yuen Paul Appointed as Liquidator
------------------------------------------------------
Fok Hei Yuen Paul on September 24, 2010, was appointed as
liquidator of Cathay Arts Company Limited.

The liquidator may be reached at:

        Fok Hei Yuen Paul
        Rooms 1801-3, Tung Ning Building
        249-253 Des Voeux Road
        Central, Hong Kong


CHEERFUL WORLD: Ho and Kong Appointed as Liquidators
----------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone on January 29, 2010,
were appointed as liquidators of Cheerful World Enterprise
Limited.

The liquidators are Ho Man Kit Horace and Kong Sze Man Simone.


CORAL SEA: Creditors' Proofs of Debt Due October 29
---------------------------------------------------
Coral Sea Knitters Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 29, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Sun Kwong
         Office No. 1818, 18/F
         Beverly Commercial Centre
         87-105 Chatham Road
         Tsimshatsui, Kowloon
         Hong Kong


DRAGON TECHNOLOGY: Final Meetings Set for October 18
----------------------------------------------------
Members and creditors of Dragon Technology Distribution Company
Limited will hold their final meetings on October 18, 2010, at
2:30 p.m., and 3:00 p.m., respectively at Room 804, 8/F., Lap Fai
Building, 6-8, Pottinger Street, Central, in Hong Kong.

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


EURET LIMITED: Tam Shuk Fan Margaret Appointed as Liquidator
------------------------------------------------------------
Tam Shuk Fan Margaret on September 16, 2010, was appointed as
liquidator of Euret Limited.

The liquidator may be reached at:

        Tam Shuk Fan Margaret
        703 Hang Bong Commercial Centre
        28 Shanghai Street
        Kowloon


FRENCH ASIAN: Members' Final Meeting Set for October 29
-------------------------------------------------------
Members of The French Asian Art Society will hold their final
meeting on October 29, 2010, at 2:30 p.m., at 5th Floor,
Gloucester Tower, The Landmark, 11 Pedder Street, Central, in Hong
Kong.

At the meeting, Mr. Ma Ching Nam, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GALA PEARL: Members' Final General Meeting Set for October 25
-------------------------------------------------------------
Members of Gala Pearl Limited will hold their final general
meeting on October 25, 2010, at 10:30 a.m., at 3703 Jardine House,
Central, in Hong Kong.

At the meeting, Tong Man Yi Amy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GARNET SHIELD: Kong Chi How Johnson Steps Down as Liquidator
------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Garnet Shield
Limited on September 7, 2010.


GOLDEN WELL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on September 14, 2010,
creditors of Golden Well International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Ho Siu Kau
         Unit 1202, Mirror Tower
         61 Mody Road, Tsimshatsui East
         Kowloon


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


ANCHOR MALLS: Fitch Assigns National Long-term Rating at 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned India's Anchor Malls Private Limited a
National Long-term rating at 'B+(ind)'.  The Outlook is Stable.
The agency has also assigned Anchor's INR3,237.5 million term
loans a rating of 'B+(ind)'.

Anchor is a wholly owned subsidiary of Future Realtors India
Private Limited, a company wholly owned by the Biyani family
(promoters of Pantaloon Retail India Ltd ('A-(ind)'/Stable)).
Anchor owns 47,650sq ft of land at Chennai, where it plans to
develop a commercial building of 150,000 sq ft (comprising retail
space of 90,000sq ft and office space of 60,000sq ft) by December
2012.

Anchor's ratings are based on FRIPL's credit profile, which has
provided a corporate guarantee to the former's debt.  FRIPL holds
a portfolio of various real estate companies under it.  FRIPL's
credit profile is in turn influenced by its key entities, which
include Bansi Mall Management Co. Pvt. Ltd., Iskrupa Mall
Management Co. Pvt. Ltd, KB Mall Management Co. Pvt. Ltd.  ,
Niyaman Mall Mangement Co. Pvt. Ltd. and Ojas Mall Management Pvt.
Ltd.  These companies have operational malls which are primarily
leased to PRIL.  The rating for Anchor's debt has then been
notched down on account of structural subordination.

The factors constraining the rating are the high gearing at FRIPL
as well as the current non-operational nature of the company.
Fitch notes that the interest servicing and repayment of the loan
have begun, while there are currently no operating cash flows.
Further the loan has been utilized to provide cash flow support to
various group entities in the form of loans and advances which has
been deployed by them for various business initiatives.

Positive rating triggers include commencement of mall operations
and strong cash flow generation.  Negative rating triggers include
a weakening of linkages between Anchor and FRIPL and other group
companies.

FRIPL has investments in 12 real estate entities, of which the
largest are Bansi, Iskrupa and KB Malls.  Bansi owns the "SoBo
Central Mall" at Tardeo, Mumbai, of 160,000sq ft and is leased
primarily to PRIL.  Iskrupa operates an 180,000 sq ft mall in
Vadodra, Gujarat, which has been leased to PRIL since October
2006.  KB Malls owns two properties - "10 Acres Mall" in
Ahmedabad, Gujarat of 339,814 sq ft and "R- Mall" in Mulund,
Mumbai of 54,385 sq ft, both are entirely leased out to PRIL.


GANGA ACROWOOLS: CRISIL Lifts Rating on INR245.6MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has revised its rating on Ganga Acrowools Ltd.'s bank
facilities to 'B+/Stable/P4' from 'D/P5'.  The upgrade has been
driven by GAW's track record of timely repayment of debt
obligations during the past 10 months.  The upgrade also reflects
GAW's improved debt protection measures and capital structure.

   Facilities                        Ratings
   ----------                        -------
   INR190.0 Million Cash Credit      B+/Stable (Upgraded from 'D')
   INR245.6 Million Term Loan        B+/Stable (Upgraded from 'D')
   INR90.0 Million Letter of Credit  P4 (Upgraded from 'P5')

The company's sales increased significantly in volumes, while
operations at its new capacities have stabilized gradually in the
past two years. GAW's operating income is expected to improve over
the medium term backed by benefits derived from its added
capacities.

CRISIL's ratings on GAW's bank facilities reflect GAW's limited
track record in timely debt servicing, below-average financial
risk profile, marked by high gearing, small net worth, and weak
debt protection metrics; the ratings also factor in GAW's exposure
to risks relating to volatility in raw material prices and in the
value of the Indian rupee.  These rating weaknesses are partially
offset by GAW's improving business risk profile, supported by
diversification into manufacture of dyed, value-added yarn, in
addition to plain grey yarn.

Outlook: Stable

CRISIL believes that GAW's scale of operations will remain
moderate despite improvement over the medium term; its financial
risk profile may remain leveraged by debt contracted to fund large
working capital requirements.  The outlook may be revised to
'Positive' if the company's capital structure improves through
infusion of equity, or if improvement in operating margin leads to
larger cash accruals.  Conversely, the outlook may be revised to
'Negative' if GAW's capital structure weakens considerably on
account of large working capital requirements or debt-funded
capex.

                       About Ganga Acrowools

GAW was set up by Dr. Ravinder Verma in 1995. The company
manufactures worsted ac rylic yarn and other blended yarns.  The
worsted acrylic yarn include fine- and medium-count yarn used in
machine knitting, hosiery, hand knitting and weaving; and coarse-
count yarn, used for carpet manufacturing and hand knitting.  The
company manufactures grey and dyed acrylic yarn.

GAW's manufacturing unit in Ludhiana (Punjab) has capacity to
manufacture 16 tonnes of yarn per day. The company has 15,552
spindles (13,000 for fine and medium yarn and 2552 for coarse
yarn). GAW has an in-house dyeing division to cater to the value-
added dyed yarn segment. The company also has a biological
treatment unit to treat waste water from its dyeing unit; the
treated water is discharged in a company-owned plantation
measuring around two acres.

GAW reported a profit after tax (PAT) of INR52 million on net
sales of INR992 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR19 million on net sales
of INR681 million for 2008-09.


KINGFISHER AIRLINES: Defers Delivery of Airbus380
-------------------------------------------------
Kingfisher Airlines said it has deferred the delivery of
superjumbo Airbus A380 and induction of other aircraft like A330
and A320, The Economic Times reports.

"We have deferred the delivery schedule of A380, which was
expected to begin next year.  Delivery of other aircrafts like
A330s and A320s, has also been deferred," Vijay Mallya, Chairman
of the airline, said according to ET.

ET relates the airline has placed orders for a total of 67
aircraft, which includes five A380s, 42 A320s and 15 A330s.

According to the report, Mr. Mallya said Jet Airways had also
leased several of its Boeing 777s to other global carriers and
termed the decisions to defer deliveries or lease out planes as
"day-to-day business decisions" to maintain capacity induction in
the right perspective.

Mr. Mallya also said that the fundraising plans for the airline
was on schedule, when asked about reports that plans to raise
US$200 million through an issue of global depositary receipts
(GDRs) has been put on hold, the report notes.

                             ATF Debts

Separately, The Economic Times reports that Kingfisher Airlines
owes INR245 crore to Bharat Petroleum Corporation on account of
buying Aviation Turbine fuel (ATF).

BPCL's Chairman and Managing Director S. Radhakrishnan said that
according to a recent Court order, the entire amount has to be
paid by this November and airline is paying it in installments.

Director Radhakrishnan said though BPCL stopped credit and started
cash-and-carry mode for Kingfisher, the airline is now not buying
from BPCL, the report adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR1.89 billion, INR2.13 billion and INR1.64 billion for FY2008
through FY2010.


KINGFISHER AIRLINES: Withdraws Petition Against CCI Probe
---------------------------------------------------------
Kingfisher Airlines Ltd. on Friday withdrew a petition it had
filed in the Supreme Court against a probe by the Competition
Commission of India into its two-year-old strategic alliance with
Jet Airways (India) Ltd., livemint.com reports.

Kingfisher had moved the apex court against a probe by CCI in May
after losing an appeal in the Bombay high court, livemint.com
says.

According to the report, the bench, led by Chief Justice S.H.
Kapadia, refused to admit Kingfisher's case, saying CCI was
entitled to investigate the carrier.  The court's stance clarifies
the powers, functions and jurisdiction of the newly established
watchdog, and makes clear that CCI can investigate agreements that
pre-date the Competition Act of 2009, the report adds.

Kingfisher had approached the Bombay high court when CCI began the
probe last year to examine whether the alliance was a case of
cartelization, livemint.com discloses.  Kingfisher argued that the
alliance pre-dated the Competition Act.  It also said CCI couldn't
conduct an investigation as the previous anti-trust regulator,
Monopolies and Restrictive Trade Practices Commission, had ruled
earlier this month that there was no cause for an inquiry.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR1.89 billion, INR2.13 billion and INR1.64 billion for FY2008
through FY2010.


KENT AMUSEMENT: CRISIL Rates INR80 Million Rupee Term Loan at 'D'
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Kent Amusement Park And
Resorts Ltd's rupee term loan facility.  The rating reflects delay
by Kent in servicing its term loan; the delay has been caused by
Kent's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR80.0 Million Rupee Term Loan   D (Assigned)

Kent was set up in 2005-06 (refers to financial year, April 1 to
March 31) by Mr. Digvijay Bhausaheb Khanvilkar, his wife Mrs.
Rajlaxmi Digvijay Khanvilkar, and Mr. Suresh Narhari Gharpure.
The company has an amusement park, resorts and an upcoming hotel
situated at about 17 kilometers from Kolhapur (Maharashtra).  The
amusement park has water rides, snow world and other entertainment
games, as well as lodging facility.  The resort has 13 rooms and
dormitories which is operational and can accommodate about 350
people.  The company is also building a hotel at the park.  The
hotel, once complete, will have 18 suites and 30 deluxe rooms, out
of which four suits and 14 deluxe rooms are already operational,
while the remaining are expected to be operational by 2010-11.

Kent reported a profit after tax (PAT) of INR6.81 million on net
sales of INR53.04 million for 2008-09, against net loss of
INR15.39 million on net sales of INR27.56 million for 2007-08.


MERA BABA: CRISIL Assigns 'D' Rating to INR400 Million Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the term loan facility of
Mera Baba Reality Associates Pvt Ltd.  The rating reflects the
delays by MBR in servicing its term loan mainly due to delays in
realisations from its customers.

   Facilities                      Ratings
   ----------                      -------
   INR400.0 Million Term Loan      D (Assigned)

MBR has an average financial risk profile, marked by high gearing
and weak debt protection indicators. Moreover, the company has a
modest scale of operations with limited revenue visibility over
the medium term and, is exposed to risks relating to geographical
concentration in its revenue profile. However, MBR benefits from
its promoters' experience in the real estate industry.

MBR, promoted by Mr. Adarsh Mohan Garg and Mr. Jag Mohan Garg, is
part of the Mera Baba Realty Associates group and is engaged in
commercial real estate development in and around Delhi. The
company has executed some high-profile projects in the past
including schools, five-star hotels, and commercial complexes.
Currently, it has a single project, D-Mall Rohini in Delhi, which
was recently completed and is now being sold in a phased manner.

MBR reported a profit after tax (PAT) of INR4.9 million on net
sales of INR185 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.7 million on net sales
of INR136.7 million for 2008-09.


NALAGARH STEEL: CRISIL Rates INR175MM Cash Credit Limit at 'B-'
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the cash credit
facility of Nalagarh Steel Rolling Mill Pvt Ltd, which is part of
the Dev Bhumi group.

   Facilities                          Ratings
   ----------                          -------
   INR175.0 Million Cash Credit Limit  B-/Stable (Assigned)

The rating reflects the Dev Bhumi group's weak liquidity, with
instances of NSRMPL overdrawing its bank limits facility in the
past, high gearing, and weak debt protection metrics.  The group's
weak liquidity had led to instances of delays in debt servicing by
group companies in the past.  The ratings also reflect the group's
geographically concentrated revenue profile, and susceptibility to
downturns in the end-user industry and to volatility in steel
prices.  These rating weaknesses are partially offset by
experience of the Dev Bhumi group's promoters in the steel
industry and its semi-integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NSRMPL, Dev Bhumi Ispat, 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 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.

Outlook: Stable

CRISIL believes that the Dev Bhumi group's liquidity will remain
weak over the medium term because of large capital expenditure
(capex) undertaken by the group in the past three years and its
incremental working capital requirements. The outlook may be
revised to 'Positive' if the group's liquidity improves, driven
most likely by substantial equity infusion. Conversely, the
outlook may be revised to 'Negative' if the group undertakes
larger-than-expected debt-funded capex program or if its liquidity
deteriorates further.

                         About the 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. Shree
Kangra and DBS manufacture mild-steel ingots, and 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 INR5.9
million on net sales of INR1001.0 million for 2008-09.


ORSON HOLDINGS: CRISIL Rates INR50 Million Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Orson Holdings
Company Ltd's bank facilities.

   Facilities                     Ratings
   ----------                     -------
   INR50 Million Cash Credit      BB+/Stable (Assigned)

The rating reflects OHCL's large working capital requirements and
exposure to risks related to product and customer concentration in
revenue profile, and volatility in raw material prices. These
rating weaknesses are partially offset by OHCL's healthy financial
risk profile, marked by low gearing, and moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that OHCL will maintain its credit profile over
the medium term, supported by its healthy financial risk profile.
The outlook may be revised to 'Positive' if the company's revenues
or operating profitability increase significantly, driven by
diversification in customer base, and improvement in working
capital management and operating efficiency. Conversely, the
outlook may be revised to 'Negative' if OHCL's financial risk
profile deteriorates, most likely because of a significant debt-
funded capital expenditure programme or weaker-than-expected
accruals.

                        About Orson Holdings

OHCL was set up in 1983 as a non-banking financial company (NBFC).
In 1996, the Kolkata-based company exited from the NBFC business
and began manufacturing liquid petroleum gas (LPG) cylinder
valves.  Initially, the company manufactured valves for domestic
oil marketing companies (OMC).  However, from 2006-07 (refers to
financial year, April 1 to March 31), the company gradually
shifted its focus from the domestic to the export market.  In
2009-10, OHPL generated more than 90 per cent of its revenues from
the export market. OHCL's day-to-day operations are looked after
by the company's current promoter-director Mr. Vivek Bhartia.

OHCL reported a profit after tax (PAT) of INR9.3 million on
operating income of INR202.4 million for 2009-10, against a PAT of
INR3.3 million on operating income of INR100.9 million for
2008-09.


PALLIPALAYAM SPINNERS: CRISIL Reaffirms 'B-' Rating on LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pallipalayam Spinners
Pvt Ltd reflect PSPL's below-average financial risk profile,
marked by weak liquidity, and exposure to risks related to
supplier concentration and volatility in raw material prices.
These weaknesses are partially offset by PSPL's established
position in the viscose yarn industry, and its longstanding
relationships with clients.

   Facilities                          Ratings
   ----------                          -------
   INR152.60 Million Long-Term Loan    B-/Stable (Reaffirmed)
   INR170.00 Million Cash Credit       B-/Stable (Reaffirmed)
   INR95.00 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PSPL will continue to benefit from its
established position in the viscose yarn market, over the medium
term. The outlook may be revised to 'Positive' if PSPL reports
significantly higher-than-expected margins, supported by a higher
composition of value-added products, resulting in considerable
improvement in its liquidity and capital structure. Conversely,
the outlook may be revised to 'Negative' if PSPL's cash flows and
margins deteriorate, weakening its liquidity, or if the company
undertakes a large, debt-funded capital expenditure programme,
adversely affecting its capital structure.

Update

PSPL has reported an operating income of INR983.7 million in
2009-10 (refers to financial year, April 1 to March 31), which is
higher than CRISIL's projections, on the back of improved demand
for viscose yarn in the exports market and better productivity.
The company's operating profit margin, at 12.8 per cent, was in
line with CRISIL's projections.  PSPL's gearing as on March 31,
2010, at 1.46 times, was also as expected.  On account of the
proposed purchase of new machinery at a cost of INR22.5 million,
the gearing is expected to remain high at 1.36 times in 2010-11,
but would be adequate for the rating category. The company's
liquidity is stretched, as evident from the high bank limit
utilisation levels.

PSPL reported a profit after tax (PAT) of INR34.84 million on a
turnover of INR983.7 million for 2009-10, against a PAT of INR2.1
million on a turnover of INR800.7 million for 2008-09.

                     About Pallipalayam Spinners

Established in 1974 by the late Mr. P Kulandhaivelu, the late Mr.
P Palaniappan, and Mr. Jagadish Prakash Khemka, PSPL manufactures
viscose yarn.  The company has 30,912 spindles and 720 open-end
rotors at its facility in Salem (Tamil Nadu).  It also has
windmill capacity of 5.75 megawatts in Tirunelveli district (Tamil
Nadu).


PLYMEX TIMBER: CRISIL Assigns 'BB-' Rating to INR50MM Foreign LoC
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Plymex Timber Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Foreign Letter     BB-/Stable (Assigned)
                      of Credit
   INR200 Million Foreign Letter    P4+ (Assigned)
                       of Credit

The ratings reflect Plymex's weak financial risk profile,
resulting from low profitability and net worth, and exposure to
risks relating to intense competition in the timber industry.
These weaknesses are partially offset by the benefits that Plymex
derives from its promoters' experience in the timber trading
business.

Outlook: Stable

CRISIL expects Plymex to maintain a stable credit profile over the
medium term, backed by its promoter's experience.  The outlook may
be revised to 'Positive' if better profitability and working
capital management lead to higher than anticipated cash flow from
operations.  Conversely, the outlook may be revised to 'Negative'
if the company undertakes large, debt-funded capital expenditure
or acquisitions, leading to deterioration in financial risk
profile.

                        About Plymex Timber

Set up in 1994 by Mr. Srikant Jain and his family, Kolkata-based
Plymex trades in timber.  Mr. Jain has over two decades of
experience in the timber industry, through other partnership and
proprietorship firms.  The family has been in the timber trading
business since 1942.  The company deals in Malaysian, Burmese, and
West African timber.  About 90 per cent of its sales are in West
Bengal, and the remainder are in Bihar and Jharkhand.

Plymex reported a profit after tax (PAT) of INR1.3 million on net
sales of INR334 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.6 million on net sales
of INR210 million for 2008-09.


RITESH EXPORT: CRISIL Reassigns 'BB+' Ratings to Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the long-term bank
facilities of Ritesh Export; these facilities were earlier short-
term facilities which were rated 'P4+' by CRISIL.

   Facilities                          Ratings
   ----------                          -------
   INR188.00 Million Packing Credit    BB+/Stable (Reassigned)
   (Enhanced from INR122.00 Million)
   INR392.00 Million Post-Shipment
   Credit (Enhanced from INR278
                       Million)        BB+/Stable (Reassigned)
   INR20.00 Million Line of Credit
   (Reduced from INR80.00 Million )    BB+/Stable (Reassigned)

The rating reflects Ritesh Export's weak financial risk profile,
marked by small net worth and weak debt protection indicators,
exposure to risks inherent in the firm's partnership structure,
and limited competitiveness because of lack of sightholder status
in the diamond cutting and polishing business.  These rating
weaknesses are partially offset by Ritesh Export's promoters'
industry experience.

Outlook: Stable

CRISIL believes that Ritesh Export 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 Ritesh Export 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 Ritesh Export

Established as a partnership firm in 1986, Ritesh Export processes
and trades in diamonds.  The firm's manufacturing unit in Surat,
Gujarat, has staff strength of 150, and has capacity to process
105,000 pieces of diamond every month. Because of lack of
sightholder status, the firm procures rough diamonds from
sightholders.  Ritesh Export exports cut and polished diamonds
primarily to South East Asia and Europe.

Ritesh Export reported a profit after tax (PAT) of INR42.6 million
on net sales of INR1.8 billion for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR53.3 million on
net sales of INR1.5 billion for 2008-09.


S.R. TIMBER: CRISIL Lifts Ratings on Various Debts to 'BB+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of S.R.
Timber Products Pvt Ltd., which is part of the SR group, to
'BB+/Stable' from 'BB/Negative', assigned its 'BB+/Stable' rating
to SR Timber's standby line of credit and term loan facilities,
and reaffirmed the rating on the short-term facility at 'P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR70.00 Million of Cash Credit     BB+/Stable (Upgraded from
   (Enhanced from INR40.00 Million)                'BB/Negative')

   INR15.00 Million of Standby Line
                          of Credit    BB+/Stable (Assigned)

   INR9.50 Million Term Loan           BB+/Stable (Assigned)

   INR280.00 Million Letter of Credit
     (Enhanced from INR90.00 Million)  P4+

The upgrade reflects an improvement in the SR group's financial
flexibility and debt protection metrics.  The improvement has been
driven by the reduction and deferment of capital expenditure
(capex) by two group companies.  SR Timber reduced its capex to
INR30 million from INR150 million (to be funded in a debt-to-
equity ratio of 1.5:1).  The other group company, SR Worth Ayat
Niryat Pvt Ltd, has postponed its INR400 million capex plan (debt-
to-equity ratio of 3:1) because of termination of incentives by
the Government of West Bengal.  CRISIL believes that the SR
group's financial flexibility and liquidity will continue to
benefit because of the absence of any debt-funded capex over the
medium term.

The ratings reflect the SR group's exposure to intense competition
in the timber industry, high dependence on Malaysia for timber
supply, and below-average liquidity and financial flexibility
(despite the improvement). These rating weaknesses are partially
offset by expertise of the SR group's promoter's in procurement of
timber, and the group's moderate financial risk profile, marked by
moderate net worth, moderate cash accruals, and low total outside
liabilities to its total net worth ratio.

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of SR Timber, SR Worth, and SR Log
Products Pvt Ltd (SR Log), collectively referred to as the SR
group. This is because all these companies are under a common
management, and are in similar line of business. Furthermore, SR
Timber and SR Worth have guaranteed each other's debt.

Outlook: Stable

CRISIL believes that the SR group will maintain a stable credit
risk profile over the medium term, backed by its moderate business
risk profile. The outlook may be revised to 'Positive' if the
group's profitability and working capital management improve,
leading to high cash flows from operations. Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
fresh, large, debt-funded capex programme, or acquisition, leading
to deterioration in its financial risk profile.

                          About the Group

The SR group trades in and manufactures timber. SR Timber, set up
in 2001 by Mr. Akhilesh Singh and Mr. Sashi Bhushan Singh, trader
in timber. In 2004, Mr. Akhilesh Singh and his sister Mrs. Chittra
Singh established SR Worth for manufacturing value-added wooden
products. In 2005, the promoters incorporated SR Log for trading
in timber.

The SR group reported a profit after tax (PAT) of INR17.4 million
on net sales of INR2293.0 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR10.6 million on
net sales of INR1719.0 million for 2008-09.


SANYOG ENTERPRISES: CRISIL Puts 'BB' Rating on INR125MM Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Sanyog Enterprises
Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR125.00 Million Cash Credit    BB/ Stable (Assigned)
   INR10.00 Million Proposed Long   BB/ Stable (Assigned)
               Term Bank Facility

The rating reflects SEPL's below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics; large working capital requirements; and
average scale of operations with low profitability.  These rating
weaknesses are partially offset by the experience of SEPL's
promoters in the pharmaceutical retailing business, the company's
established presence across several hospitals, and its low
inventory and debtor risk.

The directors and others have provided INR32 million of unsecured
interest-free loans to SEPL, which will be retained in the
business until the bank loans are repaid; therefore, these loans
have been treated as quasi equity.

Outlook: Stable

CRISIL believes that SEPL will benefit from its promoters'
extensive industry experience and its presence across several
government and private hospitals, over the medium term.  The
company's credit risk profile will, however, remain constrained by
its large working capital requirements and low profitability.  The
outlook may be revised to 'Positive' in case of improvement in
liquidity, most likely because of a significant increase in cash
accruals or infusion of fresh equity by the promoters.
Conversely, the outlook may be revised to 'Negative' if SEPL's
liquidity deteriorates because of incremental working capital
requirements.

                        About Sanyog Enterprises

Set up in 1999, SEPL operates a chain of 24 retail drug stores
across the National Capital Region, Uttarakhand, and Chandigarh.
These retail drug stores are operated in large hospitals, and the
company enters into lease agreements with hospitals for operating
the stores.  SEPL also supplies drugs to government and private
organisations on the basis of tenders/quotations.

SEPL is estimated to report a profit after tax (PAT) of INR4.83
million on net sales of INR730.48 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3.50
million on net sales of INR530.93 million for 2008-09.


SHREE KANGRA: CRISIL Assigns 'B-' Rating to INR3.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Shree Kangra Steels Pvt Ltd., which is part of the
Dev Bhumi group.

   Facilities                          Ratings
   ----------                          -------
   INR45.0 Million Cash Credit Limit   B-/Stable (Assigned)
   INR3.5 Million Term Loan            B-/Stable (Assigned)
   INR30.0 Million Letter of Credit    P4 (Assigned)
   INR6.5 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the Dev Bhumi group's weak liquidity, with
instances of Shree Kangra overdrawing its bank limits facility in
the past, high gearing, and weak debt protection metrics.  The
group's weak liquidity had led to instances of delays in debt
servicing by group companies in the past.  The ratings also
reflect the group's geographically concentrated revenue profile,
and susceptibility to downturns in the end-user industry and to
volatility in steel prices.  These rating weaknesses are partially
offset by experience of the Dev Bhumi group's promoters in the
steel industry and its semi-integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shree Kangra, Nalagarh Steel Rolling
Mill Pvt Ltd (NSRMPL), Dev Bhumi Ispat (DBI), and Dev Bhumi Steels
(DBS), collectively referred to as the Dev Bhumi group. This is
because all the entities are under common promoters and
management, in 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.

Outlook: Stable

CRISIL believes that the Dev Bhumi group's liquidity profile will
remain weak over the medium term, because of large capital
expenditure (capex) undertaken by the group in the past three
years and its incremental working capital requirements. The
outlook may be revised to 'Positive' if the Dev Bhumi group's
liquidity, improves, driven most likely by substantial equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the group undertakes larger-than-expected debt-funded capex or if
its liquidity deteriorates further.

                            About the 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. Shree
Kangra and DBS manufacture mild-steel ingots, and 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 INR5.9
million on net sales of INR1001.0 million for 2008-09.


SUMER SONS: CRISIL Assigns 'B+' Rating to INR130MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Sumer Sons Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR130.0 Million Cash Credit     B+/Stable (Assigned)
   INR20.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect SSPL's weak financial risk profile constrained
by high total outside liabilities to tangible net worth (TOL/TNW)
and weak interest coverage ratios, and exposure to risks related
to limited value-addition in operations, and volatility in steel
prices.  These rating weaknesses are partially offset by SSPL's
established relationship with the company's major supplier,
Rastriya Ispat Nigam Ltd, and diversified customer base.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
diversified product offering and established relationship with its
suppliers and customers.  The outlook may be revised to 'Positive'
if SSPL's gearing reduces significantly or possible equity
infusion, leading to substantial improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
SSPL's profitability or working capital management deteriorates
significantly, thereby adversely impacting its liquidity.

                          About Sumer Sons

SSPL was set up as a partnership firm in 1995-96 (refers to
financial year, April 1 to March 31) by Mr. Rajeev Jain and his
family, was converted to a private limited company in 2002.  SSPL
trades in a wide range of steel products, including long products
such as thermo mechanically treated (TMT) and round bars, and
structural's such as angles, beams, and channels; the products
find application in the construction and infrastructure
industries. SSPL also trades in sponge iron and pig iron, and
generates about 3 per cent of its revenues by providing services
as a consignment agent for Jindal Steel and Power Ltd.

SSPL reported a provisional profit after tax (PAT) of INR 6
million on net sales of INR 1.01 billion for 2009-10, against a
PAT of INR 5 million on net sales of INR 1.23 billion for 2008-09.


SVSVS PROJECTS: CRISIL Puts 'B+' Rating on INR17.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to SVSVS Projects
Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR17.50 Million Cash Credit       B+/Stable (Assigned)
   INR130.00 Million Bank Guarantee   P4 (Assigned)

The ratings reflect SVSVS's exposure to risks related to the
tender-based nature of its business, its large working capital
requirements, and its small scale of operations.  These rating
weaknesses are partially offset by SVSVS's above-average financial
risk profile marked by healthy gearing and debt protection
metrics, and its promoters' experience in the construction
industry.

Outlook: Stable

CRISIL believes that SVSVS will maintain its healthy capital
structure and benefit from its moderate order book over the medium
term.  The outlook may be revised to 'Positive' if SVSVS enhances
its scale of operations substantially, diversifies its revenue
profile while increasing its profitability, and improves its
working capital management.  Conversely, the outlook may be
revised to 'Negative' if the company's profitability margins and
revenues decline significantly, or if it undertakes a large debt-
funded capital expenditure programme, weakening its financial risk
profile.

                       About SVSVS Projects

Incorporated in 2007, SVSVS undertakes construction of roads,
bridges, dams, buildings, and irrigation works. The company is
promoted by Mr. V Rama Mohan Rao and his family. Before
establishing SVSVS, Mr. V Rama Mohan Rao undertook construction
projects in his personal capacity. SVSVS is a Special Class
contractor registered with the Public Works Department of Andhra
Pradesh and the Andhra Pradesh Roads and Buildings Department. The
company's operations span across Andhra Pradesh, Madhya Pradesh
and Karnataka.

SVSVS reported a provisional profit after tax (PAT) of INR11
million on net sales of INR280 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR5
million on net sales of INR150 million for 2008-09.


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


BAKRIE SUMATERA: Moody's Reviews 'B3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has put on review for possible downgrade
the B3 corporate family and secured bond rating of Bakrie Sumatera
Plantations Tbk.

"This rating action is driven by a range of concerns about BSP
that have accumulated during recent months," says Alan Greene, a
Moody's Vice President and Senior Credit Officer.

"The company has seen a steady increase in leverage as reported in
its 2Q 2010 financial statements despite a large rights issue of
US$520 million completed earlier this year, some major accounting
discrepancies were discovered in Q1 2010, and performance by the
CPO business has been generally lackluster due to unusual weather
patterns."

"In addition, Moody's see uncertainty about the completion of the
long-running acquisition of the Domba Mas oleo-chemical plants,
with the timing of completion and structure of debt at that level
still under negotiation," says Greene.

Moody's rating review will focus on (1) the progress of the Domba
Mas acquisition; (2) the resulting terms and conditions of the
debt at the acquired oleo chemical plants and potential for
subordination of BSP's bondholders; (3) BSP's plans for the start-
up of downstream operations and the associated supply and offtake
arrangements; and (4) the refinancing plans for the US$160 million
maturing bonds in November 2011.

Moody's expects to complete the review no later than the end of
October 2010.

The last rating action with respect to BSP was taken on April 16,
2009, when its corporate family and secured bond ratings were
downgraded to B3 from B2 with a negative outlook.

BSP's ratings have been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, including
its i) business risk and competitive position compared with other
companies within the industry; ii) capital structure and financial
risk; iii) projected performance over the near to intermediate
term; and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of BSP's core industry; its ratings are believed to be
comparable to those of other issuers of similar credit risk.

Bakrie Sumatera Plantations Tbk, is an Indonesian upstream
plantation company operating mainly in Sumatra, Indonesia, with
rubber plantations of some 19,000ha and oil palm plantations of
110,000ha.  It was 42% owned by the conglomerate PT Bakrie &
Brothers Group (as of 30 June, 2010) and is consolidated into
BNBR's financial statements.  BSP was listed on both the Jakarta
and Surabaya Stock Exchanges in 1990.


CHANDRA ASRI: Moody's Reviews 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's has put on review for possible upgrade its B2 corporate
family rating on PT Chandra Asri, and its B2 rating on the US$
bonds issued by Altus Capital Pte Ltd, which are guaranteed by
Chandra Asri and PT Styrindo Mono Indonesia.

"The review was initiated in response to Chandra Asri's proposed
merger with its Jakarta-listed sister company PT Tri Polyta, which
should benefit the company's credit profile," says Renee Lam, a
Moody's Vice President and lead analyst for Chandra Asri.

"The review acknowledges Chandra Asri's improved financial
metrics, with reported debt to EBITDA at 1.9x for 1H10, predicated
largely on petrochemical product spreads being stronger than
expectations."

"The company has also enhanced its liquidity by expanding its
banking relationships, which mitigates concerns about its limited
financial flexibility," adds Lam.

TPI, majority owned by PT Barito Pacific Tbk, which is a common
major shareholder of Chandra Asri, has been the latter's customer
for propylene, accounting for 18% of Chandra Asri's sales revenue
in 2009.  TPI has moderate leverage, with debt to EBITDA at 0.9x
in 1H10 and a net cash position (as of June 31, 2010).

The proposed merger entails a share swap between Chandra Asri and
TPI; thus, Chandra Asri will not lay out any cash for the merger,
and transaction costs should be modest.

Moreover, if completed, the transaction would result in further
downstream integration of Chandra Asri, as well as higher sales
and a more diversified customer base.

However, the management participation of Temasek -- which holds
30% of Chandra Asri -- in the merged entity may be lower than its
current level in the company.  Moody's considers Temasek's
involvement in the privately held Chandra Asri an important
mitigant to corporate governance concerns.  Nonetheless, the
importance of this support element to Chandra Asri's credit
profile may diminish, as the merged entity will be a publicly
listed company, subject to disclosures and transparency
requirements of the Indonesia Stock Exchange and Bapepam-LK.

Moody's also expects the proposed merger with 100% share swap will
not trigger a change of control under the bond indentures.

In its review, Moody's will consider 1) Temasek's involvement and
role in the merged entity, and the resulting credit implications;
2) the operating profile of the merged entity; 3) the projected
financial profile, including the capital investment plans, of the
combined entity; 4) the degree of support from the major lenders
to the merged entity.

The last rating action with respect to Chandra Asri was taken on
February 17, 2010, when its B2 ratings were affirmed and removed
from their provisional status.

PT Chandra Asri, based in Jakarta, is the largest petrochemical
company in Indonesia.  At 30 June 2010, it had an olefins
production capacity comprising 600,000 tpa of ethylene, 320,000
tpa of propylene, 280,000 tpa of py-gas and 220,000 tpa of crude
C4.  The company also operates two polyethylene production trains,
with a combined production capacity of 320,000 tpa.


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


INCUBATOR BANK: Resumes Operations at 60 Branches
-------------------------------------------------
Kyodo News reports that the Incubator Bank of Japan restarted
operations Monday at the last of its 60 branches that were closed
down when it filed for bankruptcy protection.

According to the news agency, the bank's other roughly 40 branches
had already been reopened.  It will continue to refund depositors
over the counter or by mail under the deposit protection scheme,
which caps the value of refund payments at JPY10 million.

Kyodo News says the bank 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.

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.


SILK ROAD: S&P Withdraws 'B' Rating on Limited-Recourse Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B (sf)' rating on
the limited-recourse secured floating rate credit-linked notes
issued by Silk Road Plus PLC's series 7.  The rating was on
CreditWatch with positive implications before S&P withdrew it.

The rating withdrawal follows the arranger's notification to us on
Sept. 24, 2010, that the notes were fully redeemed and unwound on
Aug. 23, 2010.

                         Rating Withdrawn

                        Silk Road Plus PLC
Limited-recourse secured floating rate credit-linked notes series
                           7 class A1-U

         To           From                   Issue Amount
         --           ----                   ------------
         NR           B (sf)/Watch Pos       $0.1 mil.


TAKEFUJI CORP: Files for Bankruptcy Protection
----------------------------------------------
Takefuji Corp. filed for bankruptcy petition with the Tokyo
District Court on Tuesday with debts of JPY433.6 billion.

The Japan Times reports Takefuji has become the biggest casualty
of Japan's four-year crackdown on coercive lending practices by
consumer finance companies.

Takefuji said it had liabilities of JPY433.6 billion as of
June 30, 2010, the Japan Times relates.  But industry sources said
the amount is likely to balloon even more because 2 million
Takefuji borrowers have yet to claim their overcharged interest,
the Japan Times notes.

The company said President Akira Kiyokawa and Executive Vice
President Taketeru Takei resigned and board member Junichi Yoshida
was appointed the new president, the Japan Times reports.

Takefuji and other consumer lenders have struggled to survive
after Japanese courts ruled in 2006 that they had charged too much
interest and had to repay borrowers, according to Reuters.  A
recent government cap on interest rates has further hobbled the
industry, Reuters notes.

According to Reuters, the burden of interest repayments has
already claimed several smaller casualties among consumer lenders.
Reuters adds that the fear now for Takefuji's rivals is that its
failure will spark a run of claims by borrowers worried they will
not get refunds the court ruling promised.

                          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.


TAKEFUJI CORP: S&P Downgrades Counterparty Credit Rating to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered by one notch to 'CC'
from 'CCC-' its long-term counterparty credit and senior unsecured
ratings on Takefuji Corp.  The downgrades are based on S&P's view
that the company's funding situation is likely to become more
challenging, as media reports about a potential plan to file for
protection under the Corporate Rehabilitation Law may hurt the
company's reputation.  The outlook on the long-term counterparty
credit rating on the company is negative.

On Sept. 27, 2010, media reports said that Takefuji is finalizing
a plan to file for protection under the Corporate Rehabilitation
Law.  Although Takefuji has denied those reports and said that it
has no such plans, it is S&P's view that the reports may raise the
possibility of more customers filing additional claims for refunds
of overcharged interest.  In addition, the company's funding
ability may be further constrained if business counterparties move
to adopt a more cautious stance toward Takefuji.

The negative outlook reflects S&P's view that the business
environment for Takefuji will remain severe, due mainly to the
negative impact of the full implementation of the amended Money
Lending Business Law, and in part to the continued high levels of
refunds of overcharged interest.  Although the company maintains
liquidity by restricting new lending, selling assets, and offering
a debt exchange of convertible bonds, Standard & Poor's believes
that its funding situation has become more severe, given that
about ?52 billion of corporate bonds are scheduled to mature in
April 2011.  S&P intend to continue to focus on the development of
Takefuji's operational and financial conditions in the future.

                           Ratings List

                            Downgraded

                          Takefuji Corp.

                               To                 From
                               --                 ----
Counterparty Credit Rating     CC/Negative/--     CCC-/Negative/--
Senior Unsecured               CC                 CCC-


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


BRIDGECORP LTD: Petricevic & Roest to Appear in Court Next Year
---------------------------------------------------------------
Former Bridgecorp directors Rod Petricevic and Rob Roest will next
appear in court on January 18 on twelve criminal charges laid by
the Serious Fraud Office, BusinessDay.co.nz reports.

BusinessDay.co.nz says the case came back before the Auckland
District Court on Tuesday and prosecutor Brian Dickey said that a
trial date is likely to be set at the callover date in January.

According to BusinessDay.co.nz, the pair allegedly used almost
NZ$2 million of investors' funds to maintain a luxury yacht.
Mr. Petricevic also faces two separate charges of making allegedly
dishonest payments of NZ$1.2 million of investors' funds to a
business entity called ABb run by an associate, Janita Wright, the
report adds.

                          About Bridgecorp

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp has been placed in receivership
on July 2, 2007, after failing to pay principal due to debenture
holders.  In that regard, John Waller and Colin McCloy, partners
at PricewaterhouseCoopers, were appointed as receivers.
Bridgecorp owes around 1,800 debenture holders, which
liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


GRAVITAS WINE: Bids Hit NZ$2 Million, Negotiations Still Under Way
------------------------------------------------------------------
Chris Hutching at The National Business Review reports that
Gravitas Wine's Marlborough vineyard failed to sell at last
Friday's auction but talks are continuing with potential buyers.

As reported in the Troubled Company Reporter-Asia Pacific on
June 29, 2010, The Marlborough Express said that Gravitas Wines
has been placed in the hands of receivers Richard Simpson and
David Ruscoe of Grant Thornton New Zealand, in Wellington.

According to The National Business Review, wine property
specialist John Hoare told NBR NZPI that the final bid had been
about NZ$2 million, which was quite a relief to some of the 77
wine growers at the auction because it set land prices at about
NZ$100,000/ha.  The report relates Mr. Hoare said that values have
eased considerably from the heights of yesteryear at
NZ$250,000/ha.

The National Business Review relates the property includes two
dwellings -- a 147-square meter three-bedroom home with a swimming
pool, and a 69-square meter two-bedroom cottage.  There are also
work sheds including a storage unit and office, implement shed,
workshop, chemical storage area, and utility shed.  The plant and
machinery for managing vines is also available for purchase as
well as a quantity of Gravitas wine, some of it already bottled,
and some still in the barrel, The National Business Review adds.

The report notes a separate 16ha lifestyle property owned by
Gravitas was sold at the auction for $260,000 to a local buyer.

                      About Gravitas Wine

Gravitas Wine is in the wine-producing neighbourhood of Oyster
Bay, Nautilus, Pernod Ricard and Clos Henri.  The Gravitas label
was founded in 1993 by ex-banker Martyn Nicholls, who remains
listed in Companies Office records as director and shareholder.


LOMBARD FINANCE: Post-Committal Conference Set for October 28
-------------------------------------------------------------
The National Business Review reports that the Lombard Finance
'four' are due back in court next month after a brief appearance
on their behalf on Tuesday.

According to NBR, Lombard Finance directors Sir Douglas Graham,
Michael Reeves, Bill Jeffries and Lawrence Bryant had their case
called at the District Court in Wellington on Tuesday but did not
appear in person.

The four were remanded for a post-committal conference on
October 28, NBR says.

In April, Securities Commission laid parallel civil and criminal
charges against the group for allegedly misleading investors in
offer documents and advertisements.  The criminal charges, laid
under section 58 of the Securities Act, carry a maximum penalty of
five years' imprisonment or fines of up to $300,000.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


* NEW ZEALAND: 150 Small Firms in Trouble After Christchurch Quake
------------------------------------------------------------------
The New Zealand Herald reports that about 150 small businesses are
failing following the Christchurch earthquake, many of them in the
retail and hospitality sectors.

The report relates Canterbury Employers Chamber of Commerce chief
executive Peter Townsend said their main problem was a lack of
custom, or not being able to operate because of access issues.

"We are in contact with businesses everyday, but I'm getting a
fair indication of those that are just simply not going to be able
to hold on. Some of them weren't going to be able to hold on
before the earthquake -- that's just a dynamic of small business,"
the NZ Herald quoted Mr. Townsend as saying.

According to the report, Mr. Townsend said a downturn in trading,
cashflow problems and a lack of access to some premises had
exacerbated the problem for many businesses.

Central Christchurch Business Association head Paul Lonsdale told
the NZ Herald last week that central Christchurch businesses are
struggling with up to a 60 per cent decline in business since the
September 4 earthquake.  This was despite 92 per cent of
businesses being open as normal, he said.

The report notes Mr. Townsend said the chamber was doing
everything it could to minimise the impact on businesses,
including the possibility the Government could provide further
financial assistance.

Mr. Townsend said he expected the Government would announce a
decision around further funding for struggling businesses this
week or next, according to the NZ Herald.


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


LEGACY GROUP: PDIC Files PHP5.37 Billion Syndicated Estafa Case
---------------------------------------------------------------
BusinessWorld Online reports that the Philippine Deposit Insurance
Corp. has filed a syndicated estafa case against Legacy Group head
Celso G. de los Angeles, Jr. and officers of Dynamic Rural Bank
for siphoning PHP5.37 billion of the bank's funds and diverting
these to Legacy firms.

The case, filed with the Justice department, is the 23rd Legacy
case and is the biggest so far, the report says.

According to BusinessWorld, PDIC said Mr. de los Angeles and 21
officers of Dynamic Rural Bank, one of 12 Legacy rural banks
closed by the central bank, created fictitious loans including
motorcycle loans, and diverted the proceeds to the savings
accounts of other companies owned by Mr. de los Angeles such as
Legacy Motors, Inc. and OneCard Company, Inc.

BusinessWorld relates the state deposit insurer said Mr. de los
Angeles and the officers then withdrew P5.37 billion from these
accounts and placed these in fictitious deposit accounts under the
names of other Legacy-affiliated firms and various individuals.

Dynamic Rural Bank, which used to be the Rural Bank of Calatagan
(Batangas), Inc., was one of 12 Legacy banks placed under PDIC
receivership by the central bank in December 2008, the report
notes.

                         About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

                           *     *     *

The Bangko Sentral ng Pilipinas in 2008 placed 13 Legacy-member
rural banks under the receivership of the Philippine Deposit
Insurance Corporation due to insolvency.  The banks under
receivership are Rural Bank of Paranaque; Rural Bank of San Jose
(in Batangas); Pilipino Rural Bank (in Cebu); Rural Bank of Bais
(in Negros Oriental province); Bank of East Asia (in Cebu); First
Interstate Bank (Rural Bank of Kananga, Leyte), Inc.; Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City); Rural Bank of DARBCI (General Santos); Bicol
Development Bank (Legaspi City); and the Rural Bank of Carmen
(Cebu).

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns.  To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.


PHILIPPINE AIRLINES: Needs US$230 Million Annually to Survive
-------------------------------------------------------------
Philippine Airlines said it is implementing cost-cutting measures
like crew reduction and its planned spin-off of non-core units as
major initiatives to ensure the airline's survival, The Daily
Tribune reports.

According to The Daily Tribune, PAL spokesman Cielo Villaluna said
funds saved from belt tightening efforts are earmarked for payment
of maturing dollar obligations, fuel costs, salaries, aircraft
maintenance and other expenses.

The Daily Tribune relates Ms. Villaluna said the flag carrier
needs approximately US$230 million annually to continue operating.
About half of this must come from cost savings, while the other 50
percent would be raised through cash generation activities like
aggressive sales and marketing efforts, she said.

The Daily Tribune notes Ms. Villaluna explained that cabin crew
reduction is just one of many cost-cutting measures.  "The cabin
crew union demands that funds saved from manpower reduction should
be equally divided among them.  But this, unfortunately, is not
the aim of the whole exercise. If we heed their call to give them
the savings, we may have satisfied crew members today but no
airline to speak of in the long term," The Daily Tribune quoted
Ms. Villaluna as saying.

"Estimated savings from crew reduction as measured by our Cabin
Services is about PHP70 million a year, not PHP141-million as
claimed by the Flight Attendants' and Stewards' Association of the
Philippines," she told The Daily Tribune.

Ms. Villaluna told The Daily Tribune that despite better-than-
expected passenger traffic in the first semester, PAL is still
strictly adhering to its survival plan that was crafted after the
airline lost more than US$312-million in the last two years. "The
survival plan became imperative especially after the airline's
equity dipped to just over US$1-million in February 2010," Ms.
Villaluna explained, according to The Daily Tribune.

"Programs like crew reduction are being implemented as a
management prerogative. We informed the crew union beforehand as a
matter of professional courtesy," Ms. Villaluna added, The Daily
Tribune reported.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations, the Manila Bulletin said.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses.  The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.


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


AGRI INTERNATIONAL: Moody's Reviews 'Caa1' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has put on review for possible downgrade
its Caa1 corporate family rating on Agri International Resources
Pte Ltd and its rating on the senior secured bond issued by AI
Finance B.V., which is wholly owned and guaranteed by AIRPL.

"This follows Moody's action on Bakrie Sumatera Plantations Tbk,
whose corporate family rating of B3 has also been placed on review
for downgrade," says Alan Greene, a Moody's Vice President and
Senior Credit Officer.

"The rating action is also driven by AIRPL's disappointing
performance in 1H2010 due to poor plantation yields.  In the short
term, this will hinder AIRPL's ability to meet the interest
payments on its existing US$150 million senior secured bond due
2012," says Greene.

"Given that BSP controls and has close operating ties with AIRPL -
- it is the sole purchaser of AIRPL's production -- the review
will be conducted in conjunction with Moody's review of BSP's
rating, with completion expected before November," comments
Greene.

The last rating action with respect to AIRPL was taken on August
19, 2009, when its corporate family and secured bond ratings were
downgraded to Caa1, with stable outlook.

AIRPL's ratings have been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, including
its i) business risk and competitive position compared with other
companies within the industry; ii) capital structure and financial
risk; iii) projected performance over the near to intermediate
term; and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of AIRPL's core industry; its ratings are believed to
be comparable to those of other issuers of similar credit risk.

Agri International Resources Pte Ltd was incorporated in Singapore
in May 2007.  Now 74%-owned by BSP, it has been a BSP subsidiary
since March 2010.  AIRPL's operating subsidiary (Agri Resources
BV) owns two oil palm plantations in Sumatra with a total land
utilization right covering 56,618 ha, of which 32,071 hectares
were planted and 27,825 ha were mature at 30 June, 2010.


=================
S R I  L A N K A
================


* Fitch Assigns 'B+' Sri Lanka's Upcoming Bond Issue
----------------------------------------------------
Fitch Ratings has assigned Sri Lanka's upcoming US$ bond issue a
rating of 'B+'.  The rating is in line with Sri Lanka's Long-term
foreign currency Issuer Default Rating of 'B+', which has a
Positive Outlook.


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


FAR EASTERN: Fitch Gives Stable Outlook; Affirms All Ratings
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Far Eastern International
Bank to Stable from Negative and affirmed all its ratings.
Meanwhile, Fitch has assigned an 'A-(twn)' National Long-term
rating to FEIB's proposed seven-year NT$2 billion subordinated
bonds.  The bank's subordinated bonds carry a fixed 2.1% coupon
rate, and will mature on 29 September 2017.  A complete list of
ratings is included at the end of this release.

The Outlook revision to Stable reflects Fitch's belief that FEIB
would maintain reasonably sound asset quality and therefore stay
profitable in the foreseeable future without reverting to the
volatile performance in earnings and asset quality seen in 2005-
2008.  The bank has notably improved its risk profile by
implementing several important reforms, which includes cleaning
out its non-performing assets and overhauling its credit risk
management framework.

At the same time, Fitch affirms all of FEIB's ratings.  Its
current ratings take into account its adequate capitalization and
satisfactory liquidity position, largely in line with other
similarly 'C/D' rated peers.  Major factors constraining its
ratings include its short record in profitability (albeit improved
markedly in 2009 and H110) and its relatively small franchise,
which renders it a high cost base in terms of funding and
operation.  In Fitch's view, a sustainable improvement in earnings
and asset quality would be key catalysts for higher ratings.  On
the other hand, a material deterioration in loan quality,
particularly restructured corporate loans may result in a
substantial loss and severe weakening in capitalization, which
would lead to a rating downgrade.

FEIB posted above-average return on equity of 11.5% (annualized)
in H110 and 6.1% in 2009, recovering from three-years of losses as
the bank suffered a substantial credit loss, inflicted by the
domestic unsecured consumer lending crisis in 2005-2006.  Fitch
expects a recovery in loan spreads, modest loan growth, and well-
contained bad loan provisioning to continue to lift FEIB's core
profitability in H210-2011.  FEIB's asset quality has strengthened
markedly; its non-performing loan ratio fell to 0.9% at end-H110,
from 2.5% at end-2008, while loan loss reserve coverage rose from
58.1% at end-2008 to 159.7% at end-H110.  In addition, the bank
has maintained an adequate capital position, with reported Tier 1
and total capital adequacy ratios of 8.7% and 12.1% respectively
at end-H110.  FEIB's liquidity profile remained satisfactory, with
a reasonably low loans-to-deposits ratio of 74.6% and a prudent
liquidity reserve of 32.4% at end-H110.

Founded in 1992, FEIB is a medium-sized private bank in Taiwan
with a deposits market share of 1.1% at end-July 2010.  It is a
member of Far Eastern Group, one of the largest conglomerates in
Taiwan.  FEG owns several leading industrial and service companies
in various sectors.  FEG is the bank's controlling shareholder
with a stake of about 60% and dominates the bank's board of
directors with seven of the nine seats.

FEIB:

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     revised to Stable from Negative;

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

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     revised to Stable from Negative;

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

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

  -- Support rating affirmed at '4';

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

  -- Existing subordinated bonds affirmed at 'A-(twn)'; and

  -- Upcoming subordinated bonds at 'A-(twn)'.


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


* S&P Raises Ratings on Three Asia-Pacific CDO Tranches
-------------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on three
Asia-Pacific (ex-Japan) collateralized debt obligation tranches.
At the same time, the ratings were removed from CreditWatch with
positive implications, where they were placed on Sept. 15, 2010.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

The rating upgrades reflect that the tranches had SROC scores
greater than 100% at the higher rating level, based on the maximum
scenario loss rate, largest obligor, and largest industry tests.
SROC scores rising above 100% reflect an improvement in the credit
quality of the underlying portfolio.

  Transaction              Rating To      Rating From
  -----------              ---------      -----------
  ARLO Ltd. Series 2006
   (SKL CDO Series 11)     BB p (sf)NRi   BB-p (sf)NRi/Watch Pos
  Castle Finance I Ltd.
   Series 1                BB- (sf)       B+ (sf)/Watch Pos
  Castle Finance I Ltd.
   Series 2                CCC (sf)       CCC-(sf)/Watch Pos

* The subscript 'NRi' signifies that the interest payments are not
  rated and 'p' means that the principal is rated.

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc. 2.  In
    accordance with the criteria for rating CDO transactions
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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