TCRAP_Public/100930.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

          Thursday, September 30, 2010, Vol. 13, No. 193

                            Headlines



A U S T R A L I A

BILL EXPRESS: Former OnQ CFO Faces Criminal Charges & Imprisonment
GLOBAL BEVERAGES: Posts US$562,600 Net Loss in March 31 Quarter
SIGMA PHARMACEUTICALS: Posts AU$218.53 Million Loss in 1st Half


C H I N A

CHINA SHENGHUO: Receives Notice from NYSE Amex LLC
SINOBIOMED INC: Issues 6.6-Mil. Shares to Two Offshore Entities


H O N G  K O N G

GRACEHEART CHARITY: Members' Final Meeting Set for October 26
HK CHANG: Ng For David Steps Down as Liquidator
HK FORTUNE: Wong Sun Keung Steps Down as Liquidator
HK SI: Lo and Chu Appointed as Liquidators
HVB CAPITAL: Bots and Ng Appointed as Liquidators

JOE WONG: Court to Hear Wind-Up Petition on November 3
LA'POCHE COMPANY: Creditors' Proofs of Debt Due October 11
LEHMAN BROTHERS: Asia Units Sets Dec. 10 Deadline for Claims
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
MACRO UNIVERSE: Kong Chi How Johnson Steps Down as Liquidator

MAHR CHINA: Creditors' Proofs of Debt Due October 25
MEI & HIM: Creditors' Proofs of Debt Due October 29
NEWCON INDUSTRIAL: Court to Hear Wind-Up Petition on November 17
MING KAI: Court to Hear Wind-Up Petition on October 27
OMNICON FREIGHT: Ho and Kong Appointed as Liquidators

PO LOK: Court to Hear Wind-Up Petition on November 17
QWARUBA SEVA: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ADITYA VIDYUT: CRISIL Lifts Rating on INR144.3MM Term Loan to 'B+'
API ISPAT: CRISIL Reaffirms 'D' Rating on INR734.9MM Term Loan
BUDGE BUDGE: Fitch Assigns National Long-Term Rating at 'BB-'
GANSONS LIMITED: Fitch Assigns 'BB-' National Long-Term Rating
JAI HANUMAN: CRISIL Assigns 'BB+' Rating to INR90MM Cash Credit

MARIS SPINNERS: ICRA Assigns 'LBB' Rating to INR19.6cr Term Loan
PROTECK CIRCUITS: ICRA Assigns 'LBB+' Rating to INR4.65cr Loan
SEJAL EXPORTS: CRISIL Reaffirms 'P4+' Ratings on Various Debts
STARWING DEVELOPERS: CRISIL Rates INR200MM Demand Loan at 'B+'
TELEKONNECTORS LTD: CRISIL Cuts Rating on INR25MM Credit to 'B+'

TULSI CASTINGS: ICRA Reaffirms 'LBB' Rating on INR22cr Bank Debts
VAISHANAVI ISPAT: ICRA Assigns 'LBB+' Rating to INR48cr Term Loan
VIDHATA METAL: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
VISHWANATH PAPER: CRISIL Downgrades Rating on INR105MM Loan to 'D'
YASHASVI YARNS: CRISIL Reaffirms 'B+' Rating on INR166M Term Loans


J A P A N

CSTR-1 TRUST: Moody's Reviews Ratings on Various Classes of Notes
JAPAN AIRLINES: To Sack Employees if Retirement Target Not Met
JLOC 41: Moody's Downgrades Ratings on Three Classes of Notes
TAKEFUJI CORP: Credit-Default Swap Traders Seek Ruling
TAKEFUJI CORP: S&P Downgrades Counterparty Credit Rating to 'D'


N E W  Z E A L A N D

ALBANY CITY: Bondholders Won't Get Any Payout, Liquidator Says
ALLIED FARMERS: Sells Ex-Hanover Loan to Fully Repay Westpac Loan
FIVE STAR: Two Former Executives Plead Guilty to Criminal Charges
NATIONAL FINANCE: High Court to Hear Directors Case Next Month
OTUWHERO ESTATE: Placed in Receivership; Deloitted Appointed

YELLOW PAGES: Owners Halt Planned Asset Sale
* NEW ZEALAND: Reports NZ$437 Million Trade Deficit in August


X X X X X X X X

* Moody's Maintains Stable Outlook For Gaming Asia Pacific Sector




                         - - - - -


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A U S T R A L I A
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BILL EXPRESS: Former OnQ CFO Faces Criminal Charges & Imprisonment
------------------------------------------------------------------
The former chief financial officer of OnQ Group Limited,
Peter Couper, has appeared in the Melbourne Magistrates' Court on
10 charges brought by the Australian Securities & Investments
Commission.  These charges follow two separate ASIC investigations
into Bill Express Limited.  OnQ Group is the parent company of
Bill Express.

Mr. Couper faces three charges of providing false or misleading
information to ASIC during an examination.  Specifically, ASIC
alleges that Mr. Couper provided false or misleading information
to its officers about his communications with former Macquarie
broker, Newton Chan and others.  These communications concerned
the transfer of funds relating to share purchases and providing
instructions for the purchase of Bill Express shares.

In July 2010, Mr. Chan was sentenced to 20 months' imprisonment
following his guilty plea to eight counts of manipulating the
price of Bill Express shares and one count of providing false or
misleading information to ASIC.  Mr. Chan was ordered to serve
four months of this sentence immediately.

In March 2010, Mr. Enzo Di Donato was charged with four counts of
providing false or misleading information to ASIC during an
examination.  These charges also relate to the source of
instructions for the purchase of Bill Express shares and the
funding for those purchases.

ASIC's investigation into Messrs. Couper, Chan and Di Donato
followed a referral from the Australian Securities Exchange.

If convicted, Mr. Couper faces up to two years' imprisonment, an
AU$11,000 fine, or both, on each of the three charges.

Mr. Couper is also charged with five counts of falsifying the
books of Bill Express and one count of providing misleading
information to an auditor under the Corporations Act. He also
faces one count of false accounting under the Crimes Act
(Victoria).  These charges follow a second ASIC investigation
which began after the submission of a report to ASIC by the
administrators of Bill Express.

ASIC alleges that Mr. Couper falsified the books of Bill Express
on two occasions by instructing staff to post accounting entries
which each recorded a sale of $5.4 million of stock when there had
been no such sales.  Mr. Couper also allegedly instructed staff to
post accounting entries which recorded the purchase of $1.875
million of stock when there had been no such purchase.

It is also alleged that Mr. Couper supplied false information in
relation to the stock transactions to the CFO of Bill Express
knowing that information was to be supplied to the auditors of the
company.

If convicted, Mr. Couper faces up to two years' imprisonment, an
AU$11,000 fine, or both, on each of the five counts of falsifying
company books.  The maximum penalty in relation to providing
misleading information to an auditor is five years' imprisonment,
a $22,000 fine, or both.  Mr. Couper faces up to 10 years'
imprisonment on the false accounting charge under the Crimes Act
(Victoria).

Mr. Couper will next appear in the Melbourne Magistrates' Court on
November 23, 2010.

The matters are being prosecuted by the Commonwealth Director of
Public Prosecutions.

                       About Bill Express

Bill Express Ltd. -- http://www.billexpressltd.com/-- was engaged
in the management and development of an electronic distribution
system for pre-paid products and services across in excess of
14,000 locations around Australia, automated ordering, delivery
and inventory control for pre-paid services including mobile,
landline and Internet services.  It also processed payments for
bills and services, including bills that are presented for payment
to its outlets across Australia.  The company had an in-store
media, which is a network that promotes Bill Express Limited's and
other products at the point of sale and in-store aisles.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AU$180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.


GLOBAL BEVERAGES: Posts US$562,600 Net Loss in March 31 Quarter
---------------------------------------------------------------
Global Beverages, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$562,609 on US$4.25 million of revenue
for the three months ended March 31, 2010, compared with net
income of US$56,556 on US$814,488 of revenue for the three months
ended March 31, 2009.

The increase in revenues was primarily related to the inclusion of
revenues generated by the business units acquired in the Asia
Distribution Solutions transaction, and revenue generated from
sale of grapes in the Australian operations.

The Company had an operating loss of US$364,002 in the three
months ended March 31, 2010, compared to operating income of
US$186,099 in the three months ended March 31, 2009.

At March 31, 2010, the Company had a working capital deficiency of
US$700,250 and an accumulated deficit of US$15.26 million.

The Company's balance sheet as of March 31, 2010, showed
US$42.01 million in total assets, US$17.42 million in total
liabilities, and stockholders' equity of US$24.59 million.

As reported in the Troubled Company Reporter on April 12, 2010,
Acquavella, Chiarelli, Shuster, Berkower & Co., LLP, in New York,
expressed substantial doubt about the Company's ability to
continue as a going concern, following its results for the fiscal
year ended June 30, 2009.  The independent auditors noted that the
Company has incurred operating losses and has negative cash flows
from operations for fiscal 2009.

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

                http://researcharchives.com/t/s?6bc2

                      About Global Beverages

Based in Wybong Upper Valley, New South Wales, Australia, Global
Beverages, Inc., is engaged in the operation of vineyards and wine
production in Australia and distribution of wine products in
Australia, People's Republic of China, United States, Canada and
throughout Europe.


SIGMA PHARMACEUTICALS: Posts AU$218.53 Million Loss in 1st Half
---------------------------------------------------------------
The Sydney Morning Herald reports that Sigma Pharmaceuticals
reported a net loss of AU$218.53 million for the first half ended
July 31, 2010, hit with a AU$220 million write-down on its drug
manufacturing arm and tough competition in generic drugs.  The
Company posted net profit of AU$32.2 million a year earlier.

The report relates Sigma said its lenders have adjusted its loan
covenants to avoid breaches resulting from the writedown on its
drug manufacturing business, which it has agreed to sell to South
Africa's Aspen Pharmacare for AU$900 million.

Sigma reaffirmed it expects underlying earnings before interest
and tax of between AU$140 million and AU$150 million for the year
to January 31, 2011, excluding the impact of the sale to Aspen,
according to SMH.

                     About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- manufactures, markets and
distributes pharmaceutical products through the pharmacy and
grocery channels and the provision of services to retail
pharmacists.  Its Pharmaceuticals segment includes the manufacture
or contract manufacture for Australian and overseas customers.
The Company's Healthcare segment represents its traditional
pharmacy wholesale business. Its subsidiaries include Chemist Club
Pty Limited, Sigma Company Limited, Amcal Pty. Limited,
Commonwealth Drug Company Pty. Ltd., Fawns & McAllan Proprietary
Limited, Guardian Pharmacies Australia Pty. Ltd and Sigma Finance
Pty. Ltd.  On October 2, 2009, the Company acquired some parts of
the Australian business operations of Bristol Myers Squibb
Australia (BMSA) and associated assets (BMS Australian Business).
The BMS Australian Business consists of the pharmaceutical and
technical operations division, which operates out of BMS
Australia's Noble Park facility.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, The Sydney Morning Herald had noted.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported that Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that the company had breached debt
covenants and that creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30, 2010.


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C H I N A
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CHINA SHENGHUO: Receives Notice from NYSE Amex LLC
--------------------------------------------------
China Shenghuo Pharmaceutical Holdings, Inc. on September 22,
2010, received a deficiency letter from the NYSE Amex LLC stating
that the Company was not in compliance with Section 1003(a)(i) of
the AMEX's continued listing standards as a result of the Company
having stockholders' equity of less than $2,000,000, and losses
from continuing operations and net losses in two out of its three
most recent fiscal years.  The company was given an opportunity to
submit a plan of compliance to the AMEX by October 22, 2010 to
demonstrate the Company's ability to regain compliance with
Section 1003(a)(i) by March 22, 2012.

Pursuant to the Deficiency Letter, if the AMEX determines that the
Company has made a reasonable demonstration in the Plan of an
ability to regain compliance with the continued listing standards
by March 22, 2012, the AMEX will accept the Plan.  If the AMEX
does not accept the Plan, or the Company does not make adequate
progress and complete the actions outlined in the Plan by
March 22, 2012, the AMEX will initiate delisting proceedings
against the Company.

The Company's unaudited net loss attributable to stockholders for
the six months ended June 30, 2010, was narrowed to $28,837 as
compared to an unaudited net loss attributable to stockholders of
$6.7 million for the six months ended June 30, 2009.  The Company
expects to be profitable for the nine months ending September 30,
2010 and for the full fiscal year ending December 31, 2010.  The
Plan that the Company will present to the AMEX will show that the
Company projects that within the 18-month plan period its
stockholders' equity will increase to the $2 million level as a
result of its internally generated return to profitability. Should
the Company issue equity, whether in a private or public offering
during that period, it would accelerate meeting this target.
However, there can be no assurance that the AMEX will find the
Plan to be submitted to be acceptable or, even if accepted, that
the Company will in fact generate sufficient net profit to achieve
the requisite stockholders' equity threshold.  Therefore, the
Company can provide no assurances that it will regain compliance
with the AMEX's continued listing standards, and its failure to do
so could result in the delisting of the Company's common stock
from the AMEX. Until the Company achieves compliance with the
AMEX's requirements, the Company's stock trading symbol will be
appended with the ".BC" extension.

                     About China Shenghuo

Founded in 1995, China Shenghuo -- http://www.shenghuo.com.cn/--
is a specialty pharmaceutical company that focuses on the
research, development, manufacture and marketing of Sanchi-based
medicinal and pharmaceutical, nutritional supplement and cosmetic
products.  Through its subsidiary, Kunming Shenghuo Pharmaceutical
(Group) Co., Ltd., it owns thirty SFDA (State Food and Drug
Administration) approved medicines, including the flagship product
Xuesaitong Soft Capsules, which is currently listed in the
Insurance Catalogue.  At present, China Shenghuo incorporates a
sales network of agencies and representatives throughout China,
which markets Sanchi-based traditional Chinese medicine to
hospitals and drug stores as prescription and OTC drugs primarily
for the treatment of cardiovascular, cerebrovascular and peptic
ulcer disease.  The Company also exports medicinal products to
Asian countries such as Indonesia, Singapore, Japan, Malaysia and
Thailand and to European countries such as the United Kingdom,
Tajikistan, Russia and Kyrgyzstan.


SINOBIOMED INC: Issues 6.6-Mil. Shares to Two Offshore Entities
---------------------------------------------------------------
Sinobiomed Inc. issued on Sept. 15, 2010, a total of 6,666,666
shares of its common stock to two offshore entities due to the
second closing of its private placement at US$0.015 per share for
total gross proceeds of US$100,000.

The Company said it believes that the issuances are exempt from
registration under Regulation S and/or Section 4(2) under the
Securities Act of 1933, as amended, as the securities were issued
to the entities through offshore transactions which were
negotiated and consummated outside of the United States.

In relation to its private placement offering at US$0.015 per
share, the Company has paid or will be paying a cash finder's fee
in the amount of US$10,000 to one individual in Hong Kong.

The proceeds from the above transaction have been or will be used
for general corporate purposes.

                         About Sinobiomed

Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware.  The Company is a Chinese developer of genetically
engineered recombinant protein drugs and vaccines.  Based in
Shanghai, Sinobiomed currently has 10 products approved or in
development: three on the market, four in clinical trials and
three in research and development.  The Company's products respond
to a wide range of diseases and conditions, including: malaria,
hepatitis, surgical bleeding, cancer, rheumatoid arthritis,
diabetic ulcers and burns, and blood cell regeneration.

                      Going Concern Doubt

Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended December 31, 2007.  The auditing
firm reported that the Company has experienced losses since
commencement of operations and has negative working capital and a
stockholders' deficit.

The Company is in the process of researching, developing, testing
and evaluating proposed new pharmaceutical products and has not
yet determined whether these products are technically or
economically feasible.  Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.


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


GRACEHEART CHARITY: Members' Final Meeting Set for October 26
-------------------------------------------------------------
Members of Graceheart Charity Limited will hold their final
general meeting on October 26, 2010, at 9:30 a.m., at Room 704,
7/F., Gee Tuck Building, 18 Bonham Strand, in Hong Kong.

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


HK CHANG: Ng For David Steps Down as Liquidator
-----------------------------------------------
Ng For David stepped down as liquidator of Hong Kong Chang Hong
Industrial Co Limited on September 16, 2010.


HK FORTUNE: Wong Sun Keung Steps Down as Liquidator
---------------------------------------------------
Wong Sun Keung stepped down as liquidator of Hong Kong Fortune
Foundation Limited on September 16, 2010.


HK SI: Lo and Chu Appointed as Liquidators
------------------------------------------
Lo Yuk Lam and Chu Ip Nancy Yuk Yu on September 14, 2010, were
appointed as liquidators of Hong Kong Si Chuan Chinese Medicine
Modernization Association Limited.

The liquidators may be reached at:

        Lo Yuk Lam
        Flat C, 16/F, Glory Heights
        52 Lyttelton Road
        Mid-Level, Hong Kong

        Chu Ip Nancy Yuk Yu
        7A Repulse Bay Towers
        119A Repulse Bay Road
        Hong Kong


HVB CAPITAL: Bots and Ng Appointed as Liquidators
-------------------------------------------------
Michel Henricus Bots and Ng Kit Ying Zelinda on September 15,
2010, were appointed as liquidators of HVB Capital Asia Limited.

The liquidator may be reached at:

         Michel Henricus Bots
         Ng Kit Ying Zelinda
         31/F, The Centre
         99 Queen's Road
         Central, Hong Kong


JOE WONG: Court to Hear Wind-Up Petition on November 3
------------------------------------------------------
A petition to wind up the operations of Joe Wong Studio
International Limited will be heard before the High Court of Hong
Kong on November 3, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Messrs. Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


LA'POCHE COMPANY: Creditors' Proofs of Debt Due October 11
----------------------------------------------------------
Creditors of La'Poche Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 11, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chan Ho Yin Graham
         Chan Suk King
         Unit 1, 15/F., The Centre
         99 Queen's Road
         Central, Hong Kong


LEHMAN BROTHERS: Asia Units Sets Dec. 10 Deadline for Claims
------------------------------------------------------------
Lehman Brothers Securities Asia Limited, Lehman Brothers Futures
Asia Limited, Lehman Brothers Commercial Corporation Asia Limited,
Lehman Brothers Asia Limited and Lehman Brothers Nominees (H.K.)
Limited (all in liquidation), acting by their respective Joint and
Several Liquidators as agents without personal liability, request
asset owners to file claims for their trust assets.  The deadline
to file these claims is December 10, 2010.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced September 24
that investigation of over 99% of a total of 21,713 Lehman-
Brothers-related complaint cases received has been completed.
These include:

    * 14,333 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,474 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,637 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,576 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 808 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 768 cases; and

    * 517 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 174 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?6ba3

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MACRO UNIVERSE: Kong Chi How Johnson Steps Down as Liquidator
-------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Macro Universe
Limited on September 7, 2010.


MAHR CHINA: Creditors' Proofs of Debt Due October 25
----------------------------------------------------
Creditors of Mahr China Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 25,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2010.

The company's liquidator is:

         Ralf Seibitz
         9th Floor, Dah Sing Life Building
         99 Des Voeux Road
         Central, Hong Kong


MEI & HIM: Creditors' Proofs of Debt Due October 29
---------------------------------------------------
Mei & Him Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by October 20,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Wong Chun Fai
         Room 1922, Nan Fung Centre
         264-298 Castle Peak Road
         Tsuen Wan, Hong Kong


NEWCON INDUSTRIAL: Court to Hear Wind-Up Petition on November 17
----------------------------------------------------------------
A petition to wind up the operations of Newcon Industrial Limited
will be heard before the High Court of Hong Kong on November 17,
2010, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Siao, Wen and Leung
          7th Floor, Wing On Central Building
          26 Des Voeux Road
          Central, Hong Kong


MING KAI: Court to Hear Wind-Up Petition on October 27
------------------------------------------------------
A petition to wind up the operations of Ming Kai Finishing Company
Limited will be heard before the High Court of Hong Kong on
October 27, 2010, at 9:30 a.m.

Yau Sun Yau filed the petition against the company.


OMNICON FREIGHT: Ho and Kong Appointed as Liquidators
-----------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone on August 13, 2010, were
appointed as liquidators of Omnicon Freight Management Limited.

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


PO LOK: Court to Hear Wind-Up Petition on November 17
-----------------------------------------------------
A petition to wind up the operations of Po Lok Metal Company
Limited will be heard before the High Court of Hong Kong on
November 17, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Kao, Lee & Yip
          17th Floor, Gloucester Tower
          The Landmark
          Central, Hong Kong


QWARUBA SEVA: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on September 13, 2010,
creditors of Qwaruba Seva Foundation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Wong Sun Keung
         Unit 2, 20/F
         Far East Consurtiom Building
         121 Des Voeux Road
         Central, Hong Kong


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


ADITYA VIDYUT: CRISIL Lifts Rating on INR144.3MM Term Loan to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Aditya
Vidyut Appliances Ltd to 'B+/Stable/P4' from 'D/P5'.

The upgrade has been driven by AVAL's track record of timely
payment of debt obligations over the past five months.  The
upgrade also reflects the significant revenue growth registered by
the company in 2010 (refers to financial year, April 1 to March
31) and the continued growth expected in the transformers segment
in the medium term.

   Facilities                             Ratings
   ----------                             -------
   INR170.0 Million Cash Credit           B+/Stable (Upgraded from
   (Enhanced from INR130.0 Million)                  'D')

   INR144.3 Million Term Loan             B+/Stable (Upgraded from
   (Reduced from INR279.0 Million)                   'D')

   INR22.6 Million Working Capital Term   B+/Stable (Upgraded from
   Loan (Reduced from INR40.0 Million)               'D')

   INR140.0 Million Letter of Credit      P4 (Upgraded from 'P5')
   (Enhanced from INR100.0 Million)

   INR260.0 Million Bank Guarantee
   (Enhanced from INR190.0 Million)       P4 (Upgraded from 'P5')

CRISIL's ratings on AVAL's bank facilities reflect the company's
limited track record in timely debt servicing; the ratings also
factor in the working capital intensive nature of the industry.
These rating weaknesses are partially offset by the company's
strong reverse engineering skills that provide it the flexibility
to refurbish transformers across a wide range of manufacturers.

Outlook: Stable

CRISIL believes that AVAL will continue to benefit from its
established market position in the power transformers segment and
from the expected increase in investments in the power sector over
the medium term.  The outlook may be revised to 'Positive' if
there is more-than-expected growth in AVAL's revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if AVAL faces significant delays in recovering dues
from customers or undertakes larger-than-expected debt-funded
capital expenditure, thereby constraining its debt protection
metrics.

                       About Aditya Vidyut

AVAL was incorporated in 1989.  It manufactures and repairs
distribution and power transformers.  The company commenced
manufacturing power transformers in 1997 as a part of its
diversification process.

For 2009-10, AVAL reported a net profit of INR60.00 million on net
sales of INR1.22 billion, against a net profit of INR50.00 million
on net sales of INR720.00 million for the previous year.


API ISPAT: CRISIL Reaffirms 'D' Rating on INR734.9MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of API Ispat & Powertech
Pvt Ltd continue to reflect delays by API in servicing its term
loans.  The delays have been caused by API's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR734.9 Million Term Loan           D (Reaffirmed)
   INR167.5 Million Cash Credit Limit   D (Reaffirmed)
   INR11.5 Million Letter of Credit     P5 (Reaffirmed)
   INR23.5 Million Bank Guarantee       P5 ((Reaffirmed)

API's profitability continues to remain susceptible to volatility
in raw material prices. The company, however, continues to benefit
from its moderate operating efficiencies.

Promoted by Mr. Anil Kumar Aggarwal in 2004, API is into
production of sponge iron, billets, and power.  The company began
operations in June 2006, with its first sponge-iron kiln having
capacity of 105,000 tonnes per annum (tpa).  In June 2007, it
commissioned an 8-megawatt (MW) power plant based on the waste-
heat recovery technology.  API commissioned its 43,200-tpa billet
plant and 7-MW power plant in September 2008. The company is
planning more capacity additions over the next few years.

API belongs to the Action group, a leading footwear manufacturer,
which also has a presence in invertors, uninterruptible power
supply systems, computer monitors and peripherals (Microtek
brand), batteries (Okaya), chemicals, and real estate.

API reported a profit after tax (PAT) of INR2 million on net sales
of INR1463 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR16 million on net sales of
INR1013 million for the previous year.


BUDGE BUDGE: Fitch Assigns National Long-Term Rating at 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned India's Budge Budge Refineries Ltd. a
National Long-term rating of 'BB-(ind)' with a Stable Outlook.
The agency has also assigned ratings to BBRL's bank facilities:

  -- Outstanding INR91.2 million long-term loans: 'BB-(ind)';
  -- Sanctioned INR50 million fund-based limits: 'BB-(ind)'; and
  -- Sanctioned INR803 million non-fund-based limits: 'F4(ind)'.

BBRL's ratings reflect its inherently low profit margins as well
as the high competitive intensity and fragmentation in the
domestic edible oils industry.  The ratings also reflect
volatility in the global edible oil prices, threat of substitution
from cheaper edible oils and moderate market position of the
company in the relatively high margin retail segment.  The ratings
are further constrained by the company's stressed liquidity
position and INR100 million debt-funded capex program for
increasing the installed capacity over the near-term.

The ratings, however, favorably factor in the positive demand
outlook with India being traditionally deficit in edible oil,
location advantages arising from the company's proximity to the
storage unit and the Budge Budge Port, as well as the experience
of its promoters in the edible oils business.  Also, BBRL's
leverage was comfortable at net debt/EBITDA of 2.03x and net
interest cover of 2.2x in FY10 (provisional figures).

Positive rating triggers include an improvement in BBRL's margins
of above 3% coupled with ease in liquidity pressure and net
interest cover of above 3.0x.  Negative rating triggers include
BBRL's net debt/EBIDTA of above 3.5x, along with EBITDA margins of
below 2% and net interest cover of below 1.5x.

As per BBRL's provisional FY10 figures, the company reported
annual sales of INR4,107.7 million (FY09: INR2,932.6 million),
EBIDTA margins of 1.6% (FY09: -3.6%) and net interest coverage of
2.2x.  BBRL reported a negative net free cash flow (FCF) of
INR57.4 million in FY10 (provisional figure; FY09: negative
INR127.1 million) due mainly to an improvement in its operating
working capital requirements; however, Fitch expects the net FCF
to remain negative over the short-to-medium term due to the
company's working capital requirements and capex plans.

BBRL started its commercial production in June 2006.  The company
is involved in the refining of crude palm oil and has a
manufacturing facility of 300MT/day in Budge Budge, West Bengal.


GANSONS LIMITED: Fitch Assigns 'BB-' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Gansons Limited a National
Long-term rating of 'BB-(ind)' with a Stable Outlook.  The agency
has also assigned ratings to Gansons' bank loans:

  -- INR95 million fund-based working capital limits: 'BB-(ind)';
     and

  -- INR267.5 million non-fund based working capital limits: 'BB-
     (ind)'/'F4(ind)'.

Gansons' ratings reflect its proven track record in the
pharmaceuticals machine manufacturing market in India and its long
operating history of supplying machinery to many pharmaceutical
manufacturers.  In FY10, Gansons reported a comfortable leverage
with a net adjusted debt/EBITDAR of 2.9x (FY09: 1.3x) and a
comfortable liquidity position with working capital limits
utilization of below 50%.  Although 70% of its revenues come from
pharmaceutical machines, Gansons is exploring new fields like
nuclear power plants, petrochemicals etc.  The company's capacity
utilization declined in FY10, however it is expected to improve
with an improvement in pharmaceutical and power plant segments.
The ratings factor in the improvement in Gansons' revenues and
EBITDA margins expected over the near-term, which is reflected in
its improved FY11 order book (1x of FY10 revenues worth of orders
outstanding as on August 2010).

The ratings are, however, constrained by the order-driven and
cyclic nature of Gansons' business, which is dependent on the
capex cycle of the pharmaceutical companies.  The ratings are
further constrained by the decrease in its revenue by 30% to
INR485.7m (FY09: INR694m) and the fall in its EBITDA margin to
1.7% in FY10 (FY09: 8.3%).  This is attributed primarily to the
delay in capex plans of the domestic pharmaceutical industry
together with the increase in competition, which led to limited
pharmaceutical projects for bidding.  Fitch notes that an increase
in steel and other raw material prices might put further pressure
on Gansons' margins.  Its business is not capital intensive, but
needs technology assimilation and skilled manpower that act as
entry barriers to some extent.  The agency notes the Gansons might
face receivables problem as the pharmaceutical companies are
pressed for margins and liquidity and might in turn pass pressure
to Gansons.

Negative rating triggers include a large debt-led capex or
acquisition by Gansons, no significant improvement in its EBITDA
margins and increased working capital requirements, which would
lead to a net leverage of above 4x on a sustained basis.  Positive
ratings triggers include firming up of Gansons' margins to above
12% on a sustained basis, coupled with better diversification of
its revenue stream whilst it maintains a comfortable credit
profile and liquidity.

Established in 1947, Gansons is involved in the manufacturing of
equipment and machinery for pharmaceutical, fertilizers, chemical,
petrochemicals and other industries.  It operates through its
three manufacturing units located at Thane, Nasik and Nagpur.


JAI HANUMAN: CRISIL Assigns 'BB+' Rating to INR90MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Jai Hanuman
Udyog Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR90.00 Million Cash Credit       BB+/Stable (Assigned)
   INR4.00 Million Letter of Credit   P4+ (Assigned)
                 and Bank Guarantee

The ratings reflect JHUL's moderate operating efficiencies,
marginal market share in the sponge iron industry, and
vulnerability to cyclicality in the steel industry.  These rating
weaknesses are partially offset by JHUL's comfortable financial
risk profile.

For arriving at its ratings CRISIL has combined the business and
financial risk profiles of JHUL, Shah Brothers, and Shah Sponge
and Power Ltd.  This is because the three entities, collectively
referred to as the JHUL group, are under the same management, part
of the same value chain, and provide need-based financial support
to each other.  Further, SB serves as a backward integration
initiative for JHUL and SSPL.

Outlook: Stable

CRISIL believes that the JHUL group will continue to benefit from
its moderate operating efficiencies over the medium term. The
outlook may be revised to 'Positive' if the group's revenues and
profitability increase substantially, or if it achieves greater
integration of operations. Conversely, the outlook may be revised
to 'Negative' if the JHUL group's profitability and cash accruals
decline sharply or if it undertakes large, debt-funded capital
expenditure programme impacting the financial risk profile.

                          About the Group

JHUL was set up in May 2003.  The company has a sponge iron plant
with capacity of 200 tonnes per day (tpd).  Initially the company
was promoted by two families, Agarwal family and Saraf family. The
current promoters, Shah family acquired JHUL in October 2009 for a
consideration of INR180 million. Its group companies SB and SSPL
are in the same line of business.

SB is a partnership firm is into iron ore mining since 1920; the
firm has a 99 years lease since 1920. The mines are located at a
distance of 200-250 kms from the JHUL plant site. JHUL sources its
entire iron ore requirement from this firm. This firm also
supplies to other customers. SSPL has 200 tpd sponge iron plant
and 100 tpd pig iron plant

The JHUL group reported a loss of INR13.3 million on net sales of
INR1008.7 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR28.8 million on net sales of
INR812.4 million for 2008-09.


MARIS SPINNERS: ICRA Assigns 'LBB' Rating to INR19.6cr Term Loan
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR19.6 crore term loans and
INR19.5 crore fund based bank facilities of Maris Spinners
Limited.  The outlook on the long-term rating is stable.  ICRA has
also assigned 'A4' rating to the INR4.5 crore short-term fund
based facility and INR5.5 crore non fund based facility of MSL.

The assigned ratings take into account the significant experience
of the promoters in the spinning industry. The ratings also factor
in the proposed expansion plan for adding another 6,000 spindles
along with manufacturing of fine counts through compact spinning
technique.  The company's current product mix is largely skewed
towards low to medium counts which is exposed to stiff competition
from both domestic players and other low cost countries.  The
Company's margins remain highly sensitive to unfavorable
fluctuations in cotton costs and any sustained downturn in the
market for cotton yarn, due to its small scale of operations, and
the fragmented nature of the spinning industry.

The ratings also factor in the stretched financial profile of the
company characterised by high gearing, low coverage indicators and
modest cash accruals. The capital structure of the company is
expected to deteriorate further over the medium term on account of
debt funded capex plans.

                         About Maris Spinners

Maris Spinners Limited was originally incorporated as a private
limited company on September 18, 1979.  However, from July 1994,
the company became a deemed Public Limited Company under the
Companies Act, 1956. The company was started by Mr. M Rengaswamy
who belongs to a family with interest in tea plantation. His son
Mr. Anand Rengaswamy is the current Managing Director of the
company. The Company commenced commercial production in 1981 with
an installed capacity of 11,856 spindles. Located in the Mysore
district of Karnataka and Tiruchirapalli district of Tamilnadu,
MSL's spinning units currently have a combined installed capacity
of 38,832 spindles manufacturing 100% cotton combed yarn of counts
30s, 40s & 60s. The company mainly caters to the domestic market.
MSL also operates a windmill with a capacity of 750 kilo-watts
(three wind turbine generators of 250 kilo-watts each) located in
the Kanyakumari district in Tamil Nadu. Besides MSL, the promoters
of the company are also involved in tea manufacturing through
Havukal Tea & Produce Company Private Limited and hotel business
through Maris Hotels and Theatres Private Limited, which owns the
Maris Hotel, located in Chennai.

Recent Results

MSL reported an operating income of INR65.1 crore and a profit
before tax of INR1.7 crore for 2009-10 (provisional financials).
Improvement in demand for cotton yarn combined with increase in
yarn prices supported improvement in revenues and profitability.


PROTECK CIRCUITS: ICRA Assigns 'LBB+' Rating to INR4.65cr Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the outstanding INR4.65
Crore term loan facilities, US$0.32 million term loan facilities,
proposed INR10.00 Crore term loan facilities and INR9.50 Crore
fund-based limits of Proteck Circuits & Systems Private Limited.
The outlook on the long term rating is stable.  ICRA has also
assigned an 'A4+' rating to INR9.50 Crore non-fund based
facilities and INR1.75 Crore fund based bank limits of Proteck.
Though, the US $0.32 million facilities of the company are
denominated in foreign currency, ICRA's ratings for the same are
on national rating scale, as distinct from an international rating
scale.

The ratings take into consideration the established position of
the Company in the domestic printing machinery industry catering
to diverse set of clients spanning across newspapers, commercial
printing, government institutions and publishing industries.  The
sluggish performance of the printing industry in 2008-09
notwithstanding, the Company was able to sustain revenues banking
on the significant promoter experience and a diverse product
profile.

The ratings are however constrained by the Company's small scale
of operations which restrict economies of scale and financial
flexibility.  The ratings are also tempered by the weak financial
profile of the Company characterized by low net margins, stressed
coverage indicators and relatively high working capital intensity.
Proteck continues to faces business risk from heavy customer
concentration and high inventory levels in the machine tools
division, despite the management's on-going efforts to mitigate
it.  Decline in exports (fetching better margins), on account of
global slowdown and a sluggish recovery, has adversely affected
the profitability of the Company.

                       About Proteck Circuits

Proteck Circuits & Systems Private Limited was incorporated in the
year 1985 in Chennai, Tamil Nadu.  The company initially started
manufacturing products for printing and graphic reproduction
industry. Proteck later entered into manufacturing of machine
tools during 2000-01. The company also offers contract
manufacturing services for certain precision parts. Promoters and
their family hold nearly 79% of the equity shares of Proteck.

Recent Results

The Company reported a net profit after tax of Rs.0.8 Crore on
operating income of INR64.7 Crore for the year ending March 31,
2010, against net profit after tax of INR0.2 Crore on operating
income of INR51.3 Crore for the year ending March 31, 2009.


SEJAL EXPORTS: CRISIL Reaffirms 'P4+' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sejal Exports (India),
referred to hereafter as Sejal, continues to reflect Sejal's
modest financial risk profile marked by a low net worth, and its
exposure to risks relating to a slowdown in demand outlook in key
markets for the diamond industry.  These weaknesses are partially
offset by the benefits that Sejal derives from the experience of
its promoters in the diamond industry, and its established
position in the small diamonds segment.

   Facilities                              Ratings
   ----------                              -------
   INR203.0 Million Post-Shipment Credit   P4+ (Reaffirmed)
   INR27.0 Million Packing Credit          P4+ (Reaffirmed)

Update

Sejal continues to enjoy healthy relationships with its customers.
The firm has posted robust year-on-year growth in its operating
revenues and profitability during 2009-10 (refers to financial
year, April 1 to March 31) due to increased offtake from its key
customers based in South East Asia.  Its liquidity continues to be
moderate as indicated by its average bank limit utilization of
around 99 per cent for the six months through March 2010.  The
firm has managed its working capital cycle in line with
expectation.

                       About Sejal Exports

Sejal, a partnership firm founded in 1983, is engaged in the
business of cut-and-polished diamonds.  Sejal is owned and managed
by Mr Parin Shah and his family members.  The firm has an
established position in the niche segment of small diamonds.  Its
business is mainly concentrated in the Southeast Asian markets of
Hong Kong and Thailand.

Sejal reported a profit after tax (PAT) of INR16.27 million on net
sales of INR821 million for 2008-09, as against a PAT of INR17.04
million on net sales of INR684 million for 2007-08.


STARWING DEVELOPERS: CRISIL Rates INR200MM Demand Loan at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the working capital
demand loan facility of Starwing Developers Pvt Ltd, which is part
of the Starwing group.

   Facilities                         Ratings
   ----------                         -------
   INR200.0 Million Working Capital   B+/Stable (Assigned)
                        Demand Loan

The rating reflects the Starwing group's exposure to risks related
to geographical concentration in revenue profile, to offtake of
its ongoing real estate project, Kaatyayni Enclave, and to
downtrends in the real estate sector. These rating weaknesses are
partially offset by group's established track record in the real
estate development business in western Mumbai.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SDPL, Starwing Real Estate Pvt. Ltd,
Starwing Infrastructure Pvt. Ltd SIPL and Starwing Constructions
Pvt. Ltd SCPL. This is because the entities, collectively known as
the Starwing group, are in the similar line of business, have
common promoters and management, and fungible funds.

Outlook: Stable

CRISIL believes that the Starwing group will maintain its cash
flows and debt protection metrics, and market position in the
Mumbai real estate market. The outlook may be revised to
'Positive' if the group's cash flows from ongoing projects and net
worth increase substantially. Conversely the outlook may be
revised to 'Negative' if there is a significant delay in the
construction of ongoing projects, or its cash flows decline
significantly.

                          About the Group

SDPL (formerly, Elect Finance and Investment Company Pvt Ltd), was
incorporated in 1989 by Mr. Rajeev Dube.  However, the company did
not undertake any construction activity till 2006.  In 2006, the
company was renamed, and subsequently it took up the development
of its 6.89 acres of land at Andheri, Mumbai by constructing five
residential building (Kaatyayni A-E) and one service apartment
(Kalash 2).

SRPL has development rights of a land near Hotel Leela, in Andheri
which would be developed by SCPL over next 1-2 years. SCPL has
developed one project, Kalash-1 which is rented out to Wipro
Technologies Ltd as service apartments. Currently there are no
ongoing projects in SIPL, but is expected to develop a
residential/commercial project in the medium term.

The SDPL is estimated to report a profit after tax (PAT) of INR10
million on net sales of INR159.1 million for 2009-10 (refers to
financial year, April 1 to March 31) against a reported PAT of
INR7.2 million on net sales of INR175.1 million for 2008-09.


TELEKONNECTORS LTD: CRISIL Cuts Rating on INR25MM Credit to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Telekonnectors Ltd to 'B+/Stable/P4' from 'BB-/Stable/P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR25.0 Million Cash Credit       B+/Stable (Downgraded from
                                                'BB-/Stable')
   INR5.0 Million Letter of Credit   P4 (Downgraded from 'P4+')
   INR3.0 Million Bank Guarantee     P4 (Downgraded from 'P4+')

The downgrade reflects CRISIL's belief that TKL's revenues and
cash accruals will remain under pressure over the medium term.  In
2009-10, TKL recorded marginal revenue decline over 2008-09.  This
coupled with operating losses incurred by the company, has led to
significantly less-than-expected cash accruals.

The ratings also reflect TKL's small net worth, small scale of
operations, and exposure to intense competition in the
telecommunication equipment industry.  These weaknesses are
partially offset by TKL's long track record in the communication
headset segment and its increasing operating efficiency.

Outlook: Stable

CRISIL believes that TKL's financial risk profile will remain weak
over the medium term because of low profitability and modest cash
accruals.  The outlook may be revised to 'Positive' if TKL
improves its scale of operations and operating margin
significantly, and increases its net worth through fresh equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
the company's revenues continue to decline.

                       About Telekonnectors Ltd

Set up in 1988, TKL manufactures light-weight communication
headsets, modular jacks, telecommunication testers, adaptors, and
other instruments used in call centres, and in the
telecommunications and airline industries.  TKL imports basic
headsets from China, and designs and modifies them to suit
customer requirements.  It has three facilities in Chennai. The
company has a research and development facility for developing
advanced models of headsets and communication equipment. TKL
exports its products to Sri Lanka, Philippines, Europe, and the
United Arab Emirates (UAE) in addition to selling in India. TKL
has recently acquired the brand and patents of Aines Manufacturing
Corporation of USA.

TKL reported a net loss of about INR3 million on net sales of
INR102 million for 2009-10 (refers to financial year, April 1 to
March 31), against a profit after tax of INR2 million on net sales
of INR104 million for 2008-09.


TULSI CASTINGS: ICRA Reaffirms 'LBB' Rating on INR22cr Bank Debts
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating to the INR22.00 crore
(enhanced from INR12.00 crore) fund-based bank facilities and the
INR 36.27 crore (enhanced from INR19.96 crore) term loan of Tulsi
Castings and Machining Limited at 'LBB'.  The outlook
on the long-term rating is stable. ICRA has also reaffirmed the
short-term rating outstanding on the INR14.00 crore (enhanced from
INR5.50 crore) non-fund-based bank facilities of TCML at A4.

The ratings take into account TCML's improved operating income and
profitability backed by healthy growth in sales volumes; favorable
demand outlook for the domestic automobile industry, TCML's key
customer segment; limited counterparty and customer concentration
risks owing to the established and diversified clientele; and the
demonstrated ability of the promoters to infuse equity to fund
business growth.  The ratings are, however, constrained by the
cyclicality in the steel and auto industries, making cash flows
and profitability volatile; somewhat adverse capital structure,
moderate coverage indicators; and high working capital intensity,
which exerts pressure on the liquidity position of the company.
ICRA however notes  that  company's  debt service indicators have
improved to an extend in 2009-10, however the capital structure of
the company is likely to remain aggressive because of the fresh
debt that TCML has contracted to part fund it large ongoing
projects.

                        About Tulsi Castings

Tulsi Castings and Machining Limited (erstwhile Tulsi Foundries
Limited) was acquired by the present management and commenced
operations in the year 2004. TCML has a manufacturing unit at
Sangli in Maharashtra with a capacity of 23950 metric tons per
annum (MTPA) for manufacturing spheroidal castings catering mainly
to automobile sector. TCML has undertaken an expansion project in
the current year and plans to increase its manufacturing capacity
to 48000 MTPA.

Recent Results

In 2009-10, TCML reported a profit after tax of INR6.51 crore on
an operating income of INR94.47 crore. In 2008-09, the company
made a net profit of INR2.45 crore on an operating income of
INR57.72 crore.


VAISHANAVI ISPAT: ICRA Assigns 'LBB+' Rating to INR48cr Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR48.00 crore term loan
and INR27.00 crore fund based bank facilities of Vaishanavi Ispat
Pvt. Ltd.  The outlook on the long term rating is stable. ICRA has
also assigned an 'A4+' rating to the INR4.00 crore non fund based
bank limits of VIPL.

The ratings factor in the cyclicality inherent in the steel
industry, VIPL's exposure to the high volatility in raw material
prices and lack of its track record in running stainless steel
operations profitably across steel cycles.  Further, VIPL's weak
financial indicators as reflected in low profitability and
depressed level of coverage indicators have also been factored in
the ratings.  The ratings take into account that VIPL's promoters
have experience in the iron and steel industry. Moreover, VIPL's
diversified product portfolio and its proximity to raw material
sources which ensures timely supply at low freight cost have also
been considered in the ratings.

                       About Vaishanavi Ispat

VIPL was incorporated on April 13, 2005 by Mr G.R.Binani and Mr.
Rajesh Singhi.  The company at present owns an integrated steel
plant with a billet manufacturing and rolling capacity of 70,000
MTPA at Durgapur, West Bengal.  The commercial production at the
plant began in September 2008; however it became fully operational
from March 2009.  The company is involved in the manufacturing of
Flats/ Rounds made from Stainless Steel, Mild Steel and Carbon
Steel.

Recent Results

The company reported a net profit of INR3.33 crores in FY10 on an
operating income of INR228.29 crores, as compared to a net loss of
INR0.27 crores on an operating income of INR32.22 crores during
FY09.


VIDHATA METAL: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Vidhata Metal Pvt
Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        B/Stable (Assigned)
   INR85.0 Million Rupee Term Loan    B/Stable (Assigned)
   INR6.0 Million Proposed Long-Term
                  Bank Loan Facility  B/Stable (Assigned)
   INR4.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect VMPL's short track record, small scale of
operations, and susceptibility to cyclicality in steel industry.
These rating weaknesses are partially offset by the proximity of
VMPL's manufacturing unit to raw material sources.  Also, VMPL's
manufacturing unit is in the region where most of the company's
end-users are; this helps mitigate offtake-related risks for the
company.

Outlook: Stable

CRISIL believes that VMPL will continue to benefit from strong
demand for its products in Wada (Maharashtra).  The outlook may be
revised to 'Positive' if VMPL's revenues and profitability
increase significantly.  Conversely, the outlook may be revised to
'Negative' if sub-optimal capacity utilisation level results in
decline in operating margin, or if working capital requirements
increase substantially leading to deterioration in financial risk
profile.

                        About Vidhata Metal

Incorporated in March 2008, VMPL manufactures mild-steel billets
from steel scrap and sponge iron. The company is promoted by Mr.
Anil Kumar Hooda, Mr. Pradeep Kumar, Mr. Rohit Hooda, and Mr.
Ishwar Samota.  The company's manufacturing unit has capacity of
about 51,000 tonnes per annum; the unit is in Wada, Thane District
(Maharashtra), which is a manufacturing hub for steel long
products, the end-user segment of billets.


VISHWANATH PAPER: CRISIL Downgrades Rating on INR105MM Loan to 'D'
------------------------------------------------------------------
CRISIL has downgraded its rating on Vishwanath Paper & Boards
Ltd's long-term bank facilities to 'D' from 'B/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR105.0 Million Term Loan      D (Downgraded from B/Stable)
   INR50.0 Million Cash Credit     D (Downgraded from B/Stable)

The downgrade is driven by VPBL's delay in servicing its term debt
due to stretched liquidity.  The cash credit account of VPBL is
also overdrawn on regular basis.  CRISIL believes that the
liquidity of the company will remain stretched over the medium
term as the operations are highly working capital intensive in
nature.

VPBL has small scale and limited track record of operations and
its margins are susceptible to volatility in raw material prices.
The company, however, benefits from its promoters' experience in
the paper industry.

                      About Vishwanath Paper

VPBL, set up in 2007 by Mr. Pankaj Gupta and family, manufactures
biodegradable kraft paper, which is used in manufacturing
corrugated boxes for packaging of industrial, consumer, and
agricultural products. The company commenced commercial operations
in April 2009. The manufacturing plant located at Kashipur
(Uttarakhand) has an installed capacity of 33,000 tonnes per
annum.

VPBL, on a provisional basis, reported a profit after tax (PAT) of
INR14 million on net sales of INR617 million for 2009-10.


YASHASVI YARNS: CRISIL Reaffirms 'B+' Rating on INR166M Term Loans
------------------------------------------------------------------
CRISIL ratings on Yashasvi Yarns Ltd's bank facilities continue to
reflect YYL's small scale of operations and weak financial risk
profile.  The impact of these weaknesses is mitigated by YYL's
long presence and experience in the texturising business.

   Facilities                         Ratings
   ----------                         -------
   INR210 Million Cash Credit         B+/Stable (Reaffirmed)
   INR166 Million Term Loans          B+/Stable (Reaffirmed)
   INR35 Million Letter of Credit     P4 (Reaffirmed)
   INR15 Million Bank Guarantee       P4 (Reaffirmed)

Outlook: Stable

CRISIL expects YYL's financial risk profile to remain weak over
the medium term, given the low operating margins in the
texturising business.  The outlook may be revised to 'Positive' in
case of sizeable equity infusion into the company or improvement
in its operating margins, primarily through backward integration.
Conversely, large fresh capital expenditure, involving significant
debt funding and resulting in deterioration in the financial risk
profile, could result in an outlook revision to 'Negative'.

Update

The company reported sales of INR1402 million in 2009-10 (refers
to financial year, April 1 to March 31) a growth of 19 per cent
over the previous year, on the back of increased texturing
capacity during the year.  At the same time, the company
maintained its operating margin at ~9 per cent in 2009-10.

The company plans to undertake a capex of INR600 million towards
backward integrating into manufacturing of poly partially oriented
yarn (POY). This capex is expected to be funded in a debt to
equity mix of 3:1 and implementation is likely to be completed in
2011-12. The entire production of POY from the new unit will be
consumed internally in the texturising unit. CRISIL expects the
benefits of the POY unit to be in the form of improved operating
profitability, however, incremental debt that will be contracted
for the capex will weaken the company's financial risk profile.
The project is still in initial stages of planning and the actual
size of the capex and the funding mix will remain key rating
sensitivity factors for the ratings on YYL.

                        About Yashasvi Yarns

YYL was promoted by Mr. Sushilkumar Kanodia and Mr. Santkumar
Kanodia as a private limited company in 1993. It was converted
into a public limited company in 1994. The company manufactures
polyester texturised yarn from polyester partially-oriented yarn
at its three manufacturing units at Silvassa.

For 2009-10 (refers to financial year, April 1 to March 31), YYL
reported a profit after tax (PAT) of INR13 million on net sales of
INR1402 million, against a PAT of INR80 million on net sales of
INR1106 million in the preceding year.


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


CSTR-1 TRUST: Moody's Reviews Ratings on Various Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has placed the ratings on the Class A
through F and X Trust Certificates issued by CSTR-1 and CSTR-2
Trusts, a CMBS transaction, on review for possible downgrade.

The final maturity of the Trust Certificates will take place in
July 2012.

The individual rating actions are listed below.

CSTR-1 Trust

  -- Class A, Aaa (sf) Placed Under Review for Possible Downgrade;
     previously on July 4, 2006 Definitive Rating Assigned Aaa
     (sf)

  -- Class B, Aa2 (sf) Placed Under Review for Possible Downgrade;
     previously on June 23, 2010 Downgraded to Aa2 (sf) from Aaa
     (sf)

  -- Class C, Baa2 (sf) Placed Under Review for Possible
     Downgrade; previously on June 23, 2010 Downgraded to Baa2
     (sf) from Aa2 (sf)

  -- Class D, B1 (sf) Placed Under Review for Possible Downgrade;
     previously on June 23, 2010 Downgraded to B1 (sf) from Baa2
     (sf)

  -- Class X, Aaa (sf) Placed Under Review for Possible Downgrade;
     previously on July 4, 2006 Definitive Rating Assigned Aaa
     (sf)

CSTR-2 Trust

  -- Class E, B2 (sf) Placed Under Review for Possible Downgrade;
     previously on June 23, 2010 Downgraded to B2 (sf) from Ba2
     (sf)

  -- Class F, B3 (sf) Placed Under Review for Possible Downgrade;
     previously on June 23, 2010 Downgraded to B3 (sf) from B1
     (sf)

CSTR-1 Trust and CSTR-2 Trust, effected in July 2006, represent
the securitization of four non-recourse loans.  Two of the loans
have been prepaid, and the two outstanding loans -- which are
senior and subordinated -- are backed by a retail store in Sendai
in northern Honshu.

The asset manager has been working on refinancing the loans by the
extended maturity date (September 2010), according to the report.
However, Moody's assumed that the loans are likely to default on
the maturity date and to proceed as the specially serviced loans.
Moody's has already incorporated its stress recovery assumption in
the previous rating action.

The current review has been prompted by Moody's growing concerns
about heightened uncertainty over the redemptions of the rated
trust certificates until the legal final maturity date in July
2012 and in light of the further extended maturity of the loans
until December 2010.

It will fall below Moody's initial assumption for the 2-year tail
period at the CMBS level, and will result in a shortening of the
free-hand special-servicing period, which is fully led by the
special servicer.

Moody's will decide whether to confirm or downgrade the ratings
after consideration of both the recovery assumptions for the
shortened tail period and in light of the refinancing scenarios.


JAPAN AIRLINES: To Sack Employees if Retirement Target Not Met
--------------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. is considering firing
staff if applications for its early retirement program fall short
of the target.

Kyodo News disclosed company sources said JAL had already told its
labor unions that it may dismiss some workers because the number
signed up for early retirement so far places it only half way
toward its target of cutting some 16,000 group jobs by March.

According to Kyodo News, the restructuring plan calls for slashing
the combined workforce of its corporate group by 16,000 by
March 31, about 30 percent of the total payroll as of the end of
last March.

Kyodo News discloses that JAL's core airline unit, Japan Airlines
International Co., called on pilots to apply for early retirement
between July 20 and Aug. 16 in an additional downsizing effort,
but only about 220 pilots, or about half the projected figure,
applied.

Japan Airlines International has also been soliciting workers'
voluntary resignations from Sept. 3 with a view to shedding 1,500
jobs but has so far met with little success, Kyodo News adds.

                       About Japan Airlines

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

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

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

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


JLOC 41: Moody's Downgrades Ratings on Three Classes of Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the Class
C3 through D3 notes issued by JLOC 41.  The final maturity of the
notes will take place in February 2015.

The individual rating actions are listed below.

  -- Class C3, downgraded to C (sf); previously, on June 25, 2010,
     downgraded to Caa2 (sf) from Ba1 (sf)

  -- Class D1, downgraded to Ca (sf); previously, on June 25,
     2010, downgraded to Caa3 (sf) from B3 (sf)

  -- Class D3, downgraded to C (sf); previously, on June 25, 2010,
     downgraded to Caa3 (sf) from B2 (sf)

JLOC41, effected in June 2008, represents the securitization of
three liquidating loans, all of which have defaulted and have been
under special servicing: one since March 2009 and two since
October 2009.

One loan (comprising 36.4% of the initial balance) was recovered
through the sales of the underlying properties and the exercise of
a purchase option by a related party.  Losses were realized in
August 2010.

The other loan (comprising 41.4% of the initial balance) was
recovered through the sale of all of the underlying properties.
The Servicer is currently calculating the final recovery amount
and expects to incur losses on the remaining balance.

With special servicing completed, the Class C1 note has been
recovered in full.

The current rating action reflects the results of the write-down
on both the Class C3 note (in part) and the Class D3 note (in
full).  It also reflects the likelihood that the Class D1 Note
will suffer losses on the remaining balance once the final
recovery amount on the loan has been confirmed.

                     Regulatory Disclosures

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


TAKEFUJI CORP: Credit-Default Swap Traders Seek Ruling
------------------------------------------------------
Shannon D. Harrington and Yusuke Miyazawa at Bloomberg News report
that the committee that governs credit-default swaps in Japan was
asked to rule whether contracts protecting against a default by
Takefuji Corp. were triggered by the consumer lender filing for
bankruptcy.

According to Bloomberg, the International Swaps and Derivatives
Association's determinations committee will rule if swaps on
Takefuji should be settled, the New York-based association said
Wednesday on its Web site.

The Depository Trust Clearing Corp., which runs a central
repository for the credit swaps market, said contracts protecting
a net US$810.6 million of Takefuji debt were outstanding as of
Sept. 17, 2010, Bloomberg reports.

Takefuji bond investors may recover less than 10 percent of the
face value of their holdings, according to Nomura Securities Co.
The company has JPY91.4 billion of bonds outstanding, including
US$645 million of 9.2 percent notes due in April, according to
data compiled by Bloomberg.

Takefuji Corp. filed for bankruptcy petition with the Tokyo
District Court on September 28, 2010, with debts of
JPY433.6 billion.  The company has become the biggest casualty
of Japan's four-year crackdown on coercive lending practices by
consumer finance companies.

Bloomberg says the lender is seeking to restructure as borrower
claims of overpaid interest are estimated to exceed JPY1 trillion.

                         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 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
long-term counterparty credit and senior unsecured debt ratings on
Takefuji Corp., following its filing for bankruptcy protection
with the Tokyo District Court under the Corporate Reorganization
Act.

Takefuji says that it intends to conduct debt restructuring and
seek sponsors in accordance with the procedures of the Corporate
Reorganization Act.  The company plans to finalize its
reorganization plan, and some members of the current management
are set to remain, in order to achieve a smooth turnaround.  If
the court approves Takefuji's reorganization plan, Standard &
Poor's intends to review its rating on the company, based on
Takefuji's debt-servicing ability.

                           Ratings List

                            Downgraded

                          Takefuji Corp.

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


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


ALBANY CITY: Bondholders Won't Get Any Payout, Liquidator Says
--------------------------------------------------------------
The New Zealand Press Association reports that bondholders owed
about NZ$23.56 million will get nothing back after Albany City
Property Investments went into liquidation early this month.

NZPA relates Chairman Kevin Podmore said in a November 2006
prospectus, amended in February 2007, that the company would
initially grow its property holdings organically through
development of strategic parcels of subleasehold land in fast
growing Albany city.

The first phase of the company's strategy involved the purchase of
perpetually renewable subleasehold interests in 12.85ha of
developable land, NZPA says.

NZPA further says that once fully developed, the initial portfolio
of the company was to include residential premises, commercial
offices, a variety of bulk retail stores, specialty retail stores,
a hotel, a retirement village and retail properties.

In a first liquidators' report, joint liquidator John Cregten of
Corporate Finance said it was believed the value of the assets of
Albany City Property Investments available for distribution to
unsecured, non-preferential creditors was likely to be zero,
according to NZPA.  "The sub-leases held by the company have been
terminated by the lessor. The company does not own any further
assets and therefore the liquidators advise there will be no
surplus funds available for distribution to bondholders of the
company."

An estimated statement of assets and liabilities shows the amount
owing to bondholders to be $23.56 million, NZPA notes.

Albany City Property Investments is a New Zealand-based long-term
property investment company.


ALLIED FARMERS: Sells Ex-Hanover Loan to Fully Repay Westpac Loan
-----------------------------------------------------------------
The New Zealand Press Association reports Allied Farmers said it
has entered into a conditional agreement to sell an ex-Hanover
loan from within subsidiary, Allied Farmers Investments, to an
undisclosed party.  The agreement is binding and subject only to
final due diligence and legal documentation, NZPA relates.

The proceeds of the sale will be used to fully repay all debt
facilities with Westpac, with the balance to meet other short term
obligations within the Group, according to NZPA.

NZPA relates Allied Farmers Managing Director, Rob Alloway said:
"This is another positive step forward for our restructuring plan.
I have been very pleased with progress over the past few months,
which has seen usreduce our senior debt to Westpac from almost $17
million to nil post this deal, and removes a number of constraints
from the business."

The transaction is expected to conclude late next week at which
point a further announcement will be made, including an update on
the Group's continuing funding arrangements, NZPA adds.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2010, Allied Farmers Ltd. gained a six-month extension of
its loan facility with Westpac, giving the finance company more
time to repay debt and restructure its business.  Allied Farmers
had NZ$21 million outstanding on the facility as at June 30 and
had an overdraft facility of NZ$2.5 million that was set to expire
on July 1.  The latest agreement pushes out the due date to
March 31 next year from September 24, 2010.


FIVE STAR: Two Former Executives Plead Guilty to Criminal Charges
-----------------------------------------------------------------
Two former directors of Five Star Finance have pleaded guilty to
criminal charges with maximum penalties of five years'
imprisonment, William Mace at BusinessDay.co.nz reports.

BusinessDay.co.nz says former directors Nicholas Kirk and Anthony
Bowden pleaded guilty to the charges on August 12 and September 17
respectively.

Former director Marcus MacDonald and de facto director Neill
Williams are scheduled to appear at an Auckland District Court
hearing next Tuesday, BusinessDay.co.nz relates.

According to BusinessDay.co.nz, the charges relate to Five Star
Finance and its associated companies, Five Star Consumer Finance
(FSCF) and Five Star Debenture Nominee (FSDN), and had been set
down for separate proceedings, a trial and a defended hearing, in
the next two months.

Messrs. Kirk and Bowden will be sentenced on October 14 and face a
maximum five-year jail term on each of the Securities Act charges
which were laid by the Companies Office last year,
BusinessDay.co.nz notes.

BusinessDay.co.nz says those three charges relate to misleading
statements that were contained in FSCF's investment statements and
its 2006 prospectus.

The Companies Office had also laid another 36 charges under the
same act in 2008 relating to securities being offered and allotted
to the public "without there being a registered prospectus,
investment statement or trustee appointed," BusinessDay.co.nz
relates.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


NATIONAL FINANCE: High Court to Hear Directors Case Next Month
--------------------------------------------------------------
Kelly Gregor at the New Zealand Herald reports that the hearing
for the National Finance 2000 Ltd. directors has been rescheduled
until next month at the High Court at Auckland.  The hearing was
originally set to be heard yesterday, September 29, at the
Auckland District Court.

Directors Anthony Banbrook, Carol Braithwaite and Trevor
(Allan) Ludlow face criminal charges for alleged financial
reporting breaches, the NZ Herald reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 6, 2008, the Companies Office filed criminal charges in
Auckland District Court against National Finance 2000 Ltd
directors Trevor Allan Ludlow, Anthony David Banbrook
and Carol Anne Braithwaite.  The national enforcement unit of
the Companies Office alleged the directors failed to disclose
material transactions between National Finance 2000 and related
parties.  The directors also face charges under the Securities Act
1978 for stating that they had made proper and adequate
provisioning for bad debts and that loans were secured by general
security agreements when this was not the case.

The TCR-AP, citing The National Business Review, reported on
Nov. 26, 2008, that directors Anthony Banbrook, Carol Braithwaite
and Trevor Ludlow, have been banned from acting as company
directors.  Deputy registrar of companies Peter Barker ruled that
Trevor Allan Ludlow, Carol Anne Braithwaite and Anthony David
Banbrook mismanaged National Finance, among other companies, and
it was that mismanagement which, at least partly, contributed to
the company's failure.  The mismanagement allegations included
reckless trading, failure to comply with its prospectus, breach of
director's duties, and failure to maintain adequate books and
records.

                       About National Finance

National Finance 2000 is the first major finance company to
collapse in recent years and has re-ignited fears of a wider rout
in a sector weighed down by debt after several years of strong
economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

The receivers estimate that around NZ$24 million is owed to
members of the public and that the likely recovery for secured
investors will be about 47 percent to 48 percent of their
investments.  Subordinated investors and other unsecured creditors
are unlikely to recover anything from the receivership.


OTUWHERO ESTATE: Placed in Receivership; Deloitted Appointed
------------------------------------------------------------
Michael Berry at The Marlborough Express reports that Otuwhero
Estate Wines was placed into receivership on Monday with Deloitte
partner Grant Jarrold, of Christchurch, appointed as receiver.

The Marlborough Express relates Mr. Jarrold said he was still
assessing options for the company.

Located in Awatere Valley, New Zealand, Otuwhero Estate Wines --
http://www.otuwine.com/home.asp-- produces highest-quality
Sauvignon Blanc exclusively from its own extensive vineyards.


YELLOW PAGES: Owners Halt Planned Asset Sale
--------------------------------------------
Owners of the Yellow Pages Group have withdrawn from a plan to
sell the business because a satisfactory price is unlikely to be
achieved in the current economic environment, the National
Business Review reports.

NBR says Hong Kong-based Unitas Capital, formerly CCMP Capital
Asia, and Canada's Ontario Teachers' Pension Plan bought the
company for $2.24 billion in March 2007.

"Whilst there were a range of interested parties, the Yellow Pages
Group shareholders, in conjunction with the banking syndicate,
have come to the view that they won't be pursued any further at
this time," the owners said Wednesday, according to NBR.

NBR relates the owners said the current economic climate did not
suit large-scale merger and acquisition activity, and "that as a
result the expectations of the stakeholders in regard to value are
unlikely to be met in the current market".

The banking syndicate, led by BNZ, would now continue with plans
to restructure the company's debt, and planned to stick with the
business long-term, NBR reports that.

The New Zealand Herald reports that investment bank Goldman Sachs
has spent the last few months marketing the group to potential
buyers.  The tender closed in late August.

Only foreign buyers were thought to have been potential bidders
for the company, which has $1.7 billion of debt with 28 bankers
and debt holders, according to the NZ Herald.

                         About Yellow Pages

Yellow Pages Group -- http://www.yellowpagesgroup.co.nz/-- was
formed in 1988 and publishes the print, online and mobile
directories for Yellow, as well as the White pages(R) and the
Local directoryTM.  Yellow Pages owns the 018(R) directory
assistance service, a majority stake in 50s-plus website
grownups.co.nz, and publishes the Retirement guideTM and New
Zealand tourism guideTM, an award-winning online tourism
directory.


* NEW ZEALAND: Reports NZ$437 Million Trade Deficit in August
-------------------------------------------------------------
Statistics New Zealand said Wednesday that the country's August
2010 export values were NZ$405 million, 15 percent higher than in
August 2009.  The total value of goods exported for August 2010
was NZ$3.2 billion.

"As in recent months, dairy products were again the main
contributor to the increase in export values, due to higher
prices," overseas trade manager Stuart Jones said.

The trend for merchandise exports has risen 15 percent since
September 2009, following a 10 month decline, and remains at a
similar level to the previous peak in late 2008. The growth in the
trend has tapered off in recent months.

The total value of goods imported for August 2010 was NZ$3.6
billion, up NZ$126 million (3.6 percent) from August 2009. Vehicle
parts and accessories were the major contributor to this increase.

The trend for total merchandise imports rose strongly from October
2009 to May 2010 but has since flattened.  The trend is still 15
percent lower than its peak in September 2008.

In August 2010, the trade balance was a deficit of NZ$437 million,
or 14 percent of the value of exports.   The August trade balance
is typically negative, and the deficit for August 2010 is half the
average of the five August months before 2010.


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


* Moody's Maintains Stable Outlook For Gaming Asia Pacific Sector
-----------------------------------------------------------------
Moody's Investors Service says that it is maintaining a stable
outlook for Asia Pacific's gaming sector as robust levels of
intra-regional travel and consumer spending continue to support
steady growth in gaming revenues.

Moody's rates four leading casino operators in the region with
ratings ranging from Baa1 to B3.  The operators are located in
Australia, Macau and Malaysia.  The stable industry outlook
expresses Moody's expectations for the sector's fundamental credit
conditions over the next 12 to 18 months.

"Looking ahead, Moody's expect Macau's gaming revenue will extend
its growth in the next 12-18 months, supported by China's still-
booming economy.  But the growth will be balanced by the two mega
resorts scheduled to open in 2011," says Kaven Tsang, a Moody's
AVP/Analyst.

With Australia, Moody's expects a relatively steady performance
from the gaming sector with growth showing quite a close
correlation to increases in household income and earnings.

Meanwhile, in Singapore, the partial openings this year of the
country's first two casino complexes have led to encouraging
results, the report says.  Both are still ramping up operations,
while the sustainability of their strong initial performance
remains unproven.

Finally, in the case of Malaysia, Moody's expects the market will
extend its stability and resilience on expectations of a stable
domestic economy and in the absence of external threats.  The
market -- which operates under monopoly conditions -- has been
unaffected by competition from the Singapore casinos.

Over the medium term, the regional gaming market will grow further
in capacity, as many operators seek opportunities in light of the
recent strong performance.  The liberalization and development of
gaming markets elsewhere in Asia are also a possibility, but these
are more medium-to-long tem challenges with no impact in the
foreseeable future.

Tsang was speaking on the release of a new Moody's report on the
gaming sector in Asia Pacific.  The report was authored by Tsang
and Maurice O'Connell, a Moody's Vice President and Senior
Analyst.


                             *********

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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