TCRAP_Public/101004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, October 4, 2010, Vol. 13, No. 195

                            Headlines



A U S T R A L I A

ALLIED BRANDS: Cookie Man Franchise in Liquidation


C H I N A

CHINA DIGITAL: Posts US$10,800 Net Loss in June
CHINA MEDIA: Posts US$265,500 Net Loss in June 30 Quarter
TONGJI HEALTHCARE: Posts US$170,300 Net Loss in June 30 Quarter


H O N G  K O N G

ADL HOLDING: Members' Final Meeting Set for November 3
ALL UNITY: Members' Final Meeting Set for November 1
AMERICAN INT'L: AIA Sees At-Least-$2-Bil. Profit for Fiscal 2010
ARTIST HOME.NET: Members' Final Meeting Set for November 3
BHS LIMITED: Members' Final Meeting Set for November 3

CARWAY PRINTING: Creditors' Proofs of Debt Due November 1
CHARMEX INTERNATIONAL: Chan Chi Yuen Steps Down as Liquidator
COIGNITION LIMITED: Members' Meeting Set for November 3
CUSTOMER ASIA: Creditors' Proofs of Debt Due October 29
EPSON IMAGING: Commences Wind-Up Proceedings

FAST PACE: Final Meetings Slated for November 2
FAST PACE TRADING: Final Meetings Slated for November 2
FORTUNE HARVESTS: Lau and Yan Step Down as Liquidators
GERMAN CENTRE: Creditors' Proofs of Debt Due October 29
H.C.B. INTERNATIONAL: Members' Final Meeting Set for November 1

HAPPY CITY: Lui Chi Kit Appointed as Liquidator
MGM RESORTS: Unit Proposes to List Shares on Hong Kong Exchange


I N D I A

AL-NAFEES PROTEINS: CRISIL Assigns 'D' Rating to INR3.0M Term Loan
ANANGOOR TEXTILE: CRISIL Reaffirms 'B+' Rating on INR215MM LT Loan
ARUPPUKOTTAI SHRI: ICRA Assigns 'LBB-' to INR4.2cr Term Loan
CRESCENT SAFETYMART: CRISIL Puts 'D' Rating on INR30MM Demand Loan
DINA IRON: CRISIL Lifts Ratings on INR25MM Term Loan to 'BB-'

DML EXIM: ICRA Assigns 'LB+' Rating to INR14cr Long Term Bank Debt
DML WORLDTRADE: ICRA Places 'LBB-' Rating on INR2cr LT Loans
GALAXY CONCAB: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
GLADDER CERAMICS: CRISIL Reaffirms 'B' Rating on INR61.4MM Loan
HOTEL TIPTOP: ICRA Assigns 'LBB-' Rating to INR56cr Term Loans

IMPACT METALS: CRISIL Places 'D' Ratings on INR30MM Term Loan
JOLLY ENTERPRISE: CRISIL Assigns 'BB-' Rating to INR150MM Loan
JUPITAR ISPAT: ICRA Assigns 'LBB+' Rating to INR57cr FB Limits
MANAS AUTOMOTIVE: CRISIL Assigns 'B' Rating to INR150MM Term Loan
MOHAK CARPETS: CRISIL Assigns 'B+' Rating on INR218.4MM Term Loan

OSWAL SALT: ICRA Places 'LB+' Rating to INR2.5cr LT Loans
RUKMANI DEVI: CRISIL Puts 'BB-' Rating on INR400MM Cash Credit
SATYAM COMPUTER: Posts INR1.25 Billion Net Loss in FY2010
SATYAM COMPUTER: Gets "Well Notice" From U.S. Regulator
SWASTIK CERACON: CRISIL Reaffirms 'B' Ratings on INR294.1M LT Loan

TEXMO PIPES: ICRA Assigns 'LBB+' Rating to INR7.25cr Term Loan
VISWATEJA SPINNING: ICRA Rates INR57.4cr FB Limits at 'LBB'
VISHAL RETAIL: Asks Delhi High Court to Allow Asset Sale


J A P A N

NEDO61712 NOTES: Moody's Withdraws B1 Rating for Business Reasons
* Fitch Revises the Outlook for Japan's Life Insurance Sector


N E W  Z E A L A N D

AORANGI SECURITIES: Investors to Get 3c in the Dollar
CENTURY CITY: Income Receivers Appointed to Petone Building
STRUCTURED FINANCE: Buys More Time to Evade Receivership


S I N G A P O R E

BISHAN EC: Creditors' Proofs of Debt Due November 1
HOUSE OF TEAK: Court Enters Wind-Up Order
IMPERIAL PORCELAIN: Court to Hear Wind-Up Petition on October 22
MUVICOM PTE: Court to Hear Wind-Up Petition on October 15
ORGANIC CAFE: Creditors' Proofs of Debt Due October 15

XN ASIA: Creditors' Proofs of Debt Due October 15


T H A I L A N D

BANK OF AYUDHYA: Fitch Affirms 'BB+' Rating with Stable Outlook




                         - - - - -


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


ALLIED BRANDS: Cookie Man Franchise in Liquidation
--------------------------------------------------
Franchising reports that food franchise Cookie Man has gone into
liquidation and is up for sale as a going concern after the Allied
Brands-owned business was served a winding up order by the NSW
Supreme Court.  Peter Hillig of Smith Hancock has been appointed
liquidator.

Mr. Hillig told Franchising a Cookie Man creditor with an unpaid
debt applied to court.  "For whatever reason Cookie Man was not
represented at that hearing, and the court ordered it be wound up.

"I'm in discussions with the key stakeholders, and it's been
agreed the best action is the sale of Cookie Man as a going
concern. So it is very much business as usual while I go about
finding a suitable purchaser."

Mr. Hillig said there were a number of potential buyers already.
"I'm looking to tie it up well before Christmas," he said.

The network of 50 outlets includes a handful of company owned
stores which are, or are in the process of being, closed down.
The remaining 40 odd franchisees across Australia are continuing
to trade.

Cookie Man has been the second most important brand in Allied
Brands' portfolio after ice cream franchise system, BaskinRobbins;
the group also has Villa & Hut, Kenny's Cardiology and Awesome
Water.

As reported in the Trouble Company Reporter-Asia Pacific on
Sept. 15, 2010, the Sydney Morning Herald said Allied Brands
reported last month a full-year net loss of AU$35.2 million
following two profit downgrades and write-downs across the group.
Shares in the company have fallen 86% this year.  SMH said the
poor result has left Allied with negative net tangible assets and
in breach of its banking covenants.  The company said in a
statement it "relies on its financial institutions and noteholders
to continue as a going concern".  At June 30, the company was
AU$640,000 deep into its bank overdraft.

                         About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.


=========
C H I N A
=========


CHINA DIGITAL: Posts US$10,800 Net Loss in June
-----------------------------------------------
China Digital Media Corporation filed its quarterly report on Form
10-Q, reporting a net loss of US$10,787 on US$2.5 million of
revenue for the three months ended June 30, 2010, compared to net
income of US$47,378 on US$2.1 million of revenue for the same
period last year.

The reversal to a net loss during the three months ended June 30,
2010, was primarily due to an increase in selling, general,
administrative expenses.  SG&A expenses for the three months ended
June 30, 2010, increased by US$210,576, or 34.8%, to US$814,995 in
comparison with the three months period ended June 30, 2009.

On June 30, 2010, the Company had cash of US$2.8 million and a
working capital deficit of US$6.7 million.  This compares with
cash of US$3.6 million and a working capital deficit of
US$9.9 million at December 31, 2009.  The decrease in cash was
mainly due to the settlement to one of the suppliers before month
end in June 2010.

The Company's balance sheet as of June 30, 2010, showed
US$22.8 million in total assets, US$16.6 million in total
liabilities, and stockholders' equity of US$6.2 million.

As reported in the Troubled Company Reporter (Asia) on April 23,
2010, Bongiovanni & Associates, CPA's, in Cornelius, N.C.,
expressed substantial doubt about the Company's ability to
continue as a going concern, following its 2009 results.  The
independent auditors noted that the Company had an accumulated
deficit of US$12.1 million and a working capital deficiency of
US$9.9 million at December 31, 2009.

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

               http://researcharchives.com/t/s?6bd9

                       About China Digital

Headquartered in E. Kowloon, Hong Kong, China Digital Media
Corporation is engaged in the business of providing services to
the television broadcasting and media industry in China through
operations, partnerships and investments.  The two main businesses
of CDMC are: 1) converting analog cable television subscribers to
digital television and providing various value added and broadband
services to the digital subscribers and 2) television advertising
sales.


CHINA MEDIA: Posts US$265,500 Net Loss in June 30 Quarter
---------------------------------------------------------
China Media Group Corporation filed its quarterly report on Form
10-Q, reporting a net loss of US$265,521 on US$11,042 of revenue
for the three months ended June 30, 2010, compared with a net loss
of  US$155,034 on US$30,148 of revenue for the corresponding
period last year.

As of June 30, 2010, the Company has incurred accumulated deficits
totaling US$8.7 million, and its current liabilities exceed its
current assets by US$2.2 million.  At present the Company does not
have sufficient cash resources to provide for all general
corporate operations in the foreseeable future.  The Company will
be required to raise additional capital in order to continue to
operate in fiscal 2010.

The Company's balance sheet as of June 30, 2010, showed
US$5.5 million in total assets, US$4.5 million in total
liabilities, US$136,362 in minority interest, and stockholders'
equity of US$846,773.

As reported in the Troubled Company Reporter on April 21, 2010,
Albert Wong & Co., in Hong Kong, expressed substantial doubt about
the Company's ability to continue as a going concern, following
its 2009 results.  The independent auditors noted that the Company
has deficits accumulated as at December 31, 2009, of US$8.3
million including net losses of US$2.5 million for the year ended
December 31, 2009.

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

               http://researcharchives.com/t/s?6bc9

                        About China Media

Based in Wanchai, Hong Kong, China Media Group Corporation (OTC
BB: CHMD) -- http://www.chinamediagroup.net/-- plans to become
one of China's leading new age media companies through the use of
new technologies and devices combined with traditional media of
TV, Newspapers, Magazines, Billboards and Internet.  In order to
facilitate this, the Company established 4 strategic business
units: Advertising, Print, Telecommunications and Mobile
Computing, and Products and Services.  Only three units have begun
in operation: Advertising, Telecommunications and Mobile
Computing, and Products and Services.


TONGJI HEALTHCARE: Posts US$170,300 Net Loss in June 30 Quarter
-------------------------------------------------------------
Tongji Healthcare Group, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of US$170,272 on US$463,696 of revenue
for the three months ended June 30, 2010, compared with a net loss
of US$74,128 on US$443,106 of revenue for the same period last
year.

The Company had an operating loss of US$157,158 during the three
months ended June 30, 2010, compared with an operating loss of
US$11,855 during the comparable period last year.

The Company has an accumulated deficit of US$667,151 as of June
30, 2010 and the Company is in default of the terms of Senior
Security Note, as of June 30, 2010.

The Company's balance sheet as of June 30, 2010, showed
US$5.9 million in total assets, US$6.0 million in total
liabilities, and a stockholders' deficit of US$109,296.

As reported in the Troubled Company Reporter on April 22, 2010,
Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
of the Company's significant operating losses and insufficient
capital.

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

               http://researcharchives.com/t/s?6bd4

                     About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., was incorporated in the State of Nevada on
December 19, 2006.  The Company operates Tongji Hospital,
a general hospital with 105 licensed beds.


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


ADL HOLDING: Members' Final Meeting Set for November 3
------------------------------------------------------
Members of ADL Holding (Japan) Limited will hold their final
meeting on November 3, 2010, at 2:30 p.m., at FTI Consulting
(Asia) Limited, 1008 Shui On Centre, 6-8 Harbour Road, Wanchai,
Hong Kong.

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


ALL UNITY: Members' Final Meeting Set for November 1
----------------------------------------------------
Members of All Unity Limited will hold their final general meeting
on November 1, 2010, at 10:30 a.m., at Level 28 Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


AMERICAN INT'L: AIA Sees At-Least-$2-Bil. Profit for Fiscal 2010
----------------------------------------------------------------
American International Group, Inc., said that certain analysts had
published research reports in Hong Kong regarding AIA Group
Limited.  AIA had provided financial information to the analysts.

AIA disclosed, among other things, that total weighted premium
income ("TWPI") increased by US$950 million, or 11.3%, from
US$8,377 million in the nine months ended 31 August 2009 to
US$9,327 million in the nine months ended 31 August 2010.  This
represented an increase of 4.4% on a constant exchange rate basis.
Over this period, TWPI increased across all of our product lines
and reporting segments.

"We believe that, in the absence of unforeseen circumstances, and,
on the bases and assumptions set forth below, our consolidated
operating profit for the fiscal year ending 30 November 2010 is
unlikely to be less than US$2.0 billion," AIA said.

A copy of the AIA Information is available for free at:

                http://researcharchives.com/t/s?6bd5

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


ARTIST HOME.NET: Members' Final Meeting Set for November 3
----------------------------------------------------------
Members of Artist Home.net Limited will hold their final general
meeting on November 3, 2010, at 10:00 a.m., at 21/F., Fee Tat
Commercial Centre, No. 613 Nathan Road Kowloon, in Hong Kong.

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


BHS LIMITED: Members' Final Meeting Set for November 3
------------------------------------------------------
Members of BHS Limited will hold their final meeting on Nov. 3,
2010, at 10:00 a.m., at Units 3401-2, 34th Floor, AIA Tower, 183
Electric Road, North Point, in Hong Kong.

At the meeting, Leong Ting Kwok Dadid, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CARWAY PRINTING: Creditors' Proofs of Debt Due November 1
---------------------------------------------------------
Creditors of Carway Printing Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 1, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 21, 2010.

The company's liquidator is:

         Ms. Lee Kam Fung
         Flat C, 2/F., Yu Shing Building
         43 Shun Ning Road
         Shamshuipo, Kowloon


CHARMEX INTERNATIONAL: Chan Chi Yuen Steps Down as Liquidator
-------------------------------------------------------------
Chan Chi Yuen stepped down as liquidator of Charmex International
Limited on September 20, 2010.


COIGNITION LIMITED: Members' Meeting Set for November 3
-------------------------------------------------------
Members of Coignition Limited will hold their meeting on November
3, 2010, at 10:00 a.m., at 27th Floor, Alexandra House, 18 Chater
Road, Central, in Hong Kong.

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


CUSTOMER ASIA: Creditors' Proofs of Debt Due October 29
-------------------------------------------------------
Creditors of Customer Asia Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 29,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 22, 2010.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


EPSON IMAGING: Commences Wind-Up Proceedings
--------------------------------------------
Members of Epson Imaging Devices (H.K.) Limited, on Sept. 20,
2010, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


FAST PACE: Final Meetings Slated for November 2
-----------------------------------------------
Contributories and creditors of Fast Pace Far East Limited will
hold their meetings on November 2, 2010, at 11:00 a.m., and 11:30
a.m., respectively at 602 The Chinese Bank Building, 61-65 Des
Voeux Road, Central, in Hong Kong.

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


FAST PACE TRADING: Final Meetings Slated for November 2
-------------------------------------------------------
Contributories and creditors of Fast Pace Trading (Hong Kong)
Limited will hold their meetings on November 2, 2010, at 10:00
a.m., and 10:30 a.m., respectively at 602 The Chinese Bank
Building, 61-65 Des Voeux Road, Central, in Hong Kong.

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


FORTUNE HARVESTS: Lau and Yan Step Down as Liquidators
------------------------------------------------------
Lau Po Ming Peter and Yan Sze Wai Gary stepped down as liquidators
of Fortune Harvests Limited on September 21, 2010.


GERMAN CENTRE: Creditors' Proofs of Debt Due October 29
-------------------------------------------------------
Creditors of German Centre (Shanghai) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by October 29, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 20, 2010.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


H.C.B. INTERNATIONAL: Members' Final Meeting Set for November 1
---------------------------------------------------------------
Members of H.C.B. International Limited will hold their final
meeting on November 1, 2010, at 10:00 a.m., at Unit 1110, Lippo
Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

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


HAPPY CITY: Lui Chi Kit Appointed as Liquidator
-----------------------------------------------
Lui Chi Kit on August 26, 2010, was appointed as liquidator of
Happy City Limited.

The liquidator may be reached at:

         Lui Chi Kit
         Unit A, 14/F., JCG Building
         16 Mongkok Road
         Mongkok, Kowloon
         Hong Kong


MGM RESORTS: Unit Proposes to List Shares on Hong Kong Exchange
---------------------------------------------------------------
MGM China Holdings Limited, a Cayman Islands company which has
been formed by MGM Resorts International and Ms. Pansy Ho, filed
on Sept. 27, 2010, a proposed listing application on Form A1 with
The Stock Exchange of Hong Kong Limited in connection with a
possible listing of its shares on the main board of the Hong Kong
Exchange.

If the proposed listing occurs, MGM China Holdings Limited will
become the owner of substantially all of the economic share
interests of MGM Grand Paradise, S.A., a joint venture of MGM
Resorts International and Ms. Pansy Ho, which owns and operates
the MGM Macau, a luxury resort, hotel and casino located in Macau,
SAR.

                         About MGM Resort

MGM Resorts International (NYSE: MGM) --
http://www.mgmresorts.com/-- has significant holdings in gaming,
hospitality and entertainment, owns and operates 15 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, Illinois and
Macau.

The Company's balance sheet at June 30, 2010, showed
$19.98 billion in total assets, $1.19 billion in total current
liabilities, $2.65 billion in deferred income taxes,
$13.04 billion in long-term debt $243.29 million in other long-
term obligations, and $2.85 billion in total stockholders' equity.

                           *     *     *

As reported by the Troubled Company Reporter on July 1, 2010,
Fitch Ratings affirmed these ratings for MGM Resorts: Issuer
Default Rating affirmed at 'CCC'; Senior secured notes due 2013,
2014, and 2017 affirmed at 'B+/RR1' (91%-100% recovery band);
Senior secured notes due 2020 rated 'B+/RR1' (91%-100%); Senior
credit facility affirmed at 'B-/RR3' (51%-70%); Senior unsecured
notes affirmed at 'CCC/RR4' (31%-50%); Convertible senior notes
due 2015 rated 'CCC/RR4' (31%-50%); Senior subordinated notes
affirmed at 'C/RR6' (0%-10%).


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


AL-NAFEES PROTEINS: CRISIL Assigns 'D' Rating to INR3.0M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Al-Nafees Proteins Pvt
Ltd's bank facilities.  The ratings reflect delay by the company
in servicing its term loan; the delay has been caused by ANPL's
weak liquidity.

   Facilities                    Ratings
   ----------                    -------
   INR3.0 Million Term Loan      D (Assigned)
   INR72.0 Million EPC/FBP       P5 (Assigned)

ANPL has large working capital requirements which lead to weak
financial risk profile.  The company is also exposed to risks
related to geographical concentration in revenue profile and
volatility in raw material prices.  ANPL, however, benefits from
its promoters' experience, and its established market position, in
the processed meat industry.

ANPL, promoted by Mr. Mustaqeem Qureshi, is part of the Al Nafees
group of companies.  The company manufactures and exports chilled
and frozen mutton.  The company also trades in buffalo meat,
supplied by its group company, Al Nafees Frozen Food Exports Pvt
Ltd.  The company commenced commercial operations in 2005-06
(refers to financial year, April 1 to March 31), with its
integrated sheep and goat plant in Nooh (Haryana).  This plant is
registered with the Agriculture and Processed Food Products Export
Development Authority and has ISO 9002 and Hazard Analysis and
Critical Control Point (HACCP) certifications. The company has
also been accredited for exports by the veterinary authorities of
the UAE and Saudi Arabia.

ANPL reported a profit after tax (PAT) of INR5.2 million on net
sales of INR560.2 million for 2009-10, against a PAT of INR5.2
million on net sales of INR627.1 million for 2008-09.


ANANGOOR TEXTILE: CRISIL Reaffirms 'B+' Rating on INR215MM LT Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anangoor Textile Mills
Pvt Ltd continue to reflect Anangoor's weak financial risk profile
and susceptibility to volatility in raw material prices. These
weaknesses are partially offset by Anangoor's established market
position in the textile industry.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Cash Credit Limits   B+/Stable (Reaffirmed)
   INR215.0 Million Long-Term Loan       B+/Stable (Reaffirmed)
   INR8.3 Million Bank Guarantee         P4 (Reaffirmed)
   INR30.0 Million Short-Term Bank       P4 (Reaffirmed)
                          Facility

Outlook: Stable

CRISIL believes that Anangoor will maintain its market position
over the medium term.  The outlook may be revised to 'Positive' if
Anangoor's financial risk profile improves, most likely driven by
substantial increase in cash accruals or capital infusions.
Conversely, the outlook may be revised to 'Negative' if Anangoor's
cash flows and margins decline, or if its capital structure
weakens because of larger-than-expected debt-funded capital
expenditure (capex).

Update

Anangoor's operating income increased at a healthy year-on-year
rate of 31% in 2009-10 (refers to financial year, April 1 to March
31), driven by increase in demand for yarn in the export markets.
However, the company's operating margin has declined to around 11%
in 2009-10 from 23% in 2007-08 because of increasing prices of
cotton and appreciation of the value of the Indian rupee against
the US dollar.  Anangoor is increasing its spindle capacity to
34,800 from 27,516 for a cost of INR210.0 million (Rs.160.0
million funded by debt and the remaining through promoters'
equity). Despite the capex, decline in operating profitability,
and small net worth, Anangoor's gearing and debt protection
indicators are expected to remain moderate because of strong
operating income growth on the back of increase in capacities.

                      About Anangoor Textile

Anangoor was established as a partnership firm in 1995 by Mr. K
Ramasamy and Mr. C Palanisamy.  The company manufactures cotton
yarn of count size ranging from 8s to 30s.  The company has two
manufacturing units, one each in Kanageyam and Anangoor (Tamil
Nadu).

Anangoor reported, on provisional basis, a profit after tax (PAT)
of INR5.80 million on a turnover of INR533.50 million for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR5.96 million on a turnover of INR399.50 million for 2008-09.


ARUPPUKOTTAI SHRI: ICRA Assigns 'LBB-' to INR4.2cr Term Loan
------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR4.2 crore term loan
facilities and the INR5.8 crore fund based facilities of
Aruppukottai Shri Vijayalakshmi Textile Mills Private Limited.
The outlook on the long term rating is stable.  ICRA has also
assigned 'A4' rating to the INR0.5 crore non-fund based facilities
of ASVTMPL.

The ratings factor in the small scale of operations of the
Company, which restricts scale economies, the weak financial
profile characterized by low accruals and the susceptibility of
the Indian textile industry to competitive pressures from other
low cost countries.  The assigned ratings also consider the
expected growth in demand for yarn upon recovery in major textile
markets in the medium term and the financial flexibility arising
from being part of Sri Jayavilas Group.

                       About Aruppukottai Shri

Aruppukottai Shri Vijayalakshmi Textile Mills Private Limited
(ASVTMPL) was promoted by Sri.T.R.Dhinakaran and Sri.T.R.Kannan as
a partnership concern in 1979 and converted into a private limited
company in 1987.  The promoters of the Company belong to the Sri
Jayavilas Group, based in Aruppukottai which has presence in the
businesses of spinning and passenger / cargo transport.
ASVTMPL, a closely-held Company, is engaged in the manufacture of
Open Ended (OE) yarn ranging from 4s to 26s count.  In 2004-05,
the company modernized its capacities by installing 1,600 rotors.
The company is presently operating with a capacity of 2,644
rotors.

Recent Results (unaudited)

The Company has reported a net loss before tax of INR0.6 crore on
operating income of INR32.1 crore for the year ended March 31,
2010. For the quarter ended June 2010, the Company reported profit
before tax of INR0.3 crore on operating income of INR8.9 crore.


CRESCENT SAFETYMART: CRISIL Puts 'D' Rating on INR30MM Demand Loan
------------------------------------------------------------------
CRISIL has downgraded its rating on Crescent Safetymart Export Pvt
Ltd's export packing credit and foreign bills discounting
facilities, and proposed short-term loan to 'P5' from 'P4', and
has assigned its 'D' rating to the working capital demand loan.
The downgrade and the assigned rating reflect recent delays in
debt servicing by CSEPL; the delays have been caused by CSEPL's
weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR30 Million Working Capital            D (Assigned)
                     Demand Loan
   INR80 Million Export Packing Credit      P5 (Downgraded from
                                                'P4')
   INR65 Million Foreign Bills Discounted
         (Reduced from INR80 Million)       P5 (Downgraded from
                                                'P4')
   INR5 Million Proposed Short-Term Loan    P5 (Downgraded from
                                               'P4')

CSEPL's weak liquidity has led to high utilization of its bank
limits and delays in payment of working capital demand loan
instalments.  The company has large working capital requirements,
small scale of operations, and faces intense competition in the
leather export business. However, CSEPL benefits from the
experience of its promoters in the leather industry.

                      About Crescent Safetymart

Set up as a proprietorship firm in 1993, CSEPL was reconstituted
as a private limited company in 2006.  It is promoted by Mr.
Khalid Ebadullah and Mr. Tanweer Ebadullah.  It manufactures and
exports leather products, such as leather welding apparels and
gloves. The company's manufacturing unit is in Topsia (Kolkata).

CSEPL reported a profit after tax (PAT) of INR0.3 million on an
operating income of INR362.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR10.1
million on an operating income of INR808.0 million for 2008-09.


DINA IRON: CRISIL Lifts Ratings on INR25MM Term Loan to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Dina Iron
& Steel Ltd to 'BB-/Stable' from 'B+/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR105 Million Cash Credit Limits    BB-/Stable (Upgraded from
                                                    'B+/Stable')
   INR25 Million Term Loan              BB-/Stable (Upgraded from
                                                    'B+/Stable')

The upgrade reflects improvement in Dina Iron's business risk
profile, marked by better operating profitability and the
commissioning of its coal gasifier plant, which is expected to
partially reduce operating costs.  The company is also in the
process of increasing its installed capacity of billets. The
upgrade also factors in CRISIL's expectation that Dina Iron will
continue to exhibit a healthy operating performance on the back of
moderate integration of its operations.  The ratings, however,
also reflect Dina Iron's below-average financial risk profile,
marked by low networth and weak debt protection measures, and
large working capital requirements.

Outlook: Stable

CRISIL believes that Dina Iron will maintain a stable business
risk profile over the medium term on the back of its improving
operating efficiency.  The outlook may be revised to 'Positive' if
the company attains substantial increase in revenues, or greater
integration in operations.  Conversely, the outlook may be revised
to 'Negative' if Dina Iron reports lower-than-expected capacity
utilization levels, leading to deterioration in its operating
margin, or undertakes any large, debt-funded capital expenditure
program.

                          About Dina Iron

Dina Iron, incorporated in 1992, manufactures billets, wire rods,
and thermo-mechanically-treated (TMT) bars, which have application
in the construction, electrical, and infrastructure industries.
The company has a capacity to produce 30,000 tonnes per annum
(tpa) of billets, and a rolling capacity of 20,000 tpa.

For 2009-10 (refers to financial year, April 1 to March 31), Dina
Iron reported a profit after tax (PAT) of INR7 million on net
sales of INR635 million, as against a PAT of INR5 million on net
sales of INR682 million for 2008-09.


DML EXIM: ICRA Assigns 'LB+' Rating to INR14cr Long Term Bank Debt
------------------------------------------------------------------
ICRA has assigned an 'LB+' rating to INR14 Crore long term fund
based facilities and 'A4' rating to INR23 Crore short term fund
based facilities of DML Exim Private Limited.  The long term and
the short term limits are interchangeable such that the total
limit utilization should not exceed INR23.00 Crore at any point of
usage.

The ratings are constrained by DEPL's weak financial risk profile
characterized by highly adverse capital structure, weak
profitability and coverage indicators.  The ratings also factor in
the company's presence in a highly competitive market segment
characterized with the presence of a large number of unorganized
players and its vulnerability to changes in government regulations
over agricultural commodities.  Moreover, the margins are
susceptible to price fluctuations and agro climatic conditions,
which have a bearing on the supply of raw materials. Nevertheless,
the ratings favorably factors in the experience of promoters in
agri-trading business and its moderately diversified customer
profile.

                          About DML Exim

DML Exim Pvt Ltd was renamed in the year 2008 from D M Lakhani
Overseas Pvt Ltd which was established in 1988.  The present
directors Mr. Harish Lakhani, Mr. Darshan Lakhani and Mr. Chirag
Lakhani are actively involved in daily operations.  The company is
a part of DML group which has been in the agri-trading business
for more than two decades.  The other group concerns include DML
Worldtrade Private Limited, DM Enterprise and DRB commodities
Private Limited.

The company has a marketing office in Rajkot, Gujarat and
warehouses in Mundra, Mumbai and Chennai.

Recent results:

The company has registered a profit after tax of INR 0.95 Crore on
an operating income of INR528.03 Crore as per the audited figures
of FY 10.


DML WORLDTRADE: ICRA Places 'LBB-' Rating on INR2cr LT Loans
------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR2 Crore long term
fund based facilities, with 'stable' outlook, and 'A4' rating to
INR15.00 Crore short term fund based facilities of DML Worldtrade
Private Limited.  The long term and the short term limits are
interchangeable such that the total limit utilization does not
exceed INR15.00 Crore.

The ratings reflect DML's weak financial position characterized by
low profitability, a highly leveraged capital structure and
negative cash flow from operations.  As is typical of entities
operating in agro trading business, the operations remains exposed
to agro climatic conditions impacting supply and prices, and
government regulations on export/import.  The rating also factors
in the company's moderate scale of operations and vulnerability of
margins to commodity price fluctuations.  The ratings however
favorably factor in the promoters experience in commodity trading
and locational advantage arising from proximity to raw material
sources and ports.

                           About DML World

DML World Trade Pvt Ltd was established by Mr. Harish Lakhani in
2004-05.  The company is a part of DML group which has been in the
agri-trading business for more than two decades. The other group
concerns include DML Exim Private Limited, DM Enterprise and DRB
commodities Private Limited.  The company is engaged in exports of
agricultural commodity like cotton, pulses, grain, sesame
seeds, spices etc.

The company has an administration and marketing office. in Rajkot,
Gujarat and warehouses in Mundra, Kandla, Rajkot and Mumbai.


GALAXY CONCAB: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Galaxy Concab (India)
Pvt Ltd continue to reflect the delays in meeting its term loan
obligations owing to weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit Limit     D (Reaffirmed)
   INR25.0 Million Term Loan             D (Reaffirmed)
   INR10.0 Million Working Capital       D (Reaffirmed)
                       Demand Loan
   INR110.0 Million Proposed Long Term   D (Reaffirmed)
                    Bank Loan Facility
   INR25.0 Million Bank Guarantee        P5 (Reaffirmed)

Galaxy Concab's weak financial risk profile is marked by small net
worth, high gearing and weak debt protection metrics.  However,
Galaxy Concab benefits from its promoter's experience in the
industry.

Update

Galaxy Concab's revenues are estimated to increase marginally by
2% to INR343 million in 2009-10 (refers to financial year, April 1
to March 31).  In addition, the operating margins are estimated to
be 8.7%, higher then CRISIL's expectations of 6.8% due to lower
raw material prices.  The gearing is estimated to increase to 2.31
times as compared to CRISIL's expectations of around 1.8 times
primarily to fund the working capital requirements of the company,
caused by higher outstanding debtor days and high inventory
levels. Galaxy Concab does not have sufficient working capital
funds to support its incremental working capital requirements due
to increase in scale of operations. This leads to short term cash
flow mismatches and thus term loan obligations are delayed.

Galaxy Concab is estimated to report a PAT of INR5 million on net
sales of INR343 million for 2009-10, against a PAT of INR4.7
million on net sales of INR336 million in 2008-09.

                         About Galaxy Concab

Galaxy Concab was incorporated as a private limited company in
March, 2006 in Jaipur (Rajasthan). The company initially traded in
wires and cables, and commenced manufacturing operations in June
2007. The company manufactures cables and conductors.


GLADDER CERAMICS: CRISIL Reaffirms 'B' Rating on INR61.4MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Gladder Ceramics Ltd
(GCL, part of the Swastik group) continues to reflect the Swastik
group's weak financial risk profile, marked by high gearing and
limited financial flexibility.  This rating weakness is partially
offset by the benefits that the Swastik group derives from its
diversified product portfolio, which is further strengthened by
the increasing proportion of value-added products.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit limit   B/Negative (Reaffirmed)
   INR61.4 Million Term Loan           B/Negative (Reaffirmed)
   INR48.6 Million Proposed Long Term  B/Negative (Reaffirmed)
                   Bank Loan Facility

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GCL, Swastik Ceracon Pvt Ltd, and Akik
Tiles Ltd, collectively referred to as the Swastik group. This is
because these companies are in the same line of business, have a
common management, and share business functions of finance,
procurement of raw material, and marketing of tiles. Furthermore,
the group's management has plans to merge the three companies over
the next 12 to 18 months, in order to reap the benefits of a
larger scale of operations.

Outlook: Negative

CRISIL believes that the Swastik group's liquidity will remain
weak over the near to medium term, as the group's net cash
accruals are expected to remain low vis--vis the group's maturing
term debt obligations.  Also, the Swastik group's gearing is
expected to remain high because of large borrowings to fund the
group's capital expenditure and large working capital
requirements.  The rating may be downgraded, if the group's
profitability declines more than expected, and financial risk
profile deteriorates.  Conversely, the outlook may be revised to
'Stable' if the group generates higher-than-expected net cash
accruals over the medium term.

                          About the Group

The Swastik group manufactures ceramic, porcelain, and vitrified
floor tiles, with a daily production capacity of 24,000 to 25,000
square metres per day.  The group's manufacturing units are
located in the 'Ceramic Zone' at Himmatnagar and Mehsana in North
Gujarat. The group is present in all three major tile segments:
ceramic tiles (through Akik Tiles Ltd), porcelain tiles (GCL), and
vitrified tiles (SCPL). Products under all the three segments are
sold under the Swastik Tiles brand.

Gladder reported a profit after tax (PAT) of INR1.4 million on net
sales of INR157.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net sales
of INR103.2 million for 2007-08.


HOTEL TIPTOP: ICRA Assigns 'LBB-' Rating to INR56cr Term Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR 56.0 crore term
loans of Hotel TipTop International Private Limited (formerly
known as Tiptop Enterprises Private Limited).  The outlook on the
long term rating is stable.

The rating reflects the leveraged capital structure of the company
due to debt funded capex of the proposed 3-star hotel and the
execution risk faced by the company wherein a delay and or cost
overrun in construction could adversely impact debt servicing.
However, ICRA draws comfort from the favorable location of the
proposed hotel at Wakad on the Mumbai ? Pune Expressway with its
proximity to the IT Park at Hinjewadi and the Pimpri Chinchwad
residential area and the longstanding experience of the promoters
in the hospitality business.  The proposed hotel named TipTop
International' would be positioned as a budget hotel, and apart
from 350 rooms it will also house 22 large/small banquet halls
making it a unique facility in Pune.

                        About Hotel TipTop

Hotel TipTop International Private Limited, promoted by Mr. Jayant
Shah, is a hospitality company which is setting up a 350 room 3-
star hotel Tiptop International' at Wakad (Pune) on the Mumbai-
Pune Expressway.  The hotel, apart from housing a coffee shop and
three restaurants, will also have 22 large/small
banquet/conference halls.  The hotel with all the restaurants,
banqueting facilities and 140 rooms would be operational during Q3
FY12 while the remaining rooms would be constructed within two
years post that.


IMPACT METALS: CRISIL Places 'D' Ratings on INR30MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Impact Metals Ltd's bank
facilities.  The ratings reflect delay by IML in servicing its
term loan; the delay has been caused by IML's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR65.00 Million Cash Credit Limit    D (Assigned)
   INR30.00 Million Term Loan            D (Assigned)
   INR17.50 Million Bank Guarantee       P5 (Assigned)
   INR12.50 Million Letter of Credit     P5 (Assigned)

IML's weak financial risk profile is marked by its below-average
debt protection metrics, high gearing, and small net worth; the
company also has weak operating efficiency with susceptibility to
volatility in raw material prices.

IML was set up as a partnership firm in 1976-77 (refers to
financial year, April 1 to March 31), by Mr. Gorrepati
Ramachandram.  It was reconstituted as a private limited company
in 1979-80 and finally as public limited company in 1995-96. IML
manufactures aluminium bottles, alloys, and die castings at its
facilities in Hyderabad, and Vizag (Andhra Pradesh).  The company
also has a furnance and rolling mill to manufacture aluminium for
in-house usage.

IML is estimated to report a profit after tax (PAT) of INR4
million on net sales of INR202 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3
million on net sales of INR208 million for 2008-09.


JOLLY ENTERPRISE: CRISIL Assigns 'BB-' Rating to INR150MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Jolly Enterprise's
bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR150.0 Million Cash Credit Facility   BB-/Stable (Assigned)
   INR150.0 Million Proposed Long Term     BB-/Stable (Assigned)
                    Bank Loan Facility

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

Outlook: Stable

CRISIL believes that Jolly will continue to benefit from its
promoters' experience in the cotton-ginning industry, over the
medium term.  The outlook may be revised to 'Positive' if the
firm's accruals increase substantially or if it receives
significant equity infusion leading to improvement in capital
structure and financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if the firm's operating margin declines
sharply deteriorating its cash accruals, or it contracts large
debt to fund its capital expenditure, adversely impacting its debt
protection metrics over the medium term.

                       About Jolly Enterprise

Jolly was set up in 1994 as a partnership firm by Mr. Ramzan
Halani, Mr. Jollybhai Halani, and Mr. Fidahusen Halani; it
commenced commercial operations in 1997.  Jolly undertakes cotton
ginning and pressing activities; it has capacity of 400 bales per
day. Jolly also has eight seed-crushing units of capacity of 10
tonnes per day.  Apart from this, it also undertakes trading of
kapas, lint, oil cake, wash oil, and other related products.

Jolly also started exporting agricultural commodities to Turkey
and Pakistan since July 2010. Jolly procures these commodities
domestically from Indore (Madhya Pradesh) and Rajkot (Gujarat).
The major agricultural-commodities exported by Jolly are pulses
and grain, spices, and animal and bird feed.

Jolly is estimated to report a profit after tax (PAT) of INR4.9
million on estimated net sales of INR1452 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR2 million on net sales of INR680 million for 2008-09.


JUPITAR ISPAT: ICRA Assigns 'LBB+' Rating to INR57cr FB Limits
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR57 crore fund based
facilities of Jupitar Ispat Private Limited.  The outlook on the
rating is stable.  The rating reflects the aggressive capital
structure of JIPL, limited value addition in its coal washing
business, which ICRA believes would keep the margins at moderate
levels, the sensitivity of the company's profitability to raw
material price changes, given the absence of long term contracts
and the expected pressure on liquidity to fund working capital
requirement, needed to support the growth in business levels. ICRA
notes that a number of companies in the group have large capital
expenditure plans, which is expected to affect the overall
liquidity position of the group.  The ratings also reflect the
profits made by the company within the first year from the start
of production and the locational advantage enjoyed by the company,
given its proximity to raw material sources as well as customers,
which reduces its freight costs.  ICRA also notes that company has
signed a Memorandum of Understanding with Bharat Coking Coal
Limited for supply of raw material, which is expected to lead to
raw material security to some extent going forward.

                          About Jupitar Ispat

Jupitar Ispat Private Limited was set up by the Kolkata based
Jupitar Group of Industries in 2009, led by Mr. Nabarun
Bhattacharya.  The company has a coal washery and coal
beneficiation plant for handling low ash metallurgical coal at
Koderma, Jharkhand.  The coal beneficiation plant has an annual
capacity of 1.08 mn MT of beneficiated coal.  In addition to JIPL,
the group also has interests in steel.


MANAS AUTOMOTIVE: CRISIL Assigns 'B' Rating to INR150MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on Manas Automotive Systems Ltd's bank facilities
continues to reflect MASL's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics;
and exposure to risks related to the start-up nature and small
scale of its operations, and uncertainty in demand for its
products.  These rating weaknesses are partially offset by the
expected revenues following successful completion of the project's
first phase.

   Facilities                               Ratings
   ----------                               -------
   INR80.00 Million Proposed Cash Credit    B/Stable
   INR150.00 Million Proposed Term Loan     B/Stable

Outlook: Stable

CRISIL believes that MASL's credit risk profile will remain weak
over the medium term because of the start-up nature and small
scale of its operations.  The outlook may be revised to 'Positive'
if the company generates large cash accruals, led by a better-
than-expected ramp-up in its operations.  Conversely, the outlook
may be revised to 'Negative' in case of a delay in ramping up of
operations, or if the company undertakes a large, debt-funded
capital expenditure program.

                      About Manas Automotive

Set up in August 2009 by Mr. Jagjit Singh Nain, MASL, formerly
called as Lumax Manas Automotive Systems Ltd, is currently setting
up a facility at Pune to manufacture rear-view mirrors, and blow-
and injection-moulded automotive parts, such as cooler tanks, air-
conditioning ducts, mud flaps, coolant bottles, and battery boxes.
Implementation of the project's first phase was completed in
August 2010, and the company is currently implementing the second
phase.


MOHAK CARPETS: CRISIL Assigns 'B+' Rating on INR218.4MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Mohak Carpets & Flooring Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR77.1 Million Cash Credit Limit    B+/Stable (Assigned)
   INR218.4 Million Term Loan           B+/Stable (Assigned)

The rating reflects MCFPL's limited financial flexibility because
of high gearing, and exposure to demand risks, given that the
company does not have an established marketing and distribution
network. These rating weaknesses are partially offset by MCFPL's
promoters' experience in the carpet manufacturing business.

Outlook: Stable

CRISIL believes that MCFPL will stabilize its manufacturing
operations over the medium term, supported by promoters' industry
experience of more than two and a half decades. The outlook may be
revised to 'Positive' if MCFPL's capital structure improves,
driven most likely by larger-than-expected cash accruals because
of more-than-expected capacity utilization and sales.  Conversely,
the outlook may be revised to 'Negative' if MCFPL delays in
stabilizing its manufacturing operations or weakens its debt
servicing ability by undertaking larger-than-expected debt-funded
capital expenditure program.

                        About Mohak Carpets

MCFPL was incorporated in August 2009. It is promoted by Mr.
Surinder Bajaj and his wife Mrs. Minal Bajaj. The company is into
manufacturing non-woven and tufted carpets. Its manufacturing
plant is currently coming up at Greater Noida (Uttar Pradesh);
commercial operations at the plant are expected to commence by
October 2010. The plant will have an annual production capacity of
4320 tonnes of non-woven carpet and 0.72 million metres of tufted
carpet on three-shift basis.


OSWAL SALT: ICRA Places 'LB+' Rating to INR2.5cr LT Loans
---------------------------------------------------------
ICRA has assigned an 'LB+' rating to INR2.50 Crore long term fund
based facility and 'A4' rating to INR10.00 Crore short term fund
based facility of Oswal Salt & Chemical Industries.

The ratings are constrained by OSCI's stretched financial profile
characterized by a very adverse capital structure, weak coverage
indicators and low profitability.  The ratings also factor in the
modest scale of operations of the firm and its presence in
relatively competitive market segment characterized with the
presence of a large number of unorganized salt manufacturers in
Gujarat as well as other global de-oiled cake suppliers. Moreover,
the margins are susceptible to price fluctuations and agro
climatic conditions which have a bearing on the supply of raw
materials. Nevertheless, the ratings favorably factors in the
experience of promoters in this line of business.

                          About Oswal Salt

Oswal Salt & Chemical Industries was reconstituted as a
partnership firm in 2000.  The present partners of the firm are
Mr. Ashok Singhvi and Mr. Jitendra Singhv, who are actively
involved in day to day operations of the business. The firm is
engaged in manufacturing of salt and exports of agricultural
products.  While, salt products are sold to domestic customers,
agri products such as soya been DOC, rapeseed DOC, castor DOC are
exported to Middle East and Asian countries.

The firm has a manufacturing facility in Adesar, Gujarat and a
marketing office in Gandhidham, Gujarat.


RUKMANI DEVI: CRISIL Puts 'BB-' Rating on INR400MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Rukmani Devi Garg Agro Impex Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR400.0 Million Cash Credit Facility   BB-/Stable (Assigned)
   INR15.2 Million Rupee Term Loan         BB-/Stable (Assigned)

The rating reflects the RAIL's below-average financial risk
profile, marked by small net worth, high ratio of total
outstanding liabilities to total net worth, and weak debt
protection metrics, and exposure to risks related to product and
customer concentration in revenue profile.  These rating
weaknesses are partially offset by the Vishal group's established
market position in the agricultural commodity trading business
backed by reputed customer base.

For arriving at its ratings, CRISIL has consolidated the financial
risk profiles of RAIL, Vishal and Company, and Shri Vishal Agro
Trade Syndicate.  This is because the three entities, collectively
referred to as the Vishal group are in the same line of business,
have common promoters and management, and have several inter-
company transactions.

Outlook: Stable

CRISIL believes that the Vishal group will maintain its business
risk profile, over the medium term, backed by its established
market position in the agricultural commodity trading business in
Kota (Rajasthan).  However, the group's financial risk profile
will remain weak due to its large working capital requirements.
The outlook may be revised to 'Positive' if the group's working
capital cycle improves significantly or if there is substantial
improvement in the group's capital structure, leading to better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the group's working capital cycle deteriorates,
further weakening its financial risk profile.

                          About the Group

RAIL was set up in April, 1998 by Mr. Vishal Garg. The company
undertakes trading, packaging, cleaning and grading, and
stockholding of agricultural commodities especially food grains
and oil seeds.  RAIL is an authorized commission agent for running
business at mandi under license from 'Krishi Upaj Mandi Samiti
(Rajasthan)'.

Vishal & Company and SVAT, both partnership firms, are also
engaged in trading and stockholding of agricultural commodities.

RAIL reported a profit after tax (PAT) of INR2.79 million on net
sales of INR1464.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.71million on net sales
of INR1,431.4 million for 2008-09.


SATYAM COMPUTER: Posts INR1.25 Billion Net Loss in FY2010
---------------------------------------------------------
Ketaki Gokhale at Bloomberg News reports that Satyam Computer
Services Ltd. reported a narrowing of full-year loss in its first
annual earnings announcement in two years.

Satyam reported a INR1.25 billion (US$28 million) loss for the 12
months ended March 31, 2010, and an INR81.8 billion loss for 2009.

Bloomberg says sales at Satyam declined 38% to INR54.8 billion in
the year through March 2010, from INR88.1 billion in the previous
12 months.

According to Bloomberg, a spokesman at Satyam said the latest
results were audited by Deloitte LLP, Sridhar Maturi.

Bloomberg notes Satyam said Sept. 24 its ADRs will be delisted
from the New York Stock Exchange, effective "on or about" Oct. 14
and may trade in the over-the-counter market.

The company may become U.S. GAAP compliant in about six to eight
months, Nayyar said. "Given the trauma we've been through, we've
made a remarkable recovery," Bloomberg adds.

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.  Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company.

                      About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.


SATYAM COMPUTER: Gets "Well Notice" From U.S. Regulator
-------------------------------------------------------
The Wall Street Journal's Kara Scannell reports that the U.S.
Securities and Exchange Commission is close to filing civil fraud
charges against Satyam Computer Services Ltd. in connection with a
US$1 billion accounting scheme.

The Journal relates Satyam disclosed in a regulatory filing it had
received a "Wells notice," an indication from the SEC staff that
it is prepared to recommend that the five-member commission file a
lawsuit.  In the filing, the Journal reports, the company said the
SEC is planning to file fraud charges and seek monetary relief in
connection with the company's accounting prior to 2009, when
Saytam's founder confessed to overstating profits by US$1 billion.

According to the Journal, the company also disclosed that the SEC
and India's investigatory agencies are probing potential "round
tripping" before April 2002.  Round tripping is an accounting
gimmick companies have used to bolster revenues, the Journal
discloses.  In a round trip deal, the company agrees to sell an
asset to another company while agreeing to buy a similar product
at around the same price.

                      About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.


SWASTIK CERACON: CRISIL Reaffirms 'B' Ratings on INR294.1M LT Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Swastik Ceracon Pvt
Ltd., formerly known as Marbolite Granito India Ltd, part of the
Swastik group, continues to reflect the Swastik group's weak
financial risk profile, marked by high gearing and limited
financial flexibility.  This rating weakness is partially offset
by the benefits that the Swastik group derives from its
diversified product portfolio, which is further strengthened by
the increasing proportion of value-added products.

   Facilities                           Ratings
   ----------                           -------
   INR120.0 Million Cash Credit         B/Negative (Reaffirmed)
   INR294.1 Million Long-Term Loan      B/Negative (Reaffirmed)
   INR15.9 Million Proposed Long-Term
                   Bank Loan Facility   B/Negative (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SCPL, Gladder Ceramics Ltd, and Akik
Tiles Ltd, collectively referred to as the Swastik group. This is
because these companies are in the same line of business, have a
common management, and share business functions of finance,
procurement of raw material, and marketing of tiles. Furthermore,
the group's management has plans to merge the three companies over
the next 12 to 18 months, to reap the benefits of a larger scale
of operations.

Outlook: Negative

CRISIL believes that the Swastik group's liquidity will remain
weak over the near to medium term, as the group's net cash
accruals are expected to remain low vis--vis the group's maturing
term debt obligations.  Also, the Swastik group's gearing is
expected to remain high because of large borrowings to fund the
group's capital expenditure and large working capital
requirements.  The rating may be downgraded, if the group's
profitability declines more than expected, and financial risk
profile deteriorates. Conversely, the outlook may be revised to
'Stable' if the group generates higher-than-expected net cash
accruals over the medium term.

                           About the Group

The Swastik group manufactures ceramic, porcelain, and vitrified
floor tiles, with a daily production capacity of 24,000 to 25,000
square metres per day.  The group's manufacturing units are
located in the 'Ceramic Zone' at Himmatnagar and Mehsana in North
Gujarat. The group is present in all three major tile segments:
ceramic tiles (through Akik Tiles Ltd), porcelain tiles (GCL), and
vitrified tiles (SCPL).  Products under all the three segments are
sold under the Swastik Tiles brand.

Swastik reported a net loss of INR5.8 million on net sales of
INR394.2 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR12.7 million on net sales of
INR17.0 million for 2007-08.


TEXMO PIPES: ICRA Assigns 'LBB+' Rating to INR7.25cr Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 7.25 crores term
loans and INR 22 crores fund based limits of Texmo Pipes and
Products Limited.  ICRA has also assigned an 'A4+' rating to
INR10 crores non-fund based limits of TPPL.

The ratings take into account the intensely competitive nature of
the pipes industry, TPPL's modest scale of operations and its
dependence on a few large customers which limits the bargaining
power of the company.  The rating also factors in the
susceptibility of TPPL's profitability to adverse movements
in raw material prices which is further  escalated  by  the  fact
that  some  of  TPPL's  contracts  with customers do not have
price variation clauses.  While assigning the rating, ICRA has
also noted significant expansion plans of the company which
increases the execution risk.  Nevertheless, the rating is
supported by TPPL's experienced management, long track record of
promoters in the pipes industry, TPPL's reputed client base,
consolidation of its business operations and favourable capital
structure following infusion of funds through Initial Public
Offering (IPO).

TPPL was incorporated in July 2008, prior to which the business
was conducted through four different partnership firms namely Shri
Venkat Industries, Shri Padmavati Irrigation, Shri Mohit
Industries and Balaji Industries.  In July 2008, Shri Mohit
Industries was converted into a limited company and its
name was changed to Texmo Pipes and Products Limited.  In
August 2008, TPPL signed a business transfer agreement with the
other three partnership firms for the purchase of assets and
liabilities of these entities.  Thus the operations of all group
entities were consolidated in TPPL.

TPPL is involved in manufacturing of Polyvinyl Cloride (PVC) pipes
and High Density Poly Ethylene (HDPE) pipes which are used in
irrigation, agriculture, portable water supply, telecommunication
etc.  In FY10, the company raised INR 45 crores through Initial
Public Offering.  The funds will be deployed to increase the
manufacturing capacity of PVC pipes and expand into new product
categories.


VISWATEJA SPINNING: ICRA Rates INR57.4cr FB Limits at 'LBB'
-----------------------------------------------------------
ICRA has assigned 'LBB' ratings to the INR57.40 crore fund based
limits and INR6.84 crore non-fund based limits of Viswateja
Spinning Mills Limited.  The outlook on the rating is stable.

The ratings assigned by ICRA reflect VSML's relatively small scale
of operations, lack of financial flexibility characterized by a
highly leveraged capital structure and the fragmented nature of
the spinning industry with the presence of a large number of small
and medium scale players which restrict VSML's pricing
flexibility.  The ratings, however, draw comfort from the
experience of the promoters in the cotton trading and ginning
business, proximity of VSML's spinning unit to cotton growing
areas of the Guntur district of Andhra Pradesh (AP), its
integrated operations through group company, Improved demand
outlook for yarn and derived products and the advantages of fiscal
benefits such as interest and power subsidy received by the
company.

Incorporated in 2004, VSML is a cotton spinning mill based in the
Guntur district of AP.  Promoted by Mr. D Seshagiri Rao, VSML
started with installed capacity of 13,104 spindles. VSML has been
regularly investing in capacity expansion and it has installed
capacity of 48,912 spindles as on date.  VSML also has capacity to
produce compact yarn. VSML enjoys a subsidy of 5% on the interest
paid on the term loan availed for the expansion project under the
Technology Up gradation Funds Scheme.

While the current installed machinery is capable of producing a
count range of 20s to 120s, the 40s and 60s count have dominated
VSML's product profile. VSML's turnover grew by 104% from around
INR46.36 crore in FY2009 to around INR 94.34 crore in FY2010 on
account of an increase in its capacity utilization from around 76%
to around 90% during this period.  Till date, sales have been
concentrated in the domestic market through a network of yarn
traders situated in major  markets mainly in Mumbai, and Gujarat.
VSML also sells yarn directly to its regular customers; company
has been able to retain its customer portfolio and produces yarn
against orders for these regular customers.

VSML procures most of its raw material requirement from local
market through selling agents, Cotton Corporation of India, and
its group company Srinivasa Cotton & Oil Mills Limited (Rated LBB+
by ICRA).  Logistic cost for raw material procurement for the
company is low because of its proximity to cotton growing areas.
Also, as spinning mills in Guntur have access to concessional
power from the AP state government; this has led to better
operational efficiency as compared to mills located in other
states.  The positives, however, are partly offset by the frequent
power cuts in the state which have adversely impacted production
of spinning mills located in this region. VSML, however, had
merchant power purchase arrangement to keep its plant running
which though, resulted in higher power cost for the company.

The cotton yarn market is highly fragmented in nature. Competition
from low-cost countries and any slackness in global demand
restrict the ability of the companies to pass on any hike in input
costs to its customers.  However, the operating environment of
spinning mills has seen some improvement since H2FY2010 due to a
recovery in demand which has led to higher yarn realizations.


VISHAL RETAIL: Asks Delhi High Court to Allow Asset Sale
--------------------------------------------------------
Vishal Retail Ltd has filed applications in the Delhi high court
to vacate different court orders that bar the troubled firm from
selling or transferring its assets, Rasul Bailay at livemint.com
reports.

A person close to the situation told livemint.com that the company
last week filed five separate applications in the court for
"modification" of its earlier orders so that it can enter into a
sale agreement with TPG Capital LP.

In May, the court ordered Vishal Retail not to "alienate or
otherwise encumber its assets" before the next date of hearing on
November 25, 2010, in a winding up case filed by Singapore's DBS
Bank Ltd, livemint.com relates.  Since then, the report says,
court has passed similar orders in four other winding up cases
filed by other unsecured lenders, including a unit of Deutsche
Bank AG, London-based Barclays Bank Plc, Mumbai-based Sicon Ltd.

All of them had filed separate cases over the last several months
and Deutsche's mutual fund Deutsche Trustees Services (India) Pvt.
Ltd was the last one to secure a stay from the court on
September 9, according to livemint.com.

About Vishal Retail

Vishal Retail Ltd incorporated in the year 2001, is engaged in the
retailing of apparels, household merchandise and consumer good
items.  The company is promoted by Mr. Ram Chandra Agarwal, the
Chairman and Managing Director (CMD), having over two decades of
experience in the retail sector.  The Company started off as a
retailer of readymade apparels in 2001 and subsequently
diversified its product offering to include a variety of household
and consumer durable items in its portfolio.  The company
consistently scaled up the retail area over the years and had 170
stores covering a retail space of 3 mn sq. ft. as on July 24,
2009.


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


NEDO61712 NOTES: Moody's Withdraws B1 Rating for Business Reasons
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the credit rating for its
own business reasons.  The final maturity will take place in
February 2014.

The rating action is listed below.

  -- Class A Bond, B1 (sf) rating withdrawn; previously,
     downgraded to B1 (sf) from Baa2 (sf) on July 7, 2010

NEDO61712 is a single-asset/single-borrower CMBS deal effected in
July 2007.

                      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.


* Fitch Revises the Outlook for Japan's Life Insurance Sector
-------------------------------------------------------------
Fitch Ratings has said that the fundamentals of the nine major
Japanese life insurers have been strengthening recently, and has
accordingly revised the rating outlook for Japan's life insurance
sector to stable from negative.

Fitch's Outlook revision follows a review of the nine life
insurers it rates, namely: Nippon Life Insurance
Company('A+'/Stable); The Dai-ichi Life Insurance Company, Limited
('A-'/Stable); Meiji Yasuda Life Insurance Company ('A'/Stable);
Sumitomo Life Insurance Company ('A-'/Stable), Mitsui Life
Insurance Company Limited ('BBB-'/Stable); Daido Life Insurance
Company('A+'/Stable); Taiyo Life Insurance Company ('A-'/Stable);
Asahi Mutual Life Insurance Co.('BB'/Stable); Fukoku Mutual Life
Insurance Co.('A'/Stable); all ratings above are Insurers
Financial Strength ratings).

"The weak Japanese economy has had a limited impact on the
country's life insurance sector, as shown in the increase of
annualised new sales premiums and in-force premiums, as well as an
improvement in the surrender and lapse rate," said Kenji Kawada,
Director in the agency's Insurance ratings team.

Fitch notes that the nine insurers' annualised new business
premiums increased by 25.6% yoy to JPY1,083bn, which pushed up its
annualised in force premiums by 0.8% yoy.  The agency notes that
the S&L rate has been improving too - it fell to 6.12% in FYE10
(FYE09: 6.31%).  Fitch believes that a sustainable lower S&L rate
and higher insurance persistency rate were a result of the
insurers' continuous efforts to follow-up with existing
policyholders, and to sustain existing policies.

The agency notes that improvements have been seen in both the
insurers' business portfolio and asset portfolio invested.  De-
risking activities of the asset portfolio (such as reduction of
domestic stocks held and alternative investments), have been
developed and further accelerated among the insurers for
conservative asset mix, given the introduction of new local
solvency margin calculation and tightening regulation.  The
insurers' capital positions have also recovered as the statutory
solvency margin ratio improved to 999.2% at end-March 2010 (end-
March 2009: 871.5%).

"The insurers' continuous de-risking activities, more advanced
risk control and increased capital have strengthened their
financial position and will mitigate the downside risk in the
stress scenario," adds Mr. Kawada.

However, Fitch notes the ongoing unstable investment environment
and tightened competition as challenges for the insurers.
Increased volatility in Japan's stock market associated with the
appreciation of the Yen will have an adverse impact on the
recovery of the sector given the equity exposure of some major
insurers still relatively larger than international peers.


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


AORANGI SECURITIES: Investors to Get 3c in the Dollar
-----------------------------------------------------
Investors in Aorangi Securities Ltd. could receive an initial
capital repayment of up to three cents in the dollar later this
month, subject to interest payments being received and other
monies collected by Aorangi to the end of September 30, 2010,
according to the statutory managers' third report to investors.

In their report, Richard Simpson, Trevor Thornton and Graeme
McGlinn of Grant Thornton New Zealand, with the help of
Mr. Hubbard, have identified a number of assets that may be sold
in the short to medium term.

In the longer term they were also hopeful of distributing up to a
further 20 cents in the dollar to Aorangi investors by the middle
of 2011, if they are able to sell these assets at expected values.

Mr. Simpson said: "We will not be undertaking a "fire sale" and
will only sell if it is in the best interests of the investors and
Aorangi.

"While the exact amount of the October capital payment to Aorangi
investors cannot yet be confirmed, it is pleasing to note that Te
Tua Charitable Trust will be able to make a payment of $600,000 to
Aorangi," Mr. Simpson said.

"We have had initial draft valuation reports on the assets that
Aorangi owns or has security over.  The specific impact of these
valuations on Aorangi is being assessed.  Until this assessment is
completed we will not be able to provide an assessment of the
likely estimated returns to investors" Mr. Simpson said.

The assessment of the Aorangi investment portfolio requires
further loan and property value review work.  Possible losses from
Southbury and Te Tua could total NZ$25 million.  Whether Aorangi
investors will recover all their investment will depend on the
loan and asset sale process, and the ultimate level of money
Mr. Hubbard has in Aorangi.

"Finalizing the distributions could take a number of years,"
Mr. Simpson said.

The timing of payments for Hubbard Management Funds investors is
still unclear.

The statutory managers said that while the HMF share portfolio had
performed positively over the last few months, the recent
receivership of South Canterbury Finance has had an equally
adverse effect on value.

Mr. Simpson stated "We have appointed a reputable firm of
independent investment advisers and sharebrokers to provide
investment advice and assistance in managing the share portfolio
of HMF.

"We have been advised that the portfolio appears to have been
constructed on a high risk ? high return philosophy and until we
are able to sell certain investments there is a risk of loss.

"Presently 24% of the current portfolio value is in unlisted
entities, Australia-listed investments outside the ASX200
represent almost 24% of the portfolio with a large percentage of
the listed portfolio made up of smaller listed company investments
which may be difficult to sell because of limited demand.
Approximately 32% of the portfolio is invested in resource and
exploration companies."

Mr. Simpson said that there are important legal questions to be
considered as the statutory managers, along with their
professional investment advisers, develop strategies to ensure
that HMF is carefully wound up in a manner which will maximize the
returns to investors whilst reducing the risk in the portfolio.

"The nature of the fund is not clear and although investors may
consider they had an individualized portfolio, features of the
underlying management of the fund suggest investors' funds were
pooled.

"We are likely to be seeking the guidance of the Court as to the
nature of HMF and the appropriate method for the ultimate
distribution of the sale proceeds of HMF assets to investors. This
entails a large amount of preparatory and ongoing work by us and
our legal team and the subsequent Court process is likely to take
some time. The costs of this will be significant and we will
attempt to find other options."

"There are still many issues to work through and we will have a
further progress report to the investors at the end of October
2010," Mr. Simpson said.

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

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management earlier this month on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20.

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


CENTURY CITY: Income Receivers Appointed to Petone Building
-----------------------------------------------------------
Richard Simpson and David Ruscoe, of Grant Thornton New Zealand,
have been appointed receivers of the income of a Petone building
owned by Century City Ventures Limited.

The receivers said income derived from rents and leases at the
Home Ideas Centre building will be directed to service the
mortgage on the property and the operation costs of the building.

Mr. Simpson stressed that Grant Thornton had been appointed
receivers solely of income on the property and that Century City
Ventures Limited, whose sole director is Wellington property
developer Terry Serepisos, was not in receivership.  The current
action does not affect any other Century City operation.

Mr. Simpson said the order would not have any impact on the Home
Ideas Centre's current tenants.

OneNews reports that Mr. Serepisos' football team, the Wellington
Phoenix, fended off a threat of legal action from ACC over unpaid
levies.  Mr. Serepisos has faced repeated speculation over his
financial affairs with a report recently that he was on a payment
plan for his council rates, according to OneNews.


STRUCTURED FINANCE: Buys More Time to Evade Receivership
--------------------------------------------------------
Paul McBeth at BusinessDesk reports that Structured Finance
convinced its trustee to hold off on receivership after a trust
deed breach, buying time to squeeze more value from its loan book.

BusinessDesk says the firm triggered a review event when total
tangible assets fell below 80% of aggregated repayments due, its
accounts for the year ended March 31 show.

According to BusinessDesk, Perpetual Trust, the trustee for
holders of NZ$33 million of debentures covered by a moratorium,
has allowed Structured Finance to continue trading in the belief
investors will get more back that way.

"There's definitely value in the assets," BusinessDesk quoted
Perpetual head of corporate trust Matthew Lancaster as saying.
"With the situation they're in, they're under review, and at any
time we can move to appoint receiver."

BusinessDesk discloses that Structured Finance froze repayments to
172 debenture holders last year in a deal which will repay them at
least 60 cents in the dollar by October next year.  In the
unlikely event more than 100% of the principal is recovered,
investors will receive interest based on a rate set at the start
of each calendar quarter that's lower than the current rate,
BusinessDesk notes.

BusinessDesk, citing Structured Finance's annual accounts, says
the moratorium arrangement let the company book a NZ$21.4 million
gain from the restructuring of its debenture program, helping
offset the NZ$19.5 million impairment loss it made on its loan
book.

The firm made a net loss of NZ$1.3 million in the year to March,
when it wrote off NZ$25.8 million of bad loans.  That's down from
a 2009 loss of NZ$15.8 million.

BusinessDesk adds that the company's loan book was valued at
NZ$13.6 million as at March 31, less than half the $32.9 million a
year earlier.  The firm flagged a significant uncertainty over the
recoverability of its loan book in its financial statements, a
concern also noted by auditor Ernst & Young.

Structured Finance Ltd is a New Zealand-based property lender.


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


BISHAN EC: Creditors' Proofs of Debt Due November 1
---------------------------------------------------
Creditors of Bishan EC Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


HOUSE OF TEAK: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on September 17,
2010, to wind up the operations of House of Teak (Harbourfront)
Pte Ltd.

Hawaii Furnishing Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


IMPERIAL PORCELAIN: Court to Hear Wind-Up Petition on October 22
----------------------------------------------------------------
A petition to wind up the operations of Imperial Porcelain Pte Ltd
will be heard before the High Court of Singapore on October 22,
2010, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited as Trustee
of Suntec Real Estate Investment Trust filed the petition against
the company on September 24, 2010.

The Petitioner's solicitors are:

         Allen & Gledhill LLP
         One Marina Boulevard #28-00
         Singapore 018989


MUVICOM PTE: Court to Hear Wind-Up Petition on October 15
---------------------------------------------------------
A petition to wind up the operations of Muvicom Pte Ltd will be
heard before the High Court of Singapore on October 15, 2010, at
10:00 a.m.

Recording Industry Performance Singapore Pte Ltd filed the
petition against the company on September 17, 2010.

The Petitioner's solicitors are:

         Messrs Lee & Lee
         No.5 Shenton Way #07-00
         UIC Building
         Singapore 068808


ORGANIC CAFE: Creditors' Proofs of Debt Due October 15
------------------------------------------------------
Creditors of Organic Cafe Experience Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 15, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Victor Goh
         C/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03 Amara Corporate Tower
         Singapore 079027


XN ASIA: Creditors' Proofs of Debt Due October 15
-------------------------------------------------
Creditors of XN Asia Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 15,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Timothy James Reid
         Ferrier Hodgson
         8 Robinson Road #12-00
         ASO Building
         Singapore 048544


===============
T H A I L A N D
===============


BANK OF AYUDHYA: Fitch Affirms 'BB+' Rating with Stable Outlook
---------------------------------------------------------------
Fitch Ratings (Thailand) has affirmed the ratings of Bank of
Ayudhya Public Company Limited's with Stable Outlook.  The Stable
Outlook on BAY's Long-term foreign currency Issuer Default Rating
is based on Fitch's expectation that its performance and asset
quality improvement is likely to be sustainable on the back of an
improving economic outlook, and its capital position is expected
to remain strong.  In light of BAY's relatively large share of
system loans (9%) and deposits (8%), there is a moderate
probability of government support, should this be needed.  The
full list of rating actions is included at the end of this
release.

BAY's 2009 and H110 performance continued to improve from the
strong revenue growth in 2008 due to several acquisitions of
consumer finance assets, although the growth rate will decline
from 2011 as the bank relies more on organic growth.  Lower
funding costs and increased exposure to retail lending helped to
boost its net interest margin, now the highest in the sector.
Retail lending now accounts for 42% of total loans, while
corporate and small-medium-sized enterprise lending represent 30%
and 28%, respectively.

The bank's asset quality has improved gradually, although it
remains weaker than that of major peers, with non-performing loans
of THB50.0bn or 8.1% of loans at end-June 2010, down from
THB52.5bn or 8.7% of loans at end-2009.  With the additional sale
of THB5.3bn of NPLs completed in Q310, BAY's NPL ratio is likely
to decline to about 6% by end-2010.  Its loan loss reserve
coverage also strengthened, to be more in line with the industry
average at 81% of impaired loans at end-June 2010.

While BAY's loan/deposit ratio appears higher than that of major
banks, this is due to its increased reliance on wholesale funding
to better match its asset profile after its auto hire purchase
asset acquisitions.  However, BAY's liquidity appears stable and
in line with other major banks, with its liquid assets ratio above
20%.  BAY's capital position was significantly bolstered in 2007
by GE Capital International Holdings Corporation's investment.
Capital levels remain strong even after declining due to
acquisitions.  The issuance of subordinated debentures in June
2010 helped to strengthen the bank's Tier 2 capital.  At end-June
2010, the Tier 1 and total capital ratios were 12.0% and 17.7%
respectively.

The ratings of BAY's Long-term foreign currency subordinated debt
at 'BBB-' and National Long-term subordinated debt at 'A+(tha)'
are consistent with Fitch's usual practice of rating such
performing instruments, one notch below the issuer's unsupported
IDR or Long-term National Rating, since it does not exhibit any
loss-absorption features.

Significant improvement in BAY's asset quality, reserves and
profitability, as well as maintenance of a strong capital
position, may have a positive impact on its Individual Rating;
while a deterioration in asset quality and material capital
erosion could negatively impact the Individual Rating.

BAY was established in 1945 and is Thailand's fifth-largest
commercial bank.  GECIH, a subsidiary of General Electric Capital
Corporation Inc., now holds a 33% stake, while the Ratanarak Group
holds 25%.  BAY also has stakes in affiliated securities broking,
fund management and insurance broking.

The full list of rating actions:

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

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

  -- Individual Rating affirmed at 'C';

  -- Support Rating affirmed at '3';

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

  -- Long-term National Rating affirmed at 'AA-(tha)'; Outlook
     Stable

  -- Short-term National Rating affirmed at 'F1+(tha)'

  -- Long-term foreign currency subordinated debt affirmed at
     'BBB-'

  -- National Long-term senior unsecured debt affirmed at 'AA-
     (tha)'; and

  -- National Long-term subordinated debt affirmed at 'A+(tha)'


                             *********

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.





                 *** End of Transmission ***