TCRAP_Public/101005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, October 5, 2010, Vol. 13, No. 196

                            Headlines



A U S T R A L I A

HASTINGS BUILDING: Fitch Upgrades Issuer Default Rating from 'BB'


C H I N A

CHINA FRUITS: Posts US$149,900 Net Loss in June 30 Quarter
PIONEER IRON: Goes Into Provisional Liquidation in Hong Kong
SUNRISE REAL: Posts US$506,900 Net Loss in June 30 Quarter


H O N G  K O N G

ASSOCIATION OF INTERNATIONAL: Hui Sze Wai Appointed as Liquidator
AURASOUND INC: Losses Cue Going Concern Doubt
HK COPYRIGHT: Members' Final Meeting Set for November 1
HIRISE DEVELOPMENT: Annual Meetings Set for October 15
HKRB OPERATIONS: Members' Final Meeting Set for October 26

HONORWAY INDUSTRIAL: Annual Meetings Set for October 15
IVY ASSET: Creditors' Proofs of Debt Due October 29
KINGWEALTH TECHNOLOGY: Members' Final Meeting Set for November 1
L & P: Commences Wind-Up Proceedings
LEAN GIAP: Members' Final Meeting Set for November 1

LU KEE: Lui Chi Kit Appointed as Liquidator
NATURE'S FARM: Annual Meetings Set for October 8
MAY COIN: Members' Final Meeting Set for November 5
NORITAKE HK: Seng and Lo Step Down as Liquidators
PFEIFFER INTERNATIONAL: Annual Meetings Set for October 15

SANYO ELECTRONIC: Middleton and Chan Step Down as Liquidators


I N D I A

ADROIT INDUSTRIES: CRISIL Assigns 'P4+' Rating to Various Debts
BALAJI POLYSACKS: CRISIL Reaffirms 'BB+' Ratings on Bank Debts
CORONA REMEDIES: CRISIL Places 'BB+' Rating on INR10MM Cash Credit
FG GLASS: CRISIL Assigns 'BB' Rating to INR115MM Long Term Loan
GARG TUBE: CRISIL Reaffirms 'BB' Rating on INR40MM Cash Credit

GLOBAL ENERGY: CRISIL Assigns 'D' Ratings to INR29.9MM Term Loan
GSR VENTURES: CRISIL Assigns 'B-' Rating to INR60MM Overdraft
ISPAT INFRASTRUCTURE: CRISIL Reaffirms 'D' Ratings on Bank Debts
NAP CONSTRUCTION: CRISIL Reaffirms 'BB+' Rating on INR3M Term Loan
RAO COMPUTER: CRISIL Assigns 'BB' Rating to INR180 Mil. Term Loan

RASHMI YARNS: CRISIL Places 'B+' Rating on INR23MM Cash Credit
S.D. SOAPS: CRISIL Places 'B+' Rating on INR110MM Cash Credit
SANWAR MAL: CRISIL Assigns 'BB+' Rating to INR5MM Cash Credit
SHREE SHYAM: CRISIL Assigns 'BB-' Rating to INR88MM Cash Credit
SIDDHI INDUSTRIES: CRISIL Puts 'B-' Rating on INR30MM Cash Credit

SOMA TEXTILES: CRISIL Reaffirms 'D' Ratings on INR19.1MM Bank Debt
SRI DURGA: CRISIL Reaffirms 'BB+' Rating on INR330MM Cash Credit
SRINATH SPINNERS: CRISIL Reaffirms Rating on INR153.1 Mil. Loan
SRIVARI INDUSTRIES: CRISIL Places 'BB+' Rating on INR52.8M Loan
SUVIKAS ALLOYS: CRISIL Places 'BB-' Ratings on INR58.2MM Term Loan

TIRTH AGRO: CRISIL Places 'BB+' Rating on INR143.4MM Term Loan
VISHNU STEELS: CRISIL Rates INR80.0 Million Cash Credit at 'BB-'


I N D O N E S I A

ADARO INDONESIA: Fitch Affirms Issuer Default Rating at 'BB+'


J A P A N

DAIWASYSTEM CO: Files For Bankruptcy Protection; Owes JPY63.3BB
JAPAN AIRLINES: Hotel Okura Acquires 79.6% Stake in JAL Hotels
TAKEFUJI CORP: Bankruptcy Triggered Credit Swaps, ISDA Says
WMT GLOBAL: S&P Downgrades Ratings on Two Classes of Notes to 'D'


K O R E A

GM DAEWOO: Creditors Likely to Extend KRW1.1 Trillion of Loans


N E W  Z E A L A N D

AIR NEW: Moody's Raises Rating from 'Ba1'; Gives Stable Outlook


P H I L I P P I N E S

PHILIPPINE AIRLINES: Gov't. to Stop Planned Flight Crew Strike


S I N G A P O R E

ADVANCE SCT: Creditors Approve Debt-Restructuring Plan


X X X X X X X X

* S&P's List of Global Corporate Defaults Now at 57 This Year

* BOND PRICING: For the Week September 27 to October 1, 2010




                         - - - - -


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


HASTINGS BUILDING: Fitch Upgrades Issuer Default Rating from 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded Hastings Building Society's Long-term
Issuer Default Rating to 'BBB' from 'BB', Short-term IDR to 'F2'
from 'B', Individual Rating to 'C' from 'C/D' and Support Rating
Floor to 'B+' from 'B', resolving the Rating Watch Positive which
was assigned on 1 July 2010.  At the same time, the agency has
affirmed the Support Rating of '4'.  Fitch has simultaneously
withdrawn all outstanding ratings of HBS.  A full list of rating
actions is included at the end of this commentary.

The rating action follows the legal completion of the merger
between HBS and the larger entity, Southland Building Society (SBS
Bank, 'BBB'/ Stable) on October 1, 2010.  Having become part of
SBS Bank, HBS will no longer exist as a legal entity, although its
brand name will remain in the market.  All of HBS' obligations
have been transferred to SBS Bank, with members exchanging their
member rights for SBS Bank's membership.

At end-March 2010, HBS accounted for 7% and 10% of SBS Bank's
total assets and total equity, respectively.  HBS will benefit
from a wider product range and enhanced risk management and
treasury functions, while SBS Bank increases its presence in the
North Island of New Zealand, continuing to strengthen its deposit
funding position.  The asset quality of the combined loan books is
expected to remain similar to SBS Bank's current asset quality
levels.

The ratings of SBS Bank are unaffected by this rating action.

Hastings Building Society:

  -- Long-term IDR upgraded to 'BBB' from 'BB' and withdrawn;
     Rating Watch Positive removed;

  -- Local Currency Long-term IDR upgraded to 'BBB' from 'BB' and
     withdrawn; RWP removed;

  -- Short-term IDR upgraded to 'F2' from 'B' and withdrawn; RWP
     removed;

  -- Local Currency Short-term IDR upgraded to 'F2' from 'B' and
     withdrawn; RWP removed;

  -- Individual Rating upgraded to 'C' from 'C/D' and withdrawn;
     RWP removed;

  -- Support rating affirmed at '4' and withdrawn; and

  -- Support rating floor upgraded to 'B+' from 'B' and withdrawn;
     RWP removed.


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


CHINA FRUITS: Posts US$149,900 Net Loss in June 30 Quarter
----------------------------------------------------------
China Fruits Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of US$149,876 on US$147,951 of revenue for
the three months ended June 30, 2010, compared with a net loss of
US$65,381 on US$294,887 of revenue for the same period last year.

As of June 30, 2010, the Company had an accumulated deficit of
US$1.4 million.  Cash flows provided by operating activities were
US$26,893 during the six months ended June 30, 2010, compared to
cash flows of US$636,840 used in operating activities for the six
months ended June 30, 2009.  Positive cash flows from operations
for the six months ended June 30, 2010, were due primarily to the
decrease in accounts receivable in the amount of US$358,603, plus
the decrease in inventories and other assets by US$60,024 and
US$7,083, respectively, partially offset by the net loss of
US$239,980 and the decrease in accounts payable and tax payable by
US$163,237 and US$32,252, respectively.

The Company's balance sheet as of June 30, 2010, showed
US$4.0 million in total assets, US$1.7 million in total
liabilities, and stockholders' equity of US$2.3 million.

As reported in the Troubled Company Reporter on April 21, 2010,
Lake & Associates CPA's LLC, expressed substantial doubt about the
Company's ability to continue as a going concern, following its
2009.  The independent auditors noted of the Company's accumulated
deficit and negative cash flow from operations.

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

               http://researcharchives.com/t/s?6c10

                        About China Fruits

Based in Jiang Xi Province, the People's Republic of China, China
Fruits Corporation was incorporated in the State of Delaware on
January 6, 1993, as Vaxcel, Inc.  On December 19, 2000, the
Company changed its name to eLocity Networks Corporation.  On
August 6, 2002, the Company changed its name to Diversified
Financial Resources Corporation.  In May 2006, the Company's board
decided to redomicile from the State of Delaware to the State of
Nevada.  On August 18, 2006, the Company changed its name to China
Fruits Corporation.  The Company is principally engaged in
manufacturing, trading and distributing fresh tangerine, non-
alcoholic and alcoholic beverages in the People's Republic of
China.


PIONEER IRON: Goes Into Provisional Liquidation in Hong Kong
------------------------------------------------------------
Naomi Rovnick at the South China Morning Post reports that Pioneer
Iron and Steel has gone into provisional liquidation in Hong Kong,
owing creditors more than US$516 million.

Pioneer Iron and Steel is a trading company owned by the
mainland's so-called "steel princess", Diana Chen Ningning.


SUNRISE REAL: Posts US$506,900 Net Loss in June 30 Quarter
--------------------------------------------------------
Sunrise Real Estate Group, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of US$506,920 on US$2.9 million of
revenue for the three months ended June 30, 2010, compared with a
net loss of US$372,559 on US$1.8 million of revenue for the same
period of 2009.

The Company ended the period with a cash position of roughly
US$2.3 million, as compared to roughly US$3.4 million at December
31, 2009, and US$514,366 at June 30, 2009.

The Company's operating activities used net cash of US$387,003
during the six months ended June 30, 2010.

The Company's balance sheet as of June 30, 2010, showed
US$15.6 million in total assets, US$17.8 million in total
liabilities, US$1.1 million in noncontrolling interests of
consolidated subsidiaries, and a stockholders' deficit of US$3.3
million.

As reported in the Troubled Company Reporter on April 21, 2010,
Kenne Ruan, CPA, P.C., in Woodbridge, Conn., 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 significant accumulated losses from operations and
has a net capital deficiency.

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

               http://researcharchives.com/t/s?6c13

                        About Sunrise Real

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
October 10, 1996, under the name of Parallax Entertainment, Inc.
On December 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the Texas
Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.


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


ASSOCIATION OF INTERNATIONAL: Hui Sze Wai Appointed as Liquidator
-----------------------------------------------------------------
Hui Sze Wai on September 20, 2010, was appointed as liquidator of
Association of International Beauty Therapists Limited.

The liquidator may be reached at:

         Hui Sze Wai
         Room 1102, Hang Seng Monkok Building
         677 Nathan Road
         Kowloon


AURASOUND INC: Losses Cue Going Concern Doubt
---------------------------------------------
AuraSound, Inc., filed on September 28, 2010, its annual report on
Form 10-K for the fiscal year ended June 30, 2010.

Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that during the year ended June 30,
2010, the Company incurred net losses of US$2.2 million, and had
negative cash flow from operating activities of US$202,383.

The Company reported a net loss of US$2.2 million on US$7.5
million of revenue for fiscal 2010, compared with a net loss of
US$2.6 million on US$1.6 million of revenue for fiscal 2009.

As of June 30, 2010, the Company had a working capital deficit of
US$6.6 million compared to a deficit of US$4.4 million as of June
30, 2009.

On June 30, 2010, the Company had US$129,939 in cash as compared
to US$321,455 in cash on June 30, 2009.  As of September 28, 2010,
the Company has sufficient cash to continue its operations for a
period of about two months.

The Company's balance sheet at June 30, 2010, showed US$4.2
million in total assets, US$10.7 million in total liabilities, and
stockholders' deficit of US$6.5 million.

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

               http://researcharchives.com/t/s?6bf1

                      About AuraSound, Inc.

Santa Fe Springs, Calif.-based AuraSound, Inc. (OTC BB: ARUZ)
-- http://www.aurasound.com/-- through its wholly-owned
subsidiary, AuraSound, Inc. ("AuraSound"), a California
corporation, develops, manufactures and markets premium audio
products.  Specifically, AuraSound has developed and is currently
marketing undersized speakers that will deliver sound quality to
devices such as laptops, flat-panel televisions and displays that
the Company believes to be superior to the sound quality currently
found in these devices.  During the year ended June 30, 2010, the
Company's operations in China were conducted through Well-Tech
International Co., a Hong Kong company owned by Susanne Lee who is
the Company's office administrator in Hong Kong.  The Company's
operations in Taiwan are conducted by AuraSound as a foreign
corporation doing business in Taiwan.

With its recent acquisition of ASI Audiotechnologies, which closed
on July 31, 2010, the Company has an industry leading TV soundbar
business, additional proprietary transducer technology,
application specific amplifier designs, and award winning ID
designs.


HK COPYRIGHT: Members' Final Meeting Set for November 1
-------------------------------------------------------
Members of Hong Kong Copyright Association Limited will hold their
final meeting on November 1, 2010, at 10:00 a.m., at Unit A, 2/F.,
Trust Tower, 68 Johnston Road, Wanchai, in Hong Kong.

At the meeting, So Yin Wai Alex, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HIRISE DEVELOPMENT: Annual Meetings Set for October 15
------------------------------------------------------
Members and creditors of Hirise Development Limited will hold
their annual meetings on October 15, 2010, at 3:30 p.m., at 14th
Floor, The Hong Kong Club Building, 3A Chater Road, Central, in
Hong Kong.

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


HKRB OPERATIONS: Members' Final Meeting Set for October 26
----------------------------------------------------------
Members of HKRB Operations Limited (F.K.A. Cable & Wireless
Regional Businesses (Hong Kong) Limited) will hold their final
meeting on October 26, 2010, at 11:00 a.m., at 25/F., Wing On
Centre, 111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HONORWAY INDUSTRIAL: Annual Meetings Set for October 15
-------------------------------------------------------
Members and creditors of Honorway Industrial Limited will hold
their annual meetings on October 15, 2010, at 4:00 p.m., at 14th
Floor, The Hong Kong Club Building, 3A Chater Road, Central, in
Hong Kong.

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


IVY ASSET: Creditors' Proofs of Debt Due October 29
---------------------------------------------------
Ivy Asset Management (HK) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 29, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


KINGWEALTH TECHNOLOGY: Members' Final Meeting Set for November 1
----------------------------------------------------------------
Members of Kingwealth Technology Limited will hold their final
general meeting on November 1, 2010, at 10:00 a.m., at Rooms 1501-
3, Far East Consortium Building, 121 Des Voeux Road Central, in
Hong Kong.

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


L & P: Commences Wind-Up Proceedings
-------------------------------------
Members of L & P Limited, on September 8, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lo Wing Hung
         Room 2601, 26th Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


LEAN GIAP: Members' Final Meeting Set for November 1
----------------------------------------------------
Members of Lean Giap Investment (HK) Limited will hold their final
general meeting on November 1, 2010, at 11:00 a.m., at 29/F.,
Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LU KEE: Lui Chi Kit Appointed as Liquidator
-------------------------------------------
Lui Chi Kit on August 24, 2010, was appointed as liquidator of Lu
Kee Electronic Company Limited.

The liquidator may be reached at:

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


NATURE'S FARM: Annual Meetings Set for October 8
------------------------------------------------
Members and creditors of Nature's Farm Products Limited will hold
their annual meetings on October 8, 2010, at 10:00 a.m., at 62nd
Floor, One Island East, 18 Westlands Road, Island East, in Hong
Kong.

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


MAY COIN: Members' Final Meeting Set for November 5
---------------------------------------------------
Members of May Coin Company Limited will hold their final general
meeting on November 5, 2010, at 12:00 p.m., at Unit 204, Eastern
Centre, 1065 King's Road, in Hong Kong.

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


NORITAKE HK: Seng and Lo Step Down as Liquidators
-------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Noritake Hong Kong Limited on September 30, 2010.


PFEIFFER INTERNATIONAL: Annual Meetings Set for October 15
----------------------------------------------------------
Members and creditors of Pfeiffer International Limited will hold
their annual meetings on October 15, 2010, at 2:30 p.m., at 14th
Floor, The Hong Kong Club Building, 3A Chater Road, Central, in
Hong Kong.

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


SANYO ELECTRONIC: Middleton and Chan Step Down as Liquidators
-------------------------------------------------------------
Edward Simon Middleton and Chan Mei Lan stepped down as
liquidators of Sanyo Electronic Components (HK) Limited on
September 21, 2010.


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ADROIT INDUSTRIES: CRISIL Assigns 'P4+' Rating to Various Debts
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Adroit Industries (India)
Ltd's bank facilities.

   Facilities                                  Ratings
   ----------                                  -------
   INR40.00 Million Exported Packing Credit    P4+ (Assigned)
   INR70.00 Million Bill Discounting           P4+ (Assigned)
   INR20.00 Million Letter of Credit           P4+ (Assigned)

The rating reflects AIL's small scale of operations, limited
revenue growth over the past five years, geographical and customer
concentration in revenue profile, large working capital
requirements, and susceptibility to volatility in raw material
prices and in the value of the Indian rupee.  AIL's financial
flexibility is limited because it has extended loans and advances
to its group companies and associates.  These rating weaknesses
are partially offset by AIL's established relationships with
customers, strong operating margin, and healthy gearing and debt
protection metrics.

AIL was set up as a partnership firm by Mr. J S Anand and Mr. V S
Anand in 1967.  It was reconstituted as a public limited company
in 1995.  In March 2007, the current promoter, Mr. Mukesh Sangla
acquired the original promoters' entire ownership in AIL.

AIL manufactures drive shaft assemblies and other components,
which are used mainly in the automobile industry, and also in
agriculture, locomotive, and marine sectors.  Propeller shafts
manufactured by AIL are mainly used in heavy commercial vehicles,
heavy earth-moving equipment, and engine test cell equipment.  AIL
exports its products mainly to the US, Canada, the UK, South
Africa, and Germany.

AIL reported a profit after tax (PAT) of INR20.7 million on net
sales of INR166.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR14.5 million on net
sales of INR242.3 million for 2008-09.


BALAJI POLYSACKS: CRISIL Reaffirms 'BB+' Ratings on Bank Debts
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balaji Polysacks Pvt
Ltd continue to reflect BPPL's limited financial flexibility, low
net worth, and small scale of operations in the intensely
competitive polyethylene bags industry.  These weaknesses are
partially offset by the benefits that the company derives from its
established customer base.

   Facilities                          Ratings
   ----------                          -------
   INR50 Million Cash Credit           BB+/Stable (Reaffirmed)
   INR13.4 Million Term Loan           BB+/Stable (Reaffirmed)
   INR2.7 Million Proposed Long-Term   BB+/Stable (Reaffirmed)
                  Bank Loan Facility
   INR25 Million Bank Guarantee        P4+(Reaffirmed)

Outlook: Stable

CRISIL believes that BPPL will maintain healthy growth in revenues
over the medium term, on the back of its promoters' experience and
the increased market potential for its products.  The outlook may
be revised to 'Positive' if the company's financial risk profile
improves significantly, supported by capital infusion and growth
in topline.  Conversely, the outlook may be revised to 'Negative'
if BPPL contracts large debt to fund its capital expenditure
(capex), thereby weakening its financial risk profile.

Update

BPPL's performance for 2009-10 (refers to financial year, April 1
to March 31) is estimated to have been in line with CRISIL's
expectation.  The company's liquidity is likely to remain
moderate, backed by steady accruals, moderate bank limit
utilization, no significant capex plans, and minimal equipment
loan obligations.

BPPL is planning to float a subsidiary by the end of 2010.  The
subsidiary would be manufacturing high-density polyethylene (HDPE)
bags with capacities envisaged at 6000 metric tonnes per annum
(tpa).  The investment in the subsidiary company has not been
estimated as yet.

BPPL reported a provisional profit after tax (PAT) of INR3.1
million on net sales of INR418.85 million for 2009-10, as against
a PAT of INR1.7 million on net sales of INR402.55 million for
2008-09.

                       About Balaji Polysacks

Set up as a closely held company in 1995 by Mr. Sajjan Kumar
Agarwal, Mr. Sushil Agarwal, and Mr. Naresh Kumar Agarwal, BPPL
commenced commercial production in 2000.  The company manufactures
HDPE bags, primarily for the fertiliser industry. It has loom
capacities of 5400 tpa.


CORONA REMEDIES: CRISIL Places 'BB+' Rating on INR10MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Corona
Remedies Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR100.0 Million Cash Credit Facility   BB+/Stable (Assigned)
   INR10.0 Million Packing Credit          P4+ (Assigned)

The ratings reflect CRPL's limited track record of operations and
marginal market share in the formulations segment, geographical
concentration in revenue profile and exposure to risks related to
intense competition in the domestic formulations industry.  These
rating weaknesses are partially offset by CRPL's above-average
financial risk profile, marked by healthy gearing and debt
protection metrics, and established distribution network.

Outlook: Stable

CRISIL believes CRPL will sustain its credit risk profile
supported by the strength of its distribution network and its
above-average financial risk profile. The outlook may be revised
to 'Positive' if the company substantially increases its scale of
operations, while maintaining its operating margin. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
any larger-than-expected debt-funded capex program leading to
material deterioration of financial risk profile, or if it is
adversely affected by any regulatory changes.

                     About Corona Remedies

Set up in 2004, CRPL is a Gujarat-based pharmaceutical company
manufacturing formulations.  The company currently has a portfolio
of around 200 products catering to various therapeutic segments
such as respiratory tract, anti allergy, neutraceuticals,
hormonal, and others.  It has its manufacturing unit in Solan
(Himachal Pradesh) and currently its distribution network is
spread over 10 states in India.  CRPL operates five divisions,
'Pharma' (gynaecology and pediatrics), 'Xenex' (skin ailments and
neurosurgery) 'Aarush' (gynaecology and hormonal products; caters
to ethical/prescription drugs), and 'Ecogen' and 'Aton' (over-the-
counter generic products).

CRPL reported a profit after tax (PAT) of INR34.7 million on net
sales of INR391.7 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR15.3 million on net sales
of INR224.7 million for 2008-09.


FG GLASS: CRISIL Assigns 'BB' Rating to INR115MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to FG Glass
Industries Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR115.0 Million Long-Term Loan      BB/Stable (Assigned)
   INR60.0 Million Cash Credit          BB/Stable (Assigned)
   INR25.0 Million Letter of Credit     P4+ (Assigned)
   INR20.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect FGGL's below-average financial risk profile
marked by a highly leveraged capital structure and small net
worth; the ratings also reflect the company's commodity-like
product offering, and exposure to risks related to intensifying
competition in the float glass industry.  These rating weaknesses
are partially offset by FGGL's improving business volumes,
established market position, automated production facilities in
proximity to float glass suppliers, and diversified product
profile and customer base.

Outlook: Stable

CRISIL believes that FGGL's will maintain its business risk
profile supported by its flexible processing capabilities for
different varieties of glass, operational efficiencies resulting
from the proximity of its facility to float glass manufacturers,
and high level of automation in its manufacturing process. FGGL's
capital structure is, however, expected to remain highly leveraged
over medium term.  The outlook may be revised to 'Positive' in
case of significant improvement in FGGL's capital structure
without any deterioration in the company's market position. The
outlook may be revised to 'Negative' if the company undertakes a
larger-than-expected, debt-funded capital expenditure program,
resulting in further deterioration in the financial risk profile
or in case of deterioration in FGGL's market position.

                           About FG Glass

Set up in 2004, FGGL processes float glass for architectural (95
per cent of revenues) and industrial (5 per cent of revenues)
applications.  The company is managed by the Amravatiwala family
and has a manufacturing facility in Taloja (Maharashtra).

FGGL reported a profit after tax (PAT) of INR16 million on net
sales of INR450 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR12 million on net sales
of INR394 million for 2008-09.


GARG TUBE: CRISIL Reaffirms 'BB' Rating on INR40MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on Garg Tube Ltd's bank facilities continue to
reflect GTL's average financial risk profile, marked by small net
worth, susceptibility to volatility in steel prices, and exposure
to risks related to intense competition in the steel industry.
These rating weaknesses are partially offset by GTL's established
relationships with retailers across India.

   Facilities                           Ratings
   ----------                           -------
   INR40.0 Million Cash Credit          BB/Stable (Reaffirmed)
   INR10.0 Million Export Packing       P4+ (Reaffirmed)
                           Credit
   INR10.0 Million Bill Purchase-       P4+ (Reaffirmed)
             Discounting Facility
   INR20.0 Million Letter of Credit     P4+ (Reaffirmed)
   INR15.0 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that GTL's financial risk profile will remain
constrained because of its small net worth and average debt
protection metrics.  The outlook may be revised to 'Positive' if
GTL increases its scale of operations with significant improvement
in profitability.  Conversely, the outlook may be revised to
'Negative' if the company contracts large debt to fund its capital
expenditure programs, or to meets its incremental working capital
requirements, thereby weakening its financial risk profile.

                          About Garg Tube

Set up in 1988, GTL manufactures steel tubes, electric resistance
welded steel pipes, galvanised pipes, fencing tubes, and
scaffolding pipes.  These products find application in
construction, water works supplies, and cement industries. The
company has its manufacturing facility in Gautam Buddha Nagar
(Uttar Pradesh), and sells its products under the brand names Jai
India, Jai Shri, and Goodwill.

GTL is estimated to reported a profit after tax (PAT) of INR11.6
million on net sales of INR1031.5 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR9.0
million on net sales of INR918.7 million for 2008-09.


GLOBAL ENERGY: CRISIL Assigns 'D' Ratings to INR29.9MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Global Energy Food
Industries' bank facilities.  The ratings reflect delay by GEFI in
servicing its term loan.  The delay has been caused by GEFI's weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR29.9 Million Rupee Term Loan      D (Assigned)
   INR70.0 Million Packing Credit       P5 (Assigned)

GEFI has large working capital requirements and small net worth,
which has led to its average financial risk profile. The firm also
average scale of operations and limited track record in food-
products export segment. GEFI, however, benefits from its
diversified geographical reach and customer base.

                         About Global Energy

GEFI was set up in 2005 by Mr. Suresh Bherwani and Mr. Narayan
Pagrani as a partnership firm.  It manufactures biscuits and other
confectionery items.  The firm is a 100 per cent export-oriented
unit, and exports to Africa, the UAE, and the Caribbean.

GEFI reported a profit after tax (PAT) of INR85.8 million on net
sales of INR399.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR27.9 million on net
sales of INR249.3 million for 2007-08.


GSR VENTURES: CRISIL Assigns 'B-' Rating to INR60MM Overdraft
-------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to GSR Ventures Pvt
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Overdraft          B-/Stable (Assigned)
   INR300 Million Bank Guarantee    P4 (Assigned)

The ratings reflect GSR's large working capital requirements, and
exposure to risks related to geographical and customer
concentration in revenue profile.  These rating weaknesses are
partially offset by healthy growth in GSR's revenues, and the
company's strong order book.

Outlook: Stable

CRISIL believes that GSR will benefit from the healthy growth
prospects for the civil construction industry over the medium
term. The outlook may be revised to 'Positive' if GSR strengthens
its business risk profile by diversifying into allied segments and
reducing the concentration in its revenue profile, while
stabilising its operating margin.  Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates because of any large, debt-funded capital expenditure
programs or acquisitions.

                          About GSR Ventures

GSR was set up as a partnership firm in 1971-72 (refers to
financial year, April 1 to March 31), and subsequently,
reconstituted as a closely held company in 2008-09.  The company,
since its inception, undertakes civil construction activities,
including canal earthwork excavation, embankment construction, and
construction of bridges.  GSR executes projects primarily in
Andhra Pradesh.

GSR reported a provisional profit after tax (PAT) of INR12.36
million on net sales of INR627.37 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3.6
million on net sales of INR493.39 million for 2008-09.


ISPAT INFRASTRUCTURE: CRISIL Reaffirms 'D' Ratings on Bank Debts
----------------------------------------------------------------
CRISIL ratings on Ispat Infrastructure India Pvt Ltd's bank
facilities continue to reflect delays by Ispat Infra in servicing
its term loans.  The delays have been caused by Ispat Infra's weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR98.0 Million Cash Credit       D (Reaffirmed)
   INR126.5 Million Term Loan        D (Reaffirmed)
   INR5.5 Million Bank Guarantee     P5 (Reaffirmed)
   INR4.5 Million Letter of Credit   P5 (Reaffirmed)

Ispat Infra, however, benefits from its strong customer profile
and its exclusive marketing arrangements with European
manufacturers of work platforms, hoists, cutting and bending
machines.

Update

Ispat Infra's liquidity continues to be weak even after the
company's bank facilities were restructured during 2009-10 (refers
to financial year, April 1 to March 31).  The company's overdue
interest obligations were converted into a funded interest term
loan (FITL).  However, due to delays in debtor collection the
liquidity remains poor and consequently, the company's bank limits
were almost fully utilized over the six months through August
2010, with few overdrawals.

                     About Ispat Infrastructure

Incorporated in 1999, Ispat Infra was formed to undertake the
business of business of trading and leasing of construction
equipments.  These infrastructure and construction equipments
include bar bending and cutting machines, mast climbing work
platforms, passenger material hoists among others.

Ispat Infra reported a profit after tax (PAT) of INR14.9 million
on sales of INR419 million for 2009-10, as against a PAT of INR9.8
million on net sales of INR367 million for 2008-09.


NAP CONSTRUCTION: CRISIL Reaffirms 'BB+' Rating on INR3M Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of NAP Construction Pvt Ltd
continues to reflect NAP Construction's small scale of operations
in the civil construction industry, low net worth, and exposure to
risks relating to geographical and customer concentration in its
revenue profile.  These weaknesses are partially offset by healthy
growth in the company's revenues, and its comfortable order book.

   Facilities                             Ratings
   ----------                             -------
   INR142 Million Cash Credit Limits      BB+/Stable (Reaffirmed)
   INR3 Million Term Loan                 BB+/Stable (Reaffirmed)
   INR2 Million Corporate Term Loan       BB+/Stable (Reaffirmed)
   INR23 Million Standby Line of Credit   P4+ (Reaffirmed)
   INR30 Million Bank Guarantee           P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that NAP Construction will maintain a stable
outlook on the back of healthy growth prospects in the civil
construction industry. The company's credit risk profile will,
however, remain constrained due to concentration of revenues in
West Bengal.  The outlook may be revised to 'Positive' if NAP
Construction strengthens its business risk profile by diversifying
its revenue profile, while maintaining its operating margins.
Conversely, the outlook may be revised to 'Negative' if NAP
Construction takes on additional debt to fund capital expenditure,
leading to deterioration in its financial risk profile.

Update

NAP Constructions' performance for 2009-10 (refers to financial
year, April 1 to March 31) is estimated to have been in line with
CRISIL's expectation.  The company had an order book of around
INR650-700 million as on date including projects for construction
of a foundry park in Howrah (West Bengal) and a shopping mall in
Haldia (West Bengal).  The company has achieved a turnover of
around INR50 million from April 2010 till July 2010.

Its liquidity is likely to remain moderate, backed by steady
accruals, no significant capex plans, and minimal equipment loan
obligations, but constrained by high bank limit utilization for
funding working capital requirements.

The company reported a provisional profit after tax (PAT) of INR22
million on net sales of INR407 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR21
million on net sales of INR373 million for 2008-09.

                       About NAP Construction

Set up in 1983 as a proprietorship concern by Mr. Nirmalya Ghosh,
NAP Construction undertakes civil construction projects. The firm,
a closely held company since 1994, is engaged in the construction
of housing properties, railway platforms, and renovation of
heritage properties in West Bengal.


RAO COMPUTER: CRISIL Assigns 'BB' Rating to INR180 Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Rao Computer Consultants Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR180.00 Million Term Loan     BB/Stable (Assigned)

The rating reflects RCCPL's weak financial risk profile, marked by
a negative net worth and high gearing. The rating also factors in
the company's high dependence on regular rent receipts for
servicing its term loans.  These rating weaknesses are partially
offset by stable cash flows from RCCPL's existing lessee base, and
the company's favorable location in Bengaluru (Karnataka).

Outlook: Stable

CRISIL believes that RCCPL will continue to benefit over the
medium term from its steady cash flows from lease rentals. The
outlook may be revised to 'Positive'if RCCPL diversifies its
revenue profile and improves it capital structure. Conversely, the
outlook may be revised to 'Negative' in case of unexpected
termination of existing leases, causing the company's revenues and
profitability to decline significantly, or if RCCPL undertakes a
larger-than-expected, debt-funded capital expenditure program, or
extends significant support to its group entities, thereby
weakening its financial risk profile.

                        About Rao Computer

Incorporated in 1997, RCCPL initially provided information
technology (IT) services in India as well as abroad. However, with
the slowdown in revenues from its US partner, it diversified into
commercial real estate project.  RCCPL has developed commercial
space in Bengaluru, with a built-up area of about 0.14 million
square feet, which has been given on lease to various corporate
entities and others.

RCCPL reported a provisional profit after tax (PAT) of INR1
million on net sales of INR35 million for 2009-10 (refers to
financial year, April 1 to March 31), against a net loss of INR2
million on net sales of INR29 million for 2008-09.


RASHMI YARNS: CRISIL Places 'B+' Rating on INR23MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Rashmi Yarns
Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR23.0 Million Cash Credit          B+/Stable (Assigned)
   INR4.6 Million Working Capital
                      Demand Loan       B+/Stable (Assigned)

   INR12.0 Million Proposed Long-Term   B+/Stable (Assigned)
                   Bank Loan Facility

   INR3.0 Million Bank Guarantee        P4 (Assigned)
   INR57.4 Million Letter of Credit     P4 (Assigned)

The ratings reflect RYL's weak financial risk profile, marked by
high gearing, and the intense competition the company faces in the
cotton yarn spinning segment.  These rating weaknesses are
partially offset by RYL's established relationships with its
suppliers and customers, and its moderate operating efficiencies.

Outlook: Stable

CRISIL expects RYL to maintain its business risk profile over the
medium term, backed by a widespread distribution network; RYL's
operating margin is expected to remain low over the medium term,
thereby keeping its financial risk profile constrained. The
outlook may be revised to 'Positive' if RYL's revenues and
profitability increase substantially, leading to better-than-
expected cash accruals.  Conversely, the outlook may be revised to
'Negative' in case RYL's financial risk profile weakens further,
most likely because of further decline in operating profitability
or fresh, large debt-funded capital expenditure.

                         About Rashmi Yarns

RYL, originally set up as a private limited company in 1997,
became a public limited company in 2006.  RYL is in the business
of texturising and twisting polyester partially oriented yarn
(POY). It manufactures texturised and twisted yarn in the 70 to 90
denier range, and caters primarily to weavers of women's blouse
pieces and dress material.

RYL reported a profit after tax (PAT) of INR3 million on net sales
of INR405 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR1 million on net sales of INR345
million for 2008-09.


S.D. SOAPS: CRISIL Places 'B+' Rating on INR110MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to S.D. Soaps &
Cosmetics' bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR110.0 Million Cash Credit         B+/Stable (Assigned)
   INR11.6 Million Proposed Long-Term   B+/Stable (Assigned)
                   Bank Loan Facility

The ratings reflect SDSC's small net worth, average scale of
operations, and below-average financial risk profile, marked by
high gearing and weak debt protection metrics.  These rating
weaknesses are partially offset by SDSC's moderate market position
in the toiletries segment.

Outlook: Stable

CRISIL believes that SDSC will continue to benefit from its stable
distribution network and the moderate brand appeal of its products
over the medium term.  The outlook may be revised to 'Positive' if
the firm increases its scale of operations significantly, and
improves financial risk profile by improving profitability or with
infusion of capital.  Conversely, the outlook may be revised to
'Negative' if SDSC's operating profitability declines sharply, or
if the firm contracts large quantum of debt to fund its capital
expenditure, adversely affecting its financial risk profile.

                         About S.D. Soaps

SDSC, a partnership firm set up in 2003 by Mr. Suresh Dhirani,
manufactures toilet soaps under its brand names, Lissa and
Healthcare.  The firm sells its products to various dealers and
distributors, primarily in the eastern and northern India.

SDSC reported a profit after tax (PAT) of around INR5 million on
net sales of INR415 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR7.3 million on net sales
of INR425 million for 2008-09.


SANWAR MAL: CRISIL Assigns 'BB+' Rating to INR5MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Sanwar Mal Khetawat's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR5 Million Cash Credit         BB+/Stable (Assigned)
   INR95 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect SK's large working capital requirements and
geographically concentrated revenue profile.  These rating
weaknesses are partially offset by the firm's comfortable
financial risk profile, marked by healthy debt protection metrics,
low gearing, and moderate liquidity.

Outlook: Stable

CRISIL believes that SK will continue to benefit from its
promoters' experience in the civil construction industry and its
sizeable order book over the medium term.  The outlook may be
revised to 'Positive' if SK strengthens its business risk profile
by increasing the segmental and geographical diversity of its
revenue profile. Conversely, the outlook may be revised to
'Negative' if the firm undertakes a larger-than-expected debt-
funded capital expenditure or acquisition program, if the partners
in the firm withdraw sizeable capital from the firm, leading to
deterioration in the firm's financial risk profile.

                          About Sanwar Mal

SK was set up as a proprietary firm in 1970 by Mr. Sanwarmal
Khetawat for undertaking civil construction works.  In 1995, it
was reconstituted as a partnership firm with Mr. Sanjay Khetawat,
son of Mr. Sanwarmal Khetawat, joining in as a partner.  Since
inception, the firm has been executing civil construction projects
in Assam, involving constructing buildings, national highways, and
bridges. 60 to 65 per cent of the firm's revenues come from
constructing buildings, 25 to 30 per cent from national highways,
and the rest from bridges.  SK is registered with several agencies
of the Government Assam and the Government of India. In addition,
the firm is also executing several building construction projects
for Tezpur University, Assam, and the Indian Institute of
Technology (IIT), Guwahati.  SK had an order book of around INR650
million as on August 15, 2010.

SK's profit after tax (PAT) and net sales are estimated to be
INR35.0 million (including pre-tax extraordinary income of
INR25.0 million) and INR343.0 million respectively for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR12.7 million on net sales of INR321.0 million for 2008-09.


SHREE SHYAM: CRISIL Assigns 'BB-' Rating to INR88MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Shree Shyam
Bearings Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR88 Million Cash Credit           BB-/Stable (Assigned)
   INR10 Million Letter of Credit      BB-/Stable (Assigned)
   INR10 Million Proposed Long-Term    BB-/Stable (Assigned)
                         Instrument
   INR42 Million FCNRB Loan            P4+ (Assigned)

The ratings reflect SSBPL's large working capital requirements,
marginal market share in the bearings industry, and exposure to
supplier concentration risk.  These rating weaknesses are
partially offset by the experience of SSBPL's promoters in the
bearings industry.

Outlook: Stable

CRISIL believes that SSBPL will continue to benefit from its
promoters' industry experience over the medium term. The company's
financial flexibility is expected to remain constrained because of
its large working capital requirements.  The outlook may be
revised to 'Positive' if SSBPL's liquidity improves, led by
improved receivables management, fresh equity infusion, or better-
than-expected cash accruals.  Conversely, the outlook may be
revised to 'Negative' if the company's liquidity deteriorates
because of increasing working capital requirement, or if its
financial risk profile deteriorates because of sharp decline in
its profitability , or if it undertakes a significant debt-funded
capital expenditure program.

                             About Shree Shyam

SSBPL, based in Kolkata, was promoted in 2005 by Mr. Pradeep Kumar
Agarwal and family. SSBPL was set up to acquire the operations of
Shree Shyam Enterprises, which was set up in 1995.  SSBPL is an
authorised distributor of bearings for principals NSK Ltd, Japan;
and Minsk Bearing Plant (MPZ), Belarus. It is also an authorised
distributor of fire extinguishers (fire balls) of Siam Safety
Premier Company Ltd (Siam), Thailand.

Mr. Agarwal has experience of around 35 years in the bearings
industry through proprietorship and partnership firms. He has been
engaged in distribution of bearings since 1975.

SSBPL reported a profit after tax (PAT) of INR7 million on net
sales of INR599 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR315 million for 2008-09.


SIDDHI INDUSTRIES: CRISIL Puts 'B-' Rating on INR30MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Siddhi Industries'
bank facilities.  The rating reflects Siddhi's below-average
financial risk profile, marked by small net worth, high gearing,
and weak debt protection metrics, and susceptibility to adverse
regulatory changes. These rating weaknesses are partially offset
by experience of Siddhi's promoters in the cotton industry.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit Facility   B-/Stable (Assigned)
   INR4.2 Million Rupee Term Loan         B-/Stable (Assigned)
   INR25.0 Million Proposed Long Term
                   Bank Loan Facility     B-/Stable (Assigned)

Outlook: Stable

CRISIL believes that Siddhi 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 Siddhi's
financial risk profile and capital structure improve
significantly, most likely through increase in accruals or
infusion of equity.  Conversely, the outlook may be revised to
'Negative' if material decline in Siddhi's operating margin
results in reduced cash accruals, or if the firm's working capital
cycle deteriorates, increasing its dependence on debt.

                       About Siddhi Industries

Incorporated in 2007, Siddhi manufactures cotton seed oil and
cotton cakes. The company, set up by Mr. Rajesh Thakkar, has a
manufacturing facility in Harij, Gujarat, having capacity of 80
tonnes per day (tpd).  The firm is now diversifying into cotton
ginning and is setting up a plant with a capacity of 50 tpd. The
total outlay of the project is INR20.4 million, funded with a term
loan of INR14 million and promoter's contribution of INR6.4
million. The plant is expected to commence commercial operations
from October 1, 2010.

Siddhi reported a profit after tax (PAT) of INR0.5 million on net
sales of INR160.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR12 million for 2008-09.


SOMA TEXTILES: CRISIL Reaffirms 'D' Ratings on INR19.1MM Bank Debt
------------------------------------------------------------------
CRISIL's rating on Soma Textiles & Industries Ltd's non-
convertible debenture (NCD) program continues to reflect Soma's
delays in servicing its NCDs.  The delay has been caused by the
Soma's weak cash generation.

   Facilities                            Ratings
   ----------                            -------
   INR19.1 Million Non-Convertible       D (Reaffirmed)
               Debenture Program

Soma is into spinning, weaving, dyeing, fabric
processing/finishing, and garment manufacturing. The company's
Ahmedabad (Gujarat) unit produces yarn, regular and denim fabric,
and garments.  The Baramati (Maharashtra) plant, which was set up
as a 100 per cent export-oriented unit, produces cotton yarn; it
caters to both the domestic and export markets.

The company has restructured its debt obligations through a
corporate debt restructuring program. For 2009-10 (refers to
financial year, April 1 to March 31), Soma, on a standalone basis,
reported a net loss of INR187 million (Rs.284 million net loss for
the previous year), on net sales of INR2.1 billion (Rs.1.6
billion). For the first quarter of 2010-11, the company, on a
standalone basis reported a net loss of INR17 million on net sales
of INR563 million.


SRI DURGA: CRISIL Reaffirms 'BB+' Rating on INR330MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Durga Condev Private
Limited continues to reflect the company's weak financial risk
profile, and the working capital-intensive nature of its
operations.  These weaknesses are partially offset by the benefits
that the company derives from its healthy order book.

   Facilities                             Ratings
   ----------                             -------
   INR330 Million Cash Credit Limits      BB+/Stable (Reaffirmed)
   INR40 Million Term Loan                BB+/Stable (Reaffirmed)
   INR10 Million Proposed Long Term       BB+/Stable (Reaffirmed)
                Bank Loan Facility
   INR20 Million Standby line of Credit   P4+(Reaffirmed)
   INR550 Million Bank Guarantee          P4+(Reaffirmed)

Outlook: Stable

CRISIL believes that SDCPL will benefit from the growth prospects
in the civil construction industry.  The outlook may be revised to
'Positive' if SDCPL strengthens its business risk profile by
enhancing segmental and geographical diversity in its revenue
profile, while maintaining operating margins.  Conversely, any
deterioration in SDCPL's financial risk profile owing to large,
additional, debt-funded capital expenditure, or acquisition plans,
may lead to a revision in the outlook to 'Negative'.

Update

SDCPL's performance for 2009-10 (refers to financial year, April 1
to March 31) is estimated to have been in line with CRISIL's
expectation. The turnover of the company has grown at around 19
per cent in 2009-10 as compared to the previous year. The company
has an order book of around INR4500 million as on August 2010. The
order book of the company comprises mainly of dam and canal
projects in Orissa.

Its liquidity is likely to remain stretched, backed by high bank
limit utilisation for funding working capital requirements, high
debt repayment obligations but supported by steady accruals and no
significant capex plans.

The company reported a provisional profit after tax (PAT) of
INR45.9 million on net sales of INR1291 million for 2009-10
(refers to financial year, April 1 to March 31), as against a PAT
of INR37 million on net sales of INR1086 million for 2008-09.

                           About Sri Durga

Set up in 1987 by Mr. Pramod Rath and his family as a partnership
firm, SDCPL (formerly, Sri Durga Construction) undertakes civil
construction activities including the construction of roads, dams,
and railway lines.  It has executed National Highway projects, and
several dam and railway projects in Orissa.  In 2000, the company
became a closely held company, with its partners continuing as
directors.


SRINATH SPINNERS: CRISIL Reaffirms Rating on INR153.1 Mil. Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Srinath Spinners Ltd
continues to reflect its weak financial risk profile of SSL
(consolidated), and SSL's exposure to risks relating to volatility
in cotton prices.  These weaknesses are, however, partially offset
by the benefits that SSL derives from the experience of its
promoters in the yarn industry enabling them to maintain moderate
operating efficiency.

   Facilities                        Ratings
   ----------                        -------
   INR45 Million Cash Credit         BB-/Stable (Reaffirmed)
   INR153.1 Million Term Loan        BB-/Stable (Reaffirmed)
   INR5.9 Million Bank Guarantee     P4+ (Reaffirmed)
   INR6 Million Letter of Credit     P4+ (Reaffirmed)

CRISIL has consolidated the financials of SSL and Srinath Spinning
Mills Ltd.  This is because the two companies are under a common
management, and in the same line of business. Moreover, SSML, the
holding company, has extended corporate guarantees to the loans of
SSL.

Outlook: Stable

CRISIL expects SSL to maintain a favourable business profile over
the medium term backed by its established customer profile.  The
outlook may be revised to 'Positive' if significant improvement in
operating margins strengthens SSL's consolidated financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the consolidated financial profile deteriorates significantly, or
if it takes on substantial debt to fund capital expenditure.

Update

SSL's business performance during 2009-10 (refers to financial
year, April 1 to March 31) was in line with CRISIL's projections.
SSL's financial risk profile continues to remain weak, marked by
high gearing, weak debt protection measures, and a small net
worth.

The SSL (consolidated) reported an estimated net loss of INR5
million on net sales of INR432 million for 2009-10, as against a
net loss of INR12 million on net sales of INR432 million for 2008-
09.

                       About Srinath Spinners

SSL, incorporated as a public limited company in April 2001 by
Mr. Ketan C. Parekh, Mr. Premal C Parekh, and Mr. Prem Kumar
Agarwal manufactures coarse yarn.  The company began commercial
production in August 2007, and has a capacity of 1440 rotors.
SSML, established in 1995, is the flagship company of the group.
Its open-end spinning mills have a capacity of 1760 rotors.


SRIVARI INDUSTRIES: CRISIL Places 'BB+' Rating on INR52.8M Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Srivari Industries.

   Facilities                         Ratings
   ----------                         -------
   INR52.80 Million Long Term Loan    BB+/Stable (Assigned)
   INR55.00 Million Cash Credit       BB+/Stable (Assigned)
   INR6.50 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Srivari's exposure to risks related to large
working capital requirements, and to a small scale of operations
amid intense competition in the packaging industry.  These rating
weaknesses are partially offset by Srivari's above-average
financial risk profile marked by a comfortable gearing and debt
protection metrics, established presence in the non-woven
packaging bag business.

Outlook: Stable

CRISIL believes that Srivari will continue to benefit from its
comfortable capital structure and its promoters long standing
experience in the non-woven packaging bag industry. The outlook
may be revised to 'Positive' if Srivari significantly improves its
scale of operations and revenue diversity, while maintaining its
profitability. Conversely, the outlook may be revised to
'Negative' if Srivari undertakes any large, debt-funded capital
expenditure program, or its profitability declines significantly,
thereby deteriorating its financial risk profile.

                      About Srivari Industries

Set up in 2006, Srivari manufactures polypropylene (PP) bags and
plastic bottles.  These bags are largely used in retail, fast
moving consumer goods (FMCG) and pharmaceutical sectors. The
firm's promoter Mr. K Rajendra Chetty has around 15 years of
experience in similar lines of business.  The firm has capacity to
manufacture 10 tonnes per day (tpd) of PP bags and 20,000 plastic
bottles per day. The PP bags are sold through Srivari's five sales
depots, which are located at Erode, Madurai, and Chennai in Tamil
Nadu, Tirupati in Andhra Pradesh, and Bengaluru in Karnataka.

Srivari reported a provisional profit after tax (PAT) of INR19
million on net sales of INR293 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR15
million on net sales of INR227 million for 2008-09.


SUVIKAS ALLOYS: CRISIL Places 'BB-' Ratings on INR58.2MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' rating to the bank
facilities of Suvikas Alloys and Steel Pvt Ltd, which is part of
the Jagdish Aggarwal group.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Cash Credit       BB-/Stable (Assigned)
   INR58.2 Million Term Loan          BB-/Stable (Assigned)
   INR30.0 Million Letter of Credit   P4+ (Assigned)
   INR5.3 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect the group's exposure to risks relating to
volatility in steel prices, and intense competition in the thermo-
mechanically treated (TMT) bar industry.  These rating weaknesses
are partially offset by the benefits that the Jagdish Aggarwal
group derives from its promoters' experience in the TMT bar
industry.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Suvikas Alloys and Steel Pvt Ltd
(SASPL), and Vishnu Steels, and together referred to as the
Jagdish Aggarwal group.  This is because SASPL and Vishnu Steels
have common promoters and management, and are in the same line of
business.

Outlook: Stable

CRISIL believes that the Jagdish Aggarwal group will continue to
benefit from the extensive experience of its promoters in
business.  The outlook may be revised to 'Positive' if the group's
revenues and net cash accruals increase substantially. Conversely,
the outlook may be revised to 'Negative' if the group's debt
protection indicators deteriorate, or if it contracts significant
debt to fund capital expenditure.

                           About the Group

SASPL, incorporated by Mr. Surajnath Singh, was taken over by
Mr. Jagdish Aggarwal in July 2008.  The company manufactures
ingots and TMT bars. Vishnu Steels is part of the Jagdish Aggarwal
group, and is in a similar line of business.  Vishnu Steels was
set up by Mr. Guman Singh, and later taken over by Mr. Aggarwal in
April 2009.  Both the plants are located at Wada district in
Thane, Maharashtra.  SASPL has an ingot manufacturing capacity of
around 1000 tonnes per month (tpm) and rolling mill capacity of
around 3800 tpm as on March 31, 2009.  Vishnu Steels has a rolling
capacity of around 3500 tpm.  The group is managed by Mr. Jagdish
Aggarwal and his son, Mr. Nikhil Aggarwal.

The group reported a negative profit after tax (PAT) of INR0.6
million on net sales of INR1.7 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.6
million on net sales of INR860 million for 2008-09.


TIRTH AGRO: CRISIL Places 'BB+' Rating on INR143.4MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Tirth Agro
Technology Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Facility   BB+/Stable (Assigned)
   INR143.4 Million Rupee Term Loan       BB+/Stable (Assigned)
   INR4.0 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect TATPL's exposure to risks related to
cyclicality inherent in the agricultural industry, concentration
of revenues mainly towards tractor-drawn rotary tillers segment
and to the adverse movement in government subsidies. These rating
weaknesses are partially offset by TATPL's established market
position in the tractor-drawn rotary tillers business segment, and
moderate financial risk profile, marked by comfortable debt
protection metrics, however constrained by low net worth level and
moderate gearing.

Outlook: Stable

CRISIL believes that Tirth Agro Technology Pvt Ltd will benefit
from its established market position over the medium term.  Its
financial risk profile is expected to remain moderate over the
near term due to ongoing debt-funded capex.  The outlook may be
revised to 'Positive' if better-than-expected topline and margins
improve TATPL's financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if TATPL's financial risk profile
deteriorates due to larger-than-expected working capital and lower
margins, or any changes in the government policy on subsidy
adversely impacting revenue growth.

                          About Tirth Agro

Set up by Mr. Ashwin Gohil in 2000, TATPL manufactures and sells
tractor-driven rotary tillers and other agricultural implements
under its brand, Shaktiman.  Till 2007, the promoters of TATPL
were manufacturing rotary tillers on a small scale in another
group proprietorship firm, A G Agro Industries.  These operations
were discontinued in 2007, after which the manufacturing
activities were undertaken in TATPL at its manufacturing plant in
Rajkot (Gujarat).  The company has recently increased its capacity
to 125,000 tillers per annum from 22,500 tillers per annum.

TATPL reported an estimated profit before tax (PBT) of INR36.9
million on estimated net sales of INR1167.7 million for 2009-10
(refers to financial year, April 1 to March 31), against a profit
after tax (PAT) of INR8.1 million on net sales of INR724.4 million
for 2008-09.


VISHNU STEELS: CRISIL Rates INR80.0 Million Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Vishnu Steels, which is part of the Jagdish Aggarwal
group.

   Facilities                       Ratings
   ----------                       -------
   INR80.0 Million Cash Credit      BB-/Stable (Assigned)

The rating reflects the group's exposure to risks relating to
volatility in steel prices, and intense competition in the thermo-
mechanically treated (TMT) bar industry.  These rating weaknesses
are partially offset by the benefits that the Jagdish Aggarwal
group derives from its promoters' experience in the TMT bar
industry.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Vishnu Steels, and Suvikas Alloys
and Steel Pvt Ltd, together referred to as the Jagdish Aggarwal
group.  This is because SASPL and Vishnu Steels have common
promoters and management, and are in the same line of business.

Outlook: Stable

CRISIL believes that the Jagdish Aggarwal group will continue to
benefit from the extensive experience of its promoters in
business. The outlook may be revised to 'Positive' if the group's
revenues and net cash accruals increase substantially. Conversely,
the outlook may be revised to 'Negative' if the group's debt
protection indicators deteriorate, or if it contracts significant
debt to fund capital expenditure.

                          About the Group

SASPL, incorporated by Mr. Surajnath Singh, was taken over by
Mr. Jagdish Aggarwal in July 2008.  The company manufactures
ingots and TMT bars. Vishnu Steels is part of the Jagdish Aggarwal
group, and is in a similar line of business.  Vishnu Steels was
set up by Mr. Guman Singh, and later taken over by Mr. Aggarwal in
April 2009.  Both the plants are located at Wada district in
Thane, Maharashtra. SASPL has an ingot manufacturing capacity of
around 1000 tonnes per month (tpm) and rolling mill capacity of
around 3800 tpm as on March 31, 2009.  Vishnu Steels has a rolling
capacity of around 3500 tpm.  The group is managed by Mr. Jagdish
Aggarwal and his son, Mr. Nikhil Aggarwal.

The group reported a negative profit after tax (PAT) of INR0.6
million on net sales of INR1.7 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.6
million on net sales of INR860 million for 2008-09.


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


ADARO INDONESIA: Fitch Affirms Issuer Default Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed PT Adaro Indonesia's Long-term foreign
and local currency Issuer Default Ratings at 'BB+'.  The Outlook
remains Stable.  Fitch has also affirmed at 'BB+' Adaro's senior
unsecured ratings of its US$800 million senior notes due in 2019
issued by Adaro and guaranteed by its parent, PT Adaro Energy Tbk.

The affirmations reflect Adaro's large, low cost operations with
strong track record of growth, supported by its longstanding
relationship with leading customers, and its robust financials.
However, the ratings remain constrained by the company's exposure
to single-site operations.

Fitch notes that earlier this year, Adaro Energy acquired a 25%
stake in Indomet Coal Project for US$335 million as part of the
Group's strategy to diversify into coking coal.  The agency
expects the Group to make additional investments as part of its
strategy to secure additional coal resources to support long-term
growth, and to further integrate and improve its operations.
Other rating concerns include regulatory uncertainties in the
Indonesian coal mining industry.

Adaro recorded lower EBITDAR margin of 31.7% in H110 (2009: 37.7%)
due primarily to a lower average selling price of US$55.2/t in
H110 (2009: US$58.6/ton).  This is because most of the sales
realised during H110 were derived mainly from contracts priced
during H109 when the spot market was weak.  The agency notes that
movements in Adaro's realized selling price typically lag global
price fluctuations by six to 12 months as Adaro sells most of its
coal via long-term fixed volume contracts with index-linked prices
that typically reset annually.  Furthermore, Adaro recorded higher
production cost of US$31.7/t (excluding royalty) against US$30.1/t
in 2009 due to adverse weather during the same period.  The agency
however notes that despite the heavy rainfall, Adaro managed to
increase its production by 20% yoy to 21.6mt in H110.

As a result of lower profitability in H110, and some cash outflows
for tax payments and dividends, Adaro recorded a higher financial
leverage (as measured by net debt / operating EBITDAR) of 0.9x at
the end of the period (2009: 0.2x).  Fitch believes this increase
is temporary and expects Adaro and Adaro Energy to quickly
deleverage driven by medium-term price and order visibility.  This
expectation drives the Stable Outlook.

Changes in the company's business environment including adverse
changes in the global thermal coal industry dynamics, prolonged
disruption of operations and adverse changes in the regulatory
environment would be the most likely drivers of any negative
rating action.  Adaro's current strong balance sheet means that a
credit ratio driven negative rating action is not likely unless
the company changes its financial policies to allow a sustained
increase in financial leverage.  A positive rating action will be
considered only when the company's scale of operations increases
meaningfully, which is not envisaged in the short to medium term.

Adaro owns and operates the single largest coalmine in Indonesia,
with an expected production of 43mt in 2010.  It is Indonesia's
second largest coal producer and operates under a 30-year Coal
Contract of Work that remains valid until 2022.  In the first six
months to end-June 2010, the company recorded revenues of
US$1.2 billion, and EBITDA of US$378.2 million.


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


DAIWASYSTEM CO: Files For Bankruptcy Protection; Owes JPY63.3BB
---------------------------------------------------------------
Daiwasystem Co. filed for court protection from creditors with the
Osaka District Court on Friday with liabilities totaling JPY63.3
billion as of Aug. 31, Hiroyuki Kachi at Dow Jones Newswires
reports.

Dow Jones relates that the contractor, which also sells
condominium and real estate, said it has been struggling to
contend with a persistent falloff in real estate prices since the
U.S. subprime mortgage crisis.

According to Dow Jones, the company had asked creditor banks for
permission to delay loan payments.  But the situation surrounding
the company didn't allow for a recovery in business performance,
prompting it to seek court protection.

Dow Jones says the Tokyo Stock Exchange said separately it will
delist Daiwasystem shares on Nov. 2.

Daiwasystem Co. (TYO:8939) is a Japan-based company operating in
four business segments.  The Construction segment is engaged in
the design, contract building and construction supervision of
commercial and industrial buildings, welfare facilities and
leasing buildings, as well as the leasing of commercial
facilities.  The Real Estate segment is engaged in the sale of
condominiums, the provision of housing land, as well as the
trading, brokerage and leasing of real estate. The Warm bath
segment is engaged in the operation and management of directly-
managed large warm bath facilities.  The Others segment is
involved in the provision of non-life insurance agency services.


JAPAN AIRLINES: Hotel Okura Acquires 79.6% Stake in JAL Hotels
--------------------------------------------------------------
Kyodo News reports that Hotel Okura Co. has acquired a majority
stake in JAL Hotels Co., a hotel operating unit of Japan Airlines
Corp sold as part of the carrier's management rehabilitation plan.

According to Kyodo News, Hotel Okura, based in Tokyo, has
purchased a 79.6% stake in JAL Hotels in terms of voting rights
from Japan Airlines International Co, JAL's core airline unit,
which retained an 11.1% stake.  Kyodo says the cost of the
acquisition was not disclosed but is estimated to be around JPY6
billion.

                        About Japan Airlines

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

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

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

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


TAKEFUJI CORP: Bankruptcy Triggered Credit Swaps, ISDA Says
-----------------------------------------------------------
The International Swaps and Derivatives Association, Inc.,
announced on September 30, 2010, that its Japan Credit Derivatives
Determinations Committee resolved that a bankruptcy credit event
has occurred in respect to Takefuji Corporation.

ISDA said the Committee also voted to hold an auction for
Takefuji.  The auction will be administered by Markit and
Creditex.

Bloomberg News reports that the Depository Trust Clearing Corp.,
which runs a central repository for the credit-swaps market, said
a net US$786.8 million of protection on the Tokyo-based company's
debt was outstanding as of Sept. 24, 2010.

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

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

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

                         About Takefuji

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


WMT GLOBAL: S&P Downgrades Ratings on Two Classes of Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC
(sf)' its ratings on the class D and E fixed-rate notes issued
under the WMT Global Funding I Inc. transaction.

The servicer had been working to sell the loan backing the
transaction since the loan defaulted in October 2008.  The sale of
the loan in question, which was finalized in late September 2010,
led to principal losses on classes D and E.  Meanwhile, classes A
to C were fully redeemed.

WMTGF I is a single-borrower multi-asset CMBS transaction.  The
notes issued under this transaction are backed by a loan extended
to a single borrower.  The loan was originally secured by eight
extended-stay limited-service apartment properties.  The
transaction was arranged by Lehman Brothers Japan Inc. Capital
Servicing Co. Ltd. acts as the servicer for this transaction.

S&P had initially placed the ratings on classes A to E on
CreditWatch negative on April 9, 2009, and followed up with
several other rating actions.

                         Ratings Lowered

                    WMT Global Funding I Inc.
?10.7 billion commercial mortgage backed notes due November 2010

Class         To              From            Initial Issue Amount
-----         --              ----            --------------------
D             D (sf)          CCC (sf)        ?1.0 bil.
E             D (sf)          CCC (sf)        ?1.2 bil.


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


GM DAEWOO: Creditors Likely to Extend KRW1.1 Trillion of Loans
--------------------------------------------------------------
Bloomberg News, citing the Seoul Economic Daily, reports that
General Motors Co. will likely agree to new terms on
KRW1.1 trillion of loans owed by its South Korean unit GM Daewoo
Auto & Technology Co. to a group of creditors including Korea
Development Bank.

The South Korean daily said the loans were due to mature on
Oct. 12, 2010, Bloomberg relates.

                           About GM Daewoo

GM Daewoo Auto & Technology is a South Korean-based automobile
manufacturer.  GMDAT is a subsidiary of US-based General Motors
Company.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2010, Yonhap News Agency said the Korea Development Bank
rolled over KRW1.13 trillion (US$965.5 billion) in maturing loans
of GM Daewoo Auto & Technology Co. amid stalled talks with U.S.
parent General Motors Co. over its turnaround plan.

GM Daewoo suffered a cash squeeze since early 2009 as the 2008
global crisis troubled the company's vehicle sales.  The Korea
Development Bank has been negotiating with General Motors on GM's
injection of fresh cash into the embattled unit and other ways of
keeping it afloat, including a transfer of key auto technologies,
shareholder rights and a dispatch of officials to oversee the
subsidiary's finances.  The lender is considering retrieving the
loans from GM Daewoo if both sides fail to reach agreement on the
turnaround plan.


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


AIR NEW: Moody's Raises Rating from 'Ba1'; Gives Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has raised Air New Zealand's issuer
rating from Ba1 to Baa3.  The outlook is stable.

                        Ratings Rationale

"The one notch upgrade to Air New Zealand's issuer rating reflects
its relative good performance and resilience through the downturn
and Moody's expectation of continued improved performance for the
company which is now enjoying more stable operating conditions",
says Ian Lewis a Moody's Vice President and Senior Analyst.

"Relative to its international peer group, the company has
performed at levels -- and demonstrated financial metrics -- which
are indicative of a resilient business model and sound management
through the cycle", says Lewis who is also Lead Analyst for the
company.

"We expect that Air New Zealand's financial profile will
strengthen gradually with Debt/EBITDA expected to track between
3.5 and 4.0x over the next 12-18 months, and reversion of margins
to, at or around 20%", says Lewis.

"Nevertheless, Moody's are cognizant that the airline industry is
one of the most volatile sectors in Moody's portfolio and
challenges for the company will continue to include volatility in
exchange rates, fuel prices and customer demand as well as bouts
of intense competitive pressure - though Moody's expect these to
be manageable for the company within the Baa3 issuer rating." adds
Lewis.

Given Air New Zealand's majority ownership by the Government of
New Zealand, Air New Zealand is considered as a Government-Related
Issuer, and as such its rating incorporates the likelihood of
government support which Moody's considers to be high.  Air New
Zealand's stand-alone credit profile ("Baseline Credit Assessment"
or "BCA") is equivalent to Ba1.

The issuer rating of Baa3 considers the combined effect of 1)
Moody's expectation for strong government support, and 2) the
presence of large secured debt - through finance leases - which
impacts the senior unsecured creditors.  Excluding the impact of
the secured debt, the issuer rating would have been Baa2.

The rating outlook is currently stable, reflecting Air New
Zealand's strong liquidity position and Moody's expectation that
they will maintain a gradually improving performance in 2011.

The BCA is currently at the highest non-investment grade level.
Given its limited geographic diversity there is limited prospect
of an upgrade beyond this level, short of significant debt
reduction.

The Baa3 issuer ratings could be upgraded if government support
was formalized through a legally enforceable credit-support
agreement, or if the airline's credit profile were to become less
closely aligned with the New Zealand economy -- which Moody's
consider unlikely.

The BCA could come under pressure if competition was to
substantially increase, or if Air NZ's performance was to
otherwise deteriorate.  Moody's would look for EBITDA margin
remaining below 20% for a 18-24 month period, Debt/EBITDA rising
above 4.0x or EBIT/Interest falling below 2-2.25x on a sustained
basis.  The rating could also be pressured if Air New Zealand's
liquidity deteriorate meaningfully, including its cash balances
falling below NZ$500 million, or should the company pay excessive
dividends to its shareholders.  Failure to de-leverage as expected
could also pressure the ratings.

Air New Zealand, based in Auckland, is New Zealand's primary air
carrier, with domestic and international passenger and freight
operations, and an aviation engineering business.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

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.


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


PHILIPPINE AIRLINES: Gov't. to Stop Planned Flight Crew Strike
--------------------------------------------------------------
Eric B. Apolonio at Manila Standard Today reports that Labor
Secretary Rosalinda Baldoz said Friday she would ban a strike at
Philippine Airlines if the company and its flight attendants'
union failed to reach an agreement next week.

"Once I assume jurisdiction, nobody can stage work stoppages," the
Manila Standard quoted Ms. Baldoz as saying.  The case involved "a
company imbued with national interest," Ms. Baldoz added.

According to the Manila Standard, Ms. Baldoz ordered the airline
and its cabin crew union to resume talks on Oct. 5, after the
union said it would strike as early as the end of the month.

The Manila Standard relates Ms. Baldoz said a breakthrough was
possible once the two sides met again next week before the
National Conciliation and Mediation Board.

As reported in the Troubled Company Reporter-Asia Pacific on
October 1, 2010, BusinessWorld Online said flight attendants and
stewards of Philippine Airlines withdrew from conciliation
meetings with the carrier's management and have begun preparations
for a strike between the end of October and the first week of
November.  Robert Anduiza, president of the PAL-Flight
Attendants' and Stewards' Association of the Philippines (FASAP),
said talks at the National Conciliation and Mediation Board of the
Department of Labor and Employment over a new collective
bargaining deal were "deadlocked".

                       About Philippine Airlines

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

                           *     *     *

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

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


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


ADVANCE SCT: Creditors Approve Debt-Restructuring Plan
------------------------------------------------------
Creditors of Advance SCT voted unanimously in favor of the
Company's proposed debt-restructuring scheme at a creditors
meeting held on September 30, 2010.  This is an uncommon
occurrence for companies undergoing schemes of arrangement under
Section 210 of the Companies Act.

Advance SCT's financial difficulties arose when commodity prices
fell drastically in 2008. These financial difficulties were
exacerbated in 2009 during the global financial crises, with debts
increasing in excess of S$80 million.

The creditors have appointed Neo Ban Chuan and Cameron Duncan of
KordaMenthaNeo as scheme administrators.  The legal advisor of
Advance SCT, Bernard Tan of Bih Li & Lee shall be submitting the
debt-restructuring scheme to the High Court for approval shortly.

Executive Chairman of Advance SCT, Simon Eng stated after
receiving the endorsement that he "was pleased with the
overwhelming support received from creditors and was grateful for
the hard work of the company's management and advisers in
preparing the scheme."

Mr. Eng added that the debt restructuring was the last major
obstacle in the turn-around of Advance SCT, which reported a
profit in its half-year unaudited financial statement in
August 2010 after losing a total of more than $190 million in 2008
and 2009.  With the debt restructuring behind it, the company's
board and management can now focus on repositioning itself as a
global recycling and wastes management expert.

                         About Advance SCT

Advance SCT Limited (SIN:5FH) -- http://www.advancesct.com/-- is
a Singapore-based investment holding company.  Advance SCT's main
business is in metal trading and resource recycling as well as
wastes management.  The Group has been listed on the main board of
the Singapore Exchange since November 24, 2004.


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


* S&P's List of Global Corporate Defaults Now at 57 This Year
-------------------------------------------------------------
Japan-based Takefuji Corp. and U.S.-based Workflow Management Inc.
filed for bankruptcy last week.  These two defaults bring the
year-to-date 2010 global corporate default tally to 57, said an
article published by Standard & Poor's, titled "Global Corporate
Default Update (Sept. 24 - 30, 2010) (Premium)."

By region, the current year-to-date default tallies are 41 in the
U.S., two in Europe, five in the emerging markets, and nine in the
other developed region (Australia, Canada, Japan, and New
Zealand).  So far this year, missed interest or principal payments
are responsible for 18 defaults; distressed exchanges account for
16; Chapter 11 and foreign bankruptcy filings account for 14;
receiverships account for two; regulatory directives, debt
reorganization, and the exercising of payment-in-kind toggle
options are responsible for one each; and the remaining four
defaulted issuers are confidential.

Of the global corporate defaulters in 2010, 41% of issues with
available recovery ratings had recovery ratings of '6' (indicating
our expectation for negligible recovery of 0% to 10%), 11% of the
issues had recovery ratings of '5' (modest recovery prospects of
10% to 30%), 13% had recovery ratings of '4' (average recovery
prospects of 30% to 50%), and 16% had recovery ratings of
'3' (meaningful recovery prospects of 50% to 70%). And for the
remaining two rating categories, 11% of the issues had recovery
ratings of '2' (substantial recovery prospects of 70% to 90%) and
9% had recovery ratings of '1' (very high recovery prospects of
90% to 100%).


* BOND PRICING: For the Week September 27 to October 1, 2010
------------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.00
AMITY OIL LTD           10.00    10/31/2013   AUD       1.80
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.99
BECTON PROP GR           9.50    06/30/2010   AUD       0.22
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
CHINA CENTURY           12.00    09/30/2010   AUD       0.76
EXPORT FIN & INS         0.50    12/16/2019   AUD      62.45
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.68
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.61
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      61.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.75
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.72
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      68.00
NEW S WALES TREA         0.50    09/14/2022   AUD      54.82
NEW S WALES TREA         0.50    09/14/2022   AUD      56.30
PRAECO P/L               7.13    07/28/2020   AUD      73.96
RESOLUTE MINING         12.00    12/31/2012   AUD       1.34
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      54.99

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.68

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      44.50


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      26.24
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.94
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.95
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.15
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.52
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.06
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.93
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.56
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.48
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.51
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.43


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/2013   IDR      20.05
MOBILE-8 TELECOM        12.37    06/15/2017   IDR      66.50


  JAPAN
  -----

AIFUL CORP               1.20    11/22/2012   JPY      59.88
AIFUL CORP               1.22    10/19/2015   JPY      46.52
COVALENT MATERIA         2.87    02/18/2013   JPY      74.84
CSK CORPORATION          0.25    09/30/2013   JPY      74.21
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      64.27
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.59
SHINSEI BANK             5.62    12/29/2049   GBP      71.50
TAKEFUJI CORP            9.20    04/15/2011   USD      20.50
TAKEFUJI CORP            9.20    04/15/2011   USD      20.50
TAKEFUJI CORP            4.00    06/05/2022   JPY      19.87


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.37
CRESENDO CORP B          3.75    01/11/2016   MYR       1.10
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
DUTALAND BHD             6.00    04/11/2013   MYR       0.30
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.13
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.19
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.92
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.58
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.27
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64
REDTONE INTL             2.75    03/04/2020   MYR       0.05
RUBBEREX CORP            4.00    08/14/2012   MYR       0.95
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.05
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.12
WAH SEONG CORP           3.00    05/21/2012   MYR       2.60
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.23
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.02


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

ALLIED FARMERS           9.60    11/15/2011   NZD      35.15
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.04
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       9.90
FONTERRA                 5.30    11/29/2049   NZD      70.05
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.08
INFRATIL LTD             8.50    09/15/2013   NZD       8.30
INFRATIL LTD             8.50    11/15/2015   NZD       8.50
INFRATIL LTD            10.18    12/29/2049   NZD      61.01
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.32
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      68.10
SKY NETWORK TV           4.01    10/16/2016   NZD       5.64
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.66
ST LAURENCE PROP         9.25    07/15/2010   NZD      54.37
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.50
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.05
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.02
VECTOR LTD               8.00    06/15/2012   NZD       7.25
VECTOR LTD               8.00    10/15/2014   NZD       1.00


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      28.50
DAVOMAS INTL FIN         5.50    12/08/2014   USD      65.50
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.99
UNITED ENG LTD           1.00    03/03/2014   SGD       1.73
WBL CORPORATION          2.50    06/10/2014   SGD       1.85


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      60.53
HOPE KOD 1ST             8.50    06/30/2012   KRW      34.56
HOPE KOD 2ND            15.00    08/21/2012   KRW      34.03
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.46
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.71
HOPE KOD 6TH            15.00    03/10/2013   KRW      39.07
IBK 2008/12 ABS         25.00    06/24/2011   KRW      63.28
IBK 2009/13 ABS         25.00    02/03/2012   KRW      66.30
IBK 2009/16 ABS         25.00    09/24/2012   KRW      59.94
IBK 2009/17 ABS         25.00    12/29/2012   KRW      56.60
KB 10TH SEC SPC         23.00    01/03/2011   KRW      62.16
KB 10TH SEC SPC         20.00    01/03/2011   KRW      41.86
KB 11TH SEC SPC         23.00    07/03/2011   KRW      63.75
KB 11TH SEC SPC         20.00    07/03/2011   KRW      61.59
KB 12TH SEC SPC         25.00    01/21/2012   KRW      61.60
KB 13RD SEC SPC         25.00    07/02/2012   KRW      51.03
KB 14TH SEC SPC         23.00    01/04/2013   KRW      56.76
KDB 5TH SEC SPC         15.00    12/13/2012   KRW      73.92
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      53.09
KDBC 4TH SEC SPC        23.00    03/30/2012   KRW      66.51
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      57.23
NACF-14 ABS SPS         25.00    01/15/2011   KRW      62.02
NACF-15 ABS SPS         25.00    03/18/2011   KRW      60.01
NACF-16 ABS SPS         15.00    01/03/2011   KRW      19.86
NACF-16 ABS SPS         25.00    02/03/2011   KRW      51.14
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      72.90
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      34.73
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      68.19
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      67.99
SAM HO INTL              6.32    03/28/2011   KRW      71.12
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      19.09
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.42
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.93
SINBO 3RD ABS           15.00    09/30/2013   KRW      32.92
SINBO 4TH ABS           15.00    09/30/2013   KRW      29.01
SINGOK ABS               7.50    06/18/2011   KRW      51.89
SINGOK NS ABS            7.50    06/27/2011   KRW      51.96
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      13.08


THAILAND
--------

G STEEL                 10.50    10/04/2010   THB      29.99


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***