TCRAP_Public/101007.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, October 7, 2010, Vol. 13, No. 198

                            Headlines



A U S T R A L I A

PREMIUM COLLECTIONS: ASIC Backs Liquidator's Probe


H O N G  K O N G

COSMOPOLITAN COSMETICS LTD: Final General Meeting Set for Nov. 1
FORWARD MANAGEMENT: Court Enters Wind-Up Order
GEELONG INDUSTRIES: Court Enters Wind-Up Order
GOLD RAMBO: Court Enters Wind-Up Order
GOLDEN PRIDE: Court Enters Wind-Up Order

GOLDEN THREAD: Court Enters Wind-Up Order
HANG ON: Court Enters Wind-Up Order
KOMAK TECH: Court Enters Wind-Up Order
LUEN HING: Court Enters Wind-Up Order
MANY WAYS: Court Enters Wind-Up Order

MEGA PROJECTS: Court Enters Wind-Up Order
MIND ASIA: Court Enters Wind-Up Order
MIRAGE ELECTRONIC: Members' Final Meeting Set for November 2
NGA COMPANY: Court Enters Wind-Up Order
NICE CAPITAL: Court to Hear Wind-Up Petition on November 10

OCEAN CHAMP: Ng and Less Appointed as Liquidators
SHINWA MAX: First Meetings Slated for October 11
SKYWIN (GROUP): Court Enters Wind-Up Order
SPA BY: Court Enters Wind-Up Order
SPA BY L & Y: Court Enters Wind-Up Order


I N D I A

BANSI MALL: CRISIL Rates INR4.3 Billion Long-Term Loan at 'B-'
ESSAR FERRO: CRISIL Lifts Rating on INR70MM Cash Credit to 'B+'
GEM MANUFACTURING: ICRA Assigns 'LBB' Rating to INR19.8cr Debts
GUFIC BIOSCIENCES: ICRA Places 'LBB+' Rating on INR3cr Term Loan
LAXMI PIPES: ICRA Assigns 'LBB-' Rating to INR12.5cr Cash Credit

M N POLYTEX: ICRA Assigns 'LBB-' Rating to INR7.75cr Bank Debts
MAHARASHTRA STEELS: ICRA Puts 'LBB-' Rating on INR100MM Bank Debt
MANGLAM BUILD: ICRA Assigns 'LBB-' Rating to INR40cr Term Loan
MASS INFRASTRUCTURE: CARE Places 'CARE BB+' on INR10cr LT Loans
PRABHAT POULTRY: CRISIL Assigns 'B' Rating to INR92.5MM Term Loan

SHREE UMIYA: CRISIL Reaffirms 'B' Rating on INR65MM Cash Credit
SRI VASAVI: CRISIL Assigns 'BB-' Rating to INR54 Million Term Loan


K O R E A

DAEWOO ELECTRONICS: Set to Strike Final Sale Deal With Entekhab


M A L A Y S I A

LINEAR CORPORATION: Nelligan Steps Down as Chief Operating Officer
OILCORP BERHAD: Bourse to Suspend Trading of Shares on October 11


N E W  Z E A L A N D

FIVE STAR: McDonald and Williams Plead Guilty to Criminal Charges
OPIUM BAR: Owners Banned From Managing Firms Amid Insolvency
SOUTH CANTERBURY: Sale of Two Hotels Valued Up to NZ$70 Million


P H I L I P P I N E S

PHILIPPINE AIRLINES: Government Takes Jurisdiction Over Labor Row




                         - - - - -


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


PREMIUM COLLECTIONS: ASIC Backs Liquidator's Probe
--------------------------------------------------
Michael Evans at The Sydney Morning Herald reports that the
Australian Securities and Investments Commission has agreed to
contribute to the investigations of the liquidator of Premium
Collections, Nicholas Crouch of Crouch Amirbeaggi, into the role
played by John Lord, a partner at PKF Chartered Accountants &
Business Advisers.

SMH relates Mr. Lord, a former director of Premium Collections,
was questioned in the Federal Court Tuesday about a series of
loans to which he was a signatory, including to the major
shareholder and managing director of Premium Collections, John
Stewart.

According to SMH, Premium's liquidator claims Premium paid out
AU$2.4 million to related parties in the months before the company
collapsed in April last year, owing creditors AU$1.7 million.

SMH says Mr. Crouch suspects it may have been insolvent for a
year.  None of the loans was secured.

Premium Collections was engaged in debt collections business.


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


COSMOPOLITAN COSMETICS LTD: Final General Meeting Set for Nov. 1
-----------------------------------------------------------------
Members of Cosmopolitan Cosmetics Limited will hold their final
general meeting on November 1, 2010, at 11:30 a.m., at 20/F.,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FORWARD MANAGEMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on July 12, 2010, to
wind up the operations of Forward Management Services Limited.

The company's liquidator is Chiu Koon Shou.


GEELONG INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on July 17, 2009, to
wind up the operations of Geelong Industries Limited.

The company's liquidator is Chiu Koon Shou.


GOLD RAMBO: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on August 5, 2010, to
wind up the operations of Gold Rambo Limited.

The company's liquidator is Chiu Koon Shou.


GOLDEN PRIDE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on January 20, 2010,
to wind up the operations of Golden pride Industrial Limited.

The company's liquidator is Chiu Koon Shou.


GOLDEN THREAD: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on October 12, 2009,
to wind up the operations of Golden Thread Co Limited.

The company's liquidator is Chiu Koon Shou.


HANG ON: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on February 12, 2010,
to wind up the operations of Hang On Timber Company Limited.

The company's liquidator is Chiu Koon Shou.


KOMAK TECH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 12, 2010, to
wind up the operations of Komak Tech Limited.

The company's liquidator is Chiu Koon Shou.


LUEN HING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on September 13,
2010, to wind up the operations of Luen Hing Noodles Restaurant
Limited.

The company's liquidator is Lau Siu Hung.


MANY WAYS: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on September 13,
2010, to wind up the operations of Many Ways Engineering Company
Limited.

The official receiver is E T O'Connell.


MEGA PROJECTS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on September 22,
2010, to wind up the operations of Mega Projects Construction
Limited.

The official receiver is E T O'Connell.


MIND ASIA: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on September 8, 2010,
to wind up the operations of Mind Asia Limited.

The company's liquidator is Lau Siu Hung.


MIRAGE ELECTRONIC: Members' Final Meeting Set for November 2
------------------------------------------------------------
Members of Mirage Electronic (H.K.) Company Limited will hold
their final general meeting on November 2, 2010, at 10:00 a.m., at
12/F., No. 100, Section 1, Hsin Tai Wu Road, Hsichih City, Taipei
Hsien 221, Taiwan.

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


NGA COMPANY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on September 22,
2010, to wind up the operations of Nga Company Limited.

The official receiver is E T O'Connell.


NICE CAPITAL: Court to Hear Wind-Up Petition on November 10
-----------------------------------------------------------
A petition to wind up the operations of Nice Capital International
Limited will be heard before the High Court of Hong Kong on
November 10, 2010, at 9:30 a.m.

Petitioner, Standard Chartered Bank (Hong Kong) Limited filed the
petition against the company on September 7, 2010.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


OCEAN CHAMP: Ng and Less Appointed as Liquidators
-------------------------------------------------
Mat Ng and John Robert Lees on August 17, 2010, were appointed as
liquidators of Ocean Champ Investment Limited.

The liquidators may be reached at:

         Mat Ng
         John Robert Lees
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


SHINWA MAX: First Meetings Slated for October 11
------------------------------------------------
Creditors and contributories of Shinwa Max Limited will hold their
first meetings on October 11, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Unit 511, 5/F, Tower 1, Silvercord, 30 Canton
Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


SKYWIN (GROUP): Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on August 27, 2010,
to wind up the operations of Skywin (Group) Parking Limited.

The company's liquidator is Lau Siu Hung.


SPA BY: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on July 14, 2010, to
wind up the operations of The Spa By Slimming Found Limited.

The company's liquidator is Chiu Koon Shou.


SPA BY L & Y: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 4, 2010, to
wind up the operations of The Spa By L & Y Limited.

The company's liquidator is Chiu Koon Shou.


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


BANSI MALL: CRISIL Rates INR4.3 Billion Long-Term Loan at 'B-'
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Bansi Mall
Management Company Pvt Ltd's term loan.

   Facilities                         Ratings
   ----------                         -------
   INR4.3 Billion Long-Term Loan      B-/Stable (Assigned)

The rating reflects Bansi Mall's weak capital structure and high
debt repayment obligations compared with low cash flows, resulting
in poor debt protection metrics.  These weaknesses are partially
offset by the long track record of Bansi Mall's promoters in
management of malls.

Outlook: Stable

CRISIL believes that Bansi Mall on standalone basis will not be
able to service its upcoming debt repayment obligations through
its operating cash flows of mall management, and therefore expects
the promoters and the group companies to provide necessary support
to Bansi Mall for timely debt servicing.  The outlook may be
revised to 'Positive' if there is significant improvement in the
company's debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if Bansi Mall does not receive timely
support from the promoters or the group companies.

                         About Bansi Mall

Bansi Mall was incorporated in 2005 by the promoters of Future
Group to undertake acquisition and development of properties, as
well as mall management. Bansi Mall owns SOBO Central, a mall that
was earlier known as Crossroads Mall, at Haji Ali, Mumbai. Bansi
Mall reported a net loss of INR424 million on net sales of INR192
million for 2009-10 (refers to financial year, April 1 to
March 31).


ESSAR FERRO: CRISIL Lifts Rating on INR70MM Cash Credit to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Essar Ferro Alloys Company to 'B+/Stable' from 'B/Stable', and has
reaffirmed its rating on the company's bank guarantee facility at
'P4'.

   Facilities                      Ratings
   ----------                      -------
   INR70.0 Million Cash Credit     B+/Stable (Upgraded from
                                              'B/Stable')
   INR5.0 Million Bank Guarantee   P4 (Reaffirmed)

The upgrade reflects improvement in Essar Ferro's financial risk
profile following better-than-expected profitability in 2009-10
(refers to financial year, April 1 to March 31).  CRISIL believes
that the firm's financial risk profile will remain comfortable
over the medium term, despite its moderate capital expenditure
(capex).

The ratings, however, continue to reflect Essar Ferro's exposure
to risks related to its small scale of operations in the
fragmented cables and wires industry, and its weak financial risk
profile, marked by a low net worth.  These weaknesses are
partially offset by the benefits that the firm derives from its
promoters' experience in manufacturing copper wires.

Outlook: Stable

CRISIL believes that Essar Ferro will maintain a stable business
risk profile in the cables and wires segment, backed by the
extensive industry experience of its promoters.  The outlook may
be revised to 'Positive' if Essar Ferro reports strong growth in
revenues, and sustains its operating margin, or if there is equity
infusion into the firm, leading to an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a decline in Essar Ferro's revenues, and/or if the company
undertakes a larger-than-expected debt-funded capex programme,
adversely impacting its capital structure and leading to
deterioration in its financial risk profile.

                          About Essar Ferro

Set up in 1995 as a partnership firm by Mr. Gordhan Das Aggarwal
and his wife, Mrs. Sushila Devi Aggarwal, Essar Ferro manufactures
enamelled copper wires and power cables. The firm has a monthly
capacity to manufacture around 80 tonnes of copper wires and
30,000 metres of cables; it currently utilises only 50 per cent of
the installed capacity.

Essar Ferro reported a profit after tax (PAT) of INR16.3 million
on net sales of INR134.4 million for 2009-10, as against a loss of
INR16.5 million on net sales of INR227.7 million for 2008-09.


GEM MANUFACTURING: ICRA Assigns 'LBB' Rating to INR19.8cr Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR19.80 crore sanctioned
bank limits of Gem Manufacturing India Private Limited.  This
rating has been reassigned on the long term scale as against the
earlier rating of 'A4+' on the short term scale. The outlook on
the long term rating is stable.

The assigned rating factors in the GMIPL's weak profitability and
low cash accruals, the susceptibility of its margins to foreign
exchange fluctuations and its leveraged capital structure and weak
coverage indicators at present.  ICRA also takes a note of the
intensifying competitive pressures in the fragmented cut and
polished diamonds (CPDs) industry which, coupled with the current
slowdown in the diamond industry, is affecting both demand and
realisation for cut and polished diamonds, even though there has
been some marginal recovery in the recent months.  The rating
however, favorably factors in the track record of GMIPL in the cut
and polished diamond business and reasonable liquidity profile on
account of modest fund based utilization levels.

                      About Gem Manufacturing

Gem Manufacturing India Private Limited was established in 1965 as
a partnership firm. GMIPL was converted into private limited
company in January 2005.  GMIPL is in the business of trading and
processing of cut and polished diamonds. GMIPL exports diamonds
primarily to U.S.A, Belgium, Dubai and Israel. In the last three
years the company has shifted its focus towards trading in
diamonds.

Recent results:

GMIPL reported a PAT of INR0.79 crore on an operating income of
INR101.84 crore in 2009-10, as per the audited figures as against
corresponding figures INR0.14 crore and INR102.98 crore in 2008-
2009.


GUFIC BIOSCIENCES: ICRA Places 'LBB+' Rating on INR3cr Term Loan
----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR3.00 crore term loan and
INR13.00 crore long term fund based facilities of Gufic
Biosciences Limited.  The outlook on the long term rating is
stable.  ICRA has also assigned 'A4+' rating to the INR5.27 crore
short term non-fund based facilities of Gufic.

The ratings take into account the five decade long experience of
promoters in the domestic pharmaceutical industry, their diverse
albeit small presence across segments which include pharmaceutical
and herbal formulations, bulk drugs, consumer products and
contract manufacturing for injectables, in particular, lyophilized
injectables where the company has a reasonably strong presence and
substantial manufacturing capacity.

Manufacture of lyophilized injectables, which offers greater
stability, broader temperature tolerance and longer shelf
life for the products, are expected to drive growth and improve
margins for the company, going forward.

The ratings are, however, constrained by the relative small scale
of operation with presence in formulations and bulk drug division
limited to largely commoditised product segments, heavy
competition on marketing front faced in consumer product division
with presence of large and established FMCG companies, stagnant
growth in operating income over the past five years on account of
closure of few business divisions.  The financial profile of the
company is also constrained by sizeable advances towards group
companies; and considerable debtors outstanding for more than
three years with uncertainty over their recoverability.

                      About Gufic Biosciences

Gufic Biosciences Limited was incorporated in 2000 by gaining
backroom entry through a buy-out of a non-operational listed
entity Central Finance Limited, a consumer credit company. Gufic
changed the article of association to convert a consumer credit
company into a Pharmaceutical company and changed the name to
Gufic Biosciences Limited.  The company is closely held by Choksi
family who hold 69% stake directly or through group companies.
Choksi family have been in Pharmaceutical industry since 1960 when
they incorporated Gufic Pharma Private Limited.  The group had
earlier exited its API and formulations manufacturing division
through a sell-off of its six major brands to Ranbaxy in 1997. The
promoters re-entered pharmaceutical formulations segment
through incorporation of Gufic Biosciences Limited.

Gufic manufactures its products at three separate facilities at
Navsari, Baroda and Belgaum.  The Navsari facility manufactures
APIs and formulations. Belgaum facility is owned and managed by
Gufic Chem Pvt. Ltd. and manufactures herbal products. Consumer
products are manufactured at Baroda Facility which is now hived
off to GPL. Gufic?s manufacturing facilities for its formulations
and bulk drug division have received WHO-GMP certification in 2007
and the certification has recently been renewed.

Recent Results

Gufic has reported a net profit of INR1.2 crore in FY 2010 on an
operating income of INR63.1 crore as compared to a net profit of
INR0.1 crore in FY 2009 on an operating income of INR51.9 crore.
In Q1 FY 2011, Gufic reported net profit of INR0.43 crore on an
operating income of INR17.44 crore.


LAXMI PIPES: ICRA Assigns 'LBB-' Rating to INR12.5cr Cash Credit
----------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR12.50 crore cash credit
facility of Laxmi Pipes & Fittings Private Limited.  ICRA has also
assigned an 'A4' rating to the INR12.50 crore short term non fund
based facilities of the company.  The outlook on the long term
rating is stable.

The ratings take into account LPFPL's experienced management, its
long track record in the pipes business, its diversified client
base and its established distribution network across ten states in
the country.  The ratings are however constrained by LPFPL's
relatively high gearing levels, its high working capital intensity
and its modest debt protection indicators.  Moreover, the ratings
also take into consideration the intensely competitive nature of
the industry which is reflected in its modest operating margins.

                         About Laxmi Pipes

Incorporated in 1987, LPFPL is engaged in the manufacturing of
products and implements used in water conveyance and water
conservation viz. PVC (Poly vinyl chloride) pipes, HDPE (High
density polyethylene) pipes, bore-well casing pipes, plumbing
pipes, suction hose pipes, sprinkler systems and drip irrigation
systems. LPFPL has its manufacturing facilities situated in
Pithampur, Madhya Pradesh.  The company reported a net profit
after tax of INR0.45 crore on an operating income of INR52.36
crore in FY2010.


M N POLYTEX: ICRA Assigns 'LBB-' Rating to INR7.75cr Bank Debts
---------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the long term fund based
facilities of INR7.75 Crore of M N Polytex Private Limited.  The
outlook on the long term rating assigned is stable.

The assigned rating factors in the company's small size of
operations and its high financial risk profile as reflected in its
low profitability, weak coverage indicators and high leveraging
levels.  Further, the profitability margins remain exposed to
adverse fluctuations in the yarn prices due to its commoditized
nature, which along with the competitive pressures arising from
the fragmented nature of weaving industry, results in weak
operating  and net margins.  The rating, however, favorably
factors in the promoters' long experience in the textile business,
sustained growth in the revenue since inception & a moderately
diversified clientele base.

                          About M N Polytex

M N Polytex Pvt. Ltd was incorporated in 2004.  The company is
engaged in trading of yarn and manufacturing of fabrics on job
work basis.  The company has administration & registered office in
Kalbadevi, Mumbai.

Recent Results:

MNPPL  earned a net profit of INR0.2 crore on an operating income
of INR53.11crore for the year ending March 31, 2010.


MAHARASHTRA STEELS: ICRA Puts 'LBB-' Rating on INR100MM Bank Debt
-----------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to the INR100.0 million fund
based limits of Maharashtra Steels Private Limited.  The outlook
on the long term rating is stable.  ICRA has also assigned an 'A4'
rating to INR350.0 million non fund based bank limits of MSPL ?

The assigned ratings reflects MSPL's stretched financial position
characterized by poor coverage indicators and cash accruals, thin
net profit margins owing to low conversion charges and  limited
operational history.  Also, given its dependence on Maharashtra
Steels Rolling Mills Pvt. Ltd., the company's capacity utilization
has been low, and it is only recently that it has diversified
into own manufacturing and direct sales  The ratings however
favorably factor in the long experience of the promoter group in
the industry, minimal price and inventory risk for job work being
done on conversion basis for MSRMPL , established client profile
and accreditation with Power Grid Corporation of India Limited.

                      About Maharashtra Steels

MSPL was incorporated in the year 2003 by Mr. Janki Prasad Shah, a
management graduate and Mrs. Ritu Shah and started commercial
production only in February 2007.  The company is presently
engaged in job work/conversion for Maharashtra Steels Rolling
Mills Pvt. Ltd., a group company as also direct sales of
structural items required for Transmission Line Tower (TLT) in
order to fully exploit the company's manufacturing capacity.

During 2008-09, MSPL reported a net profit of INR5.3 million on
net sales of INR501.6 million.


MANGLAM BUILD: ICRA Assigns 'LBB-' Rating to INR40cr Term Loan
--------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR40 crore term loan of
Manglam Build Developers Private Limited.  The outlook on the
rating is stable.

The rating of MBDPL takes into consideration execution and demand
risks since most of the projects are in construction phase and a
large proportion of the project area is un-booked.  Moreover
funding risk also exists since a large part of the construction
cost is planned to be met by customer advances.  The rating
however derives comfort from the established track record of the
promoters in the real estate business and low approval risk for
the projects.

                        About Manglam Build

Manglam Build Developers Private Limited is a real estate company
engaged in development of residential and commercial projects. The
business was started by Mr. N.K. Gupta in 2001 and  initially
the projects were executed under various group companies/firms. In
2006, these group companies/firms were merged into a partnership
firm; Manglam Builder & Developer. Subsequently in April 2008, the
partnership was converted into the currently operational MBDPL.
The entire shareholding of the company is held by Mr. N.K. Gupta
and his family members.  The group has been engaged in development
activity in various major cities of Rajasthan.

Recent Results

The company has reported a net profit after tax of INR3.89 crore
on an operating income of INR32.75 crore in FY2010.


MASS INFRASTRUCTURE: CARE Places 'CARE BB+' on INR10cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of Mass Infrastructure Pvt Ltd.

                                Amount
   Facilities                 (INR crore)      Ratings
   ----------                 ----------       -------
   Long-term Bank Facilities      10.00        CARE BB+ Assigned
   Short-term Bank Facilities     10.00        PR4 Assigned

Rating Rationale

The ratings are constrained by small size of operations coupled
with below average financial risk profile marked by high overall
gearing and stressed liquidity position leading to instances of
overdrawing in overdraft account. Customer & geographical
concentration and fragmented nature of the industry further
constrain the ratings.

The above weaknesses are partially offset by experience of
promoters, sizeable order book position and presence of price
escalation clause in majority of the projects in hand.

Timely execution of orders in-hand coupled with sustainability of
profitability margins and ability to bag new orders along with
diversification its revenue base are the key rating sensitivities.

                      About Mass Infrastructure

Mass Infrastructure Private Limited, incorporated in 2002, is
promoted by Shri Arvind Patel and Shri Shanu Patel. It took over
the on-going business of the same promoters in a partnership firm,
M/s. Mass Construction Company, in April 2008.  The promoters have
more than 15 years of experience in the construction business.
MIPL is registered as an approved contractor in 'AA' category with
Government of Gujarat as well as in 'Super Class' category with
Government of Orissa, indicating eligibility for large sized
contracts.  MIPL is in the business of construction of roads,
canals, buildings etc. with focus in Madhya Pradesh, Gujarat and
Orissa.


PRABHAT POULTRY: CRISIL Assigns 'B' Rating to INR92.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Prabhat Poultry Pvt
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR92.5 Million Rupee Term Loan        B/Stable (Assigned)
   INR22.5 Million Cash Credit Facility   B/Stable (Assigned)

The rating reflects PPPL's below-average financial risk profile,
marked by a small net worth and high gearing, coupled with
aggressive debt funded capital expenditure (capex) plan, and
susceptibility to risks inherent in the poultry industry. These
rating weaknesses are partially offset by long standing experience
of PPPL's promoters in the poultry-farming business.

Outlook: Stable

CRISIL believes that PPPL will continue to benefit over the medium
term from its promoters' experience in the poultry-farming
business. The outlook may be revised to 'Negative' in case of
material cost or time overruns in the planned capex programme, or
larger-than-expected debt contracted to fund the capex.
Conversely, the outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly, supported
by substantial fresh equity infusion and sustained improvement in
profitability.

                       About Prabhat Poultry

Set up as a proprietorship firm in 1963, PPPL was reconstituted as
a partnership firm in 1980 and then in 2004, it was converted into
a private limited company with its present name. The Mumbai-based
PPPL has its manufacturing facility at Alibaug (Maharashtra). It
is currently managed by Mr. Pramod Mhatre and his family. It
manufactures table eggs and poultry feed, and also processes
broiler chicken meat. All the products manufactured by PPPL are
sold under the Prabhat brand name, within the state of
Maharashtra.

PPPL reported a estimated profit after tax (PAT) of INR11.94
million on estimated net sales of INR186.17 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR0.82 million on net sales of INR158.58 million for 2008-09.


SHREE UMIYA: CRISIL Reaffirms 'B' Rating on INR65MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on Shree Umiya Cotton Ginning & Pressing Pvt
Ltd's bank facilities continue to reflect Shree Umiya'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 the benefits that Shree Umiya derives from its
promoters' experience in the cotton industry.
   Facilities                              Ratings
   ----------                              -------
   INR65.0 Million Cash Credit Limit       B/Stable (Reaffirmed)
   (Reduced from INR80 Million)

   INR17.6 Million Working Capital
   Demand Loan (Enhanced from INR10 Mil.)  B/Stable (Reaffirmed)

   INR6.0 Million Term Loan
   (Reduced from INR7.5 Million)           B/Stable (Reaffirmed)

   INR8.9 Million Proposed LT Bank
                     Loan facility        B/Stable (Assigned)

Outlook: Stable

CRISIL believes that Shree Umiya will continue to benefit over the
medium term from its promoters' experience in the cotton ginning
industry. The outlook may be revised to 'Positive' if improvement
in accruals; or infusion of equity leads to improvement in
financial risk profile for Shree Umiya. Conversely, the outlook
may be revised to 'Negative' if Shree Umiya's operating margin
declines sharply, leading to deterioration in its cash accruals
and debt protection metrics.

                         About Shree Umiya

Set up in 2006, Shree Umiya undertakes cotton ginning and pressing
in Amreli (Gujarat). The company's plant has capacity to process
75,000 bales of cotton per annum. Shree Umiya also installed a
cottonseed oil processing facility with a capacity of 80 tonnes
per day in 2009-10 (refers to financial year, April 1 to March
31). It currently operates at 70 per cent of its installed
capacity.

Shree Umiya is estimate to report a profit after tax (PAT) of
INR1.4 million on net sales of INR659 million for 2009-10 against
a PAT of INR1.4 million on net sales of INR551 million for
2008-09.


SRI VASAVI: CRISIL Assigns 'BB-' Rating to INR54 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Sri Vasavi Spinning
Mills' bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR50.00 Million Cash Credit    BB-/Stable (Assigned)
   INR6.00 Million Stand By Line   BB-/Stable (Assigned)
                      of Credit
   INR54.00 Million Term Loan      BB-/Stable (Assigned)

The rating reflects SVSM's below-average financial risk profile
marked by weak liquidity, working-capital-intensive operations,
small net worth, exposure to risks related to supplier and
customer concentration, and susceptibility to volatility in input
prices. These rating weaknesses are partially offset by SVSM's
established track record and its promoters' experience in the
polyester yarn spinning industry.

Outlook: Stable

CRISIL believes that SVSM will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' if SVSM increases its scale of
operations, while maintaining its profitability and cash accruals.
Conversely, the outlook may be revised to 'Negative' if SVSM
undertakes a larger-than-expected debt-funded capital expenditure
programme, its profitability declines sharply, or if the partners
withdraw significant quantum of capital from the firm, leading to
deterioration in its financial risk profile.

                         About Sri Vasavi

SVSM was set up as a partnership firm in 1994 by Mr. S
Purushothaman and family.  It is owned and managed by Mr. S
Purushothaman, Mr. K Sukumar, and their families. SVSM
manufactures polyester yarn (primarily in counts of 10s to 30s)
from polyester staple fibre.  The firm's manufacturing facility,
with a capacity of 16,768 spindles, is in Tiruchiraplli (Tamil
Nadu).

SVSM reported a profit after tax (PAT) of INR0.2 million on net
sales of INR265.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.1 million on net sales
of INR224.0 million for 2008-09.


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


DAEWOO ELECTRONICS: Set to Strike Final Sale Deal With Entekhab
---------------------------------------------------------------
Creditors of Daewoo Electronics Corp. are poised to clinch a final
deal to sell South Korea's third-largest electronics company to
Iranian home appliance maker Industrial Group next week, Yonhap
New Agency reports citing industry sources.

Woori Bank and other creditors in April picked Iranian home
appliance maker Entekhab as the preferred bidder for their 97.5%
stake in Daewoo Electronics, which they acquired in a debt-equity
swap in 1999 when the company was placed under a debt rescheduling
program.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.


===============
M A L A Y S I A
===============


LINEAR CORPORATION: Nelligan Steps Down as Chief Operating Officer
------------------------------------------------------------------
Linear Corp. disclosed that Clive Vincent Nelligan resigned as the
Company's Chief Operating Officer, effective September 30, 2010.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


OILCORP BERHAD: Bourse to Suspend Trading of Shares on October 11
-----------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend trading of Oilcorp
Berhad's securities on October 12, 2010, due to the failure of the
Company to submit its regularization plan to the Securities
Commission and other relevant authorities for approval.

The bourse said that the securities of the Company will be de-
listed on October 14, 2010, unless an appeal is submitted to Bursa
Securities on or before October 11, 2010.  Any appeal submitted
after the Appeal Timeframe will not be considered by Bursa
Securities.

In the event the company submits an appeal to Bursa Securities
within the Appeal Timeframe, the removal of the securities of the
company from the Official List of Bursa Securities on October 14,
2010, will be deferred pending the decision on the company?s
appeal.

                       About Oilcorp Berhad

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


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


FIVE STAR: McDonald and Williams Plead Guilty to Criminal Charges
-----------------------------------------------------------------
The National Business Review reports that former Five Star Finance
director Marcus McDonald and "shadow" director Neill Williams have
pleaded guilty to criminal charges laid by the Companies Office
under the Securities Act and the Financial Reporting Act and been
convicted.

According to NBR, the Securities Act charges relate to false and
misleading statements contained in investment statements and the
September 2006 registered prospectus, and carry a maximum sentence
of five years' imprisonment.

NBR says Messrs. McDonald and Williams are to be sentenced in
December.

The Serious Fraud Office has also laid 100 charges under the
Crimes Act against the former directors and Mr. Williams over
related party lending involving loans worth NZ$50 million,
according to NBR.

The Troubled Company Reporter-Asia Pacific, citing
BusinessDay.co.nz, reported on September 30, 2010, that former
directors Nicholas Kirk and Anthony Bowden also pleaded guilty to
criminal charges on August 12 and September 17 respectively.  The
charges relate to Five Star Finance and its associated companies,
Five Star Consumer Finance (FSCF) and Five Star Debenture Nominee
(FSDN), and had been set down for separate proceedings, a trial
and a defended hearing, in the next two months.  Messrs. Kirk and
Bowden will be sentenced on October 14 and face a maximum five-
year jail term on each of the Securities Act charges which were
laid by the Companies Office in 2009.

                          About Five Star

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

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

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


OPIUM BAR: Owners Banned From Managing Firms Amid Insolvency
------------------------------------------------------------
Greg Ninness at Sunday Star Times reports that David Williams and
his wife Harbans Kaur Williams, who owned and operated some of
New Zealand's best-known restaurants, bars and function venues,
have been banned from being company directors or managing
companies for three years and nine months.

The Sunday Star says the ban was imposed on the couple following
an investigation into the collapse of six of their companies in
November last year, which left creditors nearly NZ$4 million out
of pocket.

The businesses that collapsed included the fashionable Opium Bar &
Restaurant on Aotea Square, Pinot function centre on the Orakei
Basin, Pontoon seafood restaurant overlooking Westhaven Marina and
Scoozi restaurant in Herne Bay.

Citing a liquidators' report, the Sunday Star discloses that the
collapsed companies owed trade creditors NZ$1.54 million and
Inland Revenue more than NZ$627,000, mainly for unpaid PAYE and
GST.  There was also a significant amount of related party debt,
the Sunday Star notes.

"Each company was clearly insolvent and the Williamses were the
directors responsible for the management of each company," deputy
registrar of companies Peter Barker wrote in a report on the
collapses, according to the Sunday Star.

The Sunday Star Times reports Gareth Hoole, an insolvency
specialist with accounting firm Staples Rodway, said he expected
many more directors of failed companies to face banning orders.


SOUTH CANTERBURY: Sale of Two Hotels Valued Up to NZ$70 Million
---------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that the sale
prospects for two of South Canterbury Finance's biggest
investments look strong and could recoup up to NZ$70 million of
taxpayer money.

The NZ Herald says that a global advertising campaign is under way
to sell Auckland's Hyatt Regency and Christchurch's Hotel So.

The Hyatt, subject of a NZ$7 million refurbishment, could fetch
NZ$50 million to NZ$60 million because some neighboring Hyatt
Residences, the health spa and carpark are also being sold.  Hotel
So could fetch more than NZ$20 million.

According to the NZ Herald, Dean Humphries, national director
Jones Lang LaSalle Hotels in Auckland, said calls for initial
expressions of interest had drawn parties from Asia, Australia and
New Zealand but nothing was decided yet.

The NZ Herald relates Mr. Humphries said the initial expressions
are being whittled down to a short-list but no sale would be
announced until either later this year or early next year.

Expressions of interest closed on Wednesday for the Hyatt and on
September 22 for Hotel So, the NZ Herald notes.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


PHILIPPINE AIRLINES: Government Takes Jurisdiction Over Labor Row
-----------------------------------------------------------------
The Philippine government has assumed jurisdiction over the
dispute between Philippine Airlines and its cabin crew union after
last-ditch efforts to resolve the row failed, abs-cbnNEWS.com
reports.

According to abs-cbnNEWS.com, Labor Secretary Rosalinda Baldoz
said the move prevents the Flight Attendants' and Stewards'
Association of the Philippines (FASAP) from pushing through with a
planned strike to paralyze the operations of the national flag
carrier.

The 1,600-strong FASAP had warned it would go on strike by the end
of October if PAL still took a hardline stance and ignored the
group's demands in their 5th conciliation meeting held on
October 5, abs-cbnNEWS.com relates.

According to the report, talks collapsed as the camps failed to
agree on 3 issues: the economic package (wage increase and rice
allowance), gender discrimination (maternity leaves), and
retirement age.

abs-cbnNEWS.com says PAL stood firm on its previous offer that
included a one-time economic package worth PHP105 million and
adjustment in the retirement age from 40 to 45 years old, but
FASAP wanted a retirement age of 60 and a P250-million economic
package.

Ms. Baldoz, as cited by abs-cbnNEWS.com, said she has given PAL
and FASAP 10 days to submit their respective position papers on
the labor dispute.  She said that if both camps will not request
to extend the deadline for additional pleadings, she may come up
with a ruling on the row in 30 days.

                     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.



                             *********

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

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

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


                            *********


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

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

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

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

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





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