TCRAP_Public/101012.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 12, 2010, Vol. 13, No. 201

                            Headlines



A U S T R A L I A

BORDER RANGE: No Return to Investors as Farm Plans to Wind-Up
INDOPHIL RESOURCES: Inks US$40-Mil. Share Placement Deal With SMC
FMG RESOURCES: S&P Changes Outlook on 'B' Ratings to Stable


H O N G  K O N G

8COMPANY LIMITED: Commences Wind-Up Proceedings
AIE HOLDINGS: Commences Wind-Up Proceedings
AMAX WORLD: Commences Wind-Up Proceedings
ANGLO STARLITE: Creditors' Proofs of Debt Due November 5
AP COMMUNICATIONS: Commences Wind-Up Proceedings

APEX MIGHT: Fok and Sutton Appointed as Liquidators
AVION ENGINEERING: Commences Wind-Up Proceedings
BONANZA HOLDING: Commences Wind-Up Proceedings
BRILLIANT PURE: Commences Wind-Up Proceedings
CC PROMINENT: Commences Wind-Up Proceedings

CHAMPAGNE JEWELRY: Commences Wind-Up Proceedings
CHINA CRYSTAL: Commences Wind-Up Proceedings
CHINA UP: Court to Hear Wind-Up Petition on November 10
DE RODEO: Court to Hear Wind-Up Petition on October 27
DIORVA KNITTERS: Commences Wind-Up Proceedings

EVERWAY ENTERPRISE: Commences Wind-Up Proceedings
FAR-GO EXPRESS: Commences Wind-Up Proceedings
JADE UNION: Creditors' Proofs of Debt Due October 22
OBELISK TRUST: S&P Withdraws Ratings on Series 2006-1 Notes
PRINCE SAUNA: First Meetings Slated for October 28

TRAVEL PRODUCTS: Court to Hear Wind-Up Petition on October 20


I N D I A

BHARAT INDUSTRIAL: CRISIL Reaffirms 'P4+' Rating on INR450MM Debt
ENNORE COKE: Fitch Downgrades National Long-Term Rating to 'D'
GANDHINAGAR HOTELS: CARE Rates INR13.49cr LT Debts at 'CARE BB'
GUJARAT METAL: CRISIL Assigns 'BB+' Rating to INR41.2MM Term Loan
IN-LAND BUILDERS: ICRA Assigns 'LBB' Rating to INR5cr Bank Debts

J&K ALUMINIUM: CRISIL Cuts Rating on INR22MM Term Loan to 'D'
METAL ORE: ICRA Reaffirms 'LBB+' Rating on INR7cr Fund-Based Debt
KRISHNA PROFILES: ICRA Puts 'LBB-' Rating on INR1.76cr Term Loan
OILCO SERVICES: ICRA Places 'LBB' Long-Term Rating on Bank Loans
P.S.P FARMS: ICRA Assigns 'LB+' Rating to INR8.85cr Term Loan

PARAS FLOWFORM: ICRA Puts 'LB+' Rating on INR10cr Long-Term Loan
PATNAIK STEEL: CRISIL Lifts Ratings on Various Debts to 'BB-'
PROPACK INDUSTRIES: CRISIL Assigns 'BB' Rating to INR32.5MM Debt
PVN FABRICS: Fitch Assigns National Long-Term Rating of 'B+'
PVN TEX: Fitch Assigns National Long-Term Rating of 'B+'

S. RASIKLAL: CRISIL Reassigns 'B+' Ratings to Various Bank Debts
SHIV SHAKTI: CRISIL Reaffirms 'P4+' Rating on INR300MM Bank Debt
SELVAM BROILERS: ICRA Assigns 'LB+' Rating to INR5.4cr Term Loan
SOUTH INDIAN: Fitch Affirms Individual Rating at 'D'
SURYAAMBA SPINNING: CRISIL Cuts Rating on INR83.2MM Loan to 'BB'

TATA STEEL: S&P Gives Stable Outlook; Affirms 'BB-' Rating
V. PONNUSAMY: ICRA Rates INR5.66 Crore Term Loan at 'LB+'
VESTAL EDUCATIONAL: ICRA Assigns 'LBB-' Rating to INR10cr Debt
VINOD MEDICAL: CRISIL Reaffirms 'BB-' Rating on INR100MM Credit


J A P A N

FURUKAWA CO: Moody's Downgrades Long-Term Issuer Rating to 'Ba1'
CSC SERIES: S&P Downgrades Rating on Class G-3 Bonds to 'CCC-'
GK L-JAC4: S&P Puts Bond Ratings on CreditWatch Negative
JAPAN COMMERCIAL: S&P Puts Notes Ratings on CreditWatch Negative
L-JAC SIX: S&P Puts Note Ratings on CreditWatch Negative

ORSO FUNDING: S&P Puts Note Ratings on CreditWatch Negative
TAKEFUJI CORP: Shinsei Bank to be Appointed as Financial Adviser
* S&P Puts Japanese CDO Ratings on CreditWatch Negative


M A L A Y S I A

HAISAN RESOURCES: Malayan Banking Demands Payment on MYR910K Loan
KENMARK INDUSTRIAL: Gets Summons From Stenmark for MYR218K Claim
OILCORP BERHAD: Appoints M&A Securities as Principal Adviser


N E W  Z E A L A N D

AOTEAROA RESORTS: Court Enters Wind-up Order
CRAFAR FARMS: Natural Dairy Expects OIO's Approval on Bid
JIREH INTERNATIONAL: IRD Seeks NZ$175,000 From Owner
SOUTH CANTERBURY: Receivers to Place Mr. Apple on the Market


S I N G A P O R E

CALL CENTRE: Creditors Get 14.3% Recovery on Claims
CITILINK HOLDINGS: Court Enters Wind-Up Order
COSMOPOLITAN COSMETICS: Creditors' Proofs of Debt Due October 18
MULTI-BONDER TRADING: Creditors' Proofs of Debt Due October 22
OKAYI CONTRACTS: Court to Hear Wind-Up Petition on October 22

PIONEER FREIGHT: Creditors' Proofs of Debt Due October 22
PROCENTEC PTE: Court Enters Wind-Up Order
PROSPERITY INT'L: Court to Hear Wind-Up Petition on October 15
PROTOSTAR ASIA: Creditors' Proofs of Debt Due October 28
TENTAT HOLDINGS: Court to Hear Wind-Up Petition on October 22

THONG SOON: Creditors' Proofs of Debt Due October 22
TW OILS: Mr. Chan Yee Hong Appointed as Liquidator
XIN AN: Court to Hear Wind-Up Petition on October 22


X X X X X X X X

* BOND PRICING: For the Week October 4 to October 8, 2010





                         - - - - -


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


BORDER RANGE: No Return to Investors as Farm Plans to Wind-Up
-------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that investors can expect
little or nothing back from the AU$3.25 million they poured into
Border Range Rabbit Farm after company directors announced plans
to wind up the scheme as they seek a buyer for the site.

According to The Courier-Mail, the sale of Australia's biggest
rabbit farm is under way, complete with more than AU$2 million of
taxpayer-funded sheds and other improvements to the 120ha property
near Kyogle, northern NSW.

The Courier-Mail reported earlier this month that the business had
never turned a profit despite forecasts five years ago that strong
demand for rabbit meat would turn it into a money-spinner.

More than 30 investors, many from Queensland, have earned no
return from their stake in Red Shed Holdings, which operates the
business, The Courier-Mail says.

"We propose to sell the farm as a going concern, abattoir licence
and what belongs to Red Shed, and the company will be wound down,"
Red Shed director David Knibbe said in an e-mail sent to
investors, according to The Courier-Mail.

"Total funds received will go into one pot and the secured
creditors will be paid, staff entitlements, suppliers and
director/shareholder loans.  Any money after that goes back to the
shareholders," Mr. Knibbe wrote.

The Courier-Mail reports that a small group of disgruntled
investors hope to raise AU$50,000 to retain an accountant to
conduct a forensic review of the books.

Kyogle, Queensland-based Border Range Rabbit Farm --
http://www.borderrangerabbit.com.au/-- is Australia's largest
rabbit farm.


INDOPHIL RESOURCES: Inks US$40-Mil. Share Placement Deal With SMC
-----------------------------------------------------------------
Indophil Resources NL on Friday agreed to make a US$40 million
share placement at AU$0.86 per share to San Miguel Corp.

Completion of the share issue and receipt of funds is scheduled
for October 15, 2010.  No shareholder approval for the placement
is required.

Indophil currently has 423.4 million of issued shares and 2.6
million of unlisted options.  Following the placement, Indophil's
issued shares will increase to 471.4 million.  San Miguel had no
Indophil shares prior to the transaction.  The placement of
48,016,960 shares will represent approximately 10.1% of Indophil's
issued shares on a fully diluted basis.

"Engaging the support of San Miguel -- a diversified, global
corporation based in the Philippines -- is a strategically
important and positive outcome for the continued successful
development of its mining interests," Indophil CEO Richard
Laufmann said. "San Miguel brings significant financial strength
and regional relationships, underpinned by 120 years of
operational experience in the Philippines."

Indophil also agreed to a binding exclusivity period until
January 10, 2011, with San Miguel during which San Miguel will
complete due diligence on Indophil and decide whether to submit a
control proposal.

"This does not represent a statement of intention on the part of
San Miguel to put forward a control proposal, these discussions
are preliminary and non-binding," Indophil said.

"Indophil is immediately ceasing discussions with other interested
parties in respect of possible corporate actions involving
Indophil and it will remove access rights of those other parties
to the Indophil data room," Indophil added.

                      About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia.  The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines.  The two segments
of the Company are Australia and the Philippines.  The Company has
other exploration interests in the Philippines apart from the
Tampakan project.

                           *     *     *

Indophil Resources NL reported three consecutive net losses of
$10.58 million, $14.84 million and $985,107 for the years ended
Dec. 31, 2009, 2008 and 2007, respectively.


FMG RESOURCES: S&P Changes Outlook on 'B' Ratings to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its outlook on the
'B' ratings of the senior secured notes issued by FMG Resources
(August 2006) Pty Ltd., a subsidiary of Australian iron ore miner
Fortescue Metals Group Ltd. (not rated), was revised to stable
from negative.  The outlook revision reflects S&P's view that
Fortescue has demonstrated its capacity to sustain steady-state
production at its Chichester Hub of over 40 million tonnes per
annum.  In addition, the level of iron ore prices has underpinned
an improvement in Fortescue's liquidity and financial metrics, and
S&P expects the company to sustain this improvement.

"In S&P's view, Fortescue has the capacity to complete the
proposed expansion of its Chichester operations and ramp up its
run of mine to the targeted 55 mtpa," Standard & Poor's credit
analyst Philip Grundy said.  "S&P believes that Fortescue has
adequate liquidity built up and maintained within the project to
meet unexpected contingencies."

The rating on the senior secured debt could come under pressure,
however, if S&P believed that either the funding or execution
risks associated with any future expansion of the group's mines
were likely to negatively affect the existing senior secured debt.
S&P believes that the cross-default linkages within the group
contained in the finance documents mean that there is potential
for these debt issue ratings to be affected by the credit quality
of other group members, including the parent company; therefore,
in S&P's view, until there is more certainty around any proposed
development and financing thereof, the near-term growth
aspirations of Fortescue could represent a potential risk to the
credit quality of the senior debt on issue.

Mr. Grundy added: "Uplift in the ratings could be considered if
Fortescue were to successfully complete the current expansion
project and ramp up to 55 mtpa, subject to the group being able to
maintain production levels, adequate liquidity, and the momentum
of an improving financial performance, as well as evidence of
corporate policies supportive of a higher rating level."


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


8COMPANY LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Members of 8Company Limited, on March 11, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


AIE HOLDINGS: Commences Wind-Up Proceedings
-------------------------------------------
Members of AIE Holdings Limited, on February 24, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


AMAX WORLD: Commences Wind-Up Proceedings
-----------------------------------------
Members of Amax World Limited, on September 29, 2010, passed a
resolution to voluntarily wind up the company's operations.

The official receiver is E T O'Connell.


ANGLO STARLITE: Creditors' Proofs of Debt Due November 5
--------------------------------------------------------
Creditors of Anglo Starlite Insurance Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by November 5, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Jan G W Blaauw
         c/o PricewaterhouseCoopers
         22/F, Prince's Building
         Central, Hong Kong


AP COMMUNICATIONS: Commences Wind-Up Proceedings
------------------------------------------------
Members of AP communications Limited, on July 22, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


APEX MIGHT: Fok and Sutton Appointed as Liquidators
---------------------------------------------------
Mr. Fok Hei Yu and Mr. Roderick John Sutton on December 24, 2010,
were appointed as liquidators of Apex Might Enterprises Limited.

The liquidators may be reached at:

         Mr. Fok Hei Yu
         Mr. Roderick John Sutton
         14/F The Hong Kong Club Building
         3A chater Road
         Central, Hong Kong


AVION ENGINEERING: Commences Wind-Up Proceedings
------------------------------------------------
Members of Avion Engineering Company Limited, on February 3, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Bruno Arboit.


BONANZA HOLDING: Commences Wind-Up Proceedings
----------------------------------------------
Members of Bonanza Holding Company Limited, on April 12, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Bruno Arboit.


BRILLIANT PURE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Brilliant Pure Limited, on February 18, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


CC PROMINENT: Commences Wind-Up Proceedings
-------------------------------------------
Members of CC Prominent Limited, on September 29, 2010, passed a
resolution to voluntarily wind up the company's operations.

The official receiver is E T O'Connell.


CHAMPAGNE JEWELRY: Commences Wind-Up Proceedings
------------------------------------------------
Members of Champagne Jewelry Manufacturer Limited, on July 22,
2010, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Bruno Arboit.


CHINA CRYSTAL: Commences Wind-Up Proceedings
--------------------------------------------
Members of China Crystal Development Limited, on March 15, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Bruno Arboit.


CHINA UP: Court to Hear Wind-Up Petition on November 10
-------------------------------------------------------
A petition to wind up the operations of China Up Holdings Limited
will be heard before the High Court of Hong Kong on November 10,
2010, at 9:30 a.m.

Ho Ka Hung filed the petition against the company.


DE RODEO: Court to Hear Wind-Up Petition on October 27
------------------------------------------------------
A petition to wind up the operations of De Rodeo Catering Limited
will be heard before the High Court of Hong Kong on October 27,
2010, at 9:30 a.m.

King Bakery International co., Limited filed the petition against
the company.

The Petitioner's Solicitors are:

          Tsang & Lee
          Room 901, 9th Floor
          Harcourt House
          39 Gloucester Road
          Hong Kong


DIORVA KNITTERS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Diorva Knitters Limited, on February 19, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


EVERWAY ENTERPRISE: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Everway Enterprise (HK) Limited, on September 29, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The official receiver is E T O'Connell.


FAR-GO EXPRESS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Far-Go Express Corporation Limited, on May 14, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Bruno Arboit.


JADE UNION: Creditors' Proofs of Debt Due October 22
----------------------------------------------------
Creditors of Jade Union Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 22, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Law Yui Lun
         Wong Man Chung Francis
         19/F, No. 3 Lockhart Road
         Wanchai, Hong Kong


OBELISK TRUST: S&P Withdraws Ratings on Series 2006-1 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on Series
2006-1 Eden credit-linked notes issued by Obelisk Trust, following
a reduction of the principal amount of the notes to zero and the
consequent unwind of the notes.

The rating action on the affected transaction is:

                           Obelisk Trust

         Name                    Rating To    Rating From
         ----                    ---------    -----------
         Series 2006-1 Eden      N.R.          D (sf)


PRINCE SAUNA: First Meetings Slated for October 28
--------------------------------------------------
Contributories and creditors of Prince Sauna Limited will hold
their first meetings on October 28, 2010, at 2:30 p.m., and
3:00 p.m., respectively at Room 203, G/F., Duke of Windsor Social
Service Build1ing, 15 Hennessy Road, Wanchai, in Hong Kong.

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


TRAVEL PRODUCTS: Court to Hear Wind-Up Petition on October 20
-------------------------------------------------------------
A petition to wind up the operations of Travel Products Europe
Limited will be heard before the High Court of Hong Kong on
October 20, 2010, at 9:30 a.m.

Tam Kwok Cheung filed the petition against the company.

The Petitioner's Solicitors are:

          Kam & Fan
          Unit A, 22nd Floor
          Two Chinachem Plaza
          68 Connaught Road
          Central, Hong Kong


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


BHARAT INDUSTRIAL: CRISIL Reaffirms 'P4+' Rating on INR450MM Debt
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Bharat Industrial
Enterprises Ltd (BIEL; part of the Bharat group) continue to
reflect the highly working-capital-intensive nature of the Bharat
group's business, which constrains its financial risk profile.

   Facilities                               Ratings
   ----------                               -------
   INR450 Million Export Packing Credit     P4+ (Reaffirmed)
   INR100 Million Bank Guarantee/Letter     P4+ (Reaffirmed)
                              of Credit

The rating also reflects the susceptibility of the group's margins
to unfavorable changes in government policies and volatility in
prices of raw materials.  These weaknesses are partially offset by
the extensive industry experience of the Bharat group's promoters,
and the healthy growth prospects in the basmati rice industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BIEL and Shiv Shakti Rice Mills (SSRM),
together referred to as the Bharat group.  This is because the two
entities are in the same business of basmati rice processing and
exports, and have common promoters and management.

                         About the Group

BIEL was originally set up as a partnership firm by Mr. Panna Lal
Gupta in 1969; the firm was reconstituted and incorporated as a
public limited company in 1997 with the present name.  BIEL is
engaged in milling, processing, and selling basmati rice.  The
company also undertakes rice trading, whereby it exports rice
purchased from small rice mills after sorting.  BIEL has a milling
capacity of 2 tonnes per hour (tph) at its plant at Taraori,
Karnal (Haryana).  The company also runs a petrol pump in Taraori.

SSRM is a partnership firm set up in 1985 by four brothers, Mr.
Nathi Ram Gupta, Mr. Naresh Chand Gupta, Mr. Ramesh Chand Gupta,
and Mr. Rakesh Kumar Gupta.  The firm is engaged in milling,
processing, and selling of basmati rice.  SSRM has a milling
capacity of 4 tph at its plant at Taraori.  It also processes
paddy for BIEL on a job-work basis.

The Bharat group reported a profit after tax (PAT) of INR102
million on net sales of INR1.82 billion for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR31
million on net sales of INR1.55 billion for the previous year.


ENNORE COKE: Fitch Downgrades National Long-Term Rating to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded India's Ennore Coke Limited's
National Long-term rating to 'D(ind)' from 'BBB(ind)', and
simultaneously reassigned it a rating of 'B+(ind)' to reflect its
revised credit profile.  The Outlook is Stable.  The agency has
also downgraded and then re-assigned ratings to Ennore's bank
facilities.

  -- INR122.5 million fund-based limits: Downgraded to
     'D(ind)/F5(ind)' from 'BBB(ind)/F3(ind)' and reassigned at
     'B+(ind)/F4(ind)';

  -- INR1,650 million non-fund based limits: Downgraded to
     'D(ind)/F5(ind)' from 'BBB(ind)/F3(ind)' and reassigned at
     'B+(ind)/F4(ind)';

  -- INR490.5 million term loans: Downgraded to 'D(ind)' from
     'BBB(ind)' and reassigned at 'B+(ind)'; and

  -- INR33 million treasury (forex): Downgraded to
     'D(ind)/F5(ind)' from 'BBB(ind)/F3(ind)' and reassigned at
     'B+(ind)/F4(ind)'.

The downgrade of Ennore's ratings reflects the delays in interest
and principal payments on its terms loans during end-March 2010 to
end-September 2010 on account of liquidity pressures faced by the
company.  This is attributed to low capacity utilization of 20%-
30% during FY10 and Q1FY11 (Q4FY10: envisaged level of 100%) at
its facilities and delays in the commercialization of its 12 MW
waste heat-based cogeneration plant (expected in November 2010,
against the scheduled December 2009).  Ennore also executed an
export order in Q4FY10 without adequate export credit facilities,
which resulted in delayed payment of its term loan obligations.
The ratings factor in the support from the promoter - Shriram
group, led by Shriram EPC ('A-(ind)'/Stable/'F1(ind)'); while the
group did provide support, it was not timely.  The reassigned
ratings reflect the commitment provided by Ennore's parent --
Haldia Coke and Chemicals Limited -- and the Shriram group to
provide timely financial support, if necessary.

Ennore would need additional working capital loans to support its
liquidity requirements over the medium-term; but in the interim,
it may have to resort to funding support from HCCL.  While Fitch
expects HCCL's support to be forthcoming in a timely manner, any
delays could lead to a rating downgrade.  Positive rating triggers
include a sustained improvement in Ennore's capacity utilization
levels, which would lead to an improvement in its EBIDTA margins,
and timely commissioning of the power plant, along with a
demonstrated improvement in its liquidity and access to additional
bank lines.

Ennore owns a 0.13 MTPA coke manufacturing plant at Haldia.  The
company's turnover in FY10 was primarily due to the trading of
metallurgical coke, with EBIDTA margins of below 8%.  Its adjusted
debt/EBIDTA as at end-March 2010 was 5.89x and interest cover for
FY10 was 2.40x.  In H1FY11, HCCL acquired a 60.9% stake in Ennore
and became the holding company.  In July 2010, HCCL received an
INR1,250 million private equity investment to support future capex
plans Ennore Coke and its other subsidiary, Wellman Coke India
Limited, for mining, coking and power generation.


GANDHINAGAR HOTELS: CARE Rates INR13.49cr LT Debts at 'CARE BB'
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Gandhinagar Hotels Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities      13.49       'CARE BB' Assigned

Rating Rationale

The ratings are constrained by GHL's relatively small-sized
operations with a single property causing revenue concentration
risk and it's below average financial risk profile.  The ratings,
however, take into account GHL's long track record of operations,
experience of promoters and tie-up with Fortune Park Hotels Pvt
Ltd (ITC group) for management of operations and marketing
support.  Improvement in scale of operations by way of better
operating performance and consequent improvement in the financial
risk profile are key rating sensitivities.

GHL was incorporated in the year 1983 by Major (Retd) Vinodchandra
Joshi. GHL owns 84-room-three star hotel with 2 restaurants and 3
conference hall at Gandhinagar, Gujarat.  The hotel building was
setup in 1991 and the property is located diagonally opposite to
State Assembly Building of Gujarat and is at a distance of 15 km
from Ahmedabad airport.

During 2007, GHL entered in technical audit, pre-opening,
operations and marketing agreement with M/s Fortune Park Hotels
Ltd of ITC group.  As a part of it, GHL renovated its property and
upgraded the facility during 2008-09.  The hotel is operated under
name "Fortune Inn Haveli" with effect from March 23, 2010.

For FY10, GHL reported operating income of INR6.06 crore with PAT
of INR0.50 crore, which were at INR3.75 crore and INR0.23 crore
respectively during FY09.


GUJARAT METAL: CRISIL Assigns 'BB+' Rating to INR41.2MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Gujarat Metal Cast Industries Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR40.0 Million Cash Credit               BB+/Stable (Assigned)
   INR41.2 Million Term Loan                 BB+/Stable (Assigned)
   INR15.0 Million Post-Shipment Credit      P4+ (Assigned)
   INR10.0 Million Letter of Credit          P4+ (Assigned)

The ratings reflect GMCIL's small scale of operations, exposure to
intense competition in the fragmented steel casting industry, and
average financial risk profile marked by small net worth and high
gearing.  These weaknesses are partially offset by the extensive
experience of GMCIL's promoters in the steel casting industry.

Outlook: Stable

CRISIL believes that GMCIL will maintain its profitability,
supported by its increasing domestic sales and customer
diversification in the non-automobile segments.  The outlook may
be revised to 'Positive' if GMCIL increases its scale of
operations substantially and sustains an improvement in its
profitability. Conversely, the outlook may be revised to
'Negative' if there is significant deterioration in GMCIL's
financial risk profile, most likely because of larger-than-
expected debt-funded capital expenditure, or if there is a
slowdown in the company's end-user industries, which could
adversely affect its operating performance.

                        About Gujarat Metal

GMCIL was set up by Mr. Chandrakant Patel in 1978. It began
operations as a private limited company and was reconstituted as a
public limited company in 1995. GMCIL manufactures castings used
in automobile and engineering industries. In 2002-03 (refers to
financial year, April 1 to March 31), GMCIL was referred to the
Board of Industrial and Financial Reconstruction (BIFR) because of
accumulated losses resulting in its negative net worth.  As per
BIFR's restructuring scheme, GMCIL entered into one-time
settlement (OTS) agreements with its bankers and lenders, the last
OTS being in November 2006 with Gujarat State Financial
Corporation. GMCIL came out of BIFR's purview in 2006-07.

GMCIL reported a profit after tax (PAT) of INR14.8 million on net
sales of INR286.5 million for 2009-10, against a PAT of INR2.4
million on net sales of INR241.2 million for 2008-09.


IN-LAND BUILDERS: ICRA Assigns 'LBB' Rating to INR5cr Bank Debts
----------------------------------------------------------------
ICRA has assigned rating of 'LBB' to INR5 crore fund based limits
of In-Land Builders.  The outlook on the long-term rating is
stable.

The rating takes into account long track record and established
brand image of In-Land Builders in the Mangalore real estate
market and the healthy booking status of the entity's various
ongoing projects.  The rating is however constrained by In-Land
Builders' modest scale of operation, its high gearing level (1.9
times as on March 31, 2010) and its high geographical
concentration.  The rating also factors in the risks inherent in
sole proprietorship concerns inter alia the limited ability to
raise capital and the exposure to personal liabilities of the
promoter.

In-Land Builders, a proprietorship concern founded by Mr. Siraj
Ahamed in the year 1995, is a reputed real estate developer in
Mangalore, Karnataka.  The entity has successfully executed
several projects in Mangalore which include both residential and
commercial complexes. In the year 2005, In-Land Builder also
expanded operations in Bangalore and has so far completed four
residential projects in the city. During FY2010, the entity
generated a Profit Before Tax of INR3.7 crore on an Operating
Income of INR13.7 crore.


J&K ALUMINIUM: CRISIL Cuts Rating on INR22MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of J&K
Aluminium Company to 'D/P5' from 'BBB-/Stable/P3' because of
default on term loan and instances of overdrawing cash credit
facilities by JKAC.  In addition to the adverse impact on
production (caused by damage to its furnace chimney) and income
tax show cause notice, the ratings were predicated on JKAC's
management's declaration that the firm was meeting all its
financial obligations in a timely manner.  However, CRISIL has now
been informed that JKAC has delayed servicing its debt.  This
indicates that the firm's management had provided incorrect
declaration to CRISIL regarding timeliness in debt servicing.

   Facilities                          Ratings
   ----------                          -------
   INR170 Million Cash Credit Limit    D (Downgraded from
                                          'BBB-/Stable')

   INR22 Million Term Loan             D (Downgraded from
                                          'BBB-/Stable')

   INR100 Million Letter of Credit     P5 (Downgraded from 'P3')

JKAC, a partnership firm promoted by Mr. Randhir Singh Saini and
family, was set up in 2005 for manufacturing aluminium wire rods
and other allied products.  The firm has set up its factory at the
Industrial Growth Centre, Jammu.  The firm manufactures wire rods
which are used by wire and cable manufacturers as raw material.
JKAC's wire rod mill has annual production capacity of 12,000
tonnes per annum.

JKAC reported, on provisional basis, a profit after tax (PAT) of
INR70.6 million on net sales of INR1183.0 million for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR69.2 million on net sales of INR923.0 million for 2008-09.


METAL ORE: ICRA Reaffirms 'LBB+' Rating on INR7cr Fund-Based Debt
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of 'LBB+' to the
INR7 crore (reduced from INR10 crore earlier) fund-based bank
facilities of Metal Ore.  The long-term rating has been assigned a
stable outlook.  ICRA has also reaffirmed the short-term rating of
A4+ to the INR35 crore non-fund based bank facilities of Metal
Ore.

The rating reaffirmations take into account the firm's relatively
moderate scale of operations; limited value addition in the
business and a highly fragmented nature of the industry
characterized by intense competition, both of which result in thin
operating and net profitability; exposure to price risk on account
of its business requirement of holding steel inventory and its
sensitivity to adverse movements in exchange rates. Nevertheless,
the ratings favorably factor in the experience of Metal Ore's
partners in the boiler quality (BQ) steel trading business; the
firm's reputed and diverse customer base and its long association
with international steel producers, leading to assured product
supplies. ICRA also notes that the capital structure of Metal Ore
has shown some improvement with a gearing of 1.76 times as on
March 31, 2010 as against 2.12 times as on March 31, 2009;
however, the same remains high at an absolute level.  This,
coupled with weak profitability, keeps the coverage indicators at
depressed levels too.

                          About Metal Ore

Incorporated as a partnership firm in 1994, M/s. Metal Ore is
engaged in trading of steel and steel products including BQ
plates, structure steel plates, alloy steel plates, ship building
steels and quenched and tempered steels.  The focus of the company
is mainly on trading of boiler/pressure vessel quality steel and
structural steel plates, with thickness varying from 5mm to 200mm.
The company has four warehouses at Panvel, Navi Mumbai.

Recent Results

In 2009-10, Metal Ore reported a profit after tax (PAT) of INR0.5
crore on the back of net sales of INR79.8 crore.  In 2008-09,
Metal Ore made a PAT of INR0.6 crore on the back of net sales of
INR101.2 crore.


KRISHNA PROFILES: ICRA Puts 'LBB-' Rating on INR1.76cr Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to INR1.76 crore term loan and
INR 7.00 crore fund based limits of Krishna Profiles Private
Limited.  The outlook on the long-term rating is stable. ICRA has
also assigned an 'A4' rating to INR0.84 crore non-fund based
limits of KPPL.

The ratings take into account KPPL's moderate scale of operations;
its relatively high gearing on account of inventory driven high
working capital intensity; and the susceptibility of the business
to adverse movement in raw material prices because of the high
lead time for delivery of imported raw materials.  However, the
ratings are supported by the growth in the turnover over the last
two years resulting from increase in export sales; low credit risk
on export sales given the cash against documentation mode of
payment; and healthy growth potential for the company's products.

                      About Krishna Profiles

KPPL is a private limited company incorporated in May 2003 by Mr.
Gaurav Mungad and Mr. Rajesh Mundra.  The company is engaged in
manufacturing of aluminum sections and aluminum profiles at its
plant located in Ghata Billod, near Indore in Madhya Pradesh.  The
company started its operations with manufacturing of aluminium
rolls and profiles for domestic players.

In FY2009, the company started exporting these products, mainly to
Gulf countries like Dubai, Saudi Arabia, Kuwait, etc., which led
to a significant increase in the turnover of the company.  In
2009-10, KPPL achieved total operating income of INR36.27 crore
and net profit of INR0.73 crore in comparison to INR13.56 crore of
total operating income and net profit of INR0.39 crore in 2008-09.


OILCO SERVICES: ICRA Places 'LBB' Long-Term Rating on Bank Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' with a stable
outlook and short term rating of 'A4' to the bank facilities of
Oilco Services (India) Limited.

The ratings are constrained by Oilco's declining profitability
indicators, uncertain growth outlook of income from sales and
turnkey projects, the strong competition offered from local
players resulting in low operating margins in the AMC (annual
maintenance contract) business, and the high dependence of
warranty income on demand for petrol pumps by public sector oil
marketing companies.  While assigning the ratings, ICRA has also
taken into account the difficulties faced by Oilco in servicing
large number of small value maintenance contracts spread across
the country which has resulted in levying of late delivery charges
by oil companies.  The ratings however draw comfort from the
moderate gearing levels of the Company, good order book position
for AMC servicing segment, and the established business
partnerships of Oilco with companies such as Midco, Tatsuno, and
PetroTechnik. Oilco provides warranty services for pumps sold by
Midco, Tatsuno and other manufacturers in India, and acts as a
distributor for non metallic pipes of PetroTechnik (U.K.).

Oilco has four main segments of revenue viz.  AMC services (~37%
of sales in FY 2009), sales (33%), turnkey projects (22%), and
warranty services (8%).  Apart from providing repair and
maintenance services for pumps under warranty by manufacturers,
Oilco also enters into AMCs with oil marketing companies for pumps
which are not covered by warranty. Since FY 2008, Oilco has also
made significant share of its revenue from sales. While the
topline of the Company grew from INR 158.9 million to INR 303.2
million from FY 2006 to FY 2009, the operating margins declined
from 28.01% to 8.4% during the same period owing to increase in
share of revenues from sales and decline in warranty services
income. In the six months ending Sept 2009, Oilco reported a
turnover of INR 177.3 million with operating profit of INR 14.9
million.

Apart from this, in order to broadbase its product portfolio,
Oilco also entered into turnkey construction for retail dispensing
stations for private player such as Shell. In the warranty
services and AMC segment public sector companies continue to be
major players accounting for bulk of the Company's revenues.
However, in the turnkey construction services, private players
constitute the major clients with small contribution from public
sector companies.

                        About Oilco Services

Oilco Services (India) Limited was incorporated in the year 1999
and commenced operations in the year 2000 as an installation,
commissioning, and maintenance service for petroleum companies in
India. Oilco was envisaged to be one-stop solution for maintenance
of retail outlet equipment irrespective of make, and supply of
spares thereof.

Oilco has its head-office is in Mumbai and Regional Offices in
Delhi, Chennai & Kolkata with each region headed by a Regional
Manager (Operations). Oilco also has 19 services centres spread
across the country.  The Company is headed by Mr. Arup Chatterjee,
who is the Managing Director and the largest shareholder of the
Company.


P.S.P FARMS: ICRA Assigns 'LB+' Rating to INR8.85cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of 'LB+' to INR8.85 crore
term loan facilities and INR3.88 crore long term fund based
facilities of P.S.P Farms Private Limited.

The assigned rating takes into account the weak financial profile
of the company, as characterized by high gearing and stretched
coverage indicators, and history of tight liquidity conditions in
the past.  The ratings also reflect the inherent risks in the
poultry business in terms of sudden disease outbreaks and
competition resulting from low entry barriers in the industry.
The promoters have significant experience in poultry business,
there is ready availability of raw material (feeds) and the
company enjoys locational advantage by being in Namakkal (Tamil
Nadu), a major market for poultry and eggs in the country.

                          About PSP Farms

PSP Farms Private Limited is in the business of layer commercial
eggs and chicks for the Indian markets.  The company has
production and marketing units in Namakkal, Tamilnadu.  The
company has also installed two windmills of 250 KW each in
Pazhavoor in Tamilnadu.  It is part of the Selvam group of
companies promoted by Dr. P. Selvaraj. Commencing as a trading
company, under the name of Selvam Trading Company in Namakkal,
Tamil Nadu, the group was involved in supplying poultry feeds,
medicine, vaccines to the poultry units in and around Namakkal
apart from providing consultancy services to farmers and poultry
units. Dr. S. Babu, son of Dr. Selvaraj is the managing director
of the company.

Apart from PSP the other major company of the group is Selvam
Broilers Private Limited which is involved in trading of layer
chicks and eggs.  There are also four shell companies with no
operations.

The current shareholders of PSP are the family members of the
promoter and group companies.  The promoter Dr. P. Selvaraj has
significant experience in the poultry business and is the chairman
of National Egg Coordination Committee (NECC), Namakkal zone and
vice chairman of Broiler coordination Committee, Palladam.


PARAS FLOWFORM: ICRA Puts 'LB+' Rating on INR10cr Long-Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR10 crore, long-term,
proposed fund-based facilities and the INR5 crore, long-term,
proposed term loans of Paras Flowform Engineering Limited.  ICRA
has also assigned an 'A4' rating to the INR15 crore, proposed,
non-fund-based limits of PFEL.

The ratings factor in the established relationships that the
promoters enjoy with some of the defence organisations through
group companies and the vast experience of promoters in various
engineering businesses albeit on a small scale. ICRA also notes
that the domestic defence and aerospace sector, which PFEL as a
start-up is targeting, has tremendous growth potential owing to
"offset policy" initiated by Government of India (GoI) and huge
budget outlay for the sector.

The ratings are, however, constrained by the limited operational
track record of PFEL; it started generating revenues only from the
current financial year.  Also, it is currently executing
pilot/trial orders for its potential customers. Given the
uncertainty in its order-book position, the risk related to
optimum utilization of capacities remains.  The ability of the
company to establish and retain a client base remains to be seen.
Although its flowforming business for producing precision tubes is
a value-added activity, PFEL lacks prior experience in this high-
skilled and technically challenging area.  The funding requirement
of PFEL over the course of the next 12-18 months is relatively
large as compared to the scale of its group companies.  The
funding would be necessary for setting up of facilities for
various businesses.  Availability of copper and copper alloys at a
low cost, a key competitive advantage for its coin blanks
business, remains uncertain, as it is from a single company based
in Iran.

                        About Paras Flowform

Promoted by Mr. Sharad Shah and his family and incorporated on
June 09, 2009, PFEL is a start-up engaged in producing components
for the domestic defence and aeronautical sectors. It is targeting
production of precision tubes/chambers used in defence
applications, using an engineering process of flow forming. It
also intends to distribute copper and copper alloys to various end
users in India for which it has an alliance with an overseas
company.  It is exploring related opportunities for using its
copper and copper alloys raw material source for producing coin
blanks required by Government mints.

It has entered into a 50:50 Joint Venture (JV) with an Israeli
company. Named as Paras Gate (I) Private Limited, the JV plans to
manufacture components for the defence and aerospace sector.
Currently, PFEL is executing pilot/trial orders for its customers
in the defence and aerospace sector.  As for the coin blanks
business, business orders are expected to flow in from the second
half of the current financial year contingent on customer
approvals.  The group companies -- Paras Engineering Company,
Oxford Technologies, Microtek International, Indian Agencies and
AMS technologies -- are currently involved in a number of small
engineering businesses. PEC is the largest group company and has
approximately INR10 crore sales as per 2009-10 provisional
financials.  It also possesses prior experience in working with
the defence sector. PEC produces mechanical racks/cabinets for a
large defence customer catering to the Indian defence sector.


PATNAIK STEEL: CRISIL Lifts Ratings on Various Debts to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on Patnaik Steels and Alloys Ltd's
bank facilities to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                           Ratings
   ----------                           -------
   INR300 Million Cash Credit           BB-/Stable (Upgraded from
                                                    B+/Stable)

   INR960 Million Term Loan             BB-/Stable (Upgraded from
                                                    B+/Stable)

   INR70 Million Proposed Long          BB-/Stable (Upgraded from
                 Term Facility                      B+/Stable)

   INR30 Million Standby Line of Credit P4+ (Upgraded from P4)

   INR22.5 Million Letter of Credit     P4+ (Upgraded from P4)

   INR5 Million Bank Guarantee          P4+ (Upgraded from P4)

The upgrade follows steady increase in PSAL's turnover and
operating margin, resulting from improved operating efficiencies.
The company has achieved a turnover of around INR700 million in
the five months through August 2010, as against a turnover of
INR1044 million in 2009-10 (refers to financial year, April 1 to
March 31).  PSAL's operating margin improved to 26 per cent in
2009-10 from 19 per cent in the previous year. Moreover, the
promoters have infused equity of around INR40 million in 2009-10
to the company's net worth; further infusions are expected over
the medium term, and may improve PSAL's financial flexibility.

CRISIL's ratings on PSAL's bank facilities reflect PSAL's marginal
market share in the steel industry, large working capital
requirements, and susceptibility to downturns in the steel
industry.  These rating weaknesses are partially offset by the
benefits that PSAL derives from its moderately integrated
operations.

Outlook: Stable

CRISIL believes that PSAL will continue to benefit from reasonable
integration in its operations over the medium term.  The outlook
may be revised to 'Positive' if the company's revenues and
profitability increase substantially, while it attains a greater
degree of integration in operations. Conversely, the outlook may
be revised to 'Negative' if PSAL's capacities remain significantly
under-utilised, leading to deterioration in its operating margin,
or if the company undertakes large, debt-funded capital
expenditure programmes.

                       About Patnaik Steels

Set up in 2003 as a private limited company by Mr.  Tara Ranjan
Patnaik, Mr. Jitendra Nath Patnaik, and Mr. Prasanta Kumar
Mohanty, PSAL (formerly Patnaik Steels and Alloys Pvt Ltd)
manufactures sponge iron and billets, in addition to generating
power. It has a manufacturing facility at Keonjhar (Orissa), with
capacities to produce 110,000 tonnes per annum (tpa) of sponge
iron and 100,000 tpa of billets. PSAL's power plants have capacity
to generate 8 megawatts (MW) of energy through waste heat recovery
and 7 MW through fluidised bed combustion.

PSAL reported a profit after tax (PAT) of INR179.67 million on net
sales of INR973.30 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR6.7 million on net
sales of INR910.54 million for 2008-09.


PROPACK INDUSTRIES: CRISIL Assigns 'BB' Rating to INR32.5MM Debt
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Propack
Industries (prop Kunal Plastics Pvt. Ltd) bank facilities.  The
ratings reflect PI's modest financial risk profile.  This rating
weakness is partially offset by PI's established relationships
with customers.

   Facilities                           Ratings
   ----------                           -------
   INR32.50 Million Cash Credit          BB/Stable (Assigned)

   INR111.00 Million Proposed            BB/Stable (Assigned)
          Long-Term Bank Loan facilities

   INR37.50 Million Proposed Cash Credit BB/Stable (Assigned)

   INR23.50 Million Letter of Credit and P4+ (Assigned)
          Bank Guarantee

   INR1.50 Million Proposed Letter       P4+ (Assigned)
          of Credit and Bank Guarantee

For arriving at its ratings, CRISIL has combined the business and
financial risk profile of Propack Industries (prop Kunal plastics
Pvt. Ltd) and its group concern Janaki Plastics, collective
referred to as Propack Industries.  This is on account of common
management, significant business and financial fungibility and
promoter's intent to merge the two entities in the near future.

Outlook: Stable

CRISIL believes that PI will maintain its established market
position in the packaging material business and benefit from its
promoters' industry experience over the medium term.  The outlook
may be revised to 'Positive' if PI's financial risk profile
improves, driven most likely by higher-than-expected growth in
revenues and earnings, while maintaining its gearing and debt
protection metrics. . Conversely, the outlook may be revised to
'Negative', if PI's debt protection metrics deteriorate due to
lower-than-expected growth in revenues and earnings and high debt
funded capex.

                     About Propack Industries

PI was set up by the late Mr.  Thakorebhai Vashi in 1970 as a
partnership firm, after the retirement of the partners; the
business was taken over by Kunal Plastics Private Ltd., which was
promoted by Vashi Family.  The current shareholders of PI are Ms.
Ameeta Desai, Ms Alkaben Desai and Ms. Charulata Patel in equal
proportions and Janaki Plastics are Mr. Bankimbhai Desai, Mr.
Jayminbhai Desai and Mr. Nitinbhai Patel in equal proportions.
The company manufactures flexible packaging material for companies
in fast-moving consumer goods (FMCG) sector.

PI reported a profit after tax (PAT) of INR11.6 million on net
sales of INR331.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.6 million on net sales
of INR311.2 million for 2008-09.


PVN FABRICS: Fitch Assigns National Long-Term Rating of 'B+'
------------------------------------------------------------
Fitch Ratings has assigned India's PVN Fabrics a National Long-
term rating of 'B+(ind)'.  The Outlook is Stable.  The agency has
also assigned ratings to PVN's instruments:

  -- INR43.2 million term loans: 'B+(ind)';
  -- INR71.5 million cash credit limits: 'B+(ind)'; and
  -- INR40 million non-fund based limits: 'F4(ind)'

Fitch has taken a consolidated view of both PVN Tex and PVN
Fabrics, reflecting strong strategic linkages between the entities
since they manufacture similar line of products as well as both
the firms are managed and controlled by the same sponsors.

PVN's ratings benefit from the longstanding experience of its
promoters in the more stable domestic woven sacks manufacturing
market.  The firm caters mainly to sugar, food and fertilizers
industries, with the latter accounting for around 50% of total
revenues.  Owing to jute decontrol in FY10, there has been an
increase in demand for polypropylene / high-density polyethylene
woven sacks.  This has led to an increase in the demand of PVN's
products, and thus has enabled the firm to build up its revenues.
Fitch notes that the firm enjoys income tax and sales tax benefits
and lower power costs as its manufacturing facilities are based in
Daman.

The ratings are however constrained by the relatively small size
of PVN's operations and the commodity nature of its products; the
latter exposes it to market forces such as fluctuations in the
prices of raw materials (PP and HDPE) and finished goods.  Though
PVN has established relationships with its customers, the large
size of its customers and their bargaining power have resulted in
lower margins.  The ratings are also constrained by the INR350m
capex that the company plans to undertake to set up additional
manufacturing facilities.  This is planned to be funded through
debt of INR217.5 million and the sponsor's contribution (the
Agarwal family), which would affect the firm's liquidity in case
of project execution delays.  Fitch expects the capex to
positively benefit the firm over the long-term.  Fitch notes that
the firm's liquidity remained comfortable while its working
capital limits are fully utilized.

Fitch will continue to monitor the progress of PVN's capex plans.
Any delays in execution or cost overruns that materially impact
its credit metrics could pressure PVN's ratings.  Negative rating
triggers include PVN's EBITDA margins of below 5% and debt/EBITDA
levels of above 6x on a sustained basis.  Furthermore, pressure on
working capital requirements or any greater-than-expected decline
of the company's operating margins due to adverse market
conditions could also act as negative rating triggers.  Positive
rating triggers include successful completion of capex and
demonstration of increased revenues and profitability, which would
result in an improved liquidity position.

PVN is a closely held partnership firm, owned and managed by
Arvind Agarwal and family.  The Agarwal family has two other key
ventures, namely PVN Tex and Kandui Industries Pvt.  Ltd. PVN has
been involved in the manufacturing of woven sack manufacturing for
the last 40 years.  In FY10, the firm reported net sales of INR593
million (FY09: INR488 million), an EBITDA of INR45 million (FY09:
INR24 million), a debt/EBIDTA of 3.2x (FY09: 6.08x) and interest
cover of 2.71x (FY09: 2.57x).


PVN TEX: Fitch Assigns National Long-Term Rating of 'B+'
--------------------------------------------------------
Fitch Ratings has assigned India's PVN Tex Industries a National
Long-term rating of 'B+(ind)'.  The Outlook is Stable.  The agency
has also assigned ratings to PVN Tex's instruments:

  -- INR50 million term loans: 'B+(ind)';
  -- INR60 million cash credit limits: 'B+(ind)'; and
  -- INR40 million non-fund based limits: 'F4(ind)'.

Fitch has taken a consolidated view of both PVN Tex and PVN
Fabrics, reflecting strong strategic linkages between the entities
since they manufacture similar line of products as well as both
the firms are managed and controlled by the same sponsors.

PVN Tex's ratings benefit from the longstanding experience of its
promoters in the more stable domestic woven sacks manufacturing
market.  The firm caters mainly to sugar, food and fertilizers
industries, with the latter accounting for around 50% of total
revenues.  Owing to jute decontrol in FY10, there has been an
increase in demand for polypropylene / high-density polyethylene
woven sacks.  This has led to an increase in the demand of PVN
Tex' products, and thus has enabled the firm to build up its
revenues.  Fitch notes that the firm enjoys income tax and sales
tax benefits and lower power costs as its manufacturing facilities
are based in Daman.

The ratings are however constrained by the relatively small size
of PVN Tex's operations and the commodity nature of its products,
the latter exposes it to market forces such as fluctuations in the
prices of raw materials (PP and HDPE) and finished goods.  Though
PVN Tex has established relationships with its customers, the
large size of its customers and their bargaining power have
resulted in lower margins.  The ratings are also constrained by
the INR103 million capex that the company plans to undertake to
set up additional manufacturing facilities.  This will be funded
through debt of INR50 million and the sponsor's contribution (the
Agarwal family), which would affect its liquidity in case of
project execution delays.  Fitch expects the capex is expected to
positively benefit the firm over the long-term.  Fitch notes that
the firm's liquidity remained comfortable and was supported by the
ad-hoc limits raised by the firm.  The liquidity was further
supported by the equity infusion by the sponsors of INR48.3m in
FY10 for the expansion of its unit.

Fitch will continue to monitor the progress of PVN Tex's capex
plans.  Any delays in execution or cost overruns that materially
impact its credit metrics could pressure PVN Tex's ratings.
Negative rating triggers include PVN Tex's EBITDA margins of below
5% and debt/EBITDA levels of above 6x on a sustained basis.
Furthermore, pressure on working capital requirements or any
greater-than-expected decline of the company's operating margins
due to adverse market conditions could also act as negative rating
triggers.  Positive rating triggers include successful completion
of capex and demonstration of increased revenues and
profitability, which would result in an improved liquidity
position.

PVN Tex is a closely held partnership firm, owned and managed by
the Poonamchand Agarwal and family.  The Agarwal family has two
other key ventures, namely PVN Fabrics and Kandui Industries Pvt.
Ltd. PVN Tex has been involved in the manufacturing of woven sack
manufacturing for the last 40 years.  In FY10, it reported net
sales of INR502m (FY09: INR512m), an EBITDA of INR18.8m (FY09:
INR19.1m), debt/EBIDTA of 6.6x (FY09: 4.6x) and interest cover of
2.5x (FY09: 2.5x).


S. RASIKLAL: CRISIL Reassigns 'B+' Ratings to Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of S. Rasiklal & Company; these facilities were earlier
short-term facilities which were rated 'P4' by CRISIL.

   Facilities                              Ratings
   ----------                              -------
   INR184.0 Million Post-Shipment Credit   B+/Stable (Reassigned)
   INR57.5 Million Packing Credit          B+/Stable (Reassigned)
   INR34.5 Million Line of Credit          B+/Stable (Reassigned)
   INR4.0 Million Proposed Long-Term       B+/Stable (Reassigned)
                  Bank Loan Facility

The rating on Rasiklal's bank facilities continues to reflect
Rasiklal's weak financial risk profile marked by weak debt
protection metrics and a small net worth, and customer
concentration in its revenue profile.  These rating weaknesses are
partially offset by Rasiklal's promoters' experience in the
diamond business.

Outlook: Stable

CRISIL believes that Rasiklal will continue to benefit from its
established customer relationships, over the medium term.  The
outlook may be revised to 'Positive' if there is a significant
improvement in the firm's operating margin and working capital
management. Conversely, the outlook may be revised to 'Negative'
if Rasiklal's profitability deteriorates significantly, thereby
adversely affecting its cash accruals, or its capital structure
deteriorates, most likely because of large withdrawals by the
firm's partners.

                        About S. Rasiklal

Set up in 1969 as a proprietorship concern by Mr. Rasiklal Shah,
Rasiklal was reconstituted as a partnership firm in 1972.  The
firm is currently managed by Mr. Pravin Shah and family.  The
firm's head office is in the Opera House area in Mumbai. Rasiklal
manufactures and exports cut and polished diamonds.

Rasiklal reported a profit after tax (PAT) of INR13.1 million on
net sales of INR634.0 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR5.1 million on net
sales of INR559.0 million for 2008-09.


SHIV SHAKTI: CRISIL Reaffirms 'P4+' Rating on INR300MM Bank Debt
----------------------------------------------------------------
CRISIL's rating on the export packing credit facility of Shiv
Shakti Rice Mills (SSRM; part of the Bharat group) continue to
reflect the highly working-capital-intensive nature of the Bharat
group's business, which constrains its financial risk profile.
The rating also reflects the susceptibility of the group's margins
to unfavourable changes in government policies and volatility in
prices of raw materials.  These weaknesses are partially offset by
the healthy growth prospects in the basmati rice industry, and the
extensive industry experience of the Bharat group's promoters.

   Facilities                              Ratings
   ----------                              -------
   INR300 Million Export Packing Credit    P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSRM and Bharat Industrial Enterprises
Ltd, together referred to as the Bharat group.  This is because
the two entities are in the same business of basmati rice
processing and exports, and have common promoters and management.

                         About the Group

SSRM is a partnership firm set up in 1985 by four brothers,
Mr. Nathi Ram Gupta, Mr. Naresh Chand Gupta, Mr. Ramesh Chand
Gupta, and Mr. Rakesh Kumar Gupta.  The firm is engaged in
milling, processing, and selling of basmati rice. SSRM has a
milling capacity of 4 tph at its plant at Taraori, Karnal
(Haryana). It also processes paddy for BIEL on a job-work basis.

BIEL was originally set up as a partnership firm by Mr. Panna Lal
Gupta in 1969; the firm was reconstituted and incorporated as a
public limited company in 1997 with the present name.  BIEL is
engaged in milling, processing, and selling basmati rice.  The
company also undertakes rice trading, whereby it exports rice
purchased from small rice mills after sorting.  BIEL has a milling
capacity of 2 tonnes per hour (tph) at its plant at Taraori.  The
company also runs a petrol pump in Taraori.

The Bharat group reported a profit after tax (PAT) of INR102
million on net sales of INR1.82 billion for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of
INR31 million on net sales of INR1.55 billion for the previous
year.


SELVAM BROILERS: ICRA Assigns 'LB+' Rating to INR5.4cr Term Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of 'LB+' to INR5.4 crore term
loan facilities and INR13.5 crore long term fund based facilities
of Selvam Broilers Private Limited.

The assigned rating takes into account the weak financial profile
of the company, as characterised by thin profit margins, stretched
capitalisation and coverage indicators, and history of tight
liquidity conditions in the past.  The ratings also reflect the
inherent risks in the poultry business in terms of disease
outbreaks, timeliness of which cannot be predicted and low entry
barriers in the industry. However the ratings draw comfort from
the significant experience of the promoter in Poultry business,
strong supply chain of the company with in house feed
manufacturing facility and the locational advantage of being in
Namakkal (Tamil Nadu), a major market for poultry products in the
country.

                       About Selvam Broilers

Selvam Broilers Private Limited is a fully integrated unit for
Broiler operations with its own hatchery, feed mills and rearing
farms.  The key products of the company are broiler birds and
chicks, hatching eggs and poultry feed. It was established in 1988
and has units in Hosur and Namakkal in Tamil Nadu.  The company
sells its products in southern states of Tamil Nadu, Karnataka and
Kerala.

It is the flagship company of "The Selvam Group" promoted by Dr.
P. Selvaraj. Commencing as a trading company, under the name of
Selvam Trading Company in Namakkal, Tamil Nadu, the group was
involved in supplying poultry feeds, medicine, vaccines to the
poultry units in and around Namakkal, apart from providing
consultancy services to farmers and poultry units.  Apart from
SBPL, the other major company of the group is PSP Farms Private
Limited, which is involved in trading of layer chicks and eggs.
There are also four shell companies within the group with no
operations.

The current shareholders of SBPL are the family members of the
promoter and group companies.  The promoter Dr. P. Selvaraj has
long experience in the poultry business and is the chairman of
National Egg Coordination Committee (NECC), Namakkal zone and vice
chairman of Broiler coordination Committee, Palladam.

Recent Results

As per the 2009-10 results, SBPl reported an operating income of
INR80.2 Cr (as against INR 81.2 Cr in previous year) with a net
profit of INR0.3 Cr in 2009-10 (as compared to 0.01 cr in previous
year).


SOUTH INDIAN: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed South Indian Bank's National Long-term
rating at 'A+(ind)', Individual rating at 'D' and Support rating
at '5'.  The Outlook is Stable.  The agency has also affirmed
SIB's INR3.3 billion lower Tier 2 subordinated bonds at 'A+(ind)'.

SIB's Individual rating reflects its improved asset quality and
adequate capitalization, which is partly constrained by its
concentrated regional franchise and moderate funding profile as
compared to peers.  While the bank enjoys a fairly strong
reputation in the states of Kerala (home state) and Tamil Nadu, it
also makes SIB highly dependent on them in terms of deposits and
advances.  In Fitch's opinion, although there is a probability of
regulatory support for SIB, it cannot be relied upon given its
relatively small size and predominant regional franchise.

The bank, under its medium-term strategy, is focusing on reducing
concentration in South India and aims at building a pan-India
presence.  As a result, it has set itself an ambitious target of
trebling its asset base to INR750 billion in FY13 (FY10: INR255
billion).  Of the planned 250 new branches by FY13, 150 are likely
to be based out of North India, as the bank tries to establish
stronger footing in this market.  However, Fitch expects SIB to
face intense competitive pressures in these targeted regions,
which being lucrative markets, have larger established domestic
peers operating within them.

SIB's asset quality has steadily improved over time as its gross
NPL ratio reduced to 1.3% in FY10 (FY09: 2.2%, FY05: 6.6%).  While
the better economic outlook helped arrest incremental NPLs and led
to higher recoveries, the improvement over time could also be
ascribed to a better loan mix, which is characterized by a higher
proportion of retail loans (including gold loans) with no major
sector concentrations.  The bank has already achieved the
regulatory minimum loan loss coverage of 70%, and intends to
maintain its net NPL ratio below 0.5% (FY10: 0.47%).  Nonetheless,
Fitch expects that this trend is unlikely to be sustained given
the sharp growth envisaged by SIB.

SIB's capitalization is considered adequate (FY10: Tier 1 capital
adequacy ratio: 12.4%, total CAR: 15.4%), given relatively low
exposure to vulnerable sectors with Tier 1 capital almost entirely
composed of core capital.  Funding, however, is relatively weak
for the bank as low-cost current account-savings account deposits
have been generally low (FY10: around 24% of total deposits),
resulting in higher dependence on relatively costlier term
deposits.  However, the bank's substantial Non Resident Indian
deposit franchise partly mitigates some of these concerns due to
its relatively lower cost than bulk deposits (albeit higher than
CASA) and proven stickiness over time.  That said, Fitch expects
the share of bulk deposits - which has been gradually increasing -
to further increase and underpin the bank's growth strategy.

Profitability has been largely range bound (return on assets:
hovering around 1%) as downward pressure on net interest margins -
due to intense competition impacting yields on advances and higher
funding costs - has been largely managed via higher treasury
income, stable cost base and manageable provisioning.  Fitch
expects profitability to remain volatile over the near-term, as
upward trending interest rates are likely to push funding costs
faster than yield re-pricing on loans, due to the bank's
relatively weaker pricing power.  Moreover, added impact could be
felt over the medium-term from rising costs and higher loan loss
provisioning, as asset build-up aggressively takes place.

SIB's ratings are expected to be stable at least over the short-
to medium-term.  However, Fitch remains cautious about the bank's
ambitious medium-term growth targets and sees potential for a
negative rating action in the future should such growth be deemed
excessive and expose the bank to eventual asset quality
deterioration and/or impair its funding profile.  On the other
hand, a structural improvement in the bank's franchise and
funding, including from greater diversification, could lead to a
positive rating action over the medium term.

The National rating of the lower Tier 2 Bonds is at the same level
as the National LT rating and is consistent with the approach
taken for other similar securities based on Fitch's criteria.

SIB is an 'old' private sector bank based in Kerala.  It primarily
lends to regional small and medium enterprises and predominantly
depends on the southern region of India for both deposits and
advances.


SURYAAMBA SPINNING: CRISIL Cuts Rating on INR83.2MM Loan to 'BB'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Suryaamba Spinning Mills Ltd to 'BB/Stable' from 'BB+/Stable';
the rating on the short-term facilities has been reaffirmed at
'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       BB/Stable (Downgraded from
                                                 BB+/Stable)
   INR83.2 Million Long-Term Loan     BB/Stable (Downgraded from
                                                 BB+/Stable)
   INR2.5 Million Bank Guarantee      P4+ (Reaffirmed)
   INR5.0 Million Letter of Credit    P4+ (Reaffirmed)

The downgrade reflects CRISIL's belief that Suryaamba's financial
risk profile will remain constrained over the medium term because
of large, debt-funded capital expenditure (capex) and working
capital requirements.

In 2010-11 (refers to financial year, April 1 to March 31),
Suryaamba has undertaken a project to increase its spindle
capacity to 40,176 from 28,080 for a cost of around INR350.0
million.  The enhanced production facilities would enable the
company to increase its yarn production by 10,886 kilograms (kg)
per day.  To fund the capex, Suryaamba has contracted a bank loan
of INR217.5 million. Furthermore, in order to meet the additional
working capital requirements arising out of the increase in scale
of operations, the company has applied for a working capital loan
of INR70.0 million.  The increased bank borrowings is expected to
result in Suryaamba's gearing increasing to between 1.95 and 2.15
times over the near to medium term from the earlier healthy levels
of 0.75 to 0.85 times.

The ratings reflect expected deterioration in Suryaamba's
financial risk profile, significant customer concentration in its
revenue profile, and the company's limited ability to pass
increase in raw material prices.  These rating weaknesses are
partially offset by the experience of Suryaamba's promoters in the
yarn manufacturing business.

Outlook: Stable

CRISIL believes that Suryaamba will continue to benefit from its
promoters' industry experience over the medium term.  The outlook
may be revised to 'Positive' if Suryaamba's operating income and
profitability increases significantly of if the deterioration in
its financial risk profile is less than expected. Conversely, the
outlook may be revised to 'Negative' if Suryaamba's profitability
weakens or the company faces delays in implementation of its
capacity expansion project.

                     About Suryaamba Spinning

Suryaamba was formed by demerger of Suryalata Spinning Mills Ltd's
(Suryalata's) unit in Nayakund (Maharashtra) form Suryalata in
June 2007. Suryaamba manufactures polyester yarn and
polyester/viscose blended yarn in the count range of 20s to 45s.
Its products are used in manufacturing garments and apparels.  The
company's managing director, Mr. Virender Kumar Agarwal, has been
associated with the textile industry for nearly 25 years.  The
manufacturing unit is in Nayakund.

Suryaamba reported a profit after tax (PAT) of INR3.3 million on
net sales of INR825.8 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR1.2 million on net
sales of INR833.6 million for 2008-09.


TATA STEEL: S&P Gives Stable Outlook; Affirms 'BB-' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlooks on India-based Tata Steel Ltd. and the company's
subsidiary Tata Steel U.K. Ltd. to stable from negative.  At the
same time, S&P affirmed the 'BB-' long-term corporate credit
rating on Tata Steel and the 'BB-' issue rating on the company's
senior unsecured notes.  S&P also affirmed the 'B+' long-term and
'B' short-term corporate credit rating on TSUK.

"S&P revised the outlook as S&P believes the potential pressure on
TSUK's liquidity has eased following the refinancing of a ?3.67
billion bank loan.  The refinancing also reduces the potential
pressure on parent Tata Steel's liquidity," said Standard & Poor's
credit analyst Mehul Sukkawala.  "S&P views TSUK as a strategic
subsidiary of Tata Steel, and believe that the parent will
continue to support the company, if required."

Tata Steel's consolidated operating performance has improved over
the past year, especially with a turnaround at TSUK.  Tata Steel's
consolidated EBITDA margin was about 17% for the six months ended
June 30, 2010, compared with negligible margins for the same
period last year.  The companies' operating performance remains
susceptible to any weakness in the tentative global economic
recovery, particularly in Europe.  In addition, it remains exposed
to volatile steel and raw material prices.

Tata Steel's and TSUK's financial metrics have improved.  S&P
expects metrics to further improve in the fiscal year ending
March 31, 2011.  S&P, however, believes that Tata Steel's
financial risk profile remains aggressive, and TSUK's highly
leveraged.

Tata Steel and TSUK have adequate liquidity, in S&P's view.  The
companies' liquidity positions have improved with the refinancing
of debt at TSUK by a new bank loan and a revolver credit facility
totaling ?3.53 billion.  The new bank loan lengthens the repayment
schedule and will enable TSUK to significantly reduce its
repayment obligations for the next four to five years.  In
addition, it carries lighter financial covenants, which TSUK can
easily meet, and shields the company from any potential downturn
in the operating environment.


V. PONNUSAMY: ICRA Rates INR5.66 Crore Term Loan at 'LB+'
---------------------------------------------------------
ICRA has assigned a long term rating of 'LB+' to INR5.66 crore
term loan facilities of V. Ponnusamy Educational and Charitable
Trust.

The rating takes into consideration the trust's moderate scale of
operations attributed to lower enrolments, especially in the
technical institutes given the history of weak placement offers.
The rating also considers the company's debt funded capacity
expansion over the medium term, which is expected to impact the
capitalization indicators of the company, and the increased
competition in the education sector which may lead to lower
enrolment, especially in management quota.  The debt is guaranteed
by the group's poultry businesses, Selvam Broilers P Limited and
PSP Farms P Limited, which have relatively weak financial metrics.
However, the rating draws comfort from the affiliations with
prestigious universities, approvals for additional intake for
technical courses and the stable cash flows with regular fee based
income.

V. Ponnusamy Educational and Charitable Trust was established in
1999 in Namakkal, Tamilnadu by Dr. P. Selvaraj who is the promoter
of "The Selvam Group".  The trust was established to set up and
run educational institutions in the state of Tamilnadu.  The trust
commenced its operations with a higher secondary school and
expanded its portfolio to add several institutes.  At present the
trust runs the following eight institutes - Selvam Arts and
Science College, Selvam Higher Secondary School, Selvam
Matriculation School, Shree Amirtha College of Education, Selvam
Teacher Training Institute, Selvam College of Physical Education,
Sri Amirtha Teacher Training Institute and The Selvam College of
Technology.

The managing trustee is Dr. Selvaraj and the family members are
part of the Board.  The Trustees are also directors in Selvam
group of companies.  The group promoted by Dr. P. Selvaraj,
commenced as a trading company, under the name of Selvam Trading
Company in Namakkal, Tamil Nadu.  The group was involved in
supplying poultry feeds, medicine and vaccines to the poultry
units in and around Namakkal apart from providing consultancy
services to farmers and poultry units.  The flagship company of
the group is Selvam Broilers Private Limited (SBPL).  Apart from
SBPL the other major company of the group is PSP Farms Private
limited.  There are also four shell companies with no operations

Recent Results

As per the 2009-10 results, VP Trust reported a healthy top line
growth of ~40% on the back of increased enrolment and new courses.
The operating profit margin declined from 50.1% in 2008-09 to
46.5% in 2009-10 with rising employee costs.


VESTAL EDUCATIONAL: ICRA Assigns 'LBB-' Rating to INR10cr Debt
--------------------------------------------------------------
ICRA has assigned "LBB-" rating to the INR10 crore fund-based bank
limits of Vestal Educational Services Private Limited.

The outlook on the rating is stable.  The assigned rating takes
into account limited track record of the institute, delay in
completion of phase-I of the project, low occupancy level in its
first academic year and the resulting stretched financial profile
of the company. However the rating draws comfort from adequate
infrastructure facilities in the school and financial support from
the promoters.

Vestal Educational Services Private Limited was incorporated in
2006 under the Companies Act, 1956 having registered office in
Andhra Pradesh. VESPL has set up Vizag International School in
Korukonda, Vizianagaram, A.P.  The infrastructure of the school
has been leased to Vestal Education Society (VES), which would be
responsible for managing the day to day operations of the school
incurring the operating costs including maintenance of the
facility and employee


VINOD MEDICAL: CRISIL Reaffirms 'BB-' Rating on INR100MM Credit
---------------------------------------------------------------
CRISIL's ratings on Vinod Medical Systems Pvt Ltd's bank
facilities continue to reflect VMS's average financial risk
profile, marked by a low net worth and weak debt protection
measures.  These weaknesses are partially offset by VMS's
established market position, with strong relationships with its
principals, in the photographic rolls and X-ray film trading
segment.

   Facilities                           Ratings
   ----------                           -------s
   INR100.0 Million Cash Credit         BB-/Stable (Reaffirmed)
   INR25.0 Million Proposed Long-Term   BB-/Stable (Reaffirmed)
                   Bank Loan Facility
   INR25.0 Million Letter of Credit     P4+ (Reaffirmed)
   INR5.0 Million Bank Guarantee        P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VMS will continue to benefit from its
established relationships with its principals over the medium
term; the company's financial risk profile, however, is expected
to remain weak, constrained by a small net worth and weak debt
protection measures.  The outlook may be revised to 'Positive' if
the company scales up its operations with sustained improvement in
its profitability. Conversely, the outlook may be revised to
'Negative' if VMS contracts large debt to fund its capital
expenditure or working capital requirements, leading to further
deterioration in its financial risk profile, or in case of a more-
than-expected decline in its turnover.

Update

VMS's sales increased by around 13 per cent year-on-year to about
INR750 million in 2009-10 (refers to financial year, April 1 to
March 31); it had an operating profitability of about 4.1 per cent
for the year. However, on account of the decline in the price of
colour papers and in the volume of colour films, and
discontinuation of less profitable product lines, VMS is expected
to record a decline in turnover by about INR100 million in
2010-11.

The change in product mix, however, is also expected to result in
slightly better profitability for VMS.  The company also plans to
increase its trading in printing related products like inkjet
printers, paper, toners and cartridges of printers over the medium
term. Furthermore, its greater focus on processing of X-ray rolls
is also expected to result in better profitability.

VMS's gearing, though high at 3.3 times as on March 31, 2010, has
improved from 4.5 times as on March 31, 2009.  The improvement was
because of lower cash credit utilization and higher accretion to
reserves.  The gearing is expected to remain high at over 3 times
over the medium term because of the working capital intensity of
the company's operations. Its debt protection indicators are weak
with an interest coverage ratio of 1.7 times and a net cash
accruals to total debt ratio of about 7 per cent for 2009-10. VMS
is expected to generate net cash accruals of about INR10 million
in 2010-11, against no fixed loan repayments during the year.

For 2009-10, VMS reported a profit after tax (PAT) of INR6.9
million on net sales of INR747.4 million, as against a PAT INR2.9
million on net sales of INR652.9 million for the preceding year.

                        About Vinod Medical

VMS was originally set up as a partnership firm, Vinod Agencies,
in 1988 by Mr. Sunil Rathi and Mr. Vinod Jaisinghani; the firm was
reconstituted as a private limited company in 1994. VMS trades in
Agfa medical X-ray film and related equipment, photographic
products from Kodak, and hospital furniture from Janak Healthcare.


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


FURUKAWA CO: Moody's Downgrades Long-Term Issuer Rating to 'Ba1'
----------------------------------------------------------------
Moody's Japan K.K. has downgraded its long-term issuer rating on
Furukawa Co. Ltd. to Ba1 from Baa3 and its short-term issuer
rating on the company to Not Prime from P-3.

The rating outlook is negative.  This rating action concludes the
review for possible downgrade initiated on June 24, 2010.

                        Rating Rationale

The rating downgrade to Ba1 reflects Moody's view that a full
recovery of Furukawa's earnings are likely to take more time than
previously expected, and that its overall credit profile may
remain weak for the Baa3 rating category.  Any restoration of
earnings will be somewhat slow given the state of the metals
business and the slow recovery in the company's machinery
business.

The rating also takes into account Furukawa's strong and stable
relationships with its major banks (a regional support factor in
Japan), which provides a two-notch uplift to the rating.

The negative rating outlook reflects Moody's concern that the
company's overall credit profile could be further pressured if the
earnings of its metal business deteriorate more than Moody's
expects and the machinery business takes longer than expected to
recover.

Furukawa's profitability was severely damaged principally by the
drastic change in market fundamentals of its core products.
Operating profit for FYE3/2010 was about JPY 1.6 billion.  The
company expects profitability to recover this fiscal year,
producing a profit of about JPY 4 billion, but which is still far
below the level before the down cycle.

The earnings of Furukawa's metals business have been deteriorated
due to tightening refinery margins -- a result of its annual
negotiations with the global mining companies.  Given current
market conditions and the power balance between the mining
companies and the smelting companies, Margins will remain tight
over the medium term, which will result in further deterioration
in the metals business.

Due to the severe, volatile market conditions for copper
concentrates, the company is making a strong effort to develop new
procurement sources for copper concentrates, by buying copper
mining rights in conjunction with other smelting and trading
companies.  However, the metals business will remain vulnerable to
not only global Margins, but also foreign exchange rates.  Moody's
is concerned that structural changes in the metals business will
continue to drag the company's overall earnings despite the
gradual recovery in the machinery business.

At the same time, Furukawa's sources of revenue are diversified
and comprise machinery products, metal products, electronics
materials and chemicals, real estate, and others.  The machinery
business, especially construction & mining machinery and truck-
mounted cranes, is showing signs of a recovery, supported by a
recovery in demand, especially in the company's overseas markets
in the Middle East, Asia, and the Americas.  The profitability of
the electronic materials and chemicals business has also improved,
on a recovery in demand for mainly semiconductor materials.

Furukawa has taken a number of strategic measures, cutting costs
and capital expenditures as well as lowering inventories.  It also
is establishing global production system for its construction &
mining machinery and truck-mounted cranes businesses, to respond
the growing demand outside Japan and improve its cost
competitiveness.  These measures should help restore Furukawa's
earnings and balance sheet -- but only over time.

Adjusted debt/EBITDA for FYE3/2010 was 15.3x, the EBITDA margin,
4.8%.  Moody's is concerned that Adjusted debt/EBITDA will likely
hover around 10.0x and the EBITDA margin remain in the mid-single
digits over the next two years despite the company's strong
efforts to restore profitability.

Furukawa's rating is unlikely to be upgraded in the near term,
given the negative rating outlook.  However, Moody's may consider
changing the rating outlook to stable if the company can achieve
timely improvements in profitability -- supported mainly by an
earnings recovery in the machinery segment -- and on its balance
sheet.  For example, the negative rating outlook could experience
upward pressure if EBITDA margin rises above 7%, adjusted
debt/capitalization declines below 60%, and adjusted debt/EBITDA
falls below 8x in FYE3/2013.

If the company cannot raise and stabilize earnings or improve
leverage, and if Moody's see no signs of a positive turnaround for
the metals business, the rating will be downwardly pressured.
Moody's would consider negative rating action if the EBITDA margin
remains below 7% or adjusted debt/capitalization remains over 60%,
or if adjusted debt/EBITDA remains above 8x in FYE3/2013.

Moody's last rating action with respect to Furukawa was taken on
June 24, 2010, when it placed Furukawa's Baa3 long-term and P-3
short-term issuer ratings under review for possible downgrade.

Furukawa Co.  Ltd., headquartered in Tokyo, is a diversified
manufacturer of machinery products, metal smelting, and electronic
materials, with a strong position in the truck-mounted crane and
mining machinery markets.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
information, confidential and proprietary Moody's Analytics'
information.

Moody's 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 to ensure 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 -parties, sources
as well as from information received from issuers or independent
third- parties, audited financial statements, and the analysis by
the lead analyst.  However, Moody's is not an auditor and cannot
in every instance independently verify or validate information
received in the rating process.


CSC SERIES: S&P Downgrades Rating on Class G-3 Bonds to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered by one notch to 'CCC-
(sf)' its rating on the class G-3 yen-denominated bond issued
under the CSC, Series 1 GK transaction.  At the same time, S&P
placed its ratings on seven classes, B-2 to F-3, on CreditWatch
with negative implications.  The ratings on classes A-2, A-3, and
X were all affirmed at 'AAA (sf)'.

CSC, Series 1 GK is a multi-borrower CMBS transaction.  The bonds
were initially secured by 11 nonrecourse loans, which were
actually treated as six loans extended to six obligors.  Four out
of the six loans remain outstanding, and all of the four loans
have defaulted.  One of the four defaulted loans, which accounts
for about 19.3% of the total initial issuance amount, is likely to
experience principal erosion, as a result of the sales of one
remaining underlying real estate property backing this loan in
September 2010, although the final recovery amount has yet to be
fixed.

Standard & Poor's intends to examine the recovery prospects of the
real estate properties that secure the other three remaining
loans, which account for about 67.7% of the total initial issuance
amount.  S&P intends to review the ratings on classes B-2 to F-3,
which S&P has placed on CreditWatch with negative implications.

Meanwhile, the rating affirmations on classes A-2 and A-3 reflect
the likelihood that the residual principal of the senior tranches
is likely to decrease, as recovery from the defaulted loan will be
applied to the redemption of the tranches.  This is in addition to
the recovered principal from two redeemed loans, which account for
about 12.8% of the total initial issuance amount.

As mentioned earlier, the bonds were initially secured by 11
nonrecourse loans, which were actually treated as six loans
extended to six obligors.  (Originally, they were backed by 72
real estate trust certificates and real estate properties.)
Currently, the bonds issued under the CSC, Series 1 GK transaction
are secured by nine loans, which are actually treated as four
loans extended to four obligors.  The transaction was arranged by
Credit Suisse Securities, and ORIX Asset Management & Loan
Services Corp. is the transaction servicer.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date for the class A bonds, the full payment of
interest and ultimate repayment of principal by the legal maturity
date for the class B to G bonds, and the timely payment of
available interest for the interest-only class X bonds.

                         Rating Lowered

                        CSC, Series 1 GK
   JPY36.2 billion (initial principal) yen-denominated bonds due
                          November 2012

  Class   To          From       Initial Issue Amount   Coupon
  -----   --          ----       --------------------   ------
  G-3     CCC- (sf)   CCC (sf)   JPY1.2 bil.            Floating

                Ratings Placed On Watch Negative

  Class   To                   From       Initial Issue Amount    Coupon
  -----   --                   ----       --------------------    ------
  B-2     AA- (sf)/Watch Neg   AA- (sf)   JPY1.7 bil              Floating
  B-3     AA- (sf)/Watch Neg   AA- (sf)   JPY1.5 bil.             Floating
  C-2     BBB (sf)/Watch Neg   BBB (sf)   JPY3.2 bil.             Floating
  D-2     B+ (sf)/Watch Neg    B+ (sf)    JPY3.2 bil.             Floating
  E-2     B- (sf)/Watch Neg    B- (sf)    JPY0.9 bil.             Floating
  E-3     B- (sf)/Watch Neg    B- (sf)    JPY0.6 bil.             Floating
  F-3     B- (sf)/Watch Neg    B- (sf)    JPY1.9 bil.             Floating

                        Ratings Affirmed

       Class   Rating     Initial Issue Amount    Coupon
       -----   ------     --------------------    ------
       A-2     AAA (sf)   JPY18.1 bil.            Floating
       A-3     AAA (sf)   JPY3.9 bil.             Floating
       X       AAA (sf)   JPY33.1 bil.*

                   * Initial notional principal


GK L-JAC4: S&P Puts Bond Ratings on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on classes A-2 to G-3 bonds
issued under the G.K. L-JAC4 Funding transaction, and affirmed its
ratings on classes X-1 and X-2 at 'AAA (sf)'.

S&P intends to review its ratings on the eight tranches, classes
A-2 to G-3, after examining the recovery prospect from the real
estate property that secures one of the transaction's underlying
loans.

L-JAC4 is a multi-borrower CMBS transaction originally secured by
five nonrecourse loans extended to three sponsors.  The loans were
initially backed by 34 properties.  The transaction was arranged
by Lehman Brothers Japan Inc. Premier Asset Management Co. acts as
the servicer for this transaction.  Standard & Poor's ratings
address the full and timely payment of interest and the ultimate
repayment of principal by the transaction's legal final maturity
date in May 2015 for the class A-2 to G-3 bonds, and the timely
payment of available interest for the interest-only class X-1 and
X-2 certificates.

                Ratings Placed On Watch Negative

                         G.K. L-JAC4 Funding
    JPY78.7 billion floating-rate/fixed-rate bonds/certificates
                            due May 2015

Class  To                   From      Initial Issue Amount  Coupon type
-----  --                   ----      --------------------  -----------
A-2    AA (sf)/Watch Neg    AA (sf)   JPY25.0 bil.          Floating-rate
B-2    AA (sf)/Watch Neg    AA (sf)   JPY5.2 bil.           Floating-rate
C-2    A (sf)/Watch Neg     A (sf)    JPY4.8 bil.           Floating-rate
D-3A   BBB (sf)/Watch Neg   BBB (sf)  JPY1.0 bil.           Floating-rate
D-3B   BBB (sf)/Watch Neg   BBB (sf)  JPY2.3 bil.           Fixed-rate
E-3    BBB- (sf)/Watch Neg  BBB- (sf) JPY1.2 bil.           Fixed-rate
F-3    BB+ (sf)/Watch Neg   BB+ (sf)  JPY1.1 bil.           Fixed-rate
G-3    BB (sf)/Watch Neg    BB (sf)   JPY0.4 bil.           Fixed-rate

                        Ratings Affirmed

  Class   Rating        Initial Issue Amount
  -----   ------        --------------------
  X-1     AAA (sf)      JPY78.7 bil.  (Initial notional principal)
  X-2     AAA (sf)      JPY78.7 bil.  (Initial notional principal)

  * classes A-1, B-1, C-1, D-1, D-2, E-1, E-2, F-1, F-2, G-1 and
    G-2 have already been fully redeemed.


JAPAN COMMERCIAL: S&P Puts Notes Ratings on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on the class A to E floating-
rate notes issued under the Japan Commercial Real Estate Funding
CMBS 2007-1 G.K. transaction.  At the same time, S&P affirmed its
rating on class X TK Investment.

Standard & Poor's will review the ratings on classes A to E
following examination of the recovery prospects from the real
estate properties backing the transaction's underlying loans and
specified bonds.

JCREF CMBS 2007-1 is a multi-borrower CMBS transaction.  The notes
were originally secured by five nonrecourse loans and four
specified bonds extended to nine obligors.  The nonrecourse loans
and specified bonds were initially backed by 56 real estate
properties or real estate trust certificates.  The transaction was
arranged by Barclays Capital Japan, and Premier Asset Management
Co. is the transaction servicer.

Standard & Poor's ratings address the full and timely payment of
interest and the ultimate full repayment of principal by the
transaction's legal final maturity in December 2015 for the class
A notes, the full payment of interest and repayment of principal
by the transaction's legal final maturity for the class B to E
notes, and the timely payment of available interest for the class
X TK Investment.

              Ratings Placed On Creditwatch Negative

                     JCREF CMBS 2007-1 G.K.
  JPY58.2 billion commercial mortgage backed floating rate notes
                            due 2015

   Class   Rating        Initial Issue Amount   Coupon Type
   -----   ------        --------------------   -----------
   A       AAA (sf)      JPY39.3 bil.           Floating Rate
   B       AA- (sf)      JPY6.2 bil.            Floating Rate
   C       BBB (sf)      JPY5.3 bil.            Floating Rate
   D       BB (sf)       JPY4.7 bil.            Floating Rate
   E       B- (sf)       JPY2.7 bil.            Floating Rate

                        Rating Affirmed

                 Class                   Rating
                 -----                   ------
                 X (TK Investment)       AAA (sf)


L-JAC SIX: S&P Puts Note Ratings on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on classes A to G-1 trust
certificates issued under the L-JAC Six Trust Beneficial Interest
transaction, and affirmed its rating on class X-2 at 'AAA (sf)'.

S&P intends to review its ratings on classes A to G-1 after
examining the recovery prospects from real estate properties that
secure two loans backing the transaction.

L-JAC 6 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by two loans that were
originally extended to two obligors.  The loans were originally
backed by two real estate certificates.  The transaction was
arranged by Lehman Brothers Japan Inc. Premier Asset Management
Co. is the transaction servicer.

Standard & Poor's ratings address the full and timely payment of
interest and the ultimate full repayment of principal for the
class A trust certificates by the transaction's legal final
maturity of October 2016.  The ratings also address the full
payment of interest and ultimate repayment of principal for the
class B-1 through G-1 trust certificates, and the timely payment
of available interest for the interest-only class X-2 trust
certificates by the transaction's legal final maturity.

                Ratings Placed On Watch Negative

Class  To                   From      Initial Issue Amount  Coupon Type
-----  --                   ----      --------------------  -----------
A      AA (sf)/Watch Neg    AA (sf)   JPY59.7 bil.          Floating Rate
B-1    A+ (sf)/Watch Neg    A+ (sf)   JPY8.4 bil.           Floating Rate
C-1    BBB- (sf)/Watch Neg  BBB- (sf) JPY8.5 bil.           Floating Rate
D-1    B (sf)/Watch Neg     B (sf)    JPY9.5 bil.           Floating Rate
E-1    B- (sf)/Watch Neg    B- (sf)   JPY3.2 bil.           Floating Rate
F-1    B- (sf)/Watch Neg    B- (sf)   JPY4.2 bil.           Floating Rate
G-1    B- (sf)/Watch Neg    B- (sf)   JPY4.0 bil.           Floating Rate

                        Ratings Affirmed

Class      Rating        Initial Issue Amount
-----      ------        --------------------
X-2        AAA (sf)      JPY97.5 bil. (Initial notional
principal)


ORSO FUNDING: S&P Puts Note Ratings on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its ratings on the class A to F trust certificates issued on
Aug. 21, 2006, under the Orso Funding CMBS 5 Trust transaction.
At the same time, Standard & Poor's affirmed its rating on class X
issued under the same transaction.

S&P intends to review its ratings on the class A to F trust
certificates, which have been placed on CreditWatch with negative
implications, after examining the recovery prospects for the
properties backing the underlying loans.

This is a CMBS transaction originally backed by seven nonrecourse
loans, which were ultimately secured by 43 real estate properties.
This transaction was arranged by Bear Stearns (Japan) Ltd. Tokyo
Branch.  Premier Asset Management Co. acts as the servicer for
this transaction.

Standard & Poor's ratings address the full and timely payment of
interest and ultimate repayment of principal by the transaction's
legal final maturity date of February 2013 for the class A
certificate, the full payment of interest and ultimate repayment
of principal by the legal maturity date for the class B to F
certificates, and the timely payment of available interest for the
interest-only class X certificate.

              Ratings Placed On Creditwatch Negative

                    Orso Funding CMBS 5 Trust
JPY33.25 billion commercial real estate-backed trust certificates
                        due February 2013

   Class   To                   From       Initial Issue Amount
   -----   --                   ----       --------------------
   A       AAA (sf)/Watch Neg   AAA (sf)   JPY17.7 bil.
   B       AA (sf)/Watch Neg    AA (sf)    JPY3.9 bil.
   C       A- (sf)/Watch Neg    A- (sf)    JPY3.8 bil.
   D       BB+ (sf)/Watch Neg   BB+ (sf)   JPY3.9 bil.
   E       B- (sf)/Watch Neg    B- (sf)    JPY3.7 bil.
   F       CCC (sf)/Watch Neg   CCC (sf)   JPY0.25 bil.

                         Rating Affirmed

             Class   Rating     Initial Issue Amount
             -----   ------     --------------------
             X       AAA (sf)   JPY33.25 bil.*

                       * Notional principal

The issue date was Aug. 21, 2006.


TAKEFUJI CORP: Shinsei Bank to be Appointed as Financial Adviser
----------------------------------------------------------------
Shinsei Bank is expected to become the financial adviser for the
search of an investor for Takefuji Corp., Reuters reports, citing
three people with direct knowledge of the matter.

Reuters relates one of the people said Shinsei Bank's appointment
will become official pending court approval.  The people spoke on
condition of anonymity because the information is not yet public.

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.  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.


* S&P Puts Japanese CDO Ratings on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on one
tranche relating to one Japanese synthetic CDO transaction on
CreditWatch with positive implications.  At the same time, S&P
placed its rating on one tranche relating to another Japanese
synthetic CDO transaction on CreditWatch with negative
implications.

The one tranche placed on CreditWatch positive had an SROC
(synthetic rated overcollateralization) level that rose above 100%
at a higher rating than the current rating during September's
month-end run.  Conversely, the tranche placed on CreditWatch
negative had an SROC level that fell below 100% during September's
month-end run.

For the transactions that S&P ran on version 5.1, S&P applied the
top obligor and industry test SROCs, in addition to the Monte
Carlo default simulation results.

The tranches listed below that have been placed on CreditWatch are
intended to be reviewed in accordance with the updated CDO
criteria (see "Related Criteria And Research" below) by the end of
this month.

                          Ratings List

                         Eirles Two Ltd.
                TAPAS 2004-4 credit default swap

        To                       From          Amount
        --                       ----          ------
        B+srp (sf)/Watch Neg     B+srp (sf)    JPY4.0 bil.

                       Signum Vanguard Ltd.
    Secured floating rate credit-linked notes series 2006-03

       To                        From         Issue Amount
       --                        ----         ------------
       B- (sf)/Watch Pos         B- (sf)      $10.0 mil.


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


HAISAN RESOURCES: Malayan Banking Demands Payment on MYR910K Loan
-----------------------------------------------------------------
Hai San Ice Industries Sdn Bhd, a wholly owned subsidiary of
Haisan Resources Berhad, on October 1, 2010, received a letter of
demand from Malayan Banking Berhad demanding payment of a
MYR910,290.10 overdraft facility.

The writ of summons will not have any additional financial and
operational impact on the Group as it has not had access to the
facility for the past six months.

The Group has appointed a Scheme Adviser, UHY Diong Advisory
(KL) Sdn Bhd, to formulate a conclusive Debt Restructuring
Proposal.  The DRP is expected to form an integral part of the
overall Regularization Plan to revive and reorganize the financial
condition of the Company.

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


KENMARK INDUSTRIAL: Gets Summons From Stenmark for MYR218K Claim
----------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad on October 8, 2010, was served
with a Summons and Statement of Claim by Stenmark Sdn Bhd for the
total outstanding invoices of MYR218,335.60 for the supply of
printing materials to the Company.

Pursuant to Section 226(3) of the Companies Act 1965, Kenmark said
Stenmark can only proceed by leave of the Court and in
accordance with terms the Court imposes.

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company.
The Company is engaged in the manufacturing of computer
workstations, cabinets, furniture; printing of packaging
materials; the distribution of consumer products, and investment
holding.  The Company is also engaged in plastic injection for
furniture parts, and assembly and distribution of liquid crystal
display (LCD).  It exports its products to the United States,
Europe, Japan and Australia.  The Company's wholly owned
subsidiaries include Kenmark Paper Sdn. Bhd., which is engaged in
manufacturing plastic parts for wooden furniture and cabinets, and
investment holding; Kenmark (Labuan) Limited, which is engaged in
international trading, commission agent and investment holding;
Phoenix International Group Limited, which is engaged in trading
in electronic devices, and Billion Dynamic Sdn. Bhd., which is
engaged in the assembling and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.  The Company's major subsidiaries have defaulted on
some of their banking facilities.  The Company is also unable to
provide a solvency declaration.


OILCORP BERHAD: Appoints M&A Securities as Principal Adviser
------------------------------------------------------------
Public Investment Bank Berhad and Oilcorp Bhd have mutually agreed
to terminate PIVB's services as the Principal Adviser for the
proposed restructuring exercise of the Company.  Concurrently, the
Company has appointed M&A Securities Sdn Bhd as its new Principal
Adviser.

                         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
====================


AOTEAROA RESORTS: Court Enters Wind-up Order
--------------------------------------------
Jimmy Ellingham at Manawatu Standard reports that Associate
Justice Gendall entered an order to put Aotearoa Resorts into
liquidation.

According to the report, the judge ruled the company was unable to
pay a NZ$340,000 tax debt to the Inland Revenue Department.  A
statutory demand was served on the company on June 30, while a
notice of court proceedings was served on September 14.

The Manawatu Standard says Aotearoa Resorts is one of the
companies owned by high-profile businessman Ken Thurston who faced
bankruptcy proceedings.

Mr. Thurston appeared before the High Court in Wellington on
Friday after two companies, Milford Sounds Red Boats and Premium
Peas, began bankruptcy action over unpaid debts, the Manawatu
Standard relates.

Three of Mr. Thurston's other companies are in receivership, while
one is in liquidation and receivership.

According to The Manawatu Standard, IRD solicitor Peter Latimer
said the IRD had every right and the hotel staff would not
necessarily be made redundant as company assets would be sold as a
going concern.

Mr. Latimer said Aotearoa Resorts was insolvent and Mr. Thurston's
promised sale of the water pipe line may not happen in the short
term as a number of similar representations from him had not "come
to fruition".

Associate Justice Gendall's judgment shows Aotearoa Resorts has
liabilities of about NZ$3.5 million, including a NZ$2.65 million
mortgage to South Canterbury Finance, which appeared to be
overdue.


CRAFAR FARMS: Natural Dairy Expects OIO's Approval on Bid
---------------------------------------------------------
Natural Dairy NZ Holdings Ltd said they think their bid to buy the
Crafar family's dairy farmers from receivers will be allowed by
regulators at the Overseas Investment Office (OIO), The National
Business Review reports.

NBR relates Natural Dairy has applied to buy the 80% it does not
already own in UBNZ Assets Holdings Ltd as part of the planned
purchase of 16 North Island farms owned by the Crafars and put
into receivership 12 months ago, when debts topped NZ$200 million.

According to NBR, Natural Dairy spokesman Bill Ralston said the
company "has every confidence that its purchase of the Crafar
farms will be allowed to proceed."

NBR relates Mr. Ralston said its strong business case and
"considerable benefits" from increased export receipts, tax
revenues and jobs meant Natural Dairy should be allowed to
complete its purchase.

The OIO said on September 17 it continued to assess Natural
Dairy's "complex" application against the requirements of the
Overseas Investment Act 2005 so that it can provide a
recommendation to cabinet ministers, who will decide on whether or
not to grant consent, according to NBR.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


JIREH INTERNATIONAL: IRD Seeks NZ$175,000 From Owner
----------------------------------------------------
The New Zealand Press Association reports that the Inland Revenue
Department is seeking NZ$175,000 from Wi Huata, the owner of
liquidated Jireh International Academy.  Mr. Huata is the husband
of disgraced former ACT MP Donna Awatere Huata, NZPA reports.

NZPA, citing the New Zealand Herald, says Mr. Huata took over the
Jireh International Academy in late 2008, but it was down to just
15 students before it was shut down in March, owing an undisclosed
amount of money to at least 23 creditors.

According to the NZPA, some staff members had waited more than two
months for their wages and had not received holiday pay.  The
students had not also been refunded, NZPA adds.

NZPA discloses that liquidators PricewaterhouseCoopers said the
school was underfunded from its inception and consistently
struggled to generate revenue.

A New Zealand Qualifications Authority audit found that some of
its management, resources and courses were not adequate for a
private training facility, NZPA says.

Mr. Huata and his wife were sentenced to jail in 2005 for
defrauding a literacy programme for underprivileged children of
NZ$80,000.  His jail term was suspended.

Jireh International Academy was an Auckland-based international
school.  The Company specialized in teaching English, boatbuilding
and carpentry.


SOUTH CANTERBURY: Receivers to Place Mr. Apple on the Market
------------------------------------------------------------
Mr. Apple is about to be put on the market by the receivers of
South Canterbury Finance, Business Day reports.  South Canterbury
Finance was placed into receivership in August.

According to the report, Hawke's Bay Fruitgrowers Association
President Leon Stallard said it was "hard to guess" who would buy
Mr. Apple, given the amount of capital needed to purchase and run
it.  The report relates Mr. Stallard said there was plenty of
interest in the horticultural community but not many individual
growers would have the money to buy it.

Mr. Stallard, the report notes, said it was possible the business
could be split up, as some of the orchards were "not in the most
desirable [apple growing] areas".

Pipfruit New Zealand Chief Executive Peter Beaven said it was
impossible to guess at even a ballpark purchase price for the
operation, but said it would "not be without suitors," the report
says.

Business Day discloses that an unnamed spokesman for receivers
McGrathNicol confirmed that Mr. Apple was among a range of South
Canterbury Finance companies going on the market.  The report
relates that an organization was due to be selected to help with
the sales.

Mr. Apple is New Zealand's biggest pipfruit business.  The apple
growing and exporting company is owned by Scales Holdings Ltd,
which is 80 percent owned by South Canterbury Finance.

                     About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/>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, vehiclesand equipment, personal loans, business term loans
and revolving credit facilities, mortgages against property, and
other financialinstruments, 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.


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


CALL CENTRE: Creditors Get 14.3% Recovery on Claims
---------------------------------------------------
Call Centre One Pte. Ltd. declared the second and final dividend
on October 7, 2010.

The company paid 14.3% to the received claims.

The company's liquidator is:

         Don M Ho
         c/o Don Ho & Associates
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02
         Singapore 049705


CITILINK HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on October 1, 2010,
to wind up the operations of Citilink Holdings Pte Ltd.

Suntec Real Estate Investment Trust filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Officec
          The URA Centre (EastWing)
          45 Maxwell Road #06-11
          Singapore 069118


COSMOPOLITAN COSMETICS: Creditors' Proofs of Debt Due October 18
----------------------------------------------------------------
Creditors of Cosmopolitan Cosmetics Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 18, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Aaron Loh Cheng Lee
         Ernst & Young Solutions LLP
         c/o One Raffles Quay North Tower
         18th Floor
         Singapore 048583


MULTI-BONDER TRADING: Creditors' Proofs of Debt Due October 22
--------------------------------------------------------------
Creditors of Multi-Bonder Trading Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 22, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


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

Zinkpower (Singapore) Private Limited filed the petition against
the company on September 22, 2010.

The Petitioner's solicitors are:

          Bernard & Rada Law Corporation
          143 Cecil Street
          #18-00 GB Building
          Singapore 069542


PIONEER FREIGHT: Creditors' Proofs of Debt Due October 22
---------------------------------------------------------
Creditors of Pioneer Freight International Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by October 22, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

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


PROCENTEC PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on September 24,
2010, to wind up the operations of Procentec Pte Ltd.

Procentec B.V. filed the petition against the company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         BDOLLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


PROSPERITY INT'L: Court to Hear Wind-Up Petition on October 15
--------------------------------------------------------------
A petition to wind up the operations of Prosperity International
Logistics (S) Pte Ltd will be heard before the High Court of
Singapore on October 15, 2010, at 10:00 a.m.

Chu Sa Neo filed the petition against the company on September 21,
2010.

The Petitioner's solicitors are:

          M/s Tanlim Partnership
          101 Cecil Street
          #19-02 Tong Eng Building
          Singapore 069533


PROTOSTAR ASIA: Creditors' Proofs of Debt Due October 28
--------------------------------------------------------
Creditors of Protostar Asia Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 28, 2010, to be included in the company's dividend
distribution.

Protostar Asia Pte Ltd was placed into members' voluntary
liquidation on August 20, 2010, and Mr. Wee Kon San of Wee Koon
San & Co was appointed liquidator.

The liquidator can be reached at:

         Wee Koon San
         c/o Wee Koon San & Co
         51 Bukit Batok Crescent
         #08-04 Unity Centre
         Singapore 658077


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

Mapletree Logistics Trust filed the petition against the company
on September 22, 2010.

The Petitioner's solicitors are:

          Messrs Wong Partnership LLP
          One George Street #20-01
          Singapore 049145


THONG SOON: Creditors' Proofs of Debt Due October 22
----------------------------------------------------
Creditors of Thong Soon Holding Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 22, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


TW OILS: Mr. Chan Yee Hong Appointed as Liquidator
--------------------------------------------------
Mr. Chan Yee Hong on May 1, 2010, was appointed as liquidator of
TW Oils and Fats (Singapore) Pte Ltd.

The liquidator may be reached at:

         Mr. Chan Yee Hong
         5 Shenton Way #16-00 UIC Building
         Singapore 068808


XIN AN: Court to Hear Wind-Up Petition on October 22
----------------------------------------------------
A petition to wind up the operations of Xin An Technology Group
Pte Ltd will be heard before the High Court of Singapore on
October 22, 2010, at 10:00 a.m.

Newcon Builders Pte. Ltd. filed the petition against the company
on September 30, 2010.

The Petitioner's solicitors are:

          M/S Davin Ong & Co
          151 Chin Swee Road
          #08-14 Manhattan House
          Singapore 169876


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




* BOND PRICING: For the Week October 4 to October 8, 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       1.03
AMITY OIL LTD           10.00    10/31/2013   AUD       1.80
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.03
BECTON PROP GR           9.50    06/30/2010   AUD       0.25
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   AUD      62.39
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.55
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.16
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      60.75
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.75
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.78
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      68.53
NEW S WALES TREA         0.50    09/14/2022   AUD      55.87
NEW S WALES TREA         0.50    10/07/2022   AUD      55.70
NEW S WALES TREA         0.50    10/28/2022   AUD      58.59
PRAECO P/L               7.13    07/28/2020   AUD      73.94
RESOLUTE MINING         12.00    12/31/2012   AUD       1.31
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      55.67

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.91

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      45.16


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.13
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.86
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.86
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.70
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.44
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.98
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.67
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.48
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.41
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.44
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      59.89
AIFUL CORP               1.74    10/19/2015   JPY      61.02
AIFUL CORP               1.99    10/19/2015   JPY      46.68
CSK CORPORATION          0.25    09/30/2013   JPY      71.81
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.99
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.71
SHINSEI BANK             5.62    12/29/2049   GBP      71.50
TAKEFUJI CORP            9.20    04/15/2011   USD      16.87
TAKEFUJI CORP            4.00    06/05/2022   JPY      20.12


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.89
CRESENDO CORP B          3.75    01/11/2016   MYR       1.05
DUTALAND BHD             6.00    04/11/2013   MYR       0.36
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.14
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.18
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.02
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.59
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.54
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.97
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.07
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       1.28
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.23
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.23


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

ALLIED FARMERS           9.60    11/15/2011   NZD      35.73
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
FLETCHER BUI             8.50    03/15/2015   NZD       7.50
FLETCHER BUI             7.55    03/15/2011   NZD       6.90
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       8.20
INFRATIL LTD             8.50    11/15/2015   NZD       8.20
INFRATIL LTD            10.18    12/29/2049   NZD      61.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.32
MARAC FINANCE           10.50    07/15/2013   NZD       1.04
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      61.00
SKY NETWORK TV           4.01    10/16/2016   NZD       5.84
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.04
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.67
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       6.80
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.30
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       0.99
VECTOR LTD               8.00    06/15/2012   NZD       6.40
VECTOR LTD               8.00    10/15/2014   NZD       1.00


SINGAPORE
---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      64.26
UNITED ENG LTD           1.00    03/03/2014   SGD       1.74
WBL CORPORATION          2.50    06/10/2014   SGD       1.86


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      63.73
DONGYANG TELECOM         6.00    07/02/2013   KRW      45.99
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.45
HOPE KOD 2ND            15.00    08/21/2012   KRW      32.31
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.32
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.60
HOPE KOD 6TH            15.00    03/10/2013   KRW      38.48
IBK 2008/12 ABS         25.00    06/24/2011   KRW      63.67
IBK 2009/13 ABS         25.00    02/03/2012   KRW      66.51
IBK 2009/16 ABS         25.00    09/24/2012   KRW      60.22
IBK 2009/17 ABS         25.00    12/29/2012   KRW      56.92
KB 10TH SEC SPC         23.00    01/03/2011   KRW      70.84
KB 10TH SEC SPC         20.00    01/03/2011   KRW      41.95
KB 11TH SEC SPC         23.00    07/03/2011   KRW      63.97
KB 11TH SEC SPC         20.00    07/03/2011   KRW      61.65
KB 12TH SEC SPC         25.00    01/21/2012   KRW      61.88
KB 13RD SEC SPC         25.00    07/02/2012   KRW      58.87
KB 14TH SEC SPC         23.00    01/04/2013   KRW      57.00
KDB 5TH SEC SPC         15.00    12/13/2012   KRW      59.28
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      61.52
KDBC 4TH SEC SPC        23.00    03/30/2012   KRW      66.51
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      57.44
KUMHO INDUSTRIAL         5.90    09/28/2010   KRW       0.71
NACF-14 ABS SPS         25.00    01/15/2011   KRW      61.32
NACF-15 ABS SPS         25.00    03/18/2011   KRW      60.21
NACF-16 ABS SPS         15.00    01/03/2011   KRW      71.57
NACF-16 ABS SPS         25.00    02/03/2011   KRW      52.70
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      73.13
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      35.37
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      66.07
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      62.58
SAM HO INTL              6.32    03/28/2011   KRW      71.21
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      19.17
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.42
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.15
SINBO 3RD ABS           15.00    09/30/2013   KRW      32.13
SINBO 4TH ABS           15.00    09/30/2013   KRW      31.00
SINGOK ABS               7.50    06/18/2011   KRW      51.73
SINGOK NS ABS            7.50    06/27/2011   KRW      67.76
SMI XVI ABS SPC          9.99    04/30/2011   KRW      74.80
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      13.08


THAILAND
--------

G STEEL                 10.50    10/04/2010   THB      29.93


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 ***