TCRAP_Public/101013.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

            Wednesday, October 13, 2010, Vol. 13, No. 202

                            Headlines



A U S T R A L I A

BEACONSFIELD MINE: Risks Receivership if it Defaults on Loan
LEURA GARDENS: Placed in Receivership; Ferrier Hodgson Appointed


C H I N A

BANK OF COMMUNICATIONS: Moody's Lifts Bank Strength Rating to 'D+'


H O N G  K O N G

BEST LEADER: Court to Hear Wind-Up Petition on November 17
CHAIN LINK: Court to Hear Wind-Up Petition on December 1
G & H HOLDINGS: Court to Hear Wind-Up Petition on November 24
GLOBAL TESTING: Commences Wind-Up Proceedings
GOOD HARVEST: Court to Hear Wind-Up Petition on November 10

GOOD VIEW: Commences Wind-Up Proceedings
GOODREACH GARMENT: Commences Wind-Up Proceedings
HIH HOLDINGS: Creditors Get 9.4% Recovery on Claims
HONG WANG: Commences Wind-Up Proceedings
INTERSMART INT'L: Court to Hear Wind-Up Petition on November 10

JET UNITED: Lo and Lai Step Down as Liquidators
JR ORIENTAL: Commences Wind-Up Proceedings
KAM LUNG: Commences Wind-Up Proceedings
KAM TAI: Commences Wind-Up Proceedings
KOLIN INTERNATIONAL: Commences Wind-Up Proceedings

KONG LAI: Court to Hear Wind-Up Petition on November 10
LAM ENGINEERING: Wong and Tsui Appointed as Liquidators
LEOPARD TEXTILES: Commences Wind-Up Proceedings
LINKGROW INTERNATIONAL: Commences Wind-Up Proceedings
LINKY CHANCE: Commences Wind-Up Proceedings


I N D I A

BAFNA EARTH: CRISIL Assigns 'BB+' Rating to INR60MM Cash Credit
HINDUSTAN MOTORS: To Adjust Accumulated Losses; Sells Avtec Shares
LOTUS BULLIONS: CRISIL Rates INR150 Million Cash Credit at 'B+'
NANDHI DALL: ICRA Assigns 'LBB' Rating to INR0.7cr Term Loan
NORTH EAST: CRISIL Assigns 'B+' Ratings on Various Bank Debts

RISHAB POLYCHEM: ICRA Places 'LBB-' Rating on INR2cr Bank Debt
SELLIAMMAN CONSTRUCTIONS: CRISIL Puts 'BB' Rating on Cash Credit
SOJIRAM ISPAT: CRISIL Rates INR200 Million Cash Credit at 'BB-'
SONEAR INDUSTRIES: CRISIL Assigns 'B+' Rating to INR80MM Term Loan
SURYA BOARDS: CRISIL Places 'B+' Rating on INR100MM Cash Credit

TRK TEXTILE: CRISIL Assigns 'B' Rating to INR181.4 Mil. Term Loan


I N D O N E S I A

BANK CENTRAL: Fitch Affirms Issuer Default Rating at 'BB+'


J A P A N

JLOC 37: S&P Puts Ratings on Various Notes on CreditWatch Negative
JLOC XXVIII: S&P Puts Note Ratings on CreditWatch Negative
NCI TRUST: S&P Puts Ratings on Notes on CreditWatch Negative
TAKEFUJI CORP: Credit Derivative Trades Auction Set for Oct. 28


N E W  Z E A L A N D

BUSINESS FINANCE: S&P Gives Stable Outlook; Affirms 'BB' Rating
CRAFAR FARMS: Receivers in Court Over Cattle Ownership
EDZELL VINEYARDS: Westpac Calls In McGrathNicol as Receivers
PROTEMIX CORPORATION: Co-Founder Acquires IP Assets
PROTEMIX CORP: No Payment for Creditors Despite IP Asset Sale


S I N G A P O R E

ENERGIZER ASIA: Creditors' Proofs of Debt Due November 8
HUA LI: Creditors' Proofs of Debt Due November 8
KINGSTOUN INVESTMENTS: Creditors' Proofs of Debt Due November 8
NEWMONT INVESTMENT: Creditors' Proofs of Debt Due November 8
NIXVUE SYSTEMS: Creditors' Proofs of Debt Due November 4

POSHGROVE PTE: Creditors' Proofs of Debt Due November 8
SHIKOKU TECHNOLOGIES: Court Enters Wind-Up Order
STAR PRIDE: Court Enters Wind-Up Order
STEVENS PARK: Creditors' Proofs of Debt Due November 8
TINCEL PROPERTIES: Creditors' Proofs of Debt Due November 5

TMI SECURITIES: Creditors' Proofs of Debt Due November 8
TSKLINE (S): Creditors' Proofs of Debt Due November 8


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




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


BEACONSFIELD MINE: Risks Receivership if it Defaults on Loan
------------------------------------------------------------
ABC News reports that a financial analyst said Beaconsfield mine
risks receivership if it defaults on a loan, putting 200 jobs on
the line.  The report relates that the mine's owners have until
today, October 13, 2010, to meet the terms of the agreement.

According to ABC News, speculation is mounting about whether
Victorian-based Bendigo Mining will push the northern Tasmanian
mine into receivership.  The report notes that BCD Resources,
formerly Beaconsfield Gold, and Bendigo Mining were poised to
merge in November with Bendigo lending BCD $5 million.  Bendigo
Mining now said that BCD has breached the agreement, the report
relates.

ABC News discloses that unless it can repay the money by
October 13, 2010, Bendigo may move to recover the money from the
Beaconfsfield mine, the merger will be off and receivership could
be on the cards.

Bendigo Mining, the report relates, owns 10 per cent of BCD and
Financial Adviser Chris Elliott said analysts are questioning
Bendigo's motivation, the report adds.


LEURA GARDENS: Placed in Receivership; Ferrier Hodgson Appointed
----------------------------------------------------------------
George Georges and John Melluish of Ferrier Hodgson were appointed
Receivers and Managers of the assets and undertakings of the Leura
Gardens Resort on September 20, 2010, by National Mutual Life
Nominees Limited.

The Receivers said they are now in control of the operations of
the Resort and it is their intention to continue to operate the
Resort in the ordinary course.

The Receivers and Managers are currently trading the resort in the
ordinary course and are in the process of assessing the financial
position of the business.


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


BANK OF COMMUNICATIONS: Moody's Lifts Bank Strength Rating to 'D+'
------------------------------------------------------------------
Moody's Investors Service has upgraded its ratings on the Bank of
Communications -- specifically, the bank's long-term foreign
currency and local currency deposit ratings, to A3 from Baa1, and
its short-term foreign currency and local currency deposit
ratings, to Prime-1 from Prime-2.

Moody's also upgraded Bocom's bank financial strength rating to
D+/Ba1 from D/Ba2.  The outlook for all ratings is stable.

The ratings are listed below:

  -- Bank Financial Strength D+ (upgraded from D)
  -- LT Bank Deposits (Foreign) A3 (upgraded from Baa1)
  -- ST Bank Deposits (Foreign) Prime-1 (upgraded from Prime-2)
  -- LT Bank Deposits (Local) A3 (upgraded from Baa1)
  -- ST Bank Deposits (Local) Prime-1 (upgraded from Prime-2)

                        Ratings Rationale

This rating action concludes the review of BoCom's ratings for
possible upgrade Moody's initiated on June 10, 2010, which was
triggered by the bank's announcement of a rights issue.

The upgrade of BoCom's long-term deposit ratings was driven by:1)
improvements to corporate governance and risk management
practices, and 2) a level of earnings and capital that will place
the bank in a position to manage potential rises in non-performing
loans in both expected and stress-case scenarios.

Underpinning these factors is Moody's expectation that the ongoing
strength of the Chinese economy will help the bank's
profitability.

"The upgrade to BoCom's ratings comes in recognition of the bank's
strong profitability and sufficient liquidity, as well as its
stronger capital position, following completion of rights issues
in June and July 2010," says Yvonne Zhang, a Moody's Vice
President and lead analyst for the bank.

In light of the A-share rights issue and strong earnings during
1H10, the bank's Tier 1 capital reached 8.9%, and its total
capital adequacy, 12.2%, at end-June 2010.  Moody's estimates that
the H-share rights issue added an additional 0.8% to each of these
ratios.

The key issue for BoCom is going to be how its asset quality
evolves during the next two to three years.  Moody's views the
rapid loan growth in 2009 as a red flag for potential credit
quality problems.  In particular, loans to local government
financing vehicles and the real estate sector are likely to become
non-performing as they season.  Moody's expects the low level of
non-performing loans currently reported by the bank to be a
cyclical low, and that asset quality indicators will likely
deteriorate.

Nonetheless, in upgrading the bank's BFSRs, Moody's believes that
BoCom is positioned to manage a likely increase in NPLs without
compromising its financial strength, because the bank has strong
pre-provision profits, as well as solid capital and loan-loss
reserves, that would provide cushions against even a sharp rise in
credit costs.

The outlook on the ratings is stable, reflecting the solid
positioning of the bank for the challenges likely ahead.  Further
positive rating pressure for either the BFSR or deposit rating
will depend on how the bank manages the conflicting demands of
maintaining asset quality and growing its businesses in a
sustainable manner, while also fulfilling a policy function, given
the controlling government ownership.

The last rating action on BoCom was taken on May 4, 2007 when
Moody's raised the bank's long-term foreign currency deposit
rating to Baa1 from Baa2 and its short-term foreign currency
deposit rating to P-2 from P-3.

BoCom, headquartered in Shanghai, reported total assets of
RMB3,309 billion (around US$485 billion) as of the end of 2009.

                       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
Investors Service's information.

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

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


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


BEST LEADER: Court to Hear Wind-Up Petition on November 17
----------------------------------------------------------
A petition to wind up the operations of Best Leader Engineering
Limited will be heard before the High Court of Hong Kong on
November 17, 2010, at 9:30 a.m.

Ting Pui Wai filed the petition against the company.


CHAIN LINK: Court to Hear Wind-Up Petition on December 1
--------------------------------------------------------
A petition to wind up the operations of Chain Link Tak Kee
Newspaper and Magazine Distribution Co. Ltd. (formerly Known as
Tak Lee Newspaper and Magazine (Distribution) Co. Ltd.) will be
heard before the High Court of Hong Kong on December 1, 2010, at
9:30 a.m.

The Petitioner's Solicitors are:

          Tsang, Chan & Woo
          trinity General Insurance Co. Ltd
          12th Floor, Grand Building
          Nos. 15-18 Connaught Road
          Central, Hong Kong


G & H HOLDINGS: Court to Hear Wind-Up Petition on November 24
-------------------------------------------------------------
A petition to wind up the operations of G & H Holdings Limited
will be heard before the High Court of Hong Kong on November 24,
2010, at 9:30 a.m.

Chu Yue To Philip filed the petition against the company.


GLOBAL TESTING: Commences Wind-Up Proceedings
---------------------------------------------
Members of Global Testing & Certification Centre Limited, on
March 1, 2010, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is Bruno Arboit.


GOOD HARVEST: Court to Hear Wind-Up Petition on November 10
-----------------------------------------------------------
A petition to wind up the operations of Good Harvest Kitchen Hot
Pot Limited will be heard before the High Court of Hong Kong on
November 10, 2010, at 9:30 a.m.

Chan Yuk King filed the petition against the company.


GOOD VIEW: Commences Wind-Up Proceedings
----------------------------------------
Members of Good View Trading Development Limited, on July 22,
2010, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Bruno Arboit.


GOODREACH GARMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Goodreach Garment Limited, on September 29, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The official receiver is E T O'Connell.


HIH HOLDINGS: Creditors Get 9.4% Recovery on Claims
---------------------------------------------------
HIH Holdings (Asia) Limited, which is in liquidation, will pay the
second and final ordinary dividend to its creditors on October 11,
2010.

The company will pay 9.4% for ordinary claims.

The company's liquidator is:

         Jan GW Blaauw
         20/F, Prince's Building
         Central, Hong Kong


HONG WANG: Commences Wind-Up Proceedings
----------------------------------------
Members of Hong Wang Jewellery Limited, on July 8, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


INTERSMART INT'L: Court to Hear Wind-Up Petition on November 10
---------------------------------------------------------------
A petition to wind up the operations of Intersmart International
Limited will be heard before the High Court of Hong Kong on
November 10, 2010, at 9:30 a.m.

Cheung Fat Chuen filed the petition against the company.


JET UNITED: Lo and Lai Step Down as Liquidators
-----------------------------------------------
Joseph K. C. Lo and Lai Kar Yan (Derek) stepped down as
liquidators of Jet United Finance company Limited on September 6,
2010.


JR ORIENTAL: Commences Wind-Up Proceedings
------------------------------------------
Members of JR Oriental Company Limited, on April 21, 2010, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


KAM LUNG: Commences Wind-Up Proceedings
---------------------------------------
Members of Kam Lung Enterprises Limited, on April 22, 2010, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


KAM TAI: Commences Wind-Up Proceedings
--------------------------------------
Members of Kam Tai Fai china-HK Logistics Limited, on September
29, 2010, passed a resolution to voluntarily wind up the company's
operations.

The official receiver is E T O'Connell.


KOLIN INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Kolin International Holding co. Limited, on March 12,
2010, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Bruno Arboit.


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

Chang Wai Ping filed the petition against the company.


LAM ENGINEERING: Wong and Tsui Appointed as Liquidators
-------------------------------------------------------
Mr. Wong Sun Keung and Ms Tsui Mei Yuk Janice on August 19, 2010,
were appointed as liquidators of Lam Engineering Company Limited.

The liquidators may be reached at:

         Mr. Wong Sun Keung
         Ms. Tsui Mei Yuk Janice
         20/F, Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


LEOPARD TEXTILES: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Leopard Textiles Company Limited, on March 1, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Bruno Arboit.


LINKGROW INTERNATIONAL: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of Linkgrow International Limited formerly known as Link
Grow International Limited, on January 26, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Lily K. B. Fenn
         Tse to Chuen
         Room D, 32nd Floor, Lippo Centre
         Tower 1, No. 89 Queensway
         Hong Kong


LINKY CHANCE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Linky Chance Limited, on April 22, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.


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I N D I A
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BAFNA EARTH: CRISIL Assigns 'BB+' Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Bafna Earth
Movers Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR60.00 Million Cash Credit       BB+/Stable (Assigned)
   INR500.00 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect BEML's exposure to risks related to intense
competition in the construction industry, geographical and
segmental and concentration in revenue profile, large working
capital requirements and risk on market investments, and real
estate foray.  These rating weaknesses are partially offset by
BEML's strong financial risk profile, marked by a low gearing and
healthy debt protection metrics; the ratings also reflect the
experience of the promoters and moderate order book providing
revenue visibility.

Outlook: Stable

CRISIL believes that BEML will maintain its financial risk
profile, supported by low debt and a moderate order book.  The
outlook may be revised to 'Positive' if BEML increases its scale
of operations significantly, and achieves diversity in revenues.
Conversely, the outlook may be revised to 'Negative' if the
company faces time and cost overruns in its ongoing and future
projects, or if it undertakes any large debt-funded capital
expenditure, leading to deterioration in its financial risk
profile.

                         About Bafna Earth

BEML, incorporated in 1996 is into civil and infrastructure
construction, mainly building rural roads, dams, bridges, and
irrigation works in Chattisgarh (around 90 per cent of its
revenues), Orissa, Madhya Pradesh and Goa. BEML is managed by
Mr. Sanjay Bafna and his younger brother Mr. Ajay Bafna.  As on
August 30 2010 BEML's order book is around INR950 million.

BEML reported a profit after tax (PAT) of INR99.8 million on net
sales of INR915.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a loss of INR111.3 million on net
sales of INR695.4 million for 2008-09.


HINDUSTAN MOTORS: To Adjust Accumulated Losses; Sells Avtec Shares
------------------------------------------------------------------
Hindustan Motors Ltd has decided to adjust its accumulated losses
(as on March 31, 2010) against its share capital and security
premium to the extent of INR84 crore, The Hindu reports.

The Hindu relates that the company said the board also approved
the sale of partial holding of Avtec shares to a group company,
saying that the transaction was done at a fair value which will
result in profit and thereby improvement in HML's net worth.

While the company has decided to write-off the entire amount of
securities premium, it has also decided to reduce by half the face
value of the company's shares from INR10 to INR5, according to The
Hindu.  The paid-up share capital will thus decline to INR80.50
crore from INR160 crore, the report says.

According to The Hindu, the company said that subject to approval
of shareholders and statutory regulators as also the High Court,
it was proposing these measures to improve its operating results
through restructuring exercises.

The Hindu says the firm believes these two measures together with
the recent cash infusion of about INR40 crore should enable the
company to step up operations and improve the overall financial
position.

Hindustan Motors posted a loss of INR428.5 million in the year
ended March 31, 2010, compared with a loss of INR377.8 million a
year earlier.  The company has accumulated losses of INR1.32
billion and had a net worth of INR1.64 billion at the end of
March.

                       About Hindustan Motors

Hindustan Motors Limited -- http://www.hindmotor.com/-- is an
India-based Company engaged in the manufacture of automobiles and
components namely, castings, forgings and stampings.  The Company
operates in two segments: automobiles, which consist of
manufacture and sale of passenger cars, utility vehicles, and
components and accessories; other segment comprises of remote
service division engaged in engineering services.  The Company
focuses in Ambassador range of cars and utility vehicles,
Mitsubishi range of products, which include Lancer, Cedia, Pajero,
Montero and Outlander.  Its subsidiaries include Hindustan Motor
Finance Corporation Limited, HM Export Limited and Hindustan
Motors Limited, USA.


LOTUS BULLIONS: CRISIL Rates INR150 Million Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Lotus Bullions Pvt
Ltd's cash credit facility.

   Facilities                     Ratings
   ----------                     -------
   INR150.0 Million Cash Credit   B+/Stable (Assigned)

The rating reflects Lotus's weak financial risk profile, marked by
a small net worth, high gearing, and below-average debt protection
metrics; and its susceptibility to volatility in gold and diamond
prices and in the value of the Indian rupee.  These rating
weaknesses are partially offset by the extensive experience of
Lotus's promoters in the gold and diamond jewellery trading
business and strong growth in its revenue.

Outlook: Stable

CRISIL believes that Lotus will continue to benefit from the
extensive experience of its promoters in the jewellery trading
business, over the medium term.  CRISIL also believes that Lotus's
financial risk profile will remain weak, driven by its weak
capital structure and low cash accruals.  The outlook may be
revised to 'Positive' in case of substantial improvement in
Lotus's cash accruals, in its capital structure, most likely due
to fresh equity infusion, or if the company establishes robust
risk management policies. Conversely, the outlook may be revised
to 'Negative' if the company faces any pressures on profitability,
or its capital structure deteriorates further.

                        About Lotus Bullions

Lotus is into wholesale trading in gold jewellery, diamond
jewellery, and cut and polished diamonds.  The company was
initially incorporated as Kanhai Diamond Manufacturing Pvt Ltd in
January 2003, in Delhi, by Mr. Umesh Garg; the name was changed in
March 2005.

Lotus reported a profit after tax (PAT) of INR3.1 million on net
sales of INR1817.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.4 million on net sales
of INR1584.9 million for 2008-09.


NANDHI DALL: ICRA Assigns 'LBB' Rating to INR0.7cr Term Loan
------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR0.7 crore term loan
facilities and the INR39.0 crore fund based facilities of Nandhi
Dall Mills.  The outlook on the long term rating is stable. ICRA
has also assigned 'A4' rating to the INR6.0 crore non-fund based
(includes sub-limit of INR3.0 crore) facilities of NDM.

The ratings reflect NDM's low profitability, stretched liquidity
position and susceptibility of margins to raw material price
fluctuations.  The ratings are further constrained by the weak
capital structure of the firm characterized by high gearing of
5.1x as on March 31, 2010.  The rating also factors in the highly
fragmented nature of the pulses processing industry and the
intense competition from organized and unorganized players.
However, the rating factors in the established track record of NDM
in manufacturing and selling of a variety of pulses and gram floor
under its established brand names and the firm's sustained growth
in operating income.

                         About Nandhi Dall

Nandhi Dall Mills, a partnership firm, was established in 1940 by
Mr. T. V. Arunachala Nadar with an objective of processing of
pulses and gram floor. Mr. S. A. Kumar (Son of Arunachala Nadar)
and Mrs. K. Jayanthi (wife of S.A. Kumar) are the 50:50 partners
of the firm and are actively involved in the business of the firm.

NDM is an ISO 9001:2000 certified firm with its registered office
at Guhai, Salem and a manufacturing unit, stretched over 1,50,000
sq. mts area in Salem.  The firm has established its own brand
?Nandhi? which is popular in its home state, Tamil Nadu. The firm
is also selling under ?Aachi Masala Food Pvt Ltd,? brand, which is
a famous brand in south India. All the products manufactured by
the firm are ?AGMARK? graded under license from Govt. of India.
NDM had received recognitions for the quality of the products from
Consumer Vigilance Council of Tamil Nadu as well as from Govt of
India.

Recent Results (unaudited)

NDM has reported profit before tax of INR0.7 crore on operating
income of INR157.0 crore for the year ended March 31, 2010.


NORTH EAST: CRISIL Assigns 'B+' Ratings on Various Bank Debts
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to North East Ferro
Alloys Company Pvt Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR30.0 Million Cash Credit Facility     B+/Stable (Assigned)
   INR43.0 Million Term Loan                B+/Stable (Assigned)
   INR19.0 Million Proposed Long-Term       B+/Stable (Assigned)
                   Bank Loan Facility
   INR13.0 Million Bank Guarantee           P4 (Assigned)

The ratings reflect NEFA's exposure to risks related to small
scale and limited track record of its operations amidst intense
competition in the steel industry; the ratings also reflect NEFA's
below-average financial risk profile, marked by a small net worth,
high gearing, and weak debt protection metrics.  These rating
weaknesses are partially offset by experience of NEFA's promoters
in the iron and steel industry.

Outlook: Stable

CRISIL believes that NEFA will continue to benefit from its
promoters' experience in the iron and steel industry.  The outlook
may be revised to 'Positive' if sooner-than-expected stabilization
of capacity leads to more-than-expected revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected capacity utilization, or
if the company undertakes any significant, debt-funded capex
leading to further deterioration of financial risk profile.

About North East

NEFA, incorporated in 2008, manufactures mild steel (MS) ingots.
The company's manufacturing facilities in Siliguri (West Bengal),
have capacity of 24,000 tonnes per annum (tpa).  The company was
set up by Mrs. Minu Goyal and Mrs. Indu Goyal; the manufacturing
operations are managed by their husbands Mr. Arun Goyal and Mr.
Mukesh Goyal, respectively. The Goyal family, has been associated
with the iron and steel industry through their group entities,
North East Engineering Company, North East Engineering Company Pvt
Ltd, and Akash Enterprises for over a decade.

NEFA reported a profit after tax (PAT) of INR0.07 million on net
sales of INR180.3 million for 2009-10 (refers to financial year,
April 1 to March 31). 2009-10 was the first year of operations and
company operated for only six months during the year.


RISHAB POLYCHEM: ICRA Places 'LBB-' Rating on INR2cr Bank Debt
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR2.001 crore fund
based and the proposed INR 1.00 crores fund based facilities of
Rishab Polychem Private Limited.  ICRA has also assigned a short
term rating of 'A4' to the proposed INR 5.00 crore non-fund based
bank limits of RPPL.  The outlook on the long term ratings is
stable.

The ratings reflect the high competitive intensity and
fragmentation in the polymer trading industry; the low profit
margins inherent in trading business; the small scale of RPPL's
operations; vulnerability of profitability to commodity price risk
and supplier concentration risk.  However, ICRA takes note of the
long established track record of the promoters in the polymer
trading business; established relationships with domestic and
international polymer producers and favorable demand outlook for
commodity polymers in the long term.

                        About Rishab Polychem

Rishab Polychem Private Limited was incorporated in 2003 as a
private limited company.  The company started importing polymers
in 2008 and in the same year opened branch offices in Parwanoo
in the state of Himachal Pradesh and Manimajra in Chandigarh. The
promoters have been involved in the trading of polymers since
1995.

Recent Results

In 2009-10 the company reported a net profit of INR0.08 crore on
net sales of INR26.04 crores as against a net profit of
INR0.02 crore on net sales of INR10.89 crores in 2008-09.


SELLIAMMAN CONSTRUCTIONS: CRISIL Puts 'BB' Rating on Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Selliamman
Constructions Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         BB/Stable (Assigned)
   INR15 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect SCPL's small scale of operations, large
working capital requirements, and susceptibility to volatile input
costs.  These rating weaknesses are partially offset by SCPL's
moderate financial risk profile, marked by moderate gearing, and
healthy debt protection measures, and its experienced management
team.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit from its
promoters' experience in the construction business, over the
medium term.  The outlook may be revised to 'Positive' if the
company increases its scale of operations, improves its
profitability, strengthens its order book, and diversifies its
revenue profile.  Conversely, the outlook may be revised to
'Negative' if SCPL undertakes any large, debt-funded capital
expenditure programme, or takes up unrelated diversification, or
if it faces delays in the completion of its projects, adversely
impacting its financial risk profile.

                  About Selliamman Constructions

SCPL was incorporated in 2007 in Bhavani (Tamil Nadu) by Mr. K
Sreerangan, who has been handling road projects through a
proprietary concern since 1977. The company undertakes civil
construction, mainly concreting activities related to road
construction and maintenance such as formation, widening,
rehabilitation, and strengthening, and construction of small
bridges. The company had an order book of around INR260 million as
on September 30, 2010. SCPL's customers include Tamil Nadu and
Karnataka Public Works Departments and the Southern Railways.

SCPL reported a profit after tax (PAT) of INR8.6 million on net
sales of INR377.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.7 million on net sales
of INR239.0 million for 2008-09.


SOJIRAM ISPAT: CRISIL Rates INR200 Million Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Sojiram Ispat Pvt
Ltd's cash credit facility.

   Facilities                      Ratings
   ----------                      -------
   INR200.00 Million Cash Credit   BB-/Stable (Assigned)

The rating reflects Sojiram's weak financial risk profile, marked
by high total outside liability/ Total net worth (TOL/TNW) and
weak debt protection metrics, susceptibility to volatility in raw
material prices, and exposure to intense competition in the steel
trading business.  These rating weaknesses are partially offset by
Sojiram's established relationships with suppliers and customers,
and its promoters' experience in the steel trading business.

Outlook: Stable

CRISIL believes that Sojiram will continue to benefit from its
promoter's experience in the steel trading business, over the
medium term. The outlook may be revised to 'Positive' if Sojiram's
capital structure improves backed by equity infusion, and its
revenues and profitability increase significantly, thereby
improving its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if Sojiram's profitability declines, most
likely because of continued volatility in steel prices and sharp
decline in sales; the outlook may also be revised to 'Negative' if
the company undertakes any significant debt-funded capital
expenditure programme, weakening its capital structure.

                        About Sojiram Ispat

Set up in 2004, Sojiram trades in various kinds of steel products.
The firm belongs to Mr. Mridul Agarwal and his family.  The
company headquartered in Hyderabad, trades in steel products such
as mild steel bars, sheets, channels, angles, I-beams, squares,
blooms, rounds, and other structural products.

Sojiram reported a profit after tax (PAT) of INR6 million on net
sales of INR1.71 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 4 million on net sales
of INR1.31 billion for 2008-09.


SONEAR INDUSTRIES: CRISIL Assigns 'B+' Rating to INR80MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Sonear Industries Ltd, which is part of the Sonear
group.

   Facilities                            Ratings
   ----------                            -------
   INR270.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR80.0 Million Term Loan             B+/Stable (Assigned)
   INR70.0 Million Letter of Credit      P4 (Assigned)
   INR5.0 Million Bank Guarantee         P4 (Assigned)

The ratings reflect the Sonear group's weak financial risk
profile, marked by pressure on profitability, large working
capital requirements, and weak debt protection measures; and the
group's exposure to risks related to intense competition in the
plywood and veneer industry, unfavorable changes in timber export
regulations in foreign countries, and fluctuations in the value of
the Indian rupee.  These rating weaknesses are partially offset by
the Sonear group's established market position, diversified
product profile, and geographical diversity in revenues, and the
benefits that the group derives from its promoters' experience in
the plywood and veneer industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SIL and its group companies, Surya
Vikas Plywood Ltd and Surya Boards Ltd.  This is because the three
companies, together referred to as the Sonear group, have a common
management and a centralised finance function. Furthermore, there
is a high likelihood of the companies extending financial support
to any group company in case it is in financial distress.

Outlook: Stable

CRISIL believes that Sonear group will continue to have a weak
financial risk profile over the medium term due to high working
capital intensity of its operations. The group, though, is
expected to benefit from the increasing share of its branded
products in the plywood and laminates industry, leading to better
profitability.  The outlook may be revised to 'Positive' if the
group's debt protection measures improve significantly, most
likely because of improved profitability and/or reduction in
dependence on bank debt for its working capital needs. Conversely,
the outlook may be revised to 'Negative' if the Sonear group's
financial risk profile deteriorates further, most likely because
of large unanticipated debt-funded capital expenditure, or adverse
changes in raw material prices and foreign exchange rates.

                          About the Group

The Sonear group was set up in 1973.  The group initially
comprised three plywood manufacturing units.  With a family
partition in 2001, one unit, which was later named SBL, went to
Mr. Jitendra Kejriwal, and the other two units went to his
brother.

SBL earlier manufactured various types of plywood and veneers. Mr.
Jitendra Kejriwal decided to set up separate manufacturing units
for each type of product; as a result, SVPL was set up in 2002 in
Yamuna Nagar (Haryana), and Donear D‚cor Pvt Ltd was set up in
Sapla (Haryana) in 2005.

In March 2010, Donear D‚cor Pvt Ltd was renamed as Sonear
Industries Ltd and the group's brand was also renamed as Sonear
from Donear. In September 2010, the corporate status of SVPL was
changed to a public limited company from a private limited one.

SIL manufactures decorative laminates and decorative plywood. The
company has four press lines, each with a capacity to produce up
to 125,000 square metres of plywood per month. SIL also has an in-
house slicing facility. SBL manufactures regular and recon
plywood, while SVPL manufactures plywood and block boards.

SIL reported a profit after tax (PAT) of INR34.7 million on net
sales of INR957.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net sales
of INR511.1 million for 2008-09.


SURYA BOARDS: CRISIL Places 'B+' Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Surya Boards Ltd, which is part of the Sonear group.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR15.0 Million Letter of Credit     P4 (Assigned)
   INR5.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect the Sonear group's weak financial risk
profile, marked by pressure on profitability, large working
capital requirements, and weak debt protection measures; and the
group's exposure to risks related to intense competition in the
plywood and veneer industry, unfavorable changes in timber export
regulations in foreign countries, and fluctuations in the value of
the Indian rupee.  These rating weaknesses are partially offset by
the Sonear group's established market position, diversified
product profile, and geographical diversity in revenues, and the
benefits that the group derives from its promoters' experience in
the plywood vaeneer industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SBL, Sonear Industries Ltd, and Surya
Vikas Plywood Ltd.  This is because the three companies, together
referred to as the Sonear group, have a common management and a
centralised finance function. Furthermore, there is a high
likelihood of the companies extending financial support to any
group company in case it is in financial distress.

Outlook: Stable

CRISIL believes that Sonear group will continue to have a weak
financial risk profile over the medium term due to high working
capital intensity of its operations.  The group, though, is
expected to benefit from the increasing share of its branded
products in the plywood and laminates industry, leading to better
profitability.  The outlook may be revised to 'Positive' if the
group's debt protection measures improve significantly, most
likely because of improved profitability and/or reduction in
dependence on bank debt for its working capital needs. Conversely,
the outlook may be revised to 'Negative' if the Sonear group's
financial risk profile deteriorates further, most likely because
of large unanticipated debt-funded capital expenditure, or adverse
changes in raw material prices and foreign exchange rates.

                          About the Group

The Sonear group was set up in 1973.  The group initially
comprised three plywood manufacturing units.  With a family
partition in 2001, one unit, which was later named SBL, went to
Mr. Jitendra Kejriwal, and the other two units went to his
brother.

SBL earlier manufactured various types of plywood and veneers. Mr.
Jitendra Kejriwal decided to set up separate manufacturing units
for each type of product; as a result, SVPL was set up in 2002 in
Yamuna Nagar (Haryana), and Donear D‚cor Pvt Ltd was set up in
Sapla (Haryana) in 2005.

In March 2010, Donear D‚cor Pvt Ltd was renamed as Sonear
Industries Ltd and the group's brand was also renamed as Sonear
from Donear. In September 2010, the corporate status of SVPL was
changed to a public limited company from a private limited one.

SIL manufactures decorative laminates and decorative plywood. The
company has four press lines, each with a capacity to produce up
to 125,000 square metres of plywood per month. SIL also has an in-
house slicing facility. SBL manufactures regular and recon
plywood, while SVPL manufactures plywood and block boards.

SBL is estimated to report a profit after tax (PAT) of INR2.8
million on net sales of INR301.5 million for 2009-10 (refers to
financial year, April 1 to March 31), against a net loss of INR4.7
million on net sales of INR240.5 million for 2008-09.


TRK TEXTILE: CRISIL Assigns 'B' Rating to INR181.4 Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of TRK Textile (India) Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR181.40 Million Term Loan      B/Stable (Assigned)
   INR67.50 Million Cash Credit     B/Stable (Assigned)
   INR5.50 Million Bank Guarantee   P4 (Assigned)

The ratings reflect TRK Textile' weak financial risk profile,
marked by high gearing and weak debt protection metrics, and the
company's susceptibility to volatility in raw material prices.
These rating weaknesses are partially offset by the promoters'
considerable experience in the textile industry.

Outlook: Stable

CRISIL believes that TRK Textile will continue to benefit from its
promoters' experience in the textile industry over the medium
term.  The outlook may be revised to 'Positive' if TRK Textile
increases its scale of operations and profitability on a sustained
basis, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if TRK
Textile undertakes a larger-than-expected debt-funded capital
expenditure programme or if its revenues and profitability decline
sharply, leading to deterioration in its financial risk profile.

                         About TRK Textile

TRK Textile was established in 2006 in Tirupur (Tamil Nadu) by
Mr. M Rangasamy, Mr. A K Jeyaprakash and Mr. S Saravanan.  It
traded in cotton yarn and garments until 2007-08 (refers to
financial year, April 1 to March 31), when it began manufacturing
cotton yarn.  The company currently has an installed capacity of
12,000 spindles, and manufactures combed and semi-combed yarn. It
is expanding its installed capacity to 14,400 spindles which is
expected to be operational by the last quarter of 2010-11.

TRK Textile reported a profit after tax of INR3.2 million on net
sales of INR339.9 million for 2009-10, against a net loss of
INR30.9 million on net sales of INR190.3 million for 2008-09.


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


BANK CENTRAL: Fitch Affirms Issuer Default Rating at 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed PT Bank Central Asia Tbk's National
Long-term rating at 'AAA(idn)', Long-term foreign currency Issuer
Default Rating at 'BB+', Short-term foreign currency IDR at 'B',
Individual Rating at 'C/D', Support Rating at '3' and Support
Rating Floor at 'BB'.  The Outlook on the National Long-term
rating and Long-term foreign currency IDR is Stable.

The affirmations reflect BCA's improved and consistently strong
underlying financial performance and strong asset quality with
lower NPLs (well below its peers) and strong provision coverage.
Fitch notes that BCA's financial performance is one of the best
among its domestic peers, underpinned by an established franchise
in transaction banking, deposit-taking in Indonesia as well as
positive structural changes in business development and risk
management.  Nonetheless, the bank's credit profile and IDR are
constrained by the rapidly evolving operating environment the bank
is operating in as manifested by the Indonesia's foreign currency
IDR at 'BB+/Stable'.  Fitch views positively the bank's standalone
financial profile and anticipates the bank to perform well amid a
more supportive operating environment in 2011, and possibly
beyond.  The agency may upgrade BCA's Individual Rating if the
operating environment and economic outlook improve further,
coupled with a sustainable improvement in BCA's profitability and
capital, without a significant compromise in its strong asset
quality.

Fitch notes that the bank's NPLs declined to 0.8% of gross loans
at end-H110 after reaching a peak of 1.8% at end-H109, mainly due
to an improved corporate loan portfolio.  The provision cover
remained strong at 3.4x of NPLs in H110, reflecting a generally
prudent provisioning policy.  Total restructured loans remained
below 1% of total loans.

BCA's profitability remained strong with ROA rising to 2.8% at
end-June 2010 (end-2009:2.6%), underpinned by strong non-interest
income and lower provision charges following better asset quality
and despite lower net interest margin.  Also, a consistently
strong underlying profitability helped BCA absorb the impact of
higher provision charges in 2009.  Based on Fitch's stress test,
the bank had the highest credit cost absorption capacity compared
to the other 10 Indonesian banks (accounting for around 60% of
system assets) Fitch rates.  Although BCA's capital ratios have
declined due to loan expansion and the implementation of Basel II
(5% operational risk), they remain at satisfactory levels, with
total CAR at 14.7% (Tier 1: 14.1%) at end-June 2010.

Established in 1957, BCA is the third-largest bank in Indonesia,
accounting for 11.1% of total system assets at June 2010.  It
remains majority-owned by the Hartono family through FarIndo
Investment (Mauritius) Ltd q.q. (47.15% stake at end-June 2010).
Despite this, BCA has been professionally run with minimal changes
in the board of directors since 2002.


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


JLOC 37: S&P Puts Ratings on Various Notes on CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the
notes, classes A1 to C2, issued under the JLOC 37 LLC transaction
on CreditWatch with negative implications.  JLOC 37 is a multi-
borrower CMBS transaction issued in July 2007, totaling the
equivalent of JPY81.22 billion.  At the same time, S&P affirmed
its rating on classes D1, D2, and X.

S&P intends to review its ratings on classes A1 to C2, which have
been placed on CreditWatch with negative implications, after
reviewing all the loans and examining the potential recovery
amount from the collateral properties that S&P may need to revise.

The notes were originally secured by loans extended to 10
obligors, which were initially backed by 61 real estate properties
and real estate trust certificates.  The transaction was arranged
by Morgan Stanley Japan Securities Co. Ltd. ORIX Asset Management
& Loan Services Corp. acts as the servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in 2015 for the class A1 and A2 notes, the
full payment of interest and ultimate repayment of principal by
the legal maturity date for the class B1 to D2 notes, and the
timely payment of available interest for the interest-only class X
notes.

                Ratings Placed On Watch Negative

                           JLOC 37 LLC
  JPY81.22 billion equivalent notes issued on July 11, 2007, due
                          January 2015

  Class    To                      From      Initial issue Amount
  -----    --                      ----      --------------------
  A1       AA (sf) /Watch Neg      AA (sf)     JPY53,800 mil.
  A2       AA (sf)/Watch Neg       AA (sf)     JPY12.1 mil.
  B1       BBB (sf)/Watch Neg      BBB (sf)    JPY7,900 mil.
  B2       BBB (sf)/Watch Neg      BBB (sf)    JPY4.85 mil.
  C1       B+ (sf)/Watch Neg       B+ (sf)     JPY7,000 mil.
  C2       B+ (sf)/Watch Neg       B+ (sf)     JPY8.45 mil.

                        Ratings Affirmed

  Class          Rating               Initial Issue Amount
  -----          ------               --------------------
  D1             CCC (sf)             JPY8,000 mil.
  D2             CCC (sf)             JPY1.95 mil.
  X              AAA (sf)             JPY81,22 bil. (notional
                                                     amount)


JLOC XXVIII: S&P Puts Note Ratings on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the
senior trust certificates, classes B and C, issued under the JLOC
XXVIII transaction on CreditWatch with negative implications.
JLOC XXVIII is a property sales-type CMBS transaction issued in
October 2005, totaling JPY95 billion.  At the same time, S&P
affirmed its ratings on the class D senior trust certificates and
on Harajuku Holding TMK's series 4-2 floating-rate mezzanine
specified bonds.  The class A senior trust certificates and Nakano
Holding TMK's series 3-2 floating-rate mezzanine specified bonds
have already been paid in full.

S&P intends to review its ratings on classes B and C, which have
been placed on CreditWatch with negative implications, after
reviewing the sales status of the properties and examining the
potential recovery timing and amount from the collateral
properties that S&P may need to revise.  In examining the recovery
timing, S&P will consider the possibility that the senior
certificates will be redeemed by the transaction's maturity date.

JLOC XXVIII is a property sales-type CMBS transaction.  The senior
trust certificates and mezzanine bonds issued under this
transaction were initially secured by 567 real estate properties.
Morgan Stanley Japan Securities Co. Ltd. served as the arranger
for this transaction.

The ratings address the full payment of interest and ultimate
repayment of principal by the legal maturity date in 2012 for the
class B and D senior trust certificates and the Harajuku Holding
TMK series 4-2 floating rate specified bonds.

                Ratings Placed On Watch Negative

             JLOC XXVIII Senior Trust Certificates
        JPY88.9 billion trust certificates due October 2012

  Class    To                    From         Initial Issue Amount
  -----    --                    ----         --------------------
  B        AAA (sf)/Watch Neg    AAA (sf)       JPY10.1 bil.
  C        BBB- (sf)/Watch Neg   BBB- (sf)      JPY8.8 bil.

                        Ratings Affirmed

     Class          Rating             Initial Issue Amount
     -----          ------             --------------------
     D              CCC (sf)           JPY7.2 bil.

                      Harajuku Holding TMK
Series 4-2 JPY3.6 billion floating-rate mezzanine specified bonds
                        due October 2012

              Rating           Initial Issue Amount
              ------           --------------------
              CCC (sf)         JPY3.6 bil.


NCI TRUST: S&P Puts Ratings on Notes on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on NCI Trust
Certificate-2's trust certificates classes B to D on CreditWatch
with negative implications.  NCI Trust Certificate-2 is a multi-
borrower CMBS transaction issued in July 2006, totaling ?31.1465
billion.  At the same time, S&P affirmed its rating on the class A
certificates at 'AAA (sf)'.

S&P intends to review its ratings on the class B to D
certificates, which have been placed on CreditWatch with negative
implications, after reviewing the loans and the specified bond and
examining the potential recovery amount from the collateral
properties that S&P need to revise.

The trust certificates were initially secured by seven loans
originated by Nomura Capital Investment Co. Ltd. extended to seven
borrowers, and by one specific bond underwritten by Nomura
Securities Co. Ltd.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in 2013 for the class A certificates, and the
full payment of interest and ultimate repayment of principal by
the legal maturity date for the class B to D certificates.

                Ratings Placed On Watch Negative

          JPY31.1465 billion trust certificates due 2013*

Class      To                        From          Amount
-----      --                        ----          ------
B          A (sf)/Watch Neg          A (sf)        JPY4.2 bil.
C          BBB (sf)/Watch Neg        BBB (sf)      JPY2.3 bil.
D          BB (sf)/Watch Neg         BB (sf)       JPY1.4535 bil.

                        Ratings Affirmed

            Class          Rating          Amount
            -----          ------          ------
            A              AAA (sf)        JPY22.8 bil.

   * Class R (Initial issue amount of JPY0.393 bil) is not rated.


TAKEFUJI CORP: Credit Derivative Trades Auction Set for Oct. 28
---------------------------------------------------------------
An auction to settle credit derivative trades for Takefuji Corp.
will be held on Oct. 28, according to a notice on the Creditex Web
site, Bloomberg News reports.

Takefuji Corp. filed for bankruptcy petition with the Tokyo
District Court on September 28, 2010, with debts of
JPY433.6 billion.  Bloomberg relates 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, the report adds.

                         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.


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


BUSINESS FINANCE: S&P Gives Stable Outlook; Affirms 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised the
outlook on Business Finance Ltd.'s ratings to stable from
negative.  At the same time S&P affirmed its 'BB' long-term and
'B' short-term counterparty credit ratings on BFL, a small finance
company based in New Zealand.

"The outlook revision recognizes S&P's view of the good and stable
operating performance of Australia-based Liberty Financial Pty
Ltd., being BFL's 50% shareholder and guarantor," Standard &
Poor's credit analyst Peter Sikora said.  "It also reflects S&P's
view that Liberty will remain successful in effectively managing
its business position, asset quality, operational performance, and
capital adequacy position as a niche-based financier and at a
level supportive of a 'BB' rating.  Critical to the stable outlook
is S&P's expectation that Liberty will maintain good access to,
and support from, wholesale and bank lending markets, with the
benefit of its good operating performance."

Factors moderating S&P's assessment of BFL's stand-alone credit
profile include: the company's concentrated funding profile;
uncertainty relating to its ability to re-establish its retail
debenture funding base under its new joint-venture structure; and
its modest absolute capital base.  Factors supporting BFL's stand-
alone credit profile include S&P's favorable view of the company's
business strategy and its measured growth plans, which should help
BFL effectively manage and limit its risk profile as it expands
its business and establishes its market position.

BFL's rating could come under pressure if the company were to
become a more material contingent liability on Liberty and,
consequently, S&P moderated its view of Liberty's credit profile.
Liberty's credit profile could come under pressure if the
performance of its financial assets deteriorated materially such
that there was insufficient excess income to absorb losses in
underlying assets, or if this led to Liberty bearing a material
decrease in earnings or principal losses from these investments.
The company's credit profile could also come under pressure if it
were to embark on an aggressive asset-growth path that contributed
to its key financial metrics deteriorating.  In addition, the
rating would be lowered if cover of the guarantee from Liberty
weakened or was withdrawn.

S&P does not expect to raise the ratings on BFL in the short term.
An upgrade would require an improvement in S&P's opinion of the
credit profile of the wider Liberty group.


CRAFAR FARMS: Receivers in Court Over Cattle Ownership
-------------------------------------------------------
Niko Kloeten at The National Business Review reports that StockCo.
is in a High Court battle with its banks over who owns a herd of
cows formerly owned by the collapsed Crafar family farming empire.

In October 2009, Michael Stiassny and Brendon Gibson of
KordaMentha were appointed receivers of a number of Allan Crafar
companies.  The companies owned 16 farms that are up for sale,
with the UBNZ/Natural Dairy bid for the farms awaiting Overseas
Investment Office approval, NBR relates.

According to NBR, the receivers have gone to court on behalf of
Westpac, which acted as an agent for the banking syndicate of
Crafar lenders that also included Rabobank and PGG Wrightson.
The receivers claim Plateau Farms breached a general security
agreement (GSA) when it sold livestock to StockCo, NBR relates.

NBR relates Queen's counsel Bruce Stewart, the lawyer for the
receivers, said Tuesday the deal in question was a sale of 4,000
heifers to StockCo for NZ$3.2 million.

Mr. Stewart said the sale was driven by Mr. Crafar's urgent need
for money to fund a farm purchase by Nugen Farms, a company owned
by a family trust associated with Mr. Crafar's son Robert, the
report notes.

Nugen Farms, which wasn't one of the four companies covered by the
GSA, is separately in receivership and liquidation, NBR relates.

Mr. Stewart, as cited by NBR, said the basis of the receivers'
claim is that Plateau Farms needed to get permission from Westpac
before the sale went through.  NBR relates Mr. Stewart said
Westpac probably wouldn't have approved it because it would have
wanted any sale proceeds to be used to pay down debt rather than
buying new farms.

According to NBR, the question to be determined by Justice Douglas
White is whether the sale of the cattle was in the ordinary course
of business for the Crafar group of companies.

The hearing is set down for nine days.

                        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.


EDZELL VINEYARDS: Westpac Calls In McGrathNicol as Receivers
------------------------------------------------------------
Michael Berry at The Marlborough Express reports that Edzell
Vineyards has been put into receivership.  Westpac Bank put the
company under the management of Auckland chartered accountants
William Black and Andrew Grenfell, of McGrathNicol, on
September 20, the report says.

According to the Marlborough Express, Mr. Grenfell said the sole
employee was a vineyard manager who had been kept on to operate
the business.  All other work was done through contractors and was
continuing as normal, he said.

Edzell Vineyards is a grape grower in the Awatere Valley.  The
company has 140 hectares of land in Marlborough's southern valley,
with 80ha planted with sauvignon blanc.  The four-year-old company
is owned by five investors from around New Zealand.


PROTEMIX CORPORATION: Co-Founder Acquires IP Assets
---------------------------------------------------
PhilERA, a company owned by Margaret Cooper, has completed the
purchase of intellectual property assets formerly owned by
Protemix Corporation Limited.

The assets have been acquired in an open bidding process upon the
liquidation of Protemix.

In the early 1990s, Garth and Margaret Cooper founded and
supported for more than a decade, a research and development
programme that aims to provide new medicines for treatment of
diabetes and its complications, in particular cardiovascular
disease. Diabetic cardiovascular disease is one of the leading
causes of death and disability globally, for which effective
medicines are largely lacking.

Protemix's development programme was recognised by the United
States Food & Drug Administration through the award of
Investigational New Drug (IND) status and a rare Fast-Track Award
for its lead compound, a new first-in-class medicine for treatment
of heart failure in diabetes.  The company undertook a number of
successful fundraisings including a significant investment from
the Novartis Venture Fund in April 2007.

Garth Cooper resigned from his executive roles and directorship of
Protemix in 2006, at a time the company was controlled by
associates of Bill Birnie.

The Troubled Company Reporter-Asia Pacific, citing the New Zealand
Press Association, reported on July 22, 2010, that Protemix
Corporation went into liquidation, owing NZ$2.15 million to
creditors.  The company had developed a compound called Laszarin
to treat diabetic heart failure, but was unable to get results out
of clinical trials.  Protemix, set up 15 years ago, spent NZ$61
million of shareholder funds.  It had received NZ$13 million of
government grants since 2003.  Liquidators Laurence Chilcott and
Stephen Tietjens said in their first report that Protemix had been
unable to attract sufficient new equity from new or existing
shareholders to enable its development activities to continue.

                        About Protemix Corp.

Protemix Corporation Limited, a biopharmaceutical company,
discovers, develops, and commercializes drug therapies for the
prevention and treatment of cardiovascular disease, diabetes, and
other metabolic disorders.  The company was founded in 1999 and is
based in Auckland, New Zealand with an additional office in San
Diego, California.


PROTEMIX CORP: No Payment for Creditors Despite IP Asset Sale
-------------------------------------------------------------
Creditors of Protemix Corporation will not be repaid their full
NZ$2.145 million debt, in spite of the sale of the company's
intellectual property to two of its co-founders, Jenni Mcmanus at-
The Dominion Post reports.

The Dominion Post says liquidator Laurie Chilcott will not reveal
the sale price and has warned a group of aggrieved Protemix
shareholders that if they want a forensic investigation of the
company's books, they must fund it themselves.

The Dominion Post states that when Protemix collapsed into
liquidation in mid-July, the shareholder group renewed its calls
for detailed accounts and an explanation of how the fledgling
biotech burned somewhere between NZ$40 million and NZ$60 million
in its 12-year existence.

According to the report, Bill Birnie, Protemix's sole director
when the company went bust, said all 39 shareholders had been
given "a full accounting" of how the funds were used.

The unaudited accounts for the year to March 31, 2009 -- the most
recent figures available to shareholders -- show in the previous
five years Protemix spent NZ$8.98 million on clinical trials and
$6m on patent costs.  Spending on "overheads and others" was
$16.6m, while consultants and salaries soaked up another NZ$16.4
million.

The Troubled Company Reporter-Asia Pacific, citing the New Zealand
Press Association, reported on July 22, 2010, that Protemix
Corporation went into liquidation, owing NZ$2.15 million to
creditors.  The company had developed a compound called Laszarin
to treat diabetic heart failure, but was unable to get results out
of clinical trials.  Protemix, set up 15 years ago, spent NZ$61
million of shareholder funds.  It had received NZ$13 million of
government grants since 2003.  Liquidators Laurence Chilcott and
Stephen Tietjens said in their first report that Protemix had been
unable to attract sufficient new equity from new or existing
shareholders to enable its development activities to continue.

                        About Protemix Corp.

Protemix Corporation Limited, a biopharmaceutical company,
discovers, develops, and commercializes drug therapies for the
prevention and treatment of cardiovascular disease, diabetes, and
other metabolic disorders.  The company was founded in 1999 and is
based in Auckland, New Zealand with an additional office in San
Diego, California.


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


ENERGIZER ASIA: Creditors' Proofs of Debt Due November 8
--------------------------------------------------------
Creditors of Energizer Asia Investments Ptd. Ltd., which is in
members' voluntary liquidation, are required to file their proofs
of debt by November 8, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Low Mei Mei Maureen
         Catherine Lim Siok Ching
         8 Wilkie Road
         #03-01 Wilkie Edge
         Singapore 228095


HUA LI: Creditors' Proofs of Debt Due November 8
------------------------------------------------
Creditors of Hua Li Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 8, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


KINGSTOUN INVESTMENTS: Creditors' Proofs of Debt Due November 8
---------------------------------------------------------------
Creditors of Kingstoun Investments Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 8, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809


NEWMONT INVESTMENT: Creditors' Proofs of Debt Due November 8
------------------------------------------------------------
Creditors of Newmont Investment Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 8, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


NIXVUE SYSTEMS: Creditors' Proofs of Debt Due November 4
--------------------------------------------------------
Creditors of Nixvue Systems Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 4, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Leow Quek Shiong
         Leong Hon Mun Peter
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


POSHGROVE PTE: Creditors' Proofs of Debt Due November 8
-------------------------------------------------------
Creditors of Poshgrove Ptd Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
November 8, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Teo Tong Lim
         Teo Kar Tin
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


SHIKOKU TECHNOLOGIES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on September 24,
2010, to wind up the operations of Shikoku Technologies Singapore
Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


STAR PRIDE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on September 17,
2010, to wind up the operations of Star Pride Trading Pte Ltd.

Karcher South East Asia Pte Ltd filed the petition against the
company.

The company's liquidator is:

         Mr. Chia Soo Hien
         Mr. Leow Quek Shion
         Messrs BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


STEVENS PARK: Creditors' Proofs of Debt Due November 8
------------------------------------------------------
Creditors of Stevens Park Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
November 8, 2010, to be included in the company's dividend
distribution.

Stevens Park Pte Ltd was placed into members' voluntary
liquidation on October 1, 2010, and Mdm Chia Lay Beng was
appointed liquidator.

The liquidator can be reached at:

         Mdm Chia Lay Beng
         1 Scotts Road
         #21-08 Shaw Centre
         Singapore 228208


TINCEL PROPERTIES: Creditors' Proofs of Debt Due November 5
-----------------------------------------------------------
Creditors of Tincel Properties (Private) 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:

          Tam Chee Chong
          6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809


TMI SECURITIES: Creditors' Proofs of Debt Due November 8
--------------------------------------------------------
Creditors of TMI Securities Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 8, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Ho Kheng Sen
          47 Hill Street
          #05-01 Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


TSKLINE (S): Creditors' Proofs of Debt Due November 8
-----------------------------------------------------
Creditors of Tskline (S) Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 8,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 30, 2010.

The company's liquidator is:

         Mr. Steven Tan Chee Chuan
         25 International Business Park
         #04-22/26 German Centre
         Singapore 609916


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                             *********

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 ***