TCRAP_Public/101018.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, October 18, 2010, Vol. 13, No. 205

                            Headlines



A U S T R A L I A

ALLIED BRANDS: Franchised Food Eyes Cookie Man, Baskin Franchisees
CENTRO SHOPPING: Fitch Affirms Ratings on Series 2006-1 Bonds
* AUSTRALIA: High Levels of Insolvencies in SMEs Expected


H O N G  K O N G

CHINA INTERNATIONAL: Creditors' Proofs of Debt Due November 19
DARDON COMPANY: Members' Final Meeting Set for November 10
FORBES DEVELOPMENT: Placed Under Voluntary Wind-Up Proceedings
GEZHOUBA GROUP: Choi Yuet Wah Steps Down as Liquidator
HAPPYGROW ASSOCIATION: Members' Final Meeting Set for November 9

HK ACADEMY: Creditors' Proofs of Debt Due November 9
HOME MART: Lam and Boswell Step Down as Liquidators
HUANYA INVESTMENT: Commences Wind-Up Proceedings
INFINITE EYEWEAR: Annual Meetings Slated for October 22
INTERBEST PROPERTIES: Creditors' Meeting Set for November 1

KAIROS RESEARCH: Chan and Ying Step Down as Liquidators
KELMSCOT COMPANY: Members' Final Meeting Set for November 10
KPT (HK): Seng and Cheng Step Down as Liquidators
LEHMAN BROTHERS: HKMA Reports on Progress of Probe on Minibonds
LI & FUNG: Lam and Boswell Step Down as Liquidators

LI & FUNG MANAGEMENT: Lam and Boswell Step Down as Liquidators
LKM HEATLOCK: Creditors' Proofs of Debt Due November 8
MEDIA PARTNERS: Members' Final Meeting Set for November 9
MEI WAH: Members' Final Meeting Set for November 9
MOBILIA LIMITED: Lam and Boswell Step Down as Liquidators

MUTUAL BOND: Members' Final Meeting Set for November 9
OBELISK TRUST: S&P Downgrades Ratings on Two Notes to 'D'


I N D I A

ALCON ELECTRONICS: CRISIL Lifts Rating on Cash Credit to 'BB-'
BRAHMAPUTRA ROLLING: ICRA Places 'LBB+' Rating on INR7cr Loans
BRAHMAPUTRA TMT: ICRA Assigns 'LBB+' Rating to INR13.53cr Loans
GENESIS FINANCE: ICRA Assigns 'LBB' Rating to INR35cr LT Loans
MAA SHAKAMBARI: ICRA Rates INR15.33cr Fund-Based Debts at 'LBB+'

MARIS HOTELS: ICRA Assigns 'LBB+' Rating to INR7.15cr LT Loans
NAVKETAN NURSING: CRISIL Reaffirms 'BB' Rating on INR168MM Loan
SAHYADRI AGRO: ICRA Reaffirms 'LBB+' Rating on INR51.61cr Loan
SHIVASHAKTI SUGARS: CRISIL Assigns 'B-' Rating to INR900MM LT Loan
THANGAVELU SPINNING: CRISIL Puts 'B' Rating on INR19.3MM LT Loan

UNIQUE GEM: ICRA Assigns 'LBB+' Rating to INR20cr LT Loans


J A P A N

TAKEFUJI CORP: Rivals See Increase in Customer Claims
* JAPAN: To Default on Debts, Hayman Advisors Executive Says


M A L A Y S I A

HAISAN RESOURCES: EON Bank Demands Payment on MYR929,507 Loan
KENMARK INDUSTRIAL: Court Appoints Deloitte as Liquidators
OILCORP BERHAD: Appoints UHY as Independent Financial Adviser
TRANSMILE GROUP: Restraining Order Extended for 90 Days


N E W  Z E A L A N D

NATIONAL FINANCE: Trial for Three Former Execs Set for August 2011
SENSATION YACHTS: HSBC's Case to Go on Trial in Early November
ST LAURENCE: Irongate Breaches Banking Covenants


P H I L I P P I N E S

BANCO DE ORO: Moody's Assigns 'Ba2' Rating to Senior Debt


S I N G A P O R E

KULICKE & SOFFA: Creditors' Proofs of Debt Due November 1
TEXAS INVESTMENT: Court to Hear Wind-Up Petition on October 29


X X X X X X X X

* S&P Assigns Ratings on Three CDOs to CreditWatch Positive




                         - - - - -


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


ALLIED BRANDS: Franchised Food Eyes Cookie Man, Baskin Franchisees
------------------------------------------------------------------
James Thomson at SmartCompany reports that Franchised Food Company
is looming as a potential winner from the woes of Allied Brands,
with Executive Chairman Stan Gordon in talks with the liquidators
of Cookie Man and declaring he is open to talks with Baskin
Robbins franchisees.

SmartCompany says Franchised Food, which owns Baskin Robbins rival
Cold Rock Ice Creamery, as well as the Pretzel World, Nutshack and
Mr. Whippy, has more than 135 franchisees around Australia and has
clearly spotted an opportunity to grow.

SmartCompany relates Mr. Gordon said he has been contacted by
Baskin Robbins franchisees and is set to receive an information
memorandum from the Cookie Man liquidators in the coming days.

Mr. Gordon, SmartCompany notes, said that while his company does
stand to benefit from the problems at Allied, he feels sorry for
the group's franchisees.

According to SmartCompany, Mr. Gordon said he looked at acquiring
the Cookie Man business before Allied Brands bought it in 2007.

"It wasn't a brilliant business, but it was certainly an adequate
business. We think we can modernize the whole offering and give
franchisees something to move forward with," SmartCompany quoted
Mr. Gordon as saying.

Mr. Gordon said he also approached the global owners of the Baskin
Robbins brand, US company Dunkin Brands, about discussing the
future of the Australian master franchise, the report adds.

Dunkin is currently in dispute with Allied about the status of
that franchisee agreement, SmartCompany notes.

As reported in the Troubled Company Reporter-Asia Pacific on
October 4, 2010, Cookie Man has gone into liquidation and is up
for sale as a going concern after the Allied Brands-owned business
was served a winding up order by the NSW Supreme Court.  Peter
Hillig of Smith Hancock was appointed liquidator.  The network of
50 outlets includes a handful of company owned stores which are,
or are in the process of being, closed down.  The remaining 40 odd
franchisees across Australia are continuing to trade.

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

                         About Allied Brands

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

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


CENTRO SHOPPING: Fitch Affirms Ratings on Series 2006-1 Bonds
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Centro Shopping Centre
Securities Limited - CMBS Series 2006-1.  The transaction is a
securitization of Australian commercial mortgages securitized by
Centro Properties Group.  The rating actions are listed below:

  -- AUD184m Class A1 affirmed at 'AA+sf'; Outlook Negative;
  -- AUD300m Class A2 affirmed at 'AA+sf'; Outlook Negative;
  -- EUR100m Class A3 affirmed at 'AA+sf'; Outlook Negative;
  -- AUD33.6m Class B affirmed at 'AAsf'; Outlook Negative;
  -- AUD56.3m Class C affirmed at 'A-sf'; Outlook Negative;
  -- AUD48m Class D affirmed at 'BBB-sf'; Outlook Negative; and
  -- AUD25.4m Class E affirmed at 'BB+sf'; Outlook Negative;

The affirmations reflect Fitch's view that the current credit
enhancement levels adequately support the notes' ratings, and that
the credit quality of the loans contained in the collateral pool
remains in line with the agency's expectations.

"In analyzing Centro, Fitch has taken into consideration the
current strong performance of the portfolio's income, stabilizing
property valuations rates and the expected collateral maturity,
while also incorporating appropriate stresses to reflect current
developments in the Australian commercial property market.  The
agency's stressed property valuations are at present driving the
rating of the senior notes," says James Zanesi, Associate Director
in Fitch's Structured Finance team.  "The Negative Outlook
reflects the concerns about the ability of the December 2010
maturing loans to refinance on schedule amid the current
commercial property environment," adds Mr. Zanesi.

Australian property values appear to be reaching a stabilization
level; the values of this transaction's portfolio have modestly
increasing by 0.4% in the first six months of 2010.  The weighted
average property capitalization rate was constant at 7.8%.  The
current net operating income (NOI) for the portfolio remains
strong and stable - as of June 2010, the NOI had increased 15.2%
since June 2006, and 1.6% since December 2009.  The weighted
average occupancy rate for the property portfolio was 99.5% in
June 2010.  Refinancing risk is a key aspect in analyzing the
transaction as approximately 31% of the obligor loans amounting to
AUD257m are due to be refinanced in December 2010, with the
remaining due in December 2011.

The Negative Outlook has been maintained on all classes due
primarily to the lack of liquidity within the Australian
commercial property finance market, the potential uncertainty this
brings regarding the ability of obligors to repay their
outstanding loans on their scheduled maturity dates, as well as
the consequential effect on the values of the underlying security
properties if they are required to be realized in the course of
the transaction.


* AUSTRALIA: High Levels of Insolvencies in SMEs Expected
---------------------------------------------------------
Financial institutions expect high levels of insolvencies in the
small to medium sized business sector in Australia in the next 12
months, Milana Pokrajac at Money Management reports, citing a
Norton Rose Group global survey.

Money Management relates the survey revealed that around 80% of
Australian respondents and 75% globally believe it will be another
18 months or more before liquidity returns to pre-crisis levels.

Citing latest insolvency statistics released by the Australian
Securities and Investments Commission, Money Management discloses
that there have been 870 insolvencies around Australia in August,
significantly lower than the all year high of 914 in May, but
higher than June and July figures.

According to Money Management, liquidity being perceived as the
greatest risk to business prospects represents a stark change in
sentiment from six months earlier, when more than 50% of Norton
Rose Group survey participants indicated they were seeing a return
to liquidity.

Money Management relates the survey also found that a vast
majority of respondents also expected market consolidation and
super fund mergers in the next 12 months.

The survey, according to Money Management, revealed a great deal
of optimism was shown about investment opportunities in Australia.
Outside of Asia, Australia was noted as the best prospect for
business, the survey revealed.


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


CHINA INTERNATIONAL: Creditors' Proofs of Debt Due November 19
--------------------------------------------------------------
Creditors of China International Down & Feather Trade Association
Corporation Limited, which is in members' voluntary liquidation
are required to file their proofs of debt by November 19, 2010, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2010.

The company's liquidator is:

         Chiu Siu Wai
         Room 701, 7/F, Witty Commercial Building
         1A-1L Tung Choi Street
         Kowloon, Hong Kong


DARDON COMPANY: Members' Final Meeting Set for November 10
----------------------------------------------------------
Members of Dardon Company Limited will hold their final meeting on
November 10, 2010, at 2:00 p.m., at 16th Floor, Ocean Centre,
Harbour City, Kowloon, in Hong Kong.

At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FORBES DEVELOPMENT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on October 6, 2010,
creditors of Forbes Development Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Yee Por Simon
         14th Floor, Greatmany
         109-115 Queen's Road East
         Wanchai, Hong Kong


GEZHOUBA GROUP: Choi Yuet Wah Steps Down as Liquidator
------------------------------------------------------
Choi Yuet Wah stepped down as liquidator of Gezhouba Group (Hong
Kong) Co., Limited on September 27, 2010.


HAPPYGROW ASSOCIATION: Members' Final Meeting Set for November 9
----------------------------------------------------------------
Members of Happygrow Association Limited will hold their final
meeting on November 9, 2010, at 10:00 a.m., at 1D, Tropicana 2,
Dynasty Heights, 2 Yin Ping Road, Kowloon.

At the meeting, Chan Kit Wah Eva, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HK ACADEMY: Creditors' Proofs of Debt Due November 9
----------------------------------------------------
Creditors of The Hong Kong Academy of Business and Management
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by November 9, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on September 24, 2010.

The company's liquidator is:

         Ng Chi Wing
         Flat D, 17th Floor
         Prosperous Height
         62 Conduit Road, Mid-Levels
         Hong Kong


HOME MART: Lam and Boswell Step Down as Liquidators
---------------------------------------------------
Mr. Rainier Hok Chung Lam and Mr. Anthony Kenneth Boswell stepped
down as liquidators of Home Mart Limited on September 27, 2010.


HUANYA INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Huanya Investment Limited, on September 30, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Yeung Mui Kwan David
         14/F., San Toi Building
         137-139 Connaught Road
         Central, Hong Kong


INFINITE EYEWEAR: Annual Meetings Slated for October 22
-------------------------------------------------------
Creditors and members of Infinite Eyewear Limited will hold their
annual meetings on October 22, 2010, at 3:15 p.m., at the office
of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong
Club Building, 3A Chater Road, Central, in Hong Kong.

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


INTERBEST PROPERTIES: Creditors' Meeting Set for November 1
-----------------------------------------------------------
Creditors of Interbest Properties Limited will hold their meeting
on November 1, 2010, at 10:30 a.m., for the purposes provided for
in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Unit C, 32/F., Tower One, Lippo
Centre, No. 89 Queensway, in Hong Kong.


KAIROS RESEARCH: Chan and Ying Step Down as Liquidators
-------------------------------------------------------
Ms Chan Mi Har and Mr. Ying Hing Chiu stepped down as liquidators
of Kairos Research (HK) Limited on September 30, 2010.


KELMSCOT COMPANY: Members' Final Meeting Set for November 10
------------------------------------------------------------
Members of Kelmscot Company Limited will hold their final meeting
on November 10, 2010, at 3:00 p.m., at 16th Floor, Ocean Centre,
Harbour City, Kowloon, in Hong Kong.

At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KPT (HK): Seng and Cheng Step Down as Liquidators
-------------------------------------------------
Natalia K M Seng and Cheng Pik Yuk stepped down as liquidators of
KPT (Hong Kong) Limited on September 30, 2010.


LEHMAN BROTHERS: HKMA Reports on Progress of Probe on Minibonds
---------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) on October 8 announced
that investigation of over 99% of a total of 21,718 Lehman-
Brothers-related complaint cases received has been completed.
These include:

    * 14,347 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,493 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,642 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,562 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 796 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 766 cases; and

    * 500 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 172 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?6c4b

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LI & FUNG: Lam and Boswell Step Down as Liquidators
---------------------------------------------------
Mr. Rainier Hok Chung Lam and Mr. Anthony Kenneth Boswell stepped
down as liquidators of Li & Fung Marketing (Hong Kong) Limited on
September 27, 2010.


LI & FUNG MANAGEMENT: Lam and Boswell Step Down as Liquidators
--------------------------------------------------------------
Mr. Rainier Hok Chung Lam and Mr. Anthony Kenneth Boswell stepped
down as liquidators of Li & Fung Management Services Limited on
September 27, 2010.


LKM HEATLOCK: Creditors' Proofs of Debt Due November 8
------------------------------------------------------
Creditors of LKM Heatlock Company Limited, 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 commenced wind-up proceedings on September 27, 2010.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


MEDIA PARTNERS: Members' Final Meeting Set for November 9
---------------------------------------------------------
Members of Media Partners International Group Limited will hold
their final meeting on November 9, 2010, at 10:00 a.m., at 7th
Floor, Alexandra House, 18 Chater Road Central, in Hong Kong.

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


MEI WAH: Members' Final Meeting Set for November 9
--------------------------------------------------
Members of Mei Wah Water & Electrical Engineering Limited will
hold their final meeting on November 9, 2010, at 2:30 p.m., at
Room A, 12/F., Ritz Plaza, 122 Austin Road, Tsimshatsui, Kowloon.

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


MOBILIA LIMITED: Lam and Boswell Step Down as Liquidators
---------------------------------------------------------
Mr. Rainier Hok Chung Lam and Mr. Anthony Kenneth Boswell stepped
down as liquidators of Mobilia Limited on September 27, 2010.


MUTUAL BOND: Members' Final Meeting Set for November 9
------------------------------------------------------
Members of Mutual Bond International Limited will hold their final
meeting on November 9, 2010, at 11:30 a.m., at Unit 402, 4/F.,
Malaysia Building, No. 50, Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Li Fat Chung and Chan Chi Bor, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


OBELISK TRUST: S&P Downgrades Ratings on Two Notes to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two
series of notes issued by Obelisk Trust to 'D' from 'CCC-'.

The downgrades followed realized interest losses to the investors
in each of the series of notes on the most recent interest payment
date.  The portfolios in the transactions suffered several credit
events, which have resulted in aggregate losses that exceeded the
available subordination and reduced the principal amounts of the
notes.  Consequently, there were interest payment shortfalls on
the most recent interest payment dates.

                         Ratings Lowered

                          Obelisk Trust

                                   Rating To   Rating From
                                   ---------   -----------
     Series 2006-2 Eden            D           CCC-
     Series 2006-3 Eden            D           CCC-


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


ALCON ELECTRONICS: CRISIL Lifts Rating on Cash Credit to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Alcon
Electronics Pvt Ltd to 'BB-/Positive/P4+' from 'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR71.0 Million Cash Credit         BB-/Positive (Upgraded from
                                                     'B+/Stable')

   INR28.5 Million Term Loan           BB-/Positive (Upgraded from
                                                     'B+/Stable')

   INR33.5 Million Letter of Credit    P4+ (Upgraded from 'P4')

The upgrade reflects an improvement in Alcon's financial risk
profile, driven by increased cash accruals and reduced working
capital requirements in 2009-10 (refers to financial year, April 1
to March 31).  Alcon's gearing and debt protection metrics have
improved consequently.  Alcon achieved a robust 29 per cent year-
on-year growth in revenues, while improving its operating margin
to 15.3 per cent in 2009-10 from 11.8 per cent in the previous
year.  The upgrade also reflects CRISIL belief that Alcon will
continue to benefit from healthy growth prospects in the
electronic industry, both in the Indian and international markets.

The ratings reflect Alcon's small scale of operations, exposure to
intense market competition in a highly fragmented industry,
susceptibility to volatility in foreign exchange rates and raw
material prices, and working capital intensive nature of
operations.  The impact of these weaknesses is mitigated by
Alcon's established distribution network in both the Indian and
export markets, and moderate financial risk profile, marked by
moderate gearing and debt protection metrics.

Outlook: Positive

CRISIL expects an improvement in Alcon's business and financial
risk profile over the medium term, backed by Alcon's plans to
modernise its existing capacities and good growth prospects for
the electronic industry.  The rating may be upgraded if Alcon
scales up its operations as per CRISIL's expectation, without
adversely affecting its profitability and capital structure.
Conversely, the outlook may be revised to 'Stable' if Alcon's
profitability is lower than expected, leading to lesser-than-
expected cash accruals, or if the company undertakes a larger-
than-expected debt-funded capital expenditure programme.

                       About Alcon Electronics

Incorporated in 1973, Alcon manufactures capacitors, including
aluminium electrolytic capacitors and film capacitors.  The
company generates about 70 per cent of its revenues from aluminium
electrolytic capacitors and the remainder from film capacitors.
The company also trades in allied electronic products such as
semiconductors; the proportion of revenues from trading
activities, though, is negligible.  Alcon's manufacturing unit in
Satpur (Maharashtra) has an installed production capacity of 1.2
million aluminium electrolytic capacitors and 9.0 million
polypropylene film foil capacitors per annum.

For 2009-10, Alcon reported a profit after tax (PAT) of INR12.7
million on net sales of INR260.4 million, against a PAT of
INR3.4 million on net sales of INR202.2 million for 2008-09.


BRAHMAPUTRA ROLLING: ICRA Places 'LBB+' Rating on INR7cr Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 7 crore term loans
and the INR 17.5 crore fund-based bank limits of Brahmaputra
Rolling Mills.  The outlook on the long term rating is stable.
ICRA has also assigned an 'A4+' rating to the INR 1.5 crore fund-
based bank limits and the INR 3.5 crore non-fund based bank limits
of BRM.

The ratings take into account the relatively small scale of
operations of BRM and its exposure to the inherent cyclicality of
the steel industry that makes profits and cash-flows volatile, and
the high working capital intensity of the business that has an
adverse impact on the liquidity position of the firm. The ratings
are however supported by the location of BRM's plant in close
proximity to its raw material supplier, which ensures timely
availability of raw material and reduces freight cost.  The
ratings also take into account BRM's moderate gearing and
profitability, leading to comfortable levels of coverage
indicators.  ICRA notes that BRM is eligible for various fiscal
incentives, which is likely to add to its overall profitability.
As the operations and management of Brahmaputra Iron & Steel
Company Private Limited (BISCO; rated LBB/Stable and A4 by ICRA),
Brahmaputra TMT Bars Private Limited (BTBPL; rated LBB+/Stable and
A4+ by ICRA) and BRM are closely linked, ICRA has considered the
consolidated financials of these entities while assigning the
ratings.

                     About Brahmaputra Rolling

Incorporated in 2005 as a partnership firm, BRM has been promoted
by the Jaiswal Group of Assam, and has been primarily engaged in
the production of thermo mechanically treated (TMT) bars / mild
steel (MS) rods.  Its manufacturing facility is located at
Guwahati, Assam, with an annual capacity of 90,000 metric
tonnes per annum.  The TMT bars produced by the firm are sold in
the North-eastern parts of the country through a network of
dealers under the brand name of "BISCON".

Recent Results

In 2009-10, BRM reported an operating income of INR 117.98 crore
and profit after tax of INR 8.26 crore as against a loss of
INR 4.8 crore suffered in 2008-09 on an operating income of
INR 13.1 crore.


BRAHMAPUTRA TMT: ICRA Assigns 'LBB+' Rating to INR13.53cr Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 13.53 crore term
loans and the INR 21 crore fund based bank limits of Brahmaputra
TMT Bars Private Limited.  The outlook on the long-term rating is
stable.  ICRA has also assigned an 'A4+' rating to the INR 3 crore
fund-based bank limits and the INR18 crore non-fund based bank
limits of BTBPL.

The ratings take into account the weak financial profile of BTBPL,
as reflected by its high gearing, low profitability and weak debt
coverage indicators; the inherent cyclicality of the steel
industry, which makes cash-flows and profits volatile and the
inability of the company to pass on the increase in raw material
cost to its customers, primarily group companies, in a highly
competitive business environment.  The ratings also reflect
BTBPL's relatively small scale of operations and a proposed large
capital expenditure (capex) plan for a captive power plant (CPP),
which is quite significant relative to its balance sheet size.
The ratings are however supported by the long track record of the
promoters of BTBPL in the steel industry, established forward
linkages with group companies, which reduce its off-take risks,
and the favourable demand outlook of the steel industry, driven by
the anticipated growth of the infrastructure and construction
sectors.  ICRA notes that the debt for the proposed CPP is yet to
be tied up that increases the projects risks further.  The
project debt is likely to have an adverse impact on the capital
structure of the company going forward.  In ICRA's view, the
company's ability to commission the project without significant
time and cost overruns would be a critical determinant of its
credit quality.  As the operations and management of Brahmaputra
Iron & Steel Company Private Limited (BISCO; rated LBB/Stable and
A4 by ICRA), Brahmaputra Rolling Mills (BRM; rated LBB+/Stable and
A4+ by ICRA) and BTBPL are closely linked, ICRA has considered the
consolidated financials of these entities while assigning the
ratings.

                        About Jaiswal Group

Incorporated in 2005, BTBPL has been promoted by the Jaiswal Group
of Assam, and has been primarily engaged in the production of
billets.  The manufacturing facility of the company is located at
Guwahati, Assam, with an annual capacity of 92,000 metric tonnes.

Recent Results

In 2009-10, as per provisional accounts, BTBPL reported an
operating income of INR 105.11 crore and net profit of INR 0.10
crore as against an operating income of INR 84.73 crore and net
profit of INR 2.42 crore in 2008-09.


GENESIS FINANCE: ICRA Assigns 'LBB' Rating to INR35cr LT Loans
--------------------------------------------------------------
ICRA has assigned a rating of 'LBB' with Positive outlook to the
INR35 crore Long Term fund based limits of Genesis Finance Company
Limited.  The rating factors in the company's track record of
operating in the loan against property segment, albeit at a small
scale, its promoters close involvement in the operations of the
company, which has enabled it to maintain a good asset quality,
and the company's adequate capitalization.  ICRA's rating is
however constrained on account of the company's small scale of
operations, the relatively high level of concentration of its
portfolio and its limited financial flexibility to raise funds at
competitive rates.  The positive outlook on the rating reflects an
expected improvement in the reported earnings profile of the
company, which currently is constrained (PAT/ Avg. Total Assets of
1.56% and PAT/ Avg. Net Worth of 2.99% in Mar-10) and an alignment
of its accounting policies with generally accepted accounting
practices.  Although portfolio concentration levels of the
company from the past has declined (top 10 exposures accounted for
around 47% of total advances as on Jul-10 against around 70% in
Mar-08), in ICRA's view  these continue  to  remain at  fairly
high  levels.  The company has maintained an adequate level of
capitalization, which provides it some buffer against risks
associated with its concentrated portfolio.  At the same time,
lack of regulatory norms applicable to non deposit accepting
NBFC's (with asset base of under INR 100 crore) could expose the
company to higher risks, although GFCL has a policy to follow the
concentration norms applicable to Systemically Important
NBFCs and is likely to maintain low leveraging.  Furthermore
portfolio growth of the company has been robust during FY 2010 and
is expected to remain healthy going forward; at a larger scale,
GFCL is likely to require an augmentation of its human resources
and control and monitoring systems; ability of the company to
exercise a strict level of control over its asset quality as it
expands would be a key rating sensitivity.

                       About Genesis Finance

Genesis Finance Company Limited is a Delhi based Non-Deposit
Accepting NBFC and started its operations in 1986.  The company
operates in the Delhi region and primarily extends loans to
small/mid size corporates and traders backed by mortgage on
property.  As on Jun-10 the promoters are have 60.88% stake in the
company while remaining is with various group companies and
promoters' friends/relatives.  As per audited results for the year
ended March 31, 2010, GFCL reported a PAT of INR0.43 crore on an
asset base of INR 34.78 crore.  During FY 2010 the loan portfolio
of the company registered a y-o-y growth of 76% to INR 34.29 crore
as on Mar-10. In the current financial year the loan book of the
company registered a growth of 36% to INR 46.55 crore as on Jul-
10. Based on provisional results the company had a net worth of
INR 24.72 crore (including share application money of INR 10.25
crore) as on Jun-10.


MAA SHAKAMBARI: ICRA Rates INR15.33cr Fund-Based Debts at 'LBB+'
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 15.33 crore fund-
based facilities and the INR 0.47 crore term loan of Maa
Shakambari Steel Limited.  The long-term rating has been assigned
a "stable" outlook.  ICRA has also assigned an 'A4+' rating to the
INR 9.2 crore non-fund based facilities of MSSL.

The assigned ratings take into account the cyclicality inherent in
the steel business, which makes margins and cash flows of the
company volatile; high raw material consumption pattern, which
increases cost of production; depressed levels of coverage
indictors; working capital intensive nature of the business,
leading to a high bank limit utilization pattern and highly
competitive nature of the sponge iron industry, which is likely to
exert pricing pressure on MSSL.  Nevertheless, the ratings
favorably factor in the significant experience of MSSL management
in the steel business; its comfortable capital structure at
present, supported by regular equity infusions by the promoters;
long-term coal linkage with South Eastern Coalfields Limited
(SECL) and proximity to raw material sources, which reduces
freight costs.

Incorporated in 2004 by the Poddar family based in Kolkata, MSSL
is engaged in the manufacture of sponge iron and MS ingots.  Its
manufacturing facility is located at the village of Sambalpuri in
the Raigarh district of Chhattisgarh.  The installed capacities of
sponge iron and MS ingots are 60,000 MTPA and 32,000 MTPA
respectively.

Recent Results

In 2009-10, MSSL reported a profit after tax of INR 0.38 crore on
the back of net sales of INR 80.7 crore.  As per the first quarter
2010-11 results, MSSL made a profit of INR 0.53 crore on the back
of net sales of INR 21.8 crore.


MARIS HOTELS: ICRA Assigns 'LBB+' Rating to INR7.15cr LT Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to the INR 7.15
crore term loan facility of Maris Hotels & Theatres Private
Limited.  The outlook on the long-term rating is stable.
The rating draws comfort from the company's long standing presence
in the hotel business, an established client segment and a healthy
financial profile with low gearing and steady cash accruals. The
rating, however, is constrained by the small scale of operations
of the company thereby limiting its financial flexibility, high
geographical concentration, stretched financial profile of the
group entities, some of which have been extended support by MHTPL
and some deterioration in coverage indicators with the debt funded
windmill project.

Maris Hotels and Theatres Private Limited was started by Mr. M
Rengaswamy who is the current Managing Director of the company.
His son Mr. Anand Kumar is the Joint Managing Director of the
company.  Mr. T Raghuam, a cousin of Mr. Anand Kumar is the third
director in the company.  The promoters of the company come from a
tea plantation family. Besides MHTPL, the promoters also have
interests in textile and tea business through other group
companies.

MHTPL owns a single hotel - Hotel Maris located at Cathedral Road
in Chennai. Started in 1975, the hotel is located in an area of
around 12,400 square feet with 9 floors and an inventory of 70
rooms.  The hotel currently does not have a Department of Tourism
(DOT) rating, and has recently applied to DOT for a three-star
rating. With ARRs of around INR 1,764 (for 2009-10) the hotel
mainly caters to businessmen, tourists and politicians.  The
company also owns one wind-mill each at Tirunelveli, Tamil Nadu,
with a capacity of 2,750 KW and Udumalpet, Tamil Nadu, with a
capacity of 1,650 KW.

Recent Results

The company reported an operating income of INR 7.0 crore and a
profit after tax of INR 2.2 crore during 2009-10 (provisional
financials).


NAVKETAN NURSING: CRISIL Reaffirms 'BB' Rating on INR168MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facility of Navketan Nursing Home Pvt
Ltd continues to reflect NNHPL's limited track record in the
healthcare industry, and weak financial risk profile.  These
rating are partially offset by the operational, technical, and
financial support that the hospital receives from its parent,
Columbia Asia Hospitals Pvt Ltd.

   Facilities                      Rating
   ----------                      ------
   INR168.0 Million Term Loan      BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NNHPL's capital structure will remain
leveraged, and its debt protection measures weak, over the medium
term, because of large, accumulated losses in the initial years of
operations.  The outlook may be revised to 'Positive' if the
hospital demonstrates sustained improvement in accruals after
attaining breakeven.  Conversely, the outlook may be revised to
'Negative' if NNHPL's operations take longer than expected to
stabilise and attain breakeven.

                       About Navketan Nursing

Incorporated in 1991, NNHPL operates an 85-bed multi-speciality
hospital at Salt Lake City, Kolkata. The company was initially
promoted by Mr. Kamal Kishore Gandhi and his associates. In 2007,
CAH acquired a 74 per cent stake in NNHPL; the remaining 26 per
cent remains with the original promoter group. NNHPL offers
primary and secondary healthcare services under the Columbia Asia
Hospital brand.

NNHPL became operational in 2008-09 (refers to financial year,
April 1 to March 31). On a provisional basis, it reported a net
loss of INR121 million on revenues of INR138 million for 2009-10.


SAHYADRI AGRO: ICRA Reaffirms 'LBB+' Rating on INR51.61cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating 'LBB+' to the INR 51.61
crore term loan facility (reduced from INR 80.19 crore) and INR
6.00 crore cash credit facility (enhanced from INR 4.00 crore) of
Sahyadri Agro Produce and Dairy Private Limited.  ICRA has also
reaffirmed the rating 'A4+' to the INR 4.75 crore short term non
fund based facilities (reduced from INR 5.75 crore) of SAPL.  The
long term rating has been assigned a stable outlook.

The assigned ratings take into consideration the strong promoter
background and assured off-take being a captive supplier to group
company Schreiber Dynamix Dairies Limited which has processing
plant located at Baramati.  Also, being the industry of milk, the
demand is expected to be uniform and stable in the long term.  The
ratings are however constrained by the stretched financial
position of the company where gearing of the company remains high
and profitability is low due to limited value addition.  The
ratings also reflect high capital expenditure planned by the
company for cow farm operations and relatively short track record
of the company in milk trading.

                         About Sahyadri Agro

SAPL was incorporated on May 19, 1994, with the name Dynamix Agro
and Diary Farms Private Limited.  The Company was reconstituted on
August 1, 2002, with its present name.  The principal promoters of
the Company are Mr. KM Goenka and Mr. Pramod Goenka, who also have
49% shareholding in SDDL besides having interests in realty
(Dynamix Balwas Group) and Gems and Jewellery manufacturing in
Mumbai.

In 2006-07, the Company forayed into the business of milk handling
for captive consumption of Schreiber Dynamix Dairies Limited.
Currently, the Company has close to 470 Bulk Coolers for
collection of fresh milk and storage from which it is transported
it to its customer premises.  At present, the Company is
operational in seven districts of Maharashtra viz. Pune, Satara,
Ahmednagar, Beed, Osmanabad, Solapur, & Aurangabad. This enables
it to handle 4.5 lac litres of milk per day.

To ensure quality of milk, the Company also provides veterinary
services and cattle feed to farmers.  It has also undertaken a
project of setting up a cow farm at Baramati with backward
traceability of milk that would enable it to command higher
premiums.  The cow farm project is in progress and the company
expects to finish the first phase of the project by Oct 2010.

Recent Results

SAPL has reported a profit after tax (PAT) of INR 2.65 crore in
FY10 on an operating income of INR 230.22 crore.  The company has
reported operating profit before depreciation, interest,
amortization and tax (OPBDITA) of 10.84 crore in the same period.
The OPBDITA margins of the company declined from 5.46% in FY09 to
4.71% in FY10.


SHIVASHAKTI SUGARS: CRISIL Assigns 'B-' Rating to INR900MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Shivashakti Sugars
Ltd's proposed bank facilities.

   Facilities                      Rating
   ----------                      ------
   INR900.0 Million Proposed LT    B-/Stable (Assigned)
           Bank Loan Facilities

The rating reflects SSL's weak financial risk profile, marked by
high gearing and large debt- taken to fund its sugar mill and
cogeneration power plant project, and susceptibility to adverse
regulatory changes. These rating weaknesses are partially offset
by experience of SSL's management team in the sugar industry, and
benefits that it derives from its strategic location with
proximity to sugarcane, its key raw material.

Outlook: Stable

CRISIL believes that SSL will maintain its credit risk profile
over the medium term, backed by timely commencement of its sugar
mill and power plant unit within budgeted costs.  The outlook may
be revised to 'Positive' if the plant's operations stabilise ahead
of schedule and it generates higher-than-expected cash flows
resulting in improvement in the company's debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's project faces any time or cost overruns or the plant
operating rate is less-than-expected, adversely impacting the
company's cash flow generation capacity and its ability to service
its debt obligations on schedule.

                      About Shivashakti Sugars

SSL was promoted by Dr. Prabhakar B Kore in 1995. The company was
given a license for setting up sugar manufacturing unit in 1995
but the company could not launch the project till 2009 for various
reasons. SSL was acquired by KPR Sugar Mills Pvt Ltd (part of KPR
group of companies of Coimbatore [Tamil Nadu]) in early 2000s.
Even under the new management the project did not start until
2008-09 (refers to financial year, April 1 to March 31) and the
company was acquired back by Dr. Kore in April 2010. The company
is now fully owned and managed by Dr. Kore and his family members.

SSL is setting up a 3500 TCD sugar mill and a 14 MW co-generation
unit at Belgaum (Karnataka). The total project cost is envisaged
at INR1271 million of which INR729 million will be the outlay on
sugar unit and INR542 million on co-generation capacity. The
project is funded in an aggressive debt to equity mix of 3:1 with
INR961 million of term loans.


THANGAVELU SPINNING: CRISIL Puts 'B' Rating on INR19.3MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Thangavelu Spinning
Mills Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR62.50 Million Cash Credit      B/Stable (Assigned)
   INR19.30 Million Long-Term Loan   B/Stable (Assigned)

The rating reflects TSML's below-average financial risk profile,
marked by weak capital structure and debt protection metrics,
large working capital requirements, and susceptibility of margins
to volatility in input prices.  These rating weaknesses are
partially offset by the experience of TSML's promoter in the
textile industry and the company's established relationships with
its customers.

Outlook: Stable

CRISIL believes that TSML will continue to benefit from its
promoter's industry experience over the medium term. The outlook
may be revised to 'Positive' if TSML increase its scale of
operations, maintains profitability, and improves capital
structure significantly.  Conversely, the outlook may be revised
to 'Negative' if TSML undertakes any large debt-funded capital
expenditure programme, or if its profitability declines sharply,
thereby weakening its financial risk profile.

                       About Thangavelu Spinning

Incorporated in 1980, TSML was reconstituted as a public limited
company in 1995.  TSML manufactures polyester yarn, and has a
manufacturing facility in Salem (Tamil Nadu) with capacity of
23,720 spindles.  The promoter-director, Mr. P Thangavelu, has
around 20 years of experience in similar businesses.

TSML reported a provisional profit after tax (PAT) of INR7 million
on net sales of INR209 million for 2009-10 (refers to financial
year, April 1 to March 31), against a net losses of INR6 million
on net sales of INR207 million for 2008-09.


UNIQUE GEM: ICRA Assigns 'LBB+' Rating to INR20cr LT Loans
----------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' rating to the INR
20.00 Crore long term fund based bank facilities of Unique Gem and
Jewellery.  The outlook on the long-term rating is stable.

The assigned rating takes into account UGJ's small scale of
operations characterized by high geographic and client
concentration exacerbated by the fragmented nature of the industry
marked by high competition from organized and unorganized players
and lack of product differentiation, a typical of the industry,
susceptibility of UGJ's margins to exchange rate risks, limited
experience of promoters in the line of business and the limited
track record of operations of the company.  However, the rating
favorably factors in UGJ's, sound profitability indicators and
reasonable liquidity profile supported by moderate utilization of
limits.  The rating also takes into account UGJ's product
portfolio which comprises of large size diamond jewellery
resulting into better realizations and procurement process
which is backed by orders, thereby limiting exposure to price
fluctuations to an extent.

                         About Unique Gem

Unique Gem and Jewellery is a closely held partnership company
that commenced operations in 2009.UGJ is a partnership firm with
Mr. P.H Walia and Mr. Sanjay Walia as its partners with 50%
share each. UGJ is engaged in manufacturing and exporting hand
crafted diamond studded jewellery.  UGJ has its office and
warehouse in Goregaon, Mumbai.

UGJ has one associated concern Walia Builders & Developers which
is a proprietary concern owned by Mr. P.H Walia, and is the
construction business.

Recent Results:

UGJ has recorded a net profit of INR 14.52 Crore on an operating
income of INR 79.81 Crore as on March 31, 2010.


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


TAKEFUJI CORP: Rivals See Increase in Customer Claims
-----------------------------------------------------
Takako Taniguchi and Eijiro Ueno at Bloomberg News reports that
Acom Co. and Promise Co. said they've seen an increase in customer
inquiries about repayments of overcharged interest since rival
consumer lender Takefuji Corp. sought bankruptcy protection last
month.

Bloomberg relates Masahito Osawa, a spokesman for Acom, and
Promise's Risa Matsumura said more clients are asking about
refunds for overcharged interest since Takefuji's collapse,
without providing estimates for the potential cost.

According to Bloomberg, analysts have said Takefuji's collapse may
accelerate claims for refunds.

Kouhei Takekura, a spokesman for Aiful Corp., Japan's fourth-
biggest consumer lender, said it will "carefully" monitor the
impact of Takefuji's bankruptcy, Bloomberg notes.

Bloomberg discloses that Toshihiro Uomoto, a credit strategist at
Nomura Securities Co., said in a note dated Sept. 6 that repayment
costs for each of the four largest consumer lenders may total more
than JPY1 trillion.

Citing data compiled by the Financial Services Agency, Bloomberg
reports that Acom, Japan's largest consumer lender; Promise, the
second-biggest; Takefuji and Aiful have shouldered repayment costs
exceeding JPY2 trillion in the last five years.

Takefuji Corp. filed a bankruptcy petition with the Tokyo
District Court on September 28, 2010, with debts of
JPY433.6 billion.  Bloomberg News said 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.


* JAPAN: To Default on Debts, Hayman Advisors Executive Says
------------------------------------------------------------
Bloomberg News, citing J. Kyle Bass, the head of Dallas-based
Hayman Advisors LP who made $500 million in 2007 on the U.S.
subprime collapse, reports that Japan will be forced to default on
its debt, Greece's economy is "done" and Iceland is worse off than
Greece.

According to Bloomberg, Mr. Bass said Wednesday at the Value
Investing Congress in New York that the nations around the world
will be unable to repay their debt, and financial austerity in a
country such as Ireland is "too late,"

Mr. Bass said Japan's economy may unravel in the next two to three
years, and its interest payments will exceed revenue, the report
relates. "Japan can't fund itself internally," Mr. Bass said,
Bloomberg adds.

Bloomberg notes that the country's year-over-year gross domestic
product was 2.4 percent as of June 30 and it has the world's
largest public debt, approaching 200 percent of its GDP amid a 5.1
percent jobless rate. Consumer prices fell by 1 percent in
September and have been negative each month since May 2009 as
deflation has taken hold, the report adds.

Pricing on Japanese interest rate swaps is the best he's ever
seen, Mr. Bass said, according to Bloomberg. Investors could make
50 to 100 times their capital betting on them, he said, calling
them a lottery ticket on Japan's economy, the report notes.

Bloomberg relates that Japanese bonds have returned 3.3 percent
this year, according to Merrill Lynch Indexes, compared with a
return of 0.872 percent in 2009.


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


HAISAN RESOURCES: EON Bank Demands Payment on MYR929,507 Loan
-------------------------------------------------------------
Haisan Resources Berhad and its wholly owned subsidiary Hai San
Holdings Sdn Bhd on October 11, 2010, received a Writ of
Summons and Statement of Claim from Messrs. Shearn Delamore & Co.,
on behalf of EON Bank Berhad, claiming payment of a MYR929,507.70
defaulted term loan 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
said facility for the past seven months.

The Group is in the midst of taking legal advice from its
solicitors to defend for claim.

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.

On October 8, 2010, the Corporate Debt Restructuring Committee
accepted Haisan's application to mediate between the Haisan and
its subsidiaries and its financial creditors.  The CDRC has
allowed Haisan a period of six months to complete the Proposed
Debt Restructuring Scheme.

                       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: Court Appoints Deloitte as Liquidators
----------------------------------------------------------
The High Court on October 14, 2010, entered an order to wind up
the operations of Kenmark Industrial Co (M) Berhad under the
provisions of the Companies Act, 1965.  The court appointed Mak
Kum Choon and Yeoh Siew Ming both of Messrs. Deloitte Corporate
Solutions Sdn Bhd as liquidators for Kenmark Industrial Co (M)
Berhad.

Export-Import Bank of Malaysia Berhad had on June 8, 2010, served
a Notice against the Company demanding payment for MYR16.31
million, which is due and owing to the Bank pursuant to a line of
revolving pre-shipment and post shipment supplier credit facility.
EXIM Bank had on 18 August 2010 through an ex-parte application
through Summons in Chambers received the Court Order for the
appointment of the Provisional Liquidators of the Company pending
the full and final disposal of the winding up petition or until
further order.

With the appointment of the Liquidators, the power of the Board of
Directors' and officers of the Company ceases.

                       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 UHY as Independent Financial Adviser
-------------------------------------------------------------
Oilcorp Bhd has appointed UHY Chartered Accountants as the
independent financial adviser in relation the Company's corporate
debt restructuring scheme.

The Company said it will also seek the Corporate Debt
Restructuring Committee's assistance to mediate between Oilcorp
group and its financial institution creditors in relation the
Company's corporate debt restructuring scheme.

                        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.


TRANSMILE GROUP: Restraining Order Extended for 90 Days
-------------------------------------------------------
The High Court of Malaya at Kuala Lumpur on October 12, 2010,
granted Transmile Group Berhad:

   (i) an extension of the Order obtained on July 16, 2010,
       pursuant to Section 176(10) of the Act, to restrain
       all further proceedings in any actions or proceedings
       against Transmile and Transmile Air Services Sdn Bhd,
       a wholly owned subsidiary of the Company, for a period
       of 90 days from October 13, 2010; and

  (ii) an extension of the period for convening and holding of
       the Court Convened Meeting of Transmile and TAS for a
       period of 90 days from October 13, 2010.

Transmile told the Bourse that the Extended Restraining Order will
allow the Company and TAS to finalize a conclusive debt
restructuring proposal with the lenders under a scheme of
arrangement to restructure the debts owing to the lenders.

Transmile added that the debt restructuring proposal is an
integral part of the regularization plan to regularize the
financial condition of the Company pursuant to Practice Note 17 of
the Main Market Listing Requirements of Bursa Malaysia Securities
Berhad.

                       About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


NATIONAL FINANCE: Trial for Three Former Execs Set for August 2011
------------------------------------------------------------------
Three National Finance directors will go to trial in the
High Court in August next year, Nick Krause at BusinessDay.co.nz
reports.

BusinessDay.co.nz relates banned directors Trevor Ludlow, Anthony
Banbrook and Carol Braithwaite face criminal charges under the
Securities Act and Financial Reporting Act.

The trio were on the court list on October 13 for a special call-
over, a preliminary hearing to establish further court dates if
needed before the trial and any other issues involving the case,
BusinessDay.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 6, 2008, the Companies Office filed criminal charges in
Auckland District Court against National Finance 2000 Ltd
directors Trevor Allan Ludlow, Anthony David Banbrook
and Carol Anne Braithwaite.  The national enforcement unit of
the Companies Office alleged the directors failed to disclose
material transactions between National Finance 2000 and related
parties.  The directors also face charges under the Securities Act
1978 for stating that they had made proper and adequate
provisioning for bad debts and that loans were secured by general
security agreements when this was not the case.

The TCR-AP, citing The National Business Review, reported on
Nov. 26, 2008, that directors Anthony Banbrook, Carol Braithwaite
and Trevor Ludlow, have been banned from acting as company
directors.  Deputy registrar of companies Peter Barker ruled that
the three directors mismanaged National Finance, among other
companies, and it was that mismanagement which, at least partly,
contributed to the company's failure.  The mismanagement
allegations included reckless trading, failure to comply with its
prospectus, breach of director's duties, and failure to maintain
adequate books and records.

                       About National Finance

National Finance 2000 is the first major finance company to
collapse in recent years and has re-ignited fears of a wider rout
in a sector weighed down by debt after several years of strong
economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

The receivers estimate that around NZ$24 million is owed to
members of the public and that the likely recovery for secured
investors will be about 47 percent to 48 percent of their
investments.  Subordinated investors and other unsecured creditors
are unlikely to recover anything from the receivership.


SENSATION YACHTS: HSBC's Case to Go on Trial in Early November
--------------------------------------------------------------
Kelly Gregor at the New Zealand Herald reports that HSBC's case
against Ivan Erceg, the bankrupt owner of Sensation Yachts Ltd.,
is on track for the first week of November.

According to the report, HSBC lawyer James Burt said a closed
hearing in Justice Geoffrey Venning's chambers at the High Court
at Auckland was held on October 13 to ensure "everything was on
track for the trial."

The NZ Herald says HSBC has filed proceedings against Mr. Erceg
and Balenia -- a creditor of Mr. Erceg's -- to force the Russian-
owned company to move several 100-tonne unfinished hulls from
Erceg's former boatyard in Henderson, Auckland.

The NZ Herald relates that HSBC owns the boatyard now Mr. Erceg
has been bankrupted and wants to sell the property so that it can
recoup its NZ$6.5 million investment.  But before the bank can
sell the property it needs the chattels -- such as the unfinished
boat hulls -- removed, the report adds.

Balenia refuses to move them, saying there is nowhere to move them
to.

According to the NZ Herald, Balenia paid Mr. Erceg NZ$100 million
to build five super yachts to be completed by 2007.  Construction
began on three but the boats were never completed and the
unfinished hulls are sitting in the water in West Auckland, the NZ
Herald adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of the company after creditor
Public Trust filed an application to liquidate the company.
On Aug 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.


ST LAURENCE: Irongate Breaches Banking Covenants
------------------------------------------------
Jazial Crossley at The National Business Review reports that
Irongate Property, one of the units of the St Laurence group that
escaped receivership, is in breach of its banking covenant with
Westpac after it failed to make a NZ$1.5 million payment on
October 13 and is borrowing more from funder Bluestone to make up
the shortfall.

NBR says Irongate recently extended its banking facilities with
Westpac to the end of this year, with a NZ$1.5 million payment due
on October 14.  The failed payment meant the company also breached
its trust deed, NBR notes.

According to NBR, Irongate blamed the lack of payment on "a delay
in documenting a further funding line with TEA Custodians
(Bluestone)".  Bluestone lent the company NZ$45 million recently
and is in exclusive talks to take over its management contract.

NBR relates Irongate Chairman Kevin Podmore, who was also a
director of its failed parent company St. Laurence, which is now
in receivership, said funding was on the way.

"Irongate is well advanced in the process of arranging the funding
to make this repayment, but this requires the consent of its
Trustee, Perpetual Trust Limited, before it can occur," NBR quoted
Mr. Podmore as saying.  "We expect the necessary consents will be
granted and waivers obtained for this non-payment."

                        About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, St Laurence Limited stopped repaying principal
investments ahead of a vote on a scheme of repayment.  The company
had halted repayments of principal after it received legal advice
which said all debenture holders needed to be treated equally and
fairly.

The TCR-AP reported on Dec. 5, 2008, that St Laurence Limited said
its recapitalization plan and proposal to amend the Trust Deed has
been approved by secured debenture stock and capital note holders.


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


BANCO DE ORO: Moody's Assigns 'Ba2' Rating to Senior Debt
---------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
proposed US$ denominated senior unsecured debt due 2016 by Banco
De Oro Unibank.  The outlook is stable for BDO's senior unsecured
debt rating.

The bank's other ratings are:

  -- Long-term deposit rating (local currency) of Ba1; stable
     outlook

  -- Long-term deposit rating (foreign currency) of Ba3; stable
     outlook

  -- Short-term deposit rating (foreign currency) of Not Prime;
     stable outlook

  -- Bank Financial Strength Rating of D; stable outlook

                        Ratings Rationale

The rating was assigned on the condition that no material changes
are made to the draft terms and conditions of the notes reviewed
prior to the launch of the issuance.

The issuance represents the senior obligations of BDO.  It also
recognizes the bank's moderate capability to service its debt
obligations, as reflected in its financial profile, which is
characteristic of banks with D bank financial strength ratings.

The last rating action on BDO was taken on April 19, 2010, when
its ratings were affirmed with a stable outlook following an
announcement of a proposed US$250 million equity raising.

BDO, headquartered in Manila, reported total assets of P862
billion (US$18.6 billion) as at December 31, 2009.

                     Regulatory Disclosures

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

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning 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.


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


KULICKE & SOFFA: Creditors' Proofs of Debt Due November 1
---------------------------------------------------------
Creditors of Kulicke & Soffa Management Co Pte Ltd, which is in
members voluntary liquidation, are required to file their proofs
of debt by November 1, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

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


TEXAS INVESTMENT: Court to Hear Wind-Up Petition on October 29
--------------------------------------------------------------
A petition to wind up the operations of Texas Investment Holdings
Pte Ltd will be heard before the High Court of Singapore on
October 29, 2010, at 10:00 a.m.

Eqmanagement (Singapore) Pte Ltd filed the petition against the
company on October 6, 2010.

The Petitioner's solicitors are:

          M/S Oon & Bazul Llp
          36, Robinson Road
          #08-01/06 City House
          Singapore 068877


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


* S&P Assigns Ratings on Three CDOs to CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on three
Asia-Pacific (excluding Japan) collateralized debt obligation
tranches on CreditWatch with positive implications.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

Tranches placed on CreditWatch positive had SROC scores that are
greater than 100% at the current rating level and at a higher
rating level with sufficient cushion (based on the maximum
scenario loss rate, largest obligor test, and largest industry
test).  SROC scores rising above 100% reflect an improvement in
the credit quality of the underlying portfolio.

                   Alpha Financial Products Ltd.

                         Rating To                  Rating From
                         ---------                  -----------
Series I                CCC-p (sf) NRi/Watch Pos   CCC-p (sf) NRi

                  Morgan Stanley ACES SPC 2007-9

                         Rating To                  Rating From
                         ---------                  -----------
Class III (Principal)   CCC+p (sf)/Watch Pos       CCC+p (sf)

                            Zenesis SPC

                         Rating To                  Rating From
                         ---------                  -----------
Series 2006-1           BBB+ (sf)/Watch Pos        BBB+ (sf)

               NRI - Interest payments are not rated.

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions,
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.

The Global SROC Report with the SROC analysis as at end-August
2010 will be published shortly.  In the week following the
publication of the report, a full review of the affected tranches
of Asia-Pacific synthetic CDOs will be performed and appropriate
rating actions, if any, will be taken.  The Global SROC Report
provides SROC and other performance metrics on more than 3,000
individual CDO tranches.


                             *********

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

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

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


                            *********


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

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

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

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

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





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