TCRAP_Public/101019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, October 19, 2010, Vol. 13, No. 206

                            Headlines



A U S T R A L I A

BEACONSFIELD MINE: Minemakers Offers $15MM Infusion for 65% Stake
CENTRO PROPERTIES: Mulls AU$2-Bil. Asset Sale to Repay Debt
CENTRO PROPERTIES: Investors Can Sue Former Auditor, Judge Rules
INDOPHIL RESOURCES: SMC Completes Purchase of 10% Stake
PRIME RETIREMENT: 10 Villages Enter Into Receivership

SIGMA PHARMACEUTICALS: Extends Exclusivity Pact With Aspen


C H I N A

XINHUA SPORTS: NASDAQ Panel Grants Request for Continued Listing


H O N G  K O N G

CHONG HING: Fitch Affirms 'BB' Support Rating Floor
NETWORK BOX: Placed Under Voluntary Wind-Up Proceedings
NIHON MINI: Creditors' Proofs of Debt Due November 30
NOBEL GROUP: Creditors' Proofs of Debt Due November 10
OAKTREE INVESTMENTS: Annual Meetings Slated for October 22

OCMADOR ASIA: Members' Final Meeting Set for November 9
OMNILIFE ASIA: Chan and Ying Step Down as Liquidators
POLYGON INVESTMENT: Chan and Ying Step Down as Liquidators
ROMANOV COMPANY: Lam and Boswell Step Down as Liquidators
SHING LAP: Members' Final Meeting Set for November 12

TWDC-AP LIMITED: Placed Under Voluntary Wind-Up Proceedings
UNITED CENTURY: Commences Wind-Up Proceedings
UP BENEFIT: Members' and Creditors Final Meetings Set for Nov. 10
VASTHEME INTERNATIONAL: Muk and Tam Step Down as Liquidators


I N D I A

A. C. SHAIKH: CRISIL Assigns 'BB+' Rating to INR30MM Cash Credit
AGLAR POWER: Delay in Loan Repayment Cues CRISIL 'D' Ratings
AGARWAL DAL: CRISIL Reaffirms 'B' Rating on INR10MM Cash Credit
INTERDRIL (ASIA): CRISIL Reaffirms 'BB+' Rating on INR91.1MM Loan
KAMAL COTSPIN: CRISIL Assigns 'B-' Rating to INR420MM Term Loan

KRISHNAN FOOD: CRISIL Reaffirms 'BB' Rating on Overdraft Limits
KSE ELECTRICALS: CRISIL Reaffirms 'BB+' Rating on INR52MM Loan
MOHIT DIAMONDS: CRISIL Upgrades Ratings on Various Debts to 'P4+'
RANA DENIM: CRISIL Lifts Rating on INR174.2MM LT Loan to 'BB-'
ROHAN RAJDEEP: CRISIL Assigns 'BB+' Rating to INR153.5MM LT Loan

SABA EXPORTS: CRISIL Rates INR20 Million Term Loan at BB'
SHREE GAJANAN: CRISIL Assigns 'B+' Ratings to Various Bank Debts
SPICEJET LTD: Maran Buys 7.42% Stake for INR135.1 Crore
S S S FIBRE: CRISIL Assigns 'BB-' Rating to INR128MM Term Loan
VIJAYA DIAGNOSTIC: CRISIL Assigns 'BB+' Rating to INR191MM Loan


J A P A N

ASHIKAGA BANK: Holding Company to Delay Stock Listing
FORD MOTOR: To Sell Majority Stake in Mazda, Kyodo News Says
JLOC37 LLC: Fitch Downgrades Ratings on Various Classes of Notes
JPM-JC8 TRUST: Moody's Upgrades Ratings on Various Certificates
SMBC CMBS: S&P Downgrades Rating on Class D Certs. To 'BB+'


N E W  Z E A L A N D

LIZ MITCHELL: Small, Trade Suppliers Hit by Liquidation
OYSTER BAY: Delegat's to Bid for 45% Stake It Doesn't Already Own
SOUTH CANTERBURY FINANCE: Receivership to Take Up to Four Years
SOUTH CANTERBURY: Government Could Lose NZ$1 Billion, Hubbard Says


X X X X X X X X

TRADING CORPORATION: On the Brink of Bankruptcy

* BOND PRICING: For the Week October 11 to October 15, 2010




                         - - - - -


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A U S T R A L I A
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BEACONSFIELD MINE: Minemakers Offers $15MM Infusion for 65% Stake
-----------------------------------------------------------------
Shareholders in the Beaconsfield Gold Mine have had 65% of their
investment wiped off the books in one day, ABC News reports.

As reported in the Troubled Company Reporter-Asia Pacific on
October 13, 2010, ABC News reported that a financial analyst said
Beaconsfield mine risks receivership if it defaults on a loan,
putting 200 jobs on the line.  The report related that the mine's
owners had until 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 noted 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 said.  ABC News disclosed 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.

According to ABC News, Minemakers stepped in with a $15 million
investment in return for a two-thirds stake in the company, a seat
on the board and shares.  The report relates that BCD's Chief
Executive Bill Colvin said the company had no choice.

"We need that funding facility, this was the only way to put it in
place," the report quoted Mr. Colvin as saying.  Financial analyst
Rodney Woolnough said that "The Beaconsfield shareholders are
between a rock and a hard place," the report notes.  The deal is
subject to shareholder approval.

Beaconfield gold mine is located in Beaconsfield, Tasmania,
Australia.


CENTRO PROPERTIES: Mulls AU$2-Bil. Asset Sale to Repay Debt
-----------------------------------------------------------
The Sydney Morning Herald reports that Centro Properties Group is
reportedly working on the sale of a AU$2 billion asset portfolio.

Property analysts said a sale by Centro would most likely include
about 10 key properties that are owned outright by Centro and its
associated Centro Retail Trust, according to the report.

SMH relates property sources are suggesting that following three
years of waiting, Centro will look to sell the AU$2 billion
portfolio to allow lenders to finally start to recoup some equity.

According to SMH, property analysts said Lend Lease would be the
likely buyer for the lot, while Stockland, Charter Hall Retail
Fund, CFS Retail Fund, and GPT Group are interested in separate
assets.

SMH, citing analysts, relates a portfolio sale could include the
flagship Glen shopping centre in Glen Waverley, where Centro's
corporate head office is located and the Centro Galleria in
Western Australia worth AU$293 million.

A spokesman for Centro said the directors were focused on
restructuring and fighting a AU$500 million-plus court action from
investors in the first half of next year, SMH adds.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under management
of US$24.9 billion.

                           *     *     *

Centro Properties Group owes its creditors as much as AU$6.6
billion and its deadline to repay these debts has been extended
four times since December 2007, when the company's market value
plunged.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.


CENTRO PROPERTIES: Investors Can Sue Former Auditor, Judge Rules
----------------------------------------------------------------
The Sydney Morning Herald reports a Federal Court judge brought
down a long-delayed ruling Friday saying that investors in Centro
Properties Group can sue former auditor PricewaterhouseCoopers as
part of Centro shareholder class actions.

The Sydney Morning Herald relates Justice Donald Ryan ruled that
investors suing Centro in an action organized by law firm Maurice
Blackburn can add auditors PricewaterhouseCoopers as a defendant,
while those who have signed up with rival Slater & Gordon cannot.

SMH notes that in the claims, asserting more than AU$500 million,
investors allege Centro broke ASX listing rules in the lead-up to
its collapse in early 2008 by failing to properly disclose its
dire financial position.

The claims have been on hold for seven months while the parties
waited for Justice Ryan's judgment, according to SMH.

SMH reports that Justice Ryan, who is retiring in June next year
when he reaches 70 years of age, is to step aside from the case,
which will be taken over by Justice John Middleton.

According to SMH, Justice Middleton has told the parties he would
like to set the cases down for hearing in the first half of next
year.

As reported in the Troubled Company Reporter-Asia Pacific on
December 16, 2009, The Australian said litigation funding firm IMF
(Australia) will launch a legal action against
PricewaterhouseCoopers on behalf of hundreds of investors
in Centro Properties Group.  IMF said it would extend its funding
of the class action to include Centro auditor PwC, after the
accountancy firm moved to take action against some former Centro
directors.  Centro has sought indemnity from PwC over any losses
the group may have to pay investors.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under management
of US$24.9 billion.

                           *     *     *

Centro Properties Group owes its creditors as much as AU$6.6
billion and its deadline to repay these debts has been extended
four times since December 2007, when the company's market value
plunged.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010 to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.


INDOPHIL RESOURCES: SMC Completes Purchase of 10% Stake
-------------------------------------------------------
BusinessWorld reports that San Miguel Corp. has completed its
acquisition of a 10.1% stake in Indophil Resources NL, sealing its
entry into the US$5.2-billion Tampakan copper-gold project in
Mindanao.

BusinessWorld relates San Miguel said in a statement Friday that
the deal was worth AU$41.29 million or approximately US$40
million, covering 48,016,960 ordinary shares of Indophil
Resources.  San Miguel bought the shares at AU$0.86 apiece.

Under the deal, BusinessWorld notes, San Miguel has an exclusivity
period until Jan. 10 next year, during which it can submit a
control proposal or a takeover bid to Indophil Resources.

According to BusinessWorld, San Miguel said it intended to
"carefully evaluate the benefits, as well as risks, arising from
its participation in the project.  Among the benefits, according
to [operator Sagittarius Mines, Inc.], is the substantial revenue
stream [the Tampakan project] will provide to the Philippine
economy."

However, the report notes, San Miguel pointed to risks involved,
which include "local government restrictions on open-pit mining,
environmental clearances, and development risks associated with
securing energy and water resources improvements."

Indophil Resources has a 37.5% stake in the Tampakan copper-gold
project while Xstrata Copper, the world's fourth largest copper
producer, holds the remaining 62.5%, according to BusinessWorld.

                      About Indophil Resources

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

                           *     *     *

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


PRIME RETIREMENT: 10 Villages Enter Into Receivership
-----------------------------------------------------
Ten retirement villages that are owned by the listed Prime
Retirement and Aged Care Property Trust have been placed in the
hands of receivers after banks including National Australia Bank
and Suncorp Metway lost patience with the group, Smart Company
reports.

According to the report, while Prime Retirement and Aged Care
Property Trust are not in receivership, the board expects to
appoint administrators from PwC.  The report relates that
Suncorp appointed receivers from Ernst & Young to Prime Trust's
retirement villages in Bundaberg, Mackay and Townsville.

The report notes that this triggered a swag of further
appointments, with Craig Shepard and Mark Korda of KordaMentha
appointed to seven further villages, including properties in
Buderim, Nambour, Noosa and Linfield.

However, the report relates, Prime Trust Chairman and former
federal Health Minister Michael Wooldridge has slammed Suncorp's
decision to call in the corporate undertakers, claiming the
company was set to deliver on a rescue plan.

"The board was expecting to receive an offer that would have
resulted in a return to all creditors, including unit holders. The
actions of Suncorp have severely prejudiced that," Mr. Wooldridge
said in a statement obtained by the news agency.  "Further,
Suncorp's actions have implications for residents and unit holders
and it is very unfortunate that they have chosen to take this
unilateral step," he added.

Mr. Wooldridge, the report notes, claimed he had "two serious
parties interested in a price range well in excess of secured debt
and we were working towards entering into a transaction to achieve
that outcome."

The report recalls that shares in Prime Trust have been suspended
since early August, as the company tried to convince its
financiers it could restructure its operations and deal with debts
of about $275 million.

Receiver Craig Sheppard said the properties, which are currently
managed by Lend Lease Primelife, would continue to operate as
normal, the report adds.

The Prime Retirement & Aged Care Property Trust (Prime Trust) is a
Property Trust investing exclusively in Retirement Villages and
various Aged Care facilities.

Retirement Villages and Aged Care facilities are one of
Australia's fastest growing property asset classes.


SIGMA PHARMACEUTICALS: Extends Exclusivity Pact With Aspen
----------------------------------------------------------
The Sydney Morning Herald reports that Sigma Pharmaceuticals Ltd.
has extended an exclusivity agreement with Aspen Pharmacare
Holdings Ltd. to October 29, allowing it more time to negotiate
the details of the sale of its pharmaceuticals division.

SMH says the original agreement expired October 15.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2010, Bloomberg News said Aspen Pharmacare Holdings Ltd.
agreed to buy the drugs unit of Sigma Pharmaceuticals Ltd. for
AU$900 million to gain assets from a company that's lost about
half its value in the past year.  Bloomberg said Sigma is selling
the unit, which includes generic and over-the-counter drugs, at
about 12 times forecast earnings before interest and taxes for the
year to January.  The sale proceeds exceed Sigma's net debt and
will leave the Melbourne-based company with wholesale and retail
operations.  Sigma said Lazard Ltd. and Minter Ellison are its
advisers.  Investec Plc is advising Aspen.

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- manufactures, markets and
distributes pharmaceutical products through the pharmacy and
grocery channels and the provision of services to retail
pharmacists.  Its Pharmaceuticals segment includes the manufacture
or contract manufacture for Australian and overseas customers.
The Company's Healthcare segment represents its traditional
pharmacy wholesale business. Its subsidiaries include Chemist Club
Pty Limited, Sigma Company Limited, Amcal Pty. Limited,
Commonwealth Drug Company Pty. Ltd., Fawns & McAllan Proprietary
Limited, Guardian Pharmacies Australia Pty. Ltd and Sigma Finance
Pty. Ltd.  On October 2, 2009, the Company acquired some parts of
the Australian business operations of Bristol Myers Squibb
Australia (BMSA) and associated assets (BMS Australian Business).
The BMS Australian Business consists of the pharmaceutical and
technical operations division, which operates out of BMS
Australia's Noble Park facility.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, The Sydney Morning Herald had noted.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported that Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that the company had breached debt
covenants and that creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30, 2010.


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C H I N A
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XINHUA SPORTS: NASDAQ Panel Grants Request for Continued Listing
----------------------------------------------------------------
Xinhua Sports & Entertainment Limited disclosed that on
October 12, 2010, following a hearing held in September 2010
before a NASDAQ Listing Qualifications Panel, the Panel granted
the Company's request for an extension of time, as permitted under
NASDAQ's Listing Rules, to regain compliance with the $1.00
minimum bid price requirement for continued listing on The Nasdaq
Stock Market.  The Panel's decision requires, among other things,
that on or before February 1, 2011, the Company must have
evidenced a closing bid price of $1.00 or more per American
Depository Share for a minimum of the ten prior consecutive
trading days, which period may be extended at the discretion of
the Panel.  This date represents the full extent of the Panel's
authority under NASDAQ's Listing Rules to grant an extension with
respect to the Company's bid price deficiency.  While the Company
is diligently taking steps to regain compliance in accordance with
the Panel's decision, there can be no assurances that the Company
will be able to do so.

As previously disclosed, NASDAQ notified the Company on August 5,
2010 that it had not regained compliance with the minimum $1.00
bid price requirement and that the Company's ADSs would be
suspended unless the Company requested a hearing before a Panel.
The Company timely requested a hearing and appeared before the
Panel on September 16, 2010.  On October 12, 2010, the Panel
granted the Company's request for an extension of time to regain
compliance with the $1.00 minimum bid price requirement for
continued listing.  The Panel may reconsider the terms of this
decision based on any event, condition or circumstance that would,
in the opinion of the Panel, make continued listing of the
Company's securities on The Nasdaq Stock Market inadvisable or
unwarranted.  In addition, the Nasdaq Listing and Hearing Review
Council may, on its own motion, determine to review any Panel
decision within 45 calendar days after issuance of the written
decision. If the Listing Council determines to review this
decision, it may affirm, modify, reverse, dismiss or remand the
decision to the Panel.

Separately, on October 11, 2010, the Company received a Nasdaq
Staff Deficiency Letter indicating that the Company no longer
complies with the Market Value of Publicly Held Shares requirement
for continued listing set forth in NASDAQ Listing Rule
5450(b)(2)(C). The Deficiency Letter states that, pursuant to the
NASDAQ Listing Rules, the Company will be provided 180 calendar
days, or until April 4, 2011, to regain compliance with this
requirement.  XSEL can regain compliance if, at any time during
the compliance period, the market value of its publicly-held ADSs
closes at $15 million or more for a minimum of ten consecutive
business days.  The Deficiency Letter does not impact the
Company's listing on NASDAQ at this time and XSEL will continue to
trade under the symbol "XSEL."

If the Company does not regain compliance by April 4, 2011, it
will receive a written notification that the Company's securities
are subject to delisting.  At that time, the Company may appeal
the delisting determination to a Nasdaq panel, and the Company
would remain listed pending the panel's decision.  Alternatively,
the Company may apply to transfer to The Nasdaq Capital Market,
provided it meets the requirements for continued listing on that
market.  To avail itself of this alternative the Company would
need to submit an application to transfer its ADSs to The Nasdaq
Capital Market prior to expiration of the 180-day compliance
period.

                          About XSEL

Headquartered in Beijing -- http://www.xsel.com/-- Xinhua Sports
& Entertainment Limited has offices and affiliates in major cities
throughout China including Beijing, Shanghai, Guangzhou, Shenzhen
and Hong Kong.  Xinhua Sports & Entertainment Limited shares are
listed on the NASDAQ Global Market.


================
H O N G  K O N G
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CHONG HING: Fitch Affirms 'BB' Support Rating Floor
---------------------------------------------------
Fitch Ratings has affirmed Chong Hing Bank Limited's Long-term
Issuer Default Rating at 'BBB+' with a Stable Outlook, Individual
Rating at 'C', and all its other outstanding ratings.  A full list
of rating actions is provided further below.

The affirmation of CHB's ratings reflects its consistently strong
capitalization and liquidity, which remained intact throughout the
global financial crisis and are expected to continue in the
foreseeable future.  However, the ratings remain constrained by
CHB's small size relative to most Hong Kong banks.  Greater scale
can benefit banks in times of rising interest rates and growth and
often leads to lower cost-to-income ratios.  CHB generates modest
profits; this, plus a degree of concentration in its loan
portfolio, also weighs upon its ratings.  Fitch expects CHB's
financial and operating profile to remain largely unchanged over
the medium term, and this perspective underpins the Stable Outlook
on the bank's Long-term IDR.

CHB's Tier 1 ratio stood at 12.1% by end-H110 (end-2009: 12.7%),
while total capital adequacy ratio was 15.2% in the same period.
Fitch believes that CHB will maintain equally strong levels of
capital going forward and expects it to resist taking on
materially more credit risk in the pursuit of higher returns,
because the bank is by nature rather conservative.  Like most
local peers, CHB boasts strong liquidity, as reflected by its
loan-to-deposits ratio of 59% at end-H110 and average liquidity
ratio of 45% in H110.

CHB's challenge is to boost profitability in spite of the low
interest rates and its abundant liquidity, the latter of which can
influence the magnitude of investment in financial instruments
(currently some 25% of total assets) and lending to other
financial institutions (24% of assets).  CHB is also subject to
influence from interest rates and potential volatility in
investment values arising from market and credit risk.  Together
with settlements relating to the repurchasing of Lehman Brothers
minibonds (HKD287.7 million in 2009), these factors have conspired
to suppress profitability in recent years, but the agency notes
that the good risk profile of its portfolio prevented CHB from
recording any net losses and will continue to limit the prospects
of such losses in future.  While the immediate outlook for profit
remains equally challenging, Fitch expects prospects for margin
expansion to be boosted by the eventual raising of interest rates,
albeit competition for deposits (such as time deposits) may, for
banks the size of CHB, exert pressure on funding costs.

In the meantime, opportunities for loan growth have improved given
more optimistic prospects for the local economy and the mainland.
CHB has already reported loan growth of 8.4% (un-annualized) in
H110, but Fitch does not anticipate much higher growth in H210 or
in 2011.  With regards to the loan book, notwithstanding moderate
concentrations among the corporate/small medium enterprise
sectors, including in property (typically evident in the Hong Kong
banking system), CHB continues to enjoy low non-performing loans
(end-H110: 0.1%).  Fitch considers this a function of the bank's
own conservative approach to lending, which is not expected to
change any time soon.  However, the agency continues to remain
cautious about excessive property price growth given the potential
risk that a sharp correction in future could lead to an increase
in impairments despite the generally prudent loan-to-valuation
ratios enforced by most banks.

More meaningful scale or less vulnerability to competition and low
interest rates would potentially lead to more robust
profitability.  Evidence of sustainability of such may be positive
for CHB's ratings, although this scenario is considered unlikely
in the near-term.  Any upgrade of the IDR is likely to be driven
by the Individual Rating, since the IDR reflects its individual
strength.  Evidence of excessive growth in potentially problematic
sectors (such as in speculative property or vulnerable enterprises
in China), more vulnerability to market cycles, or a more
aggressive approach to capitalization could lead to negative
ratings action.

Given CHB's size, with system-wide deposit market share of around
1%, Fitch expects only a moderate likelihood of support for the
bank from Hong Kong's authorities.  Meanwhile, the rating of the
Subordinated notes is consistent with Fitch's approach of rating
such securities which are performing and do not exhibit any loss
absorption features.

CHB is one of Hong Kong's smaller banks with its head office and
51 branches in Hong Kong and three branches outside of Hong Kong
(Shantou, Macau and San Francisco) in addition to the two
representative offices in Guangzhou and Shanghai.

The rating actions of Chong Hing Bank are:

  -- Long-term Foreign Currency IDR: affirmed at 'BBB+' with
     Stable Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F2';

  -- Individual Rating: affirmed at 'C';

  -- Support Rating: affirmed at '3';

  -- Support Rating Floor: affirmed at 'BB'; and

  -- US$125m Subordinated notes: affirmed at 'BBB'.


NETWORK BOX: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on September 24, 2010,
creditors of Network Box Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         John Howard Batchelor
         Roderick John Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


NIHON MINI: Creditors' Proofs of Debt Due November 30
-----------------------------------------------------
Creditors of Nihon Mini Motor (HK) Co Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by November 30, 2010, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         Christopher John Hasson
         Yip Chee Lan
         12 Science Park
         Shatin, New Territories
         Hong Kong


NOBEL GROUP: Creditors' Proofs of Debt Due November 10
------------------------------------------------------
Creditors of Nobel Group Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 10,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 7, 2010.

The company's liquidator is:

         Lam Tak Keung
         Suite 504, South Tower
         World Finance Centre
         Harbour City
         17-19 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


OAKTREE INVESTMENTS: Annual Meetings Slated for October 22
----------------------------------------------------------
Creditors and members of Oaktree Investments Limited will hold
their annual meetings on October 22, 2010, at 2:30 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.


OCMADOR ASIA: Members' Final Meeting Set for November 9
-------------------------------------------------------
Members of Ocmador Asia Management Limited will hold their final
meeting on November 9, 2010, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Yeung Betty Yuen and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


OMNILIFE ASIA: Chan and Ying Step Down as Liquidators
-----------------------------------------------------
Ms Chan Mi Har and Mr. Ying Hing Chiu stepped down as liquidators
of Omnilife Asia Limited on September 24, 2010.


POLYGON INVESTMENT: Chan and Ying Step Down as Liquidators
----------------------------------------------------------
Ms Chan Mi Har and Mr. Ying Hing Chiu stepped down as liquidators
of Polygon Investment Partners HK Limited on September 30, 2010.


ROMANOV COMPANY: Lam and Boswell Step Down as Liquidators
---------------------------------------------------------
Mr. Rainier Hok Chung Lam and Mr. Anthony Kenneth Boswell stepped
down as liquidators of Romanov Company Limited on September 27,
2010.


SHING LAP: Members' Final Meeting Set for November 12
-----------------------------------------------------
Members of Shing Lap (H.K.) Plastics Company Limited will hold
their final meeting on November 12, 2010, at 10:00 a.m., at Rooms
1501-03 Far East Consurtium Building, 121 Des Voeux Road Central,
in Hong Kong.

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


TWDC-AP LIMITED: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on September 30, 2010,
creditors of TWDC-AP Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


UNITED CENTURY: Commences Wind-Up Proceedings
---------------------------------------------
Members of United Century Book Services Limited, on September 24,
2010, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Lo Shing Chi
         Lo Yip Tong
         Room 1402, On Hong Commercial Bldg
         145 Hennessy Rd., Wanchai
         Hong Kong


UP BENEFIT: Members' and Creditors Final Meetings Set for Nov. 10
-----------------------------------------------------------------
Members and creditors of UP Benefit Limited will hold their final
meetings on November 10, 2010, at 10:00 a.m., and 10:30 a.m.,
respectively at Chong Hing Bank Centre, 26th Floor, 24 Des Voeux
Road Central, in Hong Kong.

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


VASTHEME INTERNATIONAL: Muk and Tam Step Down as Liquidators
------------------------------------------------------------
Jacky C W Muk and Gabriel C K Tam stepped down as liquidators of
Vastheme International Company Limited on September 24, 2010.


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


A. C. SHAIKH: CRISIL Assigns 'BB+' Rating to INR30MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to M/s A. C.
Shaikh Contractor's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR30.0 Million Cash Credit        BB+/Stable (Assigned)
   INR45.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect ACSC's exposure to risks related to
geographical concentration in revenue profile, large working
capital requirements and small scale of operations and intense
competition in the infrastructure construction segment.  These
rating weaknesses are partially offset by ACSC's strong financial
risk profile, marked by low gearing and healthy debt protection
metrics, and healthy growth prospects in infrastructure
construction sector.

Outlook: Stable

CRISIL believes that ACSC will continue to benefit over the medium
term, from healthy growth prospects in the infrastructure and
construction industry.  The outlook may be revised to 'Positive'
if the firm receives significant equity infusion, or its operating
profitability and revenues improve substantially.  Conversely, the
outlook may be revised to 'Negative' if ACSC's financial risk
profile deteriorates because of stretching of receivables, or if
it undertakes large debt-funded capital expenditure programmes or
in case of significant capital withdrawal by the partners.

                         About A. C. Shaikh

ACSC established as a partnership in 2004 by Mr. A C Shaikh and
family, undertakes government civil works contracts, mainly
construction of roads.  It also undertakes construction of
bridges, dams, irrigational works, and buildings as well in and
around Ahmednagar (Maharashtra).  The firm has executed more than
25 projects so far but the Mr. Shaikh has executed more than 75
projects under his previous proprietorship firm.  In 2009, the
business of the proprietary firm was merged in ACSC.  The firm is
a 'Class 1A' contractor for the Public Works Department (PWD) and
is eligible to bid directly for large contracts without a cap on
contract value.

ACSC is estimated to report a profit after tax (PAT) of INR11.9
million on net sales of INR321.9 million for 2009-10 (refers to
financial year, April 1 to March 31), against a reported PAT of
INR6.8 million on net sales of INR180.1 million for 2008-09.


AGLAR POWER: Delay in Loan Repayment Cues CRISIL 'D' Ratings
------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Aglar Power Ltd's bank
facilities.  The ratings reflect delay by APL in servicing its
term loan; the delay has been caused by APL's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR151.40 Million Long-Term Loan      D (Assigned)
   INR193.60 Million Proposed LT Loan    D (Assigned)
   INR15.00 Million Bank Guarantee       P5 (Assigned)

APL is setting up two hydropower projects on the Aglar River, and
is, hence, exposed to risks related to their implementation. The
company is also susceptible to hydrological risks.  APL, however,
benefits from its stable off-take arrangement through its power
purchase agreement (PPA) with Uttaranchal Power Corporation Ltd,
and its promoter's experience in the power sector.

                         About Aglar Power

Incorporated in 2003, APL undertakes design, consultancy, and
implementation of small hydropower projects on build-operate-own
basis.  The company has been allotted two sites on the Aglar
River, a tributary of the Yamuna River, for setting up two small
hydropower projects with capacity of 3 megawatts each in Rayat and
Lagarasu (both in Uttarakhand).  The expected commercial operation
dates for the projects in Rayat and Lagarasu are March 2011 and
April 2012, respectively.


AGARWAL DAL: CRISIL Reaffirms 'B' Rating on INR10MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Agarwal Dal Mills Pvt
Ltd continue to reflect Agarwal Dal's limited financial
flexibility because of its small net worth, susceptibility to
volatility in foreign exchange rates, small scale of operations,
and low operating margin.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         B/Stable (Reaffirmed)
   INR120 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Agarwal Dal's scale of operations will remain
small over the medium term. The outlook may be revised to
'Positive' if Agarwal Dal increases its scale of operations and
net worth, thereby enhancing its financial flexibility.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes any large, debt-funded capital expenditure
(capex) programme.

Update

Agarwal Dal reported revenues of INR211 million in 2009-10 as
compared to revenues of INR112 million in 2008-09. The
profitability of the company was in line with the past, with
operating margins at 2.42 per cent and profit after tax (PAT)
margins at 0.68 per cent. The net worth of the company continues
to be low at INR31.8 million as on March 31, 2010. Its scale of
operations is expected to remain at current levels over the medium
term.

For 2009-10, Agarwal Dal reported a PAT of INR1.4 million on net
sales of INR211 million, against a PAT of INR1.2 million on net
sales of INR112 million for 2008-09.

                        About Agarwal Dal

Agarwal Dal was promoted by Mr. Sanjay Kumar Agarwal in 1999.  It
was incorporated with for setting up a dal mill.  However, the
plan did not materialize, and the company began trading in coal in
2005.


INTERDRIL (ASIA): CRISIL Reaffirms 'BB+' Rating on INR91.1MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Interdril (Asia) Ltd,
which is part of the Interdril group, continue to reflect the
Interdril group's large working capital requirements because of
its long operating cycle, customer concentration in its revenue
profile, and small scale of operations.  These weaknesses are
partially offset by the extensive experience of the group's
promoters in Down hole drilling tools industry.

   Facilities                          Ratings
   ----------                          -------
   INR91.1 Million Long-Term Loan      BB+/Stable (Reaffirmed)
   INR230.0 Million Packing Credit     P4+ (Reaffirmed)
   INR350.0 Million Post-Shipment      P4+ (Reaffirmed)
       Credit
   INR270.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR35.0 Million Bank Guarantee      P4+ (Reaffirmed

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Interdril and Interdril Repairs and
Services Pvt Ltd.  This is because the two companies, together
referred to as the Interdril group, are under a common management,
and have inter-company transactions and strong operational
linkages.  Furthermore, Interdril has extended a corporate
guarantee to the credit facilities of IRSPL.

Outlook: Stable

CRISIL believes that the Interdril group will maintain its
financial risk profile over the medium term on the back of its
steady operating revenues and margin.  The outlook may be revised
to 'Positive' if there is a significant increase in the group's
operating revenues and improvement in its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the group
generates lesser-than-expected revenues and net cash accruals, its
working capital requirements increase, or its debt protection
indicators weaken because of increased delinquencies.

Update

The Interdril group's sales decreased to INR468.4 million in
2009-10 (refers to financial year, July 1 to June 30), from
INR912.3 million in the previous year.  The decrease in sales was
driven by the global economic downturn, which led to a decline in
export demand.  The group expects to generate sales of around
INR800 million in 2010-11, driven by the improved global economic
scenario and revival in export demand.  It has posted sales of
around INR200 million in the first two months of operations in
2010-11. The group's operating margin increased to 19 per cent in
2009-10 from 15.7 per cent in the previous year, primarily driven
by improved cost efficiency.

The Interdril group's gearing improved, albeit marginally, to 1.75
times as on June 30, 2010, from 1.93 times as on June 30, 2009.
Its average bank limit utilization during the seven months ended
July 31, 2010, was around 99 per cent.  The group has no major
capital expenditure plan for the near term.

The Interdril group, on a provision basis, reported a profit after
tax (PAT) of INR12.8 million on net sales of INR468.4 million for
2009-10; it had reported a PAT of INR69.1 million on net sales of
INR912.3 million for 2008-09.

                       About InterDril (Asia)

InterDril (Asia) Ltd. was incorporated in November 1993 as a 100%
EOU by Mr. Dean Gesterkamp & Mr. Anil Wahal (Mr. Dean & Mr. Anil),
for the manufacture of down hole drilling tools used in drilling
for Oil and Gas. Interdril's plant is located at Patalganga, near
Mumbai.

Group Company: Interdril Repairs & Services P.Ltd. Interdril
Repairs and Services Pvt. Ltd., (49% stake held by Interdril Asia
Ltd.) carries out Repair, Reconditioning / refurbishment of
Tubular as well as other related oil field equipment. The balance
51% is held by the promoters (Mr. Dean & Mr. Anil). The company
was started in 2003.


KAMAL COTSPIN: CRISIL Assigns 'B-' Rating to INR420MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Kamal Cotspin
Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR92.5 Million Cash Credit Limit   B-/Stable (Assigned)
   INR420.0 Million Term Loan          B-/Stable (Assigned)
   INR20.0 Million Bank Guarantee      P4 (Assigned)
   INR13.3 Million Letter of Credit    P4 (Assigned)

The ratings reflect KCPL's limited track record of operations in
the cotton yarn segment, weak financial flexibility, and exposure
to risks related to volatility in cotton prices and lack of
integrated operations.  These rating weaknesses are partially
offset by KCPL's improving operating efficiencies, led by
stabilisation of operations at its existing facility, and the
benefits that the company derives from stable demand prospects in
the yarn industry.

Outlook: Stable

CRISIL believes that KCPL's financial risk profile is likely to
remain weak over the medium term following high gearing and
stretched liquidity position. The business risk profile of the
company will be dependent on a sustained and profitable
relationship with newly acquired customers.  However, the company
is expected to benefit from its improving operating efficiencies.
The outlook may be revised to 'Positive' in case of improvement in
liquidity position, mainly though improvement in profitability.
Conversely, the outlook may be revised to 'negative' in case the
company goes for higher than expected debt funded capex leading to
pressure on term debt repayment capacity.

                         About Kamal Cotspin

Set up by Mr. K K Lath in 2005, KCPL began commercial production
in April 2009; 2009-10 is its first year of operations.  The
company manufactures cotton yarn (of average count 40) and has a
manufacturing facility in Burhanpur (Madhya Pradesh) with capacity
of around 31,200 spindles.


KRISHNAN FOOD: CRISIL Reaffirms 'BB' Rating on Overdraft Limits
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Krishnan Food
Processors continue to reflect KFP's average financial risk
profile marked by a small net worth and volatile operating
margins, and exposure to intense competition because of the
fragmented nature of the cashew-processing industry. These
weaknesses are partially offset by KFP's track record in the
cashew-processing industry.

   Facilities                              Ratings
   ----------                              -------
   INR35.0 Million Cash Credit Limits      BB/Stable (Reaffirmed)
   INR1.0 Million Overdraft Limits         BB/Stable (Reaffirmed)
   INR80.0 Million Packing Credit Limits   P4+ (Reaffirmed)
   INR20.0 Million PCH/OAR Limits          P4+ (Reaffirmed)
   INR30.0 Million FBN(DP)/BP(DP)/         P4+ (Reaffirmed)
                      FCFBD Limits
   INR30.0 Million Letter of Credit Limits P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that KFP will maintain its business risk profile
over the medium term on the back of a stable demand for its
products.  The outlook may be revised to 'Positive' in case of a
significant and sustainable improvement in the firm's capital
structure or cash accruals, and consequently in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
there are adverse movements in the prices of raw cashew nuts or
kernels, withdrawals by the promoter, or if the firm undertakes a
substantial debt-funded capital expenditure programme.

Summary Update

KFP registered a marginal increase in operating income in 2009-10
(refers to financial year, April 1 to March 31) because of an
overall depressed demand scenario for cashew kernels in the export
markets.  Due to lower demand, and following the appreciation of
the rupee against the US dollar, the firm's operating margin has
fallen from previous robust levels.  Notwithstanding the decline
in revenues and profitability, KFP has maintained it financial
risk profile, with moderate gearing and debt protection
indicators, though it continues to be constrained by its small net
worth.

                        About Krishnan Food

KFP was set up by Mr. G Krishnan Nair in 1983 and is based out of
Kollam (Kerala). It is engaged in processing of and trading in raw
cashew nuts.


KSE ELECTRICALS: CRISIL Reaffirms 'BB+' Rating on INR52MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of KSE Electricals Pvt Ltd
continue to reflect KSE's weak financial risk profile marked by
high gearing and weak debt protection metrics, and its working-
capital-intensive operations.  The rating weakness is partially
offset by KSE's established market position in the electrical
equipment industry and the benefits that the company is likely to
reap from high growth prospects for the power sector.

   Facilities                          Ratings
   ----------                          -------
   INR190 Million Cash Credit          BB+/Stable (Reaffirmed)
   INR52 Million Term Loans            BB+/Stable (Reaffirmed)
   INR538 Million Letter of Credit      P4+ (Reaffirmed)
                and Bank Guarantee

Outlook: Stable

CRISIL believes that KSE will continue to benefit from its
established market position in the electrical equipment industry,
sizeable order book, and healthy growth prospects for the power
sector.  The outlook may be revised to 'Positive' if KSE optimally
utilizes its enhanced capacities, thereby leading to significant
revenue growth and improvement in its profitability.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
a larger-than-expected debt-funded capital expenditure programme
or if its profitability declines, leading to deterioration in its
financial risk profile.

                      About KSE Electricals

KSE was commenced operations as a family business in 1962. KSE is
one of India's leading manufacturers of cable terminals, lugs, and
connectors, overhead transmission and distribution line
accessories, and earthing and lightening protection equipment.
KSE is a registered supplier for major state utility and
electricity boards, and has a strong clientele in India,
comprising Power Grid Corporation of India Ltd., Larsen & Toubro
Ltd., Siemens Ltd., Indian Railways, and Steel Authority of India
Ltd.; its international clientele includes Ceylon Electricity
Board (Sri Lanka), Saudi Electricity Company, Belgium Electricity
board amongst others. KSE has a wide geographical reach; it
derives around 45 per cent of its revenues from exports.

For 2009-10 (refers to financial year, April 1 to March 31), KSE's
profit after tax (PAT) and net sales are estimated to be INR25.0
million and INR879.0 million respectively; it reported a PAT of
INR12.7 million on net sales of INR1078 million for the previous
year.


MOHIT DIAMONDS: CRISIL Upgrades Ratings on Various Debts to 'P4+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the short-term bank facilities
of Mohit Diamonds Pvt Ltd to 'P4+' from 'P4'.

   Facilities                                Ratings
   ----------                                -------
   INR.419.2 Million Packing Credit          P4+ (Upgraded from
                                                  'P4')

   INR460.8 Million Post-Shipment Facility   P4+ (Upgraded from
                                                   P4')
   INR175.7 Million Adhoc Post-Shipment and  P4+ (Upgraded from
            Packing Credit                        'P4')

The rating upgrade reflects the improvement in Mohit Diamonds'
liquidity following the repayment of its term loans.  The
company's jewellery division, which had been amalgamated with
Mohit Diamonds in 2008-09 (refers to financial year, April 1 to
March 31), had weak liquidity in 2009-10, with its net cash
accruals inadequate to meet its unrated term debt obligations on a
timely basis, and no support from the diamond division. The
company has, since, repaid the balance instalments due in April
and July 2010 on time.  The upgrade also reflects CRISIL's belief
that Mohit Diamonds will maintain its liquidity over the medium
term, supported by improved cash accruals.

The rating continues to reflect the limited track record of Mohit
Diamonds' jewellery division in servicing its debt obligations on
time, the company's working-capital-intensive operations, and its
weak debt protection metrics.  These rating weaknesses are
partially offset by Mohit Diamonds' high operational efficiency,
backed by assured supply of rough diamonds from the Diamond
Trading Company (DTC) because of its sightholder status, and by
the promoter's extensive experience in the diamonds business.

                       About Mohit Diamonds

Established in 1991, Mohit Diamonds is the flagship company of the
Mohit group.  The company has been a DTC sightholder since
inception; the sightholder status is due for renewal in 2011.  The
company, headed by Mr. Anoop Mehta, manufactures and exports
polished diamonds, primarily small diamonds.  The promoter family
has been in this business since 1916.  The company has a presence
across leading diamond consuming markets, such as the US, Japan,
the Middle East, and other countries in Asia.  Group company,
Mohit Jewellery, merged with Mohit Diamonds in 2008-09, became
Mohit Diamonds' jewellery division, manufacturing and exporting
diamond-studded jewellery. Its 26,000-square-foot manufacturing
unit is in Andheri, Mumbai.


RANA DENIM: CRISIL Lifts Rating on INR174.2MM LT Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on Rana Denim Pvt Ltd's bank
facilities to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR174.2 Million Long-Term Loan     BB-/Stable (Upgraded from
                                                   'B+/Stable')

   INR12.0 Million Cash Credit         BB-/Stable (Upgraded from
                                                   'B+/Stable')

   INR13.8 Million Bank Guarantee      P4+ (Upgraded from 'P4')

The rating upgrade has been driven by CRISIL's belief that RDPL
will maintain its profitability and liquidity, which improved
moderately, over the medium term.  RDPL's financial risk profile
improved in 2009-10 (refers to financial year, April 1 to
March 31), driven by an improvement in operating margin, leading
to increased cash accruals.  Operating margin improved to 13.0 per
cent in 2009-10 from 10.5 per cent in the previous year. The
company has also achieved a turnover of INR200 million in the
first six months of 2010-11, against INR360 million in 2009-10.
Management of working capital requirements, which are large for
the company, will remain a rating sensitivity factor.

The ratings reflects the synergies RDPL is expected to continue to
derive from its association with its group companies, RDPL's
recently expanded capacity, and healthy growth prospects for the
cotton yarn industry. The ratings also reflect RDPL's average
financial risk profile marked by a small net worth and high
gearing, and exposure to risks related to customer concentration
in its revenue profile.

Outlook: Stable

CRISIL believes that RDPL will maintain its financial risk profile
at the improved level over the medium term.  The outlook may be
revised to 'Positive' if RDPL benefits from fresh equity infusion,
achieves more-than-expected growth in revenues, or sustains an
increase in operating margin and net cash accruals, leading to a
further improvement in financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if there is a decline in
offtake by RDPL's key customers, volatility in cotton prices,
deterioration in the company's working capital management, or
deterioration in debt protection metrics because of larger-than-
expected debt-funded capital expenditure.

                         About Rana Denim

RDPL was established by Mr. Hasamali Rana Karani and family in
2000. It manufactures open-end cotton yarn that is used in
manufacturing denim garments.  It operates a unit at Yavatmal
(Maharashtra).  RDPL manufactures yarn in counts of 6s to 20s. Its
key clients are among the leading denim garments manufacturers in
India. RDPL sources cotton bales from its group concerns, which
are into procurement of raw cotton and ginning.  RDPL's ongoing
capacity expansion project, involving increasing its installed
capacity to 660 tonnes per month (tpm) from 420 tpm, is expected
to be completed by November 2010.

RDPL reported a profit after tax (PAT) of INR7.99 million on net
sales of INR359.80 million for 2009-10, against a PAT of INR2.80
million on net sales of INR449.00 million for 2008-09.


ROHAN RAJDEEP: CRISIL Assigns 'BB+' Rating to INR153.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Rohan Rajdeep
Infra Projects Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR153.5 Million Proposed LT Bank   BB+/Stable (Assigned)
                       Loan Facility

   INR840.0 Million Proposed ST Bank   P4+ (Assigned)
                        Loan Facility

The rating reflects RRIPL's exposure to risks related to execution
of its highway project and stabilization of cash flows from the
project.  These rating weaknesses are partially offset by the
extensive experience of RRIPL's promoters in build-operate-
transfer (BOT) projects.

Outlook: Stable

CRISIL believes that RRIPL will benefit from the longstanding
experience of its promoters in BOT projects and their strong
project execution capabilities, over the medium term. The outlook
may be revised to 'Positive' in case the company is able to
execute the project in time and consistently demonstrate
significant cushion between the monthly revenues and its monthly
commitments to National Highways Authority of India's leading to
substantial improvement in its liquidity.  Conversely, the outlook
may be revised to 'Negative' if the company faces significant time
and cost overruns on the project, or significantly lower than
expected traffic volume, resulting in weakened capacity to meet
obligations.

                        About Rohan Rajdeep

RRIPL is a special purpose vehicle promoted by Rohan Rajdeep
Tollways Ltd (RRTL, CRISIL rated 'BBB/Positive/P3+'), Rohan
Builders (India) Pvt. Ltd (RBIPL, CRISIL rated 'B+/Stable/P4'),
and Rajdeep Buildcon Pvt Ltd (RBPL, CRISIL rated 'BBB/Stable/P3+')
to undertake operations and maintenance activities for the 211.140
kilometre stretch of Madurai-Tirunelveli-Panagudi section of NH-7,
a four-lane national highway already developed by the NHAI.  In
the competitive bidding process, RRIPL emerged as the highest
bidder and was awarded the letter of intent. It will be
responsible for operations and maintenance (O&M) of this stretch
for the next 10 years.

RBIPL is the flagship company of the Pune-based Rohan group
promoted by Mr. Suhas Lunkad and has a strong experience of more
than 2 decades in industrial construction. The group undertakes
industrial construction on contract and turnkey basis on pan India
basis.

RBPL is the flagship company of the Ahmednagar-based Rajdeep
group, promoted by Mr. Dilip Dhadiwal, Mr. Kishor Dhadiwal, and
Mr. Rajesh Kataria. The group is engaged in industrial and
infrastructure construction with operations in Maharashtra, Madhya
Pradesh, Chhattisgarh, Rajasthan, Gujarat, Punjab, and Goa.

RRTL is a joint venture between the Rohan and Rajdeep groups. Set
up in 2005 to undertake the construction and maintenance of
infrastructure projects, RRTL has completed seven road projects,
including construction and toll-based operation and maintenance
projects. Currently, the company is executing five projects for
various group companies with a total order value of INR3.2
billion, to be executed over the next two years.


SABA EXPORTS: CRISIL Rates INR20 Million Term Loan at BB'
---------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Saba Exports
bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Long Term Loan      BB/Stable (Assigned)
   INR42.0 Million Packing Credit      P4+ (Assigned)
   INR25.0 Million Bill Purchase-      P4+ (Assigned)
         Discounting Facility
   INR5.0 Million Standby Line         P4+ (Assigned)
                     of Credit
   INR5.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect Saba's small scale of operations and exposure
to risks related to intense competition in the leather industry.
These rating weaknesses are partially offset by Saba's above-
average financial risk profile, marked by low gearing, and sound
debt protection metrics, and the firm's well-diversified revenue
profile.

Outlook: Stable

CRISIL believes that Saba will maintain its efficient working
capital management practices, and thus sustain its strong
financial risk profile, over the medium term.  The outlook may be
revised to 'Positive' in case of a more-than-expected improvement
in the firm's scale of operations, coupled with substantial
increase in its net cash accruals, over the near to medium term.
Conversely, the outlook may be revised to 'Negative' in case of
delays in stabilization of Saba's enhanced capacities and
weakening of its profitability margins, and if it undertakes a
debt-funded capital expenditure programme, resulting in
deterioration of its capital structure.

                        About Saba Exports

Saba, a partnership firm was set up in 2002, is an export-oriented
unit, manufacturing leather shoe uppers, leather belts, and
finished leather.  The day-to-day operations of the firm are
managed by Mr. Ishrat Ishtiaque, who is one of the partners of the
firm and has more than a decade's experience in the leather
industry.  Saba's manufacturing facilities are in Kanpur (Uttar
Pradesh) and it exports its products to various countries like
Malaysia, Hong Kong and USA.

Saba reported a profit after tax (PAT) of INR 3 million on net
sales of INR 205 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 4 million on net sales
of INR 218 million for 2008-09.


SHREE GAJANAN: CRISIL Assigns 'B+' Ratings to Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Shree Gajanan
Prasad Workshop's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR17.5 Million Cash Credit         B+/Stable (Assigned)
   INR10.0 Million Working Capital     B+/Stable (Assigned)
   Demand Loan
   INR33.9 Million Rupee Term Loan     B+/Stable (Assigned)
   INR18.6 Million Proposed LT Bank    B+/Stable (Assigned)
                      Loan Facility
   INR10.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect SGPW's small net worth and scale of
operations, and large working capital requirements.  These rating
weaknesses are partially offset by SGPW's stable revenues stream,
backed by satisfactory order book, and moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that SGPW will, over the medium term, continue to
benefit from established relationships with key customers and
generate moderate cash accruals.  The outlook may be revised to
'Positive' if the firm substantially enhances its scale of
operations, while sustaining profitability, and if the firm's
financial risk profile improves significantly, driven by capital
infusion.  Conversely, the outlook may be revised to 'Negative' if
SGPW's operating profitability declines, or if the firm contracts
large debt to fund its capital expenditure, adversely affecting
its financial risk profile.

                         About Shree Gajanan

SGPW, a proprietorship firm set up by Mr. Chandrakant Patil in
1979, manufactures propeller units used in boats and large ship
vessels. The propeller unit comprises a propeller engine, shaft,
gear box, steering gear, a rudder, and others.  About 60 per cent
of the products manufactured are customised according to the
drawings and specification of the clients, while the rest is
manufactured as standard size boats or vessels.  The firm has two
manufacturing units, one each in Karanja and Dronagiri (both in
Maharashtra).

SGPW reported an estimated profit after tax (PAT) of INR9.2
million on estimated net sales of INR103.6 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR5.5 million on net sales of INR74.8 million for 2008-09.


SPICEJET LTD: Maran Buys 7.42% Stake for INR135.1 Crore
-------------------------------------------------------
The Hindu reports that Sun TV Chief Kalanithi Maran and his firm
KAL Airways have bought 7.42% equity for INR135.10 crore, as part
of the June deal to acquire 37.7% stake in low-cost carrier
SpiceJet Ltd.

The Hindu relates SpiceJet said in a filing to the Bombay Stock
Exchange that this was an off-market transaction, following which
Mr. Maran's direct stake in the airline now has increased to
25.12%.

As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2010, Maran and his unlisted aviation Kal Airways have
agreed to buy 37.7% in SpiceJet Ltd and will make an open offer
for a further 20%.  Mr. Maran will buy the stake from US investor
Wilbur Ross and Royal Holdings Services Ltd, owned by the Kansagra
family, for INR47.25 a share for a total consideration of about
INR7.39 billion.  Mr. Maran will buy 30.23% from Ross, who holds
stake through foreign currency convertible bonds, and 7.49% from
the Kansagra family.

                        About Spicejet Ltd

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                           *     *     *

Walker, Chandiok & Co Chartered Accountants, raised doubt about
Spicejet Ltd's ability to continue as a going concern.  The
auditors said the Company's accumulated losses, as of March 31,
2010, amounted to INR8,223.75 million, as against the Company's
share capital and reserves of INR4,801.98 million.


S S S FIBRE: CRISIL Assigns 'BB-' Rating to INR128MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to S S S Fibre
Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR38.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR128.0 Million Term Loan          BB-/Stable (Assigned)
   INR20.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect SSSFL's limited financial flexibility,
inadequate cash accruals vis--vis maturing term debt repayments,
and small scale of operations and net worth.  These rating
weaknesses are partially offset by the experience of SSSFL's
promoters in the yarn industry, and the company's moderate
operating efficiency.

Outlook: Stable

CRISIL believes that SSSFL's financial flexibility will remain
constrained by inadequate cash accruals vis--vis maturing term
debt repayments, over the medium term.  The outlook may be revised
to 'Positive' if SSSFL's operating income and profitability
improve significantly, leading to adequate cash accruals for
repaying maturing debt.  Conversely, the outlook may be revised to
'Negative' if the company generates lower-than-expected cash
accruals, or undertakes large, debt-funded capital expenditure,
thereby weakening its capital structure.

                          About S S S Fibre

Set up in 2007, SSSFL manufactures cotton carded yarn (in counts
between 16s and 35s).  The company has a manufacturing facility
and two warehouses in Samana (Punjab).  The company mainly
procures J-34 cotton from the local markets of Punjab, such as
Muktsar, Barnala, and Sunam, and has installed capacity of 13,104
spindles for manufacturing cotton yarn.  SSSFL is adding 2400
spindles by December 2010, which will take the installed capacity
to 15,504 spindles.  The company sells carded cotton yarn largely
to traders and merchant exporters in North India, with exports
comprising around 25 per cent of its sales in 2009-10.

SSSFL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR169 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net sales
of INR133 million for 2007-08.


VIJAYA DIAGNOSTIC: CRISIL Assigns 'BB+' Rating to INR191MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Vijaya Diagnostic
Centre Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR9.0 Million Cash Credit Facility   BB+/Stable (Assigned)
   INR191.0 Million Term Loan            BB+/Stable (Assigned)

The rating reflects VDCPL's constrained financial flexibility, and
exposure to risks related to continuous debt-funded capital
expenditure (capex) for medical machinery and for the new
Aishwariya Diagnostic Centre.  These weaknesses are partially
offset by the benefits that VDCPL derives from its strong track
record in the diagnostic service industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of ADC and VDCPL to the extent of VDCPL's
interest in ADC.  VDCPL has a 60 per cent stake holding in ADC.
Also, cash flows are fungible between the two entities.

Outlook: Stable

CRISIL believes that VDCPL will maintain its healthy market
position in the diagnostic services market in Hyderabad driven by
stable demand prospects for diagnostic services.  The outlook may
be revised to 'Positive' if ADC generates more-than-expected sales
in the first year of its operations.  Conversely, the outlook may
be revised to 'Negative' if VDCPL faces time or cost overruns in
implementing the proposed debt-funded capex in ADC, or in case of
pressures on VDCPL's profitability because of competition.

                       About Vijaya Diagnostic

VDCPL was originally set up by Mr. Surendranath Reddy in 1981 as a
proprietorship firm.  In 2002, the firm was reconstituted as a
private limited company (Vijaya Diagnostic Centre Ltd)? and in
2005, it merged with Vijaya Diagnostic Centre (another
proprietorship firm of Mr. Reddy).  VDCPL provides diagnostic
services such as urine, blood, and stool tests, and other complex
diagnoses such as magnetic resonance imaging (MRI), computerised
tomography (CT) scan, immunology, nuclear medicine, high-end
positron emission tomography (PET) scan, gamma camera, and others.
VDCPL presently has 19 centres.  Its main sources of revenue are
walk-in retail customers (90 per cent) and tie-ups with corporate
bodies to provide health check-up packages (10 per cent). The
company is starting a new diagnostic centre, ADC, in partnership.
VDCPL has a 60 per cent stake in ADC.  VDCPL is estimated to
report a profit after tax (PAT) of INR18.9 million on net sales of
INR359.1 million for 2009-10 (refers to financial year, April 1 to
March 31).

VDCPL reported a PAT of INR18.1 million on net sales of INR287.3
million for 2008-09, against a PAT of INR8.7 million on net sales
of INR210.2 million for 2007-08.


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


ASHIKAGA BANK: Holding Company to Delay Stock Listing
-----------------------------------------------------
Ashikaga Holdings Co., the holding company of Ashikaga Bank, will
push back its stock listing beyond April next year, Kyodo News
reports citing sources close to the matter.

Ashikaga Bank is in the process of business rehabilitation with
the backing of Nomura Financial Partners Co. and other investors,
Kyodo News says.

According to Kyodo News, its sources said the holding company
believes that it needs to put off its plan because its investors
are unlikely to make much profit through sales of its shares in
view of the stagnant stock market.  Ashikaga Holdings was set to
go public on the Tokyo Stock Exchange as early as this autumn so
that the Nomura-led investment consortium, which invested some 280
billion yen in the company, could sell off the bulk of its
shareholdings.

The Ashikaga Bank, Ltd. -- http://www.ashikagabank.co.jp/-- is
a regional bank operating mainly in Tochigi prefecture in the
Northern Kanto area.  The bank handles banking, loans,
mortgages, foreign exchanges and investment trust through its
106 branches and 68 representative offices.  It also operates a
debt collection business, a real estate survey service, a system
programming and development business and a credit card business
through its 13 consolidated subsidiaries.


FORD MOTOR: To Sell Majority Stake in Mazda, Kyodo News Says
------------------------------------------------------------
Kyodo News, citing sources, reports that Ford Motor Co. has
decided to sell most of its stake in Mazda Motor Corp,
relinquishing its position as the biggest shareholder of the
Japanese carmaker.

Kyodo News relates its sources said Ford's equity stake is likely
to fall to 3% or lower, from the current 11% equity stake it holds
in Mazda.

Mazda, which has been in capital tie-ups with Ford since 1979, is
expected to seek a new business partner with the aim of expanding
operations in China and other emerging markets, the sources said,
according to Kyodo News.

The sources, as cited by Kyodo News, said Ford will likely ask
Japanese banks and firms doing business with Mazda to buy its
shareholdings, including Sumitomo Mitsui Banking Corp, Sumitomo
Corp and auto component manufacturers, with an eye to formally
deciding on the sale in November.

Mazda Motor, however, released a statement saying that media
reports on the equity sale are based on speculation and that there
is no change to the "close strategic partnership" between Mazda
and Ford, Kyodo News adds.

                          About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

Ford Motor's balance sheet at June 30, 2010, showed $179.75
billion in total assets, $183.29 billion in total liabilities, and
a $3.54 billion stockholders' deficit.

                             *     *     *

The Troubled Company Reporter reported on Oct. 12, 2010, that
Moody's Investors Service raised the Corporate Family Rating of
Ford Motor Company to Ba2 from B1.  Other ratings that were raised
include Probability of Default to Ba2 from B1; senior secured
credit facility to Baa3 from Ba1; senior unsecured to Ba3 from B2;
and, preferred stock to B1 from B3.  In a related action, Moody's
also raised the CFR and senior unsecured ratings of Ford Motor
Credit Company LLC, FCE Bank Plc, and Ford Credit Canada Limited
to Ba2 from Ba3.  The rating outlook for Ford and Ford Credit is
stable.

The Ford upgrade reflects a repositioning of the rating based on
operating performance which has significantly exceeded Moody's
expectations during the first half of 2010.  Moreover, Moody's
believe that the company is well positioned to continue generating
strong earnings and cash flow through 2011, and to further
strengthen its balance sheet.  Ford's ability to achieve this
progress will be supported by the much healthier industry
fundamentals that have resulted from the extensive restructuring
of the US automotive sector during the past two years, and by
Ford's highly competitive product portfolio.

In August 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Ford Motor Co. and FordMotor Credit Co.
LLC to 'B+' from 'B-'.   "The upgrade reflects S&P's reassessment
of Ford's business risk profile to weak from vulnerable, and its
financial risk profile to aggressive from highly leveraged," said
Standard & Poor's credit analyst Robert Schulz.  S&P believes Ford
is making progress in stabilizing, and perhaps improving, its U.S.
market shares  Still, S&P believes underlying business risks
remain high.

Ford Motor and its unit, Ford Motor Credit, carry 'BB-' issuer
default ratings from Fitch Ratings.  In August 2010, when Fitch
raised the rating from 'B', it said, Ford's ratings reflect its
continued strong financial performance and the substantial debt
reduction accomplished in the second quarter."


JLOC37 LLC: Fitch Downgrades Ratings on Various Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded classes C1 and C2 of JLOC37, LLC's
notes due January 2015, and has simultaneously withdrawn the
rating on the interest-only Class X notes.  The transaction is a
Japanese multi-borrower type CMBS securitization.  The rating
actions are:

  -- JPY26,776 million* Class A1 Notes affirmed at 'A-sf'; Outlook
     Negative;

  -- EUR6.02 million* Class A2 Notes affirmed at 'A-sf'; Outlook
     Negative;

  -- JPY5,222 million* Class B1 Notes affirmed at 'BBsf'; Outlook
     Negative;

  -- EUR3.21 million* Class B2 Notes affirmed at 'BBsf'; Outlook
     Negative;

  -- JPY4,627 million* Class C1 Notes downgraded to 'CCCsf' from
     'Bsf'; assigned a Recovery Rating of 'RR4';

  -- EUR5.59 million* Class C2 Notes downgraded to 'CCCsf' from
     'Bsf'; assigned a Recovery Rating of 'RR4';

  -- JPY5,288 million* Class D1 Notes affirmed at 'CCsf'; Recovery
     Rating revised to 'RR5' from 'RR6'; and

  -- EUR1.29 million* Class D2 Notes affirmed at 'CCsf'; Recovery
     Rating revised to 'RR5' from 'RR6'.

  * as of October 13, 2010

The rating on the interest-only Class X Notes of 'AAAsf' with
Stable Outlook has been withdrawn.

Fitch has downgraded the Class C1 and C2 notes to reflect its view
over the potential recovery amounts from the underlying loans, and
its expectations on the principal repayment allocations of each
note class from loan recoveries in the future.  Probable negative
effects of the pro rata waterfall structure were taken into
account in this process.

Fitch has revised downwards the net cash flow estimations for 16
of the 32 collateral properties, considering their actual
performances to date and the current conditions of the lease
markets to which the collateral properties belong.  The agency
also revised downwards the stressed-sale cap rates for some of the
office and residential properties located in the Tokyo
metropolitan district or central Osaka, taking into account the
recent positive trends seen in the recovery of liquidity for these
property types, in addition to actual bidding prices reported for
some properties.

As a result, for the purpose of this review, Fitch has adopted
values for the underlying properties which are on average 18.5%
lower than those adopted in the previous review in October 2009,
and on average 42.4% lower than the agency's initial analysis in
July 2007.

In addition, Fitch estimated the recovery amounts for each class
by assuming scenarios in which the pay down of a performing loan
may occur in relation to the workout timing of the defaulted
loans.  These estimates took into account the waterfall under
which principal payments at or prior to loan maturity are applied
on a pro rata basis.

The agency has maintained Negative Outlooks on classes A1 through
B2 on concerns that many of the collateral properties, especially
the hotel properties located in regional cities, will likely be
sold under continuing stressed conditions in the Japanese
commercial real estate market.

The rating on the interest-only Class X Notes, which addresses
only the likelihood of receiving interest payments while principal
thereon remains outstanding, has been withdrawn.

At closing, the notes were ultimately secured by 10 loans
collateralized by 61 real estate properties or trust beneficial
interests in respective property trusts.  To date, four loans and
an underlying portion of one defaulted loan have been fully
repaid.  The transaction is currently secured by five loans backed
by a total of 32 real estate properties, in addition to
disposition proceeds from five properties and fully repaid
principal funds of one loan.  Four of the five remaining loans are
in default.


JPM-JC8 TRUST: Moody's Upgrades Ratings on Various Certificates
---------------------------------------------------------------
Moody's Japan K.K has upgraded the ratings for the Class C through
F Trust Certificates issued by JPM-JC8 Trust.

The complete rating actions are:

Deal Name: JPM-JC8 Trust

  -- Class C, Upgraded to Baa3 (sf) from Ba2 (sf); previously,
     downgraded to Ba2 (sf) from A2 (sf) on June 24, 2010

  -- Class D, Upgraded to Ba1 (sf) from B1 (sf); previously,
     downgraded to B1 (sf) from Baa2 (sf) on June 24, 2010

  -- Class E, Upgraded to Ba2 (sf) from B2 (sf); previously,
     downgraded to B2 (sf) from Baa3 (sf) on June 24, 2010

  -- Class F, Upgraded to Ba3 (sf) from B3 (sf); previously,
     downgraded to B3 (sf) from Ba2 (sf) on June 24, 2010

  * Issue Amount (initial): JPY 29.7 billion

  * Dividend: Floating

  * Transfer Date of Trust Certificates: June 17, 2005

  * Final Maturity Date: April 2013

  * Underlying Asset (initial): four non-recourse loans and three
    specified bonds backed by real estate properties and
    properties

  * Originator: JPMorgan Chase Bank, N.A.  and JP Morgan
    Securities Japan Co., Ltd/ JPMorgan Securities Japan Co., Ltd

  * Arranger: JPMorgan Securities Japan Co., Ltd

  * Asset Trustee: New York Mellon Trust Bank Ltd. (initial: J.P.
    Morgan Trust Bank Ltd.)

JPM-JC8 Trust, effected in June 2005, represents the
securitization backed by real estate properties and properties in
trust.

JPMorgan Securities Japan Co., Ltd. entrusted seven non-recourse
loans and specified bonds to the Asset Trustee, and in turn
received the Class A through F and X trust certificates.  The
Seller sold those trust certificates to investors.  Those trust
certificates are rated by Moody's.

In this transaction, payment of the trust certificates will be
made i) on a pro-rata basis according to a given allocated amount
in these cases; a) repayment of the Underlying Assets on their
loan maturity dates, and b) prepayment by liquidation and
refinance on each Underlying Asset, as well as ii) on a sequential
basis in case of payment by liquidation of collateral when loan
default occurs.

Four non-recourse loans and one specified bond were paid/redeemed
in full by their loan maturity dates.  Additionally, one of the
remaining loans ("Loan 1") -- backed by a retail building around
the Tokyo metropolitan area -- was recovered in full by property
disposals in July 2010, while it had been under special servicing
since April 2010.

The other loan ("Loan 2") -- backed by logistics facilities around
the Tokyo metropolitan area -- remains.

                         Rating Rationale

The rating action reflects these factors.

(1) The probability of generating losses within the remaining
    portfolio is less, after the specially serviced loan ("Loan1")
    was fully recovered.

(2) Occupancy rate for and net cash flow from collateral assets of
    the remaining loan ("Loan2") are on a recovery trend.

(3) However, since Loan2 has only about five months before its due
    date, there remains the need to apply stress on its recovery
    assumptions in the event of it moving into a special servicing
    period.

(4) Principal repayments on a pro rata basis from the loans --
    except Loan1 -- have not promoted improvement of the portion
    of subordinate classes.

Moody's examined all the way through occupancy for and cash flow
from the collateral.  In addition, it prepared a number of its
expected recovery scenarios on the property disposal, and
estimated leverage level of each class.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.

                     Regulatory Disclosures

Credit ratings are Moody's current opinions of the relative future
credit risk of entities, credit commitments, or debt or debt-like
securities.  Moody's defines credit risk as the risk that an
entity may not meet its contractual, financial obligations as they
come due and any estimated financial loss in the event of default.
Credit ratings do not address any other risk, including but not
limited to: liquidity risk, market value risk, or price
volatility.  Credit ratings do not constitute investment or
financial advice, and credit ratings are not recommendations to
purchase, sell, or hold particular securities.  No warranty,
express or implied, as to the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any such
rating or other opinion or information is given or made by Moody's
in any form or manner whatsoever.

The credit risk of an issuer or its obligations is assessed based
on information received from the issuer or from public sources.
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.  However, Moody's
is not an auditor and cannot in every instance independently
verify or validate information received in the rating process.
Moody's may change the rating when it deems necessary.  Moody's
may also withdraw the rating due to insufficient information, or
for other reasons.

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

Measures taken to ensure the quality of this information include
preparation or reviews by a third party, etc.

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

Moody's Japan K.K.  is a credit rating agency registered with the
Japan Financial Services Agency and its registration number is FSA
Commissioner (Ratings) No.  2.  The Financial Services Agency has
not imposed any supervisory measures on Moody's Japan K.K.  in the
past year.

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.


SMBC CMBS: S&P Downgrades Rating on Class D Certs. To 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+ (sf)' from
'BBB+ (sf)' its rating on the class D trust certificates issued
under the SMBC CMBS No. 2 transaction and removed the rating on
that class from CreditWatch with negative implications, where it
had been placed on July 20, 2010.  S&P also affirmed its ratings
on classes A to C, and X issued under the same transaction.

The transaction's remaining loan (the loan originally represented
about 33.3% of the initial issuance amount of the trust
certificates) is backed by an office building located on the
outskirts of Tokyo.  S&P lowered its rating on class D to reflect
its revised assumption with respect to the likely collection
amount from the related collateral property.  Following its
revision, S&P assume the value of the property to be about 76% of
its initial underwriting value.

S&P affirmed its ratings on the upper-level tranches A to C
because credit enhancement has improved from initial levels,
reflecting progress in the redemption of principal (an amount
equivalent to about 66.7% of the initial issuance amount of the
trust certificates has already been redeemed) for these tranches.

SMBC CMBS No. 2 is a multiborrower CMBS transaction.  The trust
certificates were originally secured by two nonrecourse loans,
which were backed by 17 real estate trust beneficial interests.
The transaction was arranged by Daiwa Securities SMBC Co. Ltd.
(now known as Daiwa Securities Capital Markets Co. Ltd.) and
Goldman Sachs Japan Co. Ltd. Premier Asset Management Co. 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 October 2012 for the class A trust
certificates, the full payment of interest and ultimate repayment
of principal by the legal final maturity date for the class B to D
certificates, and the timely payment of available interest for the
interest-only class X certificates.

            Rating Lowered, Off Creditwatch Negative
        SMBC Commercial Mortgage Backed Securities No. 2
       JPY49.5 billion trust certificates due October 2012

Class   To        From                Initial Issue Amount  Coupon Type
-----   --        ----                --------------------  -----------
D       BB+ (sf)  BBB+ (sf)/Watch Neg ?4.7 bil.             Floating-rate


                        Ratings Affirmed

Class      Rating         Initial Issue Amount     Coupon Type
-----      ------         --------------------     -----------
A          AAA (sf)       ?31.8 bil.               Floating-rate
B          AAA (sf)       ?6.5 bil.                Floating rate
C          A (sf)         ?6.5 bil.                Floating-rate
X          AAA (sf)       ?49.5 bil.*

                   * Initial notional principal


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


LIZ MITCHELL: Small, Trade Suppliers Hit by Liquidation
-------------------------------------------------------
Kieran Nash at the New Zealand Herald reports that dozens of
small, trade suppliers have been caught up in the voluntary
liquidation of Liz Mitchell Design Limited.

The Herald on Sunday has obtained documents showing a list of
68 creditors, some of whom are upset Mitchell continues to trade
under another company.

Liz Mitchell Design went into voluntary liquidation in August,
owing creditors nearly NZ$200,000.  The company has suffered from
a downturn in sales and orders.  Liz Mitchell, the company's
director, said another of her companies, Ruby Small Holdings,
bought Liz Mitchell Design Ltd, including the well-known brand,
shortly before it went into voluntary liquidation, the report
notes.

The Herald says the Ministry of Economic Development is gathering
information about the liquidation to make sure there had been no
breach of the phoenix provision in the Companies Act, where a
company is sold to another to avoid liabilities.

Liz Mitchell would not comment on the investigation, referring all
inquiries to liquidator Iain Shepherd, the Herald notes.

New Zealand-based Liz Mitchell Design Ltd. is a top fashion design
company.


OYSTER BAY: Delegat's to Bid for 45% Stake It Doesn't Already Own
-----------------------------------------------------------------
Tracy Withers at Bloomberg News reports that Delegat's Group Ltd.
plans to make a takeover offer for 45 percent of Oyster Bay
Marlborough Vineyards Ltd. that it doesn't already own.

Bloomberg relates Delegat's, which holds 54.9 percent of Oyster
Bay, said it will offer NZ$1.80 a share, or alternatively one of
its shares for one Oyster Bay share.  The bid would cost NZ$7.3
million ($6 million) if settled in all cash.

According to Bloomberg, Delegat's said the company considers grape
prices are unlikely to improve significantly and in the short term
any improvement in Oyster Bay's financial situation is unlikely.

Bloomberg notes that Oyster Bay, which grows grapes and supplies
them to Delegat's, in June said it was seeking advice on the most
efficient capital structure.  The company is in breach of its
banking covenants because of a slump in grape prices and is
operating under a waiver from its lenders, Bloomberg says.

                           About Oyster Bay

Oyster Bay Marlborough Vineyards Limited (NZE:OBV) --
http://www.obmvl.co.nz/-- produces grapes in New Zealand.  The
company's vineyards are located in the Marlborough region within
New Zealand.  At June 30, 2008, the company had approximately 539
productive hectares of land.  During the fiscal year ended
June 30, 2008, the company harvested approximately 7,193 tons of
grapes.  The company owns three vineyard properties: Oyster Bay
State Highway 63 vineyard, Oyster Bay Fault Lake and Oyster Bay
Wairau River.


SOUTH CANTERBURY FINANCE: Receivership to Take Up to Four Years
---------------------------------------------------------------
Duncan Bridgeman at The National Business Review reports that the
Treasury estimates the receivership of South Canterbury Finance
could take up to four years to complete, unless sold as a going
concern, with the majority of assets being sold only in the second
year of receivership.

According to the report, the estimates are given in a report dated
September 1 -- at the same time as other documents revealed the
government's reasons for rejecting a post receivership offer to
buy SCF as a going concern.  The report relates that the offer
reportedly came from investor Duncan Saville and was understood to
be worth approximately $1.3 billion.

The report notes advisors KordaMentha wrote in this memo to John
Park, manager of the retail deposit guarantee scheme, that the
timing of the deal contained too many risks.

Meanwhile, the report says, while this latest offer was being
assessed, The Treasury was outlining to the government how a
managed receivership might play out.  "Unless a transaction was
agreed involving the purchase of SCF's assets out of receivership
as a going concern (which, if this was an option, would take place
relatively shortly into the receivership), an orderly realisation
of SCF assets would proceed consistent with the Crown minimising
its losses and maximising its gains."

The National Business Review discloses the treasury that did note
that a carve up of the assets could take up to four years.  "While
the receivers' objective is to sell all of SCF's assets, the size
and complexity of SCF's business mean that not all assets can be
sold immediately.  As such Treasury anticipates that the
receivership as a whole could take up to four years to complete,
with the majority of assets being sold only in the second year of
the receivership," the treasury said.

The Treasury, the report says, noted that South Canterbury's
business was comprised of loans it has made to third parties, some
of which were still performing well (the 'good loan book') and
some of which were impaired (the 'bad loan book').   In addition,
the report relates, South Canterbury either owned or was the major
shareholder in three New Zealand companies with "significant
business value."  These included shares in Dairy Holdings, Scales
Corp and Helicopters NZ, the Treasury added.

In all of these cases, the report says, Treasury has estimated
that it should be able to recover at least [Redacted] of the value
of these assets."

Prime Minster John Key has said the shortfall could be about $700
million but once fees from the guarantee were taken into account,
the cost was more likely about $400 million, the report adds.

                       About South Canterbury

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

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

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

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


SOUTH CANTERBURY: Government Could Lose NZ$1 Billion, Hubbard Says
------------------------------------------------------------------
Emma Bailey at The Timaru Herald reports that Allan Hubbard
believes the Government could lose up to NZ$1 billion for not
supporting a bid to buy South Canterbury Finance.

The Timaru Herald says Mr. Hubbard's comments follow Treasury on
Friday releasing a swag of documents relating to SCF, the Crown
deposit guarantee and its receivership on August 31.  According to
the report, the documents outline a rejected bid for SCF, the
possibility of placing the finance company in statutory management
and the receivership, in which the Government paid out NZ$1.6
billion to about 37,000 investors under the guarantee scheme.

The Timaru Herald relates Mr. Hubbard said if the Government had
supported the bid he helped get to the table it would have saved
the taxpayer about NZ$600 million.

"My own view is if they had accepted the best offer that was made
to them through a contact of mine they would have only faced
NZ$400 million liability," the report quoted Mr. Hubbard as
saying.  "By the time they have paid everyone out it will cost the
Government close to NZ$1.9 billion and they will be lucky to get
back NZ$900 million for the bits they manage to sell off.  They
are going to suffer a billion dollar loss and that could have been
limited to NZ$400 million."

The Timaru Herald reports Mr. Hubbard believed there were four
credible offers on the table and each party should have been
approached to submit their final bid.

Mr. Hubbard is South Canterbury Finance's life president.

          Government Accused of Holding Back Information

Meanwhile, NZCity reports that Allan Hubbard's supporters said
some of the documents Treasury had released about South Canterbury
Finance are vague.

NZCity says the papers show the Government rejected a bid worth
more than a billion dollars for the company, when it was in
receivership, as Treasury was advised it was not necessarily the
best deal.

According to the NZCity, Paul Carruthers of the group, Stand By
Hubbard, wants to know why the Government is still apparently
holding back information.

Mr. Carruthers said it's possible there could be a good outcome
for the Government, the investors and the Hubbards themselves.

                       About South Canterbury

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

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

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

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


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


TRADING CORPORATION: On the Brink of Bankruptcy
-----------------------------------------------
The Trading Corporation of Pakistan (TCP) has nearly reached on
the brink of bankruptcy due to end of credit limit from Ministry
of Finance (MoF) while several government departments also owe
billion of rupees to the national entity, the Daily Times reports.

According to the Daily Times, a source in MoF said credit line for
TCP of INR110 billion has been utilized and tenders for soft
commodities are also sitting in cold storage.   The source told
Daily Times that the governments of four provinces, besides Azad
Kashmir administration and departments of Northern Areas are also
defaulters of TCP for more than INR33 billion.

The source, according to Daily Times, said the finance ministry
was trying hard to accommodate TCP as the national entity was
facing liquidity crunch for floating fresh tenders for soft
commodities.

Soft commodities analyst Shakeel Ahmad told Daily Times that TCP
has plans to extend its storage capacity for soft commodities in
near future.

"But how can a national entity fulfill its plans if it goes
bankrupt, which an institution of consumers' importance", he said,
according to Daily Times.

The Trading Corporation of Pakistan (TCP), part of the Government
of Pakistan's Ministry of commerce, is responsible for export and
import of commodities in Pakistan.  It issues tenders for export
and import of agricultural products.


* BOND PRICING: For the Week October 11 to October 15, 2010
-----------------------------------------------------------

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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.03
AMITY OIL LTD           10.00    10/31/2013   AUD       1.98
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.24
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.10
EXPORT FIN & INS         0.50    12/16/2019   AUD      62.15
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.28
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.33
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      60.75
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.82
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      67.66
NEW S WALES TREA         0.50    09/14/2022   AUD      54.40
NEW S WALES TREA         0.50    10/07/2022   AUD      54.23
NEW S WALES TREA         0.50    10/28/2022   AUD      56.01
PRAECO P/L               7.13    07/28/2020   AUD      73.79
RESOLUTE MINING         12.00    12/31/2012   AUD       1.37
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      54.60

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.97
NANJING COM INV          5.23    05/07/2016   CNY      75.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      46.75


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.05
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.86
PUNJAB INFRA DB          0.40    10/15/2026   INR      23.82
PUNJAB INFRA DB          0.40    10/15/2027   INR      21.82
PUNJAB INFRA DB          0.40    10/15/2028   INR      20.02
PUNJAB INFRA DB          0.40    10/15/2029   INR      18.40
PUNJAB INFRA DB          0.40    10/15/2030   INR      16.94
PUNJAB INFRA DB          0.40    10/15/2031   INR      15.62
PUNJAB INFRA DB          0.40    10/15/2032   INR      14.44
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.40
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.43


  INDONESIA
  ---------

MOBILE-8 TELECOM        12.37    06/15/2017   IDR      70.00


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   JPY      70.62
AIFUL CORP               6.00    12/12/2011   JPY      70.62
AIFUL CORP               1.63    11/22/2012   JPY      57.89
AIFUL CORP               1.74    05/28/2013   JPY      59.89
AIFUL CORP               1.99    10/19/2015   JPY      43.67
CSK CORPORATION          0.25    09/30/2013   JPY      71.06
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.20
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.93
SHINSEI BANK             5.62    12/29/2049   GBP      73.50
TAKEFUJI CORP            9.20    04/15/2011   USD      17.62
TAKEFUJI CORP            4.00    06/05/2022   JPY      20.20


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.79
CRESENDO CORP B          3.75    01/11/2016   MYR       1.16
DUTALAND BHD             6.00    04/11/2013   MYR       0.32
DUTALAND BHD             6.00    04/11/2013   MYR       0.74
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.06
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.14
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.06
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.57
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.53
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.27
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.95
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.08
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.38
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50

WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.23
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.18


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

ALLIED FARMERS           9.60    11/15/2011   NZD      36.33
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.06
FLETCHER BUI             8.50    03/15/2015   NZD       8.10
FLETCHER BUI             7.55    03/15/2011   NZD       7.25
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.08
INFRATIL LTD             8.50    09/15/2013   NZD       8.20
INFRATIL LTD             8.50    11/15/2015   NZD       8.40
INFRATIL LTD            10.18    12/29/2049   NZD      61.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.32
MARAC FINANCE           10.50    07/15/2013   NZD       1.04
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      55.65
SKY NETWORK TV           4.01    10/16/2016   NZD       5.83
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.67
ST LAURENCE PROP         9.25    07/15/2010   NZD      60.76
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.85
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.30
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.05
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.85
VECTOR LTD               8.00    10/15/2014   NZD       1.00


SINGAPORE
---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      64.51
NEXUS 1 PTE LTD         10.50    03/07/2014   USD       1.00
UNITED ENG LTD           1.00    03/03/2014   SGD       1.77
WBL CORPORATION          2.50    06/10/2014   SGD       1.86


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      60.59
DONGYANG TELECOM         6.00    07/02/2013   KRW      46.90
HOPE KOD 1ST             8.50    06/30/2012   KRW      34.70
HOPE KOD 2ND            15.00    08/21/2012   KRW      34.18
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.33
HOPE KOD 4TH            15.00    12/29/2012   KRW      32.80
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.93
IBK 2008/12 ABS         25.00    06/24/2011   KRW      71.85
IBK 2009/13 ABS         25.00    02/03/2012   KRW      58.40
IBK 2009/15 ABS         25.00    12/29/2012   KRW       2.90
IBK 2009/16 ABS         25.00    09/24/2012   KRW      52.14
IBK 2009/17 ABS         25.00    12/29/2012   KRW      57.33

KB 10TH SEC SPC         23.00    01/03/2011   KRW      62.38
KB 10TH SEC SPC         20.00    01/03/2011   KRW      42.05
KB 11TH SEC SPC         20.00    07/03/2011   KRW      64.43
KB 12TH SEC SPC         25.00    01/21/2012   KRW      62.39
KB 13RD SEC SPC         25.00    07/02/2012   KRW      59.38
KB 14TH SEC SPC         23.00    01/04/2013   KRW      57.49
KDB 5TH SEC SPC         15.00    12/13/2012   KRW      60.23
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      68.69
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      57.43
NACF-14 ABS SPS         25.00    01/15/2011   KRW      61.95
NACF-15 ABS SPS         25.00    03/18/2011   KRW      60.45
NACF-16 ABS SPS         15.00    01/03/2011   KRW      71.93
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      73.31
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.23
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      66.26
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      68.75
SAM HO INTL              6.32    03/28/2011   KRW      74.17
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      19.26
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.49
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.25
SINBO 3RD ABS           15.00    09/30/2013   KRW      31.35
SINBO 4TH ABS           15.00    09/30/2013   KRW      31.37
SINGOK ABS               7.50    06/18/2011   KRW      71.02
SINGOK NS ABS            7.50    06/27/2011   KRW      70.88
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      11.61


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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                 *** End of Transmission ***