/raid1/www/Hosts/bankrupt/TCRAP_Public/101020.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 20, 2010, Vol. 13, No. 207

                            Headlines



A U S T R A L I A

2CLIX AUSTRALIA: Director Declared Bankrupt
PRIME RETIREMENT: Taps Lawler Draper Dillon as Administrators


C H I N A

BONSO ELECTRONICS: Posts US$657,700 Net Loss in March 31 Quarter


H O N G  K O N G

ACTIVE BASE: Court to Hear Wind-Up Petition on November 24
ALFAA ORGANIZATION: Court Enters Wind-Up Order
BROADFIELD INTERNATIONAL: Court Enters Wind-Up Order
CARESHIP AVIATION: Court to Hear Wind-Up Petition on November 10
CRYSTAL JADE: Meetings slated for October 28

DONGSHENG STONE: Court Enters Wind-Up Order
D. T. RESOURCE: Court to Hear Wind-Up Petition on December 1
EVERTOP FORTUNE: Court Enters Wind-Up Order
GREAT PACIFIC: Court to Hear Wind-Up Petition on December 1
HIGHYIELD ENTERPRISE: Court to Hear Wind-Up Petition on December 8

HIH UNDERWRITING: Creditors Get 8.5% Recovery on Claims
INCORPORATED OWNERS: Court Enters Wind-Up Order
KIN WAI: Court Enters Wind-Up Order
LONG NGAI: Court Enters Wind-Up Order
WISDOM ALLIANCE: First Meetings slated for October 26


I N D I A

AUTO CARRIAGE: ICRA Reaffirms 'LBB' Rating on INR7cr Cash Credit
CHANDAK BROTHERS: CRISIL Assigns 'P4' Ratings to Various Debts
CONCORD HOSPITALITY: CRISIL Cuts Rating on INR500MM Loan to 'D'
FROSTEES EXPORT: ICRA Reaffirms 'LBB+' Rating on INR13cr Debt
HIND MOTORS: ICRA Assigns 'LBB' Rating to INR5.5cr LT Bank Debts

I P VIJAYA: CRISIL Rates INR120 Million Term Loan at 'BB-'
LAXMI DIA: CRISIL Rates INR170 Million Cash Credit at 'BB+'
MULTIURBAN INFRASERVICES: ICRA Assigns 'LB+' Rating to LT Loan
NATIONAL POLYPLAST: ICRA Assigns 'LBB' Rating to INR38.27cr Loan
PARMANAND AND SONS: ICRA Rates INR19cr Fund-Based Debt at 'LBB+'

PRIORITY JEWELS: ICRA Assigns 'LBB+' Rating to INR18cr Bank Debts
R.K. CONSTRUCTION: CRISIL Assigns 'BB' Rating to Cash Credit
SAVLA FOODS: ICRA Places 'LBB-' Rating on INR47.5cr LT Bank Loans
STANDARD SURFACTANTS: CRISIL Puts 'B+' Rating on Cash Credit
VARIA ENGINEERING: ICRA Puts 'LBB+' Rating on INR43cr Cash Credit

VINDHYA SPINNING: ICRA Places 'LBB-' Rating on INR13.3cr Term Loan
XL LABORATORIES: CRISIL Assigns 'BB+' Rating to INR23.9M Term Loan


I N D O N E S I A

LIPPO KARAWACI: Moody's Retains 'B1' Corporate Family Rating


J A P A N

ASAHI MUTUAL: JCR Affirms 'BB/Negative' Rating on Senior Debts
JAPAN AIRLINES: To Get JPY300 Billion in Extra Loans From Lenders
FORD MOTOR: Sumitomo to Decide on Mazda Share Purchase by Year End


M A L A Y S I A

AXIS INC: Plan Submission Deadline Extended Until November 16
JPK HOLDINGS: Has Until January 31 to Submit Regularization Plan


N E W  Z E A L A N D

AFFORDABUILT: Insolvent While Trading, Liquidators' Report Reveals
E-GAS: Goes Into Voluntary Liquidation
SOUTH CANTERBURY FINANCE: SFO Probes Firm Over Party Related Loans


S I N G A P O R E

AMANDA GROUP: Court to Hear Wind-Up Petition on October 29
AMARU INC: Posts US$209,300 Net Loss in June 30 Quarter
DILITHIUM NETWORKS: Court to Hear Wind-Up Petition on October 29
EVERSTRONG ALUMINIUM: Creditors' Proofs of Debt Due October 29
GLORY WEALTH: Court to Hear Wind-Up Petition on October 29

SUM YIP: Creditors' Proofs of Debt Due October 29
YELLO PTE: Court to Hear Wind-Up Petition on October 29


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


2CLIX AUSTRALIA: Director Declared Bankrupt
-------------------------------------------
The Australian's Mitchell Bingemann reports that Christopher Dene
Mills, the director of 2Clix Australia and 2Clix Pty Ltd, has been
declared bankrupt by a creditor's petition issued by Worrells
Solvency and Forensic Accountants, which was handling the
liquidation of both companies.

2Clix Australia entered into voluntary liquidation on the
initiative of its director, Mr. Mills, in late 2007.

According to The Australian, customers of 2Clix Australia had
published criticism of the software -- a financial and tax
reporting software package approved by the tax office -- on
broadband discussion forum Whirlpool.net.au.  They alleged that
the software locked customers out of crucial accounting data
unless maintenance fees were paid. 2Clix denied the allegations at
the time, The Australian says.

Two years later, The Australian relates, another company directed
by Mr. Mills, 2Clix Pty Ltd, was placed into liquidation when a
representative failed to appear before the Queensland Supreme
Court.  The Australian says the court ordered the winding-up of
2Clix Pty Ltd after it was presumed insolvent when it failed to
comply with an order from the Victorian Civil and Administration
Tribunal to pay a customer, Firston Pty Ltd, AU$49,115.

According to The Australian, liquidator Worrells has received more
than 40 proofs of debt against the companies for losses of more
than AU$9.5 million.

2Clix was a software developer in based in Australia.


PRIME RETIREMENT: Taps Lawler Draper Dillon as Administrators
-------------------------------------------------------------
The board of Australian Property Custodian Holdings Ltd, as
Responsible Entity for the Prime Retirement & Aged Care Property
Trust, advised that Bill Lewski, owner of the RE, has appointed
Stirling Horne and Petr Vrsecky of Lawler Draper Dillon as
Voluntary Administrators to Australian Property
Custodian Holdings Limited.

APCH said its board had intended to appoint PwC as voluntary
administrators over the Prime Trust controlled entities but sees
no advantage in appointing an alternative administrator and has
thus appointed Mr. Horne and Mr. Vrsecky as Voluntary
Administrators over all of the Prime Trust controlled entities.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2010, SmartCompany said ten retirement villages that are
owned by 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.
Suncorp appointed receivers from Ernst & Young to Prime Trust's
retirement villages in Bundaberg, Mackay and Townsville.  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.
SmartCompany recalled 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 AU$275 million.  Receiver Craig Sheppard said the
properties, which are currently managed by Lend Lease Primelife,
would continue to operate as normal.

                         About Prime Trust

Prime Retirement and Aged Care Property Trust (ASX:PTN) --
http://www.primetrust.com.au/-- is an Australia-based investment
company.  The principal activity of the Trust is to invest funds
in property, primarily retirement and aged care facilities.  Its
subsidiaries include APCH Aged Care Services Pty Ltd, Hibiscus RV
Properties Pty Ltd, APCH Investments Pty Ltd, Carlyle Villages Pty
Ltd and Lindfield RV Properties Pty Ltd.


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


BONSO ELECTRONICS: Posts US$657,700 Net Loss in March 31 Quarter
----------------------------------------------------------------
Bonso Electronics International Inc. filed on October 15, 2010,
its annual report on Form 20-F for the fiscal year ended March 31,
2010.

The Company reported a net loss of US$657,680 on US$28.5 million
of revenue for fiscal 2010, compared with a net loss of US$7.6
million on US$40.4 million of revenue for fiscal 2009.  The
decrease in sales was primarily the result of decreased demand for
the Company's telecommunication products and consumer electronics
scales products.

The Company's balance sheet at March 31, 2010, showed $23.7
million in total assets, US$10.5 million in total liabilities, and
stockholders' equity of US$13.2 million.

The Group has sustained operating losses in each of the fiscal
years ended March 31, 2008, 2009, and 2010.

A full-text copy of the Form 20-F is available for free at:

               http://researcharchives.com/t/s?6ca1

                     About Bonso Electronics

Shatin, Hong Kong-based Bonso Electronics International Inc.
(NasdaqCM: BNSO:) -- http://www.bonso.com/-- designs, develops,
produces and sells electronic sensor-based and wireless products
for private label Original Equipment Manufacturers, Original Brand
Manufacturers and Original Design Manufacturers.

Since 1989, the Company has manufactured all of its products in
China in order to take advantage of the lower overhead costs and
competitive labor rates.  The Company's factory is currently
located in Shenzhen, China, about 50 miles from Hong Kong.


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


ACTIVE BASE: Court to Hear Wind-Up Petition on November 24
----------------------------------------------------------
A petition to wind up the operations of Active Base Limited will
be heard before the High Court of Hong Kong on November 24, 2010,
at 9:30 a.m.

Moulin Global Eyecare holdings Limited filed the petition against
the company.

The Petitioner's Solicitors are:

          Richards Butler
          20th Floor, Alexandra House
          16-20 Chater Road
          Central, Hong Kong


ALFAA ORGANIZATION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order October 6, 2010, to
wind up the operations of Alfaa Organization Limited.

The official receiver is E T O'Connell.


BROADFIELD INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------------
The High Court of Hong Kong entered an order October 6, 2010, to
wind up the operations of Broadfield International Limited.

The official receiver is E T O'Connell.


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

Saudi Arabian Airlines filed the petition against the company.

The Petitioner's Solicitors are:

          Barlow Lyde & Gilbert
          19th Floor, Cheung Kong Center
          2 Queen's Road
          Central, Hong Kong


CRYSTAL JADE: Meetings slated for October 28
--------------------------------------------
Contributories and creditors of Crystal Jade La Mian Xiao Long Bao
(Taikoo) Limited will hold their first meetings on October 28,
2010, at 3:00 p.m., and 3:30 p.m., respectively at 29th Floor,
Caroline Centre, Lee Gardens Two, 28 Yung Ping road, in Hong Kong.

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


DONGSHENG STONE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order October 6, 2010, to
wind up the operations of Dongsheng Stone Industrial (HK) company
Limited.

The official receiver is E T O'Connell.


D. T. RESOURCE: Court to Hear Wind-Up Petition on December 1
------------------------------------------------------------
A petition to wind up the operations of D. T. Resource Limited
will be heard before the High Court of Hong Kong on December 1,
2010, at 9:30 a.m.

North China Shipping Co. Ltd filed the petition against the
company.

The Petitioner's Solicitors are:

          Richards Butler
          20th Floor, Alexandra House
          16-20 Chater Road
          Central, Hong Kong


EVERTOP FORTUNE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order October 6, 2010, to
wind up the operations of Evertop Fortune Limited.

The official receiver is E T O'Connell.


GREAT PACIFIC: Court to Hear Wind-Up Petition on December 1
-----------------------------------------------------------
A petition to wind up the operations of Great Pacific (Far East)
Limited will be heard before the High Court of Hong Kong on
December 1, 2010, at 9:30 a.m.

Yau Wing Sze filed the petition against the company.


HIGHYIELD ENTERPRISE: Court to Hear Wind-Up Petition on December 8
------------------------------------------------------------------
A petition to wind up the operations of Highyield Enterprise
Limited will be heard before the High Court of Hong Kong on
December 8, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South china Building
          No. 1 Wyndham Street
          Central, Hong Kong


HIH UNDERWRITING: Creditors Get 8.5% Recovery on Claims
-------------------------------------------------------
HIH Underwriting Services (Asia) Limited, which is in liquidation,
paid the fourth final dividend to its creditors on October 18,
2010.

The company paid 8.5% for ordinary claims.

The company's liquidator is:

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


INCORPORATED OWNERS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order October 6, 2010, to
wind up the operations of The Incorporated Owners.

The official receiver is E T O'Connell.


KIN WAI: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order October 6, 2010, to
wind up the operations of Kin Wai Poly Bag Printing Limited.

The official receiver is E T O'Connell.


LONG NGAI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order October 6, 2010, to
wind up the operations of Long Ngai Stainless Steel Decoration
Work Company Limited.

The official receiver is E T O'Connell.


WISDOM ALLIANCE: First Meetings slated for October 26
-----------------------------------------------------
Contributories and creditors of Wisdom Alliance Dyeing Factory
Limited will hold their first meetings on October 26, 2010, at
9:30 a.m., and 11:00 a.m., respectively at John Lees Associates
20/F Henley Building, 5 Queen's Road Central, Hong Kong and Room
203 Duke of windsor Social Services Building No. 15 Hennessy Road,
wanchai, in Hong Kong.

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


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I N D I A
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AUTO CARRIAGE: ICRA Reaffirms 'LBB' Rating on INR7cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating assigned to the INR7.0 crore
cash credit facilities of Auto Carriage Private Limited.  The
outlook on the rating is Stable.   The rating factors in the low
operating profitability and working capital intensive nature of
operations, both of which are characteristics of the auto
dealership business, and the highly aggressive capital structure
and depressed debt coverage indicators of the company. The ratings
also factor in the low cash accruals from business and the
depressed return on capital employed (RoCE).

ICRA has factored in the established track record and experience
of the promoters in the automobile dealership business and the
positive demand outlook for the automobile industry in the near to
medium term.  While assigning the rating, ICRA has also taken note
of the equity infusion by the promoters in 2009-10 which has
impacted the capital structure positively and  the profits earned
by the company by sale of a property in 2010-11, which is likely
to support the liquidity position of the company.  Notwithstanding
the same, the capital structure remains aggressive which coupled
with low margins results in depressed coverage indicators.

                        About Auto Carriage

ACPL, promoted by the Kolkata based Himatsingka family, is an
authorized dealer of M&M in Kolkata.  Incorporated in 1996, the
company was earlier the clearing and forwarding (C&F) agent of
HMIL for Eastern India.  ACPL currently has four showrooms and two
workshops.

Recent Results

The company registered a profit after tax of INR0.21 crores on an
operating income of INR67.15 crores during 2009-10.  During 2008-
09, the company had registered a net loss of INR0.07 crore on the
back of an operating income of INR39.64 crores.


CHANDAK BROTHERS: CRISIL Assigns 'P4' Ratings to Various Debts
--------------------------------------------------------------
CRISIL has assigned its 'P4' rating to Chandak Brothers' bank
facilities. The rating reflects CB's below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics; the rating also factor in the firm's large
working capital requirements, and customer concentration in its
revenue profile.  These rating weaknesses are partially offset by
experience of CB's promoters' in metal hardware industry, and
healthy growth in its revenues.

   Facilities                          Ratings
   ----------                          -------
   INR170.0 Million Export Packing     P4 (Assigned)
                            Credit
   INR70.0 Million Bill Purchase       P4 (Assigned)
   INR40.0 Million SME Gold Card       P4 (Assigned)

CB was originally set up in 1968 by Mr. Ghanshyamdas Chandak and
his wife Mrs Pushpa Devi, as a partnership firm mainly
manufacturers and exports metal hardware items to its UK based
client B&Q.  The firm's manufacturing units are based in Aligarh
(Uttar Pradesh).  CB manufactures more than 2000 products such as
door handles, curtain rods, towel rails, window fittings, and
latches.  At present there are three partners's of the firm i.e.
Mr. Deepak Chandak (son of Mr. Ghanshyamdas Chandak) having 50 per
cent share, his wife Mrs. Vipul Chandak and his mother Mrs. Pushpa
Devi, both of whom have 25 per cent share each.

CB reported a profit after tax (PAT) of INR5 million on net sales
of INR285 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR3 million on net sales of INR106
million for 2008-09.


CONCORD HOSPITALITY: CRISIL Cuts Rating on INR500MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on Concord Hospitality Pvt Ltd's
long-term bank facility to 'D' from 'B+/Stable'. The downgrade
follows the recent instances of delays by CHPL in servicing its
debt; the delay has been caused by CHPL's weak liquidity as a
result of time overruns in implementation of its ongoing hotel
project.

   Facilities                     Ratings
   ----------                     -------
   INR500.0 Million Term Loan     D (Downgraded from 'B+/Stable')

CHPL's hotel project has been delayed by around 12-13 months due
to increase in scope of operations; the management also has
limited experience in hotel management. The company, however,
benefits from healthy demand prospects in the hospitality industry
in Amritsar (Punjab).

                     About Concord Hospitality

Set up in 2006, CHPL is into real estate trading and development.
It is constructing a 194-room five-star hotel in Amritsar, under
franchise from Radisson Hotels and Resorts.  The project is named
as Radisson Hotel, and is expected to be completed by December
2010 at an estimated cost of INR1.4 billion.  CHPL has also
developed a commercial complex near the hotel site in association
with Ansal Property and Infrastructure Ltd which is almost
entirely sold out.


FROSTEES EXPORT: ICRA Reaffirms 'LBB+' Rating on INR13cr Debt
-------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to the INR13.0 crore cash
credit facilities of Frostees Export (India) Private Limited.  The
outlook on the rating is Stable.   The rating factors in the
inherently low operating profitability and the working capital
intensive nature of operations of FEPL, which coupled with the
aggressive capital structure of the company, depresses the debt
coverage indicators.  The rating however takes note of the
credentials of FEPL as an ? Elite Dealer of Hyundai Motors India
Limited in the Eastern India with a track record of more than ten
years and its leading position in the markets in which it
operates.  While reaffirming the rating, ICRA has also taken note
of the positive demand outlook for the passenger car industry in
the near to medium term.

FEPL, promoted by the Kolkata based Himatsingka family, is the
oldest dealer of Hyundai Motors India Limited in Kolkata and
Guwahati, with operations since 1997 under the name Mukesh
Hyundai.  In addition to five showrooms in Kolkata and Guwahati,
it has a number of service centres, and vocational training
centres in association with Du Pont and George Telegraph
Institute.

Recent Results

The company registered a profit after tax of INR0.82 crores on an
operating income of INR157.60 crores during 2009-10.  During
2008-09, the company had registered a profit after tax of INR0.23
crores on the back of an operating income of INR124.68 crores.


HIND MOTORS: ICRA Assigns 'LBB' Rating to INR5.5cr LT Bank Debts
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR5.5 crore, long-term,
fund-based, bank facilities of Hind Motors Limited.  The long-term
rating has been assigned a ?stable outlook.

The rating factors in the long experience of the promoters and the
established presence of the firm in the dealership business.  A
high proportion of operating revenue of HML comes from sale of
spare parts and service income which have higher profit margins.
The rating is however constrained by a decline of about 45% in its
operating revenue during the past five years, HML's low profit
margins on sale of vehicles, spares and accessories,  it's weak
financial risk profile reflected  in moderate gearing and low debt
coverage indicators and the stretched liquidity position  of the
company.  The ability of HML to arrest the decline in its
operating revenues as well as increase sales of high end bikes,
which may lead to improvement in its operating margin, would be a
key rating sensitivity.

HML was established in 1971 and has been operating as a Bajaj Auto
Limited dealership since its inception.  It area of operation
covers the territory of Chandigarh and district Mohali in Punjab.
It has three showrooms (2 in Chandigarh and 1 in Mohali) and two
workshops (1 each in Chandigarh and Mohali).  The dealership has
been recently selected by BAL as one of the two dealerships in
Northern India for sale of its high end motorcycles Kawasaki Ninja
250 cc.

Recent Results

In 2009-10 (provisional numbers), HML's operating income at
INR25.2 crore, reported a 3.1% decline over the previous year.
Also, the firm's operating profit before depreciation, interest
and tax at INR1.0 crore in 2009-10 (provisional numbers) reported
a growth of 2% over the previous year.  BML report a profit after
tax (PAT) of INR0.1 crore in 2009-10 (provisional numbers).


I P VIJAYA: CRISIL Rates INR120 Million Term Loan at 'BB-'
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the term loan of
I P Vijaya Mutliplex Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR120 Million Term Loan           BB-/Stable (Assigned)

The rating reflects CRISIL's belief that IPV will have weak
financial flexibility over the medium term because its cash
accruals will be subdued till its operations stabilise at its
upcoming multiplex-cum-shopping mall project; the project is
exposed to risks related to leasing retail space at the mall.
These rating weaknesses are partially offset by the mall's
location advantages and IPV's promoters' experience in managing
mall operations.

Outlook: Stable

CRISIL believes that IPV will complete its ongoing multiplex-cum-
shopping mall project without any cost or time overruns, and that
IPV's promoters will support the company in servicing its debt in
a timely manner.  The outlook may be revised to 'Positive' if
IPV's financial risk profile improves as a result of increase in
occupancy at its upcoming multiplex-cum-shopping mall, resulting
in more-than-expected cash accruals. Conversely, any delay in
meeting servicing debt caused by significant time and cost
overruns or in securing leasing/sale contracts for its
retail/commercial space in the mall may result in a revision in
the outlook to 'Negative'.

                          About I P Vijaya

IPV was established in 2009 by Mr. Manish Kumar with an objective
to develop a multiplex-cum-shopping mall at Varanasi, Uttar
Pradesh.  The mall will have two movie screens with a capacity of
625 seats and a total developed area of 4377 square metres.  The
total project cost is estimated to be INR234.9 million.  The mall
is expected to start operations by October 2010.


LAXMI DIA: CRISIL Rates INR170 Million Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Laxmi Dia
Jewel Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR170.0 Million Cash Credit       BB+/Stable (Assigned)
   INR50.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect LDJ's exposure to risks related to modest
scale of operations and intense competition in the branded retail
jewellery market in India.  The ratings also reflect LDJ's modest
financial risk profile, marked by stretched liquidity and moderate
debt protection metrics. These rating weaknesses are partially
offset by LDJ's established market position, its promoters'
experience in the diamond trading and jewellery business and the
expected support that LDJ may receive from the Laxmi group.

Outlook: Stable

CRISIL believes that LDJ will benefit from its promoters'
experience in the diamond and jewellery business over the medium
term. The outlook may be revised to 'Positive' if LDJ generates
better-than-expected operating revenues and margins leading to
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if LDJ's financial risk
profile materially deteriorates because of less-than-expected
revenues and margins, or significant deterioration in its working
capital cycle.

                          About Laxmi Dia

LDJ was promoted by the Gajera family, which also owns the Laxmi
group. LDJ manufactures branded diamond-studded jewellery for the
domestic market.  It markets three brands: Cygnus, Noor, and
Gabrielle.

The Laxmi group was started by Mr. Vasantbhai Gajera, who entered
into the gems and jewellery business in 1972. He is supported by
his brothers Mr. Ashokbhai Gajera, Mr. Chunibhai Gajera, and other
family members. Gradually, the group expanded its operations and
set up associate companies in important markets such as USA,
Belgium, Hong Kong, and Dubai. Besides the gems and jewellery, the
group also has interests in real estate business. The total
turnover of the group was more than INR20 billion in 2009-10.

LDJ reported a profit after tax (PAT) of INR19.9 million on net
sales of INR855.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on net sales
of INR526 million for 2008-09.


MULTIURBAN INFRASERVICES: ICRA Assigns 'LB+' Rating to LT Loan
--------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR11.3 crore long term
bank limits of Multiurban Infraservices Private Limited.  The
rating takes into account the relatively small scale of
operations, limited operational history, high dependence on Nagpur
Municipal Corporation as it accounts for 70% of the order book and
delays in project execution.  Nevertheless, the rating factors in
the experience of the promoters in the water distribution
projects, low gearing and moderate debt coverage indicators of the
company.

The key rating sensitivity going forward would be MIPL's ability
to win contracts with diverse client profile and its ability to
achieve healthy revenue growth while maintaining the margins and
timely receivable collections.

MIPL was started in FY 08 by Mr. Dilip Rathi, Mr. Ramesh Rander,
Mr. Santosh Taori and Mr. Rajkumar Tated to undertake the projects
in the field of water distribution systems.  MIPL started work
on its first project awarded by Pusad Municipal Council in
November 2008. The total project value was INR13.53 Cr and the
scheduled completion date was February 2010.  However, the work on
the project was stopped due to lack of funds.  At present, MIPL is
executing three works with the total order value of Rs.41.90 Cr
for NMC.  The project involves providing and laying pipelines in
Nagpur city and around 30% of the work on these contracts have
been executed MIPL expects to complete these projects in
FY 11.


NATIONAL POLYPLAST: ICRA Assigns 'LBB' Rating to INR38.27cr Loan
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR38.27 crore term loans
and INR7.30 crore cash credit limits of National Polyplast; the
outlook on the rating is stable.  ICRA has also assigned A4 rating
to theINR1.5 crore non-fund based facilities of NPIL.

The ratings are constrained by the high customer concentration
risk with over 80% of revenues coming from Pepsico and related
companies.  The ratings further consider the stretched financial
risk profile due to high gearing levels; tight liquidity situation
and weak cash flows.  The ratings, however, favorably factor the
positive growth prospects for the PET preforms business; the
reputation and long experience of the group in the plastics
business; long-established  relationships with  the  company's
existing customers; and the minimal exposure to fluctuations in
raw material prices.

                       About National Polypast

National Polyplast (India) Limited part of the National Plastics
Group of Chennai, which was started in 1951 by Mr Bachhraj Parakh.
The Group was among the first to enter in the plastics industry
in South India and initially manufactured household  articles such
as water containers and kitchen wares.  NPIL was established in
1992 to manufacture plastic household items, but presently makes
PET preforms and HDPE crates for the beverages industry.  NPIL
also has four plants with two located in Tamil Nadu, one in
Pondicherry and one in Uttarakhand.  The primary customers of NPIL
are Pepsico and its franchisees.  The PET preform business
contributed more than 90% of the company's revenues in 2009-10.


PARMANAND AND SONS: ICRA Rates INR19cr Fund-Based Debt at 'LBB+'
----------------------------------------------------------------
ICRA has placed the 'LBB+' rating assigned to the INR19 crore
fund-based limits of Parmanand and Sons Food Products Private
Limited on a notice of withdrawal for a period of 90 days before
being withdrawn.  As per ICRA's policy, the rating will be
withdrawn after 90 days from the date of this withdrawal notice.

Parmanand and Sons Food Products Private Limited is engaged in the
production and sale of food products like besan (Chana Flour),
chana dal and moong dal.  The business was started in 1973 by
Mr. Parmanand and his three sons -- Mr. N. Kishore Mittal, Mr. M.
Mittal and Mr. K. Kumar Mittal.  The shareholding of the company
is largely held by the promoters and their family members.
PSFPPL has four production units; all based out of Lawrence Road
Industrial Area, Delhi and sells its products under the registered
trademark PAN brand.


PRIORITY JEWELS: ICRA Assigns 'LBB+' Rating to INR18cr Bank Debts
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to the INR18.0
crore fund based limits of Priority Jewels Private Limited.  The
outlook on the long term rating is stable.  ICRA has also assigned
a short term rating of 'A4+' to the INR7.0 crore fund based
facilities of PJPL.

The ratings favorably consider the company's established business
relationship with its customers and the long experience of the
promoters in the jewellery manufacturing business.  The company's
moderate capital structure also provides comfort to its credit
profile.  The ratings are however constrained by the company's
relatively modest scale of operations, susceptibility of margins
to foreign exchange and gold price fluctuations and stretched
liquidity profile characterized by high working capital intensity
and high utilization of sanctioned fund based limits.  Moreover,
intense competition by large number of organized and unorganized
players in the industry limits margin expansion.

                      About Priority Jewels

PJPL was incorporated in October 2007 as a private limited company
and started commercial production from January 2008.  PJPL is
engaged in the manufacturing of Diamond studded gold jewellery.
The firm has a manufacturing unit located at Andheri (MIDC), and
has presence all over India through various branches at Kolkata,
Delhi, Madhyapradesh, Patiala, Ahmedabad ,Mumbai (Zaveri Bazar)
and chennai.


R.K. CONSTRUCTION: CRISIL Assigns 'BB' Rating to Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to R.K.
Construction Company's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR10.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR55.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect RKCC's geographically concentrated revenue
profile, low profitability, small scale of operations and small
net worth, and exposure to risks related to intense competition in
the construction industry.  These rating weaknesses are partially
offset by RKCC's longstanding presence in the construction
industry and moderate financial risk profile, marked by a moderate
gearing and healthy debt protection metrics constrained by a small
net worth.

Outlook: Stable

CRISIL believes that RKCC will continue to benefit from the
experience of its promoter in the civil construction industry over
the medium term.  The firm's financial risk profile is expected to
remain moderate, marked by adequate debt protection measures
partially offset by small net worth. The outlook may be revised to
'Positive' if the promoter infuses funds into the firm, leading to
improvement in its financial risk profile, or if its scale of
operations improves substantially.  Conversely, the outlook may be
revised to 'Negative', if the firm's order book declines or if its
financial risk profile deteriorates because of decline in
operating margin or large debt-funded capital expenditure.

                      About R.K. Construction

RKCC is a proprietorship firm set up by Mr. Rakesh Kumar Jain in
1983. The firm undertakes civil construction contracts and is
mainly involved in construction of roads, irrigation works, and
bridges.  The firm's business is tender-based, and it undertakes
government contracts in Haryana and Rajasthan.  The firm is a
Class 1 contractor for the Public Works Department (PWD) of
Haryana and a 'Class AA' contractor for PWD of Rajasthan, and can
bid for contracts worth up to INR500 million. The firm owns around
80 per cent of the construction equipment, while the balance is
outsourced.  The proprietor plans to convert RKCC into a private
limited company with effect from April 1, 2011. He is also the
director of Vishesh Infra Private Limited (VIPL), a JV formed with
one of his friends, where he holds 50 per cent stake. VIPL is also
involved in civil construction projects and recently won a
contract for toll collection.

RKCC reported a book profit of INR8.7 million on net sales of
INR285.7 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of INR11.7 million on net
sales of INR400.4 million for 2008-09.


SAVLA FOODS: ICRA Places 'LBB-' Rating on INR47.5cr LT Bank Loans
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR47.5 crore long-term
bank facilities of Savla Foods & Cold Storage Private Limited.
ICRA has also assigned an 'A4' rating to the INR1.0 crore short-
term non-fund based limits of SFCSPL.  The outlook on the long-
term rating is stable.

The company owns one of the biggest multi-product, multi-
temperature cold storages in the Nav Mumbai area and enjoys high
profitability on its existing operations by virtue its low
operating cost positive funds flow from operations and the
longstanding experience of the promoters in the cold
storage industry.  However, the operations of the company at
current revenue levels remain relatively small with the growth
being constrained by its ability to scale up cold storage
capacities. The recent debt funded capital expenditure has
resulted in the deterioration of the capital structure which is
highly leveraged with a gearing of 4.33 times as on March 31,
2010.  The coverage indicators, with a Total Debt/OPBDITA of 8.19,
also look stretched.  Moreover the company has substantial debt
funded capita expenditure planned in the medium term which could
further strain the financial profile while alsoexposing the
company to project risks.

                         About Savla Foods

Savla Foods & Cold Storage Private Limited, set up in 1992, is
engaged in running cold storage facilities.  The company currently
owns a cold storage facility at Turbhe, Navi Mumbai with a
capacity of 23,500 MT capable of handling temperatures ranging
from +22øC to -20øC.  It also runs two leased cold storage
facilities in Navi Mumbai with a total capacity of 7,000 MT. The
total capacity of the company is 30,500 MT in a managed space of
about 3 million cubic feet.

The company is promoted by the Savla family and is closely held.
The Savla family is the promoter of the Benzer group which apart
from cold storage has presence also in retail, manufacturing,
jewellery and real estate.  The flagship company of the group is
Benzer Departmental Stores Private Limited which runs the Benzer
chain of retail stores.

Recent Results

Savla Foods & Cold Storage Private Limited reported a profit after
tax (PAT) of INR1.4 crore in 2009 10 on an operating income of
INR13.5 crore. The same for 2008-09 stood at INR0.9 crore and
INR11.0 crore respectively.


STANDARD SURFACTANTS: CRISIL Puts 'B+' Rating on Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Standard
Surfactants Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Cash Credit        B+/Stable (Assigned)
   INR10.0 Million Proposed LT Bank   B+/Stable (Assigned)
                Loan Facility
   INR5.0 Million Letter of Credit    P4 (Assigned)
   INR5.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect customer concentration in SSL's revenue
profile, and the company's small scale of operations, large
working capital requirements, and exposure to intense competition
in the detergent and chemical industry. These rating weaknesses
are partially offset by SSL's moderate gearing and debt protection
metrics, and its long track record in the chemicals for detergent
and pesticide industry.

Outlook: Stable

CRISIL believes that SSL will continue to benefit from its healthy
relationships with its established customers, over the medium
term. The company's financial risk profile is expected to remain
moderate marked by moderate gearing and debt protection measures
.The outlook may be revised to 'Positive' if the company increases
its scale of operations while improving its operating margin and
working capital management. Conversely, the outlook may be revised
to 'Negative' if the company's financial risk profile weakens,
most likely because of increased working capital requirements or
large debt-funded capital expenditure.

                    About Standard Surfactants

SSL, set up in 1989, is promoted by the Kanpur (Uttar Pradesh)-
based Garg family. The company commenced production at its
facility in Rania in Kanpur, and has expanded to three
manufacturing units, located in Rania, Mandideep (Madhya Pradesh),
and Paonta Sahib (Himachal Pradesh). SSL manufactures chemicals
and intermediates for the detergent and pesticide industry. The
company has an installed capacity of 19,550 tonnes per annum (tpa)
for chemicals and surface active agents, and 48,000 tpa for
detergents. It is also an authorised distributor for Indian Oil
Corporation Ltd (IOCL) for paraffin wax and sulphur in Uttar
Pradesh. In September 2010, the company has also signed an
agreement with IOCL as its del credere agent for selling polymer
products in Kanpur. SSL was listed on the Bombay Stock Exchange,
but was de-listed in November 2002.

SSL reported a profit after tax (PAT) of INR3.8 million on net
sales of INR420 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.1 million on net sales
of INR617.7 million for 2008-09.


VARIA ENGINEERING: ICRA Puts 'LBB+' Rating on INR43cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR43.00 crore cash
credit facility and INR65.60 crore term loans facility of Varia
Engineering Works Private Limited.  The outlook for the rating is
stable. ICRA has also assigned an 'A4+' rating to the INR7.00
crore, short-term, non-fund based, line of credit limits of VEWPL.

The assigned ratings are constrained by VEWPL's limited scale of
operations; high gearing levels on account of debt funded capital
expenditure for setting up a new rolling division; intensely
competitive nature and low profitability for the rolling mill
operations and vulnerability of the company's profits to the
cyclicality inherent in the steel industry.  The ratings are
further constrained by the volatility of profitability to
fluctuations in raw material prices; exposure to forex price
movements and presence of LD (Liquidated Damage) clause to
maintain delivery timelines and performance parameters for large
sized machinery orders.  The ratings also factor in the project
execution risk on account of the company being in the midst of a
large scale debt funded expansion plan and the fact that financial
closure for the project yet to be achieved.  Timely completion of
the project coupled with smooth scaling up of the operations would
remain a key rating sensitivity.

The ratings however favorably factor in long experience of the
promoters in the machinery manufacturing business; healthy
profitability indicators (with operating margins at 17.20% and net
margins at 7.90% as on FY10 end) and strong demand outlook for
steel industry from end user industries given the improved
economic scenario and huge investment plans announced by the
government for  the  infrastructure segment.  The ratings also
take into account the strong order book position for the company
and its plan to set up a new rolling division for manufacturing
1250 MM wide coils which will lead to better revenue growth and
increased scale of operations for the company.

                      About Varia Engineering

Varia Engineering Works Pvt. Ltd. was incorporated in Feb, 2000 by
Mr. Prafulchandra P. Varia in the city of Ahmedabad for designing,
assembling and developing dig drawing press for making utensils,
extrusion press for making tube lights, starters and capacitors.
The company has since then engaged in designing, assembling and
developing Rolling Mill Machinery, Hot Plate Mill, Hot Strips
Mill, Heavy Duty Gear Boxes, Fabrication and Machining Jobs, Hot
Coil Slitting used for the production of Hot Roll Sheets, Cold
Roll Sheets, Stainless Steel Coil and Sheets, Mild Steel Coils and
Sheets, Aluminum Coil and Foils, etc.  In the year 2007-08 company
further expanded its line of activity by entering into the
business of production of Cold Rolled Coils in all grades of
stainless steel with an installed capacity of 12000 M.T. per
annum.  The associate concerns of the company are M/s. Himanshu
Engineering Works which is involved in manufacturing of
engineering parts and Varia Infrastructure Private Limited which
was incorporated for taking up the turnkey project for setting up
the machineries.


VINDHYA SPINNING: ICRA Places 'LBB-' Rating on INR13.3cr Term Loan
------------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR13.3 crore term loan
facilities and the INR6.7 crore fund-based facilities of Vindhya
Spinning Mills Private Limited.  The outlook on the long-term
rating is stable.

The rating considers the promoter's experience in spinning
spanning over 12 years and the Company's plans to increase
windmill capacity (with a view to lower power costs and reduce
concerns on power availability to an extent).  The rating is
however constrained by the weak financial profile of the Company,
as characterized by continued losses in the past few fiscals and a
highly geared capital structure.  Further, its aggressive debt-
funded capital expenditure plans (towards increasing windmill
capacity) are likely to stretch the capital structure and cash
flows in the medium term.  The rating is also constrained by
VSMPL's small scale of operations, which restrict scale economics
and financial flexibility. Intense competition in the fragmented
spinning industry impacts the pricing flexibility of
players. The textile industry remains vulnerable to competition
from low-cost countries / from countries
with relatively lower foreign exchange fluctuations.

                    About Vindhya Spinning Mills

VSMPL was incorporated in 1994 in Sivakasi (Tamil Nadu) by Late
Mr. A. Grahadurai, Mr. A. Vairaprakasam (both of them from the
Ayyan Group of industries), Late Mr. S. Sankaralingam
(Sundaravel Group of Industries) and Mr. D .C. B Ashok Kumar
(Coronation Group of Companies) and commenced operations in 1997
with a capacity of 6000 spindles.  Over the years, the Company
has increased its capacities in a phased manner to reach 30,672
spindles at present.  VSMPL procures cotton mainly from Gujarat,
Maharashtra and Andhra Pradesh in India and also from the United
States and Africa.  The Company derives its revenues mainly from
sale of yarn and grey fabric, with the former contributing to
around 75% of sales in 2009-10.  VSMPL derives over 80% of
revenues from sales in the domestic market.  The Company has about
420 employees and is wholly-owned by the promoters (Mr. G.
Abiruben, Mr. A. Vairaprakasam, Mr. S. Hariram Sundaravel and Mr.
D. C. B. Ashok Kumar) and their family members, directly or
indirectly.  The business is presently managed by Mr. V. A.
Kodiswaran and Mr. S. Hariram Sundaravel.

Recent results (unaudited)

VSMPL reported profit before tax of INR5.0 crore on operating
income of INR58.5 crore during 2009-10, against a loss before tax
of INR2.4 crore on operating income of INR54.0 crore for the
corresponding previous fiscal.


XL LABORATORIES: CRISIL Assigns 'BB+' Rating to INR23.9M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to XL
Laboratories Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR23.9 Million Term Loan               BB+/Stable (Assigned)
   INR1.0 Million Cash Credit Limit        BB+/Stable (Assigned)
   INR28.0 Million Export Packing Credit   P4+ (Assigned)

The ratings reflect XL's geographically concentrated revenue
profile, small scale of operations, and susceptibility to adverse
changes in regulatory policies.  These rating weaknesses are
partially offset by experience of XL's promoter's in
pharmaceuticals business, and the company's above-average
financial risk profile, driven by efficient working capital
management.

Outlook: Stable

CRISIL believes that XL will continue to benefit from its
diversified product-mix and its promoter's experience in the
pharmaceutical business, leading to maintenance of its operating
margin, over the medium term.  The company's gearing and debt
protection metrics are expected to remain above average. The
outlook may be revised to 'Positive' if the company increases its
scale of operations significantly, while maintaining its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if the company's order book shrinks or if its financial
risk profile deteriorates due to stretched working capital cycle
or due to large, additional, debt-funded capital expenditure.

                       About XL Laboratories

XL, set up in 2000 by Mr. Ashok Bhargava, manufactures
pharmaceutical products at its facilities located at Bhiwadi
(Rajasthan); it sells these under its own brand, XL. XL has a
portfolio of around 150 products, covering a wide range of
therapeutic segments in different dosage forms ranging from
tablets, hard and soft gelatin capsules, oral liquids, and dry
powders in sachets.  The company sells around 95% semi-regulated
international markets and the rest in the domestic market.

XL reported a profit after tax (PAT) of INR22.5 million on net
sales of INR319 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR13.0 million on net
sales of INR260 million for 2008-09.


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


LIPPO KARAWACI: Moody's Retains 'B1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service sees no immediate rating impact on the
B1 corporate family rating of PT Lippo Karawaci Tbk and the B1
senior unsecured ratings for the US$ bonds guaranteed by LK, or
their stable outlook, from a proposed rights issue to raise
approximately US$250 million, as announced by the company.

Moody's notes that the rights issue is subject to regulatory and
shareholders' approvals and is slated to conclude by end-2010.

"The rights issue will provide LK with new capital to support its
planned expansion in the next two or three years," says Kaven
Tsang, a Moody's AVP/Analyst.

"It will also reduce the company's reliance on debt funding and
lower the projected adjusted debt/capitalization to around 40% in
the next 1-2 years from 46.5% as of September 2010," adds Tsang.

Nevertheless, LK's B1 ratings are constrained by the company's
material exposure to industry cyclicality and the high development
and execution risks associated with its core property development
business, which accounts for half its sales, as well as the rapid
expansion plan for the healthcare business.

The last rating action on LK was taken on April 9, 2010, when
Moody's assigned a B1 senior unsecured rating to the US$ bonds
issued by Sigma Capital Pte.  Ltd., which were guaranteed by LK.

PT Lippo Karawaci Tbk is one of the largest property developers in
Indonesia, with a sizable land bank of around 1,652 ha as of
December 2009.  Since 2004, the company has diversified into
healthcare, hospitality, and infrastructure.  Recurring income
continues to grow, and represented around 50% of total revenue
over the past two to three years.


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


ASAHI MUTUAL: JCR Affirms 'BB/Negative' Rating on Senior Debts
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has affirmed 'BB/Negative'
ratings on Asahi Mutual Life Insurance.

   Senior debts: BB/Negative
   Ability to Pay Insurance Claims: BB/Negative

Rationale

Asahi Mutual Life Insurance Company's employee retention rate and
policy retention rate are improving thanks to its efforts to
enhance the quality of its sales force.  Because a drastic
revision in supplies, personnel expenses and other expenses is
showing better-than-planned results, and the Company is planning
to implement additional efficiency measures, JCR thinks that it is
possible for the Company to continue posting certain profits, but
it is likely that earnings from its core businesses will remain on
the decline due to a decrease in policies in force.  The
Company needs to take advantage of the quality enhancement of its
sales force to maintain and recover profitability.  The level of
its equity capital relative to the risk amount remains low, and
there is still plenty of room for capital improvement, both
qualitatively and quantitatively.  As its earnings and capital
remain susceptible to fluctuations in stock price and other
external factors, the rating outlook remains Negative.  However,
the Company plans to accumulate retained earnings by pushing
forward large-scale stock sales in the event of a rise in stock
price, thereby securing a gain on sale, and to achieve a
substantial risk reduction and capital restructuring by executing
the redemption of foundation funds and refinancing.  JCR will
carefully watch such moves.


JAPAN AIRLINES: To Get JPY300 Billion in Extra Loans From Lenders
-----------------------------------------------------------------
Bloomberg News, citing the Asahi newspaper, reports that Japan
Airlines Corp.'s four biggest lenders agreed to provide JPY300
billion (US$3.7 billion) in additional loans.

Bloomberg says Japan Airlines will use the money to pay back its
existing debt and that will allow the company to finish the
restructuring process by the end of this fiscal year.

The four banks are Mizuho Financial Group Inc., Mitsubishi UFJ
Financial Group Inc., Sumitomo Mitsui Financial Group Inc., and
the state-run Development Bank of Japan.

The newspaper said the company plans to list shares by the end of
2012, Bloomberg adds.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company estimated
debts at $28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: Sumitomo to Decide on Mazda Share Purchase by Year End
------------------------------------------------------------------
Kyodo News reports that Sumitomo Mitsui Banking Corp. will decide
by the end of this year whether to purchase shares of Mazda Motor
Corp. from Ford Motor Co., which has reportedly decided to sell
the bulk of its 11% stake in the Japanese automaker.

Kyodo News relates Sumitomo Mitsui Banking Corp. President
Masayuki Oku said the bank would not sell any of its stake in
Mazda to another carmaker "for the time being" if the bank carries
out a share purchase from Ford and become Mazda's largest
shareholder.

The bank, which has close business ties with Mazda, currently
holds a 2.9% interest in the company, Kyodo News adds.

As reported in the Troubled Company Reporter-Asia Pacific on
October 19, 2010, Kyodo News said Ford Motor Co. has decided to
sell most of its stake in Mazda Motor Corp.  Ford's equity stake
is likely to fall to 3% or lower, from the current 11% equity
stake it holds in Mazda.  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.

                         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."


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


AXIS INC: Plan Submission Deadline Extended Until November 16
-------------------------------------------------------------
Axis Incorporation Berhad disclosed that Bursa Securities, through
its letter dated October 12, 2010, advised that the Appeals
Committees had granted Axis a final extension of time until
November 16, 2010, to submit the regularization plan to Bursa
Securities for approval.

                          About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


JPK HOLDINGS: Has Until January 31 to Submit Regularization Plan
----------------------------------------------------------------
Bursa Securities on October 14, 2010, granted JPK Holdings Berhad
an extension of time until January 31, 2011, to submit a
regularization plan to the Securities Commission for approval
provided that a definitive agreement is signed between the Company
and the Manhara Group of Companies on or before October 31, 2010.

Bursa Securities' decision comes after due consideration of all
facts and circumstances of the case including:

   * the written and oral representations of JPK;

   * the Company's receipt of the final draft definitive
     agreement in respect of the acquisition of the Manhara
     Group of Companies on September 29, 2010; and

   * the support of the Company's debt holders and creditors
     to the Company's proposed restructuring plan which
     represents 76.73% of the Group's total debts.

Bursa Securities further decided to de-list the securities of the
Company from the Official List of Bursa Securities pursuant to
paragraph 8.04 of Bursa Securities Main Market Listing
Requirements in the event:

   (a) the Company fails to sign and announce a definitive
       agreement with the white knight ie. the Manhara Group
       of Companies on or before October 31, 2010;

   (b) the Company fails to submit the regularization plan to
       the SC for approval within the Extended Timeframe;

   (c) the Company fails to obtain the approval for the
       implementation of its regularization plan and does not
       appeal within the timeframe (or extended timeframe, as
       the case may be) prescribed to lodge an appeal;

   (d) the Company does not succeed in its appeal; or

   (e) the Company fails to implement its regularization plan
       within the timeframe or extended timeframes stipulated
       by the relevant authorities.

Upon occurrence of any of the events set out, the securities of
the Company will be removed from the Official List of Bursa
Securities upon the expiry of seven market days from the date of
the Company is notified by Bursa Securities or such other date as
may be specified by Bursa Securities.

                          About JPK Holdings

JPK Holdings Berhad is a Malaysia-based investment holding company
engaged in the provision of management services to its
subsidiaries.  The Company's subsidiaries include JPK (Malaysia)
Sdn. Bhd., which is engaged in the manufacture of precision
plastic injection moulded parts; JPK Industries Sdn. Bhd., which
is engaged in property holding; JPK Co. Ltd., which is engaged in
investment holding; JPK (Dongguan) Co. Ltd., which is engaged in
the Manufacture of precision plastic injection moulded parts, and
JPK (Hanoi) Co. Ltd., which is engaged in the manufacture,
assemble, process and design precision plastic injection moulded
parts.  The Company's operating businesses are organized and
managed into three geographical locations: Malaysia, The Socialist
Republic of Vietnam and The People's Republic of China.

                           *     *     *

JPK Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the external auditors of the Company have expressed a
disclaimer opinion on the Company's audited financial statements
for the financial year ended March 31, 2009.


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


AFFORDABUILT: Insolvent While Trading, Liquidators' Report Reveals
------------------------------------------------------------------
Anne Gibson at the New Zealand Herald reports that financial
irregularities have been uncovered in Affordabuilt, a failed G.J.
Gardner Homes Auckland franchise, which owes creditors NZ$1.8
million.

The NZ Herald, citing an initial report by Anthony McCullagh and
Stephen Lawrence, of PKF Corporate Recovery, on Affordabuilt,
found it insolvent and raised questions about how it was run.

"The management accounts could not be relied upon, there was
excessive spending throughout various expense lines in the
accounts, excessive drawings had been taken and the company was
insolvent both on the balance sheet and on a cash-flow basis,"
Messrs. McCullagh and Lawrence said, according to NZ Herald.

Creditors said they are owed NZ$1.84 million with little hope of
recovering much, the NZ Herald notes.

The NZ Herald reports that liquidators were appointed by master
franchisee Deacon Holdings after a High Court application.

In 2004, the NZ Herald relates, Deacon entered into an agreement
with Affordabuilt to run the Franklin and Papakura house-building
businesses.  But problems arose in 2009, the five-year franchise
agreement was not renewed "and Deacon was concerned with the
manner in which the company was trading and its financial
position", Messrs. McCullagh and Lawrence said, according to NZ
Herald.

"It is important to note the problems that have affected the
Papakura/Franklin franchise of G.J. Gardner Homes do not reflect
wider problems at other G.J. Gardner Homes franchises," Grant
Porteous, Deacon managing director, said, according to the NZ
Herald.

Affordabuilt, trading as G.J. Gardner Homes Franklin and Papakura,
is a G.J. Gardner Homes Auckland franchisee.


E-GAS: Goes Into Voluntary Liquidation
--------------------------------------
The National Business Review reports that independent gas retailer
E-Gas has gone into voluntary liquidation.  BDO Spicers was
appointed liquidator to E-Gas on October 18.

BDO said E-Gas has faced "increasingly difficult trading
conditions together with other non recoverable increasing
operational costs," according to the National Business Review.

BDO have said they will work to ensure there is no disruption to
customers and their gas supply as a result of the liquidation, the
report relates.

"The liquidators' objective is to preserve the businesses
operations and value," BDO said, according to the National
Business Review.  "We have received expressions of interest from a
number of parties interested in purchasing the business."

E-Gas is a private and independent gas retailer in New Zealand.
The company retails natural gas to over 7,000 gas consumers in the
North Island.


SOUTH CANTERBURY FINANCE: SFO Probes Firm Over Party Related Loans
------------------------------------------------------------------
The Serious Fraud Office is investigating South Canterbury Finance
for allegedly not disclosing tens of millions in loans while it
was covered by the Crown Guarantee Scheme, Ben Heather at
BusinessDay.co.nz reports.

According to BusinessDay.co.nz, Chief executive Adam Feeley said
the SFO has grounds to suspect SCF failed to disclose to
investors, and later the Government, at least four significant
loans to related parties.

BusinessDay.co.nz relates SCF allegedly funnelled tens of millions
of dollars of investors' money out of the company to related
parties.

Mr. Feeley said some of these suspect transactions took place
while SCF was covered by Crown Guarantee Scheme and could have
affected its acceptance, according to BusinessDay.co.nz.

BusinessDay.co.nz. says the SFO will investigate whether SCF
deliberately failed to disclose these loans to Government when it
was accepted into the guarantee scheme last year and also when it
was granted an extension in April.

Meanwhile, Tracy Watkins at stuff.co.nz reports that Prime
Minister John Key said the SFO investigation into South Canterbury
Finance won't stand in the way of a taxpayer funded NZ$1.25
billion payout to depositors today, October 20.

"The reason for that is we've guaranteed the deposit holders to be
repaid. That's different from the day to day management of SCF,"
stuff.co.nz quoted Mr. Key as saying.

                      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.


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


AMANDA GROUP: Court to Hear Wind-Up Petition on October 29
----------------------------------------------------------
A petition to wind up the operations of Amanda Group Holdings Pte
Ltd. will be heard before the High Court of Singapore on Oct. 29,
2010, at 10:00 a.m.

Bankok Bank Public Company Limited filed the petition against the
company on October 12, 2010.

The Petitioner's solicitors are:

          Khattarwong
          No.80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


AMARU INC: Posts US$209,300 Net Loss in June 30 Quarter
-------------------------------------------------------
Amaru Inc. filed on October 15, 2010, an amended quarterly report
for the three months ended June 30, 2010.

The Company reported a net loss of US$209,323 on US$38,753 of
revenue for the second quarter ended June 30, 2010, compared to a
net loss of US$483,112 on US$14,007 of revenue for the same period
in 2009.

The Company incurred a loss from operations of US$407,618 for the
three months ended June 30, 2010, as compared to a loss from
operations of US$744,466 for three months ended June 30, 2009.
The decrease in operating loss is due mainly as a result of cost
reduction measures to reduce operating costs.

The Company's balance sheet at June 30, 2010, showed US$4.3
million in total assets, US$3.5 million in total liabilities, and
stockholders' equity of US$751,139.

Mendoza Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's financial results for 2009.
The independent auditors noted that the Company has sustained
accumulated losses from operations totaling approximately
US$37.4 million at December 31, 2009.

A full-text copy of the Form 10-Q/A-1 is available for free at:

               http://researcharchives.com/t/s?6c96

                         About Amaru Inc.

Singapore-based Amaru Inc.'s business focus is Entertainment-on-
Demand and E-Commerce Channels on Broadband, and 3G devices.

For the broadband, the Company delivers both wire and wireless
solutions, streaming via computers, TV sets, PDAs and 3G hand
phones.  At the same time the Company launches e-commerce channels
(portals) that provide on-line shopping but with a difference,
merging two leisure activities of shopping and entertainment.
The entertainment channels are designed to drive and promote the
shopping portals,and vice versa.

The Company's business model in the area of broadband
entertainment includes focuses on e-services, which would provide
the Company with multiple streams of revenue.  Such revenues would
be derived from advertising and branding (channel and program
sponsorship); on-line subscriptions; online games micro-payments;
channel/portal development (digital programming services); content
aggregation and syndication; broadband consulting services; on-
line shopping turnkey solutions; broadband hosting and streaming
services; E-commerce commissions and on-line dealerships; and
digit game operations.


DILITHIUM NETWORKS: Court to Hear Wind-Up Petition on October 29
----------------------------------------------------------------
A petition to wind up the operations of Dilithium Networks Pte Ltd
will be heard before the High Court of Singapore on October 29,
2010, at 10:00 a.m.

The Petitioner's solicitors are:

          Kelvin Chia Partnership
          6 Temasek Boulevard
          29th Floor, Suntec Tower Four
          Singapore 038986


EVERSTRONG ALUMINIUM: Creditors' Proofs of Debt Due October 29
--------------------------------------------------------------
Creditors of Everstrong Aluminium Pte Ltd, which is in
liquidation, are required to file their proofs of debt by Oct. 29,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


GLORY WEALTH: Court to Hear Wind-Up Petition on October 29
----------------------------------------------------------
A petition to wind up the operations of Glory Wealth Shipping Pte
Ltd will be heard before the High Court of Singapore on Oct. 29,
2010, at 10:00 a.m.

Diera Maritime Inc filed the petition against the company on
October 8, 2010.

The Petitioner's solicitors are:

          Messrs Rajah & Tann
          9 Battery Road
          #15-01 Straits Trading Building
          Singapore 049910


SUM YIP: Creditors' Proofs of Debt Due October 29
-------------------------------------------------
Creditors of Sum Yip Interior Renovation Pte Ltd, which is in
liquidation, are required to file their proofs of debt by Oct. 29,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


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

Syndacast Company Limited formerly known as Admax Plus Company
Limited filed the petition against the company on October 5, 2010.

The Petitioner's solicitors are:

          Messrs Colin Ng & Partners LLP
          36 Carpenter Street
          Singapore 059915


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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