TCRAP_Public/101026.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 26, 2010, Vol. 13, No. 211

                            Headlines



A U S T R A L I A

ALLIED BRANDS: Units in Receivership; Baskin Ends Franchise Deal
TASCOT TEMPLETON: Placed in Liquidation
WRIGHT GLOBAL: In Liquidation; Assets Still Unaccounted For


H O N G  K O N G

REXODAN INTERNATIONAL: Members' Final Meeting Set for November 19
S.G.S. PRODUCTS: Young and Wong Step Down as Liquidators
SEA RUBY: Final General Meeting Set for November 13
SINO FORUM: Final General Meeting Set for November 13
SINO STATE: Final Meeting Set for November 19

STAREASTWORKS CONCEPT: Final General Meeting Set for November 13
STREAMVPN ASIA: Middleton and Cowley Step Down as Liquidators
TRANSASIA ENGINEERING: Members' Final Meeting Set for November 15
UNITED PROSPER: Commences Wind-Up Proceedings
VEGOO LIMITED: Final Meetings Slated for November 17

WELL BRIGHT: Final General Meeting Set for November 13
YOGA PLUS: Au and Wong Step Down as Liquidators


I N D I A

AYYAN FIREWORKS: ICRA Places 'LBB' Rating on INR2.2cr Term Loan
BYOND TECH: CRISIL Reaffirms 'B+' Rating on INR50MM Cash Credit
CEMEX ENGINEERS: CRISIL Reaffirms 'C' Rating on INR70M Cash Credit
K. C. SAREE: CRISIL Assigns 'BB-' Rating to INR60 Mil. Cash Credit
KANCHAN INDIA: ICRA Assigns 'LBB+' Rating to INR13.84cr LT Loan

KINFOTECH PRIVATE: ICRA Assigns 'LB' Rating to INR25cr Term Loan
NIRANI SUGARS: ICRA Assigns 'LB+' Rating to INR202.47cr Term Loan
SIGMA CONSTRUCTION: CRISIL Lifts Rating on INR49MM Credit to 'BB'


J A P A N

AIFUL CORP: Plans to Sell Unit, Shut Down 30 Outlets to Cut Cost
JAPAN AIRLINES: Expected to Dismiss Staff to Hit Job Cut Target


N E W  Z E A L A N D

CRAFAR FARMS: Stock Court Case Nearing End


X X X X X X X X

* BOND PRICING: For the Week October 18 to October 22, 2010




                         - - - - -


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


ALLIED BRANDS: Units in Receivership; Baskin Ends Franchise Deal
----------------------------------------------------------------
James Thomson at SmartCompany reports that two key subsidiaries of
Allied Brands Ltd. have been placed into receivership after
Dunkin' Brands, the US owner of the Baskin Robbins brand,
terminated Allied's Australian master franchise agreement.

According to SmartCompany, Dunkin' Brands decision triggered
Allied's major lender, Westpac, to appoint receivers and managers
from McGrath Nicol to two Allied Brands subsidiaries -- Allied
Brands Service and Allied Brands Finance.

SmartCompany relates Allied Brands, which has been in a trading
halt since September 24, said in a statement to the Australian
Securities Exchange that it is "in discussions with its secured
creditors and will notify the market as soon as decisions are made
regarding the position of the company and its remaining
companies".

However, SmartCompany notes, the loss of the company's flagship
Baskin Robbins chain leaves Allied with few remaining business
units and very few options.

Allied chief executive Sean Corbin told SmartCompany earlier this
month that retaining the Baskin Robbins franchise was crucial to
Allied Brands' survival.

According to SmartCompany, US franchise brand manager Dunkin'
Brands, which owns the global rights to the Baskin Robbins name,
said it will now provide support directly to Baskin Robbins
franchises.

It is not known whether Dunkin's decision is an interim measure,
and whether it may look to find another local brand manager in the
future, SmartCompany adds.

                         About Allied Brands

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

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


TASCOT TEMPLETON: Placed in Liquidation
---------------------------------------
ABC News reports that Tascot Templeton Carpets has been placed in
liquidation but administrators said it is still not too late to
sell the business.

A creditors' meeting on Friday agreed to wind up the company and
sell off its assets, the report says.

Tascot owes about 80 companies AU$5 million but the majority are
not likely to be paid, ABC News reports.

According to ABC News, fifty jobs have been lost since last month
and administrator Paul Cook said the remaining 100 are likely to
go by mid-December.

ABC News relates Mr. Cook said it is still possible a buyer can be
found to run the company but it is a big task.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 24, 2010, ABC News said Tascot Templeton Carpets went into
administration after orders dried up, leaving 150 jobs with the
carpet weaving company at risk.  The Company was offered State
government financial assistance last year when it reported demand
for high-end carpet had stalled.

Based in East Devonport, Australia, Tascot Templeton Carpets --
http://www.tascot.com.au/-- designs, manufactures and distributes
carpets for both residential and commercial applications.  The
Company was established in 1961.


WRIGHT GLOBAL: In Liquidation; Assets Still Unaccounted For
-----------------------------------------------------------
Kate Kachor at InvestorDaily reports that Wright Global
Investments has been placed in liquidation, with the location of
assets believed to run into the hundreds of thousands of dollars
yet to be accounted for.

According to InvestorDaily, WGI's administrator, Peter Ngan of
Ngan & Co, filed a special resolution with ASIC to wind up the
company on September 30, 2010.  On the same day, InvestorDaily
relates, Mr. Ngan resigned as WGI administrator and assumed the
role of company liquidator at the request of WGI creditors.
InvestorDaily says that in minutes of meetings of WGI creditors on
September 23, individual creditors continued to question the
location of company assets, including alleged unpaid adviser
commissions.

"The chairman [Ngan] responded that based on evidence, authorized
representatives are unsecured creditors of the company and funds
received from product providers are now mixed funds and were
banked into the company's operating bank account," the minutes
said, according to InvestorDaily.

InvestorDaily relates the minutes noted that one creditor
requested it be noted that the company had mixed funds in its
accounts.

The minutes also noted a former WGI employee, believed to be
linked to the firm's compliance department, was alleged to have
taken assets in the company, InvestorDaily says.

Former WGI director Graham Kinder denied the allegations, stating
experts had ruled out the employee for theft.

Wright Global Investments is a dealer group linked to Trio
Capital's controversial collapse.  It has a license from the
Australian Securities and Investments Commission to act as a
financial planner.  The business licenses about 60 planners as
authorized representatives in cities including Sydney, Melbourne
and Perth.

Wright Global Investments was placed in voluntary administration
in August 2010.  Ngan and Co. was appointed administrator.
Former WGI director Graham Kinder said at the time of the
administrator's appointment, WGI had traded solvently as a
company.  However, concerns surrounding missing assets proved too
costly for the company to recover and he said it would more than
likely become insolvent.


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


REXODAN INTERNATIONAL: Members' Final Meeting Set for November 19
-----------------------------------------------------------------
Members of Rexodan International Limited will hold their final
meeting on November 19, 2010, at 11:00 a.m., at 26th Floor,
Citicorp Centre, 18 Whitfield Road, causeway Bay, in Hong Kong.

At the meeting, Leong Ting Kwok David, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


S.G.S. PRODUCTS: Young and Wong Step Down as Liquidators
--------------------------------------------------------
Isabelle Angeline Young and John Chi Wai Wong stepped down as
liquidators of S.G.S. Products Limited on September 29, 2010.


SEA RUBY: Final General Meeting Set for November 13
---------------------------------------------------
Members and creditors of Sea Ruby Ltd will hold their final
general meetings on November 13, 2010, at 11:15 a.m., and 11:30
a.m., respectively at Room 1701, 17/F., Fortune Commercial
Building, 362 Sha Tsui Road, Tsuen Wan, New Territories, in Hong
Kong.

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


SINO FORUM: Final General Meeting Set for November 13
-----------------------------------------------------
Members and creditors of Sino Forum Ltd will hold their final
general meetings on November 13, 2010, at 12:00 p.m., and 12:15
p.m., respectively at Room 1701, 17/F., Fortune Commercial
Building, 362 Sha Tsui Road, Tsuen Wan, New Territories, in Hong
Kong.


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


SINO STATE: Final Meeting Set for November 19
---------------------------------------------
Members and creditors of Sino State Development Limited will hold
their final meetings on November 19, 2010, at 10:00 a.m., and
11:00 a.m., respectively at Jardine House, 5th Floor, 1 Connaught
Place, Centra, in Hong Kong.

At the meeting, Tsui Kei Pang and Leung Fung Yee Alice, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


STAREASTWORKS CONCEPT: Final General Meeting Set for November 13
----------------------------------------------------------------
Members and creditors of StarEastWorks Concept Ltd will hold their
final general meetings on November 13, 2010, at 12:45 p.m., and
1:00 p.m., respectively at Room 1701, 17/F., Fortune Commercial
Building, 362 Sha Tsui Road, Tsuen Wan, New Territories, in Hong
Kong.

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


STREAMVPN ASIA: Middleton and Cowley Step Down as Liquidators
-------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley stepped down as
liquidators of Streamvpn Asia Limited on October 15, 2010.


TRANSASIA ENGINEERING: Members' Final Meeting Set for November 15
-----------------------------------------------------------------
Members of Transasia Engineering co. Limited will hold their final
meeting on November 15, 2010, at 10:00 a.m., at Unit 803, 8/F.,
Shanghai Industrial Investment Building, 48-62 Hennessy Road,
Wanchai, in Hong Kong.

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


UNITED PROSPER: Commences Wind-Up Proceedings
---------------------------------------------
Members of United Prosper Limited, on October 6, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Cheng Hok Cheung
         Room 1406, King Centre
         23 Dundas Street, Mongkok
         Kowloon, Hong Kong


VEGOO LIMITED: Final Meetings Slated for November 17
----------------------------------------------------
Creditors and Contributories of Vegoo Limited will hold their
final meetings on November 17, 2010, at 2:30 p.m., and 3:00 p.m.,
respectively at Unit 511, Tower 1, Silvercord, 30 Canton Road,
Tsimshatsui, Kowloon, in Hong Kong.

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


WELL BRIGHT: Final General Meeting Set for November 13
------------------------------------------------------
Members and creditors of Well Bright (Asia) Ltd will hold their
final general meetings on November 13, 2010, at 1:30 p.m., and
1:45 p.m., respectively at Room 1701, 17/F., Fortune Commercial
Building, 362 Sha Tsui Road, Tsuen Wan, New Territories, in Hong
Kong.

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


YOGA PLUS: Au and Wong Step Down as Liquidators
-----------------------------------------------
Au Wai Keung and Wong Kam Wah stepped down as liquidators of Yoga
Plus Limited on October 15, 2010.


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


AYYAN FIREWORKS: ICRA Places 'LBB' Rating on INR2.2cr Term Loan
---------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR2.2 crore term loan
facilities and the INR3.8 crore fund-based facilities of Ayyan
Fireworks Factory Private Limited.  The outlook on the long-term
rating is stable.

The rating considers the long standing presence of promoters in
the fireworks industry and conservative capital structure. The
rating is however constrained by the small scale of the Company's
operations, which restrict scale economics and financial
flexibility, and its debt-funded capital expenditure plans, which
are likely to stretch the capital structure and cash flows in the
medium term.  While favorable demographic factors like increasing
population and rising purchasing power are expected to drive
demand growth, the Company operates in an industry characterised
by high competition from larger players and from a large number of
unorganised players.

                        About Ayyan Fireworks

AFFPL was incorporated in 1985 by Late Mr. A. Grahadurai, Mr. A.
Vairaprakasam, Mrs. G. Bhavani and Mrs. V. Meera, after the
promoters' split from National Fireworks Limited. The Company,
which commenced operations in 1989, is primarily engaged in the
manufacture of fire-crackers.  AFFPL is wholly-owned by the
promoter (Mr. G Abiruben) and his family members, directly or
indirectly.  The business is presently managed by Mr. G Abiruben.

The Company manufactures fire-crackers under the brand name
"Bunny".  It has six manufacturing facilities and employs around
1,200 workers (paid on piece-rate basis) in and around Sivakasi,
Tamil Nadu. About 80% of the sales happen towards orders for
Diwali, with the remaining (off-season) sales being towards
marriages, festivals, etc.  AFFPL derives around 70% of its
revenues from the southern states of Andhra Pradesh, Karnataka,
Kerala and Tamil Nadu.

Recent results (unaudited)

AFFPL reported profit before tax (PBT) of INR1.4 crore on
operating income of INR18.8 crore during 2009-10,  against PBT of
INR1.1 crore on operating income of INR16.4  crore  for the
corresponding previous fiscal.


BYOND TECH: CRISIL Reaffirms 'B+' Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Byond Tech continue to
reflect Byond Tech's small scale of operations, limited track
record in the electronic goods trading business, large working
capital requirements, vulnerability to decline in product prices
and volatility in foreign exchange rates, and weak financial risk
profile.  The impact of these weaknesses is mitigated by Byond
Tech's increasing geographical reach and growing distributor
network.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         B+/Stable (Reaffirmed)
   INR100 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Byond Tech will continue to benefit from
stabilization of operations and healthy demand for mobile phones
in the Indian market.  The outlook may be revised to 'Positive' if
Byond Tech scales up its operations and improves its
profitability, thereby generating sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if Byond
Tech's financial risk profile deteriorates, most likely because of
significant pressure on revenues and profitability.

Update

Byond Tech has scaled up its operations in 2009-10 (refers to
financial year, April 1 to March 31), and has generated healthy
sales of INR474 million in its first full year of operations. The
operating margin was, however, low at 3.5 per cent in 2009-10
because of intense market competition. Because of its trading
operations, the firm has no capital expenditure plan for the
medium term. Large working capital requirements because of
increased scale of operations has, however, resulted in the firm's
high gearing of 2.6 times as on March 31, 2010.

                          About Byond Tech

Byond Tech was set up in 2008 as a partnership firm by Mr. Subash
Mutha, Mr. Prashant Mutha, and Mr. Prashant Bora. The firm trades
in mobile phones and accessories, and laptops. It commenced
operations in December 2008 by marketing and distributing China-
made mobile phones under its own brand BYOND. The firm places
orders with manufacturing entities in China in line with demand in
India. The firm distributes imported products in India through
distributors and super distributors.

Byond Tech reported, on provisional basis, a profit after tax of
INR7 million on net sales of INR474 million for 2009-10 a PAT and
net sales of INR0.3 million and INR43 million respectively for the
previous year.


CEMEX ENGINEERS: CRISIL Reaffirms 'C' Rating on INR70M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cemex Engineers
continue to reflect Cemex's weak liquidity, which has resulted in
the firm delaying repayment of term loan (not rated by CRISIL).

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        C (Reaffirmed)
   INR50 Million Bank Guarantee     P4 (Reaffirmed)

The ratings also reflect Cemex's below-average financial risk
profile, small scale of operations in the construction industry,
and the geographical concentration in its revenue profile. These
rating weaknesses are partially offset by Cemex's promoters'
experience in the construction industry.

Cemex, promoted by Mr. Santhosh Sebastian Anthony as a
proprietorship firm in 1987, was reconstituted as a partnership
firm in 1989.  The firm constructs residential and commercial
buildings in Kerala.

Cemex reported, on provisional basis, a profit after tax (PAT) of
INR22 million on net sales of INR306 million for 2009-10 (refers
to financial year, April 1 to March 31); it reported a PAT of
INR16 million on net sales of INR54 million for the previous year.


K. C. SAREE: CRISIL Assigns 'BB-' Rating to INR60 Mil. Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to K. C. Saree
Emporium Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR60 Million Cash Credit             BB-/Stable (Assigned)
   INR20 Million Proposed Cash Credit    BB-/Stable (Assigned)

The ratings reflect KC's weak financial risk profile, marked by
weak debt protection metrics and small net worth, and exposure to
risks related to intense competition in the saree segment.  These
rating weaknesses are partially offset by strong track record of
KC's promoters in the saree trading business.

Outlook: Stable

CRISIL believes that KC's business risk profile will remain stable
on account of promoters' long standing experience, however,
financial risk profile will continue to remain weak over the
medium term because of low margins owing to the trading nature of
buisness and large working capital requirements.  The outlook may
be revised to 'Positive' if the company improves its operating
margin and increases its scale of operation, simultaneously
improving its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if the company's operating margin
declines sharply, or it undertakes major debt-funded capital
expenditure programmes, further constraining its financial risk
profile.

                         About K. C. Saree

KC, based in Kolkata, was set up by Mr. Dharamchand Jain in 1984
as a proprietorship concern (NAME).  The firm was reconstituted as
a private limited company in 2003-04 (refers to financial year,
April 1 to March 31) as KC.

Presently, the operations are managed by Mr. Vikas Jain, son of
Mr. Dharamchand Jain.  The company trades in sarees.  The company
purchases synthetic fabric and outsources the process of
embroidering. KC purchases sarees from Kolkata, Varanasi (Uttar
Pradesh) and Surat (Gujarat.  The company has a customer base of
more than 1,000 retailers in Kolkata, Chennai, Hyderabad, Mumbai,
Nagpur (Maharashtra), as well as in Kerala.

KC reported a profit after tax (PAT) of INR0.94 million on net
sales of INR280.2million for 2009-10, against a PAT of INR0.80
million on net sales of INR259.3 million for 2008-09.


KANCHAN INDIA: ICRA Assigns 'LBB+' Rating to INR13.84cr LT Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR13.84 crore long-term
loan and INR5.00 million long term fund-based limits of Kanchan
India Limited.  ICRA has assigned stable outlook to the rating.

The ratings take into account company's weak profitability, highly
fragmented and competitive nature of industry and fluctuation in
prices of man-made fibre being closely linked to movements in
crude oil prices.  The entry barriers to the business are low,
coupled with limited pricing power.  The rating however, takes
into account promoters' experience and track record in
manufacturing synthetic fabric from polyester viscose (PV) yarn.
ICRA has positively factored in backward integration initiative of
KIL that shall start yielding benefits 2010-11 onwards.  The
integrated operations from yarn to fabric places the company in
better position than smaller weaving units in Bhilwara market.

                        About Kanchan India

Incorporated in 1996, Kanchan India Limited is one of the players
in Bhilwara cloth market manufacturing synthetic fabrics from
polyester viscose (PV) yarn.  KIL has merged other group
companies involved in processing fabric (including dyeing unit)
and manufacturing woollen yarn in itself w.e.f. 01.04.2008 to
rationalise administration  cost and overheads. KIL has ventured
into backward integration and set up a spinning unit with an
installed capacity of 25,344 spindles for ~Rs.  66.0 crore which
commenced operations in September 2009. In response to market
scenario KIL installed another 9,216 spindles in November 2009 at
a project cost of INR23.2 crore.


KINFOTECH PRIVATE: ICRA Assigns 'LB' Rating to INR25cr Term Loan
----------------------------------------------------------------
ICRA has assigned rating of 'LB' to INR25 crore Term loan and
INR5 crore Fund based limits of Kinfotech Private Limited.  The
rating takes into account Kinfotech's long track record in
software reselling business, its professional management and
strengths drawn from its association with Acropetal Technologies
Limited (Acropetal, rated LBBB-/ A3 by ICRA).   The ratings are
however constrained by Kinfotech's current high gearing level (3.2
times as on March 31, 2010), its high repayment obligation in
medium to long term and the intensely competitive nature of the
industry which is expected to aggravate further on account
relatively low entry barrier of the business. Besides, while
assigning the rating ICRA has also taken note of instances of
delays in bank account servicing by the company in the recent
past.

Kinfotech, founded in 1990 by Mr. Prabhakar Kini, is mainly into
the business of software reselling.  During FY2009, Mr. Ravi
Kumar, the founder and Managing Director of Acropetal, acquired
nearly 35% stake in the company from Mr. Prabhakar Kini with
intention to acquire majority stake in the company (to the extent
of 91%) in due course.  The company generated a PAT of INR3.7
crore during FY2010 over an Operating Income of INR40.1 crore.


NIRANI SUGARS: ICRA Assigns 'LB+' Rating to INR202.47cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a rating of 'LB+' to INR202.47 Crore Term loan
and INR32.18 Crore cash credit of Nirani Sugars Limited.  ICRA's
rating action draws from the stretched capital structure following
significant debt funding for expansion of the plant.  Thus NSL has
significant interest and debt repayment obligations in near to
medium term. High debt levels coupled with modest accruals have
resulted in stretched liquidity as is evident in constrained gross
cash flow, delays in debt servicing as well as stretched working
capital utilization in the recent past.  Continued capex in
commissioning of distillery unit as well refinery along with
further expansion would continue to affect the liquidity in the
near future.  The ability of the company to perform well going
forward is constrained by the availability of sugar cane for the
expanded capacity, considering strong competitive scenario in the
vicinity of the plant.  However the plant is situated in a North
Karnataka region with good cane availability as well historically
strong sugar recovery.  The comfort is also drawn from the
experience of the promoter and management in executing projects
and in the sugar industry.  The forward integration into
cogeneration and distillery are expected to provide substantial
de-risking from the volatilities sugar business; however Agro-
climatic risks as inherent in the sugar-industry as well as
continued vulnerability to government/regulatory policies on cane
price, sugar-release and cogeneration tariffs remain constraints.

                         About Nirani Sugars

NSL was incorporated in 1995 in Mudhol Tq of North-Karnataka. It
is promoted by Mr. Murugesh Nirani.  The 1250 TCD sugar unit was
commissioned in 1997 and since then NSL has expanded to 10000 TCD
along with 62 MW cogeneration facility.  NSL is further expanding
the cane crushing capacity to 15000 TCD and is also commissioning
a 120 klpd distillery and refinery for raw sugar processing, all
of which are expected to get commissioned in second half of FY2011
(July-June).


SIGMA CONSTRUCTION: CRISIL Lifts Rating on INR49MM Credit to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sigma Construction to 'BB/Stable' from 'BB-/ Stable', while
reaffirming the short-term rating at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR49 Million Cash Credit Limits   BB/Stable (Upgraded from
                                                 BB-/Stable)
   INR131 Million Bank Guarantee$     P4+ (Reaffirmed)

The upgrade reflects the improvement in Sigma's financial risk
profile, supported by the improvement in its net worth and
gearing.  Sigma's net worth increased to around INR88 million as
on March 31, 2010, from INR29 million as on March 31, 2008;
correspondingly, the firm's gearing improved to around 0.33 times
as on March 31, 2010, from 2.96 times as on March 31, 2008.  The
firm's net worth improved on the back of increasing net cash
accruals; Sigma generated accruals of around INR67 million over
the two years to 2009-10 (refers to financial year, April 1 to
March 31), against capital withdrawal of around INR5 million
during the period.

The ratings reflect Sigma's limited revenue diversity, exposure to
competition in the construction industry, and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of Sigma's proprietor in the
engineering industry and its moderate financial risk profile,
marked by healthy gearing and debt protection measures.

Outlook: Stable

CRISIL believes that Sigma will continue to benefit from the
industry experience of its proprietor and its moderate order book,
which provides the firm with near-term revenue visibility. The
outlook may be revised to 'Positive' if Sigma's liquidity and net
worth improve considerably. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overruns in Sigma's ongoing
and future projects, or if the firm contracts large debt to fund
capital expenditure, or undertakes diversification into unrelated
businesses.

                            About Sigma

Sigma began operations as a proprietorship concern in 1994 with
Mr. A K Bhasin as proprietor. Mr. Bhasin has experience in
electrical engineering, having worked with Associated Electrical
Industries (a British firm engaged in electrical engineering
activities) and Calcutta Electric Supply Corporation.  Sigma
executes turnkey contracts for the power industry.  It undertakes
erection, testing, and installation of equipment, auxiliaries, and
motors for generating stations and switch yards. In 2006-07, the
firm started trading by supplying equipment used in power stations
and switch yards.

Sigma posted a provisional net profit of INR42 million on
provisional net sales of INR358 million for 2009-10, against a
profit after tax (PAT) of INR21 million on net sales of INR571
million for 2008-09.


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


AIFUL CORP: Plans to Sell Unit, Shut Down 30 Outlets to Cut Cost
----------------------------------------------------------------
Aiful Corp. plans to sell its subsidiary business-loan lender
Businext Corp. and Tokyo Star Bank Ltd. is strongly considered a
prospective buyer, Kyodo News reports citing sources.

According to Kyodo News, sources said that along with the sale,
Aiful expects to cut several hundred million yen in costs by
pulling its TV commercials and additionally shutting down some 30
unmanned outlets in northern and central Japan as part of its
revival efforts.

Kyodo News relates that sources said Businext, lender for sole
proprietors and small to midsize firms, was set up in 2001 with
Aiful investing 60% of the capital and Sumitomo Trust & Banking
Co. funding the rest.  Sumitomo Trust has agreed to the planned
sale, the sources said, the report adds.

Kyodo News says Aiful has been trying to revive itself under the
so-called alternative debt-resolution procedure since last year
and restructuring its business under a rehabilitation plan agreed
with its 65 creditors, including Sumitomo Trust.

                             About Aiful

Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/--  is
a Japan-based financial service provider.  The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts.  Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates.  Headquartered in Kyoto, the Company has 29 subsidiaries
and two associated companies.

                           *     *     *

As of October 20, 2010, Aiful Corp. carries Moody's Investor
Service's 'Caa1' issuer, long-term and unsecured debt ratings.


JAPAN AIRLINES: Expected to Dismiss Staff to Hit Job Cut Target
---------------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. is expected to
dismiss some employees to meet its job reduction target, as the
number of employees taking the early retirement benefit offer
slipped below the target by the Friday deadline.

Kyodo News relates that JAL sources said the carrier made the
offer to 1,500 employees, including some 600 cabin attendants and
some 370 pilots from Sept 3 to Friday, but the number of those who
accepted fell 300 short of the target as of the end of Friday.

Kyodo News reports that JAL has threatened to fire some employees
if it fails to reach the target, indicating the criteria for
employees to be dismissed.  But the labor union has called for
extending the offer and revising the details, the sources said,
according to Kyodo News.

The 1,500 job cuts are part of the JAL group's plan to cut about
16,000 jobs in the current fiscal year to March 2011.  The group
has secured about half the figure through early retirement
programs and other measures.

                     AntiTrust Immunity Granted

Meanwhile, Bloomberg News reports that Japan on Friday granted
antitrust immunity for Japan Airlines Corp. and All Nippon Airways
Co. to cooperate with partners on U.S. flights, clearing the way
for deals that may cut costs and boost sales.

According to Bloomberg, the transport ministry said JAL won
approval for its alliance with AMR Corp.'s American Airlines, and
ANA for its partnership with United Continental Holdings Inc.'s
United and Continental units.

Bloomberg relates the U.S. and Japan were set to sign their Open
Skies accord Monday, which will end limits on how many carriers
can fly between the two countries and what prices they can charge.
The U.S. gave preliminary antitrust approval earlier this month,
subject to the agreement being signed, the report 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)


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


CRAFAR FARMS: Stock Court Case Nearing End
------------------------------------------
William Mace at BusinessDay reports that a High Court case to
decide who owns 4000 heifers stationed on Crafar Farms land when
the company went into receivership last year came to its final day
of witness testimony on October 22, 2010.

According to the report, Crafar Farms sold the cattle to agri-
finance company Stock Co in August 2008 for NZ$3.6 million.
BusinessDay relates that Stock Co then leased the cattle back to
Nugen Farms, a company owned by Allan Crafar's son Robert, but not
within the Crafar Farms group.  Money from the sale was used to
purchase further land for Nugen Farms, the report notes.

The receiver Korda Mentha's case hinges on the argument that the
sale and lease-back was outside the ordinary course of business
for Crafar Farms and therefore the cattle should remain part of
the group's assets which are currently on the market, BusinessDay
reports.

Continuing his testimony at the hearing, BusinessDay relates,
Allan Crafar said the sale and lease-back of the heifers was
business as usual because it involved selling "trading stock" and
served the family's stated aims.

The report relates that Mr. Crafar said the sale put stock and
land into his son's name as part of a succession plan, it reduced
the amount of stock owned as part of his strategy to concentrate
on purchasing property, and it was also a good deal the likes of
which he never turned down.  However, BusinessDay relates,
KordaMentha's lawyer Bruce Stewart QC said the stock was
originally supposed to be leased-back to the farm from which it
had been bought -- one of the Crafar Farms companies called
Plateau.  The deal was restructured through Nugen Farms at the
last moment to avoid having to gain consent from the banks -- a
consent required by Stock Co, Mr. Stewart added, the report notes.

The banks, BusinessDay notes, had previously approved stock sales
on the condition that the proceeds were used to pay down bank
debt.  The report relates that they had also made clear their view
that Crafar Farms should consolidate and that no further funding
would be provided for land purchases.

Mr. Stewart said that Mr. Crafar had intentionally not informed
the banks about either the stock sale or the land purchase because
it would be contrary to the terms of the General Security
Agreement, or the funds raised would also be used to pay debt,
BusinessDay reports.

The report adds that Mr. Crafar said he did not consider gaining
consent from the banks because the stock sales were in the
ordinary course of his business and the land purchase was made to
benefit his son and was not part of the Crafar Farms group over
which the banks held security.

The hearing is set down for further legal submissions in early
November, BusinessDay notes.

                        About Crafar Farms

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

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

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


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


* BOND PRICING: For the Week October 18 to October 22, 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       1.04
AMITY OIL LTD           10.00    10/31/2013   AUD       1.90
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       0.11
EXPORT FIN & INS         0.50    12/16/2019   AUD      62.86
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.02
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.40
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      67.67
NEW S WALES TREA         0.50    09/14/2022   AUD      54.24
NEW S WALES TREA         0.50    10/07/2022   AUD      54.07
NEW S WALES TREA         0.50    10/28/2022   AUD      55.86
PRAECO P/L               7.13    07/28/2020   AUD      73.49
RESOLUTE MINING         12.00    12/31/2012   AUD       1.25
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      54.47

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      59.18
SHANGHAI WAIGAOQ         4.20    09/04/2014   CNY      54.39


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      47.25


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.10
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.92
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.92
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.12
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.49
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.02
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.70
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.51
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.43
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      70.50
AIFUL CORP               6.00    12/12/2011   JPY      70.50
AIFUL CORP               1.63    11/22/2012   JPY      64.08
AIFUL CORP               1.74    05/28/2013   JPY      64.69
AIFUL CORP               1.99    10/19/2015   JPY      43.91
COVALENT MATERIA         2.87    02/18/2013   JPY      74.06
CSK CORPORATION          0.25    09/30/2013   JPY      69.56
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.30
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.70
SHINSEI BANK             5.62    12/29/2049   GBP      74.03
TAKEFUJI CORP            9.20    04/15/2011   USD      18.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.46
CRESENDO CORP B          3.75    01/11/2016   MYR       0.95
DUTALAND BHD             6.00    04/11/2013   MYR       0.36
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.08
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.15
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.05
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.08
MITHRIL BHD              3.00    04/05/2012   MYR       0.59
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.53
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       0.66
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.98
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.07
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.50
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50

WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.26
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.15


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

ALLIED FARMERS           9.60    11/15/2011   NZD      37.03
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.06
DORCHESTER PACIF         5.00    06/30/2013   NZD      61.79
FLETCHER BUI             8.50    03/15/2015   NZD       8.10
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
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       8.00
INFRATIL LTD            10.18    12/29/2049   NZD      61.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.31
MARAC FINANCE           10.50    07/15/2013   NZD       1.01
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      57.41
SKY NETWORK TV           4.01    10/16/2016   NZD       5.81
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      54.89
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.05
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.98
VECTOR LTD               8.00    06/15/2012   NZD       6.75
VECTOR LTD               8.00    10/15/2014   NZD       1.00


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   NZD      29.00
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       1.76
WBL CORPORATION          2.50    06/10/2014   SGD       1.85


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      62.12
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.47
HOPE KOD 2ND            15.00    08/21/2012   KRW      32.42
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.34
HOPE KOD 4TH            15.00    12/29/2012   KRW      32.62
HOPE KOD 6TH            15.00    03/10/2013   KRW      37.80
IBK 2008/12 ABS         25.00    06/24/2011   KRW      64.26
IBK 2009/13 ABS         25.00    02/03/2012   KRW      67.14
IBK 2009/16 ABS         25.00    09/24/2012   KRW      60.64
IBK 2009/17 ABS         25.00    12/29/2012   KRW      57.37

KB 10TH SEC SPC         23.00    01/03/2011   KRW      62.53
KB 10TH SEC SPC         20.00    01/03/2011   KRW      42.18
KB 11TH SEC SPC         20.00    07/03/2011   KRW      63.91
KB 12TH SEC SPC         25.00    01/21/2012   KRW      57.84
KB 13RD SEC SPC         25.00    07/02/2012   KRW      59.38
KB 14TH SEC SPC         23.00    01/04/2013   KRW      57.35
KDB 5TH SEC SPC         15.00    12/13/2012   KRW      60.14
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      53.21
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      57.90
NACF-14 ABS SPS         25.00    01/15/2011   KRW      62.26
NACF-15 ABS SPS         25.00    03/18/2011   KRW      60.66
NACF-16 ABS SPS         15.00    01/03/2011   KRW      52.19
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      72.89
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.24
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      66.35
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      62.70
SAM HO INTL              6.32    03/28/2011   KRW      71.64
SHINHAN 2ND SEC         25.00    06/11/2010   KRW      29.50
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      31.11
SINGOK ABS               7.50    06/18/2011   KRW      71.20
SINGOK NS ABS            7.50    06/27/2011   KRW      52.07
YOUNGNAM SAVINGS         8.50    12/18/2014   KRW      16.09


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


                             *********

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

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

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


                            *********


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

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

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

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

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





                    *** End of Transmission ***