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                     A S I A   P A C I F I C

          Wednesday, October 27, 2010, Vol. 13, No. 212

                            Headlines



A U S T R A L I A

ALLCO FINANCE: Receiver Sued For Malicious Prosecution


H O N G  K O N G

A. GREEN: Court Enters Wind-Up Order
CAESAR BEAUTY: Yuen and Lau Appointed as Liquidators
ERA PETROLEUM: Court Enters Wind-Up Order
EVERMONT INTERNATIONAL: Court Enters Wind-Up Order
EXCALIBUR ELECTRONICS: Court Enters Wind-Up Order

FITNESS CENTRE: Creditors Get 24% Recovery on Claims
FU CHEUNG: Court Enters Wind-Up Order
GAIN PROFIT: Court Enters Wind-Up Order
GAINWAY CLEANING: Court Enters Wind-Up Order
GLOBAL COMMERCE: Court Enters Wind-Up Order

HANRAY INVESTMENT: Court Enters Wind-Up Order
J.B. JEWELRY: Court Enters Wind-Up Order
KAM FOOK: Court Enters Wind-Up Order
KENMARK INTERNATIONAL: Creditors Get 1.812% Recovery on Claims
LUEN HING: Court Enters Wind-Up Order


I N D I A

AIR INDIA: To Pay Allowances on November 1
ALFA TRANSFORMERS: CRISIL Reaffirms 'BB' Rating on INR57.5MM Loan
CHOWDHURY FL: CRISIL Rates INR99 Million Cash Credit at 'B-'
KALPESH SYNTHETICS: CRISIL Puts 'B' Rating on INR100MM Cash Credit
LONGOWALIA YARNS: CRISIL Reaffirms 'BB' Rating on INR135MM Loan

PHR INVENT: CRISIL Rates INR100 Million Term Loan at 'D'
S V DISTRIBUTORS: CRISIL Puts 'BB' Rating on INR162MM Cash Credit
SATYAM COMPUTERS: Fraud Case Trial to Start on November 2
SRI DEVI EXTRACTIONS: CRISIL Puts 'BB' Rating on Cash Credit
SSE NIRMAN: CRISIL Reaffirms 'P4+' Rating on Bank Guarantee

TATA STEEL: S&P Assigns Recovery Rating to GBP3.53 Bil. Notes
TIRUPATI EDUCATIONAL: CRISIL Assigns 'B-' Rating to INR60MM Loan
TIRUPATI EDUCATIONAL: CRISIL Assigns 'C' Rating to INR155MM Loan
VIRTUS EXPORTS: CRISIL Rates INR110MM Bank Guarantee at 'P4+'


J A P A N

JLOC XI: Fitch Affirms Ratings on Five Classes of Notes
TITAN JAPAN: S&P Downgrades Ratings on Various Floating Bonds


M A L A Y S I A

HO HUP CONSTRUCTION: Court Grants Restraining Order
HO HUP CONSTRUCTION: Seeks 5-Month Extension to Submit Plan
NAM FATT: Ad Interim Restraining Order Extended
OILCORP BERHAD: Unit Gets Notice to Invoke Bank Guarantee
RANHILL BERHAD: Winding Up Petition Served on Ranhill Engineers


N E W  Z E A L A N D

BLACK ROBIN: Goes Into Receivership
JEAN JONES: Enters Into Receivership
SOUTH CANTERBURY: Trustee Executors Track NZ$400K Missing Payout


S I N G A P O R E

ACHIEVA NETWORKS: Creditors' Proofs of Debt Due November 22
FUJITSU DEVICES: Creditors' Proofs of Debt Due November 22
LEUNG CHOW: Creditors Get 19.95305% Recovery on Claims
MANAGEMENT CORPORATION: Creditors' Proofs of Debt Due November 22
SOI YONG: Creditors Get 85.31% Recovery on Claims

THONG SOON: Creditors' Proofs of Debt Due November 5


T A I W A N

HUA NAN: Moody's Changes Outlook on 'D' Rating to Stable
STANDARD CHARTERED: Fitch Upgrades Long-Term Issuer Default Rating


X X X X X X X X

* Tsugumichi Watanabe Joins Bingham as Partner in Tokyo Office
* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ALLCO FINANCE: Receiver Sued For Malicious Prosecution
------------------------------------------------------
Elisabeth Sexton at The Sydney Morning Herald reports that
Geoffrey Kinghorn, son of the founder of Allco Finance Group,
John Kinghorn, is suing Allco's receiver for malicious prosecution
over an abandoned court case.

The Federal Court case is related to the collapsed company's
aviation assets, the report says.

According to SMH, Mr. Kinghorn claims the receiver, Peter Gothard,
a partner at Ferrier Hodgson, began the case against him in
December using "fabricated allegations and following legal advice
which did, or should have, made it clear that the proceedings were
baseless."

SMH relates Mr. Gothard, in the Federal Court case, alleged that
Mr. Kinghorn improperly used his position as a company director to
gain an advantage for himself and a former Allco executive, David
Veal, during the sale of Allco's aircraft leasing assets.

SMH discloses Mr. Kinghorn was sole director of a special-purpose
vehicle connected with two of Allco's 68 planes, one of many off-
balance sheet entities set up to manage Allco's aviation
interests.

Mr. Gothard, SMH notes, gave up the case in April, on the day the
court ordered him to file a detailed statement of claim.

SMH relates that in a suit filed in the NSW District Court in May,
Mr. Kinghorn claims the Federal Court case was an abuse of
process, designed to gain a commercial advantage over him.

SMH reports that Mr. Kinghorn had an early win last week, when
Judge Michael Bozic rejected a pre-trial application by
Mr. Gothard for the case to be thrown out.

Judge Bozic, SMH notes, ruled that both the malicious prosecution
and abuse of process claims should proceed.  Judge Bozic also
ordered Mr. Gothard and an Allco subsidiary to pay Mr. Kinghorn's
costs of the summary dismissal application.

                        About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion in total
debt.


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


A. GREEN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on September 20, 2010
to wind up the operations of A. Green Tree Co Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


CAESAR BEAUTY: Yuen and Lau Appointed as Liquidators
----------------------------------------------------
Mr. Yuen Tsz Chun Frank and Mrs. Lau Wu Kwai King Lauren on
February 19, 2010, were appointed as liquidators of Caesar Beauty
Centre Limited.

The liquidators may be reached at:

         Mr. Yuen Tsz Chun Frank
         Mrs. Lau Wu Kwai King Lauren
         5/F Ho Lee Commercial Bldg
         38-44 D'Aguilar Street
         Central, Hong Kong


ERA PETROLEUM: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on September 21, 2010
to wind up the operations of Era Petroleum Corporation Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


EVERMONT INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on October 13, 2010,
to wind up the operations of Evermont International Limited.

The official receiver is E T O'Connell.


EXCALIBUR ELECTRONICS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on October 7, 2010 to
wind up the operations of Excalibur Electronics Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


FITNESS CENTRE: Creditors Get 24% Recovery on Claims
----------------------------------------------------
The Fitness Centre Limited, which is in liquidation, declared the
first and final dividend to its creditors on October 22, 2010.

The company paid 24% for ordinary claims.

The company's liquidator is:

         William Nicholas giles
         Room A, 19/F
         Harbour Commerical Building
         Nos. 122-124, Connaught Road
         Central, Hong Kong


FU CHEUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on September 29, 2010
to wind up the operations of Fu cheung Logistics Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


GAIN PROFIT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on October 13, 2010,
to wind up the operations of Gain Profit (HK) Limited.

The official receiver is E T O'Connell.


GAINWAY CLEANING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on October 13, 2010,
to wind up the operations of Gainway Cleaning Limited.

The official receiver is E T O'Connell.


GLOBAL COMMERCE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on September 24, 2010
to wind up the operations of Global Commerce (H.K.) Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


HANRAY INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on September 21, 2010
to wind up the operations of Hanray Investment Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


J.B. JEWELRY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on October 13, 2010,
to wind up the operations of J.B. Jewelry (HK) Limited.

The official receiver is E T O'Connell.


KAM FOOK: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of Kam Fook construction Engineering Limited.

The company's liquidator is:

         Mat Ng
         John Less Associates
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


KENMARK INTERNATIONAL: Creditors Get 1.812% Recovery on Claims
--------------------------------------------------------------
Kenmark International Limited, which is in liquidation, declared
the third and final dividend to its creditors on October 22, 2010.

The company paid 1.812% for ordinary claims.

The official receiver is E T O'Connell.


LUEN HING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on October 7, 2010,
to wind up the operations of Luen Hing Fat Limited.

The official receiver is E T O'Connell.


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


AIR INDIA: To Pay Allowances on November 1
------------------------------------------
The Hindu reports that Air India Ltd. announced Saturday further
advancement of the date of payment of allowances to its 29,000
employees, saying these incentives would be disbursed along with
the salaries on November 1 itself.

According to The Hindu, the national carrier had earlier notified
the deferment of payment of flying allowances and productivity-
linked incentives (PLI) by a fortnight.

But following protests by unions, Air India withdrew Friday its
decision and said while the salaries would be paid on November 1,
the allowances and PLI would be disbursed on November 4, The Hindu
reports.

Changing its decision on the payment of allowances again on
Saturday, an airline spokesperson said the salaries, PLI and
allowances would be paid together on November 1, The Hindu
relates.

The Hindu notes the airline had earlier justified its decision to
defer these payments, saying liquidity crunch and month-end
payments to various vendors including for aircraft acquisition had
led to it.

The move, according to The Hindu, had evoked a sharp protest from
various unions, who termed it as "demoralizing" and made a veiled
threat that they would be forced to "review cooperation" with the
management in smooth running of the airline.

                         About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising its fleet strength to
as many as 275 planes in five years from 148 now.  Air India
Chairman and Managing Director Arvind Jadhav said the new 100-page
turnaround plan for 2010-14, which ruled out any job cuts or wage
reductions and, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


ALFA TRANSFORMERS: CRISIL Reaffirms 'BB' Rating on INR57.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on Alfa Transformers Ltd's bank facilities
continue to reflect Alfa's deteriorating financial risk profile
marked by inadequate debt protection metrics and weak liquidity,
and increasing working capital intensity of operations.  The
ratings also factor in the company's weakened business risk
profile with the sharp drop in demand from its export markets, and
increased exposure to competition in the fragmented domestic
transformer industry, following its renewed focus on domestic
business. These rating weaknesses are partially offset by the
experience of Alfa's management in the transformer industry.

   Facilities                         Ratings
   ----------                         -------
   INR105.0 Million Cash Credit       BB/Negative (Reaffirmed)
   INR57.5 Million Term Loan          BB/Negative (Reaffirmed)
   INR40.0 Million Bank Guarantee     P4+ (Reaffirmed)
   INR42.5 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Negative

CRISIL believes that though Alfa's business risk profile has been
seriously impacted by the substantial decline in export orders
over the 18 months ended April 30, 2010, there could be some
improvement over the medium term on the back of a better order
book in the domestic market. However, with domestic sales
replacing exports, the company's profitability levels could
decline sharply.  The ratings could be downgraded if Alfa's
liquidity weakens further, most likely because of lower-than-
expected growth in its revenues or pressure on profitability,
thereby adversely impacting its debt servicing capacity.
Conversely, the outlook may be revised to 'Stable' in case Alfa's
business volumes increase, or there is equity infusion into the
company, leading to improved liquidity.

Update

Alfa's performance in 2009-10 (refers to financial year, April 1
to March 31) has been in line with CRISIL's expectations.  The
company's operating income declined to INR198 million from
INR318.5 million in 2008-09 owing to lower orders from its key
customers in Libya and Kenya. Its profitability also declined as
exports no longer formed a significant portion of its revenues.
Though Alfa has registered sales of only INR94 million for the
first half of 2010-11, it had a moderate order book of INR250
million as on October 10, 2010, a major portion of which would be
executed in the current financial year. The improvement in the
company's order book is driven by orders from domestic customers
such as Uttar Gujarat Vij Company Ltd (UGVCL), Paschim Gujarat Vij
Company Ltd (PGVCL), and Central Electricity Supply Utility (CESU)
of Orissa, among others. With the sharp drop in profitability,
there has been reduction in accruals. The situation has been
aggravated further by the dividend policy being followed by the
management; Alfa has paid dividends of INR6.3 million in 2009-10,
and the dividend policy is likely to remain unchanged over the
near term. The company had liquid investments worth INR13.5
million as on March 31, 2010, which are likely to be liquidated to
meet the debt repayment obligations over the near term.

Alfa has just completed a INR44.5-million capital expenditure
programme to set up a 1000-tonnes per annum facility for
manufacturing amorphous metal distribution transformers (AMDTs) at
Vadodara (Gujarat).  This was funded through debt of INR32 million
and the remaining through internal accruals. From this unit, the
company will manufacture AMDTs up to 132 kilovolt amperes (kVA).
These transformers are more energy efficient than conventional
cold-rolled grain-oriented (CRGO) transformers and help reduce
distribution losses. The company plans to meet the transformer
demand in western India and cater to the export market from this
unit.

For 2009-10, Alfa reported a profit after tax (PAT) of INR7.6
million on net sales of INR158.4 million, against a PAT of INR35
million on net sales of INR271 million for 2008-09.  For the first
quarter of 2010-11, Alfa, on a provisional basis, reported a PAT
of INR0.7 million on net sales of INR36.5 million.

                      About Alfa Transformers

Established by Mr. D K Das in 1982, Alfa manufactures small
distribution transformers at its plants in Bhubaneshwar (Orissa)
and Vadodara.  Over the years, the company has increased its range
of products to include power and other specialised transformers.
The company has now diversified into domestic markets owing to the
slowdown in orders from its export markets.  The company also
offers related technical assistance and services, including repair
of products.


CHOWDHURY FL: CRISIL Rates INR99 Million Cash Credit at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Chowdhury F.L.
Trade's cash credit facility.

   Facilities                   Ratings
   ----------                   -------
   INR99 Million Cash Credit    B-/Stable (Assigned)

The rating reflects Chowdhury's below-average financial risk
profile, marked by a weak capital structure and debt protection
metrics, limited bargaining power with suppliers, and
susceptibility to adverse regulatory changes.  These rating
weaknesses are partially offset by Chowdhury's strong
relationships with key distilleries, and established market
position in the Indian-made foreign liquor (IMFL) and beer segment
in West Bengal.

Outlook: Stable

CRISIL expects Chowdhury's financial risk profile to remain weak
over the medium term because of its large working capital
requirements and its dependence on a limited number of suppliers.
The outlook may be revised to 'Positive' if the firm's promoters
infuse substantial quantum of capital in the firm to fund its
working capital requirements, and if the firm sustains its
profitability and growth in revenues.  Conversely, the outlook may
be revised to 'Negative' if the firm's financial risk profile
deteriorates because of adverse regulatory changes.

                        About Chowdhury F.L.

Set up as a proprietorship concern by Mr. Abhijeet Chowdhury in
2004, Chowdhury trades in IMFL and beer. Although Mrs. Chandrani
Chowdhury (wife of Mr. Abhijeet Chowdhury) is the proprietor, the
firm's day-to-day administration and strategic issues are managed
by Mr. Abhijeet Chowdhury, who has an experience of more than 15
years in this line of business.

Chowdhury is a wholesaler of brands such as Smirnoff vodka, Royal
Stag whisky and Thunderbolt beer. The firm sells to retail wine
shops and bars in Kolkata.

Chowdhury reported a profit after tax (PAT) of INR4.40 million on
net sales of INR270 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.20 million on net
sales of INR283 million for 2008-09.


KALPESH SYNTHETICS: CRISIL Puts 'B' Rating on INR100MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Kalpesh Synthetics
Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     B/Stable (Assigned)
   INR3.1 Million Rupee Term Loan   B/Stable (Assigned)

The rating reflects KSPL's small net worth and scale of
operations, modest profitability, and large working capital
requirements leading to high gearing.  These rating weaknesses are
partially offset by KSPL's established track record in the textile
industry.

Outlook: Stable

CRISIL believes that KSPL will continue to benefit from its strong
track record, over the medium term.  The outlook may be revised to
'Positive' if the company's revenues increase substantially, and
its profitability improves significantly, without material
deterioration of its existing capital structure.  Conversely, the
outlook may be revised to 'Negative' if KSPL undertakes any
larger-than-expected, debt-funded capital expenditure plan,
leading to material deterioration in its debt protection metrics
or its capital structure.

                      About Kalpesh Synthetics

KSPL, set up in 1987 by Mr. Ashwin Kumar Shah, manufactures
napkins, tablecloth from polyester and cotton yarn, and trades in
grey cloth, dyes and prints for manufacturing ladies dress
materials. Around 80 per cent of the company's revenues is derived
from export market, primarily the US and Middle East.

KSPL reported a profit after tax (PAT) of INR4 million on net
sales of INR334 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR342 million for 2008-09.


LONGOWALIA YARNS: CRISIL Reaffirms 'BB' Rating on INR135MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Longowalia Yarns Ltd
continue to reflect LYL's weak financial risk profile marked by
high gearing and weak debt protection measures, high working
capital requirements, small scale of operations in the yarn
industry, and the susceptibility of the company's operating margin
to volatility in raw material prices.  These weaknesses are
partially offset by the experience of LYL's promoters in the
textile business, and the company's healthy revenue growth.

   Facilities                      Ratings
   ----------                      -------
   INR175.0 Million Cash Credit    BB/Stable (Reaffirmed)
   INR135.0 Million Term Loan      BB/Stable (Reaffirmed)
   INR20.0 Million Bank Guarantee   P4+ (Reaffirmed)
               / Letter of Credit

CRISIL had earlier combined the business and financial risk
profiles of LYL and its group company Deepak Cosmo Ltd, together
referred to as the Longowalia group, for arriving at the ratings.
This was because both the companies were in the same line of
business, under a common management, and owned by the same
promoter group.  CRISIL has, however, now taken a standalone view
of LYL for arriving at the ratings, as the two companies are
managed separately by two brothers, and do not have any business
linkages despite being in the same line of business and having
common promoters.

CRISIL has treated interest-free unsecured loans of INR35 million
from promoters as neither debt nor equity, as LYL has given an
undertaking that these loans will not be withdrawn.

Outlook: Stable

CRISIL believes that LYL's financial risk profile will remain
weak, driven by high working capital requirements, and its size of
operations will remain small, over the medium term.  The outlook
may be revised to 'Positive' in case of significant improvement in
the company's capital structure, most likely through fresh equity
infusion or more-than-expected cash accruals.  Conversely, the
outlook may be revised to 'Negative' in case of any large debt-
funded capital expenditure, significant pressure on LYL's sales
and profitability, or deterioration in its liquidity due to
higher-than-expected working capital requirements.

                       About Longowalia Yarns

Incorporated in 1994, LYL (formerly, Amarson Yarns Ltd) was
acquired by Mr. Gian Chand Garg in 2000. LYL manufactures acrylic
yarns.  The company expanded its acrylic yarn manufacturing
capacity and started producing cotton yarn and fancy yarns. Its
manufacturing plant at Doraha (Punjab) has a capacity of 7 tonnes
per day (tpd) for acrylic yarn, 12 tpd for cotton yarn, and 1.20
tpd for fancy yarn.

LYL reported a profit after tax (PAT) of INR11.8 million on net
sales of INR807.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR10.5 million on net
sales of INR593.3 million for 2008-09.


PHR INVENT: CRISIL Rates INR100 Million Term Loan at 'D'
--------------------------------------------------------
CRISIL has assigned its 'D' rating to PHR Invent Educational
Society's term loan facility.  The rating reflects delay by PHR
Invent in servicing its term loan; the delay has been caused by
PHR Invent's weak liquidity.

   Facilities                  Ratings
   ----------                  -------
   INR100 Million Term Loan    D (Assigned)

PHR Invent has a below-average financial risk profile, marked by
weak capital structure, and weak debt protection metrics and low
net cash accruals; the company is also susceptible to geographical
concentration in revenue profile.  However, the society has an
established regional market position, supported by its franchise
agreement with the Delhi Public School society.

Set up in 2004 as a trust, PHR Invent Educational Society, based
in Vijayawada (Andhra Pradesh) operates a franchise of Delhi
Public School in Vijayawada.  It conducts classes from nursery to
the ninth standard. The school is affiliated to the Central Board
of Secondary Education (CBSE), Delhi, and has 950 students.

PHR Invent reported a surplus (excess of income over expenditure)
of INR2.40 million on total income of INR55 million for 2009-10
(refers to financial year, April 1 to March 31) against a
surplus(excess of income over expenditure) of INR0.50 million on
total income of INR41.10 million for 2008-09.


S V DISTRIBUTORS: CRISIL Puts 'BB' Rating on INR162MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to S V
Distributors Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR162.0 Million Cash Credit          BB/Stable (Assigned)
   INR10.0 Million Cheque Discounting    P4+ (Assigned)
   INR25.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect SVDPL's moderate financial risk profile and
susceptibility of revenues and earnings profile to changes in the
regulatory framework.  These rating weaknesses are partially
offset by SVDPL's established position as a distributor of beer
and spirits in Mumbai, and promoters' experience in this line of
industry.

Outlook: Stable

CRISIL believes that SVDPL will maintain its business risk profile
on the back of its established position in the distribution of
Indian-made foreign liquor (IMFL) and beer.  The outlook may be
revised to 'Positive' if SVDPL's financial risk profile improves
because of significant improvement in its revenue and margins,
while maintaining its debt protection metrics.  Conversely, the
outlook may be revised to 'Negative' if SVDPL's debt protection
metrics deteriorate because of significantly lower-than-expected
growth in its revenues and accruals or any changes in the
regulatory framework which might adversely impact the operating
metrics.

                      About S V Distributors

SVDPL was set up in 1983 as a proprietorship concern of Mr. Neeraj
Rawal and was later converted as a private limited company in
1994. SVDPL is a distributor for products of United breweries and
United spirits Ltd. in Mumbai region.  Its clientele compromises
more than 1000 wine shops and beer bars in Mumbai.  Besides, this
distributorship SVDPL also imports wines and liquors from
companies such as Brown Forman, The Company of wine people for
distribution in the domestic market.  SVDPL's has an office and
godown located at Andheri, Mumbai.

SVDPL reported a profit after tax (PAT) of INR4.47 million on net
sales of INR1390.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.27 million on net
sales of INR1392.25 million for 2008-09.


SATYAM COMPUTERS: Fraud Case Trial to Start on November 2
---------------------------------------------------------
The Times of India reports that the trial in multi-crore Satyam
Computer Services Ltd. accounting fraud case would begin from
November 2, nearly 22 months after disgraced founder B. Ramalinga
Raju admitted fudging of company accounts in January last year.

The Times of India relates that the XXI Additional Chief
Metropolitan Magistrate BVLN Chakravarti after dismissing the
petitions of the accused seeking discharge from the case,
personally inquired if the accused committed the crime.

The magistrate set November 2, as the date for trial, when all the
accused including Mr. Raju pleaded 'not guilty', according to The
Times of India.

The court also directed CBI to furnish details of only key
witnesses for the purpose of examination, the report adds.

The Times of India relates the Supreme Court had recently pulled
up the investigating agency, which challenged the Andhra Pradesh
High Court order granting bail to Mr. Raju, for naming more than
250 witnesses in the case.

Mr. Raju and nine other accused were charged under various
sections of the Indian Penal Code including 120 (B) (criminal
conspiracy), 409 (breach of trust), 420 (cheating) and 468 and 471
(forgery), the report notes.

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.  Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company.

Satyam reported a INR1.25 billion (US$28 million) loss for the 12
months ended March 31, 2010, and an INR81.8 billion loss for 2009.

                      About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.


SRI DEVI EXTRACTIONS: CRISIL Puts 'BB' Rating on Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Sri Devi
Extractions Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR20.00 Million Cash Credit Facility   BB/Stable (Assigned)
   INR120.00 Million Letter of Credit      P4+ (Assigned)

The ratings reflect Sri Devi Extractions' below-average financial
risk profile marked by small net worth and weak debt protection
metrics, geographically concentrated revenue profile, and exposure
to intense competition in the edible oil industry. These rating
weaknesses are partially offset by Sri Devi Extractions'
promoters' industry experience in the edible oil business.

Outlook: Stable

CRISIL believes that Sri Devi Extractions will continue to benefit
from its promoters' extensive experience in the edible oil
industry. The outlook may be revised to 'Positive' if there is a
significant improvement in Sri Devi Extractions' financial risk
profile, driven by improvement in its capital structure and
sustained increase in its cash accruals.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes a large
debt-funded capital expenditure (capex) programme, or if its
margins and revenues decline, leading to deterioration in its
financial risk profile.

                     About Sri Devi Extractions

Set up in 1987, Sri Devi Extractions trades in crude and refined
palm oil and other edible oils.  The company was promoted by Mr. V
Dhandayutha Pani and family, and is headquartered in Namakkal
(Tamil Nadu). The promoters also operate other companies which are
in the same line of business; these include Sri Devi Oil Pvt Ltd
(rated 'BB/Stable/P4+' by CRISIL), Prithiyangara Imports Pvt Ltd,
and Prithiyangara Imports (Namakkal) Pvt Ltd. Sri Devi Oil Pvt Ltd
is into refining and processing of edible oil, and the rest trades
in edible oils.

Sri Devi Extractions reported a profit after tax (PAT) of INR2.2
million on net sales of INR522.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1.5
million on net sales of INR435.0 million for 2008-09.


SSE NIRMAN: CRISIL Reaffirms 'P4+' Rating on Bank Guarantee
-----------------------------------------------------------
CRISIL's rating on the bank facilities of SSE Nirman Pvt. Ltd.
continues to reflect SSE Nirman's small scale of operations in the
construction industry, and low net worth, limited geographical and
segmental diversification in revenue profile, and limited track
record in executing large projects.  These weaknesses are
partially offset by the benefits that the company derives from its
healthy order book.

   Facilities                      Ratings
   ----------                      -------
   INR330 Million Bank Guarantee   P4+ (Reaffirmed)

Update

The company's performance for 2009-10 (refers to financial year,
April 1 to March 31) has been in line with CRISIL's expectations.
SSE Nirman's turnover is estimated at around INR1196.5 million for
the year, as against INR 135.5 million in the previous year. The
turnover increase has been mainly due to successful execution of
the Chattisgarh Housing Project, subcontracted to it by Mackintosh
Burn. SSE Nirman had outstanding orders of INR3050 million as of
September, 2010, mainly from the Chattisgarh Housing Board. The
company's liquidity is adequate, backed by large accruals and low
bank limit utilisation.

The company has bought a three-star hotel in Australia at
INR 170.0 million in September 2010. The company has set up a
wholly owned subsidiary, SSE Holiday Resort PPY, Australia,
incorporated in July 2010 to finalise the acquisition. The
acquisition was funded partially by SSE Nirman (upto INR 90
million) and partially by loans taken by the subsidiary (up to
INR 80 million).

SSE Nirman reported a provisional profit after tax (PAT) of INR
71.0 million on provisional net sales of INR1172.6 million for
2009-10 (refers to financial year, April 1 to March 31), as
against a PAT of INR11.4 million on net sales of INR133 million
for 2008-09.

                          About SSE Nirman

Set up in 2006 as a closely-held company by Mr. Sudip Sen and Mrs.
Aditi Sen, SSE Nirman undertakes civil construction activities,
including construction of buildings, in West Bengal. The company
has executed projects for Benfish and West Bengal Fisheries
Development Corporation.


TATA STEEL: S&P Assigns Recovery Rating to GBP3.53 Bil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned a recovery rating of
'1' to the GBP3.53 billion senior secured bank loan due 2015-2017
issued by Tata Steel UK Holdings Ltd. (B+/Stable/B) through
subsidiaries Tata Steel Netherlands Holdings B.V. and Tata Steel
Nederland B.V.  This indicates S&P's expectation of very high
(90%-100%) recovery in the event of a payment default.  Under
S&P's criteria, a '1' recovery rating leads us to rate the bank
loan at 'BB', two notches above the long-term corporate credit
rating of 'B+'.  Recovery expectations are at the higher end of
the range.

Recovery prospects are largely based on a stand-alone assessment
of TSUKH, and do not factor in any potential support from the
higher-rated parent company Tata Steel Ltd. (BB-/Stable/--) to
directly meet debt servicing requirements.  Nevertheless, the
parent has a bearing on the corporate credit rating of TSUKH and
the group has been providing support to TSUKH to meet working
capital requirements on an unsecured basis.  This support is in
addition to the Tata Steel group's infusion of more than GBP700
million in TSUKH in the form of subordinated loans and equity
since the acquisition in 2007.

S&P's recovery expectations are based on the favorable insolvency
regimes in which TSUKH operates, a relatively strong security
package covering all of the U.K. assets, as well as a share pledge
on the company's Dutch business.  S&P's estimate of recovery is
based on a going-concern valuation, although TSUKH's substantial
asset base significantly underpins recovery prospects.

S&P's default scenario assumes: (1) some further improvement,
though not significant, in the relatively weak operating
environment; (2) raw material prices would continue to keep
margins under pressure; and (3) free operating cash flow would
remain insignificant as cash flows are used to reduce working
capital support from the Tata Steel Group.  S&P expects these
factors along with steady increase in interest rates and debt
maturities to lead to default in fiscal year ending March 31,
2014.  EBITDA under this scenario would be about GBP775 million at
default.

At the hypothetical point of default, the stressed enterprise
value would be GBP3.8 billion and it would be reduced by priority
obligations comprising costs of insolvency, outstanding
receivables' securitization, and other priority debt.  Taking into
account contractual repayments, the outstanding amount of senior
debt that would have to be covered is estimated at about GBP3.1
billion (including pre-petition interest), assuming the revolving
credit facility is fully drawn and the pension fund continues to
remain in surplus at the time of default.  The recovery could be
lower if S&P was to consider discontinuation method for pension
fund evaluation and if there is a material increase in the working
capital support from the Tata Steel Group, though on an unsecured
basis.

                           Ratings List

                            New Rating

                     Tata Steel Nederland B.V.

               Senior Secured (1 issue)                 BB

               Tata Steel Netherlands Holdings B.V.

               Senior Secured (4 issues)                BB

                            New Rating

               Tata Steel Netherlands Holdings B.V.

                          Senior Secured

               EUR2.21 bil fltg rate bank ln ser A      BB
               due 09/30/2015
                Recovery Rating                         1

               EUR900 mil fltg rate bank ln ser B1      BB
               due 09/30/2017
                Recovery Rating                         1

               US$400 mil fltg rate bank ln ser B2      BB
               due 09/30/2017
                Recovery Rating                         1

               GBP590 mil fltg rate Revolving bank ln   BB
               due 09/30/2015
                Recovery Rating                         1

                     Tata Steel Nederland B.V.

                          Senior Secured

               GBP100 mil fltg rate Revolving bank ln   BB
               due 09/30/2015
                Recovery Rating                         1


TIRUPATI EDUCATIONAL: CRISIL Assigns 'B-' Rating to INR60MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to the bank
facilities of Tirupati Educational and Welfare Society (TEWS),
which is part of the Tirupati group.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Proposed LT Loan   B-/Negative (Assigned)

The rating reflects the Tirupati group's weak liquidity and
susceptibility to adverse regulatory changes.  These rating
weaknesses are partially offset by the Tirupati group's healthy
business risk profile, supported by diversity in profile of
courses offered by its institute, continuous upgrade in its
infrastructure and healthy financial risk profile, marked by
healthy debt protection metrics and low gearing.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of TEWS and Tirupati Educational and
Welfare Trust.  This is because these entities, which are together
referred to as the Tirupati group, have a common management and
fungible cash flows.

Outlook: Negative

CRISIL expects the Tirupati group's financial flexibility to
remain weak over the medium term because of mismatches in
cashflows. The rating maybe downgraded if the group delays
servicing its term debt over the medium term. Conversely, the
outlook may be revised to 'Stable' if the group services its debt
in a timely manner over the medium term.

                          About the Group

Set up in 1998 by Mr. Sudhir Giri, TEWS is part of the
Venkateshwara Group of Institutions (VGI), which runs two colleges
in Meerut (Uttar Pradesh) - Venkateshwara Institute of Computer
Science & Technology and Choudhary Narendra Singh College, with a
total student base of 1222 as on March 31, 2010. These colleges
offer courses in engineering, management, and accountancy, and a
polytechnic with affiliation to Uttar Pradesh Technical University
(UPTU) and Chaudhary Charan Singh University (CCSU).

TEWT runs seven colleges in Meerut. Both TEWS and TEWT have a
common campus, spread across 11 acres. VGI is to be conferred the
status of a deemed university in 2010-11.

The Tirupati group is estimated to report a profit after tax (PAT)
of INR69 million on net revenue of INR129 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR21.7 million on net revenues of INR103 million for 2008-09. PAT
was lower in 2008-09 due to cash adjustment pertaining to earlier
years in TEWS.


TIRUPATI EDUCATIONAL: CRISIL Assigns 'C' Rating to INR155MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'C' rating to the bank facilities of
Tirupati Educational and Welfare Trust, which is part of the
Tirupati group.

   Facilities                                  Ratings
   ----------                                  -------
   INR155.0 Million Proposed Long-Term Loan    C (Assigned)

The ratings reflect the Tirupati group's weak liquidity and
susceptibility to adverse regulatory changes. These rating
weaknesses are partially offset by the Tirupati group's healthy
business risk profile, supported by diversity in profile of
courses offered by its institute, continuous upgrade in its
infrastructure and healthy financial risk profile, marked by
healthy debt protection metrics and low gearing.

CRISIL has combined the business and financial risk profiles of
TEWT and Tirupati Educational and Welfare Society.  This is
because these entities, which are together referred to as the
Tirupati group, have a common management and fungible cash flows.

                          About the Group

Set up in 1998 by Mr. Sudhir Giri, TEWT is part of the
Venkateshwara Group of Institutions (VGI), which runs seven
colleges in Meerut, Uttar Pradesh - Venkateshwara College of
Education, Venkateshwara Institute of Technology & Management,
Venkateshwara College of Engineering, Venkateshwara College of
Pharmacy, Venkateshwara School of Pharmacy, Venkateshwara School
of computer Science and Venkateshwara Institute of Technology with
a total student base of 1063 as on March 31, 2010. These colleges
offer courses in engineering, management, pharmacy and polytechnic
with affiliation to UPTU (Uttar Pradesh Technical University) and
CCS (Chaudhary Charan Singh) University.

TEWS runs two colleges in Meerut. Both TEWT and TEWS have a common
campus, spread across 11 acres. VGI is to be conferred the status
of a deemed university in 2010-11.

The Tirupati group is estimated to report a profit after tax (PAT)
of INR69 million on net revenue of INR129 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR21.7 million on net revenues of INR103 million for 2008-09. PAT
was lower in 2008-09 due to cash adjustment pertaining to earlier
years in TEWS.


VIRTUS EXPORTS: CRISIL Rates INR110MM Bank Guarantee at 'P4+'
-------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Virtus Exports and Imports
Pvt Ltd's bank guarantee facility.

   Facilities                           Ratings
   ----------                           -------
   INR110.0 Million Bank Guarantee      P4+ (Assigned)

The rating reflects VEIPL's limited track record in the tender-
based defence equipment business in Algeria and Egypt, exposure to
customer concentration risks, susceptibility to adverse regulatory
changes, and moderately high working-capital-intensive operations.
These weaknesses are partially offset by VEIPL's comfortable
financial risk profile, marked by low gearing and healthy debt
protection metrics, and the extensive experience of its promoter
in the armed forces.

Incorporated in 2007, VEIPL trades in spare parts for defence
equipment. The company earns around 90 per cent of its revenues by
supplying hardware to the Ministry of Defence (MoD), Algeria,
while the remainder is derived from the supply of components to
MoD, Egypt.  The company procures spare parts from suppliers in
Ukraine and Russia. VEIPL is promoted by Brigadier A K Sood
(retired), who has over 34 years' experience in the armed forces,
along with his family.

VEIPL reported a profit after tax (PAT) of INR10.0 million on net
sales of INR275.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.2 million on net sales
of INR104.7 million for 2008-09.


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


JLOC XI: Fitch Affirms Ratings on Five Classes of Notes
-------------------------------------------------------
Fitch Ratings has affirmed JLOC XI Limited's five classes of notes
due December 2012, revised the Outlooks on Class D1 and D2, and
simultaneously withdrawn the rating on the interest-only Class X
Notes.  The transaction is a Japanese multi-borrower type CMBS
securitization.  The rating actions are as listed below:

  -- JPY211m* Class A Notes affirmed at 'AAAsf'; Outlook Stable;

  -- JPY90m* Class B Notes affirmed at 'AA+sf'; Outlook Stable;

  -- JPY30m* Class C Notes affirmed at 'A+sf'; Outlook Stable;

  -- JPY346m* Class D1 Notes affirmed at 'BBsf'; Outlook revised
     to Stable from Negative; and

  -- JPY154m* Class D2 Notes affirmed at 'BBsf'; Outlook revised
     to Stable from Negative.

  * as of October 21, 2010

  -- Class X Notes (interest-only), rating of 'AAAsf' with a
     Stable Outlook has been withdrawn.

The rating actions are the result of a review of the transaction.
Following the previous review in October 2009, six of the seven
remaining underlying loans have been paid down in full on or prior
to their maturity dates.  The maturity date of the last loan is in
late November 2010.  As a result of significant note principal
redemption through the payment in full of many underlying loans,
total surplus funds that the note issuer has access to or directly
holds, have exceeded the remaining note balance.  Under the terms
of the notes, all classes are expected to be paid down in full on
the next note payment date with these funds.

Outlooks on the Class D1 and D2 Notes have been revised to Stable
from Negative, reflecting the current status of the transaction.

The rating on the interest-only Class X Notes, which addresses the
likelihood of receiving interest while principal on the related
notes remain outstanding, has been withdrawn.  For additional
information, please refer to the commentary, entitled "Fitch
Revises Practice for Rating IO and Pre-Payment Related Structured
Finance Securities", dated 23 June 2010.

Fitch assigned ratings to this transaction in March 2004.  At
closing, the notes were secured by 14 loans collateralized by 25
properties or property trust TBIs.  The transaction is now secured
by one loan backed by a single property, and the surplus funds
described above.


TITAN JAPAN: S&P Downgrades Ratings on Various Floating Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A to D floating-rate bonds issued under the Titan Japan,
Series 1 GK transaction and removed the ratings on classes A to C
from CreditWatch with negative implications, where they were
placed on Sept. 9, 2010.  At the same time, S&P withdrew its
rating on the class X bonds based on its updated criteria for
rating IO securities, which S&P published on April 15, 2010.

Out of the six loans (effectively four loans) that backed the
transaction when the bonds were issued in December 2007, only four
loans (effectively three loans) remain.  S&P downgraded classes A
to D because:

In September 2009, S&P lowered its assumption with respect to the
likely collection amount from the properties backing two loans
(the two loans, which originally represented about 64% of the
total initial issuance amount of the bonds, are due to mature in
November 2010) out of the transaction's four remaining loans.
Under its revised assumption, S&P estimated the combined value of
the properties to be about 69% of its initial underwriting value.
The two loans (effectively one loan) are backed by suburban-type
retail properties.  S&P has this time again lowered its assumption
with regard to the likely collection amount from the properties in
question after considering the progress of the sales of the
collateral properties and the situation regarding real estate
deals involving similar asset types.  S&P currently assume the
combined value of the properties to be about 53% of its initial
underwriting value.

In September 2009, S&P also lowered its assumption with regard to
the likely collection amount from the properties backing another
remaining loan (a loan other than the two loans maturing in
November 2010; the loan originally represented about 16% of the
total initial issuance amount of the bonds), which defaulted in
June 2010.  Under its revised assumption, S&P estimated the
combined value of the properties to be about 67% of its initial
underwriting value.  S&P has this time again lowered its
assumption with regard to the likely collection amount from the
properties in question after considering a number of factors,
including the servicer's collection plan, as well as the
performances of the properties.  S&P currently assume the combined
value of the properties to be about 48% of its initial
underwriting value.

In September 2009, S&P also lowered its assumption with regard to
the likely collection amount from the properties backing still
another remaining loan (the loan originally represented about 5%
of the total initial issuance amount of the bonds), which
defaulted in August 2010.  Under its revised assumption, S&P
estimated the combined value of the properties to be about 70% of
its initial underwriting value.  Although the servicer has yet to
provide a collection plan, S&P has this time again lowered its
assumption with regard to the likely collection amount after
considering a number of factors, including the relevant
information from servicer's collection plan for the properties
backing the loan that defaulted in June 2010, as well as the type
and the locations of the properties in question.  S&P currently
assume the combined value of the properties to be about 48% of its
initial underwriting value.

S&P has withdrawn its rating on class X based on its updated
criteria for rating IO securities (for details, see report
"Criteria/Structured Finance/General: Global Methodology For
Rating Interest-Only Securities," published April 15, 2010).

Titan is a multi-borrower CMBS transaction.  The bonds were
originally secured by six nonrecourse loans (effectively four
loans) extended to six obligors.  The nonrecourse loans were
initially backed by 43 real estate properties or real estate
beneficial interests.  The transaction was arranged by Credit
Suisse Securities, and Premier Asset Management Co.  is the
transaction servicer.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in November 2012 for the class A certificates,
and the full payment of interest and ultimate repayment of
principal by the legal maturity date for the class B to D
certificates.

            Ratings Lowered, Off Creditwatch Negative

                     Titan Japan, Series 1 GK
         JPY125.8 billion floating-rate bonds due Nov. 2012

Class      To            From                 Initial Issue Amount
-----      --            ----                 --------------------
A          BBB (sf)      AA+ (sf)/Watch Neg    JPY90.2 bil.
B          B- (sf)       BBB (sf)/Watch Neg    JPY12.1 bil.
C          CCC (sf)      BB- (sf)/Watch Neg    JPY11.8 bil.

                         Rating Lowered

Class        To               From            Initial Issue Amount
-----        --               ----            --------------------
D            CCC- (sf)        CCC (sf)        JPY11.7 bil.

                        Rating Withdrawn

     Class        Rating           Initial Notional Principal
     -----        ------           --------------------------
     X*           AAA (sf)         JPY125.8 bil.

                         * Interest only


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


HO HUP CONSTRUCTION: Court Grants Restraining Order
---------------------------------------------------
Ho Hup Construction Company Berhad and two of its subsidiaries on
October 20, 2010, obtained an order from the High Court of Malaya
at Kuala Lumpur, which inter alia, granted the Company leave to
convene a Scheme Creditors meeting to consider and approve a
Proposed Restructuring Scheme and Creditors Scheme of Arrangement
and ordered that all further proceedings and/or actions against Ho
Hup including but not limited to any winding-up, execution and/or
arbitration proceedings be restrained for a period of 90 days from
the date of the order.   The Restraining Order shall exclude the
current action between Ho Hup and Pioneer Haven Sdn Bhd & 10
others bearing suit no: D-22 NCC-792-2010.

The Restraining Order was granted to Ho Hup and two of its
subsidiaries, namely Bukit Jalil Development Sdn Bhd and Tru-Mix
Concrete Sdn Bhd so that the Applicants are able to file an
application under Section 176 (1) and (10) of the Companies Act,
1965, to be given leave to convene scheme creditors meetings for
the purpose of considering and if thought fit approving, with or
without modification, a Proposed Restructuring Scheme and
Creditors Scheme of Arrangement.

The Restraining Order will allow the Company to finalise the
Proposed Scheme, pursuant to its PN17 Regularization Plan, of
which the finalized details will be announced in due course.

The Restraining Order is not expected to have any material impact
on the financial and operational matters of the Company.

                            About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


HO HUP CONSTRUCTION: Seeks 5-Month Extension to Submit Plan
-----------------------------------------------------------
Ho Hup Construction Company Berhad disclosed that it has applied
to Bursa Malaysia Securities Berhad for a further extension of
time of five months or up to April 4, 2011, to submit its
regularization plan to the relevant authorities pursuant to the
provisions of PN17 of Bursa Securities Main Market Listing
Requirements.

                            About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


NAM FATT: Ad Interim Restraining Order Extended
-----------------------------------------------
The Shah Alam High Court in September granted Nam Fatt Corporation
Berhad and three of its subsidiary companies Ad Interim
Restraining Order pursuant to an interlocutory application in
Originating Summons No. 24-569-2010 which is the main application
by the Scheme Companies under Section 176 of the Companies Act
1965.

In an update, Nam Fatt disclosed that the Shah Alam High Court on
October 22, 2010, granted a further extension to the Ad Interim RO
pending decision of the Originating Summons on November 12, 2010.

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


OILCORP BERHAD: Unit Gets Notice to Invoke Bank Guarantee
---------------------------------------------------------
Oilfab Sdn. Bhd., a subsidiary of Oilcorp Berhad, has received a
notice to invoke Bank Guarantee issued by Bank Islam Malaysia
Berhad to Petronas Carigali Sdn. Bhd.

PCSB has served a notice to BIMB to demand from BIMB the full
payment of Bank Guarantee No. TFP08136090012 sum of MYR2,328,530
as it is alleged that OFSB has failed to perform its obligations
under the Contract No. CHO/C3/2007/DKB/265C.  BIMB has in turn
requested OFSB to remit full payment of the said amount to BIMB.
This amount has not been provided for in the financial statements
and therefore will result in further losses to OFSB and Oilcorp as
a group.

OFSB said it is seeking legal advice on this matter.

                        About Oilcorp Berhad

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


RANHILL BERHAD: Winding Up Petition Served on Ranhill Engineers
---------------------------------------------------------------
Ranhill Berhad furnished Bursa Malaysia Securities Berhad with
details of the winding-up petition served against Ranhill
Engineers and Constructors Sdn Bhd, a wholly owned subsidiary of
the Company.

The petition was filed by Raba's Seruji Sole Proprietor of
Syarikat Pertama.  RSSP is one of the subcontractors for REC in
regards of the MLNG Slugcatcher Project, Bintulu, in Sarawak.

The Company advised that a winding-up petition was presented in
the Kuala Lumpur High Court, on September 30, 2010, against
Ranhill Engineers and was served on October 20, 2010, for a claim
of MYR1,160,672.05 being the Judgment sum and together with
interest amounting to MYR711,110.98 as at August 23, 2010.

The petition has been fixed for hearing on November 25, 2010.

                         About Ranhill Berhad

Headquartered in Kuala Lumpur, Malaysia, Ranhill Berhad --
http://www.ranhill.com.my-- provides engineering, procurement
and construction services.  The firm's other activities include
provision of engineering, procurement, construction and project
management services; facilities management, property investment
and investment holding.  It operates solely in the domestic
market.


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


BLACK ROBIN: Goes Into Receivership
-----------------------------------
Ten million dollars' worth of trade with the Chatham Islands could
be lost following the receivership of Black Robin Freighters,
Taranaki Daily News reports.  The report relates that Black Robin
went into receivership last week with BDO Christchurch notifying
the receivership on Saturday.

According to Taranaki Daily News, in August Black Robin Freighters
Director Kelvyn Leslie raised concerns there would not be enough
business to support two shipping services, after Auckland-based 44
South Shipping launched a twice-monthly service to the Chathams.
The report notes the Chatham Islands' mayor, Alfred Preece, said
the service was vital to the islands and it would be a crisis if
it was lost.

Taranaki Daily News relates that Black Robin Freighters, which has
run the Rangatira between Timaru and the Chathams since 2000, was
shown on the PrimePort Web site to be departing for the Chatham
Islands on Wednesday.  The report relates that the company had
reduced its Chathams service from four or five sailings a month to
three because there was not enough cargo.  It had axed its
sailings to Napier as well, the report says.

Taranaki Daily News discloses that Aoraki Development Trust Chief
Executive Wendy Smith estimated the value of trade between Timaru
and the Chathams was about NZ$10 million, and had warned a vessel
competing with the Rangatira put that under threat.

Black Robin Freighters is a Timaru shipping company.


JEAN JONES: Enters Into Receivership
------------------------------------
William Mace at Business Day reports that the company behind
clothing retailer Jean Jones has entered receivership with the
receiver saying he is "hopeful of achieving a positive outcome."
Deloitte's Michael Horne was appointed to run the fashion chain's
trading company WRCC Limited, the report relates.

According to Business Day, Mr. Horne said that 15 of the chain's
stores would remain open, but four stores had been closed.  The
report relates Mr. Horne said that the company's position was
still being reviewed, but "it appeared that the basic business
model was viable and its problems were primarily caused by factors
outside the business."

"The immediate priority for the receivers was to restore stock
volume to ensure the stores could return to appropriate trading
levels, and then to identify a buyer for the whole chain," Mr.
Horne added, Business Day relates.

Jean Jones is clothing retailer that was originally owned by
Michael Ward.


SOUTH CANTERBURY: Trustee Executors Track NZ$400K Missing Payout
----------------------------------------------------------------
Emma Bailey at The Timaru Herald reports Trustee Executors are
trying to track down NZ$400,000 -- the investment of a South
Canterbury woman who has spent the long weekend worrying where her
investment has gone.

The Timaru Herald says the South Canterbury Finance investor's
money was direct-credited to the wrong account, which she
discovered after she received a letter on Saturday stating the
account the money had been credited to, which wasn't hers.

The money was paid out as a result of SCF going into receivership
on August 31, and the Government made a full settlement under its
guarantee to the company's depositors by paying Trustees
Executors, the trustee for SCF.

"We take the matter seriously and we are committed to resolving
the issue, but there is nothing more we can add until we talk to
the investor on Tuesday morning," a spokesperson told Timaru
Herald.

The Timaru Herald discloses that Trustees Executors had been
holding NZ$1.25 billion on behalf of some 35,000 investors and
paid out remaining debenture and deposit holders on October 20.
Customers with direct credit facilities were paid the same day.
In September, NZ$350 million had been paid to bond holders, the
report adds.

                        About South Canterbury

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

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

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

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


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


ACHIEVA NETWORKS: Creditors' Proofs of Debt Due November 22
-----------------------------------------------------------
Creditors of Achieva Networks Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 22,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


FUJITSU DEVICES: Creditors' Proofs of Debt Due November 22
----------------------------------------------------------
Creditors of Fujitsu Devices Singapore Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by November 22, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


LEUNG CHOW: Creditors Get 19.95305% Recovery on Claims
------------------------------------------------------
Leung Chow Industrial Co Pte Ltd declared the first and final
preferential dividend on October 18, 2010.

The company paid 19.95305% to the received claims.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


MANAGEMENT CORPORATION: Creditors' Proofs of Debt Due November 22
-----------------------------------------------------------------
Creditors of The Management Corporation, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 22,
2010, to be included in the company's dividend distribution.

The liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


SOI YONG: Creditors Get 85.31% Recovery on Claims
-------------------------------------------------
Soi Yong Industrial Pte Ltd declared the first and final dividend
on September 24, 2010.

The company paid 85.31% to the received claims.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


THONG SOON: Creditors' Proofs of Debt Due November 5
----------------------------------------------------
Creditors of Thong Soon Lines Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 5,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


===========
T A I W A N
===========


HUA NAN: Moody's Changes Outlook on 'D' Rating to Stable
--------------------------------------------------------
Moody's Investors Service has changed to stable from negative its
outlook for the A3 long-term deposit rating, and P-1 short-term
deposit rating and the "D" bank financial strength rating on Hua
Nan Commercial Bank.

"The change to HNCB's rating outlook reflects the improvement in
HNCB's capital adequacy and asset quality since the financial
crisis," says Sally Yim, a Moody's Vice President and Senior
Analyst.

HNCB's Tier 1 ratio improved to 7.52% at 2Q2010, up from 6.78% the
previous year, due to organic capital growth, as the bank lowered
its dividend payout ratio to around 25% and adjusted its loan
strategy to focus more on mortgages and government-related loans
in order to manage its risk-weighted asset growth.

The bank also issued NT$3 billion of Tier 1 perpetual non-
cumulative subordinated debt in December 2009 to strengthen its
capital base.  The issuance is about the same amount of its 2009
profit retention.

Moody's believes that like other government-controlled banks,
HNCB's flexibility to raise capital through issuing additional
common shares is somewhat constrained by its government ownership.
This considers the government's desire to maintain its controlling
shareholding but to deploy fiscal resources for other priorities
at this time.  "Moody's expects that HNCB will continue to retain
a higher percentage of profits and issue more hybrid Tier 1
subordinated debt to provide capital for both future expansion in
China and loans growth," says Yim.

On the other hand, HNCB's NPL ratio has declined steadily over the
past year since it peaked at 1.99% during 2Q2009, the highest
level amongst all of Moody's rated Taiwanese banks, but also lower
than in Moody's stress test.

A large portion of the bank's problem loans came from the SME
sector.  As the economy recovers, new SME NPLs have decreased to a
low level.  In Moody's view, HNCB would have to continue to
improve its underwriting risk management because the SME sector
remains vulnerable to any significant downturn of the economy.

Moody's also expects that the gradual increase in interest rates
by the central bank and the global and domestic economic recovery
will help improve HNCB's net interest income and fee income.
Barring an economic downturn, its loan loss provisioning should
also be stable.

The D BFSR reflects the bank's strong business franchise, which is
supported by an extensive branch network and significant shares in
both loans and deposits.  In addition, the bank has good liquidity
and a low risk investment book.

However, the bank's risk positioning is rather weak, given its
high borrower concentration, its weak internal controls, and
dominant government control, which weakens its corporate
governance.  Profitability on a global comparison is also weak
given a highly fragmented market and intense competition.

HNCB's A3 long-term deposit rating incorporates five notches of
uplift, reflecting the potential for a high level of systemic
support given the bank's government majority ownership and its
significant share in deposits and loans.  In addition, Taiwan --
the systemic support provider and a high support system -- has a
local currency deposit ceiling of Aa3 with a stable outlook.

The last rating action on HNCB took place on September 21, 2009,
when Moody's withdrew HNCB's Aa2.tw national scale long-term bank
deposit rating and TW-1 national scale short-term deposit rating.

Hua Nan Commercial Bank is one of the major subsidiaries of Hua
Nan Financial Holding Co., Ltd. in Taiwan.  Its total assets came
to NT1.8 trillion as of June 30, 2010.


STANDARD CHARTERED: Fitch Upgrades Long-Term Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has upgraded Standard Chartered Bank (Taiwan)
Limited and Standard Chartered First Bank Korea Limited's Long-
term Issuer Default Ratings to 'A+' from 'A' with a Stable
Outlook.  Accordingly, the agency upgraded SCBTL's National Long-
term Rating and subordinated debt rating, as well as SCFB's hybrid
securities rating.  All the other ratings of both companies were
affirmed simultaneously.  For a full list of rating actions,
please refer to the end of this rating action commentary.

The rating actions follow Fitch's announcement on 15 October 2010
to upgrade Standard Chartered Bank's, the parent and sole owner of
both companies, IDR to 'AA-/Stable' from 'A+/Stable'.

The upgrades are based on the parent bank's even stronger credit
profile and Fitch's belief of a very high probability of parental
support to both subsidiary banks.  This is evident from SCB's
significant investments into SCBTL and SCFB in the past.  Both
subsidiaries are a key part of SCB group's operations and long-
term regional/global strategy.  For detailed credit profiles of
SCBTL and SCFB, please refer to credit reports on the companies
published in September 2010.

SCBTL has total assets of TWN639.4bn (US$20bn, 4.2% of SCB group's
total assets) and commands a deposit market share of 2.1% in
Taiwan at June-2010.  SCFB has total assets of KRW68.2trn
(US$58.5bn, 13% of the group's total assets) at end-2009 and a
4.3% market share in deposits, ranking it the eighth-largest in
Korea.  Both SCBTL and SCFB are wholly-owned by SCB.

The detailed list of rating actions is:

Standard Chartered First Bank Korea:

  -- Long-term Foreign Currency IDR upgraded to 'A+' from 'A' with
     Stable Outlook;

  -- Short-term Foreign Currency IDR affirmed at 'F1';

  -- Individual Rating affirmed at 'C';

  -- Support Rating affirmed at '1'; and

  -- Hybrid Securities upgraded to 'A-' from 'BBB+'.

Standard Chartered Bank (Taiwan) Limited:

  -- Long-term Foreign Currency IDR upgraded to 'A+' from 'A' with
     Stable Outlook;

  -- Short-term Foreign Currency IDR affirmed at 'F1';

  -- National Long-term rating upgraded to 'AAA(twn)' from
     'AA+(twn)' with Stable Outlook;

  -- National Short-term rating affirmed at 'F1+(twn)';

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '1'; and

  -- Subordinated debt National Long-term rating upgraded to
     'AA+(twn)' from 'AA(twn)'.


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


* Tsugumichi Watanabe Joins Bingham as Partner in Tokyo Office
--------------------------------------------------------------
Continuing its investment in its acclaimed financial services
capabilities in Asia, Bingham McCutchen LLP has expanded its
global finance and cross-border transactional strength with the
addition of Tsugumichi Watanabe as a partner in the Tokyo office.

Mr. Watanabe, who joins Bingham from Morrison & Foerster in Tokyo,
focuses on complex cross-border corporate matters and all phases
of global financing transactions, including project finance,
asset-backed financings, real estate, workouts and cross-border
securitizations.  He advises Asian-based clients as well as
companies from the United States and other regions that conduct
business in Asia.

"Tsugu is a top-notch lawyer who brings a broad range of global
financing experience," said Bingham Chairman Jay Zimmerman. "His
arrival strengthens our finance and cross-border capabilities in
Asia and bolsters our strategic investment and expansion to
provide the best legal services to clients who have business
interests in Asia."

Mr. Watanabe's arrival is Bingham's latest addition in Asia.
Earlier this month, Bingham announced the expansion of its Hong
Kong office with the addition of three partners in its leading
financial services area, structured finance partners Laurence
Isaacson and Vincent Sum, and financial restructuring partner Mark
Fucci.  In June, Anne-Marie Godfrey joined Bingham as an
investment management partner in Hong Kong.

In addition, Mr. Watanabe's significant project finance experience
expands Bingham's recognized energy and project finance group to
Asia and continues the practice's growth in 2010.  In July,
Joel Moser, former co-chair of Fulbright & Jaworski's global
infrastructure group, joined as a partner in New York. Partner
Jacob Worenklein joined Bingham in New York in January; he is the
founder, former chairman and CEO of U.S. Power Generating Co. and
the founder of Milbank, Tweed, Hadley & McCloy LLP's project
development and finance practice.

Bingham's global platform and its market-leading strength in
international financing, project finance and cross-border
transactions attracted Watanabe to the firm.

"I am pleased to be joining Bingham in its Tokyo office and to be
part of a vibrant expanding practice to meet the increasing needs
of Bingham's clients as they make investments and acquisitions
both into and out of Asia in a broad array of industry sectors,"
Mr. Watanabe said.

Mr. Watanabe's representation of global financial institutions and
funds includes advising banks, insurance companies, funds and
other entities in their financing and secured lending activities
spanning a broad spectrum of businesses.  He also has extensive
experience in numerous international and Asian project finance
transactions involving energy, infrastructure and transportation
transactions, including power, pipeline, and oil and gas
financings worldwide.  He has advised clients on international oil
supply arrangements and has represented sponsors, lenders and
other project participants in green field development projects.
Watanabe handles major cross-border M&A transactions and advises
on numerous corporate and commercial transactions in Asia. He also
advises on trade, real estate and acquisition financings and their
restructurings.

Bingham is one of the largest foreign law firms in Japan.  The
Tokyo office has more than 70 lawyers (most of whom are Japanese
bengoshi) providing a full range of business law services,
including domestic and large-scale, cross-border financial
restructurings, financial regulatory and investment funds,
corporate, M&A, finance, financial regulatory, intellectual
property, antitrust, litigation, employment, and real estate.
Bingham offers a broad range of market-leading practices focused
on global financial services firms and Fortune 100 companies. The
firm has 1,100 lawyers in 13 locations in the United States,
Europe and Asia.


* 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.





                    *** End of Transmission ***