TCRAP_Public/101028.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

          Thursday, October 28, 2010, Vol. 13, No. 213

                            Headlines



A U S T R A L I A

ALLIED BRANDS: Calls In Vincents C.A. as Administrators


H O N G  K O N G

METHOD BUILDING: Court Enters Wind-Up Order
NTS LIMITED: Court Enters Wind-Up Order
PASS FOUNDATION: Court Enters Wind-Up Order
SOUTH EAST: Creditors Get 0.3858% Recovery on Claims
SPOTTING MEDIA: Court to Hear Wind-Up Petition on November 24

SUCCESS ELITE: Court Enters Wind-Up Order
SUNNY TECH: Members' and Creditors Meetings Set for November 10
TAKEISHI OIL: Court Enters Wind-Up Order
TEAM PRODUCTION: Court to Hear Wind-Up Petition on December 1
T.I.L IMPORT: Court Enters Wind-Up Order

WELMODE FASHION: Court Enters Wind-Up Order
YIU FAI: Creditors Get 0.3858% Recovery on Claims


I N D I A

ADVIN TRADEFIN: ICRA Places 'LBB-' Rating on INR11.75cr Bank Debt
AVENTURA COMPONENTS: ICRA Assigns 'LBB' Rating to INR5cr Bank Debt
BHAGYANAGAR CHLORIDES: ICRA Places 'LBB-' Rating on INR9.82cr Loan
DC INDUSTRIAL: ICRA Upgrades Rating on INR32cr Bank Debt to 'LBB-'
FONTUS WATER: ICRA Places 'LBB' Rating on INR5cr Fund Based Limits

JYOT OVERSEAS: ICRA Assigns 'LBB+' Rating to INR0.43cr Term Loan
ORIENTAL BANK: Fitch Affirms Issuer Default Rating at 'BB+'
SASWAD MALI: ICRA Reaffirms 'LBB+' Rating on Various Bank Loans
SATYAM COMPUTER: Court Cancels Ex-Chairman's Bail
SHRI DAMODAR: ICRA Assigns 'LBB-' Rating to INR19.4cr Debt

SSPDL LIMITED: ICRA Lifts Rating on Various Debts to 'LBB+'


I N D O N E S I A

CENTRAL PROTEINAPRIMA: Moody's Withdraws 'Ca' Corp. Family Rating


J A P A N

TAKEFUJI CORPORATION: Moody's Gives Negative Outlook on Ca Rating


M O N G O L I A

TRADE AND DEVELOPMENT: Moody's Puts 'Ba3' Rating on Senior Notes


M A L A Y S I A

OILCORP BERHAD: Obtains 90-Day Restraining Order


N E W  Z E A L A N D

AORANGI SECURITIES: Statutory Managers Warn Investor of Bogus Poll
FIVE STAR: Ex-Director Pleads Guilty to Charges of Theft
SOUTH CANTERBURY: Deutsche Bank Appointed as Sale Advisor
SOUTH CANTERBURY FINANCE: Pays Out Sandy Maier Early


P H I L I P P I N E S

BANCO FILIPINO: CA Upholds Freeze Order on PHP10BB Asset Sale




                         - - - - -


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


ALLIED BRANDS: Calls In Vincents C.A. as Administrators
-------------------------------------------------------
James Thomson at SmartCompany reports that Allied Brands Ltd. was
placed in voluntary administration Wednesday, October 27, 2010.

SmartCompany relates that Peter Dinoris and Peter Biazos of
Vincents Chartered Accountants have been appointed as joint
administrators, although chief executive Sean Corbin said not all
of the company's subsidiaries have been placed in administration
at this stage.

Mr. Corbin told SmartCompany that all current franchisees will
remain open for business, and have stock to continue trading,
while the administrator sorts out the next steps for the group.

"Through the whole process we've tried to be careful to ensure
that the franchisees stay open," Mr. Corbin told SmartCompany.
"What will happen -- and it's not my call -- is that the company
stores will probably all get closed eventually, if they cannot
find a buyer or a franchisor to take them on."

According to the report, Mr. Corbin said Allied Brands was given
little room to move when it lost the Baskin-Robbins brand, after
global brand owner Dunkin' Brands terminated the master franchise
agreement for Australia.

"This has been a long, tiring process. The hope was that there was
funding coming. We had agreements in place, but the once Baskin-
Robbins threatened to terminate the license, people got nervous,"
Mr. Corbin told SmartCompany.

SmartCompany notes Allied Brands, which saw its Cookie Man chain
placed in liquidation last month and then last week lost the
Australian franchise rights to the Baskin-Robbins brand, has only
a few remaining brands: Villa & Hut, which founder Franz Madlener
is trying to buy back; Kenny's Cardiology, which is also close to
being sold; and Awesome Water, which is still operating.

Mr. Madlener, who has been negotiating with Allied Brands for more
than a month, is now expected to begin negotiations with the
administrators, the report relates.

                         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.


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


METHOD BUILDING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on October 7, 2010 to
wind up the operations of Method Building & Engineering Works
Limited.

The company's liquidator is:

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


NTS LIMITED: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on September 24, 2010
to wind up the operations of NTS Limited.

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


PASS FOUNDATION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on September 13, 2010
to wind up the operations of Pass Foundation Limited.

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


SOUTH EAST: Creditors Get 0.3858% Recovery on Claims
----------------------------------------------------
South East Asia Overseas Finance Limited, which is in liquidation,
will pay the final dividend to its creditors on October 29, 2010.

The company will pay 0.3858% for ordinary claims.

The company's liquidator is:

         Cosimo Borrelli
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


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

Sin Benny Chun Pang filed the petition against the company.


SUCCESS ELITE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on October 7, 2010 to
wind up the operations of Success Elite Limited.

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


SUNNY TECH: Members' and Creditors Meetings Set for November 10
---------------------------------------------------------------
Members and creditors of Sunny Tech (Far East) Industrial Limited
will hold their meetings on November 10, 2010, at 3:30 p.m., at
Room 1909-10, Nan Fung Tower, 173 Des Voeux Road, Central, in
Hong Kong.

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


TAKEISHI OIL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on September 24,
2010, to wind up the operations of Takeishi Oil & Chemical Company
Limited.

The company's liquidator is:

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


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

Mok Tsz Lung Limited filed the petition against the company.

The Petitioner's Solicitors are:

          K. M. Cheung & Co.
          Suites 1715-1716, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


T.I.L IMPORT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on September 8, 2010,
to wind up the operations of T.I.L Import & Export Company
Limited.

The company's liquidator is:

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


WELMODE FASHION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on September 10,
2010, to wind up the operations of Welmode Fashion Limited.

The company's liquidator is:

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


YIU FAI: Creditors Get 0.3858% Recovery on Claims
-------------------------------------------------
Yiu Fai Warehousing Limited, which is in liquidation, will pay the
final dividend to its creditors on October 29, 2010.

The company will pay 0.3858% for ordinary claims.

The company's liquidator is:

         Cosimo Borrelli
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


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


ADVIN TRADEFIN: ICRA Places 'LBB-' Rating on INR11.75cr Bank Debt
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to INR11.75 Cr fund based
facility and 'A4' rating to the INR0.50 Cr non fund based facility
of Advin Tradefin Pvt Ltd.  ICRA has also assigned LBB- and A4
ratings to the INR7.50 Cr proposed bank limits.  The outlook
assigned to the long term rating is "Stable".

The assigned ratings takes into account the limited track record
of the company, susceptibility of profitability margins to
volatility in raw material prices and weak financial position. The
ratings however take into account the promoters' experience in the
manufacture and processing of yarn and the operational backing
from the group concerns engaged in similar line of business. The
company is entering into 20 mono polyester filament yarn segment
and the ability of the company to successfully market the same
remains to be seen.

Advin Tradefin Pvt Ltd, incorporated in 1995 is part of Shri
Damodar Group, engaged in the business of manufacturing and
processing of yarn.  ADPL has a group concern Shri Damodar Yarn
Manufacturing Pvt Ltd engaged in processing yarn.  ADPL has a
registered office in Mumbai and manufacturing unit at Silvassa,
Gujarat. ADPL is engaged in manufacturing of polyester filament
yarn and 20 mono polyester filament yarn.

Recent Results:

ADPL recorded a net loss of INR0.18Cr on an operating income of
INR2.71Cr for the year ending March 31, 2010.


AVENTURA COMPONENTS: ICRA Assigns 'LBB' Rating to INR5cr Bank Debt
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR5 crore fund based
limits of Aventura Components Private Limited.  The outlook on the
rating is stable.  ICRA has also assigned an 'A4' rating to the
INR7.5 crore non fund based bank facilities of ACPL.

The ratings factor in its modest scale of operations, highly
competitive and fragmented nature of industry and susceptibility
of the company's revenues/profits to foreign exchange fluctuations
as the company does not hedge its forex exposure.  The company is
currently present in the lower end of the value chain with
operations primarily confined to supply of components.  Moreover,
as the company imports key components it is required to maintain
inventory levels which expose the company to price risk. However,
the ratings draw comfort from the long track record of promoters
in water management business, established relations with global
water treatment equipment manufacturers, presence of group
companies across the value chain in water management industry
which helps to improve its competitive positioning in industry and
established brand name in water management business with pan India
distribution.  Further, presence in different business segments
(industrial, commercial and municipal) and diverse client mix
helps mitigate the inherent cyclicality in business segment and
client concentration risk.  Moreover, huge demand potential for
water treatment plants in the industrial and commercial segments
of the domestic market augers well for future revenue growth of
the company.

                     About Aventura Components

Aventura Components Private Limited is promoted by Dr. Kewal
Krishan Nohria, Mr. Piyush Goyal and Mr. Sunil Ghorawat.  ACPL
primarily acts as a supplier for components required in the water
handling and water treatment industry.  The company is supported
by vast experience of promoters in the water management industry
and offers range of water treatment components like filtration,
ion exchange process, membrane separation technology and chemical
treatment.  These products find wide usage in spectrum of
industries like power, steel, pharmaceuticals, textiles, paper,
dairy, food & beverages, sugar, building and household segments.

Recent Results

The company reported an Operating Income of INR29.39 crore and
Profit after tax of INR1.09 crore FY2009-10. The operating margins
of the company stood at 5.14% whereas net profit margins were at
3.7%.


BHAGYANAGAR CHLORIDES: ICRA Places 'LBB-' Rating on INR9.82cr Loan
------------------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR9.82 crore fund based
facilities and INR2.00 crore non fund based facility of
Bhagyanagar Chlorides Private Limited.  The outlook on the long-
term rating is stable.

The assigned ratings are constrained by BCPL's relatively small
scale of operations, low product diversification and highly
competitive and fragmented market in which the company operates,
thereby limiting its pricing power which is also reflected in
relatively weak profitability metrics of the company.
The ratings are also constrained on account of its stretched
liquidity position as reflected in consistently high limits
utilization arising out of high working capital intensity of
operations (NWC/OI of 49%).  High working capital coupled with
debt funded capital expenditure in the recent past has resulted in
relatively high gearing level of 2.68 times as on March 31, 2010,
and weak debt coverage indicators.  While assigning the rating
ICRA has also taken into account the fact that the company is
expected to benefit from the establishment of its new plant near
to that of Andhra Sugars, which is the sole supplier of BCPL's
major raw material, i.e. chlorine.  However this also exposes the
company to supplier concentration risks. The ratings are however
supported by more than a decade long experience of the promoters
in the manufacturing of aluminium chloride and its diversified
customer profile.

Established in 1990, BCPL is engaged in the manufacture of
aluminium chloride.  The company has had a slow rate of growth in
its formative years.  But recently the company has established a
new 1000 MT per month plant at Saggonda in West Godavari district
of Andhra Pradesh (AP).  When the operations of this plant
stabilizes, the company is expected to become one of the largest
aluminium chloride manufacturer in South India.

The company operates with a single commodity product in a market
dominated by large integrated players like Gujarat Alkalis and
Chemicals Limited and Kanoria Chemicals & Industries Limited.
These companies have set up aluminium chloride manufacturing
facility to efficiently use chlorine (produced as a by-product),
which has very high transportation costs and hence is very
difficult to transport over long distances.  As a result, these
companies convert chlorine gas to aluminium chloride thereby
increasing competitive pressures resulting in weaker profitability
for standalone players like BCPL.  With limited product
diversification, BCPL is also susceptible to the cyclicality of
prices and input costs in chemicals industry. The company's
customer profile is well diversified and mainly consists of firms
in dyes and pharmaceutical sectors.  Some of these are Sudarshan
Chemicals Industries Limited, Shasun Chemicals and Drugs Limited
and Kerala Minerals and Metals Limited. Since the company fulfils
around one third of the requirements of these companies, there is
scope for improving the sales to existing customers.


DC INDUSTRIAL: ICRA Upgrades Rating on INR32cr Bank Debt to 'LBB-'
------------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR32.00
crore fund based limits and INR154.10 crore non fund based bank
limits of DC Industrial Plant Services Private Limited from LB+ to
'LBB-'.  The outlook on the long term rating is stable.
ICRA has also reaffirmed the short term rating of A4 to the
INR14.15 crore non fund based bank limits of DCIPS.

The revision of the long term rating factors in the company's
significant improvement in capital structure and return on capital
employed, its established presence in the ash handling business in
thermal power plants, and a healthy order book position giving
income visibility in medium to long term. The ratings also
consider the huge plans for fresh thermal power capacities in
India, which offers significant growth opportunity to the
company.  With a majority of the current order book being
accounted for by NTPC Limited, counterparty risks for DCIPS is
low, although the company is exposed to significant sales
concentration risk.  The ratings are also constrained by the
relatively small scale of operations of the company at present,
the competitive nature of the ash handling system business, a
tender based ordering system ensuring low profit margins and
depressed coverage indicators.  ICRA notes the working capital
intensive nature of DCIPS's operations puts pressure on the
liquidity position of the company.  Further, the company is
exposed to margin contraction risks due to fluctuation in raw
material prices, though moderated to an extent by the presence of
cost escalation clauses in contracts with its customers.

                         About DC Industrial

DC Industrial Plant Services Pvt Ltd was incorporated in 1983 and
is one of the premier companies in ash handling business in India.
The company is 100% owned by Development Consultants Pvt Ltd
(DCPL), an established player in the area of consulting. DCIPS
commissions ash handling plant contracts on turnkey basis
involving designing, engineering, manufacturing and installation
and commissioning of ash handling systems.  The company also
undertakes operation and maintenance of such plants, supply of
spare parts and related electrical and civil works.

Recent Results

The company reported a net profit of INR2.08 crore in FY10 on an
OI of INR125.86 crore, as compared to a net profit of INR1.45
crore on an OI of INR92.25 crore during FY09.


FONTUS WATER: ICRA Places 'LBB' Rating on INR5cr Fund Based Limits
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR5 crore fund based
limits of Fontus Water Limited.  The outlook on the rating is
stable.  ICRA has also assigned an A4 rating to the INR2.5 crores
non fund based bank facilities of FWL.

The ratings factor in FWL's small scale of operations, highly
competitive and fragmented nature of industry with stiff
competition from unorganized/ regional players.  FWL has high
debtor days resulting in high working capital intensity and
negative fund flow from operation in last three out of last five
years.  Moreover, the contracts executed by FWL are mostly fixed
price contracts with execution period varying from 1-4 months
which exposes the company to price risk.

However the ratings draw comfort from the professional and
experienced promoters of FWL with long track record in water
management business.  FWL along with its group companies has
presence across the value chain in water management industry which
helps to improve competitive positioning in the industry.
Presence across various business segments (industrial, commercial
and municipal) and diverse client mix helps mitigate the inherent
cyclicality in business segment and client concentration risk.
Moreover, huge demand potential for water treatment plants in the
industrial and commercial segments of the domestic market augers
well for future revenue growth of the company.  The company has
robust capitalization and coverage indicators since most of the
debt is in the form of working capital loans.

                         About Fontus Water

Fontus Water Limited is promoted by Dr. Kewal Krishan Nohria,
Mr. Piyush Goyal and Mr. Sunil Ghorawat. FWL provides turnkey
solutions in the water management.  The company offers complete
water & wastewater treatment solutions in the commercial,
industrial and municipal segment of water industry.  Fontus Water
is an integrated water solutions company in water and wastewater
treatment industry.  The company is a part of the Earth Water
Group.

Recent Results

The company reported an Operating Income of INR14.50 crore and
Profit after tax of INR0.53 crore FY2009-10.  The operating
margins of the company stood at 9.06% whereas net profit margins
were at 3.68%.


JYOT OVERSEAS: ICRA Assigns 'LBB+' Rating to INR0.43cr Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR0.43 crore term
loans, INR11.50 crore cash credit facility and INR2.10 Cr. standby
facility of Jyot Overseas Private Limited.  The outlook for the
long term rating is stable.  ICRA has also assigned an A4+ rating
to the INR0.30 crore short-term forward credit facility of JOPL.
The cash credit facility includes sub limits (EPC/FBP) of INR10.50
crore, which have been rated on a short-term scale at A4+.

The ratings are constrained by the relatively small size of the
company's operations; the fluctuations in the raw material prices
on account of agro-climatic risks associated with psyllium seed
production and the high financial risk profile, as characterised
by low margins and weak coverage indicators.  The ratings also
reflect the vulnerability of its profitability to foreign currency
fluctuations and partial/complete withdrawal of various export
incentives extended by the Government of India.  However, the
ratings favourably factor in the established track record of the
company in the manufacture and export of psyllium husk; low demand
risk for psyllium husks; established relations with international
customers and location advantage arising from proximity to ports
and raw material sources.

Jyot Overseas Pvt. Ltd. was incorporated by Late Rajnikant A.
Patel in 1997. The company is primarily engaged in the processing
of psyllium husk (Isabgol husks) powder from agriculture product
called psyllium seeds or isabgol seeds. Earlier, the family ran a
similar business in Gujarat through Jai Industries. However, after
his family partition, Mr. Rajnikant Patel moved to Abu Road and
started JOPL with a capacity of 1500 metric tonnes per annum
(MTPA) for processing of seeds.  Over the years, the capacity has
been expanded to 11931 MTPA.

Recent Results

For the year FY 10, the company reported an operating income of
INR58.21 crores and profit after tax of INR0.21 crores.


ORIENTAL BANK: Fitch Affirms Issuer Default Rating at 'BB+'
-----------------------------------------------------------
Fitch Ratings has affirmed India's Oriental Bank of Commerce's
Long-term foreign currency Issuer Default Rating at 'BB+',
Individual Rating at 'C/D', Support Rating at '3' and Support
Rating Floor at 'BB+'.  The Outlook is Stable.

OBC's IDR is support-driven rather than driven solely by the
Individual Rating, but its ratings also consider its moderate
financial metrics compared to higher-rated Indian banks, post its
merger with Global Trust Bank in FY05.  While the bank, over these
years, has managed to improve its asset quality and ensure
adequate capitalization, funding mix and profitability remain
constraints.  The ratings are also constrained by OBC's north
India-centric business presence - a lucrative market, which
exposes the bank to constant tough competition from larger
domestic banks.

In Fitch's opinion, OBC's lower "pan-India" presence (compared to
larger government banks) and weaker deposit profile yield into a
moderate probability of support from the government.  Despite its
majority government holding (51%), larger domestic PSB will likely
take precedence in the event of a systemic crisis, given
government's own fiscal limitations, and these factors are driving
the Support Rating and Support Rating Floor.

OBC's funding profile is skewed towards costlier term deposits as
its current and savings deposit ratio is at best moderate at 25%
as at FYE10.  While the bank has been consciously trying to shed
bulk deposits, intense competition has led to slow progress as
bulk deposits continue to account for a relatively high 21% of
total deposits.  Moreover, high deposit concentration risk makes
OBC's funding profile more volatile.  Given the high interest-
sensitive nature of such deposits, cost of funds is expected to
rise as renewals are achieved at higher rates in an upward
trending interest rate scenario.  That said, renewals are unlikely
to be a concern given its PSB status and reasonably strong
franchise in its core operating regions, which should adequately
take care of the bank's liquidity needs.

On the asset quality front, a sharp increase in slippages from the
restructured loans portfolio and high incremental NPLs resulted in
a rise in its gross NPL ratio to 1.7% in FYE10 (FYE09: 1.5%).
Fitch expects further asset quality pressures from the bank's
restructured loans portfolio (4% of FY10 gross loans), though some
comfort is drawn from the bank's high loan loss coverage (around
80% as at Q1FY11), which should help absorb some of the
incremental impact on earnings.  Furthermore, asset quality issues
could be more pronounced over the medium-term as the bank
aggressively builds its higher-yielding asset portfolio (e.g.
small and medium enterprises) in its strategy to improve margins.

OBC's profitability has been weaker than peers' as return on
assets have been consistently below 1% due to the dual impact of a
relatively low-yielding asset portfolio and higher cost of funds.
In Fitch's opinion, profitability could remain under pressure over
the short- to medium-term, as higher operational efficiency would
be unable to offset interest rate headwinds leading to a dip in
the bank's treasury income and higher funding costs.  Also,
higher-than-expected asset quality problems could add to the
pressure via increased credit costs, although increases in credit
cost look manageable at this stage.

OBC's capital position (Q1FYE11: Tier 1 capital adequacy ratio:
9.2%, total CAR: 12.4%), however, seems adequate given its asset-
mix and profitability.  The bank has requested the government for
INR10bn of capital support as its internal accretion rate of
around 12%-13% of equity will be unable to support its stated
business growth of 20%-22% while ensuring minimum Tier 1 CAR of
8%.

OBC's ratings are expected to be stable at least over the short-
to medium-term.  However, a sharp deterioration in its asset
quality - given the growing contribution of high-yielding, but
nonetheless riskier, asset classes - with little or no improvement
in funding profile could lead to a negative rating action on the
Individual rating.  On the other hand, a noticeable improvement in
the bank's franchise and funding along with stable asset quality
metrics could lead to a positive rating action over the medium-
term.

OBC is a medium-sized government bank in India with a network of
1,526 branches and 1,038 ATMs.


SASWAD MALI: ICRA Reaffirms 'LBB+' Rating on Various Bank Loans
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to the term loans and fund
based facilities of The Saswad Mali Sugar Factory Limited
aggregating to INR9.73 crore (reduced from INR24.71 crore) and
INR66.50 crore respectively. The rating carries a stable outlook.

The rating continues to take into account the relatively small
size of operations, the exposure to agro-climatic risks and
cyclical trends witnessed in sugar operations as well as to
government policies, and the high financial risk profile. The
leveraging of the company remained significantly high (i.e. Total
Debt / Tangible Networth at 5.31 times as on March 31, 2010) both
on account of high working capital intensity inherent in the
business and debt-funded capital expenditure towards grain based
distillery unit. While the sugar realizations have significantly
improved during the last two sugar seasons, the improvement in the
Company's contribution margins have been moderated by reduction in
recovery rates as well as significant increase in cane costs due
to lower can availability and competition from nearby sugar
factories.  The rating however is supported by the forward
integration of sugar business into molasses based distillery unit
which has recorded healthy profits with the improvement in the
realisation of alcohol products.  The company has also set up a
grain-based distillery (with capacity of 30 kilolitres per day)
which became operational from March 2010, although with a delay of
3 month period.  ICRA notes that the company's ability to ensure
the grain availability at reasonable costs remains important,
although the viability of the unit would be supported by the
subsidy benefit available from State Government and sale of by-
products such as wet and dry cakes.

                         About Saswad Mali

The Saswad Mali Sugar Factory Limited was incorporated in the year
1932 by families of 30 farmers.  Initially, a 250 TCD plant was
commissioned in October 1934.  The crushing capacity was increased
in phases to 1016 TCD by 1952.  Thereafter, the company could
obtain a license for further expansion after 1991.  The old plant
was then scrapped and a new 1750 TCD plant was commissioned in
November 1993.  The plant since then has been expanded to current
crushing capacity of 2500 TCD.  In June 2006, SMSL commissioned a
30 KLPD distillery to produce rectified spirit.  In January 2008,
the company added an ethanol unit to the distillery for production
of ethanol. In March 2010, the company commissioned a 30 KLPD
grain based alcohol unit.

In FY 2010, SMSL reported profit after tax (PAT) of INR4.47 crore
on an operating income of INR184.58


SATYAM COMPUTER: Court Cancels Ex-Chairman's Bail
-------------------------------------------------
Bloomberg News reports that India's top court cancelled the bail
of Satyam Computer Services Ltd.'s former Chairman Ramalinga Raju
and five other executives, according to an order passed by a two-
judge panel.

The court has given until Nov. 8 for Mr. Raju and the others to
surrender, according to Bloomberg.

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.


SHRI DAMODAR: ICRA Assigns 'LBB-' Rating to INR19.4cr Debt
----------------------------------------------------------
ICRA has assigned an 'LBB-' rating to INR19.40 Cr fund based
facility and A4 rating to the INR1.00 Cr fund & non fund based
facilities of Shri Damodar Yarn Manufacturing Pvt Ltd.  ICRA has
also assigned LBB- and A4 ratings to the INR4.60 Cr proposed bank
limits. The outlook assigned to the long term rating is "Stable".
The total limit utilization should not exceed INR25.00 Cr.

The ratings reflect DYMPL's weak financial position characterised
by small scale of operations and highly leveraged capital
structure coupled with weak coverage indicators.  Further, DYMPL's
business is susceptible to volatility in raw material prices with
its presence in a fragmented sector dominated by number of
organized and unorganized players.  The ratings however take into
account the promoters' experience in the manufacture and
processing of yarn, the operational backing from the group
concerns engaged in similar line of business along with the
company's established relationships with diversified suppliers and
customers.

                        About Shri Damodar

Shri Damodar Yarn Manufacturing Pvt Ltd, incorporated in 1983 is a
part of Shri Damodar Group engaged in the business of
manufacturing and processing of yarn. DYMPL has a group concern
Advin Tradefin Pvt Ltd engaged in manufacture of polyester
filament yarn and 20 mono polyester filament yarn.  DYMPL has a
registered office in Mumbai and manufacturing unit at Sarigam,
Gujarat.

Recent Results:

DYMPL recorded a net profit of INR1.11Cr on an operating income of
INR35.16Cr for the year ending March 31, 2010, and net profit of
INR0.12Cr on an operating income of INR24.04Cr for the year
ending March 31, 2009.


SSPDL LIMITED: ICRA Lifts Rating on Various Debts to 'LBB+'
-----------------------------------------------------------
ICRA has upgraded the long term rating of INR9 crore Fund based
working capital limits and INR1.34 crore Term Loan of SSPDL
Limited from 'LBB' to 'LBB+'.  The long-term rating has been
assigned a "Stable" outlook.  ICRA has also upgraded the rating of
the INR5.5 crore Non-fund based facilities of SSPDL from 'A4' to
'A4+'.

The ratings upgrade take into account decline in debt levels of
SSPDL and the momentum witnessed in the booking levels of SSPDL's
projects in the past 6 months. However, the ratings are
constrained by stressed financial performance of SSPDL in 2009-10
characterized by lower than anticipated revenues, loss at net
level and high working capital intensity on account of high
receivables as well as inventory levels.  Moreover, SSPDL's
operations are mainly concentrated in Chennai and are highly
susceptible to volatility in real estate market. Although, SSPDL
has significant real estate development plans in Hyderabad and
Kerala as well, which are presently in planning stage under
separate Special Purpose Vehicles (SPVs); the implementation
and market risks associated with these projects are considerably
high. In addition, these projects could further entail debt
funding which may impact the financial risk profile of SSPDL.
Nevertheless, the ratings reaffirmation derives comfort from
SSPDL's long presence in the real estate market and its
experienced management. ICRA also takes note of SSPDL's joint
venture with the UK based, Interserve Plc. for carrying on
construction business in India.

Recent Results

In 2009-10, SSPDL had a net loss of INR2.64 crore on an operating
income of INR48.98 crore as compared to a net profit of INR0.80
crore on an operating income of INR42.31 crore in 2008-09.
In Q1 of FY2011.  SSPDL reported a net profit of INR6.27 crore on
an operating income of INR19.69 crore.

Incorporated on October 17, 1994, as a public limited company,
SSPDL Limited (erstwhile Srinivasa Shipping & Property Development
Limited) is in the business of real estate development and
construction of buildings, commercial and residential complexes.
The company was originally promoted by Srinivasa Hatcheries Group
and Mr. Challa Prakash. The company made its public issue in May
1995 to raise a capital of INR7.5 million and got its shares
listed on Bombay, Hyderabad and Madras Stock Exchanges.


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


CENTRAL PROTEINAPRIMA: Moody's Withdraws 'Ca' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca corporate family
and senior secured bond ratings of PT Central Proteinaprima.  The
withdrawal is due to the company's ongoing debt restructuring
process.

The last rating action with regard to CPP was taken on January 8,
2010 when the company's corporate family and senior secured bond
ratings were downgraded to Ca from Caa1 with a negative outlook.

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production.


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


TAKEFUJI CORPORATION: Moody's Gives Negative Outlook on Ca Rating
-----------------------------------------------------------------
Moody's Japan K.K. has changed to negative from stable the outlook
on its Ca long-term debt and issuer ratings on Takefuji
Corporation.  Moody's has also withdrawn its ratings on Takefuji.

                         Rating Rationale

These rating actions follow Takefuji's filing for bankruptcy under
the Japanese Corporate Rehabilitation Act on September 28, 2010.

Changing the ratings outlook to negative from stable reflects
Moody's concern that potential losses for the bondholders may be
higher than the Ca rating indicated, due to what may be
significant refunds for overpaid-interest claims -- although how
these claims will be treated during the rehabilitation process is
not clear.

Moody's last rating action on Takefuji was taken on July 16, 2010,
when its ratings were downgraded to Ca from Caa2, with a stable
outlook.

Takefuji Corporation, headquartered in Tokyo, was established in
1974.  It is one of Japan's major consumer finance companies, with
consolidated assets of around JPY559 billion (as of June 2010).

                     Regulatory Disclosures

Moody's adopts all necessary measures to ensure that the
information it uses in assigning a credit rating is of sufficient
quality and from sources Moody's considers to be reliable
including, when appropriate, independent third parties, as well as
information received from issuers or independent third parties,
audited financial statements, and the analysis by the lead
analyst.  However, Moody's is not an auditor and cannot in every
instance independently verify or validate information received in
the rating process.

Moody's Japan K.K. is a credit rating agency registered with the
Japan Financial Services Agency, registration number "FSA
Commissioner (Ratings) No. 2." The Financial Services Agency has
not imposed any sanctions on Moody's Japan K.K. in the past year.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


===============
M O N G O L I A
===============


TRADE AND DEVELOPMENT: Moody's Puts 'Ba3' Rating on Senior Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to senior
unsecured notes drawn under the US$300 million foreign currency
Euro Medium Term Note programme of the Trade and Development Bank
of Mongolia LLC.  The outlook is negative.

"The rating and outlook on the senior unsecured notes are the same
as the EMTN program's and the bank's current foreign currency
issuer ratings.  The negative outlook was placed in September,
2009," says Yvonne Zhang, a Moody's Vice President and Senior
Analyst.

The senior notes represent direct, unconditional, unsecured, and
unsubordinated obligations of TDB; and will help diversify the
bank's funding sources and support future loan growth.

TDB's long-term foreign and local currency debt and issuer ratings
are Ba3; its long-term local currency deposit ratings, Ba3; its
long-term foreign currency deposit ratings, B2; its short-term
ratings, NP; and its bank financial strength rating, D-.  The
outlook for these ratings is negative, except for the foreign
currency deposits rating, which has a stable outlook.

Moody's last rating action on TDB was taken on November 12, 2009,
when the outlook on its B2 long-term foreign currency deposits
rating was changed to stable from negative.

TDB is headquartered in Ulaanbaatar, Mongolia.  It reported total
assets of MNT806 billion (approximately US$558 million) as of
December 2009.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


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


OILCORP BERHAD: Obtains 90-Day Restraining Order
------------------------------------------------
Oilcorp Berhad disclosed in a regulatory filing that a restraining
order has been granted by the Shah Alam High Court pursuant to
Section 176(10) of the Companies Act 1965 to the Company and its
subsidiaries namely Oil-Line Engineering & Associates Sdn. Bhd.
and Oilfab Sdn. Bhd. for a period of 90 days from October 25,
2010, to January 23, 2011.

The Company's board said that the restraining order was in
response to a sealed order dated October 4, 2010, applied by
Binaform Sdn Bhd and Percetakan Printpack Sdn Bhd against Oilcorp
and its subsidiaries, Oilfab Sdn Bhd and Oil-Line Engineering &
Associates Sdn Bhd.

                        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.


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


AORANGI SECURITIES: Statutory Managers Warn Investor of Bogus Poll
------------------------------------------------------------------
The statutory managers of Aorangi Securities Ltd. and some of the
business interests of Timaru millionaire Allan Hubbard are warning
investors to be wary of a bogus survey being conducted on two of
the frozen investment funds, The New Zealand Herald reports.

Richard Simpson, Trevor Thornton and Graeme McGlinn of statutory
managers Grant Thornton said in a statement that investors in
Aorangi Securities and Hubbard Management Funds are being
contacted by someone claiming to be a Ministry of Economic
Development official asking questions about Mr. Hubbard, the NZ
Herald relates.

"The person doing the survey has said that the investor contact
information details have been supplied to them by Grant Thornton
NZ Ltd.  This is not true.  Neither the MED nor Grant Thornton
have any knowledge of this survey, nor do we sanction it," they
said, according to the report.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

According to the statutory managers' third report to investors,
Aorangi Securities investors could receive an initial capital
repayment of up to three cents in the dollar this month, subject
to interest payments being received and other monies collected by
Aorangi to the end of September 30, 2010.  In the longer term they
were also hopeful of distributing up to a further 20 cents in the
dollar to Aorangi investors by the middle of 2011, if they are
able to sell these assets at expected values.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


FIVE STAR: Ex-Director Pleads Guilty to Charges of Theft
--------------------------------------------------------
The National Business Review reports that Marcus Arthur MacDonald,
a former director of Five Star Consumer Finance Limited, has
pleaded guilty in the Auckland District Court to charges laid by
the Serious Fraud Office.

NBR says Mr. MacDonald pleaded guilty to charges of theft by a
person in a special relationship, which related to misuse of Five
Star funds in breach of its Trust Deed requirements.

According to NBR, former Five Star directors Nicholas George Kirk
and Anthony Walpole Bowden and Five Star manager Neill Alan
Williams have also been charged by the SFO with offences relating
to the misuse of funds.

They are yet to be committed for trial, NBR notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2010, the Serious Fraud Office laid over 100 charges
under the Crimes Act against Nicholas Kirk, Marcus MacDonald,
Anthony Bowden and Neill Williams who are associated with the
collapsed Five Star Finance Group.  The offences each carry a
maximum penalty of seven years imprisonment.  Messrs. Kirk,
McDonald and Bowden are former directors of Five Star Finance Ltd,
while Mr. Williams was heavily involved in its management.  The
Companies Office also laid criminal charges in Auckland District
Court against Messrs. MacDonald, Bowden, Kirk and Williams.  The
case was referred to it by the Securities Commission.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


SOUTH CANTERBURY: Deutsche Bank Appointed as Sale Advisor
---------------------------------------------------------
Duncan Bridgeman at The National Business Review reports that
receivers have appointed the local branch of Deutsche Bank as sale
advisor for South Canterbury Finance's core finance business.

According to NBR, Kerryn Downey and William Black of McGrathNicol
said the core finance business comprised of South Canterbury
Finance's branch network, including subsidiaries such as FACE
Finance and Southbury Insurance.

NBR relates that the SCF Group finance assets include hire
purchase, floor plans, leasing of plant and equipment, vehicle and
equipment, personal loans, business term loans and revolving
credit facilities, mortgages over property and other financial
instruments, including consumer loan insurance.

"South Canterbury's size and complexity makes it imperative that
we work closely with our advisors in determining the best sale
strategy to deliver the optimal outcome for the Crown and other
stakeholders," NBR quotes Mr. Downey as saying.

Mr. Downey said a formal sale process was unlikely to commence
until late first quarter 2011, the report notes.

NBR relates McGrathNicol last week appointed Goldman Sachs &
Partners New Zealand Limited as sale advisor for South Canterbury
Finance's specific investment assets.  McGrathNicol said Goldman
Sachs will assist in selling 100% of Helicopters (NZ) and a
majority shareholding in apple exporter Scales Corporation.  Both
companies are separate from the core finance business of the SCF
Group.

                       About South Canterbury

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

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

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

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


SOUTH CANTERBURY FINANCE: Pays Out Sandy Maier Early
----------------------------------------------------
Tamsyn Parker at The New Zealand Herald reports that corporate
turnaround man Sandy Maier is no longer working for South
Canterbury Finance and has been paid a confidential settlement to
finish his contract early.  The report relates Mr. Maier signed up
as chief executive of the ailing finance company for one year in
December.

However, The New Zealand Herald notes, the company was placed in
receivership on August 31 after it failed to get a corporate
restructure deal off the ground.

According to The New Zealand Herald, receiver McGrathNicol's
Kerryn Downey confirmed that Mr. Maier was on "gardening leave"
and would officially finish with the company at the end of the
month.  The report relates Mr. Downey said that Mr. Maier had
wanted to pursue his other directorships after focusing so much
time on South Canterbury Finance.

Mr. Maier, The New Zealand Herald discloses, had been made an
offer to stay on but it was withdrawn after concerns were raised
over who he was talking to about the company.

Mr. Downey said that Mr. Maier would not be replaced, although the
appointment of a new chief executive had been considered, 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.


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


BANCO FILIPINO: CA Upholds Freeze Order on PHP10BB Asset Sale
-------------------------------------------------------------
The Manila Standard Today reports that the Court of Appeals has
upheld a lower court order stopping the Bangko Sentral ng
Pilipinas from auctioning off PHP10 billion worth of foreclosed
land owned by Banco Filipino.

According to the Manila Standard, the appellate court's Special
Fifth Division ruled that Judge Joselito Villarosa of the Makati
City Regional Trial Court Branch 66 did not abuse his discretion
when he issued on March 17, 2009, a writ stopping the
implementation of an agreement signed by the central bank and
Banco Filipino in December 1999.

The Manila Standard relates that the Aguirre-controlled thrift
bank had sued the Bangko Sentral to stop the sale in 2008 of 2,000
pieces of foreclosed property totaling 70.5 hectares.  Banco
Filipino's counsel, former Securities and Exchange Commission
Chairman Perfecto Yasay Jr., told the Makati court the planned
sale would result in "panic amongst its clients and shall surely
result in a bank run."

According to the Manila Standard, both the Court of Appeals and
the Makati court rulings did not touch on Banco Filipino's demand
that the Bangko Sentral unconditionally release an emergency loan
to Banco Filipino to help it tide itself over a possible bank run,
which would be similar to the ones it experienced before it was
closed in 1985.

Mr. Yasay said Banco Filipino's head office in Makati had already
been mortgaged to the central bank to secure an earlier emergency
loan, the Manila Standard adds.

In rejecting the fresh round of assistance, the Manila Standard
notes, the Bangko Sentral told the Makati court that the thrift
bank, which is still under rehabilitation, was asking for a
special facility without offering any collateral.

The central bank said Banco Filipino wanted to stop the sale of
2,000 of its foreclosed assets because the thrift bank wanted to
use those assets against the PHP18.8 billion that Banco Filipino
was claiming in damages for its closure in 1985, the report adds.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
principally to engage in the general business of savings and
mortgage banking and of a trust company and to perform such acts
as may be incidental thereto.  It started operations on July 9,
1964.

Banco Filipino offers to the public full domestic banking
services, which are five main types, namely: cash services;
commercial services; loans; money market services; and trust
services.

The Troubled Company Reporter - Asia Pacific reported on May 17,
2006, that the Bangko Sentral ng Pilipinas approved an emergency
loan of PHP190 million to Banco Filipino in order for it to
remain liquid, after certain branches experienced heavy
withdrawals.

The state central bank had ordered Banco Filipino's closure in
1985 due to insolvency.  However, the Supreme Court overturned
Bangko Sentral's decision and ordered the bank to reopen in
1994 and resume business as a full service savings bank with
trust operations.



                             *********

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 ***