TCRAP_Public/101029.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

           Friday, October 29, 2010, Vol. 13, No. 214

                            Headlines



A U S T R A L I A

ALLCO FINANCE: Ex-Workers Win Court Nod on AU$5-Mil. Entitlements
ALLCO FINANCE: Receivers Selling 600 Used Refrigerator Containers
SONRAY CAPITAL: Creditors Vote to Wind Up Firm
WE LOVE: In Liquidation; Blames Overly Competitive Festival Market


H O N G  K O N G

ALCATEL NETWORKS: Members' Final General Meeting Set for Nov. 23
ALFRED DUNHILL: Commences Wind-Up Proceedings
ARENA TRADING: Members' Final Meeting Set for November 23
ASIA CHALLENGE: Members' Final Meeting Set for November 25
BUILTART DESIGN: Au-Yeung Sin Ming Cindy Steps Down as Liquidator

CAPITAL SILVER: Final Meetings Set for November 23
CHINA RESOURCES: Members' Final Meeting Set for November 26
CHLOE LIMITED: Commences Wind-Up Proceedings
CLEMCO LIMITED: Members' Final General Meeting Set for November 26
CLIPSAL HK: Members' Final Meeting Set for November 24

CROSSPOOL LIMITED: Members' Final Meeting Set for November 23
DATA GENERAL: Court Enters Wind-Up Order
E28 HK: Members and Creditors' Final Meetings Set for November 23
FINE PROFIT: Creditors' Proofs of Debt Due November 22
FRIENDLY STAR: Members' Final Meeting Set for December 1

HUANYA INVESTMENT: Creditors' Proofs of Debt Due November 25
HUTCHISON ENTREPRENEUR: Creditors' Proofs of Debt Due November 12
HUTCHISON INFORMATION: Creditors' Proofs of Debt Due November 12
HUTCHISON INSTRUMENT: Creditors' Proofs of Debt Due November 12
IMAGE LEAD: Members' Final Meeting Set for November 23


I N D I A

ANKUR CHEMFOOD: CRISIL Rates INR210MM Cash Credit Limit at 'BB'
AUGUSTAN KNITWEAR: CRISIL Hikes Rating on INR30.7MM Loan to 'B-'
CATHOLIC SYRIAN: Fitch Gives Stable Outlook; Affirms 'D/E' Rating
DALMIA TEA: CRISIL Reaffirms 'B+' Ratings on Various Bank Debts
HESTER BIOSCIENCES: CRISIL Lifts Ratings on Various Debts to 'BB+'

JB DIAMONDS: Defaults on More Than INR800cr Loans to Banks
JOHAL & CO: CRISIL Rates INR250 Million Cash Credit at 'BB'
KUNNAM GRANITE: CRISIL Puts 'B-' Rating on INR12MM LT Facility
N. SATISHKUMAR: CRISIL Assigns 'B+' Rating to INR105MM Bank Debt
NEW SWAN: CRISIL Assigns 'BB+' Rating to INR17.4MM Term Loan

PNP ENGINEERING: CRISIL Assigns 'D' Rating to INR5MM Term Loan
RASSCO STEELS: CRISIL Rates INR150 Million Cash Credit at 'BB-'
S M CREATIVE: CRISIL Assigns 'B' Rating to INR1.6MM Term Loan
SPICEJET LTD: Maran's Equity Stake Now at 30.98%
TATA MOTORS: Moody's Upgrades Corporate Family Rating to 'Ba3'


I N D O N E S I A

ARPENI PRATAMA: Court Junks Korea Securities' Bankruptcy Petition
BUMI INVESTMENT: Moody's Affirms 'Ba3' Senior Secured Rating


J A P A N

GODO KAISHA: S&P Downgrades Rating on Series 1 Bonds to 'B-'
JAPAN AIRLINES: Partially Repays DBJ Loans Ahead of Schedule
JAPAN AIRLINES: Plans to Start Venture With American Air by April
JAPAN AIRLINES: Starts Final Voluntary Retirement Solicitation
MF2 SENIOR: S&P Downgrades Ratings on Various Classes of Notes


M A L A Y S I A

KENMARK INDUSTRIAL: Sells Land for MYR15 Million to Pay Debts


N E W  Z E A L A N D

SOUTH CANTERBURY: Kelt Finance Owes NZ$39 Million


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


ALLCO FINANCE: Ex-Workers Win Court Nod on AU$5-Mil. Entitlements
-----------------------------------------------------------------
Stuart Washington at The Sydney Morning Herald reports that a
Federal Court judge has ruled in favor of 50 former Allco Finance
employees seeking to receive about AU$5 million in entitlements.

SMH relates that in the Federal Court in Sydney on Thursday, Judge
Richard Edmonds found the 50 employees in six different categories
ranked as priority creditors.

According to SMH, Allco's receivers Ferrier Hodgson had launched
the test case arguing the right of the employees to their unpaid
entitlements was unclear.  Ferrier Hodgson had argued Allco
employees should not be paid because they had been employed by a
subsidiary company, the report says.

Justice Edmonds said during the case that the arguments carried
enormous implications for the rights of workers to their
entitlements in the case of a corporate collapse.

                        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.


ALLCO FINANCE: Receivers Selling 600 Used Refrigerator Containers
-----------------------------------------------------------------
Receivers of Allco Finance Group are selling 600 utilized
refrigerator containers following the company's collapse two years
ago, SupplyChain Review reports.

SupplyChain Review relates that Ernst & Young received the
containers in January.  They had been owned by independent
companies under Allco.

According to SupplyChain Review, receiver Chris Munday said 2,000
unutilized containers had been sold in June, with the remainder
left and open for expressions of interest until November 1.

The 40-foot containers are on lease arrangements throughout
Australia, comprising of both casual and short-term agreements,
SupplyChain Review says.

"Container assets were owned by Allco Financial Group and, at the
time, the fleet [was] managed by a totally separate independent
company, which the bank allowed them to do that," SupplyChain
Review quotes Mr. Munday as saying.  "Eventually, the bank decided
that [it would] like to see the asset sold. Not everything
happened immediately for various reasons; [it] decided to take
time before selling the assets."

                       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.


SONRAY CAPITAL: Creditors Vote to Wind Up Firm
----------------------------------------------
Rebecca Urban at The Australian reports that the creditors of
Sonray Capital Markets have voted to wind up the failed business,
allowing the administrators to start a mediation process.

Ferrier Hodgson partner George Georges said at a creditors'
meeting in Melbourne on October 27 the firm believed that it was
well-placed to mediate in an attempt to increase the expected
return for creditors from 25c to 30c in the dollar, The Australian
relates.

The Sydney Morning Herald relates parties to the mediation would
include Saxo Bank, which provided Sonray's contracts-for-
difference product, auditor HLB Mann Judd, Sonray director Russell
Johnson, chief executive Scott Murray and possibly his father, who
administrators said had been lent money from the company's
accounts without necessarily repaying it.

SMH relates Mr. Georges said PricewaterhouseCoopers -- which had
conducted four solvency reviews between June 2009 and March 2010
that failed to detect misuse of client funds -- could be invited
to mediation, depending on the outcome of the Australian
Securities and Investments Commission's public examination of its
role in the collapse.

                       About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specializes in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company has
operated since 2003 and employs about 70 people in offices in
Melbourne and on the Gold Coast.

In June 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.


WE LOVE: In Liquidation; Blames Overly Competitive Festival Market
------------------------------------------------------------------
The Music Network reports that We Love Sounds Pty Ltd has gone
into liquidation, blaming heavy losses and an overly-competitive
festival market.

Founder Ben Korbel told TMN that this year's event in June,
headlined by Underworld, Tiga and Crookers, suffered "substantial
losses."

"Combined, the five owners, along with our interstate partners,
have already absorbed near AU$1 million of the loss," Mr. Korbel
told TMN.  "However at this point we hit a threshold that we could
not manage any further and in becoming insolvent, were forced to
appoint a liquidator."

TMN relates documents show the company owes just over AU$430,000
to creditors, of which approximately AU$300,000 is owed to Mr.
Korbel and We Love Sounds co-owners Declan Lee, Patrick Nash, Wade
Cawood and Simon Beckingham.

TMN relates Mr. Korbel said the festival had been seriously
affected by an over-saturated, "predictable and generic" festival
market.

Australia-based We Love Sounds Pty Ltd is the company behind the
national winter music festival of the same name.


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


ALCATEL NETWORKS: Members' Final General Meeting Set for Nov. 23
----------------------------------------------------------------
Members of Alcatel Networks (Asia) Limited will hold their final
general meeting on November 23, 2010, at 2:30 p.m., at 20/F.,
Prince's building, Central, in Hong Kong.

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


ALFRED DUNHILL: Commences Wind-Up Proceedings
---------------------------------------------
Members of Alfred Dunhill (Pacific) Limited, on October 15, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Betty Yuen Yeung
         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


ARENA TRADING: Members' Final Meeting Set for November 23
---------------------------------------------------------
Members of Arena Trading Limited will hold their final general
meeting on November 23, 2010, at 10:00 a.m., at Level 28 Three
Pacific Place, 1 Queen's road East, in Hong Kong.

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


ASIA CHALLENGE: Members' Final Meeting Set for November 25
----------------------------------------------------------
Members of Asia Challenge Limited will hold their final general
meeting on November 25, 2010, at 11:30 a.m., at 1902 MassMutual
Tower, 38 Gloucester Road, Wanchai, in Hong Kong.

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


BUILTART DESIGN: Au-Yeung Sin Ming Cindy Steps Down as Liquidator
-----------------------------------------------------------------
Au-Yeung Sin Ming Cindy stepped down as liquidator of Builtart
Design Limited on October 18, 2010.


CAPITAL SILVER: Final Meetings Set for November 23
--------------------------------------------------
Members and creditors of Capital Silver Recycling Limited will
hold a final meetings on November 23, 2010, at 2:00 p.m., and 2:30
p.m., at Room 3, 8/F., Yue Xiu Building, 160 Lockhart Road, Wan
Chai, in Hong Kong.

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


CHINA RESOURCES: Members' Final Meeting Set for November 26
-----------------------------------------------------------
Members of China Resources Snow Breweries (Wuxi) Investments
Limited will hold their final general meeting on November 26,
2010, at 10:00 a.m., at 4304, 43/F, China Resources Building, 26
Harbour Road, Wanchai, in Hong Kong.

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


CHLOE LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Members of Chloe Limited, on October 15, 2010, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

         Betty Yuen Yeung
         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


CLEMCO LIMITED: Members' Final General Meeting Set for November 26
------------------------------------------------------------------
Members of Clemco Limited will hold their final general meeting on
November 26, 2010, at 5:35 p.m., at Level 28 Three Pacific Place,
1 Queen's road East, in Hong Kong.

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


CLIPSAL HK: Members' Final Meeting Set for November 24
------------------------------------------------------
Members of Clipsal Hong Kong Limited will hold their final meeting
on November 24, 2010, at 10:00 a.m., at 25/F, Wing On Centre, 111
Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CROSSPOOL LIMITED: Members' Final Meeting Set for November 23
-------------------------------------------------------------
Members of Crosspool Limited will hold their final general meeting
on November 23, 2010, at 10:00 a.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

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


DATA GENERAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order September 30, 2010,
to wind up the operations of Data General Hong Kong Limited.

The company's liquidators are:

         Ho Hoi Lam
         Man Fung Ying
         8/F., Gold & Silver Commercial Building
         12-18 Mercer Street
         Central, Hong Kong


E28 HK: Members and Creditors' Final Meetings Set for November 23
-----------------------------------------------------------------
Members and creditors of E28 Hong Kong Limited will hold final
meetings on November 23, 2010, at 3:00 p.m., at Room 1304, C c Wu
Building, 302-8 Hennessy Road, Wanchai, in Hong Kong.

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


FINE PROFIT: Creditors' Proofs of Debt Due November 22
------------------------------------------------------
Creditors of Fine Profit Asia Limited, which is in members'
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 liquidators are:

         Dr. Terence Ho Yuen Wan
         Mr. Henry Fung
         Rooms 1001-1003, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


FRIENDLY STAR: Members' Final Meeting Set for December 1
--------------------------------------------------------
Members of Friendly Star Company Limited will hold their final
general meeting on December 1, 2010, at 11:45 a.m., at 29th Floor,
K. Wah Centre, 191 Java Road, North Point, in Hong Kong.

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


HUANYA INVESTMENT: Creditors' Proofs of Debt Due November 25
------------------------------------------------------------
Creditors of Huanya Investment Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by November 25, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Yeung Mui Kwan David
         14/F., San Toi Building
         137-139 Connaught Road
         Central, Hong Kong


HUTCHISON ENTREPRENEUR: Creditors' Proofs of Debt Due November 12
-----------------------------------------------------------------
Creditors of Hutchison Entrepreneur (Holdings) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by November 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 14, 2010.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HUTCHISON INFORMATION: Creditors' Proofs of Debt Due November 12
----------------------------------------------------------------
Creditors of Hutchison Information Technology Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by November 12, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 14, 2010.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HUTCHISON INSTRUMENT: Creditors' Proofs of Debt Due November 12
---------------------------------------------------------------
Creditors of Hutchison Instrument & Equipment Company Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by November 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 14, 2010.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


IMAGE LEAD: Members' Final Meeting Set for November 23
------------------------------------------------------
Members of Image Lead Group Limited will hold their final general
meeting on November 23, 2010, at 9:00 a.m., at Connaught House 1,
Burlington Road, Dublin 4, in Ireland.

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


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


ANKUR CHEMFOOD: CRISIL Rates INR210MM Cash Credit Limit at 'BB'
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Ankur Chemfood Ltd.
continue to reflect Ankur Chemfood's modest financial risk
profile, and exposure to intense competition in the salt industry.
The impact of these rating weaknesses is partially mitigated by
the established track record of Ankur Chemfood's promoters, its
diversified customer base, and the steady demand for its products.

   Facilities                           Ratings
   ----------                           -------
   INR210.00 Million Cash Credit Limit  BB/Stable (Assigned)
   INR8.70 Million Term Loan            BB/Stable (Reaffirmed)
   INR2.50 Million Proposed Long Term   BB/Stable (Reaffirmed)
                   Bank Loan Facility
   INR2.00 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Ankur Chemfood will maintain its credit risk
profile over the medium term on the back of steady demand for
edible and industrial salt, and the company's established
relationships with customers.  The outlook may be revised to
'Positive' if the company is able to increase its scale while
maintaining its operating margins, and the operations at its
freshly expanded capacities stabilize.  Conversely, the outlook
may be revised to 'Negative' in case Ankur Chemfood undertakes
significant debt-funded capital expenditure programme, leading to
deterioration in its debt protection measures and operating
margins.

Update

Ankur Chemfood's financial risk profile has remained comfortable
backed by comfortable debt protection metrics and improved
networth. The Net cash accruals to Total Debt (NCATD) is at 9% and
interest coverage is at 2.98times as on 31st March 2010. The
company's bank limit utilization has been more than 90% over the
past twelve months, indicating limited cushion in terms of
liquidity. The servicing of the term loan obligations have been on
time. The liquidity is also supported by unencumbered cash balance
of held by the company (Rs. 1.66 cr as on 31st March, 2010). The
company does not have any major capex plans over the near term.

For 2009-10 (refers to financial year, April 1 to March 31), Ankur
Chemfood's profit after tax (PAT) was INR15.9 million on net sales
of INR1296.5 million, against a PAT of INR 25.49 million on net
sales of INR1308.64 million for 2008-09.

                       About Ankur Chemfood

Incorporated in 1993, Ankur Chemfood manufactures edible and
industrial salts. It sells its products under the brands, Ankur,
Master Cook and Anna Purti. The company has a well-diversified
distribution network. Ankur Chemfood is India's first ISO
9001:2000 certified salt refinery.


AUGUSTAN KNITWEAR: CRISIL Hikes Rating on INR30.7MM Loan to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Augustan
Knitwear Pvt Ltd, which is part of the Augustan group, to
'B-/Stable/P4' from 'D/P5'.

   Facilities                        Ratings
   ----------                        -------
   INR30.70 Million Long-Term Loan   B-/Stable (Upgraded from 'D')
   INR64.00 Million Packing Credit   P4 (Upgraded from 'P5')
                             Limit
   INR88.00 Million Foreign Bills    P4 (Upgraded from 'P5')
                 Discounting Limit
   INR30.00 Million Letter of Credit P4 (Upgraded from 'P5')
                              Limit

The upgrade reflects the fact that AKPL has been servicing its
debt in a timely manner over the past 12 months.  This has been
because of an improvement in the company's liquidity, driven by
growth in revenues and improvement in margins.  Furthermore, AKPL
has a healthy order book for the current financial year, and has
no major capital expenditure (capex) plans for the medium term;
this is expected to support its liquidity.

The ratings reflect AKPL's limited revenue diversity, small scale
of operations, and weak financial risk profile marked by high
gearing and weak debt protection measures.  The ratings also
factor in the susceptibility of the company's margins to
volatility in cotton prices and foreign exchange rates.  These
rating weaknesses are partially offset by the benefits that AKPL
derives from the industry experience of its promoters, and from
being part of the vertically integrated Augustan group.

Outlook: Stable

CRISIL believes that AKPL will maintain its moderate business risk
profile over the medium term, backed by steady exports of finished
garments.  The outlook may be revised to 'Positive' if the company
achieves considerable improvement in its capital structure,
diversifies its revenue profile, and increases its operating
margin, leading to larger cash accruals.  Conversely, the outlook
may be revised to 'Negative' in case AKPL undertakes a significant
debt funded capex programme, or there is a substantial decline in
its realisations or revenues.

                     About Augustan Knitwear

AKPL, established in 1995, is part of the Augustan group based in
Coimbatore (Tamil Nadu).  The group, founded in 1992 by Mr. N
Athimoolam Naidu, consists of four companies that are engaged in
cutting, sewing, embroidery, printing, bleaching, dyeing, and
knitting operations.  AKPL manufactures and exports readymade
garments.  The company has cutting, sewing, and embroidery
facilities.  It has 600 sewing machines and 2 embroidery machines.

AKPL reported an estimated profit after tax (PAT) of INR8 million
on net sales of INR472 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR5 million on
net sales of INR442 million for 2008-09.


CATHOLIC SYRIAN: Fitch Gives Stable Outlook; Affirms 'D/E' Rating
-----------------------------------------------------------------
Fitch Ratings has changed Catholic Syrian Bank's Outlook to Stable
from Negative.  Its National Long-term rating and the rating on
its INR400 million lower tier 2 subordinated debt at 'BBB (ind)'
have been affirmed.  Its other ratings have also been affirmed at
Individual 'D/E' and Support '5'.

The Outlook has been revised to Stable following noticeable
improvements in the bank's asset quality which, together with
steady loan growth, has contributed to the improvement in
profitability since the June quarter of financial year ending end-
march 2011 (1QFY11).  CSB's ratings reflect its weak but improving
financials, small size and regionally concentrated franchise (60%
deposits from Kerala).

The Outlook change reflects CSB's successful curtailment of its
bad loans through a combination of slower disbursement, recoveries
in the residential mortgage segment, centralizing risk management
systems (in line with the banking system), and greater portfolio
diversification from risky sectors (such as textiles).
Consequently, CSB's gross NPL ratio fell to 3.12% as at 1QFY11
compared with 4.56% at FYE09.  The bank is likely to see further
reduction in its NPLs over the near-term from continuing
recoveries in the improving Indian economy.

However, the medium-to-longer-term outlook on CSB's asset quality
is still uncertain; Fitch is aware of the bank's rapid expansion
plans (66% loan growth target for FY11), and will therefore
continue to assess the potential implications this may have on its
risk profile.  Higher credit risks, arising out of CSB's expanded
portfolio, would be partly mitigated by the fact that these
additional loans would be secured by collateral (such as land and
gold).

CSB's profitability was adversely affected in FY10 from stagnant
interest income (due to slower off take of loans) and high
operating costs; it reported negligible net income of
INR17 million in FY10 compared with INR372 million in FY09.
However CSB's profitability started to improve in 1QFY11 (net
profit of INR12 milllion), due to robust pickup in loans and the
bank's focus towards higher yielding gold loans and loans on the
mid-corporate segment.  That said, CSB's net margins continue to
remain amongst the lowest in the Indian banking system (1QFY11
annualized return on average assets: 0.06% compared with system
average of around 1.1%).  The agency expects net margins to remain
below system averages over the near-to-medium term, despite
expected improvements in FY11.

CSB's capital position is weaker than system averages, although it
has improved from its historical position - Tier 1 ratio was 8.13%
as at June 2010 compared with 7% as at FY08.  The bank's ambitious
loan growth is to be partly financed by the INR1.4 billion rights
issue of common equity completed in June 2010.  It also has plans
to raise further common equity and Tier 2 capital in the form of
subordinate debt, in early 2011.  CSB has a good retail deposit
funding profile, with its deposit base primarily driven by
remittance income.  However, its funding profile is likely to
weaken in FY11 as the bank will rely more on short-term bulk
deposits to help finance its substantial loan growth.

CSB's ratings could face downward pressure if the trend in
improving profitability and asset quality is not sustained.  Any
upgrade would likely be driven by a sustained improvement in its
financials over the medium-term; Fitch notes that this may be
unlikely until the bank's growth has moderated and loans generated
during its high growth periods have seasoned.

Catholic Syrian Bank is an unlisted based in the South Indian
state of Kerala.  It has 350 branches, 280 of which are in Kerala.
CSB lends primarily to retail and small corporates (mainly in
South India).  A non-resident Indian businessman is a major
shareholder of the bank, with a 21% stake.


DALMIA TEA: CRISIL Reaffirms 'B+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Dalmia Tea Plantation &
Industries Ltd continues to reflect DTPIL's weak financial profile
marked by small net worth, high gearing and weak debt protection
metrics, small scale of operations, and exposure to risks relating
to the limited growth prospects for the tea industry because of
its seasonal nature.  These weaknesses are partially offset by the
benefits that DTPIL derives from its promoters' experience in the
tea industry.

   Facilities                        Ratings
   ----------                        -------
   INR54 Million Cash Credit         B+/Stable (Reaffirmed)
   INR151.2 Million Term Loan        B+/Stable (Reaffirmed)
   INR20.8 Proposed Long-Term Bank   B+/Stable (Reaffirmed)
                     Loan Facility

Outlook: Stable

CRISIL believes that DTPIL will maintain a stable business risk
profile over the medium term, supported by its promoters'
experience in the tea industry.  However, the company's financial
risk profile is expected to remain weak because of small net
worth, high gearing and weak debt protection metrics.  The outlook
may be revised to 'Positive' if there is substantial improvement
in DTPIL's financial risk profile, supported by capital infusions,
and growth in its topline and operating margin following
stabilisation of its new capacities.  Conversely, the outlook may
be revised to 'Negative' if DTPIL's financial risk profile
deteriorates, most likely because of large debt-funded capital
expenditure or acquisitions.

Update

DTPIL manufactured about 2.7 million kilograms (kg) of crush,
tear, curl (CTC) tea in 2009-10 (refers to financial year, April 1
to March 31), as against 3.1 million kg in the previous year.
This decrease was mainly because the company had earlier taken on
lease a plant in Assam with a capacity of around 0.5 million kg;
the lease expired in 2009-10.  DTPIL is in the process of
expanding its capacity in Bengal at Merryview Estate by 3 million
kg, which is expected to become operational in January 2011.

DTPIL's gearing is estimated at 3.91 times (around 1.6 times if
unsecured loans are treated as quasi equity) as on March 31, 2010,
as compared with 6.58 times a year earlier.  The improvement in
gearing was because of equity infusion of around INR25 million in
2009-10 and lower short-term borrowings.

DTPIL's liquidity is likely to remain weak.  Its accruals are
expected to be barely sufficient to meet its debt obligations.
The company has enhanced its bank limits to INR120 million from
INR54 million, but the increased limits can be utilized only on
the commencement of operations at the expanded capacities in
Bengal.  The company's fund-based bank limit utilization remained
moderate at around 50 per cent during the 12 months ended July
2010.

DTPIL reported an estimated profit after tax (PAT) of INR9 million
on net sales of INR265.6 million for 2009-10, as against a PAT of
INR8.4 million on net sales of INR268 million for 2008-09.

                         About Dalmia Tea

Incorporated in 1997, DTPIL (formerly, MM Industries Ltd) produces
black CTC tea in West Bengal.  The company has a capacity to
produce 2.7 million kg of CTC tea per annum.  DTPIL is in the
process of expanding its capacity in Bengal at Merryview Estate
by 3 million kg, which is expected to become operational in
January 2011.


HESTER BIOSCIENCES: CRISIL Lifts Ratings on Various Debts to 'BB+'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Hester
Biosciences Ltd to 'BB+/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                        Ratings
   ----------                        -------
   INR90 Million Cash Credit Limit   BB+/Stable (Upgraded from
                                                 'B+/Stable')

   INR100 Million Term Loan          BB+/Stable (Upgraded from
                                                 'B+/Stable')

   INR35 Million Proposed Long-Term  BB+/Stable (Upgraded from
                 Bank Loan Facility              'B+/Stable')

   INR2 Million Letter of Credit     P4+ (Upgraded from 'P4')

The rating upgrade is driven by Hester's sustained revenue growth
over the past 18 months, leading to stable cash accruals and
hence, a comfortable financial risk profile.  The higher cash
accruals combined with an improved working capital cycle has
resulted in a considerable improvement in the company's liquidity,
ensuring timeliness in debt servicing.  The upgrade is also backed
by CRISIL's belief that Hester would continue to sustain its
topline growth and maintain its profitability over the medium
term, backed by its diversification initiatives such as entering
into the animal vaccine space, increased focus on export markets,
and research and development (R&D) initiatives.  The company has
entered into a joint venture (JV) agreement with Him Electronics
Pvt Ltd (HEPL), Nepal, to manufacture a range of poultry, sheep,
cattle, and swine vaccines for the Nepalese as well as the export
markets.  The upgrade also takes into account CRISIL's expectation
that Hester's liquidity will improve further with the proposed
enhancement of its working capital limits, and that the company
would not undertake any debt-funded capital expenditure (capex)
over the medium term.

The ratings, however, continue to be constrained by Hester's
working-capital-intensive operations, and exposure to risks
inherent in the poultry industry.  These weaknesses are partially
offset by Hester's established market position, and strong
financial risk profile.

Outlook: Stable

CRISIL believes that Hester will continue to generate healthy cash
accruals on the back of its product diversification, and that the
company would benefit from its R&D initiatives, over the medium
term. Hester's business growth is expected to be driven by its
venture into export markets, supported by it established market
position in the domestic market.  The outlook may be revised to
'Positive' if Hester is able to stabilize its position in markets
outside India, which could fuel a faster-than-expected business
growth, while maintaining its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' in case of shrinkage in
Hester's business volumes or decline in its profitability levels,
or if the company undertakes any large, debt-funded capex
programme, thereby adversely affecting its overall credit risk
profile.

                       About Hester Biosciences

Hester was originally incorporated in 1987 as a private limited
company, but was reconstituted as a public limited company, Hester
Pharmaceuticals Ltd, in 1993.  It started with the marketing and
distribution of veterinary and pharmaceutical products, and in
1997 ventured into the manufacture of poultry vaccines.  The
company's name was changed in 2008.  Hester's plant, situated in
Mehsana (Gujarat), has an installed capacity of 4800 million doses
(increased from 1200 million doses in 2007 post commissioning of
its greenfield plant), and the facility to produce 11 types of
live and 28 types of killed (inactivated) poultry vaccines. The
company has also set up its own R&D facilities to develop vaccines
for animals.

Hester and HEPL have signed a JV agreement to establish an animal
vaccine manufacturing plant in Nepal, a first of its kind in that
country.  The proposed company, Hester Biosciences Nepal Pvt Ltd,
a 100 per cent export oriented unit, would manufacture a range of
poultry, sheep, cattle, and swine vaccines for the Nepalese as
well as the export markets.  This will also complement the
existing range of vaccines manufactured by Hester in India. The
unit is expected to be operational by December 2012.

For 2009-10 (refers to financial year, April 1 to March 31),
Hester reported a profit after tax (PAT) of INR60.33 million on
net sales of INR376.13 million, against a PAT of INR47.36 million
on net sales of INR302.52 million for 2008-09. For the quarter
ended June 31, 2010, the company reported a PAT of INR18.27
million on net sales of INR104 million, against a PAT of INR17.94
million on net sales of INR92.05 million for the corresponding
period of the previous year.


JB DIAMONDS: Defaults on More Than INR800cr Loans to Banks
----------------------------------------------------------
JB Diamonds Ltd. has been charged with failing to clear dues of
more than INR800 crore, The Times of India reports.

According to the report, a consortium of leading bankers, led by
SBI, has decided to approach the Reserve Bank of India to declare
JB Diamonds as a defaulter and blacklist its associates in India.

The Times of India relates that the INR1,000-crore company
promoted by leading diamantaire Jivraj Surani (Dharukawala) had
borrowed the money two years ago from 12 leading banks to meet its
working capital requirements.  Now, the company's promoters are
not repaying the amount, two people familiar with the development
told TOI.

A meeting in this connection was held in Mumbai on Wednesday
between the bankers and the Gems and Jewellery Export Promotion
Council (GJEPC) to discuss the future course of action against JB
Diamond.

In the meeting held on Wednesday, TOI notes, the bankers decided
to approach the Diamond Trading Company to cancel the firm's
"sightholdership."

Sanjay Kothari, vice-chairman of GJEPC, who was heading the
discussion on behalf of GJEPC, told TOI that: "In the larger
interest of the industry and to instill confidence we have decided
to support the banks. It is our moral obligation to sort out the
issue with our member who has defaulted. We have assured all our
cooperation to the banks. Besides, we are ready to take all steps
within our framework to ensure that the member who has defaulted
pays back his outstanding."

JB Group Chairman Surani, however, sought to assure that the
outstanding would be paid. "Last year, we paid INR100 crore worth
securities to the bank consortium and INR260 crore in cash. The
clients with whom we were dealing abroad have defaulted on our
payment and thus we are unable to pay the banks immediately. We
will clear all the outstanding as and when we get our money back
from abroad," Mr. Surani said, according to The Times of India.

JB Diamonds was established as a partnership firm in 1981. In
June 2007, the firm was converted into a limited company under the
name JB Diamonds Limited.  JDL is engaged in the business of
importing rough/polished diamonds and exporting polished diamonds.
The company has been accorded with DTC Sight holder status since
1994.  Also, it is an ISO 9001-2001 certified company.  JDL is a
closely held family-controlled public limited company.  Mr. J.P
Surani, Mr. B.K Kukadia and Mr. V.K Kukadia, the Directors of the
company, look after manufacturing at its factories in Surat.


JOHAL & CO: CRISIL Rates INR250 Million Cash Credit at 'BB'
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Johal & Co. (Wine
Sales) Pvt. Ltd. cash credit facility.

   Facilities                      Ratings
   ----------                      -------
   INR250 Million Cash Credit      BB/Stable (Assigned)

The rating reflects JCPL's moderate financial risk profile, marked
by weak debt protection metrics; the ratings also factor in JCPL's
exposure to risks related to working-capital-intensive operations
and implementation of projects.  These rating weaknesses are
partially offset by the benefits that JCPL derives from its
promoters' experience and from its established position in the
liquor distribution business.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of Johal & Co (Wine sales) Pvt Ltd, Madhusala Drinks
Pvt Ltd, R G Shaw and Sons Pvt Ltd and Madan Wine Stores Pvt Ltd.
This is because these entities, collectively referred to as the
Johal group, are under a common management, and have strong
operational and financial linkages among them.

Outlook: Stable

CRISIL believes that the Johal group will continue to benefit over
the medium term from its healthy distribution network and its
promoters' experience in the Indian-manufactured foreign liquor
(IMFL) distribution business. The outlook may be revised to
'Positive' if the group scales up its operations, and improves its
profitability sustainably.  Conversely the outlook may be revised
to 'Negative' if the group's profitability declines considerably,
or if significant project implementation delays result in
deterioration in the group's financial risk profile.

                        About Johal & Co.

The Kolkata-based Johal group primarily manufactures and trades in
IMFL, exclusively for United Spirits Ltd and United Breweries Ltd
(UB group) and accounts for almost 45 per cent of sales of UB
Group's sales in West Bengal.  Mr. Joginder Singh Johal and his
brothers, Mr. Surjit Johal and Mr. Devinder Johal, founded the
group in Dhanbad in 1971 in the form of a partnership concern,
Johal & Co.  In 1979, the firm was converted into a private
limited company, JCPL, and the operations were shifted to Kolkata.
In 2007, MDPL was acquired to undertake contract manufacturing of
IMFL. Currently, the business is looked after by the second
generation of promoters, Mr. Sarbjit Johal and Mr. Maninder Johal.
Other group companies, RGSSPL and MWSPL also trade in IMFL.

The group reported a provisional profit after tax (PAT) of
INR71 million on net sales of INR5282 million for 2009-10 (refers
to financial year, April 1 to March 31) against a PAT of
INR48 million on net sales of INR4156 million for 2008-09.


KUNNAM GRANITE: CRISIL Puts 'B-' Rating on INR12MM LT Facility
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kunnam Granite Works
continue to reflect the strain on Kunnam's financial risk profile
that has been caused by losses on derivative transactions, leading
to decline in its net worth and deterioration in debt protection
measures.  The ratings also factor in the firm's small scale of
operations and exposure to intense competition.  These weaknesses
are partially offset by Kunnam's track record in quarrying and
export of granite blocks.

   Facilities                              Ratings
   ----------                              -------
   INR12.0 Million Proposed Long Term      B-/Negative (Assigned)
                             Facility

   INR10.0 Million Proposed Short Term     P4 (Assigned)
                              Facility

   INR50.0 Million Export Packing Credit   P4 (Reaffirmed)
                                  Limits

   INR40.0 Million (FBDN; Non LC) Limits   P4 (Reaffirmed)

   INR30.0 Million FBDN (LC) Limits        P4 (Reaffirmed)

   INR10.0 Million Standby Line of Credit  P4 (Reaffirmed)
                                   Limits

Outlook: Negative

CRISIL believes that the continued losses on derivative
transactions will further constrain Kunnam's financial risk
profile over the near to medium term.  The ratings may be
downgraded if Kunnam faces larger-than-expected losses on the
transactions leading to further strain on the liquidity profile.
Conversely, the outlook may be revised to 'Stable' if Kunnam
curtails its losses or brings in additional capital, thereby
improving its overall financial risk profile.

Update

Kunnam's performance in 2009-10 (refers to financial year, April 1
to March 31) has been largely in line with CRISIL's expectations.
The top line at INR451 million, dipped from previous year's sales
of INR505 million on backdrop of incessant rains and floods
disrupting quarrying activities in Andhra Pradesh for over 2
months during the year. Kunnam's operating profitability improved
to historical levels at about 8 percent.

Though the operating performance of the company has improved
during FY10, the financial profile continues to be strained by the
expected derivative losses estimated at around INR25 million. At
current exchange rates the estimated mark-to-market (MTM) losses
on derivatives stand at about INR25 milllion which is to be paid
in quarterly instalments till June 2011.

For 2009-10 (refers to financial year, April 1 to March 31),
Kunnam reported, a profit after tax (PAT) of INR0.5 million on net
sales of INR451 million; it reported a Loss of INR20.0 million on
net sales of INR505 million for 2008-09.

                        About Kunnam Granite

Set up by Mr. G Rajaretnam as a proprietorship concern in 1987,
Kunnam was subsequently converted into a partnership firm with
Mr. Rajaratnam's sons, Mr. R Saravanan and Mr. G R Srinivasan
being inducted as partners.  The firm is engaged in quarrying and
exports of a variety of granite blocks; it owns two quarries in
Warangal (Andhra Pradesh).  The firm also deals with other quarry
owners in South India (Andhra Pradesh, Tamil Nadu, and Kerala) and
also procures granite blocks from Orissa and Rajasthan; it
purchases granite from these quarries for exports.  The granite
procured from these quarries account for 95 per cent of the firm's
total revenue.


N. SATISHKUMAR: CRISIL Assigns 'B+' Rating to INR105MM Bank Debt
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of N. Satishkumar & Co; these facilities were earlier rated 'P4'
by CRISIL.

   Facilities                               Ratings
   ----------                               -------
   INR105.0 Million Export Packing Credit   B+/Stable (Reassigned)
   INR195.0 Million Post Shipment Credit    B+/Stable (Reassigned)
   INR60.0 Million Proposed Long-Term Bank  B+/Stable (Reassigned)
                             Loan Facility

The rating continues to reflect N Satishkumar's average financial
risk profile, marked by weak debt protection measures and moderate
gearing, and its working-capital-intensive and modest scale of
operations.  These weaknesses are partially offset by the firm's
promoter's extensive experience in the diamond business.

Outlook: Stable

CRISIL believes that N Satishkumar will continue to benefit over
the medium term from stable cash accruals and healthy demand
growth for the gems and jewellery industry.  The outlook may be
revised to 'Positive' if N Satishkumar generates more-than-
expected cash accruals and improves its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
lesser-than-expected cash accruals or deterioration in the firm's
working capital cycle.

                       About N. Satishkumar

N Satishkumar was promoted in 1977 by Mr. Satish Kumar Parikh, Mr.
Narendra Shah, and Mr. Ramniklal Shah; the firm is in the business
of diamond manufacturing and trading.  It has three manufacturing
units: two in Surat and one in Navsari.  The firm now has seven
partners, all members of the families of the original partners.

For 2009-10 (refers to financial year, April 1 to March 31), N
Satishkumar reported a profit after tax (PAT) of INR7.9 million on
net sales of INR748 million, against a PAT of INR2.6 million on
net sales of INR1012 million for 2008-09.


NEW SWAN: CRISIL Assigns 'BB+' Rating to INR17.4MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of New Swan Autocomp Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR50.0 Million Cash Credit             BB+/Stable (Assigned)
   INR5.0 Million Standby Line of Credit   BB+/Stable (Assigned)
   INR17.4 Million Term Loan               BB+/Stable (Assigned)
   INR15.0 Million Factoring Limit         P4+ (Assigned)

The ratings reflect NSAPL's large working capital requirements,
small scale of operations and its exposure to intense competition
in the automotive components industry.  These rating weaknesses
are partially offset by NSAPL's moderate financial risk profile
marked by low gearing and moderate operating efficiencies.

Outlook: Stable

CRISIL believes that NSAPL will maintain its credit risk profile
over the medium term; its financial risk profile is expected to
remain moderate and its scale of operations small over the medium
term.  The outlook may be revised to 'Positive' if NSAPL increases
its scale of operations substantially and achieves better-than-
expected profitability, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's financial flexibility is constrained, or it undertakes
larger-than-expected, debt-funded capital expenditure.

                     About New Swan Autocomp

NSAPL was incorporated in 2002 by Mr. Upkar Singh Ahuja. NSAPL
manufactures sheet metal components for automobile manufacturers
at its plant in Ludhiana (Punjab).  The company's product line
includes fine-blanked components, exhaust clamps, seat recliners,
and jack assemblies.  The company is a Tier-1 supplier to Tata
Motors Ltd, Suzuki Motorcycle India Pvt Ltd, Piaggio Vehicles Pvt
Ltd. The company also exports clamps and flanges to European
automobile component manufacturers such as Retec Vertibles Gmbh
(Germany), Fischer Automotive ISP ZOO (Poland), and Bosal
Nederland BV (the Netherlands).  Exports contributed around
40% to NSAPL's sales in 2009-10.

NSAPL reported a profit after tax of INR4.4 million on net sales
of INR185.4 million for 2008-09 (refers to financial year, April 1
to March 31), as against INR6.6 million and INR203.2 million,
respectively, for 2007-08.


PNP ENGINEERING: CRISIL Assigns 'D' Rating to INR5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to PNP Engineering Works
Pvt Ltd's bank facilities.  The ratings reflect delay by PNP in
servicing its term loan. The delay has been caused by PNP's weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    D (Assigned)
   INR5.0 Million Term Loan             D (Assigned)
   INR80.0 Million Bank Guarantee       P5 (Assigned)

PNP has weak financial flexibility and small scale of operations,
and is susceptible to downtrends in industrial investments. The
company is also exposed to risks related to its tender-based
business. PNP, however, benefits from the experience of its
promoters in the engineering and construction services industry,
its established clientele, and above-average financial risk
profile, marked by above-average gearing and debt protection
metrics.

                      About PNP Engineering

Set up in 1998 by Mr. Subhas Chandra Panja, PNP provides
engineering construction solutions such as storage tanks,
industrial piping, and structures for oil refineries,
petrochemical companies, and the steel industry. The company,
based in Haldia (West Bengal), undertakes industrial construction
projects on contract basis.

PNP's profit after tax (PAT) and net sales are estimated to be
INR18.2 million and INR249.0 million respectively for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR10.0 million on net sales of INR263.0 million for 2008-09.


RASSCO STEELS: CRISIL Rates INR150 Million Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Rassco Steels Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR150 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects Rassco's weak financial risk profile, marked
by a small net worth, weak debt protection measures, and low
operating margins, and also by intense competition and high
fragmentation in the steel trading industry. These rating
weaknesses are partially offset by the management's extensive
experience in the business.

Outlook: Stable

CRISIL believes that Rassco will continue to benefit from its
promoters' extensive experience in the steel trading industry and
its moderate business risk profile.  The company's financial risk
profile is, however, weak. The outlook may be revised to
'Positive' in case of a significant and sustainable improvement in
the company's financial risk profile, through increased revenues
or higher profitability.  Conversely, any change in the company's
financial policy towards higher reliance on debt or deterioration
in its revenues or profitability could result in the outlook being
revised to 'Negative'.

Based in Kolkata, Rassco was incorporated in 1990 by Mr. Ashok
Kumar Gupta.  It trades in iron and steel products such as flats
and rounds. Mr. Ashok Kumar Gupta's father and brother have been
in the same line of business since 1973.

Rassco reported a profit after tax (PAT) of INR2.2 million on net
sales of INR1025 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net sales
of INR1056 million for 2008-09.


S M CREATIVE: CRISIL Assigns 'B' Rating to INR1.6MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of S M Creative Electronics Ltd, which is part of the
SM group.

   Facilities                           Ratings
   ----------                           -------
   INR51.0 Million Cash Credit Limit    B/Stable (Assigned)
   INR1.6 Million Term Loan             B/Stable (Assigned)
   INR97.4 Million Letter of Credit     P4 (Assigned)

The ratings reflect the SM group's weak liquidity position,
leading to instances of overdrawn bank limits in the past, and its
small scale of operations in the highly competitive
telecommunication and power equipment sectors.  These rating
weaknesses are partially offset by the SM group's promoters'
longstanding experience in the telecommunication industry and its
moderate financial risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SMCEL and its wholly owned
subsidiaries, S&S Electronic Components Pte Ltd, BSMC Power
Nigeria Ltd and Komnik Electronics SAS, and its group company,
Trehan Electronics International Pvt Ltd.  All these companies
have been formed in different countries for sales and services to
customers in the respective countries. All the companies are
managed by SMCEL.  There are operational and financial linkages
among these companies.  The companies are collectively referred to
as the SM group.

Outlook: Stable

CRISIL believes that the SM group's liquidity will remain
constrained, which, in turn, will keep its bank limit utilization
extremely high, over the medium term; the financial risk profile
of the group, however, is expected to remain moderate over the
same period.  The outlook may be revised to 'Positive' in case the
SM group improves its liquidity, either by generating more cash
accruals or by infusing funds.  Conversely, the outlook may be
revised to 'Negative' if the group's liquidity deteriorates
further, most likely because of less-than-expected cash accruals.

                          About the Group

SMCEL, incorporated in 1992 by Mr. Sanjay Trehan and family, is
based in Gurgaon. It is into assembling, marketing, installing and
providing after-sales services for, active and passive
telecommunication and power supply equipment.  Its assembling
plants are located in Gurgaon and Baddi (Himachal Pradesh).  The
company also trades in electronic components such as capacitors,
microwave components, and power supplies through its wholly owned
Singapore-based subsidiary, SSECPL.  SMCEL also has a subsidiary,
BPNL, in Nigeria for marketing its products in the country. TEIPL
is in Bangladesh and is into sales of telecom and electrical
equipments.  Komnik Electronics SAS in based in France.

SMCEL reported a profit after tax of INR30.9 million on net sales
of INR528.3 million for 2008-09 (refers to financial year, April 1
to March 31), against INR12.4 million and INR307.2 million,
respectively, for 2007-08.


SPICEJET LTD: Maran's Equity Stake Now at 30.98%
------------------------------------------------
The Times of India reports that Sun TV owner Kalanithi Maran and
his privately held Kal Airways have raised their stake by 4.78% or
19.37 million shares in SpiceJet Ltd.

The report, citing a BSE filing, says Mr. Maran's stake in
SpiceJet now stands at 30.98%.  The shares were acquired on
Tuesday through an off-market transaction, the filing said.

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

                        About Spicejet Ltd

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

                           *     *     *

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


TATA MOTORS: Moody's Upgrades Corporate Family Rating to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B2 its
corporate family rating for Tata Motors Ltd, and changed the
outlook on the rating to stable from positive.

                        Ratings Rationale

"The rating upgrade reflects the recovery in the operating
performance of the Jaguar Land Rover business exceeding Moody's
expectations and the company's fast growing Indian business
remaining solidly profitable, which have resulted in a much
improved leverage ratio for TML," says Alan Greene, a Moody's
VP/Senior Credit Officer.

JLR's performance bottomed out around Q3 FY2009 and has been
recovering steadily since then, driven by growing volume, a better
geographical mix, the initial benefits of cost management
measures, and higher revenues and margins on new product launches.

"With several issues affecting the company's UK production
facilities and workforce now settled, JLR has probably re-
established a sustainable and competitive business model," adds
Greene, also Moody's lead analyst for TML.

In addition, TML is seeing a solid recovery in its Indian
business, driven by the strong fundamentals of India's auto
sector.

While the commercial vehicle business continues to boom, and
represents the mainstay of its India operation, TML's passenger
vehicle volume growth driven by recent product launches such as
the ultra-low cost Nano and Indigo Manza is supporting strong
revenue growth, allowing for continued double-digit EBITDA margins
in India.

As a result of the progress in India and at JLR, the company's
financial profile will improve such that adjusted debt/EBITDA
should decline to below 4.0-4.5x by end-FY2011.

Moody's note, however, that the deleveraging has come from
increased EBITDA rather than an absolute reduction in debt.  In
fact, debt at the captive Indian finance company continues to grow
in support of sales volumes.  TML consolidates the finance arm in
its reported figures.

Although the company raised USD750 million in new equity in
September 2010, Moody's expects that TML will continue to look for
asset disposal opportunities in order to cut its gross debt of
about USD8 billion as of June 2010, which is reflected in an
adjusted debt/book capitalization of approximately 80%.

Moody's notes that, despite the favorable operating and financial
momentum TML is enjoying, the company continues to face medium-
term challenges.  Automotive demand could suffer in the US and
Europe, as employment and credit growth remains elusive.
Moreover, JLR's performance highlights the substantial degree of
operating leverage that is driving the volatility of its results.

In addition, rising commodity prices will adversely affect the
company's margins if it cannot pass on increased costs through
higher prices.  And finally, competition in the fast-growing
Indian market will heat up as other OEMs try to expand their
presence; with GM and Ford on much sounder footings, global
competition as a whole will intensify, pressuring smaller players
such as TML.

"The stable outlook reflects the business's more solid footing,
following the market acceptance of new products and with the
strategy of the company's business divisions being steadily
implemented," adds Greene.

The rating incorporates continued progress into the next financial
year but is unlikely to move higher in the next 12-18 months as
the challenges noted above will need to be met.

Further out, the rating could be upgraded if the company's credit
metrics improve such that adjusted debt/EBITDA falls below 3.0-
3.5x and EBITA margins are maintained at the 7-9% range.  Further
asset sales or equity-related fund-raising to lower debt, leading
to adjusted debt/book capitalization of 60-70%, will accelerate
the transition towards a higher rating.

Downward pressure on the rating could emerge if TML is unable to
sustain its performance due to input cost pressures, weak markets,
disappointing new products or significant ceding of market share,
all potentially resulting in lower revenues and a decline in
recovery of fixed costs.  This could be reflected in various
credit metrics viewed on a sustained basis such as adjusted
debt/EBITDA increasing to over 5x, EBITA margins falling below 5%,
or adjusted debt/book capitalization rising over 75-80%.

Moody's last rating action with regard to TML was taken on
April 16, 2010, when the company's B3 corporate family rating was
raised to B2, with a positive outlook.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and its second-largest
manufacturer of passenger vehicles.  Products include light,
medium, and heavy-duty commercial vehicles (trucks, pick-ups, and
buses), utility vehicles, and cars.  TML is 37.02%-owned (voting
rights) by the Tata Group (as of September 2010).

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

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

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.


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


ARPENI PRATAMA: Court Junks Korea Securities' Bankruptcy Petition
-----------------------------------------------------------------
Bloomberg News reports that an Indonesian court has rejected a
bankruptcy petition filed by Korea Securities Finance Corp.
against PT Arpeni Pratama Ocean Line.

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 10, 2010, Standard & Poor's Ratings Services lowered its
corporate credit rating on PT Arpeni Pratama Ocean Line Tbk. to
'SD' (selective default) from 'CC'.

At the same time, the issue rating on the outstanding
US$140.85 million senior secured notes issued by Arpeni Pratama
Ocean Line Investment B.V. and guaranteed by Arpeni, due May 3,
2013, was affirmed at 'C' following the missed payment of its
coupon on May 3, 2010.  It has a 30-day grace period to pay the
coupon.

"S&P lowered the ratings on Arpeni to 'SD' from 'CC' after the
company deferred principal payments of some loans," said Standard
& Poor's credit analyst Manuel Guerena.  "Although the company has
said it plans to keep on making interest payments, the deferral is
part of Arpeni's steps in trying to manage its cash, liquidity,
and working capital positions."


BUMI INVESTMENT: Moody's Affirms 'Ba3' Senior Secured Rating
------------------------------------------------------------
Moody's Investors Service has affirmed Bumi Investment Pte Ltd.'s
Ba3 senior secured rating and removed its provisional status
following the successful issuance of 7-year $700 million 10.75%
notes.  Moody's has also affirmed the Ba3 corporate family rating
of PT Bumi Resources Tbk.  The notes benefit from joint and
severable unconditional and irrevocable guarantees from Bumi and
subsidiaries, and rank pari passu to all existing and future
senior unsecured claims of the issuer and guarantors.  The outlook
for the ratings remains negative.

                        Ratings Rationale

"The issuance has extended Bumi's maturity profile and, together
with $360 million of fresh equity, will significantly alleviate
some of the company's near term refinancing risk," says Alan
Greene, a Moody's Vice President and Senior Credit Officer.

"Notwithstanding the refinancing exercise, Bumi's negative outlook
reflects the extent to which Bumi's performance, despite
improvement, has lagged projections", says Greene, also lead
analyst for Bumi Resources, adding "While deleveraging has
occurred, on a pro forma basis, and reflecting the non-preemptive
rights issuance of $360 million, normalized, consolidated adjusted
debt/EBITDA stood at 3.6x at LTM June 2010.  This value remains in
excess of Moody's downward rating trigger of 3.0x."

Upward rating pressure is unlikely given the negative outlook.
The outlook could revert to stable should Bumi deliver on its
financial projections and offer a clear plan to reduce the debt
burden such that adjusted, consolidated, debt/EBITDA falls below
3.0x on a consistent basis.

Further downward pressure could emerge on the rating should Bumi
fail to deliver on its projections and specifically its
deleveraging plans, or if it deviates from the business plan and
strategy currently contemplated as part of the rating.  Moody's
would also look for holdco leverage to decrease and failure to do
so would put downward pressure on the rating.

The last rating announcement on Bumi was taken on 29th September
2010 when Moody's assigned a (P)Ba3 to the company's prospective
bond.  Prior to this, on 20th September 2010, Bumi's ratings were
confirmed at Ba3 with a negative outlook following the conclusion
of the review for possible downgrade.

Established in 1973 and listed on the Jakarta Stock Exchange in
1990, Bumi is Indonesia's largest thermal coal producer and one of
the top three largest thermal coal exporters globally.  Through
its principal assets (65% stake in PT Kaltim Prima Coal and 70%
stake in PT Arutmin), Bumi accounts for approximately 25% of
Indonesia's total coal production.

Approximately 19.3% of Bumi's shares are held by Bakrie &
Brothers, which is controlled by members of the Bakrie family.
Members of the Bakrie family (outside of Bakrie & Brothers) also
own shares in Bumi.

                     Regulatory Disclosures

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

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

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.


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


GODO KAISHA: S&P Downgrades Rating on Series 1 Bonds to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B- (sf)' from 'BB
(sf)' its rating on Godo Kaisha MF2 Alpha's JPY7.0 billion series
1 unsecured bonds due April 2014 and removed the rating from
CreditWatch with negative implications, where it was placed on
July 12, 2010.

S&P lowered its assumption with regard to the likely collection
amount from the three properties (three office buildings in Tokyo)
backing the transaction's nonrecourse loan because cash flow
levels have dropped below its initial assumptions.  S&P currently
assume the combined value of the properties to be about 54% of its
initial underwriting value.  The downgrades reflect S&P's revised
assumption with respect to the likely collection amount from the
properties.

In this transaction, S&P assigned its ratings to the
JPY7.0 billion unsecured bonds issued by Godo Kaisha MF2 Alpha.
The bonds are backed by a JPY7.0 billion ABL (class B ABL;
mezzanine loan) extended to Godo Kaisha MF2.  The class B ABL that
backs the bonds is backed by a nonrecourse loan.  The nonrecourse
loan, which was extended by Godo Kaisha MF2 to another company
serving as the borrower special-purpose company, was initially
secured by four properties.  In addition to backing the class B
ABL, the nonrecourse loan also backs MF2 Senior Loan's senior
ABLs, classes A1 to A4 (initial issue amount: JPY25.4 billion),
which have been rated by Standard & Poor's.

The transaction was arranged by Morgan Stanley Japan Securities,
and ORIX Asset Management & Loan Services Corp. acts as the
servicer for this transaction.  The rating addresses the full
payment of interest and the ultimate repayment of principal by the
transaction's legal final maturity date in April 2014 for the
unsecured bonds.

             Rating Lowered, Off Creditwatch Negative

                      Godo Kaisha MF2 Alpha
          JPY7.0 billion unsecured bonds due April 2014

     To             From                Initial issue amount
     --             ----                --------------------
     B- (sf)        BB (sf)/Watch Neg.   JPY7.0 billion


JAPAN AIRLINES: Partially Repays DBJ Loans Ahead of Schedule
------------------------------------------------------------
Japan Airlines Corp. has repaid part of its loans from the
Development Bank of Japan ahead of schedule, Kyodo News reports
citing sources familiar with the matter.

According to Kyodo News, sources said of the JPY280 billion in
bridge loans borrowed from the government-affiliated financial
institution, JAL repaid JPY180 billion on October 21 as a fall in
fuel costs following the yen's appreciation gave the struggling
airline leeway in cash reserves.

Kyodo News relates sources said JAL is believed to have hurried to
repay loans with relatively high interest rates.

                       About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Plans to Start Venture With American Air by April
-----------------------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
Japan Airlines Corp. returned to profit and said it plans to begin
a venture with American Airlines by April after Japan and the U.S.
agreed to ease flight restrictions.

Japan Airlines President Masaru Onishi said the carriers will
start talks once the U.S. joins Japan in granting antitrust
immunity to the proposed partnership, according to Bloomberg.

Bloomberg relates Japan Airlines also reported an operating income
of JPY109.7 billion for the April-September period compared with a
JPY96 billion loss a year earlier after it cut jobs and sold
planes.

American aims to begin the venture with Japan Air as soon as
possible, Akiko Inagawa, a spokeswoman, told Bloomberg by phone
from Tokyo.

                       About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Starts Final Voluntary Retirement Solicitation
--------------------------------------------------------------
The Mainichi Daily News reports that Japan Airlines Corp.
President Masaru Onishi said the company has begun soliciting some
270 voluntary retirement applications from pilots and cabin
attendants.

The solicitation, effective from October 26 through Nov. 9, comes
after the number of those applications fell short of the target of
1,500 in the previous solicitation lasting from Sept. 3 to
Oct. 22, the Mainichi Daily relates.

"This is the final solicitation," the Mainichi Daily quotes Mr.
Onishi as saying.  "If applications fall short of the target,
we'll make some decision after Nov. 9," he said, indicating that a
shortfall could force the struggling airline to dismiss some
employees.

The target for the latest voluntary retirement solicitation
consists of around 130 pilots and 140 cabin attendants.
Applicants are scheduled to leave the company Nov. 30.

                       About Japan Airlines

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

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

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

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


MF2 SENIOR: S&P Downgrades Ratings on Various Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
A1 to A4 of MF2 Senior Loan's asset-backed loans, and removed the
ratings from CreditWatch with negative implications.  S&P
originally placed the ratings on classes A3 and A4, and those on
classes A1 and A2 on CreditWatch negative on July 12, 2010, and
Oct. 6, 2010, respectively.

S&P lowered its assumption with regard to the likely collection
amount from the three properties (three office buildings in Tokyo)
backing the transaction's nonrecourse loan because cash flow
levels have dropped below its initial assumptions.  S&P currently
assume the combined value of the properties to be about 54% of its
initial underwriting value.  The downgrades reflect S&P's revised
assumption with respect to the likely collection amount from the
properties.

In this transaction, S&P assigned its ratings to MF2's JPY25.4
billion ABLs, classes A-1 to A-4, extended to MF2 Godo Kaisha.
The ABLs are backed by a JPY32.4 billion nonrecourse loan extended
by MF2 to another company serving as the borrower special-purpose
company.  MF2 also carries JPY7 billion worth of mezzanine loan.

The transaction was arranged by Morgan Stanley Japan Securities,
and ORIX Asset Management & Loan Services Corp. acts as the
servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in March 2014 for the ABL, class A1, and the
full payment of interest and ultimate repayment of principal by
the legal final maturity date for the ABLs, classes A2 to A4.

            Ratings Lowered, Off Creditwatch Negative

                         MF2 Senior Loan
            JPY25.4 billion senior ABLs due March 2014

Class       To         From                  Initial issue amount
-----       --         ----                  --------------------
A1 ABL      AA+ (sf)   AAA (sf)/Watch Neg    JPY19.0 bil.
A2 ABL      BBB- (sf)  AA (sf)/Watch Neg.     JPY4.0 bil.
A3 ABL      BB (sf)    AA- (sf)/Watch Neg.    JPY1.4 bil.
A4 ABL      BB- (sf)   A+ (sf)/Watch Neg      JPY1.0 bil.


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


KENMARK INDUSTRIAL: Sells Land for MYR15 Million to Pay Debts
-------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad on October 22, 2010, entered
into a Sale and Purchase Agreement with Goldwing Venture Sdn Bhd
to dispose of two pieces of adjacent land in Meru, Klang for a
total cash consideration of MYR15 million.

The Property is a vacant freehold industrial land measuring
approximately 23,455 square meters, held under Individual Titles
GRN 24380 & 24381 Lot 7283 & 7285, Mukim Kapar, Daerah Klang,
Negeri Selangor located at Meru, Klang.  The Property is charged
to EON Bank Berhad to secure the banking facilities granted
earlier.

The redemption sum due on the Property is MYR14.25 billion and in
the event the Redemption Sum is not paid by the redemption date,
the redemption date will be extended and the redemption sum due on
the Property will be equivalent to the Redemption Sum plus any
late payment interest charges payable by the Purchaser.

The Sale Consideration of MYR15 million was arrived at as a result
of the public tender exercise to sell the property initiated by
the Company via an open tender exercise conducted by Henry Butcher
Real Estate Sdn Bhd on August 12, 2010, and the Purchaser is the
successful bidder for the purchase of the Property.

The company told Bursa Malaysia that the proceeds will be used to
settle the redemption sum of MYR14.25 million on the property due
to EON Bank Berhad.

The net proceeds of MYR750,000 will be used by the Liquidators in
accordance with the provisions of the Companies Act 1965 and the
High Court order to settle outstanding due by the Company in
accordance with priorities, the company added.

The Property was acquired in 1988 and the original cost of
investment was RM2.50 million. The net book value of the Property
as at March 31, 2009, was RM2.50 million. The Company expects a
gain of RM12.50 million from the Disposal.

The Disposal is estimated to be completed by February 2011.

                       About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company.
The Company is engaged in the manufacturing of computer
workstations, cabinets, furniture; printing of packaging
materials; the distribution of consumer products, and investment
holding.  The Company is also engaged in plastic injection for
furniture parts, and assembly and distribution of liquid crystal
display (LCD).  It exports its products to the United States,
Europe, Japan and Australia.  The Company's wholly owned
subsidiaries include Kenmark Paper Sdn. Bhd., which is engaged in
manufacturing plastic parts for wooden furniture and cabinets, and
investment holding; Kenmark (Labuan) Limited, which is engaged in
international trading, commission agent and investment holding;
Phoenix International Group Limited, which is engaged in trading
in electronic devices, and Billion Dynamic Sdn. Bhd., which is
engaged in the assembling and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.  The Company's major subsidiaries have defaulted on
some of their banking facilities.  The Company is also unable to
provide a solvency declaration.

The High Court on October 14, 2010, entered an order to wind up
the operations of Kenmark Industrial Co (M) Berhad under the
provisions of the Companies Act, 1965.  The court appointed Mak
Kum Choon and Yeoh Siew Ming both of Messrs. Deloitte Corporate
Solutions Sdn Bhd as liquidators for Kenmark Industrial Co (M)
Berhad.


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


SOUTH CANTERBURY: Kelt Finance Owes NZ$39 Million
-------------------------------------------------
Diane Joyce at The Dominion Post reports Hawke's Bay investment
banker Sam Kelt said he is "speechless" at reports that one of his
companies owes South Canterbury Finance NZ$39 million.  The report
relates that all SCF dealings have come under scrutiny since it
was put into receivership in August.

According to the report, receiver Kerryn Downey of McGrathNicol
would not confirm the exact amount owed by Kelt Finance, but said
a reported figure of NZ$39 million was "a little high" and there
was "major exposure".  The Dominion Post notes that Kelt Finance
was set up by Mr. Kelt's company Kelt Capital and South Canterbury
Finance in 2007.

Mr. Kelt, the report discloses, said that the two parties were "in
the middle of a transaction", and both had agreed not to comment
on the deal.

The Dominion Post relates that the National Business Review has
reported that Kelt Finance was 75% owned by SCF until earlier this
year, when "the Kelt family reacquired full ownership".  The
report relates Mr. Kelt confirmed money was owed but said the
amount was "bloody small . . . it's not even close to NZ$39
million".

Mr. Kelt, The Dominion Post relates, said that he was Kelt
Finance's only shareholder, so there should be little public
interest in its affairs.  The report adds Mr. Kelt had not taken
"even NZ$1" from commissions or fees from dealings with South
Canterbury Finance.

                       About South Canterbury

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

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

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

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


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW       AHGN               16.93       -8.23
AUSTON RESOURCE        AZT               469.54     -748.94
AUSTAR UNITED          AUN               502.05     -284.60
AUSTRAILIAN Z-PP       AZCCA              77.74       -2.57
AUSTRALIAN ZIRC        AZC                77.74       -2.57
AUTRON CORP LTD        AAT                32.39      -13.42
BCD RESOURCES OP       BCO                22.09      -61.19
BCD RESOURCES-PP       BCOCC              22.09      -61.19
BIRON APPAREL LT       BIC                19.71       -2.22
CENTRO PROPERTIE       CNP            14,253.26     -825.84
CHALLENGER INF-A       CIF             2,161.41     -339.11
CHEMEQ LTD             CMQ                25.19      -24.25
ELLECT HOLDINGS        EHG                18.25      -15.49
HEALTH CORP LTD        HEA                13.85       -0.97
HYRO LTD               HYO                11.81       -5.15
IVANHOE AUST LTD       IVA                49.44       -6.51
JAMES HARDIE-CDI       JHX             2,132.00      -26.70
JAMES HARDIE NV        JHXCC           2,132.00      -26.70
MAC COMM INFR-CD       MCGCD           8,104.42     -103.34
MAVERICK DRILLIN       MAD                24.65       -1.30
MISSION NEWENER        MBT                32.23      -21.47
NATURAL FUEL LTD       NFL                19.38     -121.51
ORION GOLD NL          ORN                12.37      -24.99
POWERLAN LTD           PWR                30.84       -5.94
RIVERCITY MOTORW       RCY               386.88      -809.14
SCIGEN LTD-CUFS        SIE                69.94      -29.79
SHELL VILLAGES A       SVC                13.47       -1.66
TAKORADI LTD           TKG                13.99       -0.41
THOMAS BRYSON          TBI                44.32      -54.67
VERTICON GROUP         VGP                10.08      -29.12


CHINA

BAOCHENG INVESTM       600892             22.47       -3.17
CHANGAN INFO-A         600706             20.37       -7.96
CHENGDE DALU -B        200160             26.84       -6.15
CHENGDU UNION-A        693                39.91      -14.85
CHINA KEJIAN-A         35                 85.26     -186.04
DATONG CEMENT-A        673                20.42       -2.75
DONGGUAN FANGD-A       600656             22.37      -60.70
DONGXIN ELECTR-A       600691             13.31      -20.95
GUANGDONG ORIE-A       600988             11.79       -7.36
GUANGMING GRP -A       587                46.84      -39.50
GUANGXIA YINCH-A       557                30.00      -31.75
HEBEI BAOSHUO -A       600155            114.87     -390.50
HEBEI JINNIU C-A       600722            231.07     -236.93
HUASU HOLDINGS-A       509                81.80       -4.82
HUNAN ANPLAS CO        156                39.16      -65.29
JIANGSU CHINES-A       805                12.46      -12.21
JINCHENG PAPER-A       820               255.17      -31.31
JINHUA GROUP-A         818               334.60      -45.66
LIAOYUAN DEHENG        600699            120.45      -31.43
MUDAN AUTOMOBI-H       8188               36.26       -0.61
NINGBO YIDONG-H        8249               43.21      -33.74
QINGHAI SUNSHI-A       600381            108.89      -24.71
SHAANXI QINLIN-A       600217            233.75      -37.00
SHANG BROAD-A          600608             69.72      -20.98
SHANG HONGSHENG        600817             15.37     -460.74
SHANGHAI WORLDBE       600757            154.83     -257.96
SHENZ CHINA BI-A       17                 24.86     -272.59
SHENZ CHINA BI-B       200017             24.86     -272.59
SHENZHEN DAWNC-A       863                26.90     -151.27
SHENZHEN KONDA-A       48                116.05       -0.97
SHENZHEN SHENX-A       34                 21.92     -118.85
SHENZHEN ZERO-A        7                  51.44       -6.96
SHIJIAZHUANG D-A       958               216.46      -76.14
SICHUAN DIRECT-A       757               103.56     -138.84
SICHUAN GOLDEN         600678            233.64      -37.42
TAIYUAN TIANLO-A       600234             52.47      -27.08
TIANJIN MARINE         600751             78.09      -63.86
TIANJIN MARINE-B       900938             78.09      -63.86
TIBET SUMMIT I-A       600338             83.10       -1.66
TOPSUN SCIENCE-A       600771            155.93     -158.88
WINOWNER GROUP C       600681             11.13      -72.07
WUHAN BOILER-B         200770            269.09     -143.61
WUHAN GUOYAO-A         600421             11.02      -24.12
XIAMEN OVERSEA-A       600870            338.03     -139.08
XINHUA FINANCE         9399               35.80       -1.17
YANBIAN SHIXIA-A       600462            208.72      -14.53
YIBIN PAPER IN-A       600793            111.63       -0.13
YUEYANG HENGLI-A       622                36.02      -16.09
YUNNAN MALONG-A        600792            122.13      -50.67
ZHANGJIAJIE TO-A       430                45.95       -4.59


HONG KONG

ASIA TELEMEDIA L       376                16.62       -5.37
ASIAN CAPITAL RE       8025               21.97       -0.68
BUILDMORE INTL         108                13.08      -43.45
CHINA HEALTHCARE       673                37.98       -2.81
CMMB VISION HOLD       471                41.31       -5.11
COSMO INTL 1000        120                83.67      -25.33
CROSBY CAPITAL         8088               13.84      -14.46
EGANAGOLDPFEIL         48                557.89     -132.86
FULBOND HLDGS          1041               54.53      -24.07
HAO WEN HOLDINGS       8019               22.57       -0.46
IMAGI INTERNATIO       585                11.29      -21.23
JIAN EPAYMENT          8165               14.66       -1.12
MELCOLOT LTD           8198               63.25      -34.53
MITSUMARU EAST K       2358               21.23       -9.04
NEW CITY CHINA         456               112.20      -14.59
NGAI LIK INDL          332                21.16       -3.64
PAC PLYWOOD            767                68.66      -12.31
PALADIN LTD            495               155.31      -10.91
PCCW LTD               8               5,350.25     -416.24
PROVIEW INTL HLD       334               314.87     -294.85
SINO RESOURCES G       223                25.07      -39.10
TACK HSIN HLDG         611                27.01      -62.70
TLT LOTTOTAINMEN       8022               25.21       -8.78
TONIC IND HLDGS        978                56.17      -54.52


INDONESIA

ASIA PACIFIC           POLY              485.05     -844.50
ERATEX DJAJA           ERTX               11.30      -18.23
JAKARTA KYOEI ST       JKSW               28.61      -45.23
MITRA INTERNATIO       MIRA              990.92     -217.75
MITRA RAJASA-RTS       MIRA-R2           990.92     -217.75
MULIA INDUSTRIND       MLIA              360.87     -368.54
PANASIA FILAMENT       PAFI               45.10       -8.20
PANCA WIRATAMA         PWSI               30.32      -37.84
PRIMARINDO ASIA        BIMA               12.22      -21.89
STEADY SAFE TBK        SAFE               11.85       -5.88
SURABAYA AGUNG         SAIP              265.80      -83.61
UNITEX TBK             UNTX               16.09      -16.28


INDIA

ALCOBEX METALS         AML                16.59      -21.47
ARTSON ENGR            ART                15.63       -1.61
ASHIMA LTD             ASHM               63.65      -55.81
ATV PROJECTS           ATV                60.46      -55.04
BALAJI DISTILLER       BLD                66.32      -25.40
BELLARY STEELS         BSAL              451.68     -108.50
BHAGHEERATHA ENG       BGEL               22.65      -28.20
CAMBRIDGE SOLUTI       CAMB              156.75      -46.79
CFL CAPITAL FIN        CEATF              15.35      -46.89
COMPUTERSKILL          CPS                14.90       -7.56
CORE HEALTHCARE        CPAR              185.36     -241.91
DCM FINANCIAL SE       DCMFS              16.06       -9.47
DIGJAM LTD             DGJM               98.77      -14.62
DISH TV INDIA          DITV              422.08     -127.61
DUNCANS INDUS          DAI               133.65     -205.38
GANESH BENZOPLST       GBP                43.99      -24.57
GEM SPINNERS LTD       GEMS               15.23       -0.11
GLOBAL BOARDS          GLB                14.98       -7.51
GSL INDIA LTD          GSL                37.04      -42.34
GSL NOVA PETROCH       GSLN               44.39       -0.93
GUJARAT SIDHEE         GSCL               59.44       -0.66
HARYANA STEEL          HYSA               10.83       -5.91
HENKEL INDIA LTD       HNKL              102.05      -10.24
HFCL INFOTEL LTD       HFCL              173.52     -101.57
HIMACHAL FUTURIS       HMFC              406.63     -210.98
HINDUSTAN PHOTO        HPHT               68.94   -1,147.18
HINDUSTAN SYNTEX       HSYN               14.15       -3.66
HMT LTD                HMT               142.67     -386.80
ICDS                   ICDS               13.30       -6.17
INDIA FOILS LTD        IF                 54.77       -2.70
INTEGRAT FINANCE       IFC                45.56      -43.27
ITI LTD                ITI             1,116.21       -0.80
JCT ELECTRONICS        JCTE              122.54      -50.00
JD ORGOCHEM LTD        JDO                10.46       -1.60
JENSON & NIC LTD       JN                 17.91      -84.78
JIK INDUS LTD          KFS                20.63       -5.62
JK SYNTHETICS          JKS                13.51       -3.03
JOG ENGINEERING        VMJ                50.08      -10.08
KALYANPUR CEMENT       KCEM               37.45      -45.90
KERALA AYURVEDA        KRAP               13.99       -1.18
KINGFISHER AIR         KAIR            1,781.30     -861.06
LLOYDS FINANCE         LYDF               23.77      -10.87
LLOYDS STEEL IND       LYDS              415.66      -63.93
MAHA RASHTRA APE       MHAC               24.13      -14.27
MILLENNIUM BEER        MLB                36.39       -3.20
MILTON PLASTICS        MILT               18.31      -40.44
NICCO UCO ALLIAN       NICU               32.23      -71.91
NK INDUS LTD           NKI                49.04       -4.95
ORIENT PRESS LTD       OP                 16.70       -0.09
PANCHMAHAL STEEL       PMS                51.02       -0.33
PARASRAMPUR SYN        PPS               111.97     -317.11
PAREKH PLATINUM        PKPL               61.08      -88.85
PEACOCK INDS LTD       PCOK               11.40      -14.40
PIRAMAL LIFE SC        PLSL               45.82      -32.69
POLAR INDS LTD         PLI                11.61      -22.28
RAMA PHOSPHATES        RMPH               34.07       -1.19
RATHI ISPAT LTD        RTIS               44.56       -3.93
RELIGARE TECHNOV       RTCL               44.13       -1.46
REMI METALS GUJA       RMM               102.64       -5.29
RENOWNED AUTO PR       RAP                14.12       -1.25
ROLLATAINERS LTD       RLT                22.97      -22.24
ROYAL CUSHION          RCVP               20.62      -20.95
SCOOTERS INDIA         SCTR               13.29       -0.58
SHALIMAR WIRES         SWRI               24.49      -49.90
SHAMKEN COTSYN         SHC                23.13       -6.17
SHAMKEN MULTIFAB       SHM                60.55      -13.26
SHAMKEN SPINNERS       SSP                42.18      -16.76
SHREE GANESH FOR       SGFO               44.50       -2.89
SHREE RAMA MULTI       SRMT               63.73      -52.93
SIDDHARTHA TUBES       SDT                70.93      -12.09
SIL BUSINESS ENT       SILB               12.46      -19.96
SOUTHERN PETROCH       SPET            1,584.27       -4.80
SPICEJET LTD           SJET              220.03      -76.12
STERLING HOL RES       SLHR               52.91       -0.63
STI INDIA LTD          STIB               28.05       -8.04
TAMILNADU TELE         TNT                12.82       -5.15
TATA TELESERVICE       TTLS            1,069.83     -154.99
TRIUMPH INTL           OXIF               58.46      -14.18
TRIVENI GLASS          TRSG               24.39       -8.90
TUTICORIN ALKALI       TACF               14.15      -11.20
UNIFLEX CABLES         UFC                45.05       -0.90
UNIFLEX CABLES         UFCZ               45.05       -0.90
UNIWORTH LTD           WW                145.71     -114.87
USHA INDIA LTD         USHA               12.06      -54.51
VENTURA TEXTILES       VRTL               14.25       -0.33
WINDSOR MACHINES       WML                14.50      -28.14
WIRE AND WIRELES       WNW               115.34      -34.49


JAPAN

CREDIT ORG S&M         8489               97.06       -9.97
DAIWASYSTEM CO         8939              607.68     -259.76
DPG HOLDINGS INC       3781               11.77       -3.99
HARAKOSAN CO           8894              225.69      -62.68
JIPANGU HOLDINGS       2684               15.05       -8.38
KNT                    9726            1,058.18      -13.37
L CREATE CO LTD        3247               42.34       -9.15
LCA HOLDINGS COR       4798               51.30       -2.57
NIHON INTER ELEC       6974              218.08      -50.73
PROPERST CO LTD        3236              305.90     -330.20
RAYTEX CORP            6672               41.66      -28.52
SAIKAYA CO LTD         8254              375.83      -72.59
SHINWA OX CORP         2654               41.06      -24.43
SHIOMI HOLDINGS        2414              190.97      -22.81
SUMITOMO MITSUI        1821            2,382.17      -98.97
TERRANETZ CO LTD       2140               11.63       -4.29


KOREA

AJU MEDIA SOL-PF       44775              13.82       -1.25
DAHUI CO LTD           55250             186.00       -1.50
DAISHIN INFO           20180             740.50     -158.45
KEYSTONE GLOBAL        12170              10.61       -0.74
KUKDONG CORP           5320               51.19       -1.39
KUMHO INDUS-PFD        2995            5,837.32     -967.28
KUMHO INDUSTRIAL       2990            5,837.32     -967.28
ORICOM INC             10470              82.65      -40.04
SAMT CO LTD            31330             200.83     -152.09
SEOUL MUTL SAVIN       16560             874.79      -34.13
TAESAN LCD CO          36210             296.83      -91.03
TONG YANG MAGIC        23020             355.15      -25.77
YOUILENSYS CORP        38720             166.70      -12.34


MALAYSIA

AXIS INCORPORATI       AXIS               39.22      -86.70
GULA PERAK BHD         GUP                91.03      -38.57
HO HUP CONSTR CO       HO                 68.68       -7.10
LCL CORP BHD           LCL                45.27     -111.27
LIMAHSOON BHD          LIMA               26.52       -1.56
LUSTER INDUSTRIE       LSTI               22.97       -1.72
MEMS TECHNOLOGY        MEMS               10.41      -20.77
NGIU KEE CO-BHD        NKC                22.98       -0.16
OILCORP BHD            OILC               91.94      -63.88
TRACOMA HOLDINGS       TRAH               72.64       -6.19


NEW ZEALAND

DORCHESTER PAC         DPC                77.28       -2.01


PHILIPPINES

APEX MINING 'B'        APXB               45.84      -20.95
APEX MINING-A          APX                45.84      -20.95
BENGUET CORP 'B'       BCB                80.66      -37.36
BENGUET CORP-A         BC                 80.66      -37.36
CYBER BAY CORP         CYBR               13.30      -83.83
EAST ASIA POWER        PWR                42.01     -159.00
FIL ESTATE CORP        FC                 38.38      -13.37
FILSYN CORP A          FYN                22.72      -10.89
FILSYN CORP. B         FYNB               22.72      -10.89
GOTESCO LAND-A         GO                 18.68      -10.86
GOTESCO LAND-B         GOB                18.68      -10.86
MRC ALLIED INC         MRC                13.26       -5.43
PICOP RESOURCES        PCP               105.66      -23.33
PRIME ORION PHIL       POPI               90.35       -5.12
STENIEL MFG            STN                22.11      -13.42
UNIVERSAL RIGHTF       UP                 45.12      -13.48
UNIWIDE HOLDINGS       UW                 52.80      -56.18
VICTORIAS MILL         VMC               164.26      -18.20


SINGAPORE

ADV SYSTEMS AUTO       ASA SP Equit       14.49      -12.12
ADVANCE SCT LTD        ASCT SP Equi       16.05      -43.84
HL GLOBAL ENTERP       HLGE SP Equi       93.41      -11.84
JURONG TECH IND        JTL SP Equit       98.76     -227.28
LINDETEVES-JACOB       LJ SP Equity      135.79      -90.16
SUNMOON FOOD COM       SMOON SP Equ       14.19      -14.22
TT INTERNATIONAL       TTI SP Equit      256.51      -50.62


THAILAND

ABICO HLDGS-F          ABICO/F            15.28       -4.40
ABICO HOLDINGS         ABICO              15.28       -4.40
ABICO HOLD-NVDR        ABICO-R            15.28       -4.40
ASCON CONSTR-NVD       ASCON-R            59.78       -3.37
ASCON CONSTRUCT        ASCON              59.78       -3.37
ASCON CONSTRU-FO       ASCON/F            59.78       -3.37
BANGKOK RUBBER         BRC                95.77      -72.05
BANGKOK RUBBER-F       BRC/F              95.77      -72.05
BANGKOK RUB-NVDR       BRC-R              95.77      -72.05
CIRCUIT ELEC PCL       CIRKIT             16.79      -96.30
CIRCUIT ELEC-FRN       CIRKIT/F           16.79      -96.30
CIRCUIT ELE-NVDR       CIRKIT-R           16.79      -96.30
DATAMAT PCL            DTM                12.69       -6.13
DATAMAT PCL-NVDR       DTM-R              12.69       -6.13
DATAMAT PLC-F          DTM/F              12.69       -6.13
GRANDE ASSE-NVDR       GRAND-R           206.18       -3.80
GRANDE ASSET H-F       GRAND/F           206.18       -3.80
GRANDE ASSET HOT       GRAND             206.18       -3.80
ITV PCL                ITV                34.83     -100.25
ITV PCL-FOREIGN        ITV/F              34.83     -100.25
ITV PCL-NVDR           ITV-R              34.83     -100.25
K-TECH CONSTRUCT       KTECH/F            39.74      -33.07
K-TECH CONSTRUCT       KTECH              39.74      -33.07
K-TECH CONTRU-R        KTECH-R            39.74      -33.07
KUANG PEI SAN          POMPUI             17.70      -12.74
KUANG PEI SAN-F        POMPUI/F           17.70      -12.74
KUANG PEI-NVDR         POMPUI-R           17.70      -12.74
PATKOL PCL             PATKL              52.89      -30.64
PATKOL PCL-FORGN       PATKL/F            52.89      -30.64
PATKOL PCL-NVDR        PATKL-R            52.89      -30.64
PICNIC CORPORATI       PICNI             162.04      -79.86
PICNIC CORPORATI       PICNI-R           162.04      -79.86
PICNIC CORPORATI       PICNI/F           162.04      -79.86
PONGSAAP PCL           PSAAP/F            23.00       -9.14
PONGSAAP PCL           PSAAP              23.00       -9.14
PONGSAAP PCL-NVD       PSAAP-R            23.00       -9.14
SAHAMITR PRESS-F       SMPC/F             21.99       -4.01
SAHAMITR PRESSUR       SMPC               21.99       -4.01
SAHAMITR PR-NVDR       SMPC-R             21.99       -4.01
SUNWOOD INDS PCL       SUN                19.86      -13.03
SUNWOOD INDS-F         SUN/F              19.86      -13.03
SUNWOOD INDS-NVD       SUN-R              19.86      -13.03
THAI-DENMARK PCL       DMARK              15.72      -10.10
THAI-DENMARK-F         DMARK/F            15.72      -10.10
THAI-DENMARK-NVD       DMARK-R            15.72      -10.10
THAI-GERMAN PR-F       TGPRO/F            53.47       -4.49
THAI-GERMAN PRO        TGPRO              53.47       -4.49
THAI-GERMAN-NVDR       TGPRO-R            53.47       -4.49
TRANG SEAFOOD          TRS                13.34       -4.01
TRANG SEAFOOD-F        TRS/F              13.34       -4.01
TRANG SFD-NVDR         TRS-R              13.34       -4.01
UNIVERSAL S-NVDR       USC-R             114.26      -20.53
UNIVERSAL STARCH       USC               114.26      -20.53
UNIVERSAL STAR-F       USC/F             114.26      -20.53


TAIWAN

CHIEN TAI CEMENT       1107              202.42      -33.40
HELIX TECH-EC          2479T              23.39      -24.12
HELIX TECH-EC IS       2479U              23.39      -24.12
HELIX TECHNOL-EC       2479S              23.39      -24.12
PRODISC TECH           2396              253.76      -36.04
TAIWAN KOL-E CRT       1606U             507.21     -147.14
TAIWAN KOLIN-EN        1606V             507.21     -147.14
TAIWAN KOLIN-ENT       1606W             507.21     -147.14
VERTEX PREC-ENTL       5318T              42.86       -0.71
VERTEX PRECISION       5318               42.86       -0.71


                             *********

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

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

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


                            *********


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

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

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

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

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





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