TCRAP_Public/101105.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, November 5, 2010, Vol. 13, No. 219

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Receives Expressions of Interest in Assets
CHALLENGE AUSTRALIA: Retrenchments Begin at Firm
DIRECT FACTORY: CFS to Buy Half of South Wharf DFO by Nov. 30
FINESSE FOODS: Administrator to Meet With Farmers in Five Weeks
GLEN GRANT: Woes Won't Delay Water Pipeline Project


C H I N A

CHINA FORESTRY: S&P Assigns 'B+' Corporate Credit Rating


H O N G  K O N G

ASSOCIATION OF INT'L: Creditors' Proofs of Debt Due Nov. 26
BUONGIORNO (HK): Creditors' Proofs of Debt Due November 30
CLAY FINLAY: Members' Final Meeting Set for November 30
ENERGYLAND LIMITED: Members' Final Meeting Set for November 30
FAIRWAY ENTERPRISES: Members' Final Meeting Set for Dec. 3

GODI ENTERPRISES: Members and Creditors' Meetings Set for Nov. 5
GLOBAL DESIGN: Commences Wind-Up Proceedings
ICEA SECURITIES: Members' Final General Meeting Set for Dec. 10
JUPITER ASSET: Placed Under Voluntary Wind-Up Proceedings
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases

MASTERING LIMITED: Creditors' Proofs of Debt Due November 30
MAXXIUM ASIA-PACIFIC: Seng and Lo Step Down as Liquidators
NAVAL PACIFIC: Members' Final Meeting Set for December 3
ORIENTAL MACHINERY: Lui and To Step Down as Liquidators
OXWOOD LIMITED: Members' Final Meeting Set for November 30

PEARL POND: Lee chi Fai Appointed as Liquidator


I N D I A

AIR INDIA: Top Officials to Defend Arora's Appointment
AL-RKAYAN APPARELS: CRISIL Puts 'BB-' Rating on INR30MM Term Loan
ATMA RAM: ICRA Assigns 'LBB-' Rating to INR12cr Fund Based Debts
BRAHMAPUTRA ROLLING: ICRA Assigns 'LBB+' Rating to INR4.7cr Loans
GAJRA DIFFERENTIAL: CRISIL Reaffirms 'D' Ratings on Various Debts

JAKHARIA FABRIC: CRISIL Places 'B' Rating on INR154.6MM LT Loan
JANTA ROADWAYS: CRISIL Places 'B' Rating on INR29.8MM LT Loan
JINDAL FINE: CARE Places 'CARE BB+' Rating on INR3cr LT Loans
KALA JYOTHI: CRISIL Reaffirms 'D' Rating on INR49MM Cash Credit
KERAFIBERTEX INT'L: CRISIL Assigns 'D' Rating to INR58.2MM Loan

KOSHAMBH MULTITRED: CARE Puts 'CARE BB+' Rating on INR1cr LT Loan
MAHASHAKTI CONDUCTORS: CRISIL Assigns 'BB+' Rating to INR40MM Loan
NEELKAMAL REALTORS: CARE Rates INR76.75cr LT Loan at 'CARE BB'
SHAKTI RICE: CRISIL Assigns 'B+' Rating to INR150MM Cash Credit
SISTEMA SHYAM: Fitch Assigns National Long-Term Rating

SM EDIBLES: CRISIL Reaffirms 'B+' Rating on INR250MM Cash Credit
SMART LIGHTS: CRISIL Assigns 'D' Rating to INR41.1MM Term Loan
TIRUMALA BALAJI: Fitch Affirms 'BB+' National Long-Term Rating
YES BANK: Moody's Assigns 'D+' Bank Financial Strength Rating


I N D O N E S I A

ENERGI MEGA: Moody's Assigns '(P)B3' Corporate Family Rating
ENERGI MEGA: S&P Assigns 'B-' Long-Term Corporate Credit Rating


J A P A N

JLOC 39: S&P Downgrades Ratings on Various Classes of Certs.
L-JAC SIX: S&P Downgrades Ratings on Various Classes of Certs.
N-SLOT OPUS: S&P Downgrades Ratings on Two Certificates
TAKEFUJI CORP: S&P Withdraws 'D' Long-Term Corporate Credit Rating


K O R E A

HYUNDAI ENGINEERING: Deadline for Final Bids Moved to November 15


N E W  Z E A L A N D

SOUTH CANTERBURY: Fate of Unsecured Creditors Unclear


P H I L I P P I N E S

PHILIPPINE AIRLINES: Wants to Secure Loans From Government
PHILIPPINE AIRLINES: Return to Profit Hinges on Survival Plan


S I N G A P O R E

EUROIMPORTS PTE: Court Enters Wind-Up Order
NEW LAKESIDE: Goes Into Receivership
TRANSFIELD ER: Court Enters Wind-Up Order


X X X X X X X X

AWAL BANK BSC: Section 341(a) Meeting Set for December 1
DP WORLD: Moody's Affirms 'Ba1' Rating; Gives Positive Outlook
* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


CENTRO PROPERTIES: Receives Expressions of Interest in Assets
-------------------------------------------------------------
Centro Properties Group said a number of parties have approached
the Group with a variety of indicative expressions of interest in
Centro's businesses and assets.

"Accordingly a process designed to allow CNP and its managed funds
to jointly evaluate these expressions of interest through a formal
competitive market process will commence," Centro said in a
statement Thursday.

"In addition, the responsible entities of the Group and the Boards
of CNP and Centro Retail Trust anticipate interest may emerge from
other parties during the competitive process."

Centro Chairman, Paul Cooper, said: "The significant interest in
Centro's businesses over recent months has been encouraging.
Commencing this process is seen as the logical next step in fully
exploring all options available to the Group."

Centro Group Chief Executive Officer and Managing Director, Robert
Tsenin, said: "The process has been designed to maximize value for
all stakeholders in the Centro Group.  It is not possible to
predict the eventual outcome of this competitive process as it
could include  the  sale of all or part of the businesses, an
investment in, or possibly a recapitalization of, all or part of
Centro."

CNP cautions that there can be no assurance that any definitive
agreement for any such options will be reached.  "In view of CNP's
current negative equity position, we do not underestimate the
challenge of delivering value to securityholders through this
process," said Mr. Tsenin.

Governance protocols and memoranda of understanding have been
established between CNP and its managed funds which set out
governance and due diligence measures to ensure the best interests
of the funds are served and to manage conflicts.

The Group's previously announced initiatives regarding its
syndicate platform will be run in parallel with this process.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under management
of US$24.9 billion.

                           *     *     *

Centro Properties Group owes its creditors as much as AU$6.6
billion and its deadline to repay these debts has been extended
four times since December 2007, when the company's market value
plunged.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.


CHALLENGE AUSTRALIA: Retrenchments Begin at Firm
------------------------------------------------
Challenge Australia Dairy's receivers have retrenched 20 workers,
ABC Rural reports.

As reported in the Troubled Company Reporter-Asia Pacific on
November 3, 2010, ABC Rural said that some Western Australian
dairy farmers are appealing to the State Government for help after
the collapse of Challenge Australia.  According to the report,
Challenge Australia went into administration and will remain open
while receivers assess its financial situation.

According to ABC Rural, the company owes 70 of the state's dairy
farmers thousands of dollars each in unpaid milk bills.  The
report relates Western Australian Minister for Agriculture Terry
Redman says a support centre is being set up in the south-west
town of Capel to deal with the fallout.

Receivers PricewaterhouseCoopers say a campaign has been launched
to find a buyer for the dairy, the report notes.

Challenge Australia Dairy is a Western Australian processor.


DIRECT FACTORY: CFS to Buy Half of South Wharf DFO by Nov. 30
-------------------------------------------------------------
CFS Retail Property Trust said the acquisition of half of the
South Wharf Direct Factory Outlet (DFO) centre in Melbourne is
expected by November 30, The Sydney Morning Herald reports.

SMH relates the company said it has also completed the previously
announced purchase of three other DFO centres.

According to SMH, CFS Retail's manager, Colonial First State
Property Retail, said the trust's acquisition of a 50% interest in
DFO South Wharf and Homemaker Hub, Victoria (South Wharf) would
depend on South Wharf's co-owner, The Plenary Group, securing
finance for the transaction.

Under the arrangements with CFS, SMH relates, The Plenary Group
needs to secure finance to boost its stake in South Wharf from 25%
to 50%, and satisfy escrow conditions regarding non-compete
agreements with key vendor staff.

SMH relates CFS said on Wednesday the conditions faced by The
Plenary Group were expected to be met by the end of November.
But if they were not met, then CFS' acquisition of South Wharf
would not proceed, the company said in a statement, according to
SMH.

CFS added that if the transaction does not proceed, CFS would use
the capital raised for the asset and associated acquisition costs
to retire debt and for other purposes in the future, SMH relates.

CFS said in September it would buy four DFO centres from Austexx
Proprietary Ltd. for AU$498 million.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 20, 2010, the Business Spectator said Direct Factory Outlet
was granted a bank bailout after its owner, Austexx Pty Ltd,
struck an agreement with lenders, which is likely to see the firm
avoid being placed in receivership.  Business Spectator related
that a banking syndicate including Suncorp-Metway Ltd., National
Australia Bank Ltd., St George Bank and Royal Bank of Scotland
owed AU$450 million have agreed to extend a line of credit to DFO
to ensure it can complete the construction of its unfinished South
Wharf retail development.

Founded in 1996, Direct Factory Outlets has eight factory outlet-
style centres operating on the Eastern Seaboard.  It was founded
in 1996 by rich list members David Golberger and David Wieland,
and is owned by holding company Austexx Pty Ltd.


FINESSE FOODS: Administrator to Meet With Farmers in Five Weeks
---------------------------------------------------------------
ABC News reports that it could be five weeks before Western
Australian chicken farmers find out whether they will be paid
after the collapse of Finesse Foods.

Finesse Foods called in administrator WA Insolvency Solutions
earlier this week.  ABC News relates the administrator said
employee entitlements are safe but there is no guarantee the
company will be able to pay back millions of dollars owed to 200
chicken farmers.

The administrator will hold a meeting with farmers in five weeks
to discuss the situation, according to ABC News.

Finesse Foods (Aust) Pty Ltd -- http://www.finessefoods.com.au/--
is a poultry company.  It operates a chicken processing facility
in Bunbury and an abattoir in Dardanup.


GLEN GRANT: Woes Won't Delay Water Pipeline Project
---------------------------------------------------
Bruce Atkinson at ABC News reports that the company building stage
two of a water pipeline from Queensland's Sunshine Coast to
Brisbane says the project's completion date will not change,
despite a contractor going broke.

As reported in the Troubled Company Reporter-Asia Pacific on
November 4, 2010, Sunshine Coast Daily said that Glen Grant
Constructions' collapse and its inability to stage two of the
water grid pipeline have placed the jobs of 95 workers at risk.
Glen Grant Constructions went into receivership on November 2,
2010.

According to ABC News, Northern Network Alliance (NNA) spokesman
Shane Goodwin said that subcontractor EcoCivil relied on the
failed business for most of its vehicles and machinery and has
been forced to stop work on the pipeline.  The report relates that
the NNA has written to EcoCivil, giving it two days to explain how
it can complete any outstanding work on the pipeline.

Mr. Goodwin says EcoCivil has assured him all staff and local
subcontractors will be paid, the report notes.

EcoCivil Pty Ltd is an Australian civil construction company based
at Wallarah in NSW.

Glen Grant Constructions is a pipeline supplier.  The company
supplies pipeline company Northern Network Alliance's sub-
contractor EcoCivil.


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


CHINA FORESTRY: S&P Assigns 'B+' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to China-based commercial
forests operator China Forestry Holdings Co. Ltd.  The outlook is
stable.  At the same time, Standard & Poor's also assigned its
'B+' issue rating to China Forestry's proposed issue of senior
unsecured notes.  The proceeds will be used for forestry assets
acquisition and general working capital purposes.  The rating on
the notes is subject to S&P's review of the final issuance
documentation.

"The rating on China Forestry reflects the company's small
operating scale, its short track record as a publicly listed
company, and its exposure to the cyclicality of the timber
industry.  In addition, S&P believes China Forestry's financial
risk management is under-tested due to its limited operating and
listing history.  It also has high execution risk due to its
ambitious expansion plan.  Factors tempering these risks include
strong demand for wood fiber and timber in China leading to supply
shortages, and the company's good profitability and quality forest
resource base," said Standard & Poor's credit analyst Frank Lu.

China Forestry's small scale has led to high geographic and
customer concentration.  The company's existing forestry assets
are concentrated in two provinces, Sichuan and Yunnan.  The
geographic concentration increases the potential for a negative
impact from natural or other disasters on its operations and cash
flows.  The company's five largest customers accounted for 59% of
its revenue for 2009.  Strong demand for timber fiber in China and
the company's long-term volume-based off-take contracts with
certain large customers have tempered the customer concentration
risk.

"While the opportunity for high growth in the Chinese upstream
forestry sector has opened up as a result of the government's
favorable regulatory changes, including tax exemptions and
government subsidies, China Forestry's rapid growth from a small
base has increased execution risks.  These risks include those
pertaining to regulatory approval for the acquisition of forestry
assets and harvest quotas, and potential cost over-runs," said Mr.
Lu.

Short-term timber pricing volatility is an industry risk.  Most
Chinese timber demand comes from the construction and furniture
making industry, which the real estate sector directly or
indirectly affects.  This could bring short-term volatility to the
company's operating margin and cash flow generation.
Nevertheless, domestic timber fiber supplies are likely to remain
in shortage over the next few years, according to industry
forecasts.

"S&P expects China Forestry's profitability to remain good over
the next two years.  This is partly attributable to the quality of
its wood species and its high stock density, which has led to high
average selling prices and a high average yield for fiber," said
Mr. Lu.  "The company's forestry asset acquisition costs are also
low.  China Forestry's EBITDA margin, before depletion of its
timber holdings, has remained at above 60% for the past three
years.  This has provided some buffer to absorb a reasonable level
of margin squeeze due to the industry's cyclicality, in S&P's
opinion.  In addition, about 84% of the company's resource base is
immediately harvestable, which helps to stabilize supply."

The stable outlook reflects China Forestry's good profit margin
and relatively low leverage.  The current rating already factors
in the company's appetite to grow aggressively through
acquisitions, but does not take into account a single significant
debt-funded acquisition.


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


ASSOCIATION OF INT'L: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------------------
Creditors of Association of International Beauty Therapists
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by November 26, 2010, to be included
in the company's dividend distribution.

The company's liquidator is:

        Hui Sze Wai
        Room 1102, Hang Seng Mongkok Bldg
        677 Nathan Road
        Kowloon


BUONGIORNO (HK): Creditors' Proofs of Debt Due November 30
----------------------------------------------------------
Creditors of Buongiorno (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 22, 2010.

The company's liquidators are:

         Masami Kitagawa
         2-1, Ohtemachi 1-Chome
         Chiyoda-ku, Tokyo 100-0004
         Japan

         Chan Kim Chee
         1001 Admiralty Centre Tower I
         18 Harcourt Road
         Hong Kong


CLAY FINLAY: Members' Final Meeting Set for November 30
-------------------------------------------------------
Members of Clay Finlay (H.K.) Limited will hold their final
general meeting on November 30, 2010, at 3:30 p.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


ENERGYLAND LIMITED: Members' Final Meeting Set for November 30
--------------------------------------------------------------
Shareholders of Energyland Limited will hold their final meeting
on November 30, 2010, at 10:00 a.m., at Room 1601, Wing On Centre,
111 Connaught Road Central, in Hong Kong.

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


FAIRWAY ENTERPRISES: Members' Final Meeting Set for Dec. 3
----------------------------------------------------------
Members of Fairway Enterprises Limited will hold their final
general meeting on December 3, 2010, at 2:35 p.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GODI ENTERPRISES: Members and Creditors' Meetings Set for Nov. 5
----------------------------------------------------------------
Members and creditors of Godi Enterprises Limited will hold their
annual meetings on November 5, 2010, at 11:30 a.m., and 12:00
p.m., respectively at 29/F., Caroline Centre, Lee Gardens Two, 28
Yun Ping Road, in Hong Kong.

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


GLOBAL DESIGN: Commences Wind-Up Proceedings
--------------------------------------------
Members of Global Design Management Limited, on October 22, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Mr. Lai Kim Man
         9/F., Surson Commercial Building
         140-142 Austin Road
         Tsimshatsui, Kowloon


ICEA SECURITIES: Members' Final General Meeting Set for Dec. 10
---------------------------------------------------------------
Members of Icea Securities Asia Limited will hold their final
general meeting on December 10, 2010, at 3:30 p.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


JUPITER ASSET: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on October 15, 2010, sole
shareholder of Jupiter Asset Management (Asia) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on October 22,
2010, that investigation of over 99% of a total of 21,722 Lehman-
Brothers-related complaint cases received has been completed.
These include:

    * 14,356 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,491 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,664 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,555 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 771 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 784 cases; and

    * 492 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 162 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://researcharchives.com/t/s?6d07

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MASTERING LIMITED: Creditors' Proofs of Debt Due November 30
------------------------------------------------------------
Creditors of Mastering Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 30,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 15, 2010.

The company's liquidator is:

         Wong Kit Sang
         8th Floor, Tower 1
         Tern Centre
         237 Queen's Road
         Central, Hong Kong


MAXXIUM ASIA-PACIFIC: Seng and Lo Step Down as Liquidators
----------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Maxxium Asia-Pacific Limited on October 15, 2010.


NAVAL PACIFIC: Members' Final Meeting Set for December 3
--------------------------------------------------------
Members of Naval Pacific Holdings Limited will hold their final
general meeting on December 3, 2010.

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


ORIENTAL MACHINERY: Lui and To Step Down as Liquidators
-------------------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Oriental
Machinery (China) Limited on October 25, 2010.


OXWOOD LIMITED: Members' Final Meeting Set for November 30
----------------------------------------------------------
Shareholders of Oxwood Limited will hold their final general
meeting on November 30, 2010, at 10:00 a.m., at 6th Floor, TAL
Building, 49 Austin Road, Kowloon, in Hong Kong.

At the meeting, To Yuen Cheong Augugst, the company's liquidators,
will give a report on the company's wind-up proceedings and
property disposal.


PEARL POND: Lee chi Fai Appointed as Liquidator
-----------------------------------------------
Lee chi Fai on October 15, 2010, was appointed as liquidator of
Pearl Pond Limited.

The liquidator may be reached at:

         Lee chi Fai
         Room B, 14/F
         Wan Hen Commercial Centre
         383 Hennessy Road
         Wanchai, Hong Kong


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


AIR INDIA: Top Officials to Defend Arora's Appointment
------------------------------------------------------
Air India's top management has decided to take on the civil
aviation ministry and defend the appointment of Air India Express
Chief Operating Officer Pawan Arora, sifyfinance reports.

According to sifyfinance, the ministry had written to the national
carrier's board to reconsider its decision of appointing Mr. Arora
to the top job due to controversies over his past record.

"The civil aviation ministry is raking up the issue unnecessarily
by raising questions over the appointment and all other new
appointments.  These had been ratified.  Independent directors had
also been a part of the whole process and had never objected to
any move in any of the board meetings," sifyfinance quoted a
senior Air India official as saying.

"The committee to select the COO of Air India, Gustav Baldauf, was
headed by civil aviation secretary M M Nambiar and committees and
sub-committees to select (COO of Air India Express) [Mr.] Arora
and some other new officials had independent directors as their
members. All of them were ratified by the board.  So, why is Air
India at fault if there are any problems now?" the official asked.

Air India CMD Arvind Jadhav is meeting officials at the
Directorate General of Civil Aviation (DGCA) on Saturday to
clarify the issues raised.  Mr. Arora will also attend the
meeting.

The Press Trust of India reports that Air India recently made
appointments to three key posts in the company, which include
Capt. Pavan Arora as Chief Operating Officer for Air India
Express, Stefan Sukumar as Chief Traning Officer and Kamaljit
Rattan as Chief Information Officer, at high-pay packages.

                         About Air India

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

                           *     *     *

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

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


AL-RKAYAN APPARELS: CRISIL Puts 'BB-' Rating on INR30MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Al-Rkayan Apparels
and Exports Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR55.0 Million Cash Credit         BB-/Stable (Assigned)
   INR30.0 Million Rupee Term Loan     BB-/Stable (Assigned)

The rating reflects Al-Rkayan's average financial risk profile,
marked by high gearing, low net worth, and average debt protection
indicators, and exposure to risks related to large working capital
requirements, and intense competition in the domestic readymade
garments market from Indian and global brands.  These rating
weaknesses are partially offset by Al-Rkayan's strong revenue
growth supported by established relationships with clients, and
promoters' experience in the readymade garments business.

Outlook: Stable

CRISIL expects Al-Rkayan's operating income to grow at a healthy
rate backed by the sale of jeans under its own brand, and steady
inflow of job-work orders from its clients over the medium term.
The outlook may be revised to 'Positive' if Al-Rkayan's promoters
infuse substantial capital, or in case of significant improvement
in working capital management resulting in sustained improvement
in Al-Rkayan's financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if there is a substantial decline in
the company's volumes or margins resulting in a weak financial
risk profile, or delay in realisation of receivables. Any large
debt-funded capital expenditure may also lead to revision in
outlook to 'Negative'.

                      About Al-Rkayan Apparels

Al-Rkayan was incorporated in 2004 by Mr. Prabhakar Shetty,
Mr. Shahid Rafi, and Mr. Abdul Rahman S Al-Rkayan. The company
acquired the existing business of La-Apparel, a partnership firm
set up in 1992 by Mr. Prabhakar Shetty and Mr. Shahid Rafi.  Al-
Rkayan manufactures readymade bottom wear garments on a job-work
basis for retailers in the domestic market, and also designs,
manufactures and retails products under its Leonidas brand. The
company has manufacturing units in Mumbai with capacity of around
3000 pieces per day.

Al-Rkayan reported a profit after tax (PAT) of INR0.5 million on
net sales of INR173.7 million for 2009-10 (refers to financial
year, April 1 to March 31) against a PAT of INR1.1 million on net
sales of INR93.8 million for 2008-09.


ATMA RAM: ICRA Assigns 'LBB-' Rating to INR12cr Fund Based Debts
----------------------------------------------------------------
ICRA has assigned a long-term rating of 'LBB-' to the INR12 crore
fund based facilities of Atma Ram Mela Ram Steels Private Limited.
The outlook for the long term rating is stable.

ICRA's rating takes into consideration ARMRSPL's moderate scale of
operations; the intensely competitive and fragmented nature of the
steel rolling industry which along with the  susceptibility to
adverse movements in raw material prices have led to thin
profitability for ARMRSPL.  The rating also factors in the high
working capital intensity of the business on account of relatively
high receivable days.  ICRA however draws comfort from the
experience of the promoters and their long track record in the
business; and the company's long standing relationship with its
customers.

                           About Atma Ram

Atma Ram Mela Ram Steels Private Limited, promoted by Mr. Pramod
Kumar, is engaged in the rolling of mild and alloy steel ingots
into rounds. Currently the affairs of the company are being
managed by Mr. Pramod Kumar and his sons- Mr. Satyam Agarwal and
Mr. Shivam Agarwal. The manufacturing facility is located in
Ludhiana (Punjab) and has an installed annual capacity of 15000
MT.


BRAHMAPUTRA ROLLING: ICRA Assigns 'LBB+' Rating to INR4.7cr Loans
-----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR4.7 crore term loans
(reduced from INR7 crore) and the INR26 crore fund-based bank
limits (enhanced from INR17.5 crore) of Brahmaputra Rolling Mills.
The outlook on the long term rating is stable.  ICRA has also
assigned an A4+ (pronounced A four plus) rating to the INR3 crore
fund-based bank limits (enhanced from INR1.5 crore) of BRM.  The
A4+ rating assigned to the INR3.5 crore Bank Guarantee limits has
been withdrawn.

The ratings take into account the relatively small scale of
operations of BRM and its exposure to the inherent cyclicality of
the steel industry that makes profits and cash-flows volatile, and
the high working capital intensity of the business that has an
adverse impact on the liquidity position of the firm.  The ratings
are however supported by the location of BRM's plant in close
proximity to its raw material supplier, which ensures timely
availability of raw material and reduces freight cost.  The
ratings also take into account BRM's moderate gearing and
profitability, leading to comfortable levels of coverage
indicators. ICRA notes that BRM is eligible for various fiscal
incentives, which is likely to add to its overall profitability.
As the operations and management of Brahmaputra Iron & Steel
Company Private Limited (BISCO; rated LBB/Stable and A4 by ICRA),
Brahmaputra TMT Bars Private Limited (BTBPL; rated LBB+/Stable and
A4+ by ICRA)  and BRM are closely linked, ICRA has considered the
consolidated financials of these entities while assigning the
ratings.

                        About Brahmaputra Rolling

Incorporated in 2005 as a partnership firm, BRM has been promoted
by the Jaiswal Group of Assam, and has been primarily engaged in
the production of thermo mechanically treated (TMT) bars / mild
steel (MS) rods. Its manufacturing facility is located at
Guwahati, Assam, with an annual capacity of 90,000 metric tonnes
per annum. The TMT bars produced by the firm are sold in the
North-eastern parts of the country through a network of dealers
under the brand name of "BISCON".

Recent Results

In 2009-10, BRM reported an operating income of INR117.98 crore
and profit after tax of INR8.26 crore as against a loss of INR4.8
crore suffered in 2008-09 on an operating income of INR13.1 crore.


GAJRA DIFFERENTIAL: CRISIL Reaffirms 'D' Ratings on Various Debts
-----------------------------------------------------------------
CRISIL has reaffirmed its 'D/P5' ratings to the bank facilities of
Gajra Differential Gears Pvt Ltd.  The ratings continue to reflect
delays by GDGPL in servicing its term loans. The delays have been
caused by GDGPL's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR90.0 Million Cash Credit          D (Reaffirmed)
   INR55.7 Million Rupee Term Loan      D (Reaffirmed)
   INR10.0 Million Proposed Long-Term   D (Reaffirmed)
                   Bank Loan Facility
   INR10.0 Million Letter of Credit     P5 (Reaffirmed)
   INR2.0 Million Bank Guarantee        P5 (Reaffirmed)

GDGPL has small scale of operations in automobile gears segment.
The company, however, benefits from the experience of promoters in
automobile gears segment.

Set up in 1991, GDGPL manufactures a wide range of crown wheel and
pinions, bevel gears, bevel pinions, spider kit assemblies, and
differential cages and housings.  The company manufactures gears
which are used in commercial vehicles, jeeps, and tractors.
GDGPL's manufacturing plant in Dewas (Madhya Pradesh) has the
capacity to produce around 3200 tonnes of automobile gears
annually.

GDGPL reported a profit after tax (PAT) of INR14.0 million on net
sales of INR283.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR7.6 million on net sales
of INR297.2 million for 2008-09.


JAKHARIA FABRIC: CRISIL Places 'B' Rating on INR154.6MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Jakharia Fabric Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR20.0 Million Cash Credit           B/Stable (Assigned)
   INR154.6 Million Long Term Loan       B/Stable (Assigned)

The rating reflects the company's weak financial risk profile
marked by high gearing and weak debt protection indicators, small
scale of operations, and vulnerability of operating margin to
volatility in input prices. The company also faces significant
implementation and off-take risk pertaining to its large debt-
funded capital expenditure (capex). These rating weaknesses are
partially offset by the long-standing experience of its promoters
in the textile industry.

Outlook: Stable

CRISIL believes that JFPL will maintain a steady growth in
operating income over the medium term, supported by the long-
standing experience of its promoters in the textile industry.  The
outlook may be revised to 'Positive' if there is a greater-than-
expected improvement in the company's turnover, profitability and
net cash accruals.  Conversely, the outlook maybe revised to
'Negative' on account of decline in profitability, delays in
implementation of the project or failure of the promoters to
infuse funds in to the company.

                     About Jakharia Fabric

JFPL was established in 2007 by Mr. Himatlal Shah and other
members of the Shah family from Mumbai.  It is engaged in end-to-
end singeing, washing and 'single pass' dyeing (low-end dyeing) on
a job-work basis.  The company, located at Bhiwandi in
Maharashtra, has a capacity of 2.1 million metres per month.  The
main customers of the company are small to mid-size manufactures
of fabrics or ready made garment.  JFPL is setting up another
production facility in Tarapur, Maharashtra, with a capacity of 3
million metres per month.  The new facility is expected to
commence production by January, 2011.

For 2009-10 (refers to financial year, April 1 to March 31), the
company has registered a profit after tax of INR 2 million on net
sales of INR 124 million as against a PAT of INR 1 million on net
sales of INR 90 million in 2008-09.


JANTA ROADWAYS: CRISIL Places 'B' Rating on INR29.8MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Janta Roadways Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR29.80 Million Long-Term Loan       B/Stable (Assigned)
   INR24.10 Million Overdraft Facility   B/Stable (Assigned)
   INR16.00 Million Cash Credit          B/Stable (Assigned)
   INR0.10 Million Bank Guarantee        P4 (Assigned)

The ratings reflect JRPL's below-average financial risk profile,
and low entry barriers resulting in high competition.  These
rating weaknesses are partially offset by JRPL's established
position in the specialized freight transportation business, and
good relationships with clients.

Outlook: Stable

CRISIL believes that JRPL will maintain a stable credit risk
profile over the medium term, backed by an established position in
the domestic freight transportation business.  The outlook may be
revised to 'Positive' if the company's financial risk profile
improves, with increase in its scale of operations.  Conversely,
the outlook may be revised to 'Negative' if JRPL's financial risk
profile deteriorates because of lower-than-expected cash accruals,
or large, debt-funded capital expenditure.

                       About Janta Roadways

Set up in 1974 by Mr. Rajinder Singh in Chennai (Tamil Nadu), JRPL
undertakes transportation of passenger cars for original equipment
manufacturers (OEMs).  The company owns 163 car carrier trailers.
It is associated with Maruti Suzuki Ltd (rated AAA/Stable/P1+ by
CRISIL), Ford India Pvt Ltd, Tata Motors Ltd (rated AA-/Stable/P1+
by CRISIL) and Hyundai Motors India Ltd (rated P1+ by CRISIL) for
transportation of passenger cars.  The company has also recently
diversified to call taxi services in Chennai under the brands,
Satellite Taxi and Coolcab.in; at present, it owns around 92 cabs.

JRPL reported a profit after tax (PAT) of INR9.1 million on net
sales of INR349.28 million for 2009-10, against a PAT of INR7.9
million on net sales of INR304.76 million for 2008-09.


JINDAL FINE: CARE Places 'CARE BB+' Rating on INR3cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE BB+ & 'PR4+' ratings to bank facilities of
Jindal Fine Industries.

                                 Amount
   Facilities                   (INR cr)     Ratings
   ----------                   --------     -------
   Long-term Bank Facilities     3.00        'CARE BB+' Assigned
   Short-term Bank Facilities    8.30        'PR4+' Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of JFI at present.  The
ratings may undergo a change in case of withdrawal of capital or
of the unsecured loans brought in by the partners in addition to
changes in the financial performance and other relevant factors.

Rating Rationale

The ratings are constrained by JFI's relatively small scale of
operations, low profitability margins and volatility of raw
material prices associated with the steel sector.  The ratings
derive strengths from the experience of the partners, long track
record of operations, presence of the JFI in the local and export
market and diversified clientele. Going forward, the ability of
JFI to profitably scale up the operations on sustainable basis
shall be the key rating sensitivity.

Jindal Fine is a registered partnership firm promoted  by Mr Yash
Paul Jindal and Mr. Ramesh Kumar Jindal in 1977 and was
reconstituted in 1981.  JFI has four partners with varied share in
profit/loss.  The firm is actively managed by Mr. Rajinder Kumar
Jindal and Mr. Ramesh Kumar Jindal taking care of operations and
overseas marketing respectively.  JFI is a part of the group
established by Mr. Jagdish Rai Jindal.  The other entities of this
group are Jindal Cotex  Limited (rated BB+/PR4+ by Care), Jindal
Medicot Limited (rated BB+/PR4+(SO) by Care) and Jindal Speciality
Textiles Limited.  JFL is engaged in manufacturing and trading of
Bicycle & Bicycle parts.  The manufacturing facility of JFI is
situated at Ludhiana, Punjab. Apart from manufacturing few parts
of the bicycle such as Freewheel, Chainwheel and Frame, it is also
into assembling and selling of complete bicycle in domestic and
international market under the brand name 'Leader'. The firm has
also set up a Windmill plant of 1.25 MW in Jaiselmer.

On a total operating income of INR52.18 cr during FY09, JFI earned
PBILDT and PAT of INR4.29 cr and INR0.33 cr respectively. As per
the provisional results for FY10, the firm has achieved total
operating income of around INR54.53 cr with PBILDT and PAT of
INR4.94 cr and INR0.39 cr respectively.


KALA JYOTHI: CRISIL Reaffirms 'D' Rating on INR49MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Kala Jyothi Process Pvt
Ltd continues to reflect delays by KJPPL in servicing its term
loans.  The delays have been caused by KJPPL's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR49.0 Million Cash Credit      D (Reaffirmed)
   INR354.4 Million Term Loan       D (Reaffirmed)

KJPPL's financial risk profile has weakened because of its large
ongoing debt-funded capital expenditure (capex) and pressure on
its revenues.  The company has a small scale of operations and
faces intense competition in the printing industry. However, KJPPL
benefits from the experience of its promoters in the printing
industry, its established customer base, and its improving
operating efficiencies, with separation of printing facilities for
commercial and non-commercial jobs.

Update

KJPPL continues to delay the principal repayment and interest
payment on its term loans from Karur Vysya Bank Ltd (KVB), and
interest payment on its term loans from State Bank of India
despite getting the SBI loans restructured in 2009-10 (refers to
financial year, April 1 to March 31).  The principal repayment of
term loans from SBI began from September 2010 after being
postponed by 12 months in September 2009.  KJPPL's revenues in
2009-10 were lower than CRISIL's expectation, while its operating
margin remained at the previous year's level.  Also, KJPPL
contracted a term loan of INR90 million from KVB for the planned
capex for its Noida unit.  These factors weakened KJPPL's
liquidity.

For 2009-10, KJPPL reported a profit after tax (PAT) of INR14
million on net sales of INR498 million, against a PAT of INR29
million on net sales of INR543 million for 2008-09.

                         About Kala Jyothi

KJPPL was set up in 1989. The company offers comprehensive print
management solutions, including pre-press, press, and post-press
services.  It has a unit in Hyderabad for low-volume, customised
commercial printing jobs, and one at Kondapur (Andhra Pradesh) for
web-based printing and high-volume, mass-printing jobs such as
printing newspapers, magazines, directories, and books.  KJPPL set
up two more units, one in Mumbai in December 2007 and one in Noida
(Uttar Pradesh) in March 2010.


KERAFIBERTEX INT'L: CRISIL Assigns 'D' Rating to INR58.2MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Kerafibertex International Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR58.20 Million Term Loan            D (Assigned)
   INR125.00 Million Packing Credit      P5 (Assigned)
   INR140.00 Million FDBP/FUBP           P5 (Assigned)
   INR15.00 Million Import Letter
                        of Credit        P5 (Assigned)
   INR5.00 Million Bank Guarantee        P5 (Assigned)

The ratings reflect delay by KIPL in servicing its term loan. The
delay has been caused by KIPL's weak liquidity.

KIPL's below-average financial risk profile is marked by weak debt
protection metrics and high gearing.  The company is also exposed
to risks related to its small scale of operations, customer
concentration in its revenue profile, and the significant pricing
pressure it faces because of intense market competition.  KIPL,
however, benefits from its promoters' industry experience and the
support it gets from its parent.

                 About Kerafibertex International

KIPL is a subsidiary of Giacomini and Gambarova SRL, Italy, which
has been producing natural fibre doormats since 1910 and is the
market leader in coir-vinyl-backed sector rolls and mats (natural,
form, flocked, and printed). G&G owns 95 per cent of KIPL's equity
shares; the remainder is owned by Mr.P.K. Prasad.  KIPL
manufactures coir mats; its flagship products are the polyvinyl-
chloride-backed coir mats and rubber-backed polypropylene mats.
KIPL's manufacturing unit is located in the premise of Kerala
Export Promotion Industrial Park in Kakkanad (Kerala).  The
company's operations are managed by Mr. Prasad.

KIPL reported, on provisional basis, a profit after tax (PAT) of
INR2 million on net sales of INR570 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR8
million on net sales of INR581 million for 2008-09.


KOSHAMBH MULTITRED: CARE Puts 'CARE BB+' Rating on INR1cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to bank facilities of
Koshambh Multitred Pvt. Ltd.

                                 Amount
   Facilities                   (INR cr)     Ratings
   ----------                   -------      -------
   Long-term Bank Facilities     1.00        'CARE BB+' Assigned
   Short-term Bank Facilities    25.00       'PR4+' Assigned

Rating Rationale

The ratings are constrained mainly due to low and fluctuating
profitability, high customer concentration, exposure to foreign
exchange fluctuation, modest scale of operation with low networth
base, increasing competition in export markets and cyclical nature
of the textile industry.  The ratings, however, factor in the
experience of the promoters in the business and moderately
comfortable leverage ratios and liquidity position of the company.
Ability to improve its profitability in light of increasing
competition from the other Asian textile processing countries &
foreign exchange fluctuation and continuation of export incentives
to this sector are the key rating sensitivities.

Koshambh Multitred, which began its operation in 1995, is a
closely-held private limited company and a'One Star' Export House
having presence in countries across Africa.  KMPL is mainly
engaged in exports of finished fabrics and plastic bags. KMPL does
not have any fabric processing capacity; however it has a
manufacturing facility for plastic bags.  The promoters of KMPL
also have been in the business of import-export through their
other group ventures like Riddhi Remedies Pvt. Ltd. (established:
2003) which is in the business of export of pharmaceutical
products, Top Trading Company (established: 1999) dealing in
shipping business and Signature Kitchens (India) Pvt. Ltd.
(established: 2006) which does import-export of kitchen
appliances.During FY10 (Provisional), KMPL reported a total
operating income of INR110.01 crore [FY09 (Audited): INR100.08
crore] and a PAT of INR1.58 crore [FY09 (Audited): INR3.08 crore].


MAHASHAKTI CONDUCTORS: CRISIL Assigns 'BB+' Rating to INR40MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Mahashakti Conductors Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR270.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR40.0 Million Proposed Long-Term    BB+/Stable (Assigned)
                   Bank Loan Facility
   INR180.0 Million Letter of Credit     P4+ (Assigned)
   INR180.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect MCPL's high gearing, which is expected to
remain at similar levels over the medium term on account of
working-capital-intensive operations and debt-funded capital
expenditure (capex) plans, its high dependence on orders from the
Punjab State Electricity Board (PSEB), and the susceptibility of
its operating margin to volatility in raw material prices.

These weaknesses are partially offset by MCPL's proven track
record in executing orders in hand during 2009-10 (refers to
financial year, April 1 to March 31) while prudently managing its
liquidity, the experience of its promoters in the domestic and
export markets, its strong order book position and the increasing
share of erection, procurement and commissioning (EPC) contracts
in the sales mix.

Outlook: Stable

CRISIL believes that MCPL's operating income will grow at a
healthy rate in 2010-11 on account of its strong order book
position. Its capital structure is expected to remain weak over
the near term; however, the management's track record of timely
equity infusion provides comfort to the rating.  The outlook may
be revised to 'Positive' in case of significant improvement in the
company's financial risk profile, most likely through fresh equity
infusion and better working capital management.  Conversely, the
outlook may be revised to 'Negative' in case of low profitability
or if its liquidity deteriorations, most likely due to
deterioration in working capital management or larger-than-
expected investments or debt-funded capex.

                    About Mahashakti Conductors

MCPL was established by Mr. Ashok Kansal in 1995. MCPL initially
manufactured conductors and insulated wires.  In 1997, it began
manufacturing distribution and power transformers. In 2000, the
company started producing electronic energy meters.  In 2004, it
entered the EPC business by undertaking a turnkey project for the
electrification of villages under the Rajiv Ghandhi Grameen
Vidyutikaran Yojana (RGGVY) and Accelerated Power Development
Reforms Programme (APDRP) schemes, and by undertaking work for
state electricity boards. The company operates in the domestic and
export markets.

MCPL reported a profit after tax (PAT) of INR27.2 million on net
sales of INR1649.9 million for 2009-10, against a PAT of INR20.4
million on net sales of INR1273.3 million for 2008-09.


NEELKAMAL REALTORS: CARE Rates INR76.75cr LT Loan at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Neelkamal
Realtors & Builders Private Ltd.

                                 Amount
   Facilities                   (INR cr)     Ratings
   ----------                   -------      -------
   Long-term Bank Facilities     76.75       'CARE BB' Assigned

Rating Rationale

The rating is constrained by past delays in debt servicing by
NRBPL due to non-receipt of lease rentals, high gearing levels and
the cyclical nature of the real estate industry.
However, the rating derives strength from the experience of the
promoters in real estate development and healthy booking status
with a substantial receipt of advances from the customers.
Besides, the rating takes cognizance of considerable progress in
construction of the ongoing projects.

The ability of NRBPL to execute projects on time and achieve the
envisaged lease rentals from the mall remain the key rating
sensitivities.

Neelkamal Realtors, a part of the DB Group of companies, is
engaged into real estate construction. NRBPL has completed and
leased out a retail mall in Mumbai. Besides, the company is
constructing a residential and a commercial property in Mumbai at
a total project cost of INR346.2 crore which is being funded
through long-term debt of INR108 crore, equity of INR7.50 crore
and customer advances of INR230.70 crore. The company has tied up
for debt and equity and as on July 31, 2010 has received customer
advances of INR330.14 crore. NRBPL has incurred total project cost
of INR307.48 crore (approximately 88% of the total project cost).


SHAKTI RICE: CRISIL Assigns 'B+' Rating to INR150MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Shakti Rice Mills's
bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Cash Credit         B+/Stable (Assigned)
   INR50.0 Million Proposed Long Term
           Bank Loan Facility           B+/Stable (Assigned)

The rating reflects SRM's weak financial risk profile, marked by a
small net worth, high gearing, and below-average debt protection
metrics; its financial risk profile is expected to deteriorate
because of the proposed debt-funded capital expenditure (capex).
The rating also factors in the firm's large working capital
requirements, small scale of operations, and vulnerability to
adverse regulatory changes and to vagaries of the monsoon.  These
rating weaknesses are partially offset by the extensive experience
of SRM's partners in the rice business, and the benefits the firm
is expected to derive from the healthy growth prospects for the
rice industry.

Outlook: Stable

CRISIL believes that SRM's financial risk profile will remain weak
over the medium term, because of the firm's large working capital
requirements and proposed debt-funded capex.  CRISIL also expects
SRM's scale of operations to remain small in the near term.  The
outlook may be revised to 'Positive' if the firm reports
substantial improvement in its capital structure and scale of
operations.  Conversely, the outlook may be revised to 'Negative'
in case of deterioration in SRM's capital structure or pressures
on its profitability and liquidity.

                         About Shakti Rice

Set up in 1969 as a partnership firm by the Gupta family of Karnal
(Punjab), SRM undertakes milling and processing of basmati rice.
Most of the company's revenues are generated from exports to the
Middle East, where basmati rice has a high demand.  The firm,
however, does not export directly, but sells to other millers that
export rice. SRM also trades in semi-finished basmati rice. It has
a rice milling capacity of 2 tonnes per hour (tph) and sorting
capacity of 1 tph.

SRM reported a profit after tax (PAT) of INR2.7 million on net
sales of INR404.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net sales
of INR255.1 million for 2008-09.


SISTEMA SHYAM: Fitch Assigns National Long-Term Rating
------------------------------------------------------
Fitch Ratings has assigned India's Sistema Shyam Teleservices
Limited's second tranche of INR13 billion term loan a National
Long-term rating of 'A-(ind)(SO)'.  The agency has simultaneously
affirmed SSTL's first tranche of INR13 billion term loan at 'A-
(ind)(SO)'.  Both the tranches are part of the sanctioned term
loans of INR30 billion from a consortium led by State Bank of
India

Ratings of both the programmes are based solely on an
unconditional and irrevocable corporate guarantee from SSTL's
parent, Sistema JSFC ('BB-'/Stable), which owns a 73.7% stake.
SSTL has the license and the required spectrum to roll out
services in 22 telecom circles in India, and is in the process of
commencing its pan-India telecom services network.  It has already
rolled out its operations in 12 circles, and will be launching
services in three new circles in Q3FY11.


SM EDIBLES: CRISIL Reaffirms 'B+' Rating on INR250MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of S.M. Edibles Pvt Ltd
continue to reflect SMEPL's large working capital requirements,
constraining its financial risk profile, and its exposure to
unfavourable changes in Government of India (GoI) regulations
regarding the sugar industry.  These weaknesses are partially
offset by SMEPL's moderate business risk profile, marked by wide
distribution network of traders to supply sugar in North India.
Further, the company has established healthy business
relationships with its suppliers, which ensure regular supply of
sugar.

   Facilities                            Ratings
   ----------                            -------
   INR250.0 Million Cash Credit          B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMEPL will benefit from the strong growth
prospects for the sugar industry over the medium term, though its
financial risk profile will remain weak because of moderate debt
protection.  The outlook may be revised to 'Positive' if the
company registers higher cash accruals, leading to an improvement
in its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if SMEPL undertakes a large, debt-funded
capital expenditure programme.

Update
SMEPL's sales for 2009-10 (refers to financial year, April 1 to
March 31), estimated at INR697.2 million, have decreased by around
34 per cent year-on-year.  The decline in sales was because, since
March 2009, GoI has restricted the amount of sugar that could be
held by wholesalers to not more than 2000 quintals.  Subsequent to
the government restriction, there has been a shift in management
strategy; according to the new strategy, the company is operating
on a commission basis.  For the first half of 2010-11, SMEPL has
not reported any trading sales, but has earned commission income
of around INR23 million.  The company's liquidity is likely to
remain adequate on account of low bank limit utilization: for the
period between April 2009 and June 2010, it had an average
utilisation of around 26 per cent.

SMEPL is estimated to report a profit after tax (PAT) of INR17.2
million on net sales of INR647.5 million for 2009-10, as against a
PAT of INR6.1 million on net sales of INR974.6 million for
2008-09.

                        About S.M. Edibles

SMEPL, incorporated in 2006 and promoted by Mr. Rakesh Kumar, is
engaged in trading in white sugar.  The company purchases sugar
from sugar mills based in Uttar Pradesh.  Triveni Engineering &
Industries Ltd is one of the major suppliers, accounting for 70
per cent of the company's total procurement.


SMART LIGHTS: CRISIL Assigns 'D' Rating to INR41.1MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to Smart Lights' bank
facilities. The rating reflects delay by the firm in servicing its
term loan; the delay has been caused by weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR95.0 Million Cash Credit Limit     D (Assigned)
   INR41.1 Million Term Loan             D (Assigned)

Smart Lights has a weak financial risk profile, marked by high
gearing and small size of net worth; the firm is also exposed to
risks related to customer concentration in revenue profile. Smart
Lights' operating efficiencies are, however, improving and it
benefits from healthy growth prospects for the compact fluorescent
lamp (CFL) industry.

Smart Lights was set up in 2008 and commenced commercial
production in January 2009. It manufactures CFLs in the range of
36 to 100 watts, and thin tube lights and glass tubes used in the
manufacture of low-watt CFLs.  Smart Lights is primarily a
contract manufacturer of CFL and thin tube lights (T5s) for
established players in the Indian lighting industry, such as
Eveready Industries Ltd, Bajaj Electricals Ltd, Orient Paper and
Industries Ltd, Usha Shriram Enterprises Pvt Ltd, and Khaitan
Electricals Ltd.  The company also sells CFLs and T5s under its
brand, Ultra Lite, which contributes around 25 per cent to its
total revenues. The company has a manufacturing unit at Ram Nagar
(Uttarakhand), spread over 3098 square metres.


TIRUMALA BALAJI: Fitch Affirms 'BB+' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has affirmed India's Tirumala Balaji Alloys Private
Limited's National Long-term rating at 'BB+(ind)'.  The Outlook is
Stable.  The agency has also taken these rating actions on TBAPL's
bank loans:

  -- INR35 million long-term loans: assigned at 'BB+(ind)';

  -- INR55 million fund-based loans (enhanced from INR40 million):
     affirmed at 'BB+(ind)'; and

  -- INR15 million non fund-based loans: affirmed at 'F4(ind)'.

The affirmations reflect TBAPL's ability to maintain its EBIDTA
margins at around 12%, net leverage at around 1x and high interest
cover of 16x in FY10.  The ratings continue to benefit from
relatively low operational risk as the company is into the
conversion of chrome ore to ferro chrome for Tata Steel Ltd (Tata
Steel, 'AA(ind)'/Negative/'F1+(ind)'), as well as from the
consequent low inventory and receivable risks.

TBAPL's ratings continue to be constrained by the inherent
volatility in earnings due to the cyclical nature of the domestic
steel industry.  The company is also exposed to concentration
risks given its single product range and its heavy reliance on
Tata Steel with around 85% of its capacity accounts for
conversion.  While the conversion job for Tata Steel reduces
TBAPL's exposure to volatility in raw material prices (chrome
ore), its exposure to volatility in ferro chrome prices remain as
the conversion charges by the former are linked to these prices.
Furthermore, TBAPL has planned for an INR57.5m capex in FY11 for
installing pollution control equipment for its furnaces; for this,
the company will raise debt of INR35m, which will increase its
leverage in FY11.

Negative rating triggers include a sustained decline in TBAPL's
EBITDA, which would result in net debt/EBITDA of above 2.75x.
Positive rating triggers include timely completion of the
company's capex and maintenance of net leverage at below 1x.

TBAPL owns two submerged arc furnaces of 9 MVA each with an
installed capacity of 28,000MT per annum to produce high carbon
ferro chrome and other ferro alloys.  In FY10, TBAPL reported
revenues of INR581.1 million, operating EBITDA of INR70.7 million
and a profit after tax of INR21.4 million.


YES BANK: Moody's Assigns 'D+' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of D+ to Yes Bank Limited, as well as Baa3 long-term and
Prime-3 short-term global local-currency deposit ratings and Ba1
long-term and Not Prime short-term foreign-currency deposit
ratings, which are constrained by the corresponding sovereign
ceiling.  The outlook on all ratings is stable.  This is the first
time Moody's has assigned ratings to YBL.

                        Ratings Rationale

The D+ BFSR, which translates into a Baseline Credit Assessment of
Ba1, reflects YBL's solid financial position and relatively small
(but rapidly growing) franchise as India's fourth-largest private-
sector bank.  The rating also reflects its short track-record of
strong financial performance and its very high loan growth that
could carry potential risks, which may become apparent over time.

The assigned ratings also capture Moody's view of YBL's good
profitability, strong risk management demonstrated by its better-
than-average asset quality, low level of non-performing loans and
high provisioning coverage.  YBL's funding is mainly geared
towards corporate fixed deposits, although its liquidity profile
is comfortable due to its relatively short-term loan book and
sizeable government securities portfolio.  Lower cost current
accounts and savings accounts is an area where YBL lags behind its
private-sector peers.  Moody's understand that YBL wants to
further improve its coverage in this area.

Concurrently, Moody's also notes that, similar to other rated
Indian banks, YBL is highly exposed to the Indian sovereign
(currently rated Ba1 with a positive outlook) and is faced with a
degree of interest-rate risk due to its mandatory portfolio of
fixed-rate government securities.  YBL's capitalization is strong
(with a Capital Adequacy Ratio of 19.4%, of which Tier 1
represents 11% as of September 2010), although it consumes capital
relatively quickly given its very high growth rates in recent
years and its medium-term business plans.  That said, Moody's
acknowledges YBL's proven ability to make new equity offerings at
regular intervals.

The ratings of YBL also consider the challenge of enhancing its
SME and retail customer deposit-base -- considering its more
corporate-lending-focused business profile -- within a fiercely
competitive environment in India.  Maintaining good asset quality
by controlling any future slippages and raising fresh capital to
fund future growth are also factors that could adversely affect
YBL's ratings, if these factors are not properly managed.  Going
forward, because YBL is in transition to become a more "visible"
bank -- aiming to reach 750 branches by 2015 from 171 currently --
Moody's expect that elevated operational and credit risks, and
increasing economies of scale, will start to emerge.  Moody's
believes that YBL's high-quality, stable and execution-focused
top-level management team is well-geared to manage this
transition.

The Baa3/Prime-3 global local-currency deposit ratings
additionally incorporate Moody's assessment of a moderate
probability that systemic support would be extended to YBL, should
the need arise, based on the high country support guideline
assigned to India.  Therefore, these ratings are based not only on
the bank's BCA of Ba1, but also on India's Baa2 systemic support
indicator, resulting in a one-notch uplift from the BCA.

YBL's Ba1/Not Prime foreign-currency deposit ratings are
constrained by the corresponding sovereign ceiling for India
considering the bank's global local currency deposit ratings of
Baa3/Prime-3, which are also proxy ratings for the bank's senior
unsecured debt in both local and foreign currency, Moody's
concludes.

YBL is headquartered in Mumbai, India and had total assets of
INR518 billion (US$11.5 billion) at the end of September 2010.


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


ENERGI MEGA: Moody's Assigns '(P)B3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)B3 corporate family rating to PT Energi Mega Persada Tbk and a
provisional (P)B3 rating to the company's proposed US$ notes.  The
ratings outlook is stable.

The proceeds from the notes will be used to refinance some of the
company's existing debt and to fund working capital.

The provisional status of the ratings will be removed upon
completion of the bond issue and a satisfactory review of the
final documentations.  If the transaction is not completed, or if
the amount of the bond issue differs materially from Moody's
expectations, the ratings will be pressured, in view of the tight
liquidity profile, and current breach of certain non-financial
covenants of one of the company's major financing facilities.

                        Ratings Rationale

"The (P)B3 rating is supported by EMP's stable gas revenue, which
is underpinned by long-term contracts.  The company's expectations
of gas production growth should support higher cash flow stability
going forward, though much depends on its ability to successfully
bring on stream its Segat field in the Bentu block by end of 2010
or early 2011, and its Terang, Sirasun & Batur fields in the
Kangean block by early 2012," says Renee Lam, a Moody's Vice
President and Senior Analyst.

"Nevertheless, EMP operates on very high leverage, which is an
overriding constraining factor for its rating," adds Lam.

The Rp4.8 trillion rights issue completed in February 2010 has
helped lower its debt from Rp 5.8 trillion to Rp 3.5 trillion.
But any further reduction to leverage from its high 11.1x
debt/EBITDA in 1H10 and debt/proved developed reserves of over
US$30/boe, will depend on a successful ramp-up in production over
the next two years, particularly at the Kangean block, which is
subject to execution risk.

"Also factored into the rating is EMP's modest production base and
the significant development risk it faces given the high
proportion -- 85% -- of proved reserves that remain undeveloped,
though Moody's note a substantial growth potential in production
when these undeveloped reserves are commercialized," says Lam.

"EMP's financial flexibility is low; it has breached certain non-
financial covenants in a major borrowing facility, although this
situation should improve materially with refinancing from the
issuance of the proposed bonds," says Lam.

The stable outlook incorporates the expectation that EMP will
achieve its production growth and de-leveraging targets within
budget and on schedule.

A near-term rating upgrade is unlikely given its high financial
leverage, as well as the fact that the company is still ramping up
its production to de-leverage.

The rating could be upgraded over time if the company can
implement its expansion plans and ramp up production to generate
positive free cash for de-leveraging.  Financial indicators that
Moody's would consider for an upgrade include adjusted debt/proved
developed reserves consistently below US$10/boe.

Moody's would be concerned if the company failed to de-leverage as
planned, due to 1) a failure to achieve production targets at the
projected costs and within the projected time frame; 2) cyclical
movements in oil and gas prices; or 3) aggressive, debt-funded
acquisitions.  Such downward pressure could be evidenced by
adjusted debt/proved developed reserves consistently above US$10-
15/boe.

PT Energi Mega Persada Tbk is an independent oil & gas exploration
and production company, with total proved reserves of around 113
million barrels of oil equivalent and daily production of 13.3
mboe in 1H10.  Listed in Indonesia and headquartered in Jakarta,
EMP is 25.84%-owned by PT Bakrie and Brother Tbk, with a public
float of 72.18%.


ENERGI MEGA: S&P Assigns 'B-' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to PT Energi Mega Persada Tbk.  The
outlook is stable.  Standard & Poor's also assigned its 'B-' issue
rating to the proposed US$275 million guaranteed senior secured
notes to be issued by EMP International Holdings Pte.  Ltd. EMP
and some of its operating subsidiaries guarantee the notes, which
mature in 2015.

The rating on EMP reflects the company's highly leveraged
financial risk profile, exposure to hydrocarbon price movements
resulting from a cyclical industry and the company's limited
integration, large investment requirements, and execution risk
with its major projects.  These weaknesses are offset to an extent
by the company's good growth potential in its development blocks
and the favorable outlook for energy demand in Indonesia,
particularly for gas.

The corporate credit rating on EMP assumes the successful bond
issuance and refinancing of existing loans.  The rating on the
proposed notes is subject to finalization of issuance
documentation, including confirmation of amounts and terms.  The
notes proceeds will be used predominantly for loan refinancing and
funding working capital.  In determining the issue rating,
Standard & Poor's bases its assessment on the continuity of the
consolidated corporate entity of EMP, including all restricted
subsidiaries.

"EMP's financial risk profile is highly leveraged, in S&P's
opinion, and S&P expects its ratio of adjusted debt to EBITDA to
be above 10x for the fiscal year ending December 2010," said
Standard & Poor's credit analyst Andrew Wong.

EMP has substantial capital investment plans over the next five
years, over 90% of which is for the development blocks given EMP's
focus on increasing production.  The company expects to partially
fund these investments internally; therefore, the potential for
improvement in EMP's financial risk profile is dependent on the
successful commercialization of its existing development blocks--
the Bentu PSC and Kangean PSC.

"EMP's new investments have execution risk although S&P note the
involvement of solid joint venture partners mitigates some of this
risk," Mr. Wong said.  "S&P has factored in some delays in
production growth in its forecast scenario and expect the
company's financial risk profile to remain highly leveraged in the
next one to two years."

EMP's business risk profile is vulnerable, in S&P's opinion, and
reflects the company's low production levels and high exposure to
hydrocarbon price movements, given volatile oil prices and limited
integration.

The stable outlook on the corporate credit rating reflects S&P's
expectation of improving cash flows in 2011 from increased gas
production although this improvement is outside the current
outlook horizon.  The outlook also factors in resolution of
outstanding covenant compliance issues through refinancing of
existing bank loans from the proposed bonds' proceeds.


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


JLOC 39: S&P Downgrades Ratings on Various Classes of Certs.
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to D trust certificates issued under the JLOC 39 Trust
Certificate transaction and affirmed its rating on class A.  At
the same time, S&P removed the ratings on classes A to D from
CreditWatch with negative implications, where they were placed on
Oct. 6, 2010.

S&P took the aforementioned rating actions on classes B to D
because:

One of the transaction's underlying loan assets (which originally
represented about 38.5% of the total initial issuance amount of
the trust certificates) is backed by a single office building in
Chuo-ward, Tokyo.  S&P learned from the servicer that rent levels
for tenants and occupancy rates at the property have fallen far
below S&P's initial assumptions.  Accordingly, in reviewing S&P's
ratings this time, S&P lowered its assumption with regard to the
likely collection amount from the property, which S&P had revised
downward in December 2009.  S&P reviewed its assessment of the
recovery prospects for the properties backing six other remaining
loan assets (the six loan assets are due to mature either in 2011
or in the first half of 2012), after considering a number of
factors, including (1) the performance of the properties, (2) the
types and location of the properties, and (3) the situation
regarding real estate deals involving similar asset types;
accordingly, S&P lowered its assumption with respect to the likely
collection amount from the properties in question.  S&P affirmed
its rating on class A because:

Of the 10 loan assets that initially backed the trust
certificates, three loan assets have already been redeemed.  As
repayment proceeds from the three loan assets are used to make
payments to the trust certificates in sequential order (starting
from the upper-level tranches), credit enhancement for class A has
improved.

JLOC 39 is a multiborrower CMBS transaction.  The trust
certificates were initially secured by 14 specified bonds and one
loan (effectively "10 loan assets") extended to 10 obligors.  The
loan assets were initially backed by 34 real estate properties.
The transaction was arranged by Morgan Stanley Japan Securities
Co. Ltd., and ORIX Asset Management & Loan Services Corp. acts as
the servicer for this transaction.

Standard & Poor's ratings address the full and timely payment of
interest and the ultimate full repayment of principal by the legal
final maturity in April 2014 for the class A certificates, and the
full payment of interest and repayment of principal by the legal
final maturity for the class B to D certificates.

            Ratings Lowered, Off Creditwatch Negative

                    JLOC 39 Trust Certificate
  JPY40.3 billion trust certificates issued on Dec. 21, 2007, due
                           April 2014

Class  To         From                Initial Issue Amount  Coupon Type
-----  --         ----                --------------------  -----------
B      BBB- (sf)  A (sf)/Watch Neg    JPY5.4 bil.           Floating rate
C      B- (sf)    BBB (sf)/Watch Neg  JPY3.9 bil.           Floating rate
D      B- (sf)    B (sf)/Watch Neg    JPY2.2 bil.           Floating rate

            Rating Affirmed, Off Creditwatch Negative

                    JLOC 39 Trust Certificate

Class  To        From                 Initial Issue Amount  Coupon Type
-----  --        ----                 --------------------  -----------
A      AAA (sf)  AAA (sf)/Watch Neg   JPY28.8 bil.          Floating rate


L-JAC SIX: S&P Downgrades Ratings on Various Classes of Certs.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B-1 to D-1 trust certificates issued under the L-JAC Six
Trust Beneficial Interest transaction and affirmed its ratings on
classes A, E-1 to G-1, and X-2.  At the same time, S&P removed the
ratings on classes A to G-1 from CreditWatch with negative
implications, where they were placed on Oct. 7, 2010.

S&P downgraded classes B-1 to D-1 because:

The trust certificates were initially backed by two loans.  One of
the two loans (the loan originally represented about 84% of the
total initial issuance amount of the trust certificates), which
had its maturity date extended in March 2010, is now scheduled to
mature in September 2014.  In September 2009, S&P lowered its
assumption with regard to the likely collection amount from the
property (an office building in Tokyo) backing the loan in
question.  S&P estimated the value of the property to be about 67%
of S&P's initial underwriting value.  This time S&P has revised
downward its assumption with respect to property cash flow given
the situation regarding rent revisions for tenants at the
property, as well as S&P's assumption with respect to the likely
collection amount from the property after considering the
situation regarding real estate deals involving similar asset
types.  S&P currently estimate the value of the property to be
about 59% of its initial underwriting value.

The rating affirmation on the class A trust certificates reflects
the credit support provided by the subordinate tranches for the
upper-level tranches through the transaction's senior/subordinate
structure.  As excess cash flow has been retained since the
aforementioned loan had its maturity date extended in March 2010,
credit enhancement has effectively improved.

As for classes E-1 to G-1, S&P affirmed its ratings on these
classes because S&P had already lowered them to 'B- (sf)' in
September 2009.

S&P has lowered its assumption with respect to the likely
collection amount from the office building that backs the
transaction's other underlying loan (the loan, which originally
represented about 16% of the total initial issuance amount of the
trust certificates, is due to mature in September 2012), after
considering a number of factors, including the performance of the
property, as well as the situation regarding real estate deals
involving similar asset types.  S&P currently estimate the value
of the property to be about 70% of S&P's initial underwriting
value.  As far as the rating actions are concerned, the revision
did not have any direct impact.

L-JAC 6 is a multiborrower CMBS transaction.  The trust
certificates were initially secured by two loans that were
originally extended to two obligors.  The loans were originally
backed by two real estate certificates.  The transaction was
arranged by Lehman Brothers Japan Inc. Premier Asset Management
Co. is the transaction servicer.

Standard & Poor's ratings address the full and timely payment of
interest and the ultimate full repayment of principal for the
class A trust certificates by the transaction's legal final
maturity date in October 2016, the full payment of interest and
ultimate repayment of principal by the transaction's legal final
maturity date for the class B-1 through G-1 trust certificates,
and the timely payment of available interest for the interest-only
class X-2 trust certificates.

             Ratings Lowered, Off Creditwatch Negative

               L-JAC Six Trust Beneficial Interest
        JPY97.5 billion trust certificates due October 2016

Class      To           From                  Initial Issue Amount
-----      --           ----                  --------------------
B-1        BBB+ (sf)    A+ (sf)/Watch Neg     JPY8.4 bil.


C-1        BB- (sf)     BBB- (sf)/Watch Neg   JPY8.5 bil.


D-1        B- (sf)      B (sf)/Watch Neg      JPY9.5 bil.



            Ratings Affirmed, Off Creditwatch Negative

               L-JAC Six Trust Beneficial Interest

Class       To          From                  Initial Issue Amount
-----       --          ----                  --------------------
A           AA (sf)     AA (sf)/Watch Neg     JPY59.7 bil.


E-1         B- (sf)     B- (sf)/Watch Neg     JPY3.2 bil.


F-1         B- (sf)     B- (sf)/Watch Neg     JPY4.2 bil.


G-1         B- (sf)     B- (sf)/Watch Neg     JPY4.0 bil.



                         Rating Affirmed

               L-JAC Six Trust Beneficial Interest

Class          Rating                   Initial Notional Principal
-----          ------                   --------------------------
X-2            AAA (sf)                 JPY97.5 bil.


N-SLOT OPUS: S&P Downgrades Ratings on Two Certificates
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A and B trust certificates and asset-backed loans
issued/extended under the N-SLOT Opus 5 Trust Certificate
transaction, and kept them on CreditWatch with negative
implications, where they were placed on Oct. 8, 2010.

The trust certificates and ABL issued/extended under this
transaction are still backed by two nonrecourse loans (extended to
two borrowers) maturing in December 2010.

S&P took the aforementioned rating actions on the trust
certificates and ABL because S&P lowered its assumption with
regard to the likely collection amount from the collateral
properties backing the two nonrecourse loans.  This was done after
considering a number of factors, including the performances of the
properties, and assessing the progress of loan refinancing.  S&P
currently assume the combined value of the properties that S&P
revised this time to be about 56% of S&P's initial underwriting
value.

S&P lowered the ratings on the trust certificates and ABL because
S&P revised its assumption with respect to the likely collection
amount from the properties.  S&P kept the ratings on CreditWatch
with negative implications, however, as S&P may lower the ratings
further to reflect additional information that S&P obtain.

N-SLOT Opus 5 is a CMBS transaction, which was initially secured
by two nonrecourse loans to two borrowers.  The underlying loans
were originally backed by two real estate properties.  Nomura
Securities Co. Ltd. serves as the arranger for this transaction.

The ratings address the full payment of interest and the ultimate
repayment of principal for the trust certificates and ABL by the
legal final maturity date in December 2012.

         Ratings Lowered And Kept On Creditwatch Negative

                 N-SLOT Opus 5 Trust Certificate
  JPY4.65 billion trust certificates and ABLs due December 2012

Class    To                 From                Initial Issue/Loan Amount
-----    --                 ----                -------------------------
A        BB (sf)/Watch Neg A (sf)/Watch Neg     JPY1.8 billion
A ABL    BB (sf)/Watch Neg A (sf)/Watch Neg     JPY1.7 billion

B        B (sf)/Watch Neg  BBB (sf)/Watch Neg   JPY0.55 billion

B ABL    B (sf)/Watch Neg  BBB (sf)/Watch Neg   JPY0.6 billion


TAKEFUJI CORP: S&P Withdraws 'D' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' long-term
counterparty and senior unsecured debt ratings on Takefuji Corp.
at the company's request.


=========
K O R E A
=========


HYUNDAI ENGINEERING: Deadline for Final Bids Moved to November 15
-----------------------------------------------------------------
Reuters reports that shareholders of Hyundai Engineering and
Construction said Wednesday they had agreed to extend the deadline
for final bids in a bitterly contested battle for a $2.5 billion-
plus controlling stake in the company to Nov. 15 because of the
upcoming G20 summit.

The Korea Exchange Bank and other shareholders of the company
previously planned to close the bidding by Nov. 12, when the G20
meeting ends.

"The entire nation is fixated over G20 and major shareholders want
to contribute to the successful G20," Reuters quoted a spokesman
of leading shareholder Korea Exchange Bank as saying.

The spokesman said that a preferred bidder would be picked in two
or three days after final bids are received, Reuters says.

As reported in the Troubled Company Reporter-Asia Pacific on
September 27, 2010, Bloomberg News said Hyundai Engineering &
Construction Co. creditors set a Nov. 12 deadline for the
submission of main bids in buying a stake worth US$2.3 billion in
South Korea's biggest builder.  Hyundai Group has said it plans to
bid for a stake in the builder which was its predecessor's
flagship before falling into the hands of creditors in 2001.
Bloomberg, citing The Wall Street Journal, further noted that
Hyundai Motor Group, also previously part of the old Hyundai
Group, may make a rival offer.

Hyundai Engineering's creditors plan to choose a preferred bidder
for a KRW2.17 trillion controlling stake in the builder by the end
of this year.  The debt holders plan to complete the sale, open to
both domestic and overseas buyers, by early 2011.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

Hyundai Engineering has been under creditors' control.  In August
2001, Hyundai Group was split into three -- Hyundai Motor, Hyundai
Heavy Industries and one which retained the name, Hyundai Group --
while the remaining businesses were taken over by creditors.


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


SOUTH CANTERBURY: Fate of Unsecured Creditors Unclear
-----------------------------------------------------
Simon Hartley at Otago Daily Times reports that the receivers of
South Canterbury Finance cannot give any indication if unsecured
creditors -- possibly owed more than NZ$8 million -- will be paid.
The report relates that the receiver McGrathNicol's first report,
which gives a snapshot of accounts at August 31, indicates about
30% of the lending giant's loans may be impaired.

According to the report, the extent of impaired loans, and how
much the Government can claw back from asset sales, has been a
point of conjecture since South Canterbury was placed in
receivership.  Otago Daily Times notes that the estimates have
ranged from the Government's expectations of being NZ$400 million
to NZ$600 million out of pocket through to NZ$700 million by some
analysts.

South Canterbury, the report relates, was unable to recapitalize
itself and was placed in receivership on August 31, prompting the
Government to pay investors NZ$1.755 billion under the Crown
deposit guarantee scheme, including NZ$175 million to first-ranked
creditors, such as the NZ$100 million to George Kerr's Torchlight
Fund.

While all investors, except preference shareholders, have been
paid by the Crown, McGrathNicol will oversee the management and
sale of 14 South Canterbury companies and assets, which include
companies, such as Helicopters New Zealand and Scales Corporation,
which are not in receivership, Otago Daily Times discloses.
McGrathNicol has resumed lending by some of the companies in
receivership, the report adds.

The receivers, , Otago Daily Times notes, said that they had
omitted their estimates of the value of the assets, as that could
"materially prejudice" their lawful duty to obtain the best price
for them.

Total South Canterbury loan advances stood at NZ$1.22 billion,
comprising NZ$690.8 million to businesses, NZ$256 million in
property, NZ$179.6 million in rural lending, NZ$68.6 million in
consumer lending and NZ$25.5 in plant and equipment lending, Otago
Daily Times discloses.

Otago Daily Times reports Craigs Investment partners broker Peter
McIntyre said the unaudited loan advances tallied up by
McGrathNicol at NZ$1.56 billion and the NZ$446 million set aside
as impaired loans meant about 30% of the loan book could be
impaired.

Other financial analysts, who did not want to be named, said that
of NZ$14.9 million owed to creditors, about NZ$6.5 million would
be paid to preferential creditors, such as IRD and wages, leaving
about NZ$8.4 million outstanding, which was likely to be owed to
unsecured general trade creditors, Otago Daily Times adds.

                      About South Canterbury

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

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

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

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


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


PHILIPPINE AIRLINES: Wants to Secure Loans From Government
----------------------------------------------------------
Philippine Airlines, Inc., wants the government to finance the
cost of its plan to outsource three key units, particularly the
PHP2.5-billion separation package for workers set to be laid off,
BusinessWorld Online reports.

According to BusinessWorld, the compensation package has gone up
by PHP500 million after the Labor department ordered adjustments
in last week's ruling that upheld the outsourcing plan.

"We are doing this early retirement [scheme] as a measure of
survival.  We want to be remembered for the 4,000 jobs we had
saved and not the 2,600 jobs that will be affected by the program.
We are estimating to save PHP500 million to PHP1 billion annually
from the spin-off," BusinessWorld quoted PAL President Jaime J.
Bautista as saying.

BusinessWorld says the Labor department already ruled in favor of
PAL in June after taking over a dispute with the PAL Employees'
Association (PALEA) to prevent a strike.

According BusinessWorld, the Labor department said last week that
PALEA's charges of unfair labor practice against PAL had no basis,
as the planned outsourcing was "just, reasonable, humane and [a]
lawful exercise of [management's] prerogative to reorganize the
corporate structure of its operations."

But PAL was ordered to increase the separation pay by 1.25% per
year of service, pay an extra PHP50,000 per affected employee, and
provide one year of medical and hospitalization benefits,
BusinessWorld says.

"To finance the compensation package, we will be borrowing from
government banks.  If not, we will talk to some of our creditors,"
Mr. Bautista said, according to BusinessWorld.

Mr. Bautista, BusinessWorld reports, said the carrier wanted to
secure loans from government financial institutions such as the
Development Bank of the Philippines and Land Bank of the
Philippines, as well as foreign creditors.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations.  The PAL Employees Union estimated that 2,000 to
4,000 employees assigned to those departments could be retired.
PAL said competition from overseas carriers, slower global
economic growth, and higher oil prices had prompted the airline to
slash its non-core businesses.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.

                     About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


PHILIPPINE AIRLINES: Return to Profit Hinges on Survival Plan
-------------------------------------------------------------
Bloomberg News reports that Philippine Airlines, Inc., said
attempts to make a first profit in three years hinge on a
"survival plan" including 2,600 job cuts that have drawn
opposition from unions.

"We will have a small profit this year only if we can outsource
our ground-handling, catering and call-center services, and get
rid of 2,600 employees," President Jaime Bautista told Bloomberg
News in a phone interview.  "I am hopeful that I may be able to do
this before the end of December."

Bloomberg relates Mr. Bautista needs to overcome protests from
ground-handling workers to complete outsourcing plans, while also
tackling a separate labor row with cabin crew.

According to Bloomberg, Philippine Air's ground-crew union said
this week it will appeal a decision by the labor department
allowing the carrier to terminate employees and outsource their
jobs to service providers that would hire them.  The government
has intervened in the cabin-crew dispute, which centers on pay and
benefits, to prevent a strike.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations.  The PAL Employees Union estimated that 2,000 to
4,000 employees assigned to those departments could be retired.
PAL said competition from overseas carriers, slower global
economic growth, and higher oil prices had prompted the airline to
slash its non-core businesses.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.

                     About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


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


EUROIMPORTS PTE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on October 22, 2010,
to wind up the operations of Euroimports Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

         Messrs Andrew Grimmett
         Lim Loo Khoon
         Deloitte & Touche LLP
         Care of 6 Shenton Way
         #32-00 DBS Building Tower 2
         Singapore 068809


NEW LAKESIDE: Goes Into Receivership
------------------------------------
New Lakeside Holdings has gone into receivership and its shares
are suspended from trading, Food News reports, citing Singapore's
Business Times.

According to the report, New Lakeside Holdings, which is listed on
the Singapore Stock Exchange, has filed an application with the
High Court of Singapore for an order that the company be placed
under judicial management, as it is currently unable to pay its
debts.

New Lakeside Holdings is a Chinese apple juice maker.


TRANSFIELD ER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on October 15, 2010,
to wind up the operations of Transfield Er Cape Limited.

Constellation Energy Commodities Group Inc. filed the petition
against the company.

The company's liquidators are:

         Mr. Bob Yap Cheng Ghee
         KPMG Advisory Services Pte Ltd
         16 Raffles Quay #22-00 Hong Leong Building
         Singapore 045851

         Mr. Casey McDonald
         KPMG (BVI) Limited
         P.O. Box 4467
         Road Town, Tortola
         British Virgin Islands


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


AWAL BANK BSC: Section 341(a) Meeting Set for December 1
--------------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of creditors
in Awal Bank BSC's Chapter 11 case on December 1, 2010, at
2:30 p.m.  The meeting will be held at the Office of the U.S.
Trustee, 80 Broad Street, Fourth Floor, New York City.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                          About Awal Bank

Awal Bank BSC is a Bahrain lender owned by Saudi Arabian Saad
Group.  Awal Bank was principally an investment company that
provides wholesale banking services in Bahrain including the
acceptance of deposits and the making of loans.

Awal Bank was taken into administration by the Central Bank of
Bahrain on July 30, 2009, after defaulting on loans.  U.S. lawyers
for the bank said last year that under Bahrain law, Awal's
administrator had two years to decide if the bank should liquidate
or be returned to management and shareholders.

Stewart Hey, Esq., at Charles Russell LLP, as external
administrator of Awal Bank BSC, made a voluntary petition under
Chapter 15 of the U.S. Bankruptcy Code for the bank (Bankr.
S.D.N.Y. Case No. 09-15923) on Sept. 30, 2009, following the
administration proceedings.

Earlier this year, the bank began experiencing a liquidity
squeeze, brought on in part, by the global economic crisis.  The
bank has ceased to operate as a going concern since it was place
into administration.  In the Chapter 15 petition, the bank
estimated both assets and debts at more than $1 billion.

Awal Bank filed a chapter 11 petition (Bankr. S.D.N.Y. Case
No. 10-15518) in Manhattan on October 21, 2010.  The Debtor
estimated $50 million to $100 million and debts in excess of
$1 billion as of the petition date.


DP WORLD: Moody's Affirms 'Ba1' Rating; Gives Positive Outlook
--------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 Issuer Rating of DP
World and the Ba1 rating for DP World Sukuk Limited and changed
the rating outlook to positive from stable.

The outlook change is in response to: (1) DP World's solid
operating performance year to date, supporting expectations that
debt protection measures will continue strengthening in line with
the company's recent public commitments to priorities
deleveraging; (2) DP World's intention to refinance in the course
of 2011 the US$3 billion syndicated revolving credit facility
maturing in October 2012; and (3) a debt restructuring agreement
for direct parent company Dubai World that was achieved without
any impact on DP World's financial or operational profile.

"The outlook change to positive for DP World reflects Moody's view
that the improving fundamentals for port operators -- with
increasing volumes of global trade flows, especially in emerging
markets -- are likely to remain favorable over the medium term,"
explains Martin Kohlhase, Assistant Vice President in Moody's
Corporate Finance Group in Dubai.  Consolidated throughput, which
drives the company's top line growth, has increased in excess of
14% in the first nine months of 2010 compared to the same period
last year, in line with industry trends, while DP World has
maintained a solid EBITDA margin as adjusted by Moody's above 40%
as of June 2010.  Activities in the EMEA region continue to drive
revenue generation and operating margins with a share of 60% and
65% of the group's total in the first half of 2010.  This trend is
expected to continue in the medium term with the second half of
the year anticipated to reflect increased seasonal trade flows as
has historically been the case.  "The company's solid operating
performance trend and its recently articulated commitment to
achieve leverage, as measured by a consolidated reported net debt
to EBITDA (excluding Moody's standard adjustments), in the range
between 3.5x and 4.0x over the next 18 months are key factors
driving the change in outlook."

The change in outlook is also driven by DP World's improving trend
in operating performance combined with the announced intention to
refinance outstandings under its US$3 billion syndicated revolving
credit facility in 2011.  With the refinancing, DP World would
strengthen its liquidity profile and would possibly extend its
debt maturity profile.

It is also significant that an agreement reached in September to
restructure the debt of Dubai World -- DP World's ultimate parent
-- did not have any impact on DP World from an operational or
financial perspective.  Moody's cannot eliminate the possibility
that ownership by Dubai World could negatively impact DP World in
the future.  For example, Dubai World has the ability to extract
cash through dividends or sell portions of DP World or its assets
in order to reduce the parent company's debt.  However, these
mitigating factors have been taken into account in the positive
outlook:

  -- The restructuring of Dubai World's debt did not affect DP
     World and the parent has not taken any extraordinary cash
     distributions from DP World.

  -- DP World, as a port and infrastructure operator, is among the
     core infrastructure businesses central to Dubai's business
     strategy in the region and therefore is likely to be a
     holding that the government of Dubai would seek to retain
     strategically over the long-term.

  -- Were the government of Dubai to seek to materially reduce its
     80 percent shareholding in the future, bondholders benefit
     from a change of control clause in case the government of
     Dubai's ownership were to fall below 50%.

DP World's ratings continue to include very low assumptions for
government support that does not currently provide any lift to the
rating.

According to Moody's, the factors that could over time lead to a
rating upgrade include adherence to achieving more conservatively
positioned financials metrics.  Over the next two years, Moody's
would expect DP World to demonstrate adherence to financial
metrics at the upper end of the ranges Moody's have previously
articulated for the rating category and to demonstrate its ability
to generate positive free cash flow prior to a potential upgrade.
For instance, an upgrade could be considered if retained cash flow
to net debt strengthens sustainably in the low teens (%) and FFO
interest cover strengthens above 3.0x.

Conversely, DP World's rating would come under negative pressure
if operating performance softens significantly and/or financial
policies become more aggressive resulting in retained cash flow to
net debt trending toward 8% and FFO interest cover toward 2.5x.
The rating could also be downgraded if any financial strategies
are contrary to Moody's current assumptions and would result in a
weakening in the credit profile.

Moody's previous rating action on DP World was the confirmation of
its Ba1 rating with a stable outlook on April 7th, 2010.

For the assignment of this rating, Moody's has applied its rating
methodology " Government-Related Issuers: Methodology Update"
published in July 2010, which determines ratings on the basis of a
company's baseline credit assessment, as well as credit
enhancement for exceptional government support.  Accordingly,
ratings were assigned by evaluating factors Moody's believe are
relevant to the baseline credit assessment of the issuers, such as
i) the business risk and competitive position of the companies
versus others within its industry, ii) the capital structure and
financial risk of the companies, iii) the projected performance of
the companies over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of the companies' core industries and ratings are believed
to be comparable to those of other issuers of similar credit risk.

DP World, incorporated in the Dubai International Financial Centre
/ United Arab Emirates, ranks amongst the world's four largest
container terminal operators by capacity and throughput.


* 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.





                 *** End of Transmission ***