TCRAP_Public/101228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, December 28, 2010, Vol. 13, No. 255

                            Headlines




A U S T R A L I A

ADVANCED MEDICAL: ACCC Accuses Firm of "Unconscionable Conduct"
BURRUP FERTILISERS: Rakes In AU$120MM Profit a Year, Receivers Say


C H I N A

CHINA MEDICAL: S&P Assigns 'B+' Rating to US$150-Mil. Bonds
TONGJI HEALTHCARE: Weidong Huang Resigns as CFO


H O N G  K O N G

DOULTON TRADING: Creditors' Meeting Set for January 7
LAUREL INVESTMENT: Creditors' Proofs of Debt Due January 24
MERSTON LIMITED: Members' Final Meeting Set for January 17
MUTUAL MAX: Placed Under Voluntary Wind-Up Proceedings
QANTEX LIMITED: Creditors' Meeting Set for January 3

UNITCREDIT ADVISORY: Members' Final Meeting Set for January 25
YMCA SOCIAL: Creditors' Proofs of Debt Due January 24
YI MING: Court to Hear Wind-Up Petition on February 9


I N D I A

A.R. THERMOSETS: CRISIL Downgrades Rating on INR85MM Debt to 'BB'
GARUDA AVIATION: CRISIL Reaffirms 'BB-' Rating on INR80MM Loan
HEATH VIEW: CRISIL Assigns 'B-' Rating to INR150 Million Term Loan
HYVOLT ELECTRICALS: CRISIL Assigns 'B+' Rating to INR30MM Loan
KAVYA BUILD-CON: CRISIL Assigns 'B' Rating to INR100MM LT Loan

MACKEIL ISPAT: CRISIL Assigns 'D' Rating to INR948.3MM Term Loan
MKU PVT: CRISIL Downgrades Rating on INR24.6MM LT Loan to 'BB'
P.K. HOSPITALITY: CRISIL Reaffirms Rating on Term Loan to 'BB-'
PARASNATH INDUSTRIES: CRISIL Cuts Rating on INR99MM Debt to 'BB-'
RAJ RAYON: Fitch Upgrades National Long-Term Rating to 'BB+'

RAVIKUMAR DISTILLERIES: CRISIL Upgrades Rating on LT Loan to 'BB'
SHREE VAISHNAV: CRISIL Assigns 'BB' Rating to INR200MM Debt
SVASCA INDUSTRIES: CRISIL Places 'B' Rating on INR130M Cash Credit


J A P A N

GODO KAISHA: Moody's Downgrades Ratings on Various Classes
JAPAN AIRLINES: Crew Members to File Suit Over Dismissal
JVC KENWOOD: To Solicit 500 Victor Workers for Early Retirement


N E W  Z E A L A N D

CRAFAR FARMS: Allan Crafar Wants Farms Back After Chinese Bid Drop
LOMBARD FINANCE: Distribution Put on Hold Over IRD Dispute
OXFORD FINANCE: S&P Downgrades Counterparty Credit Ratings to 'BB'


S I N G A P O R E

A P SHIPPING: Creditors' Proofs of Debt Due January 24
BOSTON ASSET: Court Enters Wind-Up Order
CREDIT SUISSE: Creditors' Proofs of Debt Due January 21
SPECTROCAN MONENCO: Creditors' Proofs of Debt Due January 24
STICKKEY SECURITY: Court to Hear Wind-Up Petition January 14

TRISECURITY PTE: Creditors' Proofs of Debt Due January 24
WESTFIELD HOLDINGS: Creditors' Proofs of Debt Due January 24


V I E T N A M

VIETNAM SHIPBUILDING: Defaults on US$60 Million Loan


X X X X X X X X

* BOND PRICING: For the Week December 20 to December 24, 2010


                            - - - - -


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


ADVANCED MEDICAL: ACCC Accuses Firm of "Unconscionable Conduct"
---------------------------------------------------------------
Simon Canning at The Australian reports that the Australian
Competition & Consumer Commission is suing Advanced Medical
Institute Pty Ltd for alleged unconscionable conduct.

The Australian says the company is known for its controversial TV
and outdoor ads, two of which were among the most complained,
according to the Advertising Standards Bureau.

According to The Australian, the ACCC has launched proceedings in
the Federal Court alleging that between 2008 and this year, the
company supplying services to men suffering erectile dysfunction
had engaged in unconscionable conduct.

"Doctors engaged by AMI conducted consultations with patients in a
manner which did not provide an appropriate diagnosis and medical
treatment of male sexual dysfunction," the ACCC submission claims,
according to The Australian.

The ACCC is seeking injunctions against two doctors working with
AMI as well as a disqualification order against the company's
principal, Ukrainian Jacov "Jack" Vaisman, The Australian adds.

On Dec. 22, 2010, Trent Hancock and Michael Hird, of BDO
Australia, were appointed as joint voluntary administrators of AMI
Australia Holdings Pty Ltd and Advanced Medical Institute Pty Ltd
by Life Science Group Pty Ltd, a secured creditor of both
companies.  A failed move to expand the business to Britain has
also caused it to be placed into administration, The Australian
notes.

                       About Advanced Medical

Advanced Medical Institute Pty Ltd is a service provider company
that arranges for patients with Sexual Dysfunction to be provided
with medical services, pharmaceuticals and associated support
services.

AMI is a wholly owned subsidiary of Advanced Medical Institute
Inc., a publicly held Nevada corporation that currently trades on
the over-the-counter (bulletin board) market under the symbol
AVMD.OB.  AVMD operates primarily through its wholly-owned
Australian subsidiary, AMI Australia.


BURRUP FERTILISERS: Rakes In AU$120MM Profit a Year, Receivers Say
------------------------------------------------------------------
Rebecca Lawson at PerthNow reports that the receivers of Burrup
Fertilisers Pty Ltd. believe the company is producing a profit of
more than AU$120 million a year.

PPB Advisory receiver Ian Carson said December 23 the business,
which operates an 800,000 tonne per annum ammonium plant on the
Burrup Peninsula, was very profitable -- a claim than others have
mentioned since the company was put into receivership on Friday.

"The business is very profitable," Mr. Carson told PerthNow.

According to PerthNow, Burrup Fertilisers has yet to publish their
2010 financial year results, which has angered 35% shareholder
Yara International.

PerthNow relates that Mr. Carson said PPB Advisory was in the
process of streamlining operations at Burrup Fertilisers.

"Some of these different departments were acting as individual
silos and we're making them work together so everyone has a better
understanding of transparency," PerthNow quoted Mr. Carson as
saying.

Mr. Carson, as cited by PerthNow, said no one will be made
redundant from the process, adding that the business was in the
process of hiring more staff.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank on Friday appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.

According to The Australian, the Oswal Group -- which owns 65% of
Burrup Fertilisers -- has been dogged for years by allegations of
unusual transactions and has a history of court disputes, most
particularly with 35% shareholder, Norwegian group Yara
International.

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.


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C H I N A
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CHINA MEDICAL: S&P Assigns 'B+' Rating to US$150-Mil. Bonds
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' issue rating to the US$150 million convertible bond due 2016
issued by China Medical Technologies Inc. (B+/Stable/--).  The
fixed-rate bond has a 6.25% coupon.  The company aims to use the
majority of the net proceeds for refinancing.

Bondholders will have a put option if a "change of control" or
"termination of trading" occurs.  The bond may be converted into
shares at an initial conversion price of US$14.57 per share.  CMED
also has the option to redeem the bond beginning Dec. 15, 2013,
prior to the final maturity date (Dec. 15, 2016).

In S&P's view, CMED had completed its near-term refinancing needs,
improved its debt maturity profile, and increased its financial
flexibility.  This month, CMED has used a substantial amount of
the net proceeds of its recent bond issue to repurchase its
outstanding convertible bond due 2011, which has a remaining
principal amount of US$29.1 million.  CMED also has a convertible
bond due 2013 with remaining principal of US$248 million.  The
company's operating performance was satisfactory in the first half
of 2010, in S&P's opinion.  S&P expects its financial metrics to
gradually improve as it expands its revenue base and reduces debt.

The rating on CMED reflects the company's small scale compared
with global peers', its highly leveraged financial risk profile,
and high industry risks.  These weaknesses are tempered by the
company's good profitability, recurring cash flow generation, and
good niche market position.  In addition, S&P believes China's
healthcare industry has favorable growth potential, given its low
penetration rate.


TONGJI HEALTHCARE: Weidong Huang Resigns as CFO
-----------------------------------------------
Weidong Huang resigned as chief financial officer of Tongji
Healthcare Group Inc. for personal reasons on December 20, 2010.
Mr. Huang's resignation is not in connection with any known
disagreement with the Company on any matter.

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group was incorporated in the state of Nevada on
December 19, 2006.  The Company operates Tongji Hospital,
a general hospital with 105 licensed beds.

As reported in the Troubled Company Reporter on April 22, 2010,
Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
of the Company's significant operating losses and insufficient
capital.


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


DOULTON TRADING: Creditors' Meeting Set for January 7
-----------------------------------------------------
Creditors of Doulton Trading Company Limited will hold their
meeting on January 7, 2011, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251 and 255A of the
Companies Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, at No. 15 Hennessy Road, Wanchai, in Hong Kong.


LAUREL INVESTMENT: Creditors' Proofs of Debt Due January 24
-----------------------------------------------------------
Creditors of Laurel Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 24, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 10, 2010.

The company's liquidator is:

         Leung Maggie
         Unit 2108-9, CCT Telecom Building
         11 Wo Shing Street
         Fotan, New Territories
         Hong Kong


MERSTON LIMITED: Members' Final Meeting Set for January 17
----------------------------------------------------------
Members of Merston Limited will hold their final general meeting
on January 17, 2011, at 11:00 a.m., at the registered office of
the company.

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


MUTUAL MAX: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on December 24, 2010,
creditors of Mutual Max Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Mr. Yuen Shu Tong
         Mr. Ng Tze Kin
         3/F, Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


QANTEX LIMITED: Creditors' Meeting Set for January 3
----------------------------------------------------
Creditors of Qantex Limited will hold their meeting on January 3,
2011, at 11:00 a.m., for the purposes provided for in Sections
241, 242, 243, 244, and 255A of the Companies Ordinance.

The meeting will be held at Room 1903, 19/F., World-Wide House, at
19 Des Voeux Road Centrel, in Hong Kong.


UNITCREDIT ADVISORY: Members' Final Meeting Set for January 25
--------------------------------------------------------------
Members of Unitcredit Advisory Limited will hold their final
general meeting on January 25, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


YMCA SOCIAL: Creditors' Proofs of Debt Due January 24
-----------------------------------------------------
Creditors of YMCA Social Enterprises Development (HK) Co Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by January 24, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 16, 2010.

The company's liquidators are:

         Mr. Thomas Andrew Corkhill
         Mr. Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


YI MING: Court to Hear Wind-Up Petition on February 9
-----------------------------------------------------
A petition to wind up the operations of Yi Ming International
Holding Company Limited will be heard before the High Court of
Hong Kong on February 9, 2011, at 9:30 a.m.

China Nam Hoi Development Limited filed the petition against the
company on December 8, 2010.

The Petitioner's Solicitor is:

          Edward Ko & Company
          18th Floor
          Yue Thai Commercial Building
          No. 128 Connaught Road Central
          Hong Kong


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I N D I A
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A.R. THERMOSETS: CRISIL Downgrades Rating on INR85MM Debt to 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of A.R.
Thermosets Pvt Ltd to 'BB/Negative/P4+' from 'BBB-/Stable/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR85 Million Cash Credit         BB/Negative (Downgraded from
                                                  BBB-/Stable)
   INR7.9 Million Rupee Term Loan    BB/Negative (Downgraded from
                                                  BBB-/Stable)
   INR5 Million Letter of Credit     P4+ (Downgraded from P3)
                & Bank Guarantee

Key Reasons for Downgrade

The downgrade reflects the decline in ARTL's operating
profitability in 2009-10 (refers to financial year, April 1 to
March 31) over 2008-09, and the weakening in its liquidity. Ban on
exports of raw bitumen by the Government of Saudi Arabia has had
an adverse impact on ARTL's operating cost structure, leading to
significantly lower operating profitability than CRISIL's earlier
expectations.  The lower than expected cash accruals and long
receivable collection cycle have led to high reliance on bank
limits for working capital funding.  CRISIL believes that ARTL's
liquidity will remain constrained over the medium term by its
incremental working capital requirements.

The ratings reflect ARTL's average financial risk profile, marked
by modest debt protection metrics, and exposure to risks related
to small scale of operations in the bitumen emulsion products
industry.  These rating weaknesses are partially offset by ARTL's
strong relationships with clients.

Outlook: Negative

CRISIL believes that ARTL's liquidity will remain constrained by
its large working capital requirements over the medium term. The
ratings may be downgraded if the company contracts larger-than-
expected debt to fund capex, resulting in deterioration in its
debt protection metrics, or reports lower-than-expected margins,
or further stretching of liquidity.  Conversely, the outlook may
be revised to 'Stable' if ARTL improves its liquidity either
through infusion of funds by the promoter or through improvement
in its working capital management, or through sustained
improvement in profitability to historical levels.

                       About A.R. Thermosets

Set up in 1991, ARTL manufactures and trades in bitumen emulsion
products comprising cationic, modified, and cut-back bitumen, and
modifiers. Initially, the company manufactured insecticides.

ARTL trades in crash barriers and is setting up a crash barrier
plant in Fatehpur, Uttar Pradesh, which will start operations in
January 2011.

ARTL reported a profit after tax (PAT) of INR3.0 million on net
sales of INR290.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR29.7 million on net
sales of INR400.7 million for 2008-09.


GARUDA AVIATION: CRISIL Reaffirms 'BB-' Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Garuda Aviation Services Pvt Ltd, part of the Garuda group, at
'BB-/Stable', while reclassifying the short-term rating to 'P4+'
from 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR80.0 Million Bank Overdraft   BB-/Stable (Reaffirmed)
   INR75.0 Million Bank Guarantee   P4+ (Reclassified from P4)

The ratings continue to reflect the Garuda group's high operating
leverage in the aviation and restaurant business, and significant
transactions with associate group companies. These weaknesses are
partially offset by the benefits that the group derives from its
established market position and promoters' experience in the
aviation services and restaurant business, and moderate financial
risk profile, marked by low gearing and moderate net worth.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Garuda Aviation and PK Hospitality
Services Pvt Ltd.  This is because the two entities, collectively
referred to as the Garuda group, have fungible cash flows, and are
under common promoters.

Outlook: Stable

CRISIL believes that the Garuda group will maintain its market
position backed by long-term contracts with the airports and the
group's brand image in the restaurant business.  The outlook may
be revised to 'Positive' if the group's profitability margins
improve, while maintaining revenue growth, or if the funding
support given to the group companies reduces considerably.
Conversely, the outlook may be revised to 'Negative' if Garuda
group's exposure to associate group companies increases
substantially or if the group contracts large debt for capital
expenditure thereby deteriorating its financial risk profile.

                          About the Group

Garuda group is promoted by three brothers, Mr. Pravin Kumar
Agarwal, Mr. Alok Kumar Agarwal, and Mr. Sudhir Kumar Agarwal.
Garuda Aviation provides car parking services in six airports,
Agartala (Tripura), Bhopal (Madhya Pradesh), Chennai, Goa,
Mangalore (Karnataka) and Pune (Maharashtra); and airport entry
ticket contract services at Mangalore. The car parking contracts
with the airports are for a period of five years; Garuda
Aviation's contract with Indira Gandhi International Airport in
Delhi, expired in 2009-10 (refers to financial year, April 1 to
March 31). The airport entry ticket contract at Mangalore expires
in November 2010. Garuda Aviation contributed around 23 per cent
of the Garuda group's consolidated revenues in 2009-10.

PK Hospitality operates nine restaurants in Mumbai; the brands
being Golden Chariot, Balaji Grand and Brass Monkey. It provides
airport catering to eight airports: Ahmedabad, Chennai, Delhi,
Goa, Guwahati (Assam), Jaipur, Kolkata, and Pune (Maharashtra). PK
Hospitality contributed about 77 per cent of the Garuda group's
consolidated revenues in 2009-10.

For 2009-10, the Garuda group reported a profit after tax (PAT) of
INR35.2 million on net sales of INR735.2 million, as against a net
loss of INR12.6 million on net sales of INR567.1 million for
2008-09.


HEATH VIEW: CRISIL Assigns 'B-' Rating to INR150 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to Heath View
Holiday Resorts Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR150.0 Million Term Loan       B-/Negative (Assigned)
   INR5.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect HHRL's modest cash accruals vis-a-vis its debt
obligations because of delays in commencement of operations of its
hotel at Mahabaleshwar (Maharashtra).  These rating weaknesses are
partially offset by the benefits that HHRL derives from its
financially sound and experienced promoters.

Outlook: Negative

CRISIL believes that HHRL's credit risk profile will remain
constrained over the medium term due to limited available cushion
between its operating cash flows and maturing term debt
obligations.  The ratings may be downgraded if there is
significantly lower-than-expected occupancy of the newly
commissioned hotel, thereby resulting in lower-than-anticipated
net cash accruals or lower than expected support from the
promoters to meet its term debt obligations. Conversely, the
outlook may be revised to 'Stable' if HHRL records higher-than-
expected occupancy levels in the first year of operations, thereby
generating adequate cash flows to meet its debt servicing
commitments.

                          About Heath View

HHRL was established in 1993 By Mr. A Y Patel and later acquired
by the current promoters, Mr. Ramchand Ludhani, Mr. Lachman
Ludhani and Mr. Yusuf Lakdawala. The promoter families are
business acquaintances. The company has recently, in November
2010, commissioned its 62-room three-star hotel at Market Road,
Mahabaleshwar.

Ludhani family is also the promoters of the Evershine group of
companies, which is into the construction business, primarily in
the residential segment.


HYVOLT ELECTRICALS: CRISIL Assigns 'B+' Rating to INR30MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Hyvolt Electricals.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit Facility   B+/Stable (Assigned)
   INR75.0 Million Letter of Credit*      P4 (Assigned)
   INR60.0 Million Bank Guarantee*        P4 (Assigned)

The ratings reflect Hyvolt's below-average financial risk profile
marked by moderate gearing, weak debt protection metrics, a small
net worth, and exposure to risks related to customer and supplier
concentration in revenue profile, and to volatility in raw
materials prices and foreign exchange rates.  These rating
weaknesses are partially offset by the benefits that Hyvolt
derives from its promoters' extensive experience in manufacturing
copper wires, conductors, and strips.

Outlook: Stable

CRISIL believes that Hyvolt will continue to benefit over the
medium term from its promoters' extensive experience in
manufacturing copper wires, conductors, and strips.  The outlook
may be revised to 'Positive' if Hyvolt reports a higher-than-
expected growth in operating revenues and diversifies its customer
base, while maintaining its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' if Hyvolt reports
significant decline in revenues or margins, or contracts large,
debt to fund its capital expenditure, thereby weakening its
financial risk profile.

                     About Hyvolt Electricals

Set up in 1980 by Mr. S K Mittal and family, Hyvolt manufactures
copper strips, conductors, and catenary wires at its Delhi
facility. The firm is a P2 category supplier of copper strips,
conductors, and catenary wires to Indian Railways.

Hyvolt reported a book profit of INR5.7 million on net sales of
INR178.9 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR19.4 million on net sales
of INR307.6 million for 2008-09.


KAVYA BUILD-CON: CRISIL Assigns 'B' Rating to INR100MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Kavya Build-Con Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR100.0 Million Long Term Loan   B/Stable (Assigned)

The rating reflects the Kavya group's constrained financial risk
profile, which remains sensitive to demand risks associated with
its residential and township projects, the risks involved in the
execution of large projects, and the concentration of its projects
in Mumbai.  These weaknesses are partially offset by the
experience of the group's promoters in the real estate business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kavya Build-Con Pvt Ltd, Kavya
Construction Company, Kavya Mira Realty and Jekin Kavya JV.  This
is because all the entities, hereafter referred to as the Kavya
Group, are owned and managed by the same promoters, have fungible
funds between different projects.

Outlook: Stable

CRISIL believes that the Kavya group will maintain its credit risk
profile over the medium term, supported by improved demand for
real estate properties.  The outlook may be revised to 'Positive'
if the group's financial risk profile improves substantially,
because of better-than-expected sales and customer advances for
its current projects.  Conversely, the outlook may be revised to
'Negative', if the group contracts higher-than-expected debt to
fund its current projects or if current project sales over the
medium term are less-than-expected.

                       About Kavya Build-Con

Set up in 2003, Kavya Build-Con Pvt Ltd, which is part of the
Kavya group, is a real estate developer headquartered in Mumbai.
The company is currently developing residential apartments,
commercial premises and logistic parks in and around Mumbai.  The
real estate venture, formerly known as Akruti Land Developers, is
owned by the Vora family. Kavya develops new residential real
estate projects as well as redevelopment projects. It also
undertakes government contracts to build residential projects and
develops commercial projects. Currently, Mr Nimish Vora is
actively managing the business of Kavya Build-Con Pvt Ltd.

The Kavya group's recent completed projects include Atlantis
Apartments and Atlas Tower in Thane of about 55,000 sq. ft and
37,000 sq. ft respectively.  It has also developed projects in
partnership like Prem Ashish and Ashirwad Residency of about
55,000 sq. ft and 37,000 sq. ft.

The Vora family is also engaged in the furniture business for over
80 years under the name of Akruti Interiors, Akruti Kitchens &
Furnishing Pvt Ltd and Akruti Kitchens & Furnishing (partnership
firm).

The Kavya reported a profit after tax (PAT) of INR4 million on net
sales of INR46.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net sales
of INR66.3 million for 2008-09.


MACKEIL ISPAT: CRISIL Assigns 'D' Rating to INR948.3MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Mackeil Ispat & Forging
Ltd's bank facilities.  The ratings reflect delay by MIFL in
servicing its term loan. The delay has been caused by MIFL's weak
liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR316.00 Million Cash Credit       D (Assigned)
   INR948.30 Million Term Loan         D (Assigned)
   INR152.20 Million Proposed LT       D (Assigned)
             Instrument
   INR97.80 Million Letter of Credit   P5 (Assigned)

MIFL's business is susceptible to cyclicality in demand for
industrial forgings.  Also, MIFL's operating margin is susceptible
to volatility in steel prices. The company has a below-average
financial risk profile, marked by high gearing. MIFL, however, has
moderate operating efficiencies.

MIFL, based in Durgapur (West Bengal), was formed in 2005 to set
up an open die-forging plant.  The company was promoted by Mr.
Pranab Chakraborty and his family and friends.  MIFL manufactures
customised industrial forgings such as shafts, gear blanks, bars,
and rollers, which are used in the sugar, cement, petrochemical,
thermal wind and nuclear power, ship-building, oil and gas, and
steel industries.

MIFL commenced commercial operations in April 2010.  Its plant,
spread across 22 acres in Durgapur, has capacity of 36,000 tonnes
per annum (tpa).  The plant is equipped with one 3500-tonne push-
down, oil-hydraulic, open die-forge press and one 1000-tonne push-
down, oil-hydraulic, open die-forge press. There are six reheating
furnaces, which are dual-fuel-fired heating furnaces, which use
either coal bed methane or liquefied petroleum gas. MIPL has
signed an agreement for supply of fuel with Great Eastern Energy
Corporation Ltd.


MKU PVT: CRISIL Downgrades Rating on INR24.6MM LT Loan to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of MKU
Pvt Ltd to 'BB/Negative/P4+' from 'BBB-/Stable/P3'.  The downgrade
reflects deterioration in the company's liquidity because of
increasing working capital requirements, driven by increase in
debtors over the past six months.  The downgrade also factors in
CRISIL's belief that MKU's liquidity will remain stretched because
of incremental working capital requirements, due to increase in
scale of operations.

   Facilities                        Ratings
   ----------                        -------
   INR103.5 Million Cash Credit      BB/Negative (Downgraded from
                                                  BBB-/Stable)

   INR24.6 Million Long-Term Loan    BB/Negative (Downgraded from
                                                  BBB-/Stable)

   INR24.7 Million Rupee Term Loan   BB/Negative (Downgraded from
                                                  BBB-/Stable)

   INR220 Million Letter of Credit   P4+ (Downgraded from P3)

   INR156.2 Million Bank Guarantee   P4+ (Downgraded from P3)

   INR120 Million Packing Credit     P4+ (Downgraded from P3)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MKU and MKU GmbH (a wholly owned
subsidiary of MKU).  This is because of the operational and
financial linkages between the two entities.

Outlook: Negative

CRISIL believes that MKU's liquidity will remain stretched over
the medium term by significant working capital requirements of the
company.  The outlook may be revised to 'Stable' if the company's
liquidity improves significantly, most likely because of
improvement in working capital management or infusion of funds by
the promoters.  Conversely, the rating maybe downgraded if there
are delays in servicing term debt, most likely because of weak
liquidity or if the company takes on large debt to fund capex or
acquisitions, or its margins deteriorate, leading to decline in
debt protection measures.

                           About MKU Pvt

Incorporated in 2001 by Mr. G K Gupta, MKU (formerly, M Kumar),
designs and manufactures ballistic protection products for the
army. It has manufacturing facilities in Kanpur (Uttar Pradesh)
and at Dehradun (Uttrakhand).  Its product portfolio consists of
helmets, ballistic jackets, armour plates, de-mining suits, bomb
blankets, light-weight armour solutions, tents, and camouflage
nets.

MKU Armour Pvt Ltd, a wholly-owned export-oriented unit for
ballistic equipment, was merged with MKU in 2008. In 2007-08
(refers to financial year, April 1 to March 31), MKU acquired AST
Security Equipment GmbH, a company registered with North Atlantic
Treaty Organisation, specializing in helicopter and ship
armouring.

MKU reported a profit after tax (PAT) of INR 34.0 million on net
sales of INR 1044.0 million for 2009-10, against a PAT of INR171.8
million on net sales of INR1423.3 million for 2008-09.


P.K. HOSPITALITY: CRISIL Reaffirms Rating on Term Loan to 'BB-'
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of P.K. Hospitality Services Pvt Ltd, part of the Garuda Group, at
'BB-/Stable', while reclassifying the short-term rating to 'P4+'
from 'P4'.

   Facilities                        Ratings
   ----------                        -------
   INR104.1 Million Term Loan        BB-/Stable (Reaffirmed)
   INR80.0 Million Bank Overdraft    BB-/Stable (Reaffirmed)
   INR50.0 Million Bank Guarantee    P4+ (Reclassified from P4)

The ratings continue to reflect the Garuda group's high operating
leverage in the aviation and restaurant business, and significant
transactions with associate group companies.  These weaknesses are
partially offset by the benefits that the group derives from its
established market position and promoters' experience in the
aviation services and restaurant business, and moderate financial
risk profile, marked by low gearing and moderate net worth.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PK Hospitality, and Garuda Aviation
Services Pvt Ltd.  This is because the two entities, collectively
referred to as the Garuda group, have fungible cash flows, and are
under common promoters.

Outlook: Stable

CRISIL believes that the Garuda group will maintain its market
position backed by long-term contracts with the airports and the
group's brand image in the restaurant business.  The outlook may
be revised to 'Positive' if the group's profitability margins
improve, while maintaining revenue growth, or if the funding
support given to the group companies reduces considerably.
Conversely, the outlook may be revised to 'Negative' if Garuda
group's exposure to associate group companies increases
substantially or if the group contracts large debt for capital
expenditure thereby deteriorating its financial risk profile.

                         About the Group

Garuda group is promoted by three brothers, Mr. Pravin Kumar
Agarwal, Mr. Alok Kumar Agarwal, and Mr. Sudhir Kumar Agarwal.
Garuda Aviation provides car parking services in six airports,
Agartala (Tripura), Bhopal (Madhya Pradesh), Chennai, Goa,
Mangalore (Karnataka) and Pune (Maharashtra); and airport entry
ticket contract services at Mangalore. The car parking contracts
with the airports are for a period of five years; Garuda
Aviation's contract with Indira Gandhi International Airport in
Delhi, expired in 2009-10 (refers to financial year, April 1 to
March 31).  The airport entry ticket contract at Mangalore expires
in November 2010.  Garuda Aviation contributed around 23 per cent
of the Garuda group's consolidated revenues in 2009-10.

PK Hospitality operates nine restaurants in Mumbai; the brands
being Golden Chariot, Balaji Grand and Brass Monkey. It provides
airport catering to eight airports: Ahmedabad, Chennai, Delhi,
Goa, Guwahati (Assam), Jaipur, Kolkata, and Pune (Maharashtra). PK
Hospitality contributed about 77 per cent of the Garuda group's
consolidated revenues in 2009-10.

For 2009-10, the Garuda group reported a profit after tax (PAT) of
INR35.2 million on net sales of INR735.2 million, as against a net
loss of INR12.6 million on net sales of INR567.1 million for
2008-09.


PARASNATH INDUSTRIES: CRISIL Cuts Rating on INR99MM Debt to 'BB-'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the cash credit facility of
Parasnath Industries Pvt Ltd to 'BB-/Stable' from 'BB/Stable'.

    Facilities                      Ratings
    ----------                      -------
    INR99.9 Million Cash Credit     BB-/Stable(Downgraded from
                                               BB/Stable)

The rating downgrade reflects CRSIL's belief that Parasnath's
financial risk profile will deteriorate over the medium term
because of higher gearing and weak debt protection metrics.  The
company's working capital requirements are expected to increase
with increase in scale which would be primarily funded by debt,
weakening its capital structure.

The rating also reflects Parasnath's working-capital-intensive
operations with limited financial flexibility during the peak
season, and exposure to intense competition in the cotton ginning
industry.  These weaknesses are partially offset by the industry
experience of Parasnath's promoter.

Outlook: Stable

CRISIL believes that Parasnath will continue to benefit from its
promoters' experience in the cottonseed business over the medium
term.  The outlook may be revised to 'Positive' if the company
improves its profitability, or if it receives substantial equity,
resulting in an improvement in its capital structure.  Conversely,
the outlook may be revised to 'Negative' if Parasnath undertakes a
large, debt-funded capital expenditure programme, or its working
capital requirements increase, leading to deterioration in its
financial risk profile.

                     About Parasnath Industries

Incorporated in 2003 as Parasnath Ginned Cotton Pvt Ltd, the name
of the company was changed in 2007.  Parasnath is engaged in the
manufacture of cotton bales, cottonseed oil, and cotton de-oiled
cake from raw cotton.  The production process involves separation
of cotton lint and cottonseed from raw cotton. The seeds are
further processed to produce cotton oil and cottonseed cake, which
is used as cattle feed.  While the company's cotton bales are
mostly sold in Madhya Pradesh, the cottonseed oil is sold in
Gujarat.

Parasnath reported a profit after tax (PAT) of INR1.1 million on
net sales of INR412.0 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR5.5 million on
net sales of INR169.6 million for 2008-09.


RAJ RAYON: Fitch Upgrades National Long-Term Rating to 'BB+'
------------------------------------------------------------
Fitch Ratings has upgraded India's Raj Rayon Limited's National
Long-term rating to 'BB+(ind)' from 'BB-(ind)'.  The Outlook is
Stable.  The agency has also taken these rating actions on RRL's
instruments:

  -- INR695.1m long-term loans: upgraded to 'BB+(ind)' from 'BB-
     (ind)';

  -- INR500m cash credit limits: upgraded to 'BB+(ind)' from 'BB-
     (ind)'; and

  -- INR250m letter of credit facility: affirmed at 'F4(ind)'.

  -- INR70m bank guarantee facility: affirmed at 'F4(ind)'.

The upgrade of RRL's ratings reflects its strong operating
performance, improved profitability and successful completion of
capex in FY10.  It achieved an operating margin of 7.5% in FY10
(FY09: 5.2%) and a further improvement to 9.3% in H1FY10.
Consequently, the leverage also improved to 5.5x in FY10 (FY09:
7.2x).  On an annualized basis, the leverage for H1FY11 was even
lower at 3.8x.

The ratings are constrained by RRL's relatively moderate size,
which makes it vulnerable in the event of an industry downturn,
the sensitivity of its operating margins to raw material prices,
and competition from industry majors in India, limiting its
pricing power and negotiating capabilities.  The ratings are also
constrained by price risks on inventories and vulnerability to
foreign exchange movements.

The company is implementing projects to enhance its capacity for
manufacturing polyester texturised yarn by 21,000 MT, fully drawn
yarn by 1,886 MT, and twisted yarn by 3,060 MT at a cost of
INR788m.  It proposes to create new capacities for manufacturing
of TY and different types of colored yarns, which command good
demand and margins in the market.  The value-added products would
help in enhancing the profitability of its operations.  The
projects are expected to be completed by April 2011, and Fitch
expects RRL's credit metrics to improve after FY12.

Negative rating triggers include RRL's EBITDA margins declining
below 7%, increasing in its net debt/EBITDA to beyond 6.5x on a
sustained basis.  Successful completion of the current capex which
would result in EBITDA margins of 11% on a sustained basis and/or
net debt/EBITDA of below 4x on a sustained basis could act as
positive rating triggers.

RRL's promoters have a long operating track record and vast
experience in the domestic textile industry.  RRL reported sales
of INR3,295.9 million in FY10 (FY09: INR3,195.4 million) and
INR1,954.9 million in H1FY11.  In Q2FY11, RRL reported revenues of
INR1,054.1 million, EBITDA of INR92.4 million, interest coverage
ratio of 3x and annualized debt/EBITDA of 3.8x.  RRL expanded its
FDY capacity to 13,603 MT in FY10.


RAVIKUMAR DISTILLERIES: CRISIL Upgrades Rating on LT Loan to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ravikumar Distilleries Ltd to 'BB/Stable' from BB-/Positive, while
reaffirming the rating on the company's short-term bank guarantee
at 'P4+'.  The upgrade reflects the improvement in financial risk
profile and liquidity of the company with successful completion of
its initial public offering (IPO) in December 2010; the company
has mobilized INR736 million through this IPO.

   Facilities                            Ratings
   ----------                            -------
   INR170 Million Cash Credit Facility   BB/Stable (Upgraded from
                                                   'BB-/Positive')

   INR9.70 Million Long-Term Loan        BB/Stable (Upgraded from
                                                   'BB-/Positive')

   INR9 Million Bank Guarantee           P4+ (Reaffirmed)

Around 62 per cent of the IPO proceeds will be utilized for
increasing the company's capacity to 3,600,000 cases per annum
from 1,425,000 cases per annum at present, installing a re-
distillation plant for the in-house manufacture of extra neutral
alcohol, and for partly funding the incremental working capital
requirements for its expanded scale of operations.  Additionally,
RDL has paid licence fees to acquire the license for an Indian-
made foreign liquor (IMFL) unit at Madurai (Tamil Nadu).
Currently, the license has not been received because of pending
clearances and approvals; however, the company has acquired land
measuring 34 acres towards setting up the unit. The total
investment for setting up the Madurai unit is estimated at INR800
million to INR1 billion.  However, the company has not earmarked
any part of the IPO proceeds towards funding this unit. This is,
despite the fact that nearly 35 per cent of the IPO proceeds has
been set aside for general corporate purposes and not for any
specific activity.  CRISIL believes that the funding and phasing
of this capital expenditure (capex) programme will be a key rating
sensitivity factor.  Furthermore, CRISIL also believes that RDL is
exposed to significant offtake risks related to increased
capacities because of the highly regulated nature of the industry.

The ratings reflect RDL's modest scale of operations, exposure to
adverse government regulations in the distillery industry and
offtake risks related to increase in capacity. These rating
weaknesses are partially offset by RDL's established industry
presence, with healthy operating capabilities, along with an
improving financial risk profile supported by equity infusion
through the IPO.

Outlook: Stable

CRISIL believes that RDL will continue to benefit from its
established presence and promoters' experience in the IMFL
industry, and improve its financial risk profile supported by the
equity infusion through the IPO, over the medium term. The outlook
may be revised to 'Positive' if the company significantly
increases its revenues, primarily because of its increased
capacities, while reducing its reliance on debt to fund its capex
and incremental working capital requirements. Conversely, the
outlook may be revised to 'Negative' if RDL's financial risk
profile deteriorates most likely because of any large, debt-funded
capex or substantial increase in working capital requirements.

                    About Ravikumar Distilleries

Incorporated in 1993 and promoted by Mr. R V Ravikumar, RDL
manufactures IMFL at its facility at Puducherry. The company is
expected to get listed on Bombay Stock Exchange and National Stock
Exchange by end of December 2010. The IPO proceeds of INR736
million are expected to be utilised towards expansion of capacity
at Puducherry to 3,600,000 cases per annum from existing 1,425,000
cases, installation of re-distillation plant, incremental working
capital requirements, and marketing and branding expenses for
building its own brands. Supported by its increased capacities,
the company plans to penetrate the markets of Karnataka, Kerala,
and Andhra Pradesh over the medium term.

RDL reported a profit after tax (PAT) of INR18 million on net
sales of INR478 million for 2009-10, against a PAT of INR18
million on net sales of INR426 million for 2008-09.


SHREE VAISHNAV: CRISIL Assigns 'BB' Rating to INR200MM Debt
-----------------------------------------------------------
CRISIL has assigned its 'BB/Positive/P4+' ratings to the proposed
long-term bank facility and short-term facilities of Shree
Vaishnav Casting Pvt Ltd, while reaffirming the rating on the
other facilities at 'BB/Positive'.

   Facilities                           Ratings
   ----------                           -------
   INR200.00 Million Cash Credit        BB/Positive
   (Enhanced from INR100.00 Million)

   INR172.50 Million Term Loan          BB/Positive
   (Enhanced from INR150.00 Million)

   INR137.50 Million Proposed LT Bank   BB/Positive (Assigned)
                        Loan Facility

   INR150.00 Million Letter of Credit   P4+(Assigned)

   INR40.00 Million Bank Guarantee      P4+(Assigned)

The ratings continue to reflect SVCPL's subdued operating margin
because of intense competition in the highly fragmented steel cast
industry, susceptibility to volatility in raw material prices and
foreign exchange rates, and below-average financial risk profile
marked by small net worth and high gearing.  These rating
weaknesses are partially offset by SVCPL's healthy growth
prospects because of revival in its end-user industries, and the
benefits it derives from its promoters' industry experience.

Outlook: Positive

CRISIL believes that SVCPL's business and financial risk profiles
will improve over the medium term on the back of increasing scale
of operations and realisation of capital subsidies under its 'Mega
Project' status. The rating may be upgraded if SVCPL scales up its
operations as planned without resulting in a decline in its
profitability or capital structure. Conversely, the outlook may be
revised to 'Stable' if the company contracts more-than-expected
debt to fund its proposed capital expenditure (capex), thereby
leading to deterioration in its capital structure, or if it faces
time and cost overrun in its expansion project.

                       About Shree Vaishnav

SVCPL is part of the Shree Vaishnav group, which was set up by Mr.
Shersingh Agarwal in 1975.  The company is a 50:50 joint venture
of Mr. Shersingh Agarwal and family, and Mr. Bhagwandas Agarwal
and family. SVCPL manufactures mild-steel (MS) billets at its
plant in Nashik (Maharashtra) which has capacity of 75,000 tonnes
per annum (tpa); the plant commenced operations in November 2009.
SVCPL has plans to add another 25-tonne induction furnace towards
the end of 2010-11 (refers to financial year, April 1 to March
31), which is expected to double its existing capacities.

The Shree Vaishnav group comprises nine companies, of which Shree
Vaishnav Alloys Pvt Ltd, Shree Vaishnav Industries Pvt Ltd, and
Shree Vaishnav Ispat Pvt Ltd are rated 'BBB-/Stable' by CRISIL.
These companies manufacture thermo-mechanically treated bars, TOR
bars, MS beams, channels, and angles, for use in the construction
industry. The other companies in the group trade in steel and
iron, or are investment firms.

Mr. Bhagwandas Agarwal and family are into automotive ancillary
business through Narasinha Engineering Pvt Ltd. The family is also
into real estate business in Nashik.

For 2009-10, SVCPL reported net profit of INR8.1 million on net
sales of INR700.3 million.


SVASCA INDUSTRIES: CRISIL Places 'B' Rating on INR130M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Svasca Industries (India) Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR130 Million Cash Credit        B/Stable (Assigned)
   INR75 Million Letter of Credit    P4 (Assigned)
   INR85 Million Bank Guarantee      P4 (Assigned)

The rating reflects SIL's working-capital-intensive operations,
leading to a weak financial risk profile, marked by high gearing
and weak debt protection metrics, and the company's small scale of
operations in the fragmented transformers industry.  These
weaknesses are partially offset by the extensive transformer
industry experience of SIL's promoter.

Outlook: Stable

CRISIL believes that SIL will continue to benefit over the medium
term from its promoter's extensive experience in the transformers
industry.  The company's financial risk profile, particularly its
liquidity, is expected to remain weak due to working-capital-
intensive operations.  The outlook may be revised to 'Positive' if
the company's working capital management improves leading to
significant improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if SIL's financial risk profile or
liquidity deteriorate most likely because of a decline in the
company's operating margin, or if company undertakes a major debt-
funded capital expenditure programme.

                      About Svasca Industries

SIL was incorporated in 1996 by Mr. Shyam Tayal.  It manufactures
transformers and transformer components at its facilities in
Rudrapur (Uttrakhand) and Faridabad (Haryana).  The Rudrapur unit
commenced commercial production in March 2010.  The company
manufactures both power and distribution transformers ranging from
6.3 Kilo volt ampere (KVA) to 20 Mega volt ampere (MVA)

SIL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR322.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.2 million on net sales
of INR283.4 million for 2008-09.


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


GODO KAISHA: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Japan K.K has downgraded its ratings on the Class A
through F and Class X notes issued by Godo Kaisha Orso Funding
CMBS 6.

In addition, Moody's continues to review for possible further
downgrade on the Class A through F and Class X notes.

The complete rating actions follow.

  -- Class A, Downgraded to Aa3 (sf) from Aaa (sf) and Remains On
     Review for Possible Downgrade; previously on Nov 25, 2010 Aaa
      (sf) Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to A3 (sf) from Aa3 (sf) and Remains On
     Review for Possible Downgrade; previously on Nov 25, 2010 Aa3
      (sf) Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Ba1 (sf) from Baa1 (sf) and Remains On
     Review for Possible Downgrade; previously on Nov 25, 2010
     Baa1 (sf) Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to B1 (sf) from Ba1 (sf) and Remains On
     Review for Possible Downgrade; previously on Nov 25, 2010 Ba1
      (sf) Placed Under Review for Possible Downgrade

  -- Class E, Downgraded to Caa2 (sf) from B2 (sf) and Remains On
     Review for Possible Downgrade; previously on Nov 25, 2010 B2
      (sf) Placed Under Review for Possible Downgrade

  -- Class F, Downgraded to Caa3 (sf) from B3 (sf) and Remains On
     Review for Possible Downgrade; previously on Nov 25, 2010 B3
      (sf) Placed Under Review for Possible Downgrade

  -- Class X, Downgraded to Aa3 (sf) from Aaa (sf) and Remains On
     Review for Possible Downgrade; previously on Nov 25, 2010 Aaa
      (sf) Placed Under Review for Possible Downgrade

  -- Deal Name: Godo Kaisha Orso Funding CMBS 6

  -- Class: Class A through F and Class X

  -- Issue Amount (initial): JPY 29.9 billion

  -- Dividend: Floating

  -- Issue Date (initial): March 19, 2007

  -- Final Maturity Date: November, 2013

  -- Underlying Asset (initial): Two non-recourse loans and four
     TMK bonds and cash

  -- Originator: Bear Stearns Japan, Ltd. Tokyo Branch (as of the
     issue date)

  -- Arranger: Bear Stearns Japan, Ltd. Tokyo Branch (as of the
     issue date)

Godo Kaisha Orso Funding CMBS 6, effected in March 2007,
represents the securitization of two non-recourse loans and four
TMK bonds.

The Originator transferred six loans and TMK bonds in total to the
Issuer and issued the Class A through F and Class X notes.  The
notes were sold to investors.  The notes are rated by Moody's.

In this transaction, redemptions of the notes are made on a pro-
rata basis, such as payments at maturity and prepayments resulting
from refinancing.  Sequential payments from the most senior class
of the notes are applied in the event of loan defaults and fast
pay by the breach of the triggers.  Losses incurred by any
defaulted loans are allocated in reverse sequential order, and
starting with the most subordinate class of the notes.

The transaction is backed by four TMK bonds.  Five properties
remain: an office/residential complex and a business hotel in
Tokyo; two residential properties in Yokohama and Osaka; and a
full-service hotel in Oita prefecture.

One TMK bond backed by a residential property in Osaka is expected
to be fully redeemed by the sale of the property.

                        Ratings Rationale

The current rating action and review reflect these factors:

1) One TMK bond (30.1 % of initial balance) is backed by an
   office/residential complex in central Tokyo.  According to the
   Servicer report, a main office tenant -- which occupied 35% of
   the net rentable area -- has vacated the building and the asset
   manager is currently leasing the property. Moody's is concerned
   about the recovery from the property when it is sold after
   transferred under special servicing; therefore, Moody's re-
   assessed its recovery stress assumptions, lowering them
   approximately 37% from its initial assumptions.

2) One TMK bond (9.1 % of initial balance) is backed by a
   residential property in Yokohama.  Moody's is concerned about
   the recovery from the property when it is sold after
   transferred under special servicing; Moody's therefore re-
   assessed its recovery stress assumptions, lowering them
   approximately 21% from its initial assumptions.

3) In light of Moody's re-assessment, losses on the remaining
   balance of the TMK bond in 1) above are highly likely and could
   affect the Class E and F notes negatively.

4) One specified bond (17.1% of initial balance) is backed by a
   business hotel in Tokyo and a full-service hotel in Oita
   prefecture.  The hotel operator has changed since May 2009;
   however; the hotel's performance -- such as occupancy rates,
   among others -- has been flagging. Moody's is in the process of
   confirming its operating status and the prospects for
   refinancing, and will decide on the ratings of Class A through
   F and Class X after reviewing its recovery assumptions for the
   properties.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


JAPAN AIRLINES: Crew Members to File Suit Over Dismissal
--------------------------------------------------------
Kyodo News reports that more than 85 pilots and cabin attendants
at Japan Airlines Corp. are planning to file lawsuits with the
Tokyo District Court in mid-January to seek nullification of the
carrier's decision to dismiss them as part of its rehabilitation
efforts.

According to Kyodo News, JAL has decided to dismiss 94 pilots and
108 cabin attendants at the end of this year as its voluntary
retirement program failed to meet a job reduction target.

Kyodo News, citing sources familiar with the matter, says that 54
out of the 108 cabin attendants on Friday formed a plaintiff team
to file the suits against the dismissal decision, while more than
30 pilots are planning to form their own team next Tuesday.

According to Kyodo News, the sources said the total number of
plaintiffs is expected to grow to some 100 eventually.

JAL labor unions have complained that the dismissal is unnecessary
and discriminatory, and fails to meet the conditions for the legal
dismissal for corporate rehabilitation, Kyodo News adds.

                       About Japan Airlines

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

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

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

The Tokyo District Court this month approved Japan Airlines'
rehabilitation plan.  The turnaround plan includes debt waivers,
job cuts and the closure of unprofitable domestic and
international routes.


JVC KENWOOD: To Solicit 500 Victor Workers for Early Retirement
---------------------------------------------------------------
Kyodo News reports that JVC Kenwood Holdings Inc. will solicit
about 500 employees of struggling Victor Co of Japan to take an
early retirement by the end of March as part of cost reduction
efforts.

The additional job cut announcement came after JVC Kenwood said in
October that it would cut around 500 jobs at home and about 600
abroad by the end of March, Kyodo News relates.

Kyodo News further states that as Victor has been reducing its
workforce in the production section due to its shrinking display
business, the firm is expected to review its administrative
personnel this time around.  JVC Kenwood is aiming to return
Victor to profitability before merging it with Kenwood Corp and
other firms under its wing, Kyodo News adds.

                         About JVC Kenwood

Based in Japan, JVC Kenwood Holdings, Inc. (TYO:6632)--
http://www.jk-holdings.com/-- focuses on car and home electronics
and wireless systems.  The Company has 134 subsidiaries and 11
associated companies.  JVC Kenwood sells TVs via Victor Co. of
Japan Ltd.

                          *     *     *

JVC Kenwood Holdings, Inc., posted three consecutive net losses of
JPY30.73 billion, JPY43.48 billion and JPY10.94 billion for the
fiscal years ended March 31, 2010, 2009, and 2008, respectively.


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


CRAFAR FARMS: Allan Crafar Wants Farms Back After Chinese Bid Drop
------------------------------------------------------------------
Cherie Taylor at The Daily Post reports that Allan Crafar wants
receivers to give back his family farms and apologize after a bid
to buy them fell through.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 27, 2010, Stuff said Land Information Minister Maurice
Williamson and Kate Wilkinson, who is acting for the finance
minister Bill English, said they have declined consent to
Hong-Kong listed Natural Dairy (NZ) Holdings to acquire 16 Crafar
farms.  Stuff said the decision covers the applications by Natural
Dairy to acquire UBNZ Assets Holdings Limited and a retrospective
application to acquire four Crafar farms which UBNZ purchased in
February 2010.

Mr. Crafar told The Daily Post he couldn't see the farms selling.
The receivers, however, said they were confident the farms would
be sold, The Daily Post cites.

According to The Daily Post, Brendon Gibson of KordaMentha said
receivers were waiting to hear UBNZ Funds Managements' response to
the OIO decision.

"Whilst our preference would be that the deal with UBNZ is
concluded, we have had a lot of interest in the farms to date,"
The Daily Post quoted Mr. Gibson as saying.

The Daily Post relates that Mr. Crafar said he wanted the
receivers to put his family back in control.  He also wanted an
apology from the receivers.

                          About Crafar Farms

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

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


LOMBARD FINANCE: Distribution Put on Hold Over IRD Dispute
----------------------------------------------------------
The National Business Review reports that the receivers of Lombard
Finance & Investments said no further distributions will be made
to secured debenture investors until a claim by Inland Revenue is
resolved.

Lombard collapsed in 2008, owing 4,400 investors NZ$127 million.
Business Review says the IRD has been carrying out a goods and
services tax (GST) audit of Lombard since the start of the
receivership.

As a result, Business Review notes, the IRD has advised that it
may have a preferential claim of up to NZ$4.5 million in the
receivership.  The claim relates to the GST component of one
specific transaction that occurred before receivership, the
Business Review says.

Business Review quoted a report by receiver,
PricewaterhouseCoopers, as noting that, "We will be reviewing
their claim to assess whether to accept it and whether the
receivers consider it to be preferential or not."

Two interim distributions totalling 9.5c on the dollar have been
paid to secured debenture investors because the IRD has waived any
preferential claim, the Business Review article adds.

According to Business Review, the IRD has now advised that as a
result of the outcome of its audit, it is no longer in a position
to agree to waive any preferential claim in respect of any further
interim distributions.

This means that no further interim distributions to secured
debenture investors will be made until IRD's potential
preferential claim is resolved, Business Review notes.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


OXFORD FINANCE: S&P Downgrades Counterparty Credit Ratings to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit ratings on New Zealand finance
company Oxford Finance Corp. Ltd. to 'BB', from 'BBB-'.  At the
same time, S&P lowered the short-term ratings on Oxford to 'B',
from 'A-3'.  The rating outlook is stable.  OFC is a subsidiary of
Electra Group (not rated), a New Zealand-based electricity
distributor.

"The downgrade reflects S&P's opinion of the weakening credit
profile of the wider Electra Group," Standard & Poor's credit
analyst Peter Sikora said.  "In S&P's view, OFC's credit profile
has come under pressure from an increase in asset-quality
problems.  In addition, Electra Group's growth strategy to
diversify into a range of higher-risk activities outside of its
core strength in electricity distribution is aggressive and has
moderated S&P's credit view of the group."

In S&P's opinion, the electricity network business within Electra
Group on a standalone basis is investment grade; however, S&P
believes the overall credit profile of Electra Group is
significantly weighed down by the weaker wholly-owned
subsidiaries, which include OFC.  Standard & Poor's considers that
OFC's stand-alone credit profile would be slightly lower than that
of Electra Group, reflecting the company's relatively high-risk
loan portfolio, small capital base, confidence-sensitive funding
profile, short-dated maturity profile of debenture stock, and its
modest risk-management framework.  These weaknesses are partially
offset by OFC's strong interest margins and prudent approach to
balance-sheet growth.

Mr. Sikora added: "OFC's stand-alone credit profile is unlikely to
improve in the short-to-medium term, although S&P expects its
credit profile to stabilize following resolution of some property-
related lending exposures.  Upward movement in the counterparty
credit ratings is also unlikely unless there were a significant
tempering of the overall group's risk appetite and acquisitive
growth strategy outside of its core electricity network business,
coupled with a material improvement in the financial risk profile
and liquidity position of the entire Electra Group."


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


A P SHIPPING: Creditors' Proofs of Debt Due January 24
------------------------------------------------------
Creditors of A P Shipping Pte Ltd, which is in member's voluntary
liquidation, are required to file their proofs of debt by Jan. 24,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


BOSTON ASSET: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on December 3, 2010,
to wind up the operations of Boston Asset Management Pte Ltd,
formerly known as Universal Network Education Pte Ltd.

Alliance Investment Bank Berhad filed the petition against the
company.

The company's liquidators are:

         Kon Yin Tong
         Aw Eng Hai
         c/o Foo Kon Tan Grant Thornton LLP
         331 North Bridge Road
         #04-04/05 Odeon Towers
         Singapore 188720


CREDIT SUISSE: Creditors' Proofs of Debt Due January 21
-------------------------------------------------------
Creditors of Credit Suisse Investments (Singapore) LLP, which is
in partners' voluntary liquidation, are required to file their
proofs of debt by January 21, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

          Leow Quek Shiong
          Leong Hon Mun Peter
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


SPECTROCAN MONENCO: Creditors' Proofs of Debt Due January 24
------------------------------------------------------------
Creditors of Spectrocan Monenco Pte Ltd, which is in member's
voluntary liquidation, are required to file their proofs of debt
by Jan. 24, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


STICKKEY SECURITY: Court to Hear Wind-Up Petition January 14
------------------------------------------------------------
A petition to wind up the operations of Stickkey Security Access
Pte Ltd will be heard before the High Court of Singapore on
January 14, 2011, at 10:00 a.m.

Flexible Innovations Ltd filed the petition against the company on
December 13, 2010.

The Petitioner's solicitors are:

         M/S Colin Ng & Partners LLP
         36 Carpenter Street
         Singapore 059915


TRISECURITY PTE: Creditors' Proofs of Debt Due January 24
---------------------------------------------------------
Creditors of Trisecurity Pte Ltd, which is in member's voluntary
liquidation, are required to file their proofs of debt by Jan. 24,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


WESTFIELD HOLDINGS: Creditors' Proofs of Debt Due January 24
------------------------------------------------------------
Creditors of Westfield Holdings Pte Ltd, which is in member's
voluntary liquidation, are required to file their proofs of debt
by Jan. 24, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


=============
V I E T N A M
=============


VIETNAM SHIPBUILDING: Defaults on US$60 Million Loan
----------------------------------------------------
The Financial Times reports that Vietnam Shipbuilding Industry
Group, commonly known as Vinashin, failed to meet an extended
deadline to make a US$60 million loan payment to foreign creditors
on Thursday, pushing the company into default.

The FT says that failure to make the payment has added to worries
that Vinashin's troubles will make it more costly for other
Vietnamese companies to borrow overseas.

Sources familiar with the situation told the FT that Vinashin had
been given a three-day grace period to make the payment after it
missed the initial deadline on December 20.

The FT relates that the company earlier sent a letter to creditors
saying it would pay interest on the US$600 million loan in the
near future, but made no mention of the US$60 million principal
payment due December 27.

A creditors' meeting was reported to have been held in Hong Kong
on Thursday, but no deal had been announced late in the day, the
FT notes.

According to the FT, the US$600 million loan was arranged by
Credit Suisse in 2007 at an interest rate of 150 basis points over
the London interbank offered rate or LIBOR, while Vinashin was
also due to repay 10% of the principal every six months, starting
from December 20.

Vinashin's total debts stood at US$4.4 billion as of
September 2010, including a US$750 million government bond and
other loans from local banks, the FT discloses.

Vietnam Shipbuilding Industry Group "was facing the risk of
bankruptcy" in June 2010, according to an Aug. 4 government
statement obtained by Bloomberg News.

Vinashin doesn't have enough funds for some projects after its
customers and lenders were hit by the global recession that
started in 2008.  The company also over-diversified its business
activities and hasn't managed its cash flow and debt.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Sept. 7, 2010, that Vietnamese police arrested four
former officials of Vietnam Shipbuilding Industry Group as the
government extended its investigation into financial difficulties
at the state-owned company.  The Ministry of Public Security said
the people arrested on Sept. 3 include two former board members,
Tran Quang Vu and Tran Van Liem, and ex-general directors of two
of Vinashin's subsidiaries, Nguyen Van Tuyen and Nguyen Tuan
Duong.  Pham Thanh Binh, the company's former chairman and chief
executive officer, was arrested in August.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


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


* BOND PRICING: For the Week December 20 to December 24, 2010
-------------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.11
AMITY OIL LTD           10.00    10/31/2013   AUD       1.90
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
AUST & NZ BANK           2.00    04/15/2018   AUD      73.87
BECTON PROP GR           9.50    06/30/2010   AUD       0.28
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.10
ENVESTRA LTD             3.04    08/20/2025   AUD      74.67
EXPORT FIN & INS         0.50    12/16/2019   AUD      58.35
EXPORT FIN & INS         0.50    06/15/2020   AUD      56.29
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.00
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.79
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      63.46
NEW S WALES TREA         0.50    09/14/2022   AUD      51.51
NEW S WALES TREA         0.50    10/07/2022   AUD      51.31
NEW S WALES TREA         0.50    10/28/2022   AUD      50.57
NEW S WALES TREA         0.50    11/18/2022   AUD      50.42
NEW S WALES TREA         0.50    12/16/2022   AUD      50.68
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      70.52
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      64.41
RESOLUTE MINING         12.00    12/31/2012   AUD       1.22
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      52.15

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.65
CHINA THREE GORG         3.45    04/08/2014   CNY      70.02
SHANG CHENGTOU           8.00    07/27/2020   CNY      60.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      33.87


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.75
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.21
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.17
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.38
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.76
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.31
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.01
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.84
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.79
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.85
PYRAMID SAIMIRA          1.75    07/04/2012   INR      12.37


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   USD      69.95
AIFUL CORP               1.20    01/26/2012   JPY      74.91
AIFUL CORP               1.99    03/23/2012   JPY      71.91
AIFUL CORP               1.22    04/20/2012   JPY      68.90
AIFUL CORP               1.63    11/22/2012   JPY      57.91
AIFUL CORP               1.74    05/28/2013   JPY      51.91
AIFUL CORP               1.99    10/19/2015   JPY      41.92
CSK CORPORATION          0.25    09/30/2013   JPY      71.57
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.37
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.18
SHINSEI BANK             5.62    12/29/2049   GBP      73.13
TAKEFUJI CORP            9.20    04/15/2011   USD      10.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.30
CRESENDO CORP B          3.75    01/11/2016   MYR       1.11
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.14
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.18
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.82
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.63
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.25
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.24
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.54
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.95
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.98
SCOMI GROUP              4.00    12/14/2012   MYR       0.08
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.91
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.63
WAH SEONG CORP           3.00    05/21/2012   MYR       3.00
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.27
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.25


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

ALLIED FARMERS           9.60    11/15/2011   NZD      42.20
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
DORCHESTER PACIF         5.00    06/30/2013   NZD      63.33
FLETCHER BUI             8.50    03/15/2015   NZD       7.75
FLETCHER BUI             7.55    03/15/2011   NZD       7.60
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.06
INFRATIL LTD             8.50    09/15/2013   NZD       9.00
INFRATIL LTD             8.50    11/15/2015   NZD       9.20
INFRATIL LTD            10.18    12/29/2049   NZD      61.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.30
MARAC FINANCE           10.50    07/15/2013   NZD       1.02
SKY NETWORK TV           4.01    10/16/2016   NZD       5.89
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.74
ST LAURENCE PROP         9.25    07/15/2010   NZD      47.54
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.20
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.04
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.05
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       7.25
VECTOR LTD               8.00    10/15/2014   NZD       6.50


SINGAPORE
---------

DAVOMAS INTL             5.50    12/08/2014   USD      68.00
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.09
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.94
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.90
WBL CORPORATION          2.50    06/10/2014   SGD       1.90


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

COSMOS PLC CO            3.00    05/30/2011   KRW      13.43
DAEWOO MTR SALES         6.55    03/17/2011   KRW      64.30
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.64
HOPE KOD 2ND            15.00    08/21/2012   KRW      34.81
HOPE KOD 3RD            15.00    09/30/2012   KRW      33.37
HOPE KOD 4TH            15.00    12/29/2012   KRW      33.50
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.86
IBK 16TH ABS            25.00    09/24/2012   KRW      65.94
IBK 17TH ABS            25.00    12/29/2012   KRW      58.87
KB 10TH SEC SPC         23.00    01/03/2011   KRW      64.97
KB 10TH SEC SPC         23.00    01/03/2011   KRW      70.68
KB 11TH SEC SPC         20.00    07/03/2011   KRW      64.02
KB 11TH SEC SPC         20.00    07/03/2011   KRW      68.80
KB 12TH ABS             25.00    01/21/2012   KRW      64.46
KB 13TH ABS             25.00    07/02/2012   KRW      52.79
KB 14TH ABS             23.00    01/04/2013   KRW      58.67
KDB 6TH ABS             20.00    12/02/2019   KRW      68.09
KEB 17TH ABS            20.00    12/28/2011   KRW      59.29
NACF-14 ABS SPS         25.00    01/15/2011   KRW      67.43
NACF-15 ABS SPS         25.00    03/18/2011   KRW      64.01
NACF-16 ABS SPS         15.00    01/03/2011   KRW      42.90
NACF-16 ABS SPS         25.00    02/03/2011   KRW      37.39
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      35.64
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      69.79
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      69.58
SAM HO INTL              6.32    03/28/2011   KRW      72.49
SHINSHAN 2ND SEC        25.00    06/11/2011   KRW      29.79
SINBO 1ST ABS           15.00    07/22/2013   KRW      31.02
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.55
SINBO 3RD ABS           15.00    09/30/2013   KRW      31.80
SINBO 4TH ABS           15.00    12/16/2013   KRW      29.98
SINBO 5TH ABS           15.00    02/23/2014   KRW      28.97
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.28
SINGOK ABS               7.50    06/18/2011   KRW      72.70
SINGOK NS ABS            7.50    06/27/2011   KRW      52.69
YOUNGNAM SAVINGS         8.50    12/18/2014   KRW      49.00


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      70.75


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                             *********

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.


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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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

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

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

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



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