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        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

           Monday, July 26, 2010, Vol. 13, No. 145

                            Headlines



A U S T R A L I A

BECTON CMBS: S&P Downgrades Ratings on Five Classes of Securities
CEDENCO FOODS: Kagome Buys Cedenco Australia for AU$91 Million
SONRAY CAPITAL: Administrators May Face Class Action Suit


H O N G  K O N G

ACTIVE TOWN: Creditors' Proofs of Debt Due August 6
BARRETT HK: Ying and Chan Step Down as Liquidators
BRIGHT TOWN: Creditors' Proofs of Debt Due August 6
BUILD SKY: Creditors' Proofs of Debt Due August 6
COLOUR PAINT: Creditors' Proofs of Debt Due August 6

DICKSON (CHINA): Creditors' Proofs of Debt Due August 6
DICKSON CONSTRUCTION: Creditors' Proofs of Debt Due August 6
DICKSON PROPERTIES: Creditors' Proofs of Debt Due August 6
HENLY ENGINEERING: Creditors' Proofs of Debt Due August 6
INTERFORM INVESTMENT: Creditors' Proofs of Debt Due August 6

JOINT WEALTHY: Creditors' Proofs of Debt Due August 6
LONGWAY CONSTRUCTION: Creditors' Proofs of Debt Due August 6
PATTERN ENTERPRISES: Creditors' Proofs of Debt Due August 6
POLYWIN ENGINEERING: Creditors' Proofs of Debt Due August 6
QUASAR NAVIGATION: Creditors' Proofs of Debt Due August 9

RIGEL NAVIGATION: Creditors' Proofs of Debt Due August 9
TITAN PETROCHEMICALS: S&P Downgrades Corp. Credit Rating to 'SD'
UNI TECHNIC: Creditors' Proofs of Debt Due August 6
WINSHAN CONSTRUCTION: Creditors' Proofs of Debt Due August 6
WIT TECH: Contributories and Creditors to Meet on July 30

ZOTOS INVESTMENTS: Creditors' Proofs of Debt Due August 6


I N D I A

AIR INDIA: May Cut Up to 7,000 Jobs as Workers Retire, Union Says
CAPITAL POWER: Fitch Upgrades National Long-Term Rating to 'BB'
DEVI ISPAT: CRISIL Rates INR250 Million Cash Credit at 'BB'
DUNNIMAA ENGINEERS: CRISIL Assigns 'BB' Rating to INR235MM Loan
EROS OF SANITARYWARES: ICRA Rates INR50 Mil. Term Loans at 'LBB'

GULZAR MOTORS: CRISIL Assigns 'BB-' Ratings to Various Bank Debts
KASHI VISHWANATH: CRISIL Cuts Rating on INR473.5MM Loan to 'D'
KINGFISHER AIRLINES: Posts INR187-cr Net Loss in Qtr Ended June 30
MALABAR ROYAL: CRISIL Reaffirms 'BB+' Rating on INR60M Cash Credit
MITTAL IRON: CRISIL Assigns 'BB-' Rating to INR5MM Term Loan

NEUMANN COMPONENTS: ICRA Assigns 'LBB+' Rating to INR95MM Loans
NORTHERN INDIA: CRISIL Lifts Rating on INR73.2MM Loan to 'B+'
PAVAN COTTON: ICRA Places 'LB+' Rating on INR108 Mil. Term Loans
PBA INFRASTRUCTURE: ICRA Places 'LB+' Rating on INR3.15BB LT Loan
RITHWIK POWER: ICRA Rates INR157 Million Bank Debts at 'LBB-'

SAI SAPTAGIRI: ICRA Assigns 'LBB-' Rating to INR69MM Term Loans
SHRI GOVIND: ICRA Revises Rating on INR390MM Term Loan to 'LB+'
SHRI VINAYAK: CRISIL Reaffirms 'B' Rating on INR75MM Cash Credit
TATA MOTORS: Considers $550-Mil. Sponsored Overseas Shares Issue
VINEET EXPORTS: CRISIL Reaffirms 'P4' Rating on Various Bank Debts


I N D O N E S I A

INDOSAT TBK: Q1 2010 Restatement Won't Affect Moody's 'Ba1' Rating


J A P A N

APROCEED CO: Moody's Downgrades Ratings on Four Classes of Notes
J-CREM 3: Moody's Downgrades Ratings on Three Classes of Notes
JAPAN AIRLINES: Proposes Further Debt Waivers to Creditors
JAPAN AIRLINES: Eyes JPY133.1 Billion Operating Profit in FY2014
JLOC XXXI: S&P Downgrades Ratings on Various Certificates


M A L A Y S I A

AXIS INC: Tarmah Sewing Withdraws Wind-Up Petition Against Chongee
HO HUP: Wants Plan Filing Deadline Extended Until February 4


S I N G A P O R E

ADVANCE MODULES: Creditors Get 100% Recovery on Claims
ATLAS MINERAL: Court to Hear Wind-Up Petition on August 6
CARAT (FAR EAST): Creditors Get 1.48% Recovery on Claims
ENG HENG: Court to Hear Wind-Up Petition on August 6
MECH-TECH MARINE: Court to Hear Wind-Up Petition on July 30

M.F.I.NET: Court to Hear Wind-Up Petition on July 30
SENSFAB PTE: Court to Hear Wind-Up Petition on August 6
SHANGHAI BOOK: Creditors' Proofs of Debt Due August 6
SINGWIN SERVICES: Court Enters Wind-Up Order
TAY LONG: Court Enters Wind-Up Order


V I E T N A M

BANK FOR INVESTMENT: S&P Puts Low-B Counterparty Credit Ratings




                         - - - - -


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


BECTON CMBS: S&P Downgrades Ratings on Five Classes of Securities
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
ratings on the five classes of commercial mortgage-backed
securities issued by Becton CMBS No. 1 Pty Ltd., following S&P's
review regarding the restructure of the transaction.  At the same
time, the ratings remain on CreditWatch with negative
implications.

The restructure involves moving the scheduled maturity date to
Jan. 31, 2011, from July 18, 2010, with repayment milestones in
September 2010 and November 2010.  The restructure also includes
increases to the margin payable on each class of notes.  This
revised tail period for the transaction is less than Standard &
Poor's criterion for Australian CMBS transactions, which is a
minimum period of 24 months.

The downgrades reflect S&P's opinion of the uncertain timing and
strategy, and heightened execution risk associated with repayment
of the notes on or before the legal final maturity date.  The size
and composition of the remaining asset pool has been a key
consideration in S&P's rating analysis.

Proceeds from previous asset sales were used to pay class A
noteholders as well as swap termination costs (AU$7.66 million)
that were larger than what S&P expected.  As a result, the class A
noteholders have been paid less than S&P's expectations.
Furthermore, the total extent of the swap termination costs were
not contemplated in S&P's original analysis since the terminated
swap was entered into after the transaction closed and extended
beyond the legal final date on Jan. 18, 2012.

The CreditWatch is likely to be resolved either: (a) by a rating
affirmation and withdrawal if a repayment of the securities is
completed, or (b) by lowering the ratings on the securities, at
any time, if S&P believes there is an increasing prospect that
repayment or refinancing will not be achieved prior to the legal
final maturity date of the notes.

           Ratings Lowered And Remaining On Creditwatch

                                Rating
                                ------
          Class          To               From
          -----          --               ----
          A              A/Watch Neg      AAA/Watch Neg
          B              BBB+/Watch Neg   AA/Watch Neg
          C              BBB-/Watch Neg   A/Watch Neg
          D              BB/Watch Neg     BBB/Watch Neg
          E              BB-/Watch Neg    BBB-/Watch Neg


CEDENCO FOODS: Kagome Buys Cedenco Australia for AU$91 Million
--------------------------------------------------------------
Kagome Co. said it will acquire Cedenco JV Australia Pty Ltd and
SS Farms Pty Ltd for AU$91 million or JPY7.19 billion, Japan Today
reports.

The deal, which covers all operations of the two Australian
companies but those in the United States and New Zealand, is aimed
at expanding Kagome's overseas operations, the report says.

The Troubled Company Reporter-Asia Pacific, citing NZPA, reported
on June 30, 2010, that Cedenco Foods in New Zealand has been sold
to another Japanese food group Imanaka, subject to Overseas
Investment Office approval.  Receiver Brendon Gibson of
KordaMentha said the business was being sold as a going concern,
and Imanaka planned to continue operating Cedenco Foods in
Gisborne and Hawke's Bay.

                        About Cedenco Foods

Cedenco Foods -- http://www.cedenco.co.nz/-- is a leading
New Zealand and Australian based food ingredient processing and
marketing company.  It produces and exports vegetable and fruit
powders, aseptic paste, purees and dice, frozen purees, and UHT
vegetable purees individually Quick Frozen (IQF) products to
customers globally.

In November 2009, ANZ Banking Group placed Cedenco Foods Australia
in receivership.  Craig Shepard and Mark Korda of KordaMentha were
appointed receivers and managers of Cedenco Australia and its
related trading entities.  The move came after ANZ Banking Group
NZ subsidiary, ANZ National Bank, called in receivers into Cedenco
Foods in New Zealand.


SONRAY CAPITAL: Administrators May Face Class Action Suit
---------------------------------------------------------
The Sydney Morning Herald reports that disaffected investors
exposed to the collapse of Sonray Capital plan to launch a class
action against the administrator, Ferrier Hodgson, in a bid to
unfreeze their accounts.

SHM says the Sonray Interactive Brokers Action Group represents
more than 40 investors and Interactive Brokers account holders,
one of the main trading platforms used by Sonray but rebadged as
"Sonray Global."

SHM relates the manager of the action group, Adrian Tout, said
investors had formed the collective because administrators were
ignoring their concerns.  "Individuals have approached Ferrier,
but they were getting nowhere.  They told us that everyone is to
be treated on an equal footing."

According to the report, the group claims that Sonray Global
accounts were meant to be segregated from Sonray Trader accounts,
and the administrator's description of all Sonray investors as
"unsecured creditors" meant all funds were declared part of a
single trust, thus exposing the Sonray Global account holders to
the Sonray collapse when they should not have been.

The administrator of Sonray, George Georges from Ferrier Hodgson,
said he had not been approached by the group, and that he did not
understand why it would launch a class action, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.

                        About Sonray Capital

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


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


ACTIVE TOWN: Creditors' Proofs of Debt Due August 6
---------------------------------------------------
Creditors of Active Town Limited, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by Aug. 6,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on January 18, 2010.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


BARRETT HK: Ying and Chan Step Down as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Barrett Hong Kong Developments Limited on July 19, 2010.


BRIGHT TOWN: Creditors' Proofs of Debt Due August 6
---------------------------------------------------
Creditors of Bright Town Investment Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


BUILD SKY: Creditors' Proofs of Debt Due August 6
-------------------------------------------------
Creditors of Build Sky Development Consultancy Limited, which is
in creditors' voluntary liquidation, are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


COLOUR PAINT: Creditors' Proofs of Debt Due August 6
----------------------------------------------------
Creditors of Colour Paint Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by August 6, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


DICKSON (CHINA): Creditors' Proofs of Debt Due August 6
-------------------------------------------------------
Creditors of Dickson (China) Enterprises Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


DICKSON CONSTRUCTION: Creditors' Proofs of Debt Due August 6
------------------------------------------------------------
Creditors of Dickson Construction (Housing) Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


DICKSON PROPERTIES: Creditors' Proofs of Debt Due August 6
----------------------------------------------------------
Creditors of Dickson Properties Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by August 6, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


HENLY ENGINEERING: Creditors' Proofs of Debt Due August 6
---------------------------------------------------------
Henly Engineering Limited, which is in liquidation, requires its
creditors to file their proofs of debt by August 6, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


INTERFORM INVESTMENT: Creditors' Proofs of Debt Due August 6
------------------------------------------------------------
Interform Investment Company Limited, which is in liquidation,
requires its creditors to file their proofs of debt by August 6,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


JOINT WEALTHY: Creditors' Proofs of Debt Due August 6
-----------------------------------------------------
Creditors of Joint Wealthy Holdings Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


LONGWAY CONSTRUCTION: Creditors' Proofs of Debt Due August 6
------------------------------------------------------------
Creditors of Longway Construction Engineering Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


PATTERN ENTERPRISES: Creditors' Proofs of Debt Due August 6
-----------------------------------------------------------
Pattern Enterprises (International) Limited, which is in
liquidation, requires its creditors to file their proofs of debt
by August 6, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


POLYWIN ENGINEERING: Creditors' Proofs of Debt Due August 6
-----------------------------------------------------------
Creditors of Polywin Engineering Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by August 6, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


QUASAR NAVIGATION: Creditors' Proofs of Debt Due August 9
---------------------------------------------------------
Creditors of Quasar Navigation Corporation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 9, 2010, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         Wong Wai Pui Ricky
         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


RIGEL NAVIGATION: Creditors' Proofs of Debt Due August 9
--------------------------------------------------------
Creditors of Rigel Navigation Corporation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 9, 2010, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         Wong Wai Pui Ricky
         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


TITAN PETROCHEMICALS: S&P Downgrades Corp. Credit Rating to 'SD'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Titan Petrochemicals Group
Ltd. to 'SD' (selective default) from 'CC'.  At the same time, S&P
lowered the issue rating on the company's US$400 million 8.5%
senior unsecured notes due 2012 to 'D' from 'CC'.  S&P then
withdrew all the ratings.

"S&P lowered the ratings following Titan's announcement that it
has fulfilled the minimum tender conditions relating to its
exchange offer and solicitation of consent to amend certain terms
of its outstanding senior unsecured notes due 2012," said Standard
& Poor's credit analyst Lawrence Lu.

According to the company, it has validly tendered rather than
withdrawn about 66.43% of the outstanding principal amount of the
notes.

"S&P these actions as a "distressed exchange" tantamount to a
default, based on S&P's criteria.  S&P withdrew the ratings
following the completion of the distressed exchange," said Mr. Lu.

Titan has offered to exchange each US$1,000 of the principal
amount of the existing notes for about US$650, comprising: (1)
US$376 for the principal amount of convertible notes; (2) US$68
for the principal amount of the payment-in-kind note; and (3) a
cash payment of US$206, which includes an early tender premium of
US$32.5 cash.  The company is also seeking consent from
bondholders to amend restrictive covenants, and eliminate or
modify certain events of default under the existing notes.

Titan's operating performance remains weak, with low visibility
over recovery prospects, in S&P's view.  S&P expects the company
to make further losses and generate negative free operating cash
flow in 2010 due to a continued weak operating environment.


UNI TECHNIC: Creditors' Proofs of Debt Due August 6
---------------------------------------------------
Creditors of Uni-Technic Company Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by August 6, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


WINSHAN CONSTRUCTION: Creditors' Proofs of Debt Due August 6
------------------------------------------------------------
Creditors of Winshan Construction Company Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


WIT TECH: Contributories and Creditors to Meet on July 30
---------------------------------------------------------
Contributories and creditors of Wit Tech Engineering & Equipment
Company Limited will hold their first meetings on July 30 2010, at
10:30 a.m., and 11:00 a.m., respectively at 14th Floor, The Hong
Kong Club Building, 3A Chater Road, Central Road, in Hong Kong.

At the meeting, Fok Hei Yu and Roderick John Sutton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ZOTOS INVESTMENTS: Creditors' Proofs of Debt Due August 6
---------------------------------------------------------
Creditors of Zotos Investments Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by August 6, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


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


AIR INDIA: May Cut Up to 7,000 Jobs as Workers Retire, Union Says
-----------------------------------------------------------------
National Aviation Co. of India Ltd., the state-owned parent of Air
India, may shed as many as 7,000 jobs through retirements over the
next three years as it seeks its first profit, Bloomberg News
reports, citing the company's biggest union.

George Abraham, the Aviation Industry Employees' Guild's general
secretary, told Bloomberg that about 9,000 workers will probably
retire in the period of whom only 2,000 may be replaced.  Some of
the other retirees will likely be replaced by new hires at
suppliers and ventures, he said, according to Bloomberg.

Bloomberg relates Mr. Abraham said NACIL also plans to transfer as
many as 3,000 ground-handling staff to a newly formed venture with
Singapore Airport Terminal Services Ltd. to pare costs.  Other
similar moves may follow, Mr. Abraham told Bloomberg.

                          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.

In December 2009, the Air India board decided to initiate a series
of major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.  The airline's turnaround plan has been
broadly divided into 0-9 months, 9-18 months and 18-36 months, and
has been segregated under operational efficiency, product
improvement, organization building and financial restructuring,
the Business Standard said.


CAPITAL POWER: Fitch Upgrades National Long-Term Rating to 'BB'
---------------------------------------------------------------
Fitch Ratings has upgraded India's Capital Power Infrastructure
Private Ltd.'s National Long-term rating to 'BB(ind)' from 'BB-
(ind)'.  The Outlook is Positive.  The agency has also affirmed
the ratings on CPIL's short-term facilities at 'F4(ind)'.
Consequently, the ratings on CPIL's INR250m fund-based limits and
its INR450 million non-fund based limits have been upgraded to
'BB(ind)'/'F4(ind)' from 'BB-(ind)'/'F4(ind)'.

The upgrade is driven by the company's shift to direct order
execution for state power utilities for their distribution and
metering projects from its earlier role as a subcontractor to
large private turnkey solution providers, which resulted in a
better-than-expected financial performance during FY10.  The
improvement in CPIL's revenues (by 148.7% in FY10) and
profitability (EBITDA margins: FY10: 8.24%; FY09: 3.04%) is
underpinned by an execution of its INR1.4 billion order book (as
on August 1, 2009) during FY10 which comprised direct turnkey
contracts for SPUs based in north India.  Fitch notes that the
company's execution of direct orders from state electricity boards
and SPUs lead to margin accretion, with CPIL's leverage (net debt/
operating EBITDAR ratio) improving to 0.4x in FY10 (FY09: 1.95x).

Fitch is concerned by CPIL's limited track record and moderate
order book size (INR476.58m as on April 1, 2010), which provides a
limited revenue visibility.  Additionally CPIL's working capital
intensity has increased due to dealings with SPUs and SEBs
(receivable days: FY10: 120 days; FY09: 29 days).  The agency
expects CPIL's business to remain vulnerable to credit risks of
its customers, such as SPUs, which have weak credit profiles.
This risk, however, is partially mitigated by the ultimate
coverage of CPIL's turnkey services under the Government of
India's sponsored funding schemes and the experience of its
sponsors in dealing with SPUs.  In addition, the ratings are
constrained by the continual concentration risk, since the
majority of orders that are likely to be executed in FY11 pertain
to a few SPUs.

The Positive Outlook reflects CPIL's shift to a higher operational
size and operating margins.  Positive rating triggers include
maintenance of CPIL's revenues at existing levels while
maintaining a healthy level of profitability and a comfortable
financial leverage.  On the other hand, a decline in CPIL's
operating EBITDA margins from FY10 levels, any unplanned capital
expenditure or an increase in its working capital intensity that
leads to an increased financial leverage, and/or a substantial
decline in its revenues would prompt the Outlook to be revised to
Stable.

CPIL, incorporated in 2008, provides material, erection, testing
and commissioning services in the power transmission and
distribution sectors.


DEVI ISPAT: CRISIL Rates INR250 Million Cash Credit at 'BB'
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Devi Ispat Ltd's
cash credit facility.

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

The rating reflects DIL's large working capital requirements, and
weak financial risk profile, marked by low profitability, low
return on capital employed (RoCE) ratio, and moderate gearing.
These rating weaknesses are partially offset by DIL's promoters
experience in the steel industry.

Outlook: Stable

CRISIL believes that DIL will continue to benefit from its
promoter's experience in the steel industry; however, DIL's
financial risk profile will remain weak because of weak
profitability.  The outlook may be revised to 'Positive' if DIL's
financial risk profile improves, supported by improvement in
profitability or in working capital management. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected capacity utilization, leading to deterioration in
operating profitability, or larger-than-expected debt-funded
capital expenditure (capex).

                          About Devi Ispat

Incorporated in 2004, DIL manufactures steel ingots and rolled
products, such as thermo-mechanically treated rounds, square bars,
and structurals.  The company operates a 7-tonne induction furnace
and a rolling mill with capacity of 300 tonnes per day on a two-
shift basis.  The company's manufacturing facility is in Howrah
(West Bengal).  Its day-to-day operations are managed by Mr.
Nirmal Kumar Mandhani, who has experience of around 25 years in
the steel industry, and Mr. Mohit Mandhani. DIL does not have any
significant capex plan for the medium term.

DIL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR1940 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8.5 million on net sales
of INR2512 million for 2008-09.


DUNNIMAA ENGINEERS: CRISIL Assigns 'BB' Rating to INR235MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Dunnimaa
Engineers and Divers Enterprises Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR235.0 Million Term Loan       BB/Stable (Assigned)
   INR45.0 Million Cash Credit      BB/Stable (Assigned)
   INR40.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect lengthening in DEDEPL's working capital cycle,
and its presence at the lower end of the value chain in oilfield
support services, and significant dependence on a limited customer
base.  These rating weaknesses are partially offset by DEDEPL's
healthy order book, its promoters' experience, and its established
track record in executing underwater diving contracts, and the
strong medium-term growth prospects in the domestic oilfield
services sector.

Outlook: Stable

CRISIL expects DEDEPL to maintain a stable business risk profile
over the medium term, on the back of the promoters' experience,
and its strong track record in executing diving projects.  The
outlook may be revised to 'Positive' if the company generates more
revenues and net cash accruals than expected, coupled with
significant improvement in gearing and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues decline sharply, or if it undertakes a large
debt-funded capital expenditure program, thereby weakening its
capital structure.

                      About Dunnimaa Engineers

Set up in 1996 by Mr. Sumer Singh Rathore, DEDEPL provides
professional underwater diving services.  DEDEPL is currently
managed by Mr. Sumer Singh Rathore and his sons, Mr. Arjun Rathore
and Mr. Ajay Rathore.

DEDEPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR234.9 million for 2009-10 (refers to provisional
figures for financial year, April 1 to March 31), against a PAT of
INR12.9 million on net sales of INR156.8 million for 2008-09.


EROS OF SANITARYWARES: ICRA Rates INR50 Mil. Term Loans at 'LBB'
----------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR50 million term loans
of Eros of Sanitarywares.  The outlook of the assigned rating is
stable.  ICRA has also assigned an "A4" rating to Eros' INR25
million short term fund based facility and INR7 million short term
non-fund based facility.

The ratings are constrained by Eros's moderate scale of
operations, high competitive intensity on account of the highly
fragmented nature of the sanitary ware industry and cheap Chinese
imports, high client concentration and uncertainty over the
Government's policy regarding continuation of fiscal benefits for
Export Oriented Units (EOUs) like Eros.  The ratings, however,
draw comfort from Eros's ability to achieve high capacity
utilization in its first year of operations, its strong operating
profitability, significant experience of the promoters in the
sanitaryware business, proximity to raw material sources and
significant tax benefits for the unit till FY11 under the EOU
scheme.

Incorporated in June 2006 as a partnership firm, Eros is promoted
by Mr. Karshanbhai Patel.  The Company is a 100% EOU  based in the
Morbi region of Gujarat which undertakes the manufacturing of
ceramic sanitary ware products like wash basins, closets, urinals,
pans and related accessories.  The unit commenced commercial
operations in April 2008 and has a manufacturing capacity of
700,000 pieces per annum (~9000 MT).  Mr. Karshanbhai Patel, his
wife and two daughters are the four partners of the company.

Recent Results

In FY09, Eros reported a net profit of INR41.3 million on a net
sale of INR123.4 million.  Based on provisional data, the company
reported a turnover of around INR110 million and capacity
utilization of 90% between April 2009 and December 2009.


GULZAR MOTORS: CRISIL Assigns 'BB-' Ratings to Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Gulzar Motors Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR9.0 Million Standby Line of Credit  BB-/Stable (Assigned)
   INR20.0 Million Term Loan              BB-/Stable (Assigned)
   INR16.0 Million Proposed Long-Term     BB-/Stable (Assigned)
                   Bank Loan Facility
   INR10.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect GML's exposure to intense competition in the
automotive dealership market and its constrained financial risk
profile because of low profitability, small net worth, and a
highly leveraged capital structure.  These weaknesses are
partially offset by GML's long track record in the automotive
dealership industry.

Outlook: Stable

CRISIL believes that GML's financial risk profile will remain
strained over the medium term because of its highly leveraged
capital structure and weak debt protection measures.  The outlook
may be revised to 'Positive' if GML's capital structure or
operating margin improves substantially.  Conversely, the outlook
may be revised to 'Negative' in case of increase in the number of
dealerships of Maruti Suzuki India Ltd (MSIL) in Ludhiana, leading
to competition and impacting GML's expected cash accruals, or if
GML contracts large debt to fund capital expenditure impacting
financial risk profile.

                        About Gulzar Motors

Incorporated in 1997 by Mr. Gurcharan Singh, GML is an authorized
dealer of MSIL in Ludhiana.  The company also has a Maruti True
Value showroom for selling used Maruti cars.  In addition to
trading in new and used cars, GML has an authorized service
station of MSIL which has capacity to service around 60 cars per
day. The day-to-day affairs of GML are managed by Mr. Gurcharan
Singh's son, Mr. Harkirat Singh.

GML is estimated to report a profit after tax (PAT) of INR3.1
million on net sales of INR726 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.5
million on net sales of INR571.2 million for 2008-09.


KASHI VISHWANATH: CRISIL Cuts Rating on INR473.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kashi
Vishwanath Textile Mill Ltd to 'D/P5' from 'B/Negative/P4'.  The
downgrade reflects the delays by KVTML in servicing term loans;
the delays have been caused by KVTML's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR473.50 Million Long-Term Loan     D (Downgraded from
                                           'B/Negative')

   INR120.00 Million Cash Credit        D (Downgraded from
                                           'B/Negative')

   INR1.50 Million Letter of Credit     P5 (Downgraded from 'P4')
   INR150.00 Million Bank Guarantee     P5 (Downgraded from 'P4')

KVTML has a weak financial profile marked by high gearing and weak
debt coverage indicators, small scale of operations, and exposure
to risks relating to cyclicality in the textile industry.  KVTML,
however, continues to benefit from its ability to cater to small
volumes in diverse product categories in the North Indian market.

Established by Mr. Yogesh Kumar Jindal in 1996, KVTML manufactures
grey and dyed, 100 per cent polyester, polyester viscose (PV), and
polyester acrylic (PA) yarn.  The company is part of the KVS
group, which is into steel rolling products business. The company
is based out of Kashipur (Uttarakhand).

KVTML reported a net loss of INR23.67 million on net sales of
INR712.50 million for 2008-09 (refers to financial year, April 1
to March 31), against a profit after tax (PAT) of INR16.06 million
on net sales of INR545.94 million for 2007-08.

For 2009-10, on a provisional basis, KVTML reported a PAT of
INR5.60 million on net sales of INR775.60 million.


KINGFISHER AIRLINES: Posts INR187-cr Net Loss in Qtr Ended June 30
------------------------------------------------------------------
Kingfisher Airlines reported a loss of INR187 crore for the
quarter ended June 30, 2010, compared with a loss of INR237 crore
in the same period in 2009.

Kingfisher has seen a 12 percentage points increase in load
factors to 81% from 69%, and a 5% improvement in yields over the
same quarter last year.

The increase in loads and yields, coupled with several cost
reduction initiatives has led Kingfisher to generate a substantial
operating profit of IN127 crore which is an improvement of
INR198 crore over April to June 2009.

On an overall basis, the Company has incurred an EBITDA profit of
INR127 crore in Q1 FY 11, compared with a loss of INR71 crore
during the same period of the previous year -- an improvement of
INR198 crore.

The Company posted a positive 22% EBITDAR margin of INR367 crore
as against a profit of INR226 crore in the corresponding quarter
of the previous financial year -- an improvement of INR141 crore.

EBITDA profit of INR177 crore (despite accounting for INR35 crore
costs of grounded aircrafts) for its domestic operations, compared
to a profit of INR76 crore in the same period of the previous year
-- an improvement of INR101 crore.  The domestic EBITDA margin
also improved from 6% to 13%

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR16.47 billion, INR21.40 billion and INR1.89 billion, for the
years ended March 31, 2008 through March 31, 2010.


MALABAR ROYAL: CRISIL Reaffirms 'BB+' Rating on INR60M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on Malabar Royal Designs (Hyderabad) Pvt Ltd's
bank facilities continue to reflect Malabar Royal's moderate
financial risk geographically concentrated revenue profile,
exposure to intense competition in the retail jewellery business,
and susceptibility to volatility in gold prices.  These rating
weaknesses are partially offset by Malabar Royal's established
position in the South Indian gold market.

   Facilities                             Ratings
   ----------                             -------
   INR60.00 Million Cash Credit Limit     BB+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business risk
profiles of Malabar Royal and the other entities in the Malabar
group.  This is because the group entities enjoy business
synergies like common management, marketing, administration,
designing, procurement, and centralized control.  The financials,
however, are independently managed and hence CRISIL has not
combined Malabar Royal's financial risk profile with that of the
other group companies.

Outlook: Stable

CRISIL believes that Malabar Royal will continue to benefit from
the established market position of the Malabar group (of which
Malabar Royal is part) in the gold jewellery segment over the
medium term.  The outlook may be revised to 'Positive' if better-
than-expected growth in revenues and profitability improves
Malabar Royal's financial risk profile.  Conversely, sizeable
borrowings for capital expenditure may result in a revision in the
outlook to 'Negative'.

                        About Malabar Royal

Malabar Royal, incorporated in December 2006, runs a jewellery
showroom in Hyderabad.  It is a part of the Kerala-based Malabar
group, promoted by Mr. Ahammed M P in 1993 in Calicut.  The group
consists of about 65 companies, of which, about 33 are in the
jewellery segment, in India and abroad, and the rest are in the
hospitality, real estate development, advertising and media
segments.

Malabar Royal posted a provisional PAT profit after tax (PAT) of
INR9 million on net sales of INR593 million for 2009-10, against a
PAT of INR2 million on net sales of INR558 million for 2008-09.


MITTAL IRON: CRISIL Assigns 'BB-' Rating to INR5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Mittal Iron Foundry
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR120.0 Million Cash Credit     BB-/Stable (Assigned)
   INR5.0 Million Term Loan         BB-/Stable (Assigned)
   INR5.0 Million Stand by Line     BB-/Stable (Assigned)
                      of Credit

The rating reflects MIFL's below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics; small scale of operations; large working
capital requirements; and significant product concentration in its
revenue profile.  These rating weaknesses are partially offset by
the experience of MIFL's promoters in the iron products industry,
and the company's moderate operating efficiencies.

Outlook: Stable

CRISIL expects MIFL's financial risk profile and liquidity to
remain weak over the medium term, owing to large amount of short-
term debt contracted to fund its working capital requirements.
The outlook may be revised to 'Positive' if the company's capital
structure and liquidity profile improve significantly.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a large, debt-funded capital expenditure
programme, or witnesses further deterioration in its liquidity
profile, leading to deterioration in its overall financial risk
profile.

                         About Mittal Iron

Set up as a proprietorship concern in 1985 by Mr. Ramjilal
Agarwal, MIFL was converted into a private limited company in
1996.  In 2008-09 (refers to financial year, April 1 to March 31),
the firm was reconstituted as a closely held public limited
company. MIFL manufactures ingot moulds and cast iron products,
and also trades in pig iron.  The company operates through its
unit at Howrah (West Bengal), which has a capacity of 14,400
tonnes per annum.

MIFL reported a profit after tax (PAT) of INR6.2 million on net
sales of INR288 million for 2009-10, against a PAT of INR6 million
on net sales of INR297 million for 2008-09.


NEUMANN COMPONENTS: ICRA Assigns 'LBB+' Rating to INR95MM Loans
---------------------------------------------------------------
ICRA has assigned a "LBB+" rating to INR95.0 million term loans
and INR45.0 cash credit facility of Neumann Components Private
Limited.  The outlook on the rating is stable.

The rating is constrained by NCPL's modest scale of operations,
low cash accruals, high gearing, and low bargaining power vis-a-
vis its customers and suppliers.  ICRA also takes into
consideration the low value addition of operations, high
competitive intensity of the industry and entry of new players,
which limits NCPL's pricing flexibility; the company's high client
concentration risk (LG Electronics India Limited accounts for
approximately 45% of the turnover) and the seasonal nature of
demand for the white goods; which can lead to volatility in the
turnover of NCPL going forward.  However, the ratings draws
comfort from promoter's long track record in the manufacturing of
sheet metal components and NCPL's established relationships with
reputed players in the consumer durable industry.

Established in 2002, Neumann Components Private Limited is a
closely held company promoted by Mr. Pawan Kumar Malhotra and his
family members.  NCPL is involved in the business of
manufacturing of sheet metal components and other fabricated
items.  NCPL's clientele includes established and reputed
companies LG Electronics India Ltd., Blue Star Limited, Honda Siel
Power Products Ltd., Whirlpool of India Ltd. etc. The company has
established four manufacturing facilities in the NCR region for
manufacturing of sheet metal components.

The company reported a Profit After Tax (PAT) of INR 8.5 million
and an operating income of INR 549.5 million for FY2010
(provisional).


NORTHERN INDIA: CRISIL Lifts Rating on INR73.2MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Northern India Leather Cloth Manufacturing Company Pvt Ltd to
'B+/Stable' from 'B/Stable; the rating on NILCO's short-term bank
facilities has been reaffirmed at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR73.2 Million Term Loan          B+/Stable (Upgraded from
                                                 B/Stable)

   INR128.8 Million Bank Overdraft    B+/Stable (Upgraded from
                                                 B/Stable)

   INR50.0 Million Letter of Credit   P4 (Reaffirmed)

The upgrade reflects the steady improvement in capital structure
over the two years ending 2009-10 (refers to financial year, April
1 to March 31) on the back of conversion of unsecured promoter
loans of INR20 million into equity.  CRISIL expects NILCO's
financial risk profile to improve further with expected increase
in the company's accruals, despite additional debt which the
company may contract to meet its increasing working capital
requirements.

CRISIL's ratings reflect NILCO's moderate financial risk profile,
marked by small net worth, high gearing, weak debt protection
metrics, small scale of operations, and susceptibility to intense
competition in the synthetic leather industry.  These rating
weaknesses are partially offset by NILCO's diversified enduser
industry base.

For arriving at the ratings, CRISIL has excluded the unsecured
loans of INR26.2 million given by promoters while calculating
NILCO's debt.  This is because NILCO's promoters have provided an
undertaking to its bankers stating that these loans would not be
withdrawn during the tenure of the bank facilities.  Around INR4
million of these loans do not carry any interest, and the interest
accrued from the balance loan amount is expected to be reinvested
in the business.

Outlook: Stable

CRISIL believes that NILCO will maintain its business risk profile
over the medium term on the back of its established customer base
and high operating efficiencies expected from the new calendar
plant to be commissioned in July 2010.  The outlook may be revised
to 'Positive' if NILCO achieves more-than-expected accruals and
thereby improves its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company's
profitability is lower than expectations, or its working capital
requirements increase considerably, affecting its financial risk
profile.

                        About Northern India

Incorporated in 1980, NILCO manufactures poly-vinyl chloride (PVC)
coated fabric, also known as synthetic leather used in automotive,
footwear, furnishing, apparel, leather and sports goods.  Its
plant in Faridabad (Haryana) has capacity of 4.5 million metres
per annum with a standard thickness of 1 millimetre (mm) with the
product thickness ranging from 0.8 mm to 1.5 mm.  The company also
trades in ethyl vinyl acetate (EVA).  It imports it from Taiwan
and sells to the domestic footwear manufacturers.  NILCO is in the
process of setting up a calendar plant at a cost of INR62 million.
This plant is to commence commercial operations by July 2010, and
is expected to increase the company's capacity to 7.1 million
metres per annum.

NILCO reported a profit after tax (PAT) of INR15.7 million on net
sales of INR430.4 million for 2008-09 against a PAT of INR4.9
million on net sales of INR365.7 million for 2007-08.


PAVAN COTTON: ICRA Places 'LB+' Rating on INR108 Mil. Term Loans
----------------------------------------------------------------
ICRA has assigned an "LB+" rating to the INR108.0 million term
loans and the INR38.0 million Fund based bank facilities of Pavan
Cotton Products Private Limited.  ICRA has also assigned an A5
rating to the INR2.5 million Non Fund-based facilities of PCPPL.

The ratings take into account recent delays by PCPPL in servicing
its interest and principal obligations, its relatively small scale
of operations, lack of financial flexibility characterized by a
highly leveraged capital structure and the fragmented nature of
the spinning industry characterized by the presence of a large
number of small and medium scale players which restrict PCPPL's
pricing flexibility.  The ratings, however, draw comfort from the
experience of the promoters in the cotton trading and ginning
business, proximity of PCPPL's spinning unit  to cotton growing
areas of the Guntur district of Andhra Pradesh(AP), ability to
produce a  range of products and the advantages of fiscal benefits
such as interest and power subsidy received by the company.

Incorporated in 1992, PCPPL is a cotton yarn manufacturer based in
the Guntur district of AP.  Promoted by Mr. V. Gopal Rao, PCPPL
which was initially engaged in cotton ginning and trading,
diversified into manufacturing of cotton yarn in 2001 by setting
up a spinning mill with an installed capacity of 3,024 spindles.
In 2007, the company undertook a major expansion drive by
installing additional 10,224 spindles thereby increasing the total
installed spindle capacity to 13,248 which started commercial
operations from March 2008.  The project was set up with support
from Technology Upgradation Fund Scheme (TUFS) under the Ministry
of Textiles, Government of India.  The company's installed
machinery can produce cotton yarn in counts ranging from 20s to
120s.

Recent Results

For the twelve month period ending March 31, 2010, PCPPL reported
Profit before tax of INR13.4 million on net sales of INR143.7
million.


PBA INFRASTRUCTURE: ICRA Places 'LB+' Rating on INR3.15BB LT Loan
-----------------------------------------------------------------
ICRA has assigned an "LB+" rating to the long term sanctioned bank
limits of INR 3.15 billion of PBA Infrastructure Limited.

The assigned ratings take into account the delays by the company
in the recent past in servicing term loan obligations, current
stretched working capital position on account of delays in
receiving payments from clients, high gearing of the company at
2.66x as on 31 Mar, 2010 (as per provisional numbers), and the
high concentration of revenues from the roads sector with various
divisions of Government of Maharashtra (GoM) acting as major
clients.  ICRA also notes that close to 33% of the company's share
capital is pledged with banks for availing cash credit and term
loan facilities thereby reducing the financial flexibility of the
company.  The rating draws comfort from PBAIL's established track
record of more than three decades in construction of roads and
other civil work, positive outlook for the roads sector, healthy
order book position of the company, strong and stable operating
margins, and backward integration activities of the company.

Founded in the year 1974 by the Wadhawan family (Mr. Ramalal
Wadhawan) in the name of Prakash Building Associates Ltd.
converted to a public limited company in 1987, with an initial
public offering of INR300 million in FY2006 and was listed on the
Bombay Stock Exchange and National Stock Exchange.  Over the last
35 years, PBAIL has executed number civil engineering projects in
the infrastructure segment, primarily in the construction of
roads, highways, and runways for government and semi-government
bodies like National Highway Authority of India, State Public
Works Departmnts (PWDs), Maharashtra Airport Development
Corporation,  and  Maharashtra Industrial Development Corporation,
Government of Jammu and Kashmir, Airports Authority of India, and
Jawaharlal Nehru Port Trust.

PBAIL is registered with the Public Works Department (PWD),
Government of Maharashtra (GoM), as a Class-1A contractor, and
with the Municipal Corporation of Greater Mumbai as a Class-AA
contractor in the civil division.  The company is ISO 9001:2000-
certified for the construction of bridges and roads.


RITHWIK POWER: ICRA Rates INR157 Million Bank Debts at 'LBB-'
-------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR157 million fund
based bank facilities of Rithwik Power Projects Limited.  The
outlook on the rating is stable.

The rating assigned by ICRA takes into account the plant's
operational parameters such as Operation and Maintenance (O&M)
costs and Auxiliary consumption, which have consistently remained
higher compared to Andhra Pradesh Electricity Regulatory
Commission operational norms, thereby resulting in cost under
recovery from the sale of power.  The rating also takes into
account the disputes associated with the Power Purchase Agreement
(PPA) with the sole off taker - the Andhra Pradesh Power
Transmission Company (APTRANSCO) which has resulted in weak
financial performance till FY 2009.  The power generation level as
reflected in Plant Load Factor (PLF) for past few years has also
remained below satisfactory levels.  Notwithstanding the above
concerns; there has been a considerable improvement in the
operational and financial performance of RPPL in FY 2009-10
following the upward revision in biomass purchase cost allowed by
APERC. While the upward revision in biomass cost by APERC (and
hence the power tariff) has reduced the impact of cost under
recovery to some extent; as per ICRA's estimates, the under
recovery is expected to continue; unless RPPL is able to improve
its efficiency levels or APERC relaxes the operational norms or
there is a favorable outcome of disputed PPA, which is currently
subjudice with Hon'ble Supreme Court.  The rating however derives
comfort from the competitive fuel procurement price of RPPL, which
is also supported by the ban on new biomass projects in Andhra
Pradesh (AP) by APERC, thereby mitigating threats arising out of
competition from new plants for biomass, resulting in higher
prices or reduced availability.  The rating also derives comfort
from the fact that renewable energy has been a focus area of
government as well as regulators, which is expected to lead to a
more favorable policy regime for such producers.  Going forward,
RPPL's ability to operate plant at higher PLF while controlling
its costs within the regulatory norms and any favorable outcome on
the disputed PPA will remain key rating sensitivities.

                        About Rithwik Power

Rithwik Power Projects Ltd has a licensed capacity of 6.0 MW
(Installed capacity 7.5 MW) biomass based power plant and is owned
by KHPL Clean Energy Private Limited.  KCEPL in turn is a 100%
subsidiary of Kohinoor Hatcheries Private Limited.  The plant is
situated at Khammam District of AP and was commissioned in
November 2002.  The power generated from the plant is sold under a
twenty-year PPA to APTRANSCO.  RPPL was originally promoted by Mr.
U V Ramana and Mr. C M Ramesh who later sold RPPL to Velcan
Renewable Energy India Ltd during 2006.  Thereafter the plant was
operated by VREIL. During February 2010, RPPL was sold to KHPL.
KHPL is promoted by Mr. Raghava Rao who has almost 24 years of
exposure to the industry and is into the business of broiler
breeding since 1993-94.


SAI SAPTAGIRI: ICRA Assigns 'LBB-' Rating to INR69MM Term Loans
---------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR69.0 million term
loans and INR20.5 million fund based limits of Sri Sai Saptagiri
Sponge Private Limited.  The outlook on the rating is stable.

The rating reflects the project implementation risks associated
with a green field project and a tight repayment schedule of the
term loans contracted for the project. Further, in ICRA's opinion,
low value addition in the stand-alone sponge iron business and a
highly raw material intensive nature of operations could make the
company vulnerable to the risks of adverse raw material price
fluctuations, post implementation of the project.  The rating
however factors in the financial closure achieved by the
company following infusion of envisaged equity by the promoters
and sanction of  the  total envisaged term loans required for the
project, mitigating funding risk.  The upcoming unit has a
locational advantage of being in proximity to iron ore sources,
which is a key raw material in the sponge iron business.  SSSPL is
also expected to enjoy some cost benefit due to the use of pre-
heater in the production process.  ICRA however notes that high
project  gearing of approx 2 time, coupled with further debt
funded expansion plans of the company is expected to exert
pressure on the capital structure and liquidity position of the
company, at least over the medium term.

                        About Sai Saptagiri

Incorporated in 2008, SSSPL is currently implementing a 50 TPD
(Tonnes per day), sponge iron unit with a preheating facility near
Bellary, Karnataka.  The total project cost is approximately
INR104.0 million, financed at a debt equity ratio of 1.97:1.


SHRI GOVIND: ICRA Revises Rating on INR390MM Term Loan to 'LB+'
---------------------------------------------------------------
ICRA has revised the rating from "LBB" to "LB+" for INR390 million
term loan of Shri Govind Realty Private Limited.  The stable
outlook on the rating has been withdrawn.

The rating revision takes into consideration the delays in debt
servicing by the company.  The rating also continues to take into
account the significant market risk on account of unleased/unsold
space in SGRPL's retail mall cum multiplex and office space
project in Bhopal, which is currently under development.  The
market risk is further exacerbated by the fact that some of the
Letters of Intent (LoIs) for leasing of space were signed some
time ago which leads to the possibility that some of these LoIs
may not get converted to final agreements.  The rating also takes
into consideration the risks inherent with projects under
construction like possibility of time and cost overruns given the
fact that the project completion has already been delayed by more
than six months from its original scheduled date of completion in
December 2009.  However, the rating takes comfort from the long
track record of promoters in the real estate development in
Bhopal, their good market reputation and the favorable location of
the project.

The promoters of three real estate firms in Bhopal namely Asnani
Builders & Developers Limited, Raj Developers and Kamal Krishana
Builders had promoted a partnership firm Shri Govind Realty in
2005 for construction of Aashima Mall.  Later on in the year 2008,
the firm was converted into a private limited company in the name
of Shri Govind Realty Private Limited.  The promoters are well
qualified and have an experience of more than 18 years in real
estate development in the Bhopal city.  They have developed a
number of commercial and residential projects in the city and
neighbouring areas which are operating successfully.


SHRI VINAYAK: CRISIL Reaffirms 'B' Rating on INR75MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the cash credit facility of Shri Vinayak Milk
Products Pvt Ltd continues to reflect Shri Vinayak's below-average
financial risk profile marked by low net worth and weak debt
protection metrics, and exposure to risks relating to unfavorable
changes in government regulations, and epidemic- and environment-
related issues.  These weaknesses are partially offset by the
benefits that Shri Vinayak derives from its established
relationships with milk suppliers and distributors, its sound
operating capabilities, and the stable demand for its products.

   Facilities                       Ratings
   ----------                       -------
   INR75.0 Million Cash Credit      B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Shri Vinayak will continue to benefit from
its established relationships with suppliers and distributors. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves significantly, with a sustained improvement
in profitability.  Conversely, the outlook may be revised to
'Negative' if Shri Vinayak undertakes any large, additional, debt-
funded capital expenditure programme, or in case of significant
pressure on its profitability, leading to deterioration in the
company's financial risk profile.

                         About Shri Vinayak

Shri Vinayak was originally promoted and registered in 2001 as a
proprietorship firm, Shri Vinayak Trading Company, by Mr.
Devprakash Rajput.  On October 1, 2009, the firm was reconstituted
as a private limited company with the current name.  The company
trades in and distributes milk, and has established milk
procurement and distribution networks in the Thane and Raigad
districts of Maharashtra.  The company is part of the Dwarka group
of companies, which has interests in the hospitality,
construction, bottled water, and milk and milk products segments.
The company benefits from its operational linkages with the
group's interests in procurement and processing in the milk value
chain.

During 2009-10 (refers to financial year, April 1 to March 31),
Shri Vinayak acquired an operational plant at Solapur
(Maharashtra) for INR25 million; the plant has a milk processing
capacity of 60,000 litres per day. The acquisition was funded in a
debt-to-equity ratio of 3:1. The company has plans for increasing
the processing capacity to 90,000 litres per day in 2010-11, at a
total project cost of INR22.5 million, which is expected to be
funded by a term loan and internal accruals in the ratio 3:1.

For 2009-10, Shri Vinayak reported a provisional profit after tax
(PAT) of INR1.99 million on net sales of INR530 million, as
against a PAT of INR1.89 million on net sales of INR408 million
for 2008-09.


TATA MOTORS: Considers $550-Mil. Sponsored Overseas Shares Issue
----------------------------------------------------------------
The Economic Times reports that Tata Motors Ltd. will consider a
$550 million sponsored overseas issue for its shares with
differential voting rights (DVR) after some investors expressed
discomfort with the steep discount they fetch in relation to the
firm's ordinary shares.

A person close to the company said the proposal will be discussed
internally.  "The sponsored DVR programme will help minimize
liquidity risk and improve pricing, while it gives wider investor
participation," he added.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to B2 from B3.  The outlook on the
rating is positive. This rating action completes the rating review
for possible upgrade initiated on March 2, 2010, when TML
announced its consolidated Q3 FY2010 results.


VINEET EXPORTS: CRISIL Reaffirms 'P4' Rating on Various Bank Debts
------------------------------------------------------------------
CRISIL's rating on Vineet Exports Pvt Ltd's bank facilities
continues to reflect, Vineet's below-average financial risk
profile, marked by low profitability, small net worth, and weak
debt protection metrics, and exposure to risks related to customer
concentration in revenue profile.  These rating weaknesses are
partially offset by experience of Vineet's promoters in the iron
ore trading business.

   Facilities                                  Ratings
   ----------                                  -------
   INR130.0 Million Export Packing Credit      P4 (Reaffirmed)
   INR20.0 Million Proposed Short-Term Bank    P4 (Reaffirmed)
                             Loan Facility

Set up in 2007 by Mr. Ankit Maheshwari and family, Vineet trades
in iron ore. It purchases iron ore from quarries in Orissa,
Chhattisgarh, and Jharkhand.  It exports, mainly to China, through
trading companies such as CITIC Resources Holding Limited, Swiss
Singapore Overseas Enterprises Pte Ltd and White Dragon Trading
LLC.  The promoters have been in the trading business since 2005
through a partnership firm Vineet and Company, which has become
non-operational after the incorporation of Vineet.

Vineet reported a profit after tax (PAT) of INR7.2 million on net
sales of INR437.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.6 million on net sales
of INR288.6 million for 2008-09.


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


INDOSAT TBK: Q1 2010 Restatement Won't Affect Moody's 'Ba1' Rating
------------------------------------------------------------------
Moody's Investors Service says there is no impact on PT Indosat
Tbk's Ba1 senior unsecured and corporate family ratings following
the company's recent announcement that it is to negatively restate
its Q1 2010 subscriber numbers by 1.4 million to 37.7 million.  In
addition, there is no immediate ratings impact on the company's
proposed bond issuance, rated (P)Ba1.  The outlook for all ratings
remains negative.

According to Indosat, the discrepancy arose during subscriber data
compilation from multiple reporting systems.  The magnitude of the
restatement is small relative to the size of Indosat's overall
subscriber base (less than 5%), and the company has reiterated
there is no impact on reported revenue or cash flows.  As a
result, the restatement will result in a moderate increase in both
ARPU and MoU for the Q1 2010 period.

"While small, the restatement highlights a clear area for
improvement in Indosat's subscriber compilation and reporting
systems, and Moody's would expect an expeditious and transparent
remedy to these system issues", says Laura Acres, a Moody's VP --
Senior Credit Officer.

Over the past 3 quarters Moody's has observed a disconnect between
the magnitude of subscriber acquisitions, and its translation into
revenue and resulting cash flows.  This disconnect is most
apparent in comparison with Indosat's two largest competitors, PT
Telekomunikasi Selular Tbk (rated Baa2 / stable), and PT XL Axiata
Tbk (rated Ba2 / stable), both which experienced significantly
lower subscriber net additions but materially higher revenue
growth.

"While Indosat's subscriber size and industry standing are
important, Moody's will continue to focus on the company's ability
to monetize its net subscriber additions with commensurate growth
in revenues and EBITDA, such that Moody's sees a sustained
improvement in leverage", says Acres, also lead analyst for
Indosat.

Indosat's negative outlook continues to underscore Moody's belief
that the company's credit profile will remain weakly positioned
for its rating category due to the company's tight liquidity
position, and sizable capital expenditure funding requirements
which Moody's believe will temper the company's ability to
deleverage and limit headroom under financial covenants.

The last rating action with respect to Indosat was taken on
May 12, 2010, when Moody's assigned a provisional (P)Ba1 rating to
the company's proposed US$bond issuance.  Prior to this Moody's
had revised Indosat's ratings outlook to negative from stable on
March 10, 2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia.  The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services.  It also provides multi-media,
data communications, and internet services.  Indosat is 65%-owned
by Qatar Telecom (rated A1, Review DG).


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


APROCEED CO: Moody's Downgrades Ratings on Four Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for the Class
A through D CMBS bonds issued by Aproceed Co., Ltd.  The final
maturity of these bonds will take place in February 2012.

The individual rating actions are listed below.

  -- Class A, downgraded to A2 from Aaa; previously, Aaa placed
     under review for possible downgrade on July 15, 2010

  -- Class B, downgraded to Baa3 from Aa3; previously, Aa3 placed
     under review for possible downgrade on July 15, 2010

  -- Class C, downgraded to B1 from Baa1; previously, Baa1 placed
     under review for possible downgrade on July 15, 2010

  -- Class D, downgraded to B3 from Ba2; previously, Ba2 placed
     under review for possible downgrade on July 15, 2010

CMBS Transaction-Aproceed Co., Ltd., effected in March 2007,
represents the securitization of a portfolio of five properties
located in Tokyo and in smaller cities throughout the country.
Since February 2010 (the expected maturity), the relevant party
has been trying to sell the five properties as one lot.  After
August 2010, the properties can be sold individually.

In this review, Moody's changed its net cash flow and recovery
assumptions because the fundamental profitability -- in terms of
rents and occupancy rates -- of the properties is likely to be
lower than assumed and will be for some time.

As a result, Moody's recovery assumptions have declined by 39% in
total -- by 33% for the Tokyo properties, and by 43% for the local
area properties -- from its initial assumptions.

The current downgrades reflect Moody's concerns about the
likelihood of collateral recovery in light of the re-assessed
assumptions.  Moody's will continue to monitor the performance of
the properties and the asset relevant party's sales efforts.

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


J-CREM 3: Moody's Downgrades Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded three classes of the J-
CREM 3 Trust Certificates.  The final maturity of the trust
certificates will take place in November 2012.

The individual rating actions are listed below.

  -- Class C, downgraded to Baa3 from A3; previously A3 placed
     under review for possible downgrade on June 17, 2010

  -- Class E, downgraded to B1 from Ba1; previously Ba1 placed
     under review for possible downgrade on June 17, 2010

  -- Class F, downgraded to B3 from B1; previously B1 placed under
     review for possible downgrade on June 17, 2010

J-CREM 3 Trust, effected in July 2008, represents the
securitization of non-recourse loans and specified bonds to four
borrowers.  The transaction is currently secured by specified
bonds to two borrowers.

One of the specified bonds (Bond 1), maturing in July 2010, will
be fully paid by the disposal of its property -- one residential
property in Tokyo.  In contrast, however, another specified bond
(Bond 2), maturing in October 2010, had been extended for one year
and the associated sales activities of its properties -- two
residential properties in a central area of Tokyo -- have already
started.

Class D of the transaction was fully redeemed in March 2010,
prompted by a full collection of another backing loan.

The review entailed questioning the transaction parties on the
leasing status of Bond 2's backing properties and the associated
sales activities.  Although the properties' occupancy rates have
been fairly favorable, after taking into account the fact that
their sale is still uncertain, Moody's has re-assessed and lowered
its recovery assumptions for the properties by 22% from its
initial estimates.

These downgrades reflect Moody's concerns about the likelihood of
collateral recovery in light of the re-assessed assumptions.
Moody's will continue to monitor the transaction parties' sales
activities.

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


JAPAN AIRLINES: Proposes Further Debt Waivers to Creditors
----------------------------------------------------------
Japan Airlines Corp. is proposing a reduction in its debt waiver
to its main creditor banks, Kyodo News reports citing sources
close to the matter.

The move would bring JAL's debt waiver down by about JPY20 billion
from the current JPY400 billion it is asking from the creditor
banks, which have been reluctant to accept JAL's request for an
increased debt waiver, sources told Kyodo.

According to the report, sources said the airline will seek a
reduced figure from the current requested fresh loan of JPY360
billion.  By easing the burden on the banks, the report notes, JAL
and Enterprise Turnaround Initiative Corp of Japan, the state-
backed administrator overseeing the airline's rehabilitation, are
hoping to reach an accord with the banks and proceed with
submitting the rehabilitation plan to the Tokyo District Court as
planned by the end of August.

                       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 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 said debt is
$28 billion.

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


JAPAN AIRLINES: Eyes JPY133.1 Billion Operating Profit in FY2014
----------------------------------------------------------------
Japan Airlines Corp. will target a group operating profit of
JPY133.1 billion in fiscal 2014, which ends on March 31, 2015, as
part of its rehabilitation plan due to be worked out next month,
Kyodo News reports, citing unnamed sources.

Kyodo relates the sources said JAL, currently undergoing state-
backed rehabilitation, will seek to achieve the target through an
early retirement program and other measures to reduce operating
expenses by JPY440 billion over the coming five years.

According to the report, JAL and its rehabilitation administrator,
the Enterprise Turnaround Initiative Corp. of Japan, are working
out the reconstruction plan for presentation to the Tokyo District
Court by the end of August.

The plan, Kyodo notes, is already known to include operating
profit targets of JPY25.3 billion for fiscal 2010 and JPY117.5
billion for fiscal 2012.  JAL and ETIC decided to set a target for
fiscal 2014 to facilitate the carrier's medium-term
rehabilitation, sources told Kyodo.

According to Kyodo, JAL will seek to reduce its operating expenses
to JPY1.19 trillion at the end of fiscal 2014 by soliciting
voluntary retirements and abolishing or cutting various
allowances, including those for holiday work and family
dependents.

Kyodo notes that among other management improvement measures in
the plan, JAL and its key operating and financial subsidiaries ?
Japan Airlines International Co. and JAL Capital Co. ? will merge
in December, while ETIC will inject JPY350 billion in capital into
JAL, JPY50 billion more than the initial injection plan announced
in January.

                      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 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 said debt is
$28 billion.

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


JLOC XXXI: S&P Downgrades Ratings on Various Certificates
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
trust certificates, classes B to D, issued under the JLOC XXXI
Trust Certificates transaction and removed the ratings on these
three classes from CreditWatch with negative implications, where
they had been placed on April 23, 2010.  At the same time,
Standard & Poor's affirmed its ratings on classes A and X issued
under the same transaction.

On Sept. 3, 2009, S&P reviewed its ratings on the trust
certificates issued under this transaction.  Specifically, S&P
downgraded classes C and D as S&P designated three of the
transaction's remaining nonrecourse loans as "loans considered to
be in default" and lowered its assumption with respect to the
likely recovery amount from the related collateral properties.

Then, on April 23, 2010, S&P placed its ratings on classes B to D
on CreditWatch with negative implications.  The CreditWatch
placements were based on what S&P viewed as uncertainty over the
recovery prospects for the properties backing another eight of the
transaction's remaining loans (eight loans originally representing
a combined 22.0% or so of the total initial issuance amount of the
trust certificates).

One of the three loans that S&P designated as "loans considered to
be in default" (one loan originally representing about 7.2% of the
total initial issuance amount of the trust certificates) indeed
defaulted in April 2010.  Yet, the loan amount was fully recovered
in June 2010 through the sale of the related collateral property.
In addition, S&P has learned from the servicer that another of the
three loans (one loan originally representing about 3.0% of the
total initial issuance amount of the trust certificates) was very
likely to be repaid on its maturity date in July 2010.

Meanwhile, the eight loans that led to the CreditWatch placements
in April 2010 include four loans that were extended to the same
obligor (to all intents and purposes one loan, as these four loans
were made to the same obligor; originally representing 12.6% of
the total initial issuance amount of the trust certificates).  One
of the four loans was not repaid on its maturity date in April
2010, causing the other three loans to default.  As such, the
servicer is proceeding with collection procedures relating to the
four loans.

S&P downgraded classes B to D because:

With regard to the eight loans that led to the CreditWatch
placements in April 2010, S&P lowered its assumption with respect
to the likely recovery amount from the related collateral
properties after considering a number of factors, including
property cash flow, as well as the locations, types of the
properties and information S&P obtained through interviews with
asset managers.

It is S&P's view that there is uncertainty over the recovery
prospects of the regional properties backing one of the three
loans that S&P designated as "loans considered to be in default"
(one loan other than the loan that was fully recovered in June
2010 and the one that is very likely to be repaid in July 2010;
originally representing about 2.5% of the total initial issuance
amount of the trust certificates).  Accordingly, S&P has lowered
for the second time S&P's assumption with respect to the likely
recovery amount from those properties.  S&P currently estimate
that the total value of the properties that S&P revised this time
would be about 56.7% of S&P's initial underwriting value.

S&P affirmed its ratings on class A, as 11 out of the 22
nonrecourse loans that initially backed the trust certificates
have already been repaid.  As the repayment proceeds have been
used to make payments to the upper-level tranches of the trust
certificates in a sequential order, credit enhancement for class A
has improved markedly.

JLOC XXXI is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by 22 nonrecourse loans, which
were originally backed by 62 real estate properties.  The
transaction was arranged by Morgan Stanley Japan Securities Co.
Ltd., and ORIX Asset Management & Loan Services Corp. is the
transaction servicer.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date for the class A trust certificates, the full
payment of interest and ultimate repayment of principal by the
legal final maturity date for the class B to D certificates, and
the timely payment of available interest for the interest-only
class X certificates.

                Rating Lowered, Off Watch Negative

                   JLOC XXXI Trust Certificates

       JPY24.3 billion trust certificates due February 2015

Class    To             From                 Initial Issue Amount
-----    --             ----                 --------------------
B         A-             AA/Watch Neg         JPY1.1 bil.
C         BB             BBB/Watch Neg        JPY0.9 bil.
D         CCC            B-/Watch Neg         JPY0.7 bil.

                          Ratings Affirmed

Class      Rating       Initial Issue Amount
-----      ------       --------------------
A          AAA          JPY21.6 bil.
X          AAA          JPY24.3 bil. (initial notional principal)


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


AXIS INC: Tarmah Sewing Withdraws Wind-Up Petition Against Chongee
------------------------------------------------------------------
Axis Incorporation Berhad disclosed that Tarmah Sewing Machine (M)
Sdn Bhd has withdrawn the winding-up petition filed against
Chongee Enterprise Sdn Bhd, a wholly-owned subsidiary of the
Company.

As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2010, Chongee Enterprise had been served with a notice by
Messrs. Ong Ban Chai & Co, Advocates & Solicitors acting for
Tarmah Sewing Machine (M) Sdn Bhd demanding the payment of
US$243,000.

                          About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


HO HUP: Wants Plan Filing Deadline Extended Until February 4
------------------------------------------------------------
Ho Hup Construction Co. Bhd has asked Bursa Malaysia Securities
Berhad for a further extension of time to submit its
regularization plan to the relevant authorities for six months
from August 4, 2010, to February 4, 2011.

                            About Ho Hup

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

                          *     *     *

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


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


ADVANCE MODULES: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Advance Modules Group Ltd will declare the first interim dividend
on July 27, 2010.

The company will pay 100% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


ATLAS MINERAL: Court to Hear Wind-Up Petition on August 6
---------------------------------------------------------
A petition to wind up the operations of Atlas mineral Investment
Pte Ltd will be heard before the High Court of Singapore on
August 6, 2010, at 10:00 a.m.

Phillip Securities Pte Ltd filed the petition against the company
on July 15, 2010.

The Petitioner's solicitor is:

          Messrs De Souza Lim & Goh LLP
          No.5 Shenton Way
          #12-05 UIC Building
          Singapore 068808


CARAT (FAR EAST): Creditors Get 1.48% Recovery on Claims
--------------------------------------------------------
Carat (Far East) Ltd will declare the first interim dividend on
July 26, 2010.

The company will pay 1.48% to the received claims.


ENG HENG: Court to Hear Wind-Up Petition on August 6
----------------------------------------------------
A petition to wind up the operations of Eng Heng Noodle Factory
Pte Ltd will be heard before the High Court of Singapore on
August 6, 2010, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on July 12, 2010.

The Petitioner's solicitors are:

          Yeo-Leong & Peh LLC
          10 Shenton Way
          9th Floor, MAS Building
          Singapore 079117


MECH-TECH MARINE: Court to Hear Wind-Up Petition on July 30
-----------------------------------------------------------
A petition to wind up the operations of Mech-Tech Marine Pte Ltd
will be heard before the High Court of Singapore on July 30, 2010,
at 10:00 a.m.

Chadha Gurpreet Kaur filed the petition against the company on
July 8, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No.9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


M.F.I.NET: Court to Hear Wind-Up Petition on July 30
----------------------------------------------------
A petition to wind up the operations of M.F.I.Net (S) Pte Ltd will
be heard before the High Court of Singapore on July 30, 2010, at
10:00 a.m.

Conet Inc. filed the petition against the company on July 8, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No.9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


SENSFAB PTE: Court to Hear Wind-Up Petition on August 6
-------------------------------------------------------
A petition to wind up the operations of Sensfab Pte Ltd will be
heard before the High Court of Singapore on August 6, 2010, at
10:00 a.m.

Malahon Credit Co Ltd filed the petition against the company on
July 14, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No.9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


SHANGHAI BOOK: Creditors' Proofs of Debt Due August 6
-----------------------------------------------------
Creditors of The Shanghai Book (Cnipec) Co. (Pte) Ltd, which is in
liquidation, are required to file their proofs of debt by Aug. 6,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Lai Seng Kwoon
         c/o S K Lai & Co
         8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


SINGWIN SERVICES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 9, 2010, to
wind up the operations of Singwin Services Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Care of Chio Lim Stone Forest
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


TAY LONG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on July 16, 2010, to
wind up the operations of Tay Long Kee Impex Pte Ltd.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

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


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


BANK FOR INVESTMENT: S&P Puts Low-B Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term and 'B' short-term counterparty credit ratings to
Bank for Investment and Development of Vietnam.  The outlook on
the long-term rating is negative.  At the same time, Standard &
Poor's also assigned its 'axBB+' and 'axB' long- and short-term
ASEAN scale ratings and 'D' bank fundamental strength rating to
BIDV.

The 'BB' long-term counterparty credit rating on BIDV reflects a
two-notch uplift over the bank's stand-alone credit rating.  This
is to factor in potential extraordinary support from the
government of Vietnam (foreign currency BB/Negative/B; local
currency BB+/Negative/B; ASEAN scale axBBB/--/axA-2), if the bank
faces financial distress, given BIDV's systemic importance and
majority government ownership.  However, the uplift does not fully
reflect S&P's expectation of potential extraordinary support,
since S&P does not rate any bank in Vietnam above the foreign
currency sovereign rating.  The stand-alone rating reflects BIDV's
weak capitalization, mediocre funding profile, and weak asset
quality -- by international standards.  These weaknesses are
partly offset by the bank's strong business position and franchise
in the domestic market.

"BIDV's business profile benefits from its market position as the
second-largest bank in the country and its extensive branch
network coverage and established franchise in Vietnam.  In S&P's
opinion, BIDV's commercial orientation remains somewhat weak due
to its history as a vehicle for state-directed lending, and the
current government's influence," said Standard & Poor's credit
analyst Terry Sham.  "While BIDV has been working toward partial
privatization since 2007, S&P expects the government to remain a
majority shareholder of the bank, at least in the medium term."

S&P assess BIDV's capitalization as weak, on a risk-adjusted
basis.  In S&P's view, even though the bank's capital base has
been enhanced by the government's capital injection in 2010, it
does not provide a sound buffer against potential unexpected
losses.

In addition, S&P expects BIDV's asset quality to remain weak, by
international standards, because S&P generally consider loan
quality in Vietnam as weak.

The negative outlook reflects the outlook on the foreign currency
sovereign credit rating on Vietnam.  The ratings and outlook on
BIDV will move in tandem with the foreign currency sovereign
rating on Vietnam.


                         *********

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,
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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