/raid1/www/Hosts/bankrupt/TCRAP_Public/100806.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, August 6, 2010, Vol. 13, No. 154

                            Headlines



A U S T R A L I A

LIBERTY FUNDING: S&P Assigns Ratings on Seven Classes of RMBS
LIBERTY PRIME: Fitch Assigns Ratings on Various 2010-1 Notes
SONRAY CAPITAL: Investors Have Until Aug. 31 to Join Class Action


C H I N A

COUNTRY GARDEN: Moody's Assigns Senior Unsecured Rating at 'Ba3'
COUNTRY GARDEN: S&P Assigns 'BB-' Rating on Senior Unsec. Notes
RENHE COMMERCIAL: Moody's Gives Negative Outlook on 'Ba2' Rating


H O N G  K O N G

AKAI HOLDINGS: Creditors Get 4.4% and 100% Recovery on Claims
ARCHITERIOR LIMITED: Creditors Get 10% Recovery on Claims
CHATHAY I-COMMERCE: Court Enters Wind-Up Order
CHINA HOUSE: Court to Hear Wind-Up Petition on August 11
DECOR ONE: Court to Hear Wind-Up Petition on September 8

DRAGON GARDEN: Court Enters Wind-Up Order
ETERNITY DESIGN: Court Enters Wind-Up Order
EVER LUCKY: Court Enters Wind-Up Order
EVERYOUNG CAPITAL: Court to Hear Wind-Up Petition on September 15
EXCELLENCE 08: Court Enters Wind-Up Order

FORDLAND HOLDINGS: Court Enters Wind-Up Order
FULL BRIGHT: Court Enters Wind-Up Order
GERMANY SIEMENS: Court Enters Wind-Up Order
GETWAY LIMITED: Court to Hear Wind-Up Petition on August 25
GLORY BEST: Court Enters Wind-Up Order

GOLDWAY (HK): Court Enters Wind-Up Order
GOOD FOOD: Court to Hear Wind-Up Petition on August 25
HANG FUNG: Haughey, Ching and Yeung Appointed as Liquidators
ITALY TAIGUHANG: Court Enters Wind-Up Order
KAKUYO HK: Court to Hear Wind-Up Petition on August 18

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases


I N D I A

ACCORD COMMUNICATION: CRISIL Reaffirms 'BB+' Rating on Bank Debts
AIR INDIA: Cancels Brand Makeover Deal With Cato Purnell
AKR TEXTILE: CRISIL Reaffirms 'BB-' Rating on INR33.2MM LT Loan
BHASIN & COMPANY: CRISIL Places 'B' Rating to INR11.9MM Term Loan
BIKANER CERAMICS: CRISIL Puts 'BB+' Rating on INR3.5MM Term Loan

EASTERN BEARINGS: CRISIL Reaffirms 'BB-' Rating on Various Debts
FIRST WINNER: CRISIL Cuts Ratings on Various Bank Debts to 'BB'
GANESH RAM: CRISIL Reaffirms 'BB+' Rating on INR150MM Cash Credit
GEO'S V/P/L: CRISIL Assigns 'BB+' Rating to INR200MM Cash Credit
JOYO PLASTICS: CRISIL Assigns 'BB-' Ratings on Various Bank Debts

KASSI TRADING: CRISIL Assigns 'BB' Rating to INR70MM Cash Credit
KHEMI FILAMENTS: CRISIL Reaffirms 'BB' Rating on INR30MM Credit
KITTY INDUSTRIES: CRISIL Reaffirms 'BB+' Ratings on Various Debts
KRISHNA COIL: CRISIL Reaffirms 'BB+' Rating on INR100M Cash Credit
LAKSHMI STEEL: CRISIL Reaffirms 'BB-' Rating on INR50MM Loan

LEENA POWER-TECH: CRISIL Reaffirms 'BB+' Rating on INR40MM Credit
RANGA WEAVES: CRISIL Assigns 'B-' Rating to INR83.2MM LT Loan
SANGAL PAPERS: CRISIL Lifts Rating on INR78.6MM Term Loan to 'BB-'
SHREE CHANCHAL: CRISIL Reaffirms 'BB' Rating on INR250MM Credit
SURAJ PRODUCTS: CRISIL Reaffirms 'BB+' Ratings on Various Loans

UNITED POLYMERS: CRISIL Assigns 'BB+' Rating to INR59MM Bank Debt
VIRENDRA & COMPANY: CRISIL Reaffirms 'BB' Rating on INR31.5MM Debt


J A P A N

JAPAN FINANCE: Moody's Upgrades Ratings on Two Japan SME CLOs


K O R E A

DAEWOO SHIPBUILDING: Second Qtr Profit Drops 32% to KRW141 Billion
HAITAI BEVERAGE: Asahi Breweries Mulls Selling Firm Amid Losses
GENERAL MOTORS: KDB Rolls Over KRW1.13 Trillion GM Daewoo Loans


M A L A Y S I A

TRANSMILE GROUP: CCM Strikes-Off Philippine Unit From Register


N E W  Z E A L A N D

EXICOM TECHNOLOGIES: IRD Files Application to Liquidate Firm
MELVIEW INVESTMENTS: Kawarau Development Stage One Owes NZ$219MM


T A I W A N

AU OPTRONICS: Court Injunction Threatens to Halt Taiwan Expansion
TAIWAN INTERNATIONAL: Fitch Puts Ratings on Positive Watch


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


LIBERTY FUNDING: S&P Assigns Ratings on Seven Classes of RMBS
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the seven classes of prime residential mortgage-backed
securities to be issued by Liberty Funding Pty. Ltd. in respect of
the Liberty PRIME Series 2010-1.

The preliminary ratings reflect:

* The two-tier structure of the transaction.  Liberty Funding Pty
  Ltd. (the issuer) will use the proceeds of the Liberty Series
  notes to purchase the notes to be issued by Liberty PRIME Series
  2010-1 Trust.  The tenor of the Liberty Series notes will match
  the tenor of the Liberty Trust notes;

* The credit risk of the underlying collateral portfolio of the
  notes;

* The underwriting and servicing operations of Liberty Financial
  Pty Ltd.;

* The assessment of borrowers' repayment capacity;

* A weighted-average borrower rate on loans of at least the
  greater of: (i) the threshold rate required to ensure all trust
  obligations are met; and (ii) a defined required interest-rate
  margin over the bank bill swap rate;

* Liquidity to support noteholder payments, equal to 2% of the
  outstanding balance of the invested amount of the notes, and
  funded through note issuance;

* Principal draws, as an additional form of liquidity.  Principal
  collections can then be utilized as an additional form of
  liquidity to meet any short-term liquidity shortfalls;

* The provision of a reserve account established and maintained
  through the trapping of excess spread on each payment date.  The
  reserve account may be utilized to meet current loan losses, and
  as a third source of liquidity for the payment of unpaid
  interest;

* The availability of excess spread to cover any current losses
  and carryover charge-offs on notes from prior periods;

* The composition of the underlying collateral pool, which
  entirely consists of loans with variable rate mortgages.  No
  loans subject to a fixed rate of interest will be permitted
  within the pool;

* For the class A1 and A2 notes, the subordination of the class
  AB, B, C, D, E, and F notes;

* For the class AB notes, the subordination of the class B, C, D,
  E, and F notes;

* For the class B notes, the subordination of the class C, D, E,
  and F notes;

* For the class C notes, the subordination of the class D, E, and
  F notes;

* For the class D notes, the subordination of the class E and F
  notes; and

* For the class E notes, the subordination of the class F notes.

The issuer has not informed Standard & Poor's (Australia) Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this rating report or whether relevant information remains non-
public.

                   Preliminary Ratings Assigned

                 Class   Rating   Amount (mil. A$)
                 -----   ------   ----------------
                 A1      AAA      85.00
                 A2      AAA      90.00
                 AB      AAA      10.40
                 B       AA        3.60
                 C       A         3.60
                 D       BBB       3.40
                 E       BB        1.00
                 F       N.R.       3.00

                         N.R. - Not rated


LIBERTY PRIME: Fitch Assigns Ratings on Various 2010-1 Notes
------------------------------------------------------------
Fitch Ratings has assigned expected ratings and loss severity
ratings to Liberty PRIME Series 2010-1 Trust's residential
mortgage-backed floating-rate notes:

  -- AUD85.0m Class A1 notes: 'AAA', LS-1; Outlook Stable;
  -- AUD90.0m Class A2 notes: 'AAA', LS-1; Outlook Stable;
  -- AUD10.4m Class AB notes: 'AAA', LS-1; Outlook Stable;
  -- AUD3.6m Class B notes: 'AA', LS-2; Outlook Stable;
  -- AUD3.6m Class C notes: 'A', LS-2; Outlook Stable;
  -- AUD3.4m Class D notes: 'BBB', LS-3; Outlook Stable;
  -- AUD1.0m Class E notes: 'BB', LS-3; Outlook Stable; and
  -- AUD3.0m Class F notes: 'NR'.

The notes will be issued by Liberty Funding Pty Ltd in respect of
the Liberty PRIME Series 2010-1 Trust.

As of the pool cut-off date, the total collateral pool is
comprised of 100% prime mortgages.  The portfolio consists of
1,019 loans originated by Liberty Financial Pty Ltd, totalling
approximately AUD196.0m.  Fitch's calculated weighted average
current loan-to-value ratio for the transaction was 70.2% at
closing, with a weighted average seasoning of 28.3 months.
Investment loans make up 15.9% of the pool and 12.3% of the
mortgages in the portfolio are interest-only loans.  The agency
has incorporated all the above mentioned factors into its credit
analysis of the transaction.

"In broad terms Liberty PRIME Series 2010-1 replicates previous
prime RMBS deals sponsored by Liberty Financial.  A key structural
feature is the guarantee fee reserve account which provides
investors with an additional level of credit enhancement and
liquidity support" notes Spencer Wilson, Analyst in Fitch's
Structured Finance team in Sydney.

The expected 'AAA' rating assigned to the Class A1 and A2 notes
are based on several factors including the quality of the mortgage
loan collateral, the 12.5% credit enhancement available to the
Class A1 and A2 bonds, the 7.3% credit enhancement available to
the Class AB bonds provided by the subordinate Class B, C, D, E
and the unrated Class F notes, Liberty's mortgage underwriting and
servicing capabilities, and the liquidity provision of 2.0% of the
aggregate stated balance of the notes initially funded from the
issuance proceeds.  The ratings also reflect the guarantee fee
reserve provision of 2.2% of the aggregate invested balance of all
notes up to a maximum of AUD2m

The expected ratings assigned to other classes are based on the
aforementioned positive factors supporting the Class A notes,
excluding their credit enhancement levels but including the credit
enhancement provided by the respective subordinate notes of each
class.

The assignment of the final ratings follows the completion of the
issue and is contingent upon the receipt of final documents
conforming to information already received.


SONRAY CAPITAL: Investors Have Until Aug. 31 to Join Class Action
-----------------------------------------------------------------
The Sydney Morning Herald reports that investors of Sonray Capital
Markets have until August 31 to join a class action over the
broker's collapse.

According to the report, Slater & Gordon lawyer David Andrews said
the company had been contacted by more than 100 former Sonray
clients in the past month.  SMH relates Mr. Andrews said Sonray's
complex business arrangements meant "a variety of different legal
claims against a number of parties" were being considered.

Targets of the action might include Sonray's directors, auditors
and investment banks, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
July 26, 2010, the Sydney Morning Herald said 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.  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."  The manager of the action
group, Adrian Tout, said investors had formed the collective
because administrators were ignoring their concerns.

                        About Sonray Capital

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

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


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


COUNTRY GARDEN: Moody's Assigns Senior Unsecured Rating at 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured rating
of Ba3 to Country Garden Holdings Limited's proposed 5-year senior
unsecured Regulation S bonds.  The rating outlook is negative.

Moody's has also affirmed Country Garden's Ba2 corporate family
rating with a negative outlook.

The bonds will rank pari passu with the company's other senior
unsecured obligations.  The bond rating has been lowered by one
notch to reflect the risk of legal and structural subordination,
as subsidiary and secured debt will still comprise more than 15%
of the company's total assets.

The proceeds from the bonds will be used to fund Country Garden's
purchase of its convertible bonds with a put option in February
2011,future land acquisitions, and working capital.

"This issue of additional bonds will increase Country Garden's
adjusted debt leverage temporarily above 50%," says Peter Choy, a
Moody's Vice President and Senior Credit Officer, adding,
"However, Moody's expects the company will earmark part of the
bond proceeds to the full repayment of the convertible bonds in
Feb 2011 which will help reduce adjusted debt leverage to below
50% in 2H 2011."

"The new bonds will also enhance Country Garden's liquidity and
will improve its debt capital structure through term funding,"
adds Mr. Choy.

"The Ba2 corporate family rating reflects its strong sales in the
suburban markets of economically strong Guangdong Province.  In
addition, the company has the advantage of low land costs, which
offer pricing flexibility," says Mr. Choy.

"Furthermore, Country Garden's products -- sold at affordable
prices -- and its niche markets in second- and third-tier cities
are likely to be less affected by the current tightening in
regulatory measures," says Mr. Choy.

"The company's portfolio, which comprises more than 70 projects,
also provides good diversification and minimizes the risk of a
material decline in sales volume," adds Mr. Choy.

The rating is tempered by Country Garden's need for debt funding
to support its rapid growth model, which will keep its leverage at
the high end for its rating level.  It is also constrained by the
execution risk on projects outside Guangdong Province.  The rating
finally reflects the company's reliance on cash flow from this
province.

The outlook is negative, reflecting the need to overcome the
execution risk on its lower profit margin projects outside
Guangdong and the somewhat weak credit metrics for its rating
level.

However, the outlook could return to stable if the company can
demonstrate continued improvement in the profitability of its
projects outside Guangdong.  Moreover, its debt needs to decline,
such that Adjusted Debt/Total Capitalization is maintained at or
below 45%.

Meanwhile, downward rating pressure could emerge if Country Garden
(1) experiences difficulty implementing its current business plan;
(2) sees its profit margins erode further; or (3) suffers from a
further weakening in the Chinese property market, such that its
operating cash flow is weaker than expected.

Thus, a downgrade could be considered if its EBITDA margin falls
below 20%; Adjusted Debt/Total Capitalization remains above 50%
and is unlikely to be reduced; EBITDA/Interest declines below
3.5x-4.0x for a prolonged period; or the company reports
continuous negative operating cash flow (before land payments),
which further weakens its liquidity.

The last rating action on Country Garden was taken on April 7,
2010, when Moody's assigned a Ba3 rating with a negative outlook
to the company's new US$550 million 7-year senior unsecured bonds.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is one of the leading
integrated property developers in China.


COUNTRY GARDEN: S&P Assigns 'BB-' Rating on Senior Unsec. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' issue rating to the proposed issue of five-year senior
unsecured notes by Country Garden Holdings Co. Ltd. (BB/Negative/-
-).

The issue rating is one notch lower than the long-term corporate
credit rating to reflect its view that offshore noteholders would
be materially disadvantaged, compared with onshore creditors, in
the event of default.  S&P anticipates Country Garden's ratio of
priority debt to total assets will continue to be above its
threshold of 15% for speculative-grade-rated companies.  The issue
rating is subject to its review of the final issuance
documentation.

S&P expects the terms and conditions of the proposed issuance to
be similar to those of Country Garden's outstanding senior
unsecured notes.  The proceeds will be used to refinance the
repayment of its remaining outstanding convertible bond due 2013
and for land acquisitions.  The put option on Country Garden's
convertible bond is exercisable in February 2011.  S&P believes it
is highly likely that the bondholders will exercise the put option
as the current stock price is much lower than the conversion
price.

S&P does not expect the company's total borrowings to increase by
more than 15% from the end of 2009 (excluding its outstanding
convertible bond at the end of 2010).  Country Garden has
earmarked the proceeds from senior unsecured notes issued in April
2010 and a portion of the proposed notes to redeem its convertible
bond.  At the time of writing, the company had bought back more
than 50% of the convertible bond.

In S&P's base case scenario, S&P expects Country Garden's
financial performance to improve in 2010, compared with its
results in 2009.  Nevertheless, S&P note that the company's credit
ratios will be sensitive to the effect of challenging operating
conditions on property sales in the second half of this year, and
S&P has limited visibility over its margins.

S&P may lower the ratings if: (1) Country Garden's contracted
sales materially slow down in the remainder of 2010; (2) the
company makes aggressive price cuts, which weaken its margins from
2009 levels; (3) its debt-funded expansion is more aggressive than
S&P projected; and (4) it makes a major shift in its business
model or introduces aggressive shareholder capital-return
initiatives.  In particular, S&P may lower the rating if Country
Garden's EBITDA interest coverage is less than 3x and its debt-to-
EBITDA ratio is more than 5x.  These levels may materialize if the
company's contract sales are materially below Chinese renminbi
(RMB) 30 billion, its accounting revenue is less than RMB20
billion, and its operating margins are materially weaker than 25%.
In addition, the rating could be lowered if the company has an
unrestricted cash balance of less than RMB2 billion.

S&P may revise the outlook to stable if Country Garden's margins
and financial ratios materially improve from 2009 levels on a
sustainable basis.


RENHE COMMERCIAL: Moody's Gives Negative Outlook on 'Ba2' Rating
----------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook of Renhe Commercial Holdings Co Ltd's Ba2 corporate family
rating and senior unsecured debt rating.

"The negative outlook reflects the likely weaker-than-expected
operating performance of Renhe following its recent profit
warnings announcement for 1H 2010," says Peter Choy, a Moody's
Vice President and Senior Credit Officer, adding "Moody's is
concerned about Renhe's ability to achieve its full year target
sales, which may in turn affect its credit profile."

"Renhe's Ba2 ratings continue to reflect its track record in
developing and operating underground shopping centers at selected
prime commercial locations with zero land cost," says Mr. Choy.

"The ratings also take into account the increasing execution risks
and sizable funding requirement associated with the company's
aggressive geographic expansion plan," adds Mr. Choy.

The outlook could return to stable if Renhe can demonstrate its
ability to achieve its full year sales target of not less than RMB
9.0 - 10.0 billion and maintain EBITDA margin of 60% - 65%,
Debt/Cap of below 40% and EBITDA/Interest of over 10x on a
sustainable basis..

On the other hand Renhe's ratings could be under downgrade
pressure if it experiences (1) material shortfall in its its FY
2010 sales of below RMB 7.0 billion; (2) tremendous vacancies in
underground shopping centers; (3) sharp fall in portfolio rentals
and operating rights' market values; (4) a reduction of
unrestricted cash balance to below RMB 4 billion; or (5) changes
in law and regulations that negatively impact the favorable
conditions for developing underground air defense shelters for
commercial use during peace time.

The key credit metrics that Moody's would consider for a rating
downgrade include Adjusted Debt/Cap rises above 40% - 45% and
EBITDA/Interest falls below 5-7x.

Moody's last rating action on Renhe was taken on 25 May 2010, when
Moody's affirmed its Ba2 corporate family and senior unsecured
bond ratings after it completed the issue of the US$300 million
bonds.

Renhe's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry; ii) capital structure and financial
risk of the company; iii) projected performance of the company
over the near to intermediate term; and iv) management's track
record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of Renhe's core industry; Renhe's ratings are believed
to be comparable to those of other issuers of similar credit risk.

Renhe Commercial Holdings Co Ltd specializes in the commercial
operation and development of underground shopping centers which
can also function as civilian air-raid shelters in times of
conflict.  The projects are built below city commercial centers
and transportation hubs, and free of land-use premium fees.

As of April 2010, the company operates four underground shopping
centers in Harbin, Heilongjiang Province, three of which are
interconnected, one in Guangzhou, Guangdong Province, and one in
Shenyang, Liaoning Province, with an aggregate gross floor area of
approximately 238,618 sqm.  It is also provides management
services for one underground shopping center in Zhengzhou, Henan
Province, with an aggregate GFA of 94,180 sqm.

In addition, the company has 27 projects in 20 cities in the PRC
with an aggregated approved GFA of approximately 3,635,660 sqm
which are either under construction or being held for future
development.


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


AKAI HOLDINGS: Creditors Get 4.4% and 100% Recovery on Claims
-------------------------------------------------------------
Akai Holdings Limited, which is in compulsory liquidation,
declared the first dividend to its creditors on August 3, 2010.

The company paid 4.4% for unsecured and 100% for preferential
claims.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1 Admiralty Centre
         18 Harcourt Road
         Hong Kong


ARCHITERIOR LIMITED: Creditors Get 10% Recovery on Claims
---------------------------------------------------------
Architerior Limited, which is in liquidation, will pay the first
and final dividend to its creditors on August 27, 2010.

The company will pay 10% for ordinary claims.

The company's liquidators are:

         Chiang Ping Kwan
         Wu Wai Man
         2213 Asian House
         1 Hennessy Road
         Wanchai, HK


CHATHAY I-COMMERCE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on January 26, 2010,
to wind up the operations of Chathay I-Commerce Limited.

The company's liquidator is Pui Chiu Wing.


CHINA HOUSE: Court to Hear Wind-Up Petition on August 11
--------------------------------------------------------
A petition to wind up the operations of China House Limited will
be heard before the High Court of Hong Kong on August 11, 2010, at
9:30 a.m.

Bank of China (Hong Kong) filed the petition against the company
on July 20, 2010.

The Petitioner's solicitors are:

          Messrs. T.H. Koo & Associates
          Room A2, 15th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


DECOR ONE: Court to Hear Wind-Up Petition on September 8
--------------------------------------------------------
A petition to wind up the operations of Decor One Design &
Engineering Limited will be heard before the High Court of Hong
Kong on September 8, 2010, at 9:30 a.m.

Ha Ka Hei filed the petition against the company on July 8, 2010.

The Petitioner's solicitors are:

          F. Zimmern & Co.
          Suites 1501-1503
          15/F., Gloucester Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


DRAGON GARDEN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 21, 2010, to
wind up the operations of Dragon Garden Development Limited.

The official receiver is E T O'Connell.


ETERNITY DESIGN: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of Eternity Design & Decoration Co.,
Limited.

The company's liquidator is Pui Chiu Wing.


EVER LUCKY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 21, 2010, to
wind up the operations of Ever Lucky Networks Limited.

The official receiver is E T O'Connell.


EVERYOUNG CAPITAL: Court to Hear Wind-Up Petition on September 15
-----------------------------------------------------------------
A petition to wind up the operations of Everyoung Capital
Management (HK) Limited will be heard before the High Court of
Hong Kong on September 15, 2010, at 9:30 a.m.

Turbo Top Limited filed the petition against the company on
July 9, 2010.

The Petitioner's solicitors are:

          Woo, Kwan, Lee & Lo
          Room 2801, Sun Hung Kai Centre
          30 Harbour Road
          Wanchai, Hong Kong


EXCELLENCE 08: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on December 22, 2010,
to wind up the operations of Excellence 08 Limited.

The company's liquidator is Pui Chiu Wing.


FORDLAND HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on July 15, 2010, to
wind up the operations of Fordland Holdings Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


FULL BRIGHT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on February 12, 2010,
to wind up the operations of Full Bright Management Limited.

The company's liquidator is Pui Chiu Wing.


GERMANY SIEMENS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on February 1, 2010,
to wind up the operations of Germany Siemens Group Limited.

The company's liquidator is Pui Chiu Wing.


GETWAY LIMITED: Court to Hear Wind-Up Petition on August 25
-----------------------------------------------------------
A petition to wind up the operations of Getway Limited will be
heard before the High Court of Hong Kong on August 25, 2010, at
9:30 a.m.

The Petitioner's solicitors are:

          Matthew Cheung
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


GLORY BEST: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 21, 2010, to
wind up the operations of Glory Best Development Limited.

The official receiver is E T O'Connell.


GOLDWAY (HK): Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of Goldway (HK) Enterprises Limited.

The company's liquidator is Pui Chiu Wing.


GOOD FOOD: Court to Hear Wind-Up Petition on August 25
------------------------------------------------------
A petition to wind up the operations of The Good Food Factory
Limited will be heard before the High Court of Hong Kong on
August 25, 2010, at 9:30 a.m.

Cheung Chi Yau Anthony filed the petition against the company on
June 24, 2010.

The Petitioner's solicitors are:

          Lam & Co
          Room A, 19th Floor
          Harbour Commercial Building
          Nos. 122-124 Connaught Road
          Central, Hong Kong


HANG FUNG: Haughey, Ching and Yeung Appointed as Liquidators
------------------------------------------------------------
Messrs. Darach E. Haughey, Edmond Wah Bon Ching and Yeung Lui Ming
(Edmund) on March 3, 2010, were appointed as liquidators of Hang
Fung Jewellery Company Limited.

The liquidators may be reached at:

          Messrs. Darach E. Haughey
          Edmond Wah Bon Ching
          Yeung Lui Ming (Edmund)
          35/F One Pacific Place
          88 Queensway, Hong Kong


ITALY TAIGUHANG: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of Italy Taiguhang Trading Finery Limited.

The company's liquidator is Pui Chiu Wing.


KAKUYO HK: Court to Hear Wind-Up Petition on August 18
------------------------------------------------------
A petition to wind up the operations of Kakuyo Hong Kong Co.,
Limited will be heard before the High Court of Hong Kong on August
18, 2010, at 9:30 a.m.

Jones Day filed the petition against the company on June 11, 2010.

The Petitioner's solicitors are:

          Jones Day
          29/F., Edinburgh Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced July 30 that
investigation of over 99% of a total of 21,680 Lehman-Brothers-
related complaint cases received has been completed. These
include:

    * 13,078 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,492 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,575 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 2,818 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 1,862 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 956 cases; and

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

Investigation work is underway for the remaining 173 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?6757


                      About Lehman Brothers

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

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

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

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

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

              International Operations Collapse

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

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

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


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


ACCORD COMMUNICATION: CRISIL Reaffirms 'BB+' Rating on Bank Debts
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Accord Communication Pvt
Ltd continues to reflect ACPL's limited track record in the
telecommunication tower industry, exposure to risks relating to
sector and customer concentration in its revenue profile.  These
weaknesses are partially offset by the company's above-average and
stable margins, driven by healthy operating efficiencies.

   Facilities                        Ratings
   ----------                        -------
   INR250.00 Million Cash Credit     BB+/Stable (Reaffirmed)
   INR3.50 Million Term Loan         BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACPL will maintain a stable credit risk
profile over the medium term on the back of its increasing
capacities and stable operating margin.  The outlook could be
revised to 'Positive' if the company successfully scales up its
operations and diversifies its customer base, while maintaining
its debt protection measures.  Conversely, the outlook could be
revised to 'Negative' if debt-funded capex exceeds present
expectations, or in case of sustained pressure on ACPL's operating
margin, leading to deterioration in its debt protection metrics.

ACPL's operating performance in 2009-10 (refers to financial year,
April 1 to March 31) was in line with CRISIL's earlier
expectations, with estimated sales and operating margin at around
INR910 million 12.0 per cent, respectively, for the year.

CRISIL believes that, over the medium term, ACPL's sustained
margins and lack of any major debt-funded capex would support the
company's financial risk profile, which though, would be
constrained by high working capital requirements due to stretched
debtors, which are primarily funded by debt.

                     About Accord Communication

ACPL, a Vadodara (Gujarat)-based company, was incorporated in 2003
by Mr. Betulla Khan.  The company is primarily a telecommunication
tower service provider, and is engaged in the manufacturing and
erection of telecommunication/transmission towers and providing
other related services.  This business is expected to contribute
nearly 90 per cent of its revenues in 2010-11. The company also
provides trained personnel to telecommunication companies such as
Nokia Siemens.

ACPL reported a profit after tax (PAT) of INR76.6 million on net
sales of INR898.9 million for 2008-09, as against a PAT of INR16.3
million on net sales of INR314.9 million for 2007-08.


AIR INDIA: Cancels Brand Makeover Deal With Cato Purnell
--------------------------------------------------------
Air India Ltd. has cancelled a INR7.5-crore brand makeover deal
with Cato Purnell Partners, The Telegraph reports.  A source said
the national carrier may now look at Indian professionals for the
makeover at a much lower cost, the report relates.

"The project with Australian firm Cato Purnell Partners has been
cancelled.  The decision was taken on Tuesday," an Air India
spokesperson said.  According to the report, sources said the Air
India board had already approved the consultant's fees, and the
firm had not only started work but also submitted an initial
report.

The report notes that though many senior officials of Air India
question the high fee, they agree with Cato's proposal to bring
back the Centaur logo, which was replaced by the Flying Swan a few
years ago.

The Telegraph says the decision to cancel the deal came after
Civil Aviation Minister Praful Patel was asked about it in the
Rajya Sabha.

                           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.


AKR TEXTILE: CRISIL Reaffirms 'BB-' Rating on INR33.2MM LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB-/Stable/P4+' to AKR
Textile's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR33.20 Million Long Term Loan      BB-/Stable (Reaffirmed)
   INR50.00 Million Packing Credit      P4+ (Reaffirmed)
   INR15.00 Million Bill Purchase
   Discounting Facility (Non LC)        P4+ (Reaffirmed)
   INR20.00 Million Bill Purchase       P4+ (Reaffirmed)
   Discounting Facility (LC)
   INR5.00 Million Letter of Credit     P4+ (Reaffirmed)

The ratings reflect AKR's weak financial risk profile, the
customer concentration in its revenue profile, and its exposure to
intense competition in the textile industry. These weaknesses are
partially offset by the firm's established market position in the
readymade garments industry.

Outlook: Stable

CRISIL believes that AKR will maintain its established market
position in the readymade garments industry over the medium term.
The outlook may be revised to 'Positive' if the firm diversifies
its customer base or improves its capital structure leading to
significant improvement in the credit risk profile.  Conversely,
the outlook may be revised to 'Negative' in case AKR's revenue and
cash accruals decline sharply, it undertakes a large, debt-funded
capital expenditure programme, or its relationships with major
customers deteriorate.

Update

AKR has reported 115 per cent growth in revenues for 2009-10 in
line with CRISIL's expectations on account of steady offtake from
Abasic S.L., which constitutes 70 per cent of the company's sales.
The company's liquidity is adequate for the rating category with
sufficient accruals to meet debt repayments and moderate
unencumbered cash and bank balances. Furthermore, the company's
profitability was higher than the CRISIL's expectations due to the
company's ability to pass on the increase in yarn prices to its
customers.

                          About AKR Textile

Set up in 2002, AKR is a proprietorship firm managed by Mr.
Loganathan. It manufactures and exports knitted garments for men,
women, and children.  The firm has facilities of 20 cutting, 2000
stitching, 22 printing, and 20 embroidery machines; it outsources
knitting, dyeing, and compacting operations.

AKR reported a provisional profit after tax (PAT) of INR50 million
on provisional net sales of INR1100 million for 2009-10, as
against a reported PAT of INR18 million on net sales of INR518
million for 2008-09.


BHASIN & COMPANY: CRISIL Places 'B' Rating to INR11.9MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Bhasin &
Company's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR11.9 Million Term Loan              B/Stable (Assigned)
   INR50.0 Million Overdraft Facility     B/Stable (Assigned)
   INR10.0 Million Proposed Long Term     B/Stable (Assigned)
                   Bank Loan Facility
   INR4.0 Million Letter of Credit        P4 (Assigned)
   INR3.0 Million Bank Guarantee          P4 (Assigned)
   INR3.0 Million Proposed Short Term     P4 (Assigned)
                  Bank Loan Facility

The ratings reflect Bhasin & Company's small scale of operations,
and below-average financial risk profile, marked by extremely
small net worth, weak debt protection metrics and very high
gearing.  The ratings also factor in the firm's exposure to risks
inherent in its tender-based business, risks related to intense
competition in the domestic hosiery garments industry, and high
level of loans and advances extended to group company, Dev Arjuna
Promoters and Developers (P) Limited, which is into real estate
development.  These rating weaknesses are partially offset by
Bhasin & Company's promoters' experience in the hosiery garments
business and its established relationships with reputed clients.

Outlook: Stable

CRISIL believes that Bhasin & Company will continue to have small
scale of operations and weak financial risk profile over the
medium term.  The outlook may be revised to 'Positive' in case of
significant improvement in Bhasin & Company's capital structure
and/or increase in its scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if the firm
enhances its financial exposure to Dev Arjuna, or if it undertakes
a large, debt-funded capital expenditure programme, thereby
leading to deterioration in its financial risk profile.

                       About Bhasin & Company

Bhasin & Company was set up as a proprietorship firm in 1950 by
the late Mr. Ramlal Bhasin. After the demise of Mr. Ramlal Bhasin
in 1992, his son Mr. Balraj Kumar Bhasin acquired the business as
a proprietor. Mr. Balraj Kumar Bhasin manages the operations of
the firm and is assisted by his son, Mr. Mohnish Bhasin. Bhasin &
Company manufactures hosiery products and copper, nickel, and
silver medals. The firm sells its products entirely to the armed
forces and the business is completely tender based. Bhasin &
Company has 2000 spindles installed at its facility in Ludhiana
(Punjab).

Bhasin & Company reported a profit after tax (PAT) of INR1.8
million on net sales of INR160 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR1.8
million on net sales of INR112 million for 2007-08.


BIKANER CERAMICS: CRISIL Puts 'BB+' Rating on INR3.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' rating to Bikaner
Ceramics Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Limit      BB+/Stable (Assigned)
   INR3.50 Million Term Loan              BB+/Stable (Assigned)
   INR22.5 Million Bank Guarantee         P4+ (Assigned)

The rating reflects BCPL's average financial risk profile, marked
by average debt protection metrics and small net worth, large
working capital requirements, and exposure to risks related to
intense competition and small scale of operations in the ceramic
insulator industry.  These rating weaknesses are partially offset
by the benefits that BCPL derives from its promoters' experience
in the ceramic insulators business.

Outlook: Stable

CRISIL believes that BCPL will continue to benefit from its
promoters' long experience and established customer base over the
medium term.  However, the financial risk profile will remain
average with low cash accruals.  The outlook may be revised to
'Positive' if BCPL registers more-than-expected cash accruals,
leading to improvement in its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' if BCPL's cash accruals
decline, or if the company undertakes significant debt-funded
capital expenditure leading to deterioration in its financial risk
profile.

                       About Bikaner Ceramics

Incorporated in 1966, BCPL manufactures ceramic insulators of up
to 220 kilovolts (kv) used in power distribution.  The company has
also taken a clay mine on lease in Bikaner (Rajasthan) from the
Government of Rajasthan; however, contribution to revenue from
mining operations is miniscule.  The company's plant in Bikaner
has an installed capacity of 7500 tonnes per annum and is
operating at 100 per cent capacity utilisation.

BCPL is estimated to report a profit after tax (PAT) of INR4.8
million on net sales of INR359 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.9
million on net sales of INR267 million for 2008-09.


EASTERN BEARINGS: CRISIL Reaffirms 'BB-' Rating on Various Debts
----------------------------------------------------------------
CRISIL has upgraded its rating on Eastern Bearings Pvt Ltd's
short-term bank facilities to 'P4+' from 'P4', while reaffirming
its ratings on the company's long-term bank facilities at 'BB-
/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR21.0 Million Cash Credit      BB-/Stable (Reaffirmed)
   INR15.0 Million Cash Credit      BB-/Stable (Reaffirmed)
           - Book Debt
   INR20.0 Million Working Capital  BB-/Stable (Reaffirmed)
                  Demand Loan
   INR8.5 Million Term Loan         BB-/Stable (Reaffirmed)
   INR14.0 Million Letter of Credit P4+ (Upgraded from P4)
   INR1.0 Million Bank Guarantee    P4+ (Upgraded from P4)
   INR4.0 Million Packing Credit    P4+ (Upgraded from P4)
   INR14.5 Million Proposed ST      P4+ (Upgraded from P4)
                 Bank Facility

The upgrade reflects the improvement in EBPL's liquidity, driven
by improvement in its working capital management, as reflected in
improvement in its bank limit utilisation.

The ratings reflect EBPL's small scale of operations; large
working capital requirements; weak financial risk profile marked
by small net worth, moderate gearing, and weak debt protection
measures; and exposure to risks related to intense competition in
the bearings industry, and to volatility in raw material prices
and in the value of the Indian rupee.  These rating weaknesses are
partially offset by the benefits that EBPL derives from its
promoters' experience in the bearings industry.

Outlook: Stable

CRISIL believes that EBPL will continue to benefit from its
promoters' industry experience over the medium term.  However, the
company's scale of operations will remain small, and its financial
risk profile will remain weak, over the medium term.  The outlook
may be revised to 'Positive' if EBPL's scale of operations
increases significantly, or if its net worth, and consequently,
financial flexibility, improve. Conversely, the outlook may be
revised to 'Negative' if EBPL's revenues or operating
profitability decline sharply, or if the company undertakes any
fresh large debt-funded capital expenditure (capex) programme.

Update

EBPL's estimated operating income of INR283.8 million for 2009-10
(refers to financial year, April 1 to March 31) is 20 per cent
higher than INR235.4 million for 2008-09, and is marginally higher
than CRISIL's expectations.  For 2009-10, the company's operating
margin was around 11.5 per cent, which is in line with CRISIL's
expectations.  However, EBPL's business risk profile continues to
be constrained by its small scale of operations.  The operations
are working capital intensive, which constrains the company's
liquidity, as reflected in its high bank limit utilization of
around 93 per cent over the seven months through May 2010. The
gearing, estimated at 1.5 times as on March 31, 2010, is moderate
and in line with CRISIL's expectations.  The gearing is expected
to remain moderate on account of its large working capital
requirements.  The company does not have any large capex plans,
except capex of INR15 million for installation of machinery, which
will be funded through a term loan of up to INR10 million and
through internal accruals.  The company's financial risk profile
is expected to remain weak, marked by small net worth, and
moderate gearing and debt protection metrics.

EBPL is expected to report a profit after tax (PAT) of INR8.0
million on net sales of INR283.8 million for 2009-10, against a
PAT of INR6.1 million on net sales of INR234.5 million for 2007-
08.

                      About Eastern Bearings

Incorporated in 2000, EBPL manufactures industrial bearings and
fabricated metal structures for shelters in telecom towers. The
bearings are sold under the ARB brand. EBPL has a manufacturing
unit in Kundli (Haryana).  The company is promoted and managed by
Mr. Surinder Goel and his brother, Mr. Sunil Goel.


FIRST WINNER: CRISIL Cuts Ratings on Various Bank Debts to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of First
Winner Industries Ltd, which is part of the First Winner group, to
'BB/Negative/P4+' from 'BBB-/Negative/P3'.

   Facilities                         Ratings
   ----------                         -------
   INR180.0 Million Long Term Loan    BB/Negative (Downgraded from
                                                  BBB-/Negative)

   INR65.0 Million Cash Credit        BB/Negative (Downgraded from
                                                  BBB-/Negative)

   INR9.0 Million Standby Line of     BB/Negative (Downgraded from
                   Credit                         BBB-/Negative)

    INR30.0 Million Letter of Credit  P4+ (Downgraded from P3)


The downgrade reflects the group's weak liquidity and large, debt-
funded capital expenditure (capex) plans. The group's liquidity
has deteriorated due to reduced profitability, and pressure on
cash accruals.  The group's cash accruals for 2010-11 (refers to
financial year, April 1 to March 31) may be barely sufficient to
service maturing debt during the year.  On account of low cash
accruals and large working capital requirements, the company's
bank limits have been fully utilized in the 12 months ended March
2010, constraining its financial flexibility.

The group is expected to undertake capex of about INR800 million
in the medium term to set up a dyeing, weaving and sizing unit,
which is expected to be aggressively funded at a debt-equity mix
of about 70:30.

CRISIL's ratings on the First Winner group reflect the group's
large working capital requirements, and exposure to risks related
to aggressive capex and intense competition in a commoditised
industry.  These rating weaknesses are partially offset by the
group's healthy financial risk profile, marked by comfortable net
worth, low gearing and strong debt protection metrics, and
established market position in the textile fabrics trading
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of FWIL, and FWIL's three wholly owned
subsidiaries - Ramshyam Textile Industries Ltd and First Winner
Lifestyle Ltd and Pal Trading Company Pvt Ltd - and three
associates, Rikosh Fashions Pvt Ltd, Solitaire Texfeb & Traders
Pvt Ltd and Kassi Trading Company Pvt Ltd on account of
significant operational, management and financial synergies. These
entities collectively constitute the First Winner group.

Outlook: Negative

CRISIL believes that the First Winner group's credit profile is
susceptible to risks pertaining to utilization and offtake levels
of enhanced weaving capacities in a sluggish textile market. The
group's market position in the lower-end of the value chain,
primarily in the manufacture of grey fabric on job-work basis,
makes the company more vulnerable to slowdown in economy. Any
further decline in profitability, resulting in reduced accruals
may impact its ability to repay term debt obligations of around
INR117 million maturing in 2010-11. The ratings may be downgraded
if the First Winner Group undertakes any significant debt-funded
capex or diversification, thereby impacting its financial risk
profile, or if further decline in profitability leads to pressure
on debt protection metrics.  The rating may also be downgraded if
the group's debt repayment ability is adversely affected by
stretched liquidity.  Conversely, the outlook may be revised to
'Stable' if the First Winner group brings on stream its enhanced
capacities successfully, or reports substantial improvement in
operating profitability (profit before depreciation, interest and
tax) and cash accruals.

                          About the Group

Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, the
First Winner group trades in textile fabrics and also undertakes
weaving of fabrics on a job-work basis. Mr. Patodia began broking
in fabrics in 1999, and started trading operations in 2003,
through FWIL.  The group's manufacturing operations were set up
under RTIL in April 2005 with 48 looms. In 2006-07, 100 more looms
were set up under FWIL, and 48 new looms were set up under FWLL.
FWIL raised INR687.5 million through an initial public offering
(IPO) in July 2008 to fund expansion of capacities in the weaving
unit, set up an apparel manufacturing unit, and prepay its
existing term loans.

The First Winner group is estimated to report a profit after tax
(PAT) of INR65.3 million on net sales of INR7719.9 million for
2009-10, against a reported PAT of INR23.7 million on net sales of
INR4235.3 million for 2008-09.


GANESH RAM: CRISIL Reaffirms 'BB+' Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has reaffirmed its bank loan ratings of 'BB+/Stable/P4+' to
the various bank facilities of Ganesh Ram Dokania.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR100 Million Bank Guarantee     P4+ (Reaffirmed)

The ratings continue to reflect GRD's low net worth, small scale
of operations in the civil construction industry, and exposure to
risks relating to geographic concentration in revenue profile.
These weaknesses are partially offset by the benefits that the
firm derives from its comfortable order book.

Outlook: Stable

CRISIL believes that GRD will benefit from the growth prospects in
the civil construction industry.  The outlook may be revised to
'Positive' if GRD strengthens its business risk profile through
segmental and geographical diversity in its revenue profile, while
maintaining the operating margin. Conversely, the outlook may be
revised to 'Negative' if GRD contracts large debt to fund any
capital expenditure (capex) or acquisition, thereby weakening its
financial risk profile.

Update

GRD's performance for 2009-10 (refers to financial year, April 1
to March 31) is estimated to be largely in line with CRISIL's
expectation. The firm's liquidity is likely to remain moderate,
backed by steady accruals, no significant capex plans, and minimal
loan repayment obligations.

                           About Ganesh Ram

Set up in 1958 by Mr. Ganesh Ram Dokania as a proprietorship
concern, GRD was converted into a partnership firm in 1996. The
company undertakes civil construction activities, such as
construction of roads and bridges. The firm is registered as a
Class IA contractor with the Government of Bihar.

The firm reported a provisional profit after tax (PAT) of around
INR 35 million on provisional net sales of around INR900 million
for 2009-10, as against a PAT of INR 19.6 million on net sales of
around INR 528.3 million for 2008-09.


GEO'S V/P/L: CRISIL Assigns 'BB+' Rating to INR200MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of Geo's V/P/L Financial Services Pvt Ltd.


   Facilities                             Ratings
   ----------                             -------
   INR200 Million Cash Credit Facility    BB+/Stable (Assigned)

The rating reflects Geo Financial's small scale of operations,
with regional concentration, modest capitalization, and moderate
resource and earning profiles.  These rating weaknesses are
partially offset by the company's sound asset quality and
established systems and processes.

Outlook: Stable

CRISIL believes that Geo Financial's asset quality will remain
sound over the medium term. The rating outlook may be revised to
'Positive' if Geo Financial is able to scale up its business, and
substantially improve capitalization levels, while maintaining
asset quality. Conversely, the outlook may be revised to
'Negative' if the company reports significant deterioration in its
asset quality and profitability, thereby impacting capitalisation
levels.

                          About Geo's V/P/L

Incorporated in August 03, 1995, Geo Financial is managed by Mr. K
G Lawrence and his sons, Mr. Pradeesh Lawrence and Mr. Vivek
Lawrence.  The company's corporate office is located in Ernakulam
(Cochin), and operates through its 14 branches, situated in and
around Cochin. The company was registered as a non-deposit taking
non-banking financial company (NBFC) as on June 16, 2000, and
primarily provides gold loans (94 per cent of total income in
2009-10 [refers to financial year, April 1 to March 31]).  The
NBFC also offers hire purchase and personal loans, life insurance,
general insurance, currency exchange and money transfers through
all its branches.

For 2009-10, Geo Financial reported a profit after tax (PAT) of
INR6.1 million on a total income of INR44.5 million, against a PAT
of INR3.9 million on a total income of INR32.2 million for the
previous year.


JOYO PLASTICS: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Joyo Plastics'
(Joyo's) bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR45.0 Million Cash Credit            BB-/Stable (Assigned)
   INR7.0 Million Long Term Bank Loan     BB-/Stable (Assigned)
   INR3.5 Million Standby Line of Credit  BB-/Stable (Assigned)
   INR25.5 Million Proposed Long Term     BB-/Stable (Assigned)
                   Bank Loan Facility
   INR12.5 Million Letter of Credit       P4+ (Assigned)
   INR1.5 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect Joyo's small scale of operations,
susceptibility to intense competition in the moulded plastic
products industry, large working capital requirements, and average
financial risk profile, marked by small net worth, high gearing,
and weak debt protection metrics. These weaknesses are partially
offset by the company's established position in the moulded
plastic products market, and wide distribution network.

Outlook: Stable

CRISIL believes that Joyo will continue to benefit from its
established track record in the plastics processing industry,
although its financial risk profile will remain average given
working capital intensive nature of Joyo's operations. The outlook
may be revised to 'Positive' if the firm's revenue increases
greater-than-expected with sustained profitability, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the firm undertakes any large debt-
funded capital expenditure programme, or if its operating margin
materially declines, leading to reduced cash accruals,
constraining its debt servicing ability.

                         About the Company

Joyo Plastics was set up in 1984 by the Bafna family of Mumbai as
a partnership firm. Later in 1991, Mr. Kishore Jaichand Bafna and
his wife Mrs. Meena Kishore Bafna joined the firm with profit-and-
loss sharing of 50 per cent each. The firm is primarily managed by
Mr. Kishore J Bafna. Joyo Plastics manufactures various plastics
house-ware products such as buckets, basin, tub, and others. The
firm has presence across the country through distribution networks
and retails chains.

Joyo reported a profit after tax (PAT) of INR4.75 million on net
sales of INR190.04 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.9 million on net sales
of INR152.71 million for 2007-08.


KASSI TRADING: CRISIL Assigns 'BB' Rating to INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Negative' to the cash credit
facility of Kassi Trading Company Pvt Ltd (KTCPL), which is part
of the First Winner group.


   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Cash Credit       BB/Negative (Assigned)

The rating reflects the group's weak liquidity and large, debt-
funded capital expenditure (capex) plans. The group's liquidity
has deteriorated due to reduced profitability, and pressure on
cash accruals. The group's cash accruals for 2010-11 (refers to
financial year, April 1 to March 31) may be barely sufficient to
service maturing debt during the year. On account of low cash
accruals and large working capital requirements, the company's
bank limits have been fully utilised in the 2 months ended March
2010, constraining its financial flexibility.

The group is expected to undertake capex of about INR800 million
in the medium term to set up a dyeing, weaving and sizing unit,
which is expected to be aggressively funded at a debt-equity mix
of about 70:30.

CRISIL's ratings on the First Winner group reflect the group's
large working capital requirements, and exposure to risks related
to aggressive capex and intense competition in a commoditised
industry. These rating weaknesses are partially offset by the
group's healthy financial risk profile, marked by comfortable net
worth, low gearing and strong debt protection metrics, and
established market position in the textile fabrics trading
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTCPL, and its associate companies
Solitaire Texfeb & Traders Pvt Ltd (STTPL), Rikosh Fashions Pvt
Ltd (RFPL) and First Winner Industries Limited (FWIL) along with
FWIL's wholly-owned subsidiaries - First Winner Lifestyle Ltd
(FWLL), Ramshyam Textile Industries Ltd (RTIL) and Pal Trading
Company Pvt Ltd (PTCPL) on account of significant operational,
management and financial synergies. These entities collectively
constitute the First Winner group.

Outlook: Negative

CRISIL believes that the First Winner group's credit profile is
susceptible to risks pertaining to utilisation and offtake levels
of enhanced weaving capacities in a sluggish textile market. The
group's market position in the lower-end of the value chain,
primarily in the manufacture of grey fabric on job-work basis,
makes the company more vulnerable to slowdown in economy. Any
further decline in profitability, resulting in reduced accruals
may impact its ability to repay term debt obligations of around
INR117 million maturing in 2010-11. The ratings may be downgraded
if the First Winner Group undertakes any significant debt-funded
capex or diversification, thereby impacting its financial risk
profile, or if further decline in profitability leads to pressure
on debt protection metrics. The rating may also be downgraded if
the group's debt repayment ability is adversely affected by
stretched liquidity. Conversely, the outlook may be revised to
'Stable' if the First Winner group brings on stream its enhanced
capacities successfully, or reports substantial improvement in
operating profitability (profit before depreciation, interest and
tax) and cash accruals.

                         About the Group

Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, the
First Winner group trades in textile fabrics and also undertakes
weaving of fabrics on a job-work basis. Mr. Patodia began broking
in fabrics in 1999, and started trading operations in 2003,
through FWIL. The group's manufacturing operations were set up
under RTIL in April 2005 with 48 looms. In 2006-07, 100 more looms
were set up under FWIL, and 48 new looms were set up under FWLL.
FWIL raised INR687.5 million through an initial public offering
(IPO) in July 2008 to fund expansion of capacities in the weaving
unit, set up an apparel manufacturing unit, and prepay its
existing term loans.

The First Winner group is estimated to report a profit after tax
(PAT) of INR65.3 million on net sales of INR7719.9 million for
2009-10, against a reported PAT of INR23.7 million on net sales of
INR4235.3 million for 2008-09.


KHEMI FILAMENTS: CRISIL Reaffirms 'BB' Rating on INR30MM Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Khemi Filaments Ltd
continue to reflect Khemi's average financial risk profile, marked
by a low net worth and modest debt protection measures, and small
scale of operations in the polyester yarn industry. These
weaknesses are partially offset by the benefits that the company
derives from its established trade relationships and its
promoters' industry experience.

   Facilities                        Ratings
   ----------                        -------
   INR30.0 Million Cash Credit       BB/Stable (Reaffirmed)
   INR35.0 Million Letter of Credit  P4+ (Reaffirmed)
   INR2.5 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL expects Khemi's financial risk profile to remain average,
constrained by its low net worth and modest debt protections
measures. The outlook may be revised to 'Positive' if Khemi
significantly increases its scale of operations without material
deterioration in its capital structure. Conversely, the outlook
may be revised to 'Negative' if Khemi's financial risk profile
deteriorates significantly owing to large debt-funded capital
expenditure (capex) or significant decline in profitability.

Update

Khemi's operating performance in 2009-10 (refers to financial
year, April 1 to March 31) was in line with CRISIL's earlier
expectations. The company's estimated sales for the year were
higher, at around INR360 million, and the operating margin
slightly lower, at about 2.0 per cent, as compared with the
previous year.

CRISIL believes that Khemi would maintain its credit risk profile
supported by the company's established trade relationships and
lack of any significant debt funded capex, but constrained by its
modest debt protection measures, which are expected to remain at
similar levels over the medium term given low operating
profitability.

                        About Khemi Filaments

Set up in 1994 by Mr. Sant Kumar Tibrewal, Khemi manufactures
texturised and twisted polyester yarn and has its manufacturing
unit at Silvassa (Union Territory of Dadra and Nagar Haveli).
Subsequently, Mr. Girish Tibrewal and Manish Tibrewal joined the
company as co-promoters. Khemi also imports yarn from China and
Vietnam, and sells it in the domestic market. The company sells
products primarily to agents at Bhiwandi (Maharashtra), Surat
(Gujarat), and other textile hubs in western India. These agents
in turn sell the products to weavers.

Khemi reported a profit after tax (PAT) of INR0.9 million on net
sales of INR308.0 million for 2008-09, as against a PAT of INR1.0
million on net sales of INR295.0 million for 2007-08.


KITTY INDUSTRIES: CRISIL Reaffirms 'BB+' Ratings on Various Debts
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Kitty Industries Pvt Ltd
continues to reflect KIPL's weak financial risk profile, marked by
low net worth, high gearing, and moderate debt protection metrics.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Limit      BB+/Stable (Reaffirmed)
   INR156.0 Million Term Loan             BB+/Stable (Reaffirmed)
   INR7.5 Million Standby Line of Credit  BB+/Stable (Reaffirmed)

The rating also factors in KIPL's exposure to risks relating to
small scale of operations in the bakery products market, and to
fluctuations in raw material prices. These weaknesses are
partially offset by KIPL's promoters' established track record in
the bakery products business.

Outlook: Stable
CRISIL believes that KIPL will maintain a stable financial risk
profile over the medium term, on the back of healthy operating
profitability, and absence of large capital expenditure (capex)
plans.  The outlook may be revised to 'Positive' if the company
scales up its operations, while maintaining stable profitability.
Conversely, the outlook may be revised to 'Negative' if KIPL
undertakes any major debt-funded capex programme, thus straining
its capital structure.

Update

For 2009-10 (refers to financial year, April 1 to March 31), KIPL
reported a 23 per cent year-on-year growth in operating income to
INR509.03 million, which was higher than CRISIL's expectations.
The growth was driven by the expansion of product variants in the
company's bakery division. KIPL has reported an operating margin
of 17.5 per cent for the year, marginally lower than CRISIL's
expectations. However, KIPL's gearing, at 1.57 times as on
March 31, 2010, was higher than expected because of incremental
debt financing of working capital requirements. The company does
not have any major capex plans for the near term. However, it
expects to have capex of INR20 million to INR30 million every year
on account of process automation, building expansions, and other
projects.

KIPL reported a profit after tax (PAT) of INR14.66 million on net
sales of INR509.03 million for 2009-10, as against a PAT of
INR9.83 million on net sales of INR412.73 million for 2008-09.

About the Company
Set up in 2004, KIPL manufactures bakery products that are sold
under the brand, Kitty's. KIPL has a diversified product portfolio
that includes around 20 varieties of bread and buns, in addition
to toasts, rusks, biscuits, cakes, and traditional Indian sweets.
The company receives daily orders from wholesale depots and
bakeries in Punjab, Uttarakhand, Himachal Pradesh, Haryana, and
Jammu and Kashmir.


KRISHNA COIL: CRISIL Reaffirms 'BB+' Rating on INR100M Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Krishna Coil Cutters Pvt
Ltd continues to reflect KCCPL's weak financial risk profile
marked by high gearing levels, and the susceptibility of its
operating profitability to volatility in steel prices. These
weaknesses are partially offset by the experience of KCCPL's
promoters in the steel business, and the support it receives from
its associate company, Krishna Sheet Processors Pvt Ltd (KSPPL,
rated 'BBB/Stable/P3+' by CRISIL).

   Facilities                        Ratings
   ----------                        -------
   INR100.0 Million Cash Credit      BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCCPL's financial risk profile will remain
weak over the medium term, and that the company will continue to
depend on financial support from KSPPL. The outlook may be revised
to 'Positive' if KCCPL reports significant improvement in its
operating income and profitability, and manages to stabilise its
rolling mill operations without time or cost overruns. Conversely,
the outlook may be revised to 'Negative' if KCCPL's financial risk
profile weakens because of deterioration in its profitability amid
volatility in steel prices, and/or its debt levels increase
significantly.

Summary Update

KCCPL's sales have increased by 48 per cent year-on-year to INR880
million in 2009-10 (refers to financial year, April 1 to March
31), and are higher than CRISIL's earlier estimates. The company's
operating profit margin, at 3.8 per cent for 2009-10, has
marginally improved over the previous year's level.

Though KCCPL has demonstrated higher-than-expected revenue growth,
the overall rating remains largely constrained because of the
deterioration in the company's financial risk profile. The gearing
has increased to 6.7 times as on March 31, 2010, from 4.7 times a
year earlier. The increase is primarily on account of higher
inventory, which has led to dependence on interest-bearing
unsecured loans from promoters for financing the working capital
requirements. Because of higher-than-anticipated debt financing,
KCCPL's debt protection indicators have marginally deteriorated in
2009-10 as compared with the previous year.

CRISIL expects KCCPL's financial risk profile to remain weak over
the medium term.

KCCPL reported a profit after tax (PAT) of INR9 million on net
sales of INR879 million for 2009-10, against a PAT of INR6 million
on net sales of INR595 million for 2008-09.

                         About Krishna Coil

Incorporated in 2007, KCCPL is in the business of processing hot-
rolled and cold-rolled steel sheets, which are used in
automobiles, construction, steel furniture, and electric panels.
Its manufacturing unit is located at Barejagaon (Gujarat), and the
company caters to the Gujarat market. The current management team
comprises first-generation entrepreneurs, with each member having
more than 30 years of relevant industry experience.


LAKSHMI STEEL: CRISIL Reaffirms 'BB-' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakshmi Steel Rolling
Mills continue to reflect LSRM's exposure to risks relating to
cyclicality in the shipping industry, fluctuations in steel scrap
prices, and unfavorable government regulations and its weak
financial risk profile, marked by a low net worth.  These
weaknesses are partially offset by the promoter's experience, and
healthy growth prospects, of the ship-breaking industry.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Limit      BB-/Stable (Reaffirmed)
   INR400.0 Million Letter of Credit      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that LSRM will maintain its stable business and
financial risk profiles over the medium term. The outlook may be
revised to 'Positive' if the firm benefits from the current
uptrend in the ship-breaking industry, and increases the scale of
its operations significantly. Conversely, the outlook may be
revised to 'Negative' if a significant reduction in steel prices
leads to losses for LSRM.

Update

LSRM is estimated to report an operating income of around INR394
million for 2009-10 (refers to financial year, April 1 to
March 31), a growth of 75 per cent as compared to 2008-09,
primarily due to revival in the ship-breaking industry. CRISIL
believes that the firm will continue to report higher revenues
over the near term with continued buoyancy in ship-breaking
activities. LSRM has maintained its financial risk profile with
utilisation of its cash credit facilities for custom duty payment,
and no long-term debt.

LSRM is estimated to report a book profit of INR7.1 million on net
sales of INR394.3 million for 2009-10, against INR2.4 million and
INR227.6 million, respectively, for 2008-09.

About the Firm

Set up in 1994, LSRM is a partnership firm engaged in ship-
breaking activities in Alang (Gujarat), the leading centre of the
ship-breaking and recycling industry in Asia.  It purchases old
ships, breaks them into steel plates, and supplies them to rolling
mills located in Gujarat.


LEENA POWER-TECH: CRISIL Reaffirms 'BB+' Rating on INR40MM Credit
-----------------------------------------------------------------
CRISIL has reaffirmed its 'BB+/Stable/P4+' ratings on the bank
facilities of Leena Power-Tech Engineers Pvt Ltd (Leena).

   Facilities                        Ratings
   ----------                        -------
   INR40.0 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR60.0 Million Bank Guarantee    P4+ (Reaffirmed)

The ratings continue to reflect Leena's exposure to risks relating
to geographical and customer concentration in revenue profile, and
to volatility in raw material prices because of the fixed-price
nature of its sales contracts, despite the customised nature of
its projects. The impact of these weaknesses is partially
mitigated by Leena's good revenue visibility, backed by a healthy
order book, and moderate financial risk profile, marked by low
gearing and healthy debt coverage indicators.

Outlook: Stable

CRISIL believes that Leena's financial risk profile will remain
moderate, marked by low gearing and healthy debt coverage
indicators, over the medium term. The outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
significantly because of increase in gearing, without a
commensurate increase in cash accruals, or if its debt-servicing
ability reduces, driven by larger-than-expected borrowings.
Conversely, the outlook may be revised to 'Positive' if Leena's
profitability improves substantially, or if the promoters infuse
more equity than expected.

Summary Update

Leena has registered revenue growth of 42 per cent in 2009-10
(refers to financial year, April 1 to March 31) over the previous
year. However, the company's revenues are substantially lower than
CRISIL's expectations.  Its operating profit margin declined to
8.5 per cent in 2009-10, in line with CRISIL's expectations, from
10.5 per cent in the previous year. Leena's financial risk profile
remains healthy, backed by a low gearing of 0.4 times as on
March 31, 2010.  The gearing improved on account of a more
efficient working capital management, and substantial reduction in
bank limit utilization to 34 per cent on average over the 12
months through May 2010, from 63 per cent during the months
immediately after the assignment of ratings.  The significant
improvement in financial risk profile is partially offset by
Leena's exposure to customer concentration risks, and its lower-
than-expected revenue growth.

Leena has unexecuted orders of INR1.59 billion as on March 31,
2010, of which around INR1 billion consists of orders from
Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

                       About Leena Power-Tech

Leena (initially a partnership firm), was incorporated in 1999 by
Mr. Amit Teckchandani. The company undertakes civil construction
work for sub-stations, electrification, and power supply and
distribution for various private and public bodies such as IVRCL
Infrastructures and Projects Ltd, Larsen & Toubro Ltd, State Bank
of India, Reserve Bank of India, City & Industrial Development
Corporation of Maharashtra Ltd, Indian Railways, and MSEDCL. Leena
is registered as a class 'A' contractor with various government
departments. Leena reported a profit after tax (PAT) of INR14
million on net sales of INR310 million for 2009-10, against a PAT
of INR10 million on net sales of INR219 million for 2008-09.


RANGA WEAVES: CRISIL Assigns 'B-' Rating to INR83.2MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Ranga Weaves
India Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR83.20 Million Long Term Loan        B-/Stable (Assigned)
   INR35.00 Million Cash Credit Facility  B-/Stable (Assigned)
   INR8.00 Million Bank Guarantee Limit   P4 (Assigned)

The ratings reflect Ranga Weaves' weak financial risk profile,
marked by an aggressive capital structure and average debt
protection metrics, small scale of operations, and exposure to
intense competition in the textile industry.  These rating
weaknesses are partially offset by Ranga Weaves' promoters'
experience and the company's established regional market position
in the cotton grey fabric industry with comfortable operating
efficiencies.

Outlook: Stable

CRISIL believes that Ranga Weaves will continue to benefit over
the medium term from its promoter's strong track record in the
cotton grey fabric business. The outlook may be revised to
'Positive' if the company's scale of operations and capital
structure improve considerably from current levels. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates because of lower-than-expected
operating margin and revenues, or large debt-funded capital
expenditure.

                         About Ranga Weaves

Incorporated in 2005, Ranga Weaves manufactures 100 per cent grey
cotton fabric largely for the domestic market. The company's day-
to-day affairs are managed by its promoter director Mr. E L Giri
who has experience of more than a decade in the textile industry.
The company has 36 air-jet power looms, with capability to
manufacture both wide-width grey fabric and narrow-width grey
fabric. Ranga Weaves plans to integrate backward by setting up
12,000 spindles at a cost of INR200 million, to be funded in a
debt-to-equity ratio of 3:1, over the next 18 to 24 months.

Ranga Weaves reported a provisional profit after tax (PAT) of INR1
million on net sales of INR154 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3
million on net sales of INR141 million for 2008-09.


SANGAL PAPERS: CRISIL Lifts Rating on INR78.6MM Term Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on Sangal Papers Ltd's bank
facilities to 'BB-/Stable/P4+' from 'D/P5'.

   Facilities                           Ratings
   ----------                           -------
   INR71.0 Million Cash Credit Limit    BB-/Stable (Upgraded from
                                                    'D')
   INR78.6 Million Term Loan            BB-/Stable (Upgraded from
                                                    'D')
   INR10.0 Million Letter of Credit     P4+ (Upgraded from 'P5')
   INR1.0 Million Bank Guarantee        P4+ (Upgraded from 'P5')

The upgrade reflects timely servicing of debt since February 2010.
CRISIL believes that SPL will generate sufficient cash accruals to
meet its term debt obligations over the medium term.

The ratings also reflect SPL's exposure to risks associated with
its small scale of operations, intense competition in the
commoditised paper industry, and susceptibility to changes in
government policies.  These rating weaknesses are partially offset
by the company's established relationship with customers and
improving operating efficiencies and average financial risk
profile.

Outlook: Stable
CRISIL believes that SPL will maintain its business risk profile
backed by established relationship with customers. The outlook
could be revised to 'Positive' in case of a steeper-than-expected
improvement in operating profitability, positively impacting cash
generation, leading to better debt protection metrics. The outlook
may be revised to 'Negative' in case SPL's debt protection metrics
deteriorate significantly because of strained profitability, or
any significant debt-funded capital expenditure.

                        About Sangal Papers

Incorporated in 1980, Sangal Papers Ltd manufactures newsprint,
and writing and printing paper (WPP) with waste paper as its raw
material. Around 70 per cent of the company's revenues are from
newsprint paper (NP) and the balance from WPP and activity paper.
The company's plant situated in Mawana (Uttar Pradesh) has annual
installed capacity of 33,000 tonnes with NP in different varieties
from 45 to 48 grams per square metre (gsm). In 1999, SPL had
incurred losses and was referred to the Board for Industrial and
Financial Reconstruction (BIFR). The restructuring scheme was
approved by the Board in 2004 and accordingly, the company
undertook reduction in share capital and restructuring of its bank
facilities.

SPL reported a profit after tax (PAT) of INR12.5 million on net
sales of INR604.8 million for 2009-10, as against a PAT of INR11.4
million on net sales of INR586.0 million for 2008-09.


SHREE CHANCHAL: CRISIL Reaffirms 'BB' Rating on INR250MM Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Chanchal
Industries Pvt Ltd continue to reflect the company's weak
financial risk profile, marked by low net worth, and high gearing.
The rating also factors in SCIPL's exposure to risks relating to
low operating margins owing to the conversion nature of its
business, and presence in a price-sensitive market segment.
However, these weaknesses are partially offset by the benefits
that SCIPL derives from its established presence in the stainless
steel sheets segment, its promoters' experience, and strong
relationships with customers and suppliers.

   Facilities                             Ratings
   ----------                             -------
   INR250.00 Million Cash Credit Limit    BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCIPL will maintain a stable business risk
profile, backed by its established presence in the stainless steel
sheets segment, its promoters' experience, and steady operating
profit margins. The outlook may be revised to 'Positive' if
SCIPL's financial risk profile improves, backed by increasing net
worth and reduced gearing; or to 'Negative' if SCIPL undertakes
large, debt-funded capital expenditure over the medium term,
leading to fixed debt repayment obligations.

Update
SCIPL's net sales are estimated to decline to INR1.75 billion in
2009-10 (refers to financial year, April 1 to March 31) from
INR1.88 billion in 2008-09 on account of decline in prices of
stainless steel in the year.  However, the operating margin is
also estimated to increase to 1.98 per cent in 2009-10, from 1.47
per cent in 2008-09. During 2009-10, the company has not
undertaken any significant capex.  The company does not have any
term loan in its capital structure as on date. SCIPL's weak
financial risk profile is underpinned by its high gearing of 2.1
times and weak debt protection measures with NCATD at 0.04 times
and interest coverage at 1.5 times as on March 31, 2010. The
company does not have any significant capex plans in the near to
medium term.

                        About Shree Chanchal

Shree Chanchal Industries P Ltd (SCIPL), incorporated in 2000, is
the flagship company of Chopra group. The company is in the
business of manufacturing Stainless steel sheets of 200 Series
which is mainly used for manufacturing kitchen utensils.  The
Chopra group has 6 units in Jodhpur for manufacturing stainless
steel sheets with an overall capacity of 42000 MT p.a. The group
shifted all operations of manufacturing SS sheets in SCIPL in
2005. The other 5 units are engaged in carrying out job work for
SCIPL.

For 2008-09, SCIPL reported a profit after tax (PAT) of INR1.99
million on net sales of 1.88 billion (refers to financial year,
April 1 to March 31), as against a PAT of INR5.4 million on net
sales of INR1.67 billion for 2007-08.


SURAJ PRODUCTS: CRISIL Reaffirms 'BB+' Ratings on Various Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Suraj Products Ltd
continue to reflect SPL's small market share, and vulnerability to
downtrends, in the steel industry; and its large working capital
requirements.  These weaknesses are partially offset by the
company's above-average financial risk profile, marked by moderate
gearing and adequate debt protection measures.

   Facilities                         Ratings
   ----------                         -------
   INR85.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR82.7 Million Rupee Term Loan    BB+/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR5.0 Million Bank Guarantee      P4+ (Reaffirmed)


Outlook: Stable

CRISIL believes that SPL will maintain its financial risk profile
over the medium term on the back of strong debt protection
measures, with company planning no major capex going ahead.  The
outlook may be revised to 'Positive' if the company increases its
scale of operations significantly, and consequently its market
share and revenues, while maintaining its healthy profitability.
Conversely, the outlook may be revised to 'Negative' if SPL
undertakes a large, debt-funded capital expenditure (capex)
programme, leading to deterioration in its capital structure.

Update

SPL's revenues in 2009-10 (refers to financial year, April 1 to
March 31), at INR520 million, were largely in line with CRISIL's
expectation.  There has been a year-on-year decline of around 7
per cent in revenues in 2009-10.  Earlier, the company used to
sell its iron ore fines at free-on-board (FOB) prices; however, in
2009-10, it recorded higher sales on ex-factory terms, as a result
of which there was a decline in overall realization levels. The
company recorded an operating margin of 14.3 per cent in 2009-10,
as against 10.6 per cent in 2008-09; the improvement was because
of reduced costs of its major raw materials such as iron ore,
coke, and coal.

Although its revenues declined, SPL's working capital requirements
increased by about INR44 million in 2009-10 because of stocking up
of inventory. The inventory holding period increased to around 150
days as on March 31, 2010, from around 95 days a year earlier. The
company has adopted this policy because of shortage of iron ore in
Orissa and surrounding areas, and in future it is expected to hold
similar levels of inventory. SPL has availed inter-corporate
borrowings from group concerns to fund this increase in working
capital requirements.

SPL has no large debt-funded capex plans for the medium term, and
its existing capacities will be adequate to meet its business
requirements over the period. CRISIL believes that SPL will
sustain its financial risk profiles given the lack of large debt-
funded capex.

SPL reported a profit after tax (PAT) of INR14.1 million on net
sales of INR559.0 for 2009-10, against a PAT of INR12.8 million on
net sales of INR581.8 million for 2008-09.

                        About Suraj Products

SPL, incorporated in 1991 as Champion Cement Industries Pvt Ltd,
commenced operations as a manufacturer of cement. The name was
changed in 2000.  The company began manufacturing sponge iron in
2001, and currently has an installed capacity to manufacture
36,000 tonnes per annum (tpa) of pig iron and 24,000 tpa of sponge
iron.  The facilities are located in Rourkela (Orissa). The cement
operations were discontinued in 2003.


UNITED POLYMERS: CRISIL Assigns 'BB+' Rating to INR59MM Bank Debt
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to United
Polymer's (UP's) bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR59.0 Million Secured Overdraft      BB+/Stable (Assigned)
   INR2.5 Million Bill Discounting        P4+ (Assigned)
   INR48.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect UP's average financial risk profile marked by
low cash accruals, small net worth, weak interest coverage ratio,
and exposure to risks related to customer concentration in revenue
profile.  These rating weaknesses are partially offset by UP's
healthy track record as distributor of polymers for Reliance
Industries Ltd (RIL, rated 'AAA/Stable/P1+' by CRISIL), and UP's
adequate risk management policies.

Outlook: Stable

CRISIL believes that UP will maintain its current credit risk
profile over the medium term on the back of its sound working
capital management practices and established relationship with
RIL.  The outlook may be revised to 'Positive' in case of
significant improvement in the firm's capital base and hence its
capital structure.  Conversely, the outlook may be revised to
'Negative' if there are large defaults in payments from customers
or if adverse movements in interest rates affect the spread
available to the firm.

                        About United Polymer

Established in 1990s, UP started operations in 1996, as a del
credere agent of RIL. UP is a partnership firm owned by the
(Mumbai based) Bhatia family and managed by Mr. Rajiv Bhatia. UP
is one of RIL's larger del credere agents and sells an average of
around 8,500 tonnes of polymer products monthly.  These products
include low-density poly ethylene (LDPE), low-linear density
polyethylene (LLDPE), polypropylene (PP), high-density
polypropylene (HDPP) and poly vinyl chloride (PVC). UP distributes
polymers in Maharashtra, Goa, Daman and Silvassa.

UP reported a profit after tax (PAT) of INR7 million on net sales
of INR20 million for 2008-09 (refers to financial year, April 1 to
March 31) against a PAT of INR9 million on net sales of INR20
million for 2007-08.


VIRENDRA & COMPANY: CRISIL Reaffirms 'BB' Rating on INR31.5MM Debt
------------------------------------------------------------------
CRISIL's ratings on Virendra & Co.'s bank facilities continue to
reflect V&C's weak financial risk profile, marked by small net
worth and small scale of operations, and susceptibility to
cyclicality in the ship-breaking industry, volatility in the
prices of steel scrap, and unfavorable regulatory changes.  These
weaknesses are partially offset by the benefits that V&C derives
from the strong track record of its promoters, and the healthy
growth prospects for the ship-breaking industry.

   Facilities                           Ratings
   ----------                           -------
   INR31.5 Million Cash Credit          BB/Stable (Reaffirmed)
   INR265.0 Million Letter of Credit    P4+ (Reaffirmed)
   INR3.5 Million Proposed Short-Term   P4+ (Reaffirmed)
                  Bank Loan Facility

Outlook: Stable

CRISIL believes that V&C will, over the medium term, benefit from
revival in the fortunes of the ship-breaking industry in 2010-11
(refers to financial year, April 1 to March 31). The outlook may
be revised to 'Positive' if the firm benefits from the boom in the
ship-breaking industry, and increases its scale of operations.
Conversely, the outlook may be revised to 'Negative' if sharp
decline in steel scrap prices leads to deterioration in the firm's
financial risk profile.

Summary Update

V&C has registered a revenue growth of 4.17 per cent in 2009-10 as
compared to the previous financial year. The operating profit
margins have also increased to 4.76 per cent in the 2009-10 as
against 4.48 per cent in 2008-09.

However, as the firm has failed to receive the requisite approvals
from the Gujarat Maritime Board (GMB), it has not converted itself
in to a company during the year, as earlier expected.  For 2009-
10, the firm's gearing has improved to 0.58 times as against 0.88
times during the previous year; this is because of improved net
worth. V&C's debt protection metrics continue to remain moderate
with the interest coverage ratio at 3.05 times and the net cash
accruals to debt being 0.35 times.

The average utilisation of the firm's fund-based and non-fund
based limits continue to remain low at 37.5 per cent. The firm's
earlier plans of capital expenditure of INR25 million for
additional berths at its Alang (Gujarat) facility have now been
put on hold until the receipt of requisite approvals from the GMB
for conversion into a firm.

                        About Virendra & Co

V&C has capacity to break ships ranging from 5000 tonnes to 22,000
tonnes at its 50-metre plot at Alang, the leading centre for ship-
breaking and recycling in Asia.  The firm breaks ships such as
general cargo, oil tankers, reefers and bulk carriers. V&C's
promoters, the Shah family headed by Mr. Kirit Shah, have been in
the ship-breaking business for the past 25 years. V&C imports
ships, breaks them into iron and steel plates, and sells the same
to re-rolling mills in and around Bhavnagar area.

V&C has provisionally reported a profit after tax (PAT) of INR13
million on net sales of INR378 million for 2009-10, against a PAT
of INR10 million on net sales of INR371 million for 2008-09.


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


JAPAN FINANCE: Moody's Upgrades Ratings on Two Japan SME CLOs
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two Japan
SME CLOs by the Japan Finance Corporation (formerly, Japan Finance
Corporation for Small and Medium Enterprise).

The rating actions are:

* CLO in September 2006 of Regional Financial Institutions

  -- JPY 10,500,000,000 Senior Trust Certificates, upgraded to Aaa
     (sf); previously on May 14, 2010, upgraded to Aa1 (sf) from
     A1 (sf) placed under review for possible upgrade

  -- JPY 250,000,000 Mezzanine Trust Certificates, upgraded to Aa3
     (sf); previously on May 14, 2010, upgraded to Baa1 (sf) from
     Ba2 (sf) placed under review for possible upgrade

* Synthetic CLO of Regional Financial Institutions (Tanpopo 2008,
   LLC) (including Kumamoto Prefecture CLO 2007)

  -- JPY 800,000,000 Series One Class B Unsecured Notes, Upgraded
     to Aaa (sf); previously on February 5, 2010, upgraded to Aa3
     (sf) from A1 (sf)

The first deal is a cash CLO transaction backed by corporate loans
in the form of (1) SME loans originated by regional financial
institutions and purchased by JFC under its "purchase scheme"
securitization program, and (2) SME loans originated by JFC under
its "self-origination scheme" securitization program.  The second
deal is a synthetic CLO transaction referencing corporate loans
for SMEs that were originated by financial institutions under
JFC's "purchase scheme" program.  In both cases, the SME loans
were originated with the intention to securitize them.

The actions reflect primarily the improvement in credit
enhancement due to deal amortization.

Moody's notes that the business environment for SMEs has been
improving, although they are still under difficult conditions
compared with that for large companies.  The financing environment
for SMEs has also improved substantially, thanks in part to the
government support for SME financing in addition to the general
economic recovery.  Therefore, the number of bankruptcies has
decreased since April 2009.  Moody's expects that the
circumstances surrounding SMEs will be generally stable, as the
Japanese economy continues to recover and the government support
for SME financing remains effective until the end of FY2010.  As a
result, Moody's does not believe that a large increase in SME
defaults is likely for the near term.  Nevertheless, Moody's
remains cautious about the business environment for SMEs, taking
into account financial institutions' lending attitude after the
expiration of the loan extended maturities under the loan
repayment moratorium law for SMEs.

Moody's observes that the portfolio default rate of SME CLOs by
JFC was low in Q2 2010 and the same as that in FY2009.  Short-term
delinquencies (three months or less delinquency) continue to occur
in most transactions at the same levels as in FY2009, while for a
few transactions, they have decreased.

Furthermore, most short-term delinquencies have become long-term
delinquent.  Moody's estimates that more than half of the current
long-term delinquencies will default, or at least remain
delinquent until maturity.  The rest will likely catch up with
their payments, or be bought back by the originators.  Moody's
expects this trend to last through the end of FY2010 as long as
the economic trend and financing environment do not change
dramatically.  As a result, Moody's maintains the same expected
default rate assumption of each transaction as determined
previously and described in details in Moody's Special Report,
"Japan SME CDO Rating Monitoring: June 2010 Update, " June 2010.

In reaching its rating decision, Moody's takes into account the
expected default rates, outstanding delinquency trends and changes
in credit enhancement, which comprise current subordination and
excess spread.

These summarizes the key performance trend and expected default
rates for the affected transactions:

  -- CLO in September 2006 of Regional Financial Institutions

In Q2 2010, two defaults, or approximately JPY 34 million, have
occurred, slightly higher than Moody's expectation.  The
outstanding number of long delinquent loans as of the end of June
2010 is seven, or approximately JPY 142 million.  In addition,
five short-term delinquencies have newly occurred mainly in the
regional financial institutions' pool, although their impact on
ratings is limited because the amount was small.

Moody's expects that the performance of this pool will continue to
stabilize and the expected default rate for the underlying pool
will be around 2%.  For this transaction, the subordination ratio
is expected to continue to increase, stemming from the
amortization of the underlying loans.  The increase in
subordination ratio will continue even if the default rate stays
above Moody's expectation, thanks to the shortening life to
maturity and amortization.

  -- Tanpopo 2008

In Q2 2010, seven credit events, or approximately JPY 60 million,
have occurred, well within Moody's expectation.  Newly occurred
delinquencies also decreased, down to 14 (approximately
JPY210 million) from 21 in Q1 2010.  Its occurrence rate remains
at approximately 5%.

Although the credit event rate and delinquency occurrence rate
have reversed from increasing in the past to decreasing currently,
the expected credit event rate for the underlying pool will be
around 4-5%, because some outstanding delinquencies may turn into
credit events.  The subordination ratio is also expected to
increase, stemming from the amortization of the referencing loans,
and shortening remaining life of the transaction, which is
approximately eight months.

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.


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


DAEWOO SHIPBUILDING: Second Qtr Profit Drops 32% to KRW141 Billion
------------------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that
its second-quarter profit dropped 32% from a year earlier due to a
slump in new orders, Yonhap News reports.

Yonhap relates the company said net profit reached KRW141 billion
(US$121 million) in the April-June period, compared with a profit
of KRW207 billion a year earlier.

                      About Daewoo Shipbuilding

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

                           *     *     *

Daewoo Shipbuilding & Marine Engineering Co. has been under a
creditors-led corporate restructuring program since 1999 along
with some other affiliates after its parent, Daewoo Group,
collapsed under heavy debt exposure.  Daewoo Shipbuilding is up
for sale and the Korea Development Bank and Korea Asset Management
Corporation started the sale process of their remaining stakes in
the second half of 2006.


HAITAI BEVERAGE: Asahi Breweries Mulls Selling Firm Amid Losses
---------------------------------------------------------------
Asahi Breweries Ltd. said is seeking to sell Haitai Beverage Co.
Ltd., The Korea Herald reports.

The Korea Herald says some media reports earlier noted that Asahi
may want to tap Lotte Group to beef up its business in Korea, but
the firm denied such reports.  Lee Byung-hee, a spokesman at
Lotte, said the group has no information about a possible alliance
with Asahi.

The Korea Herald discloses that Haitai posted an operating loss of
KRW39.4 billion (US$33.6 million) on sales of KRW260 billion last
year.  Asahi predicts Haitai will post its sixth straight
operating loss for this year, the report adds.

Asahi holds 58% of Haitai and Lotte Group holds 19% of the non-
alcoholic drinks business.

Haitai Beverage Co., Ltd. manufactures and sells beverages in
South Korea and internationally. The company's products include
fruit juices and mineral water; and carbonated juice, sports and
health, rice, Chinese date, coffee and tea, soda, and cereal
drinks. It exports its products to the Russian Federation, Africa,
and the Republic of China markets. The company was founded in 1973
and is based in Seoul, South Korea. Haitai Beverage Co., Ltd.
operates as a subsidiary of Asahi Breweries Ltd.


GENERAL MOTORS: KDB Rolls Over KRW1.13 Trillion GM Daewoo Loans
---------------------------------------------------------------
The Korea Development Bank on Thursday rolled over KRW1.13
trillion (US$965.5 billion) in maturing loans of GM Daewoo Auto &
Technology Co. amid stalled talks with U.S. parent General Motors
Co. over its turnaround plan, according to Yonhap News Agency.

Yonhap relates KDB, the main creditor of GM Daewoo, said the loans
were to mature Thursday, but creditors decided to allow the
automaker to delay repayment for another month, marking the fourth
consecutive maturity extension since April.

The lender said talks on GM Daewoo's future have come to a
temporary halt as negotiators from both sides have gone on summer
vacation.  They will resume early next month, the report notes.

Yonhap recalls that GM Daewoo suffered a cash squeeze since early
last year as the 2008 global crisis troubled the company's vehicle
sales.  KDB has been negotiating with General Motors on GM's
injection of fresh cash into the embattled unit and other ways of
keeping it afloat, including a transfer of key auto technologies,
shareholder rights and a dispatch of officials to oversee the
subsidiary's finances.

The lender is considering retrieving the loans from GM Daewoo if
both sides fail to reach agreement on the turnaround plan, Yonhap
notes.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.  General Motors acquired operations from General Motors
Corporation on July 10, 2009, and references to prior periods in
this and other press materials refer to operations of the old
General Motors Corporation.

General Motors Ventures, LLC, was funded with an initial
investment of $100 million, and is currently exploring equity
investments in a number of auto-related technologies and business
models.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At March 31, 2010, GM had US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$23.053 billion.

                      About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


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


TRANSMILE GROUP: CCM Strikes-Off Philippine Unit From Register
--------------------------------------------------------------
Transmile Group Berhad said it received notification from the
Companies Commission of Malaysia that Transmile (Philippines) Sdn.
Bhd., a wholly-owned subsidiary of Transmile Air Services Sdn.
Bhd. (also a wholly-owned subsidiary of Transmile Group) has been
struck-off from the register of the Companies Commission of
Malaysia.

TPSB was incorporated in Malaysia on December 15, 1997.

The Striking-Off has no material effect on the earnings and net
assets per share of the Company for the financial year ending
December 31, 2010.  Upon completion of the Striking-Off, TPSB will
cease to be wholly-owned subsidiary of TAS and sub-subsidiary of
TGB.

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


EXICOM TECHNOLOGIES: IRD Files Application to Liquidate Firm
------------------------------------------------------------
The Commissioner of Inland Revenue has applied to put Exicom
Technologies into liquidation, Computerworld reports.

Computerworld relates parent firm Exicom Holdings was placed into
receivership in April this year.  According to the report, the
Exicom Holdings had run into debt problems.  The creditor who
sought the receivership was long-established trade financier S H
Lock NZ Ltd.

Receiver Anthony Harris had hoped the company might be for sale as
a going concern, the report says.

Computerworld says the application will be heard in the High Court
in Wellington on August 18.

New Zealand-based Exicom Technologies -- http://www.exicom.co.nz/
-- designs, manufactures and exports a range of VHF, UHF and
microwave wireless systems.


MELVIEW INVESTMENTS: Kawarau Development Stage One Owes NZ$219MM
----------------------------------------------------------------
The amount owed by stage one of the Kawarau Falls Station
development in Queenstown to the Bank of Scotland International
has increased from $117 million to $219 million since it was
placed in receivership in May 2009, The Otago Daily Times.

According to the Otago Daily, the third receivers' report by Grant
Graham and Brendon Gibson of KordaMentha stated that the
development is ongoing, while no property of the $1 billion
Kawarau Falls Station has been sold since the developing companies
Melview Investments Ltd and Melview Development Ltd, owned by
Nigel McKenna of Auckland were placed in receivership.

The Otago Daily notes that the ongoing development had been funded
by extended loans from the Bank of Scotland International, which
had pushed the outstanding debt to the bank up to $219 million
including interest accrued since the date of the receivership.

The Otago Daily says the amount owed to unsecured creditors was
reported to be about $4.9 million, but the receivers said it was
"unlikely that there will be any funds available for unsecured
creditors".

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2009, Bank of Scotland International appointed Brendon
Gibson and Grant Graham of KordaMentha as receivers to Melview
(Kawarau Falls Station) Investments Ltd and Melview (Kawarau Falls
Station), the companies associated with a billion-dollar Kawarau
Falls Station resort development in Queenstown.

The 6.4ha site at Kawarau Falls Station, the only north-facing
high-density residential site in Queenstown, was intended to have
1100 units and 13 buildings, boulevard-style streets, restaurants
and parks, when completed in 2011.


===========
T A I W A N
===========


AU OPTRONICS: Court Injunction Threatens to Halt Taiwan Expansion
-----------------------------------------------------------------
Lorraine Luk and Ting-I Tsai at Dow Jones Newswires report that a
court injunction threatens to halt massive expansion by AU
Optronics Corp. to build new liquid-crystal-display plants in
central Taiwan.

Dow Jones relates that Taiwan's Environmental Protection
Administration said the Taipei High Administrative Court has
reversed an initial approval by the government for AU Optronics to
build panel plants in Central Taiwan Science Park, citing
environmental pollution concerns.  According to Dow Jones, Li-chen
Wang, an official at the government's National Science Council
said the government has decided to appeal the ruling.  The
National Science Council oversees the development of Taiwan's
technology industry.

"We have to comply with the court order while we are evaluating
countermeasures now," Dow Jones quoted Chen Ming-huang, a
spokesman for the administration of Central Taiwan Science Park,
as saying.

AU Optronics spokeswoman Yawen Hsiao said the company hasn't
received a formal notice on the matter, according to Dow Jones.

Meanwhile, Euroweek.com reports that AU Optronics is set to
increase a $300 million loan for its Singapore subsidiary this
week, having attracted 11 banks to the syndicate.  Euroweek.com
says the borrower is set to use its 20% greenshoe option to
increase the facility to $360 million, but having got strong
demand it is still likely to have to scale back commitments.

                        About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays.  The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


TAIWAN INTERNATIONAL: Fitch Puts Ratings on Positive Watch
----------------------------------------------------------
Fitch Ratings has placed various ratings of Taiwan International
Securities Corporation on Rating Watch Positive, following the
merger announcement with Capital Securities Corporation.

CSC announced on July 26, 2010, that it would acquire and merge
with TISC by Q111, subject to shareholder and regulatory
approvals.  Fitch notes that the sale of TISC to CSC has led to a
resolution of the ownership dispute between TISC's two largest
shareholders, which will help alleviate the pressure on TISC's
earnings and franchise.  The RWP reflects Fitch's view that TISC
could benefit from being part of the larger and more diversified
securities firm, and the agency will withdraw TISC's ratings upon
completion of the transaction.  However, should the merger not
take place for any reason, Fitch will reassess TISC's evolving
franchise, credit profile and the associated rating implications.

As Fitch has indicated in a previous release, merging with a
third-party institution was one of TISC's options to resolve the
dispute over management control between its two largest
shareholders.  CSC's tender offer was already accepted by TISC's
two major shareholders, who together hold a total of 68% in the
company, which is above the 67% threshold of acquisition
transaction.  Fitch expects the deal to go through given the large
cancellation penalties.

In the highly fragmented securities brokerage market in Taiwan,
the acquisition will boost CSC's retail brokerage franchise and
potentially enhance economic efficiency for the combined entity.
The combined entity will possess a local brokerage market share of
over 6% (compared with 4.2% for CSC and 2.2% for TISC in 2009) and
rank third to fourth among domestic peers.  Meanwhile, the
combined capitalization would remain adequate, although it may be
lower than those of CSC and TISC due to moderately increased bank
borrowings and goodwill generated due to the merger.  The deal
totaled TWD13.5bn, including TWD3.1bn premium on TISC's book value
at end-Q110.  More than TWD7bn of the deal will be paid in cash,
and the remaining will be paid by share swap.

The detailed list of rating actions is:

  -- Long-term foreign currency Issuer Default Rating at 'BB',
     placed on RWP;

  -- Short-term IDR at 'B', placed on RWP;

  -- National Long-term rating at 'BBB+(twn)', placed on RWP;

  -- National Short-term rating at 'F3(twn)', placed on RWP;

  -- Individual rating at 'D', placed on RWP;

  -- Support affirmed at '5';

  -- Support Rating Floor affirmed at 'NF'.


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


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

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


AUSTRALIA


ADVANCE HEAL-NEW        AHGN             16.93          -8.23
ARASOR INTERNATI        ARR              19.21         -26.51
AUSTAR UNITED           AUN             568.69        -325.83
AUSTRAILIAN Z-PP        AZCCA            77.74          -2.57
AUSTRALIAN ZIRC         AZC              77.74          -2.57
AUTRON CORP LTD         AAT              32.50         -13.46
BCD RESOURCES OP        BCO              22.09         -61.19
BCD RESOURCES-PP        BCOCC            22.09         -61.19
BIRON APPAREL LT        BIC              19.71          -2.22
CENTRO PROPERTIE        CNP          14,784.56        -461.11
CHALLENGER INF-A        CIF           2,307.01        -104.58
CHEMEQ LTD              CMQ              25.19         -24.25
CITY PACIFIC LTD        CIY             171.50          -6.38
ELLECT HOLDINGS         EHG              18.25         -15.49
HEALTH CORP LTD         HEA              13.85          -0.97
HEALTH CORP LT-N        HEAN             13.85          -0.97
HYRO LTD                HYO              11.59          -4.73
IVANHOE AUST LTD        IVA              49.44          -6.51
MAC COMM INFR-CD        MCGCD         8,104.42        -103.34
NATURAL FUEL LTD        NFL              19.38        -121.51
ORION GOLD NL           ORN              12.37         -24.99
POWERLAN LTD            PWR              30.84          -5.94
SCIGEN LTD-CUFS         SIE              71.22         -25.69
SHELL VILLAGES A        SVC              13.47          -1.66
TAKORADI LTD            TKG              13.99          -0.41
VERTICON GROUP          VGP              15.07         -29.20


CHINA

BAO LONG ORIENTA        600988           11.60          -7.44
BAOCHENG INVESTM        600892           21.39          -2.55
CHANGAN INFO-A          600706           19.27          -7.62
CHENGDE DALU -B         200160           26.76          -5.73
CHENGDU UNION-A         693              41.39         -12.35
CHINA KEJIAN-A          35               84.21        -182.60
CONTEL CORP LTD         CTEL             24.17         -45.31
DATONG CEMENT-A         673              21.25          -1.54
DONGGUAN FANGD-A        600656           22.26         -59.02
DONGXIN ELECTR-A        600691           13.53         -19.38
GAOXIN ZHANGTO-A        2075            110.44         -39.93
GUANGMING GRP -A        587              46.25         -38.70
GUANGXIA YINCH-A        557              30.99         -29.72
HAINAN ZHUXIN-A         600515          123.22          -2.37
HEBEI BAOSHUO -A        600155          110.09        -387.99
HEBEI JINNIU C-A        600722          227.88        -230.19
HISENSE KELON -H        921             618.47        -107.13
HISENSE KELON-A         921             618.47        -107.13
HUASU HOLDINGS-A        509              86.39          -3.82
HUNAN ANPLAS CO         156              44.13         -69.23
JINCHENG PAPER-A        820             250.82          -5.71
JINHUA GROUP-A          818             335.97         -31.40
LIAOYUAN DEHENG         600699          121.62         -29.14
QINGHAI SUNSHI-A        600381           68.98         -25.40
SHAANXI QINLIN-A        600217          233.70         -34.38
SHANG BROAD-A           600608           74.98         -19.72
SHANG HONGSHENG         600817           15.44        -457.23
SHANGHAI WORLDBE        600757          153.10        -190.22
SHENZ CHINA BI-A        17               24.86        -272.59
SHENZ CHINA BI-B        200017           24.86        -272.59
SHENZHEN DAWNC-A        863              27.13        -150.10
SHENZHEN KONDA-A        48              118.96          -0.71
SHENZHEN SHENX-A        34               23.81        -118.24
SHENZHEN ZERO-A         7                50.66          -9.39
SHIJIAZHUANG D-A        958             225.44         -69.75
SICHUAN DIRECT-A        757             103.79        -134.42
SUNTEK TECHNOL-A        600728           62.08         -15.09
TAIYUAN TIANLO-A        600234           51.10         -25.99
TIANJIN MARINE          600751           78.09         -63.86
TIANJIN MARINE-B        900938           78.09         -63.86
TIBET SUMMIT I-A        600338           87.44          -0.85
TOPSUN SCIENCE-A        600771          170.01        -152.79
WINOWNER GROUP C        600681           10.58         -71.05
WUHAN BOILER-B          200770          286.45        -140.07
WUHAN GUOYAO-A          600421           11.05         -23.63
WUHAN LINUO SOLA        600885           80.33          -0.50
XIAMEN OVERSEA-A        600870          338.03        -139.08
YANBIAN SHIXIA-A        600462          205.51         -13.20
YIBIN PAPER IN-A        600793          113.93          -0.74
YUEYANG HENGLI-A        622              38.14         -14.95
YUNNAN MALONG-A         600792          143.63         -36.68
ZHANGJIAJIE TO-A        430              45.95          -4.59
ZHONGCHANG MAR-A        600242           20.42          -1.12


HONG KONG

ASIA TELEMEDIA L        376              16.62          -5.37
BUILDMORE INTL          108              13.08         -43.45
CHINA COMMUNICAT        8206             39.84          -4.10
CHINA GOLDEN DEV        162             255.15          -4.51
CMMB VISION HOLD        471              38.50          -8.34
EGANAGOLDPFEIL          48              557.89        -132.86
FULBOND HLDGS           1041             80.19         -59.51
IMAGI INTERNATIO        585              11.29         -21.23
JACKIN INTL HLDG        630              50.53          -1.92
KING STONE ENERG        663             483.80         -64.12
MELCOLOT LTD            8198             65.62         -25.95
MITSUMARU EAST K        2358             21.23          -9.04
NEW CITY CHINA          456             112.20         -14.59
NGAI LIK INDL           332             132.82          -4.76
PAC PLYWOOD             767              68.66         -12.31
PALADIN LTD             495             155.31         -10.91
PCCW LTD                8             5,801.75        -261.18
PROVIEW INTL HLD        334             314.87        -294.85
SINO RESOURCES G        223              33.92         -58.77
TACK HSIN HLDG          611              27.01         -62.70


INDONESIA

ASIA PACIFIC            POLY            494.87        -841.93
JAKARTA KYOEI ST        JKSW             28.61         -45.23
MITRA INTERNATIO        MIRA          1,006.35        -185.12
MITRA RAJASA-RTS        MIRA-R2       1,006.35        -185.12
MULIA INDUSTRIND        MLIA            360.87        -368.54
PANASIA FILAMENT        PAFI             47.01          -6.29
PANCA WIRATAMA          PWSI             30.17         -37.32
PRIMARINDO ASIA         BIMA             11.00         -21.84
STEADY SAFE TBK         SAFE             12.29          -7.96
SURABAYA AGUNG          SAIP            262.20         -82.20
UNITEX TBK              UNTX             16.67         -14.92


INDIA

ALCOBEX METALS          AML              16.59         -21.47
ARTSON ENGR             ART              15.63          -1.61
ASHIMA LTD              ASHM             63.65         -55.81
BALAJI DISTILLER        BLD              51.16         -38.38
BELLARY STEELS          BSAL            451.68        -108.50
BHAGHEERATHA ENG        BGEL             22.65         -28.20
CAMBRIDGE SOLUTI        CAMB            156.75         -46.79
CFL CAPITAL FIN         CEATF            14.31         -40.04
COMPUTERSKILL           CPS              14.90          -7.56
CORE HEALTHCARE         CPAR            185.36        -241.91
DCM FINANCIAL SE        DCMFS            16.06          -9.47
DIGJAM LTD              DGJM             98.77         -14.62
DISH TV INDIA           DITV            422.08        -127.61
DUNCANS INDUS           DAI             116.96        -183.24
GANESH BENZOPLST        GBP              43.99         -24.57
GEM SPINNERS LTD        GEMS             15.23          -0.11
GLOBAL BOARDS           GLB              25.15          -0.79
GSL INDIA LTD           GSL              37.04         -42.34
GSL NOVA PETROCH        GSLN             44.39          -0.93
GUJARAT SIDHEE          GSCL             59.44          -0.66
HARYANA STEEL           HYSA             10.83          -5.91
HENKEL INDIA LTD        HNKL            102.05         -10.24
HFCL INFOTEL LTD        HFCL            173.52        -101.57
HIMACHAL FUTURIS        HMFC            406.63        -210.98
HINDUSTAN PHOTO         HPHT             68.94      -1,147.18
HINDUSTAN SYNTEX        HSYN             12.68          -1.79
HMT LTD                 HMT             139.31        -277.69
ICDS                    ICDS             13.30          -6.17
INDIA FOILS LTD         IF               54.77          -2.70
INFOMEDIA 18 LTD        INF18            35.80          -1.94
INTEGRAT FINANCE        IFC              45.56         -43.27
ITI LTD                 ITI           1,116.21          -0.80
JCT ELECTRONICS         JCTE            122.54         -50.00
JD ORGOCHEM LTD         JDO              10.46          -1.60
JENSON & NIC LTD        JN               17.91         -84.78
JIK INDUS LTD           KFS              20.63          -5.62
JK SYNTHETICS           JKS              13.51          -3.03
JOG ENGINEERING         VMJ              50.08         -10.08
KALYANPUR CEMENT        KCEM             37.45         -45.90
KERALA AYURVEDA         KRAP             13.41          -0.59
KINGFISHER AIR          KAIR          1,458.64        -418.91
LLOYDS FINANCE          LYDF             27.68          -8.64
LLOYDS STEEL IND        LYDS            415.66         -63.93
MILLENNIUM BEER         MLB              36.39          -3.20
MILTON PLASTICS         MILT             18.31         -40.44
NATH PULP & PAP         NPPM             13.59         -39.13
NICCO UCO ALLIAN        NICU             32.23         -71.91
NK INDUS LTD            NKI              49.04          -4.95
ORIENT PRESS LTD        OP               16.70          -0.09
PANCHMAHAL STEEL        PMS              51.02          -0.33
PARASRAMPUR SYN         PPS             111.97        -317.11
PAREKH PLATINUM         PKPL             61.08         -88.85
PEACOCK INDS LTD        PCOK             11.40         -14.40
PIRAMAL LIFE SC         PLSL             45.82         -32.69
POLAR INDS LTD          PLI              11.61         -22.28
RAMA PHOSPHATES         RMPH             34.07          -1.19
RATHI ISPAT LTD         RTIS             44.56          -3.93
RELIGARE TECHNOV        RTCL             44.13          -1.46
RENOWNED AUTO PR        RAP              14.12          -1.25
ROLLATAINERS LTD        RLT              22.97         -22.24
ROYAL CUSHION           RCVP             20.22         -62.97
SCOOTERS INDIA          SCTR             13.29          -0.58
SHALIMAR WIRES          SWRI             24.49         -49.90
SHAMKEN COTSYN          SHC              23.13          -6.17
SHAMKEN MULTIFAB        SHM              60.55         -13.26
SHAMKEN SPINNERS        SSP              42.18         -16.76
SHREE RAMA MULTI        SRMT             63.73         -52.93
SIDDHARTHA TUBES        SDT              70.93         -12.09
SIL BUSINESS ENT        SILB             12.46         -19.96
SOUTHERN PETROCH        SPET          1,543.61         -35.61
SPICEJET LTD            SJET            147.98         -84.65
STERLING HOL RES        SLHR             52.91          -0.63
STI INDIA LTD           STIB             28.05          -8.04
TAMILNADU TELE          TNT              12.82          -5.15
TATA TELESERVICE        TTLS          1,069.83        -154.99
TRIUMPH INTL            OXIF             58.46         -14.18
TRIVENI GLASS           TRSG             24.39          -8.90
UNIWORTH LTD            WW              145.71        -114.87
USHA INDIA LTD          USHA             12.06         -54.51
VENTURA TEXTILES        VRTL             14.25          -0.33
WINDSOR MACHINES        WML              14.50         -28.14
WIRE AND WIRELES        WNW             102.42         -37.06


JAPAN

ARDEPRO                 8925            310.82        -253.28
DAIWASYSTEM CO          8939            607.68        -259.76
HARAKOSAN CO            8894            225.69         -62.68
JIPANGU HOLDINGS        2684             15.05          -8.38
L CREATE CO LTD         3247             42.34          -9.15
LCA HOLDINGS COR        4798             51.30          -2.57
NIHON INTER ELEC        6974            218.08         -50.73
PROPERST CO LTD         3236            305.90        -330.20
RAYTEX CORP             6672             61.49          -3.49
SAIKAYA CO LTD          8254            375.83         -72.59
SHINWA OX CORP          2654             41.06         -24.43
SHIOMI HOLDINGS         2414            190.97         -22.81
TERRANETZ CO LTD        2140             11.63          -4.29


KOREA

AJU MEDIA SOL-PF        44775            13.82          -1.25
DAHUI CO LTD            55250           186.00          -1.50
DAISHIN INFO            20180           740.50        -158.45
KEYSTONE GLOBAL         12170            10.61          -0.74
KUKDONG CORP            5320             51.19          -1.39
KUMHO INDUS-PFD         2995          5,837.32        -967.28
KUMHO INDUSTRIAL        2990          5,837.32        -967.28
ORICOM INC              10470            82.65         -40.04
ROCKET ELEC-PFD         425              68.58          -2.14
ROCKET ELECTRIC         420              68.58          -2.14
SAMT CO LTD             31330           303.86         -77.57
TAESAN LCD CO           36210           296.83         -91.03
TONG YANG MAGIC         23020           355.15         -25.77
YOUILENSYS CORP         38720           166.70         -12.34


MALAYSIA

AXIS INCORPORATI        AXIS             39.22         -86.70
GULA PERAK BHD          GUP             117.66          -0.91
HO HUP CONSTR CO        HO               71.29          -5.69
LCL CORP BHD            LCL              45.27        -111.27
LIMAHSOON BHD           LIMA             26.52          -1.56
LUSTER INDUSTRIE        LSTI             35.61          -0.32
MANGOTONE GROUP         MTON             10.14         -12.16
MEMS TECHNOLOGY         MEMS             10.41         -20.77
OILCORP BHD             OILC            134.45         -59.41
TRACOMA HOLDINGS        TRAH             75.40          -5.29
WWE HOLDINGS BHD        WWE              67.19          -4.08


NEW ZEALAND


DOMINION FINANCE        DFH             258.90         -55.31


PHILIPPINES

APEX MINING 'B'         APXB             45.84         -20.95
APEX MINING-A           APX              45.84         -20.95
BENGUET CORP 'B'        BCB              78.85         -62.30
BENGUET CORP-A          BC               78.85         -62.30
CYBER BAY CORP          CYBR             13.30         -83.83
EAST ASIA POWER         PWR              42.01        -159.00
FIL ESTATE CORP         FC               38.38         -13.37
FILSYN CORP A           FYN              22.72         -10.89
FILSYN CORP. B          FYNB             22.72         -10.89
GOTESCO LAND-A          GO               18.68         -10.86
GOTESCO LAND-B          GOB              18.68         -10.86
MRC ALLIED INC          MRC              13.26          -5.43
PICOP RESOURCES         PCP             105.66         -23.33
PRIME ORION PHIL        POPI             90.35          -5.12
STENIEL MFG             STN              22.11         -13.42
UNIVERSAL RIGHTF        UP               45.12         -13.48
UNIWIDE HOLDINGS        UW               52.80         -56.18
VICTORIAS MILL          VMC             164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO        ASA              13.35         -12.49
ADVANCE SCT LTD         ASCT             16.05         -43.84
FALMAC LTD              FAL              10.12          -6.80
HL GLOBAL ENTERP        HLGE             92.82         -11.57
JURONG TECH IND         JTL              98.76        -227.28
LINDETEVES-JACOB        LJ              145.25         -85.84
SUNMOON FOOD COM        SMOON            13.75         -14.24
TT INTERNATIONAL        TTI             262.41         -48.15
WESTECH ELECTRON        WTE              20.26         -13.94


THAILAND

ABICO HLDGS-F           ABICO/F          15.28          -4.40
ABICO HOLDINGS          ABICO            15.28          -4.40
ABICO HOLD-NVDR         ABICO-R          15.28          -4.40
ASCON CONSTR-NVD        ASCON-R          59.78          -3.37
ASCON CONSTRUCT         ASCON            59.78          -3.37
ASCON CONSTRU-FO        ASCON/F          59.78          -3.37
BANGKOK RUBBER          BRC              92.72         -69.37
BANGKOK RUBBER-F        BRC/F            92.72         -69.37
BANGKOK RUB-NVDR        BRC-R            92.72         -69.37
CIRCUIT ELEC PCL        CIRKIT           17.39         -88.00
CIRCUIT ELEC-FRN        CIRKIT/F         17.39         -88.00
CIRCUIT ELE-NVDR        CIRKIT-R         17.39         -88.00
DATAMAT PCL             DTM              12.69          -6.13
DATAMAT PCL-NVDR        DTM-R            12.69          -6.13
DATAMAT PLC-F           DTM/F            12.69          -6.13
ITV PCL                 ITV              35.05         -97.14
ITV PCL-FOREIGN         ITV/F            35.05         -97.14
ITV PCL-NVDR            ITV-R            35.05         -97.14
K-TECH CONSTRUCT        KTECH/F          39.74         -33.07
K-TECH CONSTRUCT        KTECH            39.74         -33.07
K-TECH CONTRU-R         KTECH-R          39.74         -33.07
KUANG PEI SAN           POMPUI           17.70         -12.74
KUANG PEI SAN-F         POMPUI/F         17.70         -12.74
KUANG PEI-NVDR          POMPUI-R         17.70         -12.74
PATKOL PCL              PATKL            52.89         -30.64
PATKOL PCL-FORGN        PATKL/F          52.89         -30.64
PATKOL PCL-NVDR         PATKL-R          52.89         -30.64
PICNIC CORPORATI        PICNI-R         162.04         -79.86
PICNIC CORPORATI        PICNI/F         162.04         -79.86
PICNIC CORPORATI        PICNI           162.04         -79.86
PONGSAAP PCL            PSAAP            24.33          -7.95
PONGSAAP PCL            PSAAP/F          24.33          -7.95
PONGSAAP PCL-NVD        PSAAP-R          24.33          -7.95
SAFARI WORLD PUB        SAFARI          107.40         -17.63
SAFARI WORLD-FOR        SAFARI/F        107.40         -17.63
SAFARI WORL-NVDR        SAFARI-R        107.40         -17.63
SAHAMITR PRESS-F        SMPC/F           21.99          -4.01
SAHAMITR PRESSUR        SMPC             21.99          -4.01
SAHAMITR PR-NVDR        SMPC-R           21.99          -4.01
SUNWOOD INDS PCL        SUN              19.86         -13.03
SUNWOOD INDS-F          SUN/F            19.86         -13.03
SUNWOOD INDS-NVD        SUN-R            19.86         -13.03
THAI-DENMARK PCL        DMARK            15.72         -10.10
THAI-DENMARK-F          DMARK/F          15.72         -10.10
THAI-DENMARK-NVD        DMARK-R          15.72         -10.10
THAI-GERMAN PR-F        TGPRO/F          53.72          -2.14
THAI-GERMAN PRO         TGPRO            53.72          -2.14
THAI-GERMAN-NVDR        TGPRO-R          53.72          -2.14
TRANG SEAFOOD           TRS              13.15          -3.20
TRANG SEAFOOD-F         TRS/F            13.15          -3.20
TRANG SFD-NVDR          TRS-R            13.15          -3.20
UNIVERSAL S-NVDR        USC-R           110.70         -26.69
UNIVERSAL STARCH        USC             110.70         -26.69
UNIVERSAL STAR-F        USC/F           110.70         -26.69


TAIWAN

CHIEN TAI CEMENT        1107            202.42         -33.40
HELIX TECH-EC           2479T            23.39         -24.12
HELIX TECH-EC IS        2479U            23.39         -24.12
HELIX TECHNOL-EC        2479S            23.39         -24.12
PRODISC TECH            2396            253.76         -36.04
TAIWAN KOL-E CRT        1606U           507.21        -147.14
TAIWAN KOLIN-EN         1606V           507.21        -147.14
TAIWAN KOLIN-ENT        1606W           507.21        -147.14
VERTEX PREC-ENTL        5318T            42.86          -0.71
VERTEX PRECISION        5318             42.86          -0.71
YEU TYAN MACHINE        8702             39.57        -271.07


                         *********

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

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

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


                            *********


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

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

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

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

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





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