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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, September 17, 2010, Vol. 13, No. 184

                            Headlines



A U S T R A L I A

RIVIERA MARINE: Hearing on Chapter 15 Petition on October 8
SIGMA PHARMACEUTICALS: To Breach Loan Covenants After Writedown


C H I N A

* CHINA: Changsha City Blacklist 10 Defaulting Companies
* CHINA: Nearly 5,000 State-Owned Firms Go Bankrupt Each Year


H O N G  K O N G

BARTELLI LEATHER: Middleton and Power Appointed as Liquidators
BBMF CORPORATION: Court Enters Wind-Up Order
BIG RESOURCES: Chiong and Sutton Step Down as Liquidators
BLACK PEARL: Court Enters Wind-Up Order
BUSINESS FULL: Court Enters Wind-Up Order

CANDY CREATIONS: Court Enters Wind-Up Order
CHINA HOUSE: Court Enters Wind-Up Order
ECO-HARU (FAR EAST): Middleton and Power Appointed as Liquidators
EGANA JEWELLERY: Middleton and Power Appointed as Liquidators
EGANA-HARU MFR: Middleton and Power Appointed as Liquidators

MORGAN STANLEY HK: Creditors' Proofs of Debt Due October 11
NEW CHINA: Annual Meetings Set for October 8
NEW CHINA HK: Annual Meetings Set for October 8
NEW CHINA HK PROPERTIES: Annual Meetings Set for October 8
NEW CHINA HK TRADING: Annual Meetings Set for October 8

SHUN YICK: Members' Final Meeting Set for October 12
SMI ENTERTAINMENT: Annual Meetings Set for September 29
THERAPEDIC (HK): Members' and Creditors Meetings Set for Oct. 11
UNIVERSE LINK: Annual Meetings Set for September 29
UNION TIME: Members' Final Meeting Set for October 12

UPGOOD ENTERPRISES: Annual Meetings Set for October 4
VOTARY LIMITED: Creditors' Proofs of Debt Due September 24
WAI CHEONG: Members' and Creditors Meetings Set for Oct. 14
WELL LOYAL: Members' Final General Meeting Set for October 11
WIDE TREASURE: Annual Meetings Set for September 29

YING LEUNG: Lam Tak Keung Steps Down as Liquidator


I N D I A

AVR SWARNAMAHAL: ICRA Assigns 'LBB+' Rating to INR35cr LT Debts
BANSAL SALES: ICRA Assigns 'LBB-' Rating to INR5cr Bank Debts
BIO ETHANOL: CARE Rates INR29.15cr LT Bank Debts at 'CARE BB+'
DEVASHREE ISPAT: ICRA Reaffirms 'LBB+' Rating on INR10cr Debt
FAZE THREE: CARE Assigns 'CARE BB+' Rating to INR82.12cr LT Loans

HOTEL RAJ: ICRA Assigns 'LBB' Rating to INR3.8cr LT Bank Debts
JAJOO ENTERPRISES: ICRA Places 'LBB' Rating to INR29cr Bank Debts
MAA AMBAY: ICRA Assigns 'LBB-' Rating to INR12cr LT Bank Debts
NIFTY LABS: ICRA Assigns 'LB' Rating to INR13.38cr Bank Facilities
PROCTOR MARKETING: CARE Places 'CARE BB+' Rating on INR10cr Loan

SEAM INDUSTRIALS: Fitch Affirms 'BB+' National Long-Term Rating
SHIVAM EXPORT: CARE Rates INR12cr LT Bank Debts at 'CARE BB+'
SRI KRISHNA: ICRA Places 'LBB-' Rating on INR8cr Term Loans


I N D O N E S I A

BANK INTERNASIONAL: S&P Affirms 'BB' Long-Term Counterparty Rating


N E W  Z E A L A N D

ALLIED FARMERS: Faces Trading Suspension as Account Deadline Nears
ALLIED FARMERS: Confirms Westpac Debt Reduction of NZ$2 Million
CAPE CAMPBELL: Payout for Unsecured Creditors Unlikely
FELTEX CARPETS: 100 More Shareholders Join Class Action Suit
FIVE STAR: Former Directors' Case Back in Court Next Month


S R I  L A N K A

SRI LANKA TELECOM: S&P Raises Corporate Credit Rating to 'BB-'


X X X X X X X X

* S&P Puts Ratings on Asia-Pacific CDOs on CreditWatch Positive

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


RIVIERA MARINE: Hearing on Chapter 15 Petition on October 8
-----------------------------------------------------------
U.S. Judge Caryl E. Delano of the U.S. Bankruptcy Court in Tampa,
Fla., will determine next month whether to grant Riviera Marine
(Int.) Pty. Ltd., bankruptcy protection in the U.S., Dow Jones'
DBR Small-Cap reports.

Judge Delano is scheduled to consider Riviera Marine's Chapter 15
bankruptcy petition at a hearing on October 8, 2010.

Dow Jones reports that Stephen James Parbery, the foreign
representative for the Company, said in court papers September 8,
2010, that Riviera Marine sold 327 boats with sales totaling $265
million for the financial year ending June 30, 2008.  However,
since then a global credit crisis and other factors hampered the
number of boats the company has been able to sell.  Riviera Marine
only sold 52 boats with sales of $54 million for the financial
year ending June 30, 2010.

                       About Riviera Group

Riviera Group -- http://www.riviera.com.au/--is a luxury boat
builder based in Queensland, Australia.

Riviera Group was placed into voluntary receivership in May 2009.
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard
Hughes were appointed receivers and managers of Riviera.
According to the Brisbane Times, Mr. Campbell said it was proposed
to sell Riviera as a going concern after a restructuring of the
company.  The Brisbane Times said Riviera shed 117 of its Gold
Coast staff in January 2009 and cut more than 300 staff from its
Coomera headquarters in 2008.  The company also closed its
production line for three weeks, from April 10 to May 5, in a bid
to clear stock held by international dealers, the Brisbane Times
added.

In July 2010, Riviera Group said it has received written notice on
June 25, 2010, that the Deed of Company Arrangement established in
conjunction with Riviera's creditors in January this year has now
been completed and the company has now officially exited from
administration.

Riviera Marine (Int.) Pty Ltd., part of a group of Australian
companies that manufacture and sell luxury boats, sought
bankruptcy protection in the U.S. (Bankr. M.D. Fla. Case No.
10-21722).  The Company estimated assets and debt of as much as
$50 million each in the Chapter 15 petition.  Four affiliates also
sought protection.  Daniel C. Guarnieri, Esq., at Nelson Hesse,
LLP, in Sarasota, Florida, serves as counsel to Stephen James
Parbery, foreign representative of Riviera.


SIGMA PHARMACEUTICALS: To Breach Loan Covenants After Writedown
---------------------------------------------------------------
Lyndal McFarland at Dow Jones Newswires reports that Sigma
Pharmaceuticals said Thursday it would take an up to
AU$270 million impairment charge in its first-half results.

Dow Jones relates Sigma said the charge is against the carrying
value of its pharmaceuticals division, which would have a material
impact on its full year numbers and trigger one of its banking
covenants.

According to Dow Jones, Sigma said it remains in talks with Aspen
Pharmacare Holdings to sell the troubled pharmaceuticals division,
after striking a AU$900 million agreement in August, with a
shareholder meeting on the sale expected to be held in November.

                     About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- manufactures, markets and
distributes pharmaceutical products through the pharmacy and
grocery channels and the provision of services to retail
pharmacists.  Its Pharmaceuticals segment includes the manufacture
or contract manufacture for Australian and overseas customers.
The Company's Healthcare segment represents its traditional
pharmacy wholesale business.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, The Sydney Morning Herald had noted.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported that Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that the company had breached debt
covenants and that creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30, 2010.


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


* CHINA: Changsha City Blacklist 10 Defaulting Companies
--------------------------------------------------------
Central China's Changsha City, capital of Hunan Province,
blacklisted 10 defaulting companies and their legal
representatives Wednesday to prevent them from making additional
purchases prior to paying off their existing debt, Xinhua News
Agency reports citing Min Wenxiang, a spokesman with Changsha
Intermediate People's Court.

The news agency relates Mr. Min said the names of the 10 companies
and the amount of their debt is to be publicized in various media
and Web sites.

According to Xinhua, Mr. Min said the court, this year, had
implemented and concluded 285 default cases involving
CNY628 million (about US$93.18 million).


* CHINA: Nearly 5,000 State-Owned Firms Go Bankrupt Each Year
-------------------------------------------------------------
Xinhua News Agency reports that nearly 5,000 state-owned
enterprises, including some centrally-administered ones, went
bankrupt each year from 2002 to 2009.

According to the news agency, Li Rongrong, former director of the
State-owned Assets Supervision and Administration Commission, made
the remarks at the World Economic Forum Annual Meeting of the New
Champions 2010, also known as the Summer Davos, in north China's
port city of Tianjin.

"The size of a company doesn't matter when it comes to the
bankruptcy issue," Xinhua News quoted Mr. Li as saying.  "A big
company with poor management can fail as well."

Mr. Li said the collapse of Lehman Brothers Holdings Inc. and
Enron Corp. made him realize even companies with a modern
enterprise system may go bankrupt, Xinhua News adds.


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


BARTELLI LEATHER: Middleton and Power Appointed as Liquidators
--------------------------------------------------------------
Edward Simon Middleton and Fergal Thomas Power of KMPG on July 23,
2010, were appointed as liquidators of Bartelli Leather Products
Ltd.

The liquidators may be reached at:

          Edward Simon Middleton
          Fergal Thomas Power
          KMPG
          8th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


BBMF CORPORATION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of BBMF Corporation.

The official receiver is E T O'Connell.


BIG RESOURCES: Chiong and Sutton Step Down as Liquidators
---------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Big Resources Industries Limited on June 24, 2010.


BLACK PEARL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of Black Pearl Nominee's Limited.

The official receiver is E T O'Connell.


BUSINESS FULL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of Business Full Enterprises Limited.

The official receiver is E T O'Connell.


CANDY CREATIONS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of Candy Creations Manufacturing Group
Limited.

The official receiver is E T O'Connell.


CHINA HOUSE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of China House Limited.

The official receiver is E T O'Connell.


ECO-HARU (FAR EAST): Middleton and Power Appointed as Liquidators
-----------------------------------------------------------------
Edward Simon Middleton and Fergal Thomas Power of KMPG on July 23,
2010, were appointed as liquidators of Eco-Haru (Far East)
Limited.

The liquidators may be reached at:

          Edward Simon Middleton
          Fergal Thomas Power
          KMPG
          8th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


EGANA JEWELLERY: Middleton and Power Appointed as Liquidators
-------------------------------------------------------------
Edward Simon Middleton and Fergal Thomas Power of KMPG on July 23,
2010, were appointed as liquidators of Egana Jewellery & Pearls
Limited.

The liquidators may be reached at:

          Edward Simon Middleton
          Fergal Thomas Power
          KMPG
          8th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


EGANA-HARU MFR: Middleton and Power Appointed as Liquidators
------------------------------------------------------------
Edward Simon Middleton and Fergal Thomas Power of KMPG on July 23,
2010, were appointed as liquidators of Egana-Haru Mfr. Corp.
Limited.

The liquidators may be reached at:

          Edward Simon Middleton
          Fergal Thomas Power
          KMPG
          8th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


MORGAN STANLEY HK: Creditors' Proofs of Debt Due October 11
-----------------------------------------------------------
Creditors of Morgan Stanley Hong Kong Nominees Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by October 11, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 1, 2010.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


NEW CHINA: Annual Meetings Set for October 8
--------------------------------------------
Members and creditors of The New China Hong Kong Advertising
Limited will hold their annual meetings on October 8, 2010, at
10:00 a.m., and 10:30 a.m., respectively at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK: Annual Meetings Set for October 8
-----------------------------------------------
Members and creditors of The New China Hong Kong Asset Management
Limited will hold their annual meetings on October 8, 2010, at
11:00 a.m., and 11:30 a.m., respectively at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK PROPERTIES: Annual Meetings Set for October 8
----------------------------------------------------------
Members and creditors of The New China Hong Kong properties
Limited will hold their annual meetings on October 8, 2010, at
2:00 p.m., and 2:30 p.m., respectively at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK TRADING: Annual Meetings Set for October 8
-------------------------------------------------------
Members and creditors of The New China Hong Kong Trading (Beijing)
Limited will hold their annual meetings on October 8, 2010, at
3:00 p.m., and 3:30 p.m., respectively at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, in Hong Kong.

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


SHUN YICK: Members' Final Meeting Set for October 12
----------------------------------------------------
Members of Shun Yick Merchandising Limited will hold their final
meeting on October 12, 2010, at 11:00 a.m., at Room 806, Tung Ming
Building, 42 Des Voeux Road Central, in Hong Kong.

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


SMI ENTERTAINMENT: Annual Meetings Set for September 29
-------------------------------------------------------
Members and creditors of SMI Entertainment Limited will hold their
annual meetings on September 29, 2010, at 2:30 p.m., and 2:45
p.m., respectively at 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


THERAPEDIC (HK): Members' and Creditors Meetings Set for Oct. 11
----------------------------------------------------------------
Members and creditors of Therapedic (HK) Limited will hold their
final meetings on October 11, 2010, at 4:00 p.m., and 4:30 p.m.,
respectively at Room 1402, 14th Floor, Yue Xiu Building, 160-174
Lockhart Road, Wanchai, in Hong Kong.

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


UNIVERSE LINK: Annual Meetings Set for September 29
---------------------------------------------------
Members and creditors of Universe Link Industries Limited will
hold their annual meetings on September 29, 2010, at 3:15 p.m.,
and 3:30 p.m., respectively at 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNION TIME: Members' Final Meeting Set for October 12
-----------------------------------------------------
Members of Union Time Asia Limited will hold their final general
meeting on October 12, 2010, at 11:00 a.m., at Flat G, 6/F.,
Leader Industrial Centre, Phase 2, 188-202 Texaco Road, Tsuen Wan,
N.T.

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


UPGOOD ENTERPRISES: Annual Meetings Set for October 4
-----------------------------------------------------
Members and creditors of Upgood Enterprises Limited will hold
their annual meetings October 4, 2010, at 10:00 a.m., and 10:30
a.m., respectively at 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street, Central, in Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


VOTARY LIMITED: Creditors' Proofs of Debt Due September 24
----------------------------------------------------------
Creditors of Votary Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
September 24, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 27, 2010.

The company's liquidator is:

         Mr. Wong Cho Ming
         Flat A, 1st Floor
         49 Fa Po Street
         Village Gardens
         Yau Yat Chuen, Kowloon


WAI CHEONG: Members' and Creditors Meetings Set for Oct. 14
-----------------------------------------------------------
Members and creditors of Wai Cheong Engineering Company Limited
will hold their final meetings on October 14, 2010, at 12:00 p.m.,
and 12:30 p.m., respectively at Unit A, 14/F., JCG Building, 16
Mongkok Road, Mongkok, Kowloon, in Hong Kong.

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


WELL LOYAL: Members' Final General Meeting Set for October 11
-------------------------------------------------------------
Members of Well Loyal Development Limited will hold their final
general meeting on October 11, 2010, at 10:00 a.m., at 21/F., Fee
Tat Commercial Centre, No. 613 Nathan Road, Kowloon, in Hong Kong.

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


WIDE TREASURE: Annual Meetings Set for September 29
---------------------------------------------------
Members and creditors of Wide Treasure Limited will hold their
annual meetings on September 29, 2010, at 4:00 p.m., and 4:15
p.m., respectively at 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


YING LEUNG: Lam Tak Keung Steps Down as Liquidator
--------------------------------------------------
Lam Tak Keung stepped down as liquidator of Ying Leung
International Limited on August 31, 2010.


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I N D I A
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AVR SWARNAMAHAL: ICRA Assigns 'LBB+' Rating to INR35cr LT Debts
---------------------------------------------------------------
ICRA has assigned 'LBB+' rating, to the INR35.0 Crores long-term
fund based facility of AVR Swarnamahal Jewelry Private Limited.
The outlook on the long-term rating is stable.

The assigned ratings factor in the significant experience of the
promoters in the jewellery retail business and the established
market presence of the brand "AVR" in Salem, Tamil Nadu.  While
the geographical presence of the company is currently limited, the
company's diversification plans into other tier-III cities in
Tamil Nadu is expected to mitigate this over medium term.

The ratings are however constrained by the intense competitive
pressures prevalent in the highly fragmented jewellery retail
industry, inherent susceptibility to gold price fluctuations and
forex rates, restricting pricing flexibility of players in this
business and moderate financial profile of the company
characterized by high gearing and increasing working capital
requirements.

                          AVR Swarnamahal

AVRL was incorporated in August 2009 and acquired the jewellery
businesses of the AVR family run firms named AVR Swarnamahal and
Swarnapuri AVR. The Company is engaged in the business gold
jewellery retailing and currently has three operational showrooms
in Salem (15000 square feet), Mettur (2500 Square feet) and
Kallakurichi (4000 square feet). The Company has a leading market
share in Salem and has plans of expansion into various tier-III
cities in Tamil Nadu such as Krishnagiri, Hosur, Salem Bazaar,
etc.  The showrooms provide a variety of jewellery; these include
light weight ornaments, antiques, traditional, wedding jewels,
pearl, precious stones, Italian casting, Moksha, Nakshatra,
bangles, chains, bracelets, rings, ear-rings and nose studs.

Recent Results

For the seven month period of 2009-10 (from September 2009 to
March 2010), the Company recorded an operating income of INR127.7
Crores with a net profit of INR6.6 Crore as against an operating
income of INR113.8 Crores.  At consolidated level, the net profit
was INR8.5 Crore on an operating income of INR204.0 Crore.


BANSAL SALES: ICRA Assigns 'LBB-' Rating to INR5cr Bank Debts
-------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR5 crore fund based
limits of Bansal Sales.  The outlook on the long term rating is
stable.

The rating takes into account BS' relatively small scale of
operations, weak financial risk profile as reflected by a high
gearing and weak debt coverage indicators, intense competition in
the trading business which keeps the overall profitability at a
low level, exposure to counterparty risks, although moderated to
an extent by established relationships with clients, and high
working capital intensity of the business which exerts pressure on
the liquidity position of the firm.  The rating also takes note of
experience of the promoters, low raw material price risk as a
majority of the purchases of tea are against confirmed orders, and
management of gardens of a client which provides steady cash flows
to the firm.

                         About Bansal Sales

Incorporated in 1991, Bansal Sales is primarily engaged in trading
of tea as well as management of tea gardens. The firm also manages
the gardens of a tea company. It is also engaged in selling of
tea on commission basis.

Recent Results

During 2009-10, BS recorded a profit after tax (PAT) of INR14 lakh
on operating income (OI) of INR27.1 crore against a PAT of
INR9 lakh on OI of INR21.4 crore in 2008-09.


BIO ETHANOL: CARE Rates INR29.15cr LT Bank Debts at 'CARE BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Bio
Ethanol India Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   ----------                  ----------     -------
   Long-term Bank Facilities      29.15       'CARE BB+' Assigned

Rating Rationale

The rating is constrained by risk associated with the
implementation of the ongoing project, absence of a firm marketing
tie-up,  volatility in raw material prices, sensitivity of the
business to Government regulations in respect of imposition of
additional duties and/or restriction on usage of alcohol, intense
competition with the presence of innumerable unorganized players
and  lack of experience of the main promoter in the similar line
of business.  The rating also factors in strong technical
arrangement for the project, financial closure, receipt of the
requisite statutory clearances, progress of the project as on
July 31, 2010 and favorable demand outlook.  Implementation of the
project without any time or cost over-run, stabilization of
operation and the ability of BEIL to successfully market its
product and reap benefit thereof are the key rating sensitivities.

                         About Bio Ethanol

Incorporated in June 08, 2006, BEIL has undertaken the setting up
of a grain-based distillery to manufacture Rectified Spirit (RS)
and Extra Neutral Alcohol (ENA) at Annadevarapeta in the West
Godavari district of Andhra Pradesh. Besides that, the company is
also setting up a 0.75MW cogeneration plant and an effluent
treatment plant.  The main promoter, Mr. Venkat S. Mennavalli is a
relatively new entrant to the alcohol industry; however, he has
experience in promoting and managing several other companies.  The
other promoter, Mr. A. Veerbhadra Rao has a professional
qualification in the alcohol industry (diploma in
fermentation and alcohol technology) with over three decades of
rich experience in the industry.

BEIL has achieved a financial closure, and the aggregate project
cost of INR41.0 crore is being financed at a debt equity of 1.86:1
(term loan from banks INR26.65 crore and the balance in the form
of an equity contribution by promoters).  All the requisite
statutory clearances are also in place.  However, the company is
yet to enter into any marketing tie-up and has not made firm
arrangement for the procurement of raw material as well.  BEIL has
incurred about 50% of the aggregate project cost till June 2010
and the plant is expected to commence commercial production from
October 2010.


DEVASHREE ISPAT: ICRA Reaffirms 'LBB+' Rating on INR10cr Debt
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of INR10.00 crore fund-
based bank facility and the INR4.05 crore term loan facility of
Devashree Ispat Private Limited at 'LBB+'.  The outlook on the
long term rating is stable.  ICRA has also reaffirmed the short-
term rating assigned to the INR3.00 crore non-fund based bank
facility of DIPL at A4+.

The reaffirmed ratings factor in the high cost structure of DIPL's
current operations on account of the limited vertical integration,
a highly fragmented TMT market leading to stiff competition and
the cyclicality inherent in the steel business. ICRA notes that
during 2009-10, the profits from the manufacturing activity of the
company were meagre, and the overall profits were largely
supported by the commission based income, which could be more
variable in nature.  Further, notwithstanding the infusion of
equity of INR7.58 crore during 2009-10, the capital structure of
the company continues remain at aggressive levels, which resulted
in moderate coverage indicators as well.  This, coupled with a
large corporate guarantee extended to another company adversely
impacts the overall financial risk profile of DIPL.  The ratings
however take into account DIPL's position as a large capacity
player in the TMT market of Andhra Pradesh with an established
brand name, a favorable demand outlook for construction steel and
DIPL's reputed customer base.  During 2009-10, DIPL entered into
an operating lease for a period of seven years with an adjacent
billet manufacturing unit, which consists of an induction furnace
of capacity 36,000 tonnes per annum and a billet making facility
with a capacity of 72,000 tonnes per annum.  This arrangement is
expected to reduce the company's dependence on external raw
material and provide DIPL with benefits in term of better quality
and tighter control on operational costs.

                       About Devashree Ispat

Incorporated in 2004, DIPL commenced operations in 2005 with a
36,000 tonnes per annum capacity induction furnace, to produce
ingots. It later commissioned its 1,25,000 tonnes per annum
capacity rolling mill in 2006 for the production of TMT bars.

Recent Results

During 2008-09, DIPL reported a profit of INR0.77crore on an
operating income of INR116.39 crore.  During the 2009-10
(provisional), the company earned a profit before tax of 1.04
crore on an operating income of INR119.39 crore.


FAZE THREE: CARE Assigns 'CARE BB+' Rating to INR82.12cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to bank facilities of
Faze Three Ltd

                                 Amount
   Facilities                 (Rs. crore)    Ratings
   ----------                  ----------    -------
  Long-term Bank Facilities       82.12      'CARE BB+' Assigned
  Short-term Bank Facilities      27.25       'PR4' Assigned

Rating Rationale

The ratings are constrained by the moderate financial profile of
Faze Three Ltd characterized by high leverage position, long
working capital cycle, poor liquidity indicators and net loss in
FY09.  Further, refinance risk arising out of imminent FCCB
redemption (if not converted) in December 2011 and intense
competition from other countries acts as a rating constraint.

The rating derives strength from FTL's experienced management,
affiliation with established international retailers and its
extended reach of European markets through a subsidiary company in
Germany.

The ability of FTL to maintain healthy profitability margins in
the external environment characterized by forex volatility &
intense competition and arrange for timely refinance for FCCB
liability (in the event of FCCB holders not opting for conversion
into equity) remains the key rating sensitivities.

                          About Faze Three

Faze Three Limited is a manufacturer and exporter of home
furnishing textile products mainly floor coverings i.e. bathmats,
rugs and top of the bed i.e. blankets and throws with
manufacturing facilities at Panipat, Silvassa and Vapi.
FTL recorded net sales of INR139.12 crore with a net loss of
INR18.95 crore in FY09.  During 9MFY10, FTL reported net sales of
INR100.43 crore with PAT of INR1.59 crore.


HOTEL RAJ: ICRA Assigns 'LBB' Rating to INR3.8cr LT Bank Debts
--------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to INR3.8 crore term
loan facilities and INR4.0 crore long term fund based facilities
of Hotel Raj Park Private Limited.  The outlook on the long-term
rating is stable.

The assigned ratings take into account the locational advantage
enjoyed by the hotel which is reflected in steady occupancies and
Average Room Rates (ARRs). The rating also factors in the high
operating profitability, moderate gearing and healthy coverage
indicators of the company. The ratings are however constrained by
the small scale of operations and the single location/property of
the company.  The rating also takes into account the increasing
competition from new and existing properties  in  the vicinity of
the hotel and the company's aggressive  investment plans in other
properties over the medium to long term.  The funding for these
projects have not yet been finalized and is a key rating
sensitivity factor.  In the event that the project is largely debt
funded, impact of the same on the company's capital structure
could be detrimental.

                           About Hotel Raj

Hotel Raj Park Private Limited operates a single 120 room four-
star hotel-Hotel Raj Park located in Alwarpet, Chennai. The
construction of the property started in 1999 and the hotel
commenced operations in 2001 with 87 rooms. Initially HRPPL had a
marketing tie up under the Ramada brand of the global hotel
franchisor ? Wyndham Worldwide and the property was named Hotel
Ramada Raj Park.  The room inventory was subsequently raised to
120 in 2008 and the tie up with Ramada brand was terminated,
renaming the hotel as Hotel Raj Park.  The hotel has six
conference/banquet halls, two restaurants, one restro-bar and an
independent bar.  It also has a rooftop swimming pool and health
club.

The current shareholders of the company comprise of Mr. P.
Devarajan - the promoter and his family.  The promoter has
experience in the construction business and before entering the
hospitality business was running a construction firm called Raj
Builders. Apart from HRPPL, the promoter has interests in several
real estate and hospitality ventures along with his family
members.

Recent Results (provisional)

As per the provisional 2009-10 results, HRPPL reported a revenue
decline of 2.6% to INR11.1 crores owing to marginal fall in the
Revenue per Available Room (RevPAR). The company posted stable
operating profit margin (OPM) of 37.9% (PY 37.8%) and Profit
before Tax (PBT) margins of 15.9% (PY 13.1%)


JAJOO ENTERPRISES: ICRA Places 'LBB' Rating to INR29cr Bank Debts
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR29.00 Crore fund-based
bank facilities and an 'A4' rating to the INR6.00 Crore short-term
fund-based and non-fund-based bank facilities of Jajoo Enterprises
Ltd.  The outlook assigned to the long-term rating is "Stable".

The ratings take into account JEL's low profitability and return
indicators along with its presence in the highly fragmented
textile trading business characterized by limited value addition.
The ratings also factor in JEL's leveraged capital structure
resulting in modest coverage indicators and its stretched
liquidity profile as demonstrated by high levels of working
capital utilization.  The ratings favorably factor in the
promoters' experience of trading in fabrics that has helped JEL
diversify its customer and supplier base and achieve a sustained
growth in operating income, though margins remain low.

                      About Jajoo Enterprises

Jajoo Enterprises Ltd a closely held public limited company is
engaged in the business of trading fabrics used for suiting and
shirting. JEL has two group concerns Guru Aashish Texfab Ltd and
Prahlad Rai Fabrics Ltd, into the same line of business as JEL.
JEL has its registered office in Mumbai.

Recent results

JEL recorded a net profit of INR0.28 Crore on an operating income
of INR117 Crore for the year ending March 31, 2009, and net profit
of INR0.73 Crore on an operating income of INR99.68 Crore as per
the unaudited figures ending September 09.


MAA AMBAY: ICRA Assigns 'LBB-' Rating to INR12cr LT Bank Debts
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR12.0 crore long-term
fund based bank limits of Maa Ambay Jewellers Private Limited.
The outlook on the long-term rating is stable.  ICRA has also
assigned an A4 rating to the INR13.0 crore short-term fund based
bank limits and INR5.0 crore short-term non-fund based bank limits
of the company.

The ratings factor in the weak financial position of MAJ,
characterized by low operating profitability due to intense
competition, low value addition in the jewellery business, and
higher purchase cost of gold in the absence of gold
loan facilities, depressed return on capital employed, and high
working capital intensity of operations which affects
liquidity and results in an aggressive capital structure,
therefore leading to weak levels of coverage indicators.
Moreover, MAJ's revenues are exposed to high geographical
concentration risks, given that over 80% of exports are made to
Hong Kong.  MAJ is also exposed to credit risks, since all exports
are made on collection basis, although the risks are moderated to
some extent by the reputed client base.  Additionally, the company
lacks an operating track record across business cycles, although
the experience of one of the promoters in the jewellery industry
is expected to help in stabilizing operations.  The ratings also
take into account MAJ's gold pricing strategy that moderates the
risk from exposure to volatile input prices and currency
fluctuation to a considerable extent.  In addition, the company is
expected to benefit from the positive demand outlook for gold
jewellery.

                          About Maa Ambay

Maa Ambay Jewellers Private Limited was founded in September, 2008
by Mr. Pushpesh Baid and Mr. Lokesh Poddar of the Kolkata- based
Baid Group.  The company manufactures gold, diamond, and semi-
precious stone jewellery, and specializes in the production of
hand-made ornaments. It mainly sells its products to institutional
buyers in India, Hong Kong, and Dubai.  The company also has a
retail presence in India, through a showroom by the name of
"Zevar", located in Kolkata.

Recent Results

MAJ reported a profit after tax (PAT) of INR0.54 crore in 2009-10
(provisional) on an operating income of INR42.40 crore.


NIFTY LABS: ICRA Assigns 'LB' Rating to INR13.38cr Bank Facilities
------------------------------------------------------------------
ICRA has assigned 'LB' rating to INR13.38 crore fund based
facilities and INR4.50 crore non fund based facility of Nifty Labs
Private Limited.

The assigned rating is constrained by NLPL's inadequate liquidity
situation as reflected in delays in principal repayments in the
last one year and use of working capital for capital expenses
resulting in consistent high working capital limits utilization in
spite of having low working capital intensity.  The rating is also
constrained by its relatively small scale of operations, low
product diversification and dependence on mature molecules for
generating revenue which limits its pricing power.  However, the
ratings are supported by more than a decade long experience of the
promoters in the pharmaceutical industry and established track
record of growth in revenue and operating profitability. While
assigning the rating ICRA has also taken into account the fact
that the company is expected to benefit from the strong growth
prospects in its core operating segment of anti-ulcerative drugs.

Established in 2005, NLPL is engaged in the production of APIs
(Active Pharmaceutical Ingredients) and drug intermediates across
various therapeutic segments like anti fungal, anti-hypertensive,
anti-obesity, anti-convulgent  and anti-ulcerative.  The company
is focussed on anti-ulcerative segment with this therapeutic
segment contributing 50% of the company's revenues in FY 2010.  In
this segment, NLPL has benefited significantly from the expiry of
patent of Lansoprazole in USA in November 2009 with the revenues
from this drug trebling to INR10.64 crores in FY 2009-10 from
INR3.53 crore in the preceding year.  The company is expected to
benefit from the expiry of patent of Rabeprazole in May 2013.
Currently, the company exports 60% of its production of
Rabeprazole which should go up once the patent expires resulting
in better sales realisation for this product. The company is also
focussed on the production of Quetiapine, an anti-psychotic, the
patent for which is to expire in FY 2012 in USA.  On the other
hand, anti-obesity drug Sibutramine, which had 12% share of total
revenues in FY 2010, has been banned in European Union and is
under review by US FDA due to its side effects.  This is expected
to exert a downward pressure on the revenue of the company.  The
customer profile of the company consists of reputed names like
Dr Reddys' Laboratories, Symed Laboratories Limited, Matrix
Laboratories Limited and Aurobindo Pharma Limited.  The APIs
manufactured by the company  are not under price control by
National Pharmaceuticals Pricing Authority (NPPA) of Government of
India.

The increasing revenue from the anti-ulcerative segment due to
Lansoprazole resulted in a revenue growth of 53% in FY 2010. The
profitability metrics has also improved which can be seen from
ROCE of 15.15% in FY 2010 compared to 9.48% in FY 2009. The
operating margins witnessed an improvement during FY 2010 and
stood at 11.89% as against 10.66% in preceding year. The NPM of
the company for FY 2010 was 5.24% as against 1.64% in the
preceding year.  However despite the growth, the company's size
and scale of operations continue to remain modest as reflected in
an Operating income of INR47.66 crore.  While the operating profit
margins witnessed an improvement, the company's profitability will
remain exposed to the inherent cyclicality in input prices as well
as to the regulations of Government of India in this highly
regulated industry.  The leverage showed significant improvement
in FY 2010 on account of term loan repayments; gearing stood at
1.66 times as on March 31, 2010 as against 2.55 times as on
March 31, 2009.  Lower debt levels coupled with good profitability
indicators in FY 2010 have resulted in comfortable debt coverage
indicators as is reflected in NCA/Total Debt of 24.31% and
interest coverage of 2.65 times as on March 31, 2010.


PROCTOR MARKETING: CARE Places 'CARE BB+' Rating on INR10cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to bank facilities of
Proctor Marketing Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities      10.00      'CARE BB+' Assigned
   Short-term Bank Facilities     10.00       'PR4+' Assigned

Rating Rationale:

The ratings are constrained by PMPL's relatively small size of
operations, low profitability margins, moderate operating cash
flows, relatively high gearing ratios, concentration of sales in
and around Mumbai and high dependence on Essar Steel Ltd for
sourcing steel.

The ratings factor in experience of the promoters of PMPL in steel
trading and distribution business, protection available on the
inventory held from ESL against price volatility and financial
support from group companies through unsecured loans.

PMPL's ability to achieve the envisaged sales and profitability
are the key rating sensitivities.

                       About Proctor Marketing

Established in 1994, as non banking finance corporation (NBFC),
PMPL commenced its steel trading activities in the year 2006.
PMPL is engaged in trading of steel and iron products like hot
rolled coils/plates sheets. PMPL sources these products from
various manufacturers including Essar Steel Limited.  The company
was appointed as the consignment agent of ESL for Maharashtra
region in July 2007.  However, since ESL changed the marketing and
distribution strategy and opened steel retailing stores
(Hypermarts) at major steel-consuming centres to help consumers
meet their requirements, the consignment agency ended in September
2008.  During FY10 PMPL got the Expressmart dealership of ESL in
Mumbai and presently operates one store under the same

PMPL registered profit after tax of INR0.06 crore on total
operating income of INR208.10 crore in FY09.


SEAM INDUSTRIALS: Fitch Affirms 'BB+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has affirmed India's SEAM Industrials Pvt. Ltd's
(erstwhile Sunil Hitech Engineers & Manufacturers Pvt. Ltd.)
National Long-term rating at 'BB+(ind)'.  The Outlook is Stable.
The agency has also affirmed the ratings on SEAM's bank
facilities:

  -- INR14.4 million term loans: 'BB+(ind)';
  -- INR87.5 million fund-based limits: 'BB+(ind)'; and
  -- INR132.5 million non-fund based limits: 'F4(ind)'.

The ratings benefit from SEAM's strong revenue growth of 76% in
FY10 and strong client profile.  The ratings factor in SEAM's
strong growth potential from its recently completed expansion
(INR60m) for doubling its production capacity.  This will enable
the company to thereby decrease its leverage (Debt/EBITDA).
SEAM's ratings also reflect the support from its parent Sunil
Hitech Engineers Ltd, which has an 85% stake in the former with
legal and operational linkages.  Fitch believes that SHEL will
provide financial support to SEAM if required, as demonstrated by
the corporate guarantee it provided for SEAM's INR60m debt in
FY10.

The ratings are, however, constrained by SEAM's low order book
position and stretched working capital cycle on account of delays
in payments from customers, mainly government entities.  The
company's order book was INR12.9 million as on March 2010 (0.3x
FY10 revenues).  This leads to concerns on its capacity
utilisation, given that production capacity doubled in FY10.  The
company also faces client concentration risks as two of its
customers - Bharat Heavy Electricals Limited
('AAA(ind)'/Stable/'F1(ind)') and Jaiprakash Associates - account
for a majority of its revenues and March 2010 order book.

An increase in SEAM's revenues from its enhanced capacities and
client diversification would act as a positive rating trigger.
Negative rating triggers include a loss of any one of SEAM's major
clients and/ or a worsening of its credit metrics.  The agency
believes that the company's ratings would be linked with that of
its parent's rating.

Incorporated in May 2005, SEAM's is involved in the manufacturing
and fabrication of pressure parts and structural products.  In
FY10, the company reported revenues of INR471.6 million (FY09:
INR267.4 million), of which structures contributed 56% (FY09:
25%), while pipings and tanks accounted for 40% (FY09: 12%).  In
FY10, the company reported an operating profit of INR59 million
(12.5% margin), a net profit of INR23.2 million (4.9% margin) and
a debt/EBITDA of 1.8x (FY09: 2.4x).


SHIVAM EXPORT: CARE Rates INR12cr LT Bank Debts at 'CARE BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' to bank facilities of M/S. Shivam Export.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                  ----------    -------
   Long-term Bank Facilities       12.00     'CARE BB+'

Rating Rationale

The ratings are constrained by the small scale of business
activity, closely held family-owned partnership firm,
susceptibility of margins to adverse foreign exchange rate
movements and the fragmented nature of the industry with a high
level of competition from both organized and unorganized sectors.
The rating derives strength from Shivam Export's experienced
management with over a decade of experience and established track
record in the diamond-processing industry.  The ability of the
firm to achieve higher sales at healthy margins and protect itself
from adverse exchange rate movements remains the key rating
sensitivities.

                        About Shivam Export

M/s. Shivam Export was established in 1995 as a partnership firm
and engaged in the cutting, grading and polishing of rough
diamonds ranging from -2 to 1 carat.  SE has a manufacturing
facility in Surat, Gujarat.  SE recorded net sales of Rs.48.47
crore with a net profit of INR0.95 crore in FY10.


SRI KRISHNA: ICRA Places 'LBB-' Rating on INR8cr Term Loans
-----------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR8.0 Crore term loans Sri
Krishna Drugs Limited.  ICRA has assigned stable outlook to the
long term rating.  ICRA has also assigned 'A4' rating to the
INR8.0 Crore fund based limits and INR4.0 Crore non-fund based
limits SKDL.

The assigned ratings are constrained by SKDL's modest scale of
operations, the past volatility in the company's sales and
profitability and its high product concentration especially the
high dependence on a single product "Folic Acid" which is
witnessing volatility in orders and realizations. ICRA notes that
the company faces high competitive intensity primarily due to low
cost advantage of China; it suffered a steep 1130 bps decline in
operating profitability in 2009-10 as competition from China
intensified after Olympics in 2008-09. The rating also takes into
account the company's exposure to currency and raw material price
fluctuations as competition limits the ability to pass on any
adverse change to the customers.  ICRA also notes that the company
has limited financial flexibility due to highly leveraged capital
structure as evident from a gearing of 3.3 times as of March 31,
20101.  The company has reported net losses in 2008-09 and
2009-10.  The rating, however, takes into account the extensive
experience of the promoters in the pharmaceutical industry and the
company's efforts to diversify product basket.  The dependence on
the top five products has consistently come down over the last two
years as the company has been enhancing its product basket. ICRA
also notes that the company has manufacturing capacities compliant
with US-FDA (US Food and Drug Administration) compliant and EDQM
(European Directorate for the Quality of Medicines & Healthcare)
which allows it to export certain approved Bulk Drugs to strictly
regulated markets like the US and Europe.

SKDL is engaged in the manufacture of Bulk Drugs and
Intermediates. "Folic Acid" (also known as Vitamin B9 or
Folacin and used in multivitamins, food supplements and feed
additives) is the main product of the company accounting for about
36% of the sales in 2009-10. However, orders and realizations in
FA have been volatile in the last few years because of the
competition from China; the instability in FA business further
aggravates the risks associated with high dependence on this one
product. As a result the SKDL is trying to move to higher value
added products where the competition could be low due to higher
compliances required.  Thus while the company has traditionally
been in the feed grade of FA, it is now focusing on food and
pharma grade where realizations and margins are substantially
higher.  Nevertheless, feed grade still accounts for more than 60%
of the company's sales of FA.

The other important products are Frusemide (a "loop diuretic" used
in the treatment of congestive heart failure and edema),
Glibenclamide (anti-diabetic) and Glipizide (anti-diabetic) which
contributed respectively 18%, 6% and 6% of the company's turnover
in 2009-10.  The focus has been on lifestyle diseases' segment as
this is expected to be showing high growth with the lifestyle
related changes India is seeing currently.  Going forward, "cough
and cold" is expected to be another focus area. SKDL is currently
marketing more than 25 products; however, the company has high
product concentration with the top five products contributed about
68% of sales in 2009-10.  Nevertheless, the dependence on the top
five products has consistently come down over the last two years
as the company has been adding new APIs (Active Pharmaceutical
Ingredients) and intermediates to its product basket to reduce
dependence on FA where the order pattern has been volatile.
Currently there are 5-6 new products in pipeline in the pilot run
stage. The intermediates are manufactured both for external sales
as well as captive consumption is manufacture of some bulk drugs.
Going forward, the company is planning to develop more
intermediates in-house as a backward integration initiative. But
it might not make commercial sense in many cases as most of these
intermediates are available in the market at rates cheaper than
the company's probable cost of production.


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


BANK INTERNASIONAL: S&P Affirms 'BB' Long-Term Counterparty Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed the
'BB' long-term and 'B' short-term counterparty ratings on PT Bank
Internasional Indonesia Tbk.  The outlook on the long-term rating
was stable.

The rating was then withdrawn at the bank's request.  At the same
time, S&P withdrew the 'B+' issue rating on BII's US$150 million
subordinated debt due 2015 after its full redemption earlier this
year.


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


ALLIED FARMERS: Faces Trading Suspension as Account Deadline Nears
------------------------------------------------------------------
Tamsyn Parker at the New Zealand Herald reports that Allied
Farmers faces suspension from the stock exchange if it doesn't
file audited accounts by the end of this month.

NZ Herald says Allied last week posted a loss of NZ$77.6 million
late year-to-June 30 accounts but it has yet to receive a sign-off
from its auditors PricewaterhouseCoopers and is racing against a
deadline of September 30.

According to the report, Allied Farmers managing director
Rob Alloway said through a spokesperson that it was on track to
meet the audit deadline.

Allied said its audit was incomplete because PwC was still
assessing the impact of the collapse of its finance subsidiary
Allied Nationwide and its adoption of a "going concern" principle,
the report relates.  Allied said its results had been prepared on
a "going concern" basis on the assumption that funding initiatives
being arranged by the company were completed in the near term.

A spokeswoman for the NZX said the exchange does not comment on
specific companies but under listing rules every firm was required
to file audited accounts no later than three months after the end
of its financial year, the Herald adds.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2010, Allied Farmers Ltd. gained a six-month extension of
its loan facility with Westpac, giving the finance company more
time to repay debt and restructure its business.  Allied Farmers
had NZ$21 million outstanding on the facility as at June 30 and
had an overdraft facility of NZ$2.5 million that was set to expire
on July 1.  The latest agreement pushes out the due date to
March 31 next year from September 24, 2010.


ALLIED FARMERS: Confirms Westpac Debt Reduction of NZ$2 Million
---------------------------------------------------------------
Allied Farmers confirmed on Wednesday that its outstanding term
debt with Westpac is now less than NZ$2 million following the
receipt of funds from the Maison Reeves Condominiums receivership
in the United States.

Allied said the second distribution from the receivership was
received overnight and has been used to further reduce the
company's term debt position with Westpac which now stands at just
NZ$1.65 million.

Allied Farmers Managing Director Rob Alloway said that the slight
delay in receipt of the funds was to allow further discussions
with the receiver over distributable amounts to be concluded,
which has resulted in an increase from the expected $3.5 million
to $3.75 million.  He said a further figure of around $7 million
from final sales of the remaining condominiums in the Maison
Reeves luxury development in Beverly Hills was expected before the
end of the year.

"We are continuing to make good progress on reducing debt and
restructuring the business. While this is taking some time I think
we have a much clearer picture and can now move forward with some
confidence" said Mr. Alloway.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2010, Allied Farmers Ltd. gained a six-month extension of
its loan facility with Westpac, giving the finance company more
time to repay debt and restructure its business.  Allied Farmers
had NZ$21 million outstanding on the facility as at June 30 and
had an overdraft facility of NZ$2.5 million that was set to expire
on July 1.  The latest agreement pushes out the due date to
March 31 next year from September 24, 2010.


CAPE CAMPBELL: Payout for Unsecured Creditors Unlikely
------------------------------------------------------
The Marlborough Express reports that Cape Campbell Wines'
receivers said the company will probably not be able to repay
NZ$1.7 million owed to unsecured creditors.

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2010, Cape Campbell Wines and its affiliate companies,
Brown Sorensen Vineyards and the Brown Family Trust, went into
voluntary receivership, owing creditors up to NZ$12 million.
John Fisk and Richard Longman of PricewaterhouseCoopers were
appointed receivers to manage the group's assets.

The Marlborough Express says the receivers' first report for Cape
Campbell Wines and Brown Sorensen Vineyards was released this
month.  But its report for the Brown Family Trust was not made
public.  According to the Express, Mr. Longman said the trust did
not have to make its receivers' report public, but it owned most
of the assets and liabilities.

The receivers' report said the group will be liquidated to pay as
much of the debt as possible, but unsecured creditors might lose
out, the Express adds.

According to the Express, Mr. Fisk wrote that the total value of
unsecured debts was NZ$1.7 million and was expected to increase as
more debts were confirmed.  "The process of realizing the
company's assets is obviously not yet complete.  However, from our
observations to date we believe that there are unlikely to be any
funds available for unsecured creditors," Mr. Fisk wrote.

                         About Cape Campbell

Cape Campbell Wines was owned by the Brown family, part of the
Marlborough wine industry for 30 years.


FELTEX CARPETS: 100 More Shareholders Join Class Action Suit
------------------------------------------------------------
About 100 more Feltex Carpet shareholders have joined an 1,800-
strong class action against the business' former management in a
bid to get some of their money back, The New Zealand Herald
reports.

According to the report, the investors' lawyer, Christchurch-based
Austin Forbes, QC, said about 1,800 former Feltex shareholders had
now signed up for the class action.  The report says the
plaintiffs were seeking investors to join as soon as possible, as
the six-year timeframe to bring an action was nearing an end.

Feltex collapsed in September 2006 after it was floated in
May 2004, and these proceedings are based on alleged breaches of
its 2004 prospectus, the NZ Herald notes.

The report adds that a hearing on November 8 in the High Court at
Christchurch will discuss whether the plaintiffs have an arguable
case, whether the defendants should be awarded security for costs
and whether any details in the statement of claim should be struck
out.  A trial date is not expected to be set during the hearing.

The proceedings are filed under the name of Eric Houghton, who is
listed as the main plaintiff in the case, the report notes.

Also targeted in the action is Credit Suisse First Boston Asian
Merchant Partners -- the firm that offered Feltex for sale -- as
well as Credit Suisse Private Equity and the joint lead managers
of the float, First New Zealand Capital and Forsyth Barr.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan, the
United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006, and
named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of the
sale will be used to ease the company's NZ$128-million debt to ANZ
Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex Carpets
putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


FIVE STAR: Former Directors' Case Back in Court Next Month
----------------------------------------------------------
The New Zealand Herald reports that the former Five Star Finance
directors were remanded on bail until the end of October at the
Auckland District Court on Thursday, after being charged with more
than 100 criminal offences by the Serious Fraud Office last month.

The directors, Nicholas Kirk, Marcus MacDonald, Anthony Bowden and
Neill Williams, were remanded until October 28 when a pre-
committal hearing will be held, the report says.  The directors
have not yet entered a plea.

The NZ Herald says the Serious Fraud Office alleges they acted
dishonestly and breached obligations under the trust deed.

                          About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


================
S R I  L A N K A
================


SRI LANKA TELECOM: S&P Raises Corporate Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
long-term local currency corporate credit rating on Sri Lanka
Telecom PLC to 'BB-' from 'B+'.  The outlook is stable.  At the
same time, Standard & Poor's affirmed the 'B+' long-term foreign
currency corporate credit rating on the company and revised the
rating outlook to stable from positive.

The rating actions on SLT reflect the rating action by Standard &
Poor's on the sovereign credit rating on the Democratic Socialist
Republic of Sri Lanka.  On Sept. 14, 2010, Standard & Poor's
raised its long-term foreign currency sovereign credit rating on
Sri Lanka to 'B+' from 'B', and the long-term local currency
rating to 'BB-' from 'B+'.  The outlook on both ratings is stable.
At the same time, S&P affirmed the transfer and convertibility
assessment of 'B+'.

"The credit profile of SLT is driven by Sri Lanka's country and
macroeconomic risk, the company's significant capital expenditure
plans, and its weak operating performance stemming from intense
competition," said Standard & Poor's credit analyst Mehul
Sukkawala.  The country and macroeconomic risk has been reducing
because of favorable GDP growth prospects, given the positive
impetus of the end of the long-running separatist conflict.  S&P
expects Sri Lanka's medium-term GDP growth at 6.5%-7.5% per year,
with upside potential if the low interest rate environment is
maintained and planned improvements to the business environment
are implemented.  S&P expects the good economic growth prospects,
along with the telecom regulator implementing floor price to
control price-based competition, to ease the pressure on SLT's
operating performance.

"SLT's modest debt continues to support the ratings, and has
resulted in strong financial metrics," said Mr. Sukkawala.  "S&P
expects the company to fund its large capital expenditure plans
primarily through internal cash flows." The company has a debt-to-
EBITDA ratio of less than 1.0x, funds from operations-to-total
debt ratio of more than 50%, and a debt-to-capital ratio of less
than 30%.  SLT's cash flow generation is significant, given the
company's leading market position in the fixed-line business and
its growing market share of the wireless business.  In addition,
S&P view the company's liquidity as adequate.

The stable outlook on the local currency rating reflects S&P's
expectation of stable operating performance and cash flow
generation at SLT.  The stable outlook on the foreign currency
rating reflects the stable outlook on the sovereign foreign
currency rating on Sri Lanka.


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


* S&P Puts Ratings on Asia-Pacific CDOs on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on three
Asia Pacific (ex-Japan) collateralized debt obligation tranches on
CreditWatch with positive implications.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using synthetic rated
overcollateralization and results from supplemental tests.  These
results measure the degree by which the credit enhancement of a
tranche exceeds the stressed loss rate assumed for a given rating
scenario.

Tranches placed on CreditWatch with positive implications had SROC
scores of greater than 100% with sufficient cushion at the current
and higher rating level (based on the maximum of scenario loss
rate, Largest Obligor Test, and Largest Industry Test).  SROC
scores of higher than 100% reflect an improvement in the credit
quality of the underlying portfolio.

                Castle Finance I Limited Series 2

                 To                      From
                 --                      ----
                 CCC-(sf)/Watch Pos      CCC- (sf)

           ARLO Limited Series 2006 (SKL CDO Series 11)

               To                      From
               --                      ----
               BB-p (sf)Nri/Watch Pos  BB-p (sf)NRi

                Castle Finance I Limited Series 1

                  To                      From
                  --                      ----
                  B+ (sf)/Watch Pos       B+ (sf)

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions
    certain factors, such as credit stability and rating
    sensitivity to modeling parameters, may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.

The Global SROC Report with the SROC analysis as at end-August
2010 will be published shortly.  In the week following the
publication of the report, a full review of the affected tranches
of Asia-Pacific synthetic CDOs will be performed and appropriate
rating actions, if any, will be taken.  The Global SROC Report
provides SROC and other performance metrics on more than 3,000
individual CDO tranches.


* 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
AUSTAR UNITED         AUN              502.05         -284.60
AUSTRAILIAN Z-PP      AZCCA             77.74           -2.57
AUSTRALIAN ZIRC       AZC               77.74           -2.57
AUTRON CORP LTD       AAT               32.39          -13.42
AUTRON CORP LTD       AAT               32.39          -13.42
BCD RESOURCES OP      BCO               22.09          -61.19
BCD RESOURCES-PP      BCOCC             22.09          -61.19
BIRON APPAREL LT      BIC               19.71           -2.22
CENTRO PROPERTIE      CNP           14,253.26         -825.84
CHALLENGER INF-A      CIF            2,161.41         -339.11
CHEMEQ LTD            CMQ               25.19          -24.25
ELLECT HOLDINGS       EHG               18.25          -15.49
HEALTH CORP LTD       HEA               13.85           -0.97
HYRO LTD              HYO               11.59           -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

SHANG HONGSHENG       600817            15.44         -457.23
SHENZ CHINA BI-A      17                24.86         -272.59
SHENZ CHINA BI-B      200017            24.86         -272.59
TIANJIN MARINE        600751            78.09          -63.86
TIANJIN MARINE-B      900938            78.09          -63.86
ZHANGJIAJIE TO-A      430               45.95           -4.59


HONG KONG

ASIA TELEMEDIA L      376               16.62           -5.37
BUILDMORE INTL        108               13.08          -43.45
CHINA HEALTHCARE      673               37.98           -2.81
CMMB VISION HOLD      471               38.50           -8.34
COSMO INTL 1000       2930              83.67          -25.33
EGANAGOLDPFEIL        48               557.89         -132.86
FULBOND HLDGS         1041              54.53          -24.07
IMAGI INTERNATIO      585               11.29          -21.23
JACKIN INTL HLDG      630               50.53           -1.92
MELCOLOT LTD          8198              63.25          -34.53
MITSUMARU EAST K      2358              21.23           -9.04
NEW CITY CHINA        456              112.20          -14.59
NGAI LIK INDL         332               21.16           -3.64
PAC PLYWOOD           767               68.66          -12.31
PALADIN LTD           495              155.31          -10.91
PCCW LTD              8              5,801.75         -261.18
PROVIEW INTL HLD      334              314.87         -294.85
SINO RESOURCES G      223               25.07          -39.10
TACK HSIN HLDG        611               27.01          -62.70
TONIC IND HLDGS       978               56.17          -54.52


INDONESIA

JAKARTA KYOEI ST      JKSW              28.61          -45.23
MULIA INDUSTRIND      MLIA             360.87         -368.54


INDIA

ALCOBEX METALS        AML               16.59          -21.47
ARTSON ENGR           ART               15.63           -1.61
ASHIMA LTD            ASHM              63.65          -55.81
ATV PROJECTS          ATV               60.46          -55.04
BALAJI DISTILLER      BLD               66.32          -25.40
BELLARY STEELS        BSAL             451.68         -108.50
BHAGHEERATHA ENG      BGEL              22.65          -28.20
CAMBRIDGE SOLUTI      CAMB             156.75          -46.79
CFL CAPITAL FIN       CEATF             15.35          -46.89
COMPUTERSKILL         CPS               14.90           -7.56
CORE HEALTHCARE       CPAR             185.36         -241.91
DCM FINANCIAL SE      DCMFS             16.06           -9.47
DIGJAM LTD            DGJM              98.77          -14.62
DISH TV INDIA         DITV             422.08         -127.61
DUNCANS INDUS         DAI              133.65         -205.38
GANESH BENZOPLST      GBP               43.99          -24.57
GEM SPINNERS LTD      GEMS              15.23           -0.11
GLOBAL BOARDS         GLB               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              23.77          -10.87
LLOYDS STEEL IND      LYDS             415.66          -63.93
MILLENNIUM BEER       MLB               36.39           -3.20
MILTON PLASTICS       MILT              18.31          -40.44
NICCO UCO ALLIAN      NICU              32.23          -71.91
NK INDUS LTD          NKI               49.04           -4.95
ORIENT PRESS LTD      OP                16.70           -0.09
PANCHMAHAL STEEL      PMS               51.02           -0.33
PARASRAMPUR SYN       PPS              111.97         -317.11
PAREKH PLATINUM       PKPL              61.08          -88.85
PEACOCK INDS LTD      PCOK              11.40          -14.40
PIRAMAL LIFE SC       PLSL              45.82          -32.69
POLAR INDS LTD        PLI               11.61          -22.28
RAMA PHOSPHATES       RMPH              34.07           -1.19
RATHI ISPAT LTD       RTIS              44.56           -3.93
RELIGARE TECHNOV      RTCL              44.13           -1.46
REMI METALS GUJA      RMM              102.64           -5.29
RENOWNED AUTO PR      RAP               14.12           -1.25
ROLLATAINERS LTD      RLT               22.97          -22.24
ROYAL CUSHION         RCVP              20.62          -20.95
SCOOTERS INDIA        SCTR              13.29           -0.58
SHALIMAR WIRES        SWRI              24.49          -49.90
SHAMKEN COTSYN        SHC               23.13           -6.17
SHAMKEN MULTIFAB      SHM               60.55          -13.26
SHAMKEN SPINNERS      SSP               42.18          -16.76
SHREE GANESH FOR      SGFO              44.50           -2.89
SHREE RAMA MULTI      SRMT              63.73          -52.93
SIDDHARTHA TUBES      SDT               70.93          -12.09
SIL BUSINESS ENT      SILB              12.46          -19.96
SOUTHERN PETROCH      SPET           1,543.61          -35.61
SPICEJET LTD          SJET             220.03          -76.12
STERLING HOL RES      SLHR              52.91           -0.63
STI INDIA LTD         STIB              28.05           -8.04
TAMILNADU TELE        TNT               12.82           -5.15
TATA TELESERVICE      TTLS           1,069.83         -154.99
TRIUMPH INTL          OXIF              58.46          -14.18
TRIVENI GLASS         TRSG              24.39           -8.90
TUTICORIN ALKALI      TACF              14.15          -11.20
UNIFLEX CABLES        UFCZ              45.05           -0.90
UNIFLEX CABLES        UFC               45.05           -0.90
UNIWORTH LTD          WW               145.71         -114.87
USHA INDIA LTD        USHA              12.06          -54.51
VENTURA TEXTILES      VRTL              14.25           -0.33
WINDSOR MACHINES      WML               14.50          -28.14
WIRE AND WIRELES      WNW              115.34          -34.49


JAPAN

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              41.66          -28.52
SAIKAYA CO LTD        8254             375.83          -72.59
SHINWA OX CORP        2654              41.06          -24.43
SHIOMI HOLDINGS       2414             190.97          -22.81
SUMITOMO MITSUI       1821           2,382.17          -98.97
TERRANETZ CO LTD      2140              11.63           -4.29


KOREA

AJU MEDIA SOL-PF      44775             13.82           -1.25
DAHUI CO LTD          55250            186.00           -1.50
DAISHIN INFO          20180            740.50         -158.45
KEYSTONE GLOBAL       12170             10.61           -0.74
KUKDONG CORP          5320              51.19           -1.39
KUMHO INDUS-PFD       2995           5,837.32         -967.28
KUMHO INDUSTRIAL      2990           5,837.32         -967.28
ORICOM INC            10470             82.65          -40.04
SAMT CO LTD           31330            200.83         -152.09
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
LCL CORP BHD          LCL               45.27         -111.27
LIMAHSOON BHD         LIMA              26.52           -1.56
LUSTER INDUSTRIE      LSTI              35.61           -0.32
MEMS TECHNOLOGY       MEMS              10.41          -20.77
OILCORP BHD           OILC             134.45          -59.41
TRACOMA HOLDINGS      TRAH              75.40           -5.29


NEW ZEALAND

DOMINION FINANCE      DFH              258.90          -55.31


PHILIPPINES

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


SINGAPORE

ADVANCE SCT LTD       ASCT              16.05          -43.84
CONTEL CORP LTD       CTEL              24.17          -45.31
FALMAC LTD            FAL               10.12           -6.80
JURONG TECH IND       JTL               98.76         -227.28
LINDETEVES-JACOB      LJ               145.25          -85.84
TT INTERNATIONAL      TTI              262.41          -48.15


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
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
K-TECH CONSTRUCT      KTECH/F           39.74          -33.07
K-TECH CONSTRUCT      KTECH             39.74          -33.07
K-TECH CONTRU-R       KTECH-R           39.74          -33.07
KUANG PEI SAN         POMPUI            17.70          -12.74
KUANG PEI SAN-F       POMPUI/F          17.70          -12.74
KUANG PEI-NVDR        POMPUI-R          17.70          -12.74
PATKOL PCL            PATKL             52.89          -30.64
PATKOL PCL-FORGN      PATKL/F           52.89          -30.64
PATKOL PCL-NVDR       PATKL-R           52.89          -30.64
PICNIC CORPORATI      PICNI            162.04          -79.86
PICNIC CORPORATI      PICNI-R          162.04          -79.86
PICNIC CORPORATI      PICNI/F          162.04          -79.86
PONGSAAP PCL          PSAAP/F           24.33           -7.95
PONGSAAP PCL          PSAAP             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
SINGHA PARA-NVDR      SINGHA-R          44.34           -2.01
SINGHA PARATEC-F      SINGHA/F          44.34           -2.01
SINGHA PARATECH       SINGHA            44.34           -2.01
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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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