TCRAP_Public/090619.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, June 19, 2009, Vol. 12, No. 120



BABCOCK AND BROWN: Shares Delisted from ASX Trading
ELDERS LIMITED: To Extend Short Term Facilities to September 30
GREAT SOUTHERN: IMF to Fund Cattle Projects Investors Action
LEHMAN BROTHERS: IMF to Fund Australian Investors Class Action
STORM FINANCIAL: CBA Admits Mistakes Over Loans

H O N G  K O N G

ASIA INVESTMENTS: Creditors' Proofs of Debt Due on July 13
CHINA KIOSK: Placed Under Members' Voluntary Liquidation
HEALTHCARE INTERNATIONAL: Appoints Shanker Iyer as Liquidator
MAXSEND TRADING: Appoints Luk Wing Hay as Liquidator
MEDIA PARTNERS: Placed Under Members' Voluntary Liquidation

ORIENT (H.K.): Creditors' Proofs of Debt Due on July 13
RAMS CITY: Appoints Leung Fung Yee Alice as Liquidator
SPORTS AND OUTDOOR: Placed Under Members' Voluntary Liquidation


AIR INDIA: Talks With Workers Fail; Won't Take Back Fired Staff
APEX EXPORTS: CRISIL Assigns 'B' Rating on INR18.6 Million LT Loan
M and M AUTO: Low Net Worth Prompts CRISIL 'BB+' Ratings
MEDPLUS HEALTH: ICRA Places 'LBB' Rating on Fund-Based Limits

RAJALAXMI EDUCATION: CRISIL Rates INR180.00 Mln Term Loan at 'BB+'
RANKA-N-RANKA: ICRA Assigns 'LB' Rating on INR192.5 Mln Term Loan
STP LIMITED: CRISIL Assigns 'B' Rating on INR90 Mln Cash Credit
TTL LTD: CARE Places Rating on Bank Facilities Under Credit Watch
VARRON INDUSTRIES: CARE Assigns 'CARE BB+' Rating on LT Bank Loans

YSR SPINNING: Stressed Cash Flow Prompts ICRA's "LBB" Rating


BANK TABUNGAN: Set to Sell Shares to the Public
SONY CHEMICALS: To Shut Down Chemical Plant in Batam


ELPIDA MEMORY: May Apply For Public Funds This Month
JOINT CORP: Court Approves Rehabilitation Proceedings


RANHILL BERHAD: Receives Arbitration Award Notice on Bertling Case


LEGACY GROUP: BSP Files Large-Scale Estafa Against Owner, 2 Others


FRASERS COMMERCIAL: S&P Affirms 'BB' Corporate Credit Rating
HEALTHWHO.COM PTE: Creditors' Proofs of Debt Due on July 12
MENTOR PRINTERS: Pays First and Final Dividend

S O U T H  A F R I C A

FRANKEL ENTERPRISES: FNB Freezes Tannenbaum Bank Accounts


E.SUN BANK: Moody's Assigns Junk Ratings on Three Certificates
SHIN KONG: Fitch Downgrades Issuer Default Rating to 'B+'


* Large Companies with Insolvent Balance Sheets

                         - - - - -


BABCOCK AND BROWN: Shares Delisted from ASX Trading
The Australian Securities Commission disclosed that Babcock and
Brown Limited was delisted from the official list of the
Australian stock exchange, at the request of the company, from the
close of the trading on June 18, 2009.

Babcock and Brown's administrators said in a June 11 statement
that the company has reached agreement with the ASX to terminate
the listing of the company's ordinary shares ("BNB") and BBSN
subordinated notes ("BNG").

The administrators said it requested the termination of the
listings after taking into account that the BBSN subordinated
notes issued by Babcock & Brown have now been accelerated and are
immediately due and payable.

The administrators also concluded that there is no likelihood that
the holders of the company's ordinary shares will receive any
further distributions.

Continued listing of the company's shares would no longer serve
any useful purpose since Babcock & Brown shareholders have no
ongoing economic interest in the company, the administrators

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.

ELDERS LIMITED: To Extend Short Term Facilities to September 30
Elders Limited said it has reached in-principle agreement with its
financiers for an extension of its short term facilities due to
mature on June 30, 2009, and a consent to waive its financial
convenant under its bank facilities and US Private Placement

Elders said that the agreed approvals contemplate an extension to
September 30, 2009, to complete a refinancing of the facilities on
a longer-term basis.

Elders Chief Executive Malcolm Jackman said the agreement on the
extension terms was "a vital step forward towards completion of
the refinancing."

"The extension and covenant waiver will enable orderly completion
of the refinancing exercise over the course of the coming months."

"We are keenly looking forward to completion and to working with
our financiers on finalising the terms and agreements that will
provide the finance for Elders to pursue its recovery and growth
plans in the coming years," Mr. Jackman said in a statement.

Elders Limited, formerly Futuris Corporation Limited, -- is Australia's rural and regional
company.  The company's businesses consist of Elders Rural
Services, Elders Financial Services, Forestry and Automotive.  The
company provides farmers in Australia and New Zealand with an
integrated service offering for farming that extends from the
supply of financial services and farm inputs to the marketing and
sale of farm outputs.  Its product areas include sheep and cattle,
wool, grain, merchandise, financial services and real estate.
Elders Financial Services include Elders Rural Bank and Elders
Insurance.  Forestry includes ITC Forestry and ITC Timber. The
Futuris Automotive Group includes a 100% of Futuris Automotive
Interiors and a 35% owned share in Air International Thermal
Systems.  In December 2008, the company completed divestment of
Amcom Telecommunications.  In May 2009, the company sold its
remaining 20% interest in Australian Agricultural Company Limited.

GREAT SOUTHERN: IMF to Fund Cattle Projects Investors Action
IMF (Australia) Limited has agreed to fund a group action by some
investors in the cattle projects of agricultural projects manager
Great Southern, The Australian Associated Press reports.

The report, citing IMF, says that the agreement to fund legal
action in the West Australian Supreme Court against companies
within the Great Southern group, and various directors of those
companies, is subject to enough members of the cattle projects
participating in the litigation.

IMF is a publicly listed company providing funding of legal claims
and other related services where the claim size is over $2
million.  IMF has brought together the major participants in the
litigation funding market in Australia and has an Australian
Financial Services License.  IMF is the largest litigation funder
in Australia and the first to be listed on the Australian
Securities Exchange.

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2009, the directors of Great Southern Limited and Great
Southern Managers Australia Limited have appointed Martin Jones,
Andrew Saker, Darren Weaver and James Stewart of Ferrier Hodgson
as joint and several administrators of the two companies and the
majority of their subsidiaries.

On May 20, 2009, the TCR-AP, citing the Sydney Morning Herald,
reported that McGrathNicol had been appointed receivers to the
company and certain of its subsidiaries by a security trustee on
behalf of a group of secured creditors.

Citing figures released by the administrators, the Sydney Morning
Herald discloses that as of April 30, 2009, Great Southern had
total liabilities of AU$996.4 million, including loans and
borrowings of AU$833.9 million.  The loans and borrowings included
AU$375 million from the group banks.  The secured creditors
include ANZ, Commonwealth Bank and BankWest.

Great Southern manages about 43,000 investors through 45 managed
investment schemes.  The group owns and leases approximately
240,000 hectares of land.  It also owns more than 150,000 cattle
across approximately 1.5 million hectares of owned and leased

                     About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.

LEHMAN BROTHERS: IMF to Fund Australian Investors Class Action
IMF (Australia) Limited has agreed to fund a class action on
behalf of Australian Local Councils, Corporations, Charities,
Churches, Universities and Individual Investors against Lehman
Brothers Australia Limited, other entities within the Lehman group
and third parties.  There are some 600 investors within class.

IMF says the litigation relates to the purchase by investors of
collateralized debt obligations and subsequent losses suffered on
those investments.

As a prelude to the class action, IMF states, it is currently
funding an application to set aside a Deed of Company Arrangement
executed by Lehman Brothers Australia Limited, which is in
administration, in the Federal Court of Australia.

IMF is a publicly listed company providing funding of legal claims
and other related services where the claim size is over $2
million.  IMF has brought together the major participants in the
litigation funding market in Australia and has an Australian
Financial Services License.  IMF is the largest litigation funder
in Australia and the first to be listed on the Australian
Securities Exchange.

                     Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. -- was the fourth largest investment bank
in the United States, offering a full array of financial services
in equity and fixed income sales, trading and research,
investment banking, asset management, private investment
management and private equity.  Its worldwide headquarters in New
York and regional headquarters in London and Tokyo are
complemented by a network of offices in North America, Europe, the
Middle East, Latin America and the Asia Pacific region.

Lehman filed for Chapter 11 on September 15, 2008 (Bankr. S.D.
N.Y. Case No. 08-13555) after Barclays PLC and Bank of America
Corp. backed out of a deal to acquire the company, and the U.S.
Treasury refused to provide financial support that would have
eased out a sale.  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
Several affiliates filed bankruptcy petitions thereafter.

On September 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.

LBHI's U.S. 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.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been 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 wind down the business of LBI
(Europe) on September 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units have combined liabilities of JPY4 trillion --
US$38 billion.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                            Asset Sales

Barclays Bank Plc has acquired Lehman's 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, on September 22 reached an
agreement to purchase Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million.  Nomura paid only US$2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.

STORM FINANCIAL: CBA Admits Mistakes Over Loans
The Commonwealth Bank of Australia has admitted shortcomings in
the way it lent money to about 2,500 clients of Storm Financial

In a statement released Wednesday, CBA acknowledges the position
in which some Storm Financial clients find themselves, while not
caused directly by the Bank, involves the Bank to some degree.

Commonwealth Bank CEO Ralph Norris said, "In some cases we have
identified shortcomings in how we lent money to our customers
involved with Storm Financial."

"We are not proud of our involvement in some of these issues and
we are working toward a fair and equitable outcome for our
affected customers," Mr. Norris said in a statement.

"Our customers can be assured that where we have done wrong, we
will put it right.  I am committed to the identification and
resolution of all issues relating to the Bank's involvement with
Storm Financial," he said.

Mr. Norris said the Bank would meet its obligations to those
customers identified as being in financial difficulty as a result
of any shortcomings identified in the Bank's lending practices.

"However, the Bank is not responsible for the financial advice
provided independently by Storm Financial to the Bank's customers.
That was clearly the responsibility of Storm Financial, a licensed
financial advisory company," he said.

                     Working with the Regulator

In December 2008, the Bank initiated dialogue with the Australian
Securities and Investments Commission (ASIC), following concerns
raised in relation to Storm Financial and continues to be actively
engaged with them.

                      Resolution for Customers

The Bank established a hardship team on the ground in Townsville
in February 2009 and this team continues to work with the bank's
customers to seek solutions and outcomes for them.

CBA said it will immediately suspend repayment obligations until
August 31, 2009, for all loans made to customers in relation to
Storm Financial.

Any settlement agreed between the Bank and its customers, either
in the past or in the future, would not preclude them from having
their individual positions improved should the Bank be required to
do so to meet its obligations in relation to Storm Financial.  The
Bank will meet the cost of independent legal and financial advice
for its customers, Mr. Norris added.

"The Bank will learn from the mistakes made in relation to lending
to Storm Financial customers.  We will do everything possible to
ensure that they will not recur," Mr. Norris said.

                       About Storm Financial

Storm Financial Limited --
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.  According to the
Herald, Administrators Worrells Solvency & Forensic Accountants
said the group's remaining creditors are owed AU$51 million, plus
a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
(ASIC) won its bid to liquidate Storm Financial Group after the
Federal Court ruled that the company be wound up.

The Herald Sun related that federal court Justice John Logan
appointed Ivor Worrell and Raj Khatri of Worrells Solvency and
Forensic Accountants as liquidators to the company.

H O N G  K O N G

ASIA INVESTMENTS: Creditors' Proofs of Debt Due on July 13
The creditors of Asia Investments Limited are required to file
their proofs of debt by July 13, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lam Ying Sui
          Allied Kajima Bldg., 10th Floor
          138 Gloucester Road
          Wanchai, Hong Kong

CHINA KIOSK: Placed Under Members' Voluntary Liquidation
On June 4, 2009, the sole member of China Kiosk Development
Limited passed a resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong

HEALTHCARE INTERNATIONAL: Appoints Shanker Iyer as Liquidator
On May 29, 2009, Shanker Iyer was appointed as liquidator of
Healthcare International Management Limited.

The Liquidator can be reached at:

          Shanker Iyer
          Chung Kiu Commercial Building
          Room 2302, 23rd Floor
          47-51 Shantung Street
          Mongkok, Kowloon

MAXSEND TRADING: Appoints Luk Wing Hay as Liquidator
On June 2, 2009, the shareholder of Maxsend Trading Limited
appointed Luk Wing Hay as the company's liquidator.

The Liquidator can be reached at:

          Luk Wing Hay
          Surson Commercial Building, 9th Floor
          140-142 Austin Road
          Tsimshatsui, Kowloon

MEDIA PARTNERS: Placed Under Members' Voluntary Liquidation
On June 4, 2009, the sole member of Media Partners International
Holdings Limited passed a resolution that voluntarily liquidates
the company's business.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong

ORIENT (H.K.): Creditors' Proofs of Debt Due on July 13
The creditors of Orient (H.K.) Limited are required to file their
proofs of debt by July 13, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lam Ying Sui
          Allied Kajima Bldg., 10th Floor
          138 Gloucester Road
          Wanchai, Hong Kong

RAMS CITY: Appoints Leung Fung Yee Alice as Liquidator
On June 8, 2009, a special resolution was passed appointing Leung
Fung Yee Alice as the liquidator of Rams City (Nominees) Limited.

The Liquidator can be reached at:

          Leung Fung Yee Alice
          Jardine House, 5th Floor
          1 Connaught Place
          Central, Hong Kong

SPORTS AND OUTDOOR: Placed Under Members' Voluntary Liquidation
On June 4, 2009, the sole member of Sports and Outdoor Media (HK)
Limited passed a resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong


AIR INDIA: Talks With Workers Fail; Won't Take Back Fired Staff
The Hindu reports that another round of talks between Air India's
employees and its management to discuss the demands of the
employees failed to achieve a breakthrough on Wednesday.

"Nothing positive came out of the meeting today [June 17] as the
airline management was adamant in not taking back the sacked
employees," Pramod Kumar, general secretary of Indian Airlines
Limited-Airport Services Limited Employees Union, told PTI.

Mr. Kumar said that the conciliation process took place in the
presence of Central Labour Commissioner and Assistant Labour
Commissioner, the report relates.

The Troubled Company Reporter-Asia Pacific, citing Business
Standard, reported on June 4, 2009, that nearly 300 contractual
security and commercial staff of Air India went on an indefinite
strike on June 3.  The workers were demanding better pay
package and medical benefits, the Business Standard said.

The Hindu relates that the strike was withdrawn on June 10 after
the Chief Labour Commissioner assured them of positive steps by
the airline management.

The Air India Management, taking a strong step against the stir,
had terminated the contract of 21 workers on the first day of the
strike.  Twenty two others were also terminated later, the Hindu

The Hindustan Times reports that Air India has been bleeding due
to excess capacity, lower yield, a drop in passenger numbers, an
increase in fuel prices and the effects of the global slowdown.

Air India's losses have almost doubled to over INR4,000 crore in
2008-09 (INR2,226 crore in 2007-08) and it does not have the money
to foot the INR350-crore monthly salary bill of its 31,500
employees, according to the Hindustan Times.

Citing a report by The Financial Express, the TCR-AP said on
June 10, 2009, that the National Aviation Company of India Ltd
(Nacil), the company that operates Air India, is seeking INR14,000
crore in equity infusion, soft loans and grants.

                       About Air India

Air India -- 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.

APEX EXPORTS: CRISIL Assigns 'B' Rating on INR18.6 Million LT Loan
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Apex Exports (Apex).

   INR18.6 Million Long-Term Loan     B/Stable (Assigned)
   INR100.0 Million Foreign Bills     P4 (Assigned)
   INR115.0 Million Packing Credit    P4 (Assigned)
   INR84.4 Million Letter of Credit   P4 (Assigned)

The ratings reflect Apex's weak financial risk profile,
geographical and customer concentration in revenue profile, and
exposure to risks relating to intense competition in the seafood
industry.  The impact of these weaknesses is mitigated by the
benefits that Apex derives from the experience of its management.

Outlook: Stable

CRISIL believes that Apex will maintain its stable business risk
profile backed by its established relationships with customers.
The outlook may be revised to 'Positive' if the firm scales up its
operations substantially, leading to higher-than-expected cash
accruals and significant improvement in the financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the firm's debt protection measures deteriorate, on account of
decline in margins, or if it undertakes larger-than-expected debt-
funded capital expenditure, or in case of significant fund
withdrawals by partners.

                       About Apex Exports

Apex, a partnership firm, was formed in 1996 in the Kakinada
district of Andhra Pradesh by Mr. K Satyanarayana Murthy and his
wife.  The firm is engaged in the business of processing and
exporting cultured shrimps to the US and Europe.  The firm has a
processing capacity of 3500 tonnes per annum. Apex reported a net
loss of INR6.37 million on net sales of INR600.35 million for
2007-08 (refers to financial year, April 1 to March 31), as
against a profit after tax of INR19.97 million on net sales of
INR673.83 million for 2006-07.

CARE has assigned 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of Kankariya Textile Industries Private Limited
(KTIPL) for an aggregate amount of INR18.10 crore, including
outstanding term loan of INR14.10 crore, sanctioned fundbased
working-capital limit of INR4 crore.  Facilities with this rating
are considered to offer inadequate safety for timely servicing of
debt obligations.  Such facilities carry high credit risk.

Rating Rationale

The rating is mainly constrained by small size and short track
record of operations of KTIPL.  The rating is also constrained by
significant inter-group transactions, presence in highly
fragmented industry and prevailing bearish industry scenario in
the textile sector.  The rating however, takes into account
experience of promoters, state-of-the art technology plant &
machinery, moderate financial profile and potential benefits of
favourable Government policies to boost the textile industry.

                    About Kankariya Textile

KTIPL is promoted by Shri Prithaviraj Kankariya and Shri Mahavir
Kankariya.  While the promoters have two decades of experience in
the field of grey trading, processing (job work getting done from
other jobbers) and export of various textiles products, KTIPL has
relatively short track record of operation.  KTIPL was established
in Dec'06 and FY09 was the first year of its manufacturing

KTIPL is mainly dealing in designing, printing and processing of
grey cloth with sarong as own product and does shirting on job
work basis.  Its own product sarong, which has patented designs
(Owned by M/s. Harsh Syntex Pvt. Ltd, a group company of KTIPL)
and established brand named as "Hindustan" has good market in
Southern India, Middle East countries and Africa.
For FY09 (first year of manufacturing operation), KTIPL had
achieved total operating income of INR17.18 crore.  During FY08
KTIPL reported profit after tax of INR0.04 crore on total income
of INR2.52 crore.

M and M AUTO: Low Net Worth Prompts CRISIL 'BB+' Ratings
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of M and M Auto Industries Ltd (M and M).

   INR108.7 Million Cash Credit     BB+/Stable (Assigned)
   INR166.3 Million Term Loan *     BB+/Stable (Assigned)
   INR5 Million Bank Guarantee      P4 (Assigned)
   INR20 Million Letter of Credit   P4 (Assigned)

   * Includes a proposed limit of INR74.5 million

The ratings reflect the company's moderate financial risk profile
marked by low net worth, moderate gearing, and weak debt
protection measures; and its exposure to high customer
concentration risk.  These weaknesses are partly offset by M and
M's average operational efficiencies and technical competence in
manufacturing springs.  The company also endeavours to enhance
value to its existing customers by improving product quality and
add new customers by diversifying its product profile.

Outlook: Stable

CRISIL expects M and M to maintain its stable credit risk profile,
backed by its longstanding relationship with Hero Honda Motors Ltd
(rated 'AAA/Stable/P1+' by CRISIL), and initiatives to develop
sheet belt springs.  The outlook may be revised to 'Positive' if
the company's net worth and capital structure improve
substantially, led by fresh equity infusions and improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' if M and M's financial risk profile deteriorates owing
to larger-than-expected debt-funded capital expenditure, or its
operating margins decline.

                          About M and M

Incorporated in 1991, M and M manufactures precision metallic coil
springs.  The company commenced operations as a dedicated
ancillary supplier to the Hero Honda group, with capacity of 645
tonnes per annum.  The company has undertaken initiatives to
enhance its product profile by implementing a new product line,
sheet belt springs, which will be utilised by KSS Abhishek Safety
Systems (rated 'BBB-/Negative/P3' by CRISIL) for manufacturing
springs in safety belts.

For 2008-09 (refers to financial year, April 1 to March 31),
M and M reported a profit after tax (PAT) of INR13 million
(INR10 million the previous year) on net sales of INR415 million
(INR375 million).

MEDPLUS HEALTH: ICRA Places 'LBB' Rating on Fund-Based Limits
ICRA has assigned LBB (pronounced L double B) rating to the fund-
based limits of MedPlus Health Services Private Limited (MedPlus)
indicating inadequate credit quality in the long-term.

The rating takes into account intensely competitive nature of the
industry which coupled with MedPlus high fixed costs has resulted
in the company posting losses at the operating level.  Moreover,
the rating factors in MedPlus high client concentration risk as
Optival Health Solutions Private Limited (Optival) accounts for
its entire sales. However, the rating draws comfort from MedPlus'
experienced management and its currently low gearing levels.

                          About MedPlus

MedPlus was promoted by Mr. Madhukar Reddy in November 2006.  In
FY08 MedPlus raised funds through private equity investors which
reduced Mr. Reddy's stake in the company to 23.35%.  MedPlus is a
wholesale distributor of pharmaceutical and other healthcare
products.  The company deals in nearly 20,000 products
manufactured by about 500 pharmaceutical companies.  MedPlus has
also started the concept of Integrated Health Centers (IHCs)
whereby pharmacy, diagnostic labs and family clinic are all
combined under one roof.  The company has a 100% subsidiary named
MedPlus Pathlabs Private Limited (MPPL) which is involved in
Clinical Reference Lab (CRL) and diagnostic business.

RAJALAXMI EDUCATION: CRISIL Rates INR180.00 Mln Term Loan at 'BB+'
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Rajalaxmi Education Trust (RET).

   INR180.00 Million Term Loan*     BB+/Stable (Assigned)

   * Includes a proposed limit of INR60.00 Million

The ratings reflect RET's limited track record, weak financial
risk profile marked by high gearing and exposure to risks relating
to unfavourable regulations in the intensely-competitive education
industry.  These weaknesses are, however, partially offset by the
benefits that RET derives from its high student intake and stable
cash flows.

Outlook: Stable

CRISIL believes that RET's business risk profile will improve,
supported by expected revenue growth due to increasing student
intake.  The outlook may be revised to 'Positive' if the trust's
financial risk profile improves, and it demonstrates robust cash
flow management practices.  Conversely, the outlook may be revised
to 'Negative', if the trust undertakes large, debt-funded capital
expenditure, or if there are delays in completion of its ongoing
expansion plans.

                         About the Trust

RET was established by Mr. Rajesh Chowta and Mrs. Savitha Chowta
in 2005.  The trust imparts engineering and management education.
The trust began offering engineering courses in 2007-08 (refers to
financial year, April 1 to March 31) and very next year started
courses in management. For 2007-08, RET reported a profit after
tax (PAT) of INR27.5 million on net sales of INR41 million.

RANKA-N-RANKA: ICRA Assigns 'LB' Rating on INR192.5 Mln Term Loan
ICRA has assigned an LB (pronounced as L B) rating to the INR
192.5 million term loan of Ranka-N-Ranka Infrastructure Private
Limited (RNRIPL).  The rating indicates risk-prone-credit quality.

RNRIPL, part of the Ranka Group of companies, is developing a
residential complex (Ranka Heights) with a total built-up area of
300,000 square feet at Bangalore; the company has also recently
diversified into construction and wind power generation.  The LB
rating takes into account the low plant load factor for
operational wind mills resulting in variability of cash flows, the
unsold stock of apartments in the residential complex with
associated risk due to current slowdown in real estate sector, low
scale of contracting business and the weak financial profile
characterized by high gearing and low debt protection indicators.
The rating also factors in the pressure on liquidity which has
been further accentuated by RNRIPL"s advances to Group concerns,
which in turn have land holdings and ready stock of unsold
apartments.  Timely future debt servicing would be contingent upon
the enhancement of liquidity by sale of unsold stock by RNRIPL and
group companies, improvement in output of wind mills and an upside
in the contracting business.

The rating however favourably factors in Ranka Group's long
presence in the Bangalore real estate market and strong execution
capability acquired over past three decades.  Moreover, Ranka
Heights project was completely financed through advances from
customers, which is a reflection of the company's strength.

                        About Ranka-N-Ranka

Initially a partnership firm known as Ranka-N-Ranka, the company
was converted to private Limited company in March 2008.  It is
part of the Ranka Group - a Real Estate Development group with
diversification into infrastructure, wind energy, branded
jewellery, contracting etc.  The company undertook the development
of a residential project called Ranka Heights in 2005 to build 180
luxury apartments.  The project is 95% complete and 85% sold. The
company has also moved into wind mill electricity generation space
with installed capacity of 5MW and is also scaling up its
contracting business.

STP LIMITED: CRISIL Assigns 'B' Rating on INR90 Mln Cash Credit
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of STP Ltd (STP).

   INR90 Million Cash Credit        B/Stable (Assigned)
   INR50 Million Letter of Credit   P4 (Assigned)
   INR20 Million Bank Guarantee     P4 (Assigned)

The ratings reflect STP's weak financial risk profile marked by
volatile operating margins, and small scale of operations in the
corrosion protection products industry.

Outlook: Stable

CRISIL believes that STP will maintain a stable credit risk
profile on the back of support from the Turner Morrison group, and
low term debt levels.  The outlook may be revised to 'Positive' if
STP reports substantial growth in business volumes and
profitability, while maintaining a healthy capital structure over
the medium term.  Conversely, the outlook may be revised to
'Negative' if the company's business profile weakens on account of
losses, or low profitability, or if it takes on large debt to fund
capital expenditure.

                         About STP Ltd

STP, part of the Turner Morrison group, manufactures corrosion
protection products, and coal tar enamel; these products
contributed 55 per cent and 33 per cent, respectively, to STP's
operating profitability in 2007-08 (refers to financial year,
April 1 to March 31).  STP also undertakes construction
activities. It manufactures construction chemicals at its facility
in Goa, bituminous products at its unit in Chennai, and coal tar
products in Jamshedpur.  Its customers include the Indian
Railways, and companies such as the Oil and Natural Gas
Corporation Ltd, Reliance Industries Ltd, Indian Oil Corporation
Ltd, and Larsen & Toubro Ltd.

STP reported a profit after tax (PAT) of INR33 million on net
sales of INR742 million for 2007-08, as against a loss of
INR0.001 million on net sales of INR 555 million for 2006-07.

TTL LTD: CARE Places Rating on Bank Facilities Under Credit Watch
CARE has placed the long-term rating of 'CARE BB+' (Double B Plus)
and short-term rating of 'PR4' (PR Four) assigned to the bank
facilities of TTL Ltd. under 'Credit Watch' with developing
implications, in view of the proposed merger with QRG Enterprises
Ltd., the Havells Group promoter company.  CARE is in the
process of evaluating the impact of this merger and its impact on
the credit quality of TTL.  The final rating would be announced on
completion of evaluation.

TTL Ltd., a part of the Havells group, is a closely held company
engaged in manufacturing of energy meters.  The company was
originally incorporated as M/s Towers & Transformers Ltd. in
December 1971 to manufacture transformers and aluminium
conductor steel reinforced conductors.  It was taken over by
Havells Group in September 1983.  TTL started manufacturing
energy meters in March 1984 and converted into a public limited
company in 1998 with the present name.  The company tied up with
a German multinational company, Deutsche Zahler Gesellschaft
(DZG) in 1998 for production of single phase and three phase
meters to cater to the premium quality market in India.  In
March 1999, it setup a new plant at existing unit at Sahibabad,
U.P. to manufacture premium quality meters.  TTL received ISO-
9001 certification in September 2000.

VARRON INDUSTRIES: CARE Assigns 'CARE BB+' Rating on LT Bank Loans
CARE has assigned a 'CARE BB+' [Double B Plus] rating to the Long-
term Bank Facilities of Varron Industries Ltd (VIL) aggregating
INR40.80 crore.  This rating is applicable for facilities having
tenure of over one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.  CARE
assigns '+' or '-' signs to be shown after the assigned rating
(wherever necessary) to indicate the relative position within the
band covered by the rating symbol.

CARE has also assigned a PR4' [PR Four] rating to the Short-term
Bank Facilities of VIL aggregating INR25.00 crore.  This rating is
applicable for facilities having a tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

Rating Rationale

The ratings are constrained by small size of operations, customer
concentration risk, absence of long-term supply contracts, project
implementation risk, tight liquidity position and current downturn
in the end-user industries.  The ratings are supported by
experienced management, proven and consistent financial support
from the promoters, long-standing relations with the existing
customers and comfortable interest coverage ratio.

                     About Varron Industries

VIL is involved in manufacturing aluminium alloy ingots with an
installed capacity of around 8,000 Metric Tonnes Per Annum (MTPA).
The products find application in the auto components/power and
real estate industries.  Mr. Shrikant P. Sawaiikar (promoter
Director), having over two decades of experience in the auto
component industry looks after the marketing operations of the
company.  He is instrumental in setting up relations with the
existing customers. Over the years, the company is regularly
supplying to some specific customers which has provided an assured
market for VIL.

On the supply side, VIL does not have any long-term sourcing
arrangements with its suppliers and thus it is exposed to the risk
of volatility in supply of raw materials. Around 90% of the
company's products cater to the auto components industry with
seven customers contributing its entire sales in FY08.  This
exposes the company to significant customer concentration risk.

The company is currently undertaking a significant capacity
expansion project at a total cost of INR12.07 crore.  The total
production capacity is expected to increase to 30,720 MTPA after
commissioning of the new facilities by mid 2009.  The project has
already incurred a time overrun of around five months due to
delay in sanctioning of bank facilities.  Looking at the size of
the current expansion (project cost 80% of net worth as at end
FY08), the company is exposed to significant project risk.

Net sales of the company grew at a Compounded Annual Growth Rate
(CAGR) of 36% over the period FY06-FY08 from INR36.66 crore to
INR68.02 crore.  In the past, promoters have consistently brought
in the required funds in times of need for meeting shortage in
working capital and capital expenditure.  The interest coverage
has been also comfortable at above 2x over the period FY06-FY08;
but the working capital cycle is showing an increasing trend over
the past four years which is due to lengthening debtors' days.
Around 90% of its customers are from auto ancillary sector which
is currently facing cash crunch on account of Original
Equipment Manufacturers (OEMs) lengthening their payment periods.
This may further elongate its working capital cycle. The average
utilisation of around 100% in the past twelve months also does not
provide any liquidity back-up.  All this may lead to strained
liquidity position in the medium term.

YSR SPINNING: Stressed Cash Flow Prompts ICRA's "LBB" Rating
ICRA has assigned an LBB (pronounced as L double B) rating
indicating inadequate-credit quality to the INR55.1 million term
loans and INR 80.0 million fund-based bank limits of YSR Spinning
& Weaving Mills Private Limited.  ICRA has also assigned an A4
(pronounced A four) rating to INR19.5 million non-fund based bank
limits of YSR, the rating indicates risk-prone credit quality in
the short term.

The ratings factor in the company's small scale of operations,
which restricts economies of scale.  YSR's operating margin
remains susceptible to high volatility in cotton costs and
sluggish demand for cotton yarn over the short-to-medium term.
The ratings are also tempered by high gearing, weak coverage
indicators and stressed cash flow position of the company.  The
ratings however take note of the significant experience of
promoters and the location advantage of being situated in Guntur,
the major cotton growing belt of India. ICRA notes that the
company has recently restructured its term loans with its bankers.

                        About YSR Spinning

YSR Spinning & Weaving Mills Private Limited, was incorporated in
1994 near Ganapavaram, Guntur, Andhra Pradesh.  The company is
engaged in the production of cotton yarn, polyester yarn and
Weaving with an installed capacity of 23000 spindles, 1030 rotors,
8 weaving machines and 16 ginning machines.  The company was
promoted by Mr. Yerram Sridhar Reddy, who has nearly 40 years of
experience in cotton ginning and spinning activities.  The
promoter started as a cotton commission agent in 1977, started
cotton ginning and trading activities in 1983 and later
established YSR Spinning & Weaving Mills Private Limited.  The
promoters and their relatives hold the entire share capital.

Recent performance (Provisional)

The company reported a profit after tax of INR1.6 million on
operating income of INR250.0 million for the nine months ending
December 31, 2009, against profit after tax of INR 3.5 million on
operating income of INR274.3 million for the year ended March 31,


BANK TABUNGAN: Set to Sell Shares to the Public
The State Ministry of State Enterprises said that Bank Tabungan
Negara (BTN) and state housing construction firm Pembangunan
Perumahan will soon offer their shares to the public, The Jakarta
Post reports citing SOE secretary Said Didu.

The Indonesian government holds 51 percent stake in Pembangunan
Perumahan, while the remaining 49 percent of shares belong to its
employees, the report says.

The Post relates that according to Mr. Said, the employees would
sell their shares in Pembangunan Perumahan through the Initial
Public Offering (IPO).

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at
July 2005 from 75% at end-2002.

                        *     *     *

As reported by the Troubled Company Reporter–Asia Pacific on
May 15, 2009, Fitch Ratings affirmed PT Bank Tabungan Negara's
Individual Rating at 'D' and Support Rating at '3'.  The Outlook
is Stable.

On May 22, 2009, the TCR-AP reported that Moody's Investors
Service placed Bank Tabungan Negara's Baa2 GLC deposit on review
for possible downgrade.  All other ratings are unaffected and
carry stable outlooks: foreign currency long-term/short-term
deposit of B1/Not Prime and BFSR of D-.

SONY CHEMICALS: To Shut Down Chemical Plant in Batam
The Jakarta Post reported Thursday that PT Sony Chemicals, a
company run by Japan's Sony Corp, will close its plant in Batam,
Riau Islands, on August 31 due to the falling global demand.

According to the Post, Batam manpower agency chief Rudy
Shakyakirti said the company would lay off some 350 workers as a
result of the closure.

"Sony's top management executives have come to us to process the
severance payment for workers.  As of August 31, the Sony plant
will be closed," Rudy told The Jakarta Post.

The report, citing official data, says PT Sony Chemicals, which
produces chemicals for electronic goods, began investing in Batam
in 1996, with a total investment of US$4 million.

Batam, an island and city in Riau Islands Province of Indonesia,
started to feel the effect of the global financial crisis in
October last year that forced a number of companies to scale down
or even close their operations, the Post relates.


ELPIDA MEMORY: May Apply For Public Funds This Month
Elpida Memory Inc. plans to apply for several tens of billions of
yen in government funds this month to shore up its depleted
capital, Reuters reports citing three sources familiar with the

Bloomberg News, citing a Nikkei English News report, relates that
the company may seek as much as JPY40 billion (US$416 million) by
selling up to JPY30 billion in preferred shares and borrowing a
maximum of JPY10 billion yen.

Elpida, Reuters says, is likely to be the first company to receive
aid under a new scheme that makes public funds available to firms
hit by the global financial crisis.

Under the scheme, which started in April, the government-backed
Development Bank of Japan (DBJ) would inject money into Elpida
through the purchase of preferred shares with limited, if any,
voting rights, Reuters notes.

Dow Jones Newswires, meanwhile, reports that a company spokeswoman
said Friday that Elpida is still considering applying for a public
funds injection.

                        Rating Downgrade

As reported in the TCR-Asia Pacific on Feb. 23, 2009, Standard &
Poor's Ratings Services lowered to 'B+' from 'BB-' its long-term
corporate credit and senior unsecured ratings on Elpida Memory
Inc., and placed the ratings on CreditWatch with negative

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

JOINT CORP: Court Approves Rehabilitation Proceedings
The Tokyo District Court has granted Joint Corp.'s request to
start court-supervised rehabilitation proceedings along with its
wholly owned subsidiary, Joint Residential Fudosan, Kyodo News

The report, citing Joint Corp in a press release, says the company
will seek to find a company to sponsor its operations in the
course of its rehabilitation efforts with Nikko Citigroup Ltd as
its financial adviser.

On May 29, the news agency recalls, Joint Corp filed for
bankruptcy protection under the Corporate Rehabilitation Law.  The
company has JPY147.6 billion (US$1.5 billion) liabilities, Japan's
fourth-largest failure by a listed company this year, according to

Based in Japan, Joint Corporation --
-- is real estate property trader.  The company operates in five
business segments.  The Real Estate Liquidation segment is
involved in the planning and development of apartments and
commercial facilities, the improvement and sale of secondhand real
estate to investors, as well as the operation of funds.  The Real
Estate Allotment Sale segment is engaged in the planning,
development and sale of apartments and houses.  The Real Estate
Leasing segment in engaged in the brokerage and management of real
estate leasing.  The Real Estate Management segment is involved in
the maintenance and management of real estates.  The Others
segment is engaged in the businesses related to building
construction, hotel management and others.  Thee company has 50
subsidiaries, six associated companies and one affiliated company.
On April 30, 2009, the company sold a Tokyo-based subsidiary.


RANHILL BERHAD: Receives Arbitration Award Notice on Bertling Case
Ranhill Berhad disclosed that it received notification of the
arbitration award issued by the Arbitral Tribunal on June 8, 2009,
relating to a dispute between its wholly owned subsidiary, Ranhill
Engineers and Constructors Sdn Bhd ("REC"), and F H Bertling
Holding KG.

REC received an Ex Parte Order for the Process of Maritime
Attachment from the United States District Court for the Southern
District of New York brought by F H Bertling Holding KG pursuant
to Rule B of the Supplemental Admiralty Rules for Certain
Admiralty and Maritime Claims of the Federal Rules and Civil

A Verified Complaint was filed by Bertling for the damages
suffered and claimed from REC aggregating US$4,322,771.11 in
relations to a Logistics Agreement entered between REC and
Bertling on July 27, 2006, for the provision of logistics services
provided by Bertling to REC with regards to various engineering,
procurement, consulting and commissioning ("EPCC") projects.

Pursuant to the vacation of the order from the Court brought by
Bertling, Ranhill Berhad said that Bertling Holding and REC have
referred the dispute to Arbitration.

The arbitration award directs that:

   -- Bertling Holding's claims succeeds but only to the
      extent of US$2,353,411.72;

   -- REC shall pay Bertling Holding the sum of US$2,353,411.72
      and interest thereon computed at 2% per month per annum
      from April 8, 2008, until the date of full payment;

   -- REC shall pay Bertling Holding US$40,000.00 being the
      balance of the costs of Arbitration;

   -- REC shall pay Bertling Holding MYR385,565.80 being 75%
      of Bertling Holding's legal costs and expenses incurred
      in and about the arbitration fixed by the Arbitral
      Tribunal at MYR514,087.74; and

   -- all other claims between the parties are dismissed.

The Solicitors of REC is of the opinion that REC may set aside the
award before the expiry of 90 days from the date of receipt of the

The company said it is seeking legal advice from its Solicitors to
set aside the award.

                       About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On Dec. 11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Malaysia-based Ranhill Bhd and removed it from CreditWatch with
negative implications.  The outlook is negative.


LEGACY GROUP: BSP Files Large-Scale Estafa Against Owner, 2 Others
The Bangko Sentral ng Pilipinas filed last week with the
Department of Justice a case of large-scale estafa against
Celso G. de los Angeles, Jr. and Pilipino Rural Bank's former
presidents and board members Alexis Petralba and Wilfredo Novo for
conspiring to willfully, unlawfully and fraudulently withdrawing
and siphoning off PHP262.2 million from Cebu-based Pilipino Rural
Bank to the detriment and prejudice of the depositing public and
its creditors.

The central bank said that bank records and statements of
witnesses indicated that with the indispensable cooperation of
these two officers, unauthorized diversion of funds were made to
the current account maintained by Mr. de los Angeles at Pilipino
Rural Bank through fraudulent accommodation of 3,402 unfunded and
returned checks amounting to PHP262.2 million from September 2007
and September 2008.  Mr. de los Angeles therefore illegally
extracted funds from Pilipino Rural Bank with the use of his
current account.   Mr. Petralba was president of Pilipino Rural
Bank from 2003 to 2005 and later named as director/consultant
while Mr. Novo was president and chairman of the board from 2006
until the closure of the bank in December 2008.

Pilipino Rural Bank unilaterally declared a bank holiday effective
December 8, 2008, to the great damage and prejudice of the public
which as of September 2008 had deposits with the bank amounting to
PHP2.27 billion, The Bangko Sentral recalled.

The Bangko Sentral said the elements of large-scale estafa under
Section 1 of Presidential Decree 1689 in relation to Article 315
of the Revised Penal Code are present and, thus, there is probable
cause to hold the respondents criminally liable.

The Bangko Sentral also requested the Department of Justice to
include the respondents in the watchlist of the Bureau of

This case constitutes the seventh filed by Bangko Sentral with the
Department of Justice against Legacy officials: four for
syndicated estafa, one for large-scale estafa, and two for the
falsification of a total of 165 public and commercial documents.

Bangko Sentral filed on February 26, 2009, with the DOJ its first
case for syndicated estafa against Celso G. delos Angeles, Jr.,
and other officers of the Legacy Group and affiliated companies
involving PHP1 billion (one billion pesos) siphoned from the Rural
Bank of DARBCI, a rural bank with offices in General Santos City
and Cebu City.  While records as of September 30, 2008, indicated
that RB DARBCI had PHP830 million in deposits raised from the
public, its cash position was less than PHP1 million (one million
pesos) as of the same date.

The second case for syndicated estafa was filed on March 6, 2009,
against Celso G. delos Angeles, Jr., and other officers of the
Legacy Group and affiliated companies.  The case involves at least
PHP487 million of solicited funds received in trust from
depositors/investors of First Interstate Bank (Rural Bank of
Kananga, Leyte) that respondents have willfully, unlawfully and
fraudulently misappropriated.  FIB which was based in Kananga and
had branches in Palo, Maasin, Hilongos, Carigara and Baybay, all
in Leyte.

The third case for syndicated estafa was filed on March 24, 2009,
against Celso G. delos Angeles, Jr. and other officers of the
Legacy Group for fraudulently siphoning off PHP500 million worth
of deposits and investments from the Rural Bank of Bais Inc. which
was based in Negros Oriental.

The fourth case for syndicated estafa was filed on April 13, 2009,
against Celso G. delos Angeles, Jr. and other officers of the
Legacy Group for the misappropriation of PHP70 million intended as
capital infusion of Rural Bank of  DARBCI, Inc. which is based in
General Santos City.

The first case for 49 counts of falsification of public and
commercial documents was filed on January 5, 2009, against 16
officers, employees and agents, plus one case each of false
reporting and false statement.

The second case of falsification filed on February 6, 2009,  with
the DOJ involved 116 counts of falsification of public and
commercial documents plus 2 counts of false statements against 18
officers, employees, and agents of four (4) rural banks belonging
to the Legacy Group.

                         About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group -- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20 percent in annual returns.
To address risk concerns, the Inquirer stated, the cash deposits
are spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.

According to the Inquirer, Celso G. de los Angeles, Jr. is the
owner of 13 banks with 29 branches nationwide under the Legacy

In 2008, the Inquirer recalled, the BSP shuttered the Rural Bank
of Parañaque; Rural Bank of Bais (in Negros Oriental province);
Pilipino Rural Bank (in Cebu); Rural Bank of San Jose (in
Batangas); Philippine Countryside Bank (in Cebu); Dynamic Bank
(Rural Bank of Calatagan, in Batangas); San Pablo City Development
Bank; Nation Bank (in Bacolod City) and the Bank of East Asia (in
Cebu) due to insolvency.


FRASERS COMMERCIAL: S&P Affirms 'BB' Corporate Credit Rating
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on Frasers Commercial
Trust, a Singapore-based real-estate investment trust, focusing
primarily on commercial office properties.  The outlook is
negative.  S&P also removed the rating from CreditWatch, where it
was placed with negative implications on April 7, 2009.

The rating action follows FCOT's announcement on June 12, 2009,
that it has been able to extend the maturity date for Singapore
dollar (S$) 404.5 million of its existing debt to Dec. 31, 2009
from July 31, 2009.  The company also stated that it has received
a commitment letter for refinancing from a consortium of lenders.
Frasers Centrepoint Asset Management (Commercial) Ltd., FCOT's
manager, is currently reviewing the letter.  The refinancing
exercise will also address additional S$150 million of debt that
is due by Dec. 31, 2009.

"We affirmed the rating and removed it from Credit Watch to
reflect our view that the weak performance of the commercial
office property markets in Singapore, Australia, and Japan is
likely to continue because of the global economic downturn.  In
addition, the asset writedowns on FCOT's asset portfolio over the
past year negatively affected its balance sheet and weakened its
capital structure.  As a result, the company's financial gearing
as at March 31, 2009, was 58.3% compared with 44.8% a year
earlier," said Standard & Poor's credit analyst Allan Redimerio.

These weaknesses are tempered by the satisfactory diversification
of FCOT's tenant base and the longer weighted average lease term
of its asset portfolio.  In addition, leases that account for
about 30% of the gross rental income of FCOT's portfolio
incorporate fixed step-up rents that provide organic income

FCOT is supported by the financial flexibility and, in S&P's view,
satisfactory credit profiles of Frasers Centrepoint Ltd. (which
owns 22% of FCOT) and Frasers & Neave Ltd. (which owns 100% of
FCL).  Its current portfolio consists of nine office buildings
located in Singapore, Australia, and Japan, and an investment in
an unlisted office fund in Australia.

"The negative outlook reflects the continued challenging
conditions in the commercial office property segment," said Mr.

Declines in occupancy rates, capital values, and rental levels
have been more severe than in other traditional property segments,
such as retail malls and industrial properties.  In addition,
FCOT's capital structure remains highly leveraged, making its
balance sheet susceptible to further capital value write-downs,
which could lead to a breach of existing bank loan covenants.

HEALTHWHO.COM PTE: Creditors' Proofs of Debt Due on July 12
----------------------------------------------------------- Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by July 12, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Assan Masood
          c/o MGI Menon & Associates
          50 Robinson Road
          #15-00 VTB Building
          Singapore 068882

MENTOR PRINTERS: Pays First and Final Dividend
Mentor Printers (Pte) Limited paid the first and final dividend on
June 4, 2009.

The company paid 70.2235% to all received claims.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118

S O U T H  A F R I C A

FRANKEL ENTERPRISES: FNB Freezes Tannenbaum Bank Accounts
First National Bank froze the bank accounts of Barry Tannenbaum to
comply with a court order in the probe of what may be South
Africa's biggest ever fraud, Renee Bonorchis at Bloomberg News
reports citing a bank spokeswoman.

The Johannesburg-based bank, known as FNB, is working with the
South African task team set up on June 14 to investigate
Mr. Tannenbaum, who is accused of running a Ponzi scheme worth as
much as ZAR15 billion (US$1.8 billion), Bloomberg cited Virginia
Magapatona, a spokeswoman for FNB, as saying in an e-mailed
response to questions.

Barry Tannenbaum, a South African businessman living in Australia,
lured investors with the promise of 200 percent annual returns
linked to pharmaceutical imports, and forged AIDS drug orders to
reassure funders when money started to dry up, The Troubled
Company Reporter-Asia Pacific reported on June 17, 2009, citing

According to Bloomberg, the alleged fraud has affected investors
including Sean Summers, the former chief executive officer of
South Africa's second-biggest food retailer Pick'n Pay Stores Ltd.

Meanwhile, Reuters reports Qatar's Barwa Real Estate Co said on
Thursday it was seeking repayments from South Africa's Frankel, an
entity owned by Tannenbaum.

"Barwa entered into a revolving credit facility in connection with
an entity called Frankel in South Africa that seemed to be facing
problems," Reuters quoted Barwa as saying in a statement to the
Doha bourse web site.  "Immediately upon learning the risks facing
the company's investments related to this convention, Barwa
terminated the facility and is vigorously pursuing to the
repayment of the amounts provided for these transactions by all
legal and judicial ways."

Separately, Bloomberg News reports that a South African judge has
appointed three trustees to manage assets seized from Tannenbaum.

Bloomberg, citing Michael Strauss, a lawyer who represents
investors who may have lost money with Tannenbaum, says that
trustees selected by the judge in Pretoria, South Africa, include
officials from a KPMG International unit and Johannesburg-based
Shirish Kalian Attorneys.

Tannenbaum said in an e-mail from Sydney on Wednesday that he is
trying to "deal with the situation" and is consulting with legal
advisors, Bloomberg relates.  Tannenbaum, according to Reuters,
has denied wrongdoing and blamed his company's difficulties on the
economic crisis.


E.SUN BANK: Moody's Assigns Junk Ratings on Three Certificates
Moody's Investors Service has assigned these ratings to
beneficiary certificates issued by E.Sun Bank 2007-1
Collateralized Bond Obligations Special Purpose Trust:

  -- NTD4,000 million Class A1 Beneficiary Certificates, Caa1
  -- NTD4,400 million Class B1 Beneficiary Certificates, C
  -- NTD560 million Class B2 Beneficiary Certificates, C

The transaction is a Taiwan CBO transaction closed in 2007.

The rating actions taken follow a request from the trustee to
publish the global scale ratings in addition to the national scale
ratings on the beneficiary certificates.

SHIN KONG: Fitch Downgrades Issuer Default Rating to 'B+'
Fitch Ratings has downgraded ratings on Shin Kong Financial
Holding Co. Ltd. and its subsidiaries Shin Kong Life Insurance
Company Ltd., Taiwan Shin Kong Commercial Bank and Shin Kong
Securities.  At the same time, the agency has removed the ratings
from Rating Watch Negative and assigned a Negative Outlook.  The
details of the rating actions are summarized at the end of the
press release.

The ratings downgrades primarily reflect the group's principal
operating subsidiary, SKL's much weakened capitalization as well
as SKFH's standalone increased debt gearing and reduced liquidity.
In light of the parent SKFH's weakened ability to provide support,
the ratings of both SKB and SKSC now mainly reflect their
standalone credit profiles.  SKB's ratings consider its small
franchise, low profitability and adequate liquidity and
capitalization, while SKSC's ratings reflect its improved, albeit
still small brokerage operations, sound liquidity and
capitalization and relatively volatile profitability.

The Negative Outlook reflects Fitch's view that the challenging
economic conditions and extremely low interest rates would
continue to weigh on SKL's profitability and place downward
pressure on its capitalization.  Fitch is also concerned that
further deterioration of SKL's or SKFH's standalone financial
strength would pose a negative impact on SKB's and SKSC's
franchise and capital soundness.  In April 2009, SKFH agreed to
sell the brokerage operations of SKSC to its 26.28%-owned
securities firm, Masterlink Securities Corporation and liquidate
the remaining parts of SKSC.  Fitch will withdraw SKSC's ratings
upon completion of the transaction in Q409.

The substantial decline of Taiwan's stock market, volatility of
foreign exchange rates and deterioration of the credit quality of
structured securities in 2008 have weakened most Taiwanese life
insurers' (including SKL's) capital strength in 2008.  Fitch
expects the ongoing volatility of equity markets and foreign
exchange rates to continue to pressure Taiwanese life insurers.
In particular, most companies still have significant equity
exposures (over two times their shareholders' equity) and large
offshore investments compared with their reduced capital base.
The life insurance sector's negative spread burden is also a
growing concern given the low interest rate environment.  Fitch
notes a marginal decrease in the assumed investment return could
cause a significant drop in a life insurer's embedded value due to
the generally long duration of its insurance liabilities.

Due to the legacy burden of high guaranteed rates related to
existing insurance policies, SKL's profitability has been heavily
influenced by the rather volatile investment performance of its
invested assets.  Despite the TWD21 billion of new capital
injected by SKFH, SKL's net worth decreased almost 59% in 2008 to
TWD24.8 billion at end-2008 (2% of total assets) as a result of
poor investment income.  Fitch estimates SKL's capital level would
remain low after taking into account the large potential gains on
its property investment, the potential loss on the remaining
structured portfolio and the likely recovery of the valuation
losses on its equity investments on the back of a strong rebound
of Taiwan's stock market in 2009.  Following the capital injection
(part of which was funded via the issuance of subordinated debts)
into SKL, SKFH's liquidity and refinancing risks have also
increased as it had a total of TWD19 billion outstanding debt but
only TWD1.1 billion cash on its balance sheet at end-Q109.

SKB's profitability remained weak in 2008 with a net profit of
TWD227 million (ROE: 1.1%).  This was due to further compression
on the already low interest margins and the reduced contribution
of wealth management fees, although cost tightening partly reduced
the impact.  Nonetheless, SKB's capitalisation and liquidity
remain adequate.  Its Tier 1 capital ratio was 7.1% and the
statutory liquidity ratio was 13% at end-2008 (higher than the
regulatory requirement of 7%).  It also maintained adequate asset
quality, with total problem loan exposures accounting for 1.9% of
gross loans, and a loan loss reserves coverage ratio of 66% at
end-2008, although credit costs may well rise over 2009-2010 amidt
a challenging economic environment.

SKSC continues to improve its market presence and revenue
diversification by expanding its brokerage market share.  The
company reported a small profit in its brokerage operation in
2008, although proprietary trading resulted in a net loss of
TWD380 million.  Despite the relatively volatile earnings
performance, SKSC still maintained a high capital adequacy ratio
at 501.52% at end-2008 (well above the regulatory minimum
requirement of 150%) and a satisfactory liquidity position with a
current ratio of 136%.

The below details the rating actions on these entities:


  -- Long-term Issuer Default Rating (IDR) downgraded to 'B+' from
     'BBB-'; Off RWN; Outlook Negative

  -- Short-term IDR downgraded to 'B' from 'F3'; Off RWN

  -- National Long-term downgraded to 'BBB-(twn)' from 'A(twn)';
     Off RWN; Outlook Negative
  -- National Short-term downgraded to 'F3(twn)' from 'F1(twn)';
     Off RWN


  -- Insurer Financial Strength (IFS) rating downgraded to 'BB+'
     from 'BBB+'; Off RWN; Outlook Negative

  -- National IFS rating downgraded to 'A-' from 'AA-(twn)'; Off
     RWN; Outlook Negative


  -- Long-term IDR downgraded to 'BB' from 'BBB-'; Off RWN;
     Outlook Negative

  -- Short-term IDR downgraded to 'B' from 'F3'; Off RWN

  -- National Long-term downgraded to 'BBB+(twn)' from 'A(twn)';
     Off RWN; Outlook Negative

  -- National Short-term downgraded to 'F2(twn)' from 'F1(twn)';
     Off RWN

  -- Individual affirmed at 'D'

  -- Support downgraded to '4' from '2'; Off RWN


  -- Long-term IDR downgraded to 'BB-' from 'BBB-'; Off RWN;
     Outlook Negative

  -- Short-term IDR downgraded to 'B' from 'F3'; Off RWN

  -- National Long-term downgraded to 'BBB(twn)' from 'A(twn)';
     Off RWN; Outlook Negative

  -- National Short-term downgraded to 'F3(twn)' from 'F1(twn)';
     Off RWN

  -- Individual affirmed at 'D'

  -- Support downgraded to '4' from '2'; Off RWN


* Large Companies with Insolvent Balance Sheets

                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ARC EXPLORATION             ARX      58544299.40    -15958771.93
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
AUSTRAILIAN Z-PP          AZCCA      77741918.88     -2566335.24
AUSTRALIAN ZIRC             AZC      77741918.88     -2566335.24
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
CITY PACIFIC LTD            CIY     171501648.08     -6383353.75
EIRCOM HOLDINGS             ERC    7921901248.89   -381294562.59
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
HYRO LTD                    HYO      19685101.98    -15769362.01
JAMES HARDIE NV           JHXCC    1827000064.00    -37500000.00
JAMES HARDIE-CDI            JHX    1827000064.00    -37500000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD          MCGCD    8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
RESIDUAL ASSC-EE          RAGXF     597329874.01   -126963316.48
RUBICON AMERICA             RAT     649532285.57   -100605696.94
TOOTH & CO LTD              TTH     108860665.87    -69404500.26
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID      78516329.21     -5679479.23


ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     232705737.25   -154492563.65
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
BAO LONG ORIENTA         600988      15467573.79     -1560369.16
CHANG LING GROUP         000561      43077849.74    -10486820.00
CHENGDE DIXIAN-B         200160      87712534.25     -34757144.4
CHINA EAST AIR-A         600115   10702789177.41  -1851807066.86
CHINA EAST AIR-H            670   10702789177.41  -1851807066.86
CHINA KEJIAN-A           000035      78570187.73   -180331094.29
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
DANDONG CHEM F-A         000498     108580649.97    -96583109.33
DONGXIN ELECTR-A         600691      20502873.62     -3038531.89
FUJIAN SANNONG-A         000732      65238961.39    -54995633.00
GAOXIN ZHANGTO-A         002075    132630368.70      -9869752.84
GUANGDONG HUAL-A         600242     22465173.76      -2740933.18
GUANGDONG KEL-A          000921    553672005.51    -123382591.66
GUANGMING GRP -A         000587     49483133.27     -38236098.22
GUANGXI BEISHE-A         600556    127731806.69    -151971279.72
GUANGXIA YINCH-A         000557     50935704.91    -104988061.10
HEBEI BAOSHUO CO         600155    142966656.73    -343290007.70
HEBEI JINNIU C-A         600722    223470984.32    -222746304.24
HISENSE ELEC-H              921    553672005.51    -123382591.66
HUATONG TIANXI-A         600225     71967700.19     -34586375.37
HUDA TECHNOLOG-A         600892     20117117.87      -1494139.58
HUNAN ANPLAS CO          000156     51664398.17     -84057853.53
HUNAN AVA HOLDIN         000918    194225793.46     -69811133.26
JIAOZUO XIN'AN-A         000719     16467080.91      -2586535.71
QINGHAI SUNSHI-A         600381     52481259.62     -33816335.98
SHANG HONGSHENG          600817     20571020.42    -395924551.33
SHANG LIANHUA-A          600617     17393631.02      -1326976.74
SHANG LIANHUA-B          900913     17393631.02      -1326976.74
SHANGHAI WORLDBE         600757    228103550.88    -102348116.27
SHENZ CHINA BI-A         200017     27968310.96    -264106065.10
SHENZ CHINA BI-B         200017     27968310.96    -264106065.10
SHENZ SEG DASH-A         000007     89466024.49     -10969846.28
SHENZHEN DAWNC-A         000863     29007400.22    -151962203.17
SHENZHEN KONDA-A         000048    184040609.38     -19817331.48
SHENZHEN SHENXIN         000034     27017593.82    -165994719.64
SICHUAN DIRECT-A         000757    121583277.97    -107533583.56
SUNTEK TECHNOLOG         600728     36559320.30     -22153556.46
SUNTIME INTERN-A         600084    355378023.17    -100009910.49
TAIYUAN TIANLON          600234     13532912.36     -59849665.53
TIANJIN MARINE           600751     82399198.24     -30394356.74
TIANJIN MARINE-B         900938     82399198.24     -30394356.74
TIBET SUMMIT I-A         600338     63612758.53     -10426824.98
TOPSUN SCIENCE-A         600771    200297068.36    -121751109.77
WINOWNER GROUP C         600681     15765618.47     -71012772.96
WUHAN BOILER-B           200770    420171281.85     -31431673.83
WUHAN GUOYAO-A           600421     11572781.73     -36641609.36
XIAMEN OVERSEAS          600870    203753040.13    -161726321.55
YUEYANG HENGLI-A         000622      39549992.25    -14748281.75
ZHANGJIAJIE TO-A         000430      46479019.96     -4406094.66


ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHINA GOLDEN DEV            162     249858442.34     -1458174.64
CHINA HEALTHCARE            673      29513119.73     -7815705.47
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
FULBOND HLDGS              1041      66063004.00    -11679000.00
HUTCHISON TELE              215    2386395819.88   -363969917.68
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      160927722.22     -1629398.23
PALADIN LTD -PRE           642      160927722.22     -1629398.23
SANYUAN GROUP LT           140       17768260.98     -2131329.68


ALCOBEX METALS             AML       26047761.96    -22443296.68
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      59922403.11    -47153581.06
BAKELITE HYLAM             BKLT      13911138.88    -12867352.60
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   310351828.22   -117439484.91
DISH TV INDIA              DITV     310351828.22   -117439484.91
DUNCANS INDUS               DAI     164653351.85   -220922929.88
EMTEX INDS INDIA           EMTX      11807105.53    -44405235.51
GALADA POWER & T            GCC      10899606.76    -27849464.86
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GSL INDIA LTD               GSL      37040429.61    -42340564.58
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HANJER FIBRES               HJF      10720699.56 -310044.87
HARYANA STEEL              HYSA      10831176.59     -5909008.81
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INTEGRAT FINANCE            IFC      57729537.53    -52297155.04
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JD ORGOCHEM LTD             JDO      14537402.78    -69753846.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JIK INDUS LTD               KFS      20633171.50     -5623616.49
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS FINANCE             LYDF      36822038.19    -10290725.19
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
MILTON PLASTICS            MILT      26114050.07    -42391324.19
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
NICCO UCO ALLIAN           NICU      38783460.25    -61661278.80
ORIENT PRESS LTD             OP      16699814.52       -94789.33
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PEACOCK INDS LTD           PCOK      14682895.47    -18138660.88
PRECISION CONTAI           PCLL      10013065.56     -3669728.21
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RAMA PHOSPHATES            RMPH      34066789.55     -1192495.62
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN      13283611.52    -25431862.10
SHALIMAR WIRES             SWRI      30588221.25    -63772177.80
SHAMKEN COTSYN              SHC      23127927.75     -6172791.93
SHAMKEN MULTIFAB            SHM      60546590.60    -13260108.95
SHAMKEN SPINNERS            SSP      42180451.29    -16764934.64
SHARDA ISPAT LTD           SHIL      16179943.38     -5040578.35
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIDDHARTHA TUBES            SDT      92929926.47    -10719543.54
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TAMILNADU TELE              TNT      11680819.22     -3373123.87
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WINDSOR MACHINES            WML      14500894.45    -28144999.02
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


BUKAKA TEKNIK UT           BUKK      73759284.09    -88378100.23
DAYA SAKTI UNGGU           DSUC      20182967.71    -14063966.67
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      23855890.79    -36519229.92
KARWELL INDONESI           KARW      13459944.34     -7208303.23
MULIA INDUSTRIND           MLIA     329626279.29   -438147831.29
PANCA WIRATAMA             PWSI      24440350.75    -28494642.10
POLYSINDO EKA PE           POLY     413587722.04   -843849953.26
SEKAR BUMI TBK             SKBM      16366816.27     -2619135.89
STEADY SAFE TBK            SAFE      10838828.11     -4030148.54
SURABAYA AGUNG             SAIP     211007388.88   -113611192.14
TEIJIN INDONESIA           TFCO     199177024.00    -55412900.00
UNITEX TBK                 UNTX      13649308.63    -14400120.13


APRECIO CO LTD             2460      15981315.82     -2395526.71
ARUCOUNION CORP            4798      20858257.56    -22890695.36
ATRIUM CO LTD              8993    3004532577.65   -555330991.82
AVIX INC                   7836      19009420.72     -2125138.36
COSMOS INITIA CO           8844    2333430615.87   -454804416.82
FDK CORP                   6955     465071545.70    -85901797.18
G-TRADING                  3348      53439073.69    -19823380.51
GONZO                      3755      23926459.97    -27476878.35
GREEN FOODS CO             3367      87003396.49    -48040344.74
JO GROUP HOLDING           1710      51555022.17    -44056839.90
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK ONE                   2403      12290544.83     -5772835.00
MORISHITA CO LTD           3594     168223801.88     -2415401.06
NESTAGE CO LTD             7633      15532484.72     -6808781.92
NEXTECH CORP               3767      23786243.12     -2967517.58
OPEN INTERFACE I           4302      10824431.23    -25566252.98
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      19727184.96     -1662140.28
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
SPC ELECTRONICS            6818     124705573.68    -13095644.59
TERRANETZ CO LTD           2140      11633353.37     -4293462.63
ZENTEC TECHNOLOG           4296      61830417.59    -30591970.99


CL LCD CO LTD            035710     55585277.13     -14793655.63
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
ELIM EDU CO LTD          046240      34029159.88     -3747735.09
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
KYSYS CO LTD             015390      10671544.09     -6267111.24
MOBILINK TELECOM         041310      52665694.67    -11474605.44
MOBO CO LTD              051810     196643340.38    -11979182.85
ORICOM INC               010470      82645454.13    -40039161.33
PAXMEDU CO LTD           035500      32757713.75     -7323573.46
PRIME ENTMT              017170      31473002.90    -19371600.20
ROCKET ELEC-PFD          000425      68584186.91     -2140474.00
ROCKET ELECTRIC          000420      68584186.91     -2140474.00
SAMT CO LTD              031330     303858255.56    -77572655.65
SIMM TECH CO LTD         036710     314177541.38    -34486443.29
SOLAR & TECH CO          030390      11466591.81      -588035.38
STARMAX CO LTD           017050      50131660.74    -25436154.88
TAESAN LCD CO            036210     187935112.10   -546263614.46
TONG YANG MAGIC          023020     355147750.92    -25767007.75
YOUILENSYS CORP          038720     166697877.68    -12337148.33


BSA INTERNATIONA           BSAI      64645666.63    -41780061.34
ENERGREEN CORP              ECB      24169075.85    -33192197.50
LITYAN HLDGS BHD            LIT      22219653.83    -28844509.51
NIKKO ELECTRONIC          NIKKO      11848555.26     -8049133.18
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     192983533.96   -369308385.35
WONDERFUL WIRE               WW      13595954.15    -12213873.19
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26


DOMINION FINANCE           DFH      258902749.12    -55312405.88


APEX MINING-A               APX      51256351.82     -8972145.85
APEX MINING 'B'            APXB      51256351.82     -8972145.85
BENGUET CORP-A               BC      76582504.46    -34018154.09
BENGUET CORP 'B'            BCB      76582504.46    -34018154.09
CENTRAL AZUC TAR            CAT      37806902.52     -2588843.76
CYBER BAY CORP             CYBR      12926776.59    -79228223.36
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      37286935.14    -11355841.65
FILSYN CORP A               FYN      22000423.4     -10278638.86
FILSYN CORP. B             FYNB      22000423.4     -10278638.86
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      13040098.81     -3682026.54
PICOP RESOURCES             PCP     105659068.50    -23332404.14
UNIVERSAL RIGHTF             UP      45118524.67    -13478675.99
UNIWIDE HOLDINGS             UW      52802040.71    -56176026.28
VICTORIAS MILL              VMC      178060236.02   -36659989.09


ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE       92915826.56    -8391185.82
INFORMATICS EDU            INFO       21968409.53     -405898.00
LINDETEVES-JACOB             LJ      149102492.24   -82583823.03
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
PACIFIC CENTURY             PAC       84332200.42    -2695477.98
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58


CHIEN TAI CEMENT           1107      202446919.23   -22407739.40
HELIX TECH-EC             2479T       24491773.99   -23009171.69
HELIX TECH-EC IS          2479U       24491773.99   -23009171.69
HELIX TECHNOL-EC          2479S       24491773.99   -23009171.69
TAIWAN KOL-E CRT          1606U      507206787.88  -147139297.70
TAIWAN KOLIN-EN           1606V      507206787.88  -147139297.70
TAIWAN KOLIN-ENT          1606W      507206787.88  -147139297.70
VERTEX PREC-ENTL          5318T       43037265.55    -2305484.43
VERTEX PRECISION           5318       43037265.55    -2305484.43
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       10220356.04  -216074904.26
CENTRAL PAPER-NV        CPICO-R       10220356.04  -216074904.26
CENTRAL PAPER-F         CPICO/F       10220356.04  -216074904.26
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       17146363.89   -12117287.24
KUANG PEI-NVDR       POMPUI-RTB       17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
MINOR CORP PCL            MINOR       59098875.03     -908143.17
MINOR CORP PCL-F        MINOR/F       59098875.03     -908143.17
MINOR CORP-NVDR         MINOR-R       59098875.03     -908143.17
SAFARI WORLD PUB         SAFARI      101174462.93   -16589186.57
SAFARI WORL-NVDR     SAFARI-RTB      101174462.93   -16589186.57
SAFARI WORLD-FOR       SAFARI/F      101174462.93   -16589186.57
SAHAMITR PRESSUR           SMPC       31177710.43   -14940579.60
SAHAMITR PR-NVDR         SMPC-R       31177710.43   -14940579.60
SAHAMITR PRESS-F         SMPC/F       31177710.43   -14940579.60
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       80642846.98   -54988407.82
UNIVERSAL S-NVDR          USC-R       80642846.98   -54988407.82
UNIVERSAL STAR-F          USC/F       80642846.98   -54988407.82


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

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.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

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

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

                 *** End of Transmission ***