TCRAP_Public/090703.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, July 3, 2009, Vol. 12, No. 130

                                Headlines

A U S T R A L I A

HEDLEY PRIVATE: Placed Into Receivership; KordaMentha as Receiver
NYLEX LTD: Coleman Australia Acquires Firm's Esky Brand
OZ MINERALS: Minmetals Names Board of Minerals and Metals Group
SAFETY MEDICAL: Sells Bagot Press Unit for AU$1.3 Million


C H I N A

CHINA EASTERN: Shanghai Airlines to Keep Own Brand After Merger
GENERAL MOTORS: Tengzhong in Talks with China on Hummer Purchase


H O N G  K O N G

AUTO-TECHNIC: Releases Briscoe as Liquidator
GLOBAL LOGISTICS: Creditors' and Contributories' to Meet on July 9
URBAN DISCOVERY: Court to Hear Wind-Up Petition on July 29
WAH HING: Court to Hear Wind-Up Petition on August 12
WEAL SOUND: Releases Briscoe as Liquidator

WEMBLEY INTERNATIONAL: Member to Receive Wind-Up Report on July 28


I N D I A

CHIRIPAL INDUSTRIES: CARE Places 'BB' Rating on LT Bank Facilities
GANESH SPONGE: CRISIL Assigns 'B+' Rating on INR127.0MM Term Loan
IVY HEALTH: CRISIL Reaffirms 'BB' Ratings on Various Bank Loans
NR INTERNATIONAL: Weak Liquidity Prompts CRISIL 'D' Rating
RANGER COTTON: CRISIL Places 'B' Rating on  INR235.70MM LT Loan

R K TRANSPORT: CRISIL Rates INR30 Mln Cash Credit Limits at 'BB-'
SAMRUDDHA RESOURCES: CRISIL Pares Rating on Various Loans to 'P5'
TATA MOTORS: Total Vehicle Sales Decline by 4% in June
TATA MOTORS: JLR Wants Workers' Salary Payments Delayed


J A P A N

AMERICAN INT'L: Shareholder Questions PwC Fees at Meeting
AOZORA BANK: Merger Plans with Shinsei Bank Unveiled
JLOC XXX: Moody's Changes Ratings on Various Certificates
JLOC XXXI: Moody's Changes Ratings on Various Certificates
JLOC XXXIV: Moody's Changes Ratings on Various Certificates

LEHMAN BROTHERS: U.S. Court OKs Cross-Border Insolvency Protocol
METALDYNE CORP: U.S. Court Sets July 24 Auction of Powertrain Biz
METALDYNE CORP: Pursues Chassis Sale Without Stalking Horse
ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates
SANYO ELECTRIC: To Increase Solar Cell Output by 70% in April 2010

SHINSEI BANK: Fitch Affirms All Ratings on Aozora Alliance Deal


K O R E A

KIA MOTORS: June Sales Up 23.2% on High Local Demand
MAGNACHIP SEMICONDUCTOR: Files Schedules of Assets & Debts in U.S.
SSANGYONG MOTOR: Won Court Order to Disperse Striking Workers


S I N G A P O R E

COLUBRIS NETWORKS: Creditors' Proofs of Debt Due on July 30
COURTSVILLE HOLDINGS: Creditors' Proofs of Debt Due on July 30
DJ HERCULES: Court to Hear Wind-Up Petition on July 10
GEOWIN CONSTRUCTION: Creditors' Proofs of Debt Due on July 10
SUNGEI WAY: Creditors' Proofs of Debt Due on July 30


T A I W A N

AMERICAN INT'L: Sells Credit Card Unit Taiwan to Far Eastern
AU OPTRONICS: To Acquire 50% Stake in M. Setek for US$125 Million
YAMAHA CORP: To Shut Down Taiwan Manufacturing Plant This Month


X X X X X X X X

ASAT HOLDINGS: Enters Into Restructuring Pact with Noteholders
LEAR CORP: Operations Outside U.S. Excluded from Bankr. Filing
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


HEDLEY PRIVATE: Placed Into Receivership; KordaMentha as Receiver
-----------------------------------------------------------------
The Cairns Post reports that Hedley Private Group, which is owned
by Cairns-based entrepreneur Tom Hedley, has been placed into
receivership.  Hedley Private has debts between AU$150 million and
AU$200 million.

The ANZ Bank on Wednesday appointed Robert Hutson, John Park and
Bill Buckby of KordaMentha as receivers to Hedley Constructions
and eight other companies in the group, the report said.

The eight other Hedley firms under receivership are:

     -- Tom Hedley Pty Ltd;
     -- TW Hedley (Investments) Pty Ltd;
     -- Hedley Developments Pty Ltd;
     -- Hedleys Pty Ltd;
     -- Hedley Constructions Pty Ltd;
     -- Hedz Pty Ltd;
     -- Arumpin Pty Ltd TWH (QLD) Pty Ltd; and
     -- Hedley Commercial Property Services Pty Ltd.

According to the report, Mr. Hutson said it was "business as
usual" at Hedley's as they started a full assessment of the nine
construction, property, development, investment and liquor
businesses which employ hundreds of people.

Mr. Hedley's first business, plumbers HPS Pty Ltd., and stock
exchange-listed Hedley Leisure and Gaming Property Fund are not
included in the receivership, the report notes.

In a separate move, says the Post, Peter Morris and Todd Kelly of
Foremans Business Advisors were appointed by Mr. Hedley to look at
the restructuring of the hotel arm, Hedz Pty Ltd, with the purpose
of a deed of company arrangement to allow the business to return
to trading profitability.

The Post, citing Mr. Hutson, says Mr. Hedley had been hit hard by
the fall in share markets that triggered massive margin calls on
the group's holdings in Hedley Leisure and Gaming.  The downturn
in construction in Cairns and Townsville and lack of new
development projects, meant that the group was no longer viable,"
Mr. Hutson added.


NYLEX LTD: Coleman Australia Acquires Firm's Esky Brand
-------------------------------------------------------
The Australian Associated Press reports that Coleman Australia has
bought the Esky brand from Nylex Ltd for an undisclosed sum.
Coleman Australia plans to expand the iconic Australian brand
internationally, the report says.

According to AAP, Coleman has brought in Esky personnel with the
acquisition.

Completion for the sale will take place on July 19, the report
notes.

The Troubled Company Reporter-Asia Pacific reported on Feb. 13,
2009, that Nylex Limited has appointed George Georges and John
Lindholm of Ferrier Hogson as voluntary administrators.

The company's secured creditors, Australia and New Zealand Banking
Group Limited and Westpac Banking Corporation, also appointed
Colin Nicol, Johan Vorster and Sam Davies of McGrath Nicol as
receivers and managers of the assets of the Nylex Limited group --
excluding Nylex Properties Pty Ltd and Champion Environmental
Technologies Pty Ltd.

Nylex Limited's principal activities are carried out through three
segments: Lifestyle, Solutions and Automotive.  Nylex Lifestyle
distribute Nylex, Gardena, Esky, Ajax Fasteners, Senco, Melded,
Colorino and Frontrunner branded products.  Nylex Solutions supply
plastic based solutions including water tanks, garbage bins,
communications pits and plastic containment solutions.  Nylex
Automotive supply plastic based products and interior carpets to
the car manufacturers and their suppliers including fuel tank.
Nylex operates in Australia and New Zealand.


OZ MINERALS: Minmetals Names Board of Minerals and Metals Group
---------------------------------------------------------------
China Minmetals Non-ferrous Metals Co Ltd., the Chinese firm that
acquired a number of assets owned by OZ Minerals Ltd., has
announced the board of the new business running the assets, The
Sydney Morning Herald reports.

The Herald relates that China Minmetals said its company
president, Zhou Zhongshu would be chairman of the new company,
called Minerals and Metals Group.

According to the report, the seven board spots will consist of
five Minmetals employees and two former OZ Minerals executives.

OZ Minerals' former chief executive, Andrew Michelmore, who stood
down this month, will become MMG chief and will have a spot on the
board, the Herald relates.

The report says that Minmetals also has announced that its new
management team would be made up solely of former OZ Minerals
executives, including:

   -- David Lamont, OZ Minerals former chief financial officer,
      will take control of finances;

   -- Brett Fletcher will resume responsibilities as chief
      operating officer;

   -- Steve Ryan, OZ Minerals former exploration chief,
      will take on the corresponding role at MMG; and

   -- Tim Scully, former OZ Minerals human resources head,
      will be MMG's manager of business support.

The full board will comprise Zhou Zhongshu, Andrew Michelmore,
Dr. Peter Cassidy, Wang Lixin, Xu Jiqing, Jiao Jian and Mark Liu.

The move satisfies a requirement to have a predominantly
Australian management team, agreed to by Minmetals when given
approval for the OZ Minerals deal by Australian regulators,
according to the Herald.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2009, OZ Minerals Limited and China Minmetals Non-
ferrous Metals Co. have agreed on the commercial terms for a sale
to Minmetals of certain of OZ Minerals assets -- excluding
Prominent Hill and Martabe for US$1.39 billion.  The transaction
involves the sale of Sepon, Golden Grove, Century, Rosebery,
Avebury, Dugald River, High Lake, Izok Lake and certain other
exploration and development assets.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


SAFETY MEDICAL: Sells Bagot Press Unit for AU$1.3 Million
---------------------------------------------------------
Safety Medical Products Limited has sold subsidiary Bagot Press
Pty Ltd back to its previous owners for AU$1.3 million, AU$2.7
million less than its purchase price in February 2007, Meredith
Booth at The Advertiser reports.

The Advertiser relates that the buyer, who did not want to be
named, said sales margins for the 40-year-old business had shrunk
in recent times but turnover had increased, making it a viable
business.

In a statement to the Australian Securities Exchange, Safety
Medical said Bagot Press the sale includes goodwill, inventory,
plant and equipment.

"In line with the extremely difficult economic climate during the
financial year ended June 30, 2009, the SafetyMed group would
expect to impair its intangible asset investment in Bagot Press by
approximately AU$640,000" the company said.

SafetyMed plan to use a portion of the funds received from the
sale to further grow the market of its Pureste feminine hygiene
range.

SafetyMed have renegotiated the banking security with the
Company's bankers, National Australia Bank.  The security over the
disposed Bagot Press assets has been replaced with a AU$500,000
three month term deposit.  The term deposit will be released on
maturity subject to Pureste sale targets being achieved.

                       About Safety Medical

Based in Australia, Safety Medical Products Limited (ASX:SFP) --
http://www.safetymed.com.au/-- is primarily involved in the
development, manufacture and commercialization of medical
products, printing and distribution of products for the
pharmaceutical industry, and the provision of industrial control
and automation systems, machine vision, robotics and turn-key
solutions.  It operates in three business segments: Safety Medical
Products, which is engaged in the development, production and
commercialization of a range of medical products, focusing
principally on the SecureTouch single use manual retractable
safety syringe; ProControl Systems, which is engaged in the
provision of specialist industrial control and automation systems,
machine vision, robotics and turn-key solutions for large and
small industrial businesses, and Bagot Press, which is a
manufacturer and supplier of specialist printing and general
consumables to the pharmaceutical industry.

                         *     *     *

Safety Medical Products Limited reported three consecutive net
losses of AU$1.519 million, AU$1.523 million and AU$168,00 for the
years ended June 30, 2007, 2006 and 2005, respectively.


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C H I N A
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CHINA EASTERN: Shanghai Airlines to Keep Own Brand After Merger
---------------------------------------------------------------
Shanghai Airlines will become a subsidiary of China Eastern
Airlines but remain an independent entity and keep its brand,
Shanghai Daily reports citing Shanghai Airlines Chairman Zhou Chi.

Mr. Zhou told shareholders at a meeting that the two Shanghai-
based carriers are still discussing a merger plan, whose details
may be released a month after their shares were suspended from
trading, the Daily relates.

Mr. Zhou, as cited by the report, said the two airlines have
basically agreed that China Eastern will own a controlling stake
in the smaller Shanghai Airlines which will remain an independent
entity and brand.

The merger may take four to five months to complete after details
of the plan are made public, Mr. Zhou added.

                       About Shanghai Airlines

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com/
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2008, the company
had 66 airplanes, 14 major subsidiaries and one associate.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated approximately 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


GENERAL MOTORS: Tengzhong in Talks with China on Hummer Purchase
----------------------------------------------------------------
Bloomberg News reports that Sichuan Tengzhong Heavy Industrial
Machinery Co. reiterated talks are ongoing with China's regulators
on its plans to buy General Motors Corp.'s Hummer unit.  "We've
been having appropriate dialogues with appropriate regulatory
agencies for some time," Tim Payne of Brunswick Group Ltd., the
public relations company representing Chengdu, Sichuan province-
based Tengzhong, said over the phone June 29.

Tengzhong will start formal talks with China's government to win
approval for its bid to buy the Hummer, Wall Street Journal
reported June 29, citing unidentified people familiar with
the matter.  Tengzhong has not yet formally presented the
purchase to the government.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.  Attorneys Kramer
Levin Naftalis & Frankel LLP, in New York, represent the official
committee of unsecured creditors appointed in the case.

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


================
H O N G  K O N G
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AUTO-TECHNIC: Releases Briscoe as Liquidator
--------------------------------------------
On June 10, 2009, Stephen Briscoe was released as liquidator of
Auto-Technic Engineering Company Limited.


GLOBAL LOGISTICS: Creditors' and Contributories' to Meet on July 9
------------------------------------------------------------------
The creditors and contributories of Global Logistics Management
Limited will hold their meeting on July 9, 2009, at 12:00 noon and
12:30 p.m., at the 5th Floor of Ho Lee Commercial Building, 38-44
D'Aguilar Street, in Central, Hong Kong.


URBAN DISCOVERY: Court to Hear Wind-Up Petition on July 29
----------------------------------------------------------
A petition to have Urban Discovery Management (Holding) Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 29, 2009, at 9:30 a.m.

Lai Wong filed the petition against the company on May 20, 2009.


WAH HING: Court to Hear Wind-Up Petition on August 12
-----------------------------------------------------
A petition to have Wah Hing Toys Development Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on August 12, 2009, at 9:30 a.m.

Yan Shui Ching filed the petition against the company on June 8,
2009.


WEAL SOUND: Releases Briscoe as Liquidator
------------------------------------------
On June 11, 2009, Stephen Briscoe was released as liquidator of
Weal Sound Limited.


WEMBLEY INTERNATIONAL: Member to Receive Wind-Up Report on July 28
------------------------------------------------------------------
The member of Wembley International (HK) Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 28, 2009, at 11:00 a.m.

The meeting will be held at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Kong Kong.


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I N D I A
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CHIRIPAL INDUSTRIES: CARE Places 'BB' Rating on LT Bank Facilities
------------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Chiripal Industries Ltd.  Facilities with 'CARE BB'
rating are considered to offer inadequate safety for timely
servicing of debt obligations and carry high credit risk.  Also,
CARE assigned a 'PR 4' rating to the Short-term Bank Facilities of
CIL.  Facilities with 'PR 4' 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.

                                  Amount
   Facility                     (INR crore)       Rating
   --------                     -----------       ------

   Long-term Bank Facilities      142.63          CARE BB
   Short-term Bank Facilities      55.40          PR 4
   --------------------------   -----------       ------
   Total                          198.03

Rating Rationale

The ratings are constrained by the stressed financial risk profile
of the company as reflected in the declining profit margins in
9MFY09 and consequent poor debt protection parameters which have
resulted in CIL approaching its bankers for restructuring of its
term loans.  The ratings are further constrained by the prevailing
slowdown in the textile industry and its susceptibility to
volatility in its raw material prices which are mostly crude-
based.  These constraints far outweigh CIL's established track
record of more than two decades and the promoters experience in
the textile industry.

                    About Chiripal Industries

Located in Ahmedabad, Chiripal Industries Ltd. commenced its
operations on April 27, 1988.  Shri Vedprakash Chiripal is the
Chairman & Managing Director of the company.  The company has two
divisions, namely fibre and fabric.  Its fibre division is engaged
in the production of Partially-Oriented Yarn (POY), Fully Drawn
Yarn (FDY), Draw Texturised Yarn (DTex.Y), Draw Twisted Yarn (DTY)
and warp knitted yarn; while fabric division manufactures
processed fabrics, knitted fabrics, cotton hosiery, bottom
weights, polar fleece fabrics, embroidery materials, etc.  The
share of fiber and fabric divisions in the total sales of CIL in
FY08 was almost equally divided.  Exports constituted 6.6% of its
total income in FY08.  The company's critical raw material
polyester chips is manufactured by using Mono-Ethylene Glycol
(MEG) and Purified Terephthalic Acid (PTA) both of which are
petroleum based and the prices of which vary according to crude
oil prices and hence impart volatility to the company's profit
margins.

As per the provisional results for 9MFY09, CIL achieved a PBT of
INR1.42 crore on a total income of INR362.18 crore. Its PBILDT
margin declined from 11.94% in FY08 to 10.50% in 9MFY09 because of
increase in cost of its crude-based raw materials.  Further, its
PBT margin also slid from 1.85% in FY08 to 0.39% in 9MFY09 because
of higher interest cost apart from the dip in its PBILDT margin.
Its interest coverage fell further from 1.42 times in FY08 to 1.06
times during 9MFY09.  Its long-term debt equity and overall
gearing ratios stood at 0.90 and 1.33 times as on March 31, 2008.
Its total debt/net cash accrual deteriorated from 4.95 times in
FY07 to 8.25 times in FY08 mainly on account of drawal of project
loan coupled with a sharp dip in its cash accruals.

The declining cash accruals and stressed liquidity scenario during
FY09 has resulted in CIL approaching its bankers for restructuring
of its term loan installment.

The prospects of CIL in the medium term would be governed by its
ability to generate sufficient cash flows in a sluggish textile
industry by ensuring optimal capacity utilization.  Its ability to
pass on any increase in raw material prices would be crucial for
improving its margins. Quick commissioning of the long delayed
captive thermal power plant without any further time and cost
overrun would remain a key rating sensitivity as it would enable
it to manage its power & fuel costs in a more efficient manner.


GANESH SPONGE: CRISIL Assigns 'B+' Rating on INR127.0MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of Ganesh Sponge Pvt Ltd.

   INR103.0 Million Cash Credit*    B+/Stable (Assigned)
   INR127.0 Million Term Loan       B+/Stable (Assigned)

   *includes a proposed limit of INR15 million

The rating reflects GSPL's marginal market share and
susceptibility of margins to cyclicality in industry, weak
financial risk profile, and pressure on margins because of the
non-integrated operations.  These weaknesses are, however,
partially offset by the benefits that GSPL derives from its
improving business risk profile.

Outlook: Stable

CRISIL believes that GSPL will maintain its moderate business risk
profile.  The outlook may be revised to 'Positive' in case the
company generates higher-than-expected revenues or achieves
greater integration of operations.  Conversely, the outlook may be
revised to 'Negative' in case GSPL's operating margins decline
because of lower-than-expected capacity utilization; or its
capital structure weakens because of larger-than-expected debt-
funded capex.

                        About Ganesh Sponge

Incorporated in 2004, Ganesh Sponge Pvt Ltd. manufactures sponge
iron.  The company has a manufacturing plant in Angul, Orissa,
with an installed manufacturing capacity of 60,000 tonnes per
annum (TPA).  Mr. S. K. Dalmiya is the current Chairman and his
son, Mr. Vikash Dalmiya, is the Managing Director of the company.
GSPL was acquired from its previous promoters, the Agarwals, in
March 2008.  The company's manufacturing unit is located close to
the raw material sources.  After the acquisition, a fresh kiln was
added and the construction of the third kiln is under progress.
The addition of kilns will enhance its manufacturing capacity to
90000 TPA by the end of the current year.

GSPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR199 million for financial year April 1, 2007, to
March 31, 2008, as against a PAT of INR4.5 million on net sales of
INR90 million for 2006-07.


IVY HEALTH: CRISIL Reaffirms 'BB' Ratings on Various Bank Loans
---------------------------------------------------------------
CRISIL's ratings on Ivy Health and Life Sciences Pvt Ltd.'s bank
facilities continue to reflect the company's weak financial risk
profile marked by moderate gearing and weak debt protection
measures, small scale of operations, and exposure to risks
relating to geographic concentration in revenues.  The impact of
these weaknesses is mitigated by Ivy's modern infrastructure,
backed by tie-ups with leading service providers in speciality
fields.

   INR5.60 Million Cash Credit      BB/Stable (Reaffirmed)
   INR202.5 Million Term Loan       BB/Stable (Reaffirmed)
   INR8.0 Million Letter of Credit  P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Ivy's financial risk profile will remain weak
over the medium term, as the company is in the expansion phase and
is yet to stabilize its operations.  The outlook may be revised to
'Positive' in case of faster-than-expected growth in revenue and
profitability.  Conversely, the outlook may be revised to
'Negative' in case the growth is below expectations or if the
company undertakes additional debt-funded capital expenditure.

                      About Ivy Health

Incorporated in 2005, Ivy Health and Life Sciences Pvt Ltd. has
set up the 100-bed, multi-speciality Ivy Hospital in Mohali,
Punjab.  The hospital, which began operations in 2007, specializes
in oncology (treatment of cancer-related diseases).  The company
has adopted the health mall concept, wherein basic infrastructure,
general departments, and utilities, are owned by the company,
while speciality departments, such as oncology, are outsourced to
independent doctors and external agencies.  A major portion of the
investment in medical equipment is by the doctors and agencies,
with Ivy receiving a share of the department revenues.  Ivy also
receives revenues from room rentals, general departments, and
utilities.

For financial year April 1, 2008, to March 31, 2009, Ivy reported
a provisional profit after tax of INR1.3 million on net sales of
INR122.6 million, as compared with a net loss of INR6.6 million on
net sales of INR15.9 million in the previous year.


NR INTERNATIONAL: Weak Liquidity Prompts CRISIL 'D' Rating
----------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of NR International Ltd.

   INR150 Million Cash Credit Limits   D (Assigned)
   INR150 Million Letter of Credit     P5 (Assigned)

The ratings reflect prolonged over-utilization of cash credit
limits, and frequent devolvement on the letter of credit facility
by NRIL, owing to weak liquidity.

                        About NR International

NR International Ltd., incorporated in 1991, by Nirmal Modi,
manufactures ingots, and imports and trades in coal and coke,
transports coal and other materials through racks and ships, and
operates a retail outlet for Hindustan Petroleum Corporation Ltd
(HPCL).  NRIL is listed on the Bombay Stock Exchange (BSE)
exchange, with the promoters holding a stake of around 58 per cent
in the company.  It has manufacturing capacities of 43,200 tonnes
per annum (tpa), 60,000 tpa, and 28,880 tpa for ingots, low ash
metallurgical (LAM) coke, and hard coke, respectively.

NRIL reported a profit after tax (PAT) of INR 7.34 million on net
sales of INR1010.8 million for financial year April 1, 2007, to
March 31, 2008, as against a PAT of INR7.28 million on net sales
of INR709.5 million for 2006-07.


RANGER COTTON: CRISIL Places 'B' Rating on  INR235.70MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Ranger Cotton Mills India Pvt Ltd (Ranger Cotton).

   INR235.70 Million Long Term Loan       B/Negative (Assigned)
   INR85.00 Million Cash Credit Limit     B/Negative (Assigned)
   INR10.00 Million Standby Line of       P4 (Assigned)
                     Credit Limit
   INR10.00 Million Letter of Credit      P4 (Assigned)
                      Limit
   INR62.60 Million Bank Guarantee Limit  P4 (Assigned)

The ratings reflect Ranger Cotton's weak financial risk profile,
exposure to risks relating to unfavorable conditions in the
textile industry and Ranger Cotton's limited track record and
small scale of operations.  These weaknesses are, however,
partially offset by the benefits that the company derives from its
promoters' experience in textile business.

Outlook: Negative

CRISIL expects Ranger Cotton's liquidity to remain stretched over
the near to medium term, owing to the impact of low utilisation of
capacity, and large debt-funded capital expenditure on its
profitability, cash flows and capital structure.  The ratings may
be downgraded if prolonged under-utilization of capacity or large
debt funded capital expenditure plan further deteriorates the
company's financial risk profile.  Conversely, the outlook may be
revised to 'Stable' if the company's financial risk profile
improves significantly supported by sustainable improvement in
scale of operations, margins and in the capital structure.

                        About Ranger Cotton

Set up in 2004 by Mr. K Arumugam, Ranger Cotton manufactures
cotton yarn in counts ranging from 20s to 40s.  Its facilities at
Gobichettipalayam (Tamil Nadu) have 14400 spindles and 30 knitting
machines.  Ranger Cotton reported a profit after tax of INR11.5
million on net sales of INR297.94 million for financial year
April 1, 2007 to March 31, 2008, as against a PAT of INR7.37
million on net sales of INR233.29 million for 2006-07.


R K TRANSPORT: CRISIL Rates INR30 Mln Cash Credit Limits at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of RK Transport Company (RK).

   INR30 Million Cash Credit Limits   BB-/Stable (Assigned)
   INR100 Million Bank Guarantee      P4 (Assigned)

The ratings reflect the exposure to the risk relating to large
debt-funded investments that RK needs to make in executing mining
orders constraining its financial profile and firm's fluctuating
operating margins.  These weaknesses are, however, partially
offset by RK's healthy order book position providing revenue
visibility.

Outlook: Stable

CRISIL believes that RK will maintain a stable business risk
profile over the medium term on the back of a healthy order book.
The outlook may be revised to 'Positive' if increase in cash
accruals result in improved financial risk profile for RK.
Conversely, the outlook may be revised to 'Negative' if there are
time and cost overruns in projects, or if the firm takes on large
debt to fund its capital expenditure thereby deteriorating its
financial profile.

                        About RK Transport

RK, a proprietorship firm, set up by Mr. Ramesh Kumar Jain in
1986, undertakes contract mining and logistics operations for
minerals such as bauxite, copper, and quartz.  The firm undertakes
projects on behalf of Hindustan Copper Ltd, Bhilai Steel Plant,
Singareni Collieries Company Ltd, and Chattisgarh Mining
Development Corporation.

RK reported a profit after tax (PAT) of INR37 million on net sales
of INR544 million for financial year April 1, 2007, to March 31,
2008, as against a PAT of INR31 million on net sales of INR460
million for 2006-07.


SAMRUDDHA RESOURCES: CRISIL Pares Rating on Various Loans to 'P5'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Samruddha Resources Ltd (SRL) to 'P5' from 'P3', as the company
has delayed payment of interest on some of its rated debt
obligations.  Besides the credit strengths and weaknesses of the
company, CRISIL's previous rating was predicated on SRL's
management's declaration that the company was meeting, and would
continue to meet, all its financial obligations on a timely basis.
However, CRISIL has now been informed that SRL has been delaying
on its debt obligations for some time now. This indicates that the
company's management had provided incorrect declarations to CRISIL
regarding timely debt servicing.

   INR350 Million Packing Credit Facility   P5 (Downgraded from
                                                'P3')
   INR400 Million Post-Shipment Credit      P5 (Downgraded from
                            Facility            'P3')
   INR75 Million Bank Guarantee Facility    P5 (Downgraded from
                                                'P3')

                     About Samruddha Resources

Incorporated in 1997, the Mumbai-based SRL, formerly Samruddha
Overseas Ltd, is currently engaged in mining and trading of iron
ore.  The company was previously engaged in the trading and export
of iron ore, cotton yarn, coal, and grey fabrics.  However, the
trading of cotton yarn and grey fabrics business is now carried
through Samruddha International Ltd and its subsidiary Sunline
Exports Ltd, respectively. The two companies are owned by SRL's
promoters.

For financial year April 1, 2007, to March 31, 2008, SRL reported
a net profit of INR43.86 million on sales of INR2.05 billion,
against INR19.96 million and INR1.40 billion, respectively, in the
previous year.


TATA MOTORS: Total Vehicle Sales Decline by 4% in June
------------------------------------------------------
Tata Motors Ltd. reported total sales of 45,399 Tata commercial
and passenger vehicles (including exports) for the month of June
2009, a decline of 4% compared to 47,245 vehicles sold in June
last year.  The company's domestic sales of Tata commercial and
passenger vehicles for the month of June 2009 were 43,244 nos., a
1% decline over 43,814 nos. sold in June last year.

Cumulative sales (including exports) for the company for the
quarter at 123,113 nos., declined by 7%, compared to 131,733 nos.
sold last year.

                       Commercial Vehicles

The company's sales of commercial vehicles in June 2009 in the
domestic market were 26,205 nos., a 2% decline compared to 26,797
vehicles sold in June last year. LCV sales were 16,256 nos., a
growth of 17% over June 2008, while M&HCV sales stood at 9,949
nos., a decline of 23% over June 2008 but an increase of 15% over
May 2009.

Cumulative sales of commercial vehicles in the domestic market for
the first quarter of the fiscal were 72,056 nos., a growth of 1%
over last year.  Cumulative M&HCV sales stood at 26,626 nos., a
decline of 26% over last year, while LCV sales for the quarter
were 45,430 nos., a growth of 27% over last year.

                       Passenger Vehicles

The passenger vehicle business reported a total sale and
distribution offtake of 19,513 nos. (17,039 Tata + 2,474 Fiat) in
the domestic market in June 2009, an 11% increase compared to
17,567 nos. (17,017 Tata + 550 Fiat) in June 2008, and an increase
of 17.8% over 16,563 nos. (15,388 Tata + 1,175 Fiat) of May 2009.
The Indica range grew for the fifth consecutive month at sales of
10,210 nos. -- a growth of 19% over June 2008. The Indigo family
recorded sales of 3,522 nos., a 26% decline over June 2008, but a
growth of 24.4% over 2,832 nos. of May 2009.  The Sumo/Safari
range accounted for sales of 3,307 nos., a decline of 11% compared
to June 2008, but a growth of 29.7% over 2,550 nos. of May 2009.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the quarter were 50,691 nos. (45,837 Tata
+ 4,854 Fiat), against 52,495 nos. (51,094 Tata + 1,401 Fiat) in
the same period last year.  Cumulative sales of the Indica range
at 28,849 nos., reported a growth of 12%.  Cumulative sales of the
Indigo family were 8,923 nos., a 32% decline over the same period
last year.  Cumulative sales of the Sumo/Safari range were 8,065
nos., a decline of 35%.

                           Exports

The company's sales from exports at 2,155 vehicles in June 2009
declined by 37% compared to 3,431 vehicles in June 2008.  The
cumulative sales from exports for the fiscal at 5,220 nos.
declined by 43% over 9,159 nos. in the same period last year.

                       About Tata Motors

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  S&P said the rating remains on CreditWatch
with negative implications, where it was placed on Dec. 12, 2008.
At the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.


TATA MOTORS: JLR Wants Workers' Salary Payments Delayed
-------------------------------------------------------
BBC News reports that workers at Jaguar Land Rover have been asked
to have their salaries delayed to help the firm's cashflow.

BBC News relates the Works Management publication said Jaguar Land
Rover, owned by India's Tata Motors Ltd, wants to push payments
from the usual pay day on the fifteenth of the month, to the end
of the month.   According to BBC News, the manufacturing sector
publication reported that a 15-day extension the carmaker
negotiated with its suppliers clash with salaries, prompting the
change.

BBC News discloses staff who accepted the revised salary date will
get a one-off GBP200 payment.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.


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


AMERICAN INT'L: Shareholder Questions PwC Fees at Meeting
---------------------------------------------------------
Shareholder Kenneth Steiner of Great Neck, New York, a shareholder
of American International Group, has questioned the company's
payments to PricewaterhouseCoopers, the company's independent
auditors, over the past two years.

According to a blog posted at Reuters, Mr. Steiner pointed out at
AIG's annual meeting that the company paid PwC US$131 million in
audit and other fees in 2008 and US$119.5 million in 2007.

"I want to know what these fees were paid for," Mr. Steiner said,
according to the Reuters blog.  "Why didn't anybody know what was
going on? What were the accountants doing? Were they sleeping?"

According to Reuters, AIG CEO Edward Liddy defended PwC, saying
the auditor had raised early concerns about controls at AIG
Financial Products, the division blamed for AIG's near collapse.
"PricewaterhouseCoopers conducted itself well over the last couple
of years," Reuters quotes Mr. Liddy as saying. "They put a
material weakness on the company with respect to its controls
around FP (AIG Financial Products)."

According to Reuters, "the fees look large but are not unheard of.
GE, for instance, paid KPMG US$133 million in 2008 and US$122.5
million in 2007."  "Still, Microsoft paid its auditor, Deloitte &
Touche, a fraction of that -- only US$27.9 million in 2008 and
US$23.5 million in 2007," Reuters adds.

                About American International Group

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On September
16, 2008, the Federal Reserve Bank created an US$85 billion credit
facility to enable AIG to meet increased collateral obligations
consequent to the ratings downgrade, in exchange for the
issuance of a stock warrant to the Fed for 79.9% of the equity of
AIG.  The credit facility was eventually increased to as much as
US$182.5 billion.  AIG has sold a number of its subsidiaries and
other assets to pay down loans received, and continues to seek
buyers of its assets.

At March 31, 2009, AIG had US$819.75 billion in total assets and
US$765.53 billion in total liabilities.  At September 30, 2008,
AIG had US$1.022 trillion in total assets and US$950.9 billion in
total debts.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
US$62 billion for the fourth quarter and US$99 billion for the
full year of 2008, along with a revised restructuring plan
supported by the U.S. Treasury and the Federal Reserve.  This
concludes a review for possible downgrade that was initiated on
September 15, 2008.


AOZORA BANK: Merger Plans with Shinsei Bank Unveiled
----------------------------------------------------
Aozora Bank Ltd. and Shinsei Bank Ltd. on Wednesday unveiled plans
to merge their operations in October next year to create the
sixth-largest bank in Japan with JPY18 trillion (US$187 billion)
in assets, the Financial Times reported.

The deal is structured as a merger of equals with Shinsei, which
is 32.5 per cent owned by JC Flowers, becoming the surviving bank,
the report says.  On the other hand, FT relates, Aozora, which is
50.5 per cent owned by Cerberus Capital Management LP, will be
delisted and shareholders will receive one Shinsei share for each
Aozora share.

According to the report, Masamoto Yashiro, Shinsei’s president,
said on Wednesday that the new banks’ private equity investors
were expected to exit their investment eventually but declined to
say how long they might retain their stakes in the new bank.

Following the deal, Cerberus will emerge with a 21 per cent stake
in the combined entity while JC Flowers will have 16 per cent, the
FT discloses.  The report relates that the Japanese government,
which has 29.3 per cent in both Shinsei and Aozora, will retain
its stake at the same level.

Norito Ikeda, the former president of Ashikaga Bank, will become
chief executive of the merged bank, the Financial Times reports.

                        About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                       About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'.  The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.

The TCR-AP also reported on Feb. 16, 2009, that Moody's Investors
Service downgraded Aozora's base line credit assessment to Ba1
from Baa3.  Moody's said the downgrade reflects increased concerns
that Aozora will face significant challenges before it can restore
the confidence of the market and its profitability in view of the
difficult nature of the operating environment for banking
institutions funded by wholesale funds.


JLOC XXX: Moody's Changes Ratings on Various Certificates
---------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class C
through D Trust Certificates issued by JLOC XXX and Class 1
through 2 Trust Certificates issued by JLOC XXX Satellite Trust.
The final maturity of the trust certificates will take place in
April 2014.

The individual rating actions are listed below:

  -- Class C, Confirmed at A2; previously, A2 Placed Under Review
     for Possible Downgrade on April 14, 2009

  -- Class D, Confirmed at Baa2; previously, Baa2 Placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class 1 and 2, Downgraded to B1 from Ba2; previously, Ba2
     Placed Under Review for Possible Downgrade on April 14, 2009

JLOC XXX Trust, effected in May 2006, represents the
securitization of 5 TMK bonds and the JLOC XXX Satellite Trust
Certificates.  The JLOC XXX Satellite Trust, effected in May 2006,
represents the securitization of one TMK bond.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       66% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                      34% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls. Moody's also interviewed the asset manager regarding its
disposition plan policies, as well as its leasing and expense
management.  Accordingly, Moody's estimated recovery stress in the
range of 14% to 15% and 15% for the weighted average, in light of
these factors.

Given the stressed environment for the commercial real estate
market, some of the properties are likely to be less attractive to
potential buyers in terms of type and location.


JLOC XXXI: Moody's Changes Ratings on Various Certificates
----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through D Trust Certificates issued by JLOC XXXI Trust.  The final
maturity of the trust certificates will take place in February
2015.

The individual rating actions are listed below.

  -- Class B, Downgraded to A1 from Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class C, Downgraded to Baa3 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class D, Downgraded to B2 from Baa2; previously, Baa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

JLOC XXXI Trust, effected in August 2006, represents the
securitization of 22 non-recourse loans.  The transaction is
currently secured by nine non-recourse loans.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade. This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                        Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                        Category 2 Loans

                       68% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                        Category 3 Loans

                      32% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 16% to 24% and 20% for the weighted average, in light of
these factors.

1) Given the stressed environment for the commercial real estate
   market, some of the properties are likely to be less attractive
   to potential buyers in terms of type and location.

2) Cash flows and occupancy rates, among others, for some of
   properties are less than originally assumed.

3) 68% of the loan portfolio will mature in 2010, and will need to
   be refinanced in a stressed market.

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


JLOC XXXIV: Moody's Changes Ratings on Various Certificates
-----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class C
through D Trust Certificates issued by JLOC XXXIV Trust.  The
final maturity of the trust certificates will take place in
October 2013.

The individual rating actions are listed below.

  -- Class C, Downgraded to Baa3 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class D, Downgraded to B2 from Baa2; previously, Baa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

JLOC XXXIV Trust, effected in March 2007, represents the
securitization of two TMK bonds and a non-recourse loan.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                      100% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 14% to 18% and 16% for the weighted average (excluding
the specially serviced loans), in light of these factors.

1) Rents and occupancy rates, among others, for some of properties
   are less than originally assumed.

2) All of the loans are liquidating loans. Moody's initial
   assumptions about collateral recovery need to be reconsidered,
   as does its scenario, since actual disposition is slower than
   originally assumed.


LEHMAN BROTHERS: U.S. Court OKs Cross-Border Insolvency Protocol
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the protocol negotiated by the Debtors with the
administrators of the insolvency or reorganization proceedings of
their foreign affiliates to coordinate each of their insolvency
cases.

The protocol seeks to promote international cooperation and
coordination in the insolvency cases; communication among the
official representatives and tribunals overseeing the cases; the
sharing of information and data among the representatives; and
the identification and preservation of Lehman's worldwide assets,
among others.

The signatories to the protocol include LBHI; Rutger
Schimmelpenninck as bankruptcy trustee for Lehman Brothers
Treasury Co. B.V.; James Giddens as Lehman Brothers Inc.'s
trustee; and administrators and liquidators of LBHI's foreign
units.

Mr. Giddens, who signed on the protocol on June 15, 2009, and the
administrators of Lehman Brothers International (Europe) earned
the ire of the Official Committee of Unsecured Creditors and the
Ad Hoc Group of Lehman Brothers Creditors for their alleged
refusal to become signatories to the protocol.  The Creditors'
Committee and the ad hoc group called on the trustee and LBIE's
administrators to agree to the protocol asserting that their
involvement is important to the protocol's success and that their
participation would benefit LBI and LBIE.

In response to the groups' accusation, Mr. Giddens argued that
neither the Creditors' Committee nor the ad hoc group attempted
to contact him about his stance on the protocol before issuing
their allegations.  He said he fully recognizes the importance of
fostering cooperation through the protocol and that he has in no
way declined to participate.

The Creditors' Committee and the Ad Hoc Group are both supportive
of the implementation of the protocol.  The Creditors Committee's
support, however, is conditioned on the continued involvement of
the panel and its professionals in future dealings under the
protocol.

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers 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.  The firm, through predecessor
entities, was founded in 1850.

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

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600).  Several other affiliates
followed thereafter.

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

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased 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 $2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.

             International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  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 have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., <http://bankrupt.com/newsstand/>or 215/945-7000).


METALDYNE CORP: U.S. Court Sets July 24 Auction of Powertrain Biz
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved auction and sale procedures for the sale of Metaldyne
Corporation, et al.'s powertrain business.

The Bankruptcy Court has scheduled an auction of the powertrain
assets for July 24, 2009, at 10:00 a.m. (Prevailing Eastern Time)
at the offices of Jones Day, 222 East 41st Street, New York, New
York 10017.

A hearing to approve the agreement and the sale of the powertrain
assets to the stalking horse bidder or another bidder at the
auction is scheduled to be conducted on July 27, 2009, at
10:00 a.m. (Prevailing Eastern Time).

Objections to the proposed sale must be filed with the Court so as
to be actually received no later than 4:00 p.m. (Prevailing
Eastern Time) on July 23, 2009.

As reported in the Troubled Company Reporter on June 17, 2009,
Metaldyne Corporation signed an agreement to sell certain
powertrain and other operating assets and the stock of certain of
its foreign subsidiaries as going concerns to RHJ International
under a court-supervised sale process pursuant to Section 363 of
the U.S. Bankruptcy Code.

Under the agreement, a newly formed subsidiary of RHJI will
purchase certain North American and all of the European assets of
Metaldyne's Sintered Products, Vibration Control Products and
Powertrain Products business units, as well the European Forging
Products business unit and certain Asian operations.  The
transaction is valued at approximately $100 million including up
to $25 million in cash, a new $50 million secured note and the
exchange of an existing EUR15 million demand note issued by
Metaldyne GmbH for a term loan to RHJI's newly formed acquisition
subsidiary.  In addition, RHJI has agreed to inject additional
cash into the newly formed entity to fund future working capital
needs.

                  About Metaldyne Corporation

Headquartered in Plymouth, Michigan, Metaldyne Corporation --
http://www.metaldyne.com/-- is a wholly owned subsidiary of Asahi
Tec, a Shizuoka, Japan-based chassis and powertrain component
supplier in the passenger car/light truck and medium/heavy truck
segments.  Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne is a global designer and supplier of metal based
components, assemblies and modules for transportation related
powertrain and chassis applications including engine,
transmission/transfer case, wheel end, and suspension, axle and
driveline, and noise and vibration control products to the motor
vehicle industry.

On January 11, 2007, in connection with a plan of merger, Asahi
Tee Corporation in Japan acquired the shares of Metaldyne.  On the
same date, Asahi Tee contributed those shares to Metaldyne
Holdings, and Asahi Tee thereby became the indirect parent of
Metaldyne and its other units.  RHJ International S.A. of Belgium
now holds approximately 60.1% of the outstanding capital stock of
Asahi Tec.

The Company owns 23 different properties, including 14 domestic
manufacturing facilities in six states, and more than 10
manufacturing facilities North America, Europe, South America and
Asia.

Metaldyne Corporation aka MascoTech, Inc., aka MascoTech Harbor,
Inc., Riverside Acquisition Corporation and Metaldyne Subsidiary
Inc. and its affiliates filed for Chapter 11 on May 27, 2009
(Bankr. S.D.N.Y. Lead Case No. 09-13412).  The filing did not
include the company's non-U.S. entities or operations.  Richard H.
Engman, Esq., at Jones Day represents the Debtors in their
restructuring efforts.  Judy A. O'Neill, Esq., at Foley & Lardner
LLP serves as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent.  For the fiscal year ended March 29, 2009, the
company recorded annual revenues of approximately US$1.32 billion.
As of March 29, 2009, utilizing book values, the company had
assets of approximately US$977 million and liabilities of
US$927 million.


METALDYNE CORP: Pursues Chassis Sale Without Stalking Horse
-----------------------------------------------------------
According to Bill Rochelle at Bloomberg News, Metaldyne Corp.
intends to proceed with an auction for its chassis business
without a stalking horse bidder.  A stalking horse bidder would
have been entitled to bid protections and a break-up fee but would
be required to close on the sale absent higher and better bids.
Metaldyne said that 16 potential buyers signed a confidentiality
agreement; three interested buyers for the business merged; and a
non-binding letter of intent was reached with Washington-based
Carlyle Group.  The Debtor, however, was unable to reach to terms
of a purchase agreement with Carlyle.

The U.S. Bankruptcy Court for the Southern District of New York
will consider Metaldyne's sale plan on July 17.  The procedures
contemplate a July 31 deadline for bids, an August 3 auction, and
a sale hearing on August 4.

Metaldyne is already scheduled to conduct an auction on July 24
for its power-train business.  Brussels-based RHJ International
already signed a contract to pay $100 million, including
$25 million in cash, a $50 million note, the rollover of a
$20 million note owed by a German subsidiary and debt assumption.
Competing bids are due July 23.  The sale approval hearing is on
July 27.

Metaldyne Corporation aka MascoTech, Inc., aka MascoTech Harbor,
Inc., Riverside Acquisition Corporation and Metaldyne Subsidiary
Inc. and its affiliates filed for Chapter 11 on May 27, 2009
(Bankr. S. D. NY Lead Case No. 09-13412).  The filing did not
include the company's non-U.S. entities or operations.  Richard H.
Engman, Esq., at Jones Day represents the Debtors in their
restructuring efforts.  Judy A. O'Neill, Esq., at Foley & Lardner
LLP serves as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent.  For the fiscal year ended March 29, 2009, the
company recorded annual revenues of approximately US$1.32 billion.
As of March 29, 2009, utilizing book values, the company had
assets of approximately US$977 million and liabilities of
US$927 million.


ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through H and X Trust Certificates issued by ORIX-NRL Trust 14.
The final maturity of the trust certificates will take place in
December 2014.

The individual rating actions are listed below.

  -- Class A, confirmed at Aaa; previously, Aaa placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class B, downgraded to Aa3 from Aa2; previously, Aa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class C, downgraded to Baa2 from A2; previously, A2 placed
     under review for possible downgrade on March 6, 2009

  -- Class D, downgraded to Ba3 from Baa2; previously, Baa2 placed
     under review for possible downgrade on March 6, 2009

  -- Class E, downgraded to B2 from Baa3; previously, Baa3 placed
     under review for possible downgrade on March 6, 2009

  -- Class F, downgraded to Caa3 from B1; previously, downgraded
     to B1 from Ba2, and placed further review for possible
     downgrade on March 6, 2009

  -- Class G, downgraded to Caa3 from B2; previously, downgraded
     to B2 from Ba3, and placed further review for possible
     downgrade on March 6, 2009

  -- Class H, downgraded to Caa3 from B3; previously, downgraded
     to B3 from B2, and placed further review for possible
     downgrade on March 6, 2009

  -- Class X, confirmed at Aaa; previously, Aaa placed Under
     Review for Possible Downgrade on April 14, 2009

ORIX-NRL Trust 14, effected in May 2007, represents the
securitization of eight non-recourse loans and two specified
bonds.  The transaction is currently secured by five non-recourse
loans and two specified bonds.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       12% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       64% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       24% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 10% to 15% and 12% for the weighted average (excluding
the specially serviced loan), in light of these factors.

Recovery of two specially serviced loans will likely be hampered
by the stressed environment for the commercial real estate market.


SANYO ELECTRIC: To Increase Solar Cell Output by 70% in April 2010
------------------------------------------------------------------
Sanyo Electric Co. will spend JPY7.8 billion (US$81.9 million) to
increase output capacity for solar cells at a Shimane Prefecture
facility by about 70 percent next April.

The company plans to boost production of its HIT solar cells,
which are a hybrid of crystalline and thin-film technologies.  It
foresees growth in demand for solar power generation systems on
the back of economic stimulus spending by various countries.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SHINSEI BANK: Fitch Affirms All Ratings on Aozora Alliance Deal
---------------------------------------------------------------
Fitch Ratings has affirmed all the ratings of Shinsei Bank,
Limited and Aozora Bank, Ltd following their announcement of an
"Alliance Agreement".  The Outlook on Shinsei remains Negative,
while the Outlook on Aozora has been revised to Negative from
Stable.

The rating actions follow the announcement by Shinsei and Aozora
that they have reached an agreement to merge with effect from
October 2010, and reflect the agency's view with regards to the
potential impact on the credit profile of the two banks and the
new entity to be created from the merger (hereafter referred to as
"Combined Bank").

As Fitch commented on 26 June 2009, the agency recognizes the
potential of the greater systemic importance of the Combined Bank
and the increased likelihood of state support, which could
potentially lead to an assignment of a higher Support rating to
the bank by the agency.  There are also potential benefits from
the merger, such as cost savings, as well as synergies from the
elimination of overlapping branches and back-office operations
which a direct merger creates.  Nevertheless, Fitch believes that
the Combined Bank would face the challenge of building up a
competitive and profitable business model while being constrained
by the legacy higher risk assets and divergent strategies
inherited from the two banks.  The integration of IT Systems,
different work cultures and varied business groups would also take
numerous resources, and as such the potential synergies and
benefits may not be actualized for another two years or more.

The agency also notes that the combination of the two banks does
not automatically result in strong capitalization, considering
that the write off of higher risk assets may potentially continue,
which would likely reduce capital ratios.  Based on figures
disclosed by the two banks as of 31 March 2009, both banks have a
combined Tier 1 capital ratio of 8.00% and total CAR of 9.33%.
The agency believes that these levels would not provide the
Combined Bank with a strong buffer given the downside risks in the
current operating environment and concentration risks.  As such,
Fitch views that any likely upward movement on the ratings of the
two banks would remain limited, unless there are material changes
in their capital structure prior to the consolidation.  The
Negative Outlook of the IDRs of the two banks reflects Fitch's
short-to medium term concerns outlined above.
The present ratings of the two banks and Shinsei Trust & Banking
Co., Ltd, a subsidiary of Shinsei, are:

Shinsei:

  -- Long-term foreign and local currency Issuer Default Ratings
     affirmed at 'BBB'; Outlook Negative

  -- Short-term foreign and local currency IDRs: affirmed at 'F2'

  -- Individual rating: affirmed at 'C/D'

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB+'

  -- Senior unsecured notes affirmed at 'BBB'

  -- Subordinated EUR1bn notes affirmed at 'BBB-'

  -- Subordinated GBP400m perpetual notes affirmed at 'BB'

  -- Shinsei Finance (Cayman) Company's and Shinsei Finance II
     Limited's preferred securities affirmed at 'BB'

Shinsei Trust & Banking:

  -- Long-term foreign and local currency IDRs: affirmed at 'BBB';
     Outlook Negative

  -- Short-term foreign and local currency IDRs affirmed at 'F2'

  -- Individual rating: affirmed at 'C/D'

  -- Support rating: affirmed at '2'

Aozora:

  -- Long-term foreign and local currency IDRs affirmed at 'BBB';
     Outlook changed from Stable to Negative

  -- Short-term foreign and local currency IDR: affirmed at 'F2'

  -- Individual rating: affirmed at 'C/D'

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB+'


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


KIA MOTORS: June Sales Up 23.2% on High Local Demand
----------------------------------------------------
Yonhap News Agency reports that Kia Motors Corp. said its vehicle
sales in June rose 23.2 percent from a year earlier to 143,417
units due to rising local demand fueled by tax benefits.

The report says the automaker's domestic sales jumped 78.6 percent
from a year ago to 46,006 units while exports gained 7.5 percent
to 97,411 units.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating.  At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC.  The rating outlook is negative.  This concludes Moody's
review for downgrade initiated on January 21, 2009.


MAGNACHIP SEMICONDUCTOR: Files Schedules of Assets & Debts in U.S.
------------------------------------------------------------------
MagnaChip Semiconductor Inc., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware, their schedules of
assets and liabilities, disclosing:

       Name of Debtor                 Assets       Liabilities
       --------------               -----------   --------------
  MagnaChip Semicondutor Finance             $1     $845,802,666
  MagnaChip Semiconductor S.A.     $951,917,782     $845,903,186
  MagnaChip Semiconductor B.V.     $762,465,739   $1,800,612,084
  MagnaChip Semiconductor Inc.      $19,460,368     $861,031,667
  MagnaChip Semiconductor LLC              $462     $851,879,383
  MagnaChip Semiconductor SA
     Holdings LLC                            $0     $845,000,250

Copies of MagnaChip Semiconductor Inc., et al.'s SALs are available
at:

  http://bankrupt.com/misc/magnachipsemiconductorfinance.SAL.pdf
  http://bankrupt.com/misc/magnachipsemiconductorS.A.SAL.pdf
  http://bankrupt.com/misc/magnachipsemiconductorB.V.SAL.pdf
  http://bankrupt.com/misc/magnasemiconductorinc.SAL.pdf
  http://bankrupt.com/misc/magnachipsemiconductorLLC.SAL.pdf
  http://bankrupt.com/misc/magnachipsemiconductorSA.SAL.pdf

              About MagnaChip Semiconductor Inc.

Headquartered in South Korea, MagnaChip Semiconductor Inc. --
http://www.magnachip.com/-- is a leading, Asia-based designer and
manufacturer of analog and mixed-signal semiconductor products for
high volume consumer applications.  The Company has a broad range
of analog and mixed-signal semiconductor technology and
intellectual property, supported by its 29-year operating history,
large portfolio of registered and pending patents and extensive
engineering and manufacturing process expertise.

MagnaChip Semiconductor Inc. and 5 of its affiliates filed for
Chapter 11 on June 12, 2009, in the U.S. Bankruptcy Court for the
District of Delaware.  The Chapter 11 cases are jointly
administered under Case No. 09-12008, MagnaChip Semiconductor
Finance Company.  Judge Peter J. Walsh handles the case.  James E.
O'Neill, Esq., and Laura Davis Jones, Esq., and Mark M. Billion,
Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Debtors
as counsel.  Omni Management Group LLC is the Debtors' claims
agent.  In its petition, Magnachip Semiconductor Finance Company
listed assets below $50,000 and debts of more than $1 billion.


SSANGYONG MOTOR: Won Court Order to Disperse Striking Workers
-------------------------------------------------------------
The Korea Herald reports that Ssangyong Motor Co. has won court
approval to order the striking workers to leave its plant in
Pyeongtaek, which has been occupied by the striking workers since
May 22.

The report, citing Ssangyong Motor, says the courts ruled that the
striking workers must stop the occupation of the plant and cede
the facilities on June 26.

The company said that a court official would deliver the orders to
the striking workers today, July 4.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2009, Yonhap News Agency said that unionized workers at
Ssangyong Motor launched a full strike against the company's
massive job-cut plan.

Ssangyong Motor is planning to cut some 2,800 employees or 40
percent of its entire workforce in a bid to revive the company.

Citing a restructuring plan devised by the commissioned Samjong
KPMG, Chosun Ilbo said that even if the company produces
200,000 cars a year, it would be better off dissolving the company
rather than saving it.  In order for it to stay alive, a massive
lay-off plan is inevitable, Chosun Ilbo added.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, the International Herald Tribune said Ssangyong
filed for receivership with a Seoul district court in a bid to
stave off a complete collapse.  The Tribune related that the
decision to file for receivership, which is similar to bankruptcy
protection in the United States, came a day after the Ssangyong
board met in Shanghai.  "After our talks with the banks failed to
produce an agreement, it became inevitable to file for court
receivership to ease the critical cash flow problem," the company
said in a statement obtained by the Tribune.

On Feb. 6, 2009, the TCR-AP, citing the International Herald
Tribune, reported that court spokesman Hong Jun-ho said the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  Mr. Hong said the court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker, the Tribune
related.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor Co's
restructuring plan.  The Auto Channel said the court confirmed a
recent Samil PricewaterhouseCoopers assessment that the
manufacturer had a greater value as a going concern than its
liquidated value, and ordered Ssangyong to submit its full
restructuring plan by mid-September.

                     About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


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


COLUBRIS NETWORKS: Creditors' Proofs of Debt Due on July 30
-----------------------------------------------------------
The creditors of Colubris Networks (Asia) Pte. Ltd. are required
to file their proofs of debt by July 30, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


COURTSVILLE HOLDINGS: Creditors' Proofs of Debt Due on July 30
--------------------------------------------------------------
The creditors of Courtsville Holdings Pte Ltd are required to file
their proofs of debt by July 30, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


DJ HERCULES: Court to Hear Wind-Up Petition on July 10
------------------------------------------------------
A petition to have DJ Hercules (D) Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on July 10, 2009,
at 10:00 a.m.

DJ Builders & Contractors (1980) Pte. Ltd. filed the petition
against the company on June 17, 2009.

The Petitioner's solicitors are:

          Messrs. Ling Das & Partners
          133 New Bridge Road
          #11-09 Chinatown Point
          Singapore 059413


GEOWIN CONSTRUCTION: Creditors' Proofs of Debt Due on July 10
-------------------------------------------------------------
The creditors of Geowin Construction Pte Ltd. are required to file
their proofs of debt by July 10, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


SUNGEI WAY: Creditors' Proofs of Debt Due on July 30
----------------------------------------------------
The creditors of Sungei Way Enterprise (1988) Singapore Pte Ltd
are required to file their proofs of debt by July 30, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 29, 2009.

The company's liquidator is:

          Tay Joo Soon, CPA
          1 North Bridge Road
          #13-03 High Street Centre
          Singapore 179094


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


AMERICAN INT'L: Sells Credit Card Unit Taiwan to Far Eastern
------------------------------------------------------------
American International Group, Inc. has entered into an agreement
to sell the assets of Taiwan AIG Credit Card Company (Taiwan)
Limited to Far Eastern International Bank.

The transaction, subject to the approval of the Financial
Supervisory Commission of the Republic of China, is expected to be
completed in the third quarter of 2009.  Terms of the transaction
were not disclosed

ABN AMRO Bank N.V., Hong Kong Branch -- a subsidiary undertaking
of The Royal Bank of Scotland Group plc -- acted as financial
advisor and Linklaters LLP and Russin & Vecchi served as legal
counsel to AIG on this transaction.

                 About American International

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
US$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as US$182.5 billion.  AIG has sold a number
of its subsidiaries and other assets to pay down loans received,
and continues to seek buyers of its assets.

At March 31, 2009, AIG had US$819.75 billion in total assets and
US$765.53 billion in total liabilities.  At September 30, 2008,
AIG had US$1.022 trillion in total assets and US$950.9 billion in
total debts.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
US$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the U.S. Treasury and the Federal Reserve.  This concludes a
review for possible downgrade that was initiated on September 15,
2008.


AU OPTRONICS: To Acquire 50% Stake in M. Setek for US$125 Million
-----------------------------------------------------------------
AU Optronics Corp. will buy a 50 percent share in polycrystalline
silicon maker M. Setek Co., Ltd. of Japan for US$125 million.  The
acquisition will offer AUO access to the solar-energy business,
which the LCD maker has been watching for a while.

AU Optronics Chairman K.Y. Lee said green-energy industries have
become attractive to big enterprises, with energy saving and clean
energy emerging as trends.

AU Optronics Corp. (AUO) -- http://auo.com/-- manufactures thin
film transistor liquid crystal display panels (TFT-LCD).  AUO
provides customers a full range of panel sizes and comprehensive
applications, offering TFT-LCD panels in sizes ranging from 1.5
inches to greater than 65 inches.  AUO generated NT$480.2 billion
(US$14.8 billion) in sales revenue in 2007 and now houses the
staff of more than 42,000 employees throughout its global
operations spreading across Taiwan, Mainland China, Japan,
Singapore, South Korea, the U.S., and Europe.  Additionally, AUO
is the first pure TFT-LCD manufacturer to successfully list at the
New York Stock Exchange (NYSE).

                          *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.


YAMAHA CORP: To Shut Down Taiwan Manufacturing Plant This Month
---------------------------------------------------------------
Yamaha Corp is closing down its manufacturing plant in Taiwan
later this month due to high production costs, the Taipei Times
reports, citing Yamaha's agent Yamaha KSH Music Co.

"The Taiwan Yamaha Musical Instrument Manufacturing Co will close
on July 25.  Its 100-or-so workers will be laid off with severance
pay," the report quoted a staff member from Yamaha KSH as saying
in a phone interview.

The Times relates that the Yamaha Taiwan company confirmed its
upcoming closure, saying it is part of Yamaha Corp's global
restructuring.

"Yamaha Corp believes production costs [in Taiwan] are too high,"
Tsai Chen-cheng, the plant's sales manager, told the Chinese-
language United Daily News.

According to the report, Yamaha KSH KHS Music Co., however, will
continue to sell Yamaha pianos, offer after-sales service to
clients and run more than 100 Yamaha music classes.

Taipei Times meanwhile reports that Yamaha Corp also plans to
close its plant in the UK in October.  The company already
shuttered its US production line two years ago, the report notes.

The Yamaha plant, located in Taoyuan County, was opened in 1969 as
a joint venture between a local partner and Yamaha Corp, which has
links with Yamaha Motor Corp, producer of Yamaha motorbikes,
according to the Taipei Times.


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


ASAT HOLDINGS: Enters Into Restructuring Pact with Noteholders
--------------------------------------------------------------
ASAT Holdings Limited (OTC Bulletin Board: ASTTY) has reached
agreement in principle with a majority of its creditors on the
terms of a consensual financial restructuring of the obligations
of the Company /or its subsidiaries under the 9.25% Senior Notes
due 2011 issued by New ASAT (Finance) Limited and the loan
provided to ASAT pursuant to the Purchase Money Loan Agreement,
dated as of July 31, 2005, between the Company and certain
lenders.

Upon completion of the Restructuring, the Existing Notes and PMLA
will be exchanged for new notes due 2016 in an aggregate principal
amount of approximately US$70 million and a number of newly issued
ordinary shares equal in aggregate to approximately 66% of the
total outstanding ordinary shares on a fully diluted post-
Restructuring basis, and existing holders of ordinary shares of
the Company will hold less than 1% of the equity of the Company on
a fully-diluted post-Restructuring basis.

A key feature of the Restructuring is that all trade creditors,
suppliers, customers and employees will receive all amounts owed
to them in the ordinary course of business.

The restructuring of the Existing Notes will be implemented
through a creditor scheme of arrangement in the Cayman Islands
courts.  The first court hearing is scheduled for July 30, 2009.

"This agreement in principle is excellent news for our Company,
our employees, our suppliers and customers worldwide because it is
a major step towards completing the Restructuring, enabling us to
participate in the general recovery in the industry and return to
improved financial performance," said TL Li, the Company's acting
CEO.  "In addition to improving the capital structure, I am
pleased by the cooperative nature of discussions with the
Noteholders, customers and vendors.  The spirit of cooperation
exhibited by all parties is essential for ASAT to continue as a
strong industry player."

"Our largest Noteholders and the PMLA lenders have taken a
proactive role in this exercise that have enabled us to reach
agreement on terms that will result in a stronger ASAT," said Kei
Hong Chua, chief financial officer of ASAT Holdings Limited.  "We
are seeking to have the scheme approved and sanctioned by the
court as quickly as possible, and the Company, the Noteholders and
all the lawyers involved are working as rapidly as possible to
make sure this occurs."

The largest Noteholders and other participants in the working
group representing a significant majority in value of the Existing
Notes have also expressed satisfaction with the terms of the
proposed Restructuring.  "[The] announcement is the result of
intensive negotiations between, and hard work from, key
stakeholders and their respective advisers.  We believe it
provides fair value to all concerned," said a spokesman for
Clearwater Capital Partners.  "We look forward to working now with
all parties to document and close this Restructuring as soon as
practicable and with minimum inconvenience to the Company's daily
operations."

"Our agreement in principle with ASAT is an important step forward
in the Company's Restructuring and will serve as a positive
example of what can be achieved through working together to reach
a solution," said a spokesman for JP Morgan Asia Equity Partners,
the general partner of certain funds that are significant
shareholders of ASAT and the lenders under the PMLA.

The Company also received an additional Extension of Forbearance
Period under the Forbearance Agreement with a majority of its
Noteholders and the lenders under the PMLA.  The extended duration
of the forbearance agreement is for a period of 30 consecutive
days, commencing on July 1, 2009 and expiring on July 31, 2009.
The same terms and conditions of the original Forbearance Period
will stay in effect for the Additional Forbearance Period.

Under terms of the forbearance agreements, the lenders agree to
forbear from exercising their rights and remedies against the
Company with respect to certain designated defaults until after
July 31, 2009, subject to certain early termination events.

The Company requested the additional time as it continues
discussions with its Noteholders and the lenders under the PMLA on
the Restructuring.

                   About ASAT Holdings Limited

ASAT Holdings Limited -- http://www.asat.com/-- is a global
provider of semiconductor package design, assembly and test
services.  With 20 years of experience, the Company offers a
definitive selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip. ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The Company has operations in the United States, Asia
and Europe.


LEAR CORP: Operations Outside U.S. Excluded from Bankr. Filing
--------------------------------------------------------------
Lear Corporation has reached an agreement in principle regarding a
consensual debt restructuring with steering committees
representing its secured lenders and its bondholders.  The Company
plans to commence shortly the proposed restructuring under court
supervision pursuant to a voluntary bankruptcy filing under
Chapter 11 of the United States Bankruptcy Code by the Company and
certain of its U.S. and Canadian subsidiaries.  The agreement in
principle provides that, subject to certain limited exceptions,
Lear's trade creditors will be paid in full.

The Company anticipates being in default under its 8.50% Senior
Notes due in 2013 and 8.75% Senior Notes due in 2016, as the
30-day grace period applicable to the semi-annual interest payment
due on such notes will expire on July 2, 2009.  In addition, in
light of the pending reorganization plan, the Company has not made
principal and interest payments due under its senior credit
facility on June 30.

            Operations Outside North American Excluded

Lear's subsidiaries outside the U.S. and Canada would not be part
of the bankruptcy filing.  The Company's operations outside the
United States and Canada are well-capitalized, well-positioned and
have a strong backlog of new business.

Given the unprecedented economic downturn and corresponding
decline in global automobile production volumes, as well as
continued difficult conditions in credit markets generally, Lear's
Board of Directors concluded that to protect the long-term
business interests of the Company, this protective action was the
fastest and most effective way to delever its capital structure.
During the reorganization process, Lear is committed to continuing
to deliver to its customers the superior quality, service and
innovation they expect.

The Company's restructuring plan has the support of a majority of
the members of a steering committee of the Company's secured
lenders and a steering committee of bondholders acting on behalf
of an ad hoc group of bondholders.  The Company is seeking support
for its restructuring plan from additional lenders and
bondholders.  However, no assurance can be given as to the level
of additional support for the restructuring the Company ultimately
will be able to obtain from its lenders and bondholders.

              $500-Mil. DIP Loan from JPMorgan, Citi

The Company has received commitments from a syndicate of secured
lenders, led by J.P. Morgan and Citigroup, for $500 million in new
money debtor-in-possession financing.  The proposed DIP financing,
subject to customary conditions, provides additional financial
flexibility that supplements Lear's significant existing cash
balances.  Additionally, the DIP agreement provides that, subject
to certain conditions, the DIP financing will convert into exit
financing with a three-year term upon Lear's emergence from
Chapter 11.

Simpson Thacher & Bartlett LLP is representing JP Morgan as
administrative agent for Lear's senior secured lenders, including
pre-petition credit agreement lenders, DIP lenders and
exit/emergence lenders.  The Simpson Thacher team includes
bankruptcy partner Ken Ziman and financial services partner JT
Knight.

Bob Rossiter, Lear's Chairman, Chief Executive Officer and
President, said, "This restructuring is being undertaken to
maximize the long-term value of the Company.  Lear is a leading
global Tier 1 automotive supplier with excellent technical
capabilities in critical product lines -- seating systems, power
distribution and electronics, as well as a competitive, low-cost
footprint, a diverse customer base, a solid backlog of new
business and a strong cash position. With these strengths and the
additional flexibility we will have as a result of the proposed
DIP facility, we intend to complete the restructuring as quickly
as possible, and emerge as an even stronger and more competitive
partner to our customers."

Bob Rossiter continued, "We want to assure everyone -- customers,
suppliers, employees, and the communities of which we are a part
-- that Lear is committed to positioning our business for
sustainable success. We believe that the agreement in principle
with the steering committees of our secured lenders and
bondholders to support our plan of reorganization will enable us
to emerge expeditiously."

                         About Lear Corp.

Lear Corporation -- http://www.Lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products.  The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].


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

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


AUSTRALIA

ADVANCE HEALTHCARE GROUP LTD   AHG       16933460.19   -8226075.95
ADVANCE HEALTHCARE GROUP-NEW   AHGN      16933460.19   -8226075.95
ALLOMAK LTD                    AMA       40685785.47   -5913422.67
ALLSTATE EXPLORATIONS NL       ALX        16169603.2  -50619940.96
ALLSTATE EXPLORATIONS NL-PP    ALXCC      16169603.2  -50619940.96
ARC EXPLORATION LTD            ARX        58544299.4  -15958771.93
AUSMELT LTD                    AET        10421943.8   -1558622.35
AUSTAR UNITED COMMUNICATIONS   AUN      448602007.58 -261905005.38
AUSTRAILIAN ZIRCON NL-PP       AZCCA     77741918.88   -2566335.24
AUSTRALIAN ZIRCON NL           AZC       77741918.88   -2566335.24
BIRON APPAREL LTD              BIC       19706736.59   -2220069.65
BISALLOY STEEL GROUP LTD       BIS       54556820.43   -7472108.44
CHEMEQ LIMITED                 CMQ       25194855.59  -24254413.72
CITY PACIFIC LIMITED           CIY      171501648.08   -6383353.75
EIRCOM HOLDINGS LTD            ERC     7921901248.89 -381294562.59
ELLECT HOLDINGS LTD            EHG       18245003.37  -15487781.92
ETW CORP LTD                   ETW       83708786.34  -58673955.65
FORTESCUE METALS GROUP LTD     FMG        4293524492 -378456209.91
FULCRUM  LTD                   FUL       19209264.95   -3664831.12
HYRO LTD                       HYO       19685101.98  -15769362.01
LAFAYETTE MINING LIMITED       LAF      105239382.56 -190859513.39
MACQUARIE COMMUNICAT-CUM DVD   MCGCD   8104415200.76 -103343256.49
MACQUARIE COMMUNICATIONS INF   MCGCD   8104415200.76 -103343256.49
RESIDUAL ASSCO GROUP-EX ENT    RAGFX    597329874.01 -126963316.48
RUBICON AMERICA TRUST          RAT      649532285.57 -100605696.94
RUBICON EUROPE TRUST GROUP     REU       553099503.3 -252490904.13
TOOTH & COMPANY LIMITED        TTH      108860665.87  -69404500.26
VERTICON GROUP LTD             VMJ       21729291.58  -11591492.96



CHINA

ALONG TIBET CO LTD PLC-A       600773    10333935.67    -913954.99
AMOI ELECTRONICS CO LTD-A      600057   232705737.25 -154492563.65
ANHUI KOYO GROUP CO LTD-A      979       60298626.62   -47685854.3
CHANG LING GROUP CO LTD-A      561       43077849.74     -10486820
CHENGDE DIXIAN TEXTILE CO-B    200160    87712534.25   -34757144.4
CHINA EASTERN AIRLINES - H     670    10702789177.41-1851807066.86
CHINA EASTERN AIRLINES CO-A    600115 10702789177.41-1851807066.86
CHINA KEJIAN CO LTD-A          35        78570187.73 -180331094.29
CHINESE.COM LOGISTICS CO-A     805       13883647.68   -8947568.12
CITIC GUOAN VINE CO LTD-A      600084   355378023.17 -100009910.49
DANDONG CHEMICAL FIBRE CO-A    498      108580649.97  -96583109.33
DONGXIN ELECTRICAL CARBON -A   600691    20502873.62   -3038531.89
FUJIAN SANNONG GROUP CO LTD    732       65238961.39     -54995633
GAOXIN ZHANGTONG LTD -A        2075      132630368.7   -9869752.84
GUANGDONG HUALONG GROUPS -A    600242    22465173.76   -2740933.18
GUANGDONG KELON ELEC HLD-A     921      553672005.51 -123382591.66
GUANGMING GRP FURNITURE CO-A   587       49483133.27  -38236098.22
GUANGXI BEISHENG PHARM-A       600556   127731806.69 -151971279.72
GUANGXIA YINCHUAN-A            557       50935704.91 -104988042.35
GUANGZHOU ORIENTAL BAOLONG A   600988    15467573.79   -1560369.16
HEBEI BAOSHUO CO-A             600155   142966656.73  -343290007.7
HEBEI JINNIU CHEMICAL INDU-A   600722   223470984.32 -222746304.24
HISENSE KELON ELEC HLD-H       921      553672005.51 -123382591.66
HUATONG TIANXIANG GRP CO -A    600225    71967700.19  -34586375.37
HUDA TECHNOLOGY & EDUCAT-A     600892    20117117.87   -1494139.58
HUNAN ANPLAS CO LTD            156       51664398.17  -84057853.53
HUNAN AVA HOLDINGS - A         918      194225793.46  -69811133.26
JIAOZUO XIN'AN SCIENCE & TEC   719       16467080.91   -2586535.71
QINGHAI SUNSHINY INDUSTRY-A    600381    52481259.62  -33816335.98
SHANGHAI HONGSHENG TECH-A      600817    20571020.42 -395924551.33
SHANGHAI LIANHUA FIBRE-A       600617    17393631.02   -1326976.74
SHANGHAI LIANHUA FIBRE-B       900913    17393631.02   -1326976.74
SHANGHAI WORLDBEST IND DEV A   600757   228103550.88 -102348116.27
SHENZHEN CHINA BICYCLE CO-A    17        27968310.96  -264106065.1
SHENZHEN CHINA BICYCLE CO-B    200017    27968310.96  -264106065.1
SHENZHEN DAWNCOM BUSINESS-A    863       29007400.22 -151962203.17
SHENZHEN KONDARL GROUP CO-A    48       184040609.38  -19817331.48
SHENZHEN SEG DASHENG CO-A      7         89466024.49  -10969846.28
SHENZHEN SHENXIN TAIFENG GRP   34        27017593.82 -165994719.64
SICHUAN DIRECTION PHOTOELE-A   757      121583277.97 -107533583.56
SUNTEK TECHNOLOGY CO LTD-A     600728     36559320.3  -22153556.46
TAIYUAN TIANLONG GROUP CO-A    600234    13532912.36  -59849665.53
TIANJIN MARINE SHIPPING CO-B   900938    82399198.24  -30394356.74
TIANJIN MARINE SHIPPING-A      600751    82399198.24  -30394356.74
TIBET SUMMIT INDUSTRIAL CO-A   600338    63612758.53  -10426824.98
TOPSUN SCIENCE-A               600771   200297068.36 -121751109.77
WINOWNER GROUP CO LTD          600681    15765618.47  -71012772.96
WUHAN BOILER CO-B              200770   420171281.85  -31431673.83
WUHAN GUOYAO TECHNOLOGY CO-A   600421    11572781.73  -36641609.36
XIAMEN OVERSEAS CHINESE EL-A   600870   203753040.13 -161726321.55
YUEYANG HENGLI AIR-COOLING-A   622       39549992.25  -14748266.51
ZHANGJIAJIE TOURISM DVLP-A     430       46479019.96   -4406094.66



HONG KONG

ASIA TELEMEDIA LTD             376       16618871.08   -5369335.42
CHINA GOLDEN DEVELOPMENT HOL   162      249858442.34   -1458174.64
CHINA HEALTHCARE HOLDINGS LT   673       29513119.73   -7815705.47
EGANAGOLDPFEIL HLDGS LTD       48       557892423.39 -132858951.98
FULBOND HOLDINGS LTD           1041         66063004     -11679000
HUTCHISON TELECOMM HONG KONG   215     2400098040.83 -366059762.21
NEW CITY CHINA DEVELOPMENT     456      113178595.41   -9932226.54
PALADIN LIMITED                495      160927722.22   -1629398.23
PALADIN LIMITED - PREFERENCE   642      160927722.22   -1629398.23
SANYUAN GROUP LTD              140       15148448.77   -1587205.23



INDONESIA

BUKAKA TEKNIK UTAMA TBK PT     BUKK      73759284.09  -88378100.23
DAYA SAKTI UNGGUL TBK PT       DSUC      20182967.71  -14063966.67
ERATEX DJAJA TBK PT            ERTX      14094093.62  -13644427.04
JAKARTA KYOEI STEEL WORKS PT   JKSW      23855890.79  -36519229.92
KARWELL INDONESIA PT           KARW      13459944.34   -7208303.23
MULIA INDUSTRINDO TBK PT       MLIA     329626279.29 -438147831.29
PANCA WIRATAMA SAKTI TBK PT    PWSI      24440350.75   -28494642.1
POLYSINDO EKA PERKASA TBK PT   POLY     413587722.04 -843849953.26
SEKAR BUMI TBK PT              SKBM      16366816.27   -2619135.89
STEADY SAFE TBK PT             SAFE      10838828.11   -4030148.54
SURABAYA AGUNG INDUS PULP      SAIP     211007388.88 -113611192.14
TEIJIN INDONESIA FIBER TBK     TFCO        199177024     -55412900
UNITEX TBK PT                  UNTX      13649308.63  -14400120.13


INDIA

ALCOBEX METALS LIMITED         AML       35670319.03  -22443296.68
APPLE FINANCE LTD              APL       70832103.73  -29253849.19
ASHIMA LIMITED                 ASHM      59922403.11  -47153581.06
BAKELITE HYLAM LIMITED         BKLT      13911138.88   -12867352.6
BALAJI DISTILLERIES LTD        BLD       59974008.41  -50890026.26
BELLARY STEELS & ALLOYS        BSAL      512415670.4 -101442229.54
BHAGHEERATHA ENGINEERING       BGEL      22646453.72  -28195273.09
CFL CAPITAL FINANCIAL SVS LT   CEATF     20637497.85  -48884440.84
COMPUTERSKILL LIMITED          CPS       14896780.89   -7560054.57
CORE HEALTHCARE LIMITED        CPAR     185364966.99 -241912027.81
DCM FINANCIAL SERVICES         DCMFS     16540889.84  -10988851.47
DIGJAM LTD                     DGJM      98769193.78  -14623833.58
DISH TV INDIA LTD              DITV     310351828.22 -117439484.91
DUNCANS INDUSTRIES LTD         DAI      164653351.85 -220922929.88
EMTEX INDUSTRIES (INDIA)       EMTX      11807105.53  -44405235.51
GALADA POWER & TELECOMMUNICA   GCC       10899606.76  -27849464.86
GANESH BENZOPLAST LTD          GBP       77840261.61  -41865917.86
GLOBAL BOARDS LIMITED          GLB       25154303.78    -793024.17
GSL INDIA LIMITED              GSL       37040429.61  -42340564.58
GUJARAT SIDHEE CEMENT LTD      GSCL      59440728.18    -660003.43
GUJARAT STATE FINANCIAL CORP   GSF       30159595.18 -234918081.46
HANJER FIBRES LIMITED          HJF       10720699.56    -310044.87
HARYANA STEEL & ALLOYS LTD     HYSA      10831176.59   -5909008.81
HIMACHAL FUTURISTIC COMMUN     HMFC     633329926.05 -104792044.71
HINDUSTAN PHOTO FILMS MFG      HPHT      93725753.93-1229352757.43
HMT LIMITED                    HMT      206932743.85 -263572925.12
ICDS SECURITIES LIMITED        ICDS      13300348.69   -6171079.46
IFB INDUSTRIES LIMITED         IFBI      50668510.63  -65490798.77
INTEGRATED FINANCE CO LTD      IFC       57729537.53  -52297155.04
J.K. SYNTHETICS LIMITED        JKS       20208078.76   -2171303.89
JCT ELECTRONICS LIMITED        JCTE      122542558.6  -49996834.55
JD ORGOCHEM LTD                JDO       14537402.78  -69753846.55
JENSON & NICHOLSON (INDIA)     JN        15734678.26  -92089109.12
JIK INDUSTRIES LTD             KFS        20633171.5   -5623616.49
JOG ENGINEERING LIMITED        VMJ       50080964.36  -10076436.07
KALYANPUR CEMENTS LIMITED      KCEM      37538318.01  -41771703.35
LLOYDS FINANCE LIMITED         LYDF      36822038.19  -10290725.19
LLOYDS STEEL INDUSTRIES LTD    LYDS     358940191.85  -83135016.16
MILLENNIUM BEER IND LTD        MLB       39726352.09    -732186.48
MILTON PLASTICS LIMITED        MILT      26114050.07  -42391324.19
NATH PULP & PAPER MILLS LTD    NPPM      13588844.93  -39126079.65
NICCO UCO ALLIANCE CREDIT      NICU      38788084.34     -61659313
ORIENT PRESS LIMITED           OP        16699814.52     -94789.33
PANCHMAHAL STEELS LIMITED      PMS       51024827.03    -325116.26
PANYAM CEMENTS & MINERALS      PYC       30241162.87   -9403739.61
PARASRAMPURIA SYNTHETICS       PPS      111971290.89 -317111727.95
PAREKH PLATINUM LIMITED        PKPL      61081050.43  -88849040.15
PEACOCK INDUSTRIES LIMITED     PCOK      14682895.47  -18138660.88
PIRAMAL LIFE SCIENCES LTD      PLSL      32054795.68   -3725239.05
POLAR INDUSTRIES LIMITED       PLI       17540987.69  -24687678.21
PRECISION CONTAINEURS LIMITE   PCLL      10013065.56   -3669728.21
RAMA PHOSPHATES LIMITED        RMPH      34066789.55   -1192495.62
RATHI ISPAT LIMITED            RTIS      44555929.56    -3933592.5
REMI METALS GUJARAT LTD        RMM       82273746.28   -1650461.11
ROLLATAINERS LIMITED           RLT       22965755.05  -22244556.92
ROYAL CUSHION VINYL PRODUCTS   RCVP      29192373.45  -73115309.68
RPG CABLES LIMITED             RPG       51431409.37  -20192930.18
SEN PET INDIA LTD              SPEN      13283611.52   -25431862.1
SHALIMAR WIRES INDUSTRIES LT   SWRI      30588221.25   -63772177.8
SHAMKEN COTSYN LIMITED         SHC       23127927.75   -6172791.93
SHAMKEN MULTIFAB LIMITED       SHM        60546590.6  -13260108.95
SHAMKEN SPINNERS LIMITED       SSP       42180451.29  -16764934.64
SHARDA ISPAT LIMITED           SHIL      16179943.38   -5040578.35
SHREE RAMA MULTI-TECH LTD      SRMT      81405835.45  -64134056.23
SIDDHARTHA TUBES LIMITED       SDT       92929926.47  -10719543.54
SIL BUSINESS ENTERPRISES LTD   SILB      12461159.02  -19961202.41
SPICE COMMUNICATIONS LIMITED   SPCM     263692459.52  -19679192.67
STI INDIA LIMITED              STIB         44107456    -300149.59
TAMILNADU TELECOMMUN LTD       TNT       11680819.22   -3373123.87
TRIVENI GLASS LIMITED          TRSG      34542881.89   -6209872.78
UNIWORTH LIMITED               WW       178225972.59 -131624807.91
USHA (INDIA) LIMITED           USHA      12064900.61  -54512967.31
WINDSOR MACHINES LIMITED       WML       14952553.73  -29012727.36
WIRE AND WIRELESS INDIA LTD    WNW      106984536.93  -23622538.56



JAPAN

APRECIO CO LTD                 2460      12366928.73   -5418114.67
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 LTD           8844    2333430615.87 -454804416.82
FDK CORP                       6955      465071545.7  -85901797.18
G-TRADING CO LTD               3348      53439073.69  -19823380.51
GONZO KK                       3755      23926459.97  -27476878.35
GREEN FOODS CO LTD             3367      87003396.49  -48040344.74
L CREATE CO LTD                3247      42344509.56    -9146496.9
MORISHITA CO LTD               3594     168223801.88   -2415401.06
NESTAGE CO LTD                 7633      15752022.32   -7045459.62
NEXTECH CORP                   3767      23786243.12   -2967517.58
OPEN INTERFACE INC             4302      10824431.23  -25566252.98
PION CO LTD                    2799      50289757.53   -4685410.43
PLACO CO LTD                   6347      19727184.96   -1662140.28
PLACO CO LTD-WI                63471     19727184.96   -1662140.28
REMIXPOINT CO LTD              3825      13032512.99   -1159815.17
SOWA JISHO CO LTD              3239      54007939.02  -15643863.67
SPC ELECTRONICS CORP           6818     124705573.68  -13095644.59
TERRANETZ CO LTD               2140      11633353.37   -4293462.63
ZENTEK TECHNOLOGY JAPAN INC    4296      61693138.35  -30725846.21



MALAYSIA

BSA INTERNATIONAL BHD          BSAI      64645666.63  -41780061.34
ENERGREEN CORPORATION BHD      ECB       24169075.85   -33192197.5
HARVEST COURT INDUSTRIES BHD   HAR       10626827.67   -6604210.03
LITYAN HOLDINGS BERHAD         LIT       15777258.11   -28374431.5
MALAYSIAN AIRLINE SYSTEM BHD   MAS     2505043640.24 -122541475.48
NEPLINE BERHAD                 NL         20464406.2  -25108761.81
NIKKO ELECTRONICS BHD          NIKKO     11848555.26   -8049133.18
PANGLOBAL BHD                  PGL      148827030.48 -192429556.52
PECD BHD                       PECD     247769002.01 -363970343.69
WONDERFUL WIRE & CABLE BHD     WW        13595954.15  -12213873.19
WWE HOLDINGS BHD               WWE        67986614.2   -3400656.26



NEW ZEALAND

DOMINION FINANCE HOLDINGS LT   DFH NZ   258902749.12  -55312405.88

PHILIPPINES

APEX MINING CO INC-'B'(REGD)   APXB      51256351.82   -8972145.85
APEX MINING CO INC-A           APX       51256351.82   -8972145.85
BENGUET CORP-A                 BC        75710043.41  -35193170.69
BENGUET CORPORATION 'B' COM    BCB       75710043.41  -35193170.69
CENTRAL AZUCARERA DE TARLAC    CAT       37806902.52   -2588843.76
CYBER BAY CORP                 CYBR      12926776.59  -79228223.36
EAST ASIA POWER RESOURCES      PWR       50796443.41 -139420756.07
FIL-ESTATE CORP                FC        37286935.14  -11355841.65
FILSYN CORPORATION A           FYN        22000423.4  -10278638.86
FILSYN CORPORATION B           FYNB       22000423.4  -10278638.86
GOTESCO LAND INC-A             GO        18684576.24  -10863822.41
GOTESCO LAND INC-B             GOB       18684576.24  -10863822.41
MRC ALLIED INDUSTRIES          MRC       13040098.81   -3682026.54
PICOP RESOURCES                PCP       105659068.5  -23332404.14
STENIEL MANUFACTURING CORP     STN       28673457.47   -1478015.89
UNIVERSAL RIGHTFIELD PROPERT   UP        45118524.67  -13478675.99
UNIWIDE HOLDINGS INC           UW        52802040.71  -56176026.28
VICTORIAS MILLING CO INC       VMC      178060236.02  -36659989.09



SINGAPORE

ADVANCED SYSTEMS AUTOMATION    ASA       13594299.01   -8730090.95
CHUAN SOON HUAT INDUS GROUP    CSH       33386752.42  -11485337.08
FALMAC LTD                     FAL       10288220.94   -6460596.18
HL GLOBAL ENTERPRISES LTD      HLGE      92915826.56   -8391185.82
INFORMATICS EDUCATION LTD      INFO      21968409.53       -405898
LINDETEVES-JACOBERG LTD        LJ       149102492.24  -82583823.03
OCEAN INTERNATIONAL HOLDINGS   OCEAN     61659790.45  -13720371.73
PACIFIC CENTURY REGION DEVEL   PAC       84332200.42   -2695477.98
SUNMOON FOOD COMPANY LTD       SMOON     37238842.66  -13726971.17
TT INTERNATIONAL LTD           TTI      279637439.28  -32760828.81
WESTECH ELECTRONICS LTD        WTE        28098023.9  -12602339.66



SOUTH KOREA

CL LCD CO LTD                  35710     55585277.13  -14793655.63
DAHUI CO LTD                   55250    186003859.24   -1504246.54
DAISHIN INFO & COMM CO LTD     20180     740500919.3 -158453978.78
ELIM EDU CO LTD                46240     34029159.88   -3747735.09
FIRST FIRE & MARINE INSURANC   610     2044031310.36   -1780221.91
KYSYS CO LTD                   15390     10671544.09   -6267111.24
MOBILINK TELECOM CO LTD        41310     52665694.67  -11474605.44
MOBO CO LTD                    51810    196643340.38  -11979182.85
ORICOM INC                     10470     82645454.13  -40039161.33
PRIME ENTERTAINMENT CO LTD     17170      31473002.9   -19371600.2
ROCKET ELECTRIC CO LTD         420       68584186.91      -2140474
ROCKET ELECTRIC-PFD            425       68584186.91      -2140474
SAMT CO LTD                    31330    303858255.56  -77572655.65
SIMM TECH CO LTD               36710    314177541.38  -34486443.29
SOLAR & TECH CO LTD            30390     11466591.81    -588035.38
STARMAX CO LTD                 17050     50131660.74  -25436154.88
SUNNY TRENDS CO LTD            35500     32757713.75   -7323573.46
TAESAN LCD CO LTD              36210     187935112.1 -546263614.46
TONG YANG MAGIC CO LTD         23020    355147750.92  -25767007.75
YOUILENSYS CORP                38720    166697877.68  -12337148.33


TAIWAN

CHIEN TAI CEMENT CO LTD        1107     202446919.23   -22407739.4
HELIX TECHNOLOGY INC-EC        2479T     24491773.99  -23009171.69
HELIX TECHNOLOGY INC-EC        2479S     24491773.99  -23009171.69
HELIX TECHNOLOGY INC-EC ISSU   2479U     24491773.99  -23009171.69
TAIWAN KOLIN CO LTD-ENT CERT   1606U    507206787.88  -147139297.7
TAIWAN KOLIN CO LTD-ENTL CER   1606V    507206787.88  -147139297.7
TAIWAN KOLIN CO LTD-ENTL CER   1606W    507206787.88  -147139297.7
VERTEX PRECISION ELEC INC      5318      43037265.55   -2305484.43
VERTEX PRECISION ELEC-ENTL     5318T     43037265.55   -2305484.43
YEU TYAN MACHINERY MFG CO      8702      39574168.04 -271070409.72



THAILAND

ABICO HOLDINGS PUB-FOR REG     ABICO/    12066621.69   -9544714.91
ABICO HOLDINGS PUBLIC CO LTD   ABICO     12066621.69   -9544714.91
ABICO HOLDINGS PUBLIC-NVDR     ABICO-    12066621.69   -9544714.91
BANGKOK RUBBER PUB CO-FOR      BRC/F     81029895.85  -63623979.94
BANGKOK RUBBER PUBLIC CO LTD   BRC       81029895.85  -63623979.94
BANGKOK RUBBER PUBLIC-NVDR     BRC-R     81029895.85  -63623979.94
BLISS-TEL PCL                  BLISS     12552268.65   -1546013.01
BLISS-TEL PCL-FOREIGN          BLISS/    12552268.65   -1546013.01
BLISS-TEL PCL-NVDR             BLISS-    12552268.65   -1546013.01
CENTRAL PAPER INDUSTRY PCL     CPICO     10220356.04 -216074904.26
CENTRAL PAPER INDUSTRY-FRGN    CPICO/    10220356.04 -216074904.26
CENTRAL PAPER INDUSTRY-NVDR    CPICO-    10220356.04 -216074904.26
CIRCUIT ELECTRONIC IND-FORGN   CIRKIT    61295807.28  -25886476.66
CIRCUIT ELECTRONIC INDU-NVDR   CIRKIT    61295807.28  -25886476.66
CIRCUIT ELECTRONIC INDUS PCL   CIRKIT    61295807.28  -25886476.66
DATAMAT PUBLIC CO LTD          DTM       12690638.93   -6132014.29
DATAMAT PUBLIC CO LTD-FORGN    DTM/F     12690638.93   -6132014.29
DATAMAT PUBLIC CO LTD-NVDR     DTM-R     12690638.93   -6132014.29
ITV PCL                        ITV       31557425.41  -76616907.26
ITV PCL-FOREIGN                ITV/F     31557425.41  -76616907.26
ITV PCL-NVDR                   ITV-R     31557425.41  -76616907.26
K-TECH CONSTRUCTION PCL        KTECH     83204235.85   -5693045.29
K-TECH CONSTRUCTION PCL-FOR    KTECH/    83204235.85   -5693045.29
K-TECH CONSTRUCTION PCL-NVDR   KTECH-    83204235.85   -5693045.29
KUANG PEI SAN FOODS PRO-NVDR   POMPUI    17146363.89  -12117287.24
KUANG PEI SAN FOODS PRODUCTS   POMPUI    17146363.89  -12117287.24
KUANG PEI SAN FOODS-FOREIGN    POMPUI    17146363.89  -12117287.24
MALEE SAMPRAN PCL - FOREIGN    MALEE/    52662866.04   -6699070.37
MALEE SAMPRAN PUBLIC CO LTD    MALEE     52662866.04   -6699070.37
MALEE SAMPRAN PUBLIC CO-NVDR   MALEE-    52662866.04   -6699070.37
NATURAL PARK PCL-FOR REG       NPARK/    99405582.21    -795660.77
NATURAL PARK PUB CO LTD        NPARK     99405582.21    -795660.77
NATURAL PARK PUB CO-NVDR       NPARK-    99405582.21    -795660.77
NFC FERTILIZER PCL             NFC       41394761.31    -328937.74
NFC FERTILIZER PCL-FOREIGN     NFC/F     41394761.31    -328937.74
NFC FERTILIZER PCL-NVDR        NFC-R     41394761.31    -328937.74
PATKOL PCL                     PATKL     56238621.35  -21509387.22
PATKOL PCL-NVDR                PATKL-    56238621.35  -21509387.22
PATKOL PUBLIC CO LTD-FOREIGN   PATKL/    56238621.35  -21509387.22
PONGSAAP PCL                   PSAAP/    26782248.02   -2033209.65
PONGSAAP PCL                   PSAAP     26782248.02   -2033209.65
PONGSAAP PCL-NVDR              PSAAP-    26782248.02   -2033209.65
SAFARI WORLD PUBLIC CO LTD     SAFARI    98372248.17  -18046379.39
SAFARI WORLD PUBLIC CO-FOREI   SAFARI    98372248.17  -18046379.39
SAFARI WORLD PUBLIC CO-NVDR    SAFARI    98372248.17  -18046379.39
SAHAMITR PRESSURE CONTA-NVDR   SMPC-R    31177710.43   -14940579.6
SAHAMITR PRESSURE CONTAI-FOR   SMPC/F    31177710.43   -14940579.6
SAHAMITR PRESSURE CONTAINER    SMPC      31177710.43   -14940579.6
SUNWOOD INDUSTRIES CPL-NVDR    SUN-R     29427364.98   -6703524.31
SUNWOOD INDUSTRIES PCL-FOR     SUN/F     29427364.98   -6703524.31
SUNWOOD INDUSTRIES PUB CO      SUN       29427364.98   -6703524.31
THAI-DENMARK SWINE BREEDER     DMARK     15715462.27  -10102519.69
THAI-DENMARK SWINE BREEDER-N   DMARK-    15715462.27  -10102519.69
THAI-DENMARK SWINE-FOREIGN     DMARK/    15715462.27  -10102519.69
UNIVERSAL STARCH PCL           USC       77602986.98   -55435027.3
UNIVERSAL STARCH PCL-FOR REG   USC/F     77602986.98   -55435027.3
UNIVERSAL STARCH PCL-NVDR      USC-R     77602986.98   -55435027.3


                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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.





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