TCRAP_Public/090717.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 17, 2009, Vol. 12, No. 140



BENDIGO AND ADELAIDE: Asks Staff to Take Unpaid Leave to Cut Costs
DIORO EXPLORATION: Asks Shareholders to Reject Avoca Bid
GREAT SOUTHERN: Most Advisers Not Recognized by Acctg. Industry
SUNCORP METWAY: Plans to Cut 250 Jobs
TIMBERCORP GROUP: Liquidators Unclear on Distribution of Proceeds

H O N G  K O N G

ASIA ALUMINUM: Appoints Yu and Sutton as Provisional Liquidators
ASIA ALUMINUM: Appoints Yu and Sutton as Provisional Liquidators
BALYUN LIMITED: Faces Wind-Up Petition
BREAN DISTRIBUTORS: Pays First and Final Ordinary Dividend
CANTON PROPERTY: Appoints Provisional Liquidators

EVANGEL FLOWERS: Placed Under Voluntary Wind-Up
FIRST INK: Court to Hear Wind-Up Petition on August 19
FORMAX INDUSTRIAL: Court to Hear Wind-Up Petition on August 26
FU CHEUNG: Court to Hear Wind-Up Petition on August 5
HONGKONG ZHONGXING: Court to Hear Wind-Up Petition on August 12

KEEN GLORY: Court to Hear Wind-Up Petition on July 22
KENLAP INTERNATIONAL: Appoints Yan and Haughey as Liquidators
LYNDA COSMETICS: Placed Under Voluntary Wind-Up
MAN EARN: Court to Hear Wind-Up Petition on September 2
MONEY HILL: Contributories' and Creditors' Meeting Set for Aug. 3

NEXIS COMPANY: Members' Final Meeting Set for August 11
TIME AVENUE: Court to Hear Wind-Up Petition on August 5
WELL SUCCESS: Court to Hear Wind-Up Petition on August 26


AIR INDIA: To Sell & Lease-Back Aircraft to Clean Up Books
ARC TEC: CRISIL Assigns 'D' Rating on Two Bank Facilities
DHARMAPURI ROLLER: CRISIL Rates INR55 Mln Long Term Loan at 'BB-'
DEVASHREE ISPAT: ICRA Assigns 'LBB' Rating on INR67.5MM Term Loan
JEEWAN MOTORS: ICRA Puts 'LBB' Rating on INR250MM Bank Facilities

KALA JYOTHI: Default in Loan Payments Cues CRISIL 'D' Ratings
MILAN JEWELLERS: CRISIL Places 'P4' Rating on INR445MM Credit
RONIT NIRMAN: Fitch Assigns 'B' National Long-Term Rating
SATYAM COMPUTER: Satyam May Seek Until March 2010 Restate Accounts
SOMNATH GINNING: CRISIL Assigns 'B' Ratings on Various Bank Loans

TATA MOTORS: To Cut 300 Jobs and Halt X-Type Car Production


SHINGINKO TOKYO: Japan's Opposition Party May Push to Sell Bank


* KOREA: Banks May Allot KRW280BB in Provisions for Loan Defaults

N E W  Z E A L A N D

CLEGG & CO: Directors Face Charges Over False Statements


FALCK BIOENERGY: Creditors' Proofs of Debt Due on August 11
FIBRECHEM TECHNOLOGIES: Court to Hear Wind-Up Petition on July 24
GML INTERNATIONAL: Court to Hear Wind-Up Petition on July 31
JAVA FUSION: Court Enters Wind-Up Order
PSD GROUP: Creditors' Meeting Set for July 24


* Large Companies with Insolvent Balance Sheets

                         - - - - -


BENDIGO AND ADELAIDE: Asks Staff to Take Unpaid Leave to Cut Costs
Bendigo and Adelaide Bank has asked its staff to take 10 days
unpaid leave over the next 12 months as part of its short-term
measures to reduce costs amid economic downturn.

Bank spokesman Owen Davies said the slowing economy and a
flattening of demand for credit meant the bank currently had
excess staff capacity.

"We need to take some short-term measures that provide us with
some flexibility in our cost base -- to reduce costs in the short-
term but retain as much capability as we can to accommodate the
growth that will come our way as the economy recovers," Mr. Davies
said in a statement Wednesday.

"The scheme is voluntary, but we anticipate a strong take-up,"
Mr. Davies said.

The Australian reports that the bank's new chief executive
Mike Hirst has spoken to staff about the proposal while announcing
other change, including a new executive structure.  It is believed
most staff have reacted positively to the leave without pay
proposal, the report notes.

The Australian says that the 1000-strong staff at the bank's
Community Bank subsidiary won't be affected.

Bendigo and Adelaide Bank Limited (ASX:BEN) -- formerly Bendigo Bank Limited, is
engaged in the provision of a range of banking and other financial
services, including retail banking, business banking and
commercial finance, funds management, treasury and foreign
exchange services, superannuation, financial advisory and trustee
services.  At June 30, 2008, the Company operated through more
than 400 branches across Australia.  It also offers 100 Bendigo
Bank agencies and 700 automated teller machines (ATMs). The
Company operates in four segments: retail banking, wholesale
banking, wealth solutions, joint ventures and alliances, and
corporate support.  On November 30, 2007, Bendigo and Adelaide
Bank Limited acquired Adelaide Bank Limited, which is engaged in
the provision of wholesale mortgages, business lending, wealth
management and retail banking services.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2009, Fitch Ratings affirmed Bendigo and Adelaide Bank's
Long-term foreign currency Issuer Default Rating at 'BBB+', Short-
term foreign currency IDR at 'F2', Individual at 'B/C', Support at
'3' and Support Rating Floor at 'BB'.  The Outlook is Stable.
Also, the agency notes the bank's exposure to investors in the
failed managed investment scheme company, Great Southern Limited.

Although the Outlook for BEN's Long-term IDR is Stable, Fitch
remains cognisant of the impact potential losses and/or weakened
recovery prospects could have on earnings, particularly in the
context of the deteriorating economic landscape and the likelihood
of a generally softer financial performance in FY09.

DIORO EXPLORATION: Asks Shareholders to Reject Avoca Bid
Dioro Exploration NL said it recommends shareholders to reject the
amended off-market bid by Avoca Resources Limited, believing it to
be opportunistic and not in the best interest of Dioro

On April 14, 2009, Avoca announced that it intended to make an off-
market bid to acquire all the issued shares in Dioro.  Since that
time it has amended its bid no less than two times, the latest
being July 12, 2009.

Dioro said that since the initial bid was made its board has
worked diligently to evaluate all possible opportunities and
importantly produce an outcome that it believed was in the best
interest of all shareholders.  This position has not changed and
in fact has intensified in recent weeks.  An evaluation of all
available materials surrounding the bid, by both the company and
its advisors, has confirmed the board's belief that the bid is not
in the best interest of shareholders.

In addition, the Dioro board also believes this belief is being
shared by Dioro shareholders, who appear to have seen through the
"value" of the Avoca bid.

In announcing its Second Supplementary Bidder's Statement on
July 13, 2009, Avoca confirmed that since May 19, 2009, even after
announcing its Amended Offer, it has received acceptances for less
than 1% of the Dioro Shares under the Amended Offer in which it
did not already have a relevant interest (prior to opening the
Takeover Bid Avoca had an interest in 14.95% of Dioro Shares), in
a clear indication that Dioro Shareholders have rejected Avoca's
Amended Offer.

Importantly, and despite reaching a pre-bid agreement to sell 2.47%
of its shares to Avoca, long-time major Dioro shareholder Baker
Steel has increased its shareholding in Dioro to 10.87% and has,
to date, not accepted the Amended Offer.

                      Third Party Discussions

In addition, the company and its advisors, have also held
discussions with third parties that may potentially result in an
offer to Dioro shareholders superior to the Amended Offer.

The Directors confirm that, since the date of the Second
Supplementary Target's Statement, they have continued to advance
discussions with various parties.  Dioro has received a number of
'Expressions of Interest' from third parties, entered into
confidentiality agreements covering all aspects of the
negotiations, provided access to technical data about Dioro and
conducted site visits at Dioro's operations.

Although discussions with certain parties are continuing there is
no guarantee that the discussions will result in an acceptable
competing proposal to the Amended Offer, or that if an acceptable
competing proposal were to be received, that it would be received
before the revised closing date of the Amended Offer on July 21,

As reported in the Troubled Company Reporter-Asia Pacific on
April 16, 2009, Dioro Exploration said it has received
notification of an intention to make a takeover offer from Avoca
Resources Limited.

Avoca's all-scrip offer -- one of its shares for every 2.82 Dioro
shares held -- values the target at about 53c a share, a 34.2 per
cent premium to Dioro's closing price on April 9.

As outlined in the Third Supplementary Target's Statement, on
July 6, 2009, Avoca served notice on Dioro that it was amending
the terms of its offer by increasing the consideration from 1
Avoca Share for every 2.82 Dioro Shares to 1 Avoca Share for every
2.4 Dioro Shares (Amended Offer).  Avoca has now also declared its
Amended Offer unconditional.

WA Today relates that the original offer valued Dioro at about $49
million while the revised bid was worth about $68.5 million, at
the time of their respective announcements.

According to WA Today, potential suitors include neighboring gold
miners in Western Australia's Kalgoorlie region, Focus Minerals
Ltd and Silver Lake Resources Ltd, although Dioro's joint venture
partner, Canada's La Mancha Resources Ltd, is the most likely

Pre-bid acceptances by Dioro's two largest shareholders, South
Africa's Harmony Gold and UK-based Baker Steel Capital Managers,
gave Avoca a 14.95 per cent interest in Dioro, WA Today notes.

                            About Dioro

Based in Australia, Dioro Exploration NL (ASX:DIO) -- is a gold mining and exploration
company.  The company owns the South Kalgoorlie mining operation
(South Kal operation) located 32 kilometers south of Kalgoorlie,
which includes 220,000 ounces of open pitable reserves, 1.675
million ounces of measured and indicated resources, the 1.2
million tonne per annum Jubilee processing facility and
approximately 1,100 square kilometers of exploration acreage.  In
addition, Dioro owns a 49% interest in the Frog's Leg gold project
located 20 kilometers west of Kalgoorlie, which includes 605,000
ounces of underground gold reserves.  Its subsidiaries include HBJ
Minerals Pty Ltd, Hampton Gold Mining Areas Limited and Lodestar
Minerals Limited.

                          *     *     *

Dioro Exploration reported a net loss of AU$15.99 million for
the year ended Aug. 31, 2008 -- its third consecutive annual loss.
In 2007, the company posted a AU$1.32 million net loss.  Dioro
also reported a AU$0.64 million net loss for 2006.

GREAT SOUTHERN: Most Advisers Not Recognized by Acctg. Industry
A Senate inquiry has been told that most of the 1,100 financial
advisers who sold questionable tax-break schemes in Great Southern
Limited were not recognized by the industry, the Herald Sun

The report relates that more than 45,000 Great Southern investors
had money in managed investment scheme products, which aimed to
provide immediate compensation for investments in timber
plantations that would otherwise take a decade to mature.

According the Herald Sun, many people were encouraged by advisers
to invest solely for the tax breaks rather than the long-term

However, says the Herald, only 155 of the advisers were registered
accountants or financial planners with tertiary qualifications.

CPA Australia, which represents more than 95,000 finance, business
and accountants, said only 75 of its registered members sold
products for Great Southern, the report relates.

The Institute of Chartered Accountants Australia meanwhile said
that 80 of its members had sold products for the company.

CPA general manager Paul Drum said they did this despite being
aware that making an investment based on the tax deductibility
features was not a very good way to make money.

                            Job Losses

ABC North Qld reports that the collapse of Great Southern is being
felt in Queensland's far north with the loss of jobs.

According to ABC, Great Southern has more than 1,000 hectares of
teak and african mahogany plantations in the wet tropics area
between Cairns and Townsville.

ABC relates that the company contracted Global Forest Technologies
to maintain plantations and plant trees between Innisfail and
Tully.  However, Global Forest owner Mick Taiflos said he has had
to lay off 12 of his staff since Great Southern's collapse in May.

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units. McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.

SUNCORP METWAY: Plans to Cut 250 Jobs
Suncorp-Metway Ltd. plans to slash 250 jobs, according to the
Herald Sun.

Suncorp, which slashed almost 700 jobs last financial year, said
Wednesday it was looking to cut up to 250 more -- including about
50 managers, the report said.

Brisbane, Australia-based Suncorp-Metway Ltd. -- is engaged in the business of
banking, insurance, investment and superannuation, focusing on
retail customers and small to medium businesses.  The Company's
banking division provides a range of banking services including
loans, savings and investment accounts, credit cards, foreign
currency services for retail and small- to medium-business
customers.  It includes general insurance group, which offers a
range of covers across Personal, Commercial, Workers Compensation
and CTP insurance.  Wealth Management covers life, super and
managed investments.  It also includes the funds management
activities of the Company.  Suncorp Metway Investment Management
Limited (SMIML) is a wholly owned subsidiary of Suncorp-Metway
Ltd.  It is responsible for wholesale investment management of the
Suncorp Group.  On April 15, 2008, the Company acquired Prophet
Financial Advice Pty Ltd.  On March 20, 2007, it acquired Promina
Group Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Fitch Ratings affirmed and removed from Rating
Watch Evolving Suncorp-Metway Limited's and Suncorp Metway
Insurance Limited's ratings.

These rating actions have been taken:

     -- Individual rating: affirmed at 'B', removed from RWE

     -- Support Rating Floor affirmed at 'BB+'; removed from RWE

At the same time, Fitch placed Suncorp's 'A+' Long- term Issuer
Default Rating on Negative Outlook, and SMIL's Insurer Financial
Strength Rating on Stable Outlook.  The actions follow Suncorp's
announcement that there has been a significant increase in bad
debts, which will affect H109 profits.  With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.

TIMBERCORP GROUP: Liquidators Unclear on Distribution of Proceeds
The liquidator of Timbercorp Group has told a court it is unclear
how proceeds would be distributed if 14 olive and almond managed
investment schemes are wound up, the Australian Associated Press

According to the AAP, Mark Korda of KordaMentha is seeking orders
in the Supreme Court of Victoria that the schemes be wound up
because there is no money to operate them and a winding up is more
likely to give investors some return.

Mr. Korda told Justice Ross Robson that the only way growers might
receive a significant return from their investment was if the
schemes were wound up and the land, trees and water rights sold.

But Mr. Korda said it was "not clear on winding up how all the
proceeds should be distributed".

Mr. Korda said that if the schemes were wound up, the liquidators

   * try to secure enough cash to place the schemes under
     care and maintenance which would include pollination
     of the almond trees by bees so they could produce a
     crop for 2010;

   * seek expressions of interest to recapitalize the olive
     and almond projects or purchase assets unencumbered; and

   * distribute proceeds to those entitled to them.

According to the AAP, Justice Robson said determining precisely
who owned what in relation to the schemes was complex and a grey
area and expressed his concern that the growers might be left with
nothing if the schemes were wound up and growers' subleases were

Justice Robson said a winding up order may prejudice the property
rights of growers and that it would be appropriate therefore that
growers be informed of this, the AAP relates.

Meanwhile, The Australian reports that KordaMentha said on
Wednesday that 23 Timbercorp forestry staff had been asked to take
leave without pay until September 30, while plans to recapitalise
the forestry business or sell the assets were processed.

Employees will be offered redundancies with full payment of
entitlements if they do not wish to take leave without pay, The
Australian says.

The TCR-AP reported on April 24, 2009, that Timbercorp called in
voluntary administrators to the company and its subsidiaries.  The
company appointed Mark Korda and Leanne Chesser of KordaMentha as
voluntary administrators.  "The company had been hurt by the
combined impact of declining global asset values, tightening
credit, the economic downturn and drought," according to a
statement issued by Kordamentha.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) -- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by

Administrator Mark Korda had recommended that the 40 companies,
excluding the managing entity Timbercorp Securities Ltd., be
placed in liquidation because they had no money and could not
trade.  Creditors of Timbercorp Ltd. voted to wind up the
Timbercorp entities.

H O N G  K O N G

ASIA ALUMINUM: Appoints Yu and Sutton as Provisional Liquidators
On April 1, 2009, Fok Hei Yu and Roderick John Sutton were
appointed as provisional liquidators of Asia Aluminum
Manufacturing Company Limited.

The provisional Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Hong Kong

ASIA ALUMINUM: Appoints Yu and Sutton as Provisional Liquidators
On April 27, 2009, Fok Hei Yu and Roderick John Sutton were
appointed as provisional liquidators of Asia Aluminum Management

The provisional Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Hong Kong

BALYUN LIMITED: Faces Wind-Up Petition
On May 25, 2009, a petition to have Balyun Limited's operations
wound up were filed by:

   * Li Lai Chun;
   * Chan Shun Wa;
   * Lam Sing Yuk;
   * Lau Chi Wah;
   * Li Kam Heung;
   * Mak Wai Ling;
   * Pau Hin Chi;
   * Sze Ling Hung;
   * Wong Chee Keung;
   * Wong Ka Fai Paul;
   * Yau Wai Shing;
   * Yee Wai Lung Ivan; and
   * Yim Ho Lung.

The Petitioners' solicitors are:

          Tam, Pun & Yipp
          Ginza Square, 16th Floor
          565-567 Nathan Road, Kowloon
          Hong Kong
          Telephone: 2770 5454
          Facsimile: 2770 5050

BREAN DISTRIBUTORS: Pays First and Final Ordinary Dividend
Brean Distributors Limited, which is in creditors' voluntary
liquidation, paid the first and final ordinary dividend on
July 10, 2009.

The company paid 11.35% on received claims.

CANTON PROPERTY: Appoints Provisional Liquidators
On June 26, 2009, James Wardell Chan, Wai Dune Charles and Jackson
Ip were appointed as provisional liquidators of Canton Property
Investment Limited.

The provisional Liquidators can be reached at:

          James Wardell Chan
          Wai Dune Charles
          Jackson Ip
          CCIF Corporate Advisory Services Limited

EVANGEL FLOWERS: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on July 2009, the members
of Evangel Flowers Christian Charitable Foundation Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          To Wai Kum
          Concordia Plaza, 1711 North Tower
          1 Science Museum Road
          Tsimshatsui, Kowloon
          Hong Kong

FIRST INK: Court to Hear Wind-Up Petition on August 19
A petition to have First Ink International Holdings Limited's
operations wound up will be heard before the High Court of
Hong Kong on August 19, 2009, at 9:30 a.m.

Fubon Bank (Hong Kong) Limited filed the petition against the
company on June 12, 2009.

The Petitioner's solicitors are:

          Lee Chan Cheng
          Fung House, 16th Floor
          19-20 Connaught Road Central
          Hong Kong

FORMAX INDUSTRIAL: Court to Hear Wind-Up Petition on August 26
A petition to have Formax Industrial (Hong Kong) Limited's
operations wound up will be heard before the High Court of
Hong Kong on August 26, 2009, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on June 19, 2009.

The Petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090

FU CHEUNG: Court to Hear Wind-Up Petition on August 5
A petition to have Fu Cheung Logistics Limited's operations wound
up will be heard before the High Court of Hong Kong on August 5,
2009, at 9:30 a.m.

Chiu Sin Fuk filed the petition against the company on May 25,

HONGKONG ZHONGXING: Court to Hear Wind-Up Petition on August 12
A petition to have Hongkong Zhongxing Group Co., Ltd.'s operations
wound up will be heard before the High Court of Hong Kong on
August 12, 2009, at 9:30 a.m.

Shenzhen City Liangzi Jingxun Investment Management Company
Limited filed the petition against the company on June 3, 2009.

The Petitioner's solicitors are:

          Simon Ho & Co.
          Nan Fung Tower
          Room 1407, 14th Floor
          173 Des Voeux Road Central
          Hong Kong

KEEN GLORY: Court to Hear Wind-Up Petition on July 22
A petition to have Keen Glory Limited's operations wound up will
be heard before the High Court of Hong Kong on July 22, 2009, at
9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on June 29, 2009.

The Petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090

KENLAP INTERNATIONAL: Appoints Yan and Haughey as Liquidators
On June 19, 2009, the members of Kenlap Chemicals Limited
appointed Lai Kar Yan (Derek) and Darach E. Haughey as the
company's liquidators.

The Liquidators can be reached at:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong

LYNDA COSMETICS: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on July 3, 2009, the
creditors of Lynda Cosmetics Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Ip Pui Lam Arthur
          Nan Dao Commercial Building, 19th Floor
          359-361 Queen's Road Central
          Sheung Wan, Hong Kong

MAN EARN: Court to Hear Wind-Up Petition on September 2
A petition to have Man Earn Limited's operations wound up will be
heard before the High Court of Hong Kong on September 2, 2009, at
9:30 a.m.

Sing Yau Sang filed the petition against the company on June 24,

The Petitioner's solicitors are:

          Messrs. Cheng Wong Lam & Partners
          Bank of China Tower, 50th Floor
          1 Garden Road
          Central, Hong Kong
          Telephone: 2521 0880
          Facsimile: 2521 0220

MONEY HILL: Contributories' and Creditors' Meeting Set for Aug. 3
The contributories and creditors of Money Hill Development Limited
will hold their meetings on August 3, 2009, at 3:00 p.m. and
3:15 p.m., respectively, at Unit 3517, 35th Floor of West Tower,
Shun Tak Centre, 168-200 Connaught Road, in Central, Hong Kong.

NEXIS COMPANY: Members' Final Meeting Set for August 11
The members of Nexis Company Limited will hold their final meeting
on Aug. 11, 2009, at 10:30 a.m., at the 23rd Floor of Wheelock
House, in 20 Pedder Street, Hong Kong.

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

TIME AVENUE: Court to Hear Wind-Up Petition on August 5
A petition to have Time Avenue Limited's operations wound up will
be heard before the High Court of Hong Kong on August 5, 2009, at
9:30 a.m.

Hop Hing (Hong Kong) Industrial Company Limited filed the petition
against the company on May 22, 2009.

The Petitioner's solicitors are:

          Yip, Tse & Tang
          China Overseas Building, 20th Floor
          No. 139 Hennessy Road
          Wanchai, Hong Kong

WELL SUCCESS: Court to Hear Wind-Up Petition on August 26
A petition to have Well Success Textile (H.K.) Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on August 26, 2009, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on June 19, 2009.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          Wing On House, 16th Floor
          No. 71 Des Voeux Road Central
          Hong Kong


AIR INDIA: To Sell & Lease-Back Aircraft to Clean Up Books
Air India Ltd plans to sell some of its new aircraft to a separate
company and then lease them back as the airline looks for ways to
clean up its balance sheet, Sunny Verma at The Financial Express

Citing a statement by civil aviation minister Praful Patel in
Parliament on Wednesday, the report relates that Air India expects
to end 2008-09 with a cumulative loss of INR7,200 crore.

The sale and leaseback strategy will free up capital to help the
Air India turn around in a difficult aviation market, the report

"We will get into sale and leaseback of planes eventually.  That
is the model private carriers are following.  It will help in
taking capital costs out of the company's books.  Of course, lease
rentals will have to be paid," Mr. Patel told the Express in an
exclusive interview Wednesday.

In addition, says the Express, the airline's equity will also have
to be raised to around INR2,500 crore from the current base of
INR145 crore.

Mr. Patel, as cited by the report, said that apart from high fuel
costs as well as reduced passenger and cargo traffic due to the
slowdown, debt servicing charges and higher depreciation on new
aircraft had added to Air India's costs.

The company is yet to finalize its balance sheet for the year, the
Express notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd. was
seeking INR14,000 crore in equity infusion, soft loans and grants.
The TCR-AP reported on June 19, 2009, that Air India has been
bleeding due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  Air India's losses have almost doubled to over INR4,000
crore in 2008-09 (INR2,226 crore in 2007-08) and it does not have
the money to foot the INR350-crore monthly salary bill of its
31,500 employees, according to the Hindustan Times.

The TCR-AP reported on July 10, 2009, that NACIL is working
overtime to prepare by the month-end a business plan and a
financial restructuring plan.  NACIL is also expected to come
up with plans for the next six months, 12 months and 18 months for
bringing in cost reduction and improving revenue generation.

                          About Air India

Air India -- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

ARC TEC: CRISIL Assigns 'D' Rating on Two Bank Facilities
CRISIL has assigned its 'D' rating to the bank facilities of Arc-
Tec Systems Ltd (Arc-Tec).

   Facilities                       Ratings
   ----------                       -------
   INR100.00 Million Cash Credit    D (Assigned)
   INR303.80 Million Term Loan      D (Assigned)

The rating reflects the fact that the company's cash credit
facility has remained overdrawn for more than 30 consecutive days.

                       About Arc-Tec Systems

Set up in 2005 by Mr. Sannat Bhattacharyya, Arc-Tec began
operations as a trader in welding equipment in 2006-07.  It
commenced commercial production of welding consumables in
February 2008, and of welding machines in January 2009.  Arc-Tec
is estimated to have sustained a net loss of INR110 million on net
sales of INR184 million in 2008-09.  In 2007-08, it posted a
profit after tax of INR1.68 million on net sales of INR64 million.

DHARMAPURI ROLLER: CRISIL Rates INR55 Mln Long Term Loan at 'BB-'
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of The Dharmapuri Roller Flour Mills.

   Facilities                          Ratings
   ----------                          -------
   INR55 Million Long Term Loan        BB-/Stable (Assigned)
   INR100 Million Cash Credit Limits   BB-/Stable (Assigned)
   INR35 Million Overdraft Limits      BB-/Stable (Assigned)
   INR15 Million Proposed Long Term    BB-/Stable (Assigned)
                 Bank Loan Facility
   INR18.60 Million Letter of Credit   P4 (Assigned)
             & Bank Guarantee Limits
   INR1.40 Million Proposed Short      P4 (Assigned)
          Term Bank Loan Facility

The ratings reflect TDRFM's high working capital requirements,
below-average financial risk profile, and the fragmented nature of
flour mill business.  These weaknesses are, however, partially
offset by the benefits that TDRFM derives from its established
presence and integrated operations in the flour mill business.

Outlook: Stable

CRISIL believes that TDRFM will maintain a stable business risk
profile backed by its established presence in the flour business,
and long-standing relations with customers.  The outlook may be
revised to 'Positive' if the company's operating margins improve
significantly on a sustainable basis.  Conversely, the outlook may
be revised to 'Negative' if the margins reduce or if the company
undertakes large, debt-funded capital expenditure or there are
large withdrawals by partners.

                         About Dharmapuri

Set up in 1983 as a partnership firm, TDRFM is engaged in
converting wheat into flour products, and has a capacity of 60,000
tonnes per annum (tpa).  It operates two flour mills and has nine
godowns for stocking inventory in Tamil Nadu.  For the year ended
March 31, 2009, TDRFM reported a profit after tax (PAT) of
INR2.49 million on net sales of INR906.46 million, as against a
PAT of INR5.94 million on net sales of INR797.72 million during
the same period in 2008.

DEVASHREE ISPAT: ICRA Assigns 'LBB' Rating on INR67.5MM Term Loan
ICRA has assigned an "LBB+" rating to the INR67.5 million term
loan and INR100 million fund based limits of Devashree Ispat (P)
Limited, indicating inadequate-credit-quality.  ICRA has also
assigned an A4+ rating, indicating risk-prone-credit-quality in
the short term, to the INR30 million non-fund based limits of

The ratings reflect the established brand name of DSISP's "Shree"
TMT bars in the state of Andhra Pradesh, significant growth
achieved in turnover and a favorable demand outlook for the steel
industry in the long term driven by the construction industry.
The ratings take into account an undertaking given by the lenders
extending unsecured loans to the company to waive interest rate
and principal repayment for five years.

The ratings however, are constrained by the cyclicality inherent
in the steel business, a highly fragmented TMT market leading to
stiff competition, high cost structure due to the lack of captive
raw material source, DSISP's adverse capital structure and
moderate coverage indicators. ICRA further notes that the low
value addition of the business is expected to cap the
profitability for the company at current levels. Moreover, the
large scale unutilized capacity is expected to keep the return on
capital employed (ROCE) at moderate levels in the medium term.

                         About Devashree

Incorporated in the year 2004, DSISP commenced operations in the
year 2005 with a 36000 MT per annum capacity induction furnace, to
produce ingots.  It later commissioned its 125000 MT per annum
capacity rolling mill in the year 2006 for the production of TMT

During 2007-08, DSISP reported a profit of INR 8.5 million on a
turnover of INR 1.05 billion.  During the first 9 months of
2008-09, the company earned a profit before tax of INR19.4 million
on a turnover of INR98.23 million.

JEEWAN MOTORS: ICRA Puts 'LBB' Rating on INR250MM Bank Facilities
ICRA has assigned LBB+/A4+ rating to the INR250 million bank
facilities of Jeewan Motors Private Limited (JML).  LBB is the
inadequate credit-quality rating assigned by ICRA to long term
debt instruments.  A4 is the risk-prone-credit-quality rating
assigned by ICRA to short term debt instruments.

The ratings are constrained by JML's thin profit margins and high
working capital intensity -- both inherent in the automotive
dealership business, moderate scale of operations, and weak debt
coverage indicators.  The company's capital structure is stretched
with gearing of 3.5 times (as on 31st December, 2008) although
most of the debt is related to working capital borrowings and
inventory funding.  JML has reasonably strong market position
amongst Maruti Suzuki India Limited dealers in Bhopal (Madhya
Pradesh) and its dealership of Eicher Motors Ltd. provides some
diversification.  The rating incorporates the long track record of
operations as well as expansion into new sales/service outlet.

During the first 9 months of 2008-09, JML recorded an Operating
Income of INR591.9 million.  During the same period, the company
recorded operating profit before depreciation, interest and tax
(OPBDITA) of INR19.8 million and profit after tax of INR2.4

                           About Jeewan

Jeewan Motors Limited is an authorized dealer of MSIL for
passenger cars and EML for commercial vehicles.  Based in Bhopal
(Madhya Pradesh), the company is engaged in sales and service of
vehicles along with sale of spare parts.  The promoters of JML are
the Chhatwal family with Mr. Jeewan Singh Chhatwal as the Managing
Director and the other two directors being his wife and his son.
JML was the first MSIL dealer to start operations in Bhopal when
it was awarded the dealership by MSIL in 1998.  The company
attained the dealership from EML in the year 2000 and is currently
the only EML dealer in the city of Bhopal.  The company has one
sales outlet and one workshop each for MSIL and EML in Bhopal.
Recently, the company opened another sale cum service outlet of
Maruti cars in Sehore at a distance of roughly 30 km from Bhopal.

In 2007-08, JML's operating income at INR793.5 million reported a
growth of 0.4% over the previous year.  The company's operating
profit before depreciation, interest and tax at INR24.3 million
reported a growth of 37.3% in 2007-08 over the previous year.
JML's profit after tax (PAT) increased from INR2.0 million in
2006-07 to INR 2.1 million in 2007-08.

KALA JYOTHI: Default in Loan Payments Cues CRISIL 'D' Ratings
CRISIL has assigned its rating of 'D' to the bank facilities of
Kala Jyothi Process Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR49.00 Million Cash Credit     D (Assigned)
   INR354.4 Million Term Loan *     D (Assigned)

   *includes a proposed limit of INR3.1 million

The rating reflects default by KJPPL in the repayment of its term
loan obligations, owing to weak liquidity.

                         About Kala Jyothi

Set up in 1989, KJPPL offers comprehensive print management
solutions, including pre-press, press, and post-press services.
It has a unit at Hyderabad, Andhra Pradesh, for low–volume,
customised commercial printing jobs, and one at Kondapur for web-
based printing and high–volume, mass printing jobs such as
printing newspapers, magazines, directories, and books.  In
December 2007, KJPPL began operations at a new location in Mumbai,
Maharashtra.  The company is also setting up a unit at Noida,
Uttar Pradesh, which is expected to become operational by
July 2009.

For the year ended March 31, 2008, KJPPL reported profit after tax
(PAT) of INR19.2 million on net sales of INR470 million, as
against PAT of INR14.9 million on net sales of INR358.2 million
during the same period in 2007.

MILAN JEWELLERS: CRISIL Places 'P4' Rating on INR445MM Credit
CRISIL has assigned its rating of 'P4' to the bank facilities of
Milan Jewellers.

   Facilities                               Ratings
   ----------                               -------

   INR445.0 Million Post Shipment Credit    P4 (Assigned)

   * Includes Packing Credit Sub Limit of INR95.0 Million

The rating reflects Milan's high working capital intensity marked
by significant build-up in receivables, modest scale of operations
in the diamond export business and weak business risk profile
owing to slowdown in the global diamond industry.  These
weaknesses are, however, partially offset by the benefits that the
firm derives from its promoters' experience in the diamond
industry, and established customer relationships.

                       About Milan Jewellers

Set up in 1976 by Mr. Kirtilal Chokshi and Mr. Kanti Jhaveri,
Milan exports polished diamonds.  Mr. Milan Chokshi and Mr. Mihir
Jhaveri, are active partners in the firm, while Mr. Shanay Chokshi
is a dormant partner.  Milan reported a profit after tax (PAT) of
INR10.5 million on net sales of INR908 million for 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
INR5.4 million on net sales of INR864 million for 2006-07.

RONIT NIRMAN: Fitch Assigns 'B' National Long-Term Rating
Fitch Ratings has assigned India's Ronit Nirman Private Limited a
'B(ind)' National Long-term rating.  The agency has also assigned
a rating of 'B(ind)' to its fund based limits aggregating INR200.0
million.  The Outlook is Stable.

The rating reflects the small scale of operation and high
competitive intensity reflected in RNPL's low EBITDA margins and a
track record of high financial leverage.  RNPL is also exposed to
pricing and inventory carrying risks reflected in its high working
capital requirements; the risks are accentuated by higher
receivables and lower payables.

Fitch notes that RNPL's financial profile has remained relatively
stretched with interest coverage between 1.9x-2.1x during the past
three years and financial leverage (total adjusted net
debt/operating EBITDA) ranging between 5.5x-6.3x.  RNPL also
remains exposed to geographical concentration risk on account of
its supplies being limited to in and around Kolkata; however
sourcing risks remain manageable on account of a diversified
supplier base.

The ratings take into account the sponsors' track record in the
trading business and RNPL's effort to diversify its revenues
steams and move into higher value addition through construction of
buildings.  As part of its strategy, it has also set up a stone
crusher plant, and is planning to set up another plant.  The
operations will benefit from stone mines which have been allotted
to RNPL in Jharkhand, resulting in higher margins and help
mitigate the trading risks, when operational.

A sustained improvement in EBITDA margins, resulting in a net
debt/EBITDA below 5x on a sustained basis, could act as a positive
ratings trigger.  Conversely a decline in EBIDTA margin or a
significant increase in debt, resulting in net debt/ EBITDA above
7.5x on a sustained basis, could act as a negative ratings

Based on the provisional financial figures provided by RNPL, it
had total debt of INR226.3 million in FY09 (FY08: INR74.5
million).  RNPL has reported negative free cash flow of
INR161.5 million in FY09 (FY08: INR73.0 million), mainly as a
result of increase working capital requirements.  RNPL's financial
leverage (total net debt to operating EBITDA) was 6.1x in FY09
(FY08: 6.2x).  Its working capital cycle has increased to 104 days
in FY09 (FY08: 99 days) largely on account of an increase in
receivables days.  Over the last three years, RNPL has seen growth
in revenues to INR1042.5 million in FY09 (FY07: INR90.8 million).
EBITDA margins have been volatile - 3.9% in FY07, 2.9% in FY08 and
3.5% in FY09.  Fitch expects FCF to remain negative in the short-
to medium-term, given the working capital intensive trading nature
and its capex plans.

RNPL was incorporated in 2005 and is in trading of construction
material to contractors in and around the Kolkata region.  It
procures materials from distributors and maintains a minimum
inventory to meet customer's requirements on a regular basis.

SATYAM COMPUTER: Satyam May Seek Until March 2010 Restate Accounts
Satyam Computer Services Ltd has appealed to the Company Law Board
to be given until March 31, 2010, for the restatement of the
company's financials, the Economic Times reported.

According to the report, Satyam Computer said Thursday it was on
track to restate accounts going back seven years.

"We are likely to go back (in restating accounts) for at least 6-7
years.  Work is in progress," the report quoted Air India
spokesman Sridhar Maturi as saying.

                      Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

  (1) inflated (non existent) cash and bank
      balances of 50.40 billion rupees (US$1.04 billion)
      (as against 53.61 billion reflected in the books);

  (2) an accrued interest of 3.76 billion rupees which
      is non existent;

  (3) an understated liability of 12.30 billion rupees
      on account of funds arranged by Mr. Raju; and

  (4) an overstated debtors position of
      4.90 billion rupees (as against 26.51 billion
      reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell stake in itself, as the company seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP, citing the Financial Express,
reported that Tech Mahindra Limited emerged as the top bidder with
an offer of INR58 a share for a 31 per cent stake in Satyam
Computer Services Limited, beating strong rival L&T.  Tech
Mahindra would acquire the stake in an all-cash deal, followed by
an open offer for a 20 percent stake to take management control
of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                        About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the takeover of Motorola Inc.'s software development
center in Malaysia.

SOMNATH GINNING: CRISIL Assigns 'B' Ratings on Various Bank Loans
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Somnath Ginning Pressing Pvt Ltd (SGPPL).

   Facilities                           Ratings
   ----------                           -------
   INR75.0 Million Cash Credit Limit    B/Stable (Assigned)
   INR19.0 Million Term Loan            B/Stable (Assigned)
   INR25.0 Million Overdraft Facility   B/Stable (Assigned)
   INR1.0 Million Proposed Long Term    B/Stable (Assigned)
                  Bank Loan Facility

The rating reflects SGPPL's weak financial risk profile, large
working capital requirements, and exposure to risks relating to
unfavourable changes in government regulations.  These strengths
are, however, partially offset by the benefits that SGPPL derives
from the experience of its promoters in the cotton industry.

Outlook: Stable

CRISIL expects SGPPL to maintain a stable financial risk profile
over the medium term, backed by improving cash accruals and steady
operating margins.  The outlook may be revised to 'Positive' if
significant improvement in accruals leads to reduced gearing, and
stronger capital structure for SGPPL.  Conversely, the rating may
have a negative bias if lower-than-expected operating margins
result in deterioration in the company's cash accruals over the
medium term.

                       About Somnath Ginning

Incorporated in 2005, SGPPL is engaged in the business of cotton
ginning and pressing.  The company's manufacturing plant, at Babra
(Gujarat), has capacity to process 56 tonnes of raw cotton (around
600 bales) per day.  SGPPL has two group entities — Patidar
Industries Pvt Ltd (incorporated in 1999, and involved in the same
line of business as SGPPL) and Raj Laxmi Industries (a
proprietorship firm, manufacturing groundnut oil). The group's
promoters were traders in raw cotton in the past.

SGPPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR1040.9 million for the year ended March 31, 2008, as
against a PAT of INR1.1 million on net sales of INR718.6 million
for the year ended March 31, 2007.

TATA MOTORS: To Cut 300 Jobs and Halt X-Type Car Production
Peter Stiff at Times Online reports that Jaguar Land Rover, owned
by India's Tata Motors Ltd., is to cut 300 jobs at its plant in
Merseyside and cease production of its X-Type car by the end of
the year.

According to Times Online, JLR will seek voluntary redundancies at
the factory in Halewood, which employs about 2,000 workers, and
will also close for three weeks in September in response to the
weak car market.

"Jaguar Land Rover's retail sales fell by 28 per cent in the past
10 months.  We have taken unprecedented actions to cut costs
including reduced production volumes, significant cuts to
investment plans and some 2,200 job losses," Times Online quoted
David Smith, chief executive of Jaguar Land Rover, as saying.
"Ceasing production of the X-Type early, with further redundancies
and temporary shutdowns at Halewood is necessary to protect our
other investment plans."

                         Financial Support

Graham Ruddick at reports Mr. Smith said further
action could be necessary but will depend on the state of the
market and the "speed with which the already-approved EUR340
million (GBP292 million) European Investment Bank loan can be
drawn. discloses unions said on Wednesday the British
government must support JLR's application for financial support
as a "matter of urgency".  According to,
Len McCluskey, assistant general secretary of Unite, the trade
union, stressed the importance of new investment in the company.
Mr. McCluskey, as cited by, said "A new product is
pivotal to the long-term future of the Halewood plant". relates the government said discussions are "still
in process" with JLR and that the job cuts reflect the "downturn
in the economy".

                         About Tata Motors

India's largest automobile company, Tata Motors Limited -- 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

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.

ICRA has assigned LBB rating to INR2.02 billion long-term loan of
Pondicherry Tindivanam Tollway Limited.  LBB rating indicates
inadequate credit quality in the long term.

The rating takes into account the importance of the project
stretch (part of National Highway-66 connecting Chennai with
Pondicherry) as reflected in its established traffic density.  The
rating is however constrained by uncertainty over the funding of
balance equity and debt given the fact that one of the project
sponsors is facing liquidity problems, pending land acquisition in
some areas and risk from alternative route namely East Coast Road
(ECR).  Nevertheless, ICRA draws comfort from the fact that the
project is proceeding as per schedule and PTTL has entered into a
fixed price engineering, procurement and construction (EPC)
contract which reduces the cost overruns risks to an extent.

                         About Pondicherry

PTTL is a Special Purpose Vehicle incorporated in March 2007 and
is promoted by two consortium members -- Maytas Infra Limited and
Nagarjuna Construction Co. Ltd.  The SPV is involved in
strengthening and four-laning of a 37.92 Kms stretch on the
Pondicherry-Tindivanam section of National Highway 66, in the
State of Tamil Nadu.  The project has been awarded by NHAI
(National Highways Authority of India) on BOT basis with a
concession period of 30 years commencing from July 2007.  The
expected commercial operation date of the project is July 2010.

The Project stretch lies in both the State of Tamil Nadu and Union
territory of Pondicherry.  It commences at the Indira Gandhi
Square in Pondicherry (Km 0.00) and runs for a length of 3.6 Kms
within limits of Pondicherry.  The project road traverses towards
North and runs through Tirucitambalam, Kiliyanur, Tailapuram,
Kondamur and Marakkanam junctions and intersects with NH-45 at
design chainage (Km 38.17) in Tindivanam town.  The total project
cost is estimated at INR3.15 billion, which is to be funded by
equity of INR0.67 billion and debt of INR2.02 billion.  Besides,
NHAI would provide a grant of INR0.45 billion.


SHINGINKO TOKYO: Japan's Opposition Party May Push to Sell Bank
Finbarr Flynn and Takako Taniguchi at Bloomberg News report that
Japan's main opposition party may push to sell Shinginko Tokyo
Ltd., if it wins next month's national election.

"If there's a change in government, as the ruling party in charge
of financial regulation we'll take a different approach to
Shinginko," Bloomberg quoted Kouhei Ohtsuka, a lawmaker and former
Bank of Japan official who heads the Democratic Party of Japan's
Upper House financial-policy group, as saying in an interview.
"We'll dispose of the bank."

According to the report, Mr. Ohtsuka said that the DPJ may ask the
financial regulator to re-examine the bank's accounts if an
earlier inspection is judged inadequate.  The DPJ leads in polls
ahead of the Aug. 30 general election, the report says.

Bloomberg relates that according to the Democratic Party's
manifesto for the metropolitan election, the bank has already
"failed for all practical purposes."

Mr. Ohtsuka told Bloomberg that the party favors selling healthy
portions of the bank to one or more private local financial firms.
Other options include using a state-owned financial institution to
rescue the lender, or nationalizing it.

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2009, Shinginko Tokyo Ltd posted an unconsolidated net
loss of more than JPY10 billion in fiscal 2008, its fourth
straight year of losses.

The JPY10.5 billion loss shrank compared with the JPY16.7 billion
net loss it reported the previous year and is below its earlier
projected loss of JPY12.6 billion.

Shinginko Tokyo expected to further narrow the net loss to
JPY700 million by curbing nonperforming loan disposal costs for
the current fiscal year ended March 2010.

                         About Shinginko

Shinginko Tokyo Ltd. was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.

                         *     *     *

Shinginko Tokyo continues to carry a "BB+" Subordinated Debt
rating placed by Japan Credit Rating Agency on March 28, 2008.


* KOREA: Banks May Allot KRW280BB in Provisions for Loan Defaults
South Korea's banks may have to set aside KRW280 billion (US$218
million) in extra provisions to cover potential defaults after
more corporate borrowers failed financial strength tests,
Bloomberg News reports citing the Financial Supervisory Service.

The report, citing the agency in an e-mailed statement, relates
that of 861 companies, each with debt of KRW50 billion or less,
113 failed credit reviews.

The agency said the companies will either be forced to renegotiate
the terms of their debt agreements with creditors or find other
solutions to manage their debt, Bloomberg relates.

N E W  Z E A L A N D

CLEGG & CO: Directors Face Charges Over False Statements
The National Business Review reports that Clegg & Co. Finance
Limited's directors are facing charges and up to five years in
prison for statements made in their prospectuses.

Clegg & Co. finance director Brian Samuel Clegg faces eight
charges and Pamela Nicolson-Clegg seven, the report said.

According to the report, the Cleggs face two charges each over
statements in the company's 2005 and 2006 prospectuses and five
charges each for providing false information to a trustee over the
extent of lending.  The case is pending before the Auckland
District Court.

Brian Clegg, says the Review, faces a further charge relating to
misleading or deceiving the Securities Commission.

Clegg & Co. Finance Limited -- is a
New Zealand finance company dealing with commercial plant finance
leases and other secured lending contracts.

As reported in the Troubled Company Reporter-Asia Pacific on
October 8, 2007, Clegg & Co. Finance was placed in receivership
after its directors and shareholders were unable to rectify the
breach of a loan restriction clause, which breach was reportedly
to a "significant extent."

Covenant Trustee appointed on Oct. 4, 2007, Brian Mayo-Smith and
Shaun Adams of BDO Spicers as receivers for Clegg & Co Finance
Limited, Clegg & Co Leasing Limited and Clegg & Co Capital

Clegg & Co Finance Limited said in a statement that it held
deposits totaling approximately NZ$15 million from about 500


FALCK BIOENERGY: Creditors' Proofs of Debt Due on August 11
The creditors of Falck Bioenergy Singapore Pte. Ltd. are required
to file their proofs of debt by August 11, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Timothy Reid
          Ferrier Hodgson
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544

FIBRECHEM TECHNOLOGIES: Court to Hear Wind-Up Petition on July 24
A petition to have Fibrechem Technologies Limited's operations
wound up will be heard before the High Court of Singapore on
July 24, 2009, at 10:00 a.m.

Oversea-Chinese Banking Corporation Limited (Hong Kong branch)
filed the petition against the company on July 2, 2009.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989

GML INTERNATIONAL: Court to Hear Wind-Up Petition on July 31
A petition to have GML International Pte Ltd's operations wound up
will be heard before the High Court of Singapore on July 31, 2009,
at 10:00 a.m.

See Mei Ling, Celeste and See Leong Seng filed the petition
against the company on July 7, 2009.

The Petitioner's solicitors are:

         M/S T S OON & Bazul
         3 Raffles Place, Bharat Building
         #06-01 Singapore 048617

JAVA FUSION: Court Enters Wind-Up Order
On July 3, 2009, the High Court of Singapore entered an order to
have Java Fusion Pte Ltd's operations wound up.

Wong Moi filed the petition against the company.

The company's liquidator is:

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

PSD GROUP: Creditors' Meeting Set for July 24
PSD Group (Singapore) Pte. Ltd., which is in provisional
liquidation, will hold a meeting for its creditors on July 24,
2009, at 10:00 a.m., at 4 Shenton Way #04-01 SGX Centre 2,
Singapore 068807.

At the meeting, the creditors will be asked to:

   -- receive a statement of the position of the company's affairs
      together with a list of creditors of the company and the
      estimated amount of their claims by the provisional
      liquidators appointed by the Board of Directors of the

   -- if thought fit, to nominate and confirm Messrs. Low Sok Lee
      Mona and Teo Chai Choo whose registered address is at 4
      Shenton Way #04-01 SGX Centre 2, Singapore 068807 to be
      liquidators for the purpose of winding-up the affairs and
      distributing the assets of the abovenamed company pursuant
      to Section 297 of the Act;

   -- if thought fit, to appoint members of the committee of
      inspection of not more than 5 members;

   -- resolve, under Section 320(3)(c) of the Act, that the books,
      accounts and documents of the company and liquidators may be
      disposed of within 3 months after the dissolution of the
      company; and

   -- discuss other business.


* Large Companies with Insolvent Balance Sheets

                                              Total   Shareholders
                                             Assets         Equity
  Company                        Ticker     (Million)    (Million)
  -------                        ------      -------- ------------


ADVANCE HEALTHCARE GROUP LTD        AHG         16.93     -8.23
ADVANCE HEALTHCARE GROUP-NEW        AHGN        16.93     -8.23
ALLOMAK LTD                         AMA         40.69     -5.91
ALLSTATE EXPLORATIONS NL            ALX         16.17    -50.62
ALLSTATE EXPLORATIONS NL-PP         ALXCC       16.17    -50.62
ARC EXPLORATION LTD                 ARX         58.54    -15.96
AUSMELT LTD                         AET         10.42     -1.56
AUSTAR UNITED COMMUNICATIONS        AUN         448.6   -261.91
AUSTRAILIAN ZIRCON NL-PP            AZCCA       77.74     -2.57
AUSTRALIAN ZIRCON NL                AZC         77.74     -2.57
BIRON APPAREL LTD                   BIC         19.71     -2.22
BISALLOY STEEL GROUP LTD            BIS         54.56     -7.47
CHEMEQ LIMITED                      CMQ         25.19    -24.25
CITY PACIFIC LIMITED                CIY         171.5     -6.38
EIRCOM HOLDINGS LTD                 ERC        7921.9   -381.29
ELLECT HOLDINGS LTD                 EHG         18.25    -15.49
ETW CORP LTD                        ETW         83.71    -58.67
FORTESCUE METALS GROUP LTD          FMG       4293.52   -378.46
FULCRUM EQUITY LTD                  FUL         19.21     -3.66
HYRO LTD                            HYO         19.69    -15.77
LAFAYETTE MINING LIMITED            LAF        105.24   -190.86
MACQUARIE COMMUNICAT-CUM DVD        MCGCD     8104.42   -103.34
MACQUARIE COMMUNICATIONS INF        MCG       8104.42   -103.34
RESIDUAL ASSCO GROUP-EX ENT         RAGXF      597.33   -126.96
RUBICON AMERICA TRUST               RAT        649.53   -100.61
RUBICON EUROPE TRUST GROUP          REU         553.1   -252.49
TOOTH & COMPANY LIMITED             TTH        108.86     -69.4
VERTICON GROUP LTD                  VGP         21.73    -11.59


ALONG TIBET CO LTD PLC-A            600773      10.19     -1.03
AMOI ELECTRONICS CO LTD-A           600057     208.87   -161.88
ANHUI KOYO GROUP CO LTD-A           000979      59.79    -49.68
CHANG LING GROUP CO LTD-A           000561      37.58     -9.47
CHENGDU UNIONFRIEND NETWOR-A        000693      55.03     -2.74
CHINA EASTERN AIRLINES - H          670      10702.79  -1851.81
CHINA EASTERN AIRLINES CO-A         600115   10702.79  -1851.81
CHINA KEJIAN CO LTD-A               000035      75.06    -184.1
CHINESE.COM LOGISTICS CO-A          000805      14.78     -9.03
CITIC GUOAN VINE CO LTD-A           600084     362.24   -110.09
DANDONG CHEMICAL FIBRE CO-A         000498     104.37   -103.89
DONGXIN ELECTRICAL CARBON -A        600691      20.56     -3.77
FUJIAN SANNONG GROUP CO LTD         000732      61.81    -53.11
GAOXIN ZHANGTONG LTD -A             002075     127.41    -15.07
GUANGDONG HUALONG GROUPS -A         600242      21.14     -2.45
GUANGDONG KELON ELEC HLD-A          000921     540.25    -125.8
GUANGMING GRP FURNITURE CO-A        000587      46.46    -40.02
GUANGXI BEISHENG PHARM-A            600556     126.09   -153.59
GUANGXIA YINCHUAN-A                 000557      21.66    -34.85
GUANGZHOU ORIENTAL BAOLONG A        600988      16.28     -1.85
HEBEI BAOSHUO CO-A                  600155     131.55   -354.98
HEBEI JINNIU CHEMICAL INDU-A        600722     221.63   -223.05
HISENSE KELON ELEC HLD-H            921        540.25    -125.8
HUATONG TIANXIANG GRP CO -A         600225      70.27    -35.84
HUDA TECHNOLOGY & EDUCAT-A          600892      20.05     -1.79
HUNAN ANPLAS CO LTD                 000156      53.16    -82.87
HUNAN AVA HOLDINGS - A              000918     190.69    -71.59
JIANGXI CHANGHE AUTOMOBILE-A        600372     316.93     -3.39
JIAOZUO XIN'AN SCIENCE & TEC        000719      16.26     -3.68
QINGHAI SUNSHINY INDUSTRY-A         600381      54.21    -27.61
SHANGHAI HONGSHENG TECH-A           600817      18.08   -396.29
SHANGHAI LIANHUA FIBRE-A            600617      17.39     -1.33
SHANGHAI LIANHUA FIBRE-B            900913      17.39     -1.33
SHANGHAI WORLDBEST IND DEV A        600757     221.56   -116.68
SHENZHEN CHINA BICYCLE CO-A         000017      27.97   -264.11
SHENZHEN CHINA BICYCLE CO-B         200017      27.97   -264.11
SHENZHEN DAWNCOM BUSINESS-A         000863      28.96    -151.6
SHENZHEN KONDARL GROUP CO-A         000048     202.33    -13.55
SHENZHEN SEG DASHENG CO-A           000007      87.93    -12.56
SHENZHEN SHENXIN TAIFENG GRP        000034      28.63   -165.83
SICHUAN DIRECTION PHOTOELE-A        000757     121.64   -112.13
SUNTEK TECHNOLOGY CO LTD-A          600728      35.18    -23.19
TAIYUAN TIANLONG GROUP CO-A         600234      12.27    -60.72
TIANJIN MARINE SHIPPING CO-B        900938       82.4    -30.39
TIANJIN MARINE SHIPPING-A           600751       82.4    -30.39
TIBET SUMMIT INDUSTRIAL CO-A        600338      68.49    -11.66
TOPSUN SCIENCE-A                    600771     200.06   -121.61
WINOWNER GROUP CO LTD               600681      15.62    -72.19
WUHAN BOILER CO-B                   200770     413.28    -44.51
WUHAN GUOYAO TECHNOLOGY CO-A        600421      11.55    -37.32
XIAMEN OVERSEAS CHINESE EL-A        600870     241.67   -159.88
YUEYANG HENGLI AIR-COOLING-A        000622      37.04    -15.56
ZHANGJIAJIE TOURISM DVLP-A          000430      45.66     -6.16


ASIA TELEMEDIA LTD                  376         16.62     -5.37
BINHAI INVESTMENT COMPANY LT        8035        73.71   -114.39
CHINA CYBER PORT INTERNATION        8206        16.72    -21.71
CHINA GOLDEN DEVELOPMENT HOL        162        249.86     -1.46
CHINA HEALTHCARE HOLDINGS LT        673         29.51     -7.82
EGANAGOLDPFEIL HLDGS LTD            48         557.89   -132.86
FULBOND HOLDINGS LTD                1041        66.06    -11.68
HUTCHISON TELECOMM HONG KONG        215        2400.1   -366.06
NEW CITY CHINA DEVELOPMENT          456        113.18     -9.93
PALADIN LIMITED                     495        160.93     -1.63
PALADIN LIMITED - PREFERENCE        642        160.93     -1.63
SANYUAN GROUP LTD                   140         15.15     -1.59


BANK CENTURY TBK PT                 BCIC       493.24   -135.58
BUKAKA TEKNIK UTAMA TBK PT          BUKK        73.76    -88.38
DAYA SAKTI UNGGUL TBK PT            DSUC        20.18    -14.06
ERATEX DJAJA TBK PT                 ERTX        14.09    -13.64
JAKARTA KYOEI STEEL WORKS PT        JKSW        23.86    -36.52
KARWELL INDONESIA PT                KARW        13.46     -7.21
MULIA INDUSTRINDO TBK PT            MLIA       329.63   -438.15
PANCA WIRATAMA SAKTI TBK PT         PWSI        24.44    -28.49
POLYSINDO EKA PERKASA TBK PT        POLY       413.59   -843.85
SEKAR BUMI TBK PT                   SKBM        16.37     -2.62
STEADY SAFE TBK PT                  SAFE        10.84     -4.03
SURABAYA AGUNG INDUS PULP           SAIP       211.01   -113.61
TEIJIN INDONESIA FIBER TBK          TFCO       199.18    -55.41
UNITEX TBK PT                       UNTX        13.65     -14.4


ALCOBEX METALS LIMITED              AML         35.67    -22.44
APPLE FINANCE LTD                   APL         70.83    -29.25
ASHIMA LIMITED                      ASHM        59.92    -47.15
BAKELITE HYLAM LIMITED              BKLT        13.91    -12.87
BALAJI DISTILLERIES LTD             BLD         59.97    -50.89
BELLARY STEELS & ALLOYS             BSAL       512.42   -101.44
BHAGHEERATHA ENGINEERING            BGEL        22.65     -28.2
CFL CAPITAL FINANCIAL SVS LT        CEATF       20.64    -48.88
COMPUTERSKILL LIMITED               CPS          14.9     -7.56
CORE HEALTHCARE LIMITED             CPAR       185.36   -241.91
DCM FINANCIAL SERVICES              DCMFS       16.54    -10.99
DIGJAM LTD                          DGJM        98.77    -14.62
DISH TV INDIA LTD                   DITV       422.08   -127.61
DUNCANS INDUSTRIES LTD              DAI        164.65   -220.92
EMTEX INDUSTRIES (INDIA)            EMTX        11.81    -44.41
GALADA POWER & TELECOMMUNICA        GCC          10.9    -27.85
GANESH BENZOPLAST LTD               GBP         77.84    -41.87
GLOBAL BOARDS LIMITED               GLB         25.15     -0.79
GSL INDIA LIMITED                   GSL         37.04    -42.34
GUJARAT SIDHEE CEMENT LTD           GSCL        59.44     -0.66
GUJARAT STATE FINANCIAL CORP        GSF         30.16   -234.92
HANJER FIBRES LIMITED               HJF         10.72     -0.31
HARYANA STEEL & ALLOYS LTD          HYSA        10.83     -5.91
HFCL INFOTEL LTD                    HFCL       233.14    -59.73
HIMACHAL FUTURISTIC COMMUN          HMFC       633.33   -104.79
HINDUSTAN PHOTO FILMS MFG           HPHT        93.73  -1229.35
HMT LIMITED                         HMT        206.93   -263.57
ICDS SECURITIES LIMITED             ICDS         13.3     -6.17
IFB INDUSTRIES LIMITED              IFBI        50.67    -65.49
INDIA FOILS LIMITED                 IF          48.46    -38.01
INTEGRATED FINANCE CO LTD           IFC         57.73     -52.3
J.K. SYNTHETICS LIMITED             JKS         20.21     -2.17
JCT ELECTRONICS LIMITED             JCTE       122.54       -50
JD ORGOCHEM LTD                     JDO         14.54    -69.75
JENSON & NICHOLSON (INDIA)          JN          15.73    -92.09
JIK INDUSTRIES LTD                  KFS         20.63     -5.62
JOG ENGINEERING LIMITED             VMJ         50.08    -10.08
KALYANPUR CEMENTS LIMITED           KCEM        37.54    -41.77
LLOYDS FINANCE LIMITED              LYDF        36.82    -10.29
LLOYDS STEEL INDUSTRIES LTD         LYDS       358.94    -83.14
MILLENNIUM BEER IND LTD             MLB         39.73     -0.73
MILTON PLASTICS LIMITED             MILT        26.11    -42.39
NATH PULP & PAPER MILLS LTD         NPPM        13.59    -39.13
NICCO UCO ALLIANCE CREDIT           NICU        38.79    -61.66
ORIENT PRESS LIMITED                OP           16.7     -0.09
PANCHMAHAL STEELS LIMITED           PMS         51.02     -0.33
PANYAM CEMENTS & MINERALS           PYC         30.24      -9.4
PARASRAMPURIA SYNTHETICS            PPS        111.97   -317.11
PAREKH PLATINUM LIMITED             PKPL        61.08    -88.85
PEACOCK INDUSTRIES LIMITED          PCOK        14.68    -18.14
PIRAMAL LIFE SCIENCES LTD           PLSL        32.05     -3.73
POLAR INDUSTRIES LIMITED            PLI         17.54    -24.69
PRECISION CONTAINEURS LIMITE        PCLL        10.01     -3.67
RAMA PHOSPHATES LIMITED             RMPH        34.07     -1.19
RATHI ISPAT LIMITED                 RTIS        44.56     -3.93
REMI METALS GUJARAT LTD             RMM         82.27     -1.65
ROLLATAINERS LIMITED                RLT         22.97    -22.24
ROYAL CUSHION VINYL PRODUCTS        RCVP        29.19    -73.12
RPG CABLES LIMITED                  RPG         51.43    -20.19
SEN PET INDIA LTD                   SPEN        13.28    -25.43
SHALIMAR WIRES INDUSTRIES LT        SWRI        30.59    -63.77
SHAMKEN COTSYN LIMITED              SHC         23.13     -6.17
SHAMKEN MULTIFAB LIMITED            SHM         60.55    -13.26
SHAMKEN SPINNERS LIMITED            SSP         42.18    -16.76
SHARDA ISPAT LIMITED                SHIL        16.18     -5.04
SHREE RAMA MULTI-TECH LTD           SRMT        81.41    -64.13
SIDDHARTHA TUBES LIMITED            SDT         92.93    -10.72
SIL BUSINESS ENTERPRISES LTD        SILB        12.46    -19.96
SPICE COMMUNICATIONS LIMITED        SPCM       263.69    -19.68
STI INDIA LIMITED                   STIB        44.11      -0.3
TAMILNADU TELECOMMUN LTD            TNT         11.68     -3.37
TRIVENI GLASS LIMITED               TRSG        34.54     -6.21
UNIWORTH LIMITED                    WW         178.23   -131.62
USHA (INDIA) LIMITED                USHA        12.06    -54.51
WINDSOR MACHINES LIMITED            WML         14.95    -29.01
WIRE AND WIRELESS INDIA LTD         WNW        106.98    -23.62


ATRIUM CO LTD                       8993      3004.53   -555.33
AVIX INC                            7836        19.01     -2.13
COSMOS INITIA CO LTD                8844      2333.43    -454.8
FDK CORP                            6955       465.07     -85.9
G-TRADING CO LTD                    3348        53.44    -19.82
GONZO KK                            3755        23.93    -27.48
GREEN FOODS CO LTD                  3367           87    -48.04
L CREATE CO LTD                     3247        42.34     -9.15
MORISHITA CO LTD                    3594       168.22     -2.42
NESTAGE CO LTD                      7633        15.75     -7.05
NEXTECH CORP                        3767        23.79     -2.97
OPEN INTERFACE INC                  4302        10.82    -25.57
PION CO LTD                         2799        50.29     -4.69
PLACO CO LTD                        6347        19.73     -1.66
PLACO CO LTD-WI                     63471       19.73     -1.66
REMIXPOINT CO LTD                   3825        13.03     -1.16
SOWA JISHO CO LTD                   3239        54.01    -15.64
SPC ELECTRONICS CORP                6818       124.71     -13.1
TERRANETZ CO LTD                    2140        11.63     -4.29
ZENTEK TECHNOLOGY JAPAN INC         4296        61.69    -30.73


CL LCD CO LTD                       035710      55.59    -14.79
DAHUI CO LTD                        055250        186      -1.5
DAISHIN INFO & COMM CO LTD          020180      740.5   -158.45
ELIM EDU CO LTD                     046240      34.03     -3.75
FIRST FIRE & MARINE INSURANC        000610    2044.03     -1.78
KYSYS CO LTD                        015390      10.67     -6.27
MOBILINK TELECOM CO LTD             041310      52.67    -11.47
MOBO CO LTD                         051810     196.64    -11.98
ORICOM INC                          010470      82.65    -40.04
PRIME ENTERTAINMENT CO LTD          017170      31.47    -19.37
ROCKET ELECTRIC CO LTD              000420      68.58     -2.14
ROCKET ELECTRIC-PFD                 000425      68.58     -2.14
SAMT CO LTD                         031330     303.86    -77.57
SIMM TECH CO LTD                    036710     314.18    -34.49
SOLAR & TECH CO LTD                 030390      11.47     -0.59
STARMAX CO LTD                      017050      50.13    -25.44
SUNNY TRENDS CO LTD                 035500      32.76     -7.32
TAESAN LCD CO LTD                   036210     187.94   -546.26
TONG YANG MAGIC CO LTD              023020     355.15    -25.77
YOUILENSYS CORP                     038720      166.7    -12.34


BSA INTERNATIONAL BHD               BSAI        60.42    -45.43
HARVEST COURT INDUSTRIES BHD        HAR         10.63      -6.6
LITYAN HOLDINGS BERHAD              LIT         15.78    -28.37
MALAYSIAN AIRLINE SYSTEM BHD        MAS       2505.04   -122.54
NEPLINE BERHAD                      NL          20.46    -25.11
NIKKO ELECTRONICS BHD               NIKKO       10.89     -8.15
PECD BHD                            PECD       247.77   -363.97
WONDERFUL WIRE & CABLE BHD          WW          11.78    -14.08
WWE HOLDINGS BHD                    WWE         67.99      -3.4


DOMINION FINANCE HOLDINGS LT        DFH         258.9    -55.31


APEX MINING CO INC-'B'(REGD)        APXB        51.26     -8.97
APEX MINING CO INC-A                APX         51.26     -8.97
BENGUET CORP-A                      BC          75.71    -35.19
BENGUET CORPORATION 'B' COM         BCB         75.71    -35.19
CENTRAL AZUCARERA DE TARLAC         CAT         37.81     -2.59
CYBER BAY CORP                      CYBR        12.93    -79.23
EAST ASIA POWER RESOURCES           PWR          50.8   -139.42
FIL-ESTATE CORP                     FC          37.29    -11.36
FILSYN CORPORATION A                FYN            22    -10.28
FILSYN CORPORATION B                FYNB           22    -10.28
GOTESCO LAND INC-A                  GO          18.68    -10.86
GOTESCO LAND INC-B                  GOB         18.68    -10.86
MRC ALLIED INDUSTRIES               MRC         13.04     -3.68
PICOP RESOURCES                     PCP        105.66    -23.33
STENIEL MANUFACTURING CORP          STN         28.67     -1.48
UNIVERSAL RIGHTFIELD PROPERT        UP          45.12    -13.48
UNIWIDE HOLDINGS INC                UW           52.8    -56.18
VICTORIAS MILLING CO INC            VMC        178.06    -36.66


ADVANCE SCT LTD                     ASCT        69.49    -11.96
ADVANCED SYSTEMS AUTOMATION         ASA         13.59     -8.73
CHUAN SOON HUAT INDUS GROUP         CSH         33.39    -11.49
FALMAC LTD                          FAL         10.29     -6.46
HL GLOBAL ENTERPRISES LTD           HLGE        92.92     -8.39
INFORMATICS EDUCATION LTD           INFO        21.96     -0.41
LINDETEVES-JACOBERG LTD             LJ          149.1    -82.58
OCEAN INTERNATIONAL HOLDINGS        OCEAN       61.66    -13.72
PACIFIC CENTURY REGION DEVEL        PAC         84.33      -2.7
SUNMOON FOOD COMPANY LTD            SMOON       37.24    -13.73
TT INTERNATIONAL LTD                TTI        279.64    -32.76
WESTECH ELECTRONICS LTD             WTE         28.29    -12.86


TAIWAN KOLIN CO LTD-ENTL CER        1606V      507.21   -147.14
HELIX TECHNOLOGY INC-EC ISSU        2479U       24.49    -23.01
VERTEX PRECISION ELEC-ENTL          5318T       43.04     -2.31
VERTEX PRECISION ELEC INC           5318        43.04     -2.31
HELIX TECHNOLOGY INC-EC             2479T       24.49    -23.01
YEU TYAN MACHINERY MFG CO           8702        39.57   -271.07
TAIWAN KOLIN CO LTD-ENTL CER        1606W      507.21   -147.14
CHIEN TAI CEMENT CO LTD             1107       202.45    -22.41
TAIWAN KOLIN CO LTD-ENT CERT        1606U      507.21   -147.14
HELIX TECHNOLOGY INC-EC             2479S       24.49    -23.01


ABICO HOLDINGS PUB-FOR REG          ABICO/F     12.07     -9.54
ABICO HOLDINGS PUBLIC CO LTD        ABICO       12.07     -9.54
ABICO HOLDINGS PUBLIC-NVDR          ABICO-R     12.07     -9.54
BANGKOK RUBBER PUB CO-FOR           BRC/F       81.03    -63.62
BANGKOK RUBBER PUBLIC CO LTD        BRC         81.03    -63.62
BANGKOK RUBBER PUBLIC-NVDR          BRC-R       81.03    -63.62
BLISS-TEL PCL                       BLISS       12.55     -1.55
BLISS-TEL PCL-FOREIGN               BLISS/F     12.55     -1.55
BLISS-TEL PCL-NVDR                  BLISS-R     12.55     -1.55
CENTRAL PAPER INDUSTRY PCL          CPICO       10.22   -216.07
CENTRAL PAPER INDUSTRY-FRGN         CPICO/F     10.22   -216.07
CENTRAL PAPER INDUSTRY-NVDR         CPICO-R     10.22   -216.07
CIRCUIT ELECTRONIC INDUS PCL        CIRKIT       61.3    -25.89
DATAMAT PUBLIC CO LTD               DTM         12.69     -6.13
DATAMAT PUBLIC CO LTD-FORGN         DTM/F       12.69     -6.13
DATAMAT PUBLIC CO LTD-NVDR          DTM-R       12.69     -6.13
ITV PCL                             ITV         31.56    -76.62
ITV PCL-FOREIGN                     ITV/F       31.56    -76.62
ITV PCL-NVDR                        ITV-R       31.56    -76.62
K-TECH CONSTRUCTION PCL             KTECH        83.2     -5.69
K-TECH CONSTRUCTION PCL-FOR         KTECH/F      83.2     -5.69
K-TECH CONSTRUCTION PCL-NVDR        KTECH-R      83.2     -5.69
KUANG PEI SAN FOODS PRO-NVDR        POMPUI-R    17.15    -12.12
KUANG PEI SAN FOODS PRODUCTS        POMPUI      17.15    -12.12
KUANG PEI SAN FOODS-FOREIGN         POMPUI/F    17.15    -12.12
MALEE SAMPRAN PCL - FOREIGN         MALEE/F     52.66      -6.7
MALEE SAMPRAN PUBLIC CO LTD         MALEE       52.66      -6.7
MALEE SAMPRAN PUBLIC CO-NVDR        MALEE-R     52.66      -6.7
NATURAL PARK PCL-FOR REG            NPARK/F     99.41      -0.8
NATURAL PARK PUB CO LTD             NPARK       99.41      -0.8
NATURAL PARK PUB CO-NVDR            NPARK-R     99.41      -0.8
NFC FERTILIZER PCL                  NFC         41.39     -0.33
NFC FERTILIZER PCL-FOREIGN          NFC/F       41.39     -0.33
NFC FERTILIZER PCL-NVDR             NFC-R       41.39     -0.33
PATKOL PCL                          PATKL       56.24    -21.51
PATKOL PCL-NVDR                     PATKL-R     56.24    -21.51
PATKOL PUBLIC CO LTD-FOREIGN        PATKL/F     56.24    -21.51
PONGSAAP PCL                        PSAAP/F     26.78     -2.03
PONGSAAP PCL                        PSAAP       26.78     -2.03
PONGSAAP PCL-NVDR                   PSAAP-R     26.78     -2.03
SAFARI WORLD PUBLIC CO LTD          SAFARI      98.37    -18.05
SAFARI WORLD PUBLIC CO-FOREI        SAFARI/F    98.37    -18.05
SAFARI WORLD PUBLIC CO-NVDR         SAFARI-R    98.37    -18.05
SAHAMITR PRESSURE CONTA-NVDR        SMPC-R      31.18    -14.94
SAHAMITR PRESSURE CONTAI-FOR        SMPC/F      31.18    -14.94
SAHAMITR PRESSURE CONTAINER         SMPC        31.18    -14.94
SUNWOOD INDUSTRIES CPL-NVDR         SUN-R       19.86    -13.03
SUNWOOD INDUSTRIES PCL-FOR          SUN/F       19.86    -13.03
SUNWOOD INDUSTRIES PUB CO           SUN         19.86    -13.03
THAI-DENMARK SWINE BREEDER          DMARK       15.72     -10.1
THAI-DENMARK SWINE BREEDER-N        DMARK-R     15.72     -10.1
THAI-DENMARK SWINE-FOREIGN          DMARK/F     15.72     -10.1
UNIVERSAL STARCH PCL                USC          77.6    -55.44
UNIVERSAL STARCH PCL-FOR REG        USC/F        77.6    -55.44
UNIVERSAL STARCH PCL-NVDR           USC-R        77.6    -55.44


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

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

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


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, 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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