TCRAP_Public/090721.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

               Tuesday, July 21, 2009, Vol. 12, No. 142

                                  Headlines

A U S T R A L I A

CITY PACIFIC: Loses Bid to Retain Control Over Mortgage Fund
GREAT SOUTHERN: Financial Planners May Face Class Action Suit
HEDLEY PRIVATE: Court Grants 180-Day Extension to Convening Period


C H I N A

ASAT HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating
LAS VEGAS SANDS: To Apply for IPO in Hong Kong Next Month
SINOBIOMED INC: To Acquire Healthcare Consumables Maker in China


H O N G  K O N G

ACE FINE: Appoints Lui and Yuen as Liquidators
AMERICAN TRIM: Creditors' Proofs of Debt Due on August 7
ARTISTIC INTERNATIONAL: Creditors' Proofs of Debt Due on August 7
CARNEGIE WYLIE: Placed Under Voluntary Wind-Up
DBS VICKERS: Seng and Lo Step Down as Liquidators

HONG KONG HEALTH: Placed Under Voluntary Wind-Up
IDEAL UNION: Creditors' Proofs of Debt Due on Aug. 15
KAO CHEMICALS: Appoints Chan Sek Kwan as Liquidator
SHINHAN FINANCE: Members' Final Meeting Set for August 17
UPGOOD ENTERPRISES: Creditors' Proofs of Debt Due on August 14

* HONG KONG: Bankruptcy Filings Up 14% to 1,619 in June 2009


I N D I A

AIR INDIA: Aviation Ministry Seeks 6-Month Credit to Pay ATF Bill
AIR INDIA: Faces INR125cr Penalty for Delaying, Cancelling Order
JPL INDUSTRIES: CARE Puts 'BB' Ratings on Various Bank Facilities
JSL LTD: CARE Downgrades Rating on LT Bank Facilities to 'BB'
REWA TOLLWAY: CARE Assigns 'BB+' Rating on INR48.62cr LT Bank Loan

SBQ STEELS: CARE Rates INR253cr Long-Term Bank Facities at 'BB+'
SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR4.5MM Term Loan
SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR80MM Term Loan
STERLITE INDUSTRIES: Equity Offering Won't Affect Moody's Ratings
TATA STEEL: Acquires More Stake in Riversdale Mining

TATA STEEL: Plans to Raise at Most US$600MM Through GDR Sale


I N D O N E S I A

PERUSAHAAN LISTRIK: Signs US$293.2 Million Loan Deal with Cexim
PT ARPENI: S&P Downgrades Corporate Credit Rating to 'B-'


J A P A N

* JAPAN: Gov't. Extends JPY3.8 Tril. in Loans to Crisis-Hit Firms


M A L A Y S I A

MERGE ENERGY: Out of PN17 Status as Financial Performance Improved


N E W  Z E A L A N D

LANE WALKER: Laid Off Staff Receive Second Payments


P H I L I P P I N E S

POWER SECTOR: Resets Limay Power Plant Auction to Next Week
QUEDAN RURAL: To Start Rehabilitation Plan This Quarter


S I N G A P O R E

GLOBAL IMPLANT: Creditors' Proofs of Debt Due on August 17
HONG NGIAP: Court Enters Wind-Up Order
LI SENG: Court to Hear Wind-Up Petition on July 31
ONE LIFESTYLE: Court Enters Wind-Up Order
TBC LINE: Court Enters Wind-Up Order


T A I W A N

AU OPTRONICS: HSBC Raises Outlook Amid Recovering Demand for Panel


T H A I L A N D

BANK OF AYUDHYA: Fitch Affirms Support Rating Floor at 'BB+'


X X X X X X X X

* BOND PRICING: For the Week July 13 to July 17, 2009


                         - - - - -


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A U S T R A L I A
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CITY PACIFIC: Loses Bid to Retain Control Over Mortgage Fund
------------------------------------------------------------
City Pacific Limited has lost its control of its AU$630 million
First Mortgage Fund to Balmain Trilogy after a court judge
yesterday threw out an attempt by City Pacific to have a recent
unitholder vote ruled invalid, The Sydney Morning Herald reports.

The Herald relates that the final decision to evict City Pacific
lies with the Australian Securities & Investments Commission,
which has to formally install Balmain Trilogy as the fund's new
manager.

City Pacific is yet to comment on the ruling or say whether it
will appeal the decision, the Herald says.

The decision could prove the death-knell for City Pacific, which
is struggling under mountains of debt and had derived much of its
income from managing the mortgage fund, The Australian says.

According to the Australian, City Pacific delivered a half-year
loss of AU$74.3 million at December 31 at which time auditor KPMG
warned the group might be in danger of collapse.

The Australian, citing Trilogy Capital Group executive chairman
Rodger Bacon, says the group would today move to take control of
the mortgage fund's books and accounts.

Mr. Bacon said Balmain Trilogy, a joint venture between mortgage
fund operators Trilogy Capital Group and Balmain Commercial, would
have a "legal review" of City Pacific accounts for any possible
problems, the Australian relates.

As reported in the Troubled Company Reporter-Asia Pacific on
June 30, 2009, City Pacific was planning a legal challenge to
overturn its sacking as manager of the First Mortgage Fund.
Grounds of the legal action are thought to involve the resolution
used to sack City Pacific.  City Pacific is also believed to
object to the use of Computershare to co-ordinate proxies.

Balmain Trilogy has been installed as the new responsible entity
of the City Pacific First Mortgage Fund after its resolution to
sack City Pacific secured 55 per cent of total units on issue at a
unitholder meeting in Brisbane on June 25.

As reported in the TCR-AP on August 18, 2008, City Pacific took
the necessary steps to preserve the value of the Fund's assets and
protect unitholders investments in light of the rapidly changing
market conditions.  As a result of the significant market changes,
City Pacific made the decision in March 2008 to defer the payment
of redemptions from the Fund while continuing the payment of
distributions to unitholders.

                         About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                           *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.


GREAT SOUTHERN: Financial Planners May Face Class Action Suit
-------------------------------------------------------------
The Sydney Morning Herald reports that financial planners who
advised their clients to invest in Great Southern Ltd are being
examined as potential targets of a class action.

The Herald says that a Slater & Gordon associate, Ben Whitwell,
confirmed yesterday the firm was considering whether it should
launch a court challenge against planners under section 945A of
the Corporations Act, alleging planners had an inappropriate basis
for the advice.

According to the report, Mr. Whitwell said the firm was still
assessing as targets for litigation the Great Southern directors,
auditors and legal professionals who approved product disclosure
statements.  Mr. Whitwell said the case, for which PIS made a
AU$17 million provision in its 2006-07 accounts, was proceeding,
the report relates.  According to the Herald, PIS is believed to
have recommended Great Southern to a large number of its clients,
after forging a close relationship with many agribusiness schemes.

Mr. Whitwell, as cited by the Herald, said he hoped Slater &
Gordon would be deciding on a course of action before the second
meeting of creditors scheduled for September.  Mr. Whitwell also
encouraged investors to register their interest in a possible
Great Southern class action.

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- 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.


HEDLEY PRIVATE: Court Grants 180-Day Extension to Convening Period
------------------------------------------------------------------
The administrators and receivers of Hedz Pty Ltd, a unit of Hedley
Private Group, have been granted a further six months to
investigate the financial position of the company before any
decision is made on its future, The Advertiser reports.

The Advertiser relates that the Cairns Supreme Court has granted
voluntary administrators Foremans Business Advisors and receivers,
and managers KordaMentha, a 180-day extension to the convening
period after an application was made for more time to thoroughly
investigate Hedz.

According to the Advertiser, Foremans partner and voluntary
administrator Todd Kelly said about eight creditors attended the
first meeting in Brisbane last week, with all supporting the
recommendation for an extension.

"We advised creditors if I was to hold a second meeting within
three weeks the only alternative available to them would be the
winding up of the company and that would result, in my opinion, in
a nil return," Mr. Kelly was quoted by the report as saying.

The report says that an ANZ representative confirmed at the first
meeting it was owed "about AU$255 million" from Mr. Tom Hedley's
private companies.  However, the bank was still "crunching final
sums" and the amount may be more.

Preliminary unsecured creditor claims include:

   -- AU$47 million worth of loans owing from related
      entities within the Hedley Private Group;
   -- AU$4.9 million owed to trade creditors;
   -- AU$1.6 million in money owing to Hedley Leisure
      & Gaming Property Fund or related entities;
   -- AU$2.5 million in debts to major liquor companies;
   -- AU$200,000 to the Queensland Office of State
      Revenue; and
   -- AU$600,000 in "other trade supplies".

Mr. Kelly said while the books and accounts were up to date, he
had written to the Australian Taxation Office to establish debts
from unpaid taxes, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2009, 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 appointed Robert Hutson, John Park and Bill Buckby of
KordaMentha as receivers to Hedley Constructions and eight other
companies in the group.

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.

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.

Hedz Pty Ltd owns a string of hotels along the east coast,
including Bendigo's All Seasons Quality Resort.


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C H I N A
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ASAT HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca corporate family
rating of ASAT Holdings Limited and Ca senior unsecured ratings of
New ASAT (Finance) Limited.

Moody's has withdrawn the ratings because the company has entered
into debt restructuring.

Moody's previous rating action with regard to ASAT was taken on
February 2, 2009, when the company's ratings were downgraded to Ca
with a negative outlook.

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

ASAT is a provider of outsourced semiconductor assembly and test
services with manufacturing operations in Dongguan, China.


LAS VEGAS SANDS: To Apply for IPO in Hong Kong Next Month
---------------------------------------------------------
Las Vegas Sands Corp. plans to apply in Hong Kong for an initial
public offering of shares in its Macau casinos early next month,
Bloomberg News reports citing a person with knowledge of the
matter.

That source told Bloomberg that Las Vegas Sands also seeks
amendments to its bank borrowings in Macau, including covenant
relief and permission to sell as much as US$1.5 billion in new
debt.  Las Vegas Sands may also buy back part of some U.S. term
loans as it overhauls its finances.

According to Bloomberg, Las Vegas Sands is seeking funds to
restart work on its US$12 billion, 20,000-room hotel and casino
complex on Macauís Cotai Strip.

In November 2008, the company said it has chosen to temporarily or
indefinitely suspend portions of its development projects and will
focus its development efforts on those projects with the highest
rates of expected return on invested capital given the liquidity
and capital resources available to the company.  The company
temporarily suspended development of sites five and six on the
Cotai Strip in Macao until conditions in the capital markets
improve.

Las Vegas Sands is aiming to restart its stalled projects in
Macau before the end of the year, the Troubled Company Reporter-
Asia Pacific reported on July 16, 2009.

Las Vegas Sands Corp.  -- http://www.lasvegassands.com/-- and its
subsidiaries develop multi use integrated resorts worldwide.  It
owns the Venetian resort-hotel-casino and the Sands Expo and
Convention Center in Las Vegas, Nevada; and The Sands Macao Casino
in Macao, the People's Republic of China.  Venetian Macao is a
wholly-owned subsidiary of Las Vegas Sands Corp.  VML owns the
Sands Macao in the People's Republic of China Special
Administrative Region of Macao and is also developing additional
casino hotel resort properties in Macao.

On March 10, 2009, Moody's Investors Service lowered the Company's
Corporate Family Rating to B3 from B2 and assigned a negative
rating outlook.


SINOBIOMED INC: To Acquire Healthcare Consumables Maker in China
----------------------------------------------------------------
Sinobiomed Inc. has entered a letter of intent to acquire an
undisclosed target company based in China that manufactures and
distributes healthcare consumables to the acute care -- hospital
and physician -- health care market.  The Target company currently
distributes in China, the USA, and Europe and plans to
significantly increase its brand penetration in the US and Europe.
The Target believes it is uniquely positioned with the combination
of quality manufacturing experience in China, U.S.-based corporate
governance and a seasoned U.S.-based executive management team.

A summary of terms of the proposed transaction are:

   -- Purchase Price: Sinobiomed agrees to issue the Targetís
      shareholders in aggregate that amount of shares of common
      stock of Sinobiomed equivalent to 50% of the post-closing
      issued and outstanding shares of common stock of Sinobiomed
      on a fully diluted basis.

   -- Funding Requirement: Prior to closing, there is a
      requirement for Sinobiomed to raise US$5 million in external
      funding to execute the Targetís expansion plans.

   -- Engagement of Investment Bank: Upon closing of the
      transaction, Sinobiomed will engage an institutional
      investment bank to sponsor Sinobiomedís move to the OTCQX
      market or another trading forum acceptable to the board of
      directors of Sinobiomed Inc.

   -- Share Restrictions: The shares of common stock of Sinobiomed
      to be issued upon the closing of the transaction will be
      restricted shares as that term is defined under Rule 144
      promulgated under the United States Securities Act of 1933,
      as amended.

   -- Formal Agreement: Additional terms, conditions and
      provisions governing the proposed transaction will be
      contained in a formal agreement which will be prepared and
      executed in form and substance satisfactory to the Target
      and Sinobiomed.

Sinobiomed intends to complete the acquisition of the Target by
August 31, 2009.

                       Delinquent Reporting

Sinobiomed has not filed its quarterly report for the period
ended March 31, 2009, and its annual report for the period ended
December 31, 2008.

On May 20, 2009, the Company's securities were dropped from the
OTCBB to the Pink Sheets as a result of the Company not filing its
Form 10-K within the 30-day grace period after the extended
deadline for the filing of the Form 10-K.

Sinobiomed Inc.'s consolidated balance sheet at September 30,
2008, showed total assets of US$8,355,042 and total liabilities of
US$16,506,425, resulting in total stockholders' deficit of
US$8,151,383.

                         About Sinobiomed

Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware.  The company is a leading Chinese developer of
genetically engineered recombinant protein drugs and vaccines.
Based in Shanghai, Sinobiomed currently has 10 products approved
or in development: three on the market, four in clinical trials
and three in research and development.  The company's products
respond to a wide range of diseases and conditions, including:
malaria, hepatitis, surgical bleeding, cancer, rheumatoid
arthritis, diabetic ulcers and burns, and blood cell regeneration.

                      Going Concern Doubt

Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
reported that the company has experienced losses since
commencement of operations and has negative working capital and a
stockholders' deficit.

The company is in the process of researching, developing, testing
and evaluating proposed new pharmaceutical products and has not
yet determined whether these products are technically or
economically feasible.  Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.


================
H O N G  K O N G
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ACE FINE: Appoints Lui and Yuen as Liquidators
----------------------------------------------
At an extraordinary general meeting held on July 10, 2009, the
shareholders of Ace Fine Investment Limited appointed Kennic Lai
Hang Lui and Yuen Tsz Chun Frank as the company's liquidators.

The Liquidators can be reached at:

          Kennic Lai Hang Lui
          Yuen Tsz Chun Frank
          Messrs. KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


AMERICAN TRIM: Creditors' Proofs of Debt Due on August 7
--------------------------------------------------------
The creditors of American Trim Products (Asia) Limited are
required to file their proofs of debt by August 7, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


ARTISTIC INTERNATIONAL: Creditors' Proofs of Debt Due on August 7
-----------------------------------------------------------------
The creditors of Artistic International (Hong Kong) Limited are
required to file their proofs of debt by August 7, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


CARNEGIE WYLIE: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on July 10, 2009, the
members of Carnegie, Wylie & Company Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


DBS VICKERS: Seng and Lo Step Down as Liquidators
-------------------------------------------------
On July 3, 2009, Natalia K M Seng and Susan Y H Lo stepped down as
liquidators of DBS Vickers Securities Online (HK) Limited.


HONG KONG HEALTH: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on July 9, 2009, the
members of Hong Kong Health Information Centre Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Chui Chi Yun, Robert
          China Resources Building, Room 2109
          26 Harbour Road
          Wanchai, Hong Kong


IDEAL UNION: Creditors' Proofs of Debt Due on Aug. 15
-----------------------------------------------------
The creditors of Ideal Union Limited are required to file their
proofs of debt by August 15, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 13, 2009.

The company's liquidator is:

          Ng Kam Chiu
          13A, Tak Lee Commercial Building
          113-117 Wanchai Road
          Wanchai, Hong Kong


KAO CHEMICALS: Appoints Chan Sek Kwan as Liquidator
---------------------------------------------------
At an extraordinary general meeting held on July 7, 2009, the
members of Kao Chemicals (Hong Kong) Limited appointed Chan Sek
Kwan, Rays the company's liquidator.

The Liquidator can be reached at:


          Chan Sek Kwan, Rays
          Seabright Plaza, Units E&F, 12th Floor
          9-23 Shell Street, North Point
          Hong Kong


SHINHAN FINANCE: Members' Final Meeting Set for August 17
---------------------------------------------------------
The members of Shinhan Finance Limited will hold their final
meeting on August 17, 2009, at 11:00 a.m., at the 8th Floor of
Gloucester Tower, The Landmark, 15 Queen's Road, in Central,
Hong Kong.

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


UPGOOD ENTERPRISES: Creditors' Proofs of Debt Due on August 14
--------------------------------------------------------------
The creditors of Upgood Enterprises Limited are required to file
their proofs of debt by August 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 8, 2009.

The company's liquidators are:

         Kennic Lai Hang Lui
         Yuen Tsz Chun, Frank
         Messrs. KLC Kennic Lui & Co.
         Ho Lee Commercial Building, 5th Floor
         38-44 D'Aguilar Street
         Central, Hong Kong


* HONG KONG: Bankruptcy Filings Up 14% to 1,619 in June 2009
------------------------------------------------------------
The number of bankruptcy filings in Hong Kong reached 1,619 last
month, up 14 percent from 1,417 in May, according to data released
by the Official Receiver's Office.  The number of compulsory
winding-up petitions also increased to 72 in June from 69 in May,
the data shows.


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AIR INDIA: Aviation Ministry Seeks 6-Month Credit to Pay ATF Bill
-----------------------------------------------------------------
The Indian aviation ministry has asked the oil ministry for a six-
month credit for Air India Ltd to pay for its aviation turbine
fuel (ATF) bill, The Times of India reports.

The aviation ministry has also sought the oil ministry's
intervention in asking oil marketing companies to give credit to
AI, whose total due in March-end was INR542 crore, the Times says.

Citing unnamed sources, The Times of India meanwhile reports that
the airline is going to put a freeze on hiring for non-essential
posts for next three years during which it expects 5,000 staffers
to retire.  According to the Times, the airline's present annual
wage bill of INR3,100 crore accounts for 18% of its operating
expenses.

"The company's financials are bad.  Operational losses are INR250
crore per month.  The daily interest on overdraft of INR16,000
crore taken from 17 banks is INR4 crore.  AI will seek a loan of
INR3,000 crore from the government," the Times quoted the sources
as saying.

                           State Bailout

Bloomberg News reports that Air India is set to get its first
government bailout after a slump in air travel left it unable to
pay salaries and buy planes.

Bloomberg, citing Civil Aviation Minister Praful Patel in an
interview in New Delhi, says the airline may receive INR25 billion
(US$513 million) of additional capital from the government.

Mr. Patel said Air India will return the money to the government
when it goes public, Bloomberg relates.  According to Bloomberg,
Mr. Patel said the initial share sale could come in a year after
the market condition and the airline's financial health improves.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, 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 -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


AIR INDIA: Faces INR125cr Penalty for Delaying, Cancelling Order
----------------------------------------------------------------
Air India Ltd may have to pay a penalty of INR125 crore to Boeing
and Airbus for deferring and cancelling earlier orders, The
Economic Times reports citing two people close to the development.

The report relates that a total of 70 aircraft from Boeing and
Airbus will be deferred and a few orders will be cancelled,
resulting in a penalty of about INR125 crore.


"The cancellation and deferment will happen in phases," the report
quoted an Air India official as saying.  "In the first phase, the
company has delayed purchase of seven Boeings, which otherwise
would have seen a payment of about INR8,000 crore.  Next, the
company may defer 15 new Airbus planes, which were scheduled to be
inducted toward the end of fiscal 2010," the official added.

Air India will also stand to lose INR15-20 crore additionally as
interest, because National Aviation Co of India had made
pre-delivery payments to Airbus and Boeing, the report says.

According to the report, the sources said that all these aircraft
was supposed to be added to Air India's fleet by 2011 but now will
be deferred till 2015.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, 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 -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


JPL INDUSTRIES: CARE Puts 'BB' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CARE assigned a 'CARE BB' rating to long-term bank facilities of
JPL Industries Limited.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.  This rating
is applicable to facilities having tenure of more than one year.

CARE has also assigned a 'PR4' rating to the short-term bank
facilities of JPL.  Facilities with this rating would have would
have inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.  This rating is applicable to facilities
having tenure up to one year.

                                          Amount
   Facility                             (INR crore)    Rating
   --------                             -----------    ------
   Outstanding term loan as on             5.96        CARE BB
   March 31,2009

   Sanctioned term loan                    7.32        CARE BB

   Fund based working capital limits       5.00        CARE BB

   Non fund based working capital limits   0.20        PR4

Rating Rationale

The ratings are constrained by JPL's small size of operations,
weak financial profile as reflected by small PAT margin low
coverage ratios and project implementation risk.  The ratings are
further constrained by highly fragmented nature of the textile
industry, which is currently facing slow down.  The ratings take
into account operational linkage of JPL with its group company -
Janki Corp Ltd. and its regular debt servicing track record.
Improvement in margins with growth in size and timely execution of
the proposed project are key rating sensitivities.

                       About JPL Industries

Promoted by Mittal & Babel family, Bhilwara-based JPL is a closely
held public limited company engaged in manufacturing of grey
fabric.  JPL has 64 imported Suzler looms and 49 air jet looms for
manufacturing of grey fabric.  JPL enjoys group support from
JCL in the form of assured off take for grey fabric. During FY09,
94% of sales of grey fabric were to JCL.

As per provisional results for FY09, JPL reported a Profit After
Tax (PAT) of INR0.24 crore on total income of INR31.82 crore as
against a PAT of INR0.60 crore on total income of INR46.12 crore
for FY08.


JSL LTD: CARE Downgrades Rating on LT Bank Facilities to 'BB'
-------------------------------------------------------------
CARE has revised the rating of the Long-term Bank Facilities and
Non Convertible Debentures (NCD) issue of JSL Ltd from 'CARE BBB'
to 'CARE BB'.  CARE has also revised the rating of the subordinate
debt of JSL from 'CARE BBB-' to 'CARE BB'.  Instruments/facilities
with 'Double B' rating are considered to offer low safety for
timely servicing of debt obligations and carry very high credit
risk.  Such instruments/facilities are susceptible to default.

CARE has further revised the rating of Short-term Bank Facilities
of JSL from 'PR3' to 'PR4'.  Facilities with this rating would
have inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk. Such facilities are
susceptible to default.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

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

   Long-term Bank Facilities         5,233           CARE BB
      (term loans)
   Long-term Subordinate Debt          500           CARE BB
   Long-term Outstanding NCD           430           CARE BB
   Long-term NCD 50 CARE BB
   Long/Short-term Bank Facilities   1,597           CARE BB/PR4
         (fund-based limits)
   Long/Short-term Bank Facilities   2,211           CARE BB/PR4
         (non-fund-based limits)
   -------------------------------  ---------        -----------
   Total                             10,021

Rating Rationale

The rating takes into account the increase in the financial risk
profile of the company marked by considerable decline in operating
performance of the company during FY09.  The period under review
registered decline in revenues, inventory losses due to
fluctuation in commodity prices and forex losses arising out of
reinstatement of foreign currency liabilities; thereby leading to
net loss.  The risk is accentuated in light of high financial
leverage and higher commitments related to the ongoing capex
thereby leaving the company with very limited cash adequacy and
consequently exposing it to liquidity as well as refinancing risk.
Nevertheless, the rating continues to draw support from JSL's
dominant position in the stainless steel industry, integrated
business operations and execution capabilities.

                           About JSL Ltd

JSL Ltd, part of the O.P. Jindal group, was formed in April 2002
by hiving off the stainless steel operations of Jindal Strips Ltd.
into a separate company.  JSL is the leading stainless steel
manufacturer of the country in terms of production volume, with
integrated melting hot rolling and cold rolling facilities.
During FY09, the company witnessed considerable decline in the
operating performance, leading to increase in its financial risk
profile.  The plants of the company were partially shut down for
major part of the year thereby leading to lower production.  For
FY09, the company posted revenue of INR4,853 cr, a 6.18% drop
against INR5,173 cr during FY08.  Higher incidence of fixed costs
along with incremental losses due to fluctuation in the commodity
prices led to more than halving of PBILDT margins to 7.15% during
FY09 against 14.43% in FY08.  Moreover, the company suffered
extraordinary losses on account of fluctuation in foreign currency
assets/liabilities which, along with other factors, contributed to
net loss of INR579.8 cr during FY09.  The weakened cash flow
position in the near term along with highly leveraged financial
structure has led to increase in the financial risk profile of the
company.


REWA TOLLWAY: CARE Assigns 'BB+' Rating on INR48.62cr LT Bank Loan
------------------------------------------------------------------
CARE has assigned 'CARE BB+' rating to the Long-term Bank
Facilities of Rewa Tollway Private Limited aggregating INR48.62
crore.  This rating is applicable for facilities having tenure of
over one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.  CARE assigns '+' or '-'
signs to be shown after the assigned rating (wherever necessary)
to indicate the relative position of the company within the band
covered by the rating symbol.

Rating Rationale

The rating factors in experienced management, renowned promoters,
guarantee from IJM Corporation Berhard for repayment of debt
obligations to lenders of RTPL and good economic development in
the region.  These factors are however offset by poor toll
collections in the past leading to cash losses since commencement
of toll operations, location of project roads on heavy rainfall
region affecting the traffic flow, construction of parallel roads
by Government against the terms of Concession Agreement and huge
revenue leakages on the toll roads.

                            About REWA

REWA Tollway Private Limited is a Special Purpose Vehicle promoted
by IJM through investment vehicle, IJM Mauritius Limited for the
purpose of development of two road projects namely Satna-Umaria
and Rewa-Amarkantak road stretches in the state of
Madhya Pradesh.  These road projects have been awarded through
bidding process by MPRDCL (Madhya Pradesh Road Development
Corporation Limited), an authorized government body of GoMP
(Government of Madhya Pradesh).  The toll operations on both the
road stretches started in different dates between May and November
2004.  The Concession period is to end by December 2017.

RTPL currently operates six toll plazas: three each on Rewa
Amarkantak Road stretch and Satna Umaria road stretch and an
additional check post on Rewa Amarkantak road stretch.  The roads
are surrounded by many manufacturing units like Reliance, ACC etc.
The road stretches pass through districts like Shadol & Umaria,
which are rich in minerals mainly coal.  RTPL consistently made
cash losses due to less than optimal toll collections on the
project roads.  Development of competing roads and absence of
feeder lines & road network resulted in significant variation
between actual toll revenue generated and estimates as per traffic
study conducted during FY 2002.

The continuous losses have resulted in erosion of net worth.
However, by the end of March 2008, net worth improved to INR31 cr
from INR10 cr as of March 2007 on account of share application
money of INR28.96 cr received from IJM Corporation towards issue
of compulsorily fully convertible preference shares. The capital
was infused mainly to meet bank term debt obligations and routine
operational expenditure.  Overall gearing ratio improved from a
high of 8.27 as of March 31, 2007, to 2.25 as on March 31, 2008,
on account of fresh infusion of equity.  Interest coverage has
consistently remained below unity due to sub-optimal operations.


SBQ STEELS: CARE Rates INR253cr Long-Term Bank Facities at 'BB+'
----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the INR253 crore long-
term bank facilities of SBQ Steels Limited.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  The facilities carry high credit
risk.  CARE assigns '+' or '-' signs to be shown after the
assigned rating (wherever necessary) to indicate the relative
position within the band covered by the rating symbol.

Rating Rationale

The rating is constrained by project implementation risk,
moderately high project gearing, high bargaining power of raw
material suppliers and cyclical nature of the steel industry.
Also, lack of track record in execution of large-scale projects by
the promoters elevates the project risk further.  The rating,
however, factors in the five decades of experience of the
promoters in the steel trading industry, low input cost on account
of sintering and captive coke manufacturing facility and the
likely benefits to be achieved from flexibility in production on
account of the integrated nature of the steel mill.  The rating
also takes into account the near-completion of Phase I of the
project.

Timely infusion of fresh equity capital for Phase II and
completion of Phases II and III of the project without time and
cost overrun are the key rating sensitivities.  In the short-term,
achieving sales volume remains the key challenging factor on
account of demand slowdown in its proposed target segments,
viz, Automobile and Engineering industries.

                         About SBQ Steels

SBQ Steels Limited, established in the year 2007 by Chennai-based
RKKR group is currently setting up an integrated steel mill with
production capacity of 2.5 lakh Tonnes Per Annum at Ankulapature,
Nellore District of Andhra Pradesh.  The project is being set up
in three phases.  Phase I, consisting of sintering unit and mini
blast furnace, is being set up at an estimated cost of INR185
crore. Phase I is nearing completion and is expected to start
commercial production during Q1FY10.  Phase II consists of coke
oven facility (which is proposed to be commissioned along with
Phase I), steel melting shop, pig iron facility and steel rolling
mills.  Different facilities of Phase II, which is estimated to
cost INR390 crore in total, are expected to become operational
during FY10 and FY11.  Phase III consists of various cost-saving
projects including stamp charging facility, pulvarized coal
injection system and 45 MW captive power plant based on waste heat
recovery and fluidized bed combustion techniques.

The project work is expected to commence during H1FY10 and these
facilities are expected to become operational in April 2011.
Phase III is estimated to cost INR418 crore.  The entire project
would have a debt: equity ratio of 1.95:1.

Though low input cost on account of sintering unit and captive
coke oven plant is likely to make SBQ cost competitive, the
present depressed market condition, especially in automobile and
engineering sectors, pose challenging marketing environment for
SBQ.  Though in the short-term, achieving volumes remain as the
key challenging factor, in the long run factors like low input
cost and location of the plant closer to key consumer market i.e.,
Chennai, are likely to place SBQ in advantageous position.  In
addition, the completion of Phase III is likely to significantly
boost the cost competitiveness of SBQ.  In the short-term,
financial risk of SBQ is expected to remain high.  On successful
execution and commercialization of Phase II, financial risk
profile is expected to improve.


SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR4.5MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sai Smelters
(India) Ltd, a part of the Saiji group of industries, continues to
reflect the Saiji group's liquidity constraints because of rising
raw material prices, and its exposure to the cyclicality inherent
in the steel business and the uncertainty in the business
environment in Meghalaya.  The impact of these weaknesses is
mitigated by the integrated nature of operations of the group
entities, leading to improvement in its market position.

   Facilities                     Ratings
   ----------                     -------
   INR56.8 Million Cash Credit    BB+/Stable (Reaffirmed)
   INR4.5 Million Term Loan       BB+/Stable (Reaffirmed)

For arriving at its rating, CRISIL has combined the financials of
Shree Sai Smelters, Shree Sai Rolling Mills (India) Ltd, Shree Sai
Prakash Alloys Pvt Ltd, and Shree Sai Megha Alloys Ltd. Ingots
produced by Shree Sai Smelters and Shree Prakash Alloys are used
by Shree Sai Rolling Mills.  Shree Sai Megha Alloys has guaranteed
all the loans of Shree Sai Smelters and Shree Prakash Alloys.  All
these entities are based in Meghalaya.

Outlook: Stable

CRISIL expects the Saiji group to maintain its credit risk
profile, on the back of increasing revenues.  The outlook may be
revised to 'Positive' if the group's liquidity improves.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes a large debt-funded capital expenditure programme, or
if its profitability deteriorates further.

                          About the Group

Shree Sai Smelters, based in Byrnihat, Meghalaya, is part of the
Saiji group of industries, promoted by Mr. J P Jaiswal and
Mr. Sandeep Bhagat.  The group has a manufacturing presence in
Assam, Meghalaya, West Bengal, and Arunachal Pradesh.  The group
has an installed capacity to produce 60,000 tonnes per annum (tpa)
of rolling materials in Shree Sai Rolling Mills, 32,000 tpa of
ingots, and 7500 tpa of ferro-alloys in Shree Sai Smelters, and
28,000 tpa of ingots in Shree Sai Prakash Alloys.  For the year
ended March 31, 2009, the group reported a consolidated
provisional profit after tax (PAT) of INR33 million on net sales
of INR826 million.  For the year ended March 31, 2008, it posted a
PAT of INR37 million on net sales of INR611 million.


SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR80MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sai Rolling Mills
(India) Ltd, a part of the Saiji group of industries, continues to
reflect the Saiji group's liquidity constraints because of rising
raw material prices, and its exposure to the cyclicality inherent
in the steel business and the uncertainty in the business
environment in Meghalaya.  The impact of these weaknesses is
mitigated by the integrated nature of operations of the group
entities, leading to improvement in its market position.

   Facilities                    Ratings
   ----------                    -------
   INR200 Million Cash Credit*   BB+/Stable (Reaffirmed)
   INR80 Million Term Loan       BB+/Stable (Reaffirmed)

   * Includes proposed facility of INR75 million

For arriving at its rating, CRISIL has combined the financials of
Shree Sai Rolling Mills, Shree Sai Smelters (India) Ltd, Shree Sai
Prakash Alloys Pvt Ltd, and Shree Sai Megha Alloys Ltd.  Ingots
produced by Shree Sai Smelters and Shree Prakash Alloys are used
by Shree Sai Rolling Mills.  Shree Sai Megha Alloys has guaranteed
all the loans of Shree Sai Smelters and Shree Prakash Alloys.  All
these entities are based in Meghalaya.

Outlook: Stable

CRISIL expects the Saiji group to maintain its credit risk
profile, on the back of increasing revenues.  The outlook may be
revised to 'Positive' if the group's liquidity improves.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes a large debt-funded capital expenditure programme, or
if its profitability deteriorates further.

                          About the Group

Shree Sai Rolling Mills, based in Byrnihat, Meghalaya, is part of
the Saiji group of industries, promoted by Mr. J P Jaiswal and
Mr. Sandeep Bhagat.  The group has a manufacturing presence in
Assam, Meghalaya, West Bengal, and Arunachal Pradesh.  The group
has an installed capacity to produce 60,000 tonnes per annum (tpa)
of rolling materials in Shree Sai Rolling Mills, 32,000 tpa of
ingots, and 7500 tpa of ferro-alloys in Shree Sai Smelters, and
28,000 tpa of ingots in Shree Sai Prakash Alloys.  For the year
ended March 31, 2009, the group reported a consolidated
provisional profit after tax (PAT) of INR33 million on net sales
of INR826 million.  For the year ended March 31, 2008, it posted a
PAT of INR37 million on net sales of INR611 million.


STERLITE INDUSTRIES: Equity Offering Won't Affect Moody's Ratings
-----------------------------------------------------------------
Moody's Investors Service says that Sterlite Industries (India)
Ltd's equity offering has no impact on Vedanta Resources plc's
ratings.  This follows an announcement by Sterlite, a Vedanta
subsidiary, of an equity offering expected to result in gross
proceeds of approximately US$1.5 billion.

The proceeds of the equity offering will be used for further
development of its power generation business in India, planned
capital expenditures, planned and potential acquisitions and/or
general corporate purposes.

Vedanta, which currently holds a 61.7% stake in Sterlite, has
subscribed for US$500 million in the offering.

"The net cash injection at Vedanta consolidated level of about
US$1 billion will give the group additional financial flexibility
to fund existing expansion plans," says Ivan Palacios, a Moody's
AVP/Analyst.

"Despite this positive impact, Sterlite's equity offering does not
warrant a change in Vedanta's rating or to its outlook given the
latter's aggressive expansion plans amid the weak operating
environment," says Palacios, also Moody's lead analyst for the
company.

After the offering, Vedanta's ownership stake in Sterlite will be
reduced from the current 61.7% to 57.5%.  Although the dilution is
not material, Moody's notes that the reduction in effective
ownership is not in line with the group's strategy to streamline
its structure by increasing shareholdings in those subsidiaries
that it does not fully own.

Moody's last rating action with regard to Vedanta was taken on
June 17, 2009, when the company's Ba1 corporate family and Ba2
senior unsecured ratings were affirmed with stable outlooks.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, alumina/aluminum and
copper smelting and refining and iron ore mining.  Its operations
are predominantly located in India.

It is listed on the London Stock Exchange and is 59.06 % owned by
Volcan Investments Ltd.


TATA STEEL: Acquires More Stake in Riversdale Mining
----------------------------------------------------
Tata Steel Global Minerals Holdings Pte Limited, an indirect
wholly owned subsidiary of Tata Steel Limited, has acquired
additional shares in Riversdale Mining Limited through market
purchases, taking its total holding up to 19.38%.

Riversdale Mining Limited is a mining company listed on the
Australian Stock Exchange.  RML has acquired coal exploration
tenements in Mozambique, whose combined size is now in excess of
250,000 hectares, in the Tete-Moatize area.  In Tete province the
Benga Coal Project is being developed as a joint venture between
RML (65%) and Tata Steel Global Minerals Holdings Pte Limited
(35%).  In April 2009, Riversdale issued an updated Resource and
Reserve statement for the Benga Coal Project, which gave an
estimated Coal Resource of 4.0 billion tonnes, including 1,033.9
million tonnes of Measured and Indicated Resources, of which 893.4
million tonnes are at a depth of less than 500 metres. In the same
month the Project received approval from the Government of
Mozambique for the Mining Contract, which establishes the terms
governing the development and implementation of the Project.

RML also owns a 74% stake in Zululand Anthracite Colliery (ZAC),
an underground operating anthracite mine located in the Zululand
coalfield of northern KwaZulu-Natal province, South Africa.

                      About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


TATA STEEL: Plans to Raise at Most US$600MM Through GDR Sale
------------------------------------------------------------
The Times of India reports that Tata Steel Ltd plans to raise
about US$400-$600 million through a global depository receipts
offering to international investors.  The company will use the
funds raised to partly repay debt, the report says.

According to the report, merchant banking sources said the books
for the offering opened on Monday and is expected to close latest
by Tuesday.  The GDRs will be listed on the Luxembourg Stock
Exchange, where Tata Steel's GDRs are currently traded, the Times
says.

The GDR offering for India's largest steelmaker is being arranged
by Citigroup, JP Morgan and Goldman Sachs, the report relates
citing sources.

Meanwhile, the Times of India reports that two other Tata group
companies, Tata Power and Tata Motor, are also talking to
investors, trying to get a feel of investor appetite, to raise
funds.  The companies are yet to decide if they should tap the GDR
route or the much more popular qualified institutional placement
(QIP) route, the report notes.

                     About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


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


PERUSAHAAN LISTRIK: Signs US$293.2 Million Loan Deal with Cexim
---------------------------------------------------------------
PT Perusahaan Listrik Negara and the Export Import Bank of China
signed a long-term US$293.2 million loan deal on Friday to help
fund the government's fast-track plan to provide an extra 10,000
megawatts of power-generating capacity.

The report, citing PLN director Fahmi Mochtar, says the loan would
be used to finance the construction of a coal-fired, 630 MW power
plant in Pacitan, East Java.

According to the report, Fang Qiuchen, the Chinese Embassy's
minister counselor for economics and commerce, said the bank, or
Cexim, would be willing to provide more financing in the future
for the fast-track program.

Cexim has been the sole provider of dollar-denominated loans for
the nine projects throughout Java Island, with the Indonesian
government guaranteeing repayment, the Globe discloses.

                       About China Eximbank

The Export-Import Bank of China, also known as China Eximbank, was
established in 1994 by the Chinese government to handle banking
and lending activities related to national policy.  China Eximbank
operates from 10 branches and five business offices throughout
China as well as from locations in Paris, Johannesburg, and St.
Petersburg.

                            About PLN

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

PT Perusahaan Listrik Negara continues to carry a Moody's
Investors Service "Ba3" long term corporate family rating.


PT ARPENI: S&P Downgrades Corporate Credit Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Indonesian shipping company PT Arpeni
Pratama Ocean Line Tbk. to 'B-' from 'B+'.  The outlook is
negative.

At the same time, Standard & Poor's lowered its issue rating on
Arpeni's US$160 million 8.75% guaranteed secured notes due May
2013 (US$140.85 million outstanding) to 'B-' from 'B+'.  The notes
were issued by Arpeni Pratama Ocean Line Investment B.V., a
company incorporated in The Netherlands, and fully owned by
Arpeni.  The notes are fully guaranteed by Arpeni and its
subsidiaries.

"The rating on Arpeni reflects the company's increased exposure to
short-term refinancing risks, higher debt for funding its growth,
pressured operating margins, derivatives losses, and weak cash
flow generation," said Standard & Poor's credit analyst Manuel
Guerena.

"These weaknesses are partially offset by Arpeni's leading role in
Indonesia's coal cabotage, in turn fueled by growing electricity
demand and favorable regulatory environment; a high degree of
revenues predictability; and some ability to pass on incremental
bunker costs to end users," Mr. Guerena said.

In 2008 and first-quarter 2009, Arpeni increased its short-term
debt, holding a significant portion of the proceeds as cash but
also using it to fund its aging receivables.  These obligations
have become bigger than Arpeni's cash and short-term investments,
deteriorating the company's liquidity.

Driven by the coal business for private and government-owned
companies within Indonesia, Arpeni's dry bulk operations
contributed approximately 82% of its Indonesian rupiah
(IDR) 2.6 trillion revenues in 2008 and about 78% of its
IDR942 billion EBITDA.  As of March 2009, Arpeni had 77 vessels
(and chartered-in three more) for a total capacity of 937,041
deadweight tons, compared with 74 vessels (and three more
chartered-in) for a total capacity of 743,314 dwt a year before.

"The negative outlook reflects Arpeni's significant short-term
debt at a time when operating margin and working capital are being
pressured.  Along with the mark-to-market valuation of its
derivative contracts, they have pressured liquidity," Mr. Guerena
said.


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


* JAPAN: Gov't. Extends JPY3.8 Tril. in Loans to Crisis-Hit Firms
-----------------------------------------------------------------
Kyodo News says the Japanese government spent a total of about
JPY3.83 trillion in seven months through June in extending
emergency loans to and buying commercial paper from private
businesses hit by a global financial crisis, according to
government data released Saturday.

The news agency relates that the data, including those from the
Finance Ministry, show that the amount was spent in a total of
12,800 cases of emergency loans and CP purchases, which were
implemented by three government-backed lenders such as Development
Bank of Japan, Shoko Chukin Bank and Japan Bank for International
Cooperation, as well as by private lenders.

During the period between December last year and up to June this
year, DBJ extended emergency loans totaling JPY1.83 trillion to
large and midsize companies and bought JPY350 billion worth of CP,
or short-term debt issued by companies to facilitate operations,
the report says.


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


MERGE ENERGY: Out of PN17 Status as Financial Performance Improved
------------------------------------------------------------------
Bursa Malaysia Securities Bhd disclosed that Merge Energy Berhad,
a Practice Note No. 17/2005 company, will be uplifted from
classification as an Amended PN17 Company.

On July 15, 2009, Bursa Securities decided to approve the
Companyís application to uplift the PN17 status without having to
submit a plan to regularize its condition pursuant to Section 212
of the Capital Market and Services Act 2007.

The said approval is subject to the condition that in the event
the Company triggers the PN17 criteria within three years from the
date of upliftment, the Company must undertake a regularization
plan which will result in a significant change in its business
direction or policy and submit the plan to the Securities
Commission for approval.

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Merge Energy Bhd asked Bursa Malaysia Securities
Berhad's consideration to put the company under the enhanced
framework of PN17 for the Main Market and to uplift MEB from PN17
status without having to undertake a new and comprehensive
restructuring plan.

The company said the request was based on these justifications:

   -- It has improved its financial performance for the past
      four years from January 31, 2006, to January 31, 2009.
      Based on generated profits on its existing contracts in
      hand, MEB has increased its shareholders' equity from
      MYR10.52 million (January 31, 2006) to MYR48.18 million
      (January 31, 2009).  As of Jan. 31, 2009, the company's
      shareholders' equity on a consolidated basis of MYR48.18
      million is equivalent to 71.92% of its paid-up capital;

   -- the company's present financial position is healthy with
      no borrowing and not in distress situation;

   -- the company has approximately MYR80 million balance of
      contract works to generate profits.

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

                         *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Merge Energy Berhad until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


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


LANE WALKER: Laid Off Staff Receive Second Payments
---------------------------------------------------
Stephen Tubbs and Brian Mayo-Smith, partners of BDO Spicers and
the receivers of Lane Walker Rudkin, ramped up the second round of
secured payments to LWR staff laid off in April as they
accumulated money from "day-to-day trading."

Around 55% of total employee preferential entitlements, which
include outstanding holiday pay and redundancy claims, have been
paid to staff, a big jump from the 10% paid in the first round of
payments, which were in the form of scheduled wages.

"At the time the redundancies were made, LWR did not have cash
reserves available to meet any significant proportion of the
outstanding entitlements," the receivers said in a statement.
"Further payments will be made as soon as the cash position of the
group allows them."

Redundant employees are treated as preferential creditors up to a
gross limit of NZ$16,420 each, with any further claims classified
as unsecured.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2009, that hundreds of staff are facing uncertain future as Lane
Walker Rudkin Industries went into receivership with debt of more
than NZ$50 million.

Brian Mayo-Smith and Stephen Tubbs, partners at BDO Spicers,
have been appointed joint receivers and managers of LWR.  The
appointment was made by LWR's bankers to protect the financial
position of LWR and its subsidiary Pod while issues facing the
group are resolved.  The LWR operations are currently unprofitable
and have incurred a substantial increase in bank debt.

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people are employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.


=====================
P H I L I P P I N E S
=====================


POWER SECTOR: Resets Limay Power Plant Auction to Next Week
-----------------------------------------------------------
Power Sector Assets and Liabilities Management Corp. plans to
re-bid the 620-megawatt Limay combined cycle power plant next
week, after the successful sale of the 600-MW Calaca coal-fired
facility early this month, the Manila Standard reports.

"We are hoping to complete the privatization of Limay before the
end of this month," PSALM president Jose Ibazeta was quoted by the
Standard as saying.

According to the report, Mr. Ibazeta said the agency would also
push for the sale of power barges after selling the Limay power
plant in Bataan province.

PSALM said it expected two to three companies to bid for the Limay
assets from the original seven, the Standard relates.

The report recalls that PSALM initially set the bidding date for
the Limay plant on June 19 and moved it to July to address the
concerns of interested investors.

                     Credit Ratings Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
May 15, 2009, Standard & Poor's Ratings Services said that it had
assigned its 'BB-' rating to the proposed issue of U.S.-dollar
senior unsecured notes by Power Sector Assets & Liabilities
Management Corp.  The net proceeds from the sale of the notes will
be used for general corporate funding requirements, including
servicing payments arising under contracts with independent power
producers.  The rating on the notes is subject to finalization of
documentation.

S&P said the issue rating reflects the Philippine government's
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
irrevocable, unconditional, and timely guarantee on the notes,
which is in accordance with S&P's criteria.  The stand-alone
credit profile of PSALM may differ substantially from the
guarantor and that profile may change in future; if the profile
deteriorates, the possibility that the guarantee has to be called
upon may increase.

Meanwhile, Moody's Investors Service assigned a B1 rating to the
proposed US Dollar senior unsecured bonds to be issued by Power
Sector Assets & Liabilities Management Corporation.  The bonds
will be irrevocably and unconditionally guaranteed by the
Philippine government.  The rating outlook is positive, in line
with the sovereign outlook.  This is the first time that Moody's
has assigned a rating to PSALM.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippine government, was established in 2001
to take ownership, manage, privatize and dispose of all
generation-related assets, liabilities, contracts with Independent
Power Producers, real estate and other disposable assets of the
National Power Corporation, including National Transmission
Corporation.

PSALM has a corporate life of 25 years.  Any remaining assets and
liabilities after this period will be assumed by the government.

                       About National Power

Headquartered in Quezon City, Philippines, National Power Corp.
-- http://www.napocor.gov.ph/-- is a state-owned utility that
builds and operates nuclear, hydroelectric, thermal, and
alternative power generating facilities.  It works with
independent producers under a build-operate-transfer program.
With a generating capacity of more than 11,500 megawatts,
National Power sells electricity to distributors and industrial
companies.

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers, and reported a PHP29.9 billion loss in 2004,
after a PHP117-billion net loss in 2003.

The Troubled Company Reporter-Asia Pacific reported on April 5,
2006, that Napocor posted a PHP16-million profit in 2005, the
first time in seven years, on the Energy Regulation Commission's
approval of a rate increase, the use of an improved fuel mix and
better fuel prices.

A subsequent report by the TCR-AP states that in the first
review of Napocor's portfolio, it was projected that the
Philippine Government would have to absorb some PHP600 million
worth of debt.  The Government initially absorbed Napocor's PHP200
billion debt, which was incurred when the state firm adopted
international accounting standards, forcing it to report its
foreign exchange losses.  The Department of Finance is studying
the legality of the Government's absorption of the debt.

To comply with the privatization bill approved by the Philippine
Congress, the Company started selling off its generation assets
to help pay for the utility's total estimated debt.  It also
separated its transmission operations into a new subsidiary, the
National Transmission Corporation.

Napocor's remaining debt could still be absorbed by the
Government, but the Development Budget Coordinating Committee
wants to see the Company improve operations and sell off non-
profitable assets in order to reduce its debt, instead of
relying on government aid to do so.


QUEDAN RURAL: To Start Rehabilitation Plan This Quarter
-------------------------------------------------------
The Quedan and Rural Credit Guarantee Corp. will start its
rehabilitation plan this quarter following approval of the plan by
government economic managers, the BusinessWorld Online reports
citing Agriculture officials.

"The economic managers have already approved the rehabilitation
[plan] for Quedancor, which means they have to downsize right now
and they will go back to their original mandate which is guarantee
activities."  the report quoted Agriculture Secretary Arthur C.
Yap as saying.

The report relates that under the rationalization plan, Quedancor
employees will be reduced to 258 from 886.

"The Budget department has already set aside the funds to retire
employees who want to go . . . those who do not want to retire
will be transferred to other Agriculture bureaus and agencies who
need the manpower," Mr. Yap was quoted by the report as saying.

The report, citing Federico A. Espiritu, officer-in-charge of
Quedancor, says the Budget department should allot about PHP250
million per year as salary for the 678 employees to be removed in
order to prevent retrenchment.

In addition, the rehabilitation plan orders the agency to return
focus on its credit guarantee business, the Standard notes.

According to the report, Mr. Espiritu said the firm won't "be in
the black in the next two years but is developing a business plan
to manage the losses."

Mr. Espiritu, as cited by the Standard, said Quedancor owes some
PHP2.4 billion through multi-series bonds treated as corporate
loans.

The Quedan and Rural Credit Guarantee Corporation is a government-
owned and Ėcontrolled corporation that guarantees credit for
farmers and hog-raisers.

Quedancor incurred a consecutive net loss of PHP286 million in
2007 and PHP23 million in 2006.


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


GLOBAL IMPLANT: Creditors' Proofs of Debt Due on August 17
----------------------------------------------------------
Global Implant Forum & Teaching (S) Pte. Ltd., which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by August 17, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


HONG NGIAP: Court Enters Wind-Up Order
--------------------------------------
On July 10, 2009, the High Court of Singapore entered an order to
have Hong Ngiap Trading Pte Ltd's operations wound up.

Malayan Banking Berhad filed the petition against the company.

The company's liquidators are:

          Henry Tan Song Kok
          Chan Yee Hong
          Nexia TS Risk Advisory Pte Ltd
          5 Shenton Way, #23-03 UIC Building
          Singapore 068808


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

Bossoil Energy Pte Ltd filed the petition against the company on
July 7, 2009.

The Petitioner's solicitor is:

          Joseph Tan Jude Benny LLP
          5 Shenton Way #35-01 UIC Building
          Singapore 068808


ONE LIFESTYLE: Court Enters Wind-Up Order
-----------------------------------------
On July 3, 2009, the High Court of Singapore entered an order to
have One Lifestyle (Singapore) Pte Ltd's operations wound up.

White & Case LLP filed the petition against the company.

The company's liquidator is:

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


TBC LINE: Court Enters Wind-Up Order
------------------------------------
On July 10, 2009, the High Court of Singapore entered an order to
have TBC Line Pte Ltd's operations wound up.

Aqua-Terra Logistics Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


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


AU OPTRONICS: HSBC Raises Outlook Amid Recovering Demand for Panel
------------------------------------------------------------------
AU Optronics Corp may post stronger-than-expected earnings for the
second half of the year, following rival LG Display Co Ltd's
optimistic forecast for the third quarter, the Taipei Times said
citing HSBC Securities in a report.

Citing HSBC analyst Frank Su in the report issued last week, the
Taipei Times relates that South Korea-based LG Display's second-
quarter earnings far exceeded HSBC's estimate.  LG Display's
forecast of a 15 percent quarter-on-quarter increase in shipments
this quarter is also more optimistic than HSBC's projection of 11
percent growth, the report stated.

According to the report, Mr. Su said this reaffirmed HSBC's view
that inventory was healthy and recovering demand could boost
rebounding panel prices, alleviating key concerns about the
industry.

The Times relates that Mr. Su said the positive signals supported
"our call that AU Optronics will turn around staring in the third
quarter of 2009, with potentially better earnings prospects for
the second half of the year."  Benefiting from the recovery, AU
Optronics is expected to earn NT$8 billion (US$244 million) in the
third quarter, Mr. Su said.

For the full year, Mr. Su said, the company may lose NT$7.95
billion better than the average forecast of NT$35.53 billion in
losses, the Times relates.

The Times says HSBC gave an "overweight" rating for AU Optronics
and LG Display.

AU Optronics Corp. (AUO) -- http://www.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).

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings downgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'B+' from 'BB-', and its National Long-term Rating to 'BBB-(twn)'
from 'BBB(twn)'.  The Outlook remains Negative.  The rating
actions reflect the agency's view that the company's projected
credit metrics for 2009 will not be comparable to its peers in the
'BB' category.


===============
T H A I L A N D
===============


BANK OF AYUDHYA: Fitch Affirms Support Rating Floor at 'BB+'
------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ayudhya Public Company
Limited's Long-term foreign currency Issuer Default rating at
'BBB' with a Negative Outlook, , Short-term foreign currency IDR
at 'F3', Individual rating at 'C', Support Rating at '3', Support
Rating Floor at 'BB+', National Long-term rating at 'AA-(tha)'
with a Stable Outlook, National Short-term rating at 'F1+(tha)',
National subordinated debt at 'A+(tha) and foreign currency
subordinated debt at 'BBB-'.

The ratings were based on BAY's improved profitability and asset
quality, and its strong capital position despite the challenging
operating environment.  BAY reported a net profit of THB4.9
billion in 2008 -- a substantial improvement from a THB4.0 billion
net loss in 2007 -- despite CDO writedowns.  This was due to
strong revenue growth from the acquisition in February 2008 of
AYCAL (formerly GECAL), and a more normal provisioning level.  In
Q109, the bank reported a net profit of THB1.0 billion, which was
relatively flat yoy.  The net interest margin improved to 4.2% in
2008 from 3.4% in 2007 on account of increased exposure to higher-
yielding retail assets and NPL reduction.

BAY's asset quality has improved significantly, with impaired
loans falling to about 10% of loans at end-2008 (end-2007: 16%)
mainly due to NPL sales and loan restructuring.  BAY's loan loss
coverage improved to 58.6% at end-March 2009 (end-2006: 45.0%),
though this is still lower than the industry average of about 70%.
Given the weak operating environment and the bank's moderate
coverage, Fitch believes BAY still faces provisioning risk,
although this should now be offset by revenues.

BAY's liquidity is adequate, with a loan-to-deposit ratio
(including short-term borrowings) of 98.7% at end-March 2009.  The
bank's wholesale funding increased substantially in 2007-2008 as
it prepared for acquisitions in 2008 and early 2009.

BAY's capital position was substantially strengthened in 2007 by
GE Capital International Holdings Corporation's investment, but
has since declined due to acquisitions.  At end-March 2009, Tier 1
and total capital ratios stood at 12.9% and 15.6%, respectively.
The acquisition of GE Money Thailand could see capital ratios
decline by up to 150 bp, although capital should remain relatively
strong.

The Outlook on the international ratings is Negative as there is a
risk of a prolonged economic contraction into 2010.  This could
impact the bank's asset quality, profitability and possibly
capital.  Mitigating these risks are the bank's strong capital
buffers, which together with management, operational and financial
support from GECIH, should further strengthen the bank's franchise
in the medium term.  On completing the acquisition of GE Money
Thailand's core entities (THB79.6 billion in assets), retail
lending is expected to account for about 40% of total loans.

BAY was established in 1945 and is Thailand's fifth-largest
commercial bank, with 583 branches and a 8.2% share in lending and
a 7.4% share of deposits.  Its key subsidiaries include auto
finance, credit card, securities and fund management units.  GECIH
acquired a 29% stake in January 2007 and now holds 33% of total
shares.  The Ratanarak family holds a 25% stake.  Given BAY's
relatively large share of deposits and loans, there is a moderate
probability of government support, should this be needed.


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


* BOND PRICING: For the Week July 13 to July 17, 2009
-----------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.66
AMP Group Financ              9.803%   04/01/19   NZD       0.91
Antares Energy               10.000%   10/31/13   AUD       1.85
Babcock & Brown Pty           8.500%   11/17/09   NZD      42.20
Becton Property Group         9.500%   06/30/10   AUD       0.48
Bemax Resources               9.375%   07/15/14   USD      62.00
Bemax Resources               9.375%   07/15/14   USD      62.00
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD       1.00
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.70
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.94
First Australian             15.000%   01/31/12   AUD       0.55
GE Cap Australia              6.000%   03/15/19   AUD      71.62
Goodman Aust Fin              9.750%   07/16/18   GBP      67.73
Griffin Coal Min              9.500%   12/01/16   USD      49.62
Griffin Coal Min              9.500%   12/01/16   USD      49.62
Heemskirk Consol              8.000%   04/29/11   AUD       2.21
Insurance Austra              5.625%   12/21/26   GBP      65.56
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.68
Macquarie Bank                6.500%   09/15/14   GBP      53.36
Macquarie Bank                5.500%   09/19/16   GBP      72.55
Macquarie Bank                6.500%   05/31/17   AUD      45.85
Minerals Corp                10.500%   09/30/09   AUD       0.53
Metal Storm                  10.000%   09/01/09   AUD       0.07
National Wealth               6.750%   06/16/26   AUD      46.02
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.67
Southern Power                5.600%   09/17/19   CNY      75.00
Sun Resources NL             12.000%   06/30/11   AUD       0.50
Suncorp-Metway                6.500%   06/22/16   AUD      69.04
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    68.12
Jiangxi Copper                  1.000%  09/22/16     CNY    71.79


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    74.95
Wing Hang Bk Ltd               6.000%  04/29/49     USD    69.87


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Flex Industries                4.000%  03/09/12     USD    56.33
Gemini Commnica                6.000%  07/18/12     EUR    59.00
Gitanjali Gems                 1.000%  11/25/11     USD    70.50
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    72.30
ICICI Bank Ltd                 7.250%  08/29/49     USD    70.76
Kei Industries                 1.000%  11/30/11     USD    66.25
Sterling Biotech               0.500%  09/30/10     USD    62.83
Subex Azure                    2.000%  03/09/12     USD    24.82
Wanbury Ltd                    1.000%  04/23/12     EUR    67.50


   JAPAN
   -----
Aiful Corp                     4.450%  02/16/10     JPY    70.25
Aiful Corp                     4.450%  02/16/10     JPY    70.25
Aiful Corp                     5.000%  08/10/10     USD    55.37
Aiful Corp                     5.000%  08/10/10     USD    57.46
Aiful Corp                     1.580%  05/26/11     JPY    72.00
Aiful Corp                     1.500%  10/20/11     JPY    64.12
Aiful Corp                     6.000%  12/12/11     USD    43.37
Aiful Corp                     6.000%  12/12/11     USD    43.37
Aiful Corp                     1.200%  01/26/12     JPY    65.61
Aiful Corp                     1.220%  04/20/12     JPY    62.85
Aiful Corp                     1.630%  11/22/12     JPY    56.26
Aiful Corp                     1.740%  05/28/13     JPY    57.81
Aiful Corp                     1.990%  10/19/15     JPY    50.39
Belluna Co Ltd                 1.100%  03/31/12     JPY    74.25
CSK Corporation                0.250%  09/30/13     JPY    32.50
Daikyo Inc.                    1.880%  03/12/12     JPY    74.07
Japan Airlines                 3.100%  01/22/18     JPY    74.64
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    58.19
Nippon Residentl               0.740%  07/20/10     JPY    73.24
Nis Group                      8.060%  06/20/12     USD    43.00
Orix Corp                      2.190%  04/18/17     JPY    72.89
Resona Bank                    4.125%  09/29/49     GBP    72.50
Resona Bank                    5.850%  09/29/49     GBP    72.73
Resona Bank                    4.125%  09/29/49     USD    70.25
Resona Bank                    5.850%  09/29/49     USD    70.57
Shinsei Bank                   1.960%  03/25/15     JPY    73.63
Shinsei Bank                   2.010%  10/30/15     JPY    71.67
Shinsei Bank                   3.750%  02/23/16     EUR    68.49
Shinsei Bank                   5.625%  12/29/49     GBP    51.00
Sumitomo Mitsui                4.375%  07/29/49     EUR    74.50
Takefuji Corp                  9.200%  04/15/11     JPY    63.37
Takefuji Corp                  9.200%  04/15/11     USD    47.95
Takefuji Corp                  9.200%  04/15/11     USD    57.62
Takefuji Corp                  8.000%  10/01/17     USD    30.25


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.07
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.99
AMBB Capital                   6.770%  01/29/49     USD    63.70
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.62
Crescendo Corp B               3.750%  01/11/16     MYR     0.75
Dutaland Bhd                   4.000%  04/11/13     MYR     0.42
Dutaland Bhd                   4.000%  04/11/13     MYR     0.72
Eastern & Orient               8.000%  07/25/11     MYR     0.97
Huat Lai Resources             5.000%  03/28/10     MYR     0.34
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.22
Kretam Holdings                1.000%  08/10/10     MYR     1.05
Kumpulan Jetson                5.000%  11/27/12     MYR     0.39
LBS Bina Group                 4.000%  12/31/09     MYR     0.40
Lion Diversified               4.000%  12/17/13     MYR     0.90
Mithril Bhd                    3.000%  04/05/12     MYR     0.56
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.21
Olympia Industri               2.800%  04/11/13     MYR     0.21
Olympia Industri               4.000%  04/11/13     MYR     0.25
Plus SPV Bhd                   2.000%  06/27/18     MYR    74.55
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.69
Rubberex Corp                  4.000%  08/14/12     MYR     0.91
Talam Corp Bhd                 2.000%  06/28/19     MYR    23.39
Tradewinds Corp                2.000%  02/08/12     MYR     0.80
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.30
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.34
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.91


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    50.58
Allied Nationwid              11.520%  12/29/49     NZD    41.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD     0.36
Blue Star Print                9.100%  09/15/12     NZD    20.22
Capital Prop NZ                8.000%  04/15/10     NZD    13.50
Contact Energy                 8.000%  05/15/14     NZD     1.00
Fidelity Capital               9.250%  07/15/13     NZD    68.08
Fletcher Buildin               7.550%  03/15/11     NZD     8.30
Fletcher Buildin               8.500%  03/15/15     NZD     9.25
Generator Bonds                8.200%  09/07/11     NZD    71.55
Infrastr & Util                8.500%  09/15/13     NZD    10.50
Infratil Ltd                   8.500%  11/15/15     NZD    15.00
Infratil Ltd                  10.180%  12/29/49     NZD    58.60
Marac Finance                 10.500%  07/15/13     NZD     0.93
Provencocadmus                 2.000%  04/15/10     NZD     0.65
Rabobank Ned NZ                7.449%  01/29/49     NZD    73.00
South Canterbury              10.500%  06/15/11     NZD     0.88
South Canterbury              10.430%  12/15/12     NZD     0.67
St Laurence Prop               9.250%  07/15/10     NZD    72.71
St Laurence Prop               9.250%  05/15/11     NZD    57.09
Tower Capital                  8.500%  04/15/14     NZD     0.98
Trustpower Ltd                 8.500%  09/15/12     NZD     7.70
Trustpower Ltd                 8.500%  03/15/14     NZD     8.25
Vector Ltd                     7.800%  10/15/14     NZD     0.99
Vector Ltd                     8.000%  12/29/49     NZD     8.20


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    72.36
Sengkang Mall                  8.000%  11/20/12     SGD     1.49
WBL Corporation                2.500%  06/10/14     SGD     1.61


SOUTH KOREA
-----------
Hynix Semi Inc                 7.875%  06/27/17     USD    69.13
Hynix Semi Inc                 7.875%  06/27/17     USD    70.03
Korea Elec Pwr                 6.000%  12/01/26     USD    71.31
Shinhan Bank                   5.663%  03/02/35     USD    69.28
United Eng                     1.000%  03/03/14     SGD     1.20
Woori Bank                     6.208%  05/02/37     USD    68.00


SRI LANKA
---------
Sri Lanka Govt                 7.500%  08/15/18     LKR    71.64
Sri Lanka Govt                 7.000%  10/01/23     LKR    62.77


                         *********

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

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

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


                            *********


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

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