TCRAP_Public/090724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                            A S I A   P A C I F I C

                Friday, July 24, 2009, Vol. 12, No. 145

                                  Headlines

A U S T R A L I A

BRISCONNECTIONS MANAGEMENT: Legal Action Puts Investors at Risk
OPES PRIME: Creditors to Vote on Settlement Proposal on July 24
OZ MINERALS: Appoints Paul Dowd as Non Executive Director
PACIFICA GROUP: Urges Shareholders to Accept Bosch Offer
STEVE MADDEN: Placed in Voluntary Administration

* AUSTRALIA: Structured Finance Performance Is Strong, Fitch Says


H O N G  K O N G

AVION ENGINEERING: Court to Hear Wind-Up Petition on Sept. 9
BIG RESOURCES: To Pay Dividend on July 31
SUNVILLE INVESTMENT: Creditors' Proofs of Debt Due on Sept. 17
SUNY OPTOELECTRONICS: Court to Hear Wind-Up Petition on August 12
TALENT MORE: Court to Hear Wind-Up Petition on August 5

VIPPER ENTERPRISES: Court to Hear Wind-Up Petition on August 19
VITALPRIDE LIMITED: Court to Hear Wind-Up Petition on Sept. 9


I N D I A

AIR INDIA: Delays Workers' Incentive Pay Until August 20
ANAND NISHIKAWA: ICRA Places 'LBB' Rating on INR87.8MM Term Loans
DSF GRAND: ICRA Assigns 'LBB' Rating on INR99 Million Term Loan
FACT SOFTWARE: Stressed Liquidity Cues CARE to Assign 'B' Rating
RAJ HOMES: CARE Revises Rating on Long-Term Bank Loans to 'BB+'

SARVOTTAM ROLLING: CRISIL Places 'BB-' Rating on INR35MM Term Loan
SUNTANA TEXTILE: Low Net Worth Cues CRISIL to Assign 'P4' Rating
VALLABH TEXTILES: CRISIL Puts 'BB' Rating on INR250MM Cash Credit
VALLABHBHAI: CRISIL Rates INR26.0 Million Packing Credit at 'P4'
VIDHI DYESTUFFS: CRISIL Rates INR20 Million Proposed Loan at 'BB+'


I N D O N E S I A

* INDONESIA: 2009 Budget Deficit Expected to Drop to INR132 Tril.


J A P A N

FORD MOTOR: Asia Pacific and Africa Posts $25 Mln Q2 Pre-Tax Loss
RESONA BANK: Survey Shows 330,000 Customer Information Docs Lost


K O R E A

GENERAL MOTORS: GM Daewoo Labor Union Approves Wage-Freeze Deal
HYNIX SEMICONDUCTOR: Posts KRW58 Billion Net Loss in 2009 2nd Qtr.
KIA MOTORS: Workers Stage Two-Day Strike Over Pay


M A L A Y S I A

IDAMAN UNGGUL: Seeks More Time to Submit Unit's Financial Reports
LITYAN HOLDINGS: Court Extends Restraining Order to Feb. 2, 2010


N E W  Z E A L A N D

OLIVADO HOLDINGS: No Layoffs in New Zealand Operations


P H I L I P P I N E S

UNION BANK: Fitch Assigns Issuer Default Rating at 'BB-'


S I N G A P O R E

ALPHOMEGA RESEARCH: Court to Hear Wind-Up Petition on July 31
ESCO PROCESS: Court to Hear Wind-Up Petition on July 31
HIVERN INVESTMENTS: Placed Under Judicial Management
KIAN SENG: To Pay First and Final Dividend on July 25
RENEWABLE ENERGY: Placed Under Judicial Management


T A I W A N

AU OPTRONICS: Posts NT$6.6 Billion Second Quarter Net Loss


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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A U S T R A L I A
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BRISCONNECTIONS MANAGEMENT: Legal Action Puts Investors at Risk
---------------------------------------------------------------
Vanda Carson and Scott Rochfort at The Sydney Morning Herald
report that dozens of companies are at risk of being wound up and
individual investors bankrupted as BrisConnections Management
Company Limited takes legal action against 135 former unit holders
who failed to make payments on their units.

According to the report, BrisConnections has slapped 45 companies
-- mostly private superannuation funds -- with statutory demands
for payment on June 2, and served statements of claim against
about 90 unitholders on June 9 after they did not respond to
letters of demand to pay the outstanding installments, sent on
May 26.

The 135 people and companies can choose to either pay the money
they owe, or to apply to have the statutory demand or statement of
claim against them set aside by the court, the Herald said.

The report relates that unless this happens, BrisConnections will
probably move to wind up the companies or to have court orders
issued to make the individuals pay.

The Herald, citing BrisConnections spokesman Patrick Southam, says
the company had to use its best endeavours to recover the money as
part of the underwriting agreement with Deutsche Bank and
Macquarie Group.

                           Wind Up Bid

The TCR-AP reported on April 15, 2009, that a vote to wind up
BrisConnections failed after renegade investor Nicholas Bolton
sold his voting rights to Leighton Holdings Ltd.   Leighton
Holdings agreed to pay AU$4.5 million for the voting rights
associated with Mr. Bolton's 19.8 percent stake in
BrisConnections.

Mr. Bolton voted against his own motion to wind up
BrisConnections.  The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor.

                           Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, AU$1 is paid in July and additional payments of AU$1
must be met by the unit holders on April 20, 2009 and January 29,
2010.

According to the Core Economics, BrisConnections has promised a
payment of 5.95c to unit holders in 2009 before the first AU$1
installment is due.  However, the units fall in price to 41c on
their first day of listing on the ASX.  The issue was
undersubscribed, as evidenced by the large number of shares held
by the underwriters after the listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
AU$1 installment in April 2009.

                       Lifeline to Investors

As reported in the TCR-AP on Apr. 22, 2009, Macquarie Group Ltd
offered a lifeline to small investors in BrisConnections by paying
their outstanding installments if they give up their holdings for
free.

Macquarie Group said it will pay all remaining liabilities to
about 80 per cent of unit holders in the BrisConnections
Investment Trust, including the second installment of AU$1 per
BrisConnections unit due on April 29 and a third installment of
AU$1 per security on January 29, 2010.

On May 6, 2009, the TCR-AP reported that Macquarie Group boosted
its stake in BrisConnections as a result of its offer to bail out
small retail investors.  The investment bank said it had increased
its BrisCon holding by 6.17 million units from 8.05 per cent to
9.63 per cent.

Nearly 400 BrisCon unitholders, or 60 per cent of the 640 eligible
investors, have accepted the Macquarie offer by the close of
business on May 1.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


OPES PRIME: Creditors to Vote on Settlement Proposal on July 24
---------------------------------------------------------------
The Australian Associated Press reports that Opes Prime Group
creditors will meet today, July 24, to consider whether or not to
accept a AU$253 million settlement of their claims from Opes
Prime's bankers.

"The purpose of these meetings is to allow creditors to discuss
and vote on the scheme of arrangement which outlines the banks'
settlement offer, the terms of the settlement and the retirement
of the receivers and managers," the report quoted Opes Prime
liquidator Ferrier Hodgson as saying in a statement.

According to the report, a spokesman for Ferrier Hodgson said the
outcome of the creditors meeting in Melbourne would be
communicated the Federal Court of Australia, and a judge would
make a decision on the scheme in early August.

As reported in the Troubled Company Reporter-Asia Pacific on
March 9, 2009, the Australian Securities and Investments
Commission (ASIC) unveiled proposed settlement for Opes Prime
investors.  In a statement released March 6, ASIC said that it
would provide the necessary releases to allow a settlement offer
to be put to Opes Prime investors, which is expected to deliver a
sum of AU$253 million and a return of around 40 cents in the
dollar to creditors of Opes Prime, which includes investors.  The
return is based on the value of potential creditors claims as
at March 27, 2008, when Opes Prime went into administration.  The
settlement offer is subject to both the approval by Opes Prime
creditors and court approval of a creditors scheme of arrangement
giving effect to the offer.  The proposed settlement follows
mediation between ASIC, the ANZ Banking Group Ltd, Merrill Lynch
(International) Australia Pty Ltd and the liquidator of Opes Prime
Stockbroking Limited.  ASIC said major objective in encouraging
the mediation was to recover compensation for investors without
the need for costly litigation and multiple actions.  Under the
terms of the mediated settlement, ASIC has agreed, if the offer is
approved by Opes Prime creditors and the Court, not to pursue
these actions against ANZ and Merrill Lynch, who are parties to
the settlement offer.

For the scheme to succeed, more than 50 per cent of creditors by
number, and at least 75 per cent by value, must vote in favor of
the proposal at the meeting today.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganization Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited.

According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.


OZ MINERALS: Appoints Paul Dowd as Non Executive Director
---------------------------------------------------------
OZ Minerals Ltd has appointed former Newmont Mining executive
Paul Dowd as a non executive director of the Company effective
July 23, 2009.

Mr. Dowd is a Mining Engineer with more than 40 years experience
as a mining professional.  Mr. Down was Managing Director of
Newmont Australia Limited and Vice President Australia and New
Zealand Operations for Newmont Mining Corporation.  Mr. Dowd's
experience also includes a period as Group Executive -- Operations
for Normandy Mining Limited and as Head of the Mines and Petroleum
Departments during the Kennett Government.

"Paul Dowd's extensive resources industry experience, in both the
private and public sectors, along with his experience as a Company
Director, will be of great value to OZ Minerals," OZ Minerals'
Chairman, Barry Cusack said in a statement.

The Company also said Terry Burgess' appointment as managing
director and CEO of the Company, as announced in May, would take
effect on August 1, 2009.

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  It is a producer of zinc, copper, lead, gold and silver.
OZ Minerals was formed through a merger of Australia-based
international mining companies Oxiana Limited and Zinifex Limited.
It has mining operations located in Australia and Asia, a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and the Americas.  Its projects include
the Century mine in Queensland, Sepon copper operation in Laos,
Sepon Gold Mine in Loas, Avebury Mine located on the west of
Tasmania, Canadian Project located in Canada's Territory of
Nunavut, Dugald River Project located in north-west Queensland.
During the year ended December 31, 2008, the Company discontinued
its Prominent Hill operating segment, Golden Grove operating
segment, Martabe operating segment, Rosebery operating segment and
Investment in Nyrstar.  In June 2009, the Company reduced its
holding in Toro Energy Limited to 49.9%.

                          *     *     *

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


PACIFICA GROUP: Urges Shareholders to Accept Bosch Offer
---------------------------------------------------------
Pacifica Group Ltd recommends that shareholders accept a 23c a
share takeover offer from majority shareholder Robert Bosch
Investment Nederland BV in the absence of a superior proposal, the
Business Spectator reports.

According to the Spectator, Bosch said independent experts
Deloitte Corporate Finance Pty Ltd have found the Bosch Investment
offer fair and reasonable.

The Australian Associated Press reports that Deloitte said unless
Pacifica raises more capital between now and December 31, 2009,
and if it continues to generate losses, the company's net asset
position is likely to be close to nil by the end of the 2009
calendar year.

Bosch currently holds about 76.6 per cent of Pacifica shares and
last month offered 23 cents cash for each remaining share in
Pacifica, the AAP relates.

The APP says that Pacifica's recent performance has been poor and
its earnings outlook uncertain as the global economic crisis
wrought havoc upon the car market in North America.

In February, Pacifica reported a bottom-line net loss of AU$242
million for calendar 2008 and said it expected to report a third
consecutive operating loss in 2009, the APP notes.

Citing Pacifica in its target's statement released Wednesday, the
APP states that the Company said the magnitude of the loss remains
"very uncertain" and would depend upon how successful General
Motors would be, now that it had emerged from bankruptcy
protection.

North America is Pacifica's key market, and General Motors Corp,
which recently emerged from bankruptcy protection, is its major
customer, the AAP discloses.

                        About Pacifica Group

Pacifica Group Limited (ASX:PBB) -- http://www.pacifica.com.au/
-- is an Australia-based company.  The Company's principal
activity is the manufacture and supply of brake systems and
technologies to automotive manufacturers and aftermarket
wholesalers in Australia, North America and Asia.  The Company
operates in a single segment, namely automotive products and
services.  It operates in three geographical segments: Australia,
United States and Asia.  The Company holds interests in FMP Group
(Australia) Pty Ltd, which is engaged the manufacture and sale of
friction materials.  Its subsidiaries include Pacific BBA Building
Products Pty Ltd., Pacific BBA (Malaysia) Sdn Bhd, FMP Group
(Thailand) Ltd, FMP Group Pty Ltd, FMP Distribution Ltd and Bosch
Chassis Systems Asia-Pacific Ltd.


STEVE MADDEN: Placed in Voluntary Administration
------------------------------------------------
Ferrier Hodgson Partners James Stewart and John Lindholm have been
appointed voluntary administrators of Steve Madden (Aust.) Pty
Ltd, the Australian licensee of US-based shoe retailer, Steve
Madden.

Mr. Stewart said that at this stage all employee entitlements are
expected to be secure.

Mr. Stewart said he would be putting the business up for sale and
that it would be business as usual in Steve Madden stores while
the sales process is underway.

"Steve Madden is a recognized international footwear brand which
has been well supported by Australian consumers," Mr. Stewart
said.  "An opportunity exists for an experienced investor to
continue to drive the brand's penetration in the Australian
market."

Steve Madden (Aust.) Pty Ltd has 35 stores across Australia
including nine standalone stores, eight clearance stores (DFOs)
and 18 Myer concessions.  The company had turnover of
approximately AU$17 million last year.  It employs 200 people in
Australia.


* AUSTRALIA: Structured Finance Performance Is Strong, Fitch Says
-----------------------------------------------------------------
Fitch Ratings has said that a total of 62 rating actions were
taken on tranches it rates (including public and private ratings)
during Q209, with 51 RMBS tranches affirmed, four ABS tranches
downgraded and seven CMBS tranches upgraded.

"Overall, the Australian Structured Finance market continues to
perform well and within expectations, particularly prime RMBS
transactions which have continued to show stable delinquency
performance with lenders mortgage insurance claims remaining low,"
notes Leanne Vallelonga, Associate Director in Fitch's Structured
Finance team.  "Senior tranches, of both RMBS and CMBS, have
continued to pay down steadily providing increased credit
enhancement to the remaining senior notes, particularly evidenced
in Illawarra CMBS transactions, with upgrades to seven tranches
during Q209," adds Ms. Vallelonga.

The unique position of the Mobius ELR-01 ABS transaction, saw it
stand out as the only transaction during the quarter to be
downgraded, with the most senior tranche being downgraded to 'B'
and the three junior tranches, downgraded to 'D'.  The default
rating attributed to these tranches is not indicative of a
systemic problem within the Australian ABS market, and is instead
very much due to circumstances specific to the transaction,
including unprecedented mass non-payment by lessors due to the
cessation of the service their equipment was used for, and
subsequent linked legal proceedings in the Australian Federal
court.


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


AVION ENGINEERING: Court to Hear Wind-Up Petition on Sept. 9
------------------------------------------------------------
A petition to have Avion Engineering Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
September 9, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 6, 2009.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          South China Building, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


BIG RESOURCES: To Pay Dividend on July 31
-----------------------------------------
Big Resources Industries Limited, which is in liquidation, will
pay the first and final preferential dividend on July 31, 2009.

The company paid 100% to all admitted preferential claims.

The company's liquidator is:

          Roderick John Sutton
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


SUNVILLE INVESTMENT: Creditors' Proofs of Debt Due on Sept. 17
--------------------------------------------------------------
The creditors of Sunville Investment Company Limited are required
to file their proofs of debt by September 17, 2009, to be included
in the company's dividend distribution.

The company's liquidators are:

          Kong Chi How, Johnson
          Lo Siu Ki
          Wing On Centre, 25th Floor
          111 Connaught Road Central
          Hong Kong


SUNY OPTOELECTRONICS: Court to Hear Wind-Up Petition on August 12
-----------------------------------------------------------------
A petition to have Suny Optoelectronics Co., Limited's operations
wound up will be heard before the High Court of Hong Kong on
August 12, 2009, at 9:30 a.m.

Kind Aim Far East Limited filed the petition against the company
on June 8, 2009.

The Petitioner's solicitors are:

          Bough & Company
          Nan Fung Centre
          Room 2407, 24th Floor
          173 Des Voeux Road Central
          Hong Kong


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

Lai Pak Hong Silas filed the petition against the company on
May 21, 2009.

The Petitioner's solicitors are:

          S.H. Leung & Co.
          Aon China Building
          Room 502, 5th Floor
          29 Queen's Road Central
          Hong Kong


VIPPER ENTERPRISES: Court to Hear Wind-Up Petition on August 19
---------------------------------------------------------------
A petition to have Vipper Enterprises Limited's operations wound
up will be heard before the High Court of Hong Kong on August 19,
2009, at 9:30 a.m.

Tin Man Hung filed the petition against the company on June 10,
2009.


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

Bank of China (Hong Kong) Limited filed the petition against the
company on July 6, 2009.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          South China Building, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


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I N D I A
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AIR INDIA: Delays Workers' Incentive Pay Until August 20
---------------------------------------------------------
Air India decided to revise its productivity-linked incentive
scheme, according to The Telegraph.

The Telegraph relates that the carrier will pay the July base
salary in time but has deferred the payment of productivity-linked
incentives to its employees for July till August 20.

Productivity-linked incentives account for over 45 per cent of the
company's wage bill, the Telegraph notes.

The Telegraph quoted unnamed sources as saying that “At the
moment, the PLI in many cases is huge, sometimes many times more
than the salary and is not always related to performance.  We need
to restructure the PLI and save costs and make it directly related
to performance.”

Meanwhile, The Economic Times reports that Boeing on Wednesday
said that Air India has not so far cancelled or deferred an
airplane order.  It also said that Jet Airways, however, has
postponed delivery for seven jets by two to three years, the Times
says.

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.


ANAND NISHIKAWA: ICRA Places 'LBB' Rating on INR87.8MM Term Loans
-----------------------------------------------------------------
ICRA has assigned an LBB rating to the INR 87.8 million term loans
and the INR 130 million fund-based facility of Anand Nishikawa
Company Limited, indicating inadequate credit quality on the long-
term scale.  ICRA has also assigned an A4 rating to the INR 60
million non-fund based limits of ANCO, indicating risk-prone
credit quality on the short-term scale.

The ratings are constrained by high competitive intensity in the
industry; limited bargaining power with customers and large
proportion of sales to a few customers.  Additionally the company
is exposed to concentration risk as a result of sourcing of bulk
of the raw materials from a single vendor though this risk is
mitigated by availability of raw materials from several suppliers.
Further, the liquidity position of the company was tight on
account of high business growth and capex requirements.  The
ratings, however, positively factor in the strong position of the
company in the domestic automotives rubber profile segment; access
to technology from its collaborator, Nishikawa Rubber Company
Limited, Japan and moderate financial risk profile characterized
by moderate gearing.

                       About Anand Nishikawa

Anand Nishikawa Company Limited (ANCO) was incorporated in 1983 as
Anand Lescuyer Polymers Private Limited.  The company was promoted
by Mr. Iqbal Singh Anand, who was in the business of export and
import of auto spare parts.  In 1984, the company ventured into
manufacture of rubber sealing products in technical collaboration
with Lescuyer SA of France.  In the year 1996 the company entered
into joint venture with Nishikawa Rubber Company Limited, Japan
and accordingly its name was changed to Anand Nishikawa Company
Limited.  ANCO is engaged in the manufacture of rubber profiles
such as glass run channels, windshield rubbers and bonnet seals.
ANCO has operations based at Lalru in the state of Punjab and at
Gurgaon in the state of Haryana.  Mr. Iqbal Singh Anand and his
associates hold 80% of the shareholding of ANCO and the balance is
held by the Nishikawa Rubber Company Limited, Japan.


DSF GRAND: ICRA Assigns 'LBB' Rating on INR99 Million Term Loan
---------------------------------------------------------------
ICRA has assigned LBB rating to the INR99 million term loan of DSF
Grand Plazas Private Limited.  The rating indicates inadequate-
credit-quality.

The assigned rating takes into account the fact that DSFGPPL has
successfully commissioned its shopping mall-cum-hotel project and
the retail portion is completely occupied.  The rating is however
constrained by the adverse capital structure characterized by high
gearing, escalation in project cost due to delays in project
completion and low occupancy levels for the hotel portion.

                         About DSF Grand

In September 2008, DSF Grand Plazas Private Limited set up a
shopping mall-cum-hotel venture consisting of 75 rooms and 69
shops in Tuticorin.  The retail portion comprising of shops has
been leased out by the company and the same is fully occupied.

DSFGPPL is closely held by the promoters of the Tuticorin-based
DSF group , which was founded in 1976 by Mr. Devanesam and is
managed by his five sons at present, led by Mr. D. Durairaj and
Mr. D. Paulpandi.  The DSF group is primarily engaged in the
processing and export of sea foods (mainly shrimp, cuttlefish and
squid) through four entities which include Diamond Sea Food --the
flagship entity, Kadalkanny Frozen Foods, Theva & Co. and Edhayam
Frozen Foods Private Limited.  The group has a presence in other
segments of the sea foods business like feed sales, hatching and
aquaculture through Theva Erudhayam Aqua Farms, King Ice Plant and
Edhayam & Co.  The shopping-mall-cum-hotel at Tuticorin is the
first major venture of the DSF group in real estate and
hospitality sector.


FACT SOFTWARE: Stressed Liquidity Cues CARE to Assign 'B' Rating
----------------------------------------------------------------
CARE has assigned a 'CARE B' rating to the Long-term Bank
Facilities aggregating INR70.35 cr of Fact Software (Pvt.) Ltd.
This rating is applicable for facilities having tenure of more
than one year.  Facilities with this rating are considered to
offer low safety for timely servicing of debt obligations and
carry very high credit risk.  Such facilities are susceptible to
default.

Rating Rationale

The rating mainly takes into consideration the uncertainty in
commencement of cash flows on account of lower number of leasing
tie-ups till April 2009, stressed liquidity necessitating
restructuring of debt, elevated financial risk profile underpinned
by high level of debt in comparison to expected net cash accruals
and ongoing industry downturn.  The rating constraints are however
partially offset by the experience of the promoters and low
project implementation risk since the project is complete.

Going forward, the ability of the company to attract lessees for
the project on favorable terms & conditions and ability to attain
timely break-even level would remain the key rating sensitivities.

                       About Fact Software

Fact Software (Pvt.) Ltd, promoted by Mr. R M Sethi, was
incorporated on September 9, 2005, with the main objective of
building and leasing of infrastructure facilities in the area of
IT and IT related businesses.  The project involves the
construction of necessary infrastructure facilities for an
approximate built up area of 6 lakh sq ft, basement area of 3 lakh
sq ft and stilt area of 43 thousand sq ft of the two towers of the
IT Park in Noida.

The total cost of the project is around INR117.20 cr and has been
funded through promoter's contribution of INR47 cr and debt of
INR70 cr.  The project is complete and process of discussions with
various parties to lease out the available space is underway.  The
company proposes to fix the tenure of the lease deed for 9 (3+3+3)
years from the date of execution thereof with escalation of 15%
every 3 years.

On account of the uncertainty of the revenue stream due to the
economic downturn and slowdown in IT and ITES sector, FSL
approached its bankers for restructuring of the debt which has
been approved by the banks.

The global meltdown, followed by the fall in property prices,
slowdown in IT and ITES sector has resulted in lower employee
recruitment implying fall in demand for office space.  Going
forward it is assumed that there will be significant slowdown in
the IT space requirement leading to many challenges ahead in terms
of assured cash flow for the companies.


RAJ HOMES: CARE Revises Rating on Long-Term Bank Loans to 'BB+'
---------------------------------------------------------------
CARE has revised the rating assigned to long-term bank facilities
of Raj Homes Pvt. Ltd. from 'CARE BBB-' to 'CARE BB+'.  Facilities
with this rating are considered to offer inadequate safety for
timely servicing of debt obligations. Such facilities carry high
credit risk.  CARE assigns '+' or '-' signs to be shown after the
assigned rating (wherever necessary) to indicate the relative
position within the band covered by the rating symbol.

   Facility             Amount            Rating
   --------             ------            ------
   Secured term loans   INR32.01 cr       'CARE BB+'

Rating Rationale

The rating revision is primarily driven by RHPL's stressed cash
flow position over the next two years due to significant amount of
scheduled term loan repayments and significant advances given to
its group company, Raj Events & Entertainment Pvt. Ltd., which has
further invested in real-estate.  The rating continues to factor
in experience of promoters in the construction business, ownership
of land for on-going projects, good project execution track
record, established presence in Bhopal, Madhya Pradesh (M.P.) and
stable demand for residential property in Bhopal. The rating
continues to be constrained due to small size of operations
restricted to Bhopal, high dependence on few projects, high
overall gearing, increased competition and inherent risks
associated with the real estate sector.  Ability to sell the
remainder of the project at better than assumed price realizations
and timely servicing of debt obligations are the key rating
sensitivities.

                         About Raj Homes

RHPL, incorporated in January 1992, is a part of the Raj Group of
companies based in Bhopal, M.P. The company is promoted by the
Sahlot family with Shri Arun Sahlot, Chairman and Managing
Director, overseeing day-to-day operations of the company.

The group also has presence in the print media business in M.P.
with its Hindi daily newspaper 'Raj Express' through its
subsidiary Raj Events and Entertainment Pvt. Ltd.  As on March 31,
2009, RHPL had a total exposure of INR87.94 crore in REEPL, in
the form of investment in equity shares (INR13.56 crore) and
unsecured advances (INR74.38 crore).  The advances given to REEPL
were primarily towards purchase of new land, thereby increasing
the group's real estate exposure.  RHPL's utilization of
advances received from customers for investment in REEPL has
reduced the company's financial flexibility and could lead to
stressed cash flow situation in light of heavy scheduled term loan
repayments during FY10 and FY11.


SARVOTTAM ROLLING: CRISIL Places 'BB-' Rating on INR35MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Sarvottam Rolling Mills Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR110.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR35.0 Million Term Loan            BB-/Stable (Assigned)

The rating reflects Sarvottam's low net worth, small scale of
operations and limited track record in the thermo-mechanically
treated bars segment, and moderate financial risk profile. These
weaknesses are, however, partially offset by the benefits that
Sarvottam derives from the established presence of its brand,
Paras, in the domestic market.

Outlook: Stable

CRISIL believes that Sarvottam will maintain a stable business
risk profile, although its financial risk profile may remain weak
over the short to medium term owing to large working capital
requirements.  The outlook may be revised to 'Positive' if
Sarvottam's profitability and cash accruals improve substantially.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in its profitability or if the company undertakes large
debt-funded capital expenditure, leading to deterioration in debt
protection measures.

                         About Sarvottam

Sarvottam was acquired by the present management, headed by
Mr. Anil Kumar Jain, in 2007.  The company began commercial
production under the present management in November 2007, with
2008-09 being the first full year of commercial production.  The
company manufactures TMT bars at its facility at Muzaffarnagar
(Uttar Pradesh), and has capacity to manufacture 60,000 tonnes of
bars per annum.  The company procures ingots from the local market
in Muzaffarnagar and markets its products under the brand name,
Paras.

As per provisional financial results, Sarvottam is expected to
report a profit after tax (PAT) of INR5 million on net sales of
INR 860 million for the year ended March 31, 2009, as against a
PAT of INR 2 million on net sales of INR 181 million in the prior
year.


SUNTANA TEXTILE: Low Net Worth Cues CRISIL to Assign 'P4' Rating
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Suntana Textile Mills Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR75.0 Million Packing Credit    P4 (Assigned)

The rating reflects Suntana's weak financial risk profile, marked
by low net worth, high gearing, and weak debt protection measures.
This weakness is, however, partially offset by the benefits that
Suntana derives from its design capabilities and the long
experience and established customer relationships of its
promoters.

                           About Suntana

Suntana, promoted by Mr. Chiranjilal Agarwal, was incorporated in
2006. The company manufactures suiting and shirting fabrics, and
dress material from polyester yarn.  The company sells its
products mainly to the export markets, especially in Egypt and the
Middle East.

Suntana reported a profit after tax (PAT) of INR 1.0 million on
net sales of INR 181.4 million  for the year ended March 31, 2008,
as against a PAT of INR 0.9 million on net sales of INR189.4
million for the year ended March 31, 2007.


VALLABH TEXTILES: CRISIL Puts 'BB' Rating on INR250MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Vallabh Textiles Company Ltd (VTCL).

   Facilities                            Ratings
   ----------                            -------
   INR250.0 Million Cash Credit          BB/Stable (Assigned)
   INR1107.9 Million Long-Term Loans     BB/Stable (Assigned)
   INR5.0 Million Bank Guarantees and    P4 (Assigned)
       Export Performance Guarantees

The ratings reflect VTCL's weak financial risk profile marked by
low debt protection measures, exposure to the current slowdown in
the export markets, and its promoters' limited experience in the
textile industry. The impact of these weaknesses is mitigated by
the expectation that VTCL will have high operating efficiency
because of its integrated facility.

Outlook: Stable

CRISIL believes that VTCL's new integrated facility will result in
high operating efficiency.  VTCL is also likely to receive need-
based support from its group companies Vallabh Steel Ltd (VSL) and
Vardhman Industries Ltd (VIL).  The outlook may be revised to
'Positive' if the company's debt protection measures improve
significantly and on a sustainable basis.  Conversely, the outlook
may be revised to 'Negative' if VTCL reports lower-than-expected
capacity utilization or realizations.

                      About Vallabh Textiles

VTCL, incorporated in May 2007, manufactures terry towels and bath
robes. VTCL is part of the Vallabh group founded by Mr. K K Jain
in 1981.  The group, comprising VSL and VIL produces steel and
steel products.  VSL and VIL hold stakes of 26.56 per cent each in
VTCL.  VTCL has integrated terry towel/bathrobe units, with a
spinning capacity of 12,060 spindles, and a terry towel capacity
of 3410 tonnes per annum.  VTCL commenced commercial operations
during the period between April and June 2009.


VALLABHBHAI: CRISIL Rates INR26.0 Million Packing Credit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' rating to the bank
facilities of Vallabhbhai Dhanjibhai & Co.

   Facilities                              Ratings
   ----------                              -------
   INR284.0 Million Post Shipment Credit *  P4 (Assigned)
   INR26.0 Million Packing Credit           P4 (Assigned)
   INR20.0 Million Proposed Short-Term      P4 (Assigned)
                   Bank Loan Facility

   * Includes sub-limit of Rs 36 million for Packing Credit.

The rating reflects Vallabhbhai's moderate financial risk profile,
and its vulnerability to the current slowdown in the global
diamond industry.  The impact of these weaknesses is mitigated by
the benefits Vallabhbhai derives from the industry experience of
its promoters.

                   About Vallabhbhai Dhanjibhai

Set up in 1983, Vallabhbhai, a partnership firm, manufactures and
exports cut and polished diamonds.  The firm was started by Mr.
Vallabhbhai Dhanjibhai Vaghasia, and his brothers, Mr. Muljibhai
Vaghasia and Mr. Bhavanbhai Vaghasia.  The firm has manufacturing
units at Surat and Bhavnagar (both in Gujarat).

For 2007-08, Vallabhbhai reported a profit after tax (PAT) of
INR19.3 million on net sales of INR1041.7 million, against a PAT
of INR20.0 million on net sales of INR834.0 million for 2006-07.


VIDHI DYESTUFFS: CRISIL Rates INR20 Million Proposed Loan at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Vidhi Dyestuffs Manufacturing Ltd (VDML).


   Facilities                          Ratings
   ----------                          -------
   INR20.00 Million Proposed Loan      BB+/Stable (Assigned)
          Term Bank Loan Facility
   INR37.50 Million Packing Credit     P4 (Assigned)
   INR5.00 Million Proposed Short      P4 (Assigned)
          Term Bank Loan Facility
   INR82.50 Million Bills Discounting  P4 (Assigned)

The ratings reflect VDML's limited revenue diversity, low net
worth, large working capital requirements, exposure to intense
competition, and tendency to trade in equity shares.  The impact
of these weaknesses is mitigated by VDML's established presence in
the food colours market, and low gearing.

Outook: Stable

CRISIL expects VDML to maintain its established position in the
food colors market over the medium term, on the back of its
longstanding relationships with its customers.  The outlook may be
revised to 'Positive' in case of a significant and sustainable
improvement in VDML's profitability and business risk profile.
Conversely, steep deterioration in the gearing may trigger a
revision in the outlook to 'Negative'.

                       About Vidhi Dyestuffs

Set up in 1994 by Mr. Bipin Manek and Mr. Naresh Modi, VDML
manufactures synthetic food colours, which find application in the
food, pharmaceuticals, confectionery, dairy products, soft drinks,
and cosmetics industries.  VDML has an installed manufacturing
capacity of 1140 tonnes per annum (tpa) in Roha, in Maharashtra's
Raigad district.  The company exports a major portion of its
production.

VDML is undertaking a capital expenditure (capex) programme, to be
executed in two phases, to increase its capacity to 2940 tpa.  The
overall capex, estimated at around INR60 million, will be funded
in a debt-to-equity ratio of 3:2.

For 2007-08, VDML reported a profit after tax (PAT) of INR8
million on net sales of INR301 million, against a PAT of INR10
million on net sales of INR302 million in the preceding year.


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


* INDONESIA: 2009 Budget Deficit Expected to Drop to INR132 Tril.
-----------------------------------------------------------------
Indonesia's budget deficit is estimated to lower to INR132
trillion (US$13.2billion), or 2.4 percent of the country's gross
domestic product (GDP), The Jakarta Post says based on the latest
assumption by the government and the House of Representatives.

The report, citing Suharso Monoarfa, vice chairman of the House's
budget committee, relates that the INR132 trillion deficit will be
set at a planned revision of the 2009 state budget as the country
suffers the impacts of the global economic downturn.

Indonesia's 2009 budget deficit was previously set at IDR139.5
trillion, or 2.5 percent of the GDP, the report notes.


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


FORD MOTOR: Asia Pacific and Africa Posts $25 Mln Q2 Pre-Tax Loss
-----------------------------------------------------------------
Ford Motor Company reports that for the second quarter, Ford Asia
Pacific and Africa reported a pre-tax loss of US$25 million,
compared with a profit of US$50 million a year ago.  The decline
is more than explained by adverse market mix, partly offset by
lower costs.  Second quarter revenue was US$1.2 billion, down from
US$1.7 billion a year ago.

Ford says Other Automotive, which consists primarily of interest
and financing-related costs, reported a second quarter pre-tax
loss of US$136 million.  This included net interest expense of
US$271 million, partly offset by fair market value adjustments,
primarily attributable to investment in Mazda.

For the second quarter of 2009, Ford’s worldwide Automotive sector
reported a pre-tax operating loss of US$1 billion, compared with a
pre-tax loss of US$699 million a year ago.  The decline reflected
lower industry volumes, actions to reduce dealer stocks, higher
material costs and unfavorable exchange, largely offset by
structural cost reductions, favorable net pricing and improved
market share.

Worldwide Automotive revenue in the second quarter was US$24
billion, down from US$34.1 billion a year ago.  The decrease is
primarily explained by lower volumes and unfavorable exchange,
partly offset by favorable net pricing.  Total vehicle wholesales
in the second quarter were 1,172,000, compared with 1,562,000
units a year ago.

Automotive structural cost reductions in the second quarter
totaled US$1.8 billion, including US$1.2 billion in North America.
Manufacturing and engineering costs were US$1.1 billion lower,
largely reflecting the continued benefits of personnel actions in
North America and Europe.  Overall, Ford reduced Automotive
structural costs by US$3.6 billion in the first half.

Net pricing was about US$1.2 billion favorable, primarily
explained by higher pricing in the U.S., reflecting the success of
new products, including the Ford F-150, Ford Fusion and Ford
Mustang, and the continuation of its disciplined approach on
incentives.

                    US$2.3-Bil. Net Income for Q2

Ford reported a pre-tax operating loss of US$424 million in the
second quarter of 2009, excluding special items -- a US$609
million improvement compared with the second quarter of last year
-- as cost reductions, net pricing, Ford Motor Credit Company
results and market share helped offset the continued impact of the
severe global economic downturn.  On an after-tax basis, excluding
special items, Ford posted an operating loss of US$638 million in
the second quarter, or US$0.21 per share, compared with a loss of
US$1.4 billion, or US$0.63 per share, a year ago.

Ford posted net income of US$2.3 billion, or US$0.69 per share.
The results compare with a net loss of US$8.7 billion, or US$3.89
per share, in the second quarter of 2008.  The results for the
second quarter 2009 include a special items net gain totaling
US$2.8 billion, or US$0.90 per share, which includes a US$3.4
billion gain related to Ford and Ford Credit’s recent debt-
reduction actions.

Ford’s second quarter revenue was US$27.2 billion, down US$11
billion from the same period a year ago.

                              On Track

Despite the severe global downturn, Ford said it continues to make
progress on all four pillars of its plan:

     -- Aggressively restructure to operate profitably at the
        current demand and changing model mix;

     -- Accelerate the development of new products that customers
        want and value;

     -- Finance the plan and improve the balance sheet; and

     -- Work together effectively as one team, leveraging Ford’s
        global assets.

Ford said it remains on track to achieve or exceed all of its 2009
financial targets and most of its operational metrics.

The company said it now expects full-year market share to improve
compared to 2008 in the U.S. and Europe, reflecting share
increases in the first half and strong reception to new product
introductions.

Ford expects 2009 U.S. industry sales will be between 10.5 million
and 11 million units, consistent with the outlook previously
communicated by the company. Based on first half European industry
volume, Ford now expects that Europe’s full-year industry sales
will be in the range of 15 million to 15.5 million units, which is
higher than the previous outlook.

Ford expects third quarter 2009 production to be up, compared with
2008 and second quarter 2009 production.  This increase is largely
due to tightly controlled inventories and higher market demand for
our products.

Ford remains on track to exceed its US$4 billion Automotive
structural cost reduction target for 2009.  Second half cost
reductions will be less than the first half, reflecting the
significant cost reductions achieved during the third and fourth
quarters of 2008.

Ford expects Automotive operating-related cash flows in the second
half to improve from first half levels consistent with its current
planning assumptions. However, due to substantial improvements in
the second quarter, third quarter levels may not improve
sequentially.

A full-text copy of Ford's news statement and key financial
highlights is available at no charge at:

               http://ResearchArchives.com/t/s?3fde

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans.  Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.


RESONA BANK: Survey Shows 330,000 Customer Information Docs Lost
----------------------------------------------------------------
Resona Bank said Wednesday an in-house survey has found that about
330,000 customer information documents have been lost at 113
branches in Japan, Kyodo News International reports.

The announcement follows a July 2007 finding that Resona had lost
another 980,000 information documents, providing further evidence
of the bank's loose management of customer information, the report
said.

According to the news agency, the bank apologized for the lost
documents but said it has received no suspicious inquiries related
to these documents.

The report relates that the bank said it is possible that the
documents were mistakenly mixed with other documents for periodic
dumping and the likelihood that the information was leaked
intentionally is low.

Resona Bank Limited is a Japan-based bank mainly engaged in the
banking and trust business.  The Bank is engaged in the provision
of services for individual clients, including deposit, investment
trusts, government bonds, money trusts, housing loans, card loans,
education loans, pension insurance, foreign currency exchange, as
well as asset management and operation.  The Bank also provides
services for corporate clients, such as corporate pension
services, foreign exchange trading services, commercial real
estate agency services, consultation, liquidation and evaluation
of real estate, as well as electronic banking services, business,
legal and taxation consultation services, stock public offerings
and venture capital support services, among others.  The Company
has five overseas consolidated subsidiaries and four associated
companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2009, Moody's Investors Service affirmed the D+ bank
financial strength rating, Baa3 baseline credit assessment, and
the A1/Prime-1 long- and short-term deposit ratings for Resona
Bank, Ltd.  The bank's A2 senior and junior subordinated debt
ratings have been affirmed.  The rating outlooks are stable.

At the same time, Moody's Investors Service has withdrawn the C+
BFSR, A2 BCA as well as the A1/P-1 long- and short-term deposit
ratings of Resona Trust & Banking Co., Ltd.

On March 13, 2009, the TCR-AP reported that Fitch Ratings affirmed
Resona Bank's Individual and Support ratings at 'D' and '2',
respectively.  The rating actions follow the announcement from its
parent Resona Holdings on March 10, 2009, that it will buy back
and immediately cancel JPY175.2 billion (at issued price) of
Resona HD's government-owned preferred stocks on March 13, 2009.


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


GENERAL MOTORS: GM Daewoo Labor Union Approves Wage-Freeze Deal
---------------------------------------------------------------
GM Daewoo Auto & Technology Co., the South Korean unit of General
Motors Corp., said its labor union approved a wage-freeze
agreement with the company, Yonhap News Agency reports.

About 66 percent of the unionized workers at GM Daewoo voted for
the deal that would also cut some employee benefits, the report
said.

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


HYNIX SEMICONDUCTOR: Posts KRW58 Billion Net Loss in 2009 2nd Qtr.
------------------------------------------------------------------
Hynix Semiconductor Inc. disclosed its earnings results for the
second quarter ended June 30, 2009.

Hynix said that operating loss in the quarter has been
significantly decreased sequentially to KRW211 billion from KRW515
billion, thus narrowing operating margin to negative 13% from last
quarter’s negative 39%.  Along with the improved sales
performance, reversal of loss from inventory valuation and
manufacturing cost reduction realized by yield improvement and
migration to finer process technology contributed to reducing
operating loss.

Net loss for the quarter amounted to KRW58 billion with negative
3% net income margin.  The difference between the operating loss
and the net loss was largely due to the net interest expense of
KRW100 billion, and net F/X transaction and translation gain of
KRW322 billion.

Consolidated sales of the second quarter of FY2009 totaled KRW1.68
trillion, increased by 28% compared to previous quarter’s
KRW1.31 trillion with shipment and ASP of both DRAM and NAND Flash
sequentially increased.  The improved sales are due to higher-
than-expected price rise of both DRAM and NAND Flash, shipment
increase through utilization rate recovery and continued
productivity improvement.

Actual results the Company's bit growth were mostly in line with
its previous guidance, while ASPs climbed higher than expected.
DRAM bit shipment growth rose by 10% and DRAM ASP climbed by 20%
quarter-over-quarter.  NAND Flash bit shipment growth and ASP also
increased by 40% and 23% respectively quarter-over-quarter.

Hynix Semiconductor Inc. of Icheon, Korea -- http://www.hynix.com/
-- is a memory semiconductor supplier offering Dynamic Random
Access Memory chips and Flash memory chips to a wide range of
established international customers.  The company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings affirmed Hynix Semiconductor Inc.'s
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, the
agency downgraded the ratings for its outstanding senior unsecured
debt to 'B'/'RR5' from 'B+' and removed it from RWN.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.


KIA MOTORS: Workers Stage Two-Day Strike Over Pay
-------------------------------------------------
Unionized workers at Kia Motors Corp. launched a two-day strike
Wednesday to demand higher wages and better working conditions,
Yonhap News Agency reported citing union officials.

According to the report, the union said that Kia workers laid down
their tools for six hours on Wednesday and staged a full-day
walkout on Thursday.

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

                          *     *     *

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


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


IDAMAN UNGGUL: Seeks More Time to Submit Unit's Financial Reports
-----------------------------------------------------------------
Idaman Unggul Berhad has asked Bank Negara Malaysia to grant its
wholly owned subsidiary Tahan Insurance Malaysia Berhad, further
extension of time to submit the signed copies of the annual
audited accounts for the financial year ended Dec. 31, 2007, and
Dec. 31, 2008, until August 31, 2009.

Based in Malaysia, Idaman Unggul Berhad is an investment holding
company, whose principal activity is the provision of corporate,
administrative and management support to its subsidiaries.  The
company operates in two segments: insurance, which includes
underwriting of life insurance and all classes of general
insurance business, and other, which includes investment holding.
Idaman Unggul's subsidiaries include Tahan Insurance Malaysia
Berhad, F.T. Land Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution
Sdn. Bhd. and Straight Effort Sdn. Bhd.

                         *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


LITYAN HOLDINGS: Court Extends Restraining Order to Feb. 2, 2010
----------------------------------------------------------------
Lityan Holdings Berhad has been informed by its solicitors that
the High Court of Malaya has granted an extension of Restraining
Order for a period of 180 days effective from August 2 to
February 2, 2010, pursuant to Section 176(10) of the Companies
Act, 1965 covering Lityan and its subsidiaries:

   a) Lityan Systems Sdn. Bhd.;
   b) Imageword (M) Sdn. Bhd.;
   c) Integrated Telecommunication Technology Sdn. Bhd.;
   d) Konsortium Jaya Sdn. Bhd;
   e) Impianas Sdn. Bhd.;
   f) Sistem Komunikasi Gelombang Sdn. Bhd.;
   g) Lityan Marketing Sdn. Bhd.;
   h) Lityan Management Sdn. Bhd.;
   i) Digital Transmission Systems Sdn. Bhd.;
   j) Imagebase Sdn. Bhd.;
   k) Slam Atomised Metal Sdn. Bhd.;
   l) Hi Pro Edar (M) Sdn. Bhd.;
   m) Lityan Foreign Equities Sdn. Bhd.;
   n) Advanced Business Solutions (M) Sdn. Bhd.;
   o) Teem Business Solutions Sdn. Bhd.;
   p) Lityan Applications Sdn. Bhd.;
   q) Kirium Solutions Sdn. Bhd.;
   r) KJ Telecommunications Sdn. Bhd.; and
   s) KJ Mobidata Sdn. Bhd.

The Restraining Order was applied to facilitate the Proposed
Restructuring Scheme, which was approved by the Securities
Commission on May 28, 2009.

The company does not expect the Restraining Order to have a
material effect on the financial and operational matters of Lityan
and its subsidiaries.

In addition, Lityan also obtained an order from the High Court to
convene meetings with its creditors and members in relation to the
Proposed Restructuring Scheme pursuant to Section 176(1) of the
Act with a period of 180 days from August 2 to February 2, 2010.

                       About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


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


OLIVADO HOLDINGS: No Layoffs in New Zealand Operations
------------------------------------------------------
Keri Molloy at The Bay Chronicle reported that Olivado Holdings
Limited's Kerikeri operation is unaffected by its holding company
going into receivership.

The report quoted Olivado New Zealand general manager Sarah
Nicholls as saying that "It's business as usual and there'll be no
layoffs in Kerikeri, which is a significant part of the business."

According to the report, Olivado is projected to produce 300,000
liters of avocado oil in the next year from avocados grown in
Northland, Bay of Plenty and Kenya.  About half the avocados are
New Zealand sourced and processed at the Kerikeri plant, that
employs nine people, the report noted.

The Troubled Company Reporter-Asia Pacific reported on July 16,
2009, that Anthony John McCullagh, Chartered Accountant, and
Stephen Marc Lawrence, Insolvency Practitioner, of PKF Corporate
Recovery & Insolvency (Auckland) Limited have been appointed
receivers of Olivado Holdings Limited.

Olivado Holdings' operating companies -- Olivado New Zealand
Limited, Olivado Kenya (EPZ) Limited and Olivado USA Inc -- will
continue trading and are not in receivership.

Olivado Holdings said the receivership is a result of a breakdown
in the relations between its primary lender, Hopetoun Holdings
GmbH of Switzerland, and the company shareholders.  Hopetoun
granted a request by shareholders and directors for a three month
period in which to seek alternative company funding.  The
shareholders were unsuccessful in securing new finance.

Hopetoun Holdings is managed by Gary Hannam, who is also Olivado
New Zealand Limited's CEO.  Mr. Hannam will continue his work as
CEO and under new streamlined ownership and strategic direction,
he remains committed to ensuring the growth of Olivado in
New Zealand, and globally.

The international growth of the Olivado trading companies is
progressing in spite of the economic downturn, with turnover in
2008 reaching a high point as a result of vigorous marketing and
increased distribution of its cold pressed avocado oil.  Olivado's
New Zealand sales have increased by 30 percent in the first
quarter of 2009, and up 40 percent in annual global sales at
March 31, 2009.

Based in Kerikeri, New Zealand, Olivado Holdings Limited --
http://www.olivado.com/-- makes and distributes cold-pressed
extra virgin avocado oil.  The company has two production bases,
one at Kerikeri, New Zealand and the other in Nairobi, Kenya.


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


UNION BANK: Fitch Assigns Issuer Default Rating at 'BB-'
--------------------------------------------------------
Fitch Ratings has assigned Union Bank of the Philippines a
National Long-term rating of 'A+(phl)' with a Stable Outlook.

Although Philippine banks' risk profiles have generally increased
amid the current economic slowdown, a majority of them have
satisfactory capital cushion to negotiate operating-environment-
related challenges.  In Fitch's view, Union Bank, however, has a
lower capital buffer against potential impairment losses that may
arise from its investment properties and concentrated loan
portfolio.

The bank's Tier 1 CAR has been on a downtrend to 9.5% at end-Q109
from 11.6% at end-2008 (end-2007: 15.1%; end-2006: 14.8%) due to
the acquisition of International Exchange Bank in 2006 and strong
loan growth in 2008.  As a consequence of the difficult economic
environment and the bank's reduced capital position, in Fitch's
opinion, the bank's credit profile has become slightly elevated,
which has resulted in a downgrade of its Individual Rating to 'D'
from 'C/D'.  That said, the agency notes that further downside
risks to the bank's ratings appear limited at this stage.  This is
in view of the relatively low proportion of loans, at 30% of
assets, and improved NPL reserve cover of 86% at end-2008, which
suggest that delinquencies-related costs, while potentially higher
amid difficult economic conditions, should be manageable for Union
Bank.  As such, the Outlook is Stable.

Established in 1968, Union Bank is a small universal bank with 169
branches in the Philippines. Its longstanding major shareholders
are Aboitiz Equity Ventures, Inc. (36%), the Social Security
System (23%) and Insular Life Assurance Co. (16%).

Fitch took these rating actions:

Union Bank:

  -- Long-term foreign currency Issuer Default Rating (IDR)
     assigned at 'BB-' with a Stable Outlook;

  -- Long-term local currency IDR assigned at 'BB-' with a Stable
     Outlook;

  -- National Long-term rating assigned at 'A+(phl)' with a Stable
     Outlook;

  -- Support Rating Floor assigned at 'B+';

  -- Individual rating downgraded to 'D' from 'C/D'; and

  -- Support rating affirmed at '4'.


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


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

Tan Choon Yong filed the petition against the company on July 9,
2009.

The Petitioner's solicitors are:

          Drew & Napier LLC
          20 Raffles Place #17-00 Ocean Towers
          Singapore 048620


ESCO PROCESS: Court to Hear Wind-Up Petition on July 31
-------------------------------------------------------
A petition to have Esco Process (Asia Pacific) Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on July 31, 2009, at 10:00 a.m.

Aztech Heat Exchangers Pte Ltd filed the petition against the
company on July 7, 2009.

The Petitioner's solicitor is:

          Yong Koh & Partners
          No. 133 New Bridge Road
          #12-09 Chinatown Point
          Singapore 059413


HIVERN INVESTMENTS: Placed Under Judicial Management
----------------------------------------------------
On July 17, 2009, the High Court of Singapore entered an order to
place Hivern Investments Pte Ltd under judicial management.


KIAN SENG: To Pay First and Final Dividend on July 25
-----------------------------------------------------
Kian Seng Lee (1488) Food Manufacturers Pte Ltd, which is in
liquidation, will pay the first and final dividend to its
creditors on July 25, 2009.

The company's liquidator is:

          Don M Ho, FCPA
          c/o Don Ho & Associates
          Public Accountants & Certified Public Accountants
          Corporate Advisory & Recoveries
          Equity Plaza
          20 Cecil Street #12-02
          Singapore 049705
          Telephone: 6532 0320 (8 lines)
          Facsimile: 6532 0331


RENEWABLE ENERGY: Placed Under Judicial Management
--------------------------------------------------
On July 17, 2009, the High Court of Singapore entered an order to
place Renewable Energy Holdings Private Limited under judicial
management.


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


AU OPTRONICS: Posts NT$6.6 Billion Second Quarter Net Loss
----------------------------------------------------------
AU Optronics Corp. disclosed its unaudited financial results for
second quarter of 2009.

The company posted second-quarter consolidated revenue of NT$82.5
billion (US$2.5 billion), net loss of NT$6.6 billion (US$201
million), and net loss attributable to equity holders of the
parent company NT$6.8 billion (US$208 million).  This represented
an EPS of NT$ -0.80 per common share (US$ -0.24 per ADR unit),
substantially improved from an EPS of NT$ -2.39 a quarter ago.

As for the first half of 2009, AUO reported consolidated revenues
of NT$133.2 billion (US$4.1 billion), net loss of NT$26.8 billion
(US$818 million), and basic EPS of NT$ -3.19 per common share (US$
-0.97 per ADR.)

Second Quarter Result Highlights:

    -- Revenue of NT$82.5 billion, up 62.6% remarkably
    -- Net loss of NT$6.6 billion (EPS of NT$ -0.80
       per common share)
    -- Gross margin of 1.4%
    -- Operating margin of -5.4%
    -- EBITDA (*) margin of 21.5%

In the second quarter of 2009, AUO beat Q2 guidance and shipped
22.4 million of large-sized panels and 60.8 million units of
small- and medium-sized panels, up 70.4% and 41.7% QoQ,
respectively.  For the first half of 2009, AUO large-sized panels
totaled 35.6 million units and small- and medium-sized panels grew
considerably to 103.8 million units.

"Driven by much better end demand, our operating results improved
significantly from previous quarter.  Supported by better average
selling price, higher utilization rates, and continuous efforts on
cost reduction, the Company was able to turn profitable on gross
margins," said Mr. Andy Yang, Chief Financial Officer of AUO.  "As
a result, the EBITDA margin rose sharply to 21.5%, compared to
1.7% a quarter ago.  Our inventory turnover days was also
maintained at historical low level of 32 days.”

"Thanks to the strong supports from our customers, vendors and AUO
employees, the Company was able to timely sharpen itself in the
downturn and further strengthen its competitiveness amid the
macroeconomic challenges," highlighted Dr. L.J. Chen, President
and CEO of AUO.

"On top of the ongoing efforts on the environmental-friendly
products, AUO will continue to develop in new technology and high-
value products, such as E-paper or E-labels," added Dr. Chen.  "In
addition, we have started investing in solar PV and expect energy
business to serve as an additional growth driver in the future,
truly making the Company as a global leader in green solutions."

All financial information was unaudited and was prepared by the
Company in accordance with generally accepted accounting
principles in Taiwan.

                        About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                          *     *     *

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.


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


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

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

AUSTRALIA


ADVANCE HEAL-NEW     AHGN           16933460.19      -8226075.95
ADVANCE HEALTHCA     AHG            16933460.19      -8226075.95
ALLOMAK LTD          AMA            40685785.47      -5913422.67
ALLSTATE EXPL-PP     ALXCC           16169603.2     -50619940.96
ALLSTATE EXPLORA     ALX             16169603.2     -50619940.96
ARC EXPLORATION      ARX             58544299.4     -15958771.93
AUSMELT LTD          AET             10421943.8      -1558622.35
AUSTAR UNITED        AUN           448602007.58    -261905005.38
AUSTRAILIAN Z-PP     AZCCA          77741918.88      -2566335.24
AUSTRALIAN ZIRC      AZC            77741918.88      -2566335.24
BIRON APPAREL LT     BIC            19706736.59      -2220069.65
BISALLOY STEEL G     BIS            54556820.43      -7472108.44
CHEMEQ LIMITED       CMQ            25194855.59     -24254413.72
CITY PACIFIC LTD     CIY           171501648.08      -6383353.75
EIRCOM HOLDINGS      ERC          7921901248.89    -381294562.59
ELLECT HOLDINGS      EHG            18245003.37     -15487781.92
ETW CORP LTD         ETW            83708786.34     -58673955.65
FORTESCUE METALS     FMG             4293524492    -378456209.91
FULCRUM EQUITY L     FUL            19209264.95      -3664831.12
HYRO LTD             HYO            19685101.98     -15769362.01
JAMES HARDIE NV      JHXCC           1898699904       -108700000
JAMES HARDIE-CDI     JHX             1898699904       -108700000
LAFAYETTE MIN        LAFDA         105239382.56    -190859513.39
MAC COMM INFR-CD     MCGCD        8104415200.76    -103343256.49
MACQUARIE COMMUN     MCG          8104415200.76    -103343256.49
RESIDUAL ASSC-EE     RAGXF         597329874.01    -126963316.48
RUBICON AMERICA      RAT           649532285.57    -100605696.94
RUBICON EUROPE T     REU            553099503.3    -252490904.13
TOOTH & CO LTD       TTH           108860665.87     -69404500.26
VERTICON GROUP       VGP            21729291.58     -11591492.96

CHINA


ALONG TIBET CO-A     600773          10189622.9      -1032833.34
AMOI ELECTRONI-A     600057        208865199.77    -161881131.09
ANHUI KOYO GROUP     979            59790493.24     -49675236.99
BAO LONG ORIENTA     600988         16279600.58      -1854369.56
CHANG LING GROUP     561            37577889.93      -9465740.92
CHENGDU UNION-A      693            55030423.06      -2741222.75
CHINA EAST AIR-A     600115      10702789177.41   -1851807066.86
CHINA EAST AIR-H     670         10702789177.41   -1851807066.86
CHINA KEJIAN-A       35             75056861.57     -184097248.8
CHINESE.COM LOGI     805            12869661.54     -10094949.57
CITIC GUOAN VI-A     600084        362240219.99    -110093269.44
DANDONG CHEM F-A     498           104365074.72    -103885795.87
DONGXIN ELECTR-A     600691         20560051.24         -3771204
FUJIAN SANNONG-A     732            61811813.75     -53114169.28
GAOXIN ZHANGTO-A     2075          127410216.06     -15071836.61
GUANGDONG HUAL-A     600242         21139379.26      -2448242.48
GUANGDONG KEL-A      921           540254350.35     -125797076.1
GUANGMING GRP -A     587            46455752.14     -40019198.72
GUANGXI BEISHE-A     600556        126091499.15    -153594444.24
GUANGXIA YINCH-A     557             21664724.6     -34846155.01
HEBEI BAOSHUO -A     600155        131548104.09    -354980505.73
HEBEI JINNIU C-A     600722        221627306.84    -223054026.56
HISENSE ELEC-H       921           540254350.35     -125797076.1
HUATONG TIANXI-A     600225         70268587.22     -35844635.44
HUDA TECHNOLOG-A     600892         20047637.29      -1792599.78
HUNAN ANPLAS CO      156            53159526.34     -82873349.41
HUNAN AVA HOLDIN     918           190693717.92     -71587580.42
JIANGXI CHANGH-A     600372        316925380.97      -3387818.97
JIAOZUO XIN'AN-A     719            16263330.39      -3681456.28
QINGHAI SUNSHI-A     600381         54209936.07     -27613322.04
SHANG HONGSHENG      600817         18084539.68    -396285379.92
SHANG LIANHUA-A      600617         17393631.02      -1326976.74
SHANG LIANHUA-B      900913         17393631.02      -1326976.74
SHANGHAI WORLDBE     600757        221563153.24    -116684849.78
SHENZ CHINA BI-A     17             27968310.96     -264106065.1
SHENZ CHINA BI-B     200017         27968310.96     -264106065.1
SHENZ SEG DASH-A     7              87929092.73     -12564255.28
SHENZHEN DAWNC-A     863            28956539.07    -151601215.51
SHENZHEN KONDA-A     48            202326403.32      -13552596.4
SHENZHEN SHENXIN     34             28627569.28    -165833104.81
SICHUAN DIRECT-A     757           121641656.08    -112131770.94
SUNTEK TECHNOL-A     600728         35176457.04     -23191875.13
TAIYUAN TIANLO-A     600234         12265615.62     -60715447.57
TIANJIN MARINE       600751         82399198.24     -30394356.74
TIANJIN MARINE-B     900938         82399198.24     -30394356.74
TIBET SUMMIT I-A     600338         68486063.25     -11663461.56
TOPSUN SCIENCE-A     600771        200059655.52    -121606797.74
WINOWNER GROUP C     600681         15621614.17     -72193630.51
WUHAN BOILER-B       200770        413277147.43     -44507992.86
WUHAN GUOYAO-A       600421         11548487.32     -37317665.16
XIAMEN OVERSEA-A     600870        241671005.94    -159876635.68
YUEYANG HENGLI-A     622            37038161.53     -15556588.42
ZHANGJIAJIE TO-A     430            47476905.56      -6608204.52

HONG KONG


ASIA TELEMEDIA L     376            16618871.08      -5369335.42
BINHAI INVESTMEN     8035            73711393.1    -114389190.24
CHINA CYBER PORT     8206            16718083.9        -21712245
CHINA GOLDEN DEV     162           249858442.34      -1458174.64
CHINA HEALTHCARE     673            29513119.73      -7815705.47
EGANAGOLDPFEIL       48            557892423.39    -132858951.98
FULBOND HLDGS        1041              66063004        -11679000
HUTCHISON TELE H     215          2400098040.83    -366059762.21
NEW CITY CHINA       456           113178595.41      -9932226.54
PALADIN LTD          495           160927722.22      -1629398.23
PALADIN LTD -PRE     642           160927722.22      -1629398.23
SANYUAN GROUP LT     140            15148448.77      -1587205.23


INDONESIA

BANK CENTURY TBK     BCIC          493235338.87    -135578273.49
BUKAKA TEKNIK UT     BUKK           73759284.09     -88378100.23
DAYA SAKTI UNGGU     DSUC           20182967.71     -14063966.67
ERATEX DJAJA         ERTX           14094093.62     -13644427.04
JAKARTA KYOEI ST     JKSW           23855890.79     -36519229.92
KARWELL INDONESI     KARW           13459944.34      -7208303.23
MULIA INDUSTRIND     MLIA          329626279.29    -438147831.29
PANCA WIRATAMA       PWSI           24440350.75      -28494642.1
POLYSINDO EKA PE     POLY          413587722.04    -843849953.26
SEKAR BUMI TBK       SKBM           16366816.27      -2619135.89
STEADY SAFE TBK      SAFE           10838828.11      -4030148.54
SURABAYA AGUNG       SAIP          211007388.88    -113611192.14
TEIJIN INDONESIA     TFCO             199177024        -55412900
UNITEX TBK           UNTX           13649308.63     -14400120.13


INDIA

ALCOBEX METALS       AML            35670319.03     -22443296.68
APPLE FINANCE        APL            70832103.73     -29253849.19
ASHIMA LTD           ASHM           59922403.11     -47153581.06
BAKELITE HYLAM       BKLT           13911138.88      -12867352.6
BALAJI DISTILLER     BLD            59974008.41     -50890026.26
BELLARY STEELS       BSAL           512415670.4    -101442229.54
BHAGHEERATHA ENG     BGEL           22646453.72     -28195273.09
CFL CAPITAL FIN      CEATF          20637497.85     -48884440.84
COMPUTERSKILL        CPS            14896780.89      -7560054.57
CORE HEALTHCARE      CPAR          185364966.99    -241912027.81
DCM FINANCIAL SE     DCMFS          16540889.84     -10988851.47
DIGJAM LTD           DGJM           98769193.78     -14623833.58
DISH TV INDIA        DITV          422081403.33    -127614551.41
DUNCANS INDUS        DAI           164653351.85    -220922929.88
EMTEX INDS INDIA     EMTX           11807105.53     -44405235.51
GALADA POWER & T     GCC            10899606.76     -27849464.86
GANESH BENZOPLST     GBP            77840261.61     -41865917.86
GLOBAL BOARDS        GLB            25154303.78       -793024.17
GSL INDIA LTD        GSL            37040429.61     -42340564.58
GUJARAT SIDHEE       GSCL           59440728.18       -660003.43
GUJARAT STATE FI     GSF            30159595.18    -234918081.46
HANJER FIBRES        HJF            10720699.56       -310044.87
HARYANA STEEL        HYSA           10831176.59      -5909008.81
HFCL INFOTEL LTD     HFCL          233136050.86     -59728545.83
HIMACHAL FUTURIS     HMFC          633329926.05    -104792044.71
HINDUSTAN PHOTO      HPHT           93725753.93   -1229352757.43
HMT LTD              HMT           206932743.85    -263572925.12
ICDS                 ICDS           13300348.69      -6171079.46
IFB INDS LTD         IFBI           50668510.63     -65490798.77
INDIA FOILS LTD      IF             48457142.32     -38013960.39
INTEGRAT FINANCE     IFC            57729537.53     -52297155.04
JCT ELECTRONICS      JCTE           122542558.6     -49996834.55
JD ORGOCHEM LTD      JDO            14537402.78     -69753846.55
JENSON & NIC LTD     JN             15734678.26     -92089109.12
JIK INDUS LTD        KFS             20633171.5      -5623616.49
JK SYNTHETICS        JKS            20208078.76      -2171303.89
JOG ENGINEERING      VMJ            50080964.36     -10076436.07
KALYANPUR CEMENT     KCEM           37538318.01     -41771703.35
LLOYDS FINANCE       LYDF           36822038.19     -10290725.19
LLOYDS STEEL IND     LYDS          358940191.85     -83135016.16
MILLENNIUM BEER      MLB            39726352.09       -732186.48
MILTON PLASTICS      MILT           26114050.07     -42391324.19
NATH PULP & PAP      NPPM           13588844.93     -39126079.65
NICCO UCO ALLIAN     NICU           38788084.34        -61659313
ORIENT PRESS LTD     OP             16699814.52        -94789.33
PANCHMAHAL STEEL     PMS            51024827.03       -325116.26
PANYAM CEMENTS       PYC            30241162.87      -9403739.61
PARASRAMPUR SYN      PPS           111971290.89    -317111727.95
PAREKH PLATINUM      PKPL           61081050.43     -88849040.15
PEACOCK INDS LTD     PCOK           14682895.47     -18138660.88
PIRAMAL LIFE SC      PLSL           32054795.68      -3725239.05
POLAR INDS LTD       PLI            17540987.69     -24687678.21
PRECISION CONTAI     PCLL           10013065.56      -3669728.21
RAMA PHOSPHATES      RMPH           34066789.55      -1192495.62
RATHI ISPAT LTD      RTIS           44555929.56       -3933592.5
REMI METALS GUJA     RMM            82273746.28      -1650461.11
ROLLATAINERS LTD     RLT            22965755.05     -22244556.92
ROYAL CUSHION        RCVP           29192373.45     -73115309.68
RPG CABLES LTD       RPG            51431409.37     -20192930.18
SEN PET INDIA LT     SPEN           13283611.52      -25431862.1
SHALIMAR WIRES       SWRI           30588221.25      -63772177.8
SHAMKEN COTSYN       SHC            23127927.75      -6172791.93
SHAMKEN MULTIFAB     SHM             60546590.6     -13260108.95
SHAMKEN SPINNERS     SSP            42180451.29     -16764934.64
SHARDA ISPAT LTD     SHIL           16179943.38      -5040578.35
SHREE RAMA MULTI     SRMT           81405835.45     -64134056.23
SIDDHARTHA TUBES     SDT            92929926.47     -10719543.54
SIL BUSINESS ENT     SILB           12461159.02     -19961202.41
SPICE COMMUNICAT     SPCM          263692459.52     -19679192.67
STI INDIA LTD        STIB              44107456       -300149.59
TAMILNADU TELE       TNT            11680819.22      -3373123.87
TATA TELESERVICE     TTLS          793627684.28     -74636840.33
TRIVENI GLASS        TRSG           34542881.89      -6209872.78
UNIWORTH LTD         WW            178225972.59    -131624807.91
USHA INDIA LTD       USHA           12064900.61     -54512967.31
WINDSOR MACHINES     WML            14952553.73     -29012727.36
WIRE AND WIRELES     WNW           106984536.93     -23622538.56


JAPAN

ATRIUM CO LTD        8993         3004532577.65    -555330991.82
AVIX INC             7836           19009420.72      -2125138.36
COSMOS INITIA CO     8844         2333430615.87    -454804416.82
FDK CORP             6955           465071545.7     -85901797.18
G-TRADING            3348           53439073.69     -19823380.51
GONZO                3755           23926459.97     -27476878.35
GREEN FOODS CO       3367           87003396.49     -48040344.74
L CREATE CO LTD      3247           42344509.56       -9146496.9
MORISHITA CO LTD     3594          168223801.88      -2415401.06
NESTAGE CO LTD       7633           15752022.32      -7045459.62
OPEN INTERFACE I     4302           10824431.23     -25566252.98
PLACO CO LTD         6347           19727184.96      -1662140.28
PLACO CO LTD-WI      63471          19727184.96      -1662140.28
PROPERST CO LTD      3236          854806960.92     -17847055.11
REMIXPOINT CO LT     3825           13032512.99      -1159815.17
SOWA JISHO CO LT     3239           54007939.02     -15643863.67
SPC ELECTRONICS      6818          124705573.68     -13095644.59
TERRANETZ CO LTD     2140           11633353.37      -4293462.63
ZENTEC TECHNOLOG     4296           61693138.35     -30725846.21


MALAYSIA

BSA INTERNATIONA     BSAI           60415146.27     -45433037.17
HARVEST COURT        HAR            10626827.67      -6604210.03
LITYAN HLDGS BHD     LIT            15777258.11      -28374431.5
MALAYSIAN AIRLIN     MAS          2505043640.24    -122541475.48
NEPLINE BHD          NL              20464406.2     -25108761.81
NIKKO ELECTRONIC     NIKKO          10890137.48      -8147304.11
PECD BHD             PECD          247769002.01    -363970343.69
WONDERFUL WIRE       WW             11782370.29     -14082081.34
WWE HOLDINGS BHD     WWE             67986614.2      -3400656.26


NEW  ZEALAND

DOMINION FINANCE     DFH           258902749.12     -55312405.88


PHILIPPINES

APEX MINING 'B'      APXB           51256351.82      -8972145.85
APEX MINING-A        APX            51256351.82      -8972145.85
BENGUET CORP 'B'     BCB            75710043.41     -35193170.69
BENGUET CORP-A       BC             75710043.41     -35193170.69
CENTRAL AZUC TAR     CAT            37806902.52      -2588843.76
CYBER BAY CORP       CYBR           12926776.59     -79228223.36
EAST ASIA POWER      PWR            50796443.41    -139420756.07
FIL ESTATE CORP      FC             37286935.14     -11355841.65
FILSYN CORP A        FYN             22000423.4     -10278638.86
FILSYN CORP. B       FYNB            22000423.4     -10278638.86
GOTESCO LAND-A       GO             18684576.24     -10863822.41
GOTESCO LAND-B       GOB            18684576.24     -10863822.41
MRC ALLIED           MRC            13040098.81      -3682026.54
PICOP RESOURCES      PCP            105659068.5     -23332404.14
STENIEL MFG          STN            28673457.47      -1478015.89
UNIVERSAL RIGHTF     UP             45118524.67     -13478675.99
UNIWIDE HOLDINGS     UW             52802040.71     -56176026.28
VICTORIAS MILL       VMC           178060236.02     -36659989.09


SINGAPORE

ADV SYSTEMS AUTO     ASA            13594299.01      -8730090.95
ADVANCE SCT LTD      ASCT           69486218.18     -11959064.78
CHUAN SOON HUAT      CSH            33386752.42     -11485337.08
FALMAC LTD           FAL            10288220.94      -6460596.18
HL GLOBAL ENTERP     HLGE           92915826.56      -8391185.82
INFORMATICS EDU      INFO           21961840.29       -412465.93
LINDETEVES-JACOB     LJ            149102492.24     -82583823.03
OCEAN INTERNATIO     OCEAN          61659790.45     -13720371.73
PACIFIC CENTURY      PAC            84332200.42      -2695477.98
SUNMOON FOOD COM     SMOON          37238842.66     -13726971.17
TT INTERNATIONAL     TTI           274506594.33     -42323078.96
WESTECH ELECTRON     WTE            28290170.94     -12855750.98


TAIWAN

CHIEN TAI CEMENT     1107          202446919.23      -22407739.4
HELIX TECH-EC        2479T          24491773.99     -23009171.69
HELIX TECH-EC IS     2479U          24491773.99     -23009171.69
HELIX TECHNOL-EC     2479S          24491773.99     -23009171.69
TAIWAN KOL-E CRT     1606U         507206787.88     -147139297.7
TAIWAN KOLIN-EN      1606V         507206787.88     -147139297.7
TAIWAN KOLIN-ENT     1606W         507206787.88     -147139297.7
VERTEX PREC-ENTL     5318T          43037265.55      -2305484.43
VERTEX PRECISION     5318           43037265.55      -2305484.43
YEU TYAN MACHINE     8702           39574168.04    -271070409.72


SOUTH KOREA

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


THAILAND

ABICO HLDGS-F        ABICO/F        12066621.69      -9544714.91
ABICO HOLD-NVDR      ABICO-R        12066621.69      -9544714.91
ABICO HOLDINGS       ABICO          12066621.69      -9544714.91
BANGKOK RUB-NVDR     BRC-R          81029895.85     -63623979.94
BANGKOK RUBBER       BRC            81029895.85     -63623979.94
BANGKOK RUBBER-F     BRC/F          81029895.85     -63623979.94
BLISS-TEL PCL        BLISS          12552268.65      -1546013.01
BLISS-TEL PCL-F      BLISS/F        12552268.65      -1546013.01
BLISS-TEL PCL-NV     BLISS-R        12552268.65      -1546013.01
CENTRAL PAPER IN     CPICO          10220356.04    -216074904.26
CENTRAL PAPER-F      CPICO/F        10220356.04    -216074904.26
CENTRAL PAPER-NV     CPICO-R        10220356.04    -216074904.26
CIRCUIT ELE-NVDR     CIRKIT-R       61295807.28     -25886476.66
CIRCUIT ELEC PCL     CIRKIT         61295807.28     -25886476.66
CIRCUIT ELEC-FRN     CIRKIT/F       61295807.28     -25886476.66
DATAMAT PCL          DTM            12690638.93      -6132014.29
DATAMAT PCL-NVDR     DTM-R          12690638.93      -6132014.29
DATAMAT PLC-F        DTM/F          12690638.93      -6132014.29
ITV PCL              ITV            31557425.41     -76616907.26
ITV PCL-FOREIGN      ITV/F          31557425.41     -76616907.26
ITV PCL-NVDR         ITV-R          31557425.41     -76616907.26
K-TECH CONSTRUCT     KTECH/F        83204235.85      -5693045.29
K-TECH CONSTRUCT     KTECH          83204235.85      -5693045.29
K-TECH CONTRU-R      KTECH-R        83204235.85      -5693045.29
KUANG PEI SAN        POMPUI         17146363.89     -12117287.24
KUANG PEI SAN-F      POMPUI/F       17146363.89     -12117287.24
KUANG PEI-NVDR       POMPUI-R       17146363.89     -12117287.24
MALEE SAMPR-NVDR     MALEE-R        52662866.04      -6699070.37
MALEE SAMPRAN        MALEE          52662866.04      -6699070.37
MALEE SAMPRAN-F      MALEE/F        52662866.04      -6699070.37
NATURAL PAR-NVDR     NPARK-R        99405582.21       -795660.77
NATURAL PARK PCL     NPARK          99405582.21       -795660.77
NATURAL PARK-F       NPARK/F        99405582.21       -795660.77
NFC FERTILI-NVDR     NFC-R          41394761.31       -328937.74
NFC FERTILIZER P     NFC            41394761.31       -328937.74
NFC FERTILIZER-F     NFC/F          41394761.31       -328937.74
PATKOL PCL           PATKL          56238621.35     -21509387.22
PATKOL PCL-FORGN     PATKL/F        56238621.35     -21509387.22
PATKOL PCL-NVDR      PATKL-R        56238621.35     -21509387.22
PONGSAAP PCL         PSAAP/F        26782248.02      -2033209.65
PONGSAAP PCL         PSAAP          26782248.02      -2033209.65
PONGSAAP PCL-NVD     PSAAP-R        26782248.02      -2033209.65
SAFARI WORL-NVDR     SAFARI-R       98372248.17     -18046379.39
SAFARI WORLD PUB     SAFARI         98372248.17     -18046379.39
SAFARI WORLD-FOR     SAFARI/F       98372248.17     -18046379.39
SAHAMITR PR-NVDR     SMPC-R         31177710.43      -14940579.6
SAHAMITR PRESS-F     SMPC/F         31177710.43      -14940579.6
SAHAMITR PRESSUR     SMPC           31177710.43      -14940579.6
SUNWOOD INDS PCL     SUN            19863687.56     -13033623.14
SUNWOOD INDS-F       SUN/F          19863687.56     -13033623.14
SUNWOOD INDS-NVD     SUN-R          19863687.56     -13033623.14
THAI-DENMARK PCL     DMARK          15715462.27     -10102519.69
THAI-DENMARK-F       DMARK/F        15715462.27     -10102519.69
THAI-DENMARK-NVD     DMARK-R        15715462.27     -10102519.69
UNIVERSAL S-NVDR     USC-R          77602986.98      -55435027.3
UNIVERSAL STAR-F     USC/F          77602986.98      -55435027.3
UNIVERSAL STARCH     USC            77602986.98      -55435027.3


                         *********

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

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

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


                            *********


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

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