TCRAP_Public/090728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           A S I A   P A C I F I C

              Tuesday, July 28, 2009, Vol. 12, No. 147

                                 Headlines

A U S T R A L I A

ABC LEARNING: Founder Faces Court Over AU$12.6-Mil. Fund Transfer
ALLCO FINANCE: HNA, Bravia to Talk with Lenders Over Aviation Unit
LYNAS CORPORATION: May Invest $1 Billion in Malaysian Metals Plant
OPES PRIME: Creditors Accept AU$253 Million Settlement Deal
PBL MEDIA: Mulls AU$450 Million Stockmarket Float

SAFETY MEDICAL: Sees Lower Annual Sales for Pureste Products
STORM FINANCIAL: ASIC to Fund Public Investigation
TIMBERCORP LTD: Gum Growers Face Threat as Landowners Demand Rents


C H I N A

CHINA MERCHANTS: Fitch Affirms C/D Individual Rating
GUANGDONG DEV'T: Fitch Affirms D/E Individual Rating
SHENZHEN DEV'T: Fitch Affirms D/E Individual Rating


H O N G  K O N G

BASF RESINS: Placed Under Voluntary Wind-Up
DE SEDE: Ying Hing Chiu Steps Down as Liquidator
DURANGO INTERNATIONAL: Placed Under Voluntary Wind-Up
INFORMATION TECHNOLOGY: Members' Meeting Set for August 26
M C R GROUP: Creditors' Proofs of Debt Due on August 31

MERANTI JOINERY: Placed Under Voluntary Wind-Up
NISHIMATSU PROPERTY: Placed Under Voluntary Wind-Up
SILVER TECH: Creditors' Meeting Set for August 4
SMART GOOD: Appoints Seto Man Fai as Liquidator
UNVERSAL SHEEN: Creditors' Proofs of Debt Due on August 18


I N D I A

HYUNDAI MOTOR: India Unit May Resort to Lockout Amid Labor Unrest
KUMA STAINLESS: CRISIL Upgrades Rating on INR82MM LT Loan to 'B+'
MALABAR COCHIN: CRISIL Rates INR100MM Cash Credit Limit at 'BB'
NU FASHION: CRISIL Assigns 'BB+' Rating on INR30 Million Term Loan
PRAKASH PLY: CRISIL Places 'BB-' Rating on INR120 Mln Cash Credit

PRAKASH PLY EXIM: CRISIL Rates INR100 Million Term Loan at 'BB-'
SAI SMARAN: Low Net Worth Prompts CRISIL to Assign 'BB-' Ratings
SHREE KRISHNA: CRISIL Reaffirms INR60MM Cash Credit 'BB+' Rating
SHREE VENKATESHWARA: Default in Loan Payment Cue CRISIL 'D' Rating
TATA MOTORS: JLR Core UK Operations Post GBP673.4MM 2008 Net Loss


I N D O N E S I A

DAVOMAS ABADI: Bondholders Seek Debt Payment Freeze
TELEKOMUNIKASI INDONESIA: Government Mulls Delisting From NYSE


P H I L I P P I N E S

PHILIPPINE LONG: Moody's Upgrades Currency Bond Rating to 'Ba1'


S I N G A P O R E

2M CAPITAL: Court Enters Wind-Up Order
CHAINFUSION LIMITED: Court Enters Wind-Up Order
EDEVICES TECHNOLOGY: Court Enters Wind-Up Order
SENG SIT: Court Enters Wind-Up Order
TRANSBILT ENGINEERING: Pays Dividend to Unsecured Creditors


X X X X X X X X

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


                         - - - - -


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A U S T R A L I A
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ABC LEARNING: Founder Faces Court Over AU$12.6-Mil. Fund Transfer
-----------------------------------------------------------------
ABC Learning Center Ltd founder Eddy Groves appeared in a Federal
Court in Sydney yesterday relating to a AU$12.6 million fund he
transferred to a mysterious discretionary trust, Vanda Carson
writes for The Sydney Morning Herald.

According to the report, the Australian Securities and Investments
Commission alleges that Mr. Groves set up the trust as an "alter
ego."

Counsel for ASIC John Halley told the court that the trust's net
worth had plummeted since Mr. Groves transferred the money to the
trust.  Its net value had fallen from AU$15.8 million in June 2008
to AU$3.9 million last month, the report says.

Mr. Halley, according to the Herald, told the court that ASIC
needed more time to investigate the mysterious trust.

The Herald states that the regulator has asked the Federal Court
to order Mr. Groves and his wife Viryan Collins-Rubie not to sell
or transfer their assets.

Mr. Groves denies that he is behind the trust, which owns a five-
bedroom, beachfront Palm Beach property, the report says.

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centres in Australia, New Zealand,
the United States and the United Kingdom.  The company's
subsidiaries include ABC Developmental Learning Centres Pty Ltd,
ABC Early Childhood Training College Pty Ltd., Premier Early
Learning Centres Pty Ltd., ABC Developmental Learning Centres (NZ)
Ltd., ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


ALLCO FINANCE: HNA, Bravia to Talk with Lenders Over Aviation Unit
------------------------------------------------------------------
Executives from China's HNA Group and Bravia Capital Partners will
head to Europe this week to meet with lenders as they seek to
complete a takeover of Allco Finance Group's aircraft-leasing
business, the Financial Times reports.

The FT relates that HNA Group and Bravia were declared as the
winning bid for Allco's 68-aircraft fleet by the receiver
representing Allco's creditors in May.

However, the report says, several banks that hold Allco's debt
backed by specific aircraft have threatened to exercise their
right to veto the agreement.

HBOS Plc, Alliance & Leicester and Military Superannuation Fund of
Australia cited HNA's lack of experience in the sector as a reason
to hold up the sale in spite of the consortium's superior bid, the
FT discloses.

The consortium needs the approval of the lenders, who hold about
$3 billion in debt backed by aircraft, to proceed with the sale,
the report says.

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.  The
company is a vendor of Momentum Investment Finance Pty Limited and
Allco Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion
in total debt.


LYNAS CORPORATION: May Invest $1 Billion in Malaysian Metals Plant
------------------------------------------------------------------
Lynas Corporation may invest $1 billion in a second plant in
Malaysia, Reuters reports citing the Business Times.

According to the report, Mike Vaisey, Lynas' vice president for
technical development, said the firm may partner with its
shareholder, China Nonferrous Metal Mining Group (CNMC), to build
the plant, which will produce niobium metal used to make high
grade steel.

"CNMC is keen on building the plant and has offered to put in $250
million in debt and a similar amount in equity.  CNMC would also
guarantee us a loan from a Chinese bank," the report quoted
Mr. Vaisey as saying.

Mr. Vaisey said Lynas will also restart its $340 million
lanthanide processing plant in the central Malaysian state of
Pahang, which was part of the deal with CNMC when the Australian
firm had to suspend work and find new funds following a dispute
with bondholders.

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in Australia.
The Company's activities are focused primarily on the exploration
and development of rare earths deposits and exploration for other
mineral resources.  Lynas Corporation Limited is also engaged in
the planning, design and construction of a concentration plant and
advanced materials processing plant.  The Company's subsidiaries
include Lynas Malaysia Sdn Bhd, Lynas Transales Pty Ltd, Mt Weld
Niobium Pty Ltd, Mt Weld Holdings Pty Ltd, Mt Weld Rare Earths Pty
Ltd, Lynas Chemet Australia Pty Ltd and Mt Weld Mining Pty Ltd.

                           *     *     *

The company incurred three consecutive annual net losses of
AU$21.48 million, AU$6.20 million and AU$4.50 million for the
years ended June 30, 2006, 2007 and 2008.


OPES PRIME: Creditors Accept AU$253 Million Settlement Deal
-----------------------------------------------------------
Creditors of Opes Prime Group have voted in favor of a AU$253
million settlement from the share-lending firm's former
financiers, ANZ Bank and Merrill Lynch, Leonie Wood at the
BusinessDay reports.

The report says that of the former Opes clients who participated
in the vote Friday, 96% by number and 92% by value -- representing
AU$457 million of the outstanding AU$631 million in claims --
threw their support behind the deal.

According to the report, the scheme of arrangement, if approved by
the Federal Court next month, will resolve 14 legal cases against
the banks in several states and a court case in Hong Kong.  It
will also provide the creditors with dividends of 37 cents in the
dollar, with a distribution likely around Christmas, the report
says.

The Australian, meanwhile, reports that the Australian Securities
& Investments Commission will yet decide whether it will be
proceeding with its investigation regarding Opes directors Laurie
Emini, Julian Smith and Anthony Blumberg.

Citing ASIC in a statement in March, the Australian says that
those investigations included consideration of the conduct of
directors and officers of Opes Prime, both in relation to the
operation of the business and in the period immediately prior to
the collapse.  According to the Australian, ASIC said at the time
it was considering whether such conduct was in breach of criminal
or civil penalty provisions of the act.

An announcement is expected early next month, The Australian
notes.

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% of creditors by
number, and at least 75% by value, must vote in favor of
the proposal.

                         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.


PBL MEDIA: Mulls AU$450 Million Stockmarket Float
-------------------------------------------------
Mark Day and Michael Bodey at the The Australian report that PBL
Media Pty Ltd is considering for a possible AU$450 million float
of its half-owned carsales.com.au Web site.  The report says the
company is also considering selling another non-core asset, the
ticketing agency Ticketek.

The Australian relates that the moves to offload carsales.com.au
and Ticketek are seen as essential to lowering PBL Media's
AU$3.5 billion-plus debt, amid reports the group will have
difficulty meeting its banking covenants in September.

According to the report, Macquarie Bank is believed to be working
with PBL Media on preparations, with Fairfax Media and News
Limited (publisher of The Australian) both obvious suitors for
carsales.com.au.

The Australian, citing analysts, says the sales would help PBL
Media, owned by the private equity firm CVC Asia Pacific, to pay
down debt to closer to AU$3 billion.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2008, Bloomberg News said PBL Media received a AU$445
million (US$294 million) refinancing package from CVC Asia Pacific
Ltd. to protect the media company from default.

Bloomberg News recalled PBL had been struggling to repay debt from
the 2006 buyout as the credit crunch pushes up interest costs and
slowing economic growth cuts advertising revenue.  The report
notes billionaire James Packer left the company's board in October
after his Consolidated Media Holdings Ltd. refused to provide more
capital as banks warned PBL was close to breaching covenants on
its loans.

PBL Media Pty Limited -- http://www.pblmedia.com.au/-- is an
Australian media and entertainment group.  Its assets include the
Nine Network Australia, ACP Magazines, Ticketek, Acer Arena and
majority interests in carsales.com, NBN Television, a 50% interest
in ninemsn as well as interests in Mathletics and the Australian
News Channel (Sky News).


SAFETY MEDICAL: Sees Lower Annual Sales for Pureste Products
------------------------------------------------------------
Safety Medical Products Limited said that forecast sales from its
50% owned subsidiary Pureste Pty Ltd are estimated to be
significantly lower than expected.

"Following the March 2009 launch, it has taken longer than
expected to co-ordinate and complete nationwide coverage," the
company said in a statement.

"Despite this, the Pureste range of Australia's only sterilized
Tampons, Pads and Liners is now available in Kmart, Target, IGA
stores and Pharmacies across Australia and from next week will
also be in six hundred Coles stores."

The company said that Woolworths, the first major retailer,
decided not to continue with the range at its recent category
review, which will impact on the forecasts.  Woolworths have
invited Pureste to present the range again at the next category
review later this year.

Safety Medical said it expect Pureste sales for the year ended
June 30, 2010, to be roughly AU$7 million, down from the previous
sales guidance expectations of roughly AU$15 million for the first
year following May 2009 marketing launch.

The SafetyMed group loss for the year ended June 30, 2009, is
expected to be significantly lower than the prior year's AU$4.4
million loss.

Pureste's unaudited sales for the year ended June 30, 2009, are
AU$0.7 million and for SafetyMed group AU$5.8 million.  The
SafetyMed group is expected to make a loss of roughly AU$3.5
million; this loss includes AU$1.4 million of intangible asset
impairment and AU$0.7 million of Pureste marketing expenditure.
The loss attributable to equity holders is expected to be AU$3
million.

                        About Safety Medical

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

                         *     *     *

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


STORM FINANCIAL: ASIC to Fund Public Investigation
--------------------------------------------------
The Australian Securities and Investments Commission will fund a
public investigation into Storm Financial Group, the Australian
Associated Press reports.

The report, citing liquidators Raj Khatri and Ivor Worrell, of
Worrells Solvency and Forensic Accountants, in a statement, says
that ASIC had provided AU$450,000 for a public examination of
Storm, expected to start in early September.

According to the AAP, Mr. Khatri said ASIC provides funds to
liquidators in cases where there are no other funds available to
them and where the regulator believes an investigation will "have
a positive regulatory impact and may assist with enforcement
action and corporate conduct generally."

The report relates Mr. Khatri said the examination would be on
"possible breaches of duty and corporate offences".

At least 40 potential witnesses have been identified, the report
notes.

                       About Storm Financial

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

                         *     *     *

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

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

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

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the company be wound up.  Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the company.


TIMBERCORP LTD: Gum Growers Face Threat as Landowners Demand Rents
------------------------------------------------------------------
Blue gum investors in Timbercorp Limited face a new threat to
their 100,000ha of plantations, with landowners chasing over
outstanding rents, the Herald Sun reports.

The report says Mark Korda, the senior partner of liquidators
KordaMentha, will ask the Federal Court this week for an order
extending the time growers have to decide whether to surrender the
leases beyond the present limit of 28 days.

According to the report, the move comes after a number of
landowners moved to seize their land and the trees worth tens of
millions of dollars because rent which was due on June 30 has gone
unpaid because Timbercorp Securities, which manages the
plantations, is insolvent.

Mr. Korda, the report relates, also has scheduled a meeting for
forestry scheme growers on August 7 to enable them to consider the
future of their various projects.  According to the Herald Sun,
Mr. Korda plans to outline to the meeting his strategy to seek
offers to acquire or recapitalize the schemes through a
competitive sale or via injections of new capital.

The Herald Sun discloses that more than 10,000 growers invested
AU$800 million in Timbercorp's blue gum plots.  Timbercorp's
forestry assets include both freehold and leasehold land in
Western Australia and across much of south western Victoria and
the Mount Gambier-Penola region in South Australia, the report
says.

                         About Timbercorp

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

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

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


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C H I N A
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CHINA MERCHANTS: Fitch Affirms C/D Individual Rating
----------------------------------------------------
Fitch Ratings has upgraded the Support Ratings of China Merchants
Bank, Guangdong Development Bank and Shenzhen Development Bank.
The Individual Ratings of all three banks have been affirmed.  The
ratings are:

CMB:

  - Support Rating upgraded to '2' from '3'; and
  - Individual affirmed at 'C/D'.

GDB:

  - Support Rating upgraded to '3' from '4'; and
  - Individual affirmed at 'D/E'.

SZDB:

  - Support Rating upgraded to '3' from '4'; and
  - Individual affirmed at 'D/E'.

CMB, GDB, and SZDB form part of a core group of mid-tier,
nationwide commercial banks.  The upgrades of the banks' Support
Ratings reflect the improved ability of the Chinese government to
provide support to domestic banks, as well as a perceived greater
willingness to do so in the wake of the financial crisis.  The
Chinese government's financial position has strengthened
considerably in recent years, and since 2005 the sovereign's own
credit rating has been upgraded to 'A+' from 'A-'.  Foreign
reserves now stand at over US$2.1 trillion, and central government
debt/GDP remains relatively modest at close to 25%.  CMB's higher
Support Rating stems from its larger size and greater systemic
importance as the largest non-state-owned bank in China.

CMB's Individual Rating reflects its established franchise in
retail banking, relatively diversified revenue sources, above-
industry profitability, and solid loan loss reserve coverage.
However, the deterioration in core capital (from rapid loan growth
and the acquisition of Hong Kong's Wing Lung Bank), and rising
asset quality pressures weigh negatively on the rating.  CMB's
loans expanded by 24% in 2008, excluding the acquisition of WLB,
and further grew by 14% un-annualized in Q109 as the bank
responded to the government's economic stimulus by stepping up
lending to local government-backed infrastructure projects.  Asset
quality remains among the strongest of its peers, with NPL and
Special Mention loans ratios of 1.1% and 1.6%, respectively at
end-2008.  Loan loss reserve coverage also is among the highest in
the industry at 223% of NPLs.  Although CMB's profitability led
the industry between 2005 and 2008, earnings have been under
pressure this year due to narrowing interest margins and higher
credit costs.  Meanwhile, core capital has weakened noticeably
following the 2008 acquisition of WLB.  The bank's tangible
equity/tangible assets ratio dropped to 4% at end-Q109 from 5.2%
at end-2007, and is expected to remain under pressure due to
weakening internal capital generation and fast asset growth.  Thus
far, capital raising has focused primarily on Tier 2 issuance,
though some consideration is now being given to raising core
capital.

GDB's 'D/E' Individual Rating reflects its improving credit
profile since restructuring, and the introduction of a new and
internationally experienced management team.  However, loan
quality has shown some signs of deterioration amid the weakening
economic environment, and the bank's still somewhat thin core
capital is a concern.  Although recent credit growth has been
robust, it has been more modest than other nationwide banks, which
Fitch views positively in this environment.  Headline asset
quality indicators have steadily improved since restructuring,
with the NPL ratio falling to an historical low of 2.9% and loan
loss reserve coverage rising to an all-time high of 151% at end-
2008.  Nevertheless, GDB continues to post a relatively large
amount of SM loans, amounting to 5.9% of total loans at end-2008.
Pre-impairment profitability has strengthened noticeably, and is
now on par with that of listed banks.  However, core capital
remains thin relative to its large SM portfolio, and continues to
weigh on GDB's rating.  The equity/assets ratio was a low 3.6% at
end-2008, compared with 5.6% for listed banks.  Preparations are
underway for an IPO tentatively scheduled for 2010, as well as for
issuance of a subordinated bond, which should help strengthen core
and supplementary capital.

SZDB's Individual Rating takes into account its much-improved pre-
impairment profitability, revamped risk management, declining
NPLs, and strengthened capitalization since Newbridge Capital (its
largest shareholder with a 17% stake) assumed management control
in 2005.  Ping An Insurance, one of China's largest insurers, has
agreed to acquire Newbridge's full existing stake in SZDB and
purchase between CNY6.8 billion-CNY10.7 billion of newly issued
shares from SZDB.  The transactions, if approved, would increase
Ping An's ownership to as much as 30% and strengthen SZDB's core
capitalization.  SZDB's loans grew by a strong 28% in 2008 and
12.6% in Q109, with low-risk re-discounted bills accounting for
more than half of the increase.  Asset quality compares favorably
against peers after the bank wrote off CNY10.6 billion of NPLs in
2008 (3.7% of gross loans), lowering the NPL ratio to 0.6% in Q109
(2007: 5.6%).  Loan loss reserve coverage improved to 130% at end-
Q109 from 48% at end-2007 as SZDB booked large impairment charges
to replenish reserves.  The large one-off impairment charges
weighed on earnings in 2008, but pre-provision profitability
improved slightly due to a rise in interest and fee income.  SZDB'
profitability was the best among listed banks in Q109, driven by a
22% yoy contraction in interest expense from falling interbank
rates and a decline in negotiated deposits.  Thin core capital has
long weighed on SZDB's ratings.  However, capital adequacy should
improve upon completion of the prospective deal with Ping An,
after which the bank estimates equity/assets and Tier 1 CAR could
rise to 4.5-5.3% and 7.5-8%, respectively, by year-end 2009.


GUANGDONG DEV'T: Fitch Affirms D/E Individual Rating
----------------------------------------------------
Fitch Ratings has upgraded the Support Ratings of China Merchants
Bank, Guangdong Development Bank and Shenzhen Development Bank.
The Individual Ratings of all three banks have been affirmed.  The
ratings are:

CMB:

  - Support Rating upgraded to '2' from '3'; and
  - Individual affirmed at 'C/D'.

GDB:

  - Support Rating upgraded to '3' from '4'; and
  - Individual affirmed at 'D/E'.

SZDB:

  - Support Rating upgraded to '3' from '4'; and
  - Individual affirmed at 'D/E'.

CMB, GDB, and SZDB form part of a core group of mid-tier,
nationwide commercial banks.  The upgrades of the banks' Support
Ratings reflect the improved ability of the Chinese government to
provide support to domestic banks, as well as a perceived greater
willingness to do so in the wake of the financial crisis.  The
Chinese government's financial position has strengthened
considerably in recent years, and since 2005 the sovereign's own
credit rating has been upgraded to 'A+' from 'A-'.  Foreign
reserves now stand at over US$2.1 trillion, and central government
debt/GDP remains relatively modest at close to 25%.  CMB's higher
Support Rating stems from its larger size and greater systemic
importance as the largest non-state-owned bank in China.

CMB's Individual Rating reflects its established franchise in
retail banking, relatively diversified revenue sources, above-
industry profitability, and solid loan loss reserve coverage.
However, the deterioration in core capital (from rapid loan growth
and the acquisition of Hong Kong's Wing Lung Bank), and rising
asset quality pressures weigh negatively on the rating.  CMB's
loans expanded by 24% in 2008, excluding the acquisition of WLB,
and further grew by 14% un-annualized in Q109 as the bank
responded to the government's economic stimulus by stepping up
lending to local government-backed infrastructure projects.  Asset
quality remains among the strongest of its peers, with NPL and
Special Mention loans ratios of 1.1% and 1.6%, respectively at
end-2008.  Loan loss reserve coverage also is among the highest in
the industry at 223% of NPLs.  Although CMB's profitability led
the industry between 2005 and 2008, earnings have been under
pressure this year due to narrowing interest margins and higher
credit costs.  Meanwhile, core capital has weakened noticeably
following the 2008 acquisition of WLB.  The bank's tangible
equity/tangible assets ratio dropped to 4% at end-Q109 from 5.2%
at end-2007, and is expected to remain under pressure due to
weakening internal capital generation and fast asset growth.  Thus
far, capital raising has focused primarily on Tier 2 issuance,
though some consideration is now being given to raising core
capital.

GDB's 'D/E' Individual Rating reflects its improving credit
profile since restructuring, and the introduction of a new and
internationally experienced management team.  However, loan
quality has shown some signs of deterioration amid the weakening
economic environment, and the bank's still somewhat thin core
capital is a concern.  Although recent credit growth has been
robust, it has been more modest than other nationwide banks, which
Fitch views positively in this environment.  Headline asset
quality indicators have steadily improved since restructuring,
with the NPL ratio falling to an historical low of 2.9% and loan
loss reserve coverage rising to an all-time high of 151% at end-
2008.  Nevertheless, GDB continues to post a relatively large
amount of SM loans, amounting to 5.9% of total loans at end-2008.
Pre-impairment profitability has strengthened noticeably, and is
now on par with that of listed banks.  However, core capital
remains thin relative to its large SM portfolio, and continues to
weigh on GDB's rating.  The equity/assets ratio was a low 3.6% at
end-2008, compared with 5.6% for listed banks.  Preparations are
underway for an IPO tentatively scheduled for 2010, as well as for
issuance of a subordinated bond, which should help strengthen core
and supplementary capital.

SZDB's Individual Rating takes into account its much-improved pre-
impairment profitability, revamped risk management, declining
NPLs, and strengthened capitalization since Newbridge Capital (its
largest shareholder with a 17% stake) assumed management control
in 2005.  Ping An Insurance, one of China's largest insurers, has
agreed to acquire Newbridge's full existing stake in SZDB and
purchase between CNY6.8 billion-CNY10.7 billion of newly issued
shares from SZDB.  The transactions, if approved, would increase
Ping An's ownership to as much as 30% and strengthen SZDB's core
capitalization.  SZDB's loans grew by a strong 28% in 2008 and
12.6% in Q109, with low-risk re-discounted bills accounting for
more than half of the increase.  Asset quality compares favorably
against peers after the bank wrote off CNY10.6 billion of NPLs in
2008 (3.7% of gross loans), lowering the NPL ratio to 0.6% in Q109
(2007: 5.6%).  Loan loss reserve coverage improved to 130% at end-
Q109 from 48% at end-2007 as SZDB booked large impairment charges
to replenish reserves.  The large one-off impairment charges
weighed on earnings in 2008, but pre-provision profitability
improved slightly due to a rise in interest and fee income.  SZDB'
profitability was the best among listed banks in Q109, driven by a
22% yoy contraction in interest expense from falling interbank
rates and a decline in negotiated deposits.  Thin core capital has
long weighed on SZDB's ratings.  However, capital adequacy should
improve upon completion of the prospective deal with Ping An,
after which the bank estimates equity/assets and Tier 1 CAR could
rise to 4.5-5.3% and 7.5-8%, respectively, by year-end 2009.


SHENZHEN DEV'T: Fitch Affirms D/E Individual Rating
---------------------------------------------------
Fitch Ratings has upgraded the Support Ratings of China Merchants
Bank, Guangdong Development Bank and Shenzhen Development Bank.
The Individual Ratings of all three banks have been affirmed.  The
ratings are:

CMB:

  - Support Rating upgraded to '2' from '3'; and
  - Individual affirmed at 'C/D'.

GDB:

  - Support Rating upgraded to '3' from '4'; and
  - Individual affirmed at 'D/E'.

SZDB:

  - Support Rating upgraded to '3' from '4'; and
  - Individual affirmed at 'D/E'.

CMB, GDB, and SZDB form part of a core group of mid-tier,
nationwide commercial banks.  The upgrades of the banks' Support
Ratings reflect the improved ability of the Chinese government to
provide support to domestic banks, as well as a perceived greater
willingness to do so in the wake of the financial crisis.  The
Chinese government's financial position has strengthened
considerably in recent years, and since 2005 the sovereign's own
credit rating has been upgraded to 'A+' from 'A-'.  Foreign
reserves now stand at over US$2.1 trillion, and central government
debt/GDP remains relatively modest at close to 25%.  CMB's higher
Support Rating stems from its larger size and greater systemic
importance as the largest non-state-owned bank in China.

CMB's Individual Rating reflects its established franchise in
retail banking, relatively diversified revenue sources, above-
industry profitability, and solid loan loss reserve coverage.
However, the deterioration in core capital (from rapid loan growth
and the acquisition of Hong Kong's Wing Lung Bank), and rising
asset quality pressures weigh negatively on the rating.  CMB's
loans expanded by 24% in 2008, excluding the acquisition of WLB,
and further grew by 14% un-annualized in Q109 as the bank
responded to the government's economic stimulus by stepping up
lending to local government-backed infrastructure projects.  Asset
quality remains among the strongest of its peers, with NPL and
Special Mention loans ratios of 1.1% and 1.6%, respectively at
end-2008.  Loan loss reserve coverage also is among the highest in
the industry at 223% of NPLs.  Although CMB's profitability led
the industry between 2005 and 2008, earnings have been under
pressure this year due to narrowing interest margins and higher
credit costs.  Meanwhile, core capital has weakened noticeably
following the 2008 acquisition of WLB.  The bank's tangible
equity/tangible assets ratio dropped to 4% at end-Q109 from 5.2%
at end-2007, and is expected to remain under pressure due to
weakening internal capital generation and fast asset growth.  Thus
far, capital raising has focused primarily on Tier 2 issuance,
though some consideration is now being given to raising core
capital.

GDB's 'D/E' Individual Rating reflects its improving credit
profile since restructuring, and the introduction of a new and
internationally experienced management team.  However, loan
quality has shown some signs of deterioration amid the weakening
economic environment, and the bank's still somewhat thin core
capital is a concern.  Although recent credit growth has been
robust, it has been more modest than other nationwide banks, which
Fitch views positively in this environment.  Headline asset
quality indicators have steadily improved since restructuring,
with the NPL ratio falling to an historical low of 2.9% and loan
loss reserve coverage rising to an all-time high of 151% at end-
2008.  Nevertheless, GDB continues to post a relatively large
amount of SM loans, amounting to 5.9% of total loans at end-2008.
Pre-impairment profitability has strengthened noticeably, and is
now on par with that of listed banks.  However, core capital
remains thin relative to its large SM portfolio, and continues to
weigh on GDB's rating.  The equity/assets ratio was a low 3.6% at
end-2008, compared with 5.6% for listed banks.  Preparations are
underway for an IPO tentatively scheduled for 2010, as well as for
issuance of a subordinated bond, which should help strengthen core
and supplementary capital.

SZDB's Individual Rating takes into account its much-improved pre-
impairment profitability, revamped risk management, declining
NPLs, and strengthened capitalization since Newbridge Capital (its
largest shareholder with a 17% stake) assumed management control
in 2005.  Ping An Insurance, one of China's largest insurers, has
agreed to acquire Newbridge's full existing stake in SZDB and
purchase between CNY6.8 billion-CNY10.7 billion of newly issued
shares from SZDB.  The transactions, if approved, would increase
Ping An's ownership to as much as 30% and strengthen SZDB's core
capitalization.  SZDB's loans grew by a strong 28% in 2008 and
12.6% in Q109, with low-risk re-discounted bills accounting for
more than half of the increase.  Asset quality compares favorably
against peers after the bank wrote off CNY10.6 billion of NPLs in
2008 (3.7% of gross loans), lowering the NPL ratio to 0.6% in Q109
(2007: 5.6%).  Loan loss reserve coverage improved to 130% at end-
Q109 from 48% at end-2007 as SZDB booked large impairment charges
to replenish reserves.  The large one-off impairment charges
weighed on earnings in 2008, but pre-provision profitability
improved slightly due to a rise in interest and fee income.  SZDB'
profitability was the best among listed banks in Q109, driven by a
22% yoy contraction in interest expense from falling interbank
rates and a decline in negotiated deposits.  Thin core capital has
long weighed on SZDB's ratings.  However, capital adequacy should
improve upon completion of the prospective deal with Ping An,
after which the bank estimates equity/assets and Tier 1 CAR could
rise to 4.5-5.3% and 7.5-8%, respectively, by year-end 2009.


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


BASF RESINS: Placed Under Voluntary Wind-Up
-------------------------------------------
On July 10, 2009, BASF Resins Company Limited was placed under
voluntary wind-up.

The company's liquidators are:

          Ng Wai Yan
          Ha Man Kit, Marcus
          Queen's Place
          Room 1902, 19th Floor
          74 Queen's Road Central
          Hong Kong


DE SEDE: Ying Hing Chiu Steps Down as Liquidator
------------------------------------------------
On July 20, 2009, Ying Hing Chiu stepped down as liquidator of De
Sede Hong Kong Limited.


DURANGO INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on July 17, 2009, the
members of Durango International Management Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


INFORMATION TECHNOLOGY: Members' Meeting Set for August 26
----------------------------------------------------------
The members of Information Technology Entrepreneurs Association
Limited will hold their meeting on August 26, 2009, at 10:00 a.m.,
at Unit 2103, 21st Floor, Office Tower, Langham Place, 8 Argyle
Street, Mongkok, in Kowloon, Hong Kong.

At the meeting, Lo Yau Tak, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


M C R GROUP: Creditors' Proofs of Debt Due on August 31
-------------------------------------------------------
The creditors of M C R Group Limited are required to file their
proofs of debt by August 31, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Ip Wai Sum
          Hing Yip Commercial Centre
          Unit 501, 5th Floor
          272-284 Des Voeux Road Central
          Hong Kong


MERANTI JOINERY: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on July 17, 2009, the
members of Meranti Joinery Products Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


NISHIMATSU PROPERTY: Placed Under Voluntary Wind-Up
---------------------------------------------------
On July 10, 2009, the sole member of Nishimatsu Property (H.K.)
Limited resolved to voluntary wind up the company's operations.

The company's liquidators are:

          Leung Hok Lim
          Leong Ting Kwok, David
          Citicorp Centre, 26th Floor
          18 Whitfield Road, Causeway Bay
          Hong Kong


SILVER TECH: Creditors' Meeting Set for August 4
------------------------------------------------
The creditors of Silver Tech (China) Limited will hold their
meeting on August 4, 2009, at 3:00 p.m., at Room 2301, 23rd Floor
of Ginza Square, 565-567 Nathan Road, in Kowloon, Hong Kong.

At the meeting, the creditors will be asked to appoint a
liquidator and to consider further matters relevant to creditors'
voluntary wind-up.


SMART GOOD: Appoints Seto Man Fai as Liquidator
-----------------------------------------------
On July 10, 2009, the creditors of Smart Good Enterprises Limited
confirmed the appointment of Seto Man Fai as the liquidator of
Smart Good Enterprises Limited.

The Liquidator can be reached at:

          Seto Man Fai
          Fu Cheong Centre
          Unit D, 6th Floor
          5-7 Wong Chuk Yeung Street
          Fotan, New Territories


UNVERSAL SHEEN: Creditors' Proofs of Debt Due on August 18
----------------------------------------------------------
The creditors of Universal Sheen Group Limited are required to
file their proofs of debt by August 18, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Lau Siu Hung
          Wing Yee Commercial Building, 2nd Floor
          5 Wing Kut Street
          Central, Hong Kong


=========
I N D I A
=========


HYUNDAI MOTOR: India Unit May Resort to Lockout Amid Labor Unrest
-----------------------------------------------------------------
The Economic Times reported that Hyundai Motor India Ltd, a wholly
owned subsidiary of Hyundai Motor Co., may possibly declare a
lockout at its plant near Chennai as it sees no sign of
improvement on the labor front.

The report says that the company wants to ensure safety of
equipment and workforce without any disruption to its working amid
continuing labor unrest at the factory.

According to the report, the management expected the workers who
are on a sit-in strike to accept the recent wage revision accord
and return to work by Monday but expectations have been belied and
workers have still not given up their agitation.

The Times relates that the state labor minister also reviewed the
labor unrest in Hyundai and other factories in the state at the
Secretariat on Monday.

The company, however, has not given up its hope of reaching a
settlement with workers, the report states.

According to the report, a Hyundai spokesperson neither confirmed
nor denied the possibility of resorting to a lockout saying "It is
an extreme possibility, but we are reluctant to resort to it as it
will have a dampening effect on the whole State economy."

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


KUMA STAINLESS: CRISIL Upgrades Rating on INR82MM LT Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on Kuma Stainless Tubes Ltd's
long-term bank facilities to 'B+/Stable' from 'C'; the rating on
Kuma's INR140 million letter of credit (LC) facility has been
revised to 'P4' from 'P5', while the rating on Kuma's INR150
million LC facility has been reaffirmed at 'P4'.  The upward
revision in ratings has been driven by Kuma's track record of
timely repayment of debt, improved liquidity, and better-than-
expected financial performance.

   Facilities                           Ratings
   ----------                           -------
   INR55.0 Million Cash Credit Limit    B+/Stable (Upgraded from
                                                   'C')
   INR82.0 Million Long-Term Loan ^     B+/Stable (Upgraded from
                                                   'C')
   INR140.0 Million Letter of Credit *  P4 (Upgraded from 'P5')
   INR150.0 Million Letter of Credit    P4 (Reaffirmed)

   ^ Includes Proposed facility
   * From ICICI Bank Ltd

The ratings continue to reflect Kuma's limited track record in the
stainless steel tubes segment, large working capital requirements,
and weak financial risk profile.  These weaknesses are, however,
partially offset by Kuma's improved market position in the
stainless steel tubes segment, and improving operating margins.

Outlook: Stable

CRISIL believes that Kuma will maintain its improved market
position in the stainless steel tubes segment over the medium
term. The outlook may be revised to 'Positive' if Kuma further
strengthens its market position in the segment, and improve its
capital structure and profitability.  Conversely, the outlook may
be revised to 'Negative' if the company undertakes large, debt-
funded capital expenditure.

                       About Kuma Stainless

Kuma, incorporated in 2003, manufactures stainless steel and
aluminised steel tubes for the automobile industry.  Kuma is a
joint venture between Kusakabe Electric & Machinery Company Ltd,
Japan, Gallium Industries Ltd, and SKH Metals Ltd.  Kuma reported
a provisional profit after tax (PAT) of INR13 million on net sales
of INR522 million for the year ended March 31, 2009, as against a
PAT of INR23 million on net sales of INR350 million in the prior
year.


MALABAR COCHIN: CRISIL Rates INR100MM Cash Credit Limit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the INR100 million
cash credit facility of Malabar Cochin Arcade Pvt Ltd, a Malabar
group entity.  The rating reflects MCAPL's below-average financial
risk profile, and its exposure to risks related to geographic
concentration in revenues, fluctuations in gold prices, and
intense competition.  The impact of these weaknesses is mitigated
by the benefits that MCAPL derives as a part of the Malabar group,
which has an established presence in the Kerala gold jewellery
market.

For arriving at its rating, CRISIL has combined the business risk
profiles of MCAPL and the other entities in the Malabar group.
This is because the group entities enjoy business synergies like
common management, marketing, administration, designing,
procurement, and centralised control.  The financials, however,
are independently managed and hence CRISIL has not combined
MCAPL's financial risk profile with that of the other group
companies.

Outlook: Stable

CRISIL believes that MCAPL will maintain its stable business risk
profile over the medium term, on the back of the group's
established market position.  The outlook may be revised to
'Positive' if the company's financial risk profile improves,
supported by growth in revenues and profitability. Conversely, the
outlook could be revised to 'Negative' if MCAPL undertakes large,
debt-funded capital expenditure.

                        About Malabar Cochin

MCAPL, incorporated in 2007, operates a jewellery showroom in
Cochin. It is a part of the Kerala-based Malabar group promoted by
Mr. M P Ahammed.  The group has 25 jewellery showrooms, and about
60 companies, of which 27 are in the jewellery business.  The
group also has interests in real estate development,
advertisement, and the media businesses.  MCAPL reported a net
loss of INR29.14 million on net sales of INR165.23 million for the
year ended March 31, 2008, its first year of operations.



NU FASHION: CRISIL Assigns 'BB+' Rating on INR30 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Nu Fashion Footwear Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR42.0 Million Cash Credit    BB+/Stable (Assigned)
   INR30.0 Million Term Loan      BB+/Stable (Assigned)

The ratings reflect NFF's moderate financial risk profile, and
small scale of operations in the footwear industry.  These
weaknesses are, however, partially offset by NFF's diversified
product profile, and established marketing network.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NFF and Footwear (Klick) India Pvt Ltd
(FKI).  This is because both entities are under a common
management, and have strong operational linkages. Also, NFF's
entire sales are to FKI.  The products of both companies are
marketed through a common marketing network, under a common brand,
Lancer.

Outlook: Stable

CRISIL believes that NFF will maintain a stable business and
financial risk profiles over the medium term on the back of a
diversified product profile and established marketing network.
The outlook may be revised to 'Positive' if the company's
profitability improves on the back of higher-than expected cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes large, debt-funded capital expenditure
leading to deterioration in its financial risk profile.

                          About the Group

Incorporated in 1989, FKI manufactures a variety of footwear,
mainly for the winter season, which includes sports shoes, school
shoes and casual footwear for people of all ages.  It sells
products in the domestic market under its brand, Lancer, through a
network of 300 dealers. The company's plant in Delhi has capacity
to manufacture 20,000 pairs of footwear per day (PPD).

The NFF-FKI combine reported a profit after tax (PAT) of INR14
million on net sales of INR856 million for the year ended
March 31, 2009, as against a PAT of INR9 million on net sales of
INR609 million for the year ended March 31, 2008.

                         About Nu Fashion

Incorporated in 1994, NFF manufactures footwear mainly for the
summer season. FKI purchases the entire produce of NFF and markets
it under the same brand through its dealer network.  NFF's plant
in Delhi has a capacity of 30,000 PPD.

NFF reported a profit after tax (PAT) of INR5 million on net sales
of INR454 million for the year ended March 31, 2009, as against a
PAT of INR3 million on net sales of INR233 million for the year
ended March 31, 2008.


PRAKASH PLY: CRISIL Places 'BB-' Rating on INR120 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of the Prakash Ply Centre Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR120 Million Cash Credit*       BB-/Stable (Assigned)
   INR30 Million Letter of Credit    P4 (Assigned)

   *Includes Proposed limit of INR60 Million

The ratings reflect the Prakash group's weak financial risk
profile, and exposure to risks relating to intense competition in,
and cyclical nature of, the plywood and timber industry.  These
weaknesses are, however, partially offset by the group's average
business profile, supported by the benefits that the group derives
from experience of its promoters in the plywood business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PPCPL and Prakash Ply Exim Pvt Ltd
(PPEPL), together referred to as the Prakash group. This is
because PPCPL has extended corporate guarantee to the bank
facilities of PPEPL.  Both entities are also in the same line of
business, and under a common management.

Outlook: Stable

CRISIL believes that the Prakash group will maintain a stable
credit risk profile over the medium term backed by the benefits it
derive from its promoters' experience in the plywood and timber
business.  The outlook may be revised to 'Positive' if the group's
financial risk profile improves as a result of better working
capital management or higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the group
faces time or cost overruns on the project to set up PPEPL's
manufacturing unit, or reports lower-than-expected cash accruals.

                        About the Group

The Prakash group, based in West Bengal is promoted by Mr.
Murlidhar Pandey and his sons, Mr. Satya Prakash Pandey, Mr. Om
Prakash Pandey, and Mr. Shree Prakash Pandey. The group trades in
plywood, timber, veneer, and adhesives.  The Prakash Group is
estimated to report a profit after tax (PAT) of INR6.9 million on
net sales of INR898 million in 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.5 million reported
on net sales of INR629 million in 2007-08.

                         AboutPrakash Ply

PPCPL trades in plywood and timber.  The company is an authorized
dealer of Greenply Industries Limited.  In 2008-09, PPCPL
generated around 55% of its revenue from plywood trading, around
43% from timber trading and remaining from trading of flush door
and fevicol.


PRAKASH PLY EXIM: CRISIL Rates INR100 Million Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of the Prakash Ply Exim Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR132.5 Million Cash Credit *    BB-/Stable (Assigned)
   INR100 Million Term Loan          BB-/Stable (Assigned)
   INR27.5 Million Letter of Credit  P4 (Assigned)

   *Includes Proposed limit of INR2.5 Million

The ratings reflect the Prakash group's weak financial risk
profile, and exposure to risks relating to intense competition in,
and cyclical nature of, the plywood and timber industry.  These
weaknesses are, however, partially offset by the group's average
business profile, supported by the benefits that the group derives
from experience of its promoters in the plywood business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PPEPL and Prakash Ply Centre Pvt Ltd
(PPCPL), together referred to as the Prakash group.  This is
because PPCPL has extended corporate guarantee to the bank
facilities of PPEPL. Both entities are also in the same line of
business, and under a common management.

Outlook: Stable

CRISIL believes that the Prakash group will maintain a stable
credit risk profile over the medium term backed by the benefits it
derive from its promoters' experience in the plywood and timber
business.  The outlook may be revised to 'Positive' if the group's
financial risk profile improves as a result of better working
capital management or higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the group
faces time or cost overruns on the project to set up PPEPL's
manufacturing unit, or reports lower-than-expected cash accruals.

                          About the Group

The Prakash group, based in West Bengal is promoted by Mr.
Murlidhar Pandey and his sons, Mr. Satya Prakash Pandey, Mr. Om
Prakash Pandey, and Mr. Shree Prakash Pandey.  The group trades in
plywood, timber, veneer, and adhesives.  The Prakash Group is
estimated to report a profit after tax (PAT) of INR6.9 million on
net sales of INR898 million in 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.5 million reported
on net sales of INR629 million in 2007-08.

                       About Prakash Ply Exim

PPEPL trades in plywood and timber.  The company is planning to
cum up with a veneer cum plywood & block board manufacturing
facility with annual installed capacity of 5.28 lacs cubic feet of
veneer and 18.06 lacs square meter of plywood and block board
based on 4 mm thickness.  The plant is estimated to commence
production from Dec, 2009 onward.  In 2008-09, PPEPL generated
around 80% of its revenue from timber trading, while remaining is
generated from trading of plywood.


SAI SMARAN: Low Net Worth Prompts CRISIL to Assign 'BB-' Ratings
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Sai Smaran Foods Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR200.00 Million Cash Credit *      BB-/Stable (Assigned)
   INR20.00 Million Term Loan           BB-/Stable (Assigned)

   * Includes Proposed limit of INR30.00 million

The ratings reflect Sai Smaran's small scale of operations in the
highly-fragmented edible oil industry, and weak financial risk
profile marked by low net worth, high gearing and weak debt
protection measures.  The rating also factors in Sai Smaran's
large working capital requirements and exposure to risks relating
to unfavorable government regulations and increasing raw material
prices.  These weaknesses are, however, partially offset by the
benefits that Sai Smaran derives from the experience of its
promoters in the edible oils business, strong operating income
growth, and easy access to raw materials.

Outlook: Stable

CRISIL expects Sai Smaran's financial risk profile to remain weak
and its scale of operations to remain small over the near to
medium term.  The outlook may be revised to 'Positive' if there is
a substantial increase in the company's scale of operations, or
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure.

                         About Sai Smaran

Sai Smaran, incorporated in 1993 by the Goenka family,
manufactures soya bean oil and de-oiled cakes (DOC).  It also
trades in other edible oils.  The company's unit at Nanded
(Maharashtra) has a solvent extraction capacity of around 200
tonnes per day (tpd) and refining capacity of 50 (tpd).  Sai
Smaran reported a profit after tax (PAT) of INR9.5 million on net
sales of INR638.8 million for the year ended March 31, 2009, as
against a PAT of INR3.8 million on net sales of INR466.4 million
for the year ended March 31, 2008.


SHREE KRISHNA: CRISIL Reaffirms INR60MM Cash Credit 'BB+' Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Krishna Steels
continue to reflect the company's small scale of operations, weak
financial risk profile marked by low net worth and profitability,
and exposure to volatility in steel prices.  The impact of these
weaknesses is mitigated by the proprietor's industry experience of
over 25 years, and risk-averse approach.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR50 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL expects Shree Krishna to maintain its operating margins
over the medium term on the back of its established business
linkages, notwithstanding the volatility in steel prices.  The
outlook may be revised to 'Negative' in case of downturn in steel
prices, resulting in losses in inventory and receivables position
for Shree Krishna. Conversely, the outlook may be revised to
'Positive' if Shree Krishna improves its business profile and
profitability.

                       About Shree Krishna

Promoted by Mr. Binod Gupta in 1995, Shree Krishna trades in iron
and steel products.  It is also a stockist for hot-rolled coils
and plates.  The firm posted a profit after tax (PAT) of INR24
million on a net sales of INR651 million for the year ended
March 31, 2008, against a PAT of INR29 million on a net sales of
INR638 million in the prior year.


SHREE VENKATESHWARA: Default in Loan Payment Cue CRISIL 'D' Rating
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/C/P4' to the bank facilities
of Shree Venkateshwara Sponge & Power Pvt Ltd as the company has
defaulted in its term loan obligations because of weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR178 Million Long Term Loan          D (Assigned)
   INR65 Million Cash Credit Limit        C (Assigned)
   INR60 Million Bills Discounting Limit  P4 (Assigned)
   INR50 Million Letter of Credit Limit   P4 (Assigned)

For arriving at the ratings, CRISIL has combined the financials of
SVSPPL and Lakshmi Kalyani Ingots Pvt Ltd, together referred to as
the Venkateshwara group; this is because both the companies are
part of the same group, and have business linkages, as well as
inter-company transactions. LKIPL procures around 50 per cent of
its sponge iron requirement from SVSPPL.

                          About the Group

Promoted by Mr. Bhavani Prasad in 2005 Venkateshwara group is
engaged in manufacturing of sponge iron and steel ingots.

SVSPPL manufactures sponge iron and has a production capacity of
30,000 tonnes per annum (tpa), which is expected to increase to
50,000 tpa over the medium term.

LKIPL manufactures steel ingots, and has a production capacity of
21,600 tonnes per annum (tpa).  LKIPL is currently expanding its
capacity to 22,500 tpa of ingots and 72,000 tpa for Thermo
Mechanically Treated (TMT) bars.

For the year ended March 31, 2008, SVSPPL reported a profit after
tax (PAT) of INR39.03 million on net sales of INR322.64 million,
as against a PAT of INR0.68 million on net sales of INR165.25
million in the prior year.


TATA MOTORS: JLR Core UK Operations Post GBP673.4MM 2008 Net Loss
-----------------------------------------------------------------
John Reed at The Financial Times reports that Jaguar and Land
Rover's core UK operations posted a combined net loss of GBP673.4
million (US$1.1 billion) last year, compared with a combined net
profit of GBP641.5 million in 2007.

Citing  accounts filed with Companies House last week, the FT
discloses that "total recognized losses" at the two carmakers --
including actuarial and other losses related to their pension
schemes -- reached nearly GBP1.2 billion last year.

According to the FT, JLR, owned by India's Tata Motors,
acknowledged that the figures "demonstrate the significant impact
of the global recession and credit crunch on the automotive
[industry] and the premium segment in particular".

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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

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

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


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


DAVOMAS ABADI: Bondholders Seek Debt Payment Freeze
---------------------------------------------------
Two bondholders of PT Davomas Abadi sought suspension of debt
payments by Indonesia's biggest producer of cocoa-based products
to ensure they are paid while the company restructures US$238
million of its obligations, Bloomberg News reports.

Java Investment Advisory Group Inc. and Precise Circle Ltd., each
of which assert owning $100,000 of bonds issued by Davomas unit
Davomas International Finance Pte., presented their case before
the Central Jakarta Commercial Court on July 23, the report said.

According to Bloomberg, the bondholders said a court-ordered
suspension would enable all creditors to get information about the
debt revamp.

The company, Bloomberg recalls, told the Indonesia Stock Exchange
on May 22 that it had appointed ING Bank NV to help reorganize
debt maturing in 2011.

Bloomberg, citing Marx Andryan, a lawyer representing Davomas,
says Davomas doesn't recognize the two companies as its creditors.
"Besides, suppose their claim is correct, the notes are issued by
the unit.  So it's misplaced they request a debt freeze against
Davomas."

The court will hear arguments on July 27 and will decide on
July 30 whether to grant a 45-day temporary suspension, Bloomberg
relates citing Makassau, head of the presiding panel of three
judges.

As reported in the Troubled Company Reporter-Asia Pacific on
May 13, 2009, the Indonesia Stock Exchange suspended PT Davomas
Abadi' shares on May 12 due to the company's failure to pay 11% of
interest for its Guaranteed Senior Secured Notes, worth US$238
million.

                        About Davomas Abadi

PT Davomas Abadi Tbk (JAK:DAVO) -- http://www.davomas.com/-- is
an Indonesia-based Company engaged in processing of cocoa beans
into cocoa butter and cocoa powder.  Its production facility is
located in Tangerang, West Java.  Products are exported under the
trade name P.T. Davomas Abadi to international cocoa traders.  The
Company has one wholly owned subsidiary, Davomas International
Finance Company PTE. Ltd., based in Singapore.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 14,
2009, that Moody's Investors Service has downgraded to Ca from
Caa1 the corporate family rating of PT Davomas Abadi Tbk and
senior secured bond rating of Davomas International Finance
Company Pte Ltd, which is guaranteed by Davomas.  The outlook for
the ratings is negative.

The TCR-AP also reported on May 14, 2009, that Standard & Poor's
Ratings Services lowered its corporate credit rating on Indonesia-
based PT Davomas Abadi Tbk. to 'D' from 'CCC+'.  At the same time,
Standard & Poor's lowered the rating on the US$238 million
guaranteed senior secured notes to 'D' from 'CCC+'.


TELEKOMUNIKASI INDONESIA: Government Mulls Delisting From NYSE
--------------------------------------------------------------
The Jakarta Post reported that Indonesia's Ministry for State
Enterprises is considering delisting two government-controlled
firms -- PT Telekomunikasi Indonesia and PT Indosat -- from the
New York Stock Exchange.  The state ministry cited NYSE's
complicated procedures and fewer benefits gained from listing
there.

The Indonesian government owns 51.9% of PT Telekomunikasi
Indonesia and 14.5% of PT Indosat, as of June.

According to the report, state Minister for State Enterprises
Sofyan Djalil confirmed in Jakarta on Friday that an Indosat team
was assessing the costs and benefits of listing or delisting
shares in the NYSE.

"The company considers the NYSE's regulation as strict, tight as
well as complicated," the report quoted Mr. Sofyan as saying.

The report relates that Telkom vice president for public and
marketing communications, Eddy Kurnia, said the plan to delist
from the NYSE came up years ago when a shareholders' meeting
demanded the company management look into it.

                    About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

P.T. Telekomunikasi Indonesia Tbk continues to carry 'BB' Long-
term foreign and local currency Issuer Default ratings from Fitch
Ratings with stable outlook.  The ratings were affirmed by Fitch
in November 2008.


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


PHILIPPINE LONG: Moody's Upgrades Currency Bond Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the foreign
currency bond rating of Philippine Long Distance Telephone
Company's.  This rating action follows Moody's decision to upgrade
the Republic of Philippines government's B1 long-term foreign-
currency rating to Ba3 and the foreign-currency country ceiling to
Ba1 from Ba3.  PLDT's Ba1 foreign currency debt rating is now in
line with the Philippines' country ceiling for foreign currency
bonds.

At the same time, Moody's has affirmed PLDT's Baa2 local currency
issuer rating.  The outlook for both ratings is stable.

The last rating action was taken on 18th May 2009 when PLDT's Baa2
senior unsecured local currency issuer rating was confirmed with a
stable outlook.

PLDT, headquartered in Manila and listed on the Philippine Stock
Exchange and American Depository Receipts traded on the New York
Stock Exchange, is an integrated provider of fixed-line,
broadband, cellular and ICT (Information and Communications
Technology) services.  It currently has a 52% subscriber market
share for cellular telephony, 60% for fixed-line services and
about 70% for broadband.


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


2M CAPITAL: Court Enters Wind-Up Order
--------------------------------------
On July 10, 2009, the High Court of Singapore entered an order to
have 2M Capital Pte Ltd's operations wound up.

Sentinel Developments Limited filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee’s Office
          The URA Centre (East Wing)
          45 Maxwell Road #05-11/#06-11
          Singapore 069118


CHAINFUSION LIMITED: Court Enters Wind-Up Order
-----------------------------------------------
On July 17, 2009, the High Court of Singapore entered an order to
have Chainfusion Limited's operations wound up.

Vanguard Networks Pte Ltd filed the petition against the company.

The company's liquidator is:

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


EDEVICES TECHNOLOGY: Court Enters Wind-Up Order
-----------------------------------------------
On July 17, 2009, the High Court of Singapore entered an order to
have Edevices Technology Pte Ltd's operations wound up.

Standard Chartered Bank filed the petition against the company.

The company's liquidators are:

          Tam Chee Chong
          Lim Loo Khoon
          c/o Deloitte & Touche LLP
          6 Shenton Way #32-00
          DBS Building Two
          Singapore 068809


SENG SIT: Court Enters Wind-Up Order
------------------------------------
On July 17, 2009, the High Court of Singapore entered an order to
have Seng Sit Metal Industries Pte Ltd's operations wound up.

Okaya Singapore Pte Ltd filed the petition against the company.

The company's liquidator is:

          Insolvency & Public Trustee's Office
          45 Maxwell Road, #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118


TRANSBILT ENGINEERING: Pays Dividend to Unsecured Creditors
-----------------------------------------------------------
Transbilt Engineering Pte Ltd, which is in liquidation, paid
dividend to its unsecured creditors on July 24, 2009.

The company paid 10% to all received claims.

The company's liquidator is:

          Goh Ngiap Suan
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


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


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

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.66
AMP Group Financ              9.803%   04/01/19   NZD       0.91
Antares Energy               10.000%   10/31/13   AUD       1.85
Babcock & Brown Pty           8.500%   11/17/09   NZD      44.40
Becton Property Group         9.500%   06/30/10   AUD       0.42
Bemax Resources               9.375%   07/15/14   USD      62.50
Bemax Resources               9.375%   07/15/14   USD      62.50
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD       1.00
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.60
China Three Gorg              3.450%   04/08/14   CNY      54.02
Djerriwarrh Inv               6.500%   09/30/09   AUD       4.00
First Australian             15.000%   01/31/12   AUD       0.62
Griffin Coal Min              9.500%   12/01/16   USD      52.37
Griffin Coal Min              9.500%   12/01/16   USD      52.37
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      66.00
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.68
Macquarie Bank                5.500%   09/19/16   GBP      72.11
Minerals Corp                10.500%   09/30/09   AUD       0.65
Metal Storm                  10.000%   09/01/09   AUD       0.08
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.67
Southern Power                5.600%   09/17/19   CNY      75.00
Sun Resources NL             12.000%   06/30/11   AUD       0.50
Suncorp-Metway                6.500%   06/22/16   AUD      68.11
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    70.58
Jiangsu Com Hold                1.950%  11/18/13     CNY    70.00
Jiangxi Copper                  1.000%  09/22/16     CNY    71.88


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    74.95


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Flex Industries                4.000%  03/09/12     USD    57.33
Gemini Commnica                6.000%  07/18/12     EUR    59.00
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    74.57
Kei Industries                 1.000%  11/30/11     USD    66.25
Sterling Biotech               0.500%  09/30/10     USD    63.89
Subex Azure                    2.000%  03/09/12     USD    25.50
Wanbury Ltd                    1.000%  04/23/12     EUR    67.50


   INDONESIA
   ---------
Mobile-8 Telecom              12.375%  03/15/12     IDR    48.10


   JAPAN
   -----
Aiful Corp                     4.450%  02/16/10     JPY    70.37
Aiful Corp                     4.450%  02/16/10     JPY    70.37
Aiful Corp                     5.000%  08/10/10     USD    55.62
Aiful Corp                     5.000%  08/10/10     USD    57.46
Aiful Corp                     1.580%  05/26/11     JPY    72.38
Aiful Corp                     1.500%  10/20/11     JPY    64.29
Aiful Corp                     6.000%  12/12/11     USD    42.87
Aiful Corp                     6.000%  12/12/11     USD    42.87
Aiful Corp                     1.200%  01/26/12     JPY    65.61
Aiful Corp                     1.220%  04/20/12     JPY    63.16
Aiful Corp                     1.630%  11/22/12     JPY    59.68
Aiful Corp                     1.740%  05/28/13     JPY    57.91
Aiful Corp                     1.990%  10/19/15     JPY    50.45
CSK Corporation                0.250%  09/30/13     JPY    33.50
Daikyo Inc.                    1.880%  03/12/12     JPY    73.96
Japan Airlines                 3.100%  01/22/18     JPY    74.13
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    56.81
Nippon Residentl               0.740%  07/20/10     JPY    73.55
Nis Group                      8.060%  06/20/12     USD    41.25
Orix Corp                      2.190%  04/18/17     JPY    72.31
Promise Co Ltd                 1.370%  06/04/13     JPY    74.56
Shinsei Bank                   3.750%  02/23/16     JPY    71.62
Shinsei Bank                   5.625%  12/29/49     GBP    51.00
Takefuji Corp                  9.200%  04/15/11     JPY    53.87
Takefuji Corp                  9.200%  04/15/11     USD    53.87
Takefuji Corp                  8.000%  11/01/17     USD    18.87


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.07
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.99
AMBB Capital                   6.770%  01/29/49     USD    63.70
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.50
Crescendo Corp B               3.750%  01/11/16     MYR     0.77
Dutaland Bhd                   4.000%  04/11/13     MYR     0.43
Dutaland Bhd                   4.000%  04/11/13     MYR     0.72
Eastern & Orient               8.000%  07/25/11     MYR     1.00
Huat Lai Resources             5.000%  03/28/10     MYR     0.20
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.23
Kretam Holdings                1.000%  08/10/10     MYR     1.05
Kumpulan Jetson                5.000%  11/27/12     MYR     0.45
LBS Bina Group                 4.000%  12/31/09     MYR     0.40
Lion Diversified               4.000%  12/17/13     MYR     0.93
Mithril Bhd                    3.000%  04/05/12     MYR     0.55
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.21
Olympia Industri               2.800%  04/11/13     MYR     0.23
Olympia Industri               4.000%  04/11/13     MYR     0.23
Plus SPV Bhd                   2.000%  06/27/18     MYR    74.55
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.69
Rubberex Corp                  4.000%  08/14/12     MYR     0.95
SBB Capital Corp               6.620%  11/29/49     USD    74.87
Talam Corp Bhd                 2.000%  06/28/19     MYR    23.39
Tradewinds Corp                2.000%  02/08/12     MYR     0.72
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
TRC Synergy                    5.000%  01/20/12     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.30
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.39
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.99


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    60.96
Allied Nationwid              11.520%  12/29/49     NZD    41.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD     0.36
Blue Star Print                9.100%  09/15/12     NZD    20.52
Capital Prop NZ                8.000%  04/15/10     NZD    14.50
Contact Energy                 8.000%  05/15/14     NZD     1.00
Fidelity Capital               9.250%  07/15/13     NZD    68.17
Fletcher Buildin               7.550%  03/15/11     NZD     8.15
Fletcher Buildin               8.500%  03/15/15     NZD     9.25
Fonterra                       8.740%  11/29/49     NZD    68.00
Infrastr & Util                8.500%  09/15/13     NZD    10.50
Infratil Ltd                   8.500%  11/15/15     NZD    15.00
Infratil Ltd                  10.180%  12/29/49     NZD    59.00
Marac Finance                 10.500%  07/15/13     NZD     0.80
Provencocadmus                 2.000%  04/15/10     NZD     0.66
Rabobank Ned NZ                7.449%  01/29/49     NZD    73.50
Sky Network TV                 9.370%  10/16/16     NZD    75.00
South Canterbury              10.500%  06/15/11     NZD     0.85
South Canterbury              10.430%  12/15/12     NZD     0.67
St Laurence Prop               9.250%  07/15/10     NZD    73.13
St Laurence Prop               9.250%  05/15/11     NZD    71.90
Tower Capital                  8.500%  04/15/14     NZD     0.99
Trustpower Ltd                 8.500%  09/15/12     NZD     7.60
Trustpower Ltd                 8.500%  03/15/14     NZD     8.25
Vector Ltd                     7.800%  10/15/14     NZD     1.00
Vector Ltd                     8.000%  12/29/49     NZD     8.00


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    74.98
Sengkang Mall                  8.000%  11/20/12     SGD     1.10
WBL Corporation                2.500%  06/10/14     SGD     1.72


   SOUTH KOREA
   -----------
Hynix Semi Inc                 7.875%  06/27/17     USD    72.61
Hynix Semi Inc                 7.875%  06/27/17     USD    72.13
Korea Elec Pwr                 6.000%  12/01/26     USD    71.32
Shinhan Bank                   5.663%  03/02/35     USD    72.62
Shinhan Bank                   6.819%  09/20/36     USD    73.06
United Eng                     1.000%  03/03/14     SGD     1.28
Woori Bank                     6.208%  05/02/37     USD    72.75


   SRI LANKA
   ---------
Sri Lanka Govt                 7.500%  08/15/18     LKR    71.63
Sri Lanka Govt                 7.000%  10/01/23     LKR    62.50


   THAILAND
   --------
Thailand Kingdom               1.450%  05/20/15     JPY    71.68


                         *********

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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