TCRAP_Public/091023.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, October 23, 2009, Vol. 12, No. 210

                            Headlines

A U S T R A L I A

LIBERTY PRIME: Fitch Assigns Ratings on Various 2009-2 Notes
METAL STORM: Secures US$35 Million Equity and Debt Placement
STORM FINANCIAL: CBA Chief to Appear at Storm Inquiry Next Week


C H I N A

AGILE PROPERTY: Moody's Gives Positive Outlook on 'Ba3' Rating
HUANENG POWER: Net Profit Up 261.37% Year-on-Year to RMB4.131 Bln
LAS VEGAS SANDS: Seeks Funding to Revive Macau Casino Expansion


H O N G  K O N G

ARLO IV: Moody's Downgrades Ratings on US$200 Mil. Notes to 'B3'
CHUEN LEE: Court to Hear Wind-Up Petition on December 2
DONGGUAN JOYFUL: Court Enters Wind-Up Order
EIRLES TWO: Moody's Downgrades Ratings on Series 311 Notes to 'C'
FOOK HING: Creditors' Proofs of Debt Due November 13

FORAY FAR: Court Enters Wind-Up Order
GALLERIA HONG KONG: Chapter 11 Trustee Appointed for U.S. Unit
HEALING HANDS: Court to Hear Wind-Up Petition on November 18
JOYFUL LONG GROUP: Court Enters Wind-Up Order
JOYFUL LONG SPORTS: Court Enters Wind-Up Order

SHOW VIEW: Court to Hear Wind-Up Petition on December 2
THOUSAND PORT: Court to Hear Wind-Up Petition on November 25


I N D I A

COROMANDEL AGRO: ICRA Assigns 'LBB+' Rating on INR114MM LT Loan
HIM CHEM: CRISIL Assigns 'BB' Ratings on Various Bank Facilities
INCAS INTERNATIONAL: CRISIL Rates INR75MM Packing Credit at 'P4'
SARITA HANDA: CRISIL Puts 'B+' Rating on INR140 Mln. Term Loan
SRINIVASA SOYA: CRISIL Assigns 'B' Ratings on Various Bank Debts

SURYAJYOTI SPINNING: ICRA Rates INR702.6 Mln Term Loan at 'LBB'
TATA MOTORS: Acquires Remaining 79% Stake in Hispano Carrocera


I N D O N E S I A

PAKUWON JATI: Fitch Downgrades Issuer Default Ratings to 'C'


J A P A N

FU JI FOOD: Files Winding Up Petition; Deloitte Appointed
JAPAN AIRLINES: JCR Downgrades Rating on Various Bonds to 'B+'
JAPAN AIRLINES: JCR Downgrades Rating on Senior Debts to 'BB-'
JAPAN AIRLINES: May Incur US$5.5-Bln Net Loss This Year
NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'SD'


K O R E A

DAEWOO LOGISTICS: Wins U.S. Bankruptcy Court Recognition
SSANGYONG MOTOR: Parts Suppliers Group Accept Revival Plans


N E W  Z E A L A N D

ALLIED FARMERS: Breaches Banking Covenants in Sept. 30 Quarter
PETHERICK PROPERTIES: Co-Owner's Thorndon Property Sold
SOUTH CANTERBURY: Registers New Prospectus


S I N G A P O R E

AIR CONTROLS: Court to Hear Wind-Up Petition on October 30
NIPPON SP: Creditors' Meeting Set for November 12


T A I W A N

NANYA TECHNOLOGY: Won't Apply for Taiwan Gov't. Investment
POWERCHIP SEMICONDUCTOR: Decided to Apply for Gov't. Investment


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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A U S T R A L I A
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LIBERTY PRIME: Fitch Assigns Ratings on Various 2009-2 Notes
------------------------------------------------------------
Fitch Ratings has assigned final ratings, outlooks and loss
severity ratings to Liberty PRIME Series 2009-2 Trust's mortgage-
backed floating-rate notes:

  -- AUD10.0 million Class A1 notes: 'F1+';
  -- AUD45.0 million Class A2 notes: 'AAA'; LS-1; Outlook Stable;
  -- AUD58.5 million Class A3 notes: 'AAA'; LS-1; Outlook Stable;
  -- AUD6.3 million Class AB notes: 'AAA'; LS-2; Outlook Stable;
  -- AUD1.8 million Class B notes: 'AA'; LS-3; Outlook Stable;
  -- AUD1.5 million Class C notes: 'A'; LS-3; Outlook Stable;
  -- AUD0.9 million Class D notes: 'BBB'; LS-4; Outlook Stable;
     and
  -- AUD0.8 million Class E notes: 'BB'; LS-4; Outlook Stable.

The transaction also includes Class F notes, which are not rated
by Fitch, totaling AUD1.2 million, representing 1.0% of the total
amount of notes to be issued.  The notes will be issued by Liberty
Funding Pty Ltd in respect of the Liberty PRIME Series 2009-2
Trust.

The final Short-term 'F1+' rating assigned to the Class A1 notes
and the final Long-term 'AAA' ratings assigned to the Class A2,
Class A3 and Class AB notes are based on: the quality of the
mortgage loan collateral; the 4.9% credit enhancement provided by
the subordination of the Class B, C, D, E and the unrated Class F
notes; Liberty's mortgage underwriting and servicing capabilities;
the liquidity provision of 2.0% of the outstanding rated notes
funded from the issuance proceeds; and the interest-rate swap
arrangements the trustee has entered into with National Australia
Bank Limited ('AA'/Outlook Stable/'F1+').

As at the pool cut-off date, the total collateral pool was
comprised of 10.0% reduced documentation mortgages with the
remaining mortgages belonging to borrowers with fully-verified
income.  The portfolio consisted of 582 loans originated by
Liberty, totaling approximately AUD123.4 million.  Fitch's
calculated weighted average current loan-to-value ratio was 64.2%
and the weighted average seasoning is 19.7 months.  Investment
loans comprise 18.9% of the pool, and 15.0% of mortgages in the
portfolio are interest-only loans.  In addition, fixed-rate loans
make up 6.4% of the pool.  The agency has incorporated all the
above-mentioned factors into its credit analysis of the
transaction.

The final ratings assigned to the Class B, C, D, and E notes are
based on all the strengths supporting the Class A notes, excluding
their credit enhancement levels, but including the credit
enhancement provided by each Class of notes' respective
subordinate notes.


METAL STORM: Secures US$35 Million Equity and Debt Placement
------------------------------------------------------------
Metal Storm Limited said it has secured an equity and debt
placement of up to US$35 million from international investment
company Assure Fast Holdings Limited BVI.  The negotiations were
completed in Hong Kong with AFHL and its bank, the Royal Bank of
Scotland.

Metal Storm CEO, Dr. Lee Finniear, said the Company signed a
subscription agreement for the issue of a total of 1,000,000,000
fully paid ordinary shares and 100,000,000 Options for
US$17.5 million with AFHL on October 19, 2009.

"The equity issue will be in two tranches.  The first tranche of
110,000,000 shares for US$1.925 million will be subscribed on 3
November 2009 upon receipt of those funds," he said.

"The second tranche of 890,000,000 shares and 100,000,000 Options
for US$15.575 million is subject to shareholder approval."

Subject to certain adjustments in certain circumstances, each
Option entitles AFHL to subscribe for one share at an exercise
price of AU$0.06 per Option at any time within three years after
its issue.  They are transferable, but will not be quoted on ASX.

Dr. Finniear said that, in addition and subject to agreement of
final terms, AFHL intends to lend a further US$17.5 million to the
Company.  The terms of the loan are yet to be finalized, and a
further announcement in relation to it will be made in due course.

The loan will be subject to the issue of both tranches of equity,
and will also require noteholder approval.

AFHL has advised the balance of the equity subscription moneys and
the loan moneys (totalling US$33.075 million) will be deposited
into a joint bank account and will not be released to Metal Storm
until the necessary shareholder and noteholder approvals are
obtained.  The Company will convene these meetings as soon as
practicable.

Metal Storm Chairman Terry O’Dwyer welcomed AFHL as a major
shareholder and said that he was delighted that the Chairman of
AFHL, Mr. Robert Rivero, was enthusiastic about the technology and
committed to the production and successful sale of Metal Storm’s
weapon systems.

"Mr. Rivero has offered great support to the Company in the
capital injection and further intends to assist the Company to
market into the Asia Pacific region where AFHL knows the market
well," he said.

                        About Metal Storm

Based in Brisbane, Australia, Metal Storm Limited (ASX:MST) --
http://www.metalstorm.com/-- is a development stage enterprise,
which is engaged in defence technology.  The Company is working
with government agencies and departments, and the defence industry
to develop weapons systems utilizing the Metal Storm non-
mechanical, electronically initiated stacked projectile technology
with the principal focus on the 40 millimeter (mm) category of
weapons and munitions.  The Company operates through its
subsidiaries, which includes Metal Storm Inc., Metal Storm USA
Limited, Digigun LLC, and ProCam Machine LLC. The Company's
products include 3GL, FireStorm, MAUL, and 40mm and 18mm Lethal
and Less Lethal ammunition.

Metal Storm Limited's balance sheet at December 31, 2008, showed
current assets of US$8,701,884 and current liabilities of
US$22,397,651, resulting in a working capital deficit of
US$13,695,767.  At December 31, 2007, the Company reported a
working capital deficit of US$4,742,580.

The Company has incurred substantial losses since its formation
and anticipates incurring substantial additional losses over at
least the next few years as it continues its research and
development activities and conduct further trials of its
technology.  The Company's operations have been financed primarily
from capital contributions by investors, interest income earned on
cash and cash equivalents, and grants from government agencies.


STORM FINANCIAL: CBA Chief to Appear at Storm Inquiry Next Week
---------------------------------------------------------------
Commonwealth Bank of Australia Chief Executive Ralph Norris will
give evidence to an Australian parliamentary committee
investigating failed Storm Financial Ltd, The Age reports.

According to the Age, Mr. Norris' appearance before the Federal
Corporations and Financial Services Committee on Wednesday next
week follows maneuvering about whether he would appear before the
inquiry.  Mr. Norris, the Age says, was unavailable for an earlier
hearing of the committee, prompting committee chairman Bernie
Ripoll to publicly request his appearance.

Mr. Norris is likely to be quizzed about the bank's
responsibilities regarding its margin loans, following evidence of
lengthy delays before margin calls to Storm Financial clients were
made and acted on, according to The Sydney Morning Herald.

The Age states that CBA has been at the forefront of attempts to
resolve problems for investors when Storm Financial collapsed with
investor losses estimated at AU$3 billion.

CBA has entered voluntarily into a dispute resolution process, and
has committed to making amends if it had done wrong, the Age
notes.  Bank of Queensland and Macquarie Bank, which also lent to
Storm Financial, have not admitted any wrongdoing.

Richard Sheppard, the chief executive of Macquarie Bank, is
scheduled to appear later in the same day, the Herald adds.

The Troubled Company Reporter-Asia Pacific reported on Sept. 25,
2009, that a public examination of Storm Financial began in the
Federal Court in Brisbane on September 24, with about 40 witnesses
likely to give evidence.  The examination will investigate the
running of the company and its collapse and is expected to run for
19 days, according to The Australian Associated Press.

The liquidators of Storm Financial Ltd, Raj Khatri and Ivor
Worrell of Worrells Solvency and Forensic Accountants, according
to the AAP, said the focus of the examination would be on possible
breaches of duty and corporate offences.

The examination will run from September 24 to September 29,
adjourning until October 12 and continuing until October 30.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
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 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.  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.


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C H I N A
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AGILE PROPERTY: Moody's Gives Positive Outlook on 'Ba3' Rating
--------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook of Agile Property Holding Limited's Ba3 corporate family
and senior unsecured bond ratings.

"The positive outlook reflects Agile's demonstrated ability to
sustain its credit profile through the difficult market conditions
which were prevalent in 2H 2008 and 1Q 2009," says Peter Choy, a
Moody's Vice President & Senior Credit Officer, adding,
"Furthermore, the improved operating environment evident since 2Q
2009 is allowing Agile to exceed its sales budget."

"Agile's improved credit metrics -- Debt/Capitalization of 41% and
EBITDA/interest of 4.5x -- for the 6-month period ending 30 June
well positions it at its current rating level when compared with
its peers," says Choy, adding "while its pre-sales performance in
the next few months will potentially moderate from the very strong
level recently seen, the company is expected to achieve strong
overall earnings for all of 2009."

Despite Agile's current strong level of balance sheet liquidity,
Moody's expects the company will likely incur additional debt to
fund its growth target in 2010.

"At the same time, it has exhibited a track record of prudence in
development and financial management, an approach which could
likely sustain its sound credit profile in the near to medium
term," adds Choy.

Agile's Ba3 ratings continue to reflect its established market
position in China's economically strong Pearl River Delta Region,
its track record of cautious expansion, and its prudent financial
management.

At the same time Agile's rating is unfavorably affected by its
high concentration of development business in Guangdong Province,
projects in second tier cities, as well as the uncertain and
evolving character of the operating environment in the China
property market.

Upward rating pressure could emerge if Agile 1) consistently
achieves its planned sales; 2) continues to demonstrate strong
financial discipline and prudently monitors its business and
financial risks; and 3) maintains a sound liquidity profile.

Moody's sees EBITDA/interest coverage consistently above 5-6x and
adjusted leverage below 45% as indications of a potential rating
upgrade.

On the other hand, the outlook could return to stable if Agile (1)
experiences declines in sales and profit margins because of a
significant downturn in China's property market; (2) materially
raises development costs without a corresponding rise in cash
inflow; and/or (3) executes an aggressive land acquisition plan,
which is beyond Moody's expectations, such that its balance sheet
becomes more leveraged, with adjusted leverage above 50% and/or
EBITDA/interest under 4-5x.

In addition, the bond rating will be downgraded by one notch to
reflect the risk of subordination if there is evidence that Agile
has increased its onshore borrowings, such that secured and
subsidiary debt consistently exceeds 15% of total assets on a
sustained basis.

The last rating action was on 15 May 2008 when Moody's withdrew an
assigned rating of Ba3 to a proposed US400 million bond issue
which Agile had cancelled.

Agile Property Holdings Limited is one of the major property
developers in China, targeting the mid-to-high-end segment.  It
has a land bank with gross floor area of around 29.6 million sqm.


HUANENG POWER: Net Profit Up 261.37% Year-on-Year to RMB4.131 Bln
-----------------------------------------------------------------
Huaneng Power International, Inc. reported unaudited results for
the nine months ended September 30, 2009.

Under the PRC Accounting Standards, for the first three quarters
of 2009, the Company realized consolidated operating revenues of
RMB56.678 billion, representing an increase of 6.46% over the same
period last year.  Net profit attributable to equity holders of
the Company amounted to RMB4.131 billion, representing an increase
of 261.37% over the same period last year, mainly due to an
increase in operating revenues attributed by the operation of new
generating units and the carryover effect of tariff adjustments
during the second half of 2008, combined with a decrease in fuel
costs resulted from a decrease in spot coal prices.

In the first three quarters of 2009, the Company made certain
progress in both acquisitions and developments.  The transfer
agreements according to which the Company agreed to purchase 55%
equity interest in Tianjin Huaneng Yangliuqing Co-generation
Limited Liability Company and 41% equity interest in Huaneng
Beijing Co-generation Limited Liability Company from China Huaneng
Group and Huaneng International Power Development Corporation,
respectively, were approved by the State-owned Assets Supervision
and Administration Commission of the State Council on
September 11, 2009.  Pursuant to the relevant transfer agreements,
the Company has fully paid the considerations at a total amount of
RMB2.348 billion.  As a result, the controlling generation
capacity and the equity-based generation capacity of the Company
increased by 2,045MW and 1,006MW, respectively.  The transaction
relating to the Company's acquisition of 65% equity interest in
Huaneng Qidong Wind Power Generation Co. Ltd. from Huaneng New
Energy Industrial Holding Limited Company was approved by the
SASAC, and the Company has paid the consideration of RMB103
million to Huaneng New Energy Industrial Holding Limited Company
on September 17, 2009.  The Company's controlling generation
capacity and equity-based generation capacity were then increased
by 92MW and 60MW, respectively.  The 1,000MW ultra-supercritical
coal-fired generating unit (Unit No.1) at Haimen Power Plant Phase
1, which is wholly-owned by the Company, has commenced commercial
operation at the end of July 2009 and its actual generation
capacity in operation has reached 1,036MW.

In addition, the No.4 generating unit (110MW) at Jining Power
Plant ceased operation on and from June 30, 2009 and the No.2
generating unit (220MW) at Huaiyin Power Plant ceased operation on
and from January 1, 2009.

Huaneng Power International, Inc. (SHA:600011; NYSE:HNP) --
http://www.hpi.com.cn/-- is principally engaged in the
investment, planting, operation and management of power plants.
The Company's electricity generation business covers the Northeast
China Grid, the North China Grid, the Northwest China Grid, the
East China Grid, the Central China Grid and the South China Grid,
as well as grid in Singapore. During the year ended December 31,
2008, the Company together with its subsidiaries, generated
approximately 184.6 billion kilowatt-hours.  As of December 31,
2008, the Company wholly owned 17 operating power plants and had
controlling interests in 13 operating power plants and minority
interests in five operating power companies within China.  Its
power plants were located in 12 of China's provinces, including
Liaoning, Hebei, Henan, Gansu, Shandong, Shanxi, Jiangsu,
Zhejiang, Jiangxi, Hunan, Fujian and Guangdong, and in Shanghai
and Chongqing Municipalities.  It also had a wholly owned power
subsidiary in Singapore.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sept. 21,
2009, that Fitch Ratings downgraded Huaneng Power International,
Inc's Long-term foreign and local currency Issuer Default Ratings
and senior unsecured debt rating to 'BB+' from 'BBB', and its
Short-term foreign and local currency IDRs to 'B' from 'F3'.  The
Outlook is Stable.


LAS VEGAS SANDS: Seeks Funding to Revive Macau Casino Expansion
---------------------------------------------------------------
Las Vegas Sands Corp. is seeking as much as US$2 billion to
restart mothballed projects in Macau, Beth Jinks at Bloomberg
reported, citing Chief Operating Officer Michael Leven.

Las Vegas Sands aims to get commitments for project financing from
lenders by the end of the month to resume work on lots 5 and 6 of
its 21,000-room hotel and casino complex on Macau's Cotai Strip,
Mr. Leven said in an interview with Bloomberg in New York.

Las Vegas Sands, according to the report, is willing to contribute
additional equity in the project, on top of the $1.6 billion it
has already spent on the four hotels, Mr. Leven said, declining to
give an amount. He estimated the total cost at about $3.6 billion
and said it could be finished by June 2011.

Sheldon Adelson, the Company's chief executive officer, stopped
construction on the two-thirds-built structures last year as
credit markets froze, revenue growth slowed and the risk of loan
defaults swelled.

According to Bloomberg, separate from the construction financing,
Las Vegas Sands plans to sell a stake in its Macau business in an
initial public offering on the Hong Kong Stock Exchange.  Wynn
Macau Ltd., controlled by billionaire Steve Wynn, raised about
$1.6 billion selling a stake in its Macau unit this month in Hong
Kong.

In September, Las Vegas Sands said it has closed and funded its
previously announced $600 million pre-IPO financing transaction.
The Company said it has the flexibility to utilize the net
proceeds from the issuance of the bonds for general corporate
purposes.

                       About Las Vegas Sands

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.
The casino company is controlled by billionaire Sheldon Adelson.

As reported by the TCR on Aug. 4, 2009, Moody's Investors Service
has placed Las Vegas Sands, Corp.'s ratings, including its B3
Corporate Family Rating, on review for possible downgrade.  The
review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.


================
H O N G  K O N G
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ARLO IV: Moody's Downgrades Ratings on US$200 Mil. Notes to 'B3'
----------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by ARLO IV Ltd, a collateralized debt obligation
transaction synthetically referencing a managed portfolio of
corporate entities.

Issuer: ARLO IV Limited

  -- Series 2006 (Bichumi Global 1) US$200,000,000 Secured Limited
     Recourse Credit-Linked Notes due 2016, Downgraded to B3;
     previously on March 10, 2009 Downgraded to Ba2

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, adjusted with forward looking measures, has
deteriorated from 188 from the last rating action to 380,
equivalent to an average rating of the current portfolio of Baa2.
The reference portfolio includes an exposure to CIT Group Inc. and
Ambac Assurance Corporation which have experienced substantial
credit migration in the past few months, and are now rated Ca and
Caa2 respectively.

The reference portfolio has not been changed since January 2009.
Should there be any proposed changes to the reference portfolio in
the future, the governing documents still require every
replacement of reference entities to pass the Moody's CDOROM Test,
unless 100% note-holders consent is obtained.

Since inception of the transaction, the subordination of the rated
tranche has been reduced due to credit events on Lehman Brothers
Inc., Glitnir banki hf and Landsbanki Islands hf.  These credit
events led to a decrease of approximately 3.3% of the
subordination of the series.  The portfolio has the highest
industry concentrations in Insurance (18%), Banking (13%),
Sovereign (13%), and Finance (9%).

Moody's monitors this transaction using primarily the methodology
and its supplements for CSO as described in Moody's Rating
Methodology papers:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (September 2009)

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include, among others,
the structural protections in each transaction, the recent deal
performance in the current market environment, the strength of the
legal framework as well as specific documentation features, and
selection bias in the portfolio.  All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.


CHUEN LEE: Court to Hear Wind-Up Petition on December 2
-------------------------------------------------------
A petition to wind up the operations of Chuen Lee Industrial
Limited will be heard before the High Court of Hong Kong on
December 2, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Wen Siao and Leung
         Wing On Central Building, 7th Floor
         26 Des Voeux Road
         Central, Hong Kong


DONGGUAN JOYFUL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong on September 28, 2009, entered an
order to have Dongguan Joyful Long Development Limited's
operations wound up.


EIRLES TWO: Moody's Downgrades Ratings on Series 311 Notes to 'C'
-----------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by Eirles Two Limited, a collateralized debt obligation
transaction synthetically referencing a managed portfolio of
corporate entities.  Moody's will withdraw its rating for business
reasons following a request from the arranger.

Issuer: Eirles Two Limited

  -- Series 311 US$15,000,000 Floating Rate Credit Linked Notes
     due 2014 Notes, Downgraded to C; previously on March 2, 2009
     Downgraded to Ca

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The reference portfolio includes an exposure to Ambac
Financial Group, Inc., CIT Group Inc., and iStar Financial Inc.
which have experienced substantial credit migration in the past
few months, and are now rated Ca.

Since the last rating action on the transaction, the subordination
of the rated tranche has been further reduced due to credit events
on BTA Bank, Chemtura Corporation, Idearc, Inc. and Syncora
Guarantee Inc. The aggregate loss amount has already exceeded the
subordination and impacted approximately 51% of the tranche's
original amount.  The portfolio has the highest industry
concentrations in Insurance (17%), Banking (16%), Finance (12%)
and Sovereign (7%).

Moody's monitors this transaction using primarily the methodology
and its supplements for CSO as described in Moody's Rating
Methodology papers:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (September 2009)

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include, among others,
the structural protections in each transaction, the recent deal
performance in the current market environment, the strength of the
legal framework as well as specific documentation features, and
selection bias in the portfolio.  All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.


FOOK HING: Creditors' Proofs of Debt Due November 13
----------------------------------------------------
Fook Hing Holdings Limited, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by November 13, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         1801 Wing On House, 18/F
         71 Des Voeux Road
         Central, Hong Kong


FORAY FAR: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong on September 28, 2009, entered an
order to have Foray Far East Limited's operations wound up.


GALLERIA HONG KONG: Chapter 11 Trustee Appointed for U.S. Unit
--------------------------------------------------------------
Peter Anderson, the United State Trustee for Region 16, appointed
R. Todd Neilson as Chapter 11 trustee for Galleria USA Inc.

Mr. Neilson assured the U.S. Bankruptcy Court for the Southern
District of California that he does have an interest materially
adverse to the interest of the Debtor's etstate.

Galleria (USA) manufactures home accents.  It filed for bankruptcy
in Santa Ana, California (Case No. 09-20651), following the filing
of affiliate Galleria (Hong Kong) Ltd.

Galleria (Hong Kong) Ltd. sought bankruptcy Sept. 29 (Bankr. C.D.
Calif. Case No. 09-20414).  Matthew A Lesnick, Esq., represents
the Debtor in its restructuring effort.  The petition says that
assets and debts are $100,000,001 to $500,000,000.

Bank of America filed a winding up petition against a company of
the same name and with the same address in Hong Kong in July,
Tiffany Kary at Bloomberg notes.


HEALING HANDS: Court to Hear Wind-Up Petition on November 18
------------------------------------------------------------
A petition to wind up the operations of Healing Hands Limited will
be heard before the High Court of Hong Kong on November 18, 2009,
at 9:30 a.m.


JOYFUL LONG GROUP: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong on August 28, 2009, entered an order
to have Joyful Long Group Limited's operations wound up.


JOYFUL LONG SPORTS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong on September 28, 2009, entered an
order to have Joyful Long Sports Limited's operations wound up.


SHOW VIEW: Court to Hear Wind-Up Petition on December 2
-------------------------------------------------------
A petition to wind up the operations of Show View Limited will be
heard before the High Court of Hong Kong on December 2, 2009, at
9:30 a.m.

The Petitioner's solicitors are:

         Wen Siao and Leung
         Wing On Central Building, 7th Floor
         26 Des Voeux Road
         Central, Hong Kong


THOUSAND PORT: Court to Hear Wind-Up Petition on November 25
------------------------------------------------------------
A petition to wind up the operations of Thousand Port Limited will
be heard before the High Court of Hong Kong on November 25, 2009,
at 9:30 a.m.

The Petitioner's solicitors are:

         Lee Kao & Yip
         The Landmark
         Gloucester Tower, 17/F
         Central, Hong Kong


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


COROMANDEL AGRO: ICRA Assigns 'LBB+' Rating on INR114MM LT Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR114 million long term
fund based sanctioned facilities of Coromandel Agro Products and
Oils Limited.  ICRA has also assigned A4+ rating to the INR1
million non-fund based sanctioned facilities of CAPOL.

The ratings are constrained by the deterioration of financial
performance in FY 2009 reflected in low operating profit margins
and return indicators along with continuing negative operating
cash flows for the past three years.  The ratings also take into
account the intense competition in the edible oil industry, threat
from cheaper substitutes like palm oil and regulatory risks
associated with the edible oil industry.  The ratings however draw
comfort from the experience of the promoters in the industry and
the company's established customer base for its key products.

CAPOL has been in the business of cottonseed oil processing since
1976 and currently has a sizeable scale of operations with an
installed processing capacity of 400MT/day.  Cotton seed oil
processing remains relatively unexploited in India.  Apart from
its usage as blending oil, it has many other applications.  The
by-products of cottonseed processing include linters and de-oiled
(DOC) cakes which find application in paper manufacturing and
cattle & fish feed respectively.  Although competitively priced,
cotton seed oil faces threat from cheaper substitutes like palm
oil which also constitutes a substantial part of the country's
edible oil imports.  Cottonseed oil, DOC cakes and hulls
contribute around 90% of the company's revenues.

The company's profitability is vulnerable to various factors
including fluctuation in oil realizations, cottonseed prices and
change in regulatory environment.  While oil prices vary with
international prices, cottonseed prices depend on the quality of
the cotton crop yield in a particular season.  The company
processed lower volumes of cottonseed over the period FY2007 to FY
2009 due to lower availability of good quality cottonseeds from
its suppliers, which led to dip in capacity utilization from 44%
to 36% for oil.  While realization for linters and hulls have
consistently grown in this period, cottonseed oil realizations
dropped by more than 10% in FY 2009 on account of rationalization
of duty structure of edible oils leading to drop in edible oil
prices.  This along with lower off take led to a de-growth of 12%
in the company's revenues in FY 2009.  Further higher input costs
owing to increase in minimum support price for cotton led to
pressure on operating profitability.  The company had an inventory
of 108 days as on March 31, 2009, as compared to 60 days as on
March 31, 2008, on account of lower sales.  While, this led to
higher working capital intensity with an NWC/OI of 30.4% as
against 21.4% in the previous year, higher interest cost impacted
net margins.  The operating and net margins were 2.7% and 1.3% in
FY 2009 as against 5.1% and 2.6% in FY 2008.  In the same period,
the gearing increasing from 1.2 times to 1.59 times due to higher
working capital and short term loans, leading to lower debt
coverage indicators.

Going forward, the company's profitability is expected to remain
vulnerable to fluctuations in prices of edible oils and cotton
seeds and regulatory actions.  The recent correction in oil prices
can boost the margins to an extent, however given that the company
operates its plant only in the period from November to May, and
its performance in the next season remains to be seen.  As the
company does not have any capital expenditure plans, the gearing
is expected to reduce.

                       About Coromandel Agro

Coromandel Agro Products and Oils Limited is engaged in the
processing of cotton oilseeds. Incorporated in 1976, the company
is a part of the Maddi Lakshmaiah group (ML Group) which has
interests in tobacco processing and real estate leasing. The key
products manufactured include cotton seed oil, de-oiled cakes,
hulls, linters, soap stock, acid oil and sludge oil. The company
has its manufacturing facility in Chirala in Andhra Pradesh which
has a cottonseed processing capacity of 400 MT/day, a solvent
extraction plant with a processing capacity of 225 MT/day and
refinery plant with processing capacity of 50 MT/day.


HIM CHEM: CRISIL Assigns 'BB' Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Him Chem Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Cash Credit       BB/ Stable (Assigned)
   INR90.0 Million Term Loan          BB/ Stable (Assigned)
   INR21.5 Million Standby Line       BB/ Stable (Assigned)
                   of Credit
   INR3.5 Million Bank Guarantee      P4+ (Assigned)
   INR55.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect Him Chem's weak financial flexibility because
of high gearing, low current ratio, and large receivables.  The
ratings also factor in the company's small scale of operations.
The impact of these weaknesses is mitigated by Him Chem's
improving operating margins and increasing cash accruals, backed
by an improving product mix.

Outlook: Stable

CRISIL believes that Him Chem will maintain its stable credit risk
profile over the medium term on the back of its increasing cash
accruals and operating margins.  The company's financial risk
profile may, however, remain constrained because of high leverage.
The outlook may be revised to 'Positive' if the company's capital
structure improves significantly, either through fresh equity
infusion or increased accruals.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large, debt-funded
capital expenditure program, or if its cash accruals decline
steeply, resulting in deterioration in its capital structure.

                          About Him Chem

Set up in 1975, Mr. Harish Chander (present Managing Director)
took over the management control of Him Chem in 2003.  Him Chem is
engaged in the manufacture of polyester yarn- full-drawn and
partially-oriented yarn.  The company's manufacturing plant in
Solan, Himachal Pradesh, has the capacity to manufacture up to 45
tonnes of polyester yarn per day.

Him Chem reported a profit after tax (PAT) of INR20 million on net
sales of INR967 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR9 million on net sales
of INR771 million for 2007-08.


INCAS INTERNATIONAL: CRISIL Rates INR75MM Packing Credit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Incas International.

   Facilities                             Ratings
   ----------                             -------
   INR32.2 Million Term Loan Facility     BB+/ Stable (Assigned)
   INR75.0 Million Packing Credit         P4+ (Assigned)
   INR110.0 Million Bill Discounting      P4+ (Assigned)
   INR100.0 Million Letter of Credit      P4+ (Assigned)
   INR1.0 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect Incas's moderate financial risk profile, and
exposure to risks relating to lack of backward integration in
operations, and to intense competition.  These weaknesses are
partially offset by the benefits that the company derives from its
promoters' experience in the leather goods business, and from its
diversified customer and product profiles.

Outlook: Stable

CRISIL believes that Incas will maintain a stable business risk
profile on the back of an established customer base, and the
promoters' experience in the leather industry.  The outlook may be
revised to 'Positive' if Incas's capital structure and operating
margin improve.  Conversely, the outlook may be revised to
'Negative' if slowdown in the economy, or intensifying competition
in the leather exports industry impacts Incas's cash accruals, or
if large, debt-funded capital expenditure weakens its capital
structure.

                     About Incas International

Set up in 2000 as a proprietorship company by Mr. Vikas Kalra,
Incas manufactures leather garments and accessories such as bags,
gloves, and belts.  The company exports its products to USA and
Europe. Leather jackets, mainly for men, contribute about 80 per
cent to Incas's revenues.  The company's clientele includes Polo
Ralph, Esprit, Massimo Dutti, and Caroline Biss. Incas has two
plants at Gurgaon for manufacture of garments and accessories,
respectively.

Incas reported a profit after tax (PAT) of INR5.2 million on net
sales of INR316 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.4 million on net
sales of INR302 million for 2007-08.


SARITA HANDA: CRISIL Puts 'B+' Rating on INR140 Mln. Term Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Sarita Handa Exports Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR140.0 Million Term Loan Facility    B+/ Stable (Assigned)
   INR280.0 Million Packing Credit *      P4 (Assigned)

   * Fully fungible with bill discounting facility

The ratings reflect SHEPL's weak financial risk profile, and
exposure to risks relating to geographic and customer
concentration in its revenue profile.  These weaknesses are,
however, partially offset by the benefits that the company derives
from absence of debt repayment obligations over the near term.

Outlook: Stable

CRISIL believes that SHEPL will maintain a stable business risk
profile over the medium term, backed by an established customer
and supplier base. The outlook may be revised to 'Positive' if the
company's cash accruals increase, strengthening its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, owing to
weakening demand in the overseas markets, or sharp decline in
profitability.

Incorporated in 1993, SHEPL manufactures and exports home
textiles.  SHEPL's product range includes bed sheets, pillow
covers, table covers, quilts, and duvets.  The company has its
manufacturing facility at Manesar (Haryana), and outsources
printing and dyeing, quilting, and computerized embroidery work.
SHEPL reported a profit after tax (PAT) of INR5 million on net
sales of INR780 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR6 million on net
sales of INR729 million for 2007-08.


SRINIVASA SOYA: CRISIL Assigns 'B' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' ratings to the bank facilities
of Srinivasa Soya Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR120.0 Million Cash Credit             B/Stable (Assigned)
   INR125.0 Million Long Term Loan          B/Stable (Assigned)
   INR5.0 Million Proposed Long Term Loan   B/Stable (Assigned)

The ratings reflect SSPL's modest financial risk profile, and
exposure to risks related to volatility in soya prices and
stabilization of operations.  The impact of these weaknesses is
mitigated by the benefits that the company derives from its
promoters' technical expertise and experience in the edible oil
industry.  The ratings also factor in the company's achievement of
financial closure for its soya solvent extraction project.

Outlook: Stable

CRISIL believes that SSPL will maintain its financial risk profile
over the medium term.  The outlook may be revised to 'Positive' if
the company achieves stabilization of commercial production and
capacity utilization along expectations. Conversely, the outlook
may be revised to 'Negative' if SSPL faces pressure on its debt
service obligations on account of lower than expected accruals.

Set up in August 2008 by Mr. B Ramarao, Mr. Ajay Singh Parmar, and
Mr. Amitabh Pohekar, SSPL is setting up a soya solvent extraction
plant in Karanji (Maharashtra).  The facility will have a capacity
to crush 500 tonnes of soya seeds per day.  The maximum yearly oil
output of the company will be around 27,000 tonnes.  The company
has completed the commissioning of the plant, and trial production
has commenced in September 2009.


SURYAJYOTI SPINNING: ICRA Rates INR702.6 Mln Term Loan at 'LBB'
---------------------------------------------------------------
ICRA has assigned a 'LBB' rating to INR702.6 million term loans of
Suryajyoti Spinning Mills Limited.  ICRA has also assigned a A4
rating to INR15 million short term loans of SSML.  ICRA has
ratings outstanding of LBB on the INR907.2 million term loans and
INR750 million fund based limits and A4 on the INR121.2 million
fund based limits and INR90 million non fund based limits of SSML.

The assigned ratings primarily reflect the stretched financial
profile of the company with high gearing and weak profitability
margins.  The textile industry is going through a cyclical
downturn characterized by weak demand conditions and high
competitive pressures, especially with the oversupply situation in
standard count cotton yarns which had led to fall in margins in
the last two financial years.  SSML's capital structure is highly
leveraged with gearing at 3.4x levels as of March 31, 2008-09
leading to weak coverage metrics with interest coverage levels at
2.5x and NCA/Total Debt at 5%.  The ratings also factor in the
project risks associated with the company's new venture in cotton
fabric segment with the project having witnessed considerable
delays till now.  SSML faces significant refinancing risk on
account of high debt repayments due in the medium term for the
debt taken to fund the establishment of the fabric segment.  The
ratings are supported by the experience of the promoters in the
spinning industry, its presence across a diversified product range
in yarn insulating it from demand decline in any particular
segment, its entry into newer markets supporting its revenues and
profitability and also its operating efficiency resulting in lower
but stable margins.

For the first quarter ended June 2009, the Company has reported
operating profit and net profit of INR65 million and INR16 million
respectively on an operating income of INR590 million.

                     About Suryajyoti Spinning

Suryajyoti Spinning Mills Limited is a leading producer of
different types of yarn in Andhra Pradesh.  Incorporated in 1983
by Mr. R K Agarwal, the company is into manufacturing of various
counts, mostly lower and medium counts of cotton and also
synthetic yarn at its various manufacturing locations around
Hyderabad.  With a spindlage capacity of 86,560 distributed across
three spinning units, the company manufactures carded and combed
variety of cotton yarn and various blends of synthetic yarn (PSF,
VSF, PC, PV).  In 2006-07, SPML entered into an arrangement with
Pangea (a leading Italian fabric manufacturer), to setup a
manufacturing unit for premium cotton segment at an initial
capital expenditure of INR1.05 billion.  SPML (70%) and Pangea
(30%) together have floated a company, Pangea India, for marketing
of coated fabrics in the Indian and Asian market.


TATA MOTORS: Acquires Remaining 79% Stake in Hispano Carrocera
--------------------------------------------------------------
Tata Motors Ltd said it has acquired the remaining 79% stake in
Spanish bus maker Hispano Carrocera S.A. by way of exercise of the
existing call option, through mutual agreement with the other
shareholder, Investalia S. A. Spain.

Tata Motors, which had a 21% stake in Hispano since 2005, said it
will further strengthen the ongoing initiatives to improve
operational efficiencies such as productivity improvement, cost
reduction, and new product development, to improve market share of
the company and enhance brand value.

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
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


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


PAKUWON JATI: Fitch Downgrades Issuer Default Ratings to 'C'
------------------------------------------------------------
Fitch Ratings has downgraded PT Pakuwon Jati Tbk's Long-term
foreign and local currency Issuer Default Ratings to 'C' from
'CC', and its National Long-term rating to 'C(idn)' from
'CC(idn)'.  The agency has also downgraded the US$110 million
senior notes due 2011 to 'C/RR4' from 'CC/RR4' and Senior Bond I
(outstanding IDR38.5 billion) due 2011 to 'C(idn)' from 'CC(idn)'.
Simultaneously, the Rating Watch Negative assigned by Fitch on 18
June 2009 has been removed.  Due to the high level of credit risk
inherent in a 'C' IDR, Fitch is not providing a Rating Outlook.

The downgrades follow the company's announcement of a debt
exchange offer for the 2011 Notes and consent solicitation for the
amendment of the notes' covenant package.  Under the Exchange
Offer, Pakuwon will pay bondholders 60% of the outstanding
principal as cash upfront and the remaining 40% will be exchanged
into US$ Step-Up Cash Coupon and Paid in Kind interest unsecured
senior notes due in 2015.

In Fitch's view, if successful, the Exchange Offer would
constitute a Coercive Debt Exchange under Fitch's CDE criteria for
two main reasons.  Firstly, there is a material reduction of
contractual terms compared to the original terms of the 2011
Notes, including the significant extension of maturity date, the
structural reduction in seniority of the 2015 Notes and the change
from cash pay basis to the combination of step up cash and paid-
in-kind basis for the coupons.  Secondly, Fitch -believes that in
the absence of the Exchange Offer, a payment default would be
likely.

Fitch acknowledges that the company should be able to meet the
US$20.35 million payment to cover the first principal amortization
and interest payment on the 2011 Notes due in November 2009.
However, in the agency's view, Pakuwon's ability to meet the
subsequent semi-annual payments from May 2010 onwards will be much
less certain.  This is particularly the case given the company's
need to priorities its cash on hand to complete its ongoing
Gandaria project, which also carries some execution risk.  In
addition, the Consent Solicitation, if successful, will lead to
amendments that would weaken covenant protection for holders of
the 2011 Notes.

If the Exchange Offer is successful, Fitch would downgrade the
company's IDR to 'RD' to reflect a Restricted Default status under
Fitch's criteria.  In such an event, Fitch would then reassess the
company's credit profile following the completion of the Exchange
Offer based on its revised capital structure.

At end-June 2009, Pakuwon had a cash balance of IDR312 billion and
US$16.2 million in restricted cash, of which US$13.2 million was
placed in an escrow account set up for the interest payment of the
2011 Notes, with the rest to be disbursed for the Gandaria project
capex needs.

Pakuwon is a listed property company in Indonesia with a presence
in commercial property investment and development, as well as
residential property development, primarily in Surabaya but is
expanding into Jakarta.  Pakuwon achieved revenues of IDR454
billion and EBITDA of IDR210 billion in 2008.  Founder Alexander
Tedja's family has a 72.7% beneficial interest in the company.


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


FU JI FOOD: Files Winding Up Petition; Deloitte Appointed
---------------------------------------------------------
Fu Ji Food and Catering Services Holdings has filed a petition to
wind up the company with the Hong Kong High Court, Bloomberg News
reports.  Deloitte Touche Tohmatsu has been appointed as the
provisional liquidator.

Bloomberg, citing a South China Morning Post report, says
financing was too complicated for Fu Ji and it wants to solve its
funding problems by liquidating.

According to Bloomberg, Fu Ji Food's Hong Kong dollar convertible
bonds due next month fell to the lowest since July 2008 after the
appointment of liquidators.

Fu Ji's zero coupon convertible bonds due Nov. 9 fell to 35 cents
on the dollar as of 9:55 a.m. in Hong Kong, according to Mizuho
Financial Group Inc. prices on Bloomberg.

The company also has zero coupon convertible notes denominated in
yuan due to mature next year, according to data compiled by
Bloomberg.

Based in Hong Kong, FU JI Food and Catering Services Holdings
Limited (HKG:1175) -- http://www.fujicatering.com/-- is engaged
in the provision of catering services; the operation of Chinese
Restaurants and theme restaurants, and the production and sale of
convenience food products.


JAPAN AIRLINES: JCR Downgrades Rating on Various Bonds to 'B+'
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the rating on
Japan Airlines Corp.'s senior debts from BB+ to BB-, maintaining
it on Credit Monitor with Negative direction (from #BB+/Negative
to #BB-/Negative).  JCR has also downgraded the ratings on the
outstanding bonds and shelf registration (preliminary) from BB to
B+, maintaining them on Credit Monitor with Negative direction
(from #BB/Negative to #B+/Negative).

Senior debts: #BB-/Negative

                Amount
   Issues       (Bln)   Issue Date Due Date   Coupon  Rating
   ------       ------  ---------- --------   ------  ------
   bonds no.1   JPY10   12/18/2003 12/18/2013 2.94%   #B+/Negative
   bonds no.3   JPY10   02/04/2004 02/04/2011 1.92%   #B+/Negative

  (bonds no.1 and no.3 are guaranteed by Japan Airlines
   International.)

Shelf Registration: preliminary #B+/Negative
Maximum: JPY150 billion
Valid: two years effective from January 31, 2008

Rationale

As the Japanese government understands well the importance of
Japan Airlines Corporation (JAL) as a public infrastructure, it
will support JAL in some way to maintain JAL's functions.
However, with no official announcement on the specific measures at
this moment, it is difficult to project the details.  Discussions
with the various interested parties will be necessary to draw up a
restructuring plan for JAL.  Therefore, the formation of the plan
is expected to run into trouble.  It is also now becoming
difficult for JAL to avoid placing a burden on the creditors.  JAL
is also far from getting the immediate financing satisfactorily.
JCR downgraded the ratings for JAL by two notches and maintains
them on Credit Monitor, incorporating the above in the rating.

                        About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 20, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, by two notches to 'B-' from 'B+' and its senior
unsecured rating by one notch to 'B' from 'B+'.  The ratings
remain on CreditWatch with negative implications, where they were
placed on Sept. 18, 2009.


JAPAN AIRLINES: JCR Downgrades Rating on Senior Debts to 'BB-'
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the rating on
Japan Airlines International Co., Ltd.'s senior debts from BB+ to
BB-, maintaining it on Credit Monitor with Negative direction
(from #BB+/Negative to #BB-/Negative).

Rationale

Japan Airlines International Co. is a core operating company of
JAL Group, generating the majority of the Group's cash flow on a
consolidated basis.  The all executive officers and directors of
the holding Company, Japan Airlines Corporation (JAL),
concurrently serve as executive officers and directors of the
Company.  As the Company's oneness to the Group is strong, its
credit capacity is considered equivalent to that of Japan Airlines
Corporation. Therefore, JCR downgraded the rating by two notches
and maintains it on Credit Monitor for the Company in the same way
as JCR did for JAL.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 20, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, by two notches to 'B-' from 'B+' and its senior
unsecured rating by one notch to 'B' from 'B+'.  The ratings
remain on CreditWatch with negative implications, where they were
placed on Sept. 18, 2009.


JAPAN AIRLINES: May Incur US$5.5-Bln Net Loss This Year
-------------------------------------------------------
Japan Airlines Corp. may post a US$5.5 billion loss this financial
year because of the cost of a major overhaul, including massive
job cuts, AFP reports, citing the Yomiuri newspaper.

AFP relates Yomiuri said that a report presented to JAL's
creditors by a government-appointed taskforce overseeing its
restructuring warns the carrier could post a net loss of JPY500
billion in the year to March, eight times bigger than the
shortfall of JPY63 billion that the company forecast in May.

The Yomiuri report, as cited by AFP, says JAL may need to report
extra losses due to the possible early retirement of more than
9,000 workers, as well as aircraft disposals and other
restructuring costs.

                      London Flights Reduction

The Japan Times reports that Japan Airlines plans to reduce the
frequency of daily round-trip flights on the Narita-London route
to once a day from twice starting Dec. 7, 2009.

The Times, citing sources, relates that the company will formally
announce the planned cutback in early November as part of the
ongoing review of international operations to revive its
profitability.

The step, according to the Times, would leave JAL with no European
route on which it operates more than one daily round-trip flight,
except for routes where it does so under code-sharing
arrangements.

JAL has already informed travel agencies and other parties of the
plan, the Times notes.

                        About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 20, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, by two notches to 'B-' from 'B+' and its senior
unsecured rating by one notch to 'B' from 'B+'.  The ratings
remain on CreditWatch with negative implications, where they were
placed on Sept. 18, 2009.


NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'SD'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty rating on NIS Group, a Japan-based nonbank finance
company, to 'SD' from 'CCC-'.  This rating action will last one
day, after which Standard & Poor's intends, in accordance with its
criteria and if there are no further developments, to restore NIS
Group's long-term counter party credit rating to 'CCC-'.  At the
same time, the rating on its U.S. dollar-denominated unsecured
straight bonds due June 20, 2012, was lowered to 'D' from 'CC'.
These rating actions correct an omission in the application of
S&P's ratings criteria at the time NIS group repurchased its
outstanding bonds earlier this year.

The use of the 'SD' (selective default) notation reflects S&P's
view that the repurchases were distressed and thus represent a
selective default under Standard & Poor's ratings criteria.

Standard & Poor's views distressed entities' restructuring of debt
obligations by offering less than the original promise as
tantamount to default.  The restructuring can take the form of
exchange offers and repurchases below par.  To consider a
repurchase as tantamount to default, two conditions have to be
met:

The offer, in S&P's view, implies that the investor will receive
less value than the promise of the original securities; and

The offer, in S&P's view, is distressed, rather than purely
opportunistic (see aforementioned May 12 criteria report,
particularly FAQ 1, for S&P's differentiation between distressed
and opportunistic).

S&P makes an exception for open-market purchases; however, this
exception applies in a limited fashion only in cases where the
market is liquid and repurchases remain anonymous.  While NIS
Group's repurchases were conducted anonymously at the time, the
company's press release on April 1, 2009, reported extraordinary
gains from the repurchases and cancellation of its No.9 series
domestic unsecured straight bonds due Feb. 26, 2010 (unrated) and
U.S. dollar-denominated unsecured straight bonds due June 20,
2012.  From these press releases and the company's financial
reports, Standard & Poor's concluded that it became obvious that
the company had repurchased these bonds below par.  The successive
substantial repurchases of these two issues were confirmed by the
company's press releases on July 1, 2009, and on Oct. 1, 2009,
indicating NIS has repurchased 58% of its No.9 series and 82% of
its U.S. dollar bonds by the end of September 2009.

S&P's criteria states that, following the completion of a first
repurchase, the issuer is no longer considered to be in selective
default -- similar to an entity that has exited from bankruptcy
(see aforementioned May 12 criteria report, FAQ 11).  Accordingly,
S&P intend to change the 'SD' rating as expeditiously as possible.
However, any issues subject to the repurchase would retain their
'D' rating until the termination of the restructuring that
pertains to them.  S&P may raise the bond rating when S&P view the
repurchase as completed.


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


DAEWOO LOGISTICS: Wins U.S. Bankruptcy Court Recognition
--------------------------------------------------------
Tiffany Kary at Bloomberg News reports that Daewoo Logistics Corp.
won U.S. bankruptcy court protection from creditors and lawsuits
while it reorganizes in South Korea.

U.S. Bankruptcy Judge Burton Lifland in Manhattan court on
Wednesday granted Daewoo Logistics' Chapter 15 petition, Bloomberg
says.  According to Bloomberg, a preliminary injunction granted
Sept. 24 had given the company a temporary legal shield until the
company made its final request October 22, showing that a
reorganization in Seoul court is a "main proceeding."

Under Chapter 15 of the U.S. Bankruptcy Code, companies win stays
against legal proceedings and can organize U.S. creditors in
support of a main proceeding in another country.

Citing Yong-Nam Ahn, the receiver appointed by Seoul Central
District Court, Bloomberg discloses the company needed protection
against U.S. lawsuits including one from Saga Forest Carriers,
which froze US$609,638 of Daewoo's assets.

Established in June 1999, Daewoo Logistics Corp.  --
http://www.dwlogistics.co.kr/-- is a mid-sized South Korean
shipping and logistics company.  The company was spun off from the
bankrupt Daewoo conglomerate and bought by former Daewoo
executives in 1999.

On July 3, 2009, Daewoo Logistics filed for court receivership
before the Seoul District Court after struggling to pay back
maturing debts.  The filing came after the Company's rescue talks
with steelmaker Posco fell through.

Daewoo Logistics filed a Chapter 15 petition on September 15
(Bankr. S.D.N.Y. Case No. 09-15558).  It listed as much as US$500
million in debt and assets.  Jeremy O. Harwood, Esq., at Blank
Rome, LLP, represents Daewoo in the Chapter 15 case.


SSANGYONG MOTOR: Parts Suppliers Group Accept Revival Plans
-----------------------------------------------------------
The Korea Herald reports that Ssangyong Motor Co.'s revival plans
were accepted Wednesday by an association of creditors.

According to the report, the association, comprised of about 600
parts suppliers, said that the majority of its 600 members agreed
to accept the plans and that it will make its position known to
other creditors, bankruptcy court and other concerned parties.

The report relates the group said that the plans were accepted as
it considered the carmaker's plans to focus on product development
and seeking a partnership or M&A opportunities to be in the best
interest of Ssangyong in the long term.

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  On
Feb. 6, 2009, the TCR-AP reported that the Seoul Central District
Court accepted Ssangyong's application to rehabilitate under court
protection.  The court named former Hyundai Motor Co. executive
Lee Yoo-il and Ssangyong executive Park Young-tae to run the
automaker.

Ssangyong Motor on Sep. 15, 2009 filed revival plans to the Seoul
Central District Court.


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


ALLIED FARMERS: Breaches Banking Covenants in Sept. 30 Quarter
--------------------------------------------------------------
Allied Farmers Limited said it has breached its banking covenants
for the September quarter.

Allied Farmers Chairman John Loughlin said, "We are continuing to
experience tough trading conditions, a situation which has been
ongoing for a number of months, and we are carefully examining how
we can improve operating performance."

"The trading conditions have resulted in the company breaching
banking covenants for the September quarter, a situation we have
discussed with Westpac, who in turn have granted a waiver to the
covenant breach and confirmed it will continue to provide banking
support under the terms and conditions agreed in August this
year," he said.

The company said it is currently undertaking an extensive review
of its structure, market presence and operations.

Specifically, and following the disappointing 2009 result, the
review, led by Managing Director, Rob Alloway, is seeking to
establish ways in which the group can significantly improve its
operating performance and market share in the two key rural and
financial services businesses.

Over the past few months, the company has been in discussions with
a number of entities in the rural and finance sectors with a view
to achieving consolidation utilizing Allied Farmers status as an
NZX listed company.  These discussions are continuing and the
company is cognizant of opportunities in the current environment
involving capital raising and potential for securitization.

Mr. Loughlin also noted "farmers are continuing to take a cautious
approach to spending and while the increased Fonterra payout
forecast was welcome news, it is likely to take some time to flow
down into the wider rural economy.

"We are continuing discussions around the appropriate structure
for the $7 million equity injection announced earlier this month
and expect to be in a position to release details shortly" he
said.

Allied Farmers reported a net line loss of $33.3 million for the
year ended June 30, 2009, compared with a net income of $2.37
million profit the same period last year.

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


PETHERICK PROPERTIES: Co-Owner's Thorndon Property Sold
-------------------------------------------------------
The Dominion Post reports that Wellington property developer
Stephen Petherick's home in Tinakori Rd, Thorndon, has been sold
for NZ$2.1 million.

According to the report, the Thorndon home was owned by
Mr. Petherick's company, Petherick Properties, which was placed by
financiers into receivership this month.

The report says the Lowry Bay property owned by a family trust on
behalf of Mr. Petherick and his former wife, Alexa, is also for
sale.

The Troubled Company Reporter-Asia Pacific, citing The Dominion
Post, reported last week that Petherick Properties has been placed
in receivership.

Receivers McGrathNicol were appointed as the company's receivers
by the backers of the four Wellington commercial properties in its
portfolio, mainly ASB and Marac Finance.

The Post reported Alan Isaac, of receiver McGrathNichol, said
challenges in the relationship between the owners of the company,
Mr. Petherick and his wife, Alexa, were behind the receivership.

Mr. Petherick started his career as a hairdresser before getting
into commercial property in the 1980s, a lucrative industry he
described as "like taking candy from a baby".  According to the
Post, Mr. Petherick was listed this year in the National Business
Review rich list as being worth NZ$80 million, down from NZ$110
million last year.


SOUTH CANTERBURY: Registers New Prospectus
------------------------------------------
South Canterbury Finance Limited has registered a new prospectus
for the issue of debenture stocks and deposits.

Deposits are now being accepted for securities with a range of
maturities.  Investors will be able earn a yield of up to 8% per
annum with the benefit of the Crown guarantee under the
government's retail deposit guarantee scheme in respect of
debenture stock and deposits that mature, or otherwise become
payable on or before October 11, 2010.

South Canterbury Chairman Allan Hubbard said the Company also
intends applying to participate in the extended deposit guarantee
scheme announced by the Government on August 22, 2009.  In order
to be accepted into the extended Crown guarantee scheme, the
Company will need to meet certain eligibility criteria and be
accepted for participation by the Secretary to the Treasury.

"We have had to attend to a number of matters in recent weeks
which caused delays in the registration of the prospectus. We very
much appreciate the patience of our loyal investors and customers
and look forward to their continued support," Mr. Hubbard said.

"Further announcements will be made as we evolve our restructuring
and recapitalization plans."

                           Prospectus Details

Alan Wood at The Press relates that the SCF's prospectus revealed
that under an agreed repayment by SCF of US$100 million (NZ$134
million) to private placement noteholders, a first payment of
US$45 million is due by October 25, 2009, with the final payment
by March 31, 2010.  SCF will also pay a US$15 million refinancing
fee regarding the private placement, the Press notes.

The finance company is still in the final stages of arranging a
new $75 million credit facility with a third party provider, to
help repay the private placement.

SCF is also planning a recapitalization of its balance sheet
involving new investors, backed by parent Southbury Group,
majority owned by SCF Chairman Allan Hubbard.

The restructuring and recapitalization is partly due to new
capital requirements proposed by the Reserve Bank.

In the next 12 months, under the restructuring plan, SCF would
divest non-core assets -- reducing its shares in Dairy Holdings
and South Island Farm Holdings (which has some 20 dairy and other
farms).

South Canterbury ceased allotting securities under a prospectus on
August 21, 2009, pending registration of a memorandum of
amendments to the prospectus or registration of a new prospectus
in its place.  Accordingly, all funds received by the Company
after August 20, 2009, have been placed in trust on behalf of
subscribers.

The Company had planned to register a new debenture stock
prospectus following the release of the Company's audited accounts
expected on or before September 30, 2009.

South Canterbury Finance Group said August 28 that talks were
underway with the five subscribers to the US$100 million private
placement facility who are entitled to seek repayment within three
months following the resetting of the group's credit rating by
Standard & Poor's at BB+.

                      Credit Ratings Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
September 23, 2009, Standard & Poor's Ratings Services placed its
'BB+' long-term rating on South Canterbury Finance Ltd. on
CreditWatch with negative implications.  This rating action
follows S&P's concern that SCF's risk profile has increased since
S&P lowered the ratings on the company on Aug. 13, 2009.  A
CreditWatch Negative listing by Standard & Poor's implies a one-
in-two likelihood of the rating being lowered within the next
three months.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.


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


AIR CONTROLS: Court to Hear Wind-Up Petition on October 30
----------------------------------------------------------
A petition to wind up the operations of Air Controls Engineering
Pte Ltd will be heard before the High Court of Singapore on
October 30, 2009, at 10:00 a.m.

Belimo Actuators Ltd filed the petition against the company on
October 2, 2009.

The Petitioner's solicitors are:

         Messrs. Patrick Tan & Associates
         101A Upper Cross Street
         #13-09 People's Park Centre
         Singapore 058358


NIPPON SP: Creditors' Meeting Set for November 12
-------------------------------------------------
Nippon SP Tech (s) Pte. Ltd, which is under provisional
liquidation, will hold a meeting for its creditors on November 12,
2009, at 4:00 p.m.

The company's provisional liquidators are:

         Aaron Loh Cheng Lee
         Angela Ee Meng Yen
         Seshadri Rajagopalan
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


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


NANYA TECHNOLOGY: Won't Apply for Taiwan Gov't. Investment
----------------------------------------------------------
Jessie Ho at Dow Jones Newswires reports that Nanya Technology
Corp. has decided not to apply for investment from the Taiwan
government because market conditions have improved.

"The best time to consolidate local memory-chip makers has passed,
so consolidating only part of capacities among companies will not
significantly help the restructuring of the sector," Dow Jones
cited Nanya in a statement.

The deadline for companies to submit applications to receive
government investment was on October 20.

                     Third Quarter 2009 Results

Nanya Technology announced its unaudited results for the third
quarter ended on September 30, 2009.

Nanya's revenue is NT$11.50 billion, an increase of 42% compared
to the second quarter in 2009.  Operating loss in the quarter has
been significantly reduced to NT$2.80 billion from NT$5.23 billion
in the previous quarter.  Net loss is NT$3.88 billion, improved
41%, in the third quarter, mainly due to 35% increase in DRAM ASP
quarter-over-quarters.

The board of Nanya Technology had approved, on September 24, 2009,
a proposal to issue 800 million new common shares at a tentative
price of NT$16 per share, for a total amount around NT$12.8
billion.  The fund will be used for the purchase of new equipments
(NT$7.52 billion), and the payback of the corporate bonds (NT$5.28
billion).  The company will also secure an NT$18 billion
syndicated loan in November of 2009.  The fund is mainly for the
upgrade of the 50nm stack technology transition, and the
development of the advanced DRAM technologies to ensure the
company's competitiveness in DRAM Industry.

The technology migration from trench to stack in Nanya's 12-inch
fab has been successfully completed in early October, ending wafer
starts in 70nm trench technology.  Meanwhile, the pilot run of
50nm stack technology has been demonstrated successfully.  The
conversion to 50nm is scheduled to complete in the second quarter
of 2010, achieving 50 percent cost down compared to the 70nm
trench technology.  Furthermore, the joint development of 40nm
stack technology between Nanya Technology and Micron Technology is
progressing well for a production scheduled in the second half of
2010, with another 30% die cost reduction.

The increasing PC demand and the DDR2-DDR3 transition drove up
DRAM demand, leading to a DRAM market recovery.  To meet this
demand, Nanya Technology will focus on DDR3 products, while DDR2
capacity decreases gradually.  Nanya plans to increase its DDR3
capacity to 40 percent of the combined production at Nanya and
Inotera Memories at the end of the forth quarter, 2009.  The DDR3
capacity is expected to exceed 50 percent in the first quarter of
2010.

Nanya reported a net loss of NT$6.5 billion for the second quarter
ended June 30, 2009, compared with a net loss of NT$7.29 billion
in the period in 2008.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.  The company
reported net sales of NT$36.31 billion in the fiscal year ended
Dec. 31, 2008, compared with a net sales of NT$52.89 billion in
fiscal year 2007.

                      About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


POWERCHIP SEMICONDUCTOR: Decided to Apply for Gov't. Investment
---------------------------------------------------------------
The China Post reports that Powerchip Semiconductor Corp. has
decided to join the government-sponsored reengineering project to
bolster Taiwan's dynamic random access memory (DRAM) chip
industry.

The Post relates that officials at the Ministry of Economic
Affairs (MOEA) confirmed that in addition to the government-backed
Taiwan Innovation Memory Co. (TIMC), which already submitted its
request and proposal, Powerchip made similar requests before the
October 20 deadline.

The report, citing Powerchip proposal, says the company plans to
establish Taiwan Flash Corp. with a capital investment of NT$20
billion, including a capital injection of less than NT$8 billion
by the government, for the manufacture of flash chips.

For the first phase, the Post says, Powerchip plans to invest
NT$10 billion, including NT$5.5 billion from investors in the
private sector and NT$4.5 billion from the government.

Powerchip Semiconductor's losses widened to NT$18.02 billion in
the first six months of the year, compared with NT$17.02 billion
net loss in the same period last year.

Based in Hsinchu, Taiwan, Powerchip Semiconductor Corp. is
principally engaged in the research, development, manufacture and
sale of integrated circuits (ICs).  The Company offers dynamic
random access memory (DRAM) products, including synchronous
dynamic random access memory (SDRAM) products, double-data rate
(DDR) DRAM products, DDR2 DRAM products, Data Flash products, as
well as wafer foundry services.  The Company's products are
applied in work stations, personal computers, notebook computers,
printers, televisions, personal digital assistants (PDAs), mobile
phones, digital cameras and digital televisions.  During the year
ended December 31, 2008, the Company obtained approximately 84%
and 16% of its total revenue from its packaging components and
wafers, respectively.  The Company primarily distributes its
products mainly in Asia.


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW       AHGN           16933460.19    -8226075.95
ALLOMAK LTD            AMA            39033742.73     -860795.01
ALLSTATE EXPL-PP       ALXCC           16169603.2   -50619940.96
ALLSTATE EXPLORA       ALX             16169603.2   -50619940.96
ANTARES ENERGY L       AZZ            13709735.08    -1955765.01
ARC EXPLORATIO-N       ARXN            58544299.4   -15958771.93
ARC EXPLORATION        ARX             58544299.4   -15958771.93
AUSMELT LTD            AET             10421943.8    -1558622.35
AUSTAR UNITED          AUN           508844538.84  -310055789.75
AUSTRAILIAN Z-PP       AZCCA          77741918.88    -2566335.24
AUSTRALIAN ZIRC        AZC            77741918.88    -2566335.24
BIRON APPAREL LT       BIC            19706736.59    -2220069.65
CENTRO PROPERTIE       CNP         14725100625.83  -495299520.84
CHALLENGER INF-A       CIF          2307005549.62  -104582562.08
CHEMEQ LIMITED         CMQ            25194855.59   -24254413.72
CITY PACIFIC LTD       CIY           171501648.08    -6383353.75
EIRCOM HOLDINGS        ERC          7606555987.32  -533212434.19
ELLECT HOLDINGS        EHG            18245003.37   -15487781.92
HYRO LTD               HYO            21498880.13   -14825700.09
MAC COMM INFR-CD       MCGCD        8104415200.76  -103343256.49
RESIDUAL ASSC-EE       RAGXF         597329874.01  -126963316.48
RUBICON AMERICA        RAT           649532285.57  -100605696.94
RUBICON EUROPE T       REU            553099503.3  -252490904.13
TOOTH & CO LTD         TTH           108860665.87   -69404500.26
VERTICON GROUP         VGP            14221690.08   -24604525.15
VOYAGER RESOURCE       VOR           105239382.56  -190859513.39


CHINA

ALONG TIBET CO-A       600773         10645458.33    -1260472.65
AMOI ELECTRONI-A       600057        205714958.88  -171265179.25
ANHUI KOYO GROUP       979            60010204.49   -52445757.65
BAO LONG ORIENTA       600988         16803610.56    -3002433.31
CHANG LING GROUP       561            42473545.73   -10486849.69
CHENGDE DIXIAN-B       200160         52878580.08    -15925439.9
CHENGDU UNION-A        693            53505027.19    -5241722.53
CHINA EAST AIR-A       600115      10663617937.55  -669018244.31
CHINA EAST AIR-H       670         10663617937.55  -669018244.31
CHINA KEJIAN-A         35             80524769.63  -182184709.66
CHINESE.COM LOGI       805            12869661.54   -10094949.57
CITIC GUOAN VI-A       600084        348889601.71  -125227226.74
DANDONG CHEM F-A       498            102526072.1  -107860689.36
DONGGUAN FANGD-A       600656         64150753.72    -8735494.67
DONGXIN ELECTR-A       600691         20608187.18    -5028635.72
GAOXIN ZHANGTO-A       2075          124776592.95   -19821585.47
GUANGDONG HUAL-A       600242         19373034.05    -2325690.04
GUANGDONG KEL-A        921           650072211.91   -103760527.2
GUANGMING GRP -A       587            45859984.22   -44684252.23
GUANGXI BEISHE-A       600556        110503178.27  -144424566.92
GUANGXIA YINCH-A       557            19526916.97   -37073597.54
HEBEI BAOSHUO -A       600155        133526389.53  -358418197.58
HEBEI JINNIU C-A       600722        227141182.32  -223794072.17
HISENSE ELEC-H         921           650072211.91   -103760527.2
HUATONG TIANXI-A       600225         34542670.84   -29942511.88
HUDA TECHNOLOG-A       600892         20055498.84     -2392277.8
HUNAN ANPLAS CO        156            53136755.69    -81141655.2
JIAOZUO XIN'AN-A       719            14229704.96    -7806228.22
NINGBO YIDONG-H        8249           55690342.44   -22047522.03
QINGHAI SUNSHI-A       600381         53430938.15   -26418232.17
SHANG HONGSHENG        600817         17195946.36  -397044828.42
SHANG LIANHUA-A        600617         16629332.66    -2816699.77
SHANG LIANHUA-B        900913         16629332.66    -2816699.77
SHANGHAI WORLDBE       600757        218813789.33  -118596184.73
SHENZ CHINA BI-A       17             27968310.96   -264106065.1
SHENZ CHINA BI-B       200017         27968310.96   -264106065.1
SHENZ SEG DASH-A       7              75454296.33    -6832811.09
SHENZHEN DAWNC-A       863            28806239.39   -155220111.2
SHENZHEN KONDA-A       48            198370122.93   -14709825.62
SHENZHEN SHENXIN       34             23960824.39  -166323495.41
SHIJIAZHUANG D-A       958           247135076.94   -47057598.59
SICHUAN DIRECT-A       757           130066883.28   -118258912.1
SUNTEK TECHNOL-A       600728         36252073.49   -23232714.83
TAIYUAN TIANLO-A       600234         49936366.67   -24269532.79
TIANJIN MARINE         600751         82399198.24   -30394356.74
TIANJIN MARINE-B       900938         82399198.24   -30394356.74
TIBET SUMMIT I-A       600338         72677899.02   -13527522.12
TOPSUN SCIENCE-A       600771        183535542.89  -132134649.22
WINOWNER GROUP C       600681         11441386.17   -70778286.86
WUHAN BOILER-B         200770        425205467.18   -59127896.04
WUHAN GUOYAO-A         600421          11224148.1   -38404923.54
XIAMEN OVERSEA-A       600870        316697544.56  -153952891.08
YUEYANG HENGLI-A       622            37450378.86   -15337096.06
YUNNAN MALONG-A        600792        157520417.89    -3274324.93
ZHANGJIAJIE TO-A       430            52226364.35    -5625101.14


HONG KONG

21 HOLDINGS LTD        1003           43646556.17    -4262036.57
APTUS HLDGS LTD        8212           49964062.48      -11190766
ASIA TELEMEDIA L       376            16618871.08    -5369335.42
BEAUFORTE INV          21             12327016.69     -2955593.7
CHINA GOLDEN DEV       162           252996681.97    -2720111.36
CROSBY CAPITAL         8088              25806000       -6935000
EGANAGOLDPFEIL         48            557892423.39  -132858951.98
EMPEROR ENTERTAI       8078           29921484.05    -5924477.64
FULBOND HLDGS          1041              60255000      -14419000
HUTCHISON TELE H       215          2400098040.83  -366059762.21
JIAN EPAYMENT          8165           12943183.73    -1516828.52
MITSUMARU EAST K       2358           38170722.85       -1449668
NEW CITY CHINA         456           113178595.41    -9932226.54
PAC PLYWOOD            767               75639000       -5411000
PALADIN LTD            495           160927722.22    -1629398.23
PALADIN LTD -PRE       642           160927722.22    -1629398.23
PCCW LTD               8            5990928703.57  -394965167.61
SANYUAN GROUP LT       140            15148448.77    -1587205.23
WAI CHUN MINING        660            12791013.67   -14603647.06


INDONESIA

BANK MUTIARA TBK       BCIC          493235338.87  -135578273.49
BUKAKA TEKNIK UT       BUKK           73759284.09   -88378100.23
DAYA SAKTI UNGGU       DSUC           18968940.39   -16565907.15
ERATEX DJAJA           ERTX           16355782.65   -13909830.79
JAKARTA KYOEI ST       JKSW           30395173.44   -38677864.58
KARWELL INDONESI       KARW           10703306.59    -7637325.25
MULIA INDUSTRIND       MLIA          342682884.88  -423294727.62
PANASIA FILAMENT       PAFI           51388821.53    -3769923.94
PANCA WIRATAMA         PWSI           24440350.75    -28494642.1
POLYSINDO EKA PE       POLY          413587722.04  -843849953.26
PRIMARINDO ASIA        BIMA           11142638.56   -19773137.59
SEKAR BUMI TBK         SKBM            18209576.7    -1625327.43
STEADY SAFE TBK        SAFE           10838828.11    -4030148.54
SURABAYA AGUNG         SAIP           236584686.9    -99589026.9
TEIJIN INDONESIA       TFCO             192946176      -12344400
UNITEX TBK             UNTX           15358972.53   -13809629.56


INDIA

ALCOBEX METALS         AML            35670319.03   -22443296.68
APPLE FINANCE          APL            70832103.73   -29253849.19
ASHIMA LTD             ASHM           59922403.11   -47153581.06
BAKELITE HYLAM         BKLT           13911138.88    -12867352.6
BALAJI DISTILLER       BLD            51161385.13    -38383503.3
BELLARY STEELS         BSAL           451679252.4  -108504755.34
BHAGHEERATHA ENG       BGEL           22646453.72   -28195273.09
CFL CAPITAL FIN        CEATF          14305706.35   -40038022.22
COMPUTERSKILL          CPS            14896780.89    -7560054.57
CORE HEALTHCARE        CPAR          185364966.99  -241912027.81
DCM FINANCIAL SE       DCMFS          16540889.84   -10988851.47
DIGJAM LTD             DGJM           98769193.78   -14623833.58
DISH TV IND-PP         DITVPP        422081403.33  -127614551.41
DISH TV INDIA          DITV          422081403.33  -127614551.41
DUNCANS INDUS          DAI           114362122.22  -185510212.55
GANESH BENZOPLST       GBP            77840261.61   -41865917.86
GEM SPINNERS LTD       GEMS           15233308.38     -112427.32
GLOBAL BOARDS          GLB            25154303.78     -793024.17
GSL INDIA LTD          GSL            37040429.61   -42340564.58
GUJARAT SIDHEE         GSCL           59440728.18     -660003.43
GUJARAT STATE FI       GSF            30159595.18  -234918081.46
HARYANA STEEL          HYSA           10831176.59    -5909008.81
HENKEL INDIA LTD       HNKL          102052835.27    -10237657.2
HFCL INFOTEL LTD       HFCL          151650830.03   -85807810.61
HIMACHAL FUTURIS       HMFC          406633181.85  -210980393.95
HINDUSTAN PHOTO        HPHT           93725753.93 -1229352757.43
HMT LTD                HMT           139311695.43  -277691144.15
ICDS                   ICDS           13300348.69    -6171079.46
INDIA FOILS LTD        IF             48457142.32   -38013960.39
INFOMEDIA 18 LTD       INF18          35798533.98    -1937646.71
INTEGRAT FINANCE       IFC            45562399.88   -43272851.09
ITI LTD                ITI          1116207771.94     -800236.54
JCT ELECTRONICS        JCTE           122542558.6   -49996834.55
JD ORGOCHEM LTD        JDO            14537402.78   -69753846.55
JENSON & NIC LTD       JN             15734678.26   -92089109.12
JIK INDUS LTD          KFS             20633171.5    -5623616.49
JK SYNTHETICS          JKS            13506415.91    -3030846.61
JOG ENGINEERING        VMJ            50080964.36   -10076436.07
KALYANPUR CEMENT       KCEM           32038613.71   -26757740.06
KERALA AYURVEDA        KRAP           13409639.48     -586700.12
KINGFISHER AIR         KAIR          1458636203.2  -418911009.67
LLOYDS FINANCE         LYDF           27683041.19    -8642121.28
LLOYDS STEEL IND       LYDS          358940191.85   -83135016.16
MILLENNIUM BEER        MLB            36392748.17    -3197477.14
MILTON PLASTICS        MILT            18310810.9   -40438966.11
NATH PULP & PAP        NPPM           13588844.93   -39126079.65
NICCO UCO ALLIAN       NICU            28843462.7   -56773550.08
NOVA PETROCHEM         NVPC           44390476.41     -925948.57
ORIENT PRESS LTD       OP             16699814.52      -94789.33
PANCHMAHAL STEEL       PMS            51024827.03     -325116.26
PANYAM CEMENTS         PYC            38841457.46     -641194.41
PARASRAMPUR SYN        PPS           111971290.89  -317111727.95
PAREKH PLATINUM        PKPL           61081050.43   -88849040.15
PEACOCK INDS LTD       PCOK           11395867.81   -14396604.39
PIRAMAL LIFE SC        PLSL           32054795.68    -3725239.05
POLAR INDS LTD         PLI             11613867.7   -22282942.24
RAMA PHOSPHATES        RMPH           34066789.55    -1192495.62
RATHI ISPAT LTD        RTIS           44555929.56     -3933592.5
RELIGARE TECHNOV       RTCL           44130883.78    -1460240.41
RENOWNED AUTO PR       RAP            14120061.57    -1253759.75
ROLLATAINERS LTD       RLT            22965755.05   -22244556.92
ROYAL CUSHION          RCVP           29192373.45   -73115309.68
RPG CABLES LTD         RPG            51431409.37   -20192930.18
SCOOTERS INDIA         SCTR            13288115.8     -578097.97
SEN PET INDIA LT       SPEN           13283611.52    -25431862.1
SHALIMAR WIRES         SWRI            24489676.4   -49901704.65
SHAMKEN COTSYN         SHC            23127927.75    -6172791.93
SHAMKEN MULTIFAB       SHM             60546590.6   -13260108.95
SHAMKEN SPINNERS       SSP            42180451.29   -16764934.64
SHARDA ISPAT LTD       SHIL           16179943.38    -5040578.35
SHREE RAMA MULTI       SRMT           81405835.45   -64134056.23
SIDDHARTHA TUBES       SDT            92929926.47   -10719543.54
SIL BUSINESS ENT       SILB           12461159.02   -19961202.41
SOUTHERN PETROCH       SPET         1543609373.57   -35609423.98
SPICE COMMUNICAT       SPCM          263692459.52   -19679192.67
STERLING HOL RES       SLHR            52909027.3     -631043.63
STERLING HOL-FOR       SLHR/F          52909027.3     -631043.63
STI INDIA LTD          STIB              44107456     -300149.59
TAMILNADU TELE         TNT            11680819.22    -3373123.87
TATA TELESERVICE       TTLS          793627684.28   -74636840.33
TRIVENI GLASS          TRSG           34542881.89    -6209872.78
UNIWORTH LTD           WW            145706493.29  -114873890.12
USHA INDIA LTD         USHA           12064900.61   -54512967.31
VENTURA TEXTILES       VRTL           14254627.45     -325402.59
WINDSOR MACHINES       WML            14500894.45   -28144999.02
WIRE AND WIRELES       WNW           102422193.22   -37057061.49


JAPAN

AVIX INC               7836           19009420.72    -2125138.36
COSMOS INITIA CO       8844         2333430615.87  -454804416.82
DDS INC                3782           10683845.35    -5696657.23
FDK CORP               6955           465071545.7   -85901797.18
G-TRADING              3348           32944112.56   -22016255.44
HARAKOSAN CO           8894          265026322.03   -21407690.82
L CREATE CO LTD        3247           42344509.56     -9146496.9
NESTAGE CO LTD         7633           11772250.32   -12201325.38
PLACO CO LTD           6347           19727184.96    -1662140.28
PRIME NETWORK          2684           15052085.28    -8379329.03
PROPERST CO LTD        3236          854806960.92   -17847055.11
RADIA HD               4723         1145701822.41   -213538214.6
REMIXPOINT CO LT       3825           13032512.99    -1159815.17
SAIKAYA CO LTD         8254          398458490.74   -17564816.07
SPC ELECTRONICS        6818          124705573.68   -13095644.59
TERRANETZ CO LTD       2140           11633353.37    -4293462.63


KOREA

AJU MEDIA SOL-PF       44775          13822171.46    -1245278.05
CL LCD CO LTD          35710          55585277.13   -14793655.63
DAHUI CO LTD           55250         186003859.24    -1504246.54
DAISHIN INFO           20180          740500919.3  -158453978.78
ELIM EDU CO LTD        46240          34029159.88    -3747735.09
FIRST FIRE & MAR       610          2044031310.36    -1780221.91
KYSYS CO LTD           15390          10671544.09    -6267111.24
MOBILINK TELECOM       41310          52665694.67   -11474605.44
MOBO CO LTD            51810         196643340.38   -11979182.85
ORICOM INC             10470          82645454.13   -40039161.33
PRIME ENTMT            17170           31473002.9    -19371600.2
ROCKET ELEC-PFD        425            68584186.91       -2140474
ROCKET ELECTRIC        420            68584186.91       -2140474
SAMT CO LTD            31330         303858255.56   -77572655.65
SIMM TECH CO LTD       36710         314177541.38   -34486443.29
SOLAR & TECH CO        30390          11466591.81     -588035.38
STARMAX CO LTD         17050          50131660.74   -25436154.88
TAESAN LCD CO          36210          187935112.1  -546263614.46
TONG YANG MAGIC        23020         355147750.92   -25767007.75
YOUILENSYS CORP        38720         166697877.68   -12337148.33


MALAYSIA

AXIS INCORPORATI       AXIS           42453772.51   -79710389.89
HARVEST COURT          HAR            10993283.82    -7102079.77
HARVEST-RIGHTS-        HARR1          10993283.82    -7102079.77
LITYAN HLDGS BHD       LIT            18071124.04    -29261166.9
NEPLINE BHD            NL             20755619.11   -27545946.39
NIKKO ELECTRONIC       NIKKO          11189473.86    -8723186.48
WONDERFUL WIRE         WW             11594594.78    -14561593.4
WWE HOLDINGS BHD       WWE            66753912.87     -904694.18


NEW  ZEALAND

DOMINION FINANCE       DFH NZ Equ    258902749.12   -55312405.88


PHILIPPINES

APEX MINING 'B'        APXB           51256351.82    -8972145.85
APEX MINING-A          APX            51256351.82    -8972145.85
BENGUET CORP 'B'       BCB            75331140.18   -35697080.01
BENGUET CORP-A         BC             75331140.18   -35697080.01
CENTRAL AZUC TAR       CAT            37806902.52    -2588843.76
CYBER BAY CORP         CYBR           12926776.59   -79228223.36
EAST ASIA POWER        PWR            50796443.41  -139420756.07
FIL ESTATE CORP        FC             37286935.14   -11355841.65
FILSYN CORP A          FYN             22000423.4   -10278638.86
FILSYN CORP. B         FYNB            22000423.4   -10278638.86
GOTESCO LAND-A         GO             18684576.24   -10863822.41
GOTESCO LAND-B         GOB            18684576.24   -10863822.41
MRC ALLIED             MRC            13040098.81    -3682026.54
PICOP RESOURCES        PCP            105659068.5   -23332404.14
STENIEL MFG            STN            28673457.47    -1478015.89
UNIVERSAL RIGHTF       UP             45118524.67   -13478675.99
UNIWIDE HOLDINGS       UW             52802040.71   -56176026.28
VICTORIAS MILL         VMC           178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO       ASA            11992958.61   -11223940.95
ADVANCE SCT LTD        ASCT           69486218.18   -11959064.78
CARRIERNET GLOBA       CARG           14286897.57      -17258.04
CHUAN SOON HUAT        CSH            31243269.09   -16230153.11
FALMAC LTD             FAL            10288220.94    -6460596.18
HL GLOBAL ENTERP       HLGE           93947954.45   -12514151.49
INFORMATICS EDU        INFO           23073311.96     -831837.63
JURONG TECH IND        JTL            98760092.87  -227275152.06
LINDETEVES-JACOB       LJ            155633719.48   -88389478.73
OCEAN INTERNATIO       OCEAN          61659790.45   -13720371.73
PACIFIC CENTURY        PAC            21863868.37    -2767499.46
SUNMOON FOOD COM       SMOON             18725666   -10079386.91
TT INTERNATIONAL       TTI           293865103.05   -37711583.27
WESTECH ELECTRON       WTE            28290170.94   -12855750.98


THAILAND

ABICO HLDGS-F          ABICO/F        12066621.69    -9544714.91
ABICO HOLD-NVDR        ABICO-R        12066621.69    -9544714.91
ABICO HOLDINGS         ABICO          12066621.69    -9544714.91
BANGKOK RUB-NVDR       BRC-R          85509149.46      -65276912
BANGKOK RUBBER         BRC            85509149.46      -65276912
BANGKOK RUBBER-F       BRC/F          85509149.46      -65276912
BLISS-TEL PCL          BLISS           12646465.4    -2089674.34
BLISS-TEL PCL-F        BLISS/F         12646465.4    -2089674.34
BLISS-TEL PCL-NV       BLISS-R         12646465.4    -2089674.34
CENTRAL PAPER IN       CPICO          10220356.04  -216074904.26
CENTRAL PAPER-F        CPICO/F        10220356.04  -216074904.26
CENTRAL PAPER-NV       CPICO-R        10220356.04  -216074904.26
CIRCUIT ELE-NVDR       CIRKIT-R       17385099.26   -87998004.08
CIRCUIT ELEC PCL       CIRKIT         17385099.26   -87998004.08
CIRCUIT ELEC-FRN       CIRKIT/F       17385099.26   -87998004.08
DATAMAT PCL            DTM            12690638.93    -6132014.29
DATAMAT PCL-NVDR       DTM-R          12690638.93    -6132014.29
DATAMAT PLC-F          DTM/F          12690638.93    -6132014.29
ITV PCL                ITV            32845084.57   -82941414.71
ITV PCL-FOREIGN        ITV/F          32845084.57   -82941414.71
ITV PCL-NVDR           ITV-R          32845084.57   -82941414.71
K-TECH CONSTRUCT       KTECH          83204235.85    -5693045.29
K-TECH CONSTRUCT       KTECH/F        83204235.85    -5693045.29
K-TECH CONTRU-R        KTECH-R        83204235.85    -5693045.29
KUANG PEI SAN          POMPUI         17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
KUANG PEI-NVDR         POMPUI-R       17146363.89   -12117287.24
MALEE SAMPR-NVDR       MALEE-R        53933645.39    -6900644.95
MALEE SAMPRAN          MALEE          53933645.39    -6900644.95
MALEE SAMPRAN-F        MALEE/F        53933645.39    -6900644.95
NFC FERTILI-NVDR       NFC-R          41433204.74    -2287708.95
NFC FERTILIZER P       NFC            41433204.74    -2287708.95
NFC FERTILIZER-F       NFC/F          41433204.74    -2287708.95
PATKOL PCL             PATKL          53430390.26   -26540095.34
PATKOL PCL-FORGN       PATKL/F        53430390.26   -26540095.34
PATKOL PCL-NVDR        PATKL-R        53430390.26   -26540095.34
PICNIC CORPORATI       PICNI-R       162041208.32   -79858191.23
PICNIC CORPORATI       PICNI/F       162041208.32   -79858191.23
PICNIC CORPORATI       PICNI         162041208.32   -79858191.23
PONGSAAP PCL           PSAAP          26599991.38     -3496872.9
PONGSAAP PCL           PSAAP/F        26599991.38     -3496872.9
PONGSAAP PCL-NVD       PSAAP-R        26599991.38     -3496872.9
SAFARI WORL-NVDR       SAFARI-R      101048401.65   -21027662.26
SAFARI WORLD PUB       SAFARI        101048401.65   -21027662.26
SAFARI WORLD-FOR       SAFARI/F      101048401.65   -21027662.26
SAHAMITR PR-NVDR       SMPC-R         31177710.43    -14940579.6
SAHAMITR PRESS-F       SMPC/F         31177710.43    -14940579.6
SAHAMITR PRESSUR       SMPC           31177710.43    -14940579.6
SUNWOOD INDS PCL       SUN            19863687.56   -13033623.14
SUNWOOD INDS-F         SUN/F          19863687.56   -13033623.14
SUNWOOD INDS-NVD       SUN-R          19863687.56   -13033623.14
THAI-DENMARK PCL       DMARK          15715462.27   -10102519.69
THAI-DENMARK-F         DMARK/F        15715462.27   -10102519.69
THAI-DENMARK-NVD       DMARK-R        15715462.27   -10102519.69
TRANG SEAFOOD          TRS            13251979.73       -3373.42
TRANG SEAFOOD-F        TRS/F          13251979.73       -3373.42
TRANG SFD-NVDR         TRS-R          13251979.73       -3373.42
UNIVERSAL S-NVDR       USC-R          85671220.21   -49479729.86
UNIVERSAL STAR-F       USC/F          85671220.21   -49479729.86
UNIVERSAL STARCH       USC            85671220.21   -49479729.86


TAIWAN

CHIEN TAI CEMENT       1107          202446919.23    -22407739.4
HELIX TECH-EC          2479T          23385923.43   -24115022.26
HELIX TECH-EC IS       2479U          23385923.43   -24115022.26
HELIX TECHNOL-EC       2479S          23385923.43   -24115022.26
TAIWAN KOL-E CRT       1606U         507206787.88   -147139297.7
TAIWAN KOLIN-EN        1606V         507206787.88   -147139297.7
TAIWAN KOLIN-ENT       1606W         507206787.88   -147139297.7
VERTEX PREC-ENTL       5318T          43037265.55    -2305484.43
VERTEX PRECISION       5318           43037265.55    -2305484.43
YEU TYAN MACHINE       8702           39574168.04  -271070409.72


                         *********

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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