TCRAP_Public/091113.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, November 13, 2009, Vol. 12, No. 225

                            Headlines

A U S T R A L I A

CIVDEC CONSTRUCTIONS: Goes Into Voluntary Administration
CUBBIE GROUP: Administrators Put Properties In the Market
GREAT SOUTHERN: Administrators Recommend Wind Up


C H I N A

NORTEL NETWORKS: Wins Gov't. Comms. Deals Across APAC Regions


H O N G  K O N G

GALAXY CASINO: S&P Puts 'B' Corp. Rating on CreditWatch Negative
SINO SPEED: Members' Final Meeting Set for December 7
SUEZ ASIA: Ying Hing Chiu Step Down as Liquidator
TEBIE LIMITED: Creditors' Proofs of Debt Due December 31
THE LUN TAI MUTUAL: Leung Mei Fan Appointed as Liquidator

ULTIMATE PROFITS: Middleton and Cowley Appointed as Liquidators
YUPPIE BAR: Creditors' Proofs of Debt Due December 7


I N D I A

AIR INDIA: To Get INR2,000cr Equity Infusion from Gov't.
AUTOFIN LIMITED: Weak Financial Profile Cues CRISIL 'BB-' Ratings
COLOR COPI: Small Net Worth Prompts CRISIL to Assign 'B-' Ratings
NIZAM DECCAN: Delay in Loan Repayment Cues CRISIL Junk Ratings
PRANJAL INFRASTRUCTURE: ICRA Assigns 'LB+' Rating on LT Bank Loans

RAIN CII: Fitch Affirms Issuer Default Ratings at 'B'
ROTOMAC GLOBAL: CRISIL Reaffirms 'BB' Ratings on INR40MM Term Loan
SANJAY & CO: Low Net Worth Prompts CRISIL to Assign 'B' Rating
SREE DHANYA: Fitch Assigns National Long-Term Rating at 'B+'
UNVAL INDUSTRIES: CRISIL Assigns 'B-' Rating on INR100MM Term Loan


J A P A N

AURELIUS LIMITED: Moody's Junks Ratings on US$100 Mil. Swap
ELPIDA MEMORY: Inks Outsourcing Deal with Winbond
JAPAN AIRLINES: Qantas Offer to Help JAL Through IP Sharing
JAPAN AIRLINES: To Hold Meeting with Retirees This Month


K O R E A

HYNIX SEMICONDUCTOR: Hyosung Drops Bid to Acquire 28% Stake
HYUNDAI MOTOR: Moody's Changes Outlook on 'Ba1' Rating to Stable
KUMHO ASIANA: Daewoo Auction May Fail if Abu Dhabi Fund Drops Bid
SSANGYONG MOTOR: Senior Researchers Charged of Technology Leaks


M A L A Y S I A

HO HUP: Time Automation Withdraws Wind Up Petition
RANHILL BERHAD: YMC Files Wind Up Petition Against Ranhill Civil


N E W  Z E A L A N D

FIVE STAR: Directors Face Criminal Charges
* NEW ZEALAND: Non-Bank Finance Firms Remain Under Pressure


T A I W A N

AMERICAN INT'L: Nan Shan Employees Protest Over Pension Funds


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
=================


CIVDEC CONSTRUCTIONS: Goes Into Voluntary Administration
-------------------------------------------------------
The Sydney Morning Herald reports that Civdec Constructions Pty
Ltd, a Brisbane-based civil engineering and construction firm, has
gone into voluntary administration.

SV Partners is handling the administration, but a spokesperson was
unavailable to comment this morning.  The prospects for employees
are unclear.

Established in 1982, the privately owned Civdec Constructions --
http://www.civdec.com.au/-- specializes in civil infrastructure,
industrial infrastructure, urban developments and mining
infrastructure.  It employs more than 200 people.


CUBBIE GROUP: Administrators Put Properties In the Market
---------------------------------------------------------
Peter Morley at The Courier-Mail reports that properties owned by
the Cubbie Group Ltd will be offered for sale with expressions of
interest closing on December 16.

Administrator John Cronin of McGrathNicol told about 30 creditor
representatives in a meeting Wednesday that "We are inviting
offers from all parties interested in either the properties at
Dirranbandi and St George or in an acquisition of the corporate
structure."

According to the report, businessmen in the two towns that benefit
from Cubbie are concerned about the prospect of losing the
enterprise because of continuing drought.

John Cronin, Jamie Harris and Colin Nicol of McGrathNicol were
appointed voluntary administrators of Cubbie Group Ltd on
October 30, 2009.  The group owns Cubbie Station and related
farming operations in Dirranbandi and St. George.

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on October 29, 2009, that the National Australia Bank was
seeking the urgent repayment of a AU$320 million mortgage over the
93,000ha southern Queensland property.

Citing Cubbie Group's latest financial report, The Australian said
the company lost AU$33 million in 2007 to 2008.  According to the
Australian, auditor BDO Kendalls wrote that Cubbie's liabilities
exceeded its assets a year ago, that it had breached its banking
covenants, and that the bank had guaranteed support only until the
end of last year.

Cubbie Group Ltd -- http://www.cubbie.com.au/-- holds around
93,000 hectares of land on several properties in South West
Queensland.  The group produces a range of irrigated crops,
including cotton, wheat, sorghum, sunflowers, barley, chickpeas
and corn.


GREAT SOUTHERN: Administrators Recommend Wind Up
------------------------------------------------
The Sydney Morning Herald reports that Great Southern Ltd
administrators have recommended the companies within the group be
wound up but cannot say how much unsecured creditors could receive
in the event of liquidation.

SMH relates that administrators Ferrier Hodgson said in a report
released on Wednesday that each of the companies within the Great
Southern group was insolvent and that there had been no acceptable
proposal to continue to operate the group.

"'Given the nature, size and costs involved in determining the
assets and potential recoveries in a liquidation scenario, it is
difficult to determine with any degree of certainty the likely
level of return to unsecured creditors that would arise from
liquidation," SMH cited the administrators report.

Ferriers said the future of the Great Southern group of companies
would be determined at a second meeting of creditors scheduled for
next Thursday in Melbourne, according to SMH.

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

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

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


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C H I N A
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NORTEL NETWORKS: Wins Gov't. Comms. Deals Across APAC Regions
-------------------------------------------------------------
Nortel has recently won significant public sector deals in several
countries across the Asia Pacific region that cover a range of
emerging networking technologies including Unified Communications
(UC), Ethernet Routing Switches, contact center deployments and
virtual collaboration environments.

Governments are traditionally conservative in their technology
buying patterns with intense scrutiny on technology decisions and
long buying cycles.  Nortel's continued growth in the government
sector is a clear indicator of the industry's confidence in
Nortel's technology and its long term ability to meet customer
needs.

Nortel has seen recent success with public sector investments in
Australia and New Zealand, Greater China, India, South East Asia
and Japan.  Central and local government departments, healthcare
institutions, educational establishments, court systems, tax
offices, energy and transport network providers have all upgraded
or deployed new communications environments as the region's
central services have dramatically improved the way in which they
communicate both internally and with their external stakeholders
such as citizens, suppliers and other government departments.

The government court systems in two of the region's most populous
cities have invested in Nortel Unified Communications and Ethernet
Routing Switch solutions.  There are changing demands within
modern courts, as court employees are required to be available to
their clients and co-workers anytime, anywhere.  This has created
a high demand for end-to-end UC technologies, including full 10GE
backbone support to the desktop, and leading edge UC applications.
In one instance, the court was able to streamline its operations
by deploying a powerful and secure data network from Nortel to
support a centralized judicial system database.

In education, trials and deployments of Nortel's virtual world
application known as web.alive are providing an immersive learning
experience for students in both primary school and university
environments.  Web.alive is a virtual world software application
that provides a network secured virtual world platform for
collaboration, assisted virtual learning and training
applications.  The solution allows education providers to adapt
teaching methods to the modern communications-rich world,
enhancing student attention, engagement and retention.  This
virtual world collaboration environment is helping learning
centers deal with one of the major drawbacks of other
communication technologies: the ability to give users a "real-
life" experience that is more interactive and intuitive.  It is
another example of how Nortel's technology is supporting the
learning needs of students across the region -- with other major
educational deployments announced in recent times in Australia,
India, Japan and South East Asia. And learning centers across the
region are now looking to technology solutions as a way of
safeguarding educational continuity in the face of the continued
threat of a more severe swine flu pandemic.

With Nortel's unified communications solution in place, employees
at Porirua City Council in New Zealand are now more accessible to
their colleagues, suppliers and customers whether they are in the
office or performing their duties off-site -- meaning enhanced
productivity and increased efficiency.  The solution also allows
Porirua City Council to address the unique needs of its mobile
workforce, which forms over 30% of the organization and which has
previously had to manage a variety of systems to stay in touch.
The new multimedia contact center solution, which enables UC
capabilities such as integrated voice, email, fax and instant
messaging, will drive up customer service quality on offerings
such as holiday programs and inspection bookings, with a focus on
increased speed and an enhanced user experience.

In India, Nortel has supported the huge investment in new airport
infrastructure across the country with significant voice and data
solutions, together with ongoing managed service deals, in a
number of the country's new international airports, including
those in Mumbai, Bangalore, Delhi and Hyderabad.

And in the healthcare sector, Nortel's solutions are helping speed
patient discharge procedures, improve staff efficiency, enable
better communications for a mobile workforce, and improve the
quality of patient care.  Agile clinical communications use many
of the voice and data networks components that already exist in a
hospital to connect the disparate systems, people and processes in
order to maximize return on investment in clinical systems and
infrastructure.  Healthcare providers and teaching hospitals from
Singapore to Japan are relying on Nortel's solutions to support
their critical communications needs.

Examples of how Nortel's Solutions are Supporting Public Sector
Initiatives:

    * New Zealand Public Service Association Gets Unified With
      Nortel and Gen-I -- The New Zealand Public Service
      Association (PSA), New Zealand's largest union with more
      than 57,000 registered members, expects to save up to 18
      percent annually on call fees by migrating to a unified
      communications network from Nortel, Microsoft and
      implementation partner Gen-i.  The solution gives PSA new
      functionality -- such as unified messaging and presence -
      that allows operators to instantly "see" the status of
      their colleagues and know exactly how to reach them, be it
      by phone or e-mail.  The system also creates a single
      collection point for voicemails for all staff so no
      message goes unanswered.

    * Taiwan Post Secures Business Continuity with Nortel Metro
      Ethernet Solution -- Taiwan Post, the largest postal,
      banking and insurance services provider in Taiwan, ensures
      customers will continue to be served and catastrophic
      failure to business operations averted in the event of
      disaster through a Nortel Metro Ethernet solution.  Taiwan
      Post is ensuring business continuity with Metro Ethernet
      technology by enabling real-time information backup,
      access and recovery.

    * Nortel Metro Ethernet Solution Helps Shanghai Metro Line 1
      Trains Run on Time -- With the Nortel Metro Ethernet
      solution in place, CBDTS will transmit information
      relating to wireless access systems, electronic
      monitoring, digital television and broadcasting, including
      comprehensive network monitoring and alerting tools.  All
      operational and management information -- voice, data and
      video -- will be securely and accurately transmitted and
      monitored, ensuring seamless communications among train
      staff and access to the PIS (Passenger Information System)
      at all times.

    * Nortel Provides Network Infrastructure for Commonwealth
      Youth Games 2008 -- The Commonwealth Youth Games 2008,
      held in Pune, India from October 12 to 18, ran on a next-
      generation data network infrastructure set up by Nortel.
      The always-on, highly available network supporting 1,000
      users, ran multimedia applications including real-time
      schedule updating, statistical analysis, resource
      coordination and media coverage helping ensure the
      Commonwealth Youth Games 2008 ran smoothly.

    * Japan's Kyushu University Hospital has improved patient
      care by fostering staff collaboration over a new medical
      information network based on Nortel's clinical-grade
      Healthcare Solutions portfolio.  And in Taiwan, the
      wireless Taiwan Mobile Healthcare Services give Taipei-
      based doctors virtual access to patient medical records,
      high-quality diagnostic images and video, and other
      innovative connectivity services.

    * The University of the East (UE) in the Philippines has
      selected Nortel to help upgrade its information technology
      infrastructure and to boost the performance of all its
      computerized and web applications systems.  With this
      system, UE students, faculty and personnel can access UE's
      centralized database enabling quicker, easier, and more
      efficient academic, financial and administrative
      transactions.

    * Australia's renowned RMIT University has upgraded its
      Nortel data network to support new, high-bandwidth
      services such as media streaming, YouTube feeds and
      videoconferencing for staff and students across 220 campus
      locations.  The data network allows the University to
      drive high-bandwidth media streaming applications across
      its 12,500 PCs without affecting the performance of
      business-critical communications and media-intense
      research applications.

    * The Victorian Education and Research Network (VERNet) has
      deployed a Nortel Metro Ethernet Solution to significantly
      boost network capacity to provide member institutions with
      "always on" high-speed broadband connectivity.  This
      allows more than 100 research and education institutions
      in the state of Victoria  to introduce services such as
      real-time, high-definition video broadcasts, offsite
      disaster recovery and connections to radio telescopes.

    * National University of Malaysia Unleashes Student Learning
      With Nortel -- Formed to deliver an innovative education
      with roots in traditional knowledge and culture,
      Universiti Kebangsaan Malaysia(UKM) is expanding its
      online usage by introducing a range of online applications
      including e-learning, network-intensive research
      applications, VoIP, IPTV and more.  These applications
      empower students and faculty to teach and learn in
      collaborative new ways, and their successful deployment
      provides an important competitive differentiator for
      universities.

                   About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for our customers.  The Company's
next-generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

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


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H O N G  K O N G
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GALAXY CASINO: S&P Puts 'B' Corp. Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its 'B'
long-term corporate credit rating on Galaxy Casino S.A. on
CreditWatch with negative implications.

"We placed the rating on Galaxy Casino on CreditWatch following
the announcement that the company will resume development of its
casino resort in Macau at higher-than-anticipated costs.  In S&P's
view, the company is likely to seek substantial external capital,
given its current liquidity position and its scheduled debt
repayment over the next 18 months.  In addition, S&P believes
development costs could increase if competitive pressure continues
to grow," said Standard & Poor's credit analyst Christopher Lee.

The company's parent, Galaxy Entertainment Group Ltd., recently
announced that Galaxy Casino will resume development of Galaxy
Macau Resort with a targeted opening in the first quarter of 2011.
The company expects total project costs to increase to Hong Kong
dollar (HK$) 14.1 billion, compared with its previous estimate of
HK$10.5 billion.

"The funding plan for the development appears uncertain to us, as
S&P estimate that HK$8.0 billion of the development costs is
outstanding," said Mr. Lee.

Galaxy Casino's liquidity is tight.  As at Sept. 30, 2009, GEG had
HK$3.8 billion in cash and cash equivalents.  Galaxy Casino also
has to repay some US$136.1 million in floating rate notes due
December 2010.

S&P aims to resolve the CreditWatch within three months after
evaluating whether Galaxy Casino's funding and development plans
are clear and realistic.


SINO SPEED: Members' Final Meeting Set for December 7
-----------------------------------------------------
Members of Sino Speed Limited will hold their final meeting on
December 7, 2009, at 10:00 a.m., at the 3/F., Kam Sang Building,
257 Des Voeux Road Central, in Hong Kong.

At the meeting, Werner Peter Kolsch, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

SUEZ ASIA: Ying Hing Chiu Step Down as Liquidator
-------------------------------------------------
Ying Hing Chiu stepped down as liquidator of Suez Asia Holdings
(Hong Kong) Limited on November 2, 2009.


TEBIE LIMITED: Creditors' Proofs of Debt Due December 31
--------------------------------------------------------
Tebie Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by
December 31, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 16, 2009.

The company's liquidators are:

         Yu Tak Yee Beryl
         Choi Tze Kit Sammy
         Empire Land Commercial Centre, 15/F
         81-85 Lockhart Road
         Wanchai, Hong Kong


THE LUN TAI MUTUAL: Leung Mei Fan Appointed as Liquidator
---------------------------------------------------------
Leung Mei Fan on October 27, 2009, was appointed as liquidator of
The Lun Tai Mutual Fire & Marine Insurance Company Limited.

The liquidator may be reached at:

         Leung Mei Fan
         Allied Kajima Building, Room 1005
         138 Gloucester Road
         Wanchai, Hong Kong


ULTIMATE PROFITS: Middleton and Cowley Appointed as Liquidators
---------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley on October 29, 2009,
were appointed as liquidators of Ultimate Profits Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 18th Floor
         10 Chater Road
         Central, Hong Kong


YUPPIE BAR: Creditors' Proofs of Debt Due December 7
----------------------------------------------------
Yuppie Bar & Cafe Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by December 7, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 30, 2009.

The company's liquidator is:

         Alexander Lee Kwok On
         Park-In Commercial Centre, Rooms 1901-2
         56 Dundas Street
         Kowloon


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AIR INDIA: To Get INR2,000cr Equity Infusion from Gov't.
-------------------------------------------------------
The Times of India reports that the government on Thursday agreed
to infuse Rs 2,000 crore in Air India till March 2010,  in a
phase-wise manner of Rs 400 crore per month, subject to the
airline cuts costs and increases revenue.

According to the Times, the Pranab Mukherjee-headed Group of
Ministers (GoM) met on Thursday and decided to do a monthly review
of AI's performance before giving the next tranche of Rs400 crore.

The first two tranches of Rs400 crore each, meant to be paid after
the reviews in November and December, are likely to be released by
the year-end after Parliament’s winter session starts,
livemint.com reports, citing to two government officials who asked
not to be named.

The money may be in the form of equity, livemint.com relates.

                           Annual Results

Air India on Wednesday announced a net loss of INR55.48 billion
for the fiscal year ended March 30, 2009, amid global economic
meltdown, resulting in fewer passengers travelling and falling
yields.

Total revenue declined from INR152.52 billion in 2007-08 to
IN134.79 billion in 2008-09, due to global recession, fall in load
factors and passenger yields.

As a consequence, the passenger load factor declined from 63.8% in
2007-08 to 59.5% in 2008-09 and the number of passengers
travelling on Air India flights declined from 13.21 million in
2007-08 to 10.36 million in 2008-09, the carrier said in a
statement.

Air India said the other significant factors contributing to the
loss were:

   * Substantial increase in fuel costs during 2008-09 when
     ATF prices touched a record US$147 per barrel;

   * Increase in depreciation costs due to induction of new
     fleet;

   * Increase in interest on aircraft loans and borrowings; and

   * Loss on foreign exchange due to a depreciating rupee.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.

The TCR-AP reported on June 19, 2009, that the Hindustan Times
said Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown.  Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 (INR2,226 crore
in 2007-08), according to the Hindustan Times.

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

                         About Air India

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


AUTOFIN LIMITED: Weak Financial Profile Cues CRISIL 'BB-' Ratings
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Autofin Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR103.1 Million Inventory Funding   BB-/Stable (Assigned)
   INR100.0 Million Cash Credit         BB-/Stable (Assigned)

The rating reflects Autofin's weak financial profile and exposure
to risks relating to intense competition in the automobile
dealership market.  These weaknesses are, however, partially
offset by the company's established presence in the automobile
dealership market in Hyderabad.

Outlook: Stable

CRISIL believes that Autofin will maintain a favourable business
risk profile, supported by its strong track record, and an
established relationship with its principal, Tata Motors Ltd
(TML).  The rating may be revised to 'Positive' if the company's
operating margins and sales volumes increase, most likely through
the opening of new showrooms and diversified product offering.
Conversely, the outlook may be revised to 'Negative' if the
company debt levels increase significantly from that expected,
affecting the company's capital structure, or if its cash accruals
decline sharply.

                           About Autofin

Autofin, set up in January 1963 by the late Mr. Ghevarchand Jain,
has since been a dealer of passenger cars. Mr. Gautamchand Jain
(son of Ghevarchand Jain) is the Managing Director of the company.
The company is an authorized dealer of TML passenger vehicles.
Autofin has three showrooms in Hyderabad and one at Nalgonda
(Andhra Pradesh). The company proposes to close the Nalgonda
showroom due to weak performance and plans to open a new showroom
at Kukatpally (Andhra Pradesh).

Autofin reported a profit after tax (PAT) of INR2.4 million on net
sales of INR1.4 billion for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.7 million on net
sales of INR1.7 billion for 2007-08.


COLOR COPI: Small Net Worth Prompts CRISIL to Assign 'B-' Ratings
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the bank
facilities of Color Copi Services & Solutions Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit         B-/Negative (Assigned)
   INR195.0 Million Rupee Term Loan    B-/Negative (Assigned)
   INR35.0 Million Proposed Long-Term  B-/Negative (Assigned)
                   Bank Loan Facility

The rating reflects CSSPL's weak financial risk profile marked by
high gearing and small net worth, and small scale of operations in
the printing industry.  The impact of these weaknesses is
mitigated by CSSPL's established relationships with customers.

Outlook: Negative

CRISIL believes that CSSPL's financial risk profile will
deteriorate because of increase in gearing and deterioration in
debt protection measures (driven by large capital expenditure
borrowings planned for the medium term).  The rating maybe
downgraded if the deterioration in the company's debt protection
measures is steeper-than-expected, most likely driven by decline
in profitability.  Conversely, the outlook may be revised to
'Stable' if CSSPL scales up its operations while maintaining its
healthy profitability and significantly improving its capital
structure.

                         About Color Copi

Set up as a proprietorship concern – Color Copi (India) Services
in 2001 by Mrs. Kamala Gupta and her son Mr. Sanjeev Gupta, CSSPL
was incorporated in April 2009.  CSSPL trades in printers; it also
provides end-to-end printing services, including installation of
printers at customers' premises, maintenance of printers, and
replacement of cartridges.

CSSPL reported profit after tax (PAT) of INR10.0 million on net
sales of INR246.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against INR4.0 million and INR175.4 million,
respectively, for 2007-08.


NIZAM DECCAN: Delay in Loan Repayment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its rating on Nizam Deccan Sugars Ltd's
(NDSL's) term loan facility to 'D' from 'B/Stable', and on the
cash credit facility to 'C' from 'B/Stable'. The rating on the
other facilities has been downgraded to 'P5' from 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR928 Million Cash Credit       C (Downgraded from 'B/Stable')
   INR919.3 Million Term Loan*      D (Downgraded from 'B/Stable')
   INR5 Million Letter of Credit/   P5 (Downgraded from 'P4')
                 Bank Guarantee

   * Includes proposed limit of INR362.4 million.

The 'D' rating reflects current delay in repayment of term loan
obligations by NDSL; the delay has been caused by stressed
liquidity position. The company is in discussions with some of its
lenders to reschedule its long-term debt. The 'C/P5' rating
reflects NDSL's weak financial risk profile and stressed
liquidity.  The ratings also factor in the location disadvantage
faced by the company, and its exposure to regulatory risks.  The
impact of these weaknesses is mitigated by the company's
operational capabilities supported by integrated facilities.

                            About Nizam

Set up in 2002, NDSL is a 51:49 venture between Delta Paper Mills
Ltd and Nizam Sugars Ltd.  The company has three sugar mills, one
each in Bodhan, Medak, and Metpally, all in the Telangana region
of Andhra Pradesh.  The company has aggregate cane crushing
capacity of 8500 tonnes per day.  The unit at Bodhan has a
bagasse-based cogeneration plant with a capacity of 31,500 BLS and
20 megawatts respectively.

NDSL reported a net loss of INR174.6 million on net sales of
INR1406 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR274.8 million on net sales of
INR1772.7 million for 2007-08.


PRANJAL INFRASTRUCTURE: ICRA Assigns 'LB+' Rating on LT Bank Loans
------------------------------------------------------------------
ICRA has assigned an LB+ rating to the long term sanctioned bank
limits of Pranjal Infrastructure Private Limited.

The rating is constrained, among other factors, by the execution
risk arising out of significant delays in project construction and
funding risk due to potential shortfalls in internal accruals
after completion of Phase-1.  Ram Infrastructure Limited (RIL)
(rated LB+ by ICRA), the parent company of PIPL, has provided a
corporate guarantee for the debt availed by PIPL.  The rating also
takes into account a certain provision in the concession agreement
which allows for the downward revision in toll rates by 10% by
Government of Maharashtra (GoM) once during the concession period.
The rating, however, draws comfort from the fact that the project
corridor is an important route with substantial established
traffic without any significant alternate routes.

PIPL is a Special Purpose Vehicle (SPV) formed by RIL in May 2007
to undertake the project of widening of a stretch of State Highway
(SH) No. 10 in Maharashtra from two lanes to four lanes and
construct a two lane Shirdi-Rahata bypass.  Currently, RIL and its
group companies have a 99.96% shareholding in PIPL.  The project
was awarded by GoM, Public Works Department (PWD) on a Build
Operate and Transfer (BOT) basis with a concession period of 10
years 1 month and 18 days commencing from May 2007.  The project
is bifurcated into two phases. Phase I work consists of widening
of existing two lane state highway from km.78/200 to km.120/000 to
four lane width and land acquisition and 50% work of Shirdi –
Rahata Bypass. Phase II comprises of completion of the balance
work of Shirdi-Rahata Bypass. The construction period for the
entire project is fixed at 36 months (24 months for Phase I and 12
months for Phase II).

The length of the project corridor including the bypass is 62.78
km (Stretch of SH 10: 39.48 kms, Shirdi – Rahata Bypass : 23.3
kms).  The total project cost is estimated as INR1.42 billion
which is to be funded by INR980 million of debt and INR446 million
of equity i.e. in a debt to equity ratio of 2.19:1.


RAIN CII: Fitch Affirms Issuer Default Ratings at 'B'
-----------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default ratings of
Rain CII Carbon (India) Ltd. and its US subsidiary, Rain CII
Carbon LLC at 'B' with a Stable Outlook.  Fitch has also affirmed
the ratings of these facilities and bonds:

  -- RCC US Senior Secured Term Loan of US$180m (tranches A and
     B): 'B+/RR3';

  -- RCC US Senior Secured Revolver of US$40m (tranche C):
     'B+/RR3';

  -- RCC US Senior Unsecured Subordinated Notes of US$235 million:
     'B-/RR5';

  -- RCCIL Senior Secured Loan of US$120.7 million (tranches D1
     and D2): 'B+/RR3'; and

  -- RCCIL Senior Secured Revolver of US$54.3m (tranche E):
     'B+/RR3'.

The affirmations reflect RCCIL's (consolidated) ability to
maintain liquidity and leverage in line with its ratings despite a
challenging economic environment.  The company's liquidity
position remains comfortable with US$50 million of cash and US$50
million of un-drawn working capital lines, which, along with cash
flows, should be sufficient in meeting the minimum annual debt
repayments of US$32 million over 2010-2011.  Revenues and EBITDA
have declined significantly over 2009, largely in-line with
Fitch's expectations, although the extent of the adverse impact on
cash flows, due to stretched working capital norms and inventory
write-downs, was higher than anticipated.

Aluminium producers have lowered their output and shut down some
of their higher cost operations, which in turn has affected global
calcined petroleum coke demand.  As the world's largest CPC
producer, the company responded by lowering output, and has shut
down 23% of its 1.9m metric tonnes per annum capacity in the US by
Q309, although these remained operational for some part of the
year.  The total capacity utilization for the consolidated
business has been around 60-65% for the year.  Fitch does not
expect further material declines in the sales volumes in 2010 over
2009 levels, and has factored some volume growth towards end-2010
into its ratings.

The additional demand is expected to come from a combination of
smelter restarts, and from new capacities in Asia and the Middle
East.  The Indian business was impacted during H109 due to
competition from Chinese CPC producers.  However, with higher
aluminium prices and growing Chinese domestic demand, Fitch
expects Chinese aluminium output to increase, which would reduce
the volume of CPC exports.  This would likely reduce competition-
driven margin pressure for the Indian business over the near-term.

Fitch notes that the company could be affected by low availability
of anode-grade green petroleum coke in 2010 as a result of some
refineries shutting down GPC capacities due to low margins.
However, the impact should be offset by the company's current
inventory levels and existing GPC supply contracts.  The company
in anticipation of increasing GPC prices over 2009 had increased
inventory levels during Q408.  With the rapid correction in CPC
and GPC prices over 2009, the company had to liquidate high cost
inventory which materially impacted spreads and margins.  Fitch
notes that the majority of this correction has taken place, and
reflected in the muted cash flows and EBITDA by Q309.  Fitch does
not expect further impact on account of this timing difference
over 2010, barring further exceptional price volatility.

Although the company, as at September 2009, is in compliance with
the stipulated financial covenants for its financing facilities,
Fitch believes that the lower output and pressured margins and
cash flows could result in a breach with some of its debt service
covenants.  However, the company has sufficient headroom on other
covenants, such as interest cover, debt/EBITDA and debt/networth.
Fitch will continue to monitor the company's covenant compliance
closely.

Negative ratings triggers include any material delay in
improvements in volumes and/or working capital norms beyond mid-
2010, which in turn affect cash flows and credit metrics, as well
as additional pressures on cash flows due to further volatility in
CPC-GPC spreads, working capital or less than expected capacity
utilization.  In any case, an adjusted debt/EBITDAR of more than
4x on a sustained basis could trigger a rating downgrade.

For the unaudited nine-month period ending September 2009, RCCIL's
consolidated revenues declined 32% to US$433 million, with an
EBITDA of US$113 million (9mFY08: US$172 million), and EBITDA
margin of around 26% (9mFY08:26.8%).  Interest coverage was at
3.6x, while annualized 9mFY09 debt/EBITDA was 3.4x.  For FY08, the
company recorded revenues of around US$858 million, with an EBITDA
of around US$234 million and a Fitch adjusted debt/EBITDA of 2.6x.


ROTOMAC GLOBAL: CRISIL Reaffirms 'BB' Ratings on INR40MM Term Loan
------------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Rotomac Global Pvt Ltd (RGL; part of the Rotomac group) at 'BB/
Stable'.  The rating on the short-term facilities has been
reclassified as 'P4+' from the earlier 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR165.5 Million Cash Credit     BB/Stable (Reaffirmed)
   INR40.0 Million Term Loan*       BB/Stable (Reaffirmed)
   INR1000.0 Million Letter of      P4+ (Reclassified from 'P4')
                      Credit
   INR0.7 Million Bank Guarantee    P4+ (Reclassified from 'P4')

   *Including proposed limit of INR4.5 million.

The reclassification is a result of CRISIL's decision to introduce
the 'P4+' rating in its short-term rating scale.  The
reclassification does not imply any change in RGL's credit
quality.  The ratings continue to reflect the Rotomac group's
exposure to debtor risk, susceptibility of its operating margins
to foreign exchange volatility, unstable client base, and moderate
financial risk profile.  The impact of these weaknesses is
mitigated by the group's established market position in pen
industry.

The financial risk profiles of RGL, its subsidiary Crown Alba
Writing Instruments India Pvt Ltd, and group company Rotomac
Exports Pvt Ltd, have been combined, for arriving at the ratings.
This is because the three entities, together referred to as the
Rotomac group, are in the same line of business, and have a common
management and procurement and customer base.  Moreover, RGL's
promoters have a 60 per cent stake in REL, and propose to merge
the companies over the medium term.

Outlook: Stable

CRISIL believes that the Rotomac group's business risk profile
will remain constrained over the medium term given the limitations
inherent in a trading business.  The outlook may be revised to
'Positive' if the group improves its business model, which will
make its cash flow stable.  Conversely, the outlook may be revised
to 'Negative' in case of a significant increase in receivables, or
if the Rotomac group incurs large foreign exchange loss, leading
to increased pressure on liquidity.

                         About the Group

Promoted by Mr. M M Kothari in 1992, and currently managed by his
son Mr. Vikram Kothari, RGL began operations by manufacturing
pens. Since then, it has diversified into trading in agri-
commodities, primarily soya meal and Brazilian wheat. Mr. Vikram
Kothari set up REL in 2002 to undertake trading in agricultural
products. He set up Crown Alba in March 2004 to manufacture pens
for export markets. RGL has a 49:51 joint venture, Rotorina Pen
Manufacturing PLC (Rotorina), with the Ethopia-based Rina
International and provides technical support to Rotorina.

For 2007-08 (refers to financial year, April 1 to March 31), the
Rotomac group reported a profit after tax (PAT) of INR242 million
on net sales of INR25.4 billion, against a PAT of INR249 million
on net sales of INR13.2 billion for 2006-07.


SANJAY & CO: Low Net Worth Prompts CRISIL to Assign 'B' Rating
--------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the INR120 million
cash credit facility of Sanjay & Co.  The rating reflects Sanjay &
Co.'s weak financial risk profile, marked by high gearing, low net
worth, and weak debt protection measures, and large working
capital requirements.  These weaknesses are however, partially
offset by the benefits that the firm derives from its established
relationships with principal, Hindustan Unilever Ltd and average
distribution reach.

Outlook: Stable

CRISIL expects Sanjay & Co to maintain a stable business risk
profile over the medium term on the back of established
relationships with its principal, HUL However, the financial
profile of the firm is expected to remain constrained. The outlook
may be revised to 'Positive' if the firm's revenues,
profitability, net worth and gearing improve significantly; or to
'Negative' if the firm reports low profit margins, or takes on
large debt to fund its capital expenditure.

Set up in 2003 as a partnership firm by Mr. Sanjay Singh and
Mr. Dananjay Singh, Sanjay & Co has been the redistributor for
HUL products in South Kolkata since 2003. Sanjay & Co reported a
profit after tax (PAT) of INR1 million on net sales of INR597
million for 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of INR1 million on net sales of
INR405 million for 2006-07.


SREE DHANYA: Fitch Assigns National Long-Term Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has assigned India's Sree Dhanya Construction
Company a National Long-term rating of 'B+(ind)' with a Stable
Outlook.  The agency has also assigned these ratings to SDCC's
bank loans:

  -- INR95 million fund based working capital limits: 'B+(ind)';
     and
  -- INR90 million non-fund based working capital limits:
     'F4(ind)'.

SDCC's ratings reflect its relatively small-sized operations and
the lack of consistency in revenue generation over the past five
years.  Furthermore, Fitch notes that sizeable loans have been
given to fund associate projects.  On the other hand, the ratings
are strengthened by SDCC's long-standing presence in the highways
and bridges construction business in the Trivandrum region in the
state of Kerala, and its track record of completing several of its
major projects ahead of schedule.  The total value of the ongoing
works at end March 2009 is INR852 million, and the total value of
further orders received is INR339 million.

To execute the projects on hand, SDCC would require additional
working capital funded by a proposed increase in the overdraft
facility to INR250 million from the current INR145 million
(including an ad hoc limit of INR50 million), along with capital
infusions from its partners.  Otherwise, the cash flows of the
firm could be strained.

The ratings could move downwards if the leverage increases and
debt/EBITDA is sustained at a level above 5.0x.  The ratings could
move upwards if leverage decreases and debt/EBITDA is maintained
below 2.0x.

SDCC is a partnership firm incorporated in 1981.  It is engaged in
the construction of highways and bridges.  As per provisional
results of FY09, SDCC reported revenues of INR224.2 million (FY08:
INR84.62 million), EBITDA of INR28.6 million (FY08: INR14.1m) and
Profit After Tax of INR7.5 million (FY08: INR3.3 million).


UNVAL INDUSTRIES: CRISIL Assigns 'B-' Rating on INR100MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the INR100.0
million term loan facility of Unval Industries Pvt Ltd.  The
rating reflects UIPL's exposure to risks relating to demand
pressures for its information technology (IT) park project at
Thane (Mumbai), to limited track record of promoters in real
estate development, and to cyclicality inherent to the Indian real
estate industry.  These weaknesses are, however, partially offset
by the benefits that UIPL derives from fund infusions by
promoters.

Outlook: Negative

CRISIL believes that UIPL's cash flows will remain uncertain, in
the absence of lease agreements for its projects, and the overall
slowdown in the economy.  UIPL's earnings may remain under
pressure owing to low saleability of its IT park project, and lead
to a weak financial risk profile.  The rating may be downgraded if
UIPL's liquidity deteriorates owing to non-saleability of its IT
park project.  Conversely, the outlook may be revised to 'Stable'
if the company reports sustained, profitable growth in excess of
current expectations.

Set up in 1963 by Mr. Darius N Pedder, UIPL is currently
constructing Sun Infotech Park, an IT park project at Thane.  The
estimated cost of the project is INR176 million.  It has a
saleable area of 0.12 million square feet, and is expected to be
completed by end of October 2009.

Due to continued losses, UIPL was shut down in the 1980s and only
held a plot of land at Thane.  This plot came under Thane
Maharashtra Industrial Development Corporation (MIDC), which was
declared an IT Zone by the Government of Maharashtra.
Mr. Chandanmal Baid acquired UIPL in 2007 for development of an IT
Park.


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


AURELIUS LIMITED: Moody's Junks Ratings on US$100 Mil. Swap
-----------------------------------------------------------
Moody's Investors Service has announced this rating action:

Transaction: Aurelius Limited - Credit Default Swap Referencing a
Pool of Structured Finance Securities

  -- US$100M Senior Certificate, Downgraded to Caa2; previously on
     March 12, 2009 Downgraded to Ba2.

This transaction is a Credit Default Swap between Credit Suisse
International and Aurelius Limited (the protection seller) that
references a number of structured finance securities: RMBS
(56.6%), CDOs (17.9%), ABS (12.4%), and ABS CDOs (13.1%).  The
majority of the reference pool is of 2003 (22.9%) and 2004 (68.8%)
vintage.

The rating action reflects the deterioration in the credit quality
of the underlying portfolio, stemming from a decline in the
average credit rating (as measured by an increase in the weighted
average rating factor, or WARF) and an increase in the proportion
of securities rated Caa2 and below.  Moody's has downgraded the
ratings for approximately 35.4% of the underlying assets since its
last review of the transaction, in March 2009.  The manager
reports that the WARF of the portfolio was 1,604 as of October 30,
2009.

Two underlying assets have defaulted so far, but their final
prices have not been determined yet, so the loss of subordination
has not been determined yet either.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


ELPIDA MEMORY: Inks Outsourcing Deal with Winbond
-------------------------------------------------
Elpida Memory, Inc. and Winbond Electronics Corp. have signed a
Memorandum of Understanding (MOU) for DRAM foundry services that
will see Winbond manufacture DRAMs under contract to Elpida.  The
outsourcing agreement is the first step of a business partnership
the two companies intend to pursue further.

The agreement pertains to the supply of GDDR3 and GDDR5 graphic
DRAMs for Elpida.  Prior to this agreement Winbond and Elpida have
been working together to commercialize GDDR3 and GDDR5 DRAM
products.  Winbond is preparing to begin commercial production of
these products by the end of 2009 while Elpida plans to begin
purchasing the output in the first half of 2010.

Under the agreement, Elpida and Winbond will now embark on a more
formal business relationship.  As a first step Elpida will provide
Winbond with advanced DRAM process technology and product
technology and in return Winbond will allocate certain capacity at
its wafer fabs in Taichung to manufacture these DRAM products.
Elpida will purchase the product output and sell it to major
customers under its own corporate brand name.

"The partnership we are forming with Winbond is tremendously
satisfying," said Elpida president and CEO Yukio Sakamoto.  "The
combination of Elpida's advanced technology and Winbond's rich
product manufacturing experience, which includes graphics memory,
will enable us to expand our product lineup across a wide range of
applications."

"Winbond is pleased to form a business partnership with Elpida,
world-leading DRAM supplier, starting with a graphic DRAM foundry
by using current technology.  However, to make this partnership a
long and lasting relationship, I believe implementing next
generation DRAM process technology from Elpida into our fab will
be the best solution for both of us. It will enhance the
competitiveness of our specialty DRAM, Mobile RAM as well." said
Arthur Chiao, CEO & Chairman of Winbond Electronics Corporation.

                          About Winbond

Winbond Electronics Corp. -- http://www.winbond.com/hq/cht/-- is
principally engaged in the research, development, design,
manufacture and sale of integrated circuits (ICs), as well as the
provision of after-sale services.  The Company primarily provides
dynamic random access memory (DRAM) products, non-DRAM memory
products, NOR Flash memory products, computer logic ICs and
consuming logic ICs.  During the year ended December 31, 2007, the
Company obtained approximately 65% and 26% of its total revenue
from DRAM products and logic products, respectively.  The Company
distributes its products in Asia, the Americas and Europe.

                           About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.


JAPAN AIRLINES: Qantas Offer to Help JAL Through IP Sharing
-----------------------------------------------------------
Qantas Airways has revealed it is offering to help restructure
financially troubled Japan Airlines by creating a low-cost carrier
based on the Jetstar model, the Herald Sun reports.

According to the report, Alan Joyce, chief executive of Qantas,
said JAL and the Japanese Government had been advised that Qantas
was prepared to allow JAL to draw on the Jetstar experience and
its intellectual property to start a new and profitable business.

The Herald Sun relates Mr. Joyce said Qantas would not join any of
its partners in the OneWorld Alliance in funding a cash bailout of
the deeply troubled business.

Qantas and its OneWorld Alliance partners are fighting a rearguard
action to block Delta Airlines -- the world's biggest airline --
from buying into JAL in order to draw the carrier into its rival
Sky Team alliance which would then have an upper hand in the
trans-Pacific Japan-US market, the report notes.

                           About Qantas

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering. Qantas acquired 18 % of Pacific
Airlines Joint Stock Aviation Company via a controlled entity on
July 31, 2007.  On July 2, 2007, Qantas acquired, via a
controlled entity, 67.27% of DPEX Transport Group Pte Ltd.  On
July 2, 2007, it also acquired Asia Express Holdings Pte Ltd.
On March 20, 2007, it acquired a 75% interest in Tour East
Australia Pty Limited.  The investment in Air New Zealand
Limited was sold in June 2007.

                            About JAL

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 by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


JAPAN AIRLINES: To Hold Meeting with Retirees This Month
--------------------------------------------------------
Japan Today reports that Japan Airlines Corp. will hold a large-
scale gathering with retirees later this month to seek approval of
cuts in pension benefits, Japan Airlines President Haruka
Nishimatsu said.

According to the report, the government also stepped up its call
for the JAL management to take responsibility for the company's
dire financial condition, with Finance Minister Hirohisa Fujii
seeking their ''voluntary'' resignation.

"There's no doubt that the management is responsible for causing
this kind of situation," the report quoted Mr. Fujii as saying.
"I believe that managers will voluntarily accept the
consequences."

                            About JAL

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 by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


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


HYNIX SEMICONDUCTOR: Hyosung Drops Bid to Acquire 28% Stake
-----------------------------------------------------------
Yonhap News reports that Hyosung Group has decided to drop its bid
to take over Hynix Semiconductor Inc. due to unfounded rumors,
including government favor for its bid.

"We made a very painful and difficult decision to withdraw our bid
for Hynix as various unfounded rumors including the government's
favor for our bid have made it difficult for us to seek a fair
takeover," the news agency cited Hyosung's stock exchange
statement.

The comments are in reference to speculation that in-law relations
between President Lee Myung-bak and the Hyosung chairman may have
had undue influence on the group's takeover bid, Yonhap notes.

The Troubled Company Reporter-Asia Pacific reported on Sept. 24,
2009, that Hyosung Group made an offer to buy a 28% stake in Hynix
Semiconductors.

The Wall Street Journal's Jung-Ah Lee said Hyosung's bid to buy a
controlling stake in Hynix is valued at $2.76 billion.  Hyosung's
decision will force Hynix's creditors to restart the search for a
buyer, the Journal adds.

Hyosung, focused on textiles and machinery, is the medium-size
conglomerate in Korea, with assets of KRW8.4 trillion, while
Hynix's total assets are KRW13.3 trillion.  It raised doubts over
the bid made by Hyosung that it may not have enough financial
resources to buy Hynix as the acquisition may require at least
KRW4 trillion.

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

                           *     *     *

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

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


HYUNDAI MOTOR: Moody's Changes Outlook on 'Ba1' Rating to Stable
----------------------------------------------------------------
Moody's Investors Service has revised to stable from negative the
outlook of the Baa3 issuer and senior unsecured bond ratings for
Hyundai Motor Company and its guaranteed subsidiary Hyundai Motor
Manufacturing Alabama LLC.  Moody's has also revised the Ba1
Corporate Family Rating outlook of Kia Motors Corp. to stable from
negative.

"The rating action reflects the much stronger than expected
operating performance of HMC and KMC amid a difficult operating
environment for the global auto industry, and Moody's expectation
that both companies' key credit metrics will remain consistent
with their ratings over the intermediate term," says Chris Park, a
Moody's Vice President/Senior Analyst, adding, "Despite increasing
challenges from the appreciating KRW, HMC and KMC should maintain
their current global market shares over the next 12-18 months on
the back of robust new model launches and highly diversified
geographical sales mix."

Based on its strong year-to-date performance, Moody's expects
Hyundai Motor Group's YoY retail unit sales growth in 2009 to
reach about 10%, which should expand its global market share to
above 7% from 6.3% a year ago.  KMC's sales performance has been
more robust, and the company is likely to record about 15% YoY
unit sales growth this year.

Such a strong outperformance has been underpinned by the two
companies' good product offering in the compact sedan segment,
highly-diversified geographical sales mix and the benefits of the
weak won which allows for more aggressive marketing activities
than their global peers.

While the strengthening KRW and the intensifying challenges from
its global rivals could pressure profitability and soften the
group's strong market share growth in 2010, such concern is
partially mitigated by both companies' product renewals, strong
presence in higher-growth potential emerging markets and ongoing
efficiency gains.

HMC's ex-finance debt/EBITDA and retained cash flow ("RCF")/net
debt will likely improve to around 3x and 40-50% respectively over
the next 1-2 years from 3.7x and 25% in 2008, which is consistent
with its Baa3 rating.  The degree of improvement for KMC should be
more substantial, with debt/EBITDA and RCF/net debt rebounding to
about 5x and 20% from 7.6x and 13%, which firmly positions KMC at
its stand-alone Ba3 rating level.  KMC's final Ba1 rating
continues to factor in a two-notch uplift based on the high
willingness and financial capability of its parent, HMC, to render
financial support to it in a distressed scenario.

The stable outlook also recognizes the group's improved liquidity
position on the back of its increasing liquidity holdings and
short-term debt reduction.  The group continues to enjoy strong
support from the Korean banking sector.

The ratings could be upgraded over time if (i) HMC's key
manufacturing/finance subsidiaries improve their liquidity
profiles through reducing their dependence on short-term debt;
and/or (ii) there is further strengthening in the group's
financial profile because it consistently outperforms the market
or because of a market recovery, and/or due to its disciplined
capex/working capital management.

This development could be evidenced by ex-finance RCF/net debt
rising above 45-50% and debt/EBITDA falling below 2.5x on a
sustained basis for HMC.  Such financial metrics for KMC include
RCF/net debt of above 25% and debt/EBITDA of below 4.5x.

The rating could be downgraded if the companies' operating cash
flow deteriorates substantially as a result of worse than
anticipated market conditions, or they do not outperform the
market or manage to contain working capital deficits.  Downward
pressure may also arise from a significant materialization of
HMC's contingent liabilities.

This development could be evidenced by ex-finance RCF/net debt
falling below 30-35% and debt/EBITDA rising above 3.5-4x on a
sustained basis for HMC.  Such financial metrics for KMC include
RCF/net debt of below 15-17% and debt/EBITDA of above 6-7x.

Moody's last rating actions on HMC and KMC were taken on 21 April
2009, when HMC's Baa3 rating was confirmed with a negative outlook
and KMC's rating was downgraded to Ba1 with a negative outlook.

HMC, headquartered in Seoul, Korea, is the world's fifth largest
and Korea's dominant automotive maker.  Together with its
subsidiary, KMC, HMC sold a total of 4.2 million auto units in
2008.  Established in 1944, KMC is the second largest automaker in
Korea.


KUMHO ASIANA: Daewoo Auction May Fail if Abu Dhabi Fund Drops Bid
-----------------------------------------------------------------
The auction for Kumho Asiana Group's Daewoo Engineering and
Construction may fail due to lack of interest, according to The
Korea Times.

The report, citing an unnamed source, says the Abu Dhabi
Investment Authority (ADIA), which has been touted as the top
contender to buy Daewoo Construction, is indifferent to the Seoul-
based builder.

A person close to the sovereign-wealth fund owned by Abu Dhabi of
the United Arab Emirates told The Korea Times that "Daewoo is not
something that the ADIA is looking at.  The ADIA has no interest
in the firm."

"For the sellers, it would be helpful to put the ADIA on the list
of potential buyers to get higher prices.  But the ADIA is not
involved this time," he said.

This means that the auction on Daewoo might collapse as, out of
the four short-listed candidates, only the ADIA consortium had
been reported to have sufficient capacity to snap up Daewoo, the
report states.

"We should wait until the deadline of the final bidding, which
falls next week.  But if the ADIA does not participate in the
bidding, it is bad news for Kumho Asiana," the report quoted Yoon
Jin-il, an analyst at IBK Securities, as saying.  "Another
downside is the trade union of Daewoo Construction, which opposes
acquisition of the company by foreign funds," he said.

The ADIA is a sovereign wealth fund owned by Abu Dhabi, the United
Arab Emirates.

Kumho Asiana Group has decided to extend the deadline for final
bids for a controlling stake in its construction unit, Daewoo
Engineering & Construction Co., until Nov. 18.

The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, three years after acquiring it for KRW6.4 trillion,
according to the Korea Herald.

Bloomberg relates Kumho Asiana has sold properties and stakes in
affiliates to help it repay debt stemming from its 2006 purchase
of Daewoo Engineering.  Bloomberg says creditors including Shinhan
Bank may force the company to repay KRW3.9 trillion (US$3.2
billion) by June if they exercise an option to sell Daewoo
Engineering shares they hold back to Kumho Asiana.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


SSANGYONG MOTOR: Senior Researchers Charged of Technology Leaks
---------------------------------------------------------------
The Korea Herald reports that seven senior researchers at
Ssangyong Motor Co. were indicted Wednesday on charges of leaking
the firm's hybrid technology to its Chinese parent company,
Shanghai Automotive Industry Corp.

The report, citing the Seoul Central Prosecutors' Office, relates
that the suspects handed over source code on hybrid engines and
other key technologies to SAIC, Ssangyong's majority shareholder.

According to the report, the prosecution has been looking into the
case for over three years after Ssangyong's union filed a
complaint against the Chinese carmaker in August 2006, accusing it
of stealing core technology in producing hybrid cars.

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.


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


HO HUP: Time Automation Withdraws Wind Up Petition
--------------------------------------------------
Ho Hup Construction Company Bhd disclosed that the winding-up
petition served on the Company had been withdrawn by the
petitioner.

The Troubled Company Reporter-Asia Pacific reported on Sept. 15,
2009, that Ho Hup Construction said a winding-up petition has been
served on the company by Time Automation & Management Services
Sdn. Bhd.  The petitioner alleges the Company of non-payment of
provision of services in respect of construction works due,
including:

   -- MYR96,078.49 under the judgment dated May 16, 2008;

   -- Interest on the sum of MYR96,078.49 at the rate of 8%
      per annum calculated from May 17, 2008, until Sept. 1,
      2009 and still continuing; and

   -- cost of MYR1,629.00.

                           About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


RANHILL BERHAD: YMC Files Wind Up Petition Against Ranhill Civil
----------------------------------------------------------------
Ranhill Berhad furnished Bursa Malaysia Securities Berhad with
details of the winding-up petition served against Ranhill Civil
Sdn Bhd, a wholly owned subsidiary of the Company.

The petition was filed by YMC Technologies Sdn Bhd.  YMC was
appointed as subcontractor to RCSB for the Supply and Installation
of Mechanical Trash Racks And Associated Work For Bekok and
Sembrong Lagoon Intake under Sri Gading Water Supply Scheme
Project (Stage 2) Package 3 Intake Improvement Works.

The Company said that a winding-up petition was presented in
the High Court at Pulau Pinang, on July 20, 2009, against Ranhill
Civil Sdn for a claim MYR218,133.00 plus interest and costs of
MYR7.129.00 pursuant to Order and Judgment of the Sessions Court
at Georgetown in the State of Pulau Pinang Summons No. 52-3248-
2007 on February 24, 2009, which is highly disputed by RCSB.

Accordingly, Ranhil said RCSB has instructed its solicitors to
file an appeal against the order, a stay of execution pending
disposal of the said appeal and also an application to oppose the
Plaintiffs Petition in the Pulau Pinang High Court.

RCSB is not a major subsidiary of Ranhill pursuant to the
definition provided in the Main Market Listing Requirements of
Bursa.  Based on the audited Statutory Financial Statement of
Ranhill as at June 30, 2009, the total cost of investment in RCSB
amounts to MYR5,069,599.00.

The Petition has been fixed for hearing on January 15, 2010.

                       About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On Dec. 11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Malaysia-based Ranhill Bhd and removed it from CreditWatch with
negative implications.  The outlook is negative.


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


FIVE STAR: Directors Face Criminal Charges
------------------------------------------
The Companies Office has laid criminal charges in the Auckland
District Court against directors of Five Star Consumer Finance
Ltd, a report posted at stuff.co.nz says.

The report says the charges were laid against Marcus MacDonald,
Anthony Bowden and Nicholas Kirk and De facto director Neill
Williams.

According to the report, registrar of companies, Neville Harris
said the charges relate to false and misleading statements
contained in investment statements and the September 2006
registered prospectus.

The defendants are due to appear in the Auckland District Court on
November 30, the report notes.

The prosecution is being carried out by the National Enforcement
Unit of the Companies Office.

Incorporated in 1988, Five Star Consumer Finance Limited is a
wholly owned subsidiary of Antares Finance Holdings Ltd, owned
by North Island shareholders.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as
receivers to Five Star and its subsidiaries.

Five Star's board of directors sought the appointment because of
serious concerns as to the state of the debenture market and the
ability of the company to attract new funds and retain existing
investments.  The board, after  consulting with the Five Star's
auditors and advisers concluded that the company was unable to
operate in this market.


* NEW ZEALAND: Non-Bank Finance Firms Remain Under Pressure
-----------------------------------------------------------
The outlook for the New Zealand economy and financial system has
improved in the past six months as international conditions have
stabilized, but some risks and challenges remain, Reserve Bank
Governor Alan Bollard said Thursday when releasing the Bank's
November 2009 Financial Stability Report.

"Financial market strains have eased, equity markets have mounted
a recovery and confidence has improved.  Economic forecasts are
now tending to be revised upwards rather than downwards. However,
global recovery has been fuelled by stimulatory fiscal and
monetary policy settings which cannot be kept in place forever.
Also, the global banking system remains vulnerable to further
shocks."

Dr. Bollard noted that while the improved global outlook was
generally positive for New Zealand, the rise in the New Zealand
dollar over recent months could hinder continued improvement in
the external balance.  "The New Zealand economy needs to live more
within its means to reduce its vulnerability to adverse
developments in offshore markets.

"While we see some progress to recover savings and reduce our
current account deficit, there is still a considerable adjustment
needed to reduce our vulnerability to external shocks.  To assist
this we need to ensure there is no return to a debt-fuelled
housing cycle, which would likely bring with it further exchange
rate pressure and erosion of competitiveness."

Commenting on the financial system, Deputy Governor Grant Spencer
said that banks in New Zealand and Australia had withstood the
crisis better than those in many other countries.  However, the
banks were overly dependent on offshore wholesale capital markets
which broke down during the crisis.  Also, the banks' asset
quality has deteriorated during the recession, as reflected in
recent provisioning and profit results.  Further loan losses are
likely as unemployment continues to rise through into 2010.

Mr. Spencer noted that the improvement in global financial markets
is now making it easier for the banks to raise funds in the
international markets.  "For this reason we are now starting to
remove some of our special liquidity facilities that were brought
in to support the banks during the crisis.

"The banks nevertheless remain very cautious in their credit and
funding decisions. While generally supporting this approach, we
have continued to emphasize that the banks should not overly
restrict lending to the business sector.

"In support of the banks' more careful approach to liquidity, we
have recently introduced a new prudential liquidity policy that is
intended to reduce the banks' vulnerability to short-term
wholesale funding markets. This policy comes into force in April
2010.

"We also expect that international policy reforms through the
Basel Committee will see a tightening of bank capital adequacy
standards over the next year or two.  We will be watching these
developments closely to assess which reforms are suitable for
introduction in New Zealand."

Mr. Spencer said many non-banks remain under pressure as they seek
to repair the damage to balance sheets from the recession.  "The
non-bank sector is now also faced with the challenge, over the
coming year, of meeting the requirements of the Reserve Bank's new
non-bank prudential regime.  In meeting these challenges, we fully
expect to see further rationalisation and closures.  The
government has extended the deposit guarantee for a year to help
the sector through this difficult period."


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


AMERICAN INT'L: Nan Shan Employees Protest Over Pension Funds
-------------------------------------------------------------
The Associated Press reports that more than 1,000 employees from
Nan Shan Life Insurance Co., an American International Group
affiliate, staged a protest in Taipei on Wednesday to express
concerns about losing employee pension funds under new ownership.

The protest highlighted the difficulties AIG has encountered in
completing the transaction, which is awaiting the approval of the
Taiwan government, the Associated Press relates.

The Troubled Company Reporter-Asia Pacific reported on Oct. 15,
2009, that AIG agreed to sell its 97.57% share of Nan Shan Life
Insurance Company, Ltd., to a consortium comprising Primus
Financial Holdings Limited, the Hong Kong-based financial services
firm, and China Strategic Holdings Limited, the Hong Kong Stock
Exchange-listed investment company, for approximately US$2.15
billion.

According to the AP, the Taiwan government is examining the deal
closely and has said it will reject it if it determines Chinese
funds are involved.  Taiwan law does not allow Chinese investment
in the financial sector, including insurance companies, the AP
discloses.

In Wednesday's demonstration, says the AP, Nan Shan employees
voiced their objection to the transaction over fears they could
lose their pensions.  According to the AP, the employees said AIG
is treating an internal pension fund of NT$14 billion ($433
million) as a Nan Shan asset to be sold off together with the
unit, and demanded the money be returned.

The China Post relates that the rally ended with the consortium
promising a 27% return by the end of November.

Jonathan Chang, a spokesperson for the insurer's labor union, told
the Taipei Times that sales agents and employees who have worked
for Nan Shan for less than 10 years will be entitled to apply for
a refund equivalent to 15% of their shares in the fund.  Others
will be entitled to a fund greater than 15% of their shares
according to their seniority, he said.

Nan Shan Life president and chief executive officer Frank Chan,
however, gave no date for the compensation during a face-to-face
meeting with 25 union representatives, as he needed to confirm the
deal with its prospective new owner, Hong Kong-based Primus
Financial Holdings Ltd, the Taipei Times relates.

                             About AIG

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


===============
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
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
TERRITORY RESOUR      TTY          78228985.46       -3340627.52
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       10464676.88       -1595250.72
AMOI ELECTRONI-A      600057      186715365.62     -176172893.15
ANHUI KOYO GROUP      979           60095557.3      -52690109.57
BAO LONG ORIENTA      600988       16377750.71       -3240620.82
CHANG LING GROUP      561          38762049.02      -11329795.61
CHENGDU UNION-A       693          52165432.95       -7597337.92
CHINA EAST AIR-A      600115    10663617937.55     -669018244.31
CHINA KEJIAN-A        35           83777990.18     -182385776.83
CHINESE.COM LOGI      805          12863797.92      -10344736.06
DANDONG CHEM F-A      498          100503616.6     -111136778.31
DONGGUAN FANGD-A      600656       62015004.14      -10113540.83
DONGXIN ELECTR-A      600691       20724702.93       -6133630.21
GAOXIN ZHANGTO-A      2075        119522500.57      -30482708.26
GUANGDONG HUAL-A      600242       19919002.62       -2062133.21
GUANGDONG KEL-A       921         650072211.91      -103760527.2
GUANGMING GRP -A      587          48717132.13      -47591274.78
GUANGXI BEISHE-A      600556      103117750.75     -138381185.31
GUANGXIA YINCH-A      557          19312064.17      -37899432.38
HEBEI BAOSHUO -A      600155      133672291.78     -361688438.08
HEBEI JINNIU C-A      600722      241278846.12     -228118601.81
HUDA TECHNOLOG-A      600892        21311206.3       -2895690.19
HUNAN ANPLAS CO       156          50288007.12      -83158991.31
LIAOYUAN DEHENG       600699      138723006.79       -6687883.61
QINGHAI SUNSHI-A      600381       56020954.09      -25865577.47
SHAANXI QINLIN-A      600217      233974560.07      -21072044.24
SHANG HONGSHENG       600817       17942699.21     -396969357.95
SHANG LIANHUA-A       600617       15681816.46       -1544918.91
SHANG LIANHUA-B       900913       15681816.46       -1544918.91
SHANGHAI WORLDBE      600757      181367559.65     -127597631.15
SHENZ CHINA BI-A      17           27968310.96      -264106065.1
SHENZ CHINA BI-B      200017       27968310.96      -264106065.1
SHENZ SEG DASH-A      7             61819712.4       -3403468.93
SHENZHEN DAWNC-A      863          28093818.24      -157709151.5
SHENZHEN KONDA-A      48          195270812.62      -14899608.82
SHENZHEN SHENXIN      34           23960824.39     -166323495.41
SHIJIAZHUANG D-A      958         235063468.55      -54144995.52
SICHUAN DIRECT-A      757          128388979.9     -118667098.38
SUNTEK TECHNOL-A      600728       37921349.96      -21207299.94
TAIYUAN TIANLO-A      600234       50402317.95      -25241975.23
TIANJIN MARINE        600751       82399198.24      -30394356.74
TIANJIN MARINE-B      900938       82399198.24      -30394356.74
TIBET SUMMIT I-A      600338       78159663.43      -14223854.17
TOPSUN SCIENCE-A      600771      183017873.28     -138219542.25
WINOWNER GROUP C      600681       10719752.69      -71846635.31
WUHAN BOILER-B        200770       349547198.5      -74888578.37
WUHAN GUOYAO-A        600421       11452683.85      -39410107.27
XIAMEN OVERSEA-A      600870      306958973.67     -146753875.61
YUEYANG HENGLI-A      622          37274086.29      -15525013.51
YUNNAN MALONG-A       600792      144996362.47      -10651003.29
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 EAST AIR-H      670       10663617937.55     -669018244.31
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
HISENSE ELEC-H        921         650072211.91      -103760527.2
HUTCHISON TELE H      215        2400098040.83     -366059762.21
MITSUMARU EAST K      2358         38170722.85          -1449668
NEW CITY CHINA        456         113178595.41       -9932226.54
NINGBO YIDONG-H       8249         55690342.44      -22047522.03
PAC PLYWOOD           767             75639000          -5411000
PALADIN LTD           495         157691358.46       -6232217.57
PALADIN LTD -PRE      642         157691358.46       -6232217.57
PCCW LTD              8          5990928703.57     -394965167.61
PROVIEW INTL HLD      334         412845082.41      -191257992.5
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         28574747.93      -34354941.95
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        248504328.81      -92414388.08
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 WIRE-PP      WNWPP       102422193.22      -37057061.49
WIRE AND WIRELES      WNW         102422193.22      -37057061.49


JAPAN

ARDEPRO               8925        345613037.14     -207111362.39
COSMOS INITIA CO      8844       1652687333.82     -564005337.19
DDS INC               3782         10683845.35       -5696657.23
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
REMIXPOINT CO LT      3825         10727028.99       -1159815.17
SAIKAYA CO LTD        8254        398458490.74      -17564816.07
SPC ELECTRONICS       6818        124705573.68      -13095644.59
SUMIYA CO             9939          54843407.5       -9480273.64
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
LITYAN HLDGS BHD      LIT          14275991.47      -29485796.94
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         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
PRIME ORION PHIL      POPI         90349299.63       -5122560.28
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         93731888.39      -15671356.22
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          17857346.66       -4522591.85
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/F      83204235.85       -5693045.29
K-TECH CONSTRUCT      KTECH        83204235.85       -5693045.29
K-TECH CONTRU-R       KTECH-R      83204235.85       -5693045.29
KUANG PEI SAN         POMPUI       17146363.89      -12117287.24
KUANG PEI SAN-F       POMPUI/F     17146363.89      -12117287.24
KUANG PEI-NVDR        POMPUI-R     17146363.89      -12117287.24
MALEE SAMPR-NVDR      MALEE-R      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/F     162041208.32      -79858191.23
PICNIC CORPORATI      PICNI       162041208.32      -79858191.23
PICNIC CORPORATI      PICNI-R     162041208.32      -79858191.23
PONGSAAP PCL          PSAAP/F      26599991.38        -3496872.9
PONGSAAP PCL          PSAAP        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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