TCRAP_Public/091222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, December 22, 2009, Vol. 12, No. 252

                            Headlines



A U S T R A L I A

ANCORA PTY: Moody's Reviews 'Ba1' Subordinated Debt Ratings
BABCOCK & BROWN POWER: Restructures AU$2.7 Billion of Debt
JACKGREEN LIMITED: Calls In PKF Australia as Administrators
OPES PRIME: Clients Get First Payment Under Settlement Deal
RHG LIMITED: Breaches Loan Covenant on AU$324 Million Facility

TRIO CAPITAL: APRA Appoints Acting Trustee to Superannuation Funds


C H I N A

FRANKLIN TOWERS: Posts US$169,000 Net Loss in Q3 2009
* CHINA: ADB Extends US$100 Mil. Loan to Shanxi to Boost Income


H O N G  K O N G

HANDSOME INT'L: Members and Creditors Meeting Set for Jan. 15
HUA NENG: Members' Final Meeting Set for January 19
KAUPTHING (HK): Members' and Creditors Meetings Set for Jan. 12
LAM LUEN: Creditors' Proofs of Debt Due January 15
LANCA TRADING: Creditors' Proofs of Debt Due January 11

LUCKY NICE: Placed Under Voluntary Wind-Up Proceedings
MACALL COMPANY: Members' Final Meeting Set for Jan. 19
PACIFIC VICTORY: Tam Chun Wan Steps Down as Liquidator
PADDY'S COLLECTION: Creditors' Proofs of Debt Due January 11
PIONEER HARBOUR: Members' Final Meeting Set for January 15

REDIFFUSION ENGINEERING: Members' Final Meeting Set for Jan. 11
TOPFLY CORPORATION: Members' Final Meeting Set for Feb. 12
TRULY TOP: Creditors' Meeting Set for January 11
WING KEY: Placed Under Voluntary Wind-Up Proceedings
YUEN HUNG: Members' Final General Meeting Set for January 12

ZOLA TECH: Creditors' Proofs of Debt Due January 12
ZOLA TECH: Members' Final Meeting Set for January 13


I N D I A

AIR INDIA: To Cut Fleetsize to 105 by March 2011, Patel Says
ALUTOP: CRISIL Assigns 'B+' Rating on INR23.10 Mil. Long Term Loan
AUROFOOD PRIVATE: CRISIL Reaffirms 'BB' Ratings on Various Debts
EURO VISTAA: CRISIL Rates INR51.8MM Long Term Loan at 'B'
GRAMEEN FINANCIAL: CRISIL Puts 'P4' Rating on INR200MM ST Debt

MAJESTIC EXPORTS: CRISIL Places 'B-' Rating on INR50MM Term Loan
NAARAAYANI SONS: CRISIL Places 'BB' Ratings on INR13MM Term Loan
NSL SEZ: ICRA Assigns 'LBB' Rating on INR2.21 Bil. Long Term Loan
PRASANNA POWER: Delay in Loan Payment Prompts CRISIL Junk Ratings
RADHE SHAM: CRISIL Rates INR150MM Letter of Credit at 'P4+'

SARATHY AUTOCARS: CRISIL Rates INR164.8 Mil. Cash Credit at 'BB-'
SATYAM COMPUTER: Maytas Not Involve in Satyam U.S. Lawsuit
SRI VENKATARAMA: ICRA Assigns 'LBB' Rating on INR27.5MM Term Loan
VENKATRAMA POULTRIES: CRISIL Puts 'BB' Ratings on Various Debts


J A P A N

FUJI HEAVY: Dealers May Return to Profitability in Fiscal Year
GODO KAISHA: Moody's Takes Rating Actions on Three Classes
JAPAN AIRLINES: Retirees to Decide on Pension Cuts by Jan. 12
SHINGINKO TOKYO: Application For Financial Aid Rejected
TOSHIBA CORP: To Invest JPY200 Bil. for Chip Output Expansion


M A L A Y S I A

OILCORP BERHAD: Unit Gets Winding Up Petition from Thien Hong
TALAM CORP: Posts MYR1.48 Million Net Profit in Qtr. Ended Oct. 31


M O N G O L I A

* MONGOLIA: Gets Support from ADB to Resolve Banking Problems


N E W  Z E A L A N D

CRAFAR FARMS: Hillside Pleads Guilty Over Effluent


T A I W A N

BRIT ALLIANCE: Fitch Downgrades Ratings on Class A Notes
EASTERN BROADCASTING: Fitch Affirms 'BB-' Issuer Default Rating
TZ TECH: Fitch Junks National Long-Term Rating From 'B+'


X X X X X X X X

DUBAI WORLD: May Pay Interest Pending Standstill Agreement
* BOND PRICING: For the Week December 14 to December 18, 2009




                         - - - - -


=================
A U S T R A L I A
=================


ANCORA PTY: Moody's Reviews 'Ba1' Subordinated Debt Ratings
-----------------------------------------------------------
Moody's Investors Service has placed the Baa2 senior secured
ratings and the Ba1 subordinated debt ratings of Ancora (RCH) Pty
Limited on review for possible downgrade.  This follows Moody's
earlier rating action to place the Baa3 ratings of Lend Lease
Corporation on review for possible downgrade.  Bovis Lend Lease is
building the new Royal Children's Hospital on Ancora's behalf.
Its obligations are guaranteed by Lend Lease.

"The rating of Ancora is partly linked to the credit quality of
Lend Lease," says Paul Ovnerud-Potter, a Moody's Vice
President/Senior Analyst.  "As such, a possible downgrade in the
Lend Lease rating may have a negative bearing on the credit
profile of Ancora", Ovnerud-Potter adds.

If the rating of Lend Lease is downgraded, then this may lead to a
downgrade of Ancora's ratings.  However, Moody's review will also
focus on structural protections (including the security package
supporting Bovis Lend Lease's obligations), construction progress,
and other factors that may negate the risks of any deterioration
in the credit profile of Lend Lease.

Ancora is the funding vehicle for Children's Health Partnership
Pty Ltd, which is undertaking the Royal Children's Hospital
Project in Melbourne, Australia, under a public private
partnership with the State of Victoria (rated Aaa, stable
outlook).  The project is two years into a four year construction
program to complete the first stage, namely the main Hospital
buildings.  Moody's understands construction of the hospital is
progressing well, and is expected to be delivered on time.

Once the Hospital is completed, CHP will commence providing
facilities management services (to be undertaken on its behalf by
Spotless P&F Pty Ltd) and the State will commence making
availability payments, sufficient to service Ancora's debt and
cover Spotless' costs.  Additional construction works will also
continue to be undertaken by Bovis Lend Lease in respect of the
second stage of the Project.

Ancora's senior secured bonds have the benefit of a monoline
guarantee from Financial Guaranty Insurance Company (unrated).
The rating of the wrapped bonds is the same as the underlying
senior secured Baa2 rating, consistent with Moody's policy,
following the withdrawal of the ratings on the monoline insurer.

The last rating action taken with respect to the underlying
ratings of Ancora was on 27 November 2007, when Moody's assigned
the Baa2 senior secured and Ba1 subordinated ratings.  The last
rating action on the wrapped bonds took place on 31 March 2008,
when the ratings were downgraded from A3 to Baa2.


BABCOCK & BROWN POWER: Restructures AU$2.7 Billion of Debt
----------------------------------------------------------
Babcock & Brown Power said Friday it has reached an in principle
agreement with all 11 banks in the BBPF Syndicate for a
comprehensive restructure of the AU$2.7 billion senior syndicated
loan facility.

The key terms of the restructured facility are:

   * Term - extension of the repayment date for the term loans,
     working capital, letters of credit and transactional banking
     until September 30, 2012.

   * Interest rate - interest rate of BBSY plus a cash margin of
     1.45%, plus a capitalizing margin of 1.0%.  The capitalizing
     margin will step up to 2.0% if a debt reduction target of
     AU$250 million is not met by March 31, 2011.

   * Financial covenants (ICR And EBITDAF) - financial covenants
     set by reference to BBP's 5-year budget plan and forecasts.
     As long as the BBPF asset group is within 15% of its
     forecasts, BBP will be in compliance with the financial
     covenants.

   * Cash Sweep - cash sweep over agreed liquidity levels to repay
     debt.

   * Foregone interest payments - first, a portion of two interest
     payments will be used as a part of the settlement with the
     NWS JV.  Secondly, as noted the cash margin has been
     reduced to 1.45%. This represents a decrease of 0.8% per
     annum interest which would otherwise have been payable to the
     BBPF Syndicate.  This reduction assists BBP in meeting
     increased gas  costs.  Such amounts foregone by the BBPF
     Syndicate are recoverable in limited circumstances

   * Extension of Security - entry into appropriate charging
     agreements perfecting Syndicate's security across the BBPF
     Group

In addition, two facilities have been established to accommodate
and manage the NWS Arbitration outcome:

   - A senior secured AU$70 million facility to partially fund NWS
     settlement repayable in mid 2011.

   - A senior secured AU$30 millin short-term liquidity facility
     maturing October 2010 to provide business flexibility to
     deal with working capital challenges arising from the NWS
     Arbitration.

These facilities will have market based interest rates and fees.

        In Principle Agreement to Settle the NWS Arbitration

The Interim Determination handed down by The Honorable Mr. Michael
McHugh QC, AC was materially outside of BBP's expectations,
resulting in a back payment and price path for gas going
forward that was considerably higher than anticipated.

Following extensive discussions and negotiations with the NWS
Joint Venture Partners, downstream customers, the BBPF Syndicate
and BBIG, in principle agreements have been reached with all
stakeholders that include the key elements that serve to enable
Alinta, a wholly owned subsidiary of the company, to deal with the
financial impact of the Interim Determination:

   * NWS JV - an in principle agreement, reflected in a Moratorium
     Agreement which is in agreed form and in the process of being
     executed, to accept a negotiated outcome different to that
     which the Interim Determination would have entitled the NWS
     JV.  Certain further amounts are payable to the NWS JV in
     limited circumstances.

   * Downstream Customers - increased price for gas going forward
     from a number of major customers, and an agreement by one
     major customer to take a reduced volume of gas.

   * BBPF Syndicate - a combination of foregone interest to
     contribute to both the back payment and higher cost of gas
     going forward.  These amounts are repayable in limited
     circumstances.  The BBPF Syndicate has provided two
     additional facilities to partially meet the back payment
     and short term liquidity constraints.

   * BBIG - a reduction in the proposed settlement proceeds from
     that previously envisaged.

"BBP has only been able to negotiate this outcome due to the
goodwill displayed by each of the counterparties and the
willingness of all parties to work with BBP to find a solution,"
BBP said in statement.

A  Moratorium Agreement between its subsidiary, Alinta Sales and
NWS is in agreed form and in the process of being executed.  This
provides for final settlement documentation to be executed by
January 20, 2010.  The NWS JV partners need to obtain board
approvals to the final settlement before it can be implemented.

Given the certainty provided by the package of agreements,
including a 4 year price path for gas, BBP said it has decided not
to appeal the arbitrator's decision.

            Funding of Back Payment & Forward Price Path

BBP will fund the negotiated back payment to the NWS JV through a
combination of internal funds, the new BBPF debt facilities
together with the diversion of a portion of two interest payments
otherwise payable the BBPF Syndicate, to the NWS JV.

The NWS JV has agreed in principle to a negotiated initial forward
price path for gas, which will step up over time.  Importantly a
number of BBP's large downstream customers have agreed to an
increased price for gas going forward and in one case to reduce
gas volume going forward.  In addition, the BBPF Syndicate has
agreed to a reduced cash interest margin.

These measures enable Alinta to deal with the financial impact of
the Arbitration Award.

                Pro Forma Net Debt Post Restructure

Post the restructure, the company's capital structure will be
substantially simplified.  The settlement of the outstanding loans
and fees to BBIG means that there will be a single senior
corporate loan in the form of the BBPF facility within the BBP
Group.  In addition to the corporate facility, there is an
existing non-recourse project debt facility secured to the Redbank
Power Station.

Debt position as at June 30, 2009 and expected pro forma drawn
position as June 30, 2010:

   Facility               30-Jun-09     30-Jun-10      Maturity
   --------               ---------     ---------      --------

   BBIG                      398           -             n/a

   BBPF Facilities         2,532         2,560        Sept. 2012

   Working Capital           10             60        Sept. 2012
   Facility

   Backpayment Facility       -             70        Mid 2011

   Senior Secured Short       -             -         Q4 CY10
   Term Liquidity Facility

   Redbank Project Debt      246           236        June 2018 &
                                                      June 2023
   --------------------    -----           -----    --------------
   Total Debt              3,186           2,926

                          Change Of Name

BBP said it is proposing to change its name to Alinta Energy
Limited.  The name seeks to leverage both the ongoing strength and
recognition of the Alinta brand in Australia, as well as the
diversity of the Alinta business across the power generation and
retail energy sectors.

                             Outlook

The finalization of the restructure allows BBP to focus on meeting
its operational targets, setting a clear strategic direction,
working on capital structure options for longer-term stability and
creating value for securityholders.

BBP expects FY10 EBITDA to be in line with the adjusted pro forma
FY09 figure of $288 million.  The principal adjustments to last
year's reported normalized EBITDA of $262 million relate to
divested assets.  These include: Kwinana, Tamar, AEATM,
Uranquinty, Neerabup and Ecogen.

At the interim results, due to be announced in February 2010, BBP
intends to revise it's segmentation of the business to more
appropriately reflect the way in which the business is
managed.

"It has been an extraordinarily demanding year for BBP and the
Board sincerely regrets that securityholders have not yet seen any
improvement in value.  However, the agreements announced today are
a major advance for the business, allowing it to proceed with an
independent future under a new name and on a path to improving
value.  The restructured debt facility provides the time and
flexibility we need to put the company onto a sustainable
financial footing," BBP Chairman, Len Gill said.

Ross Rolfe, AO, Chief Executive of BBP said, "We are pleased to
announce this comprehensive restructure of the BBP business.  Over
the past 18 months, BBP has faced a range of significant
challenges.  This Restructure will enable management to again
focus on the key task of operating our business. We acknowledge
the importance of, and appreciate the ongoing support of our
banking syndicate and our contractual counterparties in enabling
us to move forward on a more stable basis.  On completion of the
restructure, BBP will cease to have any relationship with
Babcock & Brown International Group, other than as a
securityholder."

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, The National Business Review said that BBP's share
price has been further buffeted by news that its AU$2.7 billion
debt will have to be renegotiated, in light of the company being
unable to attract an investment grade credit rating.  Babcock &
Brown Power, the Business Review related, is already in breach of
its interest cover covenant and is in talks with its banking
syndicates.

Babcock & Brown Power lost 96% of its market value last year and
was the worst performer in Australia's benchmark stock index in
2008, the Business Review noted.

Babcock & Brown Power posted a net loss of AU$148.98 million for
the year ended June 30, 2009, compared with a net loss of
AU$426.51 million from a year ago.

                    About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/--   is a power generation business.  The
company develops, operates and acquires generation portfolio.  As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the Company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd.  In March 2009, the
company sold its remaining interest in the Kwinana Power Station
to ERM Power Pty Limited.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


JACKGREEN LIMITED: Calls In PKF Australia as Administrators
-----------------------------------------------------------
Jackgreen Limited has appointed Alte Crowe-Maxwell and John Lord
of PKF Australia Limited as voluntary administrators of JGL and
its subsidiaries.

"The action to appoint a voluntary administrator followed Integral
Energy Australia Limited's application to wind up the company in
the NSW Supreme Court.  Despite the Company's attempt to
recapitalize JGL, the Company was unable to reach agreement with
Integral, and accordingly the Directors of JGL have resolved to
place the Company into voluntary administration," Jackgreen said
in a statement to the Australian Securities Exchange.

Trading in JGL securities will remain suspended.

Based in Sydney, Australia, Jackgreen Limited --
http://www.jackgreen.com.au/-- is a licensed retailer of
electricity, focused on the residential market.  The Company also
provides energy efficient products and services.  The Company is a
renewable energy retailer and one creator of carbon credits
through its subsidiary, Easy Being Green Pty Ltd.  The Company
operates in two business segments: electricity retailing, and
sales of energy efficient products and services.  The Company has
electricity retail business in New South Wales and Queensland.
The Company's wholly owned subsidiaries include Jackgreen
(International) Pty Ltd and Easy Being Green Pty Ltd.


OPES PRIME: Clients Get First Payment Under Settlement Deal
-----------------------------------------------------------
Opes Prime Group Ltd clients on Wednesday received first payments
under a settlement deal, Ben Butler at the Herald Sun reports.

According to the report, administrators Ferrier Hodgson sent
cheques totalling AU$170 million to about 650 Opes Prime
creditors, representing a payment of 30 for each dollar owed.

The report notes Ferrier Hodgson, in a circular sent with the
cheques, told creditors that it hopes to pay another 7 in the
dollar "as soon as practicable".

The administrators, however, said it may take "one to two years"
to resolve $105 million in disputed claims, complete an
investigation into Opes Prime's failure and sell off remaining
assets, the Herald Sun relates.

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

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

The TCR-AP reported on July 28, 2009, that creditors of Opes Prime
voted in favor of the settlement offer.  The former Opes clients
who participated in the vote, 96% by number and 92% by value --
representing AU$457 million of the outstanding AU$631 million in
claims -- threw their support behind the deal.

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

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

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

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

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

                          *     *     *

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

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

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited.  According to the Australian Associated
Press, the decision of the creditors will allow the liquidator to
pursue claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

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

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


RHG LIMITED: Breaches Loan Covenant on AU$324 Million Facility
--------------------------------------------------------------
RHG Ltd said Friday that it is facing a cross default worth a
total of AU$2.53 billion after a court ruling found the company in
breach of a loan covenant on AU$324 million debt facility.

RHG said it has been unsuccessful in a court action challenging
whether the loan covenant was breached.  The Company also said it
had filed an appeal in regards to the judgment.

"This event of default triggers a cross default in certain other
loans.  RHG has kept these other lenders fully informed throughout
the process," RHG said in a statement.

"In addition to the potential loss of future income of AU$47
million there is potentially AU$26.8 million of RHG's cash used as
credit enhancement at risk," the company said.

RHG Limited (ASX:RHG) -- http://www.rams.com.au/-- formerly RAMS
Home Loans, specializes in providing residential home loans
throughout Australia.


TRIO CAPITAL: APRA Appoints Acting Trustee to Superannuation Funds
------------------------------------------------------------------
The Australian Prudential Regulation Authority (APRA) has
suspended Trio Capital Limited (formerly Astarra Capital Limited)
as the trustee of its four superannuation funds and one pooled
superannuation trust, and has appointed an Acting Trustee to
manage these five entities.

APRA suspended Trio and appointed an Acting Trustee as a result of
numerous breaches of Trio Capital Limited's license conditions and
Trio not being able to satisfy APRA's concerns regarding the
valuation of superannuation assets.  The Acting Trustee of the
superannuation entities is ACT Super Management Pty Ltd, a
subsidiary of McGrathNicol.

The four main superannuation funds -- Astarra Superannuation Plan,
Astarra Personal Pension Plan, My Retirement Plan, and the
Employers Federation of NSW Superannuation Plan -- have
approximately 10,000 members and their last reported assets as at
end September 2009 totalled AU$300 million.  Total assets under
management in the various Trio Capital Limited superannuation
entities and registered managed investment schemes, for which Trio
is the Responsible Entity, are approximately AU$426 million.  The
total number of non superannuation investors is 732.  The
superannuation entities have significant investments in the
Astarra Strategic Fund (ASF), one of the Trio Capital Limited
managed investment schemes.  The ASF financial statements for the
year ended June 30, 2009, show total assets of around AU$118
million.

The Australian Securities and Investments Commission has also
suspended the Australian Financial Services Licence held by Trio
Capital Limited, under which it acts as responsible entity of 24
registered managed investment schemes, including the Astarra
Strategic Fund.

Trio Capital Limited has been placed into external administration.
Trio, under the control of its administrators, Stephen James
Parbery, Neil Singleton and Nicholas Martin of PPB, will continue
to act as responsible entity of the registered schemes until a
replacement responsible entity is found or the schemes are wound
up.

APRA and ASIC have been working closely in their separate
investigations into the affairs of the Trio Capital Limited
superannuation entities and managed investment schemes (including
underlying funds of those schemes) and will continue to do so.

ASIC said it will work with PPB to ensure the interests of the
members of the registered schemes are protected during this
period.

The Acting Trustee has been appointed by APRA to protect the
interests of the superannuation fund members.  The Acting Trustee
will be required to provide APRA with a report setting out among
other things a plan of its proposed course of action in respect of
the ongoing and future management of the superannuation entities.
The administrators have been similarly appointed to protect the
interests of the members of the registered managed investments
schemes.

Investors with interests in these funds should refer to the
significant event notice for the Trio superannuation funds which
is to be posted on the Trio Capital Limited website.

                            Background

ASIC commenced an investigation of the Astarra Strategic Fund on
October 2, 2009.

On October 21, 2009, ASIC issued a stop order on the product
disclosure statements for Astarra Superannuation Plan, Astarra
Personal Pension Plan, My Retirement Plan and three related sub-
funds of My Retirement Plan.  The effect of the stop orders was to
prevent new issues of interests in the schemes and superannuation
funds to investors.

ASIC also issued a stop order on October 16, 2009, in relation to
the product disclosure statements for Astarra Conservative Fund,
Astarra Balanced Fund, Astarra Growth Fund, Astarra Strategic
Fund, Astarra Covered Call Fund and Astarra International Covered
Call Fund.

APRA issued directions freezing the assets of the four main
superannuation funds on October 21, 2009, for one month
(subsequently extended to February 19, 2010) to minimize the risk
that transactions with fund members would occur on unit prices
that may not be reliable.

While the freezing orders are in place the four superannuation
funds are precluded from accepting contributions and rollovers,
making benefit payments or transfers to other funds or allowing
investment switching.  In addition, Trio undertook to ensure that
redemptions from the managed investment schemes and all
superannuation funds did not occur.  However, APRA has permitted,
on a limited basis, monthly pension payments and certain other
payments to be made but their continuation will be subject to
ongoing assessment by the Acting Trustee and APRA.


=========
C H I N A
=========


FRANKLIN TOWERS: Posts US$169,000 Net Loss in Q3 2009
------------------------------------------------------
Franklin Towers Enterprises, Inc., and subsidiary reported a net
loss of US$169,355 on net sales of US$2,240,449 for the three
months ended September 30, 2009, compared with a net loss of
US$1,294,099 on net sales of US$2,334,638 for the same period of
2008.

The Company sold 51.24 tons of silk during the three months ended
September 30, 2009, an increase of 17.24 tons, or 51% as compared
to 34.00 tons during the three months ended September 30, 2008.
The revenue from sale of silk was US$1,235,169 during the three
months ended September 30, 2009, an increase of US$448,861, or 57%
as compared to US$786,308 for the same period of 2008.

The cocoon is a raw material for production of silk.  The sales of
cocoon were 100.26 tons for the three months ended September 30,
2009, decreased by 105.32 tons, or 52% as compared to 202.58 tons
sold in the same period of 2008.  The revenue from sale of cocoon
was US$593,338 for the three months ended September 30, 2009,
decreased by US$490,283, or 45%, as compared to US$1,083,621 for
the
three months ended September 30, 2008.

Income from operations for the three months ended September 30,
2009, were US$351,584, an improvement of US$407,251, as compared
to loss from operations of US$55,667 for the three months ended
September 30, 2008.

Total other expenses, net was US$520,939 for the three months
ended September 30, 2009, a decrease of US$717,493 as compared to
US$1,238,432 for the three months ended September 30, 2008.

Interest expense was US$521,263 for the current quarter, versus
US$1,239,008 for the three months ended September 30, 2008.

                      Nine Months Results

The Company reported a net loss of US$581,697 on net sales of
US$5,124,347 for the nine months ended September 30, 2009,
compared with a net loss of US$4,428,977 on net sales of
US$4,784,776 for the same period last year.

                         Balance Sheets

At September 30, 2009, the Company's consolidated balance sheets
showed US$9,351,526 in total assets and US$11,422,260 in total
liabilities, resulting in a US$2,070,734 shareholders' deficit.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with US$7,530,444 in total current
assets available to pay US$11,422,260 in total current
liabilities.

A full-text copy of the Company's quarterly report is available at
no charge at http://researcharchives.com/t/s?4bfd

                      Going Concern Doubt

The Company started its test production at the end of June 2007
and commenced its manufacturing operations during the third
quarter of 2007.  The Company has incurred a net loss of
US$581,697
for the nine months ended September 30, 2009, and has an
accumulated deficit of US$20,743,476 at September 30, 2009.
Substantial portions of the losses are attributable to stock-based
compensation, amortization of debt discount, deferred finance
costs and beneficial conversion feature, and accrued interest and
penalties in connection with the default of the convertible notes.
The Company had a working capital deficiency of US$3,891,816 and
US$2,859,499 as of September 30, 2009, and December 31, 2008,
respectively.

Furthermore, as of July 12, 2008, the Company was in default on
its convertible notes payments due July 12, 2008.  The notes
provide that, at the option of the holder, an event of default
shall make all sums of principal and interest then remaining
unpaid and all other amounts payable immediately due and payable
upon demand.  As of September 30, 2009, the unpaid convertible
notes payable balance is US$2,792,175; unpaid accrued interest is
US$414,545; and unpaid accrued liquidated damages penalty and
default penalty are US$1,835,294.  The Company says it is
currently negotiating with investors and seeking ways to resolve
the default issue with all investors.

These factors raise substantial doubt concerning the Company's
ability to continue as a going concern.

                     About Franklin Towers

Based in Fulin, Chongqing, China, Franklin Towers Enterprises,
Inc. was incorporated on March 23, 2006, under the laws of the
State of Nevada.  After acquiring 100% of the issued and
outstanding registered capital of Chongqing Qiluo Textile Co.,
Ltd., a limited liability company organized under the laws of the
People's Republic of China, in 2007, Franklin focused on the
production and sale of silk and silk products.

Qiluo was incorporated on December 15, 2006, named "Chongqing
Qiluo Industry Ltd." under the laws of the People's Republic of
China with the purpose of engaging in the manufacture and sale of
silk and silk products.  Qiluo renamed to "Chongqing Qiluo Textile
Co., Ltd."  On May 30, 2008, Qiluo renamed to "Chongqing Fuling
Qiluo Wintus Silk Co., Ltd".

The Company started its test production at the end of June 2007
and commenced operations in the third quarter of 2007.


* CHINA: ADB Extends US$100 Mil. Loan to Shanxi to Boost Income
---------------------------------------------------------------
The People's Republic of China is getting a US$100 million Asian
Development Bank (ADB) loan to help boost the incomes of poor
farmers in Shanxi province and to ease strains on the environment
caused by traditional agricultural practices.

The ADB Board of Directors approved the loan for the Shanxi
Integrated Agricultural Development Project.  The funds will be
used to provide credit and training to about 66,000 farm
households in 26 counties in central and southern Shanxi,
including 11 classified as poor.  The ADB-administered Multi-Donor
Trust Fund under the Water Financing Partnership Facility (WFPF)
and the Gender and Development Cooperation Fund (GDCF) are also
providing grant financing.

The province has relatively limited cultivatable land, and most
farmers continue to practice traditional agriculture, growing low-
value crops like wheat and maize that require heavy use of water
and agrochemicals.  In addition, free range livestock grazing and
the untreated disposal of animal waste, contributes to water
pollution. This system is hurting the environment and keeping most
farmers in poverty.

To address the widening income gap between rural and urban areas
and between eastern, central and western regions, the government
is planning significant investments, including replacing grain
production with high value crops which will raise incomes, reduce
poverty and ease environmental pressure on soil and water.  The
return of millions of migrant workers to rural areas, including
Shanxi, as a result of the global economic slowdown, has given
added urgency to this task.

The project will provide farmers credit and technological know-how
to produce high value annual and perennial crops, and to introduce
livestock production practices that are more resource efficient
and environmentally sustainable.  Support will be given for on-
farm processing facilities, such as fruit drying rooms, and to
contract farmers to agro-enterprises which will help strengthen
their links to markets. A total of 24 agro-enterprises are taking
part in the project.

Food safety and quality standards will be introduced at both the
farm level and in agro-processing enterprises, and training
programs on modern farm production techniques will be provided.
Farmer associations will be strengthened to help market farm
produce and disseminate new agriculture technologies, and
assistance will be extended to raise the capacity of rural
agriculture agencies to provide better services.

"The project will boost the capacity of farmers, their
associations and support agencies to adopt high value,
environmentally sustainable agriculture that will increase farmer
incomes and farm productivity, while improving food safety and
quality," said Akmal Siddiq, Principal Natural Resources Economist
in ADB's East Asia Department.

The WFPF grant will be used to demonstrate the viability of new,
efficient irrigation techniques which can reduce groundwater use,
help farmers adapt to climate change impacts, and potentially be
replicated in other provinces.  The GDCF grant will support pilot
revolving funds scheme to provide microfinance to poor women in
four villages that may also be replicated at a wider scale under
the project.

ADB's loan from its ordinary capital resources will make up almost
53% of the total project cost of US$189.3 million. It has a 26-
year term, including a six year grace period with an interest rate
determined in accordance with ADB's LIBOR-based lending facility.
The WFPF, which includes contributions from Australia, Austria,
Norway and Spain, is providing $500,000, and GDCF, with
contributions from Canada, Denmark Ireland and Norway is supplying
$195,000 equivalent, while Shanxi provincial government, farmers,
agro-enterprises and farmer associations are providing a combined
$88.61 million.


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


HANDSOME INT'L: Members and Creditors Meeting Set for Jan. 15
-------------------------------------------------------------
Members and creditors of Handsome International Investment Limited
will hold their annual meetings on January 15, 2010, at 10:00
a.m., and 10:30 a.m., respectively at the Suites 908-912, 9th
Floor, One Pacific Place, 88 Queensway, in Hong Kong.

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


HUA NENG: Members' Final Meeting Set for January 19
---------------------------------------------------
Members of Hua Neng (Hong Kong) Limited will hold their final
meeting on January 19, 2010, at 3:00 p.m., at the Suite No. A,
11th Floor, Ritz Plaza, 122 Austin Road, Tsimshatsui, in Kowloon.

At the meeting, Sung Mi Yin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


KAUPTHING (HK): Members' and Creditors Meetings Set for Jan. 12
---------------------------------------------------------------
Members and creditors of Kaupthing (Hong Kong) Limited will hold
their final meetings on January 12, 2010, at 11:00 a.m., and 11:30
a.m., respectively at the 5th Floor, Ho Lee Commercial Building,
38-44 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Frank Yuen Tsz Chun, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LAM LUEN: Creditors' Proofs of Debt Due January 15
--------------------------------------------------
Creditors of Lam Luen Taxi Owners and Drivers Association Limited,
which is in members voluntary liquidation, are required to file
their proofs of debt by January 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 3, 2009.

The company's liquidator is:

         Chan Yim Wah
         Haven Commercial Building
         Nos. 6-8 Tsing Fung Street
         North Point, Hong Kong


LANCA TRADING: Creditors' Proofs of Debt Due January 11
-------------------------------------------------------
Creditors of Lanca Trading Company Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by January 11, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

         Dantes Mak Kay Lung
         China Insurance Group Building
         Rooms 2101-3
         141 Des Voeux Road
         Central, Hong Kong


LUCKY NICE: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on November 25, 2009,
creditors of Lucky Nice Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Kwaan Wing Lok
         Tung Chai Building, Room 402
         88-90, Wellington Street
         Hong Kong


MACALL COMPANY: Members' Final Meeting Set for Jan. 19
------------------------------------------------------
Members of Macall Company Limited, which is in members voluntary
liquidation will hold their final meeting on January 19, 2010, at
3:30 p.m., at Suite No. A, 11th Floor, Ritz Plaza, 122 Austin
Road, Tsimshatsui, in Kowloon.

At the meeting, Sung Mi Yin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


PACIFIC VICTORY: Tam Chun Wan Steps Down as Liquidator
------------------------------------------------------
Tam Chun Wan stepped down as liquidator of Pacific Victory Trading
Limited on December 4, 2009.


PADDY'S COLLECTION: Creditors' Proofs of Debt Due January 11
------------------------------------------------------------
Paddy's Collection Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by January 11, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


PIONEER HARBOUR: Members' Final Meeting Set for January 15
----------------------------------------------------------
Members of Pioneer Harbour Limited will hold their final general
meeting on January 15, 2010, at 2:00 p.m., at the Room 1703, Wing
Tuck Commercial Centre, 177-183 Wing Lok Street, in Hong Kong.

At the meeting, Ma Shun Chung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


REDIFFUSION ENGINEERING: Members' Final Meeting Set for Jan. 11
---------------------------------------------------------------
Members of Rediffusion Engineering Limited, which is in members
voluntary liquidation will hold their final meeting on January 11,
2010, at 9:00 a.m., at the 23rd Floor, Wheelock House, 20 Pedder
Street, in Hong Kong.

At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TOPFLY CORPORATION: Members' Final Meeting Set for Feb. 12
----------------------------------------------------------
Members of Topfly Corporation Limited will hold their final
general meeting on February 12, 2010, at 11:00 a.m., at the Room
2812, Block C, Kornhill, Quarry Bay, in Hong Kong.

At the meeting, Ie Ru Sin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


TRULY TOP: Creditors' Meeting Set for January 11
------------------------------------------------
Creditors of Truly Top Limited will hold their meeting on Jan. 11,
2010, at 10:00 a.m., for the purposes provided for in Sections
241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the Unit 803, 8/F., Shanghai
Industrial Investment Building, 48-62 Hennessy Road, Wanchai, in
Hong Kong.


WING KEY: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on December 4, 2009,
creditors of Wing Key Construction Engineering Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yiu Cho Yan
         Asian House, Room 1702, 17/F
         1 Hennessy Road
         Wanchai, Hong Kong


YUEN HUNG: Members' Final General Meeting Set for January 12
------------------------------------------------------------
Members of Yuen Hung Industries Limited will hold their final
general meeting on January 12, 2010, at 2:30 p.m., at Flat C, 7/F,
66 Broadway, Mei Fu Sun Chuen, in Kowloon.

At the meeting, Tsang Yiu Wing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ZOLA TECH: Creditors' Proofs of Debt Due January 12
---------------------------------------------------
Creditors of Zola Tech Industries Company Limited, which is in
members voluntary liquidation, are required to file their proofs
of debt by January 12, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Tang Piu Hung
         Rammom House, 3rd Floor
         101 Sai Yeung Choi Street South
         Mongkok, Kowloon


ZOLA TECH: Members' Final Meeting Set for January 13
----------------------------------------------------
Members of Zola Tech Industries Company Limited, which is in
members voluntary liquidation will hold their final meeting on
January 13, 2010, at 10:00 a.m., at the 3/F., Rammom House, 101
Sai Yeung Choi Street South, Mongkok, in Kowloon.

At the meeting, Tang Piu Hung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


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


AIR INDIA: To Cut Fleetsize to 105 by March 2011, Patel Says
------------------------------------------------------------
Air India aims to cut its fleetsize to 105 planes by March 2011
from 146 currently, Anirban Chowdhury at Dow Jones Newswires
reports.

Citing Civil Aviation Minister Praful Patel, Dow Jones discloses
that this, and other steps, such as "route profitability, manpower
rationalization, and structural changes" are being taken to
turnaround the loss-making airline.

Dow Jones notes Mr. Patel also said that the airline has frozen
recruitment in most categories except "pilots, cabin crew and
engineers," to reduce its employee-to-aircraft ratio.

According to Dow Jones, Mr. Patel said that between April and
October this year, the carrier made losses on 133 out of 192
flights.  The revenue loss on unprofitable routes during the
period was INR15.23 billion, he added.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd. 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.

Air India incurred a net loss of INR55.48 billion for the fiscal
year ended March 30, 2009.

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.


ALUTOP: CRISIL Assigns 'B+' Rating on INR23.10 Mil. Long Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Alutop's bank
facilities.

   Facilities                           Ratings
   ----------                           -------
   INR23.10 Million Long Term Loan      B+/Stable (Assigned)
   INR35.00 Million Cash Credit         B+/Stable (Assigned)
   INR15.00 Million Letter of Credit    P4 (Assigned)

The ratings reflect Alutop's below-average financial risk profile,
and exposure to risks relating to intense competition in the
pilfer-proof caps industry, and to supplier concentration.  These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the pilfer-proof caps
business, and its established relationships with key customers.

Outlook: Stable

CRISIL believes that Alutop will maintain a stable credit risk
profile, backed by the promoters' extensive experience in the
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations while maintaining its profitability, and
improves its capital structure through fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile deteriorates owing to sharp decline in
margin and cash accruals, or in case of large, debt-funded capital
expenditure, or withdrawals by promoters.

                           About Alutop

Set up in 1990 by Mr. Bhaskar R Uchil, Alutop manufactures pilfer-
proof caps.  The firm has a manufacturing capacity of 2 million
pilfer-proof caps.  The firm's metal-printing unit in Bangalore,
Karnataka commenced operations in May 2009.  Alutop plans to set
up another metal-printing unit, at a cost of around INR50 million,
to be funded through a term loan of INR30 million and balance
through equity infusion and internal accruals. The new facility is
expected to be completed in 2011-12.

Alutop reported a profit after tax (PAT) of INR2.1 million on net
sales of INR175.8 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.4 million on net
sales of INR150.0 million for 2007-08.


AUROFOOD PRIVATE: CRISIL Reaffirms 'BB' Ratings on Various Debts
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aurofood Pvt Ltd
continue to reflect Aurofood's weak financial risk profile marked
by small net worth and weak debt protection measures.  The ratings
also factor in Aurofood's small operations and large working
capital requirements, and the fragmented nature of the industry.
The impact of these weaknesses is mitigated by Aurofood's
established market position in the food products business.

   Facilities                            Ratings
   ----------                            ------
   INR43.9 Million Long-Term Loan        BB/Stable (Reaffirmed)
   (reduced from INR46.5 million)

   INR100.0 Million Cash Credit Limits   BB/Stable (Reaffirmed)
          (Enhanced from INR85 million)

   INR16.1 Million Proposed Long Term    BB/Stable (Reaffirmed)
           Bank Facility (reduced from
           INR21.9 million)

   INR20.0 Million Bank Guarantee       P4+ (Assigned)

Outlook: Stable

CRISIL believes that Aurofood will maintain its business risk
profile on the back of its established clientele and steady off-
take of flour products from large customers.  The outlook may be
revised to 'Positive' in case Aurofood sustains a steady increase
in its revenues and improves its profitability.  Conversely, the
outlook may be revised to 'Negative' if there is a decline in
operating margins leading to deterioration in debt protection
measures.

                        About Aurofood Pvt

Incorporated in 1966 by the Late Mr. M. A. Patel, Aurofood is a
closely held company, engaged in converting wheat into flour
products; it has capacity of 340 tonnes per day.  It also
manufactures biscuits, pastas, and wafers under the brand name
"True".

For 2008-09 (refers to financial year, April 1 to March 31),
Aurofood reported a profit after tax (PAT) of INR7.75 million on
net sales of INR378 million, against a PAT of INR8.88 million on
net sales of INR565 million in the previous year.


EURO VISTAA: CRISIL Rates INR51.8MM Long Term Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Euro Vistaa (India) Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR51.8 Million Long Term Loan         B/Stable (Assigned)
   INR460.0 Million Bill Discounting      P4 (Assigned)
   INR40.0 Million Letter of Credit       P4 (Assigned)
   INR40.0 Million Packing Credit         P4 (Assigned)
   INR30.0 Million Bank Guarantee         P4 (Assigned)

  (All bank facilities are from Bank of Maharashtra)

The ratings reflect Euro Vistaa's weak financial risk profile and
vulnerability to economic downturns.  These rating weaknesses are
partially offset by the company's established market position in
the yarn export segment.

Outlook: Stable

CRISIL believes that Euro Vistaa's financial risk profile will
remain weak over the medium term because of low cash accruals and
large working capital requirements.  The outlook may be revised to
'Positive' if the company's financial risk profile, particularly
profitability, improves significantly.  Conversely, the outlook
may be revised to 'Negative' in case of pressure on Euro Vistaa's
profitability because of increasing competition from low-cost
exporting countries.

                        About Euro Vistaa

Euro Vistaa is a merchant exporter of yarn.  The company is
promoted by Mr. Punkajj Lath. For 2008-09 (refers to financial
year, April 1 to March 31), Euro Vistaa reported a net loss of
INR67.6 million on net sales of INR1.46 billion, against a net
profit of INR6 million on net sales of INR1.84 billion for
2007-08.


GRAMEEN FINANCIAL: CRISIL Puts 'P4' Rating on INR200MM ST Debt
--------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Grameen Financial Services
Pvt Ltd's INR200 million short term debt program.  The rating
reflects GFSPL's modest scale of operations, with regional
concentration, exposure to risks inherent in the microfinance
industry, and weak earnings profile.  These rating weaknesses are
partially offset by the company's established track record in the
microfinance industry and, its adequate systems and processes.

GFSPL is a non-deposit-taking non-banking financial company (NBFC-
ND) registered with the Reserve Bank of India (RBI), and lends
mainly to the economically weak sections, mostly in rural
Karnataka.  GFSPL's earnings profile is weaker than that of
microfinance institutions (MFIs) with similar scale of operations.
Its net profit margin (NPM) was negative at 0.75|% for 2008-09
(refers to financial year, April 1 to March 31), because of low
interest spreads and high operating expenditure, and high
provisioning requirements as a result of deteriorating asset
quality. Furthermore, the company's revenues have limited
diversity with revenues from fund-based activities accounting for
more than 98 per cent of its total income.

GFSPL's scale of operations remain modest with regional
concentration: it had total loans outstanding (including managed
assets) of INR1551 million as on October 31, 2009, while total
disbursements for the first seven months of 2009-10 were INR1862
million.  The company's operations are currently concentrated in
Karnataka, which accounts for around 96 per cent of GFSPL's total
loans outstanding. The company has plans to expand its operations
in Maharashtra, Andhra Pradesh, and Tamil Nadu. CRISIL believes
that GFSPL's performance outside Karnataka and sustenance of asset
quality will have a strong bearing on the company's overall market
position. GFSPL's operations are also exposed to risks inherent in
the microfinance industry.

GFSPL acquired the entire microfinance portfolio of Grameen Koota
(GK), which was part of T Muniswamappa Trust, in October 2007.
Therefore, unlike other start-up NBFCs, GFSPL had the advantage of
starting its operations with a large client base and adequate
infrastructure across 13 districts of Karnataka.  The experience
of working with local groups over the past ten years across
districts has helped the company to scale up its business during
2008-09, with adequate funding support from lenders. GFSPL's scale
of operations has grown significantly: in 2008-09; its
disbursements grew by 121 per cent to INR3727 million from INR1688
million in 2007-08, and loans outstanding (including managed
assets) grew by 119 per cent to INR1814 million as on March 31,
2009, from INR826 million as on March 31, 2008.  The company also
benefits considerably from the industry experience of its board
members and senior management team. GFSPL managed to smoothly
transform into an NBFC, and has also mobilized capital from
promoters and institutional investors.  Further, the company has
established adequate systems and processes for its current scale
of operations

                      About Grameen Financial

Incorporated in 1998, GFSPL (formerly, Sanni Collection Pvt Ltd),
is an NBFC-ND registered with RBI.  In October 2007, GFSPL
acquired the entire microfinance portfolio of GK. GFSPL organises
joint-lending groups (JLGs) and provides top-up loans to clients.
Following the takeover of GK's business, GFSPL's number of
branches increased to 120, borrower strength to 241,750, and its
presence has spread to 26 districts (as on October 31, 2009).
Since May 2008, GFSPL has also been offering individual loans on
pilot basis at three of its urban branches.

For 2008-09, GFSPL reported profit after tax (PAT) of INR4.8
million on a total income of INR340.5 million, against a PAT of
INR4.5 million on a total income of INR103.9 million for six
months of operations in the previous year.


MAJESTIC EXPORTS: CRISIL Places 'B-' Rating on INR50MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Majestic Exports.

   Facilities                           Ratings
   ----------                           -------
   INR22.1 Million Proposed Long        B-/Negative (Assigned)
   Term Bank Facility

   INR14.0 Million Standby Line of      B-/Negative (Assigned)
   Credit
   INR50.0 Million Term Loan            B-/Negative (Assigned)
   INR38.5 Million Export Packing       P4 (Assigned)
   Credit
   INR38.5 Million Bill Discounting     P4 (Assigned)
   INR5.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Majestic Exports' weak financial risk profile,
small scale of operations, and exposure to risks relating to
cyclicality inherent in the ready-made garments export business.
These weaknesses are, however, partially offset by the benefits
that the company derives from its promoters' experience in the
ready-made garments exports business.

Outlook: Negative

CRISIL believes that Majestic Exports' liquidity will remain
stretched over the medium term, owing to losses of INR53 million
on derivatives transactions, and withdrawal of capital by
partners, thereby weakening its financial risk profile.  The
outlook may be revised to 'Stable' if the firm's financial risk
profile improves substantially with the infusion of capital by
partners. Conversely, the ratings may be downgraded if there are
large withdrawals by partners, which may exert pressure on the
firms' debt repayment ability.

                       About Majestic Exports

Set up in 1987 as a partnership firm, Majestic Exports
manufactures ready-made garments for men, women, and children at
its plant at Tirupur.  It caters to the exports market, primarily
to wholesalers based in Europe.

Majestic Exports reported a loss of INR21.9 million on net sales
of INR445 million for 2008-09 (refers to financial year, April 1
to March 31), as against a book profit of INR16 million on net
sales of INR483 million for 2007-08.


NAARAAYANI SONS: CRISIL Places 'BB' Ratings on INR13MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Naaraayani Sons Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR30 Million Cash Credit     BB/Stable (Assigned)
   INR13 Million Term Loan       BB/Stable (Assigned)
   INR37 Million Proposed Long   BB/Stable (Assigned)
       Term Bank Loan Facility

The rating reflects NSPL's exposure to risks relating to customer
and geographic concentration in its revenue profile, and the
company's significant debt-funded capital expenditure.  The impact
of these weaknesses is mitigated by the benefits that NSPL derives
from its promoters' extensive experience in the mining business.

Outlook: Stable

CRISIL believes that NSPL will maintain its market position over
the medium term on the back of its promoters' industry experience.
The outlook may be revised to 'Positive' if NSPL enhances its
revenue diversity, which would strengthen its business risk
profile, and improves its profitability considerably.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
a larger-than-expected debt-funded capex program, or if its
revenues decline, and profitability deteriorates, steeply.

Incorporated in December 2000, NSPL undertakes excavation,
crushing, screening, and transportation of manganese and iron ore.
The company also undertakes iron ore mining.  It owns a mine,
spread over 70 hectares, with a reserve of around 0.8 million
tonnes of iron ore and around 8.7 million tonnes of dolerite. NSPL
provides mining services mainly to Essel Mining and Industries
Ltd, Adhunik Metaliks Ltd, and Aryan Mining and Trading
Corporation Ltd.

NSPL reported a profit after tax (PAT) of INR14.8 million on net
sales of INR630.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4.3 million on net sales
of INR336.3 million for 2007-08.


NSL SEZ: ICRA Assigns 'LBB' Rating on INR2.21 Bil. Long Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 2.21 billion long
term loan of NSL SEZ (Hyderabad) Private Limited.

The rating takes into account the relatively high project
execution risks given the nascent stage of project implementation,
and the current slowdown in demand from the IT/ITES industry,
which coupled with the fact that no pre-leasing activity has taken
place so far in project, exposes the project to significant market
risks.  However, the rating draws comfort from the strength of the
promoter (Nuziveedu Seeds Limited), favorable location of the
project, low approval risk and the fact that the funding for the
first phase of the IT/ITES SEZ project has been largely tied up.

NSL SEZ is a 100% subsidiary of NSL Infratech Private Limited,
which is a 100% subsidiary of Hyderabad based business
conglomerate Nuziveedu Seeds Limited (NSL). NSL is leader in the
cotton seed business in India. NSL SEZ is currently engaged in
development of an IT/ITES SEZ in Hyderabad and owns 36 acres of
SEZ notified land.  The phase-I of SEZ consists of leasable office
space of 1.4 million square feet (developed on 9 acres of land)
and is expected  to be operational by September 2010.  Later, the
company plans to develop another phase of office space, a retail
space and residential complex in the remaining land.


PRASANNA POWER: Delay in Loan Payment Prompts CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Prasanna Power Ltd's bank
facilities.

   Facilities                           Ratings
   ----------                           -------
   INR235.00 Million Long Term Loan     D (Assigned)
   INR5.50 Million Cash Credit          D (Assigned)

The rating reflects delay by PPL in meeting its term loan
obligations.  The delay has been because of weak liquidity.

PPL, incorporated in 1998, generates hydel electricity. Its mini-
hydroelectric power plant on Aniyur river in Belthangadi Taluk of
Dakshin Kannad district, Karnataka is a run-of-the-river plant
with a total capacity of 6 megawatts.  PPL commenced commercial
production in August 2009.  It is a subsidiary of International
Power Corporation Ltd, which was promoted by Mr. George
Sakellaris, an American having around four decades of experience
in the power sector.

PPL was allotted the project on a build, own, operate, and
transfer (BOOT) basis by the Government of Karnataka for a period
of 30 years.  PPL has entered into a power purchase agreement with
Bangalore Electricity Supply Company Ltd (BESCOM) for off-take of
the entire power output.


RADHE SHAM: CRISIL Rates INR150MM Letter of Credit at 'P4+'
-----------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to the letter of credit
facility of Radhe Sham Ravi Prakash Timbers Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Letter of Credit    P4+ (Assigned)

The rating reflects Radhe Sham's exposure to risks relating to
cyclicality in the end-user industry (real estate), and
unfavorable changes in regulatory policies.  These weaknesses are
partially offset by the company's healthy financial risk profile
and promoters' experience in the saw mill business.

Set up in 1983 as a partnership firm, Radhe Sham converted into a
private limited company in 2008.  It processes and trades in
timber logs imported from New Zealand, which find application in
real estate construction for interiors and roofing. The company's
plant in Gandhidham (Gujarat) has the capacity to process 0.2
million cubic feet of timber per month.

Radhe Sham reported a profit after tax (PAT) of INR3.5 million on
net sales of INR407 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.3 million on net
sales of INR440 million for 2007-08.


SARATHY AUTOCARS: CRISIL Rates INR164.8 Mil. Cash Credit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Sarathy Autocars'
cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR164.80 Million Cash Credit    BB-/Stable (Assigned)

The rating reflects Sarathy's weak financial risk profile,
concentration in its revenue profile, and its vulnerability to
intense competition in the automobile dealership market and offset
by the benefits that Sarathy derives from the experience of its
management in the automobile dealership market, and the firm's
moderate operating efficiency.

Outlook: Stable

CRISIL believes that Sarathy will maintain its business risk
profile over the medium term on the back of its established market
position in Kollam (Kerala) and its promoters' industry
experience.  The outlook may be revised to 'Positive' if Sarathy
improves its capital structure, and if its revenue and
profitability increase significantly.  Conversely, the outlook may
be revised to 'Negative' in case of a slowdown in the automobile
industry, significantly affecting the firm's revenue and
profitability; or if the firm undertakes any large debt-funded
capital expenditure programme, thereby adversely affecting its
capital structure; or in case of deterioration in its cash
accruals or significant withdrawal of capital by its partners.

                      About Sarathy Autocars

Set up in 1999 as a partnership firm, Sarathy is a leading dealer
of Maruti Suzuki India Ltd in Kollam, Kerala.  Currently, Sarathy
has eight showrooms and five authorized MSIL service stations in
Kerala.  The firm's operations are looked after by the managing
partner Mr. Rajesh Somanathan.

Sarathy reported a profit after tax (PAT) of INR9.2 million on net
sales of INR1115 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR8.7 million on net sales
of INR1078 million for 2007-08.


SATYAM COMPUTER: Maytas Not Involve in Satyam U.S. Lawsuit
----------------------------------------------------------
Thom Weidlich at Bloomberg News reports Maytas Infra Ltd., which
Satyam Computer Services Ltd. sought to buy a month before
touching off India's biggest corporate-fraud inquiry, said it
doesn't belong in U.S. investor lawsuits against Satyam.

Maytas Infra, in a filing December 16, asked a federal judge in
New York to drop it from the litigation, Bloomberg relates.
Maytas said the U.S. courts have no jurisdiction over it and the
investors didn't allege it played any role in the suspected fraud
at Satyam, the report notes.

Maytas Infra "is an Indian company with no presence whatsoever in
the United States," according to court papers obtained by
Bloomberg.  The Satyam investors "cannot even allege that" Maytas
Infra "engaged in any of the fraudulent conduct alleged in the
complaint."

The Maytas Infra filing was in response to the investors' July 17
consolidated complaint, Bloomberg says.

According to the report, the investors alleged Maytas Infra and
Maytas Properties Ltd., two Hyderabad- based companies then
controlled by the Raju family, were used as part of the fraud
scheme.

Bloomberg recalls Satyam said last December it would acquire a
majority stake in Maytas Infra and all of Maytas Properties for
US$1.6 billion.  Shareholder opposition put an end to the
acquisitions.  Raju said in his Jan. 7 letter to the Satyam board
that the Maytas deal was a "last attempt" to hide the fraud.

                         Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.

Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell a stake in the company, as it seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31%
stake in Satyam Computer, beating strong rival L&T.  Tech Mahindra
would acquire the stake in an all-cash deal, followed by an open
offer for a 20% stake to take management control of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                       About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.


SRI VENKATARAMA: ICRA Assigns 'LBB' Rating on INR27.5MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR27.5 million term loan
program and INR 95.0 million cash credit facilities of Sri
Venkatarama Oil Industries Limited.  ICRA has also assigned an A4
rating to the INR 5.0 million bill discounting and INR 15.0
million letters of credit facilities of VOIL.

The ratings reflect the fragmented nature of the edible oil
industry with availability of several grades of edible oils,
intense competition from larger and well-established players in
the branded segment, threat from cheaper substitutes particularly
palm oil,  VOIL's  limited market penetration,  its small scale of
operations and exposure to cyclicality of feedstock leading to
constraints in passing on cost variations to its customers. The
ratings are also tempered by losses incurred by VOIL during FY
2009 and its high financial risk for VOIL's rice bran oil (RBO)
owing to its significant health benefits and its competitive
pricing as compared to other edible oils such as soybean and
sunflower oil.

Sri Venkatarama Oil Industries Limited was incorporated during
1975 by the second-generation entrepreneur Mr. N.S.B.V. Chowdary
as a solvent extractor of rice bran oil (RBO), the crude oil
output being sold to refineries for further value addition.  In
1991, VOIL set up its own refinery which facilitated its move into
the production & marketing of its refined RBO.  The manufacturing
facilities of VOIL, located in Samalkota (Andhra Pradesh), include
a solvent extraction unit with a total installed capacity of 400
metric tons per day (tpd) and an edible oil refinery with a
capacity of 70 tpd.  Currently, the company's equity is held
entirely by its promoters.


VENKATRAMA POULTRIES: CRISIL Puts 'BB' Ratings on Various Debts
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Venkatrama Poultries Ltd
continues to reflect VPL's below-average, albeit improving,
financial risk profile marked by high gearing and weak debt
protection measures, and the company's exposure to inherent risks
in the poultry farm industry.  These weaknesses are partially
offset by VPL's established position in the layer segment of
poultry farming.

   Facilities                          Ratings
   ----------                          -------
   INR590 Million Long-Term Loan       BB+/Stable
   (Enhanced from INR400 Million)*

   INR380 Million Cash Credit Limits   BB+/Stable
     (Enhanced from INR240 Million)^

   *Including proposed limit of INR90 million
   ^Including proposed limit of INR100 million

Outlook: Stable

CRISIL expects VPL to maintain its business risk profile over the
medium term, supported by its established position in the layer
segment of poultry farming.  Improvement in the financial risk
profile and in the company's capital structure as a result of
equity infusion or high accruals may result in a revision in the
outlook to 'Positive'.  Conversely, lower-than-expected
profitability, leading to deterioration in debt protection
measures, or larger-than-expected debt to fund the capital
expenditure may drive a revision in the outlook to 'Negative'.

                     About Venkatrama Poultries

Established as a proprietorship firm in 1979, and converted to a
private limited company, and later, to a closely held public
limited company, VPL is engaged in the business of poultry farming
in the layer segment.  Its operations are vertically integrated,
and its infrastructure includes layer farms, warehousing
facilities, and feed mills. VPL has facilities at Guntur and
Suryapet in Andhra Pradesh, and Biladi in Chhattisgarh.  It is
setting up a fourth unit at Sahaspur in Chhattisgarh. For 2008-09
(refers to financial year, April 1 to March 31), VPL reported a
profit after tax (PAT) of INR38 million on net sales of INR1105
million, against a PAT of INR40 million on net sales of INR743
million for 2007-08.


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


FUJI HEAVY: Dealers May Return to Profitability in Fiscal Year
--------------------------------------------------------------
Fuji Heavy Industries Ltd., the maker of Subaru cars, expects its
dealerships to return to profitability this fiscal year for the
first time in five years, Bloomberg News reports citing Nikkei
English News.

Bloomberg relates the Nikkei said the company expects 33 of its
dealers to report a combined operating profit of JPY2.4 billion
(US$27 million) for the business year.

Meanwhile, Kyodo News reports that Fuji Heavy plans to begin
production in China and will accelerate efforts to find a local
partner in that booming market.

"We've already made the decision to begin (local production) in
the future," Kyodo quoted Fuji Heavy President Ikuo Mori as
saying.  The company is studying who to partner with and which
vehicles to build in China, Mr. Mori told Kyodo in a recent
interview.

According to Kyodo, Fuji Heavy, which is 16.5% owned by Toyota
Motor Corp., saw sales in China soar 86.2% from a year earlier to
31,328 vehicles during the January to November period; sales are
expected to reach 50,000 next year.

"It is already clear that China will become a bigger auto market
than the United States," Kyodo cited Mr. Mori as saying.  "It's
safe to say the need (for local production) is accelerating."

Mr. Mori told Kyodo that the company has not decided whether to
form a joint venture with a local company, or have a firm make
vehicles using its technology.  It will take at least two or three
years to begin production in China, he said.

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Bloomberg said Fuji Heavy Industries Ltd. expects to
record its second straight annual loss of JPY55 billion (US$554
million) in the year ending March 2010.  The company posted a net
loss of JPY69.93 billion in the fiscal year ended March 31, 2009.

                         About Fuji Heavy

Based in Tokyo, Japan, Fuji Heavy Industries Ltd. (TYO:7270) --
http://www.fhi.co.jp/english/-- is a global manufacturer of
transportation and aerospace-related products and the maker of
Subaru automobiles.  It has four business divisions.  The main
products of the Automobiles division include Legacy, Impreza,
Forester, Tribeca, Stella, R1, R2, Pleo and Sabmer.  Its Subaru
automotive business manufactures, repairs and sells minicars,
small cars, passenger cars and their components.  Through the
Aerospace division, FHI is engaged in the manufacture, repair and
sales of airplanes, aerospace-related machinery and their
components.  The Industrial Products division is engaged in the
manufacture, repair and sales of power generators, engine-equipped
machinery, Robin engines, pumps, agricultural machinery,
construction machinery and other machine tools.  The Other
division manufactures, sells, repairs and services sweeper and
eco-related machinery, garbage collection vehicles and specialized
vehicles.  The Other division is also engaged in real estate
leasing.

                           *     *     *

As of December 21, 2009, Fuji Heavy Industries Ltd. continues to
carry Mikuni Credit Ratings 'BB' mortgage debt and senior debt
ratings.


GODO KAISHA: Moody's Takes Rating Actions on Three Classes
----------------------------------------------------------
Moody's Investors Service announced these rating actions on Godo
Kaisha Mercury01.  This is a risk transfer CDO transaction
referencing a pool of J-REIT debt obligations held by Mitsubishi
UFJ Trust and Banking Corporation.

Issuer: Godo Kaisha Mercury01

  -- JPY 300,000,000, Class B-1, Downgraded to B3; previously on
     April 27, 2009 Downgraded to B1

  -- JPY 3,000,000,000, Class B-2, Downgraded to B3; previously on
     April 27, 2009 Downgraded to B1

  -- JPY 3,000,000,000, Loan, Downgraded to B3; previously on
     April 27, 2009 Downgraded to B1

Moody's takes these rating actions to reflect its updated view on
the recovery rate of a defaulted obligation in the portfolio.
Moody's expects that there will be high recovery on the defaulted
obligation, although there is still uncertainty on the recovery
due to the transaction's structure.

Class B and Loan extended to Godo Kaisha Mercury01 within this
transaction are affected by this latest recovery assessment
because these are equity tranches in the transaction and any loss
on the defaulted obligation affects these directly.

New City Residence Investment Corporation, the debtor of the
defaulted obligation, filed for civil rehabilitation in October
2008.  The debtor's most recent proposed rehabilitation plan was
approved on December 9, 2009.  According to the plan, all of the
rehabilitation claims, including principal, will be paid to
creditors over a five-year period.  However, the final maturity of
the transaction takes place in April 2013 -- before the
rehabilitation creditors will be able to receive the full
principal amount.  According to the transaction documents, if an
outstanding non-settled default amount exists three months before
the termination date, the defaulted obligation's loss amount will
be determined by an enforced sale to a third party.

Moody's notes that the rating change announced also reflects its
latest publication on rating structured finance securities in
default, "Moody's Approach to Rating Structured Finance Securities
in Default" (November 2009) with respect to the relationship
between a rating and an expected recovery rate.


JAPAN AIRLINES: Retirees to Decide on Pension Cuts by Jan. 12
-------------------------------------------------------------
Japan Airlines Corp. has set a deadline of Jan. 12 for securing
approval from retirees for proposed cuts to their pension
benefits, Kyodo News reports citing sources close to the matter.

Kyodo's sources said the carrier will send letters to the retirees
next week seeking their consent for JAL's pension cut plan as well
as proposals on the amount of pension benefits to be reduced for
each individual.

According to Kyodo, the airline's corporate pension fund formally
decided on Friday to cut slightly more than 30% of retirees'
pension benefits and around 53% of employees' pension benefits.

Kyodo relates the sources said the retirees will be asked whether
they agree with the proposal and to send their replies to JAL by
the deadline.

JAL needs to obtain approval separately from two-thirds of both
the roughly 9,000 retired workers and 16,000 current employees to
implement the pension cuts, which would be a prerequisite for the
carrier to gain access to public funds.

Separately, Bloomberg News reports that former JAL presidents
agree to return retirement benefits Japan Airlines Corp.

President Haruka Nishimatsu told reporters in Tokyo on Dec. 21
that six former heads of Japan Airlines and its subsidiaries have
agreed to return a part of their retirement benefits as the
struggling company undergoes state-supervised turnaround efforts,
according to Bloomberg.

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

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 4, 2009, Standard & Poor's Ratings Services lowered to
'SD' (selective default) from 'CC' its long-term corporate credit
ratings on Japan Airlines Corp. and Japan Airlines International
Co. Ltd., its wholly owned subsidiary, and removed the ratings
from CreditWatch.  At the same time, Standard & Poor's maintained
its senior unsecured debt ratings on both companies at 'CCC' and
kept the ratings on CreditWatch with developing implications.  On
Sept. 18, 2009, S&P placed the corporate credit and senior
unsecured debt ratings on both companies on CreditWatch with
negative implications and maintained the CreditWatch status on
Oct. 16, 2009, and Nov. 4, 2009.  On Nov. 13, 2009, S&P maintained
its CreditWatch status on the corporate ratings on both companies
and revised to developing its CreditWatch status on the senior
unsecured debt ratings.

The TCR-AP reported on Nov. 3, 2009, that Moody's Investors
Service 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.


SHINGINKO TOKYO: Application For Financial Aid Rejected
-------------------------------------------------------
The Tokyo metropolitan government has rejected Shinginko Tokyo
Ltd's application for a financial support program because of its
poor financial structure, Kyodo News reports citing sources
familiar with the matter.

Kyodo says the struggling bank failed to gain access to the Tokyo
government's new program aimed at providing assistance to local
financial institutions.  The program, which was launched in
September, includes key features like covering losses when loans
to small and midsize businesses become unrecoverable.

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2009, Shinginko Tokyo Ltd posted an unconsolidated net
loss of more than JPY10 billion in fiscal 2008, its fourth
straight year of losses.

The JPY10.5 billion loss shrank compared with the JPY16.7 billion
net loss it reported the previous year and is below its earlier
projected loss of JPY12.6 billion.

Shinginko Tokyo expected to further narrow the net loss to
JPY700 million by curbing nonperforming loan disposal costs for
the current fiscal year ended March 2010.

                         About Shinginko

Shinginko Tokyo Ltd. was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.

                         *     *     *

Shinginko Tokyo continues to carry a "BB+" Subordinated Debt
rating placed by Japan Credit Rating Agency on March 28, 2008.


TOSHIBA CORP: To Invest JPY200 Bil. for Chip Output Expansion
-------------------------------------------------------------
Bloomberg News, citing Nikkan Kogyo, reports that Toshiba Corp.
may invest JPY200 billion (US$2.2 billion) to expand production of
NAND flash memory by about 40% in April 2010.

According to Bloomberg, the newspaper said the company plans to
raise 300 millimeter processing capacity at its factory in
Yokkaichi city, central Japan, to 360,000 per month from 260,000.

Bloomberg notes the Nikkan said Toshiba plans to invest JPY500
billion in its semiconductor business in the three years through
March 2012.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.

The TCR-AP reported on Aug. 13, 2009, that Fitch Ratings affirmed
the FC and LC IDRs of Toshiba Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
     Outlook assigned;

  -- Short-term FC and LC IDRs affirmed at 'B'; and

  -- Senior unsecured notes affirmed at 'BB'.


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


OILCORP BERHAD: Unit Gets Winding Up Petition from Thien Hong
-------------------------------------------------------------
Oilcorp Berhad disclosed that Oilfab Sdn. Bhd, a wholly owned
subsidiary of the company, has received a winding up petition from
Thien Hong Machinery (M) Sdn. Bhd.

The petition was presented to the Shah Alam High Court on
November 12, 2009, and the winding-up petition was served and
received by OFSB on December 10, 2009.

The claim under the petition amounted to MYR136,480 together with
overdue interest to be charged on the sum claimed at 1.5% per
calendar month starting from September 1, 2009, until full
settlement.

In the petition, it is claimed that OFSB is indebted to Thien Hong
Machinery for sum, being the amount due for the rental of one unit
of 150 Tons Crawler Crane Hitachi KH850-3, and allegedly unable to
pay its debts.

The matter is fixed for hearing on February 18, 2010.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


TALAM CORP: Posts MYR1.48 Million Net Profit in Qtr. Ended Oct. 31
------------------------------------------------------------------
Talam Corp Bhd reported net profit of MYR1.48 million for the
quarter ended October 31, 2009, compared with a net profit of
MYR8.22 million in the same quarter in 2008.

The Company reported revenue of MYR74.72 million for the quarter
ended October 31, 2009, 46.61% higher than the corresponding
quarter of the preceding year.  The increase was mainly due to the
recognition of disposal of development land during the current
quarter under review.

As of October 31, 2009, the Company's unaudited balance sheet
showed total assets of MYR3.0 million, total liabilities of
MYR2.27 million and stockholders' equity of MYR720,473.

The Company's unaudited balance sheet as of October 31, 2009,
showed strained liquidity with MYR1.49 million in total current
assets available to pay MYR1.63 million in total current
liabilities.

                         About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


===============
M O N G O L I A
===============


* MONGOLIA: Gets Support from ADB to Resolve Banking Problems
-------------------------------------------------------------
Mongolia will receive support from the Asian Development Bank
(ADB) to assist with implementing reforms in the banking sector to
promote growth and economic recovery in the wake of the global
economic crisis.

The Japan Special Fund, funded by the Government of Japan and
administered by ADB, will provide a US$2 million technical
assistance grant to strengthen institutional capacity for banking
supervision.  It will also review the regulatory environment and
help develop guidelines to strengthen corporate governance and
improve risk management.

"The expected outcome of this project will be the establishment of
an improved policy and operating framework for managing risks in
the banking sector and for resolving the problem of distressed
assets, which in turn will help deliver a strong, broad-based
economic recovery," ADB said in a statement.

Mongolia's economy has come under pressure as a result of the
global downturn, with copper prices slumping and domestic growth
slowing sharply since the end of 2008.  This in turn has caused a
weakening of the country's financial institutions.

The central bank is the executing agency for the project, which is
due for completion by the end of 2012.


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


CRAFAR FARMS: Hillside Pleads Guilty Over Effluent
--------------------------------------------------
Hillside Ltd, a dairying company owned by the Crafar family, on
Monday pleaded guilty to four charges of unlawfully discharging
effluent to land and breach of an abatement notice, The New
Zealand Herald reports.

The pleas by Hillside Ltd were entered in Hamilton District Court
by a lawyer acting for the receivers of Crafar Farms, the report
says.

According to the report, the charges arose from a series of
incidents between November 2007 and February 2008 on the company's
property at Kuratau, southwest of Lake Taupo.

Sentencing is expected early in the New Year.

Meanwhile, the New Zealand Herald says the prosecutor for regional
council Environment Waikato, withdrew charges relating to the same
series of offences against Hillside's directors Allan and Frank
Crafar, and Allan's wife Elizabeth Crafar.  Charges against
Hillside's sharemilker at the property, Ronald Haket and his
company Haket Farming Ltd, were also withdrawn, the report notes.

Council enforcement spokesman Patrick Lynch told the Herald that
the guilty pleas on behalf of the company showed Hillside was
formally accepting responsibility for the offending.

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


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


BRIT ALLIANCE: Fitch Downgrades Ratings on Class A Notes
--------------------------------------------------------
Fitch Ratings has downgraded and withdrawn the rating on the class
A notes issued by Brit Alliance ABSpoke 2005-XI.

This rating action is a result of a negotiated settlement between
the issuer (Brit Alliance) and swap counterparty (Morgan Stanley
Capital Services) to terminate the transaction.  The notes have
sustained a full loss and accordingly, the rating has been
downgraded to 'D' and subsequently withdrawn.

Brit Alliance ABSpoke 2005-XI was an unfunded managed synthetic
CDO that references a portfolio of various ABS assets that closed
on June 7, 2006.  The transaction was designed to provide credit
protection for realized losses on the referenced portfolio through
a credit default swap between the issuer and the swap
counterparty.

Fitch has downgraded and withdrawn this rating:

  -- $35,000,000 class A notes to 'D' from 'CCC'.


EASTERN BROADCASTING: Fitch Affirms 'BB-' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Eastern Broadcasting Co.,
Ltd.'s Long-term foreign and local currency Issuer Default Ratings
at 'BB-', National Long-term rating at 'BBB(twn)', and National
Short-term rating at 'F3(twn)'.  The Outlook is Stable.  The
agency has simultaneously withdrawn all ratings and will no longer
provide ratings or analytical coverage of this issuer.


TZ TECH: Fitch Junks National Long-Term Rating From 'B+'
--------------------------------------------------------
Fitch Ratings has downgraded Taiwan's TZ Tech Co., Ltd., National
Long-term rating to 'CCC(twn)' from 'B+(twn)'.  The agency has
simultaneously withdrawn all ratings and will no longer provide
ratings or analytical coverage of this issuer.

The rating downgrade reflects TZT's significant deterioration of
profitability since 2008, including negative EBITDAR and over-90%
sales contraction estimated for 2009.  The agency expects that the
company will face liquidity problems if cash outflow continues.


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


DUBAI WORLD: May Pay Interest Pending Standstill Agreement
----------------------------------------------------------
Dow Jones Newswires' Mirna Sleiman reports Dubai World on Monday
met with bankers representing more than 90 lenders at the Dubai
World Trade Center's Sheik Maktoum conference hall for an initial
presentation from its restructuring team.  Dubai World is seeking
to restructure about $22 billion of debt.

Dow Jones reports that a Dubai World spokesman said the company
will make interest payments on its debts until a standstill can be
agreed with creditors. "Dubai World will keep on servicing its
debt," the spokesman said. "No official standstill agreement was
presented today. This is the official first meeting between Dubai
World and lenders."

"This is a long process that will take long time," said the
spokesman for Dubai World after a presentation given to banks in
Dubai, according to Dow Jones.

Dow Jones relates bankers attending the meeting were divided over
whether creditors would accept a payoff on reduced terms, or agree
to refinance Dubai World's obligations for an extended period.  "I
can guarantee there will not be haircuts," said one local banker
attending the meetings, Dow Jones notes.

Dow Jones says banks are now expected to form into a creditors
committee head by a club of senior lenders including HSBC Holding
PLC, Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC
and Standard Chartered PLC.

Dow Jones says earlier Monday, the U.A.E.'s economy minister
Sultan Mansouri said Dubai could receive more financial support
from the country's federal government in 2010.  "The way we see
it, this is one economy," Mr. Mansouri in Abu Dhabi.

As reported by the Troubled Company Reporter on December 15, 2009,
the government of Abu Dhabi would provide $10 billion to Dubai
World.  The funding brings Abu Dhabi's direct and indirect support
for Dubai to $25 billion so far.

Meanwhile, Dania Saadi at The Wall Street Journal reports Dubai-
based Kleindienst Group said Monday it plans to move ahead with
the Heart of Europe project, but needs to raise 70% of the cost of
development.  According to the Journal, Josef Kleindienst, the
company's chief executive, said funding is needed from 2012
onwards to complete the project.  Mr. Kleindienst, the Journal
relates, said he was forging ahead, even as Nakheel's parent
company, Dubai World, failed on Monday to reach an agreement with
its creditors to restructure about $22 billion of debt.

The Journal explains the "Heart of Europe" islands would be part
of what is known as the World project, a follow-up to Dubai
property developer Nakheel's nearby palm island, another
reclamation and real-estate project that was completed in 2007,
becoming the world's largest man-made island.  If completed, the
World would involve the reclamation of an archipelago of 300
islands, a mini-replica of the Earth's major land masses.

                         6-Month Standstill

The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, ran a story about Dubai World seeking a six-month
standstill on its debt obligations.  In a statement obtained by
the Journal and Bloomberg, the government of Dubai said it would
restructure Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

The standstill will immediately affect US$3.52 billion of Islamic
bonds due December 14 from the Company's property unit Nakheel.

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Journal said Standard & Poor's in an October report estimated
Dubai World could be responsible for as much as 50% of Dubai's
total government and corporate debt load of some US$80 billion to
US$90 billion.

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


* BOND PRICING: For the Week December 14 to December 18, 2009
-------------------------------------------------------------


Issuer                  Coupon     Maturity   Currency  Price
------                  ------     --------   --------  -----

   AUSTRALIA
   ---------

AINSWORTH GAME           8.00    12/31/2009   AUD       0.84
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.94
ANTARES ENERGY          10.00    10/31/2013   AUD       1.72
AUROX RESOURCES          7.00    06/30/2010   AUD       0.78
BECTON PROP GR           9.50    06/30/2010   AUD       0.50
BOUNTY INDUSTRIE        10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.13
CHINA CENTURY           12.00    09/30/2010   AUD       0.82
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.32
GRIFFIN COAL MIN         9.50    12/01/2016   USD      51.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.43
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.37
MINERALS CORP           10.50    12/31/2009   AUD       0.80
NATIONAL CAP II          5.49    12/29/2049   USD      72.32
NEW S WALES TREA         1.00    09/02/2019   AUD      62.17
NYLEX LTD               10.00    12/08/2009   AUD       0.84
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
RESOLUTE MINING         12.00    12/31/2012   AUD       0.96
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.31
SUNCORP METWAY I         6.75    10/06/2026   AUD      57.16
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      47.64

   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      70.61
SICHUAN CHANGHON         0.80    07/31/2015   CNY      72.78
YONGCHENG COAL           4.28    03/30/2015   CNY      57.01
ZHANGJIANG GRP           3.87    06/10/2012   CNY      59.00


   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      23.25


   INDIA
   -----

AKSH OPTIFIBRE           1.00    01/29/2010   USD      55.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      69.00
GHCL LTD                 1.00    03/21/2011   USD      74.00
KEI INDUSTRIES           1.00    11/30/2011   USD      73.75
SUBEX AZURE              2.00    03/09/2012   USD      67.50
WANBURY LTD              1.00    04/23/2012   EUR      69.50


   INDONESIA
   ---------

BAKRIELAND DEV          12.85    03/11/2013   IDR      75.00
BANK DKI                12.25    03/04/2018   IDR      75.00


   JAPAN
   -----

AIFUL CORP               1.20    01/26/2012   JPY      36.68
AIFUL CORP               1.22    04/20/2012   JPY      36.13
AIFUL CORP               1.50    10/20/2011   JPY      39.45
AIFUL CORP               1.63    11/22/2012   JPY      34.00
AIFUL CORP               1.74    05/28/2013   JPY      31.25
AIFUL CORP               1.99    03/23/2012   JPY      36.45
AIFUL CORP               1.99    10/19/2015   JPY      30.31
AIFUL CORP               5.00    08/10/2010   USD      63.12
AIFUL CORP               5.00    08/10/2010   USD      63.12
AIFUL CORP               6.00    12/12/2011   USD      42.75
AIFUL CORP               6.00    12/12/2011   USD      43.24
COVALENT MATERIA         2.87    02/18/2013   JPY      51.73
CSK CORPORATION          0.25    09/30/2013   JPY      59.90
FUKOKU MUTUAL            4.50    09/28/2025   EUR      69.50
JAPAN AIRLINES           3.10    01/22/2018   JPY      71.42
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      57.13
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      57.72
PROMISE CO LTD           1.37    06/04/2013   JPY      73.15
PROMISE CO LTD           2.06    03/20/2014   JPY      68.64
PROMISE CO LTD           2.10    04/21/2014   JPY      69.27
PROMISE CO LTD           2.74    10/11/2013   JPY      73.45
SHINSEI BANK             3.75    02/23/2016   EUR      74.57
SHINSEI BANK             5.63    12/29/2049   GBP      71.50
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15
TAKEFUJI CORP            8.00    11/01/2017   USD      15.50
TAKEFUJI CORP            9.20    04/15/2011   USD      57.12
TAKEFUJI CORP            9.20    04/15/2011   USD      57.12
WILLCOM INC              2.35    06/27/2012   JPY      44.93


   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.75
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.01
BERJAYA LAND             5.00    12/30/2009   MYR       3.81
CRESCENDO CORP B         3.75    01/11/2016   MYR       0.73
DUTALAND BHD             4.00    04/11/2013   MYR       0.33
DUTALAND BHD             4.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.84
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.00
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.43
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.10
KUMPULAN JETSON          5.00    11/27/2012   MYR       2.38
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.20
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.22
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
RUBBEREX CORP            4.00    08/14/2012   MYR       1.13
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.09
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.28
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.29
YTL CEMENT BHD           0.00    11/10/2015   MYR       2.08


   NEW ZEALAND
   -----------

ALLIED FARMERS           9.60    11/15/2011   NZD      51.18
ALLIED NATIONWID        11.52    12/29/2049   NZD      60.00
BBI NTWKS NZ LTD         9.00    11/30/2012   NZD       0.82
BLUE STAR PRINT          9.10    09/15/2012   NZD      73.50
CAPITAL PROP NZ          8.00    04/15/2010   NZD      15.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCH BUILD FIN         8.85    03/15/2010   NZD       8.00
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.50
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.13
INFRASTR & UTIL          8.50    09/15/2013   NZD      11.45
INFRATIL LTD            10.18    12/29/2049   NZD      60.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.38
MANUKAU CITY             6.90    09/15/2015   NZD       1.01
MARAC FINANCE           10.50    07/15/2013   NZD       0.96
PROVENCOCADMUS           2.00    04/15/2010   NZD       0.82
SKY NETWORK TV           4.01    10/16/2016   NZD      51.81
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.71
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.94
ST LAURENCE PROP         9.25    05/15/2011   NZD      63.47
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.51
TRUSTPOWER LTD           8.50    09/15/2012   NZD       8.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99
VECTOR LTD               7.80    10/15/2014   NZD       1.01
VECTOR LTD               8.00    12/29/2049   NZD       7.40


   SINGAPORE
   ---------

BLUE OCEAN              11.00    06/28/2012   USD      28.33
BLUE OCEAN              11.00    06/28/2012   USD      28.33
SENGKANG MALL            8.00    11/20/2012   SGD       0.01
UNITED ENG LTD           1.00    03/03/2014   SGD       1.21
WBL CORPORATION          2.50    06/10/2014   SGD       2.18


   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      68.36


                         *********

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.


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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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