TCRAP_Public/100205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, February 5, 2010, Vol. 13, No. 025

                            Headlines



A U S T R A L I A

FORTESCUE METALS: ASIC Appeals Federal Court Decision
* AUSTRALIA: Corporate Bankruptcies Up 6% in 2009


C H I N A

HOPSON DEVELOPMENT: Moody's Reviews 'B2' Rating for Possible Lift
MELCO CROWN: Moody's Changes Outlook on 'Ba3' Rating to Negative
SHANGHAI ZENDAI: S&P Puts 'B+' Rating on CreditWatch Negative


H O N G  K O N G

3CM MEDIA: Creditors' Meeting Set for February 23
AIM-FORCE INTERNATIONAL: Creditors' Proofs of Debt Due March 1
ASAT HOLDINGS: Closes Asset Sales; to Commence Liquidation
ASIA PACIFIC INFORMATION: Commences Wind-Up Proceedings
BUNKERING SERVICES: Members' Final Meeting Set for March 2

CARLSSON DEVELOPMENTS: Placed Under Voluntary Wind-Up Proceedings
CHINALAND INDUSTRIES: Members' Final Meeting Set for March 5
CONSTANT GROWTH: Members' Final General Meeting Set for March 5
EGGBUTT KNTTWEAR: Members' and Creditors Meetings Set for March 5
EVERGRANDE REAL: Fitch Assigns 'BB+' Rating on US$750 Mil. Notes

HDS INTERNATIONAL: Members' Final Meeting Set for February 26
JACK MOON: Members' and Creditors Final Meetings Set for March 4
MORGAN STANLEY: Fitch Downgrades Ratings on Three Notes to 'D'


I N D I A

AUGUST VENTURES: CRISIL Reaffirms 'B' Rating on Cash Credit
DEREWALA JEWELLERY: CRISIL Puts 'BB' Rating on INR30MM Term Loan
KANHA CABLES: Fitch Assigns National Long-Term Rating at 'BB'
KIRAN INFRA: Fitch Assigns 'BB+' National Long-Term Rating
LEKH RAJ: CRISIL Reaffirms 'B+' Ratings on Various Bank Debts

PRAKASH INDUSTRIAL: Low Net Worth Cues CRISIL 'B+' Ratings
RAMSWAROOP MEMORIAL: CRISIL Rates INR190 Mil. Term Loan at 'BB+'
SABARI TEXTILES: CRISIL Reaffirms 'D' Ratings on Bank Facilities
SATYAM BALAJEE: CRISIL Cuts Rating on INR71.6 Mil. to 'B+'
SHAH PULP: CRISIL Reaffirms 'BB+' Rating on INR50.6MM Term Loan

TIRUPATI PLASTOMATICS: Fitch Puts 'BB+' National Long-Term Rating
VEERAL E SAFETY: CRISIL Reaffirms Junk Ratings on Bank Debts
WEST INDIA POWER: Delay in Loan Repayment Cues CRISIL Junk Ratings


I N D O N E S I A

PERUSAHAAN LISTRIK: May Conduct Another Bond Issue This Year


J A P A N

AOZORA BANK: Merger Talks with Shinsei Stall Over Key Issues
JAPAN AIRLINES: Business As Usual at JAL's Thailand Operations
PIONEER CORP: To Get Up to JPY2BB Investment from Mitsubishi Chem
RESONA BANK: Moody's Lifts Bank Financial Strength Rating From D+
SOFTBANK CORP: Posts JPY94.86BB Profit in Nine Mos. Ended Dec. 31

TOSHIBA CORP: Mulls Shutting LCD Production in Vietnam


K O R E A

HYNIX SEMICONDUCTOR: Creditors in Talks with Multiple Buyers
HYNIX SEMICONDUCTOR: Denies Samsung Technology Leaks Allegation
HYUNDAI MOTOR: U.S. Auto Sales Jump 24% in January 2010


M A L A Y S I A

AXIS INC: Publicly Reprimanded for Breaching Listing Rules
MECHMAR CORP: Bursa to Suspend Securities Trading on Feb. 12
POLY TOWER: Bursa Malaysia Commences Delisting Procedures


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Assigns 'BB-' Rating on Senior Notes
VICTORIAS MILLING: Plans to Convert Debts into Shares


S I N G A P O R E

ALLANDES CORPORATION: Creditors' Proofs of Debt Due February 18
KIDEAS HOLDINGS: Court Enters Wind-Up Order


T H A I L A N D

PB AIR: Liquidator Rules Out Revival, Total Debts Reaches THB2BB


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


FORTESCUE METALS: ASIC Appeals Federal Court Decision
-----------------------------------------------------
The Australian Securities and Investments Commission has filed a
notice of appeal in respect of the Federal Court decision handed
down on December 23, 2009, in which the Court dismissed its
application for civil penalty orders against Fortescue Metals
Group Ltd. and its CEO, Andrew Forrest.

The proceedings arose out of Australian Securities Exchange (ASX)
announcements and other statements made by FMG in respect of
framework agreements signed with Chinese companies relating to the
development of a mine, railway and port for the mining and export
of iron ore from the Pilbara region of Western Australia.

In ASIC's view, the case raises important issues concerning:

   -- a listed entity's obligations to disclose information
      under the continuous disclosure provisions of the ASX
      Listing Rules and the Corporations Act;

   -- the operation of the misleading and deceptive conduct
      provisions of the Corporations Act, particularly in
      relation to statements concerning the contents, effect
      or enforceability of commercial agreements; and

   -- the role and duties of directors and officers in making
      statements to the ASX and the investing public,
      particularly those concerning the contents, effect or
      enforceability of commercial agreements.

It is part of ASIC's regulatory role to ensure that the laws which
impose obligations on listed companies and their executives to
keep the market properly informed, are properly enforced,
including by the exercise of its appeal rights.

ASIC considers that the findings of Justice Gilmour raise
important issues as to the proper interpretation and application
of provisions of the Corporations Act that govern company
announcements such as the misleading and deceptive conduct
provisions, the continuous disclosure provisions, and directors'
duties under s.180. These issues warrant review by an appeal
court.

ASIC's notice of appeal filed with the Court sets out the detail
of its grounds of appeal.

                           *     *     *

Susannah Moran at The Australian reports that Fortescue Metals
Group said it will vigorously defend itself against allegations
made by the Australian corporate regulator, which has decided to
appeal a court ruling dismissing its claims.

"While we recognise ASIC has a legal right to appeal, the judgment
was unequivocal in our favor," The Australian cited Fortescue
chairman Herb Elliott as saying in a statement.  "It is
disappointing that after nearly three years of legal proceedings,
which concluded in a strongly worded judgment in favor of the
defendants, ASIC has still elected to pursue the company and Mr.
Forrest."

Ms. Moran says the matter returns to court on March 17, but it is
likely to be several months before the appeal is heard in full by
three judges of the Federal Court.

                       About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group.  The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.


* AUSTRALIA: Corporate Bankruptcies Up 6% in 2009
-------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that Australian corporate collapses increased 4% in 2009 and
bankruptcies rose 6% last year.

Debt agreements, an alternative to bankruptcy, rose 11% while
companies that entered into a form of administration in 2009
reached 9,437, data from the Australian Securities and Investments
Commission showed.


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


HOPSON DEVELOPMENT: Moody's Reviews 'B2' Rating for Possible Lift
-----------------------------------------------------------------
Moody's Investors Service has changed the status of the review of
Hopson Development Holdings Limited's B2 corporate family and B3
senior unsecured debt ratings to possible upgrade (from direction
uncertain initiated on January 14, 2010).

"The rating action follows Hopson's payment of its RMB1.83 billion
convertible bond, which matured on February 2, 2010," says
Kaven Tsang, Moody's lead analyst for Hopson.

"The debt payment has alleviated Moody's previous concern over the
company's refinancing risk and liquidity position, thereby
eliminating the downward pressure on the ratings," says Tsang,
also Moody's lead analyst for Hopson.

"Absent this major refinancing risk, Hopson's overall credit
profile -- in terms of its business scale, operating record in
China's property market, and financial metrics -- is comparable to
some higher rated peers," adds Tsang.

Nevertheless, Hopson will still have sizable funding needs in the
coming years for unpaid land premiums, construction expenditures
and refinancing of onshore bank loans.

In its review, Moody's will evaluate Hopson's future business plan
and land acquisition strategies.  Moody's will also assess
Hopson's abilities to meet its onshore funding needs in the near
to medium term.

Moody's last rating action with regard to Hopson occurred on
January 14, 2010, when the company's B2 corporate family and B3
senior unsecured ratings were placed on review with direction
uncertain.

Hopson Development Company Holdings Limited is one of the largest
property developers in China.  Its principal business interests
are residential developments in four major cities -- Guangzhou,
Beijing, Shanghai, and Tianjin -- and their surrounding areas.


MELCO CROWN: Moody's Changes Outlook on 'Ba3' Rating to Negative
----------------------------------------------------------------
Moody's Investors Service has revised the outlook of the Ba3
corporate family and secured debt ratings for Macau-based casino
operator, Melco Crown Gaming Ltd, to negative from stable.

"The outlook revision has been prompted by Melco Crown Gaming's
weaker than expected results and EBITDA for 4Q 2009 despite a
largely stable gaming market in Macau.  This has been due to its
Altira Macau operation suffering from an EBITDA loss during the
quarter," says Kaven Tsang, a Moody's AVP/Analyst.

"While the City of Dreams operation continued to generate positive
EBITDA in 4Q, it fell by 52.4% from the previous quarter on a
lower hold rate," adds Tsang, also Moody's lead analyst for the
company.

The weaker than expected EBITDA has translated into weaker
financial metrics that could pressure Melco Crown Gaming's
existing ratings.  It would also increase the challenge for the
company to meet the financial covenants of the rated secured bank
loan to be tested in 3Q 2010.

Moody's notes that the company's performance and market share
improved in January 2010, but it remains uncertain whether this
can be sustained in view of the modest and volatile performance of
Altira Macau in the past quarters.  In addition, the City of
Dreams is still in its ramp-up phase further adding uncertainty to
the company's performance this year, which is reflected in the
company's negative outlook.

The rating could come under downward pressure if Melco Crown
Gaming 1) fails to improve its EBITDA in the coming quarters;
and/or 2) engages in further debt-funded acquisitions or
development projects, such that its EBITDA interest coverage fails
to move towards 3-3.5x or if its Debt/EBITDA fails to trend below
5-6x.  Also, the rating could be downgraded if the company fails
to meet the financial covenants test, thereby resulting in an
acceleration of debt repayment and substantial deterioration in
its liquidity profile.

Evidence of declining willingness and/or capability to provide
support to Melco Crown Gaming from its major shareholder,
Australian-based Crown Ltd, could also be negative for the
ratings.

The ratings are unlikely to be upgraded given the negative
outlook.  However, the outlook could revert to stable if the
company 1) successfully strengthens its EBITDA generation such
that EBITDA interest coverage rises to 3-3.5x and Debt/EBITDA
falls below 5-6x on a sustainable basis; and 2) satisfactorily
resolve the loan covenant compliance issue with the syndicated
banks without material impairment to the company's financial
profile.

Moody's last rating action on Melco Crown Gaming was taken on
December 18, 2007, when its Ba3 corporate family and senior
secured debt ratings were affirmed.

Melco Crown Gaming (Macau) Ltd, a subsidiary of NASDAQ-listed
Melco Crown Entertainment Ltd, holds one of 6 concessions/ sub-
concessions for gaming in Macau.  It operates two casinos --
Altira and City of Dreams -- in Macau and over 1,200 slot machines
under Mocha Clubs.

Melco Crown Entertainment is majority owned by Australian-based
gaming operator, Crown Ltd (rated Baa2/stable), and Hong Kong-
listed Melco International Development Ltd with each company
holding a 33.45% equity stake.


SHANGHAI ZENDAI: S&P Puts 'B+' Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed the
'B+' long-term corporate credit rating on China-based property
developer Shanghai Zendai Property Ltd. and the 'B+' issue rating
on the company's US$150 million senior unsecured notes due 2012 on
CreditWatch with negative implications.

S&P placed the ratings on CreditWatch following confirmation that
Shanghai Zendai has acquired a commercial property site in
Shanghai for Chinese renminbi 9.22 billion.  "The acquisition was
substantially outside of S&P's expectation, representing 1.2x
Shanghai Zendai's consolidated total assets and 19x its
consolidated cash balance as at June 30, 2009," said Standard &
Poor's credit analyst Christopher Lee.

In S&P's view, the company's current liquidity and balance sheet
are not sufficient to fund the acquisition without external
financing and cooperation from third parties, the likelihood of
which is uncertain.  "S&P's understanding is that the
consideration will have to be paid within a short period of time
and on-shore bank loans are not available for land acquisitions,"
said Mr. Lee.

Standard & Poor's expects to resolve the CreditWatch within the
next three months after S&P obtain clarification on Shanghai
Zendai's funding plan for the acquisition and the impact of the
acquisition on the company's balance sheet and liquidity.  S&P may
lower the rating by at least one notch if Shanghai Zendai does not
secure cooperation from third parties and external financing to
pay for the land acquisition, which will put significant pressure
on its liquidity.


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


3CM MEDIA: Creditors' Meeting Set for February 23
-------------------------------------------------
Creditors of 3CM Media Limited will hold their meeting on Feb. 23,
2010, at 11:00 a.m., for the purposes provided for in Sections
241, 242, 243, 244 251, 255 and 283 of the Companies Ordinance.

The meeting will be held at the offices of Borrelli Walsh Limited
at Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road, in Hong
Kong.


AIM-FORCE INTERNATIONAL: Creditors' Proofs of Debt Due March 1
--------------------------------------------------------------
Creditors of Aim-Force International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 1, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lew Chiew Yoon
         No. 20, 7/149H
         Taman Sri Endah
         57000 Kuala Lumpur
         Malaysia


ASAT HOLDINGS: Closes Asset Sales; to Commence Liquidation
----------------------------------------------------------
ASAT Holdings Limited said that in response to the Consent
Solicitation issued by New ASAT (Finance) Limited on January 25,
2010, it has received consents from holders owning 59.05% in
principal amount of the 9.25% Senior Notes due 2011 to amend the
indenture governing the Existing Notes.

Subsequent to receiving majority consent from holders of the
Existing Notes, the Company has completed the sale to Global A&T
Electronics Ltd., the nominee and the immediate parent of United
Test and Assembly Center Ltd., of all the shares in ASAT Limited,
the Company's wholly owned subsidiary, which is itself the
indirect parent of ASAT Semiconductor (Dongguan) Limited, the only
operating subsidiary of the Company.  ASAT Limited is a global
provider of semiconductor package design, assembly and test
services.

As part of the transaction, GATE also purchased a loan receivable
by the Company in the amount of $226.4 million from ASAT Limited,
and a loan receivable by ASAT Finance in the amount of $171.0
million, also from ASAT Limited.  In addition, the single share of
ASAT Finance, the issuer of the Existing Notes, was transferred to
the Company, such that ASAT Finance became a direct subsidiary of
the Company and was not transferred to GATE as part of the
transactions set forth.

As a consequence of the transactions, the Company's assets consist
only of the net proceeds of the sale of the shares of ASAT Limited
and the Company's loan receivable as well as the shares of ASAT
Finance and the shares of Newhaven Limited, a dormant British
Virgin Islands company with certain dormant direct and indirect
subsidiaries.  The assets of ASAT Finance comprise the net
proceeds of the sale of the loan receivable of ASAT Finance.  The
net proceeds of the sale, including US$5 million that have been
placed in escrow for 60 days against warranty claims and
deficiency of working capital below a specified amount, are
approximately US$44.6 million.  The liabilities of the Company
include its obligations as a guarantor under the Existing Notes
and a borrower under a certain purchase money loan agreement, plus
certain debts to professional advisors.  The liabilities of ASAT
Finance consist of its obligations as issuer of the Existing Notes
as well as a guarantor under the PMLA subject to certain
limitations.

It is the intention of the Company as soon as possible to appoint
a liquidator and to enter into a members' voluntary liquidation
under the laws of the Cayman Islands.  The liquidator is expected
to distribute the proceeds of the Sale Process to the stakeholders
of the Company and of ASAT Finance and then to wind up the Company
and ASAT Finance.  As the proceeds of the Sale Process will not be
sufficient to satisfy the obligations of the Company and of ASAT
Finance to the holders of the Existing Notes and the lenders under
the PMLA it is expected that the shareholders of the Company will
not receive anything in the distribution of the proceeds from the
Sale Process.

Commencement of a members' voluntary liquidation will require the
approval of the shareholders of the Company as a special
resolution.  Notice will be sent to shareholders shortly informing
them of the holding of an Extraordinary General Meeting for this
purpose.

GATE intends to change the name of ASAT Semiconductor (Dongguan)
Limited to UTAC Dongguan Limited, and ASAT Limited to UTAC Hong
Kong Limited as soon as possible.

                   About Global A&T Electronics

Global A&T Electronics Ltd. -- http://www.utacgroup.com/-- with
its operating subsidiary United Test and Assembly Center Ltd., is
a leading independent provider of semiconductor assembly and
testing services for a broad range of integrated circuits
including memory, mixed-signal, analog, logic and radio frequency
ICs. The Group offers a full range of package and test
development, engineering and manufacturing services and solutions
to a worldwide customer base, comprising leading integrated device
manufacturers (IDMs), fabless companies and wafer foundries. GATE
Group operates manufacturing facilities in Singapore, Thailand,
Taiwan and China, in addition to its global network of sales
offices in the United States, Europe, Japan, Korea, China and
Singapore.


                        About ASAT Holdings

With headquarters in Hong Kong and Dongguan, China, and Milpitas,
California, ASAT Holdings Limited (Pink Sheets: ASTTY) --
http://www.asat.com/-- is a global provider of semiconductor
package design, assembly and test services. With 20 years of
experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines. ASAT's
advanced package portfolio includes standard and high thermal
performance ball grid arrays, leadless plastic chip carriers, thin
array plastic packages, system-in-package and flip chip. ASAT was
the first company to develop moisture sensitive level one
capability on standard leaded products.  The Company has
operations in the United States, Asia and Europe.


ASIA PACIFIC INFORMATION: Commences Wind-Up Proceedings
-------------------------------------------------------
Creditors of Asia Pacific Information Limited, on January 18,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Tang Lai Sheung
         Room 1206, 12/F
         New Victory House
         93 Wing Lok Street
         Central, Hong Kong


BUNKERING SERVICES: Members' Final Meeting Set for March 2
----------------------------------------------------------
Members of Bunkering Services International Limited will hold
their final meeting on March 2, 2010, at 10:00 a.m., at the 3/F,
Rammon 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.


CARLSSON DEVELOPMENTS: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on January 19, 2010,
creditors of Carlsson Developments (Asia) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yip Pui Yee
         Prosperous Commercial Building, 24th Floor
         54-58 Jardine's Bazaar
         Causeway Bay, Hong Kong


CHINALAND INDUSTRIES: Members' Final Meeting Set for March 5
-------------------------------------------------------------
Members of Chinaland Industries Limited will hold their final
general meeting on March 5, 2010, at 3:00 p.m., at the 8/F., Gold
& Silver Commercial Building, 12-18 Mercer Street, Central, in
Hong Kong.

At the meeting, HO Hoi Lam, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


CONSTANT GROWTH: Members' Final General Meeting Set for March 5
---------------------------------------------------------------
Members of Constant Growth Investment Company Limited will hold
their final general meeting on March 5, 2010, at 3:00 p.m., at the
Room 2205, 22/F., Kowloon Building, 555 Nathan Road, in Kowloon.

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


EGGBUTT KNTTWEAR: Members' and Creditors Meetings Set for March 5
-----------------------------------------------------------------
Members and creditors of Eggbutt Knttwear Limited will hold their
final general meeting on March 5, 2010, at 10:00 a.m., at the Room
1203, 12th Floor, Hong Kong Worsted Mills Industrial Building,
31-39, Wo Tong Tsui Street, in Kowloon.

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


EVERGRANDE REAL: Fitch Assigns 'BB+' Rating on US$750 Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to the
US$750 million notes due 2015 issued by Evergrande Real Estate
Group Limited.

This follows the completion of the issue and the receipt of
documents conforming to information already received.  The final
rating is in line with the expected rating assigned on 11 January
2010.


HDS INTERNATIONAL: Members' Final Meeting Set for February 26
-------------------------------------------------------------
Members of HDS International (HK) Limited will hold their final
general meeting on February 26, 2010, at 11:30 a.m., at the Suite
2408, 24/F., Tower 2, Lippo Centre, 89 Queensway, in Hong Kong.

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


JACK MOON: Members' and Creditors Final Meetings Set for March 4
----------------------------------------------------------------
Members and creditors of Jack Moon Inc. (H.K.) Limited will hold
their final meetings on March 4, 2010, at 2:00 p.m., and 2:30
p.m., respectively at the Room 3, 8/F., Yue Xiu Building, 160
Lockhart Road, Wan Chai, in Hong Kong.

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


MORGAN STANLEY: Fitch Downgrades Ratings on Three Notes to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded three notes of Morgan Stanley ACES
SPC Series 2006-28 and Series 2007-4 to 'D' from 'C/RR6'.  The
notes have experienced losses ranging from about 40%-100% given
cumulative losses from credit events.  The rating actions are:

Morgan Stanley ACES SPC Series 2006-28:

  -- US$17,650,000 Class IA notes due March 2012 downgraded to 'D'
     from 'C/RR6'; and

  -- US$9,366,000 Class IIA notes due March 2012 downgraded to 'D'
     from 'C/RR6'.

Morgan Stanley ACES SPC Series 2007-4 (ACES 2007-4):

  -- US$5,884,000 notes due July 2012 downgraded to 'D' from
     'C/RR6'.

These rating actions follow receipt of the valuation notices from
the calculation agent, Morgan Stanley Capital Services Inc.  Since
closing, ACES 2006-28 has experienced eight credit events which
have eroded the Class IA note by 72% to date and Class IIA note by
100%, while ACES 2007-4 has experienced 11 credit events which
have eroded the note by about 40%.  The eight credit events of
ACES 2006-28 are Fannie Mae, Freddie Mac, Landsbanki Islands hf,
Glitnir Banki hf, Kaupthing Bank hf, Idearc Inc., Syncora
Guarantee Inc. and Thomson S.A.  The 11 credit events of ACES
2007-4 are Fannie Mae, Freddie Mac, Landsbanki Islands hf, Glitnir
Banki hf, Kaupthing Bank hf, Syncora Guarantee Inc.,
AbitibiConsolidated Inc., Bowater Inc., Chemtura Corporation, CIT
Group Inc., and Thomson S.A.


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


AUGUST VENTURES: CRISIL Reaffirms 'B' Rating on Cash Credit
-----------------------------------------------------------
CRISIL's rating on the bank facility of August Ventures Pvt Ltd
continues to reflect AVPL's exposure to risks related to high
reliance on customer advances to fund construction activities, and
the company's limited track record.  With the expected closure of
the company's cash credit limits in August 2010, the liquidity
position is likely to be under further pressure.  These rating
weaknesses are partially offset by the benefits that AVPL derives
from its presence in the high-end residential construction
segment.

   Facilities                             Ratings
   ----------                             -------
   INR136 Million Cash Credit Limit       B/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that AVPL will face fund shortage in the initial
few months following the closure of the company's cash credit
facilities in August 2010.  The company will have to resort to
promoter funding through unsecured loans or seek renewal of its
bank limits to bridge this gap.  The rating may be downgraded in
case of lower-than-expected bookings delaying the completion of
project or if the company undertakes any larger-than-expected
debt-funded project.  Conversely, the outlook may be revised to
'Stable' if AVPL successfully completes its ongoing project and
generates revenues in a timely manner.

Incorporated in 2002, AVPL executed its first real estate
construction project in January 2008.  Prior to this, the company
conducted marketing activities for a project of Venora Online Pvt
Ltd. AVPL's current project, August Park, is a luxury residential
project with 168 flats.  Although AVPL has sub-contracted the
construction, plumbing, electrical, fire protection, and related
works, it purchases raw materials on behalf of the sub-
contractors.


DEREWALA JEWELLERY: CRISIL Puts 'BB' Rating on INR30MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Derewala
Jewellery Manufacturing Company Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR30.0 Million Term Loan           BB/Stable (Assigned)
   INR70.0 Million Packing Credit      P4+ (Assigned)

The ratings reflect DJMCL's exposure to risks relating to
fluctuations in silver prices, to likely exposure towards group
companies, to customer concentration in revenue profile, and to
limited track record in the gems and jewellery export industry.
These weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the silver
jewellery business.

Outlook: Stable

CRISIL believes that DJMCL's credit risk profile will remain
sensitive to DJMCL's exposure towards group company Derewala
Jewellery Industry Ltd, which is in the advanced stages of setting
up a large project involving a gold supply chain.  The outlook may
be revised to 'Positive' if DJMCL's operating income or
profitability increase substantially.  Conversely, the outlook may
be revised to 'Negative' if DJMCL's exposure towards group
companies increases, or if its debt protection measures decline
sharply owing to decline in silver prices.

Set up in 2005 by Mr. Pramod Kumar Aggarwal and his associates,
DJMCL manufactures silver jewellery.  DJMCL is part of the
Derewala group. DJIL is the group's flagship company and among the
leading players in silver jewellery export in India.


KANHA CABLES: Fitch Assigns National Long-Term Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned India's Kanha Cables Private Limited a
'BB(ind)' National Long-Term rating.  The Outlook is Stable.  Also
the agency has assigned 'BB(ind)/F4(ind)' ratings to KCPL's
INR30 million fund-based and INR100m non-fund based facilities.

The ratings are based on the experience of the company's promoters
in the manufacturing and supply of cables for large customers.
The ratings factor in KCPL's strong growth in revenues,
particularly in FY09 (about 63% yoy), and negligible long-term
debt on its books.  The ratings are also supported by corporate
guarantee provided towards KCPL's working capital debt by group
company, Tirupati Plastomatics Private Limited,
('BB+(ind)'/Stable).

Rating concerns emanate from KCPL's relatively small size of
operations compared to industry leaders, its tender-driven nature
of the business, and low bargaining power vis-a-vis large
customers.

KCPL's cable manufacturing business is prone to industry-wide
risks, such as the susceptibility to input cost variations (mainly
copper and aluminium which are procured at London Metal Exchange
spot rates) and forex risks.  Fitch expects KCPL's business to
also remain prone to customer concentration risk with the majority
of its sales being derived from a single customer, the Indian
Railways.

Negative rating triggers would include a decline in EBITDA margins
from current levels, or further increases in working capital
intensity that could potentially increase leverage.  On the other
hand, an increase in revenues and EBITDA margins on a sustained
basis could be positive for the ratings.

Incorporated in 2003, KCPL is a Jaipur-based company engaged in
the manufacturing of railway signalling, telecommunication and low
tension power cables.  In FY09, the company had revenues of
INR521 million and operating EBITDA of INR13.7 million.


KIRAN INFRA: Fitch Assigns 'BB+' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has assigned India's Kiran Infra Engineers Limited a
'BB+(ind)' National Long-term rating.  The Outlook is Stable.
Simultaneously, the agency has assigned a 'BB+(ind)' rating to
KIEL's INR11.4 million long-term loans, and a 'BB+(ind)'/'F4(ind)'
rating to both its INR20 million fund based facilities and INR320m
non-fund based facilities.

The ratings assigned to KIEL reflect the twenty years of
experience of its promoters in manufacturing railway equipments
and providing turnkey services to major customers such as Indian
Railways.  The ratings also factor in the reasonable order book
position of around INR612 million that KIEL enjoys, and the
reasonable revenue growth it achieved since it converted to a
private limited firm from a partnership firm in 2006.

Rating concerns emanate primarily from the tender-based nature of
its operations, which leads to revenue volatility and unstable
margins.  KIEL primarily undertakes turnkey projects (engineering,
signaling, telecom cable laying and electrical works) for the
Indian Railways -- its main customer; thus, Fitch expects KIEL's
business to remain vulnerable to Indian Railways' procurement
pattern.  This risk, however, is partially mitigated by the
experience of the founding promoters and the well established
relationships with Indian Railways.  The ratings remain
constrained by the existence of corporate guarantees provided to
its group company, Tirupati Plastomatics Private Limited
('BB+(ind)'/Stable), which has contributed to an increase in
KIEL's adjusted leverage.

Positive rating factors would constitute an increase in size of
operations and operating margins on a consistent basis.  On the
other hand, a dip in operating EBITDA margins from current levels
could affect KIEL's ratings negatively.  Any unplanned capital
expenditure, increase in working capital intensity that leads to
additional debt, and/or heightened support extended to group
companies that increases its leverage, would also prompt a
negative rating action.

Incorporated as a private limited company in 2007 in Jaipur, KIEL
undertakes turnkey projects for the Indian Railways and its
affiliates.  In FY09, the company reported sales of INR802 million
and an operating EBITDA of INR45.3 million.


LEKH RAJ: CRISIL Reaffirms 'B+' Ratings on Various Bank Debts
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lekh Raj Narinder Kumar
continue to reflect LNK's weak financial risk profile marked by
high gearing and weak debt protection indicators, and exposure to
risks related to fluctuations in the prices of raw materials and
unfavorable changes in government policies.  These rating
weaknesses are partially offset by the benefits that LNK derives
from the industry experience of its promoters and the healthy
growth prospects for the basmati rice industry.

   Facilities                             Ratings
   ----------                             -------
   INR35.0 Million Cash Credit Limit      B+/Stable(Reaffirmed)
   INR1.1 Million Term Loan               B+/Stable(Reaffirmed)
   INR1055.0 Million Packing Credit *     P4 (Reaffirmed)
   INR10.0 Million Bank Guarantee/        P4 (Reaffirmed)
                    Letter of Credit

   * Includes pre-shipment credit of INR585.0 million and
     post-shipment credit of INR470.0 million.

Outlook: Stable

CRISIL believes that LNK's large working capital requirements will
continue to keep the firm's financial risk profile constrained
over the medium term. The outlook may be revised to 'Positive' if
LNK's capital structure improves and scale of operations increases
significantly. Conversely, the outlook may be revised to 'Negative
'in case there is any further deterioration in the firm's capital
structure or if it generates less-than-expected cash accruals.

                          About Lekh Raj

Lekh Raj Narinder Kumar is engaged in the milling, processing, and
selling of basmati rice. It has a rice processing unit at Kaithal
(Haryana), with an aggregate capacity of 14 tonnes per hour.  It
exports more than 90% of its production to the Middle East.  The
firm has been accorded the 3-Star Export House status by the
Government of India.  In India, the firm sells rice under the JB
brand.

LNK reported a net profit of INR69 million on net sales of INR2349
million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss (after adjustment of derivative
losses) of INR25 million on net sales of INR1827 million for
2007-08.


PRAKASH INDUSTRIAL: Low Net Worth Cues CRISIL 'B+' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Prakash
Industrial Infrastructure Pvt Ltd's bank facilities.
   Facilities                         Ratings
   ----------                         -------
   INR90.0 Million Cash Credit        B+/Stable (Assigned)
   INR15.0 Million Long Term Loan     B+/Stable (Assigned)
   INR50.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect PIIPL's exposure to risks relating to
geographical and sectoral concentration in revenue profile, low
net worth, and small scale of operations in the civil construction
industry. These rating weaknesses are partially offset by PIIPL's
moderate financial risk profile underpinned by satisfactory debt
protection measures, and the benefits that the company derives
from its promoters' experience and industry relationships.

Outlook: Stable

CRISIL believes that PIIPL will maintain a stable credit risk
profile backed by comfortable debt protection measures.  The
outlook may be revised to 'Positive' if PIIPL scales up and
diversifies its operations while maintaining satisfactory
profitability and improving its capital structure.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
large debt-funded capital expenditure programs, thereby weakening
its capital structure.

                         About Prakash Industrial

Set up in 1975 as a partnership firm, PIIPL (formerly, Prakash
Constructions) converted to a private limited company in 2009;
PIIPL is promoted by Mr. Dinesh Agrawal.  The company undertakes
civil construction primarily for industrial projects in the
private sector. Its operations are largely focused within
Maharashtra.

PIIPL reported a profit after tax (PAT) of INR19.0 million on net
sales of INR382.6 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR10.8 million on net
sales of INR209.9 million for 2008-07.


RAMSWAROOP MEMORIAL: CRISIL Rates INR190 Mil. Term Loan at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Shri Ramswaroop
Memorial Institute of Management and Computer Application's bank
facilities.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit Limit      BB+/Stable (Assigned)
   INR190.0 Million Term Loan             BB+/Stable (Assigned)

The rating reflects SRMIMCA's exposure to risks relating to large
debt-funded capital expenditure plans, intense competition in the
education industry in Uttar Pradesh (UP), loss-making operations
of its SRM Public School, and uncertain regulatory policies. These
rating weaknesses are partially offset by the wide portfolio of
courses offered by SRMIMCA, which attracts a relatively large
number of students, the institute's diversified revenue stream,
and the benefits that SRMIMCA derives from its promoters'
experience in the education business, and the healthy demand
prospects in the education industry.

Outlook: Stable

CRISIL expects SRMIMCA to maintain its market position in the
management and engineering courses in Uttar Pradesh and its
promoters' experience in the education sector.  The outlook may be
revised to 'Positive' if SRMIMCA's financial risk profile improves
due to increase in operating income or improvement in capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the society's financial risk profile deteriorates due to large,
debt-funded capital expenditure or decline in the number of
student enrolled for the upcoming academic year.

                         About the Institute

SRMIMCA was set up in 1998 at Lucknow (UP).  The institute offers
both, undergraduate and post-graduate courses in management,
engineering, and technology; it has around 3500 students enrolled
as on 31st December, 2009. SRMIMCA also runs Shri Ramswaroop
Memorial Public School (SRMPS) in Lucknow, which was set up in
2004.  The school is affiliated to the Central Board of Secondary
Education (CBSE), New Delhi, and has 420 students as on 31st
December, 2009.

SRMIMCA reported a surplus of INR22.7 million on revenues of
INR222 million for 2008-09 (refers to financial year, April 1 to
March 31), against a surplus of INR14.3million on revenues of
INR161 million for 2007-08.


SABARI TEXTILES: CRISIL Reaffirms 'D' Ratings on Bank Facilities
----------------------------------------------------------------
CRISIL's rating on Sabari Textiles Pvt Ltd's bank facilities is
driven by continuing default by Sabari Textiles in interest
payments on the term loan, because of stretched liquidity.  Sabari
Textiles is yet to pay interest for the months, November and
December 2009.

   Facilities                               Ratings
   ----------                               -------
   INR215.8 Million Long-Term Bank          D (Reaffirmed)
                    Loan Facility
   INR42.0 Million Cash Credit Limits       D (Reaffirmed)
   INR7.0 Million Bank Guarantee Facility   P5 (Reaffirmed)

Incorporated in November 2006, Sabari Textiles manufactures yarn
and has a spinning capacity of 17,000 spindles in Coimbatore,
Tamil Nadu. The unit manufactures combed hosiery yarn suitable for
knitted fabrics. The project commenced commercial operations in
August 2008 after a delay of eight months.


SATYAM BALAJEE: CRISIL Cuts Rating on INR71.6 Mil. to 'B+'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Satyam
Balajee Rice Industries Pvt Ltd to 'B+/Negative/P4' from
'BB/Stable/P4+'.

   Facilities                       Ratings
   ----------                       -------
   INR253 Million Cash Credit*      B+/Negative (Downgraded from
                                                 'BB/Stable')

   INR71.60 Million Term Loan       B+/Negative (Downgraded from
                                                 'BB/Stable')

   INR15 Million Bank Guarantee     P4 (Downgraded from 'P4+')

   * Interchangeable with packing credit, foreign bills purchase,
     foreign bills negotiable and foreign bills discounted

The downgrade reflects the significant deterioration in Satyam
Balajee's business risk profile, driven by the decline in the
company's topline, leading to an adverse impact on its cash
accruals.  The company has registered sales of INR295 million for
the nine months ended December 31, 2009, against INR843 million
for 2008-09 (refers to financial year, April 1 to March 31).  The
downgrade also factors in the company's stretched liquidity
because of declining profitability and high bank limit
utilization.  The 'Negative' outlook reflects the pressure
expected on Satyam Balajee's liquidity if the outstanding packing
credit facility of INR45 million, due for repayment in February
2010, is not rolled over.

The ratings reflect Satyam Balajee's weak financial risk profile,
marked by low net worth and inadequate debt protection measures,
and the company's exposure to risks relating to its small scale of
operations and the fragmented nature of the rice industry.  These
weaknesses are partially offset by the company's established
presence in the rice market, marked by a wide geographical reach.

Outlook: Negative

CRISIL expects further deterioration in Satyam Balajee's credit
risk profile over the medium term, as the company may not be able
to repay the outstanding packing credit facility of INR45 million,
which is due for repayment in February 2010.  The rating will be
downgraded sharply in case of a more-than-expected decline in the
company's topline, or if the outstanding packing credit facility
is not rolled over and the company is unable to repay the same.
Conversely, the outlook may be revised to 'Stable' in case Satyam
Balajee's revenues and cash accruals improve, thus alleviating the
pressure on its liquidity position.

                        About Satyam Balajee

Satyam Balajee was set up in 1994 as a partnership firm, and was
reconstituted as a private limited company in 2005.  It is
promoted by Raipur-based Mr. Purushottam Agarwalla and Mr. Pradeep
Agarwalla.  The company produces raw and parboiled rice. Satyam
Balajee reported a profit after tax (PAT) of INR14 million on net
sales of INR843 million for 2008-09, against a PAT of INR14
million on net sales of INR744 million for 2007-08.


SHAH PULP: CRISIL Reaffirms 'BB+' Rating on INR50.6MM Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'BB+/Stable' ratings on the long-term
bank facilities of Shah Pulp & Paper Mills Ltd; the ratings on
SPPML's short-term bank facilities have been reclassified as 'P4+'
from 'P4' earlier.

   Facilities                          Ratings
   ----------                          -------
   INR90.0 Million Cash Credit         BB+/Stable (Reaffirmed)
   INR10.0 Million Standby Line        BB+/Stable (Reaffirmed)
                       of Credit
   INR50.6 Million Term Loan           BB+/Stable (Reaffirmed)
   INR90.0 Million Letter of Credit    P4+ (Reclassified from
                                            'P4')
   INR13.5 Million Bank Guarantee      P4+ (Reclassified from
                                            'P4')
   INR10.0 Million Standby Letter      P4+ (Reclassified from
                  of Credit                 'P4')

The rating reaffirmation reflects SPPML's below-average business
risk profile, marked by the small scale, and working-capital-
intensive nature, of its operations, and working capital limits
that have high utilization rates.  These weaknesses are partially
offset by the company's long-standing presence in the newsprint
industry, and moderate financial risk profile.

Outlook: Stable

CRISIL believes that SPPML will maintain a stable business risk
profile, supported by an established client base, strong track
record in the newsprint industry, and stable operating margins.
The outlook may be revised to 'Positive' if SPPML scales up its
operations and increases its cash accruals.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
higher-than-expected debt-funded capital expenditure (capex) or
acquisitions, or is unable to sustain its operating margins at
current levels.

                            About SPPML

SPPML was incorporated in 1996 with an initial capacity to
manufacture 16,500 tonnes per annum (tpa) of Grade B newsprint.
Over the years, the Vapi-based company has expanded its capacity
to 36,000 tpa.  Its associate company, Shah Paper Mill Ltd (SPML),
incorporated in 1990, manufactures higher-quality Grade A
newsprint, kraft paper, and writing and printing paper.  SPML has
three wastepaper-based manufacturing facilities at Vapi, with an
aggregate capacity of 120,000 tpa.

The group has two other companies, Shah Financial Services Ltd (a
non-banking financial company), and Shah Containers Pvt Ltd, which
manufactures industrial packing material.

For 2008-09 (refers to financial year, April 1 to March 31), SPPML
reported a profit after tax (PAT) of INR17.13 million on net sales
of INR895.62 million, as against a PAT of INR17.26 million on net
sales of INR742.73 million for 2007-08.


TIRUPATI PLASTOMATICS: Fitch Puts 'BB+' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Tirupati Plastomatics Private
Limited a 'BB+(ind)' National Long-term rating.  The Outlook is
Stable.  Simultaneously, the agency has assigned ratings of
'BB+(ind)' to TPPL's INR6 million long-term loans and ratings of
'BB+(ind)'/'F4(ind)' to both its INR30 million fund based and
INR134 million non-fund based facilities.

TPPL's ratings factor in its experience in the manufacturing and
supplying of power cables for large customers such as the Indian
Railways.  The ratings also consider the reasonable revenue growth
and limited long-term debt exposure of TPPL.  In FY08, the company
commissioned a polyethylene double-wall-corrugated pipe
manufacturing facility, and the agency notes the potential for
further revenue growth due to this new product offering.  The
ratings also factor in financial support available from Kiran
Infra Engineers Limited ('BB+(ind)'/Stable), a group company.

Rating concerns emanate from TPPL's relatively small size of
operations, the tender driven nature of the business, and the low
bargaining power with large customers.  TPPL's cable manufacturing
business is prone to industry-wide risks such as the
susceptibility to input cost variations (mainly copper and
aluminium, which are procured at London Metal Exchange spot rates)
and forex risks.  TPPL also remains vulnerable to counterparty
credit risk (which has led to increase in debtor days in FY09)
emanating from weak credit profiles of some of its customers
specially the State Power Utilities.

TPPL has provided a corporate guarantee to a group company, Kanha
Cables Private Limited ('BB(ind)'/Stable), which has substantially
increased its adjusted leverage.  Fitch expects TPPL's business to
remain prone to customer concentration risk in the medium term
since a majority of its sales is derived from a single customer,
the Indian Railways.

A decline in EBITDA margins from current levels, and/or further
increases in working capital intensity that increases leverage,
would be negative for the ratings.  Additionally, heightened
support to group companies by way of corporate guarantees could
also prove negative to the ratings.  On the other hand, increase
in revenues and margins on a sustained basis coupled with
reduction in adjusted leverage could be positive for TPPL.

Incorporated in 1989, TPPL is a Jaipur-based company engaged in
the business of manufacturing signalling, telecommunications and
power cables and DWC pipes.  The sponsors of TPPL also have
interests in undertaking turnkey projects for the Indian Railways
and its affiliates.  As of FYE09, the company had revenues of
about INR1 billion and an operating EBITDA of INR23.3 million.


VEERAL E SAFETY: CRISIL Reaffirms Junk Ratings on Bank Debts
------------------------------------------------------------
CRISIL has reaffirmed its rating of 'D/P5' to Veeral E Safety
Glass Pvt. Ltd's bank facilities.  The ratings reflect CRISIL's
expectation that the cash accruals will be inadequate to meet the
debt repayment obligations.  The rating also reflects periodic
overdraws by Veeral in its cash credit limit owing to weak
liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR45.0 Million Cash Credit         D (Reaffirmed)
   INR27.0 Million Long Term Loan      D (Reaffirmed)
   INR8.0 Million Letter of Credit     P5 (Reaffirmed)

Incorporated in 2004 by Mr. Bharat Nagori, Mr. Manik Kodre,
Mr. Jagmohan Gujral and Mr. Vineet Dangi, Veeral processes and
supplies a variety of glass, including toughened, laminated, and
insulated glass to builders and fabricators, solar panel makers,
and automobile manufacturers.

Veeral reported a profit after tax (PAT) of INR4.2 million on net
sales of INR162.8 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.2 million on net
sales of INR133.7 million for 2007-08.


WEST INDIA POWER: Delay in Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to The West India Power
Equipments Pvt Ltd's bank facilities.  The ratings reflect delay
by WIPE in the servicing of its term loans; the delay was because
of WIPE's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR85.0 Million Cash Credit        D (Assigned)
   INR31.9 Million Term Loan          D (Assigned)
   INR2.5 Million Bank Guarantee      P5 (Assigned)
   INR1.0 Million Letter of Credit    P5 (Assigned)

Incorporated in 1986 by Mr. Kamlesh Prasad and Mr. Paresh Prasad,
WIPE manufactures wiper arms, wiper blades, rubber components, and
other automobile components for automobile original equipment
manufacturers, mainly Maruti Suzuki India Ltd (rated
'AAA/Stable/P1+' by CRISIL), and others, including Tata Motors Ltd
(Rated 'A/Stable/P1' by CRISIL) and Ford India Pvt Ltd.  The
company has manufacturing units in Jagdishpur (Uttar Pradesh) and
Maraimalai (Tamil Nadu). It recently set up a manufacturing unit
in Chakan (Maharashtra).

WIPE reported a profit after tax (PAT) of INR8.9 million on net
sales of INR410.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR12.9 million on net
sales of INR423.8 million for 2007-08.


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


PERUSAHAAN LISTRIK: May Conduct Another Bond Issue This Year
------------------------------------------------------------
The Jakarta Post reports that PT Perusahaan Listrik Negara (PLN)
may once again issue bonds this year to fund its electricity
transmission and distribution.

PLN's finance director Setio Anggoro Dewo, according to the Post,
said the company still needed about IDR20 trillion (US$ 2.14
billion) for the transmission and distribution network and part of
this might be financed through issuing bonds.

"There is a need for more funding. We will evaluate the market
both the bank [loans] and the stock exchange [bonds] to find which
one is most profitable for us," the report quoted Mr. Dewo as
saying without giving details on when the company would make a
firm decision on the matter.

The Troubled Company Reporter-Asia Pacific reported on Nov. 30,
2009, that PT PLN is projecting a net profit of IDR7 trillion in
2009, a reversal from a loss of IDR12.3 trillion in 2008.  PLN
President Director Fahmi Mochtar said the rise in net profit was
supported by the increase of corporate profit to IDR14 trillion
from the previous period when the company suffered a corporate
loss of IDR3.6 trillion.  "From 2004 to 2008 PLN had always
experienced net losses," Mr.Mochtar said.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 18, 2009, Moody's Investors Service upgraded to Ba2 from
Ba3 the corporate family rating and senior unsecured bond rating
of PT Perusahaan Listrik Negara.  This rating action follows
Moody's decision to upgrade to Ba2 from Ba3 the Indonesian
government's long-term foreign-currency and local-currency
ratings.  The ratings outlook is stable, consistent with the
outlook on the government ratings.


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


AOZORA BANK: Merger Talks with Shinsei Stall Over Key Issues
------------------------------------------------------------
Merger talks between Shinsei Bank Ltd. and Aozora Bank Ltd. are
stalling over key issues such as strategy and capitalization of
the combined bank, Alison Tudor at The Wall Street Journal reports
citing people familiar with the matter.

The Journal's sources said both banks continue to work toward the
US$4.9 billion merger and could still reach an agreement.  But
talks could slip past the October deadline if the problems aren't
ironed out in time, they said.

"We are hoping that the right outcome is reached soon," the
Journal cited Shinsei Chief Financial Officer Rahul Gupta as
saying on an earnings conference call Wednesday.  "Clearly there
are a number of issues that need to be resolved. It is progressing
slowly," he added.

According to the Journal, sources said the two banks began merger
talks on the basis that if either party was not satisfied with the
capital structure of the combined entity then they could walk
away.

The Journal relates analysts said Shinsei's need for a capital was
a major driver in the planned merger.  The merger plan, according
to the report, was forged in the midst of the financial crisis
when both banks fell into the red.  The Journal states that they
have since returned to profitability, but they have a wide
difference in capitalization.  According to the report, Aozora had
a Tier 1 ratio ?- a measure of bank balance sheet strength -- of
14.24% as of Sept. 30, nearly double Shinsei's ratio of 7.83% as
of Dec. 31.

One of the people said that if Shinsei does not raise enough
capital in time for the merger then the merger ratio could be
renegotiated, the Journal notes.

The Journal relates Mr. Gupta said he doesn't see a relationship
between Shinsei's capital adequacy and the timeline for completing
the merger, stressing the "substantial improvement" in Shinsei's
Tier 1 capital since it reached the merger agreement, with the
ratio stood at 6.02%.  "We do not have any immediate plans to
raise capital," he said.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2009, The Financial Times said Aozora Bank Ltd. and
Shinsei Bank Ltd. unveiled plans to merge their operations in
October this year to create the sixth-largest bank in Japan with
JPY18 trillion (US$187 billion) in assets.

The deal is structured as a merger of equals with Shinsei, which
is 32.5% owned by JC Flowers, becoming the surviving bank.  On the
other hand, Aozora, which is 50.5% owned by Cerberus Capital
Management LP, will be delisted and shareholders will receive one
Shinsei share for each Aozora share.

Following the deal, the FT disclosed, Cerberus will emerge with a
21% stake in the combined entity while JC Flowers will have 16%.
The Japanese government, which has 29.3% in both Shinsei and
Aozora, will retain its stake at the same level.

Norito Ikeda, the former president of Ashikaga Bank, will become
chief executive of the merged bank, the Financial Times reported.

                         About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                         About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'.  The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.

The TCR-AP also reported on Feb. 16, 2009, that Moody's Investors
Service downgraded Aozora's base line credit assessment to Ba1
from Baa3.  Moody's said the downgrade reflects increased concerns
that Aozora will face significant challenges before it can restore
the confidence of the market and its profitability in view of the
difficult nature of the operating environment for banking
institutions funded by wholesale funds.


JAPAN AIRLINES: Business As Usual at JAL's Thailand Operations
--------------------------------------------------------------
The Bangkok Post reports that Japan Airlines Corp.'s Thai base and
operation are still intact but an air of uncertainty hangs over
the carrier, declared bankrupt with US$25.6 billion in debts, as
it starts an overhaul under new management.

The Post notes that the airline's Thai unit has assured the
traveling public that it will keep operating flights through
Bangkok, while pledging that it will honor business contracts and
try to maintain the status quo of its Thai base.

"It's been business as usual for us here and we expect that to
remain so," Sutin Srivarakiat, deputy manager for JAL's Thailand
and Indochina operation, told the Bangkok Post.

JAL's Thai unit, with 137 locally employed staff plus about 1,000
Thai cabin attendants, has so far been immune from the country's
biggest post-war corporate failure outside the financial sector,
the Post notes.

According to the report, Mr. Sutin said there have yet to be any
layoffs or pay cuts although the Thai unit, one of JAL's most
important overseas operations in terms of business and
profitability, has undergone typical cost savings in recent years
like most airlines around the world.

JAL was among the first foreign carriers to fly to Thailand.
Flights from Japan started more than 50 years ago, soon after the
formation of the Japanese flag carrier.

                             About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PIONEER CORP: To Get Up to JPY2BB Investment from Mitsubishi Chem
-----------------------------------------------------------------
The Japan Times reports that Mitsubishi Chemical Corp. will invest
around JPY1 billion to JPY2 billion in Pioneer Corp. through a
third-party allocation of new shares as early as at the end of
March to help turn around the electronics firm's business.

Sources said that under a planned business tie-up between Pioneer
and Mitsubishi Chemical, the two firms will jointly develop
organic electroluminescent lighting equipment, according to the
Times.

The report relates sources said the latest deal aims to boost the
financial base of Pioneer, which is also planning a third-party
allotment of new shares worth JPY2.5 billion to Honda Motor Co.,
as well as a public stock offering worth JPY20 billion by the end
of March.

According to the report, sources said Mitsubishi Chemical, a unit
of Mitsubishi Chemical Holdings Corp., intends to make use of
Pioneer's technology in organic electroluminescent displays for
commercial use in the next few years.

Pioneer Corp., which has been making losses for the fifth
consecutive year, posted its biggest loss ever of JPY130.53
billion in the fiscal year ended March 2009.  In the fiscal year
ended 2008, the company reported JPY19.04 billion net loss.

Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products.  The Company operates in three business
segments.  The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives, blu-
ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment.  The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Moody's Investors Service downgraded to B2 from
B1 the local currency issuer rating for Pioneer Corporation.  The
rating outlook is negative.


RESONA BANK: Moody's Lifts Bank Financial Strength Rating From D+
-----------------------------------------------------------------
Moody's Investors Service has upgraded the Bank Financial Strength
Ratings of Resona Bank, Ltd., to C- from D+, and of Saitama Resona
Bank, Ltd., and Kinki Osaka Bank Ltd. to C- from D.  The C- BFSRs
translate into baseline credit assessments of Baa2.  Moody's has
also affirmed all three banks' A1/Prime-1 long-term/short-term
deposit ratings.  The outlook for their BFSRs as well as for the
long- and short-term deposit ratings is stable.  These rating
actions conclude the review initiated on December 15, 2009.

               BFSR Upgrades Based On Resilience Of
               Capital Structure And Profitability

The BFSR upgrades are primarily based on Moody's re-assessment of
the equity feature of Resona Holdings, Inc.'s capital structure,
which is underpinned by a large amount of government common and
preferred stock.  In Moody's view, while the public funds need to
be ultimately paid down, Moody's expects that Resona continues to
have flexibility in managing down the level of government
preferred stock at a pace that does not undermine the bank's
capital soundness, and such that the group can maintain an about
8% Tier 1 capital ratio.

In past analyses of the group's capital structure, the presence of
government preferred stock, particularly that injected under the
Crisis Response Scheme of the Deposit Insurance Law in 2003, had
been heavily discounted.  This was because of the assumption that
the group would be pressured by the government to buy the stock
back at the earliest possible date.  However, in view of the
history of Resona's capital strategy, Moody's has re-assessed
specific features of the bank's capital, with a particular focus
on its ability to absorb losses for an extended period.  Thus,
Moody's considers it appropriate to factor in greater permanency
for the preferred shares in its rating assessment.

This expectation is also prompted by Moody's assessment of the
future regulatory environment, under which the amount and quality
of capital are likely to take on greater important.  In such an
evolving environment, Moody's expect Resona would retain its
flexibility with regard to the formulation and implementation of
its capital strategy.  Such flexibility is particularly the case
for the preferred stock issued under the Deposit Insurance Law,
and which Moody's believes can absorb losses for an extended
period.

The upgrade also incorporates Moody's view that Resona's operating
performance has been resilient to the challenging operating
environment for the Japanese banking industry during 2008 to 2009.
This resilience is underpinned by a relatively smaller exposure to
Japanese equities and corporate concentration relative to its
peers.  This situation is a reflection of management's controlled
risk appetite.  While Resona has also incurred higher credit costs
in the last fiscal year, the amount was substantially lower than
Moody's base case stress scenario assumption.

The BFSR upgrades are also in line with the recalibration of the
relative importance of certain rating factors, particularly
stressed capital assessments, in its bank rating methodologies.

                      Equalization of BFSRs

The convergence of the BFSRs for Resona Bank, Saitama Resona Bank,
and Kinki Osaka Bank reflects the ongoing implementation of
centralized Tier I capital management at the holding company, as
well as the strong intra-group bank support and business linkages
between the three.

                  Affirmation of Deposit Rating

The deposit ratings of all three remain unchanged at A1/Prime-1,
as do the A2 senior subordinated debt ratings of Resona Bank and
Saitama Resona Bank.  These ratings already benefit from sizable
uplift over each bank's stand-alone financial strength,
incorporating Moody's expectation of the high likelihood of
systemic support for all three, should such support be needed,
given Resona's position as the fourth largest banking group in
Japan and large government capital injections.

                   Upward And Downward Scenarios

Further upward movement in the BFSRs could stem from, among other
things, greater progress in improving underlying operating
profitability and adding to stronger retained earnings.  If, on
the other hand, the group's capital strategy deviates from its
targeted objective, and if the group accelerates a downsizing of
its level of government preferred stock, such that its Tier I
capital ratio falls below 8%, the BFSRs could be reviewed in a
downward direction.

               Ratings For Junior Subordinated Debt
             And Non-Cumulative Preferred Securities

Resona Bank's A2 junior subordinated debt, the Baa3 non-cumulative
preferred securities issued by its subsidiary, and Saitama
Resona's A2 junior subordinated debt rating are under review for
possible downgrade.

The reviews of these ratings follow Moody's announcement that it
had revised the rating methodology for bank hybrid securities and
subordinated debt.

Moody's last rating action on Resona Bank, Saitama Resona Bank,
and Kinki Osaka Bank were taken on December 15, 2009, when the
banks' BSFRs were placed under review for possible upgrade.

Resona Bank, Ltd., Saitama Resona Bank, Ltd., and Kinki Osaka
Bank, Ltd., are the major operating bank subsidiaries of Resona
Holdings, Inc. (headquartered in Osaka), which is a major banking
group in Japan.


SOFTBANK CORP: Posts JPY94.86BB Profit in Nine Mos. Ended Dec. 31
-----------------------------------------------------------------
Softbank Corp. posted a 63.0% rise in group net profit to JPY94.86
billion in the April-December period from a year earlier, The
Japan Times reports.

Citing Softbank's earnings statement for the first three quarters
of fiscal 2009, the report discloses that Softbank's group
operating profit grew 33.4% to JPY366.32 billion and pretax profit
rose 61.1% to JPY281.19 billion.  Sales increased 3.2% to JPY2.05
trillion.

According to the report, Softbank said the result was attributable
to the increased number of subscription contracts for mobile phone
services and the expanded use of data communications services.

For the whole of fiscal 2009 ending in March, the report notes,
Softbank forecasts a group operating profit of JPY420 billion, up
16.9% from the previous year.

Softbank Corp. (TYO:9984) -- http://www.softbank.co.jp/-- is a
Japan-based company that provides digital information services.
The Company has six business segments.  The Mobile Communication
segment provides cellular phone services and sells attached
cellular phone terminals.  The Broadband and Infrastructure
segment provides high-speed Internet access services, Internet
protocol (IP) phone service, and contents.  The Fixed
Communication segment provides transmission services for audio and
data, as well as exclusive line and data center services.  The
Internet Culture segment is engaged in the Internet advertising,
broadband portal and auction businesses.  The Electronic Commerce
(E-Commerce) segment sells personal computers (PCs), peripheral
devices and software for PC use, as well as provides business-to-
business and business-to-customer e-commerce services.  The Others
segment is involved in the broadcasting media, technology service,
media marketing and overseas fund businesses.

                           *     *     *

The company continues to carry Moody's "Ba2" Issuer and Senior
Unsecured Debt Ratings.  The outlook on the ratings is stable.


TOSHIBA CORP: Mulls Shutting LCD Production in Vietnam
------------------------------------------------------
Toshiba Corp. said it was considering ending manufacturing of
liquid-crystal-display TVs in Vietnam to cut costs, the Jakarta
Globe reports.

Toshiba spokeswoman Yuko Sugahara was quoted by Jakarta Globe as
saying that "We're considering shutting our LCD TV manufacturing
operation in Vietnam, but we've made no decision."

The Globe says the statement came after Bisnis Indonesia reported
the company would relocate its LCD TV production to Indonesia
because of tighter regulations in Vietnam.

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 of February 2, 2010, Toshiba Corporation continues to carry
Fitch Ratings 'BB' Long-term FC and LC Issuer Default Ratings,
'B' Short-term FC and LC Issuer Default Ratings and 'BB' Senior
unsecured notes ratings.


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


HYNIX SEMICONDUCTOR: Creditors in Talks with Multiple Buyers
------------------------------------------------------------
The Korea Times reports that Korea Exchange Bank President Larry
Klane said it is already in talks with multiple interested parties
to buy controlling stake in the chipmaker, thus, further extension
on the deadline for the sale is no longer necessary.

Mr. Klane told The Korea Times that "We've already been working
very hard. There are interested parties, and plenty of
opportunities have come forward."

According to the report, Mr. Klane refused to confirm the names of
rumored bidders, such as GS and Hanwha Group, only saying that "We
have a better structured bidding process" than in the first round
of bidding, which ended on Jan. 31.

Meanwhile, Bloomberg News reports that Hanwha Group and GS Group
denied a television report that they're in talks to bid for Hynix
Semiconductor.  Hanwha Corp. and GS Holdings made the denial in
regulatory filings on February 3, Bloomberg says.

Wow TV has reported Hynix creditors are in talks to sell their
controlling stake in the chipmaker to GS or Hanwha, citing a
document from the lenders.

According to The Wall Street Journal's Evan Ramstad, no South
Korean company submitted a bid for a $3 billion stake in Hynix
Semiconductor Co. by the January 29 deadline, a development that
will test the government's commitment to privatizing key
industries.  Jung-Ah Lee at Dow Jones Newswires has said Hynix
creditors will look into other possible ways to unload their 28%
stake in the chip maker.

Hynix creditors said Monday that they have extended the deadline
for accepting bids for a controlling stake in the memory chipmaker
until February 12, Yonhap News reported.  But the lack of bidders
in the prolonged auction process thus far could force government
officials to consider exposing the company to outside shareholders
it doesn't control, Mr. Ramstad says.

"After having discussions with the shareholders and advisers,
(KEB) will decide on the (stake sale) plan as soon as possible,
including selling a part of the stake that would help (Hynix)
maintain a stable management and corporate governance structure,"
Hynix has said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2009, Hynix Semiconductor's creditors re-invited fresh
bids for the sale of a combined 28% holding in the chipmaker and
receive letters of intent from potential investors by January
after Hyosung Corp. dropped its bid.

Invitational notices for South Korean companies to submit bids
went out Dec. 20.  Letters of intent to buy Hynix will be accepted
by Jan. 29, Kyodo News said.  No local company has so far shown
any interest in the offer.

The stake sale, which is estimated to be worth KRW4.5 trillion, is
being managed by Credit Suisse Ltd., Woori Investment & Securities
Co. and state-run Korea Development Bank.

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.


HYNIX SEMICONDUCTOR: Denies Samsung Technology Leaks Allegation
---------------------------------------------------------------
The Korea Times reports that Hynix Semiconductor has denied
leaking technology and pledged a court battle over the allegation.

CEO Kim Jong-kap told The Korea Times that "We didn't use any of
Samsung Electronics' copper-based processing technology in our
memory lines.  Hynix is confident we will be cleared of such
allegations in court."

According to the report, the remarks came after the prosecution
had senior officials from a U.S.-based semiconductor equipment
firm and Hynix arrested on suspicion of leaking technologies
created by Samsung Electronics over the past several years.

Dow Jones Newswires, citing a statement from the Seoul
Prosecutor's Office, reports that the prosecutors on Wednesday
arrested two executives from Applied Materials Inc. and an
executive from Hynix Semiconductor.  Another 14 employees from
Applied Materials and Hynix, and one from Samsung, are also under
investigation, Dow Jones says.

Dow Jones notes the prosecutors said the employees were allegedly
involved in taking documents from Samsung about several process
techniques and giving them to Hynix officials.

                            About Hynix

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.


HYUNDAI MOTOR: U.S. Auto Sales Jump 24% in January 2010
-------------------------------------------------------
Hyundai Motor America, a subsidiary of Hyundai Motor Co., on
Tuesday disclosed January sales of 30,503 units, up 24% from
January 2009 sales of 24,512 units.

HMA said this marks the thirteenth consecutive month of year-over-
year retail market share gains for Hyundai and the company's best
retail share performance since the government's "Cash-for-
Clunkers" program in August 2009.

"While we were surprised and disappointed in the overall weakness
of the industry in January, we are encouraged by our strong
performance at both ends of the market spectrum.  Our fuel-
efficient Accent and Elantra entries were up 61 and 133 percent
respectively, while our flagship Genesis recorded its best-ever
retail segment share," said Dave Zuchowski, Hyundai Motor
America's vice president of national sales.

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

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, Moody's Investors Service revised to stable from
negative the outlook of the Baa3 issuer and senior unsecured bond
ratings for Hyundai Motor Company and its guaranteed subsidiary
Hyundai Motor Manufacturing Alabama LLC.  Moody's also revised the
Ba1 Corporate Family Rating outlook of Kia Motors Corp. to stable
from negative.

The TCR-AP reported on December 11, 2009, that Fitch Ratings
revised the Outlook on Hyundai Motor's and Kia Motors' foreign
currency Long-term Issuer Default Ratings to Positive from
Negative, and simultaneously affirmed them at 'BB+'.  The agency
also affirmed the 'BB+' rating on both companies' senior unsecured
debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


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


AXIS INC: Publicly Reprimanded for Breaching Listing Rules
----------------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimanded Axis
Incorporation Berhad for breaches of paragraphs 9.16(1)(a),
9.22(1) and 9.23 of the LR.

Bursa Malaysia said Axis had breached:

   a. Paragraph 9.16(1)(a) of the LR for failing to disclose
      these information in the Company's announcement dated
      July 30, 2008, in response to Bursa Securities' query
      on the unusual market activity of AXIS' securities on
      that day:

      * the significant audit issues raised by the external
        auditors, Horwath in respect of the annual audited
        accounts for the financial year ended March 31, 2008,
        ("AAA 2008"), particularly on the outstanding amounts
        owing by the contract manufacturers and that the issues
        remain unresolved; and/or

      * the possibility of the external auditors expressing a
        qualification and /or disclaimer audit opinion in the
        AAA 2008

   b. Paragraph 9.23(b) of the LR for failing to submit:

      * the Company's AAA 2008 on or before July 31, 2008.
        The AAA 2008 was only submitted on October 31, 2008,
        after a delay of approximately 3 months; and

      * the Company's annual report for the financial year
        ended March 31, 2008, ("AR 2008") on or before
        September 30, 2008.  The AR 2008 was only submitted
        on December 4, 2008, after a delay of approximately
        2 months;


   c. Paragraph 9.22(1) of the LR for failing to submit the
      Company's quarterly report for the financial period
      ended June 30, 2008, ("QR 1/2009").   The QR 1/2009
      was only submitted on November 11, 2008, after a delay
      of approximately 2-1/2 months; and

   d. Paragraph 9.16(1)(a) of the LR for failing to ensure
      the Company's announcement dated May 22, 2008, on the
      quarterly report for the financial period ended
      March 31, 2008, ("QR 4/2008") took into account the
      following adjustments as stated in the Company's
      announcement dated October 31, 2008:

      * Understatement of costs of sales charged in relation
        to the contract manufacturers;

      * Additional allowance for doubtful debts in respect of
        the amounts due from the contract manufacturers;

      * Overprovision of current and deferred tax in the light
        that the Group recorded an audited loss after the audit
        adjustment; and

      * Unrealized profit on inventories which was inadvertently
        omitted from the Unaudited Results.

      AXIS had reported an unaudited profit after taxation and
      minority interest of MYR16.105 million for the financial
      year ended March 31, 2008, in the QR 4/2008 which was
      announced on May 22, 2008.  However, the Company had on
      October 31, 2008, reported an audited loss after taxation
      and minority interest of MYR68.445 million in the AAA 2008.
      The difference of MYR84.550 million between the unaudited
      and audited results for the financial year ended March 31,
      2008 represents a variation of approximately 525%.

Bursa Securities have also found the directors of AXIS had failed
to discharge their duties as directors pursuant to paragraph
16.11(b) in respect of compliance by the Company of its
obligations under the LR.

                          About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


MECHMAR CORP: Bursa to Suspend Securities Trading on Feb. 12
------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend the trading of
Mechmar Corporation (Malaysia) Berhad's securities starting
Friday, February 12, 2010, after the company failed to submit its
regularization plan to the Securities Commission and other
relevant authorities on or before February 3, 2010.

In addition to the imposition of suspension, Bursa Securities had
commenced de-listing procedures against the Company.  The Company
has been served with a notice to make representations to Bursa
Securities as to why the company's securities should not be
de-listed from the Official List of Bursa Securities.  Due process
is therefore accorded to the company prior to making a decision on
whether to de-list the company's securities from the Official List
of Bursa Securities.

Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to de-list the Company.  Thereafter, the securities of the
Company shall be removed from the Official List of Bursa
Securities on a date specified by Bursa Securities.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


POLY TOWER: Bursa Malaysia Commences Delisting Procedures
---------------------------------------------------------
Bursa Malaysia Securities Berhad has commenced delisting
procedures against Poly Tower Ventures Berhad after failing to
submit its regularization plan to the Securities Commission on or
before January 14, 2010.

The Company has been served with a notice to make representations
to Bursa Securities as to why the Company's securities should not
be de-listed from the Official List of Bursa Securities.  Due
process is therefore accorded to Poly Tower prior to making a
decision on whether to de-list the Company's securities from the
Official List of Bursa Securities.

Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to de-list the Company.  Thereafter, the securities of the
Company shall be removed from the Official List of Bursa
Securities on a date specified by Bursa Securities.

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
Company.  The Company's segments include investment holding and
property investment, manufacturing, and trading.  The Company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The Company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.

Poly Tower Ventures Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and is unable to provide a solvency declaration.


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


RIZAL COMMERCIAL: Fitch Assigns 'BB-' Rating on Senior Notes
------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB-' to the
Philippines' Rizal Commercial Banking Corp.'s US$250 million 6.25%
Senior Notes due 2015.  This follows the completion of the Senior
Notes issuance and the receipt of documents conforming to
information previously received.  The final rating is the same as
the expected rating assigned on 26 January 2010.

RCBC is a mid-sized universal bank with total assets of PHP268bn
at 30 September 2009 and has a network of 334 branches.  The
Yuchengco Group of Companies majority-owned the bank with a 53.7%-
stake.


VICTORIAS MILLING: Plans to Convert Debts into Shares
-----------------------------------------------------
The Manila Standard Today reports that Victorias Milling Co. Inc.
will ask creditors to convert part of their debt into equity to
assure the survival of the sugar milling company.

The Manila Standard relates that Victorias Milling Chairman Omar
Mier said the conversion would significantly reduce the company's
debt from PHP6.4 billion.

"This is the only way for Victorias Milling to survive, especially
when tariff rate on imported sugar is finally removed.  Creditors
need to convert part of the debts into equity," the Manila
Standard quoted Mr. Mier as saying.

According to the report, Mr. Mier said the company would seek the
approval of the SEC for the planned debt-to-equity conversion once
it obtained approval of the shareholders creditors, which include
Lucio Tan-owned Philippine National Bank and Allied Banking Corp.

The planned debt conversion is a revision to the corporate
rehabilitation plan approved by the Securities and Exchange
Commission in 2000, the Manila Standard says.

BusinessWorld Online says the company also plans to sell some
subsidiaries to pay debts.

"We will sell the non-core business.  Food is non-core business,
golf course is non-core business for us.  So those two assets will
be sold," Mr. Mier said was quoted by BusinessWorld as saying.

Headquartered in Victorias City, Negros Occidental, Victorias
Milling Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.

On July 4, 1997, the company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management
Committee to oversee the company's operations and
rehabilitation.


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


ALLANDES CORPORATION: Creditors' Proofs of Debt Due February 18
---------------------------------------------------------------
Creditors of Allandes Corporation Pte Ltd, which is in
liquidation, are required to file their proofs of debt by Feb. 18,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08, Wilkie Edge
         Singapore 228095


KIDEAS HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on January 22, 2010,
to wind up the operations of Kideas Holdings Pte Ltd. now known as
Hatm (S) Pte. Ltd.

Grandwork Interior Pte Ltd filed the petition against the company.

The company's liquidator is:

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


===============
T H A I L A N D
===============


PB AIR: Liquidator Rules Out Revival, Total Debts Reaches THB2BB
----------------------------------------------------------------
Thai carrier PB Air's ongoing liquidation has seen its outstanding
debts balloon to about THB2 billion -- up from THB1.7 billion to
THB1.8 billion -- as more creditors rush to seek payments,
according to the Bangkok Post.

The report says local and international creditors to the carrier
now total 400, including 188 laid-off employees who are entitled
to as much as THB40 million in severance payment.

The carrier's major creditors include Bangkok Airways, which is
owed about THB10 million for leasing two ATR 72-500 turboprops to
PB Air between April and October last year, the Post discloses.

According to the report, liquidator Zongsak Phaktachai said the
airline had every intention of settling the debts, with former
employees the first to get paid.

Mr. Zongsak said the chance of PB Air being revived is zero due to
too many problems, especially the lack of aircraft of its own.

PB Air, founded by Boon Rawd Brewery baron Piya Bhirom-Bhakdi, had
struggled to stay afloat for 19 years with an accumulated loss of
about THB2 billion due to the poor business environment.  It
ceased operation in November last year and officially closed down
on December 21, 2009, with the appointment of liquidators.

Company insiders have told Bangkok Post Mr. Piya decided to end
the struggling "great little airline" after failing to find
prospective foreign buyers that could provide a capital injection
to enable the airline to continue operating.

Based in Bangkok, Thailand, PB Air operates scheduled domestic and
international services.


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


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

                                                           Total
                                         Total      Shareholders
                                        Assets            Equity
Company            Ticker              (US$MM)           (US$MM)
-------            ------              ------       ------------


AUSTRALIA

ADVANCE HEAL-NEW      AHGN             16.93           -8.23
ALLSTATE EXPL-PP      ALXCC            21.37          -54.57
AMA GROUP LTD         AMA              39.03           -0.86
ANTARES ENERGY L      AZZ              13.71           -1.96
ARC EXPLORATION       ARX              56.83          -15.05
AUSTAR UNITED         AUN             508.84         -310.06
AUSTRAILIAN Z-PP      AZCCA            77.74           -2.57
AUSTRALIAN ZIRC       AZC              77.74           -2.57
BCD RESOURCES OP      BCO              21.37          -54.57
BIRON APPAREL LT      BIC              19.71           -2.22
CENTRO PROPERTIE      CNP          14,725.10         -495.30
CHALLENGER INF-A      CIF           2,307.01         -104.58
CHEMEQ LTD            CMQ              25.19          -24.25
CITY PACIFIC LTD      CIY             171.50           -6.38
ELLECT HOLDINGS       EHG              18.25          -15.49
HEALTH CORP LTD       HEA              13.26           -0.01
HYRO LTD              HYO              21.50          -14.83
JAMES HARDIE NV       JHXCC         2,120.70         -153.00
JAMES HARDIE-CDI      JHX           2,120.70         -153.00
MAC COMM INFR-CD      MCGCD         8,104.42         -103.34
RESIDUAL ASSC-EE      RAGXF           597.33         -126.96
SHELL VILLAGES A      SVC              13.47           -1.66
TERRITORY RESOUR      TTY              78.23           -3.34
TOOTH & CO LTD        TTH             127.62          -78.92
VERTICON GROUP        VGP              14.22          -24.60


CHINA

ALONG TIBET CO-A      600773           10.46           -1.60
AMOI ELECTRONI-A      600057          186.72         -176.17
ANHUI KOYO GROUP      979              43.55          -32.06
BAO LONG ORIENTA      600988           16.38           -3.24
CHANG LING GROUP      561              38.76          -11.33
CHENGDU UNION-A       693              52.17           -7.60
CHINA EAST AIR-A      600115       10,663.62         -669.02
CHINA EAST AIR-H      670          10,663.62         -669.02
CHINA KEJIAN-A        35               83.78         -182.39
DANDONG CHEM F-A      498             100.50         -111.14
DONGGUAN FANGD-A      600656           62.02          -10.11
DONGXIN ELECTR-A      600691           20.72           -6.13
GAOXIN ZHANGTO-A      2075            119.52          -30.48
GUANGDONG HUAL-A      600242           19.85           -1.62
GUANGDONG KEL-A       921             650.07         -103.76
GUANGMING GRP -A      587              48.72          -47.59
GUANGXI BEISHE-A      600556          103.12         -138.38
GUANGXIA YINCH-A      557              19.31          -37.90
HEBEI BAOSHUO -A      600155          133.67         -361.69
HEBEI JINNIU C-A      600722          241.28         -228.12
HISENSE ELEC-H        921             650.07         -103.76
HUDA TECHNOLOG-A      600892           21.31           -2.90
HUNAN ANPLAS CO       156              50.29          -83.16
JIANGSU CHINES-A      805              12.86          -10.34
LIAOYUAN DEHENG       600699          138.72           -6.69
QINGHAI SUNSHI-A      600381           56.02          -25.87
SHAANXI QINLIN-A      600217          233.97          -21.07
SHANG HONGSHENG       600817           17.94         -396.97
SHANG LIANHUA-A       600617           15.68           -1.54
SHANG LIANHUA-B       900913           15.68           -1.54
SHANGHAI WORLDBE      600757          181.37         -127.60
SHENZ CHINA BI-A      17               27.97         -264.11
SHENZ CHINA BI-B      200017           27.97         -264.11
SHENZHEN DAWNC-A      863              28.09         -157.71
SHENZHEN KONDA-A      48              195.27          -14.90
SHENZHEN SHENX-A      34               23.96         -166.32
SHENZHEN ZERO-A       7                61.82           -3.40
SHIJIAZHUANG D-A      958             235.06          -54.14
SICHUAN DIRECT-A      757             128.39         -118.67
SUNTEK TECHNOL-A      600728           37.92          -21.21
TAIYUAN TIANLO-A      600234           50.40          -25.24
TIANJIN MARINE        600751           82.40          -30.39
TIANJIN MARINE-B      900938           82.40          -30.39
TIBET SUMMIT I-A      600338           78.16          -14.22
TOPSUN SCIENCE-A      600771          183.02         -138.22
WINOWNER GROUP C      600681           10.72          -71.85
WUHAN BOILER-B        200770          349.55          -74.89
WUHAN GUOYAO-A        600421           11.45          -39.41
XIAMEN OVERSEA-A      600870          306.96         -146.75
YUEYANG HENGLI-A      622              37.27          -15.53
YUNNAN MALONG-A       600792          145.00          -10.65
ZHANGJIAJIE TO-A      430              52.23           -5.63


HONG KONG

21 HOLDINGS LTD       1003             43.65           -4.26
ASIA TELEMEDIA L      376              16.62           -5.37
CHAOYUE GROUP LT      147              42.69         -127.80
CHINA CYBER PORT      8206             12.62          -25.85
CHINA GOLDEN DEV      162             253.00           -2.72
EGANAGOLDPFEIL        48              557.89         -132.86
FULBOND HLDGS         1041             60.26          -14.42
HUTCHISON TELE H      215           2,400.10         -366.06
MITSUMARU EAST K      2358             38.17           -1.45
NEW CITY CHINA        456             113.18           -9.93
NGAI LIK INDL         332             132.82           -4.76
PAC PLYWOOD           767              75.64           -5.41
PALADIN LTD           495             157.69           -6.23
PALADIN LTD -PRE      642             157.69           -6.23
PCCW LTD              8             5,990.93         -394.97
PERCEPTION DIG        8248             31.21           -4.64
PROVIEW INTL HLD      334             412.85         -191.26
WAI CHUN MINING       660              12.79          -14.60
WAYTUNG GLOBAL G      21               12.33           -2.96


INDONESIA

ASIA PACIFIC          POLY            481.76         -847.67
DAVOMAS ABADI         DAVO            272.59          -17.19
ERATEX DJAJA          ERTX             10.05          -15.29
JAKARTA KYOEI ST      JKSW             28.00          -39.75
KARWELL INDONESI      KARW             10.28           -8.09
MULIA INDUSTRIND      MLIA            349.54         -393.20
PANASIA FILAMENT      PAFI             51.27           -4.30
PANCA WIRATAMA        PWSI             28.57          -34.35
PRIMARINDO ASIA       BIMA             10.97          -20.00
STEADY SAFE TBK       SAFE             12.27           -4.84
SURABAYA AGUNG        SAIP            248.50          -92.41
TEIJIN INDONESIA      TFCO            185.09          -14.27
UNITEX TBK            UNTX             15.67          -14.25


INDIA

ALCOBEX METALS        AML              16.59          -21.47
ASHIMA LTD            ASHM             59.92          -47.15
BALAJI DISTILLER      BLD              51.16          -38.38
BELLARY STEELS        BSAL            451.68         -108.50
BHAGHEERATHA ENG      BGEL             22.65          -28.20
CFL CAPITAL FIN       CEATF            14.31          -40.04
COMPUTERSKILL         CPS              14.90           -7.56
CORE HEALTHCARE       CPAR            185.36         -241.91
DCM FINANCIAL SE      DCMFS            16.54          -10.99
DIGJAM LTD            DGJM             98.77          -14.62
DISH TV INDIA         DITV            422.08         -127.61
DUNCANS INDUS         DAI             116.96         -183.24
GANESH BENZOPLST      GBP              77.84          -41.87
GEM SPINNERS LTD      GEMS             15.23           -0.11
GLOBAL BOARDS         GLB              25.15           -0.79
GSL INDIA LTD         GSL              37.04          -42.34
GSL NOVA PETROCH      GSLN             44.39           -0.93
GUJARAT SIDHEE        GSCL             59.44           -0.66
HARYANA STEEL         HYSA             10.83           -5.91
HENKEL INDIA LTD      HNKL            102.05          -10.24
HFCL INFOTEL LTD      HFCL            151.65          -85.81
HIMACHAL FUTURIS      HMFC            406.63         -210.98
HINDUSTAN PHOTO       HPHT             68.94       -1,147.18
HMT LTD               HMT             139.31         -277.69
ICDS                  ICDS             13.30           -6.17
INDIA FOILS LTD       IF               22.01           -2.04
INFOMEDIA 18 LTD      INF18            35.80           -1.94
INTEGRAT FINANCE      IFC              45.56          -43.27
ITI LTD               ITI           1,116.21           -0.80
JCT ELECTRONICS       JCTE            122.54          -50.00
JD ORGOCHEM LTD       JDO              10.46           -1.60
JENSON & NIC LTD      JN               15.93          -74.33
JIK INDUS LTD         KFS              20.63           -5.62
JK SYNTHETICS         JKS              13.51           -3.03
JOG ENGINEERING       VMJ              50.08          -10.08
KALYANPUR CEMENT      KCEM             32.04          -26.76
KERALA AYURVEDA       KRAP             13.41           -0.59
KINGFISHER AIR        KAIR          1,458.64         -418.91
LLOYDS FINANCE        LYDF             27.68           -8.64
LLOYDS STEEL IND      LYDS            358.94          -83.14
MILLENNIUM BEER       MLB              36.39           -3.20
MILTON PLASTICS       MILT             18.31          -40.44
NATH PULP & PAP       NPPM             13.59          -39.13
NICCO UCO ALLIAN      NICU             28.84          -56.77
ORIENT PRESS LTD      OP               16.70           -0.09
PANCHMAHAL STEEL      PMS              51.02           -0.33
PANYAM CEMENTS        PYC              38.84           -0.64
PARASRAMPUR SYN       PPS             111.97         -317.11
PAREKH PLATINUM       PKPL             61.08          -88.85
PEACOCK INDS LTD      PCOK             11.40          -14.40
PIRAMAL LIFE SC       PLSL             32.05           -3.73
POLAR INDS LTD        PLI              11.61          -22.28
RAMA PHOSPHATES       RMPH             34.07           -1.19
RATHI ISPAT LTD       RTIS             44.56           -3.93
RELIGARE TECHNOV      RTCL             44.13           -1.46
RENOWNED AUTO PR      RAP              14.12           -1.25
ROLLATAINERS LTD      RLT              22.97          -22.24
ROYAL CUSHION         RCVP             20.22          -62.97
RPG CABLES LTD        RPG              51.43          -20.19
SCOOTERS INDIA        SCTR             13.29           -0.58
SHALIMAR WIRES        SWRI             24.49          -49.90
SHAMKEN COTSYN        SHC              23.13           -6.17
SHAMKEN MULTIFAB      SHM              60.55          -13.26
SHAMKEN SPINNERS      SSP              42.18          -16.76
SHREE RAMA MULTI      SRMT             63.73          -52.93
SIDDHARTHA TUBES      SDT              70.93          -12.09
SIL BUSINESS ENT      SILB             12.46          -19.96
SOUTHERN PETROCH      SPET          1,543.61          -35.61
SPICE COMMUNICAT      SPCM            263.69          -19.68
SPICEJET LTD          SJET            147.98          -84.65
STERLING HOL RES      SLHR             52.91           -0.63
STI INDIA LTD         STIB             28.05           -8.04
TAMILNADU TELE        TNT              10.26           -4.14
TATA TELESERVICE      TTLS            793.63          -74.64
TRIUMPH INTL          OXIF             58.46          -14.18
TRIVENI GLASS         TRSG             24.39           -8.90
UNIWORTH LTD          WW              145.71         -114.87
USHA INDIA LTD        USHA             12.06          -54.51
VENTURA TEXTILES      VRTL             14.25           -0.33
WINDSOR MACHINES      WML              14.50          -28.14
WIRE AND WIRELES      WNW             102.42          -37.06
WIRE AND WIRE-PP      WNWPP           102.42          -37.06


JAPAN

ARDEPRO               8925            345.61         -207.11
COMMERCIAL RE         8866            296.85           -0.35
COSMOS INITIA CO      8844          1,652.69         -564.01
DDS INC               3782             10.68           -5.70
FLIGHT SYS CONSU      3753             14.88           -1.07
HARAKOSAN CO          8894            265.03          -21.41
ICHITAN CO LTD        5645             99.16           -4.38
JIPANGU HOLDINGS      2684             15.05           -8.38
L CREATE CO LTD       3247             42.34           -9.15
LCA HOLDINGS COR      4798             49.52           -2.24
NESTAGE CO LTD        7633             11.77          -12.20
PROPERST CO LTD       3236            303.29         -415.76
RAYTEX CORP           6672             61.49           -3.49
SAIKAYA CO LTD        8254            398.46          -17.56
SHINWA OX CORP        2654             61.39          -12.95
SOWA JISHO CO LT      3239             17.45          -33.84
TERRANETZ CO LTD      2140             11.63           -4.29


KOREA

AJU MEDIA SOL-PF      44775            13.82           -1.25
CL LCD CO LTD         35710            55.59          -14.79
DAHUI CO LTD          55250           186.00           -1.50
DAISHIN INFO          20180           740.50         -158.45
ELIM EDU CO LTD       46240            34.03           -3.75
KYSYS CO LTD          15390            10.67           -6.27
MOBO CO LTD           51810           196.64          -11.98
ORICOM INC            10470            82.65          -40.04
PAPERCOREA INC        1020            310.53         -154.09
PRIME ENTMT           17170            31.47          -19.37
ROCKET ELEC-PFD       425              68.58           -2.14
ROCKET ELECTRIC       420              68.58           -2.14
SAMT CO LTD           31330           303.86          -77.57
SIMM TECH CO LTD      36710           314.18          -34.49
SOLAR & TECH CO       30390            11.47           -0.59
STARMAX CO LTD        17050            50.13          -25.44
TAESAN LCD CO         36210           187.94         -546.26
TONG YANG MAGIC       23020           355.15          -25.77
UTX CO LTD            45880            19.76           -2.85
YOUILENSYS CORP       38720           166.70          -12.34


MALAYSIA

AXIS INCORPORATI      AXIS             35.44          -79.33
HARVEST COURT         HAR              11.12           -7.48
HO HUP CONSTR CO      HO               71.66           -1.27
LITYAN HLDGS BHD      LIT              14.28          -29.49
POLY TOWER VENTU      PTV              58.06           -5.45
RHYTHM CONSOLIDA      RCB              11.08           -1.32
WONDERFUL WIRE        WW               11.54          -15.64
WWE HOLDINGS BHD      WWE              66.48           -1.52


NEW  ZEALAND

DOMINION FINANCE      DFH             258.90          -55.31


PHILIPPINES

APEX MINING 'B'       APXB             51.26           -8.97
APEX MINING-A         APX              51.26           -8.97
BENGUET CORP 'B'      BCB              75.49          -37.05
BENGUET CORP-A        BC               75.49          -37.05
CYBER BAY CORP        CYBR             12.93          -79.23
EAST ASIA POWER       PWR              50.80         -139.42
FIL ESTATE CORP       FC               37.29          -11.36
FILSYN CORP A         FYN              22.00          -10.28
FILSYN CORP. B        FYNB             22.00          -10.28
GOTESCO LAND-A        GO               18.68          -10.86
GOTESCO LAND-B        GOB              18.68          -10.86
MRC ALLIED            MRC              13.04           -3.68
PICOP RESOURCES       PCP             105.66          -23.33
PRIME ORION PHIL      POPI             90.35           -5.12
STENIEL MFG           STN              28.67           -1.48
UNIVERSAL RIGHTF      UP               45.12          -13.48
UNIWIDE HOLDINGS      UW               52.80          -56.18
VICTORIAS MILL        VMC             178.06          -36.66


SINGAPORE

ADV SYSTEMS AUTO      ASA              11.79          -12.81
ADVANCE SCT LTD       ASCT             67.58          -14.05
CARRIERNET GLOBA      CARG             14.29           -0.02
CHUAN SOON HUAT       CSH              29.97          -19.29
FALMAC LTD            FAL              10.12           -6.80
HL GLOBAL ENTERP      HLGE             93.73          -15.67
JURONG TECH IND       JTL              98.76         -227.28
LINDETEVES-JACOB      LJ              160.48          -86.70
OCEAN INTERNATIO      OCEAN            61.66          -13.72
PACIFIC CENTURY       PAC              17.86           -4.52
SUNMOON FOOD COM      SMOON            19.29          -10.67
TIGER AIRWAYS         TGR             122.90          -71.92
TT INTERNATIONAL      TTI             303.82          -38.09
WESTECH ELECTRON      WTE              28.29          -12.86


THAILAND

ABICO HLDGS-F         ABICO/F          12.07           -9.54
ABICO HOLDINGS        ABICO            12.07           -9.54
ABICO HOLD-NVDR       ABICO-R          12.07           -9.54
BANGKOK RUBBER        BRC              87.00          -64.96
BANGKOK RUBBER-F      BRC/F            87.00          -64.96
BANGKOK RUB-NVDR      BRC-R            87.00          -64.96
CENTRAL PAPER IN      CPICO            10.22         -216.07
CENTRAL PAPER-F       CPICO/F          10.22         -216.07
CENTRAL PAPER-NV      CPICO-R          10.22         -216.07
CIRCUIT ELEC PCL      CIRKIT           17.39          -88.00
CIRCUIT ELEC-FRN      CIRKIT/F         17.39          -88.00
CIRCUIT ELE-NVDR      CIRKIT-R         17.39          -88.00
DATAMAT PCL           DTM              12.69           -6.13
DATAMAT PCL-NVDR      DTM-R            12.69           -6.13
DATAMAT PLC-F         DTM/F            12.69           -6.13
ITV PCL               ITV              33.79          -87.51
ITV PCL-FOREIGN       ITV/F            33.79          -87.51
ITV PCL-NVDR          ITV-R            33.79          -87.51
K-TECH CONSTRUCT      KTECH            83.20           -5.69
K-TECH CONSTRUCT      KTECH/F          83.20           -5.69
K-TECH CONTRU-R       KTECH-R          83.20           -5.69
KUANG PEI SAN         POMPUI           17.15          -12.12
KUANG PEI SAN-F       POMPUI/F         17.15          -12.12
KUANG PEI-NVDR        POMPUI-R         17.15          -12.12
MALEE SAMPRAN         MALEE            56.30           -3.46
MALEE SAMPRAN-F       MALEE/F          56.30           -3.46
MALEE SAMPR-NVDR      MALEE-R          56.30           -3.46
PATKOL PCL            PATKL            51.03          -29.87
PATKOL PCL-FORGN      PATKL/F          51.03          -29.87
PATKOL PCL-NVDR       PATKL-R          51.03          -29.87
PICNIC CORPORATI      PICNI           162.04          -79.86
PICNIC CORPORATI      PICNI/F         162.04          -79.86
PICNIC CORPORATI      PICNI-R         162.04          -79.86
PONGSAAP PCL          PSAAP            25.97           -4.74
PONGSAAP PCL          PSAAP/F          25.97           -4.74
PONGSAAP PCL-NVD      PSAAP-R          25.97           -4.74
SAFARI WORLD PUB      SAFARI          102.74          -23.19
SAFARI WORLD-FOR      SAFARI/F        102.74          -23.19
SAFARI WORL-NVDR      SAFARI-R        102.74          -23.19
SAHAMITR PRESS-F      SMPC/F           31.18          -14.94
SAHAMITR PRESSUR      SMPC             31.18          -14.94
SAHAMITR PR-NVDR      SMPC-R           31.18          -14.94
SUNWOOD INDS PCL      SUN              19.86          -13.03
SUNWOOD INDS-F        SUN/F            19.86          -13.03
SUNWOOD INDS-NVD      SUN-R            19.86          -13.03
THAI-DENMARK PCL      DMARK            15.72          -10.10
THAI-DENMARK-F        DMARK/F          15.72          -10.10
THAI-DENMARK-NVD      DMARK-R          15.72          -10.10
TRANG SEAFOOD         TRS              11.52           -1.25
TRANG SEAFOOD-F       TRS/F            11.52           -1.25
TRANG SFD-NVDR        TRS-R            11.52           -1.25
UNIVERSAL S-NVDR      USC-R            97.74          -40.29
UNIVERSAL STARCH      USC              97.74          -40.29
UNIVERSAL STAR-F      USC/F            97.74          -40.29


TAIWAN

CHIEN TAI CEMENT      1107            202.45          -22.41
HELIX TECH-EC         2479T            23.39          -24.12
HELIX TECH-EC IS      2479U            23.39          -24.12
HELIX TECHNOL-EC      2479S            23.39          -24.12
TAIWAN KOL-E CRT      1606U           507.21         -147.14
TAIWAN KOLIN-EN       1606V           507.21         -147.14
TAIWAN KOLIN-ENT      1606W           507.21         -147.14
VERTEX PREC-ENTL      5318T            43.04           -2.31
VERTEX PRECISION      5318             43.04           -2.31
YEU TYAN MACHINE      8702             39.57         -271.07


                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  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.





                 *** End of Transmission ***