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                     A S I A   P A C I F I C

           Tuesday, February 9, 2010, Vol. 13, No. 027

                            Headlines



A U S T R A L I A

CONNECTOR MOTORWAYS: Up to AU$600MM Bid Sought for Tunnel Asset
GMAC AUSTRALIA: Moody's Lifts Unsec. Rating to 'B3' from 'Ca'
ONE.TEL: ASIC Founder to Get AU$13.8 Mil. Legal Costs from ASIC


C H I N A

EVERGRANDE REAL: Moody's Affirms 'B1' Corporate Family Rating


H O N G  K O N G

ACT NOW: Arboit and Blade Appointed as Liquidators
AMAZING DESIGN: Chen and Wong Down as Liquidators
ARCHCORP DESIGN: Creditors' Proofs of Debt Due March 5
ASIAN CARTRIDGE: Members and Creditors to Meet on March 12
BERCHET ASIA: Members' Final Meeting Set for March 8

BERCHET TOYS: Members' Final Meeting Set for March 8
BRAWORKS HK: Briscoe and Wong Step Down as Liquidators
CHINA LANDMARK.COM: Members' Final Meeting Set for March 12
CHINA STATE: Members' Final Meeting Set for March 12
CLAY FINLAY: Commences Wind-Up Proceedings

DAITO POLYMER: Placed Under Voluntary Wind-Up Proceedings
FINANCE AND CONSULTING: Creditors' Proofs of Debt Due February 19
FRANSISCO COMPANY: Members' Final Meeting Set for March 5
MARVEL WAY: Placed Under Voluntary Wind-Up Proceedings
MILLION SILVER: Cheung Pui Chung Appointed as New Liquidator

PRO-ONE COMPUTER: Creditors' Proofs of Debt Due February 19
REGENT PEACE: Cheung Pui Chung Appointed as New Liquidator
SILVER HILL: Cheung Pui Chung Appointed as New Liquidator
SPLENDID TIME: Cheung Pui Chung Appointed as New Liquidator
WINFORD GOLD: Cheung Pui Chung Appointed as New Liquidator

YEE TAT: Creditors' Meeting Set for February 12


I N D I A

ACPL PRODUCTS: CRISIL Puts 'P4+' Ratings on INR15MM ST Loan
BOMMIDALA VENTURES: CRISIL Reaffirms 'P4+' Ratings on Bank Debts
CCS INFOTECH: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
MOHAN ENERGY: CRISIL Assigns 'BB+' Rating on INR37.5MM Cash Credit
PASCHIM HYDRO: CRISIL Rates INR287.5 Mil. LT Loan at 'BB-'

RIVIERA POLYMERS: Low Net Worth Prompts CRISIL 'BB' Rating
SOMA ISOLUX: CRISIL Rates INR33.89 Billion Term Loan at 'BB'
SONIC BIOCHEM: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
SUNPACK BARRIER: CRISIL Places 'B-' Rating on INR119.1MM Term Loan


J A P A N

JAPAN FINANCE: Moody's Upgrades Ratings on Four Japan SME CLOs
SANYO ELECTRIC: Acquisition Deal Hits Panasonic Results
* JAPAN: Corporate Bankruptcies Down 21.8% in January


K O R E A

KUMHO ASIANA: Avoids Receivership; Owners to Put Up Collateral
SSANGYONG MOTOR: Names Samjung KPMG Advisory as Sale Arranger


M A L A Y S I A

HO HUP: Extreme System Wins Court Order to Stop EGM
OILCORP BERHAD: Goh Chiu Construction Withdraws Wind-Up Petition


N E W  Z E A L A N D

DORCHESTER PACIFIC: Unit Takes NZ$1 Mil. Provision on Erceg Loan
MARAC FINANCE: Uncovers Irregular Loan; to Take NZ$2.5MM Provision
SENSATION YACHTS: Dorchester Takes NZ$1MM Provision on Erceg Loan
SOUTH CANTERBURY: Hires Forsyth Barr to Seek Financing


S I N G A P O R E

GALLEON ASIA: Creditors' Proofs of Debt Due March 5
SO SAY: Creditors' Proofs of Debt Due February 23
VISION BLUE: Creditors' Proofs of Debt Due March 8


X X X X X X X X

* BOND PRICING: For the Week to February 1 to February 5, 2010




                         - - - - -


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


CONNECTOR MOTORWAYS: Up to AU$600MM Bid Sought for Tunnel Asset
---------------------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that Sydney's Lane Cove Tunnel backers are seeking as much as
AU$600 million (US$523 million) for the asset as buyers get access
to data this week.

The Review said receiver KordaMentha will give likely bidders a
chance to review financial data, with Leighton Holdings Ltd.
expected to have access in "coming days," Bloomberg relates.

With equity and debt markets improving and traffic showing signs
of growth, KordaMentha expects several parties to lodge bids for
the tunnel, according to the report.

Connector Motorways -- http://www.connectormotorways.com.au/--
owns and operates Sydney's Lane Cove Tunnel and Military Road
E-Ramps.  The tunnel opened in March 2007.

Connector Motorways was placed in receivership last month.  Martin
Madden and David Merryweather of KordaMentha were appointed
receivers and managers to Connector by the security trustee, BTA
Institutional Services Australia Ltd.


GMAC AUSTRALIA: Moody's Lifts Unsec. Rating to 'B3' from 'Ca'
-------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured rating of
GMAC, Inc. and GMAC-supported subsidiaries to B3 from Ca, with a
stable rating outlook.  The long-term rating of mortgage finance
subsidiary Residential Capital, LLC (ResCap) was affirmed at C,
with a stable rating outlook.

This concludes Moody's review of GMAC's ratings initiated on
June 10, 2009.  The upgrade of GMAC's rating reflects the
improvement in the firm's capital position resulting from its
December 2009 issuance of $2.54 billion of trust preferred
securities and $1.25 billion of mandatory convertible preferred
securities (MCP) to the U.S. Treasury.  GMAC's capital position
also benefited from the U.S. Treasury's conversion of $3.0 billion
of its existing MCP into GMAC common equity.  The U.S. Treasury
now owns 56% of GMAC.  The additional capital enabled GMAC to
maintain relatively stable capital ratios even as it absorbed
$3.28 billion of fourth quarter 2009 pre-tax charges to mark
certain residential mortgages to fair value, $.57 billion of
repurchase reserve expense, and $.81 billion of other significant
items that contributed to a $4.95 billion net loss for the
quarter.

"In our view, the U.S. Treasury's substantial stake in GMAC has a
stabilizing influence on the company's otherwise challenged credit
profile," said Moody's senior analyst Mark Wasden. "Though it is
weaker on a standalone basis, GMAC's credit profile is lifted to a
B3 level as a result of the U.S. Treasury's investment in and
support of GMAC."

Moody's expectation is that the U.S. Treasury will continue its
involvement in and support of GMAC until it has achieved a level
of operational and funding stability that puts it in a position to
exist independent of government support. The stable outlook
reflects Moody's view that the U.S. Treasury's involvement with
GMAC will extend for at least the next 12-18 months, the timeframe
for Moody's ratings outlooks.

Moody's said that continuing uncertainties at ResCap, in terms of
asset quality performance and liquidity, remain constraints to
GMAC's ratings.

Moody's assumes that GMAC will remain supportive of ResCap as it
continues to manage its remaining risk exposures through eventual
liquidation or sale. ResCap has approximately $2 billion of long-
term debt maturing in 2010, funds for which Moody's believes are
likely to be provided by GMAC, whose own liquidity resources are
constrained.  An unexpected deterioration in asset performance or
increase in loan repurchase obligations at ResCap could further
weigh on GMAC's capital and liquidity.

GMAC's own liquidity challenges also continue as a rating
constraint.

GMAC has considerable debt maturities through 2012, including
$7.5 billion of TLGP debt maturities in 2012. Moody's believes
that GMAC will need to issue unsecured debt to fund debt
maturities at the parent holding company. However, the firm's
ability to consistently access this market is not assured, though
the U.S. Treasury's investment in the firm could help to ease
investor concerns. Additionally, Moody's believes there is
execution risk associated with GMAC's business and funding
transitions, including growth expectations for Ally Bank.

Supporting GMAC's upgrade is the improved operating prospects for
GMAC's auto finance operations as the economy stabilizes. However,
Moody's expects that GMAC's auto finance risk-adjusted returns
will remain below historical levels for the foreseeable future due
to elevated credit loss experience and the high cost of certain
funding sources.

The rating outlook and ratings could come under upward pressure if
there is a meaningful and certain diminution of GMAC's remaining
credit and support exposures to ResCap. A further strengthening of
GMAC's liquidity position to the degree that it can reliably serve
the firm's operating requirements independent of the U.S.
government's involvement would also positively influence the
firm's ratings and outlook. Moody's believes that as a condition
for maintaining the current B3 rating and stable outlook, GMAC
must demonstrate improved profitability in its core auto finance
business during 2010, as this will be necessary to improve the
prospects for the firm to access debt and possibly equity capital.
Ratings upgraded in today's action include:

   GMAC, Inc.:
      Issuer Rating: to B3 from Ca
      Senior Unsecured: to B3 from Ca
      Preferred Stock, Series A: to Caa3 from C

   General Motors Acceptance Corp. of Canada Ltd.:
      Backed Senior Unsecured: to B3 from Ca

   GMAC, Australia (Finance) Limited:
      Backed Senior Unsecured: to B3 from Ca

   GMAC Australia LLC:
      Backed Senior Unsecured: to B3 from Ca

   GMAC International Finance B.V.:
      Backed Senior Unsecured: to B3 from Ca

   GMAC (NZ) Limited:
      Backed Senior Unsecured: to B3 from Ca

   GMAC Bank GmbH:
      Backed Senior Unsecured: to B3 from Ca

In its last rating action on June 10, 2009, Moody's upgraded
GMAC's senior unsecured rating to Ca from C and placed its ratings
on review for further possible upgrade.


ONE.TEL: ASIC Founder to Get AU$13.8 Mil. Legal Costs from ASIC
---------------------------------------------------------------
The NSW Supreme Court on Friday ordered the corporate regulator to
pay legal costs to former One.Tel executive directors Jodee Rich
and Mark Silbermann.

"The NSW Supreme Court today made orders as to the legal costs in
the Australian Securities & Investments Commission's One.Tel civil
penalty and related proceedings from 2001.  These were in two
actions, relating to One.Tel's former joint Managing Director,
Jodee Rich and the company's Finance Director, Mark Silbermann and
other related parties," the Australian Securities & Investments
Commission said in a statement.

"The court ordered by consent that ASIC pay Mr. Rich AU$9,622,000
towards his legal costs in those actions and AU$4,178,000 in
interest."

"Orders were also made regarding payments to be made to
Mr. Silberman of $190,000 and Mrs. Rich $70,421.18."

The costs are to be paid by March 22, 2010.

ASIC said it has lodged a notice of intention to appeal.  If ASIC
proceeds with its appeal, it will make an application to stay the
payment of these costs pending a decision on the appeal by the
Court of Appeal.

The Troubled Company Reporter-Asia Pacific, citing The Sydney
Morning Herald, reported on Nov. 19, 2009, that Judge Austin
dismissed the long running case launched by ASIC against Messrs.
Rich and Silbermann in December 2001.  Judge Austin found that
ASIC had failed to prove any aspect of pleaded cases against
either defendant.

A TCR-AP report on February 8, 2006, said that the ASIC initiated
actions against Messrs. Rich and Silbermann for allegedly allowing
the company to trade while it was insolvent and for providing
misleading financial information to the Company's Board of
Directors.

The ASIC wanted to ban Messrs. Rich and Silbermann from holding
directorships and is seeking compensation of AU$92 million, the
value allegedly lost by the telco by continuing to trade after
February 2001, when ASIC alleged it became insolvent, the TCR-AP
said.

ASIC has until February 27, 2010, to commence an appeal of the NSW
Supreme Court decision.

                           About One.Tel

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the
Australian telecommunications industry, most of which are
currently under external administration by court appointed
liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


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


EVERGRANDE REAL: Moody's Affirms 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed Evergrande Real Estate
Group Limited's B1 corporate family and senior unsecured bond
ratings with a stable outlook following the successful closing of
the company's US$750 million bond issuance.  The bond rating's
provisional status has also been removed.

The B1 ratings reflect Evergrande's position as one of the largest
developers in China, measured by contracted sales and size of land
bank, and its portfolio's good geographical diversification.  The
ratings also take into account the company's high exposure to
development and execution risks, unproven track record for its
current scale of operations, and debt-funded expansion strategies.

Moody's last rating action with regard to Evergrande occurred on
January 11, 2010, when Moody's assigned a first-time B1 corporate
family rating on the company and a provisional (P)B1 bond rating
on its proposed US$ senior unsecured notes.

Evergrande Real Estate Group Limited is one of China's major
residential housing developers and has adopted a standardized
operating model.  Founded in Guangzhou, Guangdong Province, in
1996, the company has rapidly expanded its geographic coverage to
25 cities in China in the past few years, and had a land bank of
around 54 million sqm in gross floor area as of December 31 2009.


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


ACT NOW: Arboit and Blade Appointed as Liquidators
--------------------------------------------------
Bruno Arboit and Simon Richard Blade on January 25, 2010, were
appointed as liquidators of Act Now Children's Fund Limited.

The liquidators may be reached at:

         Bruno Arboit
         Simon Richard Blade
         Baker Tilly Hong Kong
         12/F., China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


AMAZING DESIGN: Chen and Wong Down as Liquidators
-------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man Stephen stepped down as
liquidators of Amazing Design Limited on January 29, 2010.


ARCHCORP DESIGN: Creditors' Proofs of Debt Due March 5
------------------------------------------------------
Creditors of Archcorp Design & Contracting Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 5, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Seto Sau Kuen Christine
         Room 1509 C C Wu Building
         302-8 hennessy Road
         Wanchai, Hong Kong


ASIAN CARTRIDGE: Members and Creditors to Meet on March 12
----------------------------------------------------------
Members and creditors of Asian Cartridge Supplies Limited will
hold their final meetings on March 12, 2010, at 10:00 a.m., and
11:00 a.m., respectively at Unit A, 10/F, TAL Building, 49 Austin
Road, Jordan, Kowloon, in Hong Kong.

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


BERCHET ASIA: Members' Final Meeting Set for March 8
----------------------------------------------------
Members of Berchet Asia Pacific Limited will hold their final
meeting on March 8, 2010, at 10:00 a.m., at the Unit 259-260,
2/F., Tsim Sha Tsui Centre, 66 Mody Road, Tsim Sha Tsui East,
Kowloon, in Hong Kong.

At the meeting, Katherine Chiu Soo Ching and Alex Cho Che Kwong
the company's liquidators will give a report on the company's
wind-up proceedings and property disposal.


BERCHET TOYS: Members' Final Meeting Set for March 8
----------------------------------------------------
Members of Berchet Toys International Limited will hold their
final meeting on March 8, 2010, at 11:00 a.m., at the Unit
259-260, 2/F., Tsim Sha Tsui Centre, 66 Mody Road, Tsim Sha Tsui
East, Kowloon, in Hong Kong.

At the meeting, Katherine Chiu Soo Ching and Alex Cho Che Kwong
the company's liquidators will give a report on the company's
wind-up proceedings and property disposal.


BRAWORKS HK: Briscoe and Wong Step Down as Liquidators
------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Braworks HK Limited on January 26, 2010.


CHINA LANDMARK.COM: Members' Final Meeting Set for March 12
-----------------------------------------------------------
Members of China Landmark.com Limited will hold their final
general meeting on March 12, 2010, at 10:00 a.m., at the 31/F.,
Chinachem Century Tower, 178 Gloucester Road, Wanchai, in Hong
Kong.

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


CHINA STATE: Members' Final Meeting Set for March 12
----------------------------------------------------
Members of The China State (Nominees) Limited will hold their
final general meeting on March 12, 2010, at 10:30 a.m., at the 5th
Floor, Jardine House, 1 Connaught Place, Central, in Hong Kong.

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


CLAY FINLAY: Commences Wind-Up Proceedings
------------------------------------------
Members of Clay Finlay (H.K.) Limited, on January 28, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


DAITO POLYMER: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on February 2, 2010,
members of Daito Polymer (HK) Co., Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Simon Chan Yee Por
         Greatmany Centre, 14/F
         109-115 Queen's Road East
         Wanchai, Hong Kong


FINANCE AND CONSULTING: Creditors' Proofs of Debt Due February 19
-----------------------------------------------------------------
Creditors of Finance and Consulting Asia Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 19, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Henry Fung
         Terence Ho Yuen Wan
         Rooms 1001-1003, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


FRANSISCO COMPANY: Members' Final Meeting Set for March 5
---------------------------------------------------------
Members of Fransisco Company Limited will hold their final meeting
on March 5, 2010, at 10:00 a.m., at Level 28, Three Pacific Place,
1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


MARVEL WAY: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on January 25, 2010,
creditors of Marvel Way Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Eddie Man King Chi
         Amber Commercial Building, 13th Floor
         70 Morrison Hill Road
         Hong Kong


MILLION SILVER: Cheung Pui Chung Appointed as New Liquidator
------------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Million Silver Development Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


PRO-ONE COMPUTER: Creditors' Proofs of Debt Due February 19
-----------------------------------------------------------
Creditors of Pro-One Computer Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 19, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Wong Sun Keung
         Unit 4, 20/F
         Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


REGENT PEACE: Cheung Pui Chung Appointed as New Liquidator
----------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Regent Peace International Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


SILVER HILL: Cheung Pui Chung Appointed as New Liquidator
---------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Silver Hill Trading Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


SPLENDID TIME: Cheung Pui Chung Appointed as New Liquidator
-----------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Splendid Time Development Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


WINFORD GOLD: Cheung Pui Chung Appointed as New Liquidator
----------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Winford Gold Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


YEE TAT: Creditors' Meeting Set for February 12
-----------------------------------------------
Creditors of Yee Tat Plumbing Drainage Engineering Company Limited
will hold their meeting on February 12, 2010, at 10:30 a.m., for
the purposes provided for in Sections 228A, 243, 244 and 245A of
the Companies Ordinance.

The meeting will be held at the Founder's Room, 3/F., South Tower,
41 Salisbury Road, YMCA in Hong Kong.


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


ACPL PRODUCTS: CRISIL Puts 'P4+' Ratings on INR15MM ST Loan
-----------------------------------------------------------
CRISIL has assigned its 'P4+' rating to ACPL Products Pvt Ltd's
(formerly Agra Products Pvt Ltd) bank facilities.  The rating
reflects ACPL's large working capital requirements.  This rating
weakness is partially offset by ACPL's low vulnerability to
volatility in silver prices, and comfortable debt protection
metrics.

   Facilities                               Ratings
   ----------                               -------
   INR150.0 Million Export Packing Credit   P4+ (Assigned)
   INR30.0 Million Bill Discounting         P4+ (Assigned)
   INR15.0 Million Proposed Short Term      P4+ (Assigned)
                   Bank Loan Facility

Set up in 2002 by Mr. Rohit Gupta, ACPL manufactures silver
jewellery.  The company is a 100-per-cent export-oriented unit and
procures its silver requirements under the silver loan scheme with
The Nova Scotia Bank (Nova Scotia).  It has a manufacturing unit
in Noida (Uttar Pradesh).  The company manufactures basic
jewellery comprising chains and earrings, and fashion jewellery
comprising bracelets, pendants, and necklaces.  Its clientele
includes well-established companies such as Osuuskunta
Timanttiset, Finland (established in 1972 with a network of around
70 retail stores in Finland), Hokuo Sangyo Company Ltd, Japan
(established in 1958), and Bevilles Jewellers, Australia
(established in 1934).

ACPL reported a profit after tax (PAT) of INR18 million on net
sales of INR515 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR319 million for 2007-08.


BOMMIDALA VENTURES: CRISIL Reaffirms 'P4+' Ratings on Bank Debts
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Bommidala Ventures Pvt
Ltd continues to reflect BVPL's below-average financial risk
profile marked by low net worth and weak debt protection measures
because of low profitability, working-capital-intensive
operations, and exposure to risks relating to unfavorable
regulations and fluctuations in the value of the Indian rupee.
These weaknesses are partially offset by the benefits BVPL derives
from the experience of its promoters in the tobacco industry, and
the healthy business prospects for Indian tobacco exporters.

   Facilities                            Ratings
   ----------                            -------
   INR450.0 Million Packing Credit       P4+ (Reaffirmed)
   INR17.5 Million Letter of Credit      P4+ (Reaffirmed)
   INR15.0 Million Bank Guarantee        P4+ (Reaffirmed)

BVPL, established in 1996 and based in Guntur, Andhra Pradesh, is
one of the leading exporters of tobacco. The company exports
processed tobacco leaves.

BVPL reported a profit after tax (PAT) of INR5.7 million on net
sales of INR515 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.8 million on net sales
of INR268 million for 2007-08.


CCS INFOTECH: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of CCS Infotech Ltd
continue to reflect CCS Infotech's below-average financial risk
profile constrained by its small net worth and weak debt
protection measures, the pressure on the company's margins because
of the fragmented nature of the IT hardware industry and
competition from large players, and the working-capital-intensive
nature of its operations.  These weaknesses are partially offset
by CCS Infotech's established position in the system integration
and computer hardware market with a strong clientele.

   Facilities                              Ratings
   ----------                              -------
   INR5 Million Long-Term Loan             BB+/Stable (Reaffirmed)
   INR156.5 Million Proposed LT Loan       BB+/Stable (Reaffirmed)
   INR64 Million Cash Credit Limits        BB+/Stable (Reaffirmed)
   INR10 Million Letter of Credit Limits   P4+ (Reaffirmed)
   INR14.5 Million Bank Guarantee Limits   P4+ (Reaffirmed)

As part of this rating exercise, CRISIL has combined the financial
risk profiles of CCS Infotech and its subsidiary, CCS Infotech
Singapore Pte Ltd.  This is because CCS Singapore is managed by
the promoters of CCS Infotech, and both companies have a common
line of business and fungible funds.

Outlook: Stable

CRISIL believes that CCS Infotech will continue to benefit from
its established position in the system integration and computer
hardware market and its strong clientele. The outlook may be
revised to 'Positive' in case of a substantial improvement in the
company's cash flows and margins, resulting in a healthy financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of a significant decline in CCS Infotech's operating
margin and cash flows on account of intense competition in the
computer hardware market, adversely affecting its debt protection
metrics, or if the company takes up aggressive retail expansion.

                         About CCS Infotech

Set up as a partnership firm in 1989 by Mr. H Ratnakumar and Mr. M
A Hasan Abdul Kadar, and incorporated as a public limited company
in 1997, CCS Infotech assembles desktops, servers, and notebooks,
and provides system integration and networking solutions. CCS
Infotech started its retail information technology (IT) operations
in March 2008 by opening six outlets in Chennai. The company's
retail outlets sell multi-branded IT and lifestyle products.

For 2008-09, CCS Infotech (consolidated with CCS Singapore)
reported a profit after tax (PAT) of INR5.08 million on a turnover
of INR702 million, against a PAT of INR6.42 million on a turnover
of INR748 million for 2007-08.  For the nine monthly ended
December 2009, the company reported a PAT of INR5.6 million on net
sales of INR589 million, against a PAT of INR2.3 million on net
sales of INR485 million in the corresponding period of the
previous year.


MOHAN ENERGY: CRISIL Assigns 'BB+' Rating on INR37.5MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Mohan Energy Corporation Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR37.5 Million Cash Credit*         BB+/Stable (Assigned)
   INR12.5 Million Proposed LT Bank
                      Loan Facility     BB+/Stable (Assigned)
   INR50.0 Million Letter of Credit/
                    Bank Guarantee      P4+ (Assigned)
   INR300.0 Million Proposed Short      P4+ (Assigned)
            Term Bank Loan Facility

   *Interchangeable with Bill Discounting

The ratings reflect vulnerability of MECPL's revenue to delays in
obtaining approval from authorities, volatility in raw material
prices, business concentration in Africa and exposure to related
risk, small scale of operations, and working-capital-intensive
nature of operations.  These weaknesses are partially offset by
the benefits MECPL derives from its moderate financial risk
profile and promoters' extensive industry experience and
established presence in Africa.

Outlook: Stable

CRISIL believes that MECPL will maintain its established presence
in Africa and its moderate financial risk profile over the medium
term. The outlook may be revised to 'Positive' if the company
increases its scale of operations substantially without weakening
its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates because of large, debt-funded capital expenditure or
fall in operating margin.

                       About Mohan Energy

Incorporated in May 2006, MECPL is an engineering, procurement,
and construction (EPC) contractor in the electricity and power
sector.  While the company operates primarily in Africa, it has
also executed projects in India and the Middle East.  It has its
offices in major African countries such as Ghana, Angola,
Mozambique, and Sudan.  Furthermore, for other countries such as
Morocco, Algeria, Tunisia, Libya, Ethiopia, Zambia, Mali, and
Senegal, the company employs commission agents to receive new
business. Prior to its incorporation as a separate company, it
operated as a division of Mohan Exports (India) Pvt Ltd.  The
management decided to hive off the division into a separate
company in order to focus entirely on EPC works and to increase
its presence in energy-related businesses.

MECPL only undertakes projects funded by Government of India's
(GoI's) line of credit to African countries (through EXIM Bank) or
multilateral funding agencies such as World Bank, Asian
Development Bank, African Development Bank, and United Nations
(UN) agencies.  The GoI-funded projects account for a majority of
the company's business.  This is done to minimize the credit risk
associated with dealing with African countries.

MECPL reported a profit after tax (PAT) of INR22.9 million on net
sales of INR422.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a loss of INR 7.3 million on net
sales of INR131.5 million for 2007-08.


PASCHIM HYDRO: CRISIL Rates INR287.5 Mil. LT Loan at 'BB-'
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Paschim Hydro
Energy Pvt. Ltd's term loan facility.

   Facilities                            Ratings
   ----------                            -------
   INR287.50 Million Long Term Loan      BB-/Stable (Assigned)

The rating reflects Paschim's below-average financial risk profile
marked by high gearing and average debt protection measures, and
exposure to risks relating to uncertainty regarding availability
of water for power generation.  These rating weaknesses are
partially offset by the Paschim's stable revenues from sale of
power to Bangalore Electricity Supply Company Ltd.

Outlook: Stable

CRISIL believes that Paschim will maintain a comfortable financial
risk profile on the back of its steady cash accruals over the
medium term.  The outlook may be revised to 'Positive' if the
company operates at a higher plant load factor (PLF) enabling
better cash flows or in case of considerable improvement in its
capital structure.  Conversely, the outlook may be revised to
'Negative' in case of delays in receivables or lower water inflow,
affecting the company's PLF and cash accruals.

                        About Paschim Hydro

Paschim was set up in 2002 as a special purpose vehicle (SPV) by
the promoters of MVK Energy Pvt Ltd (MVK), Mr. M Srinivas and
Mr. K Vijay Kumar. Paschim has set up Kadamane Mini Hydel Scheme
(KMHS-1), a 9-megawatt hydro-power project across the Kadamane
stream, near Kemp Hole, in Karnataka.  The stream is a tributary
of the River Nethravathy.  The project was allotted by the
Government of Karnataka on a build-own-operate-and-transfer basis
in 2004.  The ownership of the unit is with Paschim for 30 years.
Paschim signed a power purchase agreement (PPA) with Karnataka
Power Transmission Corporation Ltd in November 2004 for 30 years
from the commercial operation date.

Paschim reported a profit after tax (PAT) of INR12.9 million on
net sales of INR74.5 million for 2008-09 (refers to financial
year, April 1 to March 31), against a loss of INR1.5 million on
net sales of INR39.4 million for 2007-08.


RIVIERA POLYMERS: Low Net Worth Prompts CRISIL 'BB' Rating
----------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Riviera
Polymers Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       BB/Stable (Assigned)
   INR35.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Riviera's moderate financial risk profile,
marked by low net worth and high gearing and exposure to risks
relating to geographical concentration in revenue profile, and
small scale of operations.  These rating weaknesses are partially
offset by the benefits that Riviera derives from its established
track record as a distributor of polymers for GAIL India Ltd
(GAIL).The ratings also reflect Riviera's satisfactory risk
management policies.

Outlook: Stable

CRISIL believes that Riviera's financial risk profile will remain
moderate, constrained by its low net worth and high gearing.  The
outlook may be revised to 'Positive' if the company's scale of
operations increases notably and its capital structure improves
significantly backed by sustained improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates materially owing to
large, debt-funded capex.

                      About Riviera Polymers

Incorporated in 1982 by Mr. Vinod Bajoria and Mr. Babulal Rungta,
Riviera is a del credere agent (DCA) for GAIL since 1997.  Riviera
handled polymer volume of over 37,000 tonnes for its principal in
2008-09.  Riviera also manufactures master batches and fillers,
which are primarily used to manufacture a large variety of plastic
products. The company has a manufacturing facility at Sanand
(Gujarat) with an installed capacity of 400 tonnes per month.  The
current capacity utilization of the plant is around 65 per cent.

Riviera reported a profit after tax (PAT) of INR3.7 million on net
sales of INR76.5 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR3.2 million on net sales
of INR67.8 million for 2007-08.


SOMA ISOLUX: CRISIL Rates INR33.89 Billion Term Loan at 'BB'
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Soma Isolux NH One
Tollway Pvt Ltd's term loan facility.

   Facilities                       Ratings
   ----------                       -------
   INR33.89 Billion Term Loan       BB/Stable (Assigned)

The rating reflects SINOTPL's exposure to risks relating to the
implementation and stabilisation of its six-lane Panipat?Jalandhar
National Highway (NH)-1 project.  The rating also factors in the
company's exposure to revenue risks associated with toll
collection and its expected weak debt protection measures in the
initial years.  These rating weaknesses are partially offset by
the benefits that SINOTPL derives from the high economic viability
of the project stretch, its limited exposure to funding risks, its
fixed time and cost turnkey contracts, and strong promoters'
experience.

Outlook: Stable

CRISIL believes that SINOTPL will maintain its business risk
profile over the near to medium term, given its negligible
exposure to funding risks and the low technical complexity of road
projects.  The outlook may be revised to 'Positive' if the project
progresses faster than CRISIL's expectations, leading to early
completion of the project.  Conversely, the outlook may be revised
to 'Negative' in case of significant time and cost overruns on the
project, or lower-than-expected toll collections.

                         About Soma Isolux

Incorporated in 2008, SINOTPL is a special purpose vehicle (SPV)
promoted by the Isolux Corsan group and Soma Enterprise Ltd (SEL)
in the ratio of 61:39.  The SPV has entered into a concession
agreement with the National Highways Authority of India (rated
'AAA/Stable' by CRISIL) for execution of the 291-kilometre, six-
lane Panipat?Jalandhar road project in Haryana/Punjab on a build,
operate, and transfer (BOT) basis.  The concession period is for
15 years, including construction period of 30 months.


SONIC BIOCHEM: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sonic Biochem
Extractions Ltd continue to reflect Sonic Biochem's weak financial
risk profile marked by high gearing and weak debt protection
measures, and the risks inherent in agro commodity-related
businesses.  These weaknesses are partially offset by Sonic
Biochem's diversified product profile, diverse customer base, and
wide geographic reach, which together lend stability to its
revenues.

   Facilities                                   Ratings
   ----------                                   -------
   INR460.0 Million Cash Credit (Enhanced       BB+/Stable
                from INR380.0 Million)

   INR505.2 Million Term Loan* (Enhanced        BB+/Stable
                from INR231.4 Million)

   INR55.0 Million Letter of Credit (Enhanced   P4+
              from INR10.0 Million)
   INR10.0 Million Bank Guarantee               P4+ (Reaffirmed)

   *Includes proposed limit of INR103.9 Million

Outlook: Stable

CRISIL believes that Sonic Biochem will maintain its business risk
profile over the medium term on the back of its established market
position, and diversified revenue profile. The outlook may be
revised to 'Positive' in case of a higher-than-expected and
sustained improvement in the company's operating margin and
increase in cash accruals. Conversely, the outlook may be revised
to 'Negative' in the event of delay in project implementation, or
if there is steep decline in the company's operating margin,
resulting in deterioration in its financial risk profile.

                        About Sonic Biochem

Sonic Biochem is part of the Indore-based Matlani group of
companies, which has interests in real estate development and soya
bean products. The group companies are headed by Mr. Girish
Matlani. Sonic Biochem manufactures more than 10 products from
non-genetically modified soya bean, including soya flour, soya
oil, texturised soya protein, and tocopherol. Sonic Biochem has
two manufacturing units in Pithampur, and one in Mandsaur. The
company has undertaken another capacity addition programme in
Mandideep to almost double the size of its existing capacity. The
expansion, planned at an outlay of INR430 million, is expected to
be completed in two phases; the first phase is expected to become
operational by May 2010, and the second by December 2010.

For 2008-09 (refers to financial year, July 1 to June 30), Sonic
Biochem reported a profit after tax (PAT) of INR97 million on net
sales of INR2.7 billion, against a PAT of INR100 million on net
sales of INR2.6 billion for the 2007-08.


SUNPACK BARRIER: CRISIL Places 'B-' Rating on INR119.1MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to Sunpack Barrier
Films Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR35.0 Million Cash Credit Limit    B-/Negative (Assigned)
   INR119.1 Million Term Loan           B-/Negative (Assigned)

The rating reflects Sunpack's exposure to risks relating to
limited track record of operations, leading to low sales, its
limited financial flexibility, and weak financial risk profile
marked by high gearing and low cash accruals vis-a-vis term debt
obligations.  These rating weaknesses are partially offset by the
benefits that Sunpack derives from its presence in the niche
segment of multilayer, high-grade films.

Outlook: Negative

CRISIL believes that Sunpack's financial risk profile will
deteriorate over the medium term, driven by low off-take of the
company's products, and increasing term debt obligations.  The
outlook may be revised to 'Stable' if the company's sales increase
significantly, resulting in higher-than-expected cash accruals.
Conversely, the rating may be downgraded if there is a material
decline in the company's operating profitability, or if low cash
accruals leads to additional stress on its financial risk profile.

                       About Sunpack Barrier

Incorporated in 2006, Sunpack is part of the Mamta group of
companies promoted by Mr. Mahendra N Patel.  The company was
incorporated to set up a flexible packaging and multilayer films
manufacturing unit near Kadi (Gujarat).  The unit, which became
operational in 2007, was set up at a cost of around INR200 million
funded through a term loan of INR154 million and through
promoters' funds.  The company has installed capacity to
manufacture 3600 tonnes per annum of co-extruded films.

Sunpack reported a net loss of INR6.7 million on net sales of
INR77.3 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR22.1 million on net sales of
INR62.1 million for 2007-08.


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


JAPAN FINANCE: Moody's Upgrades Ratings on Four Japan SME CLOs
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings for 4 Japan SME CLOs by the Japan Finance Corporation
(formerly, Japan Finance Corporation for Small and Medium
Enterprise):

The rating actions are:

  - CLO in June 2007 of Regional Financial Institutions

  -- JPY11,900,000,000 Senior Trust Certificates, Upgraded to A3;
     previously on April 30, 2009, downgraded to Baa3 from Aa2
     under review for possible downgrade.

  -- JPY180,000,000 Mezzanine Trust Certificates, Upgraded to B1;
     previously on April 30, 2009, downgraded to Caa3 from Baa3
     under review for possible downgrade.

  - CLO in December 2007 of Regional Financial Institutions

  -- JPY340,000,000 Mezzanine Trust Certificates, Upgraded to
     Aa3; previously on December 11, 2007, assigned A2.

  - Synthetic CLO of Regional Financial Institutions (Cosmos 2007
    Co Ltd) (including Oita Prefecture CLO 2007)

  -- JPY10,000,000 Series One Class B Unsecured Notes, Upgraded
     to Aaa; previously on August 3, 2009, confirmed A2 from A2
     placed under review for possible downgrade.

  - Synthetic CLO of Regional Financial Institutions (Tanpopo
    2008, LLC) (including Kumamoto Prefecture CLO 2007)

  -- JPY800,000,000 Series One Class B Unsecured Notes, Upgraded
     to Aa3; previously on March 5, 2008, assigned A1.

The first two of these CLOs (CLO in June 2007 and CLO in December
2007) are cash CLO transactions backed by corporate loans, in the
form of:

(1) SME loans originated by regional financial institutions and
    purchased by JFC under its "purchase scheme" securitization
    program; and

(2) SME loans originated by JFC under its "self-origination
    scheme" securitization program.

The latter two are synthetic CLO transactions referencing
corporate loans for SMEs that were originated by financial
institutions under JFC's "purchase scheme" program.

In all four cases, the SME loans were originated with the
intention of securitizing them.

The rating actions reflect improved credit enhancement for the
transactions, mainly stemming from a substantially lower-than-
expected number of underlying assets defaulting since last April,
or continued amortization of the senior tranches.

Since last spring, the Japanese economy has been recovering amid
improvements in production and a rise in exports.  Moreover, the
government remains focused on initiatives to support SME
financing.  The initiatives include the expansion of the emergency
guarantee program provided by Credit Guarantee Corporations, the
increase of safety net loans by JFC, and the enforcement of the
loan repayment moratorium law.  Amid this change in the economic
environment, Moody's believes that a large increase of SME
defaults that exceed Moody's expectation in 2010 is not likely.

For most of SME CLOs by JFC, default rates -- since last April --
have been generally in line with or better than Moody's
expectations, whereas the credit enhancement for senior tranches
has improved on the whole.  In a small number of cases where
default rates since last April were above Moody's expectations,
the negative impact was offset by the improving subordination
ratios as these transactions have been redeemed, in a way similar
to sequential pay mechanisms.

In reaching its rating decision, Moody's took into account, in
addition to the default rates, both asset delinquency trends and
changes in credit enhancement, which comprises current
subordination and excess spread.  Moody's notes that on the one
hand, the amount and ratio of delinquent assets in some
transactions' pools is still high.  The delinquency trend and
levels are specifically taken into account in Moody's default rate
assumptions and scenario analysis, including a scenario where all
of the current delinquent assets default.  On the other hand,
these transactions, the subordination ratio of the senior tranches
increases as the underlying assets amortize.

This summarizes the key performance and structural trends in the
transactions:

  - CLO in June 2007 of Regional Financial Institutions

Since last April, three defaults, or approximately JPY113 million,
have occurred, well within Moody's expectation.  Delinquencies
have continued to increase, so the amount of delinquent assets in
the pool is still high.  Moody's expects that default probability
for the underlying pool will range from 3% to 4%.

While the number of delinquent assets increased, each delinquency
occurred in April-December 2009 was relatively of small size.
Thus, the impact on ratings has been minimal.  Moreover, the
prepayment of one delinquent loan (JPY 70 million), whose size was
around 1% against current pool balance, had a positive impact on
the ratings.

  - CLO in December 2007 of Regional Financial Institutions

Since last April, two defaults, or approximately JPY 60 million,
have occurred, well within Moody's expectation.  Delinquencies
have continued to increase, so the amount of delinquent assets in
the pool is still high.  Moody's expects that the default
probability for the underlying pool will be around 2%.

  - Synthetic CLO of Regional Financial Institutions (Cosmos 2007
    Co Ltd) (including Oita Prefecture CLO 2007)

Since last April, nine credit events, or approximately
JPY137 million, have occurred, in line with Moody's expectation.
Moody's expects that the credit event probability for the
reference pool will range from 4% to 5%.

Although the credit event rate is still high, the subordination
ratio is increasing rapidly due to the short remaining life of the
transaction (less than one year).  Thus, even if the credit event
rate of this transaction is above the current level, the impact on
ratings will still be limited.

  - Synthetic CLO of Regional Financial Institutions (Tanpopo
    2008, LLC) (including Kumamoto Prefecture CLO 2007)

Since last April, 36 credit events, or approximately
JPY870 million, have occurred.  The number of credit events was
above Moody's expectation.  Moody's expects that the credit event
probability for this reference pool will range from 3% to 4%.

Although the credit event rate will stay high, the subordination
ratio is increasing rapidly due to the short remaining life of the
transaction (around one year).  Thus, even if the credit event
rate of this transaction is above the current level, the impact on
ratings will still be limited.

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


SANYO ELECTRIC: Acquisition Deal Hits Panasonic Results
-------------------------------------------------------
Panasonic Corp. said the acquisition of a majority stake in Sanyo
Electric Co. will weigh on its full-year results and change its
future investment priorities from flat-panel televisions to
energy-related products like electric car batteries and solar
panels, Daisuke Wakabayashi writes for The Wall Street Journal.

The Journal relates that Sanyo, which was acquired by Panasonic in
December, initially will drag on Panasonic's earnings.

For the current fiscal year ending March 31, Panasonic said the
Sanyo deal will add JPY10 billion in net loss even though it will
boost revenue by JPY375 billion.  Panasonic kept its full-year net
loss outlook unchanged at JPY140 billion, although it said it
would have narrowed the loss to JPY130 billion if not for the
Sanyo deal.

"Up until now, we've focused on investing in flat-panel TVs, but
we're going to shift somewhat to energy and environmental products
going forward," the Journal quoted Makoto Uenoyama, Panasonic's
chief financial officer, as saying.

According to the report, Panasonic returned to the black in its
fiscal third quarter ended in December, with a net profit of
JPY32.26 billion compared to a loss of JPY63.12 billion in the
same period a year earlier.  On an operating basis, profit nearly
quadrupled to JPY101 billion while revenue was up 0.4% at JPY1.887
trillion in the quarter, the Journal discloses.

                          About Panasonic

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd. -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of the
company's products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.  Some of its subsidiaries also use
their own brand names, such as PanaHome.  The company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation.  In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries.  The company merged with two
subsidiaries on October 1, 2008.

                           About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


* JAPAN: Corporate Bankruptcies Down 21.8% in January
-----------------------------------------------------
Japanese corporate bankruptcies fell 21.8% in January from a year
earlier to their lowest level since 2007 and down for a sixth
straight month as government credit support measures helped small
businesses, Reuters reports citing a research firm.

Tokyo Shoko Research said total debt involved more than doubled
last month to JPY2.6032 trillion (US$29 billion), the biggest
amount for January since the World War Two, due to the collapse of
Japan Airlines Corp, Reuters relates.

Reuters relates the research firm said that compared with the
previous month, the number of bankruptcies dropped 6.4% in January
but the amount of bankruptcy debt increased 7.8 times.


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


KUMHO ASIANA: Avoids Receivership; Owners to Put Up Collateral
--------------------------------------------------------------
Kumho Asiana Group avoided court receivership after its owners
agreed late Monday to put up some of their private wealth,
including shares in the conglomerate, as collateral for loans,
JoongAng Daily reports.

JoongAng Daily relates the Korea Development Bank, the
conglomerate's main creditor, said a majority of shareholders and
owners of the group gathered yesterday at KDB headquarters in
Yeouido, Seoul, for an emergency meeting to discuss the group's
restructuring program.

According to JoongAng Daily, the controlling family members and
creditors agreed that:

    * two of the group's affiliates, Kumho Industrial and
      Kumho Tires, will undergo debt workout procedures
      led by the creditors as planned; and

    * Kumho Petrochemical and Asiana Airlines will go into
      a restructuring program based on a voluntary agreement
      procedure.

In addition, JoongAng Daily relates, they also reached a consensus
that:

    * Kumho Petrochemical, the group's de facto holding firm,
      will operate under the management of Park Chan-koo, the
      fourth son of the group's founder, who was forced to
      resign from the chemical company's chairman post last
      year due to family squabbles.

    * Kumho Tires will be under the leadership of Park Sam-koo,
      honorary president of the group.

    * Other affiliates including Asiana Airlines will be under
      the creditors? management.

                        Receivership Threat

The Korea Times has reported that Kumho Asiana Group is likely to
be put under court receivership as its owners have rejected a
demand by creditors that they offer their stockholdings and assets
as collateral for fresh loans.

The Times related that the creditors said they would put all debt
restructuring steps on hold after the owners passed the Sunday
deadline for the key demand.

According to Bloomberg, Min Euoo Sung, chief executive officer of
Korea Development Bank, the main creditor, said on Feb. 6
creditors will take "strong" measures if the group's biggest
shareholders don't keep the promise of providing stake as
collateral.

The Korea Herald reports that the creditors pledged to inject
fresh funds worth KRW380 billion into Kumho Industrial and Kumho
Tire, two units of the group.  The Herald says they demanded the
family of Park Sam-koo, the chairman of Kumho Asiana Group,
provide as collateral all assets they have except the house they
live in.

"Unless they fulfill their promise, we cannot inject fresh funds
into Kumho Industrial and Kumho Tire.  Additionally, parts
suppliers and other companies doing business with them will also
face financial hardship.  In the worst case scenario, the two
units may be forced to file for court receivership," the Korea
Times quoted a top creditor as saying.

Creditors will finalize the group's turnaround by the end of
March, the Korea Times adds.

As reported in Troubled Company Reporter-Asia Pacific on
August 6, 2010, The Korea Herald said that Kumho Asiana Group has
been suffering from a liquidity crisis, which observers describe
as a typical case of acquisition indigestion.  In a bid to ease a
cash shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, after acquiring it in 2006 for KRW6.4 trillion.
Bloomberg said creditors including Shinhan Bank may force the
company to repay KRW3.9 trillion (US$3.2 billion) by June if they
exercise an option to sell Daewoo Engineering shares they hold
back to Kumho Asiana.

Kumho Asiana is seeking to sell between 50% and 72% of the
builder, Bloomberg said citing people with knowledge of the
matter.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                        About Kumho Asiana

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


SSANGYONG MOTOR: Names Samjung KPMG Advisory as Sale Arranger
-------------------------------------------------------------
Bloomberg News reports that a group led by Samjung KPMG Advisory
Inc. is set to be named as the arranger for a controlling stake in
Ssangyong Motor Co.

Choi Sang Jin told Bloomberg that the arranger aims to receive
preliminary bids by the end of June as part of the sale
procedures.  The appointment of an advisor is subject to a
governing court approval, he added.

Bloomberg says the Samjung KPMG group includes Macquarie Group
Ltd.'s securities unit and Korean local law firm Shin & Kim.

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

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

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditors.  A
South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.  Yonhap News said Ssangyong
vowed to get itself in order over the next three years.


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


HO HUP: Extreme System Wins Court Order to Stop EGM
---------------------------------------------------
Ho Hup Construction Berhad said that the Company?s substantial
shareholder, Extreme System Sdn. Bhd., has obtained an injunction
to stop the extraordinary general meeting which was scheduled to
be held on February 4 at Ballroom 3, First Floor, Sime Darby
Convention Centre, 1A, Jalan Bukit Kiara 1, 60000 Kuala Lumpur.

The meeting was called by Datuk Low Tuck Choy, who acts for Low
Chee & Sons and another shareholder with the intention to remove
the present board of directors comprising Datuk Vincent Lye Ek
Seang, Lim Ching Choy, Datuk Liew Lee Leong, Lai Moo Chan, Long Md
Nor Amran Long Ibrahim, Mohd Shahril Hamzah and Foo Ton Hin.

Ho Hup also disclosed that it has appointed Foo Ton Hin as the
Company's new Chairman.

Mr. Foo has more than 10 years experience in commercial and
investment banking and subsequently he joined the corporate
sector.  He previously served as a Director and/or Chief Executive
Officer of PanGlobal Berhad, Econstate Berhad, Jerasia Capital
Berhad and PanGlobal Insurance Berhad.  He was the legal advisor
to PanGlobal Berhad. He is currently a Director and the Audit
Committee Chairman of Milux Corporation Berhad.

                            About Ho Hup

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

                           *     *     *

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


OILCORP BERHAD: Goh Chiu Construction Withdraws Wind-Up Petition
----------------------------------------------------------------
OilCorp Berhad disclosed that a winding up petition filed by Goh
Chiu Construction Sdn. Bnd. has been withdrawn by the petitioner
with no order as to costs including legal costs.

Goh Chiu Construction filed the winding up petition against Oilfab
Sdn. Bhd., a subsidiary of Oilcorp., on October 7, 2009.  The
claim under the Petition amounted to MYR1,211,500.00.

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

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


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


DORCHESTER PACIFIC: Unit Takes NZ$1 Mil. Provision on Erceg Loan
----------------------------------------------------------------
Dorchester Pacific said its subsidiary Dorchester Finance will
take an additional provision of approximately NZ$1 million over a
loan to Ivan Erceg.

Dorchester said in statement to the stock exchange that the
provision reflects a likely shortfall between its security held
and the loan due from Mr. Erceg, who was recently adjudicated
bankrupt.

"The position had already been incorporated in forecasts for the
Capital Reconstruction Plan currently being put to Trustees prior
to being sent to investors," Dorchester said.

Mr. Erceg, owner of boat builder Sensation Yachts, was announced
bankrupt by Associate Judge Jeremy Doogue at the Auckland High
Court on February 2, according to The National Business Review.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of Sensation Yachts after creditor
Public Trust filed an application to liquidate the company.

On Aug. 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.

                     About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

Dorchester Pacific disclosed a proposal for an early end of
the Deferred Repayment Plan approved by Debentureholders and
Noteholders in December 2008.  The proposal is recognition of the
changed circumstances since the Deferred Repayment Plan was
approved and of the need to achieve a settlement which would
ensure the best outcome for investors under these changed
circumstances.  The proposal has been put to Trustees for their
consideration prior to being sent to investors.  The proposal
includes a NZ$10 million capital raising to support a restructured
Dorchester.

"A restructuring and recapitalization proposal which will achieve
full settlement with investors and take Dorchester out of
Moratorium has been developed and presented to Trustees for their
Consideration," Dorchester said December 18.

Dorchester Pacific reported a net loss of NZ$25.4 million in the
year to March 31, 2009, compared to a NZ$18.1 million loss in the
previous year.  Net revenue of NZ$24.6 million was significantly
down on 2008 net revenue of NZ$64.4 million.


MARAC FINANCE: Uncovers Irregular Loan; to Take NZ$2.5MM Provision
------------------------------------------------------------------
Pyne Gould Corp. said that an internal audit on Marac Finance's
lending activities has uncovered an irregularity in relation to
one particular business loan.

The loan dates back to 2003 and is the only irregular loan that
was found as a result of the new auditing processes introduced by
the new management team from October 2009, Pyne Gould said in a
statement to the NZX.

"The circumstances behind that irregularity have only recently
been ascertained, but it involves lending that is outside the
company's internally prescribed practices.  The circumstances do
not appear to have involved personal gain.  However, evidence
points to the unauthorized lending having been suppressed," it
said.

Marac will take this irregularity into account in the company's
half year results and a provision of $2.5 million post tax will be
made.

PGC said it remains confident of meeting its full year forecast.

New Zealand-based Marac Finance Limited provides business and
personal finance and leasing options.  It is owned by Pyne Gould
Corporation (PGC).

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 17, 2009, Standard & Poor's Ratings Services had lowered
its long-term rating on MARAC Finance Ltd. to 'BB+' from 'BBB-'.
At the same time, the short-term rating was lowered to 'B' from
'A-3'.  The outlook was revised to negative from stable.  The
negative outlook implies a one-in-three likelihood of a rating
downgrade within the next two years.


SENSATION YACHTS: Dorchester Takes NZ$1MM Provision on Erceg Loan
-----------------------------------------------------------------
Dorchester Pacific said its subsidiary Dorchester Finance will
take an additional provision of approximately NZ$1 million over a
loan to Ivan Erceg.

Dorchester said in statement to the stock exchange that the
provision reflects a likely shortfall between its security held
and the loan due from Mr. Erceg, who was recently adjudicated
bankrupt.

"The position had already been incorporated in forecasts for the
Capital Reconstruction Plan currently being put to Trustees prior
to being sent to investors," Dorchester said.

Mr. Erceg, owner of boat builder Sensation Yachts, was announced
bankrupt by Associate Judge Jeremy Doogue at the Auckland High
Court on February 2, according to The National Business Review.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of Sensation Yachts after creditor
Public Trust filed an application to liquidate the company.

On Aug. 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.

                     About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                       About Sensation Yachts

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, according to the Sunday Star
Times.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of the company after creditor
Public Trust filed an application to liquidate the company.

On Aug 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.


SOUTH CANTERBURY: Hires Forsyth Barr to Seek Financing
------------------------------------------------------
South Canterbury Finance has hired investment bank Forsyth Barr to
source funding to strengthen its balance sheet, Stuff.co.nz
reports.

The company also said that as a result of further financial
impairments and adjustments it will post a loss for the six months
to December 31, 2009, the report says.

According to the report, South Canterbury Finance said it was
working through a series of issues with its new auditors after
becoming aware that adjustments may need to be made to the
valuation and reporting of certain items in its June 30, 2009,
audited financial statements.

The report relates the company said it used the wrong valuation at
June 30 for its preference share investment in South Island Farm
Holdings Limited.  This should have been recorded at fair value
rather than cost, South Canterbury Finance said.

An independent valuation of the South Island Farm Holdings
preference shares at the date of their acquisition is being
undertaken, the report notes.

Stuff.co.nz says the company filed an application to participate
in the Extended Crown Retail Deposit Guarantee scheme on
January 21.  It had received on average about NZ$1.7 million of
new investment money per day during January, the report adds.

                      About South Canterbury

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 29, 2009, Standard & Poor's Ratings Services affirmed its
'BB+' long-term and 'B' short-term counterparty credit ratings on
South Canterbury Finance Ltd.  At the same time, the 'BB+' rating
was removed from CreditWatch Negative, where it was initially
placed on Sept. 20, 2009.  The outlook is negative.


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


GALLEON ASIA: Creditors' Proofs of Debt Due March 5
---------------------------------------------------
Galleon Asia Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by March 5, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Tong Ann Leng
         c/o Summit Planners
         Corporate Secretarial Pte Ltd
         10 Hoe Chiang Road
         #13-02 Keppel Towers
         Singapore 089315


SO SAY: Creditors' Proofs of Debt Due February 23
-------------------------------------------------
So Say Cheong Pte Ltd, which is in judicial management, requires
its creditors to file their proofs of debt by February 23, 2010,
to be included in the company's dividend distribution.

The company's Judicial Managers are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


VISION BLUE: Creditors' Proofs of Debt Due March 8
--------------------------------------------------
Vision Blue Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by March 8,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


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


* BOND PRICING: For the Week to February 1 to February 5, 2010
--------------------------------------------------------------


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

   AUSTRALIA
   ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.02
AINSWORTH GAME           8.00    12/31/2011   AUD       0.76
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.94
ANTARES ENERGY          10.00    10/31/2013   AUD       1.98
AUROX RESOURCES          7.00    06/30/2010   AUD       0.80
BECTON PROP GR           9.50    06/30/2010   AUD       0.53
BOUNTY INDUSTRIES       10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.82
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.50
GRIFFIN COAL MIN         9.50    12/01/2016   USD      54.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.14
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.12
MINERALS CORP           10.50    09/30/2011   AUD       0.68
NEW S WALES TREA         1.00    09/02/2019   AUD      63.63
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
RESOLUTE MINING         12.00    12/31/2012   AUD       0.90
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.50
SUNCORP METWAY           6.75    09/23/2024   AUD      58.51
SUNCORP METWAY           6.75    10/06/2026   AUD      58.27
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      71.64

   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      73.53

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      24.00


   INDIA
   -----

AFTEK INFOSYS            1.00    06/25/2010   USD      60.00
AKSH OPTIFIBRE           1.00    01/29/2010   USD      55.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      41.75
PYRAMID SAIMIRA          1.75    07/04/2012   USD      10.00
SUBEX AZURE              2.00    03/09/2012   USD      62.00
WANBURY LTD              1.00    04/23/2012   EUR      71.50

   INDONESIA
   ---------

TRUBA JAYA              11.75    07/08/10     IDR      57.03

   JAPAN
   -----

AIFUL CORP               1.50    10/20/2011   JPY      69.20
AIFUL CORP               6.00    12/12/2011   USD      69.62
AIFUL CORP               6.00    12/12/2011   USD      69.62
AIFUL CORP               1.20    01/26/2012   JPY      56.85
AIFUL CORP               1.99    03/23/2012   JPY      56.91
AIFUL CORP               1.63    11/22/2012   JPY      50.97
AIFUL CORP               1.74    05/28/2013   JPY      49.91
AIFUL CORP               1.99    10/19/2015   JPY      50.03
COVALENT MATERIAL        2.87    02/18/2013   JPY      61.76
CSK CORPORATION          0.25    09/30/2013   JPY      69.42
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.75
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      56.56
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.03
SHINSEI BANK             5.63    12/29/2049   GBP      74.50
TAKEFUJI CORP            9.20    04/15/2011   USD      69.75
TAKEFUJI CORP            9.20    04/15/2011   USD      67.75
TAKEFUJI CORP            8.00    11/01/2017   USD      15.50
TAKEFUJI CORP            1.50    06/19/2018   JPY      73.25
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15
WILLCOM INC              2.35    06/27/2012   JPY      40.00

   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.11
CRESCENDO CORP B         3.75    01/11/2016   MYR       1.00
DUTALAND BHD             4.00    04/11/2013   MYR       0.50
DUTALAND BHD             4.00    04/11/2013   MYR       0.80
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.80
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.01
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.49
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.15
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.70
MITHRIL BHD              3.00    04/05/2012   MYR       0.64
NAM FATT CORP            2.00    06/24/2011   MYR       0.20
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.23
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.63
RUBBEREX CORP            4.00    08/14/2012   MYR       1.52
SCOMI GROUP BHD          4.00    12/14/2012   MYR       0.10
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.63
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.20
WAH SEONG CORP           3.00    05/21/2012   MYR       3.00
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.29
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.93

   NEW ZEALAND
   -----------
ALLIED NATIONWID        11.52    12/29/2049   NZD      50.00
BLUE STAR PRINT          9.10    09/15/2012   NZD      70.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD       8.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.02
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.50
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.12
INFRASTR & UTIL          8.50    09/15/2013   NZD      12.25
INFRATIL LTD             8.50    11/15/2015   NZD      10.40
INFRATIL LTD             8.50    02/15/2020   NZD      66.58
INFRATIL LTD             8.50    11/15/2015   NZD      10.40
INFRATIL LTD            10.18    12/29/2049   NZD      68.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.37
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MARAC FINANCE           10.50    07/15/2013   NZD       0.95
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      49.58
SKY NETWORK TV           4.01    10/16/2016   NZD      56.17
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.87
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.63
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       8.45
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.40
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.30


   SINGAPORE
   ---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      54.32
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.30
WBL CORPORATION          2.50    06/10/2014   SGD       2.16


   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      67.23




                         *********

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

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

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


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

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

Copyright 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.





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