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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, February 23, 2010, Vol. 13, No. 037

                            Headlines



A U S T R A L I A

GRIFFIN COAL: Administrator May Sell Power Stations, Wind Farm


C H I N A

CHINA LOGISTICS: Amends Q3 2009 Report; Posts $253,759 Net Income
CHINA PRINTING: Allowed to Delist from SGX Without Exit Offer
CHINA SOUTHERN: Shares Suspended Pending Decision on Cash Infusion
NEW ORIENTAL: Posts US$1.6-Mil. Net Loss in Q3 Ended Dec. 31


H O N G  K O N G

ACMA PROPERTIES: Members' Final General Meeting Set for March 19
AKTP HK: Creditors' Proofs of Debt Due March 8
APEX YIELD: Members' Final General Meeting Set for March 19
ASIA PACIFIC: Leung Mei Fan Steps Down as Liquidator
ATIMA (HK): Members' Final Meeting Set for March 24

BLOXWORTH ENTERPRISES: Creditors' Meeting Set for February 26
BLUM STRATEGIC: Cowley and Mitchell Step Down as Liquidators
BURNON ELECTRONICS: Members' Final Meeting Set for March 21
CLEVERWAY INTERNATIONAL: Meetings Set for March 29
CYRK ASIA: Members' and Creditors Meetings Set for March 19


I N D I A

ABHINANDAN INTEREXIM: CRISIL Rates INR25MM Cash Credit at 'BB+'
BOLA SURENDRA: ICRA Assigns 'LBB+' Rating on INR40MM Term Loan
CHADCHAN SHREE: RBI Cancels License Due to Insolvency
DUBAS ENGINEERING: CRISIL Places 'B' Ratings on Various Bank Debts
GEETHA KRISHNA: Low Net Worth Prompts CRISIL 'B+' Ratings

GEHLOT ENTERPRISES: CRISIL Assigns 'BB+' Rating on Rupee Term Loan
PLR PROJECTS: ICRA Places 'LBB' Rating on INR177MM Bank Limits
RAJ RAJENDRA: ICRA Puts 'LBB+' Rating on INR290.5MM LT Term Fund
SRINI FOOD: ICRA Assigns 'LBB' Rating on INR500 Million Term Loan
RUSHIL DECOR: CARE Assigns 'CARE BB' Rating on INR22.32MM LT Loan


I N D O N E S I A

BANK EKSEKUTIF: Recapital Plans to Buy Biz from Widjaja Family
BANK TABUNGAN: To Issue 14th Bond Worth IDR2 Tril. This Year
PAL INDONESIA: Manpower Chief Asks PAL to Reconsider Layoff Plans
SEMEN GRESIK: Appointed as Lead Company of 5 State Cement Firms


J A P A N

TOSHIBA CORP: Inks MOU with Bharat Heavy for T&D Business
TOSHIBA CORP: ITC to Investigate Complaints Against Winstron


K O R E A

KUMHO ASIANA: STX Group Won't Bid for Daewoo Engineering Stake


N E W  Z E A L A N D

CLIENT RESERVE: S&P Assigns 'BB' Long-Term Credit Ratings
CREDIT UNION: S&P Assigns 'BB' Counterparty Credit Rating
GENEVA FINANCE: Secures New Funding Arrangements with Lender
LAMBORGHINI (NZ): Faces Liquidation Over Unpaid Debts


S I N G A P O R E

FLEXTRONICS INT'L: Bank Debt Trades at 3% Off in Secondary Market


T A I W A N

AU OPTRONICS: May Build Flat-Panel Manufacturing Plant in China


T H A I L A N D

THAI AIRWAYS: Revises Ad Budget After Scandal Involving Directors


X X X X X X X X

DUBAI WORLD: Government Won't Seek Senior Creditor Status

* BOND PRICING: For the Week to February 15 to February 19, 2010




                         - - - - -


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


GRIFFIN COAL: Administrator May Sell Power Stations, Wind Farm
--------------------------------------------------------------
The Sydney Morning Herald reports that the administrator of
Griffin Coal Mining Co. confirmed the Griffin Energy assets --
Bluewaters power stations and Emu Downs wind farm -- were among
the assets it may sell to pay off about $2 billion worth of debt.

The report relates lead administrator, Brian McMaster of
KordaMentha, said no decision has been made on whether the power
stations and coalmines will be sold separately or in one lot.

Mr. McMaster said these assets have about $1.2 billion worth of
debt tied to them, while claims on Griffin Coal's assets could top
$1 billion, the report notes.

According to the Herald, the administrators will receive proposals
from potential sales advisers this week and hope to make a
decision by next week.

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
Administrator.  The coal supplier defaulted on an interest payment
in December 2009 to bondholders owed US$475 million and also
missed a payment to Australia's tax authority.


=========
C H I N A
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CHINA LOGISTICS: Amends Q3 2009 Report; Posts $253,759 Net Income
-----------------------------------------------------------------
China Logistics Group, Inc., has filed Amendment No. 1 to its
quarterly report on Form 10-Q for the quarter ended September 30,
2009, as filed on November 23, 2009, to correct the accounting
treatment previously accorded certain transactions and to restate
the Company's consolidated balance sheets at September 30, 2009,
and the Company's consolidated statements of operations, and
consolidated statements of cash flows for the three and nine month
periods ended September 30, 2009, and the Company's consolidated
statement of changes in equity (deficit) for the nine month period
ended September 30, 2009.

The Form 10-Q filed on November 23, 2009, contained errors and
were restated to properly record common stock purchase warrants
which were not indexed to the Company's stock as a derivative
liability at January 1, 2009, upon adoption of Derivative and
Hedging Topic of the FASB ASC 815 and properly record the
subsequent accounting for the changes in the fair value of the
associated liability at September 30, 2009.

                Restated Statement of Operations

Sales for the third quarter and nine months of 2009 decreased 55%
and 51%, respectively, compared to the same periods in 2008
primarily as a result of a continuing contraction of the Company's
customer base as some of the Company's clients have ceased or
suspended their manufacturing operations since 2008.

The Company reported net income of US$253,759 on sales of
US$5,791,128 for the three months ended September 30, 2009,
compared to a net loss of US$1,383,633 on sales of US$12,961,259
for the corresponding period of 2008.  The swing to net income was
primarily due to a decrease in SG&A expenses of approximately
US$265,000 and the absence of the registration rights penalty of
US$1,597,000 recorded in the third quarter of 2008.

For the nine months ended September 30, 2009, the Company reported
net income of US$3,363,317 on sales of US$13,597,689, compared to
a net loss of US$881,383 on sales of US$27,753,459 for the same
period of 2008.  The change to net income is also due to the fair
value accounting for the Company's derivative liability, the non-
recurring nature of the registration rights penalty and non-
operating bad debt.

                     Restated Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed US$7,576,644 in total assets and US$8,312,782 in total
liabilities, resulting in a US$736,138 shareholders' deficit.

A full-text copy of the Company's amended quarterly report is
available for free at http://researcharchives.com/t/s?539e

                       Going Concern Doubt

The Company's ability to continue as a going concern is dependent
upon its ability to obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they become due, to fund possible acquisitions,
and to generate profitable operations in the future.

"These matters, among others, raise substantial doubt about our
ability to continue as a going concern."

As a result of the weak global economy, the demand for exported
Chinese products has also declined, resulting in a significant
drop in the demand for the Company's freight and transport
services.

If China Logistics' cost reduction efforts are unsuccessful, the
Company may need to raise additional working capital.  The Company
does not have any commitments for any additional capital and the
terms of its 2008 Unit Offering which contain certain restrictive
covenants and the overall softness of the capital markets could
hinder its efforts.

                     About China Logistics

China Logistics Group, Inc. (OTC BB: CHLO) operates as an
international freight forwarder and logistics management company
in the People's Republic of China.  It acts as an agent for
international freight and shipping companies; and sells cargo
space and arranges land, maritime, and air international
transportation for clients seeking to import or export merchandise
from or into the People's Republic of China.  The Company's
freight forwarding services include goods reception, space
reservation, transit shipment, traffic consolidating, storage,
multimodal transport, and export of mechanical equipment.  It
provides freight forwarding services for a range of  merchandise,
such as refrigerated merchandise, hazardous merchandise, and
perishable agricultural products, as well as clothing and
electronics products, and daily merchandise and hardware products.
The Company was founded in 1997 and is based in Paramount,
California.


CHINA PRINTING: Allowed to Delist from SGX Without Exit Offer
-------------------------------------------------------------
The Strait Times reports that China Printing & Dyeing Holdings
Ltd. has been allowed to delist from Singapore Exchange Securities
without having to make an exit offer.

According to the Times, the firm's shares have been suspended
since October 2008 after the founders fled while owing millions,
leaving minority investors in a state of limbo.

The company, which is under judicial management, had proposed to
the SGX to be allowed to delist without offering to buy investors
out, the Times says.

China Printing & Dyeing Holding Limited is engaged in the
provision of printing and dyeing services and the production and
sales of print and dye textile products.  It provides printing and
dyeing services for a range of fabric materials, including
polyester fabrics, temperature resistant and temperature
controlled fabrics, cotton fabrics, spandex fabrics, linen and
nylon-cotton fabrics.  It specializes in the printing and dyeing
of polyester fabrics.  It provides other services, such as fabric
surface after-treatment processing, which imparts special
functionalities, such as waterproof, fire-resistant and anti-
bacteria properties.  It provides a one-stop service for its
customers by offering a range of products with varying colors,
designs and fabrics.  It caters mainly to the middle and middle to
high-end markets.  It has 1,000 different types of print and dye
textile products.  Its higher end fabrics include embroidered,
water printed, nylon-cotton and spandex.


CHINA SOUTHERN: Shares Suspended Pending Decision on Cash Infusion
------------------------------------------------------------------
Kelvin Wong at Bloomberg News reports that China Southern Airlines
Co. will be suspended in Shanghai starting today, February 23,
pending a decision on the use of a CNY1.5 billion (US$220 million)
government cash injection.

Bloomberg relates the company said in filing to the Hong Kong
stock exchange that the money from the Ministry of Finance is
designated to support "principal aviation business development."

According to Bloomberg, the carrier said it is in talks with
controlling, state-owned shareholder China Southern Air Holding
Co. to use the funds to reduce the carrier?s debt ratio.

China Southern said it expects to return to profit in 2009 after
posting a CNY483 million loss the previous year, Bloomberg notes.
The company had a debt-to-asset ratio of 67.47% at the end of
June, up from 65.86% six months earlier, according to Bloomberg
data.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                           *     *     *

China Southern Airlines Co. continues to carry Fitch Ratings 'B+'
Long-term foreign nd local currency Issuer Default Ratings.


NEW ORIENTAL: Posts US$1.6-Mil. Net Loss in Q3 Ended Dec. 31
------------------------------------------------------------
New Oriental Energy & Chemical Corp. and subsidiaries reported a
net loss of US$1,616,408 for the three months ended December 31,
2009, as compared to a net loss of US$2,130,827 for the three
months ended Decenber 31, 2008.  This decrease was mainly due to
the decrease in production cost as compared to the same period in
2008.

Cost of goods sold decreased 28.87% to US$8,515,088 for the three
months ended December 31, 2009, as compared to US$11,971,384, for
the three months ended December 31, 2008.

Revenues for the three months ended December 31, 2009, were
US$8,770,449, as compared to US$10,614,481 in the prior year.

                      Nine Months Results

The Company reported a net loss of US$7,940,922 for the nine
months ended December 31, 2009, compared to a net loss of
US$1,858,266 for the nine months ended December 31, 2008.

Revenues for the nine months ended December 31, 2009, were
US$24,704,321, as compared to US$40,533,491 in the same period in
the prior year.

                         Balance Sheet

At December 31, 2009, the Company's consolidated balance sheets
showed total assets of US$60,295,408, total liabilities of
US$54,209,808, and total stockholders' equity of US$6,085,600.

The Company's consolidated balance sheets at December 31, 2009,
also showed strained liquidity with US$11,237,609 in total current
assets available to pay US$49,963,676 in total current
liabilities.

A full-text copy of the Company's quarterly report is available at
no charge at http://researcharchives.com/t/s?53a9

                         Going Concern

The Company had a net loss of US$7,940,922 for the nine months
ended December 31, 2009, and has a working capital deficit of
US$38,726,067 at December 31, 2009.

The Company will need to obtain additional financing to continue
operations beyond 2009.  Its primary source of capital is cash
generated from operations as well as through loans.  If the
Company is unable to obtain additional financing, it will not be
able to sustain its operations and would likely be required to
cease its operations.

The major shareholder has committed to provide financial
assistance of RMB 50 million to 80 million (approximately
US$7.3 million to US$11.7 million) over the next few years, if
necessary.

On January 4, 2010, the Company obtained a short-term bank loan
for RMB 16 million (approximately US$2.34 million) with an
interest rate of 10.08% per annum from Xinyang Commercial Bank,
which is due on January 4, 2011.

                       About New Oriental

New Oriental Energy & Chemical Corp. (NASDAQ: NOEC) --
http://www.neworientalenergy.com/-- was incorporated in the State
of Delaware on November 15, 2004.  The Company is an emerging
coal-based alternative fuels and specialty chemical manufacturer
based in Henan Province, in The Peoples's Republic of China.  The
Company's core products are urea and other coal-based chemicals
primarily utilized as fertilizers.  All of the Company's sales are
made through a network of distribution partners in the PRC.


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


ACMA PROPERTIES: Members' Final General Meeting Set for March 19
----------------------------------------------------------------
Members of ACMA Properties Limited will hold their final general
meeting on March 19, 2010, at 10:00 a.m., at the Room 2, 1/F.,
Block A, Sea View Estate, 2-8 Watson Road, North Point, in Hong
Kong.

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


AKTP HK: Creditors' Proofs of Debt Due March 8
----------------------------------------------
Creditors of AKTP Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 8, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 10, 2010.

The company's liquidator is:

         Yuichi Suzuki
         12-23 7 chome
         Yamato City
         Kanagawa pref., Japan


APEX YIELD: Members' Final General Meeting Set for March 19
-----------------------------------------------------------
Members of Apex Yield Limited will hold their final general
meeting on March 19, 2010, at 10:30 a.m., at the Room 2, 1/F.,
Block A, Sea View Estate, 2-8 Watson Road, North Point, in Hong
Kong.

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


ASIA PACIFIC: Leung Mei Fan Steps Down as Liquidator
----------------------------------------------------
Leung Mei Fan stepped down as liquidator of The Asia Pacific CPVC
Institute Limited on February 9, 2010.


ATIMA (HK): Members' Final Meeting Set for March 24
---------------------------------------------------
Members of Atima (Hong Kong) Limited will hold their final general
meeting on March 24, 2010, at 10:00 a.m., at the Room 903-908, Kai
Tak Commercial Building, 317-319 Des Voeux Road Central, in Hong
Kong.

At the meeting, Kam Yuk Ting and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BLOXWORTH ENTERPRISES: Creditors' Meeting Set for February 26
-------------------------------------------------------------
Creditors of Bloxworth Enterprises (HK) Limited will hold their
meeting on February 26, 2010, at 10:00 a.m., for the purposes
provided for in Sections 228A, 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at the 14/F, The Hong Kong Club Building,
3A Chater Road, Central, in Hong Kong.


BLUM STRATEGIC: Cowley and Mitchell Step Down as Liquidators
------------------------------------------------------------
Patrick Cowley and Paul Edward Mitchell stepped down as
liquidators of Blum Strategic III BT Hong Kong Limited on January
13, 2010.


BURNON ELECTRONICS: Members' Final Meeting Set for March 21
-----------------------------------------------------------
Members of Burnon Electronics (HK) Limited will hold their final
general meeting on March 21, 2010, at 3:00 p.m., at the 10/F.,
Allied Kajima Building, 138 Gloucester Road, Wanchai, in Hong
Kong.

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


CLEVERWAY INTERNATIONAL: Meetings Set for March 29
--------------------------------------------------
Members and creditors of Cleverway International Limited will hold
their final meetings on March 29, 2010, at 10:00 a.m., and 10:15
a.m., respectively at the 12/F, Bel Trade Commercial Building, 1-3
Burrows Street, Wanchai, in Hong Kong.

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


CYRK ASIA: Members' and Creditors Meetings Set for March 19
-----------------------------------------------------------
Members and creditors of CYRK Asia Limited will hold their final
meetings on March 19, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at the office of Baker Tilly Hong Kong, Unit 1203-13,
China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road
Central, in Hong Kong.

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


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ABHINANDAN INTEREXIM: CRISIL Rates INR25MM Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Abhinandan Interexim Pvt Ltd, which is part of the
Joharilal group.

   Facilities                             Ratings
   ----------                             -------
   INR25.00 Million Cash Credit           BB+/Stable (Assigned)
   INR100.00 Million Letter of Credit*    P4+ (Assigned)

   *Interchangeable in Cash Credit up to INR60.00 Million

The ratings reflect the Joharilal group's weak financial risk
profile, marked by high gearing, weak debt protection measures,
and large working capital requirements.  These rating weaknesses
are partially offset by the benefits that the group derives from
its promoters experience in the packaging industry and the group's
moderate business risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AIPL, Joharilal Agarwala Sales Pvt Ltd
(JASPL), and Sri Balmukund Polyplast Pvt Ltd.  This is because the
companies, together referred to as the Joharilal group, are under
a common management, operate in similar lines of business, and
have significant operational and financial linkages.

CRISIL has treated unsecured loans of INR66 million in 2008-09
(refers to financial year, April 1 to March 31) as neither debt
nor equity, as the same cannot be withdrawn from the business
without the permission of the bankers.

Outlook: Stable

CRISIL believes that the Joharilal group will maintain its market
position over the medium term, backed by its established clientele
and promoters' experience.  The outlook may be revised to
'Positive' if the group scales up its operations and its operating
margins improve significantly.  Conversely, the outlook may be
revised to 'Negative' if the group's revenues decline sharply, or
it undertakes any large debt-funded capital expenditure programme,
weakening its financial risk profile further.

                           About the Group

Set up in 1993 in Kolkata (West Bengal), AIPL was non-operational
till 2006. It commenced operations after it acquired Arihant
Polyfilm in 2006. The company manufactures multi-layer polythene
films and currently has a capacity of 180 tonnes per month.  These
are used in packing of milk and milk products, and edible oils.

Set up in 1982 by Mr. Joharilal Agarwala, JASPL (formerly
Joharilal Agarwala Sales) converted into private limited company
in 2002.  The company started as a distributor of Indian
Petrochemicals Corporation Ltd and became Reliance Industries
Ltd's distributor in 2002.  The company is sole distributor for
RIL's plastic granules in Bihar and Jharkhand.  Mr. Ajay Kumar
Agarwala joined JASPL in 1990 and has been managing the company
ever since.

SBPPL, set up in June 2004, was acquired by the Agarwal family in
2005.  The company manufactures polypropylene (PP) and high
density polyethylene (HPDE) woven bags and sheets with or without
lamination. Its plant in Howrah (West Bengal) has a capacity of
7500 tonnes per annum.

AIPL reported a profit after tax (PAT) of INR2 million on an
operating income of INR178 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR0.8
million on an operating income of INR88 million for 2007-08.

The Joharilal group reported a profit after tax (PAT) of INR15
million on operating income of INR876 million for 2008-09, against
a PAT of INR9 million on operating income of INR744 million for
2007-08.


BOLA SURENDRA: ICRA Assigns 'LBB+' Rating on INR40MM Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR40 million term loan
programme of Bola Surendra Kamath & Sons.  ICRA has also assigned
an 'A4+' rating to the INR660 million fund based and non-fund-
based facilities of BSK.

The LBB+/A4+ ratings factor in BSK's established track record of
operations as an exporter of cashew kernels and coffee beans, its
long standing relationships with key customers and its established
vendor base all translating into a healthy growth in revenues
since the firm's inception in 2004.  The ratings also favorably
factor in BSK's recent efforts to diversify its revenues across
other commodities particularly refined, bleached, deodorized (RBD)
palm oil.  The ratings are however constrained by BSK's modest
scale of operations, the high competitive intensity of the
businesses in which BSK operates as reflected in the modest
profitability indicators and the vulnerability of profitability to
volatility in commodity prices as well as adverse movements in
foreign exchange rates and government policies, although some of
these risks are mitigated to an extent by the firm's policy of
hedging in commodity exchanges and covering foreign exchange
exposure through forward contracts.  The ratings are also
constrained by the working capital intensive nature of operations
resulting in reliance on debt funding; as a result, BSK's gearing
(Total debt/Tangible Net Worth) has historically been on the
higher side (2.28 times as on March 31, 2009).  ICRA notes that
BSK has, in the current fiscal, acquired a palm oil packaging unit
in Karnataka for approx INR40 million; possible funding of this
acquisition through debt is expected to result in a worsening of
the leveraging ratio.  These apart, the ratings also factor in the
risks inherent in partnership firms inter alia limited ability to
raise capital, risk of dissolution of the firm upon the
death/retirement/insolvency of partners etc.

Established in the year 2004, M/s Bola Surendra Kamath & Sons is a
partnership firm primarily engaged in the business of cashew
processing, coffee trading and RBD Palm oil trading.  The partners
of BSK were partners in M/s Bola Raghavendra Kamath and Sons which
is primarily engaged in cashew processing and coffee trading
businesses.  However, as a result of a family settlement the
promoters of BSK started the new firm and initiated operations
with cashew processing business.  In due course of time the firm
started diversifying into coffee trading, and later into RBD
Palmolein trading.  As part of forward integration in RBD
Palmolein, BSK entered in to a purchase agreement to buy a palm
oil packaging facility from M/s Mysore Mercantile Company Limited
in October 2009.

BSK reported a net profit of INR 34.3 million on an operating
income of INR 1382.2 million in FY2008-09 as compared to a net
profit of INR 6.4 million on an operating income of INR 945.9
million in FY2007-08.


CHADCHAN SHREE: RBI Cancels License Due to Insolvency
-----------------------------------------------------
The Reserve Bank of India on February 13, 2010, ordered the
cancellation of Chadchan Shree Sangameshwar Urban Co-operative
Bank Ltd.'s license after examining all options for the bank's
revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Karnataka to wind up
Chadchan Shree Sangameshwar Urban Co-operative Bank Ltd. and
appoint a liquidator for the bank.

RBI's decision came after determining that the bank has ceased to
be solvent and has already caused inconvenience to its depositors.

The bank was granted a license to function as a co-operative bank
by RBI on September 4, 1996.  The statutory inspection of the bank
with reference to its financial position as on March 31, 2007,
revealed several disquieting features in the functioning of the
bank.  Accordingly, it was placed under operational instructions
inter-alia permitting renewal of only standard loans and
prohibiting sanction of fresh loans, extension of area of
operations, declaration of dividend, etc.  The next inspection
conducted with respect to position as on March 31, 2008 had
revealed that the bank's financial position had further
deteriorated and the restrictions imposed were continued.  The
latest inspection conducted with reference to position as on
March 31, 2009 revealed drastic deterioration of the financial
position.

In view of the deficiencies observed in the functioning of the
bank, in public interest and in the interest of the depositors to
prevent preferential payment and to preserve the assets of the
bank, the bank was placed under directions under Section 35A of
the Act vide directive dated August 8, 2009 prohibiting it from
sanctioning/renewing of loans and advances, making investments,
borrowings and acceptance of fresh deposits.

RBI had issued a notice to the bank on August 25, 2009, asking it
to show cause as to why the license granted to it to conduct
banking business should not be cancelled.

After taking into consideration, the reply submitted by the bank
and after examining all options for its revival, the Reserve Bank
of India took the extreme measure of canceling the license of the
bank in the interest of the bank's depositors.  With the
cancellation of its license and commencement of liquidation
proceedings, the process of paying the depositors of Chadchan
Shree Sangameshwar Urban Co-operative Bank Ltd. will be set in
motion subject to the terms and conditions of the Deposit
Insurance Scheme.


DUBAS ENGINEERING: CRISIL Places 'B' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' ratings to the
bank facilities of Dubas Engineering Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR18.80 Million Long-Term Loan        B/Stable (Assigned)
   INR68.00 Million Cash Credit Limit     B/Stable (Assigned)
   INR1.00 Million Cheque Discounting     P4 (Assigned)
   INR25.00 Million Bank Guarantee Limit  P4 (Assigned)
   INR7.50 Million Letter of Credit       P4 (Assigned)

The ratings reflect DEPL's weak financial risk profile marked by
high gearing, low net worth, and weak debt protection measures,
and its working-capital-intensive nature of operations.  These
weaknesses are partially offset by DEPL's niche product offering
and its promoters' experience in the power electronics industry.

Outlook: Stable

CRISIL believes that DEPL will maintain its business position in
the industrial uninterrupted power supply (UPS) and direct current
(DC) systems segment, backed by its promoters' experience in the
power electronics industry.  The outlook may be revised to
'Positive' if the company's revenues and margins improve, while
effectively managing its working capital requirements, thereby
leading to a significant improvement in its gearing and debt
protection measures.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
further because of decline in margins, aggressive debt-funded
capital expenditure, or stretched receivables.

                      About Dubas Engineering

Set up in 1988 by technocrats Mr. Durgaprakash and Mr. Abbas Ali,
DEPL manufactures industrial/commercial UPS and DC systems,
inverters, and transformers at its manufacturing facility in
Bengaluru.  DEPL's customers include large players in the
industrial segment like the Indian Railways and Bharat Heavy
Electrical Ltd.

DEPL reported a profit after tax (PAT) of INR5.35 million on net
sales of INR245.23 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.19 million on net
sales of INR180.73 million for 2007-08.


GEETHA KRISHNA: Low Net Worth Prompts CRISIL 'B+' Ratings
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Geetha Krishna Spinning Mills Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Overdraft Facility     B+/Stable (Assigned)
   INR300.0 Million Long-Term Loan        B+/Stable (Assigned)

The rating reflects GKSMPL's weak financial risk profile with a
highly leveraged capital structure, large working capital
requirement and small scale of operations.  These weaknesses are
partially offset by the company's moderate operating capabilities.

Outlook: Stable

CRISIL believes GKSMPL to maintain its weak financial risk profile
marked by low net worth and high gearing over the medium term.
The outlook may be revised to 'Positive' if there is a significant
improvement in the company's financial risk profile, especially in
its capital structure.  Conversely, the outlook may be revised to
'Negative' if there is a downward pressure on the operating
margins or if there are any delays in the commissioning of the new
capacities or if the company's capacity utilization is lower than
expected, leading to deterioration in its financial risk profile.

Set up in 1993 in Rajapalayam, Tamil Nadu, by Mr. V K Subramania
Raja, GKSMPL is a closely held company engaged in manufacturing of
cotton yarn.  As on March 31, 2009, the company had a total
installed capacity of 27,048 spindles.  In 2005, the company
entered into manufacture of finer counts in the range 40's to
80's. The company also has wind energy capacity of 750 kilowatts,
which is used for captive consumption.

For 2008-09, (refers to financial year, April 1 to March 31),
GKSMPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR188 million, as against a PAT of INR6.8 million on net
sales of INR127 million for 2007-08.


GEHLOT ENTERPRISES: CRISIL Assigns 'BB+' Rating on Rupee Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Gehlot Enterprises
Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR120.0 Million Cash Credit       BB+/Stable (Assigned)
   INR25.0 Million Rupee Term Loan    BB+/Stable (Assigned)

The rating reflects GEPL's weak financial risk profile, marked by
weak debt protection measures, and exposure to risks related to
fluctuations in revenues due to close linkages of tractor sales to
agricultural performance.  These rating weaknesses are partially
offset by GEPL's dominant market position, and the benefits that
GEPL derives from its promoters' experience, and satisfactory
debtor and inventory risk management.

Outlook: Stable

CRISIL believes that GEPL will sustain its credit risk profile,
led by a strong position as an exclusive dealer for Tractor and
Farm Equipments Ltd (TAFE) in four districts in Rajasthan.  The
outlook may be revised to 'Positive' if GEPL improves its debt
protection measures led by improved profitability and also
diversifies its revenue mix with greater contribution of service
and sale of spares.  Conversely, the outlook may be revised to
'Negative' if the company undertakes any debt-funded capital
expenditure programmes affecting its capital structure adversely,
or if its revenues decline as a result of weak agricultural
performance, constraining its debt servicing ability.

                      About Gehlot Enterprises

GEPL was originally established in 1950 as a partnership firm,
National Motors, by members of the Gehlot family.  In 1981, the
operations of the firm were transferred to a public limited
company, Gehlot Enterprises Ltd, which was subsequently, in 1985,
reconstituted as a privated limited company with the present name.
GEPL continues to be owned by members of the Gehlot family and
operations are managed by Mr. Kishore S Gehtlot. The company has
five dealership outfits and service centres for TAFE tractors, two
in Jaipur, and one each in Jetpura, Dausa, and Kotputli (all in
Rajasthan).

GEPL reported a profit after tax (PAT) of INR2.9 million on net
sales of INR717.9 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2.8 million on net sales
of INR773.1 million for 2007-08.


PLR PROJECTS: ICRA Places 'LBB' Rating on INR177MM Bank Limits
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR177 million Fund Based
Limits and 'A4' rating to the INR600 million Non-Fund Based Limits
of PLR Projects Private Limited.

The ratings take into account the established presence and the
healthy order book of the company.  The rating is however
constrained by the relatively high business risks arising out of
the high competitive intensity of the construction industry and
high sectoral, geographical and client concentration risks of PLR.
Moreover, PLR's moderate profitability coupled with high gearing
level on account of the debt funded capital expenditure and
working capital requirement, has resulted in stretched debt
protection indicators.

PLR Projects Private Limited, a construction company based in
Hyderabad, was promoted by Mr. Lakshmu Reddy in the year 1980.
The company has its operations in mainly four sectors viz. mining,
irrigation, roads and railways.  In the mining divisions, PLR
involves in excavation of rock/earth, transportation, dumping,
leveling and removal of overburden.  In the irrigation division,
PLR executes all kinds of irrigation works which includes
excavation, formation of earth dams/bunds, civil works like
construction of dams/aqueducts, mechanical works such as fixation
of radial gates etc.  In the road division, PLR has executed road
works for State roads and District roads especially in and around
Chittoor.  In the railways division, PLR has executed gauge
conversion works. PLR has reported a net profit of INR65.9 million
on an operating income of INR1533.4 million in FY2009.


RAJ RAJENDRA: ICRA Puts 'LBB+' Rating on INR290.5MM LT Term Fund
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR290.5 million long
term fund & non fund based facilities and an 'A4+' rating to the
INR80.0 million short term fund based facilities of Raj Rajendra
Textile Exports Ltd.

The rating factors in RRTEL's weak financial performance as
reflected in low profit margins, return indicators and cash
accruals.  The vulnerability is heightened due to the inherent
commoditized nature of yarn prices coupled with risks associated
with foreign exchange fluctuations due to the significant revenue
from exports.  The industry has a large number of organized and
unorganized players that has led to overcapacities and a highly
competitive industry environment. .  The rating, however, derives
comfort from the experience of the promoters in the industry, a
moderately diversified customer base and moderate debt protection
indicators currently.

Raj Rajendra Textile Exports Ltd was incorporated in 1994 as Raj
Rajendra Synthetics Pvt. Ltd.  In 2006, the company changed its
name to Raj Rajendra Textile Exports Ltd and was converted
into a public limited company.  The company is engaged in
manufacturing of grey fabric used in shirting & suiting.  The firm
caters to both domestic & export markets. The company has a
registered office in Mumbai and manufacturing units in Umergaon,
Gujarat & Palghar, Maharashtra.

RRTEL recorded a net profit of INR2.9 million on an operating
income of INR748.3 million for the year ending March 31, 2009.


SRINI FOOD: ICRA Assigns 'LBB' Rating on INR500 Million Term Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to INR500 term loan
facility of Srini Food Park Private Limited.  Further, ICRA has
assigned a stable outlook to the long-term rating of the company.

The rating is constrained by the nascent stage of the proposed
mega food park exposing the company to significant construction,
marketing and regulatory risks.  The rating also takes into
account the project's dependence on timely disbursement of
government grant which in turn is a prerequisite for disbursement
of bank loans and the fact that a large proportion of equity is
still to be infused.  Nevertheless the rating takes comfort from
sanctioned government grant, the attractive location of the park,
increasing demand for fresh and processed farm produce, tie-up of
debt facility, experience of the promoters in the area of
horticulture and multi product processing feature of the park.

SFPPL was established in year 2008 by five individuals to
establish a mega food park under the 11th Five Year Plan of the
Government of India.  It is currently developing a MFP in Mogili
village, Chittoor district of Andhra Pradesh for a total estimated
project cost of INR1.27 million.  The project site is on NH 4
which connects Bangalore and Chennai.

The promoters are Mr. Suresh Chitturi (Head of Srinivasa
Hatcheries Group), Mr. Raveendra Nalluri (family business of dal
and rice mills), Mr. Rajender Gaddam (family business of rice
mill, flour mill and oil mill), Mr. Anthony Reddy (experience in
cultivation and infrastructure development) and Mr. DK
Badrinarayana (experience in running educational institutions,
liquor business, fruit pulp manufacturing and packing material for
manufacturing industries).


RUSHIL DECOR: CARE Assigns 'CARE BB' Rating on INR22.32MM LT Loan
-----------------------------------------------------------------
CARE has retained the 'CARE BB' rating assigned to the long-term
bank loans/ facilities and 'PR4' rating assigned to the short-term
bank facilities of Rushil Decor Limited.  Facilities with 'Double
B' rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.  This rating is applicable to facilities having tenure of
more than one year.  Facilities with 'PR four' rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.  This rating is applicable to facilities
having tenure up to one year.

                                Amount
   Facilities                  (INR cr)          Ratings
   ----------                  ---------         -------
   Long-term Bank Facilities     22.32           'CARE BB'
   Short-term Bank Facilities    15.00           'PR 4'

Rating Rationale

The ratings are continue to be constrained by working capital
intensive nature of operations as reflected by high working
capital utilization & low liquidity indicators, modest scale of
operations, fragmented nature of industry and threat from cheap
imports.  The ratings are also constrained by risk associated with
proposed project.  However, the ratings take into account
promoter's experience in the industry with demonstrated capability
as reflected by improvement in the growth & profitability even
during the global economic turmoil, established market position as
one of the leading exporter of laminates, and developed marketing
network with own brand.  Generating optimum return from the
recently commenced capacity, completion of proposed project
without time & cost over run and managing working capital with
improvement in the capital structure are key rating sensitivities.

                       About Shri Ghanshyam

Promoted by Shri Ghanshyam Thakkar, RDL was incorporated in 1992
as a private limited company.  The company is engaged in the
manufacturing of both decorative and industrial laminates with
wide range of design, colour & finish.  Further, company has
commenced the production of the particle board from Oct.09. RDL
has consciously built several brands for its products both for
domestic and export markets.  RDL is also executing the project
for manufacturing the Medium Density Fiber (MDF) with installed
capacity of 300 m3 per day for the density up to 760 Kg/m3 at
Karnataka with cost of INR67.28 crore, which is estimated to be
funded with debt/equity ratio of 1.89:1.

For FY09, RDL reported total income of INR95.96 crore and PAT
(Profit after tax) of INR2.78 crore against total income of
INR77.49 crore and PAT of INR2.02 crore for FY08.


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



BANK EKSEKUTIF: Recapital Plans to Buy Biz from Widjaja Family
---------------------------------------------------------------
Private equity firm PT Recapital Advisers plans to buy troubled
lender PT Bank Eksekutif Internasional from the Widjaja family and
expects to complete a deal within the next three months, Jakarta
Globe reports.

"We will buy all stakes [of the Widjaja family] and make Bank
Eksekutif into a competitive bank," Rosan Roeslani, the president
director of PT Recapital Advisers, told the Jakarta Globe.

According to the report, the firm has been conducting due
diligence on the small lender, which is 79% owned by the Widjaja
family.  Bank Indonesia on Friday warned Bank Eksekutif to resolve
its ongoing problems with bad loans and short capital.?

PT Bank Eksekutif International Tbk is an Indonesia-based
financial institution.  It is engaged in general banking
activities. Its products and services include checking and savings
accounts, deposits, bank guarantees, local letters of credit,
payroll administration and safe deposit boxes.  In the lending
sector, the Bank offers time loans, commercial and collective
loans, acceptances, home mortgages, consumer loans and investment
and construction loans.  The Bank operates 13 branch offices and
five sub branch offices throughout Indonesia.


BANK TABUNGAN: To Issue 14th Bond Worth IDR2 Tril. This Year
------------------------------------------------------------
Bank Tabungan Negara Tbk plans to issue its 14th bonds worth
IDR2 trillion in the first half of this year, Antara News reports
citing BTN Treasury Director Saut Pardede.

"The plan to issue the bonds accords with the bank's 2010 business
plan approved by its general shareholders meeting," Antara quoted
Mr. Pardede as saying.

According to the news agency, Mr. Pardede said BTN had appointed
PT. Mandiri Sekuritas, PT. Bahana Securities and PT. Indo Premier
Securities as bond issue underwriters with PT Bank Mega Tbk and
Sutjipto, SH, M. Kn respectively as a trustee agent and notarial
public.

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis. The
Government then recapitalized the Bank, and still wholly owns
it.

                           *     *     *

PT Bank Tabungan Negara continues to carry Fitch Ratings'
Individual Rating at 'D' and Support Rating at '3'.  The Outlook
is Stable.

BTN also continues to carry Moody's Investors Service' Foreign
currency long-term deposit ratings at 'Ba3' and BFSR of 'D-'.


PAL INDONESIA: Manpower Chief Asks PAL to Reconsider Layoff Plans
-----------------------------------------------------------------
Antara News reports that Manpower Minister Muhaimin Iskandar has
asked state-owned shipbuilding company PT PAL Indonesia to
reconsider its plan to lay off 900 of its workers.

"The plan needs to be reconsidered to see if it is in line with
the law or not," the news agency quoted Muhaimin as saying on the
sidelines of a seminar on vocational safety held on the occasion
of the dedication of the Directorate of State Surabaya
Shipbuilding Polytechnic (PPNS) building.

Muhaimin, however, admitted he had not yet received a report about
the PT PAL's retrenchment plan, the report notes.

"I cannot comment much because I have not received a report about
it yet.  After I have later, we will certainly look into the
matter," he said.

The Troubled Company Reporter-Asia Pacific reported last week that
PT PAL plans to lay off 900 employees in March as part of its
restructuring program from financial trouble.

PT PAL Indonesia -- http://www.pal.co.id/-- was established by
the Netherlands's government in 1939 under its original name of
MARINA ship docking.  The company was renamed Kaigun SE 2124 while
under the colonial governance of Japan.  In 1980, the status of
the Company was changed from a Public Company (Perusahaan Umum) to
a Limited Company (Perseroan Terbatas) in accordance with notary
deed No.12 of Hadi Moentoro, SH.

PAL Indonesia's factory is located at Ujung, Surabaya.  The
Company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.

                           *     *     *

The Jakarta Post said Indonesia's largest shipping company has
been in dire financial straits since 2008.  PT PAL decided in May
last year to give one day-off every week to up to 800 of its 2,400
employees, as part of efforts to cut costs.  PT PAL posted IDR443
billion (US$44 million) in losses in 2007 and IDR46 billion in
2008.  PAL owes US$120 million in short-term debts to local
private and state banks as of 2009.


SEMEN GRESIK: Appointed as Lead Company of 5 State Cement Firms
---------------------------------------------------------------
The Indonesian government has appointed state-owned Semen Gresik
Group to lead a holding company of state-owned cement producers
that is expected to enter the bourse later this year, The Jakarta
Post reports.

According to the report, Enterprises Minister Mustafa Abubakar
said the ministry was in the midst of preparing legal producers
for the establishment of the holding company with Semen Gresik as
the lead.

With the decision, says the Post, the Semen Gresik Group will be a
parent to PT Semen Gresik in East Java, PT Semen Padang in West
Sumatra, PT Semen Tonasa in South Sulawesi, PT Semen Baturaja in
South Sumatra and PT Semen Kupang in East Nusa Tenggara.

"If Semen Gresik will be at the lead, the company will focus more
on investment and expansion of the holding company," the report
quotes Mustafa as saying.

The Post relates Mustafa said one of the main priorities of the
holding company would be to revitalize Semen Kupang and Semen
Baturaja, which had been underperforming over the past few years.

The plan to establish a holding company for cement producers is
part of the government's plan to streamline state firms and make
them more efficient, the report notes.

                        About Semen Gresik

PT Semen Gresik Tbk (JAK:SMGR) -- http://www.semengresik.com/ina/
-- is an Indonesia-based cement company.  The Company's products
include ordinary Portland cement type I, II, III and V; Portland
Pozzalana cement, a hydraulic cement developed by grinding
clinker, gypsum and pozzolanic materials; Portland composite
cement; Super Mansory cement; oil well cement class G high sulfate
resistant, and special blended cement.  It has seven subsidiaries
which are engaged in cement manufacturing, cement packaging and
distribution, limestone and clay mining, and the real estate
operations.  The Company's production facilities are located at
Gresik and Tuban in East Java, Indarung in West Sumatera and
Pangkep in South Sulawesi and have a current capacity of 17.1
million tons cement annually.

                           *     *     *

Semen Gresik continues to carry Moody's Investors Service' Senior
Unsecured Debt rating at 'Ba2'.


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


TOSHIBA CORP: Inks MOU with Bharat Heavy for T&D Business
---------------------------------------------------------
Toshiba Corporation and Bharat Heavy Electricals Limited have
signed a memorandum of understanding to enter into discussion on
establishing a joint venture company in the transmission and
distribution (T&D) equipment business.  Going forward, Toshiba
aims to set up the joint venture to a target date within June this
year.

Driven by strong economic growth and progress in building
essential social infrastructure, the Indian T&D business market is
expected to see annual demand growth of over 10% in coming years,
and to grow to approximately 400 billion yen by 2015.  Under the
MOU signed on February 18, Toshiba and BHEL, India's largest T&D
equipment and system manufacturer, intend to set up a joint
venture company in India for manufacture of T&D equipment and
systems in India and sales and marketing in India and overseas.

Toshiba is establishing a global T&D business that is particularly
strong in emerging countries that can expect further growth.  In
promoting this strategy the company has expanded its manufacturing
operation in China and established Toshiba Transmission and
Distribution Systems Brazil Ltd.  Toshiba will accelerate
globalization of its T&D business, and targets an overseas sales
ratio of 75% in fiscal year 2015.

Based in New Delhi, India, Bharat Heavy Electricals Ltd
manufactures and markets transformers, insulated switchgears and
generators.

                        About Toshiba Corp.

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.


TOSHIBA CORP: ITC to Investigate Complaints Against Winstron
------------------------------------------------------------
Susan Decker at Bloomberg News reports that Toshiba Corp.?s
patent-infringement claims against Taiwanese laptop maker Wistron
Corp. will be investigated by a U.S. trade agency to determine if
imports of the computers should be banned.

As reported in the Troubled Company Reporter-Asia Pacific on
January 22, 2010, Toshiba Corp. filed a complaint with the U.S.
International Trade Commission against Wistron Corp., seeking to
block imports of notebook computer products by its Taiwanese
rival.  Toshiba claimed Wistron is infringing on two of its
patents specifically on the Acer Aspire 4810T notebook computer
made by Wistron for Acer Inc.

Bloomberg relates the agency issued a notice on February 18 that
it would look into the claims.

Toshiba also filed a lawsuit against Wistron over the same patents
in California.  That case is likely to be put on hold until the
ITC investigation is completed, Bloomberg notes.

In its own suit challenging the Toshiba patents, Bloomberg relates
Wistron said Toshiba has "repeatedly demanded that Wistron enter
into a royalty-bearing license agreement" since 2006.  According
to Bloomberg, the two companies have met several times, and
Wistron said it doesn?t believe it infringes the patents, or that
the patents are invalid.

Bloomberg notes the ITC is a government agency set up to protect
U.S. markets from unfair trade practices and has the power to
order U.S. customs officials to block products from crossing the
border.  It could finish its investigation in about 15 months,
Bloomberg says.

                        About Toshiba Corp.

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
=========


KUMHO ASIANA: STX Group Won't Bid for Daewoo Engineering Stake
--------------------------------------------------------------
STX Group said Monday it will not bid for a stake in Daewoo
Engineering & Construction Co., according to Yonhap News.

STX Corp. said in a regulatory filing that it "reviewed the
takeover, and decided not to bid for Daewoo Engineering,"
according to Yonhap.

While the group said last week that it may join in bidding, a
company official said the group has decided to focus on its
mainstream shipbuilding and shipping businesses, Yonhap relates.

Meanwhile, Yonhap News reports that TR America Consortium is
pursuing the purchase of Daewoo Engineering.  According to Yonhap,
representatives of the U.S.-based company, which participated in
an earlier auction to buy a controlling stake in the builder, are
reportedly planning to visit Seoul this month to negotiate the
takeover.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
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.

Yonhap News said the sale of Daewoo Engineering was delayed after
Jabez Partners and TR America, the two preferred bidders, failed
to show a sufficient commitment to pushing the deal through last
year.  With this, Kumho's main creditor Korea Development Bank
decided to buy 50% plus one share in Daewoo Engineering from the
South Korean conglomerate through a private-equity fund for
KRW18,000 a share.  KDB plans to complete the acquisition of
Daewoo Engineering by June, according to Yonhap.

However, Xinhua News says, the KDB's plan is still at a stalemate
as Kumho's financial investors, who are more focused on recovering
their loss from the put-back options, are not fully in favor of
it.

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.


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


CLIENT RESERVE: S&P Assigns 'BB' Long-Term Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term and
'B' short-term credit ratings to New Zealand-based Client Reserve
Ltd.  The outlook is stable.  The rating reflects S&P's view of
the important role CRL plays in AXA New Zealand's wealth
management activities and the high integration of CRL's operations
with AXA New Zealand (rated legal entity The National Mutual Life
Assoc.  of Australasia Ltd. (NZ), A+/Stable/--).  CRL is the
retail cash investment vehicle for all retail distribution
channels that distribute the managed funds in New Zealand for AXA
Group (core operating subsidiaries rated AA/Negative/--).

"As a result of this close integration, S&P believes AXA New
Zealand would provide solvency support to CRL in the future if
required, particularly given the potential damage to the local AXA
franchise from not doing so," Standard & Poor's credit analyst
Peter Sikora said.  "Despite the integration, S&P considers CRL to
be a non-strategically important company to the global AXA Group."

The non-strategic status is due to CRL's small size, the fact that
the cash management function could be undertaken by another entity
outside of the AXA group, that CRL has no direct name association
with AXA, and that a small part of CRL's depositors are sourced
from outside of the group.  Furthermore, as CRL's future strategy
is uncertain because of its ultimate parent's decision to sell its
Australian and New Zealand operations, S&P has not incorporated
any benefit to the rating from AXA New Zealand's 100% ownership of
CRL.  Furthermore, the rating is moderated by CRL's exposure to
the commercial mortgage property market, which S&P considers to be
of higher risk than other sectors.

Mr.  Sikora stated, "The stable rating outlook reflects S&P's
expectation that CRL's activities will remain highly integrated
with AXA New Zealand's.  The rating would be lowered by any
weakening of S&P's expectation that AXA New Zealand would provide
solvency support to CRL in the event of an unexpected and
unremedied loss in its investment portfolio, a material change in
its investment risk appetite, or significant underperformance of
the investment portfolio.  Positive rating momentum could emerge
from a material increase in CRL's absolute capital base, of a
magnitude that would materially mitigate single-exposure risk
relating to its commercial mortgage portfolio."


CREDIT UNION: S&P Assigns 'BB' Counterparty Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' long-term counterparty credit rating to Credit Union North, a
New Zealand credit union based in the Bay of Plenty and Waikato
areas of the North Island.  At the same time, S&P assigned its 'B'
short-term counterparty rating.  The outlook is stable.

Rating strengths include CUN's loyal membership, seen in a high
reinvestment rate during late 2008 when confidence in
New Zealand's nonbank deposit taker industry was low.  Also,
lending and deposits are spread over a number of small customers,
minimizing single-name risk.  Like other mutuals, however, CUN's
flexibility is limited and earnings are the only source of
capital.  CUN recorded a loss in fiscal 2009.

"Ongoing losses of the kind recorded in 2009 would threaten the
'BB' rating on CUN if repeated regularly," Standard & Poor's
credit analyst Peter Sikora said.  "In S&P's opinion, the 2009
loss was probably only temporary, as part of the weakness last
year was due to a cyclical increase in write-offs that are
unlikely to be repeated as the economy strengthens."

The stable outlook reflects S&P's expectation that CUN will pursue
steady, organic growth through deepening relationships with
existing customers and increasing its core-market customers.  The
ratings could be lowered if losses continued to be recorded, if
there were a significant increase in problem assets, and if there
were a significant reduction in liquidity from current levels.
The ratings could be raised if there were a step-change in key
elements of its credit profile, such as material increase in
absolute capital base, further geographic diversification through
low-risk mergers, and further significant strengthening in capital
adequacy ratios from their already-strong levels.


GENEVA FINANCE: Secures New Funding Arrangements with Lender
------------------------------------------------------------
Geneva Finance Ltd said it has negotiated new funding arrangements
with banker BOS International Australia Ltd that will defer some
principal repayments for some debenture holders, The National
Business Review reports.

Under the agreement, NBR relates, the $35 million BOS facility
reduces to $30 million as at March 31, 2010, and reduces in six
monthly intervals until it is nil on March 31, 2015.  The facility
was to end on April 30, 2011.

According to the report, debenture holder whose repayments were
reset as part of a restructuring on that date will be asked to
defer half of their principal repayments.  They will continue to
receive interest at current rates each month on the outstanding
principal balance.

The report relates that debenture holders who have placed funds
with Geneva since April 28, 2008, will not have any change to the
terms of their investment.

The plan will be put to debenture holders for approval in the last
week of March, the report says.

As reported by the Troubled Company Reporter-Asia Pacific on
October 16, 2008, Geneva Finance said that the group had breached
certain BOSIAL (the company's banker) facility covenants and was
in discussions with BOSIAL with a view to resolving those issues.

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on November 5, 2007.  The outlook on the
rating is negative.


LAMBORGHINI (NZ): Faces Liquidation Over Unpaid Debts
-----------------------------------------------------
The New Zealand Herald reports that exotic car dealer Noel Fava
has filed an application with the High Court in Auckland to
liquidate car dealership firm Lamborghini (NZ) Ltd, which is owned
by sports car dealer Greg Lyne.

Citing documents filed with the court, the Herald relates that
Mr. Lyne's company borrowed money from Mr. Fava to buy several
expensive cars, which he intended to sell.

According to the report, the application to put Lamborghini (NZ)
Ltd into liquidation was filed with the High Court on December 15.
Mr. Fava said in court papers that Mr. Lyne had personally
guaranteed the company debt, the report relates.

The Herald, citing an e-mail from Mr. Lyne's lawyer to Fava's,
says that Mr. Fava had already been told there was no chance of
getting his money back.

The report says hearing was originally scheduled for last December
however it was postponed for medical reasons.  Lamborghini (NZ)
has until February 26 to file a defense, the report notes.

Lamborghini (NZ) Ltd, which operated as Greenlane Exotics &
Prestige RMVT, is a family owned Auckland dealership specializing
in the sale of late model exotic and prestige vehicles.


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


FLEXTRONICS INT'L: Bank Debt Trades at 3% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which Flextronics
International Ltd. is a borrower traded in the secondary market at
96.50 cents-on-the-dollar during the week ended Friday, Feb. 19,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents an increase
of 0.50 percentage points from the previous week, The Journal
relates.  The Company pays 225 basis points above LIBOR to borrow
under the facility.  The debt matures on Oct. 1, 2012.  Moody's
has withdrawn its rating on the bank debt while it carries
Standard & Poor's BB+ rating.  The debt is one of the biggest
gainers and losers among 187 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX; Singapore Reg. No. 199002645H) --
http://www.flextronics.com/-- is an Electronics Manufacturing
Services provider focused on delivering design, engineering and
manufacturing services to automotive, computing, consumer digital,
industrial, infrastructure, medical and mobile OEMs.  Flextronics
helps customers design, build, ship, and service electronics
products through a network of facilities in over 30 countries on
four continents.

The Company's liquidity as of March 31, 2009, was solid with
US$1.8 billion in cash and a fully available US$2 billion senior
unsecured revolving credit facility which expires in May 2012.
Additionally, Fitch expects Flextronics to produce strong free
cash flow, even in the current environment with minimal working
capital requirements and reduced capital spending plans.  Fitch
estimates that Flextronics has produced average annual free cash
flow of nearly US$500 million each of the past three years.
Flextronics utilizes an accounts receivable securitization
facility as well as accounts receivable sales agreements for
additional liquidity purposes.

Total debt as of March 31, 2009 was US$3 billion and consisted
primarily of i) US$195 million in 0% junior convertible
subordinated notes due July 2009 which Fitch expects to be
redeemed from existing cash; US$1.7 billion outstanding under a
senior unsecured term loan facility, of which approximately US$500
million is due in October 2012 with the remainder due in October
2014; US$240 million in 1% convertible subordinated notes due
August 2010; US$400 million in 6.5% senior subordinated notes due
May 2013; and US$400 million in 6.25% senior subordinated notes
due November 2014.  Flextronics also has around US$200 million
outstanding under its accounts receivable securitization facility
and US$350 million outstanding under various accounts receivable
sales agreements.


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


AU OPTRONICS: May Build Flat-Panel Manufacturing Plant in China
---------------------------------------------------------------
Jessie Ho at Dow Jones Newswires reports that AU Optronics Corp.
spokeswoman Yawen Hsiao said the company may build a 7.5-
generation flat-panel manufacturing plant in China with a partner.

"We are now planning the details of our Chinese plant and will
apply for government approval as soon as possible . . . everything
is possible," Ms. Hsiao told the Dow Jones Newswires.

Dow Jones relates Ms. Hsiao said Chinese flat-panel maker
InfoVision Optoelectronics (Kunshan) Co. and another Kunshan-based
company have approached AU Optronics for possible cooperation, but
AU Optronics hasn't made a final decision.

A 7.5-generation plant usually costs NT$100 billion, but its final
investment in the Chinese plant is still under discussion, Ms.
Hsiao told Dow Jones.

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


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


THAI AIRWAYS: Revises Ad Budget After Scandal Involving Directors
-----------------------------------------------------------------
Thai Airways International is revising its advertising strategy
and spending plan following a scandal involving one of its
commercial directors, The Bangkok Post reports.

Bangkok Post says the amendment follows THAI's decision to move
Ratanawalee Loharjun, director for brand management and commercial
communications, to an inactive post after alleged irregularities.
Mrs. Ratanawalee, the Post relates, was investigated following
complaints about her spending of the airline's ad and
communications budgets.

Bangkok Post notes THAI said in a statement that the investigation
into the alleged misconduct was complete.  The airline is
considering what disciplinary action to take, the report says.

THAI said the carrier will find a replacement for her in a
"systematic and transparent" manner, the Post adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2009, Thai Airways asked the government for emergency
funds to resolve a cash shortage after being hit by a surge in
fuel prices, the global economic slowdown and shutdowns of Bangkok
airports in 2008.

Citing Raj Tanta-Nanta, Thai Airways's vice-president for investor
relations, The Financial Times reported that the funds would go
towards covering the airline's short-term borrowing requirements,
with the rest going to balance sheet support.

Thai Airways, whose stock has fallen 80% in the past year, has
"problems with cash flow because we lost THB19 billion in cash
during the closures of airports," acting President Narongsak
Sangapong told Reuters.

Thai Airways made a net loss of THB4.03 billion (US$121.4
million), or THB2.37 per share, in the July-September 2009
quarter, against THB426 million profit a year earlier.

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand.  During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world.  Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services.  In addition, the company
offers support services such as dispatch services, sales on board
and Thai shop.  Headquartered in Bangkok, THAI has a subsidiary
and 10 affiliated companies.


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


DUBAI WORLD: Government Won't Seek Senior Creditor Status
---------------------------------------------------------
The Wall Street Journal's Maria Abi-Habib reports that a
spokeswoman for the government of Dubai said Monday the government
won't seek senior creditor status in restructuring talks under way
between Dubai World and its lenders.

The Journal says a senior creditor status could have entitled the
government to get its money back before other creditors.
According to the Journal, the position being taken by the
government may help simplify Dubai World's negotiations with
creditors over some $22 billion of the company's debt.

"The Dubai government will be treated on an equal footing with all
creditors," the Dubai government spokeswoman said, according to
the Journal. "The government is committed to a fair and equal
process, and we want to maximize recovery for all creditors."

The Journal also reports that Deputy Treasury Secretary Neal
Wolin, who met with officials in Dubai last week, said he expects
the emirate's government to articulate plans for dealing with
Dubai World's debt in the next two to four weeks.  "I encouraged
them to do it quickly, to take their medicine sooner rather than
later and to do it transparently," he said.

As reported by the Troubled Company Reporter on February 16, 2010,
people familiar with the matter have told Zawya Dow Jones that
Dubai World may offer creditors just 60% of the money they are
owed as part of a deal to reschedule $22 billion in debt.

According to Dow Jones Newswires' Mirna Sleiman, one potential
offer being considered in Dubai World's debt-restructuring talks
was a repayment offer of 60 cents on the dollar, paid back after
seven years, and backed up by government guarantees.

Sources told Dow Jones another proposal involves creditors
receiving full payment, including 40% of their Dubai World debt in
the form of assets in Nakheel -- Dubai World's real estate unit --
but with no government guarantee over the same seven-year period.

The TCR on February 19, 2010, said Dubai World will present a
proposal to creditors in March.  According to the TCR, Bloomberg
News, citing a person close to the Dubai government, said the
proposal will be made after valuation of the assets are completed
and after consultations with the Abu Dhabi government and the
United Arab Emirates' Central bank.

According to Bloomberg, all restructuring options are being
considered, including swapping Nakheel's $1.73 billion bonds with
new securities.  A graded loan recovery system is also an option,
which will allow banks wishing earlier repayment lower recovery on
their loans than those who are prepared to wait.

Dubai World and its advisers will attempt to agree on a
restructuring plan with its creditors by April 15 so that
Nakheel's bondholders have time to execute a possible exchange of
their debt, Bloomberg cited the unidentified person as saying.

                        6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

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

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

                          Large Exposure

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

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

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

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

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

                        About Dubai World

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

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


* BOND PRICING: For the Week to February 15 to February 19, 2010
----------------------------------------------------------------


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

   AUSTRALIA
   ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       0.80
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.92
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       0.50
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       2.30
JPM AU ENF NOM 1         3.50    06/30/2010   USD       9.54
MINERALS CORP           10.50    09/30/2011   AUD       0.65
NEW S WALES TREA         1.00    09/02/2019   AUD      62.93
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       0.45
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      50.73

   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      73.54

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      24.12


   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
SUBEX AZURE              2.00    03/09/2012   USD      61.50


   INDONESIA
   ---------

MOBILE-8 TELECOM        12.37    06/15/2017   IDR      50.00

   JAPAN
   -----

AIFUL CORP               1.58    05/26/2011   JPY      71.66
AIFUL CORP               1.50    10/20/2011   JPY      64.96
AIFUL CORP               6.00    12/12/2011   USD      74.25
AIFUL CORP               6.00    12/12/2011   USD      73.02
AIFUL CORP               1.20    01/26/2012   JPY      57.57
AIFUL CORP               1.99    03/23/2012   JPY      56.96
AIFUL CORP               1.22    04/20/2012   JPY      54.95
AIFUL CORP               1.63    11/22/2012   JPY      50.93
AIFUL CORP               1.74    05/28/2013   JPY      49.91
AIFUL CORP               1.99    10/19/2015   JPY      44.85
COVALENT MATERIAL        2.87    02/18/2013   JPY      57.01
CSK CORPORATION          0.25    09/30/2013   JPY      71.89
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.00
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      56.17
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      55.65
SHINSEI BANK             5.63    12/29/2049   GBP      72.50
TAKEFUJI CORP            9.20    04/15/2011   USD      53.87
TAKEFUJI CORP            9.20    04/15/2011   USD      53.87
TAKEFUJI CORP            8.00    11/01/2017   USD      12.00
TAKEFUJI CORP            1.50    06/19/2018   JPY      70.75
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15
WILLCOM INC              2.35    06/27/2012   JPY       9.73

   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.12
CRESCENDO CORP B         3.75    01/11/2016   MYR       0.90
DUTALAND BHD             4.00    04/11/2013   MYR       0.78
DUTALAND BHD             4.00    04/11/2013   MYR       0.35
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.95
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.97
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.50
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.15
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.70
LION DIVESIFIED          4.00    12/17/2013   MYR       1.69
MITHRIL BHD              3.00    04/05/2012   MYR       0.67
NAM FATT CORP            2.00    06/24/2011   MYR       0.35
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.19
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64
RUBBEREX CORP            4.00    08/14/2012   MYR       1.55
SCOMI GROUP BHD          4.00    12/14/2012   MYR       0.10
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.70
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.11
WAH SEONG CORP           3.00    05/21/2012   MYR       2.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.30
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.95

   NEW ZEALAND
   -----------
ALLIED NATIONWID        11.52    12/29/2049   NZD      50.00
BLUE STAR PRINT          9.10    09/15/2012   NZD      64.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD       8.40
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.45
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       9.50
INFRATIL LTD             8.50    11/15/2015   NZD       9.50
INFRATIL LTD             8.50    02/15/2020   NZD      66.63
INFRATIL LTD            10.18    12/29/2049   NZD      66.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.37
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       0.99
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      50.75
SKY NETWORK TV           4.01    10/16/2016   NZD      55.03
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.63
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.57
ST LAURENCE PROP         9.25    05/15/2011   NZD      64.37
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       8.20
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.25
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.01
VECTOR LTD               8.00    12/29/2049   NZD       7.10


   SINGAPORE
   ---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      54.33
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.38
WBL CORPORATION          2.50    06/10/2014   SGD       2.17


   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      65.37




                         *********

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 T. Fernandez, 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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