TCRAP_Public/100305.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, March 5, 2010, Vol. 13, No. 045

                            Headlines



A U S T R A L I A

CUBBIE GROUP: Fails to Attract Acceptable Bids
CITY PACIFIC: ASIC Refuses to Fund Liquidator Probe
BNY TRUST: Fitch Takes Rating Actions on Various Tranches
* Court Declares 11 Property Schemes Unregistered; Orders Windup


C H I N A

CHINA MERCHANTS: To Raise US$3.2-Bln in Rights Offering


H O N G  K O N G

A.M.S. (HK): Court Enters Wind-Up Order
AGI LOGISTICS: Court Enters Wind-Up Order
BARLEY TREASURE: Court Enters Wind-Up Order
BLUE LIGHT: Court Enters Wind-Up Order
CHAMPION WELL: Contributories and Creditors to Meet on March 5

CHARTERED ENVIRONMENTAL: Court Enters Wind-Up Order
CHECKERS LIMITED: First Meeting Slated for March 22
CHINA SPORTS: Li and Tsang Appointed as Liquidators
CHOI FOOK: Court to Hear Wind-Up Petition on March 10
COMPUTER SUPPLIES: Court Enters Wind-Up Order

DIANOOR INT'L: Contributories and Creditors to Meet on March 22
DIANOOR JEWELCRAFT: First Meeting Slated for March 22
FIRST DRAGON: Court to Hear Wind-Up Petition on March 31
FULL CREATION: Creditors and Contributories to Meet on March 19
GLOBAL SUCCESS: Court to Hear Wind-Up Petition on March 17

TECH SYSTEM: Lai and Haughey Step Down as Liquidators
TECH SYSTEM TECHNOLOGY: Lai and Haughey Step Down as Liquidators
TEXKNIT LIMITED: Members' Final General Meeting Set for March 31
TRADE POINT: Members' Final Meeting Set for March 26
WELL MANDER: Members' Final General Meeting Set for March 26

WHOLLY BEST: Members' Final Meeting Set for March 31
YUEN SHING: Members' Final Meeting Set for March 31


I N D I A

ADVANCE IMPEX: CRISIL Puts INR469 Mil. Cash Credit Limit at 'BB'
AIR INDIA: Eyes Up to 17% Pay Cut to Save Costs
AIR INDIA: To Get INR1,200cr Equity Infusion From Government
ALLIANZ CONVERGENCE: CRISIL Rates INR75 Mil. Cash Credit at 'BB'
AMARA RAJA: CRISIL Cuts Rating on Various Bank Loans to 'BB'

BALDEV METALS: Small Net Worth Prompts CRISIL 'B+' Rating
EMPEE HOTELS: CARE Assigns 'CARE BB+' Rating on INR177cr LT Loans
FORD MOTOR: India Feb. Sales Up 22.67%; to Launch Figo on March 9
G-ONE AGRO: CRISIL Assigns 'B+' on INR59.6 Million Term Loan
JANAKI COMMERCIAL: CRISIL Rates INR50 Million Cash Credit at 'BB'

JASUBHAI JEWELLERS: CARE Assigns 'CARE BB+' Rating on LT Loans
KALYAN SANGAM: CARE Rates INR225cr LT Bank Debts at 'CARE BB+'
KUTCH RAILWAY: Fitch Upgrades Ratings on Bank Loans from 'BB+'
MANTRI METALLICS: Poor Liquidity Prompts CRISIL Junk Ratings
PRABHAT STEEL: CRISIL Assigns 'BB+' Rating on INR20MM Cash Credit

R. KUPPUSWAMY: Delay in Loan Servicing Cues CRISIL Junk Ratings
SARA SHREY: CRISIL Assigns 'B-' Rating on INR272.1 Mil. LT Loan
SPICEJET: Selling Preferential Shares to Raise US$75 Million
TACO VISTEON: CRISIL Downgrades Rating on INR15MM Loans to 'BB'


I N D O N E S I A

* INDONESIA: PPA to Set Up Finance Unit to Help Ailing State Firms


J A P A N

JAPAN AIRLINES: Ends Cargo Business Merger Talks With NYK


M A L A Y S I A

AXIS INC: Posts MYR1.71 Million Net Loss in Q2 Ended Dec. 31
OILCORP BERHAD: UOB Serves Notice of Default on Unit
OILCORP BERHAD: Unit Defaults on MYR14-Mln Outstanding MUNIF Notes


N E W  Z E A L A N D

BLUE CHIP: Liquidators to Pursue Probe on Possible Breaches


S I N G A P O R E

ASIA WATER: Annual Net Loss Widens to CNY179.20 Mil. in FY2009


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


CUBBIE GROUP: Fails to Attract Acceptable Bids
----------------------------------------------
The Sydney Morning Herald reports that Cubbie Station has failed
to attract a bid acceptable to its administrators.

Administrators McGrathNicol said the expression of interest phase
was closed after potential buyers failed to lodge acceptable bids
for the southwest Queensland farm, the report says.

According to the report, McGrathNicol said in a statement that
they remain in discussions with a number of interested parties
regarding their continued interest in the Cubbie Group.

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

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

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

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


CITY PACIFIC: ASIC Refuses to Fund Liquidator Probe
---------------------------------------------------
The Australian Securities & Investments Commission has refused to
fund liquidator investigations into the collapse of financier City
Pacific -- which lost AU$500 million held by more than 10,000
investors -- claiming it would not provide enough "deterrent
value", The Australian reports.

The Australian says the move comes as City Pacific's liquidators
have allegedly uncovered a raft of unusual transactions within the
group, including an AU$11 million transfer to a subsidiary of
Queensland property developer Indigo Private Group.

City Pacific liquidator Andrew Wily, of Armstrong Wily, alleged
that preliminary investigations had uncovered a series of
"unusual" transactions, but an application to ASIC's Assetless
Administration Fund had been rejected, according to The
Australian.

"We were only seeking $50,000 to $100,000 to fund an
investigation, which is peanuts when you look at the hundreds of
thousands of investors' funds that have been lost," Mr. Wily told
The Australian.

ASIC declined to comment, The Australian says.

                        About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is engaged in funds management, including acting as responsible
entity and manager of four registered managed investment schemes
(City Pacific First Mortgage Fund (formerly City Pacific Mortgage
Trust), City Pacific Income Fund, City Pacific Managed Fund and
City Pacific Private Fund), property, financial services,
investment/trading activities and operations.  The Company
conducts business in five primary segments, being funds
management, property, financial services, investment/trading and
operating. On July 2, 2007, the Company acquired Australian
Beneficial Finance Pty Ltd., which is a mortgage manager
specializing in residential mortgage origination and management,
and commercial and development funding.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.

City Pacific's banker, the Commonwealth Bank, called in Ian Carson
and Daniel Bryant from PPB to act as receivers and managers
because the company is unable to pay debts of more than AU$100
million.  PPB partner Ian Carson said City Pacific's loss of the
fund had had a "significant impact upon (its) ability to service
its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd has
been put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AU$3,060.


BNY TRUST: Fitch Takes Rating Actions on Various Tranches
---------------------------------------------------------
Fitch Ratings has downgraded 1, affirmed 8 and upgraded 8 tranches
of RMBS and ABS tranches issued by BNY Trust Company of Australia
Limited in its capacity as trustee of the Mobius ELR-01, Mobius
NCM-03 and Mobius NCM-04 Trusts.  The rating actions are as listed
below.  The Mobius ELR-01 transaction is a securitization of
equipment lease receivables, whilst the Mobius NCM-03 and NCM-04
transactions are securitizations of non-conforming mortgages.

Mobius ELR-01:

  -- AUD4.6m* Class A (ISIN AU300MOB3018): upgraded to 'BB' from
     'B', removed from RWN, assigned Stable Outlook, Loss Severity
     Rating 'LS-3';

  -- AUD23.0m* Class B (ISIN AU300MOB3026): affirmed at 'D',
     Recovery Rating Revised to 'RR4' from RR6;

  -- AUD2.7m* Class C (ISIN AU300MOB3034): affirmed at 'D',
     Recovery Rating of 'RR6'; and

  -- AUD2.8m* Class D (ISIN AU300MOB3042): affirmed at 'D',
     Recovery Rating of 'RR6'.

  * Invested Amount.  The Stated Amounts for Classes B, C and D
    differ due to charge-offs.

The rating actions on Mobius ELR-01's Class A notes follow the
final outcome of the Australian Competition and Consumer
Commission's legal proceedings in the Federal Court for alleged
contraventions of the Trade Practices Act 1974 in relation to the
failed Bill Express electronic product, promotion, sales and bill
payment network.  The ACCC action raised the possibility that the
Trust may have to refund substantial amounts to TBI obligors.  The
findings were that the Trust had to repay only AUD190,597.65 to
TBI obligors, which had been held in escrow and the refund was
completed in November 2009.  The ACCC findings, together with the
continued pay down of the notes have been beneficial to the Class
A notes, thus supporting the upgrade.

The capacity for continued payment of Class A principal remains
vulnerable to any deteriorating economic conditions, as well as
significant concentration risk to the performance of the
Enterprise Finance Solutions Pty Ltd receivables, which represents
85% of the current receivables as at 31 January 2010.  Classes C
and D have been fully charged-off and Class B partially charged
off.  With only AUD13.90m worth of current leases outstanding, the
total invested amount of Classes B to D is in excess of AUD28m and
Fitch continues to believe these notes remain irrevocably impaired
such that principal is not expected to be paid in full during the
life of the transaction supporting their D rating.

Mobius NCM-03:

  -- AUD28.32m Class B (AU300MOB2036) upgraded to 'AA' from 'A';
     Outlook revised to Positive from Stable; Loss Severity Rating
     'LS-1';

  -- AUD12.65m Class C (AU300MOB2044) upgraded to 'A' from 'BBB';
     Outlook Stable; Loss Severity Rating revised to 'LS-2' from
     'LS-3';

  -- AUD12.10m Class D (AU300MOB2051) upgraded to 'BB' from 'B+';
     Outlook revised to Stable from Negative; Loss Severity Rating
     assigned at 'LS-2', and

  -- AUD 6.60m Class E (AU300MOB2069) upgraded to 'CCC' from 'C';
     Recovery Rating revised to 'RR2' from 'RR4.

Fitch has upgraded 4 Classes of Mobius NCM-03 notes following a
review of the transaction's performance and modelling forward the
prospective outlook for the transaction, taking into account the
significant reduction of arrears flowing through from Pepper
Australia Pty Ltd's special servicing.  The agency notes that 30+
day arrears have continued to reduce significantly to an all time
low of 5.63% as at 31 January 2010.  This recent trend has seen a
reduced number of borrowers falling behind on repayments and an
increased ability to clear out longer-dated arrears thanks to
generally improved property conditions.  The transaction's future
performance is not expected to deteriorate significantly.  This
has contributed to the revision in outlook to positive from stable
for the Class B note, being the most senior note outstanding.
However, should interest rates continue to rise and economic
conditions worsen, this transaction may face an increase in
arrears, though these are not expected to reach the high levels
seen in early 2008.

Mobius NCM-04 Trust:

  -- AUD996k Class A1 (AU0000MBBHA7) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating revised to 'LS-5' from 'LS-3';

  -- AUD351k Class A2 (AU3FN0000873) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating revised to 'LS-5' from 'LS-4';

  -- AUD23.3m Class B (AU3FN0000881) affirmed at 'AA'; Outlook
     revised to Positive from Negative; Loss Severity Rating of
     LS-3;

  -- AUD27.8m Class C (AU3FN0000899) upgraded to 'A+' from 'A-';
     Outlook revised to Stable from Negative; Loss Severity Rating
     revised to 'LS-2' from 'LS-3';

  -- AUD18.9m Class D (AU3FN0000907) upgraded to 'B' from 'CCC';
     Outlook revised to Stable from Negative; Loss Severity Rating
     assigned at 'LS-3';

  -- AUD8.6m Class E (AU3FN0000915) upgraded to 'CCC' from 'C';
     Recovery Rating revised to 'RR2' from 'RR4';

  -- AUD7.7m* Class F (AU3FN0000923) affirmed at 'C'; Recovery
     Rating revised to RR3 from RR6;

  -- Class Z** affirmed at 'AAA', assigned Stable Outlook; and

  -- Class M** downgraded to 'B' from 'BBB', assigned Stable
     Outlook.

  * Invested Amount.  The Stated Amount for Class F differs due to
    charge-offs.

  ** Interest Only.

Fitch has reviewed the transaction's performance and modelled
forward the prospective outlook for Mobius NCM-04, taking into
account the continued high percentage of loans which remain 90+
days in arrears.  Although the number of accounts falling into
arrears has slowed, longer-dated arrears remain, with some being
in arrears longer than two years.  The ability to clear these
arrears is a major factor determining the future performance of
the transaction, particularly in the near term.  Once these
longer-dated arrears can be cleared out, the performance of this
transaction is expected to stabilize.  The condition of this pool
has improved from its peak arrears in mid 2008 of 28.63%.  The
build up of credit enhancement has been significant for Classes A1
through D.  The Class A1 and A2 notes are expected to be paid in
full this year, which will see the Class B notes receiving
principal pass-through, supporting the change in outlook from
negative to positive.  The rating action on the interest only
Class M note follows rating action on the Class D note.  The
outlook for both Class C and D notes have also been revised from
negative to stable, with the continued build up of credit
enhancement, and a decrease in the number of new arrears.  As
detailed above, this transaction may be impacted by increasing
interest rates and any worsening of economic conditions, though
Fitch does not expect to see arrears reach the high levels levels
seen in mid 2008.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


* Court Declares 11 Property Schemes Unregistered; Orders Windup
----------------------------------------------------------------
The Federal Court in Victoria appointed receivers to 11 joint
venture property projects associated with Melbourne-based company
director Mark Ronald Letten.

The Australian Securities & Investments Commission said the Court
last week made declarations that the property projects were
unregistered managed investment schemes.

Damian Templeton and Phillip Hennessy of accounting firm KPMG were
appointed receivers and managers of the unregistered managed
investment schemes and 43 related companies.

The Court also appointed receivers and managers to the property of
a further four projects, however it has not yet been determined
whether they were unregistered managed investment schemes.

The receivers and managers' role will be to secure the assets,
identify the investors and establish the current financial
position of the schemes and the companies.

The receivers and managers are required to notify investors who
have been identified as members of the schemes of the Court
orders. The receivers and managers are also required to report to
the Court and to investors on issues such as assets of the
schemes, any amounts owing to investors and the overall solvency
of the schemes.

After receiving the receivers and managers' report, the Court
orders allow investors, within 30 days to make submissions
regarding the future of the schemes by giving notice of any
application to the receivers and managers and other parties to
ASIC's proceedings.

Mr. Letten consented to the appointment of receivers and managers
to the majority of unregistered schemes and companies.

ASIC alleged that Mr. Letten promoted and sold investments in
commercial property joint venture projects that should have been
registered as managed investment schemes under the Corporations
Act (the Act).  ASIC believes that more than 1,000 investors
placed more than AU$80 million in the projects.

ASIC is also seeking final declarations that Mr. Letten carried on
a financial services business without holding an Australian
financial services license and that he operated each managed
investment scheme in circumstances where the schemes should have
been registered under the Act.

ASIC has also applied for orders that Mr. Letten be permanently
restrained from operating a financial services business and from
promoting or operating managed investment schemes.

In the interim, Mr. Letten has provided undertakings to the Court
to not deal in any manner with the funds or assets of the
defendant companies and schemes and that he refrain from promoting
interests in any managed investment schemes, be they registered or
unregistered.

Mr. Letten has provided travel and passport undertakings to ASIC
and has also provided undertakings to the Court regarding his
assets.

ASIC's application for the appointment of a receiver and manager
to SY21 Pty Ltd, another company related to Mr. Letten, was
adjourned by the Court to March 4, 2010.  Undertakings were
provided to the Court by the directors of this company in respect
of preserving the assets of SY21.

The proceedings in relation to the remaining projects, schemes and
companies will heard before the Federal Court in Melbourne on
May 21, 2010.

A full-text copy of ASIC's news release, which includes a list of
the projects, is available at no charge at:
http://ResearchArchives.com/t/s?56f8


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


CHINA MERCHANTS: To Raise US$3.2-Bln in Rights Offering
-------------------------------------------------------
Shanghai Daily reports that China Merchants Bank, in a filing with
the Shanghai Stock Exchange on March 3, said it will offer 1.3
shares for every 10 held to issue 2.03 billion yuan-backed A
shares in Shanghai and 449 million H-shares in Hong Kong.
According to the report, China Merchants seeks to raise CNY22
billion (US$3.2 billion) in the planned rights offer.  The report
says the bank priced the shares at CNY8.85 each in Shanghai.

"The rights offer can boost the bank's capital adequacy ratio to
11.5 percent to support its development for three years," the
report cited China International Capital Corp as saying in a note.
"The offer can act as a catalyst to the bank's shares because the
capital raising helps trim uncertainties about the bank's
expansion."

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 4, 2010, Fitch Ratings downgraded the Individual ratings
of China Merchants Bank and China CITIC Bank to 'D' from 'C/D',
reflecting both banks' noticeable deterioration in capital and
rising on- and off-balance-sheet credit risk in the wake of last
year's very rapid loan growth.  The assessment was conducted in
conjunction with a review of all 16 Chinese commercial banks under
the agency's coverage.  The ratings of all other banks were
affirmed.


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


A.M.S. (HK): Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on February 17, 2010,
to wind up the operations of A.M.S. (HK) Scaffolding Services
Limited.

The official receiver is E T O'Connell.


AGI LOGISTICS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on February 10, 2010,
to wind up the operations of Agi Logistics (Hong Kong) Limited.

The official receiver is E T O'Connell.


BARLEY TREASURE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on February 17, 2010,
to wind up the operations of Barley Treasure Holdings Limited.

The official receiver is E T O'Connell.


BLUE LIGHT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order January 4, 2010, to
wind up the operations of Blue Light Trading Co., Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


CHAMPION WELL: Contributories and Creditors to Meet on March 5
--------------------------------------------------------------
Contributories and creditors of Champion Well International
Limited will hold their first meeting on March 5, 2010, at
2:00 p.m., and 2:30 p.m., respectively at Unit 511, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in  Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's provisional liquidators, will give a report on the
company's wind-up proceedings and property disposal.


CHARTERED ENVIRONMENTAL: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong entered an order on February 10, 2010,
to wind up the operations of Chartered Environmental List Limited.

The official receiver is E T O'Connell.


CHECKERS LIMITED: First Meeting Slated for March 22
---------------------------------------------------
Contributories and creditors of Checkers Limited will hold their
first meeting on March 22, 2010, at 12:00 p.m., and 12:15 p.m.,
respectively at the Duke of Windsor Social Service Building, Room
201, 2nd Floor, 15 Hennessy Road, Wanchai in Hong Kong.

At the meeting, Edward Simon Middleton, Patrick Cowley and Kevin
Roy Mawer, the company's provisional liquidators, will give a
report on the company's wind-up proceedings and property disposal.


CHINA SPORTS: Li and Tsang Appointed as Liquidators
---------------------------------------------------
Li Man Wai and Tsang Lai Fun of Raymond Li & Co on February 12,
2010, were appointed as liquidators of China Sports and
Entertainment Limited.

The liquidators may be reached at:

         Li Man Wai
         Tsang Lai Fun
         Room 1001, 10th Floor
         Tai Yau Building
         Wanchai, Hong Kong


CHOI FOOK: Court to Hear Wind-Up Petition on March 10
-----------------------------------------------------
A petition to wind up the operations of Choi Fook Group Company
Limited will be heard before the High Court of Hong Kong on
March 10, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Law & Co.
          Vincent House, Office A, 11/F
          513 Lockhart Road,
          Causeway Bay, Hong Kong


COMPUTER SUPPLIES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order December 29, 2009, to
wind up the operations of Computer Supplies Express Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


DIANOOR INT'L: Contributories and Creditors to Meet on March 22
---------------------------------------------------------------
Contributories and creditors of Dianoor International Limited will
hold their first meeting on March 22, 2010, at 9:00 a.m., and
9:15 a.m., respectively at the Duke of Windsor Social Service
Building, Room 201, 2nd Floor, 15 Hennessy Road, Wanchai in
Hong Kong.

At the meeting, Edward Simon Middleton, Patrick Cowley and Kevin
Roy Mawer, the company's provisional liquidators, will give a
report on the company's wind-up proceedings and property disposal.


DIANOOR JEWELCRAFT: First Meeting Slated for March 22
-----------------------------------------------------
Contributories and creditors of Dianoor Jewelcraft Limited will
hold their first meeting on March 22, 2010, at 11:00 a.m., and
11:15 a.m., respectively at the Duke of Windsor Social Service
Building, Room 201, 2nd Floor, 15 Hennessy Road, Wanchai in
Hong Kong.

At the meeting, Edward Simon Middleton, Patrick Cowley and Kevin
Roy Mawer, the company's provisional liquidators, will give a
report on the company's wind-up proceedings and property disposal.


FIRST DRAGON: Court to Hear Wind-Up Petition on March 31
--------------------------------------------------------
A petition to wind up the operations of First Dragon Fashion
(HongKong) Limited will be heard before the High Court of
Hong Kong on March 31, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Messrs. C.C. Lee & Co.
          On Lok Yuen Building, 6th Floor
          No. 25 Des Voeux Road Central
          Hong Kong


FULL CREATION: Creditors and Contributories to Meet on March 19
---------------------------------------------------------------
Creditors and contributories of Full Creation Development Limited
will hold their first meeting on March 19, 2010, at 3:30 p.m., and
4:00 p.m., respectively, at the Boys' and Girls' Clubs Association
of Hong Kong, 2 Lockhart Road, Wanchai in Hong Kong.

At the meeting, Yu Tak Yee Beryl and Choi Tze Kit Sammy, the
company's provisional liquidators, will give a report on the
company's wind-up proceedings and property disposal.


GLOBAL SUCCESS: Court to Hear Wind-Up Petition on March 17
----------------------------------------------------------
A petition to wind up the operations of Global Success Asia Group
Limited will be heard before the High Court of Hong Kong on
March 17, 2010, at 9:30 a.m.

Canton Property Investment Limited filed the petition against the
company on January 6, 2010.

The Petitioner's Solicitors are:

          Lovells
          11th Floor, One Pacific Place
          88 Queensway
          Hong Kong


TECH SYSTEM: Lai and Haughey Step Down as Liquidators
-----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Tech System Limited on February 18, 2010.


TECH SYSTEM TECHNOLOGY: Lai and Haughey Step Down as Liquidators
----------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Tech System Technology Limited on February 18,
2010.


TEXKNIT LIMITED: Members' Final General Meeting Set for March 31
----------------------------------------------------------------
Members of Texknit Limited will hold their final general meeting
on March 31, 2010, at 10:30 a.m., at the Room 903-908, Kai Tak
Commercial Building, 317-319 Des Voeux Road Central, in Hong Kong.

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


TRADE POINT: Members' Final Meeting Set for March 26
----------------------------------------------------
Members of Trade Point Development limited will hold their final
general meeting on March 26, 2010, at 10:00 a.m., at the office of
the Liquidator, 9/F., Surson Commercial Building, 140-142 Austin
Road, Tsimshatsui, in Kowloon.

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


WELL MANDER: Members' Final General Meeting Set for March 26
------------------------------------------------------------
Members of Well Mander Limited will hold their final general
meeting on March 26, 2010, at 10:00 a.m., at the 14/F., Shanghai
Industrial Investment Building, 48 Hennessy Road, Wanchai, in Hong
Kong.

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


WHOLLY BEST: Members' Final Meeting Set for March 31
----------------------------------------------------
Members of Wholly Best Company Limited will hold their final
meeting on March 31, 2010, at 4:30 p.m., at the 11th Floor, Lai
Sun Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong
Kong.

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


YUEN SHING: Members' Final Meeting Set for March 31
---------------------------------------------------
Members of Yuen Shing Investment Company Limited will hold their
final meeting on March 31, 2010, at 10:00 a.m., at the Flat A,
16/F., United Centre, 95 Queensway, in Hong Kong.

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


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I N D I A
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ADVANCE IMPEX: CRISIL Puts INR469 Mil. Cash Credit Limit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Advance Impex Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR469.0 Million Cash Credit Limit^    BB/Stable (Assigned)
   INR20.0 Million Standby Line of Credit BB/Stable (Assigned)
   INR161.0 Million Term Loan             BB/Stable (Assigned)
   INR25.0 Million Letter of Credit/      P4+ (Assigned)
                     Bank Guarantee

   ^Including proposed limit of INR149.0 million

The ratings reflect AIPL's average financial risk profile, which
is expected to deteriorate further because of ongoing debt-funded
expansions, and its exposure to risks relating to intense
competition in the thermo-mechanically treated (TMT) steel bar
industry.  These weaknesses are partially offset by the benefits
that AIPL derives from its promoters' experience in the long steel
products industry.

Outlook: Stable

CRISIL believes that AIPL will maintain a stable business risk
profile over the medium term on the back of its marketing
agreement with Kamdhenu Ispat Ltd.  AIPL's financial risk profile
may, however, remain constrained by moderate debt protection
measures and high gearing. The outlook may be revised to
'Positive' if AIPL's debt protection measures improve, leading to
a stronger financial risk profile, and if the company manages its
working capital requirements more efficiently.  Conversely, the
outlook may be revised to 'Negative' if AIPL undertakes large,
debt-funded capital expenditure, or faces significant pressure on
revenues and margins.

                        About Advance Impex

Incorporated in September 2003, AIPL manufactures mild steel (MS)
ingots. AIPL commenced commercial production in February 2006. In
2008-09 (refers to financial year, April 1 to March 31), it
forward integrated into manufacturing TMT bars. The company is
currently installing facilities to manufacture angles, channels,
and girders of 36,000 tonnes per annum (tpa). Its plant at
Ghaziabad (Uttar Pradesh) has capacity to manufacture 72,000 tpa
and 18,000 tpa of TMT bars and MS ingots, respectively. The
company sells TMT bars under the brand, Kamdhenu, as per its
agreement with KIL.

AIPL reported a profit after tax (PAT) of INR16.7 million on net
sales of INR814.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR7.1 million on net sales
of INR260.2 million for 2007-08.


AIR INDIA: Eyes Up to 17% Pay Cut to Save Costs
-----------------------------------------------
National carrier Air India that is planning a 15% to 17% pay cut
for its employees to save INR700 crore to INR800 crore on its
annual wage bill of about INR3,100 crore, The Times of India
reports.

Aviation minister Praful Patel said that the National Aviation
Company of India Ltd. has to cut costs as government support can't
be indefinite, the Times of India relates.

According to the report, airline chief Arvind Jadhav said that the
ministry will be holding discussions on all issues about AI for
two days around March 15.

"We will need the shareholders' (read government) consent before
doing anything.  Other full service carriers like Jet and
Kingfisher also cut salaries drastically during the slowdown to
survive," the report quoted Jadhav as saying.

The report relates the plan will only be taken after top
government approve with tough steps that may lead to industrial
action by employees.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, NACIL was seeking INR14,000 crore in equity
infusion, soft loans and grants to cope with mounting losses.

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

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

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


AIR INDIA: To Get INR1,200cr Equity Infusion From Government
------------------------------------------------------------
The Economic Times reports that Civil Aviation Minister Praful
Patel said Wednesday that Air India would get INR1,200 crore more
next fiscal as committed by the government in the annual budget.

"This will be over and above INR800 crore ($160 billion) equity
infusion which was approved by the government last month for Air
India," Patel told reporters on the sidelines of the International
Exhibition and Conference on Civil Aviation held in India,
according to the Times.

The report relates Patel said the financial help to the airline by
the government is only to raise it on its feet.  "This does not
mean that Air India would keep getting such monetary help from the
government.  This cannot be done indefinitely, forever.  The
airline will have to generate and yield profits to keep it going,"
he added.

Meanwhile, The Economic Times says the National Aviation Company
of India Ltd. has decided to raise its working capital from
INR17,000 to INR18,000 crore.

According to the report, the cabinet is expected to meet soon to
take a decision on Air India's plan to raise its working capital
by INR1,000 crore.

The Times, citing airline officials, discloses that the carrier's
borrowings have risen from INR6,550 crore in November 2007 to
INR15,241 crore in June 2009.  The company's present paid-up
equity capital of INR145 crore ($29 million) is said to be grossly
insufficient for an aviation company of its size, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, NACIL was seeking INR14,000 crore in equity
infusion, soft loans and grants to cope up with mounting losses.

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

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

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


ALLIANZ CONVERGENCE: CRISIL Rates INR75 Mil. Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Allianz
Convergence Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR75 Million Cash Credit       BB/Stable (Assigned)
   INR5 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect ACPL's weak financial risk profile marked by a
small net worth, high gearing and weak debt protection metrics,
and its large working capital requirements. These rating
weaknesses are partially offset by the company's established
market position in the mobile phone distribution segment in West
Bengal.

Outlook: Stable

CRISIL believes that ACPL will benefit from its promoters'
industry experience and established relationships with principals.
The outlook may be revised to 'Positive' if the ACPL's cash
accruals increase, most likely through significant increase in
scale of operations, and improved profitability. Conversely, the
outlook may be revised to 'Negative' if ACPL's financial risk
profile deteriorates, most likely because of decline in revenues
and profitability.

                      About Allianz Convergence

Set up in 2005 by Mr. Ashok Jaiswal, ACPL is in the business of
distribution of mobile phones, mobile phone accessories, cordless
phones, laptops, digital photo frames, and security devices.  For
mobile phones, ACPL is a distributor of LG Electronics Ltd,
Motorola, Panasonic Sales and Services Pvt Ltd, Alcatel Lucent,
and Ningbo Bird Company.  For laptops, ACPL is the distributor of
Flybook China. ACPL has five sales offices in West Bengal and
Orissa.

ACPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR229 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net sales
of INR151 million for 2007-08.


AMARA RAJA: CRISIL Cuts Rating on Various Bank Loans to 'BB'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Amara Raja Electronics Ltd to 'BB/Negative' from 'BB+/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR289.2 Million Long-Term Loans   BB/Negative (Downgraded from
                                                   'BB+/Stable')

   INR113.5 Million Cash Credit       BB/Negative (Downgraded from
                                                   'BB+/Stable')

   INR40.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee*    P4+ (Reaffirmed)

   *Interchangeable with letter of credit.

The downgrade reflects deterioration in AREL's business and
financial risk profiles, especially gearing and debt protection
measures, and liquidity to levels below CRISIL's expectations.
The deterioration has been caused by a combination of AREL's weak
operating performance during the nine months ended December 31,
2009, because of lower-than-expected revenues from its existing
products, and the adverse impact of the delay in completion of the
company's ongoing expansion project on its business risk profile.
The downgrade also reflects CRISIL's belief that AREL's financial
risk profile will improve only gradually, over the medium term,
because of the adverse impact of the weak performance in the
current year.  The rating on AREL's short-term bank facilities has
been reaffirmed at 'P4+'.

AREL's performance in its uninterruptible power supply (UPS)
systems business (where it is a moderate player), in the current
year, has been adversely affected by improvement in the power
availability situation in its key markets.  Also, during the
second half of the year, the ongoing Telangana issue in Andhra
Pradesh resulted in unfavourable business conditions in the
region, which adversely affected AREL's sales.  Because of lower
business levels, AREL also delayed the completion of its expansion
project, which had been scheduled for July 2009; the project is
now expected to be completed by April 2010.  These rating
weaknesses are partially offset by the healthy medium term growth
prospects for the UPS segment in India, and AREL's established
distribution network.

Outlook: Negative

CRISIL believes that AREL's business and financial risk profiles,
as well as liquidity, will remain under pressure over the medium
term, with business levels and profitability expected to improve
only gradually.  CRISIL, however, believes that AREL's promoters
will continue to support the company by way of infusion of
additional equity or loans in case of financial exigency.  The
ratings may be downgraded if AREL's business levels do not scale
up as expected, the company undertakes a further debt-funded
capital expenditure (capex) program, preventing the envisaged
gradual improvement in its financial risk profile, or if the
promoters do not support the company in case of exigency.
Conversely, the outlook may be revised to 'Stable' in case of
better-than-expected improvement in AREL's business performance,
or if there is fresh equity infusion into the company, leading to
significant improvement in its gearing and debt protection
metrics.

                         About Amara Raja

AREL, part of the Amara Raja group, was incorporated in 1999 for
manufacturing off-line sine wave UPS systems, battery chargers,
and other electronic manufacturing services (EMS) products.  For
2008-09 (refers to financial year, April 1 to March 31), the
company derived about 85 per cent of its revenues from UPS
systems, and the remainder from battery care and EMS products.

AREL's manufacturing unit at Diguvamagham, near Tirupathi, in
Andhra Pradesh, has annual capacity to manufacture 120,000 UPS
systems in the mid-level range - 400 volt-ampere (VA), 800 VA, and
1400 VA.  AREL is currently in the final stages of its capex of
INR380 million to increase its capacity (to 300,000 UPS systems
per annum) and enhance its product portfolio.  The new products
will include UPS systems of up to 10 kilovolt-ampere capacity,
battery care products, electric lanterns, EMS components (mobile
chargers), and kitchen appliances (rice and induction cookers).
These new products will be under the company's Tribal brand
launched recently.

For 2008-09, AREL reported a profit after tax (PAT) of INR30.7
million on net revenues of INR734.1 million, compared with a PAT
of INR15 million on net revenues of INR250 million for 2007-08.
For the nine months ended December 31, 2009, the company reported
a loss before tax of INR18.8 million on net revenues of INR493.3
million, compared with a profit before tax of INR53.2 million on
net revenues of INR576.9 million for the corresponding period of
the previous year.


BALDEV METALS: Small Net Worth Prompts CRISIL 'B+' Rating
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Baldev Metals Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Limit      B+/Stable (Assigned)

The rating reflects BML's exposure to risks related to limited
pricing power in the intensely competitive and cyclical aluminium
ingot industry and the company's weak financial risk profile
marked by high gearing, small net worth, and weak debt protection
metrics.  These rating weaknesses are partially offset by the
benefits that BML derives from its promoters' experience in the
aluminium ingot industry.

Outlook: Stable

CRISIL believes that BML's net worth will remain small and its
debt protection metrics weak over the medium term because of low
profitability & high gearing levels; the company's profitability
is also expected to remain vulnerable to volatility in aluminium
prices.  The outlook may be revised to 'Positive' if there is an
improvement in BML's financial risk profile, through better
profitability or infusion of equity. Conversely, the outlook may
be revised to 'Negative' if BML's financial risk profile
deteriorates significantly, most likely because of fresh, large,
debt-funded capital expenditure and incremental working capital
requirements.

                         About Baldev Metals

Incorporated in 1990 by Mr. Baldev Raj, BML (formerly, Aone Alloys
& Casting Co) manufactures aluminium ingots and bars of various
grades used in the automobile industry and in home appliances. The
company's manufacturing unit at Faridabad (Haryana) has a total
manufacturing capacity of around 300 tonnes per month.

BML reported a profit after tax (PAT) of INR 1.9 million on net
sales of INR456 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR 1.7 million on net
sales of INR466 million for 2007-08.


EMPEE HOTELS: CARE Assigns 'CARE BB+' Rating on INR177cr LT Loans
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
facilities of Empee Hotels Limited.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.  Also, CARE has assigned a 'PR4' rating to the Short term
Bank facilities of EHL.  This rating is applicable for facilities
having tenure of up to one year.  Facilities with this 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.  CARE assigns '+' or '-' signs to be
shown after the assigned rating (wherever necessary) to indicate
the relative position within the band covered by the rating
symbol.

                               Amount
   Facilities               (INR crore)          Ratings
   ----------                ----------          -------
   Term Loans                 177.00             CARE BB+
   Short Term Non-Fund          9.95             PR 4
   based facilities

Rating Rationale

The ratings are constrained by the significant time and cost over-
run suffered by the project, moderately high project gearing and
challenging business environment.  The ratings, however, factor in
the tie-up with hospitality major Hilton group for operating the
property under the established 'Hilton' brand and achievement of
financial closure as sources of comfort to the project.

Empee Hotels Ltd. was incorporated in the year 2004 by the Chennai
based Empee group, EHL is currently establishing a 202 rooms
5-star deluxe category hotel under the brand name of Hilton,
Chennai at Chennai.  EHL has entered into a 20 year management
agreement with hospitality major Hilton International Co., USA for
operating the hotel.  In addition, the company has also entered
into a marketing and technical service agreement with Hilton
group.  The project has witnessed time and cost over-run and is
now expected to be commissioned during H2FY10, entailing a capital
expenditure of INR254cr (to be funded by debt of INR177cr and the
remaining from promoter's contribution).


FORD MOTOR: India Feb. Sales Up 22.67%; to Launch Figo on March 9
-----------------------------------------------------------------
Ford India reported 22.67% increase in its February sales at 3,223
units, as against 2,636 units in the same month last year, The
Economic Times reports.

Ford India Executive Director (Marketing, Sales and Service) Nigel
Wark said in a statement that, "We are seeing an overwhelming
response to our product line-up with the Fiesta and Endeavour
recording strong year-on-year growth of more than hundred per
cent."

The Times relates the company will also launch its small car Figo
on March 9.

Mr. Wark said the company will continue to leverage the momentum
in the run-up to the launch of the Ford Figo, the report notes.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At Sept. 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

As reported by the Troubled Company Reporter on Nov. 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


G-ONE AGRO: CRISIL Assigns 'B+' on INR59.6 Million Term Loan
------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank loan
facilities of G-One Agro Products Ltd, which is part of the G-One
group.

   Facilities                             Ratings
   ----------                             -------
   INR240.0 Million Cash Credit Limit     B+/Stable (Assigned)
   INR59.6 Million Term Loan              B+/Stable (Assigned)

The rating reflects the G-One's exposure to intense competition in
the edible oil industry, its working-capital-intensive operations,
and weak financial risk profile.  These weaknesses are partially
offset by the experience of the group's promoters in the edible
oil industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of G-One Agro Products Ltd and the
recently set-up Naturefresh Agro Foods Ltd (NAFL).  This is
because GAPL and NAFL (together referred to as the G-One group)
will be in a similar line of business, and expected to have strong
business linkages.  Furthermore, NAFL will procure most of its raw
material requirement from GAPL. Also, the companies are expected
to support each other in case of financial exigencies.

Outlook: Stable

CRISIL believes that the GPAL will continue to benefit from it's
established position in the edible oil market in Gujarat.  The
outlook may be revised to 'Positive' if the group's profitability
as well as scale of operations improves.  Conversely, the outlook
may be revised to 'Negative' in case of deterioration in the
group's capital structure, because of debt-funded capital
expenditure or large working capital requirements.

                          About the Group

GAPL was set up in 1989 as a partnership firm named Welcome
Industries. Welcome Industries was renamed as G-One Group Agro
Industries in April 2001.  In November 2003, the firm was
converted to a private limited company and renamed GAPL. The
company manufactures refined edible oils; it also trades in
mustard seeds.

NAFL plans to set up a vanaspati-manufacturing unit with capacity
of 100 tonnes per day (30,000 tonnes per annum), at a total cost
of INR45 million, of which INR35 million will be funded through
debt.

The GAPL reported a profit after tax (PAT) of INR5.0 million on
net sales of INR1431.9 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR9.9 million on net
sales of INR1798.8 million for 2007-08.


JANAKI COMMERCIAL: CRISIL Rates INR50 Million Cash Credit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Janaki Commercial.

   Facilities                   Ratings
   ----------                   -------
   INR50 Million Cash Credit    BB/Stable (Assigned)

The rating reflects Janaki Commercial's small scale of operations,
the product concentration in its revenues, and its exposure to
pricing pressures because of intense competition in the readymade
garment and textile industry.  These weaknesses are partially
offset by Janaki Commercial's moderate business risk profile
marked by proprietor experience.

Outlook: Stable

CRISIL believes that Janaki Commercial's financial risk profile
will remain strained over the medium term because of low net worth
and limited financial flexibility.  The outlook may be revised to
'Positive' if the firm's financial risk profile improves
significantly, driven by more-than-expected increase in margins
and revenues.  Conversely, the outlook may be revised to
'Negative' if the firm undertakes significantly debt-funded
capital expenditure programs or acquisitions, or diversifies into
unrelated businesses.

                      About Janaki Commercial

Janaki Commercial was established as a proprietorship firm by Mr.
Gaurav Jain in 2002.  It is expected to be reconstituted as a
private limited company named Jain Dresses Pvt Ltd in March 2010.
The firm undertakes design and embroidery work on plain sarees. It
also trades in plain sarees, and suiting and shirting pieces. The
firm has its embroidery facility in Kolkata.

Janaki Commercial reported a profit after tax (PAT) of INR0.8
million on net sales of INR263 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR0.6
million on net sales of INR228 million for 2007-08.


JASUBHAI JEWELLERS: CARE Assigns 'CARE BB+' Rating on LT Loans
--------------------------------------------------------------
CARE has assigned 'CARE BB+' rating to the INR60 crore enhanced
long-term bank facilities and 'PR 4' rating to the enhanced short-
term bank facilities of Jasubhai Jewellers Private 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.

CARE assigns '+' or '-' signs after the assigned rating, wherever
necessary, to indicate the relative position within the band
covered by the rating symbol.

Rating Rationale

Ratings continue to be constrained by weak financial profile as
reflected by low margins, stress on liquidity & high overall
gearing, intense competition within industry with impact of global
economic meltdown and working capital intensive nature of
operations.  Ratings continue to take comfort from experienced
management and track record of operations.

Ahmedabad based, JJPL was incorporated on July 22, 2002 as C.G.
Jewellers Private Limited after retirement of Mr. Jasubhai Soni
from the partnership firm, M/s Soni Chunilal Govindbhai.  JJPL is
engaged in manufacturing, retail trading and wholesale business of
diamond and Silver & Gold bars & its jewellery. Shri Jasubhai V.
Soni, Director, is having more than 40 years of experience in the
filed of gems and jewellery.  The company has established two show
rooms in Ahmedabad.

For FY09, JJPL reported a profit after tax (PAT) of INR4.16 crore
on total income of INR430.48crore as against a PAT of INR0.95
crore on total income of INR 382.91 crore for FY08.


KALYAN SANGAM: CARE Rates INR225cr LT Bank Debts at 'CARE BB+'
--------------------------------------------------------------
CARE assigned 'CARE BB+' rating to the long-term bank facilities
of Kalyan Sangam Infratech Ltd. aggregating INR225 crore.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

Rating Rationale

The rating is constrained by relatively complex nature of the
project being undertaken by KSIL, significant construction risk
and inherent traffic risk associated with toll based road
projects.  The rating factors in experienced promoters, low land
acquisition risk, tie-up of debt portion of funding, project
proximity to industrial regions of Bhiwandi and Thane (Mumbai) and
low threat from alternate routes.  The ability of the company to
complete the project within time and cost parameters and continued
financial support from promoters are key rating sensitivities.

KSIL is a SPV (Special Purpose Vehicle) promoted by Sangam (India)
Ltd. (SIL; 65% shareholding) and Keti Construction (India) Ltd.
(KCIL; 35% shareholding) incorporated in October 2008 for the
purpose of construction, operation and maintenance of North
Kasheli and South Kasheli bridges on Thane-Bhiwandi Road, along
with about 8 km of approach roads, on BOT basis.  The road is part
of the Old Agra-Mumbai Road and is situated in Thane District of
Maharashtra. The major portion of the project cost is towards
construction of North-Kasheli and South-Kasheli bridges over one
of the biggest creeks of Thane District.  The total cost of the
project is around INR353 crore which is to be financed by way of
equity / sub-ordinate debt of INR128 crore and the balance INR225
crore by way of term loans.  Until September 15, 2009, KSIL had
incurred an expenditure of INR103.83 crore towards the project.


KUTCH RAILWAY: Fitch Upgrades Ratings on Bank Loans from 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded India's Kutch Railway Company Limited's
National Long-term project bank loans to 'BBB+(ind)' from
'BB+(ind).  The Outlook is Positive.

The upgrade reflects KRCL's better-than-anticipated financial and
operating performance in the last year, particularly in H2FY09,
and the significant reduction in project debt, which has led to
more comfortable coverage ratios.  The traffic on its monopoly
rail link (serving two important ports in western India) seems to
have weathered the effects of the economic slowdown better than
anticipated when the ratings were initially assigned.

Given a 55% increase in container freight revenues during FY09, a
5% increase in bulk cargo revenues, a substantial reduction in
receivables from the counterparty, Western Railways, and the use
of some of the available cash balances, KRCL has been able to
prepay a significant amount of bank debt.  A drop in crude oil
prices also helped with the reduction of operating costs.  The
amount of loans outstanding as on 5 January 2010 has dramatically
fallen to INR1,455.5 million, (19 November 2008:
INR2,283 million).  Fitch notes that this is almost the level
anticipated at the end of FY14 as per original amortization
schedule.

The Positive Outlook is driven by the improvement in the project's
performance into FY10 with the first six months accounting for a
revenue of INR1,362.5 million (versus an initial full year Fitch
forecast of INR1,905.6 million); the agency notes that the
company's financial performance in FY10 is likely to surpass
estimates.  Aided by a lower debt burden, Fitch now expects DSCR
in FY11 and FY12 to touch 1.47x and 1.83x, respectively, as
against its initial forecast of 1.25x and 1.56x, respectively,
even with the original revenue assumptions.

Key rating concerns center around the lack of working capital
lines, which may strain liquidity, should there be delays in
realizing revenue payments from WR.  Interest rate spikes at the
time of reset can shrink coverage, though the project has also
benefitted from a lower-than-expected hike in interest rates.
Also, loan covenants are very light, offering limited protection
to lenders.  These risks are somewhat mitigated by the reduction
in debt load brought about by the improvement in performance over
the last 15 months or so.  Fitch notes that the cushion available
in the debt service reserve account has almost doubled to
INR227.5 million from INR117.5 million.

Although the constraint on WR's ability to supply an adequate
number of diesel locomotives (which was previously identified as a
constraint in realizing the full traffic potential) has reportedly
partially eased off, the issue has not been fully addressed.  In
the medium term, another economic slowdown, leading to volatility
in port traffic, can negatively impact cash flows although the
project is now better-positioned to absorb some amount of under-
achievement without affecting the ability to service debt.

KRCL is a special-purpose vehicle sponsored by Rail Vikas Nigam
Limited (50%), Kandla Port Trust (26%), Mundra Port & Special
Economic Zone Ltd. (20%) and the state government of Gujarat (4%).


MANTRI METALLICS: Poor Liquidity Prompts CRISIL Junk Ratings
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mantri Metallics Pvt
Ltd continue to reflect Mantri Metallics's weak financial risk
profile.  Because of poor liquidity, Mantri Metallics delayed the
payment of its term loan obligations in 2008-09 (refers to
financial year, April 1 to March 31), and rescheduled a part of
its term loan. Since October 2009, Mantri Metallics has been
meeting its obligations in a timely manner.  However, Mantri
Metallics has large upcoming repayments of INR89.6 million in
2010-11, and CRISIL believes that Mantri Metallics may have to
refinance a part of these facilities, as the company's internal
accruals, though improving, are unlikely to be adequate to meet
the same.

   Facilities                             Ratings
   ----------                             -------
   INR173.0 Million Long-Term Loa-Kagal   D (Reaffirmed)
                                  Unit
   INR83.6 Million Long-Term Loans*       C (Reaffirmed)
   INR225.0 Million Cash Credit           C (Reaffirmed)
   INR30.0 Million Separate Line of       C (Reaffirmed)
                            Credit
   INR70.0 Million Letter of Credit**     P4 (Reaffirmed)

   *Includes proposed INR76.0 million.
   **Letter of credit interchangeable with bank guarantee.

The ratings also factor in the customer and segmental
concentration in Mantri Metallics's revenue profile.  The rating
weaknesses are partially offset by the company's established
market position in the automotive-component castings segment.

                       About Mantri Metallics

Mantri Metallics, based in Kolhapur, was promoted by Mr.
Purushottam Mantri in 1995. The company manufactures automotive
components, such as flywheel assemblies, exhaust manifolds, brake
drums, and housing and bearing caps. As of March 31, 2009, Mantri
Metallics had an induction furnace capacity of 26,400 tonnes per
annum, and machine shops with computer-numerical controlled, and
dynamic balancing, equipment.

Mantri Metallics caters primarily to the automotive industry; it
also manufactures engineering goods. The company's major customers
in India include Tata Motors Ltd (rated 'A/Stable/P1' by CRISIL),
Ashok Leyland Ltd (AA-/Negative/P1+), Spicer India Ltd, and
Simpson & Co Ltd, while its key clients in the export markets
include John Deere Ltd (rated 'A-1' by Standard & Poors'),
Motorenfabrik Hatz GmbH, and Venture Products Inc.

For 2008-09, Mantri Metallics reported a net loss of INR53.2
million (profit after tax of INR15.3 million for 2007-08) on net
sales of INR938.6 million (INR824.5 million).


PRABHAT STEEL: CRISIL Assigns 'BB+' Rating on INR20MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Prabhat Steel Traders Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR20.00 Million Cash Credit         BB+/Stable (Assigned)
   INR500.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect PSTPL's below-average financial risk profile,
and exposure to volatility in steel prices, fluctuation in foreign
exchange (forex) rates, and intense competition.  These rating
weaknesses are partially offset by PSTPL's established business
relationships, and its promoters' experience in the steel trading
business.

Outlook: Stable

CRISIL believes that PSTPL will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' in case of a sustained improvement in
PSTPL's capital structure and increase in its revenues, thereby
resulting in an improvement in the company's financial risk
profile.  Conversely, continued volatility in steel prices or
forex rates, resulting in deterioration in profitability, or a
sharp decline in sales, could result in a revision of the outlook
to 'Negative'.

                     About Prabhat Steel

Prabhat Steel, set up as a partnership firm in 1968 by Mr.
Satishchandra Jain, was converted into a company in 2007.  The
Mumbai-based company trades in steel products, such as hot-rolled
and cold-rolled coils and plates, wire rods, and billets.  Mr.
Girish Jain, son of Mr. Satishchandra Jain, manages the company's
day-to-day operations.  PSTPL imports steel products from Russia,
Ukraine, and China, and sells the products in the domestic market.

PSTPL reported a profit after tax (PAT) of INR17 million on net
sales of INR922 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR9 million on net sales
of INR523 million for 2007-08.


R. KUPPUSWAMY: Delay in Loan Servicing Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to R. Kuppuswamy's bank
facilities.  The ratings reflect delay by R.Kuppuswamy in
servicing its term loan obligations, owing to weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR48.50 Million Long Term Loan   D (Assigned)
   INR4.50 Million Cash Credit       D (Assigned)
   INR42.50 Million Bank Guarantee   P5 (Assigned)

R. Kuppuswamy is a partnership firm set up by Mr. R Kuppuswamy and
his sons in 1977. The firm has been a consignment agent for
Rashtryia Ispat Nigam Ltd in Bangaluru and Coimbatore since 1990.
The firm has two stock yards -- one in Bangalore with an area of
7.5 acres and other in Coimbatore with an area of 4 acres.

R. Kuppuswamy reported a loss of INR4.7 million on net sales of
INR53.3 million for 2008-09, against a loss of INR11.5 million on
net sales of INR73.1 million for 2007-08.


SARA SHREY: CRISIL Assigns 'B-' Rating on INR272.1 Mil. LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to Sara Shrey
Spinntex Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR272.10 Million Long-Term Loan       B-/Negative (Assigned)
   INR90.00 Million Cash Credit*          B-/Negative (Assigned)
   INR40.00 Million Letter of Credit      P4 (Assigned)
   INR10.00 Million Bank Guarantee        P4 (Assigned)

   *Sublimit of INR25.00 Million of Bill Discounting and
    INR50.00 Million of Export Packing Credit

The ratings reflect SSSPL's weak financial risk profile, and small
scale and limited track record of operations in the textile
industry.  These weaknesses are partially offset by the benefits
that the company derives from its promoters' experience.

Outlook: Negative

CRISIL believes that SSSPL's liquidity will remain weak over the
medium term if SSSPL's accruals remain low; SSSPL has been unable
to generate high cash accruals because of the recent economic
downturn and the start up nature of its operations.  The ratings
may be downgraded if SSSPL's financial risk profile deteriorates
steeply, particularly affecting its ability to service its debt
obligations.  Conversely, the outlook may be revised to 'Stable'
if SSSPL's cash accruals or net worth increase substantially,
thereby improving its financial risk profile.

                          About Sara Shrey

Set up in 2006 in Tamil Nadu by Mr. A Lakshman, SSSPL manufactures
cotton yarn in counts ranging from 20s to 80s.  The yarn produced
is mostly used for manufacturing suiting.  The company also
manufactures fabrics.  The company has production capacity of
16000 spindles and 20 looms; it commenced commercial production in
August 2007.

SSSPL reported a net loss of INR31 million on net sales of INR142
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a net loss of INR27 million on net sales of
INR8 million for 2007-08.


SPICEJET: Selling Preferential Shares to Raise US$75 Million
------------------------------------------------------------
Domestic air carrier SpiceJet plans to raise around US$75 million
by issuing preferential shares by September 2010, The Economic
Times reports.

"We would like to go for preferential allotment of shares, but the
actual financial instrument will be decided only after assessing
the response from investors," the report quoted SpiceJet chief
executive officer Sanjay Aggarwal as saying.

The report says the low-cost airline needs money to start
international operations and expand its fleet.

The airline has appointed financial services firm Edelweiss, along
with IDFC-SSKI Securities, as co-fund manager to find a suitable
investor, the report adds.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                          *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007 and INR1,335.07 million in 2008.


TACO VISTEON: CRISIL Downgrades Rating on INR15MM Loans to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of TACO
Visteon Engineering Pvt Ltd to 'BB/Negative/P4+' from 'BBB-
/Negative/P3'.

   Facilities                       Ratings
   ----------                       -------
   INR15.0 Million Long-Term Loans  BB/Negative (Downgraded from
                                                 'BBB-/Negative')

   INR40.0 Million Packing Credit   P4+ (Downgraded from 'P3')
        Foreign Currency (Reduced
            from INR75.0 million)

The downgrade reflects a steep decline in business levels for
TVEPL, resulting in the company reporting after tax losses for the
nine months ended December 31, 2009.  The downgrade also reflects
CRISIL's belief that the growth in TVEPL's revenue and
profitability over the near term will remain sluggish, as there is
limited visibility on orders from its parent, Visteon Corp
(Visteon) and its affiliates.  Therefore, TVEPL's credit profile
is expected to remain weak over the medium term, in contrast to
CRISIL's earlier expectations.

TVEPL's weak performance is attributable to Visteon continuing to
be under bankruptcy, as well as to the impact of the slowdown in
the global automobile industry (more particularly the US and
European automobile markets, which are yet to recover completely
from the slowdown). TVEPL generates its entire revenues from
Visteon and its affiliates, and geographically a majority of
TVEPL's revenues (over 85 per cent) are from the US and Europe.
The ratings also take into account TVEPL's moderate net worth,
which makes it vulnerable to business downturns. The ratings,
nevertheless, continue to be supported by TVEPL's comfortable
gearing levels and its moderate liquidity position.

Outlook: Negative

CRISIL believes that TVEPL's business levels to witness continued
pressure over the near term, because of the weak sentiment in the
global automotive market, which will impact order generation by
Visteon and its affiliates. Greater than anticipated decline in
TVEPL's business levels, adversely affecting its cash generation,
could result in a rating downgrade. Conversely, significant
increase in revenues and profitability could result in the outlook
being revised to 'Stable'.

                         About TACO Visteon

TACO Visteon Engineering Pvt Ltd was incorporated as a 50:50 joint
venture between Tata Autocomp Systems Ltd (TACO, rated 'AA-
/Negative/P1+' by CRISIL) and Visteon.  Recently, TACO sold its
entire stake in the joint venture to one of the Indian
subsidiaries of Visteon.  Consequently, Visteon now holds 100 per
cent in TVEPL. Using computer-aided design and computer-aided
engineering tools, TVEPL designs interior systems, and climate
control systems and electronics, and designs, develops, and
assists in the manufacture of total engine induction systems, for
Visteon and its associates.  Visteon is a leading player in
delivering climate, interior, and electronics components and
systems to global automobile original equipment manufacturers.

TVEPL commenced operations in 2005.  The company's premier
facility is based in Pune and it has offices in the UK and the US.
For 2008-09 (refers to financial year, April 1 to March 31), TVEPL
reported a net profit of INR37.7 million on net revenues of
INR348.4 million, compared with a net profit of INR17.4 million on
net revenues of INR289.5 million for 2007-08.


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


* INDONESIA: PPA to Set Up Finance Unit to Help Ailing State Firms
------------------------------------------------------------------
The Jakarta Post reports that state-owned PT Perusahaan Pengelola
Asset will establish a finance company in the first half of this
year to support the government's restructuring program for ailing
state firms.

According to the Post, PPA president director Boyke Mukijat said
PPA was waiting for the Capital Market and Financial Institutions
Supervisory Agency' permission to establish the finance company,
which would be named PPA Finance.

The Post relates Boyke said the subsidiary would give financing to
ailing state companies using starting capital of IDR100 billion
(US$10.8 million).

PPA was set up in 2004 to replace the now-defunct Indonesian Bank
Restructuring Agency, which was tasked to restructure bad assets
taken over from troubled banks following the aftermath of the
Asian economic crisis in the late 1990s.


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


JAPAN AIRLINES: Ends Cargo Business Merger Talks With NYK
---------------------------------------------------------
The JAL Group announced that it ended negotiations with Nippon
Yusen Kabushiki Kaisha (NYK) on cargo business reform involving a
possible merger between Japan Airlines International (JAL), the
key subsidiary of Japan Airlines and NYK subsidiary, Nippon Cargo
Airlines (NCA).

The commencement of negotiations involving the restructuring of
cargo business operated by JAL and NCA was announced in August
2009, and the feasibility of a potential merger between the cargo
business of JAL and NCA was being analyzed.  Both parties have
reached an amicable conclusion to end the negotiations because the
structure of the merger could not be organized within the scope of
the agreement between JAL and NYK.

Nevertheless, JAL and NCA will continue their existing business
relationships including operating code-sharing flights and
coordinating ground handling activities.  Both companies will
maintain close communications in their current business
partnership, and will be open to discussions about any possible
cooperation in the future.

"JAL's strong relationship with Nippon Yusen remains unchanged as
we reach a common understanding to halt discussions about the
merger.  We intend to maintain mutually-beneficial business
activities with NCA including the current code share flights, and
preserve the cooperation that we have already established," said
JAL Group Chief Operating Officer and President, Masaru Onishi.
"Demand for air cargo business typically fluctuates with the
economy.  Considering future growth in the segment, JAL will
include strategies for our cargo business in the JAL
Reorganization Plan."

                        About Japan Airlines

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

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

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

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


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


AXIS INC: Posts MYR1.71 Million Net Loss in Q2 Ended Dec. 31
------------------------------------------------------------
Axis Incorporation Berhad reported a net loss of MYR1.71 million
for the three months ended December 31, 2009, compared to a net
loss of MYR8.61 million for the same period in 2008.

The Company reported a net loss of MYR7.37 million on total
revenues of MYR33.63 million for the six months ended December 31,
2009, compared to a net loss of MYR18.81 million on total revenues
of MYR209.94 million for the same period in 2008.

At December 31, 2009, the Company's consolidated balance sheets
showed MYR130.25 million in total assets and MYR407.44 million in
total liabilities, resulting in a MYR277.18 million shareholders'
deficit.

The Company's consolidated balance sheets at December 31, 2009,
also showed strained liquidity with MYR49.53 million in total
current assets available to pay MYR406.56 million in total current
liabilities.

A full-text copy of the quarterly report is available for free at:
http://ResearchArchives.com/t/s?567a

                          About Axis Inc.

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

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


OILCORP BERHAD: UOB Serves Notice of Default on Unit
----------------------------------------------------
Oilcorp Berhad disclosed in a regulatory filing that Oil-Line
Engineering & Associates Sdn. Bhd., a wholly owned subsidiary of
Oilcorp, has been issued a Notice of Default in respect of charges
over land held under HS(D) 78024 No PT 3651 and HS(D) 78025 No PT
3652 both in Mukim Damansara for banking facilities given by
United Overseas Bank (Malaysia) Bhd to OLEA.

The Notice of Default is dated February 22, 2010, and was received
by OLEA on February 24, 2010.  OLEA had been given one month from
the service of the Notice of Default to remedy the breach.

The alleged amounts demanded are:

   a. With respect to an overdraft facility, the sum of
      MYR2,000,857.56 which sum is due and owing calculated
      as at October 31, 2009;

   b. With respect to the fixed loan, the sum of MYR262,119.08
      which is due and owing as at October 31, 2009;

   c. With respect to three bankers acceptances maturing
      between the November 6, 2009 and November 26, 2009,
      the principal sum of MYR1,665,000.00; and

   d. The accruing interests at the rate of 3.5% per
      annum above UOB's base lending rate from November 1,
      2009 or date of the maturity of the bankers
      acceptances, until the date of full settlement.

Oilcorp said UOB will apply for an Order of Sale of the charged
properties if OLEA fails to remedy the breach within the period.
These charged properties are where the current registered office
and business offices where Oilcorp Group are located.

The net book value of the charged properties is MYR6,449,022.72 as
per the management accounts of December 31, 2009, while the market
value as per a valuation report issued by Burgess Rawson on
December 31, 2007, is MYR6,600,000.00.

The step proposed to be taken by OLEA with respect to this Notice
of Default is to negotiate with UOB to restructure this debt as
part of the Group's debt restructuring scheme pursuant to
requirements under Practice Note 17 of Bursa Malaysia Securities
Berhad's Listing Requirements.

                       About Oilcorp Berhad

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

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


OILCORP BERHAD: Unit Defaults on MYR14-Mln Outstanding MUNIF Notes
------------------------------------------------------------------
Oilcorp Berhad's indirect wholly owned subsidiary, Straight A's
Portfolio Sdn. Bhd., is unable to redeem the outstanding MUNIF
Note of MYR14,000,000 on the redemption date of February 25, 2010,
pursuant to SAP's Murabahah Underwritten Notes Issuance Facility
of up to MYR200 million dated March 26, 2007, between SAP
("Issuer"), MIDF Amanah Investment Bank Berhad ("Lead Arranger and
Facility Agent" and "Issuing Agent") and the Eligible Investors,
namely MIDF Amanah Investment Bank Berhad and Bank Kerjasama
Rakyat Malaysia Berhad ("Underwriters").

Oilcorp said it will formulate a restructuring plan to regularize
its financial condition as a measure to address the default.

The legal implication of the default is that its trustee, OSK
Trustee Berhad may at its discretion and shall if instructed by
the MUNIF Noteholders by Special Resolution, declare an Event of
Default, and may declare by notice in writing to SAP that
notwithstanding the maturity dates stated on the MUNIF Notes, the
face amount of all outstanding MUNIF Notes together with all sums
payable to the MUNIF Noteholders, shall become immediately due and
payable.

The Company said such a default will have an impact on the
business, financial and operational aspects of the Company in so
far as it relates to the securing of new contracts or raising
finance for new projects or raising finance for new projects.

The default is in respect of SAP which is not a major subsidiary
and is a special purpose vehicle incorporated for sole purpose of
issuing MYR200 million nominal value private debt securities on
behalf of Oil-Line Engineering & Associates Sdn. Bhd., the
immediate holding company under a trust relationship.  OLEA is a
wholly owned company of Oilcorp.

The Company said it is seeking legal advice whether such a default
does constitute an Event of Default under the agreements with
other financiers.

                        About Oilcorp Berhad

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

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


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


BLUE CHIP: Liquidators to Pursue Probe on Possible Breaches
-----------------------------------------------------------
The liquidators of Blue Chip companies said investigations
continue into possible breaches by Blue Chip directors of reckless
trading and other breaches of provisions of the Companies Act,
according to a report posted at stuff.co.nz.

Citing liquidators Meltzer Mazon Heath's sixth monthly updates
into some Blue Chip companies, the report relates the liquidators
also said investigations continue into potential claims arising
from advice given to the Blue Chip Group in relation to its
products.

According to the report, the liquidators were waiting for an
opinion from Queen's Counsel on possible causes of action and the
strength of any claims that may be made.

The update stated that if it was concluded there were strong
claims available to the liquidators, a funding proposal would need
to be promoted to potential funders, the report relates.

"There is no certainty that the existence of such claims will be
confirmed, nor is there any certainty that the liquidators will be
able to obtain funding on the strength of such claims," the report
cited the liquidators' update.

Blue Chip co-founder Mark Bryers was made bankrupt in October
owing an estimated $173 million to creditors, the update noted.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


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


ASIA WATER: Annual Net Loss Widens to CNY179.20 Mil. in FY2009
--------------------------------------------------------------
Asia Water Technology Ltd. announced its consolidated results for
the year ended December 31, 2009.  The Group reported a net loss
of CNY63.49 million for the fourth quarter of 2009, much higher
than the CNY17.6 million loss it incurred over the same period a
year ago.

For the full year ended December 31, 2009, AWT reported a net loss
of CNY179.20 million, 922% higher than the CNY17.53 million loss
reported a year ago.

The Group's revenue for the year ended December 31, 2009,
decreased by CNY64.8 million or 16.8%, from CNY386.7 million in
FY2008 to CNY321.9 million in FY2009.  Revenue decreased from
CNY121.2 million in 4Q2008 to CNY81.7 million in 4Q2009.  The
lower revenue was mainly attributable to the decrease in revenue
from the Water Purification Treatment and Consultancy and Others
segment.

The Group's consolidated balance sheet as at December 31, 2009,
showed CNY1.42 billion in total assets, CNY1.19 billion in total
liabilities and CNY226.72 million in total shareholders' equity.

As at December 31, 2009, AWT's consolidated balance sheet also
showed strained liquidity with CNY550.23 million in total current
assets available to pay CNY867.46 million in total current
liabilities.

As at December 31, 2009, the net current liabilities of CNY317.3
million is due mainly to the reclassification of the Series1 Bonds
from non-current liabilities to current liabilities in view of the
appointment of the Receiver over the assets of the Company and the
utilization of short term credit facilities, such as revolving
short term bank loans and bills(i.e., Current liabilities) to
bridge the financing needs relating to the construction of certain
subsidiaries' Build-Operate-Transfer("BOT")/Build-Own-
Operate("BOO") water infrastructure, which are classified as non-
current assets.

The Group has short term borrowings of revolving nature and bills
payable to banks amounting to CNY49.5 million and CNY33.2 million,
respectively, as at December 31, 2009.

In addition, government grants of CNY62.5 million received in
advance for uncompleted BOT projects has been included in other
payables(i.e., current liabilities).

A full-text copy of the Group's consolidated annual report for the
year ended December 31, 2009, is available for free at:
http://ResearchArchives.com/t/s?56e9

                           *     *     *

Channel News Asia relates that AWT said the restructuring of its
debt obligations is gathering pace.  According to the report, the
new board is confident that AWT will have continued access to
sufficient bank facilities for financing its operations with the
receivership removed.

Channel News Asia recalls receivers were previously appointed to
AWT after it could not fully pay up a SG$47 million debt demanded
by financial institution.

                             About AWT

Asia Water Technology Ltd., formerly known as Asia Water Services
Pte. Ltd., provides wastewater treatment solutions. The company
provides water purifications systems, automated control systems
and wastewater treatment systems for municipal, power generation
and other industries.  The company's subsidiary, Kaidi Water
Services Co., Ltd. provides water purification treatment and
wastewater treatment systems.


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW       AHGN             16.93          -8.23
ANTARES ENERGY L       AZZ              13.71          -1.96
ARC EXPLORATION        ARX              56.83         -15.05
AUSTAR UNITED          AUN             568.69        -325.83
AUSTRAILIAN Z-PP       AZCCA            77.74          -2.57
AUSTRALIAN ZIRC        AZC              77.74          -2.57
BCD RESOURCES OP       BCO              22.09         -61.19
BCD RESOURCES-PP       BCOCC            22.09         -61.19
BIRON APPAREL LT       BIC              19.71          -2.22
CENTRO PROPERTIE       CNP           14784.56        -461.11
CHALLENGER INF-A       CIF            2307.01        -104.58
CHEMEQ LTD             CMQ              25.19         -24.25
CITY PACIFIC LTD       CIY             171.50          -6.38
ELLECT HOLDINGS        EHG              18.25         -15.49
HEALTH CORP LTD        HEA              13.26          -0.01
HYRO LTD               HYO              21.50         -14.83
MAC COMM INFR-CD       MCGCD          8104.42        -103.34
ORION GOLD NL          ORN              12.37         -24.99
RESIDUAL ASSC-EE       RAGXF           597.33        -126.96
SHELL VILLAGES A       SVC              13.47          -1.66
STRATHFIELD GRP        SRA              32.79          -0.94
TERRITORY RESOUR       TTY              78.23          -3.34
VERTICON GROUP         VGP              14.22         -24.60


CHINA

AMOI ELECTRONI-A       600057          100.95         -42.95
ANHUI KOYO GROUP       979              43.55         -32.06
BAO LONG ORIENTA       600988           16.38          -3.24
CHANG LING GROUP       561              33.36         -13.70
CHENGDU UNION-A        693              52.17          -7.60
CHINA EAST AIR-A       600115        10663.62        -669.02
CHINA EAST AIR-H       670           10663.62        -669.02
CHINA KEJIAN-A         35               83.78        -182.39
DANDONG CHEM F-A       498             100.50        -111.14
DONGGUAN FANGD-A       600656           62.02         -10.11
DONGXIN ELECTR-A       600691           20.72          -6.13
GAOXIN ZHANGTO-A       2075            119.52         -30.48
GUANGDONG HUAL-A       600242           19.85          -1.62
GUANGDONG KEL-A        921             650.07        -103.76
GUANGMING GRP -A       587              48.72         -47.59
GUANGXI BEISHE-A       600556          103.12        -138.38
GUANGXIA YINCH-A       557              19.31         -37.90
HEBEI BAOSHUO -A       600155          133.67        -361.69
HEBEI JINNIU C-A       600722          241.28        -228.12
HISENSE ELEC-H         921             650.07        -103.76
HUDA TECHNOLOG-A       600892           21.31          -2.90
HUNAN ANPLAS CO        156              51.58         -70.84
JIANGSU CHINES-A       805              12.86         -10.34
LIAOYUAN DEHENG        600699          138.72          -6.69
QINGHAI SUNSHI-A       600381           50.90         -26.09
SHAANXI QINLIN-A       600217          233.97         -21.07
SHANG HONGSHENG        600817           17.94        -396.97
SHANG LIANHUA-A        600617           15.68          -1.54
SHANG LIANHUA-B        900913           15.68          -1.54
SHANGHAI WORLDBE       600757          181.37        -127.60
SHENZ CHINA BI-A       17               27.97        -264.11
SHENZ CHINA BI-B       200017           27.97        -264.11
SHENZHEN DAWNC-A       863              28.09        -157.71
SHENZHEN KONDA-A       48              195.27         -14.90
SHENZHEN SHENX-A       34               23.96        -166.32
SHENZHEN ZERO-A        7                61.82          -3.40
SHIJIAZHUANG D-A       958             235.06         -54.14
SICHUAN DIRECT-A       757             128.39        -118.67
SUNTEK TECHNOL-A       600728           37.92         -21.21
TAIYUAN TIANLO-A       600234           50.40         -25.24
TIANJIN MARINE         600751           82.40         -30.39
TIANJIN MARINE-B       900938           82.40         -30.39
TIBET SUMMIT I-A       600338           86.47          -0.05
TOPSUN SCIENCE-A       600771          183.02        -138.22
WINOWNER GROUP C       600681           10.72         -71.85
WUHAN BOILER-B         200770          349.55         -74.89
WUHAN GUOYAO-A         600421           11.45         -39.41
XIAMEN OVERSEA-A       600870          286.40        -145.07
YUEYANG HENGLI-A       622              37.27         -15.53
YUNNAN MALONG-A        600792          145.38         -30.28
ZHANGJIAJIE TO-A       430              45.95          -4.59


HONG KONG

21 HOLDINGS LTD        1003             43.65          -4.26
ASIA TELEMEDIA L       376              16.62          -5.37
CHAOYUE GROUP LT       147              42.69        -127.80
CHINA GOLDEN DEV       162             253.00          -2.72
EGANAGOLDPFEIL         48              557.89        -132.86
EMPEROR ENTERTAI       8078             39.23          -5.35
FULBOND HLDGS          1041             60.26         -14.42
HUTCHISON TELE H       215            2400.10        -366.06
MITSUMARU EAST K       2358             38.17          -1.45
NEW CITY CHINA         456             113.18          -9.93
NGAI LIK INDL          332             132.82          -4.76
PAC PLYWOOD            767              75.64          -5.41
PALADIN LTD            495             157.69          -6.23
PALADIN LTD -PRE       642             157.69          -6.23
PCCW LTD               8              5990.93        -394.97
PERCEPTION DIG         8248             31.21          -4.64
PROVIEW INTL HLD       334             412.85        -191.26
WAI CHUN MINING        660              12.79         -14.60
WAYTUNG GLOBAL G       21               12.33          -2.96


INDONESIA

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


INDIA

ALCOBEX METALS         AML              16.59         -21.47
ASHIMA LTD             ASHM             59.92         -47.15
BALAJI DISTILLER       BLD              51.16         -38.38
BELLARY STEELS         BSAL            451.68        -108.50
BHAGHEERATHA ENG       BGEL             22.65         -28.20
CFL CAPITAL FIN        CEATF            14.31         -40.04
COMPUTERSKILL          CPS              14.90          -7.56
CORE HEALTHCARE        CPAR            185.36        -241.91
DCM FINANCIAL SE       DCMFS            16.54         -10.99
DIGJAM LTD             DGJM             98.77         -14.62
DISH TV INDIA          DITV            422.08        -127.61
DUNCANS INDUS          DAI             116.96        -183.24
GANESH BENZOPLST       GBP              77.84         -41.87
GEM SPINNERS LTD       GEMS             15.23          -0.11
GLOBAL BOARDS          GLB              25.15          -0.79
GSL INDIA LTD          GSL              37.04         -42.34
GSL NOVA PETROCH       GSLN             44.39          -0.93
GUJARAT SIDHEE         GSCL             59.44          -0.66
HARYANA STEEL          HYSA             10.83          -5.91
HENKEL INDIA LTD       HNKL            102.05         -10.24
HFCL INFOTEL LTD       HFCL            151.65         -85.81
HIMACHAL FUTURIS       HMFC            406.63        -210.98
HINDUSTAN PHOTO        HPHT             68.94       -1147.18
HINDUSTAN SYNTEX       HSYN             12.68          -1.79
HMT LTD                HMT             139.31        -277.69
ICDS                   ICDS             13.30          -6.17
INDIA FOILS LTD        IF               22.01          -2.04
INFOMEDIA 18 LTD       INF18            35.80          -1.94
INTEGRAT FINANCE       IFC              45.56         -43.27
ITI LTD                ITI            1116.21          -0.80
JCT ELECTRONICS        JCTE            122.54         -50.00
JD ORGOCHEM LTD        JDO              10.46          -1.60
JENSON & NIC LTD       JN               15.93         -74.33
JIK INDUS LTD          KFS              20.63          -5.62
JK SYNTHETICS          JKS              13.51          -3.03
JOG ENGINEERING        VMJ              50.08         -10.08
KALYANPUR CEMENT       KCEM             32.04         -26.76
KERALA AYURVEDA        KRAP             13.41          -0.59
KINGFISHER AIR         KAIR           1458.64        -418.91
LLOYDS FINANCE         LYDF             27.68          -8.64
LLOYDS STEEL IND       LYDS            358.94         -83.14
MILLENNIUM BEER        MLB              36.39          -3.20
MILTON PLASTICS        MILT             18.31         -40.44
NATH PULP & PAP        NPPM             13.59         -39.13
NICCO UCO ALLIAN       NICU             28.84         -56.77
ORIENT PRESS LTD       OP               16.70          -0.09
PANCHMAHAL STEEL       PMS              51.02          -0.33
PANYAM CEMENTS         PYC              38.84          -0.64
PARASRAMPUR SYN        PPS             111.97        -317.11
PAREKH PLATINUM        PKPL             61.08         -88.85
PEACOCK INDS LTD       PCOK             11.40         -14.40
PIRAMAL LIFE SC        PLSL             32.05          -3.73
POLAR INDS LTD         PLI              11.61         -22.28
RAMA PHOSPHATES        RMPH             34.07          -1.19
RATHI ISPAT LTD        RTIS             44.56          -3.93
RELIGARE TECHNOV       RTCL             44.13          -1.46
RENOWNED AUTO PR       RAP              14.12          -1.25
ROLLATAINERS LTD       RLT              22.97         -22.24
ROYAL CUSHION          RCVP             20.22         -62.97
RPG CABLES LTD         RPG              51.43         -20.19
SCOOTERS INDIA         SCTR             13.29          -0.58
SHALIMAR WIRES         SWRI             24.49         -49.90
SHAMKEN COTSYN         SHC              23.13          -6.17
SHAMKEN MULTIFAB       SHM              60.55         -13.26
SHAMKEN SPINNERS       SSP              42.18         -16.76
SHREE RAMA MULTI       SRMT             63.73         -52.93
SIDDHARTHA TUBES       SDT              70.93         -12.09
SIL BUSINESS ENT       SILB             12.46         -19.96
SOUTHERN PETROCH       SPET           1543.61         -35.61
SPICE COMMUNICAT       SPCM            263.69         -19.68
SPICEJET LTD           SJET            147.98         -84.65
STERLING HOL RES       SLHR             52.91          -0.63
STI INDIA LTD          STIB             28.05          -8.04
TAMILNADU TELE         TNT              10.26          -4.14
TATA TELESERVICE       TTLS            793.63         -74.64
TRIUMPH INTL           OXIF             58.46         -14.18
TRIVENI GLASS          TRSG             24.39          -8.90
UNIWORTH LTD           WW              145.71        -114.87
USHA INDIA LTD         USHA             12.06         -54.51
VENTURA TEXTILES       VRTL             14.25          -0.33
WINDSOR MACHINES       WML              14.50         -28.14
WIRE AND WIRELES       WNW             102.42         -37.06
WIRE AND WIRE-PP       WNWPP           102.42         -37.06


JAPAN

ARDEPRO                8925            345.61        -207.11
COMMERCIAL RE          8866            296.85          -0.35
COSMOS INITIA CO       8844           1652.69        -564.01
FLIGHT SYS CONSU       3753             14.88          -1.07
HARAKOSAN CO           8894            265.03         -21.41
ICHITAN CO LTD         5645             99.16          -4.38
JIPANGU HOLDINGS       2684             15.05          -8.38
L CREATE CO LTD        3247             42.34          -9.15
LCA HOLDINGS COR       4798             49.52          -2.24
NESTAGE CO LTD         7633             11.77         -12.20
PROPERST CO LTD        3236            303.29        -415.76
RAYTEX CORP            6672             61.49          -3.49
SAIKAYA CO LTD         8254            398.46         -17.56
SHINWA OX CORP         2654             61.39         -12.95
SOWA JISHO CO LT       3239             17.45         -33.84
TERRANETZ CO LTD       2140             11.63          -4.29

KOREA


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


MALAYSIA

AXIS INCORPORATI       AXIS             35.44         -79.33
HARVEST COURT          HAR              11.12          -7.48
HO HUP CONSTR CO       HO               71.66          -1.27
LITYAN HLDGS BHD       LIT              14.28         -29.49
POLY TOWER VENTU       PTV              58.06          -5.45
SINOTOP HOLDING        SNHB             22.80          -0.41
WONDERFUL WIRE         WW               11.54         -15.64
WWE HOLDINGS BHD       WWE              66.48          -1.52


NEW ZEALAND

DOMINION FINANCE       DFH             258.90         -55.31


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO       ASA              11.79         -12.81
ADVANCE SCT LTD        ASCT             67.58         -14.05
CARRIERNET GLOBA       CARG             14.29          -0.02
CHUAN SOON HUAT        CSH              29.97         -19.29
FALMAC LTD             FAL              10.12          -6.80
HL GLOBAL ENTERP       HLGE             93.30         -12.86
INFORMATICS EDU        INFO             24.56          -0.01
JURONG TECH IND        JTL              98.76        -227.28
LINDETEVES-JACOB       LJ              160.48         -86.70
OCEAN INTERNATIO       OCEAN            61.66         -13.72
PACIFIC CENTURY        PAC              26.87          -3.66
SUNMOON FOOD COM       SMOON            19.29         -10.67
TIGER AIRWAYS          TGR             122.90         -71.92
TT INTERNATIONAL       TTI             287.51         -38.28
WESTECH ELECTRON       WTE              28.29         -12.86


THAILAND

ABICO HLDGS-F          ABICO/F          12.07          -9.54
ABICO HOLDINGS         ABICO            12.07          -9.54
ABICO HOLD-NVDR        ABICO-R          12.07          -9.54
BANGKOK RUBBER         BRC              87.00         -64.96
BANGKOK RUBBER-F       BRC/F            87.00         -64.96
BANGKOK RUB-NVDR       BRC-R            87.00         -64.96
CENTRAL PAPER IN       CPICO            10.22        -216.07
CENTRAL PAPER-F        CPICO/F          10.22        -216.07
CENTRAL PAPER-NV       CPICO-R          10.22        -216.07
CIRCUIT ELEC PCL       CIRKIT           17.39         -88.00
CIRCUIT ELEC-FRN       CIRKIT/F         17.39         -88.00
CIRCUIT ELE-NVDR       CIRKIT-R         17.39         -88.00
DATAMAT PCL            DTM              12.69          -6.13
DATAMAT PCL-NVDR       DTM-R            12.69          -6.13
DATAMAT PLC-F          DTM/F            12.69          -6.13
ITV PCL                ITV              33.88         -90.93
ITV PCL-FOREIGN        ITV/F            33.88         -90.93
ITV PCL-NVDR           ITV-R            33.88         -90.93
K-TECH CONSTRUCT       KTECH            39.74         -33.07
K-TECH CONSTRUCT       KTECH/F          39.74         -33.07
K-TECH CONTRU-R        KTECH-R          39.74         -33.07
KUANG PEI SAN          POMPUI           17.15         -12.12
KUANG PEI SAN-F        POMPUI/F         17.15         -12.12
KUANG PEI-NVDR         POMPUI-R         17.15         -12.12
MALEE SAMPRAN          MALEE            56.30          -3.46
MALEE SAMPRAN-F        MALEE/F          56.30          -3.46
MALEE SAMPR-NVDR       MALEE-R          56.30          -3.46
PATKOL PCL             PATKL            51.03         -29.87
PATKOL PCL-FORGN       PATKL/F          51.03         -29.87
PATKOL PCL-NVDR        PATKL-R          51.03         -29.87
PICNIC CORPORATI       PICNI           162.04         -79.86
PICNIC CORPORATI       PICNI/F         162.04         -79.86
PICNIC CORPORATI       PICNI-R         162.04         -79.86
PONGSAAP PCL           PSAAP            25.97          -4.74
PONGSAAP PCL           PSAAP/F          25.97          -4.74
PONGSAAP PCL-NVD       PSAAP-R          25.97          -4.74
SAFARI WORLD PUB       SAFARI          102.74         -23.19
SAFARI WORLD-FOR       SAFARI/F        102.74         -23.19
SAFARI WORL-NVDR       SAFARI-R        102.74         -23.19
SAHAMITR PRESS-F       SMPC/F           31.18         -14.94
SAHAMITR PRESSUR       SMPC             31.18         -14.94
SAHAMITR PR-NVDR       SMPC-R           31.18         -14.94
SUNWOOD INDS PCL       SUN              19.86         -13.03
SUNWOOD INDS-F         SUN/F            19.86         -13.03
SUNWOOD INDS-NVD       SUN-R            19.86         -13.03
THAI-DENMARK PCL       DMARK            15.72         -10.10
THAI-DENMARK-F         DMARK/F          15.72         -10.10
THAI-DENMARK-NVD       DMARK-R          15.72         -10.10
TRANG SEAFOOD          TRS              11.52          -1.25
TRANG SEAFOOD-F        TRS/F            11.52          -1.25
TRANG SFD-NVDR         TRS-R            11.52          -1.25
UNIVERSAL S-NVDR       USC-R            97.74         -40.29
UNIVERSAL STARCH       USC              97.74         -40.29
UNIVERSAL STAR-F       USC/F            97.74         -40.29


TAIWAN

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


                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine 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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