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

                     A S I A   P A C I F I C

           Friday, March 12, 2010, Vol. 13, No. 050

                            Headlines



A U S T R A L I A

BENDIGO AND ADELAIDE: Fitch Affirms 'BB' Support Rating Floor
COEUR D'ALENE: Names K. Leon Hardy as Senior Vice President
RELIANCE RAIL: Moody's Downgrades Senior Debt Ratings to 'Ba1'
TRANSURBAN GROUP: Plans to Sell AU$150-Mln 4-yr Bonds


C H I N A

CHINA EASTERN: Denies Reports on Ending Ties With JAL, ANA
CHINA EASTERN: To Receive Parent's Stake in SIA Cargo Venture


H O N G  K O N G

CHANNEL COMMUNICATIONS: Court Enters Wind-Up Order
CHASE WISE: Court Enters Wind-Up Order
CHI KING: Court Enters Wind-Up Order
CHINA AGRICULTURE: Court Enters Wind-Up Order
CHINA AMPLE: Court Enters Wind-Up Order

CITI-SUCCESS LIMITED: Court Enters Wind-Up Order
CLEXPERT COMPUTER: Court Enters Wind-Up Order
CLIMAX MARKETING: Court Enters Wind-Up Order
CONNICK (HK): Court Enters Wind-Up Order
DANZEN TRADING: Court to Hear Wind-Up Petition on March 31

DARTUNG TRADING: Court Enters Wind-Up Order
DELTA INNOVATIVE: Court Enters Wind-Up Order
EC-FAITH ENTERPRISES: Court Enters Wind-Up Order
ELECTRIC ORANGE: Court Enters Wind-Up Order
ENERGY FOOD: Creditors Get 22.210311% Recovery on Claims

ETERNITY DESIGN: Court to Hear Wind-Up Petition on April 21
EXCALIBUR ELECTRONICS: Court Enters Wind-Up Order
FAIRMOST INDUSTRIES: Court Enters Wind-Up Order
FEALTY COMPANY: Court Enters Wind-Up Order
FLASH INFINITY: Court to Hear Wind-Up Petition on April 7

FORELUCK INVESTMENTS: Court Enters Wind-Up Order
FOREVER GAINER: Court Enters Wind-Up Order
FORTUNE CROWN: Court Enters Wind-Up Order
GK CORPORATE: Court Enters Wind-Up Order
GAFENG CHEMICAL: Court Enters Wind-Up Order

GARILOY ENTERPRISES: Court Enters Wind-Up Order
GENERAL APPLICANCE: Court to Hear Wind-Up Petition on March 31
GLITTER POWER: Court Enters Wind-Up Order
GLOBAL FANCY: Court Enters Wind-Up Order
GLOBAL NETWORKS: Court Enters Wind-Up Order


I N D I A

AGRINI EXPORT: Delay in Loan Payment Cues CRISIL Junk Ratings
AIR INDIA: Likely to Post INR54-Bil. Loss This Year
AIR INDIA: Proposes to Spin Off Repair and Cargo Units
ATAM MANOHAR: CRISIL Assigns 'B-' Rating on INR80MM Cash Credit
B. GIRIJAPATHI: CRISIL Rates INR250 Million Overdraft at 'BB+'

CHOICE PRECITECH: CRISIL Assigns 'D' Rating on INR44.1MM LT Loan
FRESENIUS KABI: Fitch Assigns 'BB+' National Long-Term Rating
INDRA MARSHAL: CRISIL Assigns 'BB' Rating on INR25MM Bank Debts
JADIA PIPES: CRISIL Places 'B+' Rating on INR32 Mil. Term Loan
JICS LOGISTIC: CRISIL Assigns 'BB-' Rating on INR60MM Bank Debt

KAUSHAL FERRO: Delay in Loan Repayment Prompts CRISIL 'D' Ratings
SAIDAWALA FIBRES: CRISIL Rates INR1.28 Billion Term Loan at 'B-'
SARADA PROJECTS: CRISIL Assigns 'BB' Rating on INR50 Mil. LT Loan
SEASONS HOTELS: CRISIL Places 'B' Ratings on Various Bank Debts
SREE JAGATHGURU: CRISIL Cuts Rating on INR406.2 Mil. Loan to 'BB+'


I N D O N E S I A

BANK PERMATA: Issues INR700-Bln 10-Year Notes to Fund Expansion
INDOSAT TBK: Moody's Changes Outlook on 'Ba1' Rating to Negative


J A P A N

JAPAN AIRLINES: Ruling Party Panel to Probe Bankruptcy
MITSUBISHI MOTORS: Unlikely to Raise Stake in China Joint Venture
SHINSEI BANK: Eyes Raising JPY75 Bil. in Fresh Capital


K O R E A

HYNIX SEMICONDUCTOR: To Invest KRW465 Bln for Facilities Upgrade


M A L A Y S I A

SATANG HOLDINGS: Sixth Annual General Meeting Set for March 31
TRANSMILE GROUP: Taps Kenanga Investment Bank as Principal Adviser


N E W  Z E A L A N D

LOMBARD GROUP: Shareholders Approve Reverse Takeover Offer


X X X X X X X X

CABLE & WIRELESS: UK Business to Focus on Asian Opportunities

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


BENDIGO AND ADELAIDE: Fitch Affirms 'BB' Support Rating Floor
-------------------------------------------------------------
Fitch Ratings has affirmed Bendigo and Adelaide Bank Limited's
Long-term Issuer Default Rating at 'BBB+', Short-term IDR at 'F2',
Individual rating at 'B/C, Support rating at '3' and the Support
Rating Floor at 'BB'.  The Outlook on the Long-term IDR has been
revised to Positive from Stable.

Fitch's affirmation reflects the low risk nature of BEN's credit
exposures, generally conservative risk management practices,
adequate capitalization, and a solid domestic retail banking
franchise, which has underpinned a stable deposit funding base
throughout the global financial crisis.

Several developments have contributed to a revision of the Outlook
on BEN's Long-term IDR to Positive from Stable.  Prior to the
Global Financial Crisis, BEN's Long-term IDR was on Outlook
Positive, reflecting the size and diversification benefits
associated with the merger of Bendigo Bank Limited and Adelaide
Bank Limited.  The Outlook was revised to Stable during the crisis
due to Fitch's concerns for asset quality and funding, which
limited the bank's potential for a rating upgrade.  While there
has been an impact on financial performance, the bank has
withstood pressures well, with profitability recovering in the
first-half of the bank's 2010 financial year.  At the same time,
BEN has been integrating and reshaping the merged group, focusing
on retail banking rather than wholesale banking.

Notably, around 98% of BEN's loan portfolio is secured.
Furthermore, its exposure to higher risk commercial lending is low
relative to larger Australian banks, and is reflected in asset
quality ratios.  At December 31, 2009, impaired loans represented
a modest 0.59% of gross loans.

One area of risk is the bank's loan exposure to investors in
managed investment schemes of the failed Great Southern Limited.
Following GSL's failure, a number of investors, who according to
BEN have the capacity to make repayments, have elected not to do
so while they consider joining a class action.  Arrears have
risen, and legal action by investors against BEN can't be
completely ruled out, but the bank appears to have acted
appropriately in all of its dealings and is prudently managing
overdue accounts.

Compared to most other Australian banks, BEN derives a relatively
high 80% of its funding (excluding securitizations) from retail
deposits.  Liquid assets are high quality and account for around
12% of on-balance sheet assets, while capital ratios remain solid
with Tier 1 at 8.95% and Core Tier 1 around 7.8%.


COEUR D'ALENE: Names K. Leon Hardy as Senior Vice President
-----------------------------------------------------------
Coeur d'Alene Mines Corporation appointed K. Leon Hardy to the
position of Senior Vice President -- Operations, effective
March 2, 2010.  Mr. Hardy will replace Richard M. Weston, who will
resign, following a short leave of absence, effective March 31,
2010.

Mr. Hardy was appointed as the Company's Senior Vice President
North American Operations in July 2008.  Mr. Hardy served as the
Vice President and interim General Manager of the Company's San
Bartolome mine during 2008 and Vice President and General Manager
for the Company's subsidiary Coeur Argentina S.R.L. from May 2003
to July 2008.  Mr. Hardy was employed with Apex Silver Mines as
Operations Manager at their San Cristobal project in Bolivia from
1999 to 2002.  Mr. Hardy was employed in Argentina with Minera
Alumbrera Ltd from 1996 to 1998.  Mr. Hardy was employed with
Cyprus Amax Minerals from 1979 to 1996.

In connection with Mr. Hardy's appointment to the position of
Senior Vice President -- Operations, the Company and Mr. Hardy
entered into a Second Amendment to Restated Employment Agreement,
dated March 2, 2010, which amends the Amended and Restated
Employment Agreement, dated December 31, 2008, between the Company
and Mr. Hardy, as previously amended by the First Amendment to
Restated Employment Agreement, dated July 31, 2009. The Second
Amendment sets forth certain changes to Mr. Hardy's compensation,
including an increase in Mr. Hardy's base salary to $275,000.

Furthermore, Mr. Hardy is entitled to an annual incentive bonus
during each calendar year for the duration of the Employment
Agreement targeted to be 50% of Mr. Hardy's then current annual
salary.  In addition, Mr. Hardy has the opportunity to earn a
long-term incentive bonus with a target level of 190% of his base
salary.  The bonuses are at the discretion of the Company's Board
of Directors.

                    About Coeur d'Alene Mines

Coeur d'Alene Mines Corporation (NYSE:CDE, TSX:CDM, ASX:CXC) is
one of the world's leading silver companies and also a significant
gold producer.  Coeur common shares are traded on the New York
Stock Exchange under the symbol CDE, the Toronto Stock Exchange
under the symbol CDM, and its CHESS Depositary Interests are
traded on the Australian Securities Exchange under symbol CXC.

At September 30, 2009, the Company had $3,059,759,000 in total
assets, including cash and cash equivalents of $45,603,000;
against $193,341,000 in total current liabilities and $888,959,000
in total long-term liabilities.  At September 30, 2009, the
Company had accumulated deficit of $419,574,000 and stockholders'
equity of $1,977,459,000.  Coeur d'Alene Mines had $402.2 million
in accumulated deficit as of June 30, 2009.

As reported by the Troubled Company Reporter on August 11, 2009,
Standard & Poor's Ratings Services raised its corporate credit
rating on Coeur D'Alene Mines to 'B-' from 'CCC' and raised the
ratings on the company's $180 million senior unsecured notes due
2024 ($106 million outstanding) and $230 million senior unsecured
notes due 2028 ($150 million outstanding) to 'CCC+' from 'CCC-'.
The recovery rating on the notes remains unchanged at '5'.  S&P
removed the corporate credit and issue-level ratings from
CreditWatch, where they were placed with positive implications on
May 18, 2009.  The outlook is positive.


RELIANCE RAIL: Moody's Downgrades Senior Debt Ratings to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded Reliance Rail Finance Pty
Ltd's senior debt ratings to Ba1 from Baa1 and its subordinate
debt ratings to Ba3 from Baa3.  This concludes the downward rating
review that commenced in December 2009 due to concerns surrounding
the company's funding profile.  The ratings outlook is negative.

The downgrades reflect Moody's expectation of higher risks in the
company's financing structure, associated with the ongoing stress
in the monoline sector.

"RRF could be exposed to a potential funding gap from early 2012
or higher funding costs or both, if Syncora Guarantee Inc. (rated
Ca, negative outlook) and FGIC UK Limited (unrated) were to enter
insolvency", says Paul Ovnerud-Potter, a Moody's Vice President,
Senior Analyst, adding that, "The risk of potential funding gap --
which could be triggered by the insolvency of both monolines --
arises from provisions in RRF's financing documents for its
A$357 million bank facilities, which are required to be drawn from
February 2012 in order to complete the project".

"Moody's also believes that RRF's financial profile will be weaker
due to higher long-term funding costs, given uncertainty
surrounding the longer-term availability of an active monoline
market to support the project.  The company's original financial
forecasts had been predicated on the availability of Aaa-wrapped
debt," says Mr. Ovnerud-Potter.

"This raises considerable uncertainty which is not consistent with
the ratings remaining at investment grade levels.  At the same
time, Moody's understands the company is working on ways to
overcome these challenges, and thus the problem could be resolved
over time", says Mr. Ovnerud-Potter.

Syncora and FGIC have been ordered by their regulator to suspend
all claims payments until they can implement a capital
strengthening plan.  Both companies potentially face insolvency,
pending restructuring, and subject to them working with the
regulator to avoid such outcomes.

"The company's high leverage means that it has limited flexibility
to overcome these funding challenges.  These problems are
compounded by a complex legal structure."

"At the same time, project delays, which are not expected to
improve, further constrain the ratings," adds Mr. Ovnerud-Potter.

The negative outlook reflects the potential for further rating
transition risk related to RRF's funding challenges, which remain
largely outside of its control.

The ratings would be downgraded in the remaining delivery phase of
the project in the event of the insolvency of one or both of FGIC
and Syncora in the absence of appropriate third-party support.
The ratings could also be downgraded if there is further evidence
of delay in the delivery phase; or if there is deterioration in
the credit quality of Downer EDI (not rated), Hitachi Ltd (rated
A3, negative outlook), or the State of New South Wales (rated
Aaa).

There is the potential for the ratings to be upgraded if RRF is
able to overcome the funding challenges that it currently faces,
subject to steady delivery phase performance.

The last rating action taken with respect to the underlying
ratings was on 14 December 2009, when Moody's placed them on
review for possible downgrade.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group.  Reliance Rail was the successful consortium
appointed by Railcorp in 2006 to deliver the NSW Rolling Stock
public private partnership project.  Reliance Rail is in the
process of manufacturing 78 eight-car "Waratah" trains for the
Sydney suburban rail network and completing an associated
maintenance facility.  Reliance Rail will also maintain the trains
and the maintenance facility from completion until 2043.


TRANSURBAN GROUP: Plans to Sell AU$150-Mln 4-yr Bonds
-----------------------------------------------------
Transurban Group plans to sell at least AU$150 million (US$137
million) of four-year bonds, Bloomberg News reports citing person
familiar with the matter.

Bloomberg's source said the initial price guidance on the sale is
1.8 percentage points over swap rates.  Commonwealth Bank of
Australia and Westpac Banking Corp. are lead managers, the source
told Bloomberg.

According to data compiled by Bloomberg, Transurban has AU$195
million of debt maturing this year and a further AU$620 million in
2011.  Bloomberg data showed that AU$150 million of five-year
bonds matured in December.

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.

                           *     *     *

Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.


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


CHINA EASTERN: Denies Reports on Ending Ties With JAL, ANA
----------------------------------------------------------
China Eastern Air Holding Co. intends to maintain ties with Japan
Airlines Corp. and All Nippon Airways Co., TradingMarkets.com
reports citing CEA President Liu Shaoyong.

The report relates that Liu, in an interview with The Nikkei and
other news organizations, denied speculation that the company will
sever ties with one of the two Japanese carriers.

TradingMarkets.com discloses that China Eastern Airlines Corp.
partners with JAL while wholly owned subsidiary Shanghai Airlines
Co. teams with ANA.

According to the report, Mr. Lui said, however, that China Eastern
is discussing which international alliance it will join and aims
to announce the decision "by the end of April."

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com/-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                           *     *     *

China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.


CHINA EASTERN: To Receive Parent's Stake in SIA Cargo Venture
-------------------------------------------------------------
Bloomberg News reports that China Eastern Airlines Corp. will
receive its parent's stake in a cargo venture with Singapore
Airlines Ltd. this year as part of a plan to consolidate the
carrier's air-freight operations.  Bloomberg relates Chairman Liu
Shaoyong said China Eastern has already taken over management of
Great Wall Airlines Co.

Board Secretary Luo Zhuping told Bloomberg that the carrier
eventually plans to combine Great Wall's operations with those of
its own cargo business and those of unit Shanghai Airlines Co.

"The asset injection will effectively strengthen China Eastern's
cargo business," the report quoted Li Lei, an analyst at China
Securities Co. in Beijing, as saying.  "However, cargo has yet to
prove profitable for the listed unit."

According to Bloomberg, Great Wall Air is 51% owned by China
Eastern Air Holding Co., 25% by Singapore Air's cargo unit and 24%
by Temasek Holdings Pte, a Singapore state-owned investment
company.

Headquartered in Shanghai, China Eastern Airlines Corporation
Limited's -- http://www.ce-air.com/-- provides civil aviation
services, including passenger transportation, cargo transportation
and mail delivery services.  The company operates its businesses
in domestic and overseas markets.  As of Dec. 31, 2008, the
company operated 423 airlines, of which 332 were domestic
passenger transportation lines, one domestic cargo transportation
line, 75 international passenger transportation lines, 14
international cargo transportation lines, 16 regional passenger
transportation lines and one regional cargo transportation line.
The company also involves in operation of five Taiwan chartered
flight passenger transportation lines and one cargo transportation
line.  As of December 31, 2008, the company operated roughly 240
aircrafts, including 214 jumbo jets and 11 cargo jets.

                           *     *     *

China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.


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


CHANNEL COMMUNICATIONS: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Channel Communications (HK) Limited.

The acting official receiver is Lee Mei Yee May.


CHASE WISE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on November 11, 2008,
to wind up the operations of Chase Wise Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


CHI KING: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on August 13, 2009,
to wind up the operations of Chi King International Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


CHINA AGRICULTURE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on February 23, 2009,
to wind up the operations of China Agriculture Properties Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


CHINA AMPLE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on January 21, 2010,
to wind up the operations of China Ample Development Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


CITI-SUCCESS LIMITED: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on October 16, 2009,
to wind up the operations of Citi-Success Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


CLEXPERT COMPUTER: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on March 23, 2009, to
wind up the operations of Clexpert Computer Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


CLIMAX MARKETING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Climax Marketing Company Limited.

The acting official receiver is Lee Mei Yee May.


CONNICK (HK): Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on February 9, 2010,
to wind up the operations of Connick (HK) Development Limited.

The company's liquidator is Lau Siu Hung.


DANZEN TRADING: Court to Hear Wind-Up Petition on March 31
----------------------------------------------------------
A petition to wind up the operations of Danzen Trading Hong Kong
Limited will be heard before the High Court of Hong Kong on
March 31, 2010, at 9:30 a.m.

Ikea Trading (Hong Kong) Limited filed the petition against the
company on January 26, 2010.

The Petitioner's solicitors are:

          King & Wood
          9th Floor, Hutchison House
          Central, Hong Kong


DARTUNG TRADING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on February 3, 2010,
to wind up the operations of Dartung Trading Company Limited.

The company's liquidator is Lau Siu Hung.


DELTA INNOVATIVE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 17, 2009, to
wind up the operations of Delta Innovative Software Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


EC-FAITH ENTERPRISES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on January 6, 2009,
to wind up the operations of Ec-Faith Enterprises Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


ELECTRIC ORANGE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on February 9, 2010,
to wind up the operations of Electric Orange Limited.

The company's liquidator is Lau Siu Hung.


ENERGY FOOD: Creditors Get 22.210311% Recovery on Claims
--------------------------------------------------------
Energy Food Court Company Limited, which is in liquidation, paid
the dividend to its creditors on March 5, 2010.

The company paid 22.210311% for ordinary claims.

The company's liquidators are:

         Walter Lee
         Emily Chick Tsz Kwan
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


ETERNITY DESIGN: Court to Hear Wind-Up Petition on April 21
-----------------------------------------------------------
A petition to wind up the operations of Eternity Design &
Decoration Co Limited will be heard before the High Court of Hong
Kong on April 21, 2010, at 9:30 a.m.

Cheng Kwok Keung filed the petition against the company on
February 17, 2010.


EXCALIBUR ELECTRONICS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Excalibur Electronics Limited.

The acting official receiver is Lee Mei Yee May.


FAIRMOST INDUSTRIES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on June 17, 2009, to
wind up the operations of Fairmost Industries Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


FEALTY COMPANY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Fealty Company Limited.

The acting official receiver is Lee Mei Yee May.


FLASH INFINITY: Court to Hear Wind-Up Petition on April 7
---------------------------------------------------------
A petition to wind up the operations of Flash Infinity Limited
will be heard before the High Court of Hong Kong on April 7, 2010,
at 9:30 a.m.

The Petitioner's solicitors are:

          Messrs. Chan, Wong & Lam
          Suites 3009-12, 30/F
          Shui On Centre
          6-8 Harbour Road
          Hong Kong


FORELUCK INVESTMENTS: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Foreluck Investments Limited.

The company's liquidator is Lau Siu Hung.


FOREVER GAINER: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on November 7, 2008,
to wind up the operations of Forever Gainer Investment Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


FORTUNE CROWN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on February 3, 2010,
to wind up the operations of Fortune Crown Investment Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


GK CORPORATE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on October 15, 2009,
to wind up the operations of G.K. Corporate Fashion (HK) Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


GAFENG CHEMICAL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on January 18, 2010,
to wind up the operations of Gafeng Chemical (Canada) Company
Limited.

The company's liquidator is Pui Chiu Wing.


GARILOY ENTERPRISES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on April 20, 2007, to
wind up the operations of Gariloy Enterprises Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


GENERAL APPLICANCE: Court to Hear Wind-Up Petition on March 31
--------------------------------------------------------------
A petition to wind up the operations of General Applicance
(Holdings) Limited will be heard before the High Court of Hong
Kong on March 31, 2010, at 9:30 a.m.

To Chun Fan filed the petition against the company on January 25,
2010.

The Petitioner's solicitors are:

          Tony Au & Partners
          Room 2003, Tower 2, Lippo Centre
          89 Queensway
          Hong Kong


GLITTER POWER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Glitter Power Limited.

The acting official receiver is Lee Mei Yee May.


GLOBAL FANCY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on October 16, 2009,
to wind up the operations of Global Fancy Development Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


GLOBAL NETWORKS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on January 18, 2010,
to wind up the operations of Global Networks HK Limited.

The company's liquidator is Pui Chiu Wing.


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


AGRINI EXPORT: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Agrini Export Private
Limited's bank facilities.  The ratings reflect delay by AEPL in
repayment of term loan obligations owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR24 Million Term Loan                D (Assigned)
   INR40 Million Export Packing Credit*   P5 (Assigned)

   * Export Packing Credit is interchangeable with Foreign
     Bill Discounting up to INR15 Million

Set up in 2006 by the Kar and Panda families, with a stake of 80
per cent and 20 per cent, respectively, AEPL is setting up an
export-oriented cashew grading and packing unit in Orissa.  The
estimated capital outlay on the project is INR53.3 million
(including working capital margin of INR14 million), of which
around INR25 million has been spent till date.  The project will
be funded through term debt of INR24 million and equity of INR29.3
million (including working capital margin).  The unit was expected
to commence commercial production on April 1, 2008.  However, due
to various reasons project implementation was delayed by almost
two years. The unit is likely to commence commercial operations in
the first week of April 2010.


AIR INDIA: Likely to Post INR54-Bil. Loss This Year
---------------------------------------------------
Air India is likely to incur losses for a few more years even as
the state-run carrier plans to further cut costs and improve
productivity, Dow Jones Newswires reports citing Civil Aviation
Minister Praful Patel.

Dow Jones relates Mr. Patel said in a written reply to lawmakers'
query in the upper house of parliament that Air India is likely to
post a INR54 billion (US$1.1 billion) loss in the fiscal year
ending March 31, 2010.

According to Dow Jones, Mr. Patel said the company is expected to
save INR7.53 billion this fiscal year by reducing costs, far lower
than the target of INR19.11 billion.

Mr. Patel said the government has told Air India to clear its fuel
bills of INR17.41 billion, as on Jan. 31, expeditiously, Dow Jones
notes.

                    Passenger Traffic Increases

The Economic Times reports that a senior airline official said Air
India booked a 14% increase in passenger traffic during April to
January period this fiscal.  The increase has helped Air India
bring down its operating losses by around INR1,300 crore, the
official said.

During the reporting period, the source said, the airline's load-
factor or passenger carriage also jumped to 64.9% as against 58.5%
the April-January 2009, the Times relates.

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.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

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: Proposes to Spin Off Repair and Cargo Units
------------------------------------------------------
Air India proposes to spin off two units as part of a plan to be
sent to the Union cabinet that will also propose wage cuts and set
out the financial state of the troubled national carrier,
livemint.com says.

The report, citing two civil aviation ministry officials, relates
that Air India wants to turn its maintenance, repair and overhaul
(MRO) business and cargo operations arm into separate units.  The
separate balance sheets may lower losses on Air India's books, the
report notes.

The proposed pay cuts may help Air India, run by the National
Aviation Co. of India Ltd (Nacil), meet cost reduction targets,
livemint.com adds.

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.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

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.


ATAM MANOHAR: CRISIL Assigns 'B-' Rating on INR80MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Atam Manohar
Ship Breakers Pvt Ltd bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR80.0 Million Cash Credit Limit      B-/Stable (Assigned)
   INR100.0 Million Proposed Long-Term    BB-/Stable (Assigned)
                    Bank Loan Facility
   INR320.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect AMSBPL's exposure to risks relating to
cyclicality and intense competition in the ship breaking industry,
and to unfavorable regulatory changes.  These rating weaknesses
are partially offset by the stability in AMSBPL's revenues and
cash flows supported by the trading operations, and the healthy
growth prospects in the ship breaking industry.

Outlook: Stable

CRISIL believes that AMSBPL will benefit from healthy revenue
visibility driven by near-term growth prospects in the ship
breaking industry. The outlook may be revised to 'Positive' if
AMSBPL's increases its scale of operations and improves its
profitability. Conversely, the outlook may be revised to
'Negative' if the company incurs losses because of a significant
fall in steel prices and fluctuations in the value of the Indian
rupee.

                        About Atam Manohar

Incorporated in 1997, AMSBPL, part of the Jain group, is engaged
in ship breaking activities, with a capacity to break ships
ranging from 800 tonnes to 50,000 tonnes in its plot, having area
of 1350 square metres, at the port of Alang (Gujarat), which is
the leading centre of ship breaking and recycling industry in
Asia.  The company also trades in scrap and steel.

AMSBPL reported a profit after tax (PAT) of INR1.6 million on net
sales of INR535 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.9 million on net sales
of INR414 million for 2007-08.


B. GIRIJAPATHI: CRISIL Rates INR250 Million Overdraft at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to B. Girijapathi
Reddy & Company's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR250.00 Million Overdraft          BB+/Stable (Assigned)
   INR15.00 Million Bank Guarantee      P4+ (Assigned)
   INR25.00 Million Letter of Credit    P4+ (Assigned)

The ratings reflect BGRC's customer and sectoral concentration in
revenue profile, and exposure to restrictions inherent in
partnership organizations, such as limited financial flexibility.
These weaknesses are partially offset by the firm's strong track
record in coal excavation projects, and moderate financial risk
profile marked by healthy debt protection metrics.

Outlook: Stable

CRISIL believes that BGRC will maintain moderate liquidity, and
will continue to benefit from its strong project execution
capabilities, over the medium term.  The outlook may be revised to
'Positive' in case of significant increase in the firm's cash
accruals and improvement in gearing, thereby leading to
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the firm's net cash
accruals and profitability are below expectation, or if the firm
undertakes a larger-than-expected debt-funded capital expenditure
program, thereby adversely affecting its financial risk profile.

Set up in 1988, and registered as a partnership firm in 1994, BGRC
undertakes excavation and overburden removal of coal mines for
Singareni Collieries Company Ltd.  BGRC has infrastructure to
excavate 6.5 million cubic metres of land per month.  The company
also undertakes canal excavation for irrigation projects.  The
company is managed by partners, Mr. B. Girijapathi Reddy, Mr. B.
Umapathi Reddy, and Mr. I. Sudhakar Reddy.

BGRC reported a profit after tax (PAT) of INR95 million on
operating income of INR3.04 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR107
million on operating income of INR2.47 billion for 2007-08.


CHOICE PRECITECH: CRISIL Assigns 'D' Rating on INR44.1MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Choice Precitech India Pvt Ltd.  The ratings reflect the delay
by CPIPL in meeting its term loan obligations because of weak
liquidity, caused by delay in realization of receivables.

   Facilities                          Ratings
   ----------                          -------
   INR44.10 Million Long-Term Loan     D (Assigned)
   INR50.00 Million Cash Credit        D (Assigned)
   INR3.80 Million Bank Guarantee      P5 (Assigned)

   Proposed facilities -- INR15.00 Million of Cash Credit and
   INR28.40 Million of Term Loans

Set up in 1994 by Mr. B Narayana Murthy in Hyderabad, CPIPL is a
family-owned company, and manufactures moulds for industrial
plastics, glass bulb shell moulds, sheet metal components, and
forging components.  It also undertakes job work for the
manufacture of critical components used in tractors and hydraulic
pumps. CPIPL supplies customized products to manufacturers; nearly
50% of its revenues comes from three customers - Mahindra &
Mahindra Ltd (rated 'AA/Stable/P1+' by CRISIL), Parker-Hannifin
Corporation (rated 'A/Stable/A-1' by Standard & Poor's[S&P]), and
Hubbell Power Systems Inc (rated 'A/Negative/A-1' by S&P).

CPIPL reported a profit after tax (PAT) of INR0.63 million on
revenues of INR93 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.69 million on revenues
of INR106 million for 2007-08.


FRESENIUS KABI: Fitch Assigns 'BB+' National Long-Term Rating
-------------------------------------------------------------
Fitch Rating has assigned Fresenius Kabi India Private Limited a
National Long term rating of 'BB+(ind)'.  The Outlook is Stable.
The agency has also assigned these ratings to FKIPL's bank
facilities.

  -- INR451 million umbrella working capital limit guaranteed by
     Fresenius Kabi: 'A(ind)(SO)'/'F1(ind)(SO)';

  -- INR15 million fund based working capital limit: 'BB+(ind)';
     and

  -- INR5 million non-fund based working capital limit: 'F4(ind)'.

The rating assigned to FKIPL reflects its legal and strategic
linkages with its parent -- Fresenius Kabi, whose credit profile
is directly linked to its ultimate parent Fresenius SE
('BB'/Stable).  The ratings assigned to FKIPL's guaranteed bank
instruments are based solely on the unconditional and irrevocable
corporate guarantee of FK; however, Fitch notes that as a
consequence of the linkage between FK and the ultimate parent, any
movements on Freseneuis SE's ratings would affect FKIPL's ratings.
That said, a consistent improvement in FKIPL's profitability and
liquidity profile which translates into the strengthening of
linkages with FK, could be positive for its ratings.

The fact that a major portion (95% of total debt) of FKIPL's debt
is fully guaranteed by FK lends evidence to the legal linkage
between the two entities.  The strategic linkage emanates from the
timely and tangible support provided by FK to FKIPL.

During FY04 to FY09, on the back of the robust growth in FKIPL's
clinical nutrition segment, revenues grew from INR773 million to
INR1,301 million, translating into a cumulative average growth
rate of 11%.  However, due to higher operating costs brought on by
tight competition in the domestic infusion therapy market, and the
costs related to developing clinical nutrition therapies and
medical device businesses, FKIPL's EBITDA as well as EBITDA
margins were low with consistent net losses.  Lower profitability
coupled with capex led to a severe impact on FKIPL's credit and
liquidity profile.  However, the regular support FKIPL receives
from its parent has mitigated its debt servicing risk.  With a
growing awareness of clinical nutrition, Fitch expects FKIPL's
profitability to pick up in the long-term, though liquidity would
likely remain stretched in the near-term.

FK, a subsidiary of Fresenius SE ('BB'/Stable) (a global health
care group), is focused on providing both inpatient and outpatient
therapy and care for critically and chronically ill patients.
FKIPL operates FK;s operations in India and its infusion therapy
products are manufactured at its plant in Pune (the only World
Health Organization - Good Manufacturing Practices certified
factory in Asia).  The infusion products are sold domestically as
well as internationally, while the clinical therapy products and
medical devices are imported for domestic consumption from FK's
global product portfolio manufactured at its overseas plants.


INDRA MARSHAL: CRISIL Assigns 'BB' Rating on INR25MM Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Indra Marshal Power Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR25.0 Million Cash Credit Facility    BB/Stable (Assigned)
   INR45.0 Million Export Packing Credit   P4+ (Assigned)
   INR80.0 Million Letter of Credit and    P4+ (Assigned)
                         Bank Guarantee

The ratings reflect IMPL's weak financial profile risk because of
the nascent stage of the company's operations, its working-
capital-intensive operations, and susceptibility to adverse
regulatory changes.  These rating weaknesses are partially offset
by IMPL's improving business risk profile with diversification of
product profile and increase in sales volume for of its branded
products.

Outlook: Stable

CRISIL believes that IMPL will, over the medium term, benefit from
the enhanced diversification of product profile and increase in
sales of its branded products.  The outlook may be revised to
'Negative' in case IMPL's liquidity deteriorates or its capital
expenditure borrowings are larger than expected.  Conversely, the
outlook may be revised to 'Positive' if the company's sales are
more than expected or its profitability improves.

                         About Indra Marshal

Set up as a partnership firm in 1968 and incorporated as private
limited company in 2009 by the Jhawar family of Indore, IMPL is
into assembling diesel engines and pump sets of 3.5 horsepower
(hp) to 20 hp and air compressors from 1 hp to 20 hp, used
primarily in the agricultural sector. The company derives over 90
per cent of its sales from the agriculture sector.

IMPL reported a profit after tax (PAT) of INR5.8 million on net
sales of INR381.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net sales
of INR125.2 million for 2007-08.


JADIA PIPES: CRISIL Places 'B+' Rating on INR32 Mil. Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Jadia Pipes (India) Limited.

   Facilities                           Ratings
   ----------                           -------
   INR140.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR32.0 Million Term Loan            B+/Stable (Assigned)
   INR5.5 Million Proposed Long-Term    B+/Stable (Assigned)
                  Bank Loan Facility
   INR90.0 Million Letter of Credit     P4 (Assigned)
   INR12.5 Million Bank Guarantee       P4 (Assigned)

The ratings reflect JPL's weak financial risk profile marked by a
high gearing and volatile operating margin, and exposure to risks
relating to its small scale of operations.  These weaknesses are
partially offset by the benefits that JPL derives from its
established market position in the electric resistance welded
(ERW) pipe segment.

Outlook: Stable

CRISIL believes that JPL will continue to benefit from its
promoters' experience in the ERW industry. The outlook may be
revised to 'Positive' if the company reports more-than-expected
operating income or cash accruals.  Conversely, the outlook may be
revised to 'Negative' if JPL's debt protection measures
deteriorate because of decline in profitability or large, debt-
funded capital expenditure.

                         About Jadia Pipes

Incorporated in 1985 by Mr. Lalit Kumar Goyal, JPL manufactures
ERW and polyvinyl chloride (PVC) pipes, and trades in hot rolled
(HR) coils.  Its manufacturing facility in Hisar (Haryana) has
capacity to manufacture 50,000 tonnes per annum (tpa) of ERW
pipes, 40,000 tpa of galvanized pipes, and 5000 tpa of PVC pipes.
JPL procures HR coils under a memorandum of understanding with
Steel Authority of India Ltd, and trades the HR coils in excess of
its requirements for manufacturing operations.

JPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR1,119 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR974 million for 2007-08.


JICS LOGISTIC: CRISIL Assigns 'BB-' Rating on INR60MM Bank Debt
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of JICS Logistic Ltd (JLL; part of the JICS group).

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Overdraft Facility     BB-/Stable (Assigned)
   INR30.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect the expected deterioration in the JICS group's
financial risk profile because of its debt-funded capital
expenditure. This rating weakness is partially offset by the
benefits that the JICS group derives from its established position
in the warehousing business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JLL and its group company, JICS
Logistics.  This is because the two entities, together referred to
as the JICS group, are in the same line of business, have common
promoters and management team, and are likely to be merged over
the medium term.

Outlook: Stable

CRISIL believes that the JLL will continue to benefit over the
medium term from its established market position as a warehousing
agent, and its track record of efficient operations, albeit on a
small scale.  The outlook may be revised to 'Positive' if the JLL
stabilises the operations at its upcoming facilities with improved
profitability, and reports more-than-expected improvement in its
gearing.  Conversely, the outlook may be revised to 'Negative' in
case the company's financial risk profile deteriorates, most
likely because of less-than-expected cash accruals arising out any
possible delay in increase of sales and profitability from the
companies's proposed expansion project.

                           About the Group

JLL, set up in 1996 as a partnership firm and incorporated into a
private limited company in 2009, is promoted by the Jhawar family
of Indore.  The company is an approved National Commodity and
Derivatives Exchange Limited (NCDEX) associate for providing
warehousing and allied services across India for agricultural
commodities and steel.  JLL also provides services such as margin
financing for commodities stored in its warehouses.  JICSL, set up
as a partnership firm in 2004, is also an approved NCDEX associate
to provide warehousing services. Currently, the group has 40
warehouses across India, handling different commodities. The group
owns one warehouse in Indore and the others are on lease.

The JICS group reported a profit after tax (PAT) of INR6.9 million
on net sales of INR102.4 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR8.4 million on net
sales of INR76.2 million for 2007-08.


KAUSHAL FERRO: Delay in Loan Repayment Prompts CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Kaushal Ferro Metals Pvt
Ltd's (Kaushal Ferro's) bank facilities.  The rating reflects
delay by Kaushal Ferro in repayment of term loan obligations; the
delay has been because of Kaushal Ferro's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR87 Million Cash Credit*         D (Assigned)
   INR263 Million Term Loan           D (Assigned)

   *Includes proposed limit of INR32 million

Set up in 2004 by Mr. Dilip Kumar Motwani, Mr. Harilal Patel, and
Mr. Ritesh Patel, Kaushal Ferro is a closely held company
manufacturing sponge iron. The manufacturing plant of the company
is in Sundargarh, which is 500 kms from Bhubaneswar (Orissa) and
has a capacity of 60,000 tonnes per annum.

Kaushal Ferro reported a profit after tax of INR21.6 million on
net sales of INR247 million for 2008-09 (refers to financial year,
April 1 to March 31) against a net loss of INR4.2 million on net
sales of INR253 million for 2007-08.


SAIDAWALA FIBRES: CRISIL Rates INR1.28 Billion Term Loan at 'B-'
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term bank
facilities of Saidawala Fibres Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR1280.00 Million Term Loan *      B-/Stable (Assigned)
   INR420.00 Million Cash Credit *     B-/Stable (Assigned)
   * proposed

The rating reflects SFPL's project-related risks - implementation
risks, and large debt component in the funding-mix - and limited
pricing power in the polyester fibers business because of the
market dominance of large players.  These rating weaknesses are
partially offset by SFPL's promoters' experience in the yarn
business.

Outlook: Stable

CRISIL believes that SFPL will benefit from the industry
experience of its promoters. However, the company's credit risk
profile will remain constrained over the medium term, given the
project-related risks.  The outlook may be revised to 'Positive'
if SFPL completes its project on schedule and within the budgeted
costs, and generates higher-than-expected revenues and profits.
Conversely, the outlook may be revised to 'Negative' in case of
cost overruns or delays in the ongoing project, or if the
company's profitability is lower than expected.

Saidawala Fibres Pvt Ltd. was promoted in 2009 by the Ludhiana-
based Garg family (Mr. Brij Lal Garg and his son, Mr. Vinod Kumar
Garg), and Mr. Satish Monga, based in New Delhi.  The Garg family
has been in the wool and yarn businesses since 1967.  The family
operates various entities engaged in the manufacture of, and
trading in, yarn.

SFPL is commissioning a unit that will manufacture polyester fibre
from waste food grade pet bottles (the unit will have a installed
capacity of around 17,500 tonnes per annum of fibre), and a
spinning unit (installed capacity of 25,000 spindles), in
Ludhiana.  The total cost of the project is estimated to be
INR1.95 billion, to be funded through debt of INR1.28 billion and
equity of INR670 million. The financial closure for this project
has not been achieved yet.

SFPL has, so far, procured 10 acres for INR70 million, paid out of
promoters' equity, in Ludhiana for the units. The company has
placed order for the fibre manufacturing plants, and intends to
start commercial production from January 2011.


SARADA PROJECTS: CRISIL Assigns 'BB' Rating on INR50 Mil. LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Sarada Projects
Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR50.00 Million Long Term Loan      BB/Stable (Assigned)
   INR10.00 Million Cash Credit         BB/Stable (Assigned)
   INR150.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Sarada's exposure to risks relating to
geographical concentration in revenue profile, to small scale of
operations and low project diversity, and to fluctuations in raw
material prices.  These rating weaknesses are partially offset by
Sarada's comfortable financial risk profile, marked by healthy
gearing and debt protection measures, and the benefits that the
company derives from its promoters' experience in the construction
industry.

Outlook: Stable

CRISIL believes that Sarada will maintain its low debt levels and
benefit from its moderate order book.  The outlook may be revised
to 'Positive' if Sarada enhances its scale of operations
substantially, and diversifies its revenue profile while
maintaining its profitability.  Conversely, the outlook may be
revised to 'Negative' if the company's profitability margins
deteriorate steeply, or if it undertakes large debt-funded capital
expenditure programs, weakening its financial risk profile.

                       About Sarada Projects

Set up in 1991, as a partnership concern by Mr. Boppana Ramesh
Kumar and his family members, Sarada (formerly, Sarada Projects),
executes civil construction projects for government and quasi
government departments. The projects are spread over five states
namely Assam, Arunachal Pradesh, Andhra Pradesh, Madhya Pradesh
and Chhattisgarh. Soma Holdings Ltd, a group company of Hyderabad-
based construction company Soma Enterprises Ltd (Soma) holds 40
per cent stake in Sarada. Sarada executes projects, both on a
direct as well as on joint venture with, and sub-contract basis
from, Soma. Sarada had an order book of about INR770 million as on
December 31, 2009.

Sarada reported a profit after tax (PAT) of INR8 million on net
sales of INR155 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR17 million on net sales
of INR193 million for 2007-08.


SEASONS HOTELS: CRISIL Places 'B' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Seasons Hotels Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR8.5 Million Cash Credit Limit      B/Stable (Assigned)
   INR145.0 Million Term Loan            B/Stable (Assigned)

The rating reflects SHPL's exposure to risks relating to weak
financial profile due to its large debt-funded project,
seasonality of revenues, and cyclicality and competition in the
hotel industry.  These rating weaknesses are partially offset by
the benefits that SHPL derives from its promoters' experience in
the hotel industry.

Outlook: Stable

CRISIL believes that SHPL will continue to benefit over the medium
term from its promoter's experience in the hotel industry. The
outlook may be revised to 'Positive' if SHPL generates larger-
than-expected revenues, backed by sustained improvement in
occupancy and average room rates.  Conversely, the outlook may be
revised to 'Negative' if SHPL's operational performance
deteriorates, because of the current slowdown in the hospitality
industry, leading to weakening of the company's debt protection
metrics.

Incorporated in December 2001 by Mr. Tahilram Atwani and Mr.
Prataprai Atwani in Ahmedabad (Gujarat), SHPL runs Inder
Residency, a five-star hotel located in Udaipur (Rajasthan), which
commenced operations in September 2008. The hotel has 144 rooms
(including seven suites), a 9700-square-foot (sq ft) banquet hall,
a bar, a restaurant, a coffee shop, three conference halls, and a
100,000-sq-ft garden.

SHPL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR26 million for 2008-09 (refers to financial year,
April 1 to March 31).


SREE JAGATHGURU: CRISIL Cuts Rating on INR406.2 Mil. Loan to 'BB+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sree
Jagathguru Textile Mills Pvt Ltd to 'BB+/Negative/P4+' from 'BBB-
/Negative/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR406.2 Million Long-Term Loan   BB+/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR150.0 Million Cash Credit      BB+/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR60.0 Million Letter of Credit  P4+ (Downgraded from 'P3')

The downgrade reflects SJTMPL's inability to maintain total debt
at less than INR450 million; SJTMPL's debt stock is likely to
increase to more than INR550 million by March 31, 2010, as the
company has been, stocking large inventory of raw cotton, mainly
funded using bank borrowings.  The gearing is expected to be much
higher than 3 times as on March 31, 2010.  The downgrade also
factors in the current delays in payment of term loan obligations
to Tamil Nadu Industrial Investment Corporation Ltd by STJMPL
because of its ongoing dispute with the corporation for
reimbursement under the Technology Upgrade Fund Scheme - the total
amount in dispute, INR4.5 million, is much higher than SJTMPL's
overdue at any point of time.  The 'Negative' outlook reflects
CRISIL's belief that SJTMPL's credit risk profile will come under
further pressure if the dispute is not resolved in the near term.

The ratings reflect SJTMPL's weak financial risk profile, large
working capital requirements, and small scale of operations.
These weaknesses are partially offset by the company's strong
revenue growth over the past three years, and moderate operating
capabilities.

Outlook: Negative

CRISIL believes SJTMPL's credit risk profile could deteriorate if
the dispute with TIIC is not resolved over the near term. The
rating may be downgraded further if there are significant delays
in resolving the dispute, and the overdue amount gets larger than
the disputed amount.  The rating could also be downgraded if there
is deterioration in the company's financial risk profile, most
likely because of decline in profitability or increase in working
capital borrowings. Conversely, the outlook could be revised to
'Stable' if SJTMPL resolves the dispute, and builds a track-record
of timely payment of debt obligations.

                       About Sree Jagathguru

Sree Jagathguru Textile Mills Pvt Ltd was set up in 1994 in
Vellakovil, Tamil Nadu, by Mr. S S Murugesan.  It was initially
established as a textile weaving mill, and subsequently it added
dyeing units.  In 1994, the company ventured into spinning of
cotton yarn, mainly in the count of 20s. Since 1998, the company
has been steadily increasing its capacities in the open-ended yarn
segment; the latest capacity addition, completed in March 2009,
increased its capacity to 5904 rotors from 4224 rotors. In 2006-07
(refers to financial year, April 1 to March 31), the company
started spinning of higher count yarn. At present, it has an
installed capacity of 28,800 spindles. The company has also
installed 3.18 megawatts of wind energy capacity, which is used
for captive purposes.

SJTMPL reported a profit after tax (PAT) of INR26 million on net
sales of INR952 million for 2008-09, against a PAT of INR13
million on net sales of INR716 million for 2007-08.


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


BANK PERMATA: Issues INR700-Bln 10-Year Notes to Fund Expansion
---------------------------------------------------------------
The Jakarta Post reports that PT Bank Permata Tbk has issued a
10-year unsecured subordinated Medium Term Note worth IDR700
billion (US$76.3 million) to fund future business expansion.

According to the report, the bank said that with a coupon at 275
basis points over the 3-month Indonesian SBI, the issuance is
priced at par.  All notes were purchased by strategic shareholder
Standard Chartered Bank, the Post notes.

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service raised PT Bank
Permata Tbk's foreign currency long-term deposit ratings to Ba3
from B1.  The revised rating carries a stable outlook.  All other
ratings are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D-.


INDOSAT TBK: Moody's Changes Outlook on 'Ba1' Rating to Negative
----------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook on PT Indosat Tbk's Ba1 corporate family ratings and
senior unsecured ratings.

"The revision in outlook to negative is driven by Moody's
expectation that Indosat's adjusted debt / EBITDA will rise above
3.0x and remain there for a prolonged period, and that financing
requirements during 2010 will increase the company's proximity to
financial covenants," says Ivan Palacios, a Moody's AVP/Analyst.

"We expect Indosat's operating performance to improve over the
coming year, but the improvement in revenues, EBITDA, and
resulting cash flows will not be sufficient to lower leverage to
less than 3.0x during 2010," says Mr. Palacios, also Moody's lead
analyst for the company.

"In addition, Moody's believes that the company's expected weaker
credit metrics for the rating category reflect a greater tolerance
for leverage than in the past," adds Mr. Palacios.

Moody's expects Indosat's liquidity to remain tight over the near
to medium term, as Moody's forecast that cash on hand and cash
flow from operations will not be sufficient to cover capex,
working capital, and debt service requirements alone.  This
deficit, which Moody's expect will be largely debt-funded, could
limit Indosat's headroom under financial covenants and constrain
the company's financial flexibility.

Furthermore, Moody's expects Indosat to line up refinancing with
sufficient lead-time to address its escalating maturity schedule
in late 2010, in particular the maturity of its $235 million notes
due in November 2010 -- which a failure to do would likely result
in downward rating action.

More positively, Moody's notes that the company's performance in
Q4 2009 signaled some positive developments, with the addition of
4.4 million cellular customers and 12% sequential revenue growth
in the cellular business.  This performance, if sustained, could
mitigate the downward pressure on the rating.

Indosat's Ba1 corporate family rating is further supported by its
established market position as Indonesia's second largest cellular
operator (in revenue and number of subscribers), and by the
expectation of moderate growth in the cellular market and an
improving macro-environment.  In addition, the Ba1 rating factors
a one-notch uplift due to expected support from majority
shareholder Qatar Telecom.

The ratings outlook could stabilize if Indosat can improve its
operating performance and rebalance its capital structure such
that adjusted debt / EBITDA remains below 3.0x.

Conversely, downward pressure on the rating could result from
further deterioration in Indosat's credit metrics, such that the
company was unable to afford itself adequate headroom under
financial covenants, in particular the company's 3.5x debt/EBITDA
covenant.  In addition, if Moody's believe an improvement in
operating profile or recapitalization was unlikely to lower
leverage to below 3.0x, ratings could be downgraded.

The last rating action with respect to Indosat was taken on
September 16, 2009, when Moody's affirmed Indosat's Ba1 corporate
family rating, and upgraded Indosat's bond rating to Ba1 in line
with the upgrade to Indonesia's foreign currency ceiling to Ba1.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia.  The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services.  It also provides multi-media,
data communications, and internet services.


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


JAPAN AIRLINES: Ruling Party Panel to Probe Bankruptcy
------------------------------------------------------
Kiyotaka Matsuda and Chris Cooper at Bloomberg News report that
Prime Minister Yukio Hatoyama's ruling Democratic Party of Japan
set up a panel to investigate the business and political decisions
that led to Japan Airlines Corp.'s filing for bankruptcy earlier
this year.

Tsutomu Okubo, a DPJ member, said the panel, headed by the DPJ's
Mitsuru Sakurai, will meet weekly and ask officials including
former Chief Executive Officer Haruka Nishimatsu to attend,
according to Bloomberg.

Bloomberg relates Mr. Sakurai said the group aims to announce its
finding by next month.

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)


MITSUBISHI MOTORS: Unlikely to Raise Stake in China Joint Venture
-----------------------------------------------------------------
Mitsubishi Motors Corp. is unlikely to increase its stake in one
of its two main joint ventures in the China because it wants to
preserve its cash, The Wall Street Journal reports citing a person
familiar with the matter.

Guangzhou Automobile Group Co., the controlling shareholder in the
joint venture, asked Mitsubishi to increase its stake in Changfeng
Motor to 32.79% from its current 14.59%, source told the Journal.

The increase, says the Journal, would give Mitsubishi an equal
share in the venture to that of Guangzhou Auto, providing
Mitsubishi more say in the venture's activities and a larger share
of its returns.

The Journal's sources however said though Mitsubishi has
substantial funds -- the company reported JPY226.27 billion, or
about US$2.5 billion, as of the end of last year ?- the company is
reluctant to deploy that cash given continued global uncertainty.

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial machines.
It is also engaged in the checking and maintenance of new
vehicles, as well as the provision of automobile sales financing
and leasing services.

Mitsubishi Motors Corp. continues to carry Standard & Poor's Long
Term Foreign Issuer Credit and Long Term Local Issuer Credit
ratings of 'B+'.


SHINSEI BANK: Eyes Raising JPY75 Bil. in Fresh Capital
------------------------------------------------------
Shinsei Bank Ltd. is preparing to raise about JPY75 billion
(US$830 million) in fresh capital as a merger with a Aozora Bank
Ltd. once seen as a lifeline is in danger of collapse, The
Financial Times reports.

As reported in the Troubled Company Reporter-Asia Pacific on
February 15, 2010, Kyodo News said Shinsei Bank and Aozora Bank,
which agreed to merge in October this year, are facing
difficulties in their negotiations.

Kyodo's sources said the talks have hit a snag in working out a
business strategy, including system integration and choice of core
operation, and there is a possibility they could call off the
negotiations if they cannot iron out their differences.

A person familiar with the negotiations told the Financial Times
that Shinsei has concluded that a merger with Aozora is no longer
necessary.

The FT says Shinsei plans to issue new shares to boost its
capital.  But the bank is not expected to proceed until talks with
Aozora are officially called off, the FT notes.  By the agreement,
says the FT, Shinsei would face a penalty if it were to terminate
negotiations before a previously agreed deadline of the end of
June is reached.

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

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

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

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

                         About Shinsei Bank

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

                           *     *     *

As of March 11, 2010, Shinsei Bank continues to carry Moody's "D
bank financial strength rating.

The bank also continues to carry Fitch's "BB" JR Subordinated Debt
and preferred stock ratings.


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


HYNIX SEMICONDUCTOR: To Invest KRW465 Bln for Facilities Upgrade
----------------------------------------------------------------
Hynix Semiconductor Inc. will invest KRW465 billion (US$410
million) to upgrade and expand production facilities, Bloomberg
News reports.  Hynix said in a regulatory filing that it will
complete the investment by March 31, Bloomberg relates.

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

                           *     *     *

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

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


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


SATANG HOLDINGS: Sixth Annual General Meeting Set for March 31
--------------------------------------------------------------
Satang Holdings Berhad will hold its Sixth Annual General Meeting
on March 31, 2010, at 8:30 a.m. at the Tiara Room, Level 2, Klang
Executive Club (KEC), Persiaran Bukit Raja 2, Bandar Baru Klang,
41150 Klang, in Selangor Darul Ehsan.

At the meeting, the Company's members will be asked to:

   * receive and adopt the Audited Financial Statements for the
     financial year ended September 30, 2009, and the Reports of
     the Directors and Auditors thereon;

   * re-elect Izham Bin Yusoff who shall retire pursuant to
     Article 86 of the Company's Articles of Association;

   * re-elect the following directors who shall retire pursuant
     to Article 93 of the Company's Articles of Association:

      a) Major (R) Jamaludin Bin Hasan
      b) Malim Bin Mohamed
      c) Tajudin Bin Talib

   * approve the payment of Directors' fees for the financial
     year ended September 30, 2009;

   * re-appoint Messrs. UHY Diong as Auditors of the Company
     until the conclusion of the next Annual General Meeting
     and to authorize the Directors to fix their remuneration;
     and

   * consider and if thought fit, to pass this resolution:

     -- Authority to Directors to Allot and Issue Shares.

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended September 30, 2007.


TRANSMILE GROUP: Taps Kenanga Investment Bank as Principal Adviser
------------------------------------------------------------------
Transmile Group on March 9, 2010, appointed Kenanga Investment
Bank Berhad as its Principal Adviser to formulate and review the
Company's regularization plan prior to submission to the Approving
Authorities for approval and to advise Transmile on compliance
with the relevant guidelines and regulations.

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


LOMBARD GROUP: Shareholders Approve Reverse Takeover Offer
----------------------------------------------------------
Lombard Group Ltd. shareholders have the opportunity to recoup a
fraction of their investment in the failed financial company after
approving Australian Consolidated Insurance Ltd.'s offer for the
shell as a backdoor listing on the New Zealand stock exchange, a
report posted at scoop.co.nz says.

ACIL, which manages just under $100 million of insurance premiums
across Australia and New Zealand, is proposing the creation of a
new NZX-listed entity, Lombard Insurance Group, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Lombard entered into a conditional arrangement with
ACIL which, subject to shareholder and regulatory consents, will
result in LOM acquiring all the shares in ACIL.  This "reverse
takeover" will result in ACIL's businesses becoming part of a
listed group, Lombard Group said in a statement to the stock
exchange.

Under the reverse takeover deal, Lombard proposes to make a
takeover offer to ACIL shareholders for all ACIL's existing 42.8
million shares.  It will then offer 1.48 billion new shares in
Lombard as consideration for the ACIL shares, or 34.6 Lombard
shares for each ACIL share.  Lombard would then buy back the
shares at 1.2 cents apiece.  Lombard shareholders can accept all
or part of the buy-back offer, which closes on April 10.

                          About ACIL

ACIL is an Australasian company that provides differentiated
insurance products and services to insurance purchasers.  The ACIL
group has 18 subsidiary companies in these specialized insurance
segments:

   -- Insurance Broking
   -- Underwriting Agency
   -- Risk Management
   -- Insurance Premium Funding

ACIL currently manages in excess of AU$80 million of insurance
premiums from offices in Perth, Sydney, Melbourne, Brisbane,
Auckland and Hamilton.

                      About Lombard Group

Headquartered in Wellington, New Zealand, Lombard Group Limited
(NZE:LOM) -- http://www.lombardgroup.co.nz/-- is primarily
engaged in the provision of finance to small and medium-sized
businesses for a range of purposes.  In March 2008, the Company's
wholly owned subsidiary, Lombard Mortgages Limited, acquired the
remaining 30% interest in Tasman Mortgages Limited.  Tasman
Mortgages Limited is a mortgage arranger and mortgage broking
company.  Lombard Mortgages operates as a mortgage broker.  The
Company's principal subsidiary is Lombard Finance & Investments
Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Lombard Group said that its financial performance
for the year ended March 31, 2008, has been dramatically affected
by the receivership of the Group's significant subsidiary, Lombard
Finance & Investments Limited, which occurred on April 10, 2008.
Lombard Finance owed 4,400 investors about NZ$127 million.


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


CABLE & WIRELESS: UK Business to Focus on Asian Opportunities
-------------------------------------------------------------
Andrew Parker at The Financial Times reports that C&W Worldwide,
Cable & Wireless Plc's UK business, is stepping up its efforts to
achieve growth in emerging markets as it secures a stock market
listing later this month.

Chief Executive Jim Marsh told the Financial Times that C&W
Worldwide will focus on opportunities in Asia.

The FT relates that C&W Worldwide is one of two listed companies
resulting from the C&W group demerger that takes place on
March 26.

According to the FT, C&W Worldwide provides telecom services to
corporate rather than residential consumers.  On the other hand,
the FT notes, C&W Communications, the other listed company,
provides fixed-line and mobile services to consumers in small
countries across the world that were once part of the British
empire.

While 54% of C&W Worldwide's revenue came from contracts with
British companies and public bodies in the six months to
September 30, says the FT, a further 7% stemmed from similar deals
outside the UK.

The FT states that given C&W Worldwide's share of the global
corporate telecoms market is less than 1%, it perceives a big
opportunity for overseas growth.

Mr. Marsh told the FT that C&W Worldwide's Asian orders rose 60%
in the three months to December 30 compared with the same period
in 2008.  India was already its most important market after the
UK, he added.

"We have a fabulous brand in Asia because we've been there for 120
years," the FT quoted Mr. Marsh as saying.  "So, building our
business particularly in that region is very important to us."

                       About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


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

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


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ORION GOLD NL          ORN               12.37        -24.99
POWERLAN LTD           PWR               30.84         -5.94
RESIDUAL ASSC-EE       RAGXF            597.33       -126.96
SHELL VILLAGES A       SVC               13.47         -1.66
STRATHFIELD GRP        SRA               32.79         -0.94
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        10,663.62       -669.02
CHINA EAST AIR-H       670           10,663.62       -669.02
CHINA KEJIAN-A         35                83.78       -182.39
DANDONG CHEM F-A       498              100.50       -111.14
DONGGUAN FANGD-A       600656            62.02        -10.11
DONGXIN ELECTR-A       600691            20.72         -6.13
GAOXIN ZHANGTO-A       2075             119.52        -30.48
GUANGDONG HUAL-A       600242            19.85         -1.62
GUANGDONG KEL-A        921              650.07       -103.76
GUANGMING GRP -A       587               48.72        -47.59
GUANGXI BEISHE-A       600556           103.12       -138.38
GUANGXIA YINCH-A       557               19.31        -37.90
HEBEI BAOSHUO -A       600155           133.67       -361.69
HEBEI JINNIU C-A       600722           241.28       -228.12
HISENSE ELEC-H         921              650.07       -103.76
HUDA TECHNOLOG-A       600892            21.31         -2.90
HUNAN ANPLAS CO        156               51.58        -70.84
JIANGSU CHINES-A       805               12.52        -11.39
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                22.09       -118.12
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            2,400.10       -366.06
MITSUMARU EAST K       2358              38.17         -1.45
NEW CITY CHINA         456              112.20        -14.59
NGAI LIK INDL          332              132.82         -4.76
PAC PLYWOOD            767               75.64         -5.41
PALADIN LTD            495              157.69         -6.23
PALADIN LTD -PRE       642              157.69         -6.23
PCCW LTD               8              5,801.75       -261.18
PERCEPTION DIG         8248              31.21         -4.64
PROVIEW INTL HLD       334              412.85       -191.26
WAI CHUN MINING        660               12.79        -14.60
WAYTUNG GLOBAL G       21                12.33         -2.96


INDONESIA

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


INDIA

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


JAPAN

ARDEPRO                8925             345.61       -207.11
COMMERCIAL RE          8866             296.85         -0.35
COSMOS INITIA CO       8844           1,652.69       -564.01
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
HANSHIN DNP            12170             10.61         -0.74
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                73.63         -4.31
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 NZ Equ       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               11.69        -13.16
ADVANCE SCT LTD        ASCT              19.14        -40.40
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             14.65        -13.74
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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