TCRAP_Public/100319.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, March 19, 2010, Vol. 13, No. 055

                            Headlines



A U S T R A L I A

CMA CORPORATION: CBA Demands Early Repayment on AU$7.4MM Debt
GENERAL MOTORS: GM Holden Recalls 9,000 Cars Over Faulty Fuel Hose
SOLVERDI WORDWIDE: Calls In Voluntary Administrators
SPA CHAKRA: Hercules Says It Has Acquired All Assets


C H I N A

CHINA GLASS: Pilkington Cancellation Won't Move S&P's 'B' Rating


H O N G  K O N G

CITIC PACIFIC: In Talks With Hebei Iron Over Stake Sale
IOMEGA HK: Ying and Chan Step Down as Liquidators
LEE TAT: Commences Wind-Up Proceedings
LIGHTEX TEXTILES: Placed Under Voluntary Wind-Up Proceedings
LONGWIND INTERNATIONAL: Shek Kwok Choi steps Down as Liquidator

M MEDIA: Members' Final Meeting Set for April 12
MAPLE MARK: Wong Kwok Chiu Appointed as Liquidator
MARVELLOUS ERA: Seng and Lo Step Down as Liquidators
MARUBENI CHEMICALS: Seng and Lo Step Down as Liquidators
MAXCHANGE DEVELOPMENT: Court to Hear Wind-Up Petition on April 14

MEGA SUPREME: Commences Wind-Up Proceedings
NAVAL PACIFIC: Creditors' Proofs of Debt Due April 16
OPL LIMITED: Members' Final Meeting Set for April 12
PARISTA PACIFIC: Placed Under Voluntary Wind-Up Proceedings
RHYKA VACUUM: Luk Siu Lan Appointed as Liquidator

SHACHIHATA (HK): Wai and Chan Appointed as Liquidators


I N D I A

AIR INDIA: Cabin Crew Union Defers March 19 Strike
AIR INDIA: Loses INR750cr on Mumbai-NY, Delhi-NY Daily Flights
B.L MEHTA: CRISIL Assigns 'BB+' Rating on INR120 Mil. Cash Credit
BSNL: Staff to Launch Strike on April 20 to Protest Divestment
CHEMIZOL ADDITIVES: CRISIL Puts 'BB-' Rating on INR7.5MM Bank Debt

GANPATI OIL: CRISIL Assigns 'B' Rating on INR37.2 Mil. LT Loans
HANUMANT CONSTRUCTION: CRISIL Rates INR100MM Cash Credit at 'B+'
REARDEN G: S&P Changes Outlook to Positive; Affirms 'B' Rating
SAHUWALA FLOUR: Low Net Worth Prompts CRISIL to Assign 'B+' Rating
SHAHLON SILK: CARE Assigns 'CARE BB+' Rating on INR20.16cr LT Loan

TATA MOTORS: Prepares Compensation Package for Relocated Vendors


I N D O N E S I A

GARUDA INDONESIA: Aims to Restructure US$527M Bad Loans Before IPO
GARUDA INDONESIA: Reports IDR1 Trillion Net Profit in 2009


J A P A N

ALL NIPPON: May Post JPY60B Operating Loss for Year Ending March


K O R E A

MAGNACHIP SEMICONDUCTOR: Eyes US$250-Mil. Initial Public Offering


M A L A Y S I A

SPK-SENTOSA CORP: Unit Gets Winding Up Petition from Plus Three
TALAM CORP: Inks Settlement Deal with Menteri on MYR241.36M Debt
TALAM CORP: Lists Additional 7,969,000 New Shares


S I N G A P O R E

CITCO TRUSTEES: Creditors' Proofs of Debt Due April 17
CITCO CHINA: Creditors' Proofs of Debt Due April 17
JAMBI SUPPLY: Court to Hear Wind-Up Petition March 26
SING PARTNERS: Members' Final Meeting Set for April 15


X X X X X X X X

DUBAI WORLD: To Offer 7-Year Payment Proposal to Banks

INVESTMENT DAR: Obtains Bankruptcy Protection in Kuwait

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


CMA CORPORATION: CBA Demands Early Repayment on AU$7.4MM Debt
-------------------------------------------------------------
The Sydney Morning Herald reports that CMA Corporation Ltd. has
renegotiated and increased its debts with two of its banks to
about AU$166 million, but Commonwealth Bank is demanding "early
repayment" on a AU$7.4 million debt.

Citing CMA's December half year results, the Herald says the
company posted a loss of under AU$7 million for the latest six
months -- a vast improvement on the AU$73 million lost for the
whole of 2008-09.

According to the report, the company denies CBA has any right to
get its money back immediately, and offered not to draw down any
more of the total AU$11 million line of credit for equipment
financing if the bank holds off.

CMA's board had the company's shares suspended from trading on
February 19 while they renegotiated their debts and took advice
from Macquarie Capital, the Herald says.

The Herald discloses that CMA's balance sheet as at December 31
showed its total bank debt had increased by almost AU$2 million to
AU$162.8 million since June 30.

Since late 2008, says the Herald, CMA has raised more than AU$80
million from share issues, including handing almost half the
company to German recycling firm Scholz Invest.  Most of the cash
seems to have been used as working capital.  According to the
Herald, there has been speculation that Scholz may sell some of
its Asian region assets to CMA, in exchange for further shares, to
enlarge and shore up the balance sheet.  CMA has not commented on
that, the Herald notes.

CMA Corporation Limited (ASX:CMV) -- http://www.cmacorp.net/-- is
an Australia-based integrated recycling company.  The Company's
major activities are metal recycling, and demolition and
remediation contract services.  CMA has operations in Australia,
New Zealand, Asia and United States.  During the fiscal year ended
June 30, 2009, the Company acquired Meretec Limited.


GENERAL MOTORS: GM Holden Recalls 9,000 Cars Over Faulty Fuel Hose
------------------------------------------------------------------
Agence France-Presse reports that General Motors' Australian
subsidiary GM Holden on Thursday recalled 9,000 Cruze sedans over
a faulty fuel hose.

AFP relates GM Holden spokesman said some of the hoses on 1.8-
litre MY10 JG Cruze models had sprung a leak, and some owners may
notice leaking fuel, a petrol smell or loss of power.  No
accidents or injuries have been reported, the report notes.

"A condition has been identified where, in some instances, the
fuel feed hose may not have been manufactured correctly and could
result in a fuel leak," AFP cited the spokesman in a statement.
"We are aware of 71 cases of a reported fuel leak due to this
condition," the spokesman added.

AFP says the recall affects 9,098 cars in Australia and another
485 in New Zealand.

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                      About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SOLVERDI WORDWIDE: Calls In Voluntary Administrators
----------------------------------------------------
Solverdi Worldwide Ltd. has been placed in administration with
debts of AU$4.3 million, James Thomson at Smart Company reports.
The company has appointed Pinn Deavin Group as voluntary
administrators.

According to the report, the company's collapse is likely to come
as something of a surprise to shareholders as the company last
month entered into an "assets purchase agreement" with New York
firm Lincoln Hill Capital Partners.

The fate of this agreement is not clear, although administrators
would be likely to talk to Lincoln Hill about buying company's
assets, the report says.

SmartCompany discloses that Solverdi's latest accounts, for the
year to December 31, 2009, showed revenue increased 130% to AU$12
million, with the company's net loss narrowing from AU$1.9 million
to AU$1.4 million.

However, says SmartCompany, commentary accompanying the accounts
noted "the last quarter was disappointing due to lower business
activity (partly seasonal) and a significant drop in commodity
prices".

                       About Solverdi WorlWide

Solverdi WordWide Limited (ASX:SWW) -- http://solverdi.com/--
formerly Australian Biodiesel Group Limited, is an Australia-based
company. The Company is engaged in the marketing of ABG biodiesel
production plant design and operations; recycling business,
including a used cooking oil (UCO) aggregation business in New
South Wales and Queensland, and development and/or acquisition of
new renewable energy technologies.  It operates in two segments:
Biodiesel, which includes the sale of biodiesel fuel and other
related products, and Recycling, which includes the sale of used
cooking oil.  The Company's subsidiaries include ABG USA Ltd and
Scanline Pty Ltd. As of July 27, 2009, White Mountain Group
Limited held a 52.2% interest in the Company.  In September 2009,
the Company completed the acquisition of Aristos International, a
data center services design and build firm.


SPA CHAKRA: Hercules Says It Has Acquired All Assets
----------------------------------------------------
Hercules Technology Growth Capital, Inc.' newly formed entity, Spa
Chakra Acquisition Corp., has successfully acquired, through a
reorganization, all of the assets of Spa Chakra, Inc., and all of
its international subsidiaries and operations.  Spa Chakra(TM) is
a global premium luxury provider of comprehensive health and
wellness care that integrates conventional and holistic methods of
care and treatment.

Under the new organization, Spa Chakra Acquisition Corp., Spa
Chakra will continue to operate and maintain all normal business
operations, both domestically and internationally.  Spa Chakra's
clients will continue to experience the five-star luxury offering
of service they expect and have enjoyed in the past.

"We have worked very hard over the course of the last few months
to ensure the long term success of Spa Chakra and its
international operations.  The successful acquisition of the Spa
Chakra business is a testament to our support and belief in the
company's growth potential, and we turn our attention to
rebuilding and growing Spa Chakra to be a global premium provider
of comprehensive health and wellness centers," said Manuel A.
Henriquez, co-founder, chairman and chief executive officer of
Hercules.

"While we recognize that Spa Chakra has had several near-term
challenges, we nonetheless remain steadfast in our commitment to
restore the company to its rightful leadership position as one of
the leading premium luxury spa and wellness providers worldwide.
Hercules remains supportive and committed to the company's vision,
and we look to expand the spa network, working with our
distinguished hotel and luxury brand partners, which have both
been very supportive throughout this process.  Hercules recognizes
the investment potential within the company and plans to work side
by side with Spa Chakra's management team to execute on its growth
strategy as it completes its reorganization and ensures that its
clients continue to receive the premium service they have come to
appreciate and enjoy from Spa Chakra and Spa Chakra Guerlain's
unique offering," concluded Mr. Henriquez.

Hercules plans to grow the company and expand the management team
over the coming weeks and months as it looks to expand Spa Chakra.
As part of the acquisition, Hercules will hold the majority of the
Board of Director seats in the company and will be working
diligently with management to ensure Spa Chakra maintains the
company's high level of quality and customer service as well as
minimizing any disruptions to the business as the transition is
completed during the coming weeks.  Spa Chakra, Inc. and its
domestic subsidiaries filed voluntary petitions for protection
under Chapter 11 on December 11, 2009.  At that time, Hercules
provided financing to such entities which were used to fund normal
business operations during the sale process.  Hercules' initial
investment in Spa Chakra, Inc. and its subsidiaries occurred in
June 2008.

                     About Hercules Technology

Hercules Technology Growth Capital, Inc. is a NASDAQ traded
specialty finance company providing debt and equity growth capital
to technology and life science companies at all stages of
development. Founded in December 2003, the company primarily
finances privately held companies backed by leading venture
capital and private equity firms.  Hercules invests in a broad
range of ventures active in technology and life science industries
and offers a full suite of growth capital products at all levels
of the capital structure.  The company is headquartered in Palo
Alto, Calif. and has additional offices in the Boston, Boulder and
Chicago areas.  Providing capital to publicly-traded or privately-
held companies backed by leading venture capital and private
equity firms involves a high degree of credit risk and may result
in potential losses of capital.

                      About Spa Chakra, Inc.

Initially founded in 1998 in Australia, Spa Chakra has continued
to expand both domestically and overseas.  Uniquely positioned in
the marketplace, Spa Chakra has developed an award winning network
of 16 luxury spas worldwide.  Spa Chakra represents leading high-
end luxury cosmetic and spa brands and is recognized as one of the
top spa operators in the world.

The Company filed a balance sheet showing assets of $28.4 million
and debt totaling $22.9 million.  The largest liability is a
$11.1 million loan from Hercules.

Spa Chakra, Inc., said it is proceeding towards a sale of
substantially all of its assets to Hercules Technology Growth
Capital.  As part of the process to successfully complete the
sale, Spa Chakra has filed for protection under Chapter 11 of the
U.S. Bankruptcy Code with the U.S. Bankruptcy Court for New York
(Bankr. S.D.N.Y. Case No. 09-17260).


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C H I N A
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CHINA GLASS: Pilkington Cancellation Won't Move S&P's 'B' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on China Glass Holdings Ltd. (B/Negative/--) are not
immediately affected by the company's announcement that its major
shareholder, Pilkington Italy Ltd., has cancelled its option to
increase its stake.  In S&P's opinion, Pilkington will continue to
support China Glass because the company still owns a substantial
stake of 29.9%.

Nevertheless, S&P would review the rating on China Glass if its
shareholding structure materially changes.  The option agreement
would have allowed Pilkington to buy the 32.8% of shares in China
Glass owned by Hony International Ltd.


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


CITIC PACIFIC: In Talks With Hebei Iron Over Stake Sale
-------------------------------------------------------
CITIC Pacific will likely sell its stake in Shijiazhuang Iron and
Steel Co. to Hebei Iron and Steel Group for CNY1.9 billion, ANTARA
News reports, citing Caijing Magazine.

The news agency says CITIC Pacific confirmed on Wednesday it is in
talks with HBIS for the proposed transfer of the auto-use steel
producer located in Shijiazhuang city, the capital city of Hebei
province, in northern China.

According to the report, the Hebei provincial government had
planned to move out large industrial enterprises from downtown
area of Shijiazhuang.  The cost of moving and reconstructing Shi
Steel is estimated to be about CNY3 billion, the report says.
Citic Pacific bought a 65% stake in Shijiazhuang Iron in November
2005 for CNY1.48 billion (US$216 million), according Bloomberg
News.  The government of Hebei Province that surrounds Beijing
holds a 20% stake and the company's management holds the rest.

Headquartered in Hong Kong, CITIC Pacific Ltd. --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2009, Standard & Poor's Ratings Services placed the 'BB+'
long-term corporate credit rating on CITIC Pacific on CreditWatch
with positive implications.  At the same time, S&P also put the
'BB+' issue rating on CITIC Pacific's outstanding senior unsecured
bonds on CreditWatch with positive implications.


IOMEGA HK: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Iomega Hong Kong Limited on March 1, 2010.


LEE TAT: Commences Wind-Up Proceedings
--------------------------------------
Members of Lee Tat Transportation Development Limited, on March 8,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Danvil Chan Kin Hang
         Room 2301, 23/F, Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


LIGHTEX TEXTILES: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on March 1, 2010,
creditors of Lightex Textiles Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lo Shing Chi
         Rm. 803, Hang Seng Wanchai Bldg
         200 Hennessy Rd
         Wanchai, HK


LONGWIND INTERNATIONAL: Shek Kwok Choi steps Down as Liquidator
---------------------------------------------------------------
Shek Kwok Choi stepped down as liquidator of Longwind
International Limited on March 8, 2010.


M MEDIA: Members' Final Meeting Set for April 12
------------------------------------------------
Members of M Media Global Limited will hold their final general
meeting on April 12, 2010, at 11:00 a.m., at the Suite 2105, 21/F,
Wing On Centre, 111 Connaught Road, Central, in Hong Kong.

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


MAPLE MARK: Wong Kwok Chiu Appointed as Liquidator
--------------------------------------------------
Wong Kwok Chiu on March 3, 2010, was appointed as liquidator of
Maple Mark Limited.

The liquidator may be reached at:

         Wong Kwok Chiu
         2nd Floor, Morrison Commercial Building
         31 Morrison Hill Road
         Hong Kong


MARVELLOUS ERA: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Marvellous Era Limited on March 12, 2010.


MARUBENI CHEMICALS: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Marubeni Chemicals & Plastics (Hong Kong) Limited on Feb. 23,
2010.


MAXCHANGE DEVELOPMENT: Court to Hear Wind-Up Petition on April 14
-----------------------------------------------------------------
A petition to wind up the operations of Maxchange Development
Limited will be heard before the High Court of Hong Kong on
April 14, 2010, at 9:30 a.m.

Ho Shun Chiu filed the petition against the company on February 5,
2010.

The Petitioner's solicitors are:


          Messrs. Chui & Lau
          Room 42, 4th Floor, New Henry House
          10 Ice House Street
          Central, Hong Kong


MEGA SUPREME: Commences Wind-Up Proceedings
-------------------------------------------
Members of Mega Supreme Limited, on March 8, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Danvil Chan Kin Hang
         Room 2301, 23/F, Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


NAVAL PACIFIC: Creditors' Proofs of Debt Due April 16
-----------------------------------------------------
Creditors of Naval Pacific Holding Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 16, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Choi Man Chau Michael
         20/F., Hong Kong Trade Centre
         161-167 Des Voeux Road
         Central, Hong Kong


OPL LIMITED: Members' Final Meeting Set for April 12
----------------------------------------------------
Shareholders of OPL Limited will hold their final general meeting
on April 12, 2010, at the Unit 1004, 10/F., East Town Building, 16
Fenwick Street, Wanchai, in Hong Kong.

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


PARISTA PACIFIC: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on March 3, 2010,
creditors of Parista Pacific Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Paul Ngan Kar Leung
         Room 1401, 14/F
         Hong Kong and Macau Building
         156-157 Connaught Road
         Central, Hong Kong


RHYKA VACUUM: Luk Siu Lan Appointed as Liquidator
-------------------------------------------------
Luk Siu Lan on February 26, 2010, was appointed as liquidator of
RHYKA Vacuum Plating (H.K.) Limited.

The liquidator may be reached at:

         Luk Siu Lan
         Office B, 22nd Floor
         Guangdong Investment Tower
         148 Connaught Road
         Central, Hong Kong


SHACHIHATA (HK): Wai and Chan Appointed as Liquidators
------------------------------------------------------
Albert Wong Kwok Wai and Chan Kwai Ping on March 5, 2010, were
appointed as liquidators of Shachihata (HK) Limited.

The liquidators may be reached at:

         Albert Wong Kwok Wai
         Chan Kwai Ping
         Suite 1801-5, 18/F
         Tower 2, China Hong Kong City
         33 Canton Road
         Tsim Sha Tsui, Kowloon
         Hong Kong


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I N D I A
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AIR INDIA: Cabin Crew Union Defers March 19 Strike
--------------------------------------------------
A section of Air India's cabin crew has deferred its proposed
strike on March 19 following an assurance by the management that
its demands would be looked into sympathetically, the Press Trust
of India reports.

"We have deferred our agitation from March 19 after the management
assured us that it will get back to us on our demand of filling-up
cabin-crew vacancies in the next 2-3 weeks," Air Corporation
Employees Union's Regional Secretary Vivek Rao told PTI.

PTI relates that a section of the air-carrier's cabin-crew owing
allegiance to ACEU had threatened not to report for work on
March 19 in protest of the management not filling up cabin-crew
vacancies.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

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: Loses INR750cr on Mumbai-NY, Delhi-NY Daily Flights
--------------------------------------------------------------
The Ministry of Civil Aviation has told a Parliamentary Committee
that Air India lost INR750 crore on the daily Mumbai-New York and
Delhi-New York non-stop flights last year, The Hindu Business Line
reports.  The Mumbai flight was launched in August 2007 while the
Delhi connection was started in February 2008, the report says.

The committee was also informed that the airline is re-examining
some of the 29 international routes which account for a loss of
about INR2,000 crore in fiscal 2008-09, the Business Line says.

According to the report, this has been brought out in the latest
Committee report on National Aviation Company of India Ltd that
was tabled in Parliament late last week.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

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.


B.L MEHTA: CRISIL Assigns 'BB+' Rating on INR120 Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of B.L Mehta Constructions Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR120.00 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR3.50 Million Proposed Long-Term      BB+/Stable (Assigned)
                   Bank Loan Facility
   INR300.00 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect BLM's weak financial risk profile, and
exposure to risks relating to fluctuations in raw material prices.
These weaknesses are, however, partially offset by expected cash
inflows owing to healthy order book position.

Outlook: Stable

CRISIL believes that BLM will maintain a stable credit risk
profile over the medium term, on the back of a healthy order book.
The outlook may be revised to 'Positive' if the company
diversifies its revenues by reducing its dependence on projects
sponsored by Director General of Married Accommodation Project
while maintaining stable profit margins, or if equity infusions
help strengthen its capital structure. Conversely, the outlook may
be revised to 'Negative' if BLM undertakes large, debt-funded
capital expenditure.

Set up in 2005, by Mr. Brij Lal Mehta, BLM provides construction
services in setting up buildings and sheds.  The company is a
registered contractor with the Military Engineering Services
(MES). BLM is a SS class contractor, and is therefore, eligible
for allocation of large contracts.  Currently, the company is
managed by Mr. P.L. Mehta (son of Mr. BL Mehta).

BLM reported a profit after tax (PAT) of INR31 million on net
revenues of INR681 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR7 million on net
revenues of INR377 million for 2007-08.


BSNL: Staff to Launch Strike on April 20 to Protest Divestment
--------------------------------------------------------------
The Press Trust of India reports that 15 employee unions of state-
owned Bharat Sanchar Nigam Limited said they would go on a full-
day strike on April 20 to protest the management's decision to
accept the Sam Pitroda committee report that favored 30%
divestment and voluntary retirement to 100,000 staff.

"We have not heard as yet from the management.  We shall intimate
them about our decision to observe a full-day strike on April 20,"
V A N Namboodiri, Convener of Joint Forum of Executives and Non-
Executives' Unions and Associations, told PTI.

According to the news agency, Prime Minister Manmohan Singh has
set up the Pitroda panel, with HDFC chairman Deepak Parekh and
telecom secretary P.J. Thomas as its members, to suggest means to
improve BSNL's financial health.

Bharat Sanchar Nigam Limited is a state-owned telecommunications
company in India.  It has a network of more than 45 million lines
covering 5,000 towns with over 35 million telephone connections.


CHEMIZOL ADDITIVES: CRISIL Puts 'BB-' Rating on INR7.5MM Bank Debt
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Chemizol
Additives Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR7.50 Million Cash Credit*         BB-/Stable (Assigned)
   INR20.00 Million Packing Credit      P4+ (Assigned)
   INR12.50 Million Letter of Credit    P4+ (Assigned)
   INR2.00 Million Bank Guarantee       P4+ (Assigned)

   * Fully Interchangeable with Letter of Credit Limit

The ratings reflect Chemizol's exposure to intense competition in
the lubricant additives industry, small scale of operations, and
vulnerability to volatility in raw material prices.  These rating
weaknesses are partially offset by Chemizol's moderate financial
risk profile, and its promoter's experience in the lubricant
additives business.

Outlook: Stable

CRISIL believes that Chemizol will continue to benefit over the
medium term from its promoter's experience in the lubricant
additives business.  The outlook may be revised to 'Positive' if
Chemizol scales up its operations, and improves its operating
margin, thereby resulting in substantial increase in its cash
flows.  Conversely, the outlook may be revised to 'Negative' if
the company reports less cash accruals than expected, or
undertakes large debt-funded capital expenditure program, thereby
adversely affecting its capital structure.

Set up in 2008-09 (refers to financial year, April 1 to March 31)
by Mr. G Ravi, the Bengaluru-based Chemizol manufactures lubricant
additives; it derives 98 per cent of its sales from exports to the
US, Europe, and Singapore.

Chemizol reported a profit after tax of INR10.2 million on net
sales of INR186.6 million for 2008-09.


GANPATI OIL: CRISIL Assigns 'B' Rating on INR37.2 Mil. LT Loans
---------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Ganpati Oil & Foods Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR37.2 Million Long-Term Loans     B/Negative (Assigned)
   INR240.0 Million Cash Credit        B/Negative (Assigned)
   INR5.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Ganpati Oil's weak financial risk profile and
strained liquidity, moderate scale of operations, and exposure to
risks associated with agriculture-based products.  These
weaknesses are partially offset by healthy domestic demand
prospects for edible oils and flour products, and Ganpati Oil's
average business risk profile marked by moderate market position,
good distribution network, and well recognized brand.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Ganpati Oil, Eminence India Ltd
(Eminence, rated 'C/P4' by CRISIL) and Spectrum Retailnet Private
Ltd (Spectrum), as these companies currently operate under a
common management.  Ganpati Oil is planning to acquire the assets
of Eminence and Spectrum effective April 1, 2009 (subject to
necessary approvals from lenders and statutory authorities) and it
has provided a corporate guarantee for the loans contracted by
Eminence.  There are also operational linkages between the two
companies.

Outlook: Negative

Despite healthy growth in revenues and operating profitability due
to steady demand, CRISIL expects Ganpati Oil's financial profile
to remain stressed due to aggressive gearing levels, which will
also limit improvement in its net profitability and debt
protection measures.  The company's accruals are likely to be
inadequate to meet the consolidated debt obligations in 2009-10
(refers to financial year, April 1 to March 31) and would require
refinancing, in addition to support from promoters.  The ratings
could be downgraded if Ganpati Oil's business performance weakens,
liquidity comes under further pressure, or if the company
undertakes significant debt-funded capital expenditure (capex).
Conversely, a sustained improvement in business performance and
profitability, leading to improved gearing and key debt protection
ratios, could result in Ganpati Oil's rating outlook being revised
to 'Stable'.

                         About Ganpati Oil

Ganpati Oil was promoted by Mr. Manoj Agrawal, Mr. Mayank Agrawal,
and Mr. Manish Agrawal and Mr. Hemant Jain in 1997.  The company
was converted into a public company in 2005. Ganpati Oil
established its first manufacturing unit in 1997 for extraction of
mustard oil and oil cake based on the Kolhu and Expeller process,
most popularly known as the Kacchi Ghani process.  The company's
products, under the brand 'Do Gulab', are sold in Madhya Pradesh,
Chhattisgarh, Uttar Pradesh, New Delhi, West Bengal, Assam, and
Bihar. The company has a wide marketing network encompassing 12
branches, 50,000 retailers and 500 dealers across India.  In 2008-
09, about 95 per cent of revenues of Ganpati Oil were derived from
extraction of mustard oil from mustard seeds, while the balance
revenues were derived from trading in refined oil.

Eminence was incorporated in 1998 by a family based in Sikkim. The
company was booking continuous losses since inception and the
account was declared as non performing asset by State Bank of
India in 2003.  The Agrawal family acquired the company from the
bank in 2004.  Eminence is engaged in the processing of wheat and
sesame seeds.  The products include refined wheat flour (maida),
unrefined wheat flour (atta), bran, and sooji.  In 2008-09, the
company derived about 58 per cent of its revenues from wheat
products and the balance from exports of sesame seeds. Spectrum is
a retail network with six outlets in Gwalior.

For 2008-09, Ganpati Oil reported a consolidated net loss of
INR22.5 million (net profits of INR41.9 million in the previous
year) on consolidated net sales of INR1.55 billion (INR1.52
billion).


HANUMANT CONSTRUCTION: CRISIL Rates INR100MM Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Hanumant
Construction Pvt Ltd's cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       B+/Stable (Assigned)

The rating reflects Hanumant's customer concentration in revenue
profile, and large working capital requirements. These rating
weaknesses are partially offset by Hanumant's healthy order book.

Outlook: Stable

CRISIL believes that Hanumant will benefit from the growth
prospects in the civil construction industry, over the medium
term.  The outlook may be revised to 'Positive' if Hanumant
strengthens its business risk profile by increasing its
geographical and customer diversification.  Conversely, any large
additional debt-funded capital expenditure (capex) or acquisition
plans, leading to deterioration in the company's financial risk
profile, may lead to a revision in the outlook to 'Negative'.

Hanumant was set up as a closely held company in 1996 by Mr. Kamal
Dayal Choudhury.  The company undertakes civil construction
activities such as construction of dams, reservoirs, and canals.
Hanumant operates as a subcontractor to UBV Infrastrctures Ltd
(UBV) and does not bid for projects directly. Hanumant has
executed projects in Orissa and Maharashtra.

Hanumant reported a profit after tax (PAT) of INR9.8 million on
net sales of INR454 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR8.7 million on net sales
of INR419 million for 2007-08.


REARDEN G: S&P Changes Outlook to Positive; Affirms 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on India-
based Tata Motors Ltd. to positive from negative.  At the same
time, Standard & Poor's affirmed the 'B' long-term corporate
credit rating and the issue rating on the company's senior
unsecured notes.

The outlook revision reflects the consistent improvement in the
operating performance of Jaguar and Land Rover over the past two
quarters.  This has been supported by Tata Motors' strong
performance at its India operations and the focus on effectively
managing debt levels as well as improving its liquidity position.

Tata Motors' consolidated operating performance has improved
markedly in the past two quarters.  JLR's strength has been led by
higher sales and better prices as the global economic environment
improved and new versions of existing vehicle models were
launched.

"In addition to the improvement at JLR, revenues from Tata Motors'
India operations have risen strongly from the beginning of 2009,
helped by strong domestic economic growth, the launch of new
products or new versions of existing products and dominant market
position in commercial vehicles market," said Standard & Poor's
credit analyst Manuel Guerena.

Standard & Poor's currently expects Tata Motors to continue
improving its operating performance, led by the turnaround in JLR
and strong operating performance at its India operations, but that
is partly offset by higher commodity prices and competition.

"Tata Motors' financial risk profile has improved but it continues
to be highly leveraged," Mr. Guerena said.  "S&P expects the
company to continue its focus on effectively managing its debt
levels through various strategic measures such as divestments."


SAHUWALA FLOUR: Low Net Worth Prompts CRISIL to Assign 'B+' Rating
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Sahuwala Flour Mills.

   Facilities                            Ratings
   ----------                            -------
   INR49.89 Million Term Loan            B+/Stable (Assigned)
   INR30.00 Million Open Cash Credit     B+/Stable (Assigned)
   INR100.00 Million Key Cash Credit     B+/Stable (Assigned)
   INR20.00 Million Bank Guarantee       P4 (Assigned)

The ratings reflect SFM's weak financial risk profile, marked by
high gearing, weak debt protection measures, and low net worth,
and exposure to risks relating to intense competition in the
flourmill segment.  These rating weaknesses are partially offset
by the benefits that SFM derives from its promoters' experience in
the flourmill segment.

Outlook: Stable

CRISIL believes that SFM will continue to benefit over the medium
term from its promoters' experience in the flourmill industry.
The outlook may be revised to 'Positive' if the firm's net worth
improves because of significant infusion of equity into the firm,
or if its financial risk profile improves because of increase in
cash accruals. Conversely, the outlook may be revised to
'Negative' if the firm is unable to maintain its margins or if its
financial risk profile deteriorates because of significant debt-
funded capital expenditure.

Set up in 1981, SFM is a partnership firm and a part of the
Sahuwala group. The group consists of four entities that are in
the business of converting wheat into flour products. The Sahuwala
group is managed by Mr. Virendra Kumar Gupta, Mr. Narendra Kumar
Gupta, and Mr. Jitender Kumar Gupta. SFM manufactures flour
products at its two manufacturing units in Coimbatore (Tamil
Nadu). One of its units has capacity to produce 59,160 tonnes of
maida flour per annum; SFM's maida flour is mainly supplied to
biscuit manufacturers such as Britannia Industries Ltd (rated
'AAA/Stable/P1+' by CRISIL), ITC Ltd (ITC; 'AAA/Stable/P1+'), and
Parle Products Pvt Ltd. Set up in November 2009, the other unit
has capacity to produce 30,000 tonnes of chakki atta per annum
exclusively for ITC's Ashirvad atta brand.

SFM reported a profit after tax of INR0.4 million on net sales of
INR497 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR5 million on net sales of
INR418 million for 2007-08.


SHAHLON SILK: CARE Assigns 'CARE BB+' Rating on INR20.16cr LT Loan
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the long-term bank
loans/facilities of Shahlon Silk Mills Pvt. Ltd.  This rating is
applicable to facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.  Further, CARE assigned a 'PR4' rating to
the short-term bank loans/facilities of SSMPL.  This rating is
applicable for facilities having tenure of up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.  CARE
assigns '+' or '-' signs to be shown after the assigned rating
(wherever necessary) to indicate the relative position within the
band covered by the rating symbol.

                                  Amount
  Facilities                      INR cr      Ratings
  ----------                      ------      -------
  Long-term loans/facilities      20.16       'CARE BB+'
  Short-term loans/facilities      1.00       'PR 4'

Rating Rationale

The ratings are constrained by small size of operations,
fluctuating capacity utilization levels, weak financial profile as
indicated by fluctuating profitability, high overall gearing and
moderate liquidity position. The ratings factor in experience of
promoters of SSMPL in the synthetic textile industry, its
established manufacturing operations and significant share in the
synthetic textile market of Surat. Increase in demand for
synthetic yarn from clothing industry, growth in exports and
improvement in overall financial risk profile are the key rating
sensitivities.

SSMPL, established in 1990 as a partnership firm, got converted
into private limited company in April 2008.  Mr. Dhiraj R. Shah
and Mr. Arvind R. Shah are the present promoters of SSMPL. SSMPL
is a part of the Fairdeal Group comprising three entities having
common management, manufacturing infrastructure, raw material
procurement process and marketing and distribution setup.  SSMPL
is mainly engaged in manufacturing of twisted and sized yarn from
filament/partially oriented yarn used in the manufacturing of
fabrics for clothing, furnishing, defense industry at its facility
in Mangrol, Surat which was setup in 1990. The company is also a
marketing agent of Reliance Industries Ltd. for yarn products.

During FY09, the company reported net sales of INR43.19 crore
(FY08: INR47.92 crore) with PAT of INR0.43 crore (FY08: INR0.71
crore). As per the Q1FY10 (unaudited) results, SSMPL reported a
PBILDT margin and PAT margin of 9.63% and 1.46% respectively on a
total operating income of INR13.59 crore.


TATA MOTORS: Prepares Compensation Package for Relocated Vendors
----------------------------------------------------------------
The Economic Times reports that Tata Motors has readied a
compensation package for Nano vendors, who were forced to relocate
their units to Sanand in Gujarat from Singur due to political
agitation.  The company has also decided to retain 997 acres at
Singur and renew the lease, which expires on March 31, 2010, the
report says.

"The company's move to enter into a compensation package with
vendors has been triggered by a recovery in automobile sales.
Secondly, Tata Motors also wants vendors to be ready with their
units at Sanand before commercial production kicks off and
therefore has come forward with the compensation package," the
report quoted a Delhi-based vendor as saying.

According to the report, the vendors will likely recover at least
75% to 80% of the losses incurred due to the relocation costs.
The report says automobile industry sources estimate the package
to be around INR200 crore.

However, a company spokesperson told ET: "We have done everything
needed to help our vendors.  We cannot quantify the size of the
compensation package. It will vary from vendor to vendor depending
on how much amount they had invested in their units at Singur."

The report notes vendor sources said they were not talking to the
state government individually for returning the land, but would
instead wait for Tata Motors to take a call.  According to ET, the
West Bengal Industrial Development Corporation had earmarked about
290 acres adjacent to the Tata Motors plant for the vendors' park
at Singur.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


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


GARUDA INDONESIA: Aims to Restructure US$527M Bad Loans Before IPO
------------------------------------------------------------------
The Jakarta Post reports that PT Garuda Indonesia is restructuring
its bad debts worth US$527 million with some creditors, targeting
to resolve the bad loans before selling its stake through initial
public offering in the third quarter of this year.

Garuda president Emirsyah Satar said the carrier still owed about
US$527 million as of January this year to nine domestic and
foreign financial institutions, down from US$886 million in 2006.

According to the report, Emirsyah said the company still owes:

     -- European Credit Agency about US$241 million;
     -- US$95 million to foreign commercial lenders;
     -- US$105 million to state firms like Pertamina,
        Bank Mandiri, Angkasa Pura I and Angkasa II; and
     -- US$87 million worth of Floating Rate Notes.

"Per today, the loan restructuring is almost finished, excluding
from ECA, as we have to discuss about the matter with the
lenders," the report quoted Emirsyah as saying.  The restructuring
were done through several options such as rescheduling, and
conversing loans into equity or general loan, he added.

Emirsyah said loans from Bank Mandiri, Pertamina and Angkasa
Pura I and II have been converted into 14% of Garuda's equities,
the Post relates.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


GARUDA INDONESIA: Reports IDR1 Trillion Net Profit in 2009
----------------------------------------------------------
PT Garuda Indonesia reported net profit of IDR1 trillion in 2009,
50% up from about IDR669 billion in 2008 despite a significant
decline in the company's overall revenues, The Jakarta Post
reports citing Garuda's president director Emirsyah Satar.

Emirsyah said in a press briefing in Jakarta on Wednesday that
total revenues dropped to IDR16.7 trillion in 2009 from IDR18
trillion in 2008, although the number of passengers rose by 3%.

Total revenues as well as the number of passengers were both
expected to increase by 15% this year.  "We will increase the
number of new airplanes and will open more new routes to be able
to meet the target," the report quoted Emirsyah as saying.  The
airline also planned to purchase 23 new B737-800s and an A330-300
within the next few years, Emirsyah added.

As reported in the Troubled Company Reporter-Asia Pacific on
August 13, 2009, Garuda Indonesia expects to raise as much as
US$400 million from its much-awaited Initial Public Offering in
June this year.  The expected launch, however, is based on a
positive outlook of the market condition, vis-a-vis investor
sentiment.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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


ALL NIPPON: May Post JPY60B Operating Loss for Year Ending March
----------------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that All
Nippon Airways Co. may have a group operating loss of about
JPY60 billion for the year ending March 31, worse than the JPY20
billion loss originally expected.

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


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


MAGNACHIP SEMICONDUCTOR: Eyes US$250-Mil. Initial Public Offering
-----------------------------------------------------------------
The Associated Press reports that MagnaChip Semiconductor LLC on
Monday filed its intent to raise as much as US$250 million in an
initial public offering.  AP says MagnaChip said in a filing with
the Securities and Exchange Commission that it will be known as
"MagnaChip Semiconductor Corp." once it begins trading under the
symbol "MX" on the New York Stock Exchange.  MagnaChip did not
release expected terms or a date for the IPO.

AP says MagnaChip plans to use US$12 million of the net proceeds
of the IPO for employee incentive payments and an undisclosed
amount for general corporate purposes.

AP says Goldman Sachs, Barclays Capital and Deutsche Bank
Securities are the lead underwriters.

AP recalls MagnaChip had previously filed to go public in November
2007, hoping to raise as much as US$575 million, just before the
recession hit.  MagnaChip withdrew those plans in January 2009.

MagnaChip Semiconductor S.A. and five other entities filed for
Chapter 11 on June 12, 2009 (Bankr. D. Del. Case No. 09-12008).
Judge Peter J. Walsh handled the case.  Curtis A. Hehn, Esq.,
James E. O'Neill, Esq., Laura Davis Jones, Esq., and Mark M.
Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, represented
the Debtors as counsel.  Howard A. Cohen, Esq., at Drinker Biddle
& Reath served as counsel for the official committee of unsecured
creditors.  Omni Management Group LLC served as the Debtors'
claims agent.   In their formal schedules, MagnaChip Semiconductor
S.A. disclosed US$951,917,782 in assets against US$845,903,186 in
debts.  MagnaChip Semiconductor B.V. disclosed assets of
US$762,465,739 against debts of US$1,800,612,084.

MagnaChip's Second Amended Plan of Reorganization was confirmed by
the Bankruptcy Court on September 25, 2009.  The Plan became
effective on November 9, marking MagnaChip's emergence from
Chapter 11.

                   About MagnaChip Semiconductor

Headquartered in South Korea, MagnaChip Semiconductor LLC --
http://www.magnachip.com/-- is a leading, Asia-based designer and
manufacturer of analog and mixed-signal semiconductor products for
high volume consumer applications.  The Company has a broad range
of analog and mixed-signal semiconductor technology and
intellectual property, supported by its 29-year operating history,
large portfolio of registered and pending patents and extensive
engineering and manufacturing process expertise.  Citigroup
Venture Capital Equity Partners LP was part of the investor group
that acquired MagnaChip in 2004 from Hynix Semiconductor Inc.


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


SPK-SENTOSA CORP: Unit Gets Winding Up Petition from Plus Three
---------------------------------------------------------------
SPK-Sentosa Corporation Berhad said that a winding-up petition
under Section 218 of the Companies Act, 1965 has been served on
Rekmal, a subsidiary of the Company by Plus Three Consultants (M)
Sdn. Bhd.  The winding?up petition was presented to the High Court
at Kuala Lumpur on February 18, 2010, and was received by the
Company on March 17, 2010.

Plus Three Consultants asserts a claim for MYR61,582.95 against
the Company.  In the petition, it is claimed that Rekmal is
indebted to Plus Three Consultants, being the balance outstanding
due for consulting services provided.

In the petition, Plus Three Consultants asked that:

   (a) REKMAL be wound-up by the Court under the provisions of
       the Companies Act 1965;

   (b) Bala Krishnan Ponniah be appointed as Liquidator;

   (c) the costs of the petition be paid out of the assets of
       the Company; and

   (d) such other Order may be made by the Court.

The matter is fixed for hearing on April 22, 2010.

                         About SPK-Sentosa

SPK-Sentosa Corporation Berhad is engaged in investment holding
and the provision of management services to the subsidiaries.  The
Company, together with its subsidiaries, operates in three
segments.  The construction segment is engaged in the construction
of buildings and infrastructure works. Oil and gas segment is
engaged in the provision of offshore and onshore support services
to the oil and gas industry, which include engineering,
procurement, construction and commissioning (EPCC) for
petrochemicals, and oil and gas facilities, operations and
maintenance services, development and redevelopment and/or
management of oil and gas brownfields and refineries, and trading
and supply of oil and gas materials, products and equipment.  The
investment holding segment is engaged in investment holding
activities, and property investment and rental of property.


TALAM CORP: Inks Settlement Deal with Menteri on MYR241.36M Debt
----------------------------------------------------------------
Talam Corporation Berhad has entered into a Settlement Agreement
with Menteri Besar Selangor (Incorporated) to settle the sum of
MYR241,367,317.09 owed to Menteri Besar by way of disposal of
properties and cash payment.

"The Board of Directors of Talam is of the opinion that the
Settlement is in the best interests of the Company as the Company
is able to dispose of the assets based on fair values and
substantially bring down its debts owing to MBI and other
financial institutions," Talam said in statement to the stock
statement.

Talam said the Settlement have no effect on the issued and paid-up
share capital and the shareholdings of the substantial
shareholders of the Company the Settlement does not involve any
issuance of new shares by Talam.

The Settlement will reduce the group's net assets from MYR0.2025
per share (based on Audited Financial Statements as at January 31,
2009 and ordinary share capital adjusted to par value of MYR0.20
each) to MYR0.1915 per share as a result of the losses incurred on
the disposal of the properties.

The Settlement, however, will reduce group's gearing ratio from
1.92 to 1.77.  The Settlement will also result in losses amounting
to MYR21.16 million, thereby reducing the group's earning per
share by 1.10 sen per share.

Based on the issued and paid-up ordinary share capital of the
Company as at March 4, 2010, of 2,417,950,639, the group's earning
per share will be reduced by 0.88 sen per share.

                         About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TALAM CORP: Lists Additional 7,969,000 New Shares
-------------------------------------------------
Talam Corporation Berhad disclosed that additional 7,969,000 new
ordinary shares of MYR0.20 each arising from the conversion of
redeemable convertible preference shares was granted listing and
quotation with effect from March 17, 2010.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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


CITCO TRUSTEES: Creditors' Proofs of Debt Due April 17
------------------------------------------------------
Creditors of Citco Trustees (Singapore) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 17, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


CITCO CHINA: Creditors' Proofs of Debt Due April 17
---------------------------------------------------
Creditors of Citco China Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 17, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


JAMBI SUPPLY: Court to Hear Wind-Up Petition March 26
-----------------------------------------------------
A petition to wind up the operations of Jambi Supply Base Pte Ltd.
will be heard before the High Court of Singapore on March 26,
2010, at 10:00 a.m.

KS Energy Services Ltd filed the petition against the company on
March 3, 2010.

The Petitioner's solicitors are:

         Haridass Ho & Partners
         24 Raffles Place
         #18-00 Clifford Centre
         Singapore 048621


SING PARTNERS: Members' Final Meeting Set for April 15
------------------------------------------------------
Sing Partners Marine Pte Ltd, which is in members' voluntary
liquidation, will hold a meeting for its members on April 15,
2010, at 9:30 a.m., at the 10 Jalan Besar, #11-05, SimLim Tower,
Singapore 208787.

The company's liquidator is Akber Ali S/O Thajudeen.


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


DUBAI WORLD: To Offer 7-Year Payment Proposal to Banks
------------------------------------------------------
Reuters, citing Al Arabiya, reports that Dubai World will offer
banks a single proposal to repay in full over seven years the $26
billion debt it is renegotiating, with interest likely linked to
LIBOR.  The report says officials from Dubai and neighboring
emirate Abu Dhabi have been working with restructuring experts to
devise a viable debt restructuring plan acceptable to some 97
creditors to Dubai World.

Reuters says implementing the proposal would cause banks to book
losses this year due to the differences between the proposed rate
and the rates in the original contracts.

According to Reuters, Saudi-owned Al Arabiya also cited the
sources as saying a problem had developed in the accounting
process that could force Dubai World to review some minor
technical, but "not fundamental," aspects of repayment.

According to Reuters, Dubai World has been in talks with a seven-
member committee which represents the 97 creditors.  Reuters says
the panel is made up of Standard Chartered, HSBC, Lloyds, Royal
Bank of Scotland, Emirates NBD and Abu Dhabi Commercial Bank,
which are believed to have two-thirds of the total exposure.  A
seventh lender, Bank of Tokyo-Mitsubishi, a unit of Mitsubishi UFJ
Financial Group, joined the panel this year, according to Reuters.

                        6-Month Standstill

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

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

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

                          Large Exposure

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

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

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

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

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

                        About Dubai World

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

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


INVESTMENT DAR: Obtains Bankruptcy Protection in Kuwait
-------------------------------------------------------
The New York Times' DealBook, citing Reuters, says Kuwait's
Investment Dar applied and was accepted for support under a
government facility set up for troubled companies as part of a
debt restructuring.

Reuters relates problems at Kuwaiti investment firms, including
Dar, led the government of the world's fourth-largest oil exporter
to approve a "Financial Stability Law" rescue package worth $5.2
billion in 2009.

In a statement dated March 12, 2010, on its Web site, Investment
Dar said it has started a process of legal protection under the
terms of Kuwait's Financial Stability Law.

Investment Dar said following a series of meetings with its
Coordinating Committee, banks and investors in Kuwait, Dubai and
London informing them of the company's intention to file for legal
protection under the terms of the FSL, Dar has submitted an
application to Kuwait's Special Circuit Court of Appeal for a
court-assisted process of implementation of the restructuring plan
which has received the support of the majority of its banks and
investors.

Although the terms of the proposed restructuring plan has been
approved by more than 80% of Investment Dar's banks and investors,
a small minority of investors have continued to resist supporting
the plan, which, if implemented, envisages a full repayment by
Investment Dar of its financial arrangements to all of its banks
and investors.

It is expected by Investment Dar and the Coordinating Committee
that entry into the FSL will provide a legal mechanism that will
allow the agreed restructuring to be implemented, with a stay of
all litigation and executions from dissenting investors which
could otherwise affect the implementation process.

Entry into the FSL, which was unanimously supported by the
Investment Dar's Board, will not affect the legal or operational
status of the Company, and it will continue operating as an
investment business with a portfolio of value-generating assets
across different sectors and markets.  Investment Dar is not
seeking financial support in making its repayments under the terms
of the FSL from the government, but a legal framework to implement
its already well supported plan.

According to Reuters, Credit Suisse is advising Dar on the
restructuring plan.

Reuters also relates that Dar defaulted on a $100 million Islamic
debt issue last year -- the first of its kind on a major, public
Islamic instrument in the region -- and has said it may sell some
assets to meet its obligations.

The Troubled Company Reporter, citing Agence France Press, said on
March 10, 2010, Investment Dar had warned it may seek legal
protection under the country's Financial Stability Law to push
through a restructuring plan that is opposed by some creditors.
The TCR, citing AFP, said Dar in September reached a standstill
agreement with its creditors to suspend claims, but some creditors
insisted on seeking legal recourse to reclaim debts.  In the same
month, Kuwait's central bank appointed a temporary administrator
to oversee business at Investment Dar.

The company's shares have been suspended from trading on the
Kuwait Stock Exchange since April 1, 2009, for failure to report
2008 financial results.

Investment Dar acquired 50% of Aston Martin in March 2007.


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

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


AUSTRALIA

ADVANCE HEAL-NEW     AHGN              16.93              -8.23
ANTARES ENERGY L     AZZ               13.71              -1.96
ARC EXPLORATION      ARX               56.83             -15.05
AUSTAR UNITED        AUN              568.69            -325.83
AUSTRAILIAN Z-PP     AZCCA             77.74              -2.57
AUSTRALIAN ZIRC      AZC               77.74              -2.57
BCD RESOURCES OP     BCO               22.09             -61.19
BCD RESOURCES-PP     BCOCC             22.09             -61.19
BIRON APPAREL LT     BIC               19.71              -2.22
CENTRO PROPERTIE     CNP           14,784.56            -461.11
CHALLENGER INF-A     CIF            2,307.01            -104.58
CHEMEQ LTD           CMQ               25.19             -24.25
CITY PACIFIC LTD     CIY              171.50              -6.38
D2 MARKETING LTD     DTO               16.70              -4.04
ELLECT HOLDINGS      EHG               18.25             -15.49
HEALTH CORP LTD      HEA               13.26              -0.01
HYRO LTD             HYO               21.50             -14.83
JAMES HARDIE NV      JHXCC          2,130.90            -131.10
JAMES HARDIE-CDI     JHX            2,130.90            -131.10
MAC COMM INFR-CD     MCGCD          8,104.42            -103.34
ORION GOLD NL        ORN               12.37             -24.99
POWERLAN LTD         PWR               30.84              -5.94
RESIDUAL ASSC-EE     RAGXF            597.33            -126.96
SCIGEN LTD-CUFS      SIE               71.21             -25.62
SHELL VILLAGES A     SVC               13.47              -1.66
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           250.40             -32.18
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
GIANT WIRELESS T     GWT               39.81              -3.27
HONBRIDGE HOLDIN     8137              12.15              -0.89
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             310.82            -253.28
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
HO HUP CONSTR CO     HO                73.63              -4.31
LCL CORP BHD         LCL               78.28             -72.28
LIMAHSOON BHD        LIMA              26.52              -1.56
MANGOTONE GROUP      MTON              12.44              -9.21
POLY TOWER VENTU     PTV               58.06              -5.45
SINOTOP HOLDING      SNHB              22.80              -0.41
WONDERFUL WIRE       WW                11.70             -16.48
WWE HOLDINGS BHD     WWE               66.24              -1.88


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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