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                     A S I A   P A C I F I C

           Monday, March 22, 2010, Vol. 13, No. 056

                            Headlines



A U S T R A L I A

STORM FINANCIAL: ASIC to Discuss on Commercial Resolution


C H I N A

PARKSON RETAIL: S&P Gives Positive Outlook; Affirms 'BB' Rating


H O N G  K O N G

SOHOMILANO INNOVATIVE: Manuel Sie Fo Steps Down as Liquidator
SOLUTION 6: Commences Wind-Up Proceedings
START PLAN: Court to Hear Wind-Up Petition on April 14
STONEYCROFT ESTATES: Middleton and Cowley Appointed as Liquidators
TARGET LINK: Members' Final Meeting Set for April 12

TEKNY LIMITED: Commences Wind-Up Proceedings
THERMOTECH CORPORATION: Seng and Lo Step Down as Liquidators
TWO WAY: Members' Final Meeting Set for April 12
YU FUNG: Creditors' Proofs of Debt Due April 30


I N D I A

COLOURFLEX LAMINATORS: Low Net Worth Cues CRISIL 'BB' Ratings
INMAN SQUARE: Fitch Downgrades Ratings on Two Classes of Notes
JSK STEELS: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
KHOSLA AGRO: CRISIL Rates INR400 Mil. Cash Credit Limit at 'BB'
NK BHOJANI: CRISIL Lifts Ratings on INR28.5 Mil. Term Loan to 'B+'

PREMIER ALLOYS: CRISIL Assigns 'BB' Rating on INR13.5MM Term Loan
PREMIER METCAST: CRISIL Places 'BB' Rating on INR26 Mil. Term Loan
SABARI'S EDUCATIONAL: Weak Liquidity Cues CRISIL Junk Ratings
SHAH PULP: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
SHREE ADINATH: CRISIL Places 'B' Ratings on Various Bank Debts

SHREE SUDARSHAN: CRISIL Assigns 'B' Ratings on INR76.5MM Term Loan
STAR BATTERY: CRISIL Assigns 'D' Ratings on Various Bank Debts
TARINI STEEL: CRISIL Puts 'BB+' Rating on INR150 Mi. Cash Credit
YATIN STEELS: CRISIL Rates INR150 Million Cash Credit at 'BB+'


I N D O N E S I A

PAITON ENERGY: Moody's Raises Senior Secured Debt Rating to 'Ba3'


J A P A N

ALL NIPPON: Sees Wider Loss in FY2009; To Cut Back-Office Jobs
DIC CORPORATION: Moody's Assigns 'Ba2' Rating on 1st Series Bonds
LANSDOWNE CDO: Moody's Withdraws 'Ca' Ratings on Series 15 Notes


K O R E A

KIA MOTORS: Expects to Increase Car Sale by 26.5% This Year


N E W  Z E A L A N D

CAPITAL + MERCHANT: Criminal Charges Laid Against Directors
MCVITTY PROPERTIES: PricewaterhouseCoopers Appointed as Receivers
PATOKA DAIRIES: PricewaterhouseCoopers Appointed as Receivers
RAPID ROADFREIGHTERS: More Than 60 Vehicles Up for Auction
STRATEGIC FINANCE: Receivers Dismiss Finnigan as CEO


S I N G A P O R E

ARGOS STEEL: Creditors' Proofs of Debt Due April 5
AUTOHUB ASIA: Court to Hear Wind-Up Petition on April 9
BARANG BARANG: Creditors' Proofs of Debt Due April 19
KOCH MATERIALS: Creditors' Proofs of Debt Due April 19
MICROFAB HOLDINGS: Creditors' Proofs of Debt Due April 19


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




                         - - - - -


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


STORM FINANCIAL: ASIC to Discuss on Commercial Resolution
---------------------------------------------------------
The Australian Securities and Investments Commission said Friday
that it had completed a major phase of its investigation into
Storm Financial Limited.

ASIC said in statement that it will now move into the next phase
-- until the end of May 2010 -- of entering into confidential
discussions with the individuals and entities which have been the
subject of its investigations to see if a commercial resolution
can be reached which will be acceptable to ASIC and which ASIC
would be prepared to recommend to investors.

"ASIC considers a commercial resolution, if it can be achieved,
will be preferable to protracted litigation.  However, in the
event that during this period a commercial resolution is not or
cannot be reached with particular individuals or entities ASIC
will make decisions on compensation actions it will then launch in
relation to those individuals and entities for the benefit of
investors," it said.

ASIC will meet with representatives of Storm investors and Slater
& Gordon (which represents many Storm investors) to outline what
it is doing and will, as far as reasonably possible (within the
important confidential constraints of the discussions which ASIC
proposes), keep them informed.  ASIC will also during this period
release a dedicated website for Storm investors both to keep them
informed and to collect additional information which ASIC may need
in relation to compensation.  There will be a paper back-up for
those investors who may not have internet access.

In relation to offers made to Storm investors as part of the
Commonwealth Bank of Australia (CBA) Storm Resolution Scheme, ASIC
considers that each Storm investor needs to decide for themselves,
with the benefit of legal advice, whether or not to accept the
offer.  ASIC suggests that, among other things, a Storm investor
obtains legal advice about whether any agreement reached between a
Storm investor and CBA will allow the Storm investor to
participate in, or have the benefit of, any compensation
arrangements (which any ASIC action may secure).  As investors
will know, CBA agreed to such a 'carve out' some time ago to
enable its customers to benefit from any subsequent ASIC action.

As an alternative, Storm investors should seek an extension of
time from the CBA within which to accept any offer to enable them
to assess the results of discussions which ASIC is proposing.

"As this matter remains operational, ASIC will not be making
further public comment until confidential discussions have been
completed," ASIC further said.

"ASIC's investigations into Storm covers, in addition to
compensation, other enforcement actions and its investigations
will continue," ASIC added.

                         About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on January 20.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

On March 27, 2009, the TCR-AP reported that the Australian
Securities and Investments Commission won its bid to liquidate
Storm Financial Group after the Federal Court ruled that the
Company be wound up.  Federal court Justice John Logan appointed
Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic
Accountants as liquidators for the Company.


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


PARKSON RETAIL: S&P Gives Positive Outlook; Affirms 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on Parkson Retail Group Ltd., one of the largest
department store operators in China, to positive from stable.  At
the same time, it affirmed the 'BB' long-term corporate credit
rating on Parkson and the 'BB' issue rating on the company's
US$200 million 7.875% and US$125 million 7.125% senior unsecured
notes, due 2011 and 2012, respectively.

S&P revised the outlook to reflect its view that Parkson will
continue to demonstrate a track record of good execution of a
controlled-growth strategy.  The company's financial performance
has steadily improved over the past three years, including during
the market downturn in 2008.  It has a supportive balance sheet
and strong liquidity.

"S&P believe Parkson will continue to manage its growth and
balance sheet in a controlled manner.  Given steady growth of
gross sales proceeds, S&P expect the company's financial metrics
to improve further in the next 12 months, which may lead us to
raise the rating," said Standard & Poor's credit analyst Bei Fu.
"S&P affirmed the ratings to reflect the company's favorable
concessionaire business model and improving geographic
diversification, and the good long-term growth prospects of the
Chinese retail sector.  There strengths are, however, offset by
the fragmented and competitive nature of the market and Parkson's
affiliation with Lion Group [not rated], which, in S&P's opinion,
has a weaker credit profile."

Parkson executed its growth strategy satisfactorily, in S&P's
view.  The company owns or manages 44 department stores across 30
cities in China.  It targets to increase store space by 15% a
year.  The company achieved gross sales proceeds at a compounded
annual growth rate of 17.2% from 2007-2009.

In S&P's view, the Chinese retail market has strong growth
potential for the next 10-20 years.  Real domestic consumption
grew 16.9% in 2009, despite the downturn.  S&P believes the
Chinese government is likely to exit its stimulus plan with
caution and continue to support internal consumption in 2010.

Parkson's geographic coverage is improving as it opens stores in
new markets, reducing concentration risk.  The gross sales
proceeds contribution from its Beijing and Shanghai flagship
stores steadily declined from 48% in 2005 to 23% in 2009.  S&P
expects the ratio to be close to 20% at the end of 2010.

Parkson's financial performance has improved steadily in the past
several years.  Its operating-lease-adjusted debt to EBITDA ratio
improved from 3.6x in 2007 to 3.1x in 2009.  S&P believes these
ratios will likely improve further as Parkson benefits from
China's robust economic growth and increased retailing spending.
However, the tenor and terms of new leases, as it expands its
store numbers, could affect the company's operating lease adjusted
credit metrics.  S&P notes that Chinese retailers often have
greater flexibility to terminate their operating leases than their
peers in many other countries.  S&P takes this flexibility into
consideration when looking at retailers' lease adjusted ratios.

S&P expects Parkson to achieve steady growth by leveraging its
concessionaire model while maintaining adequate liquidity and
relatively stable borrowings.  S&P may raise the rating if on a
sustainable basis: (1) Parkson continues to grow and to reduce
EBITDA concentration, such that its two flagship stores contribute
less than 20% of total gross sales proceeds; and (2) the
operating-lease-adjusted ratio of debt to EBITDA is not more than
3x.  Parkson should be able to achieve these ratios if its EBITDA
grows by 10%-15% and fully operating-lease-adjusted debt grows no
more than 10% in 2010, and it maintains its current margins.

The outlook could be revised to stable if the company's operating-
lease-adjusted financial metrics deteriorate as a result of a
sudden downturn in the Chinese economy, more intensified
competition, aggressive expansion, or the negative impact, if any,
from the association with the Lion Group.  S&P may also revise the
outlook if the company's liquidity position weakens, such that it
has cash holdings of less than RMB1 billion at any given time.


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


SOHOMILANO INNOVATIVE: Manuel Sie Fo Steps Down as Liquidator
-------------------------------------------------------------
Tjon Yose Manuel Sie Fo stepped down as liquidator of Sohomilano
Innovative Industries Limited on March 5, 2010.


SOLUTION 6: Commences Wind-Up Proceedings
-----------------------------------------
Members of Solution 6 (Asia) Limited, on February 26, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

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


START PLAN: Court to Hear Wind-Up Petition on April 14
------------------------------------------------------
A petition to wind up the operations of Start Plan Investments
Limited will be heard before the High Court of Hong Kong on
April 14, 2010, at 9:30 a.m.

Lam Yiu Sing filed the petition against the company on February 8,
2010.


STONEYCROFT ESTATES: Middleton and Cowley Appointed as Liquidators
------------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley on March 4, 2010, were
appointed as liquidators of Ever Stoneycroft Estates Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Patrick Cowley
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


TARGET LINK: Members' Final Meeting Set for April 12
----------------------------------------------------
Members of Target Link Limited will hold their final general
meeting on April 12, 2010, at 9:00 a.m., at the Room 2302, CRE
Building, 303 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Esther Chan Suit Fei, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TEKNY LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Members of Tekny Limited, on March 12, 2010, passed a resolution
to voluntarily wind-up the company's operations.

The company's liquidator is:

         Tang Lai Sheung
         12/F, New Victory House
         93 Wing Lok Street
         Central, Hong Kong


THERMOTECH CORPORATION: Seng and Lo Step Down as Liquidators
------------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Thermotech Corporation Limited on March 6, 2010.


TWO WAY: Members' Final Meeting Set for April 12
------------------------------------------------
Members of Two Way Forwarding & Logistics (Hong Kong) Limited will
hold their final meeting on April 12, 2010, at 10:00 a.m., at the
8th Floor, Gloucester Tower, The Landmark, 15 Queen's Road
Central, in Hong Kong.

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


YU FUNG: Creditors' Proofs of Debt Due April 30
-----------------------------------------------
Creditors of Yu Fung Loong Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 2, 2010.

The company's liquidator is:

         Li Kam Fai Dominic
         Rooms 2107-8, 21/F
         Kai Tak Commercial Bldg
         317-319 Des Voeux Road
         Central, Hong Kong


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I N D I A
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COLOURFLEX LAMINATORS: Low Net Worth Cues CRISIL 'BB' Ratings
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Colourflex
Laminators Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Limit      BB/Stable (Assigned)
   INR47.0 Million Term Loan              BB/Stable (Assigned)
   INR25.0 Million Proposed Long Term     BB/Stable (Assigned)
                   Bank Loan Facility
   INR45.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect CLL's weak financial risk profile, marked by
high gearing, and low net worth, small scale of operations, and
exposure to intense competition in the flexible packaging
industry.  These rating weaknesses are partially offset by CLL's
diversified customer base and good track record in the flexible
packaging industry.

Outlook: Stable

CRISIL believes that CLL will continue to benefit from its
consistent track record in flexible packaging industry. The
outlook may be revised to 'Positive' in case CLL registers higher-
than-expected growth in revenues and profitability while enhancing
its customer base leading to better debt protection measures, and
substantial improvement in its capital structure.  Conversely, the
outlook may be revised to 'Negative' if the company's operating
margin is adversely affected by volatility in raw material prices
or if its debt protection measures deteriorate due to the debt
funding of large capital expenditure programmes.

                    About Colourflex Laminators

CLL was incorporated in 1994 and is a closely held public limited
company with a manufacturing unit in Mehsana (Gujarat).  The
company manufactures flexible packaging material in different
forms as per the requirements of its customers.  The packaging is
offered either in the form of rolls or pouches as per the
customers' requirements.  The company has a capacity of around 250
tonnes per month.  The company derives its revenues mainly from
the fast-moving consumer goods segment and has a well-diversified
customer profile.

Colourflex reported a profit after tax (PAT) of INR14 million on
net sales of INR432 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR11 million on net sales
of INR412 million for 2007-08.


INMAN SQUARE: Fitch Downgrades Ratings on Two Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed four classes of
notes issued by Inman Square Funding I, Ltd./Corp., as a result of
continued credit deterioration in the portfolio since Fitch's last
rating action on April 9, 2009.

Inman Square I entered an event of default on April 13, 2009,
because the class I/II overcollateralization ratio declined below
100%.  To date, the maturity of the transaction has not been
accelerated.

As of the Feb. 10, 2010 trustee report, the current balance of the
portfolio is approximately $81.5 million.  Approximately 81.3% of
the portfolio has been downgraded since April 2009, resulting in
90.4% of the portfolio with a Fitch derived rating below
investment grade and 81.5% with a rating in the 'CCC' rating
category or below, compared to 88.6% and 56.8%, respectively, at
last review.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Structured Finance Portfolio Credit Model for projecting
future default levels for the underlying portfolio.  Due to the
extent of collateral deterioration and the sequential pay
structure due to failing coverage tests, Fitch believes that the
likelihood of default for all classes of notes can be assessed
without performing cash flow model analysis under the framework
described in the 'Global Criteria for Cash Flow Analysis in CDOs -
Amended' report.

The class I notes have amortized to 2.2% of its original balance.
While amortization has increased the class I credit enhancement
level above an 'A' SF PCM rating loss rate, the transaction has
been using principal proceeds to cover shortfalls in interest
collections since October 2009, thus eroding credit enhancement to
all notes over time.  Fitch expects that this trend will continue
over the next several payment periods.  While there is a high
likelihood that the class I notes will pay in full over the next
one to three payment periods, the amount of interest and principal
collections has been gradually decreasing, with the majority of
better-performing bonds having longer maturities.  This, in
addition to the par erosion due to the shortage of interest
proceeds described above, greatly increases the variability of the
anticipated timeframe for the payoff of class I notes.

In Fitch's view, these factors warrant against an upgrade of the
class I notes.  At the same time, the increased credit enhancement
levels are providing sufficient support to the class against
potential further negative migration in the underlying portfolio.
Therefore, Fitch maintains the Stable Outlook on these notes.  The
Loss Severity rating of 'LS5' assigned to the class I notes
indicates the tranche's potential loss severity given default, as
evidenced by the ratio of tranche size to the base-case loss
expectation for the collateral, as explained in Fitch's 'Criteria
for Structured Finance Loss Severity Ratings'.  The LS rating
should always be considered in conjunction with the notes' long-
term credit rating.  Fitch does not assign LS ratings to tranches
rated 'CCC' and below.

Based on the credit quality of the remaining portfolio, Fitch
believes default is inevitable for the class II, III and IV notes.
The Feb. 10, 2010 trustee report shows that $65.9 million, or
80.9%, of the portfolio is considered defaulted by the
transaction's governing documents, leaving $15.5 million of non-
defaulted assets.  Expected recoveries on the defaulted portion of
the portfolio are low and, after taking into account the
outstanding balance of class I notes, the remaining classes in the
capital structure are undercollateralized.

The class II notes may continue to receive timely interest
distributions and some but not all principal repayment after class
I is paid in full.  The class III and IV notes will not be
receiving any interest or principal distributions going forward.

Inman Square I is a structured finance collateralized debt
obligation that closed on Oct. 20, 2004 and is monitored by TCW
Asset Management Company.  The portfolio is composed of
residential mortgage-backed securities (84.9%), commercial asset-
backed securities (9.6%), and SF CDOs (5.5%).

Fitch has taken these rating actions on Inman Square I, and
assigned LS ratings as indicated:

  -- $3,597,164 class I notes affirmed at 'A/LS5'; Outlook Stable;

  -- $7,000,000 class II-fixed notes downgraded to 'C' from 'CCC';

  -- $30,000,000 class II-floating notes downgraded to 'C' from
     'CCC';

  -- $20,066,950 class III-fixed notes affirmed at 'C';

  -- $3,806,735 class IV-fixed notes affirmed at 'C';

  -- $13,838,203 class IV-floating notes affirmed at 'C'.


JSK STEELS: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of JSK Steels Pvt Ltd, which is part of the JSK group.

   Facilities                             Ratings
   ----------                             -------
   INR150.0 Million Cash Credit Limit     BB-/Stable (Assigned)
   INR103.0 Million Term Loan             BB-/Stable (Assigned)
   INR74.0 Million Letter of Credit       P4+ (Assigned)
   INR10.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect the JSK group's average gearing, weak debt
protection metrics, and limited pricing power because of small
scale of operations in the competitive steel tubes and strips
industry.  These rating weaknesses are partially offset by the
benefits that the JSK group derives from its promoters' experience
in the steel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSK Steel and Shivam Steels Tube,
together referred to as the JSK group.  This is because the two
entities are in the same line of business and have significant
level of operational linkages with each other.  JSK Steel has
extended a corporate guarantee for the loans of Jai Shiv Aluminium
Pvt Ltd (Jai Shiv, rated 'D/P5' by CRISIL), a group company.  The
guarantee is expected to be withdrawn in three months; there are
no other linkages between JSK Steel and the company.  Jai Shiv
has, therefore, been excluded from the combined business and
financial risk profiles.

Outlook: Stable

CRISIL believes that the JSK group will continue to benefit over
the medium term from its established relationships with customers.
However, the group might remain burdened with weak debt protection
metrics.  The outlook may be revised to 'Positive' if there is
improvement in the group's operating margin and debt protection
metrics.  Conversely, the outlook may be revised to 'Negative' in
case of deterioration in operating margin, or if the group
undertakes large debt-funded capital expenditure programme,
thereby adversely affecting its financial risk profile.

                          About the Group

JSK Steel was incorporated in 1985 by Mr. K L Chhabra.  The
company manufactures precision steel tubes and strips.  Its only
plant, located in Chandigarh, has a installed production capacity
of 33,000 tonnes per annum (tpa).

SST was incorporated in 2005-06 (refers to financial year, April 1
to March 31).  The company buys its entire raw material
requirements from JSK Steel.

JSK Steel reported a profit after tax (PAT) of INR8.0 million on
net sales of INR512.1 million for 2008-09, against a PAT of INR6.5
million on net sales of INR438.4 million for 2007-08.


KHOSLA AGRO: CRISIL Rates INR400 Mil. Cash Credit Limit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Khosla Agro Overseas.

   Facilities                             Ratings
   ----------                             -------
   INR400.00 Million Cash Credit Limit*   BB/Stable (Assigned)

   * Includes sub-limit of INR150 million for export packing
     credit and letter of credit.

The rating reflects Khosla's stressed capital structure because of
large working capital borrowings, and susceptibility to volatility
in raw material prices, uneven rainfall, and adverse changes in
regulations.  These rating weaknesses are partially offset by
Khosla's promoters' experience in the rice business, and the
working capital funding support the firm receives from its
promoters.

Outlook: Stable

CRISIL believes that Khosla will continue to benefit from its
promoters' experience in the rice business.  However, the firm's
financial risk profile will remain weak, given its large working
capital requirements.  The outlook may be revised to 'Positive' in
case of substantial improvement in the firm's profitability and
debt protection metrics.  Conversely, the outlook may be revised
to 'Negative' if there is further deterioration in the firm's
capital structure or increased pressure on profitability.

                         About Khosla Agro

Set up in 1993 by Mr. Jaideep Khosla and Mr. Varun Khosla, Khosla
is engaged in milling and sorting of basmati and non-basmati rice.
It sells basmati rice under the Agro Gold and Agro Star brands,
and non-basmati sharbati rice under the Double A brand.  The firm
has a rice milling and sorting facility in Batala, Punjab, with an
installed capacity of 18 tonnes per hour.

Khosla reported a profit after tax (PAT) of INR5.7 million on net
sales of INR726 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR20.3 million on net
sales of INR762 million for 2007-08.


NK BHOJANI: CRISIL Lifts Ratings on INR28.5 Mil. Term Loan to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
NK Bhojani Pvt Ltd to 'B+/Stable' from 'B/Stable'.  The upgrade
reflects the fact that NK Bhojani has been servicing its term loan
in a timely manner over the past five quarters.  The upgrade also
reflects CRISIL's belief that the company will maintain its
business and financial risk profiles at the current levels on back
of improving market conditions for steel & allied products. The
rating on the short-term facilities has been reaffirmed at 'P4'.

   Facilities                               Ratings
   ----------                               -------
   INR154 Million Cash Credit Limit    B+/Stable (Upgraded from
                                                  'B/Stable')
   INR28.5 Million Term Loan           B+/Stable (Upgraded from
                                                  'B/Stable')
   INR22.5 Million Standby Line of     P4 (Reaffirmed)
                   Credit

   INR10 Million Letter of Credit      P4 (Reaffirmed)
   INR15 Million Bank Guarantee        P4 (Reaffirmed)

The ratings continue to reflect NK Bhojani's average operating
margin because of its marginal market share, and exposure to
cyclicality in the fragmented steel industry. These weaknesses are
partially offset by NK Bhojani's stable cash accruals backed by a
diversified revenue base.

Outlook: Stable

CRISIL believes that NK Bhojani will benefit from the improving
market conditions for steel and allied products, which will help
the company sustain its current topline and profitability. The
outlook may be revised to 'Positive' in case of higher-than-
expected increase in the company's revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's capacity utilization is less than expected, which may
adversely affect its operating margin, or if the company
undertakes a large debt-funded capital expenditure programme,
thereby adversely affecting its capital structure.

                          About NK Bhojani

Incorporated in 1996, NK Bhojani is engaged in the manufacture of
steel ingots. The company has an installed capacity to produce
36,000 tonnes per annum (tpa) of sponge iron, and 48,000 tpa of
ingots; its crusher machines have a combined capacity to crush
208,000 tpa of iron ore.  The company also undertakes iron ore
mining works, and has a dealership contract with Larsen & Toubro
Limited for spares sales and service.

NK Bhojani reported a profit after tax (PAT) of INR24.3 million on
net sales of INR972 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR47.4 million on net
sales of INR832 million for 2007-08.


PREMIER ALLOYS: CRISIL Assigns 'BB' Rating on INR13.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Premier Alloys Ltd, which is part of the Premier
group.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit Limit     BB/Stable (Assigned)
   INR13.5 Million Term Loan             BB/Stable (Assigned)
   INR15.0 Million Bank Guarantee/       P4+ (Assigned)
                   Letter of Credit

The ratings reflect the Premier group's average financial risk
profile, marked by average gearing, debt protection measures, and
net worth, and the group's exposure to intense competition in the
thermo-mechanically treated (TMT) steel bars segment.  These
rating weaknesses are partially offset by the Premier group's
strong track record in the steel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PAL, Premier Ispat Ltd, Premier Bars
Ltd (PBL), and Premier Metcast Pvt Ltd, collectively referred to
as the Premier group.  This is because PAL, PIL, PMPL, and PBL are
under common promoters and management, have a common marketing
network, and are engaged in similar lines of business. Moreover,
the companies engage in intra-group transactions. However, the
companies have no cross holdings and unsecured loans.

Outlook: Stable

CRISIL believes that the Premier group will continue to benefit
from and maintain its established track record in the steel
industry over the medium term.  However, the group's financial
risk profile is expected to remain average due to low margin
leading to average debt protection measures.  The outlook may be
revised to 'Positive' if the group's financial risk profile
improves substantially, with considerable improvement in margin
and gearing.  Conversely, the outlook may be revised to
'Negative', in case of reduction in margin, or if its financial
risk profile deteriorates because of significant debt-funded
capital expenditure or acquisition.

                          About the Group

Incorporated in 1995 as private limited company by the Kanpur-
based Jain family, PAL converted into a closely held public
limited company in 1999.  PAL manufactures TMT bars and sells it
under its Premier brand in Uttar Pradesh.  Its plant in Fatehpur
(Uttar Pradesh) has capacity of 42,500 tonnes per annum (tpa).

PIL and PBL were incorporated in 2000 and 2004, respectively, and
manufacture TMT bars for sale under the Premier brand; the
companies have plants in Kanpur (Uttar Pradesh) and Jaipur
(Rajasthan), respectively. PMPL, incorporated in 2005,
manufactures mild steel ingots at its plant in Kanpur. PIL, PBL,
and PMPL have capacities of 62,500 tpa, 72,500 tpa, and 49,200
tpa, respectively.

PAL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR757.2 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.8 million on net sales
of INR577.8 million for 2007-08.


PREMIER METCAST: CRISIL Places 'BB' Rating on INR26 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Premier Metcast Pvt Ltd, which is part of the
Premier group.

   Facilities                            Ratings
   ----------                            -------
   INR41.5 Million Cash Credit Limit     BB/Stable (Assigned)
   INR26.0 Million Term Loan             BB/Stable (Assigned)
   INR12.5 Million Bank Guarantee/       P4+ (Assigned)
                 Letter of Credit

The ratings reflect the Premier group's average financial risk
profile, marked by average gearing, debt protection measures, and
net worth, and the group's exposure to intense competition in the
thermo-mechanically treated (TMT) steel bars segment. These rating
weaknesses are partially offset by the Premier group's strong
track record in the steel industry.

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of Premier Alloys Limited Premier
Ispat Ltd, Premier Bars Ltd and PMPL, collectively referred to as
the Premier group.  This is because PAL, PIL, PMPL, and PBL are
under common promoters and management, have a common marketing
network, and are engaged in similar lines of business. Moreover,
the companies engage in intra-group transactions. However, the
companies have no cross holdings and unsecured loans.

Outlook: Stable

CRISIL believes that the Premier group will continue to benefit
from and maintain its established track record in the steel
industry over the medium term.  However, the group's financial
risk profile is expected to remain average due to low margin
leading to average debt protection measures.  The outlook may be
revised to 'Positive' if the group's financial risk profile
improves substantially, with considerable improvement in margin
and gearing.  Conversely, the outlook may be revised to
'Negative', in case of reduction in margin, or if its financial
risk profile deteriorates because of significant debt-funded
capital expenditure or acquisition.

                          About the Group

Incorporated in 1995 as private limited company by the Kanpur-
based Jain family, PAL converted into a closely held public
limited company in 1999.  PAL manufactures TMT bars and sells it
under its Premier brand in Uttar Pradesh.  Its plant in Fatehpur
(Uttar Pradesh) has capacity of 42,500 tonnes per annum (tpa).

PIL and PBL were incorporated in 2000 and 2004, respectively, and
manufacture TMT bars for sale under the Premier brand; the
companies have plants in Kanpur (Uttar Pradesh) and Jaipur
(Rajasthan), respectively.  PMPL, incorporated in 2005,
manufactures mild steel ingots at its plant in Kanpur. PIL, PBL,
and PMPL have capacities of 62,500 tpa, 72,500 tpa, and 49,200
tpa, respectively.

PMPL reported a profit after tax (PAT) of INR5.3 million on net
sales of INR960.9 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2.5 million on net sales
of INR607.5 million for 2007-08.


SABARI'S EDUCATIONAL: Weak Liquidity Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'D' rating to Sabari's Educational Trust's
bank facilities.  The ratings reflect delay by SET in servicing
its term loan; the delay has been because of SET's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR112.00 Million Long Term Loan      D (Assigned)
   INR2.00 Million Cash Credit           D (Assigned)

Set up in 1997 by Mr.T N P Muthoo Nataraajan, SET manages a higher
secondary school, Sri Dhayanandapuri Matriculation Higher
Secondary School, and an engineering college for women, Tejaa
Shakthi Institute of Technology (the engineering college was
established in 2008).  Both the institutions are located near
Tirupur (Tamil Nadu).

SET reported a loss of INR13.1 million on net sales of INR26.9
million for 2008-09 (refers to financial year, April 1 to
March 31), against a loss of INR1.8 million on net sales of
INR12.0 million for 2007-08.


SHAH PULP: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has reaffirmed its 'BB+/Stable/P4+' rating on the various
bank facilities of Shah Pulp & Paper Mills Ltd.

   Facilities                                  Ratings
   ----------                                  -------
   INR120.0 Million Cash Credit (Enhanced      BB+/Stable
                    from INR90 Million)

   INR18.0 Million Standby Line of Credit      BB+/Stable
          (Enhanced from INR10.0 Million)

   INR66.5 Million Term Loan (Enhanced         BB+/Stable
                   from INR50.6 Million)

   INR120.0 Million Letter of Credit           P4+
        (Enhanced from INR90.0 Million)

   INR13.5 Million Bank Guarantee              P4+ (Reaffirmed)

   INR8.0 Million Standby Letter of Credit     P4+ (Reaffirmed)
            (Reduced from INR10.0 Million)

The ratings continue to reflect SPPML's small scale of operations,
large working capital requirements, and high utilisation of bank
lines. These weaknesses are partially offset by the company's
longstanding presence in the newsprint industry, and moderate
financial risk profile.

Outlook: Stable

CRISIL believes that SPPML will maintain its market position over
the medium term on the back of its established clientele, track
record in the newsprint industry, and stable operating margin.
The outlook may be revised to 'Positive' if SPPML scales up
operations and increases its cash accruals.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
larger-than-expected debt-funded capital expenditure programme or
acquisitions, or is unable to sustain its operating margin at the
current level.

SPPML was incorporated in 1996 with an initial capacity to
manufacture 16,500 tonnes per annum (tpa) of Grade B newsprint.
Over the years, the Vapi-based company has expanded its capacity
to 36,000 tpa.  Its associate company, Shah Paper Mill Ltd (SPML),
incorporated in 1990, manufactures higher-quality Grade A
newsprint, kraft paper, and writing and printing paper.  SPML has
three waste-paper-based manufacturing units, with an aggregate
capacity of 117,000 tpa, in Vapi.

The group has two other companies, Shah Financial Services Ltd (a
non-banking financial company), and Shah Containers Pvt Ltd, which
manufactures industrial packing material.

For 2008-09 (refers to financial year, April 1 to March 31), SPPML
reported a profit after tax (PAT) of INR17.13 million on net sales
of INR895.62 million, against a PAT of INR17.26 million on net
sales of INR742.73 million for 2007-08.


SHREE ADINATH: CRISIL Places 'B' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the bank facilities
of Shree Adinath Woven Sacks Pvt Ltd, which is part of the Shree
Adinath group.

   Facilities                            Ratings
   ----------                            -------
   INR22.5 Million Cash Credit Limit     B/Negative (Assigned)
   INR37.5 Million Term Loan             B/Negative (Assigned)
   INR1.8 Million Proposed Long Term     B/Negative (Assigned)
                  Bank Loan Facility

The rating reflects Shree Adinath group's below-average financial
risk profile, marked by small net worth, high gearing, and weak
debt protection measures, and exposure to risks relating to short
track record of operations and intense competition in the
polypropylene (PP) woven fabric and sacks industry. These rating
weaknesses are partially offset by the group's healthy operating
efficiency.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAWSPL and Shree Sudarshan Polyfab.
This is because the two entities, together referred to as the
Shree Adinath group, are in the same line of business, and are
under a common management.  Further, SAWSPL has given corporate
guarantee for SSP's bank loan facilities.

Outlook: Negative

CRISIL believes that the Shree Adinath group's financial risk
profile will remain weak over the medium term, as the group has,
over the past few years, contracted large term debt to fund the
projects under its two group companies. Furthermore, the group
remains exposed to intense competition in the PP woven sacks
industry.  The group will continue to depend on fund infusion by
promoters, and will work towards stabilization of operations at
its new unit at the earliest, given the large debt maturing during
the next year. The rating may be downgraded if the group's cash
accruals are lower than expected, or if the promoters do not
infuse adequate funds into the company in timely manner.
Conversely, the outlook may be revised to 'Stable' if group
improves its operating margin, and stabilizes its operations on
schedule, thereby leading to increased cash accruals.

                           About the Group

SAWSPL was incorporated in 2007 and commenced commercial
operations towards the end of 2007-08 (refers to financial year,
April 1 to March 31); 2008-09 was its first full year of
operations. The company manufactures PP woven fabric and sacks.
Its manufacturing plant in Ankleshwar (Gujarat) has capacity of
3000 tonnes per annum (tpa).

Set up as a partnership firm in 2009, SSP commenced trial
production in October 2009.  It commenced full-scale commercial
operations in December 2009.  SSP also manufactures PP woven
fabric and sacks at its manufacturing unit in Ankleshwar.  Its
facility has total woven fabrics and sacks manufacturing capacity
of 4500 tpa and lamination capacity of 1200 tpa.

SAWSPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR119.6 million for 2008-09.


SHREE SUDARSHAN: CRISIL Assigns 'B' Ratings on INR76.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the bank facilities
of Shree Sudarshan Polyfab, part of the Shree Adinath group.  The
rating reflects Shree Adinath group's small net worth, high
gearing, weak debt protection metrics, short track record, and
exposure to intense competition in the polypropylene (PP) woven
fabric and sacks industry. These rating weaknesses are partially
offset by the group's healthy operating efficiency.

   Facilities                            Ratings
   ----------                            -------
   INR20.0 Million Cash Credit Limit     B/Negative (Assigned)
   INR76.5 Million Term Loan             B/Negative (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SSP and Shree Adinath Woven Sacks Pvt
Ltd (SAWSPL).  This is because the two entities, together referred
to as the Shree Adinath group, are in the same line of business,
and are under a common management.  Furthermore, SAWSPL has given
corporate guarantee for SSP's bank loan facilities.

Outlook: Negative

CRISIL believes that the Shree Adinath group's financial risk
profile will remain weak over the medium term, as the group has,
over the past few years, contracted large term debt to fund the
projects under its two group companies.  Furthermore, the group
remains exposed to intense competition in the PP woven sacks
industry.  The group will continue to depend on fund infusion by
promoters, and will work towards stabilization of operations at
its new unit at the earliest, given the large debt maturing during
the next year.  The rating may be downgraded if the group's cash
accruals are lower than expected, or if the promoters do not
infuse adequate funds into the company in timely manner.
Conversely, the outlook may be revised to 'Stable' if group
improves its operating margin, and stabilizes its operations on
schedule, thereby leading to increased cash accruals.

                          About the Group

Set up as a partnership firm in 2009, SSP commenced trial
production in October 2009.  It commenced full-scale commercial
operations in December 2009.  SSP manufactures PP woven fabric and
sacks in Ankleshwar.  Its has total woven fabrics and sacks
manufacturing capacity of 4500 tonnes per annum (tpa) and
lamination capacity of 1200 tpa.

SAWSPL was incorporated in 2007 and commenced commercial
operations towards the end of 2007-08 (refers to financial year,
April 1 to March 31); 2008-09 was its first full year of
operations. The company also manufactures PP woven fabric and
sacks. Its manufacturing plant in Ankleshwar has capacity of 3000
tpa.


STAR BATTERY: CRISIL Assigns 'D' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Star Battery Ltd's
(SBL's) bank facilities.  The ratings reflect delay in repayment
of debt obligations by SBL; the delay has been caused by SBL's
weak liquidity.

   Facilities                                  Ratings
   ----------                                  -------
   INR140.0 Million Cash Credit Limit          D (Assigned)
   INR28.4 Million Working Capital Term Loan   D (Assigned)
   INR175.2 Million Term Loan                  D (Assigned)
   INR135.0 Million Letter of Credit           P5 (Assigned)
   INR135.0 Million Bank Guarantee             P5 (Assigned)

SBL, incorporated in 1986 by Mr. S K Kejriwal, is a Kolkata-based
company that manufactures valve-regulated and flooded lead acid
batteries, which are used in industries such as the
telecommunications, railways, and solar power industries.  SBL has
a capacity to manufacture 196,800 batteries per annum and its
promoters have four decades of experience in lead acid battery
manufacturing.

SBL's reported a profit after tax (PAT) of INR16.3 million on net
sales of INR589.2 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2.9 million on net sales
of INR431.2 million for 2007-08.


TARINI STEEL: CRISIL Puts 'BB+' Rating on INR150 Mi. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Negative/P4+' ratings to Tarini Steel
Company Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR150 Million Cash Credit       BB+/Negative (Assigned)
   INR40 Million Letter of Credit   P4+ (Assigned)

The ratings reflect the deterioration expected in Tarini's
financial risk profile over the medium term, given the company's
aggressive, debt-funded capital expenditure (capex) plans, large
working capital requirements, small scale of operations in the
steel industry, and vulnerability to volatility in raw material
prices.  These rating weaknesses are partially offset by Tarini's
established relationships with customers, and its promoters'
experience in the steel industry.

Outlook: Negative

CRISIL expects deterioration in Tarini's financial risk profile
over the medium term, as the company is planning to fund its
proposed rolling mill project primarily through debt.  The rating
may be downgraded if Tarini contracts more debt than expected, or
if there are significant time and cost overruns in its planned
project, leading to more-than-expected deterioration in its
financial risk profile and liquidity.  Conversely, the outlook may
be revised to 'Stable' if Tarini posts more cash accruals than
expected, restricts the debt funding of the capex, and if there
are no time and cost overruns in the project.

                        About Tarini Steel

Incorporated in 1990, Tarini manufactures bright steel bars of
various grades of carbon, alloy, and free-cutting steel; auto
ancillary units are its main customers.  The company has two
manufacturing units, both in Pune, and a total installed capacity
of 1200 tonnes per month.

Tarini reported a profit after tax (PAT) of INR22.2 million on net
sales of INR744.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR16.9 million on net
sales of INR663.2 million for 2007-08.


YATIN STEELS: CRISIL Rates INR150 Million Cash Credit at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Yatin Steels India Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR150 Million Cash Credit*          BB+/Stable (Assigned)
   INR100 Million Overdraft*            P4+ (Assigned)
   INR1435 Million Letter of Credit     P4+ (Assigned)
   INR65 Million proposed short term    P4+ (Assigned)
                            Facility

   *Represents sublimit of Letter of Credit

The ratings reflect YSIPL's limited risk management policies,
leading to exposure to operational risks, and a low and
fluctuating operating margin.  These rating weaknesses are
partially offset by the benefits that YSIPL derives from its
management's experience in the steel trading industry.

Outlook: Stable

CRISIL believes that YSIPL will continue to benefit over the
medium term from its management's experience in the steel trading
industry.  The outlook may be revised to 'Positive' in case of a
sustainable and significant improvement in YSIPL's revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of increased debt, or if its revenues and profitability
decline substantially.

                         About Yatin Steels

Yatin Steels India Pvt Ltd was incorporated on March 26, 2004, as
a private limited company in Mumbai, for taking over the business
activities, assets and liabilities of the proprietorship firm,
Yatin Steels (set up in 1988 by Mr. Yatin Khanna and engaged in
importing and trading of iron and steel).

YSIPL reported a net loss of INR95 million on net sales of INR3321
million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR141 million on net
sales of INR3936 million for 2007-08.


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


PAITON ENERGY: Moody's Raises Senior Secured Debt Rating to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the senior
secured debt rating of Paiton Energy Funding B.V., the obligations
of which are guaranteed by PT Paiton Energy.  The outlook is
stable.

"The rating action follows the financing closure of Paiton's
US$1.52bn expansion plan for its 815MW P3 coal-fired power plant
("P3 power plant")," says Jennifer Wong, a Moody's AVP/Analyst,
adding, "The upgrade also reflects Paiton's good operating track
record and its relatively strong debt service coverage ratio of
around 1.3-1.5x in the next two years."

"Moody's recognizes the significant size of the P3 power plant and
the associated execution risks, but believes that these risks are,
to a certain extent, contained and will not materially affect
Paiton's servicing of its existing debt obligations involved in
the P7 and P8 coal-fired power plants.  This has been achieved
through tight financing structure, strong sponsors, relatively
standard technology, track record of the contractors and common
lenders in the existing and new financing arrangements," adds
Wong.

The P3 project's financing structure has been completed with no
adverse impact on existing bondholders' interests given the
presence of various security protection mechanisms, such as
contingent equity and additional debt service reserve during its
construction period.

On the P3 power plant's commercial operation date, the P7 and P8
power plant debts will be protected by a six-month debt-service
reserve in place and additional security mechanisms.  Further
comfort can be drawn from the fact that the low level of residual
rated bonds that fund the P7 and P8 power plants.  The amount of
approximately US$75.4 million will be well covered by projected
operating cash flow of US$305 million and will be fully repaid
within two years of the P3 power plant's commercial operation
date.

"At the same time, the Ba3 rating reflects an element of
uncertainty surrounding the significant P3 expansion plan and a
high level of regulatory risk in Indonesia," she adds.

The stable outlook reflects Moody's expectation that Paiton will
continue to demonstrate a strong operating performance and
generate steady and predictable cash flow.  The stable outlook
also incorporates Moody's expectation that the expansion will have
a minimal adverse impact on Paiton's existing operational and
financial profiles.

Upward pressure on the rating is unlikely in the next 12-18
months, given the inherent risks associated with the company's
large expansion plan.

On the other hand, negative rating pressure could emerge if the
company's operational and financial performances deteriorate, such
that its debt service coverage ratio consistently falls below
1.2x.

The last rating action on Paiton was taken on July 16, 2009, when
Moody's affirmed its rating.

PT Paiton Energy owns and operates two 615MW coal-fired power
units in East Java, Indonesia.  Paiton Energy Funding B.V. is a
special purpose company created to manage bond funding for the
power plants.


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


ALL NIPPON: Sees Wider Loss in FY2009; To Cut Back-Office Jobs
--------------------------------------------------------------
Hiroyuki Kachi at Dow Jones Newswires reports that All Nippon
Airways Co. said Friday it expects to incur an even deeper net
loss for its fiscal year ending March 31.

Dow Jones relates that the airline, commonly known as ANA, expects
a net loss of JPY65 billion for the current fiscal year, worse
than the JPY4.26 billion net loss reported in the previous fiscal
year.  The projected loss is also higher than the JPY28 billion
loss forecast in its previous outlook in October, Dow Jones says.

For this fiscal year, Dow Jones says, ANA lowered its revenue
outlook to JPY1.22 trillion from JPY1.26 trillion.  It now
estimates an operating loss of JPY61 billion, deeper than a loss
of JPY20 billion previously foreseen.

According to the report, the tough business environment and lower
revenue forecast prompted ANA to compile more cost cuts worth
JPY86 billion over the next two years, including early retirement
programs and stronger code-sharing alliances.

Dow Jones notes the company said it would cut the number of back-
office workers -- staff other than pilots, cabin attendants and
other flight-related operations -- by 1,000 to 5,000 by the
March 2011 end of the coming fiscal year.  ANA will also
consolidate its seven airline group companies into three by March
2012, the report adds.

Dow Jones says the company hopes to streamline its operations to
better take advantage of capacity increases at airports in the
Tokyo metropolitan area, and the long-awaited introduction of
fuel-efficient Boeing 787 Dreamliners in the fiscal year beginning
April 1.

According to Dow Jones, ANA said aims to swing back into the black
for the fiscal year ending March 2011 with a net profit of JPY5
billion, an operating profit of JPY42 billion and revenue of
JPY1.36 trillion.

                     About All Nippon Airways

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.


DIC CORPORATION: Moody's Assigns 'Ba2' Rating on 1st Series Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
JPY20 billion 1st Series of Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds -- solely for qualified
institutional investors -- issued by DIC Corporation.  The rating
outlook is negative.

The rating considers DIC's Baa3 issuer rating and the subordinated
priority the new bonds will have in the company's capital
structure.

The proceeds from the bonds will be used for debt repayment by the
company to strengthen its capital structure.

Moody's last rating action with respect to DIC was taken on
October 9, 2009, when the Baa3 rating outlook was changed to
negative from stable.

DIC Corporation (formerly, Dainippon Ink and Chemicals,
Incorporated), headquartered in Tokyo, is a leading manufacturer
of printing ink and organic pigments.  Its business lines are
diversified into synthetic resins, electronics and information
materials, and high performance and applied products.
Consolidated sales for FYE3/2009 were JPY932.3 billion.


LANSDOWNE CDO: Moody's Withdraws 'Ca' Ratings on Series 15 Notes
----------------------------------------------------------------
Moody's withdrew its rating of these Lansdowne CDO I Series 15
notes issued by Lunar Funding I Limited.  The notes were
repurchased and cancelled in full on March 5, 2010.

Issuer: Lunar Funding I Limited

  -- JPY1000M Lansdowne CDO I Series 15, Withdrawn; previously on
     March 23, 2009 Downgraded to Ca


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


KIA MOTORS: Expects to Increase Car Sale by 26.5% This Year
-----------------------------------------------------------
Kia Motors Corp. said Friday it expects to boost its vehicles
sales by 26.5% this year, Yonhap News Agency reports.

Kia said it aims to sell 1.94 million vehicles at home and abroad
this year, compared with 1.53 million vehicles sold last year, the
news agency relates.

"A battle for survival is heating up in global auto markets," the
report quoted Kia Vice Chairman Chung Seong-eun as saying at the
company's annual shareholder meeting.

Mr. Chung said Kia will embrace the industry crisis as an
opportunity to increase sales by improving its competitiveness.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'.  The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


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


CAPITAL + MERCHANT: Criminal Charges Laid Against Directors
-----------------------------------------------------------
The Securities Commission has laid criminal charges and issued
civil proceedings against Capital + Merchant Finance directors
Neal Nicholls, Owen Tallentire, Colin Ryan and Robert Sutherland.
Criminal charges have also been laid against Wayne Douglas, who
resigned as a director in February 2007.

The Commission said the proceedings follow its extensive
investigations since Capital + Merchant Finance went into
receivership on November 23, 2007.

The Commission said these proceedings follow its extensive
investigations since Capital + Merchant Finance went into
receivership on November 23, 2007, owing approximately
NZ$167 million to some 7,000 investors.  According to the
receivers, it is likely that none of these investments will be
recovered.

"The Commission alleges that Capital + Merchant Finance's offer
documents and advertisements misled investors by misrepresenting
the investment risks, especially in relation to related party
lending, insurance cover and liquidity," Commission Chairman Jane
Diplock said.

The Commission alleges that the directors made untrue statements
in the registered prospectus and investment statement dated 15
August 2006, mainly in respect of related party lending and loan
management.  The Commission also alleges that the current four
directors made similar untrue statements in the registered
prospectus and investment statement dated September 10, 2007, as
well as untrue statements about liquidity and cashflow and in the
prospectus incorrectly stated that no loans were impaired and the
company's financial position had not materially and adversely
changed since its last balance date.

In addition, the Commission alleges that five advertisements
distributed during 2007 contained untrue statements about
insurance cover for capital secured debenture stock and some of
the matters referred to above.  These claims do not apply to
Mr. Douglas who had resigned his directorship by then.

The Commission further alleges that Mr. Nicholls and Mr. Ryan
knowingly misled the Commission.

                          Criminal Charges

Most of the criminal charges are laid under section 58 of the
Securities Act and carry a maximum penalty of five years
imprisonment or fines of up to $300,000.  Criminal charges are
also laid against Mr. Nicholls and Mr. Ryan under section 59A of
the Securities Act and carry a maximum fine of $300,000.  The
charges were filed at the District Court at Auckland on
December 18, 2009.  First Court appearances are scheduled for
April 8, 2010.

                         Civil Proceedings

The Commission has applied for declarations of civil liability and
civil pecuniary penalties of up to $500,000 against each of the
current four directors.  Under the Securities Act these
applications must be made together.

The Commission's main purpose in making them is to take the first
step towards compensation for investors who invested under the 10
September 2007 prospectus.  A declaration of civil liability is
conclusive evidence that can be relied upon by either the
Commission or investors themselves in any subsequent claims
against the directors for compensation.  The Commission will
consider pursuing compensation claims in due course should it be
in the public interest to do so.

Investors can take their own civil compensation proceedings
whether or not the Commission also has power to do so.

The civil proceedings are issued under section 55C and related
sections of the Securities Act.  They were filed on November 30,
2009 at the High Court at Auckland.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2007, Capital + Merchant Finance Ltd, along with
subsidiary Capital + Merchant Investments Ltd have gone into
receivership due to breaches in respect of general security
agreements issued by the companies in favor of creditor Fortress
Credit Corporation (Australia) 11 Pty Ltd.

Fortress appointed Tim Downes and Richard Simpson of Grant
Thornton, chartered accountants, while trustee Perpetual Trust
have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


MCVITTY PROPERTIES: PricewaterhouseCoopers Appointed as Receivers
-----------------------------------------------------------------
PricewaterhouseCoopers partners Maurice Noone and John Fisk were
appointed receivers of McVitty Properties Limited on March 18,
2010.

Mr. Noone said the company appears to have over extended itself,
and has not be able to secure the necessary funding to fund
current operations and current debt levels.  "As you can imagine,
this is a last resort following extensive discussions between the
parties, and is as a result of them failing to reach an acceptable
position for each," Mr. Noone said.

"The initial priority is to work with key stakeholders to address
financial and operational challenges.  However, it should be noted
that there is currently a preliminary plan for the restructure of
the Company, and subject to our further review of this, we will be
working closely with the bank to secure the necessary funding to
enable it to be implemented."

Furthermore, Mr. Noone stated that "As receivers of McVitty
Properties Limited, we understand that such a situation can cause
uncertainty, and accordingly we will work as quickly as possible
to complete the restructure plan and to secure funding to complete
this.  During this period, we are adopting a "business as usual"
approach and all employees will be retained whilst we work through
and develop our strategy."

In the meantime, Mr. Noone urges all stakeholders and interested
parties to be patient: "We will provide a report as soon as we
possibly can but we recognize this will take some time.  Anyone
with concerns or queries should contact PricewaterhouseCoopers in
the first instance."

McVitty Properties Limited is a dairy farming company.


PATOKA DAIRIES: PricewaterhouseCoopers Appointed as Receivers
-------------------------------------------------------------
PricewaterhouseCoopers partners Maurice Noone and John Fisk were
appointed receivers of Patoka Dairies Limited on March 16, 2010.

Mr. Noone said the company appears to have over extended itself
and has not be able to secure the necessary funding to complete
certain development activities and to fund current operations and
the projected debt levels.  "As you can imagine, this is a last
resort following extensive discussions between the parties, and is
as a result of them failing to reach an acceptable position for
each."

"The initial priority is to work with key stakeholders to address
financial and operational challenges.  However, it should be noted
that there is currently a plan for the completion of the
development of these properties, and subject to our review of
this, we will be working closely with the bank to secure the
necessary funding to enable it to be implemented."

Furthermore, Mr. Noone stated that "As receivers of Patoka Dairies
Limited, we understand that such a situation can cause
uncertainty, and accordingly we will work as quickly as possible
to complete the restructure plan and to secure funding to complete
the planned developments and to support ongoing operations. During
this period we are adopting a "business as usual" approach and all
employees will be retained whilst we work through and develop our
strategy."

In the meantime, Mr. Noone urges all stakeholders and interested
parties to be patient: "We will provide a report as soon as we
possibly can but we recognise this will take some time. Anyone
with concerns or queries should contact PricewaterhouseCoopers in
the first instance."

Patoka Dairies Limited is a dairy farming company.


RAPID ROADFREIGHTERS: More Than 60 Vehicles Up for Auction
----------------------------------------------------------
More than 60 vehicles belonging to Rapid Roadfreighters will go
under the hammer at Turners Auctions on Wednesday, scoop.co.nz
reports.

Jason Tredgett of Turners Auctions said the total retail value of
the items up for auction on Wednesday is more than NZ$2 million.
Mr. Tredgett described the event as one of the biggest truck
auctions Turners has ever managed, scoop.co.nz says.

Rapid Roadfreighters is an Auckland-based transport firm.  The
company had more than 200 vehicles and 250 workers throughout
New Zealand.

Rapid Roadfreighters went into liquidation in December 2009.  The
National Business Review, citing first liquidators report released
in January, says more than 480 creditors were owed more than NZ$12
million, with less than NZ$5 million in assets left in the
company.


STRATEGIC FINANCE: Receivers Dismiss Finnigan as CEO
----------------------------------------------------
John Fisk at PricewaterhouseCoopers, receivers at Strategic
Finance Limited, have let go of the company's chief executive
Kerry Finnigan, The New Zealand Herald reports.  According to the
Herald, the receiver said Mr. Finnigan was immediately let go.
Mr. Finnigan is receiving NZ$550,000-a-year salary, the report
adds.

Six staff members have remained, the report says.

The Herald further reports that the receivers have also left
Strategic's Princes Wharf offices and moved to cheaper offices in
Queen Street.  The report says all files were secured and swiftly
shifted out of Strategic's Shed 22 offices.

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

PricewaterhouseCoopers partners John Fisk and Colin McCloy have
been appointed receivers of Strategic Finance Limited and related
companies Strategic Advisory Limited, Strategic Mortgages Limited,
Strategic Nominees Limited, and Strategic Nominees Australia
Limited.  This ends the moratorium arrangement that has been in
place since December 2008.

The companies' trustee, Perpetual Trust Limited, appointed
receivers after SFL failed to generate sufficient loan recoveries
for its milestone payment on January 7, 2010.  The company owed
NZ$417 million to 13,000 investors.


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


ARGOS STEEL: Creditors' Proofs of Debt Due April 5
--------------------------------------------------
Argos Steel Structure (S) Pte Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by April 5,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Yin Kum Choy
         c/o K C Yin & Co
         Certified Public Accountants
         Singapore 138 Cecil Street
         #06-01 Cecil Court
         Singapore 069538


AUTOHUB ASIA: Court to Hear Wind-Up Petition on April 9
-------------------------------------------------------
A petition to wind up the operations of Autohub Asia Pte Ltd will
be heard before the High Court of Singapore on April 9, 2010, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on March 8,
2010.

The Petitioner's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


BARANG BARANG: Creditors' Proofs of Debt Due April 19
-----------------------------------------------------
Barang Barang Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 19,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Neo Ban Chuan
         Cameron Duncan
         c/o Korda Mentha Neo
         30 Robinson Road
         Robinson Towers, #12-01
         Singapore 048546


KOCH MATERIALS: Creditors' Proofs of Debt Due April 19
------------------------------------------------------
Koch Materials Asia Trading Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by April 19, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         Singapore 068807


MICROFAB HOLDINGS: Creditors' Proofs of Debt Due April 19
---------------------------------------------------------
Creditors of Microfab Holdings Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by April 19, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Tam Chee Chong
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


===============
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.


                         *********

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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