TCRAP_Public/100416.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, April 16, 2010, Vol. 13, No. 074



LIBERTY SERIES: Moody's Affirms Ratings on Five Classes of Notes
LIBERTY FUNDING: S&P Raises Ratings on Three Rated Classes
LIVING EDGE: Placed in Receivership; McGrathNicol Appointed


AGRICULTURAL BANK: To Hire Six Banks for Hong Kong IPO
EVERGRANDE REAL: Fitch Downgrades Issuer Default Rating to 'BB'
EVERGRANDE REAL: Moody's Affirms 'B1' Corporate Family Rating
GLORIOUS PROPERTY: Moody's Assigns 'B1' Corporate Family Rating
GLORIOUS PROPERTY: S&P Assigns 'B+' Corporate Credit Rating

HUNAN TAIZINAI: In Provisional Liquidation; Owes More Than CNY300M

H O N G  K O N G

CHAODA MODERN: : Moody's Upgrades Corporate Family Rating to 'Ba2'
TOTTORI SANYO: Members' Final Meeting Set for May 11
TRILLION HOLDINGS: Creditors' Proofs of Debt Due May 10
TRINITY HOLISTIC: Creditors' Proofs of Debt Due June 11
UCB PHARMA: Creditors' Proofs of Debt Due April 10

VIGERS HK: Creditors' Proofs of Debt Due May 11
YE SHIN: Court to Hear Wind-Up Petition on June 2
ZINTECH TOYS: Court to Hear Wind-Up Petition on April 28


HANSA METALLICS: Fitch Assigns National Long-Term Rating at 'BB'
SOUJANYA COLOR: CRISIL Places 'B-' Rating on Various Bank Debts
TRILOK COTTON: CRISIL Assigns Junk Ratings on Various Bank Debts


BANK TABUNGAN: Posts IDR188 Billion Profit in Q1 2010
GARUDA INDONESIA: To Phase Out 16 Old Boeings Planes


JLOC41 LLC: Fitch Downgrades Ratings on Five Classes of Notes
* JAPAN: Major Banks Get 55,164 Debt Restructuring Requests


SUNGWON CORPORATION: Bankruptcy Wins Court Approval


HO HUP: Submission of Revised Plan Extended Until August 14
TALAM CORP: Sells Assets to Fully Repay Debts to Menteri Besar

N E W  Z E A L A N D

OYSTER BAY: Anticipates Loss for 2010; Seeks Bank Waiver


ADVANCE AGRO: Moody's Gives Stable Outlook; Affirms 'B3' Rating
CATHAY DUN: Fitch Retains Negative Watch on Beneficiary Certs.


* S&P Puts Ratings on Asia-Pacific CDOs on CreditWatch Negative

* Large Companies with Insolvent Balance Sheets

                         - - - - -


LIBERTY SERIES: Moody's Affirms Ratings on Five Classes of Notes
Moody's Investors Service has affirmed ratings to these classes of
Notes issued by Liberty Series 2006-2 Trust, an Australian non-
conforming RMBS transaction:

  -- Class A-2a Notes.Affirmed at Aaa; previously on November 17,
     2006 Assigned Aaa.

  -- Class A-2b Notes, Affirmed at Aaa; previously on November 17,
     2006 Assigned Aaa.

  -- Class B Notes, Affirmed at A2; previously on November 17,
     2006 Assigned A2.

  -- Class C Notes, Affirmed at Baa1; previously on November 17,
     2006 Assigned Baa1;

  -- Class D Notes, Affirmed at Ba2; previously on November 17,
     2006 Assigned Ba2.

The rating action follows the replacement of the Class A-2a cross-
currency hedge counterparty.  Class A-2a Notes are denominated in
Euros.  In order to mitigate the consequent foreign exchange risk,
on the closing date the Trustee entered into a currency swap
contract with the Australia and New Zealand Banking Group (Aa1/P-

On April 12, 2010, ANZ Banking Group was replaced by National
Australia Bank (Aa1/P-1).  The obligations of the swap provider
with regard to the EUR/AUD exchange rate and other material
provisions of the ISDA Master Agreement remain largely unchanged.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold

LIBERTY FUNDING: S&P Raises Ratings on Three Rated Classes
Standard & Poor's Ratings Services raised its ratings on three
rated classes of subprime and nonconforming residential mortgage-
backed securities issued by Liberty Funding Pty Ltd as trustee for
Liberty Series 2006-2.  At the same time, S&P affirmed the ratings
on two other classes.  The rating upgrades reflect S&P's opinion
that the rated notes are adequately supported to withstand
stresses that are commensurate with the higher rating levels.

The prepayment rate of the Australian housing loans in the
portfolio has consistently been above the industry average.  In
addition, the portfolio balance has amortized to A$282 million or
less than 20% of the initial balance of A$1.3 billion.  Meanwhile,
A$16 million of excess spread, after covering prior portfolio
losses, has been accumulated in a reserve to absorb future losses.

The portfolio's arrears levels have improved over the past 12
months, consistently remaining below the industry's declining
arrears average since May 2009.  Although approximately
AU$50 million of loans have defaulted as at Jan. 31, 2010, the
actual current losses are less than AU$4 million, all of which has
been covered by excess spread.  To date, there have been no
charge-offs to any notes, which would not occur until the
AU$16 million (capped) reserve is depleted.

The remaining portfolio consists almost entirely of fully
amortizing loans that are well-diversified geographically and have
a weighted-average seasoning of more than four years.  About 68%
of the loans now have a loan-to-value ratio of 80% or below, about
70% are full documentation loans, and 80% of the remaining loans
are for owner-occupied purposes.

Given the strong performance of this transaction, S&P has assumed
in S&P's analysis that the notes may repay principal on a pro-rata
(in accordance with the documentation) or sequential basis.  The
analysis shows that, regardless of the principal pay-down method,
the notes are sufficiently supported to withstand stresses
commensurate with the higher rating levels.

                          Ratings Raised

                    Liberty Series 2006-2 Trust

                Class     Rating To    Rating From
                -----     ---------    -----------
                B         AA           A
                C         A            BBB+
                D         BB+          BB

                         Ratings Affirmed

                    Liberty Series 2006-2 Trust

                         Class     Rating
                         -----     ------
                         A2A       AAA
                         A2B       AAA

LIVING EDGE: Placed in Receivership; McGrathNicol Appointed
Furniture chain Living Edge has been placed in receivership by its
lender National Australia Bank and will now be put up for sale,
James Thomson at SmartCompany reports.

The report says Keith Crawford and Matthew Caddy of McGrathNicol
were appointed as the company's receivers on April 12, 2010.

"Our objective is to work constructively with Living Edge
stakeholders to stabilize and prepare the business for sale," the
report quoted Mr. Crawford as saying.  "In the meantime, Living
Edge will continue trading and looks forward to continuing support
from employees, customers and suppliers."

SmartCompany says the level of debt inside the company is not yet
known, although reports have suggested the business took out a
$7 million loan last November.

Living Edge -- is an Australian
owned company that supplies high design furniture.  The company
has showrooms in Sydney, Melbourne, Brisbane, Perth, Canberra and


AGRICULTURAL BANK: To Hire Six Banks for Hong Kong IPO
Cathy Chan and Bei Hu at Bloomberg News report that the
Agricultural Bank of China has hired six banks to arrange the
Hong Kong portion of what may be this year's largest initial
public offering

Bloomberg's sources said the bank selected China International
Capital Corp., Deutsche Bank AG, Goldman Sachs Group Inc.,
JPMorgan Chase & Co., Macquarie Group Ltd. and Morgan Stanley.

China Daily had earlier reported that the bank intends to raise up
to CNY150 billion through an IPO as early as April this year.

Agricultural Bank has weaker capital ratios than its three largest
domestic rivals even after getting US$19 billion from the
government in October 2008, potentially making it less attractive
to equity investors, according to Bloomberg News.

Bloomberg adds that an IPO would allow Agricultural Bank to join
its state-owned rivals in tapping capital markets to aid

Agricultural Bank of China -- one of
China's largest state-owned commercial banks, specializes in
financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas.  The
bank also offers personal banking, credit cards, and foreign
exchange services.  Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China.  Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.

                           *     *     *

Agricultural Bank of China continues to carry Moody's BFSR 'E+'
rating and Fitch's "E" Individual Rating.

EVERGRANDE REAL: Fitch Downgrades Issuer Default Rating to 'BB'
Fitch Ratings has downgraded China's Evergrande Real Estate Group
Limited's Long-term foreign currency Issuer Default Rating and the
issue rating of the existing US$750 million notes due 2015 to 'BB'
from 'BB+', and placed the ratings on Rating Watch Negative.
These rating actions follow Evergrande's announcement of that it
will issue US$600 million of new notes due 2015 on the same terms
of the existing US$750m notes.

The proceeds from the US$600 million notes due 2015 would be used
for general corporate purposes and project acquisitions.  Fitch
acknowledges that the new notes issue will immediately boost
Evergrande's liquidity reserve and provide significant flexibility
for further business expansion.  However, the agency notes that
such an issuance is opportunistic and will lead to deterioration
of Evergrande's credit metrics.  Additionally, any potential
acceleration of Evergrande's expansion strategy, as indicated by
management, may signal a long-term change in the company's risk

Fitch aims to resolve the RWN within the next six weeks after a
detailed analysis of the company's working capital position and
its ability to maintain a robust capital structure following the
new issuance.  An expansion strategy that results in significant
deterioration of credit metrics may result in a further downgrade.
The new notes issuance also decreases the recovery rates for
unsecured creditors and therefore, the issue rating may be notched
down following Fitch's analysis.

EVERGRANDE REAL: Moody's Affirms 'B1' Corporate Family Rating
Moody's Investors Service has affirmed Evergrande Real Estate
Group Limited's B1 corporate family and senior unsecured ratings,
following the company's announcement that it was issuing an
additional US$600 million of its five-year senior unsecured
144A/Regulation S bonds.

The outlook for all the ratings is stable.

The additional US$600 million senior unsecured bonds will be
subject to the same terms and conditions as the US$750 million
senior unsecured bonds issued in January 2010.

The proceeds will be used to fund the company's future expansion.

"The new bond issuance will provide extra funding for Evergrande's
fast-growing development plan," says Kaven Tsang, a Moody's
AVP/Analyst, adding that "the company's financial profile -- with
projected EBITDA/Interest of around 4x and adjusted
Debt/Capitalization of 55% -- remains consistent with the B1
rating level."

Tsang adds: "During the first three months of this year,
Evergrande's sales remained strong, with contracted sales reaching
RMB8.4 billion, which is also in line with Moody's expectations."

The B1 ratings continue to reflect Evergrande's position as one of
the largest developers in China, as measured by contracted sales,
the size of its land bank, and its portfolio's good geographical

The ratings also take into account the company's high exposure to
development and execution risks, an unproven track record for its
escalating operations, and debt-funded expansion strategies.

The stable outlook reflects Moody's expectation that Evergrande
will maintain its current business strategy, which focuses on
second-tier cities, as well as sales and development scale in the
coming one to two years.  The outlook also reflects the
expectation that Evergrande will maintain its access to onshore
construction financing.

Evergrande's ratings could face upward pressure if the company can
1) reach its planned sales targets, with stable profit margins; 2)
maintain strong financial discipline and prudently monitor its
business and financial risks; and 3) maintain sound liquidity.

The ratings could be downgraded if 1) sales and profit margins
decline because of a significant downturn in China's property
market; 2) development costs rise materially; or 3) it implements
an aggressive land acquisition plan beyond Moody's expectations,
without a corresponding rise in cash inflow -- such that its
liquidity weakens and balance sheet becomes more leveraged, with
adjusted leverage rising beyond 60% or EBITDA/interest falling
under 2-3x in the coming 12-18 months.

In addition, the bond rating will be downgraded by one notch to
reflect the risk of subordination if there is evidence that
Evergrande has increased its onshore borrowings, such that its
secured and subsidiary debt exceeds 15% of total assets on a
sustained basis.

Moody's last rating action with regard to Evergrande took place on
February 5, 2010, when Moody's affirmed the B1 corporate family
rating and senior unsecured rating following the successful
closing of the company's US$750 million bond issuance.

Evergrande Real Estate Group Limited is one of the major
residential housing developers in China, with a standardized
operating model.  Founded in 1996 in Guangzhou, Guangdong
Province, the company has rapidly expanded its geographic coverage
to 25 cities in China in the past few years, and maintains a land
bank of around 54.98 million sqm. in gross floor area.

GLORIOUS PROPERTY: Moody's Assigns 'B1' Corporate Family Rating
Moody's Investors Service has assigned a first-time provisional
(P)B1 corporate family rating to Glorious Property Holdings
Limited.  At the same time, Moody's has assigned a provisional
(P)B2 senior unsecured rating to its proposed US dollar senior
unsecured bond issues.  The outlook for the ratings is stable.

Proceeds from the proposed bonds issuance will be used to fund
Glorious' land acquisitions and working capital requirements.

Moody's expects to remove the provisional status of the ratings
when the bond transaction is completed as planned.  If the
issuance fails to go ahead, the ratings would be lowered in view
of the company's sizeable unpaid land premium and the resulting
weak liquidity profile.

"Glorious' B1 corporate family rating reflects its high operating
and financial risks arising from its rapid growth plan, short
operating track record, and limited banking relationships in a
highly volatile Chinese property market," says Kaven Tsang, a
Moody's AVP/Analyst.

"It also factors in Glorious' performance volatility due to its
reliance on the Shanghai Bay project which is expected to account
for around 30% of its sales in the coming 2-3 years," says Tsang,
also Moody's lead analyst for Glorious.

"Any underperformance in the sales of this project could
materially affect Glorious' cash flow and its financial metrics,"
he adds.

Despite such weaknesses, Glorious has a high-quality land bank
with the majority of its projects located in the major districts
in first-tier cities such as Shanghai and Beijing.

"Its low-cost land bank also offers some buffer against reduced
profit margins in a down market," says Tsang.

Moody's anticipates that Glorious' expected rapid growth in the
next 1-2 years will be partially debt funded.  As a result, its
adjusted debt-to-capitalization ratio is projected to rise to
around 50-55% and EBITDA interest coverage at around 3x.  Such
credit metrics would position Glorious at a B1 rating level when
compared with its peers.

The company's bond rating is notched down to B2, reflecting the
risk of structural and legal subordination.  Glorious' ratio of
secured and subsidiary debt to total assets was estimated to be
around 30% in 2009, and is expected to remain over 20-25% in the
coming 2-3 years.

The stable outlook reflects Moody's expectation that Glorious will
achieve moderate business growth at a stable profit margin, while
maintaining access to onshore bank funding for its construction

Glorious' ratings could be upgraded if it 1) establishes a track
record of achieving its planned rapid sales growth with stable
profit margins; 2) generates sales from a well-balanced portfolio
without concentration risk; 3) demonstrates a stable financial
profile without aggressive land acquisitions; and 4) strengthens
its liquidity profile with broadened banking relationships and
free cash that support its scale of operations.

Under such a scenario, the company's credit metrics would be
sustainable if adjusted debt/capitalization falls under 45-50% and
EBITDA/interest rises above 4-5x.

On the other hand, the ratings could be downgraded if Glorious'
financial position deteriorates, arising from its 1) weaker than
expected sales performance; 2) aggressive development and/or land
acquisitions; and/or 3) weakened liquidity position to support its

The credit metrics that Moody's would consider for rating
downgrade include adjusted debt/capitalization rises beyond 55-60%
and/or EBITDA/interest falls under 2-3x.

Glorious Property Holdings Limited is a medium-sized Chinese
property developer focusing on residential housing in East and
Northern China.  It currently has a land bank of around 17 million
sqm. in gross floor area distributed in Shanghai, Beijing, Tianjin
and several second-tier cities throughout China.

GLORIOUS PROPERTY: S&P Assigns 'B+' Corporate Credit Rating
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term corporate credit rating to China-based property developer
Glorious Property Holdings Ltd.  The outlook is stable.  At the
same time, Standard & Poor's assigned its 'B' issue rating to the
proposed issue of senior unsecured notes.  The proceeds will fund
capital spending and working capital.

"The rating on Glorious reflects the company's rapid expansion
plan, large committed capital expenditure, and limited track
record of large-scale operations," said Standard & Poor's credit
analyst Peggy Lin.

The rating also reflects Glorious' highly sensitive financial
metrics, which are materially influenced by the sales performance
in new regions outside of Shanghai.  The cyclical and competitive
operating environment with evolving regulations is also a
constraining factor for the rating.

"These weaknesses are tempered by the company's established
presence in Shanghai, a first-tier city, and its improving
geographic reach," Ms. Lin noted.

S&P views Glorious' growth appetite and expansion plan as
aggressive.  Glorious has embarked on a rapid growth plan and
expects to increase its gross floor area delivery by more than 2x
in 2011 from about 571,000 square meters in 2009.  About 78% of
the GFA will be outside of its home city of Shanghai.

At the same time, Glorious is committed to increasing its land
bank, measured by projects under development and held for future
development, to about 15.6 million sqm., from 6.2 million sqm.; of
the 15.6 million sqm., it has contracts to acquire 4.4 million
sqm. within the next 12 months.

Glorious performed satisfactorily in new cities under its (former)
small scale of operations.  However, S&P is cautious about the
company's ability to achieve a material financial improvement
through managing a rapidly expanding operation over the next 12

The outlook is stable, reflecting S&P's expectation that the
company could generate good property sales from its projects in
Shanghai and it makes steady progress with projects outside
Shanghai in a less certain market outlook due to a tightening of
government policy toward the sector.  At the current rating level,
S&P has incorporated expectations that the company's property
sales could support its aggressive capital spending commitments
and its liquidity will be adequate to meet short-term refinancing

HUNAN TAIZINAI: In Provisional Liquidation; Owes More Than CNY300M
Hunan Taizinai Group has gone into provisional liquidation leaving
its equity holders with a potential loss on their stakes, Dow
Jones Newswires reports, citing people familiar with the
situation.  The company is backed by U.K. private equity firm
Actis, Morgan Stanley, and Goldman Sachs Group Inc.

Dow Jones' source said the company also owes creditors more than
CNY300 million.  The report says the company has a syndicate loan
with five banks: Royal Bank of Scotland Group PLC, Singapore's DBS
Group Holdings and Citigroup Inc., as well as two domestic banks.

The New York Times' DealBook says Goldman, Morgan and Actis
Capital took a 31% stake in Taizinai for $73 million in early
2007, a time when the dairy firm planned to go public.  The
initial public offering never materialized, DealBook notes.

According to Dow Jones, Taizinai fell victim to overexpansion and
China's tainted milk scare further hurt Taizinai's business as
consumers lost confidence in the industry as a whole.  It has been
in financial distress for at least two years, Dow Jones relates.

Sources familiar with the matter told DealBook that while
Taizinai's holding company is in liquidation, its subsidiary in
China is still operating.

                       About Hunan Taizinai

Hunan Taizinai Group Co., Ltd. produces probiotic dairy products,
drinking yogurt, milk-based health drinks, and lactobacillus dairy
drinks in China.  The company was founded in 1996 and is based in
Hunan, China.

H O N G  K O N G

CHAODA MODERN: : Moody's Upgrades Corporate Family Rating to 'Ba2'
Moody's Investors Service has upgraded Chaoda Modern Agriculture
Ltd's corporate family rating to Ba2 from Ba3.  This concludes the
review for possible upgrade initiated on February 9, 2010.  The
outlook for the rating is stable.

"The upgrade is driven by Chaoda's strong operating track record
and financial performance, having reported solid credit metrics in
1HFY2010 including debt/EBITDA of 1.4x and EBITDA/interest over
10x.  Its resilient business model also enables the company to
maintain an EBITDA margin of around 60% even during down cycles,"
says Ken Chan, a Moody's Vice President.

"The upgrade also recognizes the company's improved financial
profile with a net cash position.  It has managed two major debt
repayments in the last 12 months by raising equity and reducing
its discretionary capex," adds Chan, also Moody's Lead Analyst for
the company.

The rating also considers Chaoda's vertically-integrated business
model with large-scale and diversified production bases and
distribution network.  Its strong market position and the
government's favorable agricultural policy continue to drive the
company's strong growth momentum and high margins.

Chaoda has a stronger financial profile than other rated Ba2
credits in the region.  However, its rating is constrained by an
unpredictable financial management strategy and material related-
party transactions for purchasing fertilizer.  The latter has
raised concerns over potential cash leakages to fund group
companies given the cash nature of its business model.

The stable outlook reflects Moody's expectations that Chaoda's
management will take a prudent approach to managing its growth,
with future investments focusing on the company's core
agriculture-related businesses.  It also captures Chaoda's
resilient cash flow generation over the economic cycle.

Upward rating pressure would occur if the company improves its
corporate governance structure, and/or demonstrates strong
financial discipline in pursuing its growth strategy.

On the other hand, downward rating pressure would emerge if 1) the
company pursues a more aggressive debt-funded expansion plan; 2)
there is significant margin erosion and deterioration of Chaoda's
financial profile as it expands; and/or 3) there is evidence of
cash leakage to fund related companies or if there are large cash
dividend payments.

Any further evidence of increased investment in non-core
businesses or deviation from Chaoda's stated cash management
policy would also have a negative impact on the ratings.

Moody's last rating action with respect to Chaoda was taken on
February 9, 2010, when the company's corporate family rating was
placed on review for further possible upgrade.

Chaoda's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
the company's i) business risk and competitive position compared
to other firms within the industry; ii) capital structure and
financial risk; iii) projected performance over the near to
intermediate term; and iv) management's track record and tolerance
for risk.

These attributes were compared against other issuers both within
and outside of Chaoda's core industry; Chaoda's ratings are
believed to be comparable with those of other issuers of similar
credit risk.

Chaoda Modern Agriculture (Holdings) Ltd, headquartered in Hong
Kong and listed on the Hong Kong Stock Exchange, is principally
engaged in the cultivation and sale of agricultural produce,
mainly vegetables and fruits in China, which account for about 90%
of its revenue.

The company also exports 25% of its crops regionally through
import and export agencies in China to Japan and other Asian
countries.  It is ultimately 21%-owned by the Chairman, Mr.  Kwok

TOTTORI SANYO: Members' Final Meeting Set for May 11
Members of Tottori Sanyo (Hong Kong) Limited will hold their final
general meeting on May 11, 2010, at 11:00 a.m., at the Room 2001,
20/F, Prince's Building, Central, in Hong Kong.

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

TRILLION HOLDINGS: Creditors' Proofs of Debt Due May 10
Trillion Holdings Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 10, 2010, to be included in the company's dividend

The company commenced wind-up proceedings on April 1, 2010.

The company's liquidator is:

         Lam Ying Sui
         10/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong

TRINITY HOLISTIC: Creditors' Proofs of Debt Due June 11
Creditors of Trinity Holistic Healthcare Co. Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 11, 2010, to be included in the company's dividend

The company commenced wind-up proceedings on March 31, 2010.

The company's liquidator is:

         Shum Lap Chi
         12th Floor, Ka Wah Bank Centre
         232 Des Voeux Road
         Central, Hong Kong

UCB PHARMA: Creditors' Proofs of Debt Due April 10
UCB Pharma Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 10,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2010.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong

VIGERS HK: Creditors' Proofs of Debt Due May 11
Creditors of Vigers Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 11, 2010, to be included in the company's dividend

The company's liquidators are:

          Stephen Briscoe
          Wong Teck Meng
          602 The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong

YE SHIN: Court to Hear Wind-Up Petition on June 2
A petition to wind up the operations of Ye Shin International
Company Limited will be heard before the High Court of Hong Kong
on June 2, 2010, at 9:30 a.m.

East West Bank filed the petition against the company on March 29,

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          Chater Road
          Central, Hong Kong

ZINTECH TOYS: Court to Hear Wind-Up Petition on April 28
A petition to wind up the operations of Zintech Toys Manufacturing
Limited will be heard before the High Court of Hong Kong on
April 28, 2010, at 9:30 a.m.

Cheung King Lai filed the petition against the company on Feb. 24,

The Petitioner's solicitors are:

          Cheung & Liu
          25th Floor, C.M.A. Building
          No. 64 Connaught Road
          Central, Hong Kong


CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Aurangabad Electricals Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR120.0 Million Cash Credit*          BB+/Stable (Assigned)
   INR496.3 Million Long-Term Loan        BB+/Stable (Assigned)
   INR240.0 Million Bills Discounting**   P4+ (Assigned)
   INR50.0 Million Export Bills Re-       P4+ (Assigned)
      Discounted (EBRD) Facility***

   *Interchangeable with Bills Discounting to the extent
    of INR35.0 million

   **Interchangeable with Buyers Credit to the extent of
     INR42.5 million

   ***interchangeable with Packing Credit Foreign Currency
      up to INR30 million

The ratings reflect AEL's low segmental diversification, and
client concentration.  These rating weakness are partially offset
by AEL's significant share of business for components supplied to
Bajaj Auto Ltd (Bajaj Auto, rated 'AAA/FAAA/Stable/P1+' by
CRISIL), and moderate, though improving, financial risk profile.

For arriving at its ratings, CRISIL has considered the standalone
business and financial risk profiles of AEL.  The financials of
OMR Bagla Automotive Systems India Ltd (OMR-Bagla; AEL holds
50 per cent stake in the venture) have not been factored in, as
the two companies are in different business segments, and there
are no significant financial linkages between the two companies.

Outlook: Stable

CRISIL believes that AEL will benefit over the medium term from
the expected healthy off-take from Bajaj Auto.  Significant
increase in revenues and profitability, coupled with significant
improvement in key debt protection metrics, could result in the
outlook being revised to 'Positive'.  Conversely, the outlook
could be revised to 'Negative' if AEL's revenue growth and
profitability are below expectation, or if the company undertakes
a large, debt-funded capital expenditure programme, thereby
adversely affecting its financial risk profile.

                    About Aurangabad Electricals

AEL, part of the Bagla group, was incorporated in 1986 to meet the
requirements of the Bajaj group for magnetos.  AEL graduated to
supplying aluminum die-casting parts, fasteners, relays and
flashers, wheel rims and brakes panel assembly, primarily for
Bajaj Auto.  AEL has five plants in Aurangabad (Waluj and Paithan
districts), and one each in Pantnagar and Pune. AEL also has three
windmills with an aggregate capacity of 3.25 megawatts.  The Bagla
group, based in Aurangabad, is focused on the manufacture of auto
components. With annual sales of over INR5 billion, the key
companies in the Bagla group include AEL and OMR Bagla.  OMR Bagla
is a joint venture between AEL and OMR Holding Spa, Italy. On
December 31, 2007, AEL transferred one plant to OMR Bagla.  OMR
Bagla supplies die castings for four-wheelers.

For 2008-09 (refers to financial year, April 1 to March 31), AEL
reported a net loss of INR116 million on net sales of INR3.6
billion, against a net loss of INR22 million on net sales of
INR3.6 billion for 2007-08. For the nine-month period ending
December 31, 2009, the company reported a loss before tax of INR12
million on net sales of INR2.5 billion. For the third quarter of
2009-10, AEL reported a profit before tax of INR14 million on net
sales of INR853 million.

HANSA METALLICS: Fitch Assigns National Long-Term Rating at 'BB'
Fitch Ratings has assigned India's Hansa Metallics Ltd a National
Long-term rating of 'BB(ind)'.  The Outlook is Stable.  Fitch has
also assigned a rating of 'BB(ind)' to HML's long-term loans of
INR153.6 million and ratings of 'BB(ind)/F4(ind)' to its fund-
based working capital limits of INR264.5 million.

The ratings reflect HML's comfortable profit margins and location
advantage, given its lower logistic costs and lower duties as most
of its customer base is in Punjab.  The ratings are underpinned by
the experience of the company's founder in manufacturing steel
based products.  HML has a diversified customer base, and has been
able to pass on higher raw material prices to its clients.  The
agency notes that HML is setting up a new Cold Rolling mill for
backward integration that will boost profitability from FY11 when
the facility begins operations.  This new mill has a capacity of
60,000 metric tons per annum.

The ratings remain constrained by HML's relatively small size,
high working capital requirements, high financial leverage (Net
Debt/Operating EBITDA), and low interest coverage.  However, with
improvement in EBITDA margins and no planned capex after FY11,
HML's credit profile should improve in the medium term.  The
annualized financial leverage is high at 6.3x in FYE09 though HML
has started to reduce this ratio from FY10.  Debt/ Equity stood at
2.6x in FY09 and is expected to remain high as working capital
requirements may keep short-term debt high.

Positive rating factors would include an improvement in EBITDA
margins along with an increase in revenues, which would lead to a
sustained reduction in financial leverage.  Negative ratings
factors include unanticipated debt-led capital expenditure
resulting in deterioration of financial leverage, or time and cost
overruns in the CR mill project.

Established in 1997, HML started operations only in 2008.  It
manufactures Electric Resistance Welded Precision Tubes.  It
currently has one production facility with a total capacity of
45,000 metric ton per annum.  According to its 10MFY10 results,
HML's revenues stood at INR838.57 million, and its EBIDTA at
INR69.77 million.

SOUJANYA COLOR: CRISIL Places 'B-' Rating on Various Bank Debts
CRISIL has assigned its 'B-/Negative/P4' ratings to Soujanya Color
Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR142.1 Million Rupee Term Loan       B-/Negative (Assigned)
   INR70.0 Foreign Currency Term Loan     B-/Negative (Assigned)
   INR37.5 Million Cash Credit            B-/Negative (Assigned)
   INR20.0 Million Packing Credit         P4 (Assigned)
   INR32.5 Million Letter of Credit       P4 (Assigned)

The ratings reflect SCPL's exposure to risks relating to its large
debt-funded capacity expansion project, to small scale of the
colorant industry, to customer concentration in revenue profile.
These rating weaknesses are partially offset by the benefits that
SCPL derives from its promoters' experience in colorants and
tinters segment, and established relationships with its customers.

Outlook: Negative

CRISIL believes that SCPL's credit risk profile will remain
constrained on account of its large repayment obligations falling
due from April, 2010, vis-a?vis its current and expected net cash
accruals. The outlook may be revised to 'Stable' if the company
reports a substantial increase in profitability, supported by an
improvement in its debt protection metrics.  Conversely, the
ratings may be downgraded if the company's debt protection
measures deteriorate because of lower-than-expected growth in
accruals affecting the servicing of the term loan obligations.

                        About Soujanya Color

Promoted by Late Mr. C J Bhumkar in 1983 as a proprietorship
concern, SCPL converted into a family partnership firm of
Mr. Bhumkar in 2000. Again in 2008-09, the partnership firm was
converted into a family owned private limited company.  Currently,
the company is managed by Mrs. Priyamvada Bhumkar (Daughter in law
of Mr. C J Bhumkar).  The company is into manufacturing of
colorants and tinters used in the paints industry. The company is
headquartered at Thane (Maharashtra) with manufacturing units in
Navi Mumbai, with an installed capacity of 150,000 kilo litres per

SCPL reported a profit after tax (PAT) of INR11.47 million on net
sales of INR249.07 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR14.15 million on net
sales of INR244.02 million for 2007-08.

TRILOK COTTON: CRISIL Assigns Junk Ratings on Various Bank Debts
CRISIL has assigned its 'D' rating to the bank facilities of
Trilok Cotton Pvt Ltd.  The rating reflects delay by Trilok in
servicing interest on its term loan obligations; the delay has
been caused by mismatch in cash flows during its ongoing
greenfield project implementation.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit        D (Assigned)
   INR30.0 Million Rupee Term Loan    D (Assigned)

Incorporated in 2008, Trilok is currently setting up a cotton
ginning plant at an investment of around INR93 million.  The plant
will have installed capacity to manufacture over 11 million cotton
bales per annum and will be located near Parbhani (Maharashtra).
The company is promoted by Mr. Sunil Kumar Patni, Mr. Vinod Kumar
Patni, and Mr. Dinesh Kumar Patni.

CRISIL has assigned its 'BB+/Stable/P4+' ratings to Zoloto
Industries' bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR6.9 Million Term Loan              BB+/Stable (Assigned)
   INR110.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect ZI's constrained financial flexibility due to
withdrawal of capital from the firm, leading to low net worth, and
its small scale of operations in the intensely competitive brass
and bronze industry.  These rating weaknesses are partially offset
by the benefits that ZI derives from established relationships
with its customers.

Outlook: Stable

CRISIL believes that ZI will benefit from its established
marketing network over the medium term; however, ZI's financial
flexibility is expected to remain constrained due to withdrawal of
capital from the firm.  The outlook may be revised to 'Positive'
if ZI's capital structure improves, primarily from the infusion of
capital. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile deteriorates further because of
large debt-funded capital expenditure, or if the firm's proprietor
withdraws substantial capital from the firm.

                       About Zoloto Industries

Set up in 1996 by Mr. Satinder Vir Hans, ZI manufactures brass and
bronze valves and cast iron and forged steel valves with
industrial and domestic applications.  The firm has a
manufacturing unit in Jalandhar (Punjab). It primarily sells
through dealers across the country and has a dealer base of around

ZI reported a book profit of INR21.6 million on net sales of
INR382.6 million for 2008-09 (refers to financial year, April 1 to
March 31) against a book profit of INR34.6 million on net sales of
INR367.0 million for 2007-08.


BANK TABUNGAN: Posts IDR188 Billion Profit in Q1 2010
PT Bank Tabungan Negara posted profit of IDR188 billion (US$20.8
million) in the first quarter of this year, up 72.48% compared to
the same period a year earlier, The Jakarta Post reports, citing
BTN president director Iqbal Lantaro.  The bank reported profit of
IDR109 billion in the first quarter of 2009.

In the first quarter of this year, the report says, the bank
booked IDR775 billion in revenue from its interest income which
rose by 68.8% from last year.  The report says BTN also
distributed IDR 43.1 trillion of loans, higher than the
IDR31.6 trillion in the same period of last year.

Meanwhile, The Jakarta Post reports that BTN is planning to issue
its 14th bonds series with a value of IDR2 trillion in the first
half of this year.

According to the report, the bank has appointed three
underwriters; PT Mandiri Sekuritas, PT Bahana Securities, and PT
Indo Premier Securities to supervise the bank issuing.

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

                           *     *     *

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

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

GARUDA INDONESIA: To Phase Out 16 Old Boeings Planes
The Jakarta Post reports that PT Garuda Indonesia plans to phase
out 16 old Boeing planes as part of rejuvenation of its fleet.
Garuda, however, will buy or lease 24 new planes to increase its
fleet to 116.

"As of today we operate 72 planes.  This year Garuda will receive
24 new planes, but actually we will only have 8 more planes,
because 16 classic units will be phased out," Garuda president
director Emirsyah Satar was quoted by Antara, according to Jakarta

According to the report, Emirsyah said the arrival of 23 units of
Boeing 737 New Generation and one unit of Airbus 330-200 will help
the company improve efficiency and safety.

By 2014 the company will operate 116 planes consisting of 90
Boeing 737 NG and 26 A330-200s, the report notes.

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

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

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia --
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.


JLOC41 LLC: Fitch Downgrades Ratings on Five Classes of Notes
Fitch Ratings has downgraded five classes of JLOC41 LLC due
February 2015 and removed all eight classes from Rating Watch
Negative.  The transaction is a securitization of three non-
recourse loans collateralized by commercial properties in Japan.
The rating actions are:

  -- JPY13,545 million* Class A affirmed at 'A+'; Outlook Stable;
     Off RWN;

  -- JPY2,700 million* Class B affirmed at 'BBB-'; Outlook
     Negative; Off RWN;

  -- JPY1,070 million * Class C-1 affirmed at 'BB'; Outlook
     Negative; Off RWN;

  -- JPY860 million * Class C-2 downgraded to 'B-' from 'BB+';
     Outlook Negative; Off RWN;

  -- JPY990 million * Class C-3 downgraded to 'B-' from 'BB-';
     Outlook Negative; Off RWN;

  -- JPY780 million * Class D-1 downgraded to 'B-' from 'B';
     Outlook Negative; Off RWN;

  -- JPY690 million * Class D-2 downgraded to 'CCC' from 'B-';
     assigned Recovery Rating of 'RR6'; Off RWN; and

  -- JPY870 million * Class D-3 downgraded to 'CCC' from 'B-';
     assigned Recovery Rating of 'RR6'; Off RWN.

  * as of April 9, 2010

The downgrades of classes C-2, C-3, D-1, D-2 and D-3 reflect
revaluation of the underlying properties.  Although Fitch has
further revised some collateral property values downwards at this
time, classes A, B, and C-1 have been affirmed on the back of
improved credit enhancement levels due to realized collateral
dispositions to date.

Fitch reviewed the stabilized cash flows of some properties which
reflected actual performance and the current lease market.
Additionally, the 'Stressed Sale Value' is adopted for collateral
properties backing all underlying loans, including the two loans
that defaulted in October 2009.  As a result, the agency has
adopted values for the underlying properties which are on average
37.1% lower than the initial valuations.  On the other hand, seven
collateral properties have recently been disposed of and, as a
result, the credit of the underlying loans, to some extent, has

Fitch has resolved the RWN status on all classes since additional
rating actions in the short-term are considered unlikely.  The
actual sales prices of recently disposed collateral properties
indicate less stressed market conditions in the work out process
for this collateral pool.  Also, actual sales prices provide some
indication as to the collateral disposition policy likely to be
applied to the remaining properties, given the relatively long
period to the final maturity date of this transaction.

Fitch has assigned a Stable Outlook to Class A given the stability
inherent in the structure, and as excess cash and excess spread in
addition to proceeds from collateral disposition will be applied
to the repayment of the notes sequentially.  The agency has
assigned Negative Outlooks to classes B, C-1, C-2, C-3, and D-1,
as the fluctuations of collateral values or actual sales prices of
some collateral properties may affect the credit of these classes.

Fitch assigned ratings to this transaction in June 2008.  At
closing, the notes were ultimately secured by three loans
collateralized by 31 properties.  All underlying loans have
defaulted and eight properties have been sold to date.

Note that the reports were published simultaneously and are
intended to be read in conjunction with each other.  The criteria
report describes the approach and framework of the methodology,
and the special report details the application and assumptions
adopted in the current surveillance reviews.

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

* JAPAN: Major Banks Get 55,164 Debt Restructuring Requests
Japan Today, citing Kyodo News, reports that four major Japanese
banks have received a total of 55,164 requests to reschedule small
business and housing loans worth JPY2.37 trillion in the three
months after a new law took effect in early December to encourage
banks to accept such requests.

The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp,
Mizuho Bank and Resona Bank said the figure at the end of February
was up around 18,000 from the end of January, the report relates.

The report says that of the total requests for changes to lending
terms including debt repayment moratoriums, the banks accepted
24,438 applications, or more than 40%, up from around 30% at the
end of January.


SUNGWON CORPORATION: Bankruptcy Wins Court Approval
Yonhap News reports that Sungwon Corp. won court approval Thursday
after it filed for bankruptcy protection last month.

The news agency says Sungwon requested help from the Suwon
District Court on March 16 in rescheduling its debts with
creditors after failing to ride out cash shortages.

Reuters, citing Maeil Business Newspaper, reports that the
Ministry of Land, Transportation and Maritime Affairs said Sungwon
Corp. recently notified the Libyan government that it could not
proceed with a KRW2 trillion (US$1.75 billion) housing project
there as it was under court receivership.

South Korea-based Sungwon Corporation is engaged in the
construction business.  The Company operates its business under
three segments: civil engineering, architecture and housing. Its
civil engineering segment is involved in the construction of
roads, railways, subways and others, as well as the construction
of water and sewage management systems.  Its architecture segment
constructs apartment buildings, multiplex buildings and offices,
and other various construction works covering public buildings,
commercial buildings, educational buildings and others.  Its
housing segment sells apartment buildings and multiplex buildings.


HO HUP: Submission of Revised Plan Extended Until August 14
Ho Hup Construction Berhad disclosed that the Bursa Securities
granted an extension of time of four months up to August 4, 2010,
for the Company to submit a revised regularization plan to Bursa
Securities for approval.

The extension of time granted to Ho Hup is without prejudice to
Bursa Securities' right to proceed to suspend the trading of the
securities of the Company and to commence de-listing procedures
against the Company in the event:

   * the Company is unable to submit its regularization plan
     to the relevant authorities for approval within the
     Extended Timeframe;

   * the Company fails to obtain the approval from any of the
     approving authorities necessary for the implementation
     of its regularization plans and does not appeal to the
     approving authorities within the timeframe (or extended
     timeframe, as the case may be) prescribed to lodge an

   * the Company does not succeed in its appeal against the
     decision of the approving authorities; or

   * the Company fails to implement its regularization plan
     within the timeframe or extended timeframes stipulated
     by the approving authorities.

                           About Ho Hup

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                           *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected; and

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.

TALAM CORP: Sells Assets to Fully Repay Debts to Menteri Besar
Talam Corporation said it has entered into a Supplementary
Settlement Agreement with Menteri Besar Selangor Incorporated to
settle the balance debt amounting to MYR150,619,155.91 owing to
MBI by way of disposal of lands.

The Settlement Assets are registered under Europlus Corporation
Sdn Bhd (Company No. 212846-A), a wholly-owned subsidiary of the
Company and the assets are converted development lands located in
Bukit Beruntung 2.

The total consideration price of MYR345,632,918.40 only was
arrived at, on a willing-buyer and willing-seller basis and based
on MYR4.70 per square foot for the development land and MYR1.30
per square foot for the contribution towards the costs and
expenses of the main infrastructure.

The original cost of investment of the Settlement Assets is

            Utilization of the Total Consideration Price

A sum of MYR150,619,155.91 is used to set off the balance debt
from the total of MYR391,986,473.00 originally owed by the Company
to MBI of which MYR241,367,317.09 was settled and announced on
March 12, 2010.

A sum of MYR164,500,000.00 is to be settled by MBI to the
Company's financiers to release the encumbrances on the Settlement

The excess amount of MYR30,513,762.49 will be used to mainly set
off the costs and expenses rightfully payable by the Company under
the Principal and Supplementary Settlement Agreements to ensure
the due transfer and registration of the Settlement Assets to MBI
or its nominees.

The Proposed Settlement is subject to the approval of the
Company's shareholders.

The Board of Directors of Talam is of the opinion that the
Proposed Settlement will reduce its bank borrowings and hence
reduce its interest cost, and settlement of its debts owing to MBI
in full.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- 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.

N E W  Z E A L A N D

OYSTER BAY: Anticipates Loss for 2010; Seeks Bank Waiver
Oyster Bay Marlborough Vineyard warns that an anticipated loss for
the 2010 financial year may cause the company to fail to meet its
banking covenants, the New Zealand Press Association reports.

NZPA relates that the company said its directors were seeking a
waiver and would make a further announcement when appropriate.

According to the report, the anticipation of a loss was based on
likely harvest volumes and current market prices for grapes,
although the harvest had not started yet.

Oyster Bay said that a supply imbalance of some varietals was
having a negative impact on grape prices being offered by
wineries, NZPA notes.

Based in New Zealand, Oyster Bay Marlborough Vineyards Limited
(NZE:OBV) -- is engaged in the
production of grapes.  The Company's vineyards are located in the
Marlborough region within New Zealand.  At June 30, 2009, the
Company had approximately 539 productive hectares of land. During
the fiscal year ended June 30, 2009, the Company harvested
approximately 6,236 tons of grapes.  The Company owns three
vineyard properties: Oyster Bay State Highway 63, Oyster Bay Fault
Lake and Oyster Bay Wairau River.


ADVANCE AGRO: Moody's Gives Stable Outlook; Affirms 'B3' Rating
Moody's Investors Service has changed to stable from negative the
outlook for Advance Agro Public Company Ltd's B3 corporate family
rating and the senior unsecured bond rating on its notes due in

"The rating action is driven by Advance Agro's strong operating
performance and credit metrics, having reported solid credit
metrics in FY2009, including debt/EBITDA of below 3x and
EBITDA/interest of 4x.  In particular, its operating and financial
performance remained strong and steady amid the challenging
economic conditions globally in the last 18 months," says Ken
Chan, a Moody's Vice President.

"Although its credit metrics will likely moderate in FY2010 in
view of its construction of paper mill 3, projected Debt/EBITDA of
around 4x in the next 1-2 years remains strong for the B3 rating
level," adds Mr. Chan.

Despite this strong financial profile, the company's rating is
constrained by Moody's concern over its private ownership
structure, corporate transparency, and large related-party

Upward rating pressure would occur if the company improves its
corporate governance structure and transparency as a result of its
announced IPO plan, lowers its material related-party
transactions, and demonstrates strong financial discipline as it
pursues its growth strategy.

On the other hand, the rating could be downgraded if there is
evidence that the company's corporate governance and disclosure
practices are weakening, or that the company's financial profile
is deteriorating with EBITDA/Interest falling below 1.2-1.5x.

The last rating action with regard to Advance Agro was taken on
November 23, 2009, when the rating and outlook were affirmed after
its tender offer announcement.

Established in 1989, Advance Agro Public Co Ltd is a Thailand-
based integrated producer and distributor of pulp, printing paper
and writing paper.  The company operates three paper mills,
including the original mill located in Lamkao Jun Village and with
an annual capacity of 600,000 tonnes, and two pulp mills with a
combined annual capacity of 580,000 tonnes.

Following a purchase offer for the company's shares by a director
and shareholder at end-2007, the company was de-listed from the
Stock Exchange of Thailand in April, 2008.

CATHAY DUN: Fitch Retains Negative Watch on Beneficiary Certs.
Fitch has said that with limited tenancy renewal information
available to date, the beneficiary certificates issued by Taiwan's
Cathay Dun Nan Commercial Building Real Estate Asset Trust remain
on Rating Watch Negative.  The agency plans to resolve the RWN
status over the coming months.  The current rating status of the
beneficiary certificates issued by the REAT is:

  -- TWD1,200.5 million Class A beneficiary certificates
     'AAA(twn)'; RWN;

  -- TWD285 million Class B beneficiary certificates 'A(twn)';
     RWN; and

  -- TWD310 million Class C beneficiary certificates 'BB(twn)';

Fitch placed all classes on RWN on 16 October 2009 amid concerns
over the worsening performance of the entrusted property, and the
potential further decline in net operating income that may be
caused by the high portion of soon-to-be-expired leases in 2010
(accounting for c.31% of gross monthly rental income).  For more
information please refer to the rating action commentary, entitled
'Fitch Downgraded 2 Classes of Taiwan's Cathay REAT; Places All on
RWN', available on the agency's website,

As of April 14, it is still unclear whether these soon-to-be
expired leases will be renewed and whether lower rents will be
offered to retain these tenants.  Hence, the agency continues to
view the RWN as appropriate at this point for all classes.  Fitch
will continue to monitor the renewal status of these tenants and
the performance of the transaction closely and will resolve the
RWN status as soon as more concrete tenancy information and
transaction performance is available.


* S&P Puts Ratings on Asia-Pacific CDOs on CreditWatch Negative
Standard & Poor's Ratings Services placed the ratings on two Asia-
Pacific (excluding Japan) collateralized debt obligation tranches
on CreditWatch with positive implications, and placed one other
tranche on CreditWatch negative.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using the synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

The tranches that were placed on CreditWatch positive have SROC
scores that are greater than 100% at the current rating level and
at a higher rating level (based on the maximum scenario loss rate,
largest obligor and largest industry tests).  SROC scores rising
above 100% reflect an improvement in the credit quality of the
underlying portfolio.  The rating on Obelisk Trust Series 2007-1
Sonoma Valley Class B was placed on CreditWatch negative as its
SROC fell below 100% as at the end of March 2010.

   Transaction                    Rating To       Rating From
   -----------                    ---------       -----------
   Beech Trust Series 1           A-/Watch Pos    A-
   Obelisk Trust 2005-3 Mica      B+/Watch Pos    B+
   Obelisk Trust 2007-1           AA/Watch Neg    AA
   Sonoma Valley Class B


1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions,
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.

The Global SROC Report with the SROC analysis as at end-March 2010
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.

* Large Companies with Insolvent Balance Sheets

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


ADVANCE HEAL-NEW     AHGN               16.93           -8.23
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                11.59           -4.73
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                71.22          -25.69
SHELL VILLAGES A     SVC                13.47           -1.66
VERTICON GROUP       VGP                14.22          -24.60


AMOI ELECTRONI-A     600057            100.95          -42.95
BAO LONG ORIENTA     600988             16.38           -3.24
CHENGDU UNION-A      693                42.59          -10.05
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
GUANGMING GRP -A     587                48.72          -47.59
GUANGXI BEISHE-A     600556            103.12         -138.38
GUANGXIA YINCH-A     557                19.31          -37.90
HAINAN ZHUXIN-A      600515            127.12           -2.04
HEBEI BAOSHUO -A     600155            133.67         -361.69
HEBEI JINNIU C-A     600722            227.50         -226.06
HISENSE KELON -H     921               650.07         -103.76
HISENSE KELON-A      921               650.07         -103.76
HUASU HOLDINGS-A     509                86.94           -2.12
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
MUDAN AUTOMOBI-H     8188               30.41           -1.10
NINGBO YIDONG-H      8249               42.61          -30.79
QINGHAI SUNSHI-A     600381             50.90          -26.09
SHAANXI FENGHU-A     561                33.36          -13.70
SHAANXI QINLIN-A     600217            250.40          -32.18
SHANG HONGSHENG      600817             16.78         -451.81
SHANG LIANHUA-A      600617             15.68           -1.54
SHANG LIANHUA-B      900913             15.68           -1.54
SHANGHAI WORLDBE     600757            156.45         -181.42
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             48.94          -25.23
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            307.71         -130.55
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
ZHONGCHANG MAR-A     600242             19.85           -1.62
ZHONGHONG REAL-A     979                43.55          -32.06


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 E-LEARNING     8055               12.20          -30.48
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
HONBRIDGE HOLDIN     8137               12.15           -0.89
JIAN EPAYMENT        8165               15.39           -1.17
MELCOLOT LTD         8198               65.62          -25.95
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               155.31          -10.91
PALADIN LTD -PRE     642               155.31          -10.91
PCCW LTD             8               5,801.75         -261.18
PROVIEW INTL HLD     334               314.87         -294.85
SINO RESOURCES G     223                33.92          -58.77
WAI CHUN MINING      660                12.79          -14.60
WAYTUNG GLOBAL G     21                 12.33           -2.96


ASIA PACIFIC         POLY              482.03         -831.23
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              254.61          -85.54
TEIJIN INDONESIA     TFCO              185.09          -14.27
UNITEX TBK           UNTX               15.67          -14.25


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
CAMBRIDGE SOLUTI     CAMB              156.75          -46.79
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


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
MORISHITA CO LTD     3594              170.16           -6.92
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


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
HANSHIN DNP          12170              10.61           -0.74
KORES CO LTD         8340               49.04           -4.03
KUMHO INDUS-PFD      2995            5,837.32         -967.28
KUMHO INDUSTRIAL     2990            5,837.32         -967.28
MOBO CO LTD          51810             196.64          -11.98
ORICOM INC           10470              82.65          -40.04
PAPERCOREA INC       1020              310.53         -154.09
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
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


AXIS INCORPORATI     AXIS               37.88          -80.60
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
OILCORP BHD          OILC              152.96          -35.28
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


DOMINION FINANCE     DFH               258.90          -55.31


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


ADV SYSTEMS AUTO     ASA                11.69          -13.16
ADVANCE SCT LTD      ASCT               19.14          -40.40
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                151.65          -86.53
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


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
ASCON CONSTR-NVD     ASCON-R            59.78           -3.37
ASCON CONSTRUCT      ASCON              59.78           -3.37
ASCON CONSTRU-FO     ASCON/F            59.78           -3.37
BANGKOK RUBBER       BRC                90.30          -65.13
BANGKOK RUBBER-F     BRC/F              90.30          -65.13
BANGKOK RUB-NVDR     BRC-R              90.30          -65.13
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             17.70          -12.74
KUANG PEI SAN-F      POMPUI/F           17.70          -12.74
KUANG PEI-NVDR       POMPUI-R           17.70          -12.74
PATKOL PCL           PATKL              52.89          -30.64
PATKOL PCL-FORGN     PATKL/F            52.89          -30.64
PATKOL PCL-NVDR      PATKL-R            52.89          -30.64
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              25.95           -6.20
PONGSAAP PCL         PSAAP/F            25.95           -6.20
PONGSAAP PCL-NVD     PSAAP-R            25.95           -6.20
SAFARI WORLD PUB     SAFARI            103.18          -17.83
SAFARI WORLD-FOR     SAFARI/F          103.18          -17.83
SAFARI WORL-NVDR     SAFARI-R          103.18          -17.83
SAHAMITR PRESS-F     SMPC/F             21.99           -4.01
SAHAMITR PRESSUR     SMPC               21.99           -4.01
SAHAMITR PR-NVDR     SMPC-R             21.99           -4.01
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                12.09           -2.26
TRANG SEAFOOD-F      TRS/F              12.09           -2.26
TRANG SFD-NVDR       TRS-R              12.09           -2.26
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


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

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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