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                     A S I A   P A C I F I C

           Tuesday, May 4, 2010, Vol. 13, No. 086

                            Headlines



A U S T R A L I A

FOREST ENTERPRISES: Court Extends Deadline for AU$1.3-Mln Rental
SOUTHERN SHIPPING: Former Owner Buys Back Two Service Vessels


C H I N A

GREAT BEIJING: Goes Into Receivership
MCE FINANCE: Moody's Assigns 'Ba3' Corporate Family Rating
MCE FINANCE: S&P Assigns 'B+' Rating on Senior Unsec. Notes
ZTE CORP: Posts RMB109.86 Million Net Profit in Qtr Ended March 31


H O N G  K O N G

ACHIEVE BEYOND: Members' Final Meeting Set for May 17
AIM-FORCE INTERNATIONAL: Members' Final Meeting Set for May 31
ALESCO HK: Commences Wind-Up Proceedings
ALYESKA CONSULTING: Seng and Lo Step Down as Liquidators
AKTP HK: Members' Final Meeting Set for May 31

BEA SYSTEM: Creditors' Proofs of Debt Due May 20
BILLION TARGET: Creditors' Proofs of Debt Due May 31
BOLD MOTIVATION: Members' Annual Meeting Set for May 14
CASTEL QIHUA: Members' Annual Meeting Set for May 31
CHEER SUNSHINE: Members' Final Meeting Set for June 9

CHINESE PENTECOSTAL: Members' Final Meeting Set for June 13
CITI-GRACE LIMITED: Creditors' Proofs of Debt Due May 31
CLIPSAL HK: Creditors' Proofs of Debt Due June 1
CONWELL FAR: Seng and Cheng Step Down as Liquidators
CU SECURITIES: Members' Final Meeting Set for June 17

PAK NGAI ENGINEERING: Leung and Lee Appointed as Liquidators
POLYLINE DEVELOPMENT: Leung and Lee Appointed as Liquidators
PROFIT KING: Leung and Lee Appointed as Liquidators
SHUN CHEUNG: Leung and Lee Appointed as Liquidators
VIVABYTE LIMITED: Leung and Lee Appointed as Liquidators

WELL LOK: Leung and Lee Appointed as Liquidators
WELL OCEAN: Leung and Lee Appointed as Liquidators
WINGSTON PUBLICATION: Leung and Lee Appointed as Liquidators
WINSON GALLERY: Leung and Lee Appointed as Liquidators
WO FUNG: Leung and Lee Appointed as Liquidators

YING WAI: Leung and Lee Appointed as Liquidators
YOBBO COMPANY: Leung and Lee Appointed as Liquidators
YUE FAT ENVIRONMENTAL: Leung and Lee Appointed as Liquidators


I N D I A

A.S. CARGO: ICRA Assigns 'LB+' Rating on INR3.5 Billion Term Loans
AMIT BROTHERS: ICRA Places 'LBB-' Rating on INR200 Mil. Bank Debts
MAYUR WOVEN: ICRA Rates INR313.6MM Fund Based Limits at 'LBB'
M K ROY: ICRA Assigns 'LB+' Ratings on Various Bank Facilities
PNP POLYMERS: ICRA Rates INR72.5MM Fund Based Limits at 'LBB'

PNP POLYTEX: ICRA Puts 'LBB' Rating on INR40MM Fund Based Limits
PHOROTECH SURFIN: Fitch Affirms 'BB+' National Long-Term Rating
SOGO COMPUTERS: ICRA Assigns 'LBB' Rating on INR180 Mil. LT Loan
TATA MOTORS: Total Sales Up 52% in March 2010
UNITECH LIMITED: ICRA Assigns 'LBB+' Rating on INR1-Bil. LT Loan


I N D O N E S I A

MERPATI NUSANTARA: Seeks IDR799.8BB for Expansion, Restructuring


J A P A N

AIFUL CORPORATION: JCR Affirms Ratings on Senior Debts to "CCC"
TAKEEI CORP: JCR Affirms 'BB+' Rating on Senior Debts


K O R E A

SSANGYONG MOTOR: To Recall 3,043 Units of Sport-Utility Vehicles


M A L A Y S I A

EVERMASTER GROUP: Bursa to De-list Securities on May 12
HO HUP: Publicly Reprimanded Over Listing Rule Breaches
NIKKO ELECTRONICS: Penang High Court Grants Wind Up Order
OILCORP BHD: Bank Pertanian Files Writ of Summons Against Layar
POLY TOWER: Bursa to De-list Securities on May 12

TRANSMILE GROUP: Creditors Demand Payment of MYR105 Mil. Loan


N E W  Z E A L A N D

AIR NEW ZEALAND: Seeks OK For Trans-Tasman Tie-up With Virgin Blue
RURAL PORTFOLIO: Placed in Receivership After Breaching Trust Deed


P H I L I P P I N E S

METROPOLITAN BANK: Moody's Affirms 'D' Bank Strength Rating
PHILIPPINE AIRLINES: Ordered to Recall Notice of Termination
PRIMETOWN PROPERTY: SEC Suspends Permit to Sell Securities


S I N G A P O R E

PACIFIC INTERNATIONAL: Moody's Assigns 'B1' Corp. Family Rating


T A I W A N

AU OPTRONICS: Seeks Injunction on LG Display Exports to US


X X X X X X X X

* BOND PRICING: For the Week April 26 to April 30, 2010





                         - - - - -


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A U S T R A L I A
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FOREST ENTERPRISES: Court Extends Deadline for AU$1.3-Mln Rental
----------------------------------------------------------------
The administrators of Forest Enterprises Australia's plantation
unit have been given more time to make the business viable, ABC
News reports.

According to the report, the Federal Court on Friday granted the
administrator an extension on the deadline for meeting a
AU$1.3 million rental payment for plantation land.

A spokesman for BRI Ferrier told ABC News that the court gives
administrators more time to negotiate with interested investors
and put the plantation subsidiary on a better financial footing.

BRI Ferrier is the administrator of FEA's plantation subsidiary,
while the ANZ and Commonwealth banks are acting as receivers for
the rest of the company, including its Bell Bay sawmill.

As reported in the Troubled Company Reporter-Asia Pacific on
April 15, 2010, Forest Enterprises Australia has been placed into
voluntary administration.

The FEA said in a statement to the ASX that its financiers, the
Commonwealth Bank of Australia Ltd and the Australia and New
Zealand Banking Group Ltd, have elected to take action, relying on
the event of default previously advised to the market and as a
result, each of the charges granted to the Security Trustee are
enforceable and the previous floating charges over all of FEA's
assets have converted into fixed charges.

"As a result, the Company is now required to deposit the proceeds
of realization of any charged assets into a separate bank account
for the sole benefit of the Banks."

FEA said this has placed the Board in an untenable position as it
prevents the ability of the Company to access the necessary funds
to operate its normal business activities.  As such, the Board has
no option but to place the Company in Voluntary Administration.

BRI Ferrier has been appointed as voluntary administrators of:

-- Forest Enterprises Australia Limited;
-- FEA Plantations Limited;
-- Tasmanian Plantation Pty Ltd; and
-- FEA Carbon Pty Ltd.

The company has debt facilities totaling AU$240 million with ANZ
and the Commonwealth Bank which mature in January 2011.  The banks
have appointed Deloitte as receivers of FEA.

                             About FEA

Forest Enterprises Australia Limited (ASX:FEA) --
http://www.fealtd.com/-- is a vertically integrated forestry and
forest products company.  It is engaged in the sale of woodlot
investments through forestry investments; preparation,
establishment and maintenance of plantations; timber harvesting;
provision of finance to approved growers; sawmilling and wood
chipping of forest produce, and direct exporting of forest produce
to Asian markets.  FEA operates in two divisions: forest products,
which includes forest management services and the processing of
forest products, including whole logs, woodchips and sawn timber,
and forestry investment, which includes establishment and
financing of managed woodlots and provision of related forestry
services, including the lease of investment land.  Its wholly
owned subsidiaries include FEA Plantations Limited, FEA Carbon Pty
Ltd, Tasmanian Plantation Pty Ltd, Tasmanian Plantation Unit Trust
and FEA Timberlands Fund.


SOUTHERN SHIPPING: Former Owner Buys Back Two Service Vessels
-------------------------------------------------------------
Rachel Williams at The Examiner reports that Southern Shipping Co.
Pty Ltd's former owner has bought back the failed company's two
vessels to service Flinders Island.

According to the report, Matthew Bayles is understood to have paid
more than $2 million for the Matthew Flinders and Southern Condor
following the receivership of the Bridport-based business last
year.

The Examiner relates Mr. Bayles sold Southern Shipping to
Geoffrey Gabriel four years ago and is still owed up to $1 million
from the transaction.

Mr. Bayles said Thursday he was "crazy" to buy back the business,
which he will operate under the Furneaux Freight banner, but felt
obliged.  "I know I am mad but what was I supposed to do? If those
two boats aren't operating from here, the whole port dies," he
said.

Mr. Bayles also said he had re-employed some former Southern
Shipping staff who claimed to still be owed pay and entitlements
from Mr. Gabriel's company.

As reported in the Troubled Company Reporter-Asia Pacific on
January 22, 2010, The Sydney Morning Herald said receivers have
been appointed to Southern Shipping Co. Pty Ltd, which operates a
government-contracted sea freight and passenger service.

Altan Djenab and Dennis Turner of PKF Chartered Accountants and
Business Advisers were appointed receivers and managers of
Southern Shipping.

Based in Tasmania, Australia, Southern Shipping Co. Pty Ltd --
http://www.southernshipping.com.au/-- is a sea freight and
passenger service.  Southern Shipping has two Roll On/Roll Off
vessels, Matthew Flinders III and Southern Condor II.


=========
C H I N A
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GREAT BEIJING: Goes Into Receivership
-------------------------------------
Great Beijing Wheel Co. has been placed into receivership after
breaching conditions of a loan, Reuters reports citing IFR, a
Thomson Reuters publication.

The report says Ferrier Hodgson and Zolfo Cooper were appointed as
administrative receivers to the project, which was funded by
US$260 million in equity and debt.

IFR reported that the main investor in the company was private
equity fund Global View Investment Fund, managed by ABN Amro's
German fund management arm Delbruck Bethmann Maffei, with a 98.5
percent stake, Reuters notes.

Unicredit was the only secured creditor, being owed around $35
million to $40 million, the report says.

Great Beijing Wheel Co. is a British Virgin Islands incorporated
holding company set up to build a 208-metre ferris wheel in
Beijing.  Great Beijing Wheel Co. had been set up by unlisted
Singapore-based Great Wheel Corp., which aimed to construct and
operate giant Ferris wheels in Beijing, Berlin and Orlando,
Florida, after having built one in Singapore.


MCE FINANCE: Moody's Assigns 'Ba3' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to MCE Finance Limited and a provisional (P) B1
rating to its proposed US$ bond issuance.

At the same time, Moody's has affirmed the Ba3 secured debt rating
of Melco Crown Gaming (Macau) Limited).  MCE Finance owns 100%
economic interests in Melco Crown Gaming.

The outlook for all the ratings is negative.

The bond proceeds will be used to pay down the secured bank loans
at Melco Crown Gaming.

Moody's expects to remove the bond rating from its provisional
status when the bond transaction is completed as planned.  If the
issuance size is materially below expectations such that the
secured bank loans remain at a high level, the rating would be
lowered in view of an associated increase in subordination risk to
bond holders.

Moody's has also withdrawn the Ba3 corporate family rating
originally assigned to Melco Crown Gaming.

"MCE Finance's Ba3 corporate family rating, which primarily
reflects the credit profile of Melco Crown Gaming -- the key
operating entity within the group, captures its exposure to 1) the
risk surrounding the rapid evolution of Macau's gaming market, and
2) the operating uncertainty associated with the expected ramp-up
in the operations of the City of Dreams complex," says Kaven
Tsang, a Moody's AVP/Analyst.

"In addition, the group's financial profile will remain modest for
the near term, although the Ba3 rating has incorporated an
expected improvement -- with projected Debt/EBITDA at 5-6x -- in
the coming 1-2 years, once the City of Dreams achieves its
business targets," says Mr. Tsang.

The Ba3 corporate family rating is further uplifted from its
stand-alone profile to reflect implied support from Australian-
based Crown Ltd (rated Baa2/Stable).  Moody's expects that support
from Crown will decline over time as Crown Ltd continues to dilute
its equity interest in the group and financial support required by
the group eventually reduce after City of Dreams has successfully
ramped up its operation.  Moody's will reassess whether the
current 2-notch rating uplift remains appropriate by end-2010.

"In the instance of the (P)B1 bond rating, it is 1-notch below the
corporate family rating, reflecting the risk of structural and
legal subordination, as secured and subsidiary debts which are
mainly situated at the Melco Crown Gaming level, represent around
25% of the group's total tangible assets," says Mr. Tsang.

The rating outlook is negative, reflecting Moody's concerns that
the group's projected financials for the coming 1-2 years could
turn out to be weaker than expected in view of the slow progress
in the ramp-up of the City of Dreams and the modest performance of
Altira Macau.

The ratings could experience downward pressure if the group 1)
fails to improve its operating performance in the coming quarters;
or 2) engages in further debt-funded acquisitions, or development
projects, such that EBITDA interest coverage stays above 3-3.5x,
or Debt/EBITDA stays above 5-6x.

Evidence of a decline in the willingness or capability of major
shareholder Crown Ltd to provide support to the group could also
be negative for the ratings.

Given the negative outlook, the ratings are unlikely to be
upgraded.  But, the outlook could revert to stable if the group
can 1) strengthen its operating performance , such that EBITDA
interest coverage rises to 3-3.5x and Debt/EBITDA falls below 5-
6x; and 2) resolve the loan covenant compliance issue with its
syndicated banks without any material impairment to its financial
profile.

Moody's last rating action on the group was taken on February 3
2010, when Melco Crown Gaming's rating outlook was changed to
negative from stable.

MCE Finance Limited is a subsidiary of NASDAQ-listed Melco Crown
Entertainment Ltd (unrated), which is majority-owned by the
Australian-based gaming operator, Crown Ltd (Baa2/stable) and Hong
Kong-listed Melco International Development Ltd (unrated), with
each company holding a 33.45% equity stake.  MCE Finance also owns
100% economic interests in Melco Crown Gaming (Macau) Limited.

Melco Crown Gaming holds one of six gaming concessions/sub-
concessions in Macau.  It operates two casinos in Macau - Altira
Macau and City of Dreams -- and more than 1,500 slot machines
through Mocha Clubs.


MCE FINANCE: S&P Assigns 'B+' Rating on Senior Unsec. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
issue rating to the proposed issue of senior unsecured notes by
MCE Finance Ltd.  The notes will be guaranteed by Melco Crown
Entertainment Ltd., MPEL International Ltd., and other operating
subsidiaries, including Melco Crown Gaming (Macau) Ltd.  At the
same time, S&P affirmed the 'BB-' long-term corporate credit
rating on Melco Crown and the 'BB-' debt rating on its
US$1.75 billion senior secured banking facilities.  The outlook is
stable.

S&P affirmed the rating on Melco Crown after its parent company,
MPEL, announced that it plans to issue senior unsecured notes to
partly refinance Melco Crown's syndicated banking facilities.  The
affirmation is underpinned by Melco Crown's improving operating
performance; its first-quarter 2010 results rebounded strongly
from a poor fourth-quarter 2009.  In S&P's view, the improvement
in performance and the continued strong growth in the Macau gaming
market should help the company to negotiate with its lenders to
relax covenants to the syndicated loan.  S&P anticipates that the
company will have the financial resources to partly refinance the
syndicated banking facilities, including the completion of the
proposed notes.

In S&P's opinion, if the proposed refinancing and covenant
modification plans do not materialize, Melco Crown is very likely
to breach the leverage covenant requirement of less than 4.5x on
its syndicated banking facilities--even if the company can repeat
its first-quarter performance for the next two quarters.

"S&P believes the proposed bond issue and covenant modifications,
if successful, will mitigate these risks as well as improve the
debt maturity profile and increase financial flexibility," said
Standard & Poor's credit analyst Joe Poon.  A continued strong
operating performance would help to service the principal payment
on the banking facilities for the next few years.

The proposed issue is rated one notch lower than the rating on
Melco Crown due to structural subordination risk.  S&P expects
Melco Crown's ratio of priority debt to total assets to exceed its
15% threshold after the notes issue, and the ratio will likely
remain at more than 15% over the next 12 months.

The rating on Melco Crown reflects the company's highly leveraged
financial profile and intense competition.  The rating weaknesses
are tempered by Melco Crown's position as one of six casino
concession and sub-concession holders in Macau, a more diversified
business model after the opening of its City of Dreams gaming and
entertainment resort, and parental support.

In S&P's view, Melco Crown's liquidity is adequate.  Liquidity
will be weakened if earnings are lower than S&P expected in 2010
and the company is unable to refinance and modify the covenants of
its banking facilities.  Under the existing banking facilities,
the company needs to repay about US$100 million and US$290 million
in loan principals in 2010 and 2011, respectively.

The stable outlook reflects S&P's expectation that Melco Crown's
operating and financial performance will improve in 2010 to
support credit ratios more appropriate for the current rating.


ZTE CORP: Posts RMB109.86 Million Net Profit in Qtr Ended March 31
------------------------------------------------------------------
ZTE Corporation disclosed its first quarterly results ended
March 31, 2010.

The Group reported a net profit of RMB109.86 million in the three
months ended March 31, 2010, up 39.68% from RMB78.66 million in
the same period last year, according to PRC ASBEs.  Revenue rose
13.59% to RMB13.26 billion from RMB11.67 billion compared with the
same period last year.

During the first quarter, investments in telecommunications
equipment in the domestic market remained stable, with mobile
network construction and optical communication equipment
accounting for a major share of the capital expenditure of
carriers.  In the international market, the impact of the
financial crisis was waning, and the Group was presented with more
opportunities as some equipment manufacturers left the mainstream
market.

In the review period, the Group maintained growth at a relatively
stable pace.  The market position in China has been enhanced by
ZTE's deliveries in 3G mobile network construction while there
were outstanding results in the sales of terminals and relevant
carriers' network products.  Internationally, ZTE was sustaining
sound growth in various regional markets with the benefit of
strong investments in equipment in emerging markets which were
enjoying early economic recovery.

By product category, ZTE's business segment of carriers' networks
reported 0.9% growth compared with the same period last year,
driven mainly by revenue from the sales of optical communication
products and wireline switch and access products.  The terminal
segment reported sales growth of 41.8% year-on-year, attributable
mainly to the rapid growth in the sales of high-end products
featuring mainly 3G handsets.  Revenue from telecommunications
software systems, services and other products also grew by 40.8%,
reflecting mainly growth in revenue from enterprise network
products and servicing products.

Looking ahead, the Group will continue to strengthen its
implementation capabilities, paying close attention to the
enhancement of management efficiency. ZTE will seek in-depth
understanding of market and customer requirements to secure
further opportunities in both the domestic and the international
markets that would ensure stable development for the Group.

As of March 31, 2010, ZTE had RMB68.86 billion in total assets
against RMB47.62 billon in total liabilities.

A full-text copy of the Company's quarterly report is available at
no charge at http://ResearchArchives.com/t/s?6134

                       About ZTE Corporation

ZTE Corporation -- http://www.zte.com.cn--is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

ZTE Corporation continues to carry 'BB+' long-term foreign
currency and local currency Issuer default ratings from Fitch with
stable outlook.  The ratings were affirmed in April 2008.


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


ACHIEVE BEYOND: Members' Final Meeting Set for May 17
-----------------------------------------------------
Members of Achieve Beyond Limited will hold their final general
meeting on May 17, 2010, at 3:00 p.m., at the 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


AIM-FORCE INTERNATIONAL: Members' Final Meeting Set for May 31
--------------------------------------------------------------
Members of Aim-Force International Limited will hold their final
general meeting on May 31, 2010, at 10:00 a.m., at the Suite D-36-
05, 3 Two Square, No. 2, Jalan 19/1, 46300 Petaling Jaya,
Selangor, in Malaysia.

At the meeting, Lew Chiew Yoon, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ALESCO HK: Commences Wind-Up Proceedings
-----------------------------------------
Members of Alesco HK Limited, on April 16, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


ALYESKA CONSULTING: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Alyeska Consulting Limited on April 17, 2010.


AKTP HK: Members' Final Meeting Set for May 31
----------------------------------------------
Members of AKTP Hong Kong Limited will hold their final general
meeting on May 31, 2010, at 10:00 a.m., at the 26-3, Shinkawa 2-
chome, Chuou-ku, Tokyo 104-0033, in Japan.

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


BEA SYSTEM: Creditors' Proofs of Debt Due May 20
------------------------------------------------
Bea System Hong Kong Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 20, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 21, 2010.

The company's liquidator is:

         Fumika Sugimoto
         4 Julius Avenue
         2113, North Ryde
         Australia


BILLION TARGET: Creditors' Proofs of Debt Due May 31
----------------------------------------------------
Billion Target Trading Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 31, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 22, 2010.

The company's liquidator is:

         Lau Lincoln Pui Kei
         Room B, Floor 3, Tower 8
         1 Beacon Hill Road
         Kowloon Tong, Kowloon


BOLD MOTIVATION: Members' Annual Meeting Set for May 14
-------------------------------------------------------
Members of Bold Motivation Investments Limited will hold their
annual meeting on May 14, 2010, at 3:30 p.m., at the Boardroom of
FTI Consulting (Asia) Limited, 1008 Shui On Centre, 6-8 Harbour
Road, Wanchai, in Hong Kong.

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


CASTEL QIHUA: Members' Annual Meeting Set for May 31
----------------------------------------------------
Members of Castel Qihua Hi-Tech Investment Limited will hold their
annual meeting on May 31, 2010, at 10:00 a.m., at the Suite 4701,
47/F., Central Plaza, 18 Harbour Road, Wanchai, in Hong Kong.

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


CHEER SUNSHINE: Members' Final Meeting Set for June 9
-----------------------------------------------------
Members of Cheer Sunshine Limited will hold their final meeting on
June 9, 2010, at 3:00 p.m., at the Suite No. A, 11th Floor, Ritz
Plaza, 122 Austin Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Sung Mi Yin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


CHINESE PENTECOSTAL: Members' Final Meeting Set for June 13
-----------------------------------------------------------
Members of The Chinese Pentecostal Church Limited will hold
their final general meeting on June 13, 2010, at 1:30 p.m., at the
Unit 2, 19/F., Hing Wah Commercial Building, Nos. 450-454 Shanghai
Street, in Kowloon.

At the meeting, Ng Sau Wa Sylvia, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CITI-GRACE LIMITED: Creditors' Proofs of Debt Due May 31
--------------------------------------------------------
Creditors of Citi-Grace Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 31,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Tsang Man Hing
         12th Floor, Grand Building
         15-18 Connaught Road
         Central, Hong Kong


CLIPSAL HK: Creditors' Proofs of Debt Due June 1
------------------------------------------------
Creditors of Clipsal Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 1, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 23, 2010.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


CONWELL FAR: Seng and Cheng Step Down as Liquidators
----------------------------------------------------
Natalia Seng Sze Ka Mee and Cheng Pik Yuk stepped down as
liquidators of Conwell Far East Limited on April 22, 2010.


CU SECURITIES: Members' Final Meeting Set for June 17
-----------------------------------------------------
Members of CU Securities Limited will hold their final meeting on
June 17, 2010, at 10:00 a.m., at the Unit 903-4, 9th Floor, Yip
Fung Building, Nos. 2-18 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Szeto Wai Ling Virginia, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PAK NGAI ENGINEERING: Leung and Lee Appointed as Liquidators
------------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Pak Ngai Engineering
Limited.  The High Court entered an order on February 27, 2008, to
wind up the operations of Pak Ngai Engineering Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


POLYLINE DEVELOPMENT: Leung and Lee Appointed as Liquidators
------------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Polyline Development
Limited.  The High Court entered an order on September 18, 2007,
to wind up the operations of Polyline Development Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


PROFIT KING: Leung and Lee Appointed as Liquidators
---------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Profit King (China)
Limited.  The High Court entered an order on December 19, 2003, to
wind up the operations of Profit King (China) Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


SHUN CHEUNG: Leung and Lee Appointed as Liquidators
---------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Shun Cheung Godown &
Transportation Limited.  The High Court entered an order on July
7, 2003, to wind up the operations of Shun Cheung Godown &
Transportation Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


VIVABYTE LIMITED: Leung and Lee Appointed as Liquidators
--------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Vivabyte Limited.  The
High Court entered an order on August 28, 2003, to wind up the
operations of Vivabyte Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


WELL LOK: Leung and Lee Appointed as Liquidators
------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Well Lok Printing
Limited.  The High Court entered an order on December 16, 2005, to
wind up the operations of Well Lok Printing Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


WELL OCEAN: Leung and Lee Appointed as Liquidators
--------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Well Ocean Development
Limited.  The High Court entered an order on August 11, 2005, to
wind up the operations of Well Ocean Development Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


WINGSTON PUBLICATION: Leung and Lee Appointed as Liquidators
------------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Wingston Publication
(Group) Limited.  The High Court entered an order on February 10,
2009, to wind up the operations of Wingston Publication (Group)
Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


WINSON GALLERY: Leung and Lee Appointed as Liquidators
------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Winson Gallery Limited.
The High Court entered an order on July 13, 2005, to wind up the
operations of Winson Gallery Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


WO FUNG: Leung and Lee Appointed as Liquidators
-----------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Wo Fung Engineering
Limited.  The High Court entered an order on February 20, 2008, to
wind up the operations of Wo Fung Engineering Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


YING WAI: Leung and Lee Appointed as Liquidators
------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Ying Wai Printing Press
Company Limited.  The High Court entered an order on August 20,
2005, to wind up the operations of Ying Wai Printing Press Company
Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


YOBBO COMPANY: Leung and Lee Appointed as Liquidators
-----------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Yobbo Company Limited.
The High Court entered an order on January 18, 2008, to wind up
the operations of Yobbo Company Limited.

The company's liquidator is:

          Leung King Wai William
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


YUE FAT ENVIRONMENTAL: Leung and Lee Appointed as Liquidators
-------------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Yue Fat Environmental
Cleaning Company Limited.  The High Court entered an order on
August 17, 2005, to wind up the operations of Yue Fat
Environmental Cleaning Company Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


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


A.S. CARGO: ICRA Assigns 'LB+' Rating on INR3.5 Billion Term Loans
------------------------------------------------------------------
ICRA has assigned a 'LB+' rating to INR3.50 billion term loans of
A.S. Cargo Movers Pvt Ltd.  Out of sanctioned limit of INR3501.80
million term loans, ASCM has an outstanding of INR1.60 billion as
on date while the balance will be utilized towards construction of
future warehouse/industrial infrastructure projects in various
parts of India.

The assigned rating incorporates the weak financial profile of the
company as reflected in its high levels of gearing, low operating
income and inadequate coverage indicators.  ASCM's financial
flexibility remains constrained by impending repayment of
INR700 million debt in near term and high capex requirements for
the new projects.  Moreover, with an asset heavy model, so far
funded mostly by debt, the company remains susceptible even to a
slightest downturn in the industrial activity and fall in rentals.
ICRA also notes that other companies in the group remain highly
leveraged limiting the group's overall funding capabilities.

Nevertheless, the rating draws comfort from the positive outlook
for the warehouse leasing business, the group's presence in the
logistics business for the past 33 years, the company's good
customer profile and an improved performance in FY10.  Going
forward among other things, the rating will remain sensitive to
improvement in the capital structure through infusion of fresh
equity and company's ability to finalize lease agreements for the
planned projects.

A.S. Cargo Movers Private Limited, incorporated in 1992, is the
flagship company of the A S group of companies.  A.S. Group
provides integrated logistics services like warehousing,
transportation, C&F and other value added services. The group
started operations though trucking business under the name A.S.
Transport by Mr. Iqbal Rahman.  Presently, the group is headed by
his son Mr. Amar Rahman and has presence mainly in C&F, transport
and warehousing businesses.

ASCM is engaged in warehouse construction and leasing business of
the group.  Till FY08 the company was present in carrying and
forwarding (c&f) activities.  However, from FY09 onwards, the
company shifted focus completely on warehouse construction and
leasing business.  ASCM constructed its first warehouse in 2004 at
Sriperumbudur, Chennai.  By FY10, the company had completed
construction of about 1.2 million square feet of warehouse space
and has plans to reach a total warehouse space of about 4.2
million square feet by FY12.

The company reported an operating income of INR53.9 million and a
profit after tax of INR2.9 million for FY09. According to
provisional financials, the company is expected to report an
operating income of INR147.2 million and a net profit after tax of
INR5.1 million for FY10 from a combined warehouse space of 1.2
million square feet, put on lease from different stages during the
year.


AMIT BROTHERS: ICRA Places 'LBB-' Rating on INR200 Mil. Bank Debts
------------------------------------------------------------------
ICRA has assigned a rating of 'LBB-' to the INR200 million fund
based facilities of Amit Brothers Private Limited.  The outlook on
the rating is stable.

The rating assigned to the company takes into account the risks
arising out of small size of operations in its core business of
electronic goods distribution, which results in limited economies
of scale, its susceptibility to adverse movements in finished
goods prices, cyclicality and competitive nature of industry. The
rating also factors in the company's weak financial profile
characterized by low profitability (because of the trading nature
of the business) and relatively high gearing, which has resulted
in modest interest & debt coverage indicators.  However, the
rating draws comfort from the established track record of the
promoters, established dealership network and reputed supplier
base of the company.

Amit Brothers Pvt. Ltd. was set up 25 years ago as a proprietor
entity at Palam, New Delhi and started with business of paint,
hardware and sanitary retailing in the West Delhi area. The
proprietorship firm was converted into a private limited company
with the name of Amit Brothers Pvt. Ltd.  Initially, the company
was into retailing of paints and hardware with distribution and
sales of branded companies' products such as Nerolac, Asian
Paints, Hindware, Somani etc.  As the business expanded, the
company took dealership of Crompton Greaves and started wholesale
along with retail for distribution of Crompton Greaves' products.
Currently, the company is into distribution of electronic and
electrical products like inverters, batteries, geysers, ubmersible
pumps and PVC pipes.  The company itself has built up a network of
sub dealers and dealers running over 280 distribution points for
retail sale of goods dealt by the company. The company has also
forayed into manufacturing of inverter batteries and gas geysers
in FY09.


MAYUR WOVEN: ICRA Rates INR313.6MM Fund Based Limits at 'LBB'
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR313.60 million fund-
based limits of Mayur Woven Private Limited.  The outlook for the
rating is stable.  ICRA has also assigned an A4 rating to the
INR57.50 million short-term non-fund based limits of MWPL.

The ratings are constrained by MWPL's vulnerable financial risk
profile characterized by high gearing and weak coverage
indicators, its feeble profitability due to low product
differentiation and presence in an extremely fragmented industry,
exposure to volatile polymer prices, susceptibility to changes in
forex rates as more than 80% of the revenues are contributed by
exports, and weak bargaining power with its raw material
suppliers.

The ratings are however supported by the company's modest scale of
operations, its experienced management, favorable growth record,
low cost of borrowed funds, and benefits enjoyed from the
State Government on account of being an export-focused unit.

Mayur Woven, established in 2004, is engaged in the manufacturing
of HDPE/PP Woven Fabrics and bags. The company's plant is situated
in Kalol district, Gandhinagar, about 20 km from Ahmedabad,
and has a capacity of 18,000MT per annum.  Mayur Woven is mostly
exporting its production and
benefits from its proximity to ports like Kandla, Mudra, Pipavav
and Mumbai.

MWPL had revenues of INR1.14 billion in FY09, accompanied by a PAT
of INR4.3 million.


M K ROY: ICRA Assigns 'LB+' Ratings on Various Bank Facilities
--------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR2.3 million term loan,
INR44 million cash credit and INR40 million long term non fund
based bank facilities of M K Roy & Bros Projects Pvt. Ltd.
MKRPL's non fund based bank limits are entirely interchangeable
between long term and short term facilities. ICRA has also
assigned an 'A4' rating to the INR40 million short term non fund
based bank facility of MKRPL.

The ratings take into account the stretched liquidity position of
MKRPL leading to a delay in term loan servicing, the company's
small scale of operations, high working capital intensity of
operations and an aggressive capital structure. The ratings also
factor in the job work nature of business that protects MKRPL from
the volatility in prices of raw material to a large extent and the
established track record of the promoters in the current line of
business.  MKRPL's customer base primarily comprises large state
run oil companies, which mitigates the counter party risk for the
company.

MKRPL was incorporated in 2000 by Kolkata based Mr. M. K. Roy. The
company is primarily engaged in the design, fabrication, and
erection of high pressure and stainless steel tanks and pipelines
used for the storage and transportation of petrochemical products.

During FY09, MKRPL recorded a net profit after tax (PAT) of
INR2.4 million on an operating income (OI) of INR105.4 million as
against a PAT of INR1.9 million on an OI of INR72.4 million during
FY08. The company also reported a PAT of INR1.53 million on an OI
of INR66.7 million for the period April to December 2009.


PNP POLYMERS: ICRA Rates INR72.5MM Fund Based Limits at 'LBB'
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR72.5 million Fund
Based limits of PNP Polymers Private Limited.  The outlook
assigned to the rating is stable.  ICRA has assigned an 'A4'
rating to the INR125.0 million Non-Fund Based limits of PPPL.

The ratings are constrained by the modest size of operations of
the company with weak profit and debt coverage indicators and
exposure of profitability to foreign exchange fluctuations in
absence of any hedging policy.  The ratings are however supported
by the decade long track record the company in trading business,
strong presence in domestic EVA resin market, moderate
concentration risk and comfortable gearing levels supported by
steady equity infusion by promoter.

PNP Polymers Private Limited was incorporated in the year 1997. It
is promoted by Mr. P Kaushik, an NRI based out of Taiwan for the
last 25 years.  The promoters have 100% equity stake in the
company. PPPL has ten offices located across the country as well
as an office in Taiwan.  The company is involved mainly in trading
of imported EVA Resin and PVC Resin.

In FY 2009, the company reported net losses of INR39.8 million
on an operating income of INR4 million.  During 11 month period
of FY2010, the company reported Profit After Tax (PAT) of
INR35.7 million on an operating income of INR871.4 million.


PNP POLYTEX: ICRA Puts 'LBB' Rating on INR40MM Fund Based Limits
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR40.0 million Fund
Based limits of PNP Polytex Private Limited.  The rating carries a
stable outlook. ICRA has also assigned an 'A4' rating to the
INR120.0 million Non-Fund Based limits of PPPL.

The ratings are constrained by the modest size of operations of
the company with weak profitability and debt coverage indicators,
exposure of profitability to foreign exchange fluctuations in the
absence of any hedging policy and on-going expansion plans that
exposes it to project risks.  The ratings are however supported by
the decade long track record of the company in trading business,
strong presence in the domestic coated cloth market, low customer
concentration risk and comfortable gearing level at 0.31 time as
on March 31, 2009, supported by equity infusion by promoters
amounting to INR254 million during FY 2008 and FY 2009.

PNP Polytex Private Limited was incorporated in the year 2000. It
is promoted by Mr. Pavan Kaushik, an NRI based out of Taiwan for
last 25 years.  The promoters have 100% equity stake in the
company.  PPPL has ten offices located across the country as well
as an office in Taiwan.  The company is involved mainly in trading
of imported coated cloth and EVA Resin. The company is also
the exclusive all-India distributor for Echolac branded luggage
bags.

In FY 2009, the company reported net losses of INR96.8 million on
an operating income of INR731.7 million.  During 11 month period
of FY 2010, the company reported Profit After Tax (PAT) of
INR38.3 million on an operating income of INR781.4 million.


PHOROTECH SURFIN: Fitch Affirms 'BB+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Phorotech Surfin (India) Pvt Ltd's
National Long-term rating at 'BB+(ind)'.  The Outlook remains
Stable.  Fitch has also affirmed PSPL's long-term bank loans
aggregating INR92 million and its fund-based cash credit limits of
INR25m at 'BB+(ind)'.

The affirmations reflect PSPL's strong business position in the
South Indian auto market, which has ensured high EBITDA margins of
around 25%.  The company continues to focus on and benefit from
strong relationships with its customers over the last decade.
While Fitch notes that some auto suppliers/manufacturers may set
up their own coating facilities, PSPL's multiple customer base
mitigates this risk, to some extent.  Also recent debt-led capex
is not expected to impact financial leverage significantly.

The ratings are constrained by PSPL's small size of operations and
limited bargaining power during the downturn.  This resulted in
EBITDA margins in the first nine months of FY10 to fall to 27%
from 31.4% in FY09.  The small size of the company may limit its
financial flexibility.  Also, the recent capacity expansion, when
the industry went through a slowdown, might result in low capacity
utilization of its combined facilities for at least another two to
three years, and consequently further pressure its EBITDA margins.
Fitch, however, takes comfort in the present recovery in the auto
sector.

Negative rating triggers include higher-than-expected
deterioration in credit metrics, which would result in net
debt/EBITDA of more than 2.5x.  A significant increase in capacity
utilization levels (more than 85%) leading to a significant
increase in revenues as projected by PSPL in FY12 could lead to a
ratings upgrade.

PSPL has seen significant growth in revenues along with sustained
margins -- its revenues grew to INR242 million in FY09 (FY03:
INR47 million), while EBITDA margins increased to 31% in FY09
(FY07: 27%).  Net debt/EBITDA in FY09 was 0.03x.

PSPL is a Tier 2 player in the auto industry.  It provides anti-
corrosive coating service for auto components manufactured by Tier
1 suppliers.  It has established a dominant position in south
India with a capacity of 295,000 square metres per month by the
end of FY10.


SOGO COMPUTERS: ICRA Assigns 'LBB' Rating on INR180 Mil. LT Loan
----------------------------------------------------------------
ICRA has assigned the 'LBB' rating to the INR180.0 million long
term fund based bank lines of Sogo Computers Private Limited.
ICRA has also assigned the 'A4' rating to the INR50.0 million
short term non fund based bank lines of SCPL.  The outlook
assigned to the rating is stable.

The ratings are constrained by the moderate scale of operations
with significant proportion of revenues derived from low margin
hardware trading activities, stretched financial profile as
reflected in high gearing of 2.22 times (March 31, 2009).
Moreover, ICRA notes that Sogo has high geographical concentration
-- presence only in Karnataka with most of the revenues coming
from Bangalore.  However, the ratings derive comfort from the long
presence of the promoters in the Bangalore market, equity infusion
by the promoters during FY 2008-09 and the fact that Sogo is the
exclusive IT product distributor for Sony and Dell in Karnataka.

Incorporated in 1997, Sogo Computers Private Limited is in the
business of distribution of technology products as well as
offering affordable IT solutions within the state of Karnataka
through a network of seven branches in the state of Karnataka. In
2005, SCPL also forayed in retail segment and currently has five
retail outlets.  Among these retail outlets some are exclusive
showrooms for a single company but majority have hybrid products
of various companies. SPCL was also appointed the Master Sales
Affiliate (Distributor) by Dell for the state of Karnataka.  The
company primarily earns revenue from trading activities --
accounting for 90% of revenue -- besides retailing and servicing
activities.  SCPL has registered a net profit of INR7.9 million on
an operating income of INR1172.1 million in FY 2008-09 as against
net profit of INR5.9 million on an operating income of INR1023.1
in FY 2007-08.


TATA MOTORS: Total Sales Up 52% in March 2010
---------------------------------------------
Tata Motors' total sales -- comprising of Tata commercial and
passenger vehicles -- were 57,202 vehicles in April 2010, a growth
of 52% over 37,518 vehicles sold in April 2009.  The company's
domestic sales of Tata commercial and passenger vehicles for April
2010 were 54,065 nos., a 49% growth over 36,257 nos. sold in April
last year.

The company's sales of commercial vehicles in April 2010 in the
domestic market were 30,963 nos., a 36% growth compared to 22,847
vehicles sold in April last year. LCV sales were 17,806 nos., a
growth of 20% over April last year. M&HCV sales stood at 13,157
nos., a growth of 63% over April last year.

The passenger vehicles business reported a total sale and
distribution offtake of 24,902 nos. (23,102 Tata + 1,800 Fiat) in
the domestic market in April 2010, a 70% increase compared to
14,615 nos. (13,410 Tata + 1,205 Fiat) in April last year. Sales
of the Tata Nano were 3,525 nos.  The Indica range sales were
9,036 nos., a growth of 5% over April last year. The Indigo range
recorded sales of 7,201 nos., a growth of 180% over April last
year. The Sumo/Safari range accounted for sales of 3,340 nos.,
higher by 51% over April last year.

Jaguar Land Rover sales continued their upward trend since launch
in June 2009.

The company's sales from exports at 3,137 vehicles in April 2010
registered a growth of 149% compared to 1,261 vehicles in April
last year.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to B2 from B3.  The outlook on the
rating is positive.

This rating action completes the rating review for possible
upgrade initiated on March 2, 2010, when TML announced its
consolidated Q3 FY2010 results.


UNITECH LIMITED: ICRA Assigns 'LBB+' Rating on INR1-Bil. LT Loan
----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR1.0 billion Long-term
debt programme of Unitech Limited.  The outlook on the rating is
stable.

The rating reflects Unitech's established position in the real
estate sector with presence across all segments, its track record
of successful project management and its geographically
diversified land bank acquired at relatively low cost.  The rating
also takes into account an improvement in Unitech's financial risk
profile following the fund raising initiatives undertaken by the
company, which includes Qualified Institutional Placement (QIP) of
INR44.10 billion, replacement of a part of its short term debt
with longer term borrowings, and sale of non-core assets.  The
rating is, however, constrained by Unitech's high debt levels,
which coupled with the significant debt repayment due in the short
to medium term exposes the company to refinancing risks.

ICRA notes that the company's ability to meet its repayment
obligation will be contingent on refinancing of its short term
debt maturities and improvement in its cash flows from operations.
The rating also factors in the company's exposure to execution
risk considering the significant area under development; and its
ability to maintain its sales volumes and collection efficiency in
its on-going and forthcoming projects.  While assigning the
rating, ICRA has also noted the proposed de-merger of Unitech's
non-core businesses into separate entities.  ICRA will factor in
the impact of this development on the credit profile of Unitech
once the de-merger process is complete.

Unitech Limited, the flagship company of the Delhi-based Unitech
Group, is one of India's largest real estate developers with a
well-diversified presence - both in terms of geographical presence
and in terms of product-price diversity.  Unitech was incorporated
in 1971, as United Technical Consultants Private Limited.  Until
1986 the company was largely constructing thermal power plants,
modernizing steel plants and constructing bridges.  The
constitution of the company was changed to a public limited
company in 1985 and the company was rechristened as Unitech
Limited. In 1986, the company ventured into real estate
development business.

Currently Unitech business consists of Real Estate (Residential,
Retail, Entertainment, Hospitality, Commercial and SEZs),
Construction, Property Management and Consultancy Services,
Transmission Tower, Hospitality and other (includes telecom). Real
estate is Unitech's primary business segment accounting for about
84% of the company's revenue and 92% of its net profits in FY2009.

In the nine-months ending December 31, 2009, Unitech (on
consolidated basis)had registered operating income of INR18.6
billion on which it earned a profit after tax (PAT) of INR5.2
billion.


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


MERPATI NUSANTARA: Seeks IDR799.8BB for Expansion, Restructuring
----------------------------------------------------------------
ANTARA News reports that PT Merpati Nusantara Airlines needs
IDR799.8 billion this year for its debt restructuring and company
operations.

"The funds needed reach IDR489.6 billion in the form of new debts
and IDR310 billion for operational purposes and fleet
procurement," MNA's finance director, Robby Quento said at a
hearing with House of Representatives Commission VI in Indonesia
on Thursday, according to ANTARA.

"We are proposing seeking loans. Besides from PPA it may also come
from other sources. Bank lending seems to be still difficult to
get because the conditions are not yet bankable," the news agency
quoted Mr. Quento as saying.

ANTARA relates Mr. Quento said one of the main factors worsening
Merpati's financial performance in the past few years was the
amount of the debts and their big interests.

"The debt restructuring has to be done through a settlement scheme
which is not too burdening but could give certainty with regard to
their payments to creditors," he said.

Mr. Quento, as cited by ANTARA, said total Merpati's debts were
recorded at IDR3.14 trillion consisting of mandatory debts
reaching IDR476.75 billion, collateralized debts IDR762.74 billion
and non-collateralized debts IDR1.87 trillion.

                      About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

Merpati Nusantra has been suffering from massive debts and soaring
costs, and is now under a restructuring program of the Asset
Management Company (PPA) ? the state-sanctioned agency tasked to
restructure ailing state firms, the Troubled Company Reporter-Asia
Pacific reported on Feb. 25, 2009, citing Jakarta Globe.

The company has a total debt of IDR2.2 trillion to two other state
firms, plus around IDR800 billion it owes as part of employee
layoff settlements, following the dismissal of up to 1,300 workers
on a voluntary basis.


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


AIFUL CORPORATION: JCR Affirms Ratings on Senior Debts to "CCC"
---------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has removed the ratings on
senior debts and each of the outstanding bonds of Aiful
Corporation from Credit Monitor wit Negative direction and
affirmed "CCC" ratings on them.  The rating outlook is Negative.

Senior debts: #CCC/Negative

  Issues     Amount     Issue Date Due Date   Coupon (%)   Rating
  ------     ------     ---------- --------   ----------   ------
bonds no.36 JPY10 Bil.  05/28/2003 05/28/2010  1.25  #CCC/Negative
bonds no.12 JPY10 Bil.  06/28/2000 06/28/2010  2.93  #CCC/Negative
bonds no.49 JPY10 Bil.  07/20/2005 07/20/2010  0.8   #CCC/Negative
bonds no.50 JPY10 Bil.  10/19/2005 10/19/2010  1.14  #CCC/Negative
bonds no.42 JPY10 Bil.  05/26/2004 05/26/2011  1.58  #CCC/Negative
bonds no.44 JPY10 Bil.  10/20/2004 10/20/2011  1.5   #CCC/Negative
bonds no.45 JPY10 Bil.  01/26/2005 01/26/2012  1.2   #CCC/Negative
bonds no.47 JPY10 Bil.  04/20/2005 04/20/2012  1.22  #CCC/Negative
bonds no.52 JPY10 Bil.  11/24/2005 11/22/2012  1.63  #CCC/Negative
bonds no.37 JPY10 Bil.  05/28/2003 05/28/2013  1.74  #CCC/Negative
bonds no.51 JPY10 Bil.  10/19/2005 10/19/2015  1.99  #CCC/Negative

Rationale

JCR values that Aiful Corporation obtained financial assistance
for the JPY279.1 billion loan in the form of repayment grace under
the out-of-court alternative dispute resolution (ADR) procedures
and reduced its short-term repayment burden successfully and that
the Company has raised provision for bad debt and provision for
loss on interest repayment in FY2009 ended March 31, 2010.

On the other hand, with business environment surrounding consumer
finance industry being tough, JCR is concerned about impact of
complete enforcement of the revised Money-Lending Business Control
and Regulation Law scheduled for June 18, 2010.  Other
constraining factors for the ratings include that it will take
time for its debt to be reduced because there was no debt
reduction such as debt forgiveness or DES and that it faces
refinance risk with respect to the remaining debt (amounting
JPY203.1 billion) after the ADR restructuring period.

Although the short-term finance has been stabilized by the ADR
procedures, JCR decided to affirm the "CCC" ratings and to remove
them from Credit Monitor, given these constraining factors. The
rating outlook is Negative, because there is uncertainty about
impact of the complete enforcement of the revised Money-Lending
Business Control and Regulation Law, although concerns about
short-term liquidity and shift to legal procedures were reduced.


TAKEEI CORP: JCR Affirms 'BB+' Rating on Senior Debts
-----------------------------------------------------
Japan Credit Rating Agency Ltd ("JCR") has affirmed the BB+/Stable
rating on senior debts of Takeei Co., Ltd.

Takeei Co., Ltd. is a building-related waste disposal firm and has
a large market share in the Tokyo metropolitan area.  A total
amount of such waste discharge is expected to increase over the
medium and long term as a result of demolition of aging buildings
constructed in a high economic growth period.  The Company's
strength lies in its integrated system ranging from collection and
transportation, intermediate treatment to final disposal of such
waste and it has a client base including large general
contractors.  As a result the Company is highly competitive in the
Tokyo metropolitan area.

JCR considers that a further collaboration among its group
companies will enable the Company to maintain a certain level of
profitability.  JCR considers it necessary for the Company to
improve its financial structure further, as its subsidiary plans
to construct landfill sites for industrial waste (leachate-
controlled type).


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


SSANGYONG MOTOR: To Recall 3,043 Units of Sport-Utility Vehicles
----------------------------------------------------------------
South Korea's Ministry of Land, Transport and Maritime Affairs
said Sunday that Ssangyong Motor Co. will recall 3,043 cars due to
a manufacturing defect, according to Yonhap News Agency.

Yonhap relates the ministry said the Actyon Sports SUV, produced
from Feb. 1 to Aug. 31, 2009, will be recalled due to a faulty
rear-part beam reflector that could cause drivers behind not to
see the vehicle, especially at night.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A
South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.  Yonhap News said Ssangyong
vowed to get itself in order over the next three years.


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


EVERMASTER GROUP: Bursa to De-list Securities on May 12
-------------------------------------------------------
Bursa Malaysia Securities has decided to dismiss the appeals of
Evermaster Group Berhad and to de-list the securities of the
company.

Accordingly, the company's securities will be removed from the
Official List of Bursa Securities on May 12, 2010.  The company is
required to communicate Bursa Securities' decision to its
shareholders.

With respect to the company's securities which are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with Bursa Depository notwithstanding the de-
listing of the securities from the Official List of Bursa
Securities.  It is not mandatory for the securities of a company
which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of Evermaster who intend to hold their
securities in the form of physical certificates can withdraw these
securities from their Central Depository System (CDS) accounts
with Bursa Depository, at anytime after the securities of the
companies are de-listed from the Official List of Bursa
Securities.  This can be effected by the shareholders submitting
an application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.  These shareholders can
contact any Participating Organisation of Bursa Securities and/or
Bursa Securities' General Line at 03-2034 7000 for further
information on the withdrawal procedures.

Upon the de-listing of Evermaster, the company will continue to
exist but as unlisted entity.  Evermaster is still able to
continue the company's operations and business and proceed with
the company's corporate restructuring and the shareholders can
still be rewarded by the company's performance.  However, the
shareholders will be holding shares which are no longer quoted and
traded on Bursa Securities.

                      About Evermaster Group

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

A Receiver and Manager has been appointed over the asset of the
Evermaster Group.  The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.


HO HUP: Publicly Reprimanded Over Listing Rule Breaches
-------------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimanded Ho Hup
Construction Company Berhad for breaches of paragraphs 9.03(1) and
9.04(l) of the LR and paragraph 2.1(e) of PN1.

Pursuant to paragraphs 9.03(1) and 9.04(l) of the LR and paragraph
2.1(e) of PN 1, a listed issuer must make an immediate
announcement of default in payments of either interest or
principal sums or both in respect of a credit facility, which is
reasonably expected to have a material effect on the price, value
or market activity of any of the listed issuer's securities or the
decision of a holder of securities of the listed issuer or an
investor in determining his choice of action.

The Company had breached paragraphs 9.03(1) and 9.04(l) of the LR
read together with paragraph 2.1(e) of PN1 for failing to make an
immediate announcement of the defaults in payments by the Company
and its subsidiary in respect of banking facilities granted by
Ambank (M) Berhad, CIMB Bank Berhad and RHB Bank Berhad.

The public reprimand was imposed pursuant to paragraph 16.17(1) of
the LR after taking into consideration all facts and circumstances
of the matter and upon completion of due process.

Bursa Securities views the above contravention seriously and
hereby cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to the shareholders and the investing
public.

While Bursa Securities has not made a finding that any of the
directors of the Company caused or permitted the aforesaid breach
by the Company, Bursa Securities nevertheless wishes to highlight
that it is the responsibility of directors of listed companies to
maintain appropriate standards of responsibility and
accountability within the Company and amongst its officers and
employees including, among others, an awareness of the importance
of compliance with the LR.

The Board of Directors of the Company at the material time are:

            1. Abdul Kadir Bin Md Kassim
            2. Dato' Low Tuck Choy
            3. Low Teik Kien
            4. Faris Najhan Bin Hashim
            5. Lai Moo Chan
            6. Datuk Sulaiman Daud
            7. Dato' Mohd Ghazali @ Fauzi Bin Yacub

                     About Ho Hup Construction

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
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, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young 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 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 concern.


NIKKO ELECTRONICS: Penang High Court Grants Wind Up Order
---------------------------------------------------------
The Provisional Liquidator of Nikko Electronics Bhd that Penang
High Court on April 28, 2010, granted a winding up order against
the company.

The Board of Nikko is obtaining legal advice to apply for stay of
liquidation and execution of the winding-up order on grounds inter
alia that the decision from the Securities Commission for the
Proposed Restructuring Exercise is still pending.

On September 11, 2008, the High Court of Malaya entered an order
to appoint Dato' Robert Teo Keng Tuan of RSM NWT Advisory Services
Sdn Bhd as the company's provisional liquidator.

The appointment of provisional liquidator was due to the
application made before the High Court of Malaya by Cheong Wai
Meng & Van Buerle, acting for Ishikawa Spring (Malaysia) Sdn Bhd.

Ishikawa Spring demanded Nikko to pay MYR201,194.67 for the supply
of goods.  Nikko was given 21 days to settle outstanding debts,
which the company has failed to do so.  Thus, a wind-up petition
was served against the company.

                      About Nikko Electronics

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


OILCORP BHD: Bank Pertanian Files Writ of Summons Against Layar
---------------------------------------------------------------
OilCorp Berhad disclosed that Bank Pertanian Malaysia Berhad had
on April 5, 2010, filed a Writ of Summons against Layar Visi Sdn.
Bhd., a subsidiary of Oilcorp and Konsortium Perikanan Nasional
Berhad, an associate company of Oilcorp.

The Writ of Summons was filed in the Kuala Lumpur High Court on
April 5, 2010, and was received by LVSB/KPNB on April 28, 2010.

The claim under the Summons amounted to MYR7,563,276.26.  Claimant
is seeking against KPNB as the Borrower and LVSB as the Guarantor
for the aforesaid sum, being the outstanding sum due and payable
by KPNB under a Bai Bithaman Ajil banking facility.  Both KPNB and
LVSB are unable to pay due to lack of cash flow.  No interest has
been claimed.

The total cost of investment by Oilcorp in LVSB is
MYR7,000,000.00.  LVSB is a 70% owned subsidiary of Oilcorp.  LVSB
in turn owns 51% of KPNB.  LVSB's total cost of investment in KPNB
is MYR17,850,000.00.  Based on the latest announced unaudited
quarterly results for the period ended December 31, 2009, the
values of these investments have been fully impaired.

                       About Oilcorp Berhad

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

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


POLY TOWER: Bursa to De-list Securities on May 12
-------------------------------------------------
Bursa Malaysia Securities has decided to dismiss the appeals of
Poly Tower Ventures Berhad and to de-list the securities of the
company.

Accordingly, the company's securities will be removed from the
Official List of Bursa Securities on May 12, 2010.  The company is
required to communicate Bursa Securities' decision to its
shareholders.

With respect to the company's securities which are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with Bursa Depository notwithstanding the de-
listing of the securities from the Official List of Bursa
Securities.  It is not mandatory for the securities of a company
which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of Poly Tower who intend to hold their
securities in the form of physical certificates can withdraw these
securities from their Central Depository System (CDS) accounts
with Bursa Depository, at anytime after the securities of the
companies are de-listed from the Official List of Bursa
Securities.  This can be effected by the shareholders submitting
an application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.  These shareholders can
contact any Participating Organisation of Bursa Securities and/or
Bursa Securities' General Line at 03-2034 7000 for further
information on the withdrawal procedures.

Upon the de-listing of Poly Tower, the company will continue to
exist but as unlisted entity.  Poly Tower is still able to
continue the company's operations and business and proceed with
the company's corporate restructuring and the shareholders can
still be rewarded by the company's performance.  However, the
shareholders will be holding shares which are no longer quoted and
traded on Bursa Securities.

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
Company.  The Company's segments include investment holding and
property investment, manufacturing, and trading.  The Company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The Company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.

Poly Tower Ventures Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and is unable to provide a solvency declaration.


TRANSMILE GROUP: Creditors Demand Payment of MYR105 Mil. Loan
-------------------------------------------------------------
Five main creditors of Transmile Group Bhd met Thursday to appoint
receivers for the beleaguered air cargo company, indicating a firm
resolve by these parties to wind up the company, Malaysia Star
reports citing reliable sources.

Malaysia Star says the five creditors are holders of the company's
MYR105 million worth of medium term notes.

According to the report, the group is believed to be led by the
Employees Provident Fund (EPF), which held around half of the MTN.
The other MTN holders are believed to be Meridian Asset Management
Sdn Bhd, OSK group, Agrobank and AmBank group.

Malaysia Star's sources said the receivers would be looking at
several options and would try to derive the most value out of
Transmile.

"This will include trying to find a buyer for the business,
looking for a reverse takeover offer partner or the last option of
just stripping the assets by selling the planes and winding up the
company," the report quoted a source as saying.

On March 26, Malaysian Trustees Bhd had served notice on Transmile
Air Services Sdn Bhd, a wholly owned subsidiary of Transmile
Group, demanding that the company pay the default outstanding
amount from the MTN within three weeks or face winding up
proceedings.

                       About Transmile Group

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

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

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


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


AIR NEW ZEALAND: Seeks OK For Trans-Tasman Tie-up With Virgin Blue
------------------------------------------------------------------
Air New Zealand Ltd. and Virgin Blue Airlines Group have announced
their intention to seek regulatory approval to create an alliance
on the trans-Tasman.

The proposed alliance will allow the airlines to strengthen their
competitive offering on the trans-Tasman and to collaborate on
future route and product planning, code sharing and frequent flyer
program benefits.

Air New Zealand and Virgin Blue have had trans-Tasman teams
working on the alliance proposal for some months and will file
applications with the Australian Competition and Consumer
Commission and the New Zealand Ministry of Transport.  The
regulators are expected to take around six months to review the
applications prior to authorization.

Co-founder and Chief Executive of the Virgin Blue Airlines Group,
Brett Godfrey, and Air New Zealand Chief Executive Officer,
Rob Fyfe, said the alliance would deliver trans-Tasman travellers
cheaper airfares, increased frequency, better connections, loyalty
scheme reciprocity and expanded lounge access.

Mr. Godfrey said the alliance would stimulate a new wave of
competition in Australasian aviation.

"A great alliance should deliver great value and consistent
product and service standards and that is where we will make new
inroads," he said.

"Virgin Blue is close to unveiling our 'Airline of the Future'
concepts which in our 10th year will reveal the fresh direction of
the 'new blue' and likewise Air New Zealand has signaled its
future product and design direction."

"We believe we are well matched and the timing is good and
incoming Chief Executive, John Borghetti, thoroughly supports this
strategy," he added.

The airlines said that while the proposed alliance is a
significant development for both carriers, it will not impact or
place restrictions on any existing partnerships or alliances of
either airline.

The proposed alliance will connect regional centers in Australia
and New Zealand but only as part of a Tasman journey and does not
include domestic-only travel in either Australia or New Zealand.

The agreement is not a signal of intention by Air New Zealand or
Virgin Blue to take a shareholding in the other.

Mr. Fyfe said if the alliance is approved it will be one of
several measures to improve the airline's competitive position on
the trans-Tasman in the face of the Qantas Group's two-airline
move for regional dominance.

"We are two of the world's most innovative and nimble airlines and
by working closer together we believe we can deliver even more
significant benefits to customers and shareholders," he said.

"Simple moves like integrating schedules, allowing customers to
book multi-sector journeys on one code, providing reciprocal
loyalty scheme benefits and reciprocal lounge access for
qualifying customers will be a compelling proposition for leisure
and business travellers on both sides of the Tasman."

As a result of these improved services, it is expected that the
alliance will attract more passengers on Air New Zealand and
Virgin Blue services.

"This will mean more seats and more low fares than ever before on
the Tasman," said Mr. Godfrey.

"This additional market stimulation is likely to allow Air New
Zealand and Virgin Blue to harness the alliance benefits to start
new routes or fly additional frequencies."

Mr. Fyfe said that the number of seats flown on the Tasman by the
alliance carriers would grow more quickly than they would without
the alliance.

"By combining our New Zealand customer base with the strong market
presence that Virgin Blue has in Australia, additional flights and
new routes will make sense much more quickly.  Also, the ability
to offer Air New Zealand codeshare flights to domestic
destinations in Australia, and Virgin Blue codeshare flights to
regional destinations in New Zealand as part of connecting Tasman
journeys will be a great benefit to our frequent flyers and a
boost for tourism in both countries.

"Our alliance is about working closely together to give customers
cheaper fares, increased frequency and better connections, while
delivering improved returns," said Mr. Fyfe.

The proposed agreement will have four key components:

   1. A broad free-sale code share arrangement covering:

      * All Tasman sectors currently operated by either airline

      * Domestic Australian sectors as part of a connecting
        Tasman Journey

      * Domestic New Zealand sectors as part of a connecting
        Tasman journey

(Note: A broad free-sell code share arrangement involves both
airlines selling tickets for each other's flights under its own
airline code.)

   2. A revenue allocation agreement under which:

      * Revenue generated across all Tasman sectors currently
        operated by either airline, or which may be developed
        under the agreement, will be allocated between the two
        carriers, and;

      * A joint trans-Tasman Network Planning & Revenue Management
        Team representing both airlines will oversee the Tasman
        Operation.

   3. A frequent flyer co-operation agreement that will provide
      reciprocal loyalty scheme benefits to members of Air New
      Zealand's Airpoints loyalty programme and Virgin Blue's
      Velocity Rewards programme.

   4. A lounge co-operation agreement that will ensure lounge
      access to qualifying guests of either airline.

                 About Virgin Blue Airlines Group

The Australian-based Virgin Blue Airline's Group includes Virgin
Blue, second largest domestic carrier in Australia and short haul
international airlines Pacific Blue and joint venture with the
Samoan Government, Polynesian Blue.  Together they operate a fleet
comprising of 86 modern Boeing 737-NG's, Boeing 777 and Embraer E-
Jet aircraft flying to 31 Australian and 16 international
destinations in the South Pacific and Southeast Asia.  It also
includes V Australia, the three class boutique style airline
offering the acclaimed service for which the Virgin Blue Group is
renowned and a unique Australian style.

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


RURAL PORTFOLIO: Placed in Receivership After Breaching Trust Deed
------------------------------------------------------------------
The secured assets of Rural Portfolio Investments and Rural
Portfolio Capital, the investment companies run by Craig Norgate
and the McConnon family, were placed into the hands of receivers,
Alan Wood at BusinessDay.co.nz reports.

Trustee Executors on Monday appointed Kerryn Downey and Andrew
Grenfell of McGrathNicol to enforce the security against RPI and
RPC for investors in the preference shares of Rural Portfolio
Capital, BusinessDay.co.nz says.

The National Business Review reported that trading in Rural
Portfolio Capital's preference shares has been suspended after the
company said it has breached its trust deed.  RPC has $60 million
preference shares on issue, which are under the guarantee of
sister company Rural Portfolio Investments, the NBR said.

BusinessDay.co.nz relates the trustee said the preference shares
were automatically redeemed, cancelled and delisted.

According to BusinessDay.co.nz, the receivers would now take
control of the available securities and secured accounts,
including 46.8 million shares in rural services firm PGG
Wrightson, 10 million shares in New Zealand Farming Systems
Uruguay and $742,314 in an escrow account.

The trustee said that if there was a shortfall from the secured
assets, guarantees, including the parent's, might be pursued if
that was economic for investors, BusinessDay.co.nz notes.

BusinessDay.co.nz, citing regional manager for Trustee Executors
Yogesh Mody, says the focus was to ensure as much value as
possible was returned to investors.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2010, Rural Portfolio Capital may sell its stake in PGG
Wrightson Ltd. after the investment company warned it does not
have enough money in its account to meet the next dividend payment
to its preference shareholders.

Rural Portfolio Capital said it had breached a trust deed by
failing to have enough money in its escrow account to make an
October payment.

Rural Portfolio Capital, which has 30 days to remedy the breach,
said it planned to meet the deadline and had also asked for an
extension from its other funders to allow it to pay them back.

Headquartered in Dunedin, New Zealand, Rural Portfolio Investments
Limited -- http://www.ruralportfolioinvestments.co.nz/-- is an
investment company owned 50 percent by Aorangi Laboratories
Limited (the McConnon family interests' investment vehicle) and 50
percent by MCN Rural Investments Limited (a Craig Norgate family
interests' investment vehicle).  RPI was formed on August 6, 2003,
with the objective of investing in Wrightson Limited and as a
vehicle for other agribusiness investments.


=====================
P H I L I P P I N E S
=====================


METROPOLITAN BANK: Moody's Affirms 'D' Bank Strength Rating
-----------------------------------------------------------
Moody's has affirmed Metropolitan Bank & Trust Co's ratings with
stable outlooks following its announced P5 billion private
placement of new shares.  The affirmed ratings of the bank are --
D bank financial strength rating, Ba1/NP local currency deposit
ratings, Ba3/NP foreign currency deposit ratings, Ba2 LC
subordinated debt rating and B2 FC hybrid Tier 1 capital rating.

The ratings affirmation reflects Moody's view that the fresh
capital of P5 billion will underpin Metrobank's capital adequacy
and financial flexibility against a backdrop of potentially
stricter capital requirements.  As at end-2009, the bank reported
Tier 1 capital of P49.9 billion, of which hybrid Tier 1 capital
securities amounted to P6.4 billion.  Moody's estimates that the
capital injection will raise the bank's Tier 1 capital adequacy
ratio from 10% to 11% using end-2009 data.

The affirmation also recognizes that the improving, but still
uneven recovery of the global economy could test banks'
performances and asset quality.  Metrobank's level of non-
performing assets relative to equity (excluding hybrid Tier 1
capital) and loan loss reserves remains relatively high at 42.5%
as at end-2009.  Moody's estimates the new equity to lower the
bank's NPA to equity and loan loss reserves to 40.2%.

A lowering of this ratio by a reduction of its NPA and/or new
injection of common equity such that it is consistently below 20%
could benefit its ratings.

The last rating action on Metrobank was taken on February 12,
2010, when Moody's lowered its foreign currency hybrid Tier 1
capital securities from B1 to B2.  A revision in Moody's
guidelines for Rating Bank Hybrids and Subordinated Debt,
published in November 2009 underpinned the ratings change.

Metrobank is the Philippines' second largest bank by assets.  It
had total assets of P854 billion as at December 31, 2009.


PHILIPPINE AIRLINES: Ordered to Recall Notice of Termination
------------------------------------------------------------
The Department of Labor and Employment on Friday ordered the
management of Philippine Airlines to recall all the notices of
termination it issued to an estimated 3,500 workers last week,
following a mediation hearing presided by Undersecretary for Labor
Relations Rosalinda Baldoz, The Manila Standard Today.

According to a copy of the minutes of the mediation hearing
obtained by the Manila Standard, airline officials led by
president Jaime Bautista and unions officials headed by Gerardo
Rivera agreed to meet again at the airline's boardroom on May 5,
before the next meeting with Ms. Baldoz on May 7.

The report, citing a Labor Department official, relates that
airline officials discussed the carrier's latest financial
statement -? copies of it were later furnished the Philippine
Airlines Employees Association -? which prompted the Lucio Tan-
owned airline to decide to outsource non-core services like
reservation, ground handling and catering.

Philippine Airlines said it expected to save about $1 billion a
year in operating costs after it shall have spun off the catering
and two other non-core services.

"PAL's scheduled spin-off and restructuring programs are on hold
while the PALEA cannot engage in any mass action, work slowdown,
stoppage or go on strike without violating the order of the
Department of Labor and Employment," the report cited PAL in a
statement.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is spinning off its three non-core units as a last resort
to avoid bankruptcy.

PAL will spin off its three non-core units: inflight catering
services; airport services, including ground handling, cargo
handling and ramp handling; and call center reservations by
May 31, the Manila Bulletin said.

According to The Manila Standard Today, the PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.

The Manila Standard related that PAL president Jaime Bautista said
competition from overseas carriers, slower global economic growth,
and higher oil prices had prompted the airline to slash its non-
core businesses.

According to the Manila Standard, the carrier had approached
several investors but failed to secure financial help, and equity
had dropped to a worrisome US$1.1 million as of February.  "We
approached the government for help but it, too, was in dire
financial straits," the Manila Standard quoted Mr. Bautista as
saying.

The Manila Standard disclosed the airline reported a net loss of
$40.2 million in the first nine months of the fiscal year that
ended in December, from a net loss of $330.2 million a year
earlier.  The Manila Standard said PAL'S revenues rose 15% to
$1.08 billion, but expenses, at $1.1 billion, overran the cash
flow, threatening debt payments to foreign creditors.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


PRIMETOWN PROPERTY: SEC Suspends Permit to Sell Securities
----------------------------------------------------------
The Securities and Exchange Commission has suspended Primetown
Property Group, Inc.'s registration and permit to sell securities
because of its failure to submit financial statements,
BusinessWorld Online reports.

The report, citing SEC's memo dated April 29 and posted during the
weekend, the corporate regulator said Primetown Property cannot
sell securities for 60 days from the date of the order.
BusinessWorld notes that Primetown Property did not file its
financial reports for 2008 and first to third quarters of last
year, resulting a penalty of PHP154,100.

"Failure of the company to submit the required reports within the
above-prescribed period shall be a ground for the commission to
immediately initiate proceedings for the revocation of its
Registration of Securities," the SEC said.

The Philippine Stock Exchange first suspended trading of the
firm's shares in 2004.

Primetown Property Group Inc. was incorporated on May 16, 1989
as an owner and developer of real estate properties.  Its first
project was the Century Citadel Inn Makati, which was completed
in 1993.  The success of this maiden project led PMT to launch
another condotel project in 1994, the Makati Prime Century
Tower.  That same year, PMT also launched the Makati Prime City,
a mixed-use residential and commercial development on a 1.7-
hectare property located near San Antonio Village, Makati City.
PMT went into a rapid expansion mode in 1996, but after having
launched several big projects, the company was caught flat-
footed when the Asian financial crisis hit the Philippines in
July 1997 and continued through 1998.

The company was forced to enter into various restructuring and
dacion en pago arrangements with its creditors to reduce its
debt, to downsize substantially its operations to cut costs, and
to suspend construction on all projects, except those already
transferred to the banks to conserve cash. PMT was also forced
to suspend contracting of new sales and collection of
receivables from the affected projects pending the resumption of
project construction.  The last five years from 2002 to 2006
were a period of further downsizing, cost-cutting, debt-
retirement, searching and negotiating with prospective joint
venture partners for possible takeover of PMT's projects.  As a
result, the company's operations have been substantially
reduced.

On December 15, 2003, the Board and stockholders of PMT approved
the shortening of term of corporate existence of PMT's
subsidiaries up to December 31, 2003, thereby dissolving all
subsidiaries, except Billion Land Inc.  These subsidiaries have
not yet started commercial operations since their incorporation
in 1997.  The SEC approved the dissolution in March 2004.


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


PACIFIC INTERNATIONAL: Moody's Assigns 'B1' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to Pacific International Lines Pte Ltd. The outlook for the
rating is stable.  This is the first time Moody's has rated PIL.

"PIL's B1 rating reflects its long track record of operating
through various cycles in the liner industry," says Peter Choy, a
Moody's Vice President & Senior Credit Officer.

"The rating also captures its competitive profile and strong niche
market position in the fast growing economies of China, Middle
East and Africa, and its young and flexible fleet," continues
Choy.

"PIL's prudent liquidity management and dynamic operating strategy
strengthen its resilience during a down market, which also
supports its rating," says Choy.

At the same time, PIL is exposed to the volatile liner markets and
has suffered declining profitability under the current challenging
conditions, though the negative impact on PIL is less than it has
been on global liners.  Also, its listed container manufacturing
subsidiary, Singamas Container Holdings Ltd, reported an operating
loss in 2009.

As a result, PIL had higher debt leverage of Adjusted Debt/EBITDA
at approximately 13x at the end of 2009.  Meanwhile, its B1 rating
factors in Moody's expectation that PIL will gradually improve its
operating performance with its Adjusted Debt/EBITDA ratio reaching
5-7x in the next two years.

The stable rating outlook reflects Moody's expectation that PIL's
liquidity is sufficient to see it through the next two years, and
to take delivery of its new vessels without incurring additional
debt.

PIL's ratings could come under downgrade pressure if it fails to
improve its weak financial position from 2009; failure would
include operating losses continuing for the next 12 -- 18 months.

Moody's could consider these credit metrics for downgrades:
Adjusted Debt/EBITDA of 8.5x - 9.0x or above and EBITDA/interest
below 3.0--3.5x for the next two years.

The prospect of any upward rating pressure is limited, given the
expected near-term weakness in liner markets and the container
manufacturing business.

However, medium-term upward pressure could emerge if PIL improves
its profitability such that its credit metrics improve to Adjusted
Debt/EBITDA 5.5x -6.0x and EBITDA/interest to 3.5x--4.0x

Pacific International Lines Pte Ltd is a private liner company
established in Singapore in March 1967 by the owner, Y C Chang.
It is the twentieth largest liner in the World and operates a
fleet of about 110 vessels with a total capacity of about 200,000
twenty-foot equivalent units.


===========
T A I W A N
===========


AU OPTRONICS: Seeks Injunction on LG Display Exports to US
----------------------------------------------------------
AU Optronics Corp. said it would seek an injunction to stop LG
Display Co Ltd from selling products in the U.S. after winning a
patent lawsuit against its South Korean rival.

"AU Optronics is very pleased with the result that, following the
finding by the United States District Court for the District of
Delaware on February 16, 2010 that LG Display infringed all 4 of
the AUO patents asserted at trial, the Court further concluded on
April 30, 2010 that AUO did not infringe any of the 4 patents
asserted at trial by LGD, indicating that AUO has prevailed in
this important patent litigation," AUO said in statement Sunday.

This matter began in December 2006 when LGD filed a patent
infringement action against Taiwan's AUO and Chi Mei
Optoelectronics.  AUO filed a counter-claim against LGD
thereafter.  The case went to trial in June 2009.  At the trial,
LGD claimed over US$690 million of damages from AUO.  After an
extensive bench trial, the Court concluded that LGD infringed
all 4 of AUO's patents, and that AUO did not infringe any of LGD's
patents asserted at trial.

"AUO believes that LGD's demands were outrageous, and is elated
that the Court rejected them while at the same time upholding
AUO's strong patented technologies and finding infringement of
them by LGD," the company said.

The 4 AUO patents that the Court found that LGD infringed include:
U.S. Patent Nos. 6,778,160, 6,689,629, 7,125,157 and 7,090,506,
which patented technologies help to improve response time, improve
reliability of LCDs, solve the problem of defects in the displayed
images, and provide a very compact structure useful for small
handheld devices, respectively. The infringing LGD products cover
a wide variety of applications, including LCD panels for TVs,
monitors, notebooks, public information displays and mobile
phones.  A substantial share of products using LGD's LCD panels
sold in the U.S. for the damages period through the date of trial
are infringing products.

Based on the Court's finding of infringement, AUO will seek an
injunction preventing LGD from exporting to and selling in the US
products found to have infringed AUO's patented technologies.  The
Court also concluded that LGD induced infringement of AUO's
patents.

"Based on this ruling, AUO hopes that LGD's customers will
immediately cease purchasing any unauthorized infringing products
from LGD for sale or use in the US without the need for further
court action," AUO noted.

                         About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


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


* BOND PRICING: For the Week April 26 to April 30, 2010
-------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.05
AINSWORTH GAME           8.00    12/31/2011   AUD       0.85
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.97
ANTARES ENERGY          10.00    10/31/2013   AUD       2.00
AUROX RESOURCES          7.00    06/30/2010   AUD       0.96
BECTON PROP GR           9.50    06/30/2010   AUD       0.48
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.16
CHINA CENTURY           12.00    09/30/2010   AUD       0.75
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      63.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.65
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.32
JPM AU ENF NOM 1         3.50    06/30/2010   USD       7.24
MINERALS CORP           10.50    09/30/2011   AUD       0.35
NEW S WALES TREA         1.00    09/02/2019   AUD      63.15
PRAECO P/L               7.13    07/28/2020   AUD      71.15
RESOLUTE MINING         12.00    12/31/2012   AUD       1.11
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.55
VERO INSURANCE           6.15    09/07/2025   AUD      60.61


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      42.50


  INDIA
  -----

AFTEK INFOSYS            1.00    06/25/2010   USD      70.00
GEMINI COMMUNICATION     6.00    07/18/2012   EUR      66.75


  INDONESIA
  ---------

MOBILE-8 TELECOM        12.37    06/15/2017   IDR      58.00


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   JPY      73.09
AIFUL CORP               1.99    03/23/2012   JPY      70.77
AIFUL CORP               1.63    04/20/2012   JPY      61.30
AIFUL CORP               1.63    11/22/2012   JPY      51.91
AIFUL CORP               1.74    05/28/2013   JPY      51.91
AIFUL CORP               1.99    10/19/2015   JPY      44.83
FUKOKU MUTUAL            4.50    09/28/2025   EUR      74.75
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.17
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.55
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      68.92
NIS GROUP                8.06    06/20/2012   USD      38.75
TAKEFUJI CORP            9.20    04/15/2011   USD      69.75
TAKEFUJI CORP            9.20    04/15/2011   USD      69.75
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.37


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.10
CRESENDO CORP B          3.75    01/11/2016   MYR       1.30
DUTALAND BHD             4.00    04/11/2013   MYR       0.77
DUTALAND BHD             4.00    04/11/2013   MYR       0.35
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.98
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.98
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.25
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.66
MALAKOFF CORP BH         9.00    04/30/2057   MYR      72.00
MITHRIL BHD              3.00    04/05/2012   MYR       0.67
NAM FATT CORP            2.00    06/24/2011   MYR       0.16
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.21
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.18
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.62
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       1.31
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.12
SCOMI GROUP              4.00    03/19/2013   MYR       0.11
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.63
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.12
TRC SYNERGY              5.00    01/20/2012   MYR       1.03
WAH SEONG CORP           3.00    05/21/2012   MYR       2.45
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.32
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.03


NEW ZEALAND
-----------

ALLIED NATIONWID        11.52    12/29/2049   NZD      20.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       6.90
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.11
INFRASTR & UTIL          8.50    09/15/2013   NZD       9.20
INFRATIL LTD             8.50    11/15/2015   NZD      12.50
INFRATIL LTD            10.18    12/29/2049   NZD      68.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.35
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       0.88
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      45.24
SKY NETWORK TV           4.01    10/16/2016   NZD      59.19
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.96
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.64
ST LAURENCE PROP         9.25    05/15/2011   NZD      47.65
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.55
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.95
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       6.80


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      36.00
UNITED ENG LTD           1.00    03/03/2014   SGD       1.80
WBL CORPORATION          2.50    06/10/2014   SGD       2.13


SOUTH KOREA
-----------

DAEWOO MTR SALES         6.55    03/17/2011   KRW      61.92
DAEWOO MTR SALES         5.88    06/21/2012   KRW      50.17


SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      67.52


THAILAND
--------

G STEEL                 10.50    10/04/2010   USD      22.99
THAILAND GOVT            0.75    01/04/2022   THB      70.12


                         *********

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.





                 *** End of Transmission ***