TCRAP_Public/100505.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, May 5, 2010, Vol. 13, No. 087

                            Headlines



A U S T R A L I A

FOREST ENTERPRISES: Receivers to Sell Bell Bay Mill
JAK FRUIT: Voluntary Administrators Appointed
LIVING EDGE: Herman Miller Acquires Living Edge For $5 Million
SCOTT PRINTING: Enters Into Voluntary Administration


C H I N A

CHINA EVERBRIGHT: Prepares IPO & May List in Shanghai


H O N G  K O N G

EASE COX: Members' Final Meeting Set for June 8
FAIR & HONEST: Liu Ka Yuen Appointed as Liquidator
FINE RUN: Members' Final Meeting Set for June 1
FILTEX INTERNATIONAL: Commences Wind-Up Proceedings
FLEMING FAMILY: Lees and Ng Step Down as Liquidators

FORTIS INVESTMENT: Ng and Bots Appointed as Liquidators
FRONT MASTER: Creditors' Proofs of Debt Due May 30
FUNNY INDUSTRIAL: Creditors' Proofs of Debt Due May 31
GARNET SHIELD: Creditors' Proofs of Debt Due June 1
GEORGE ZEE: Members' Final General Meeting Set for June 1

GLOBAL UNION: Creditors' Proofs of Debt Due May 24
GOODWIN MARINE: Members and Creditors' Meetings Set for May 13
GRAND MARINE: Members and Creditors' Meetings Set for May 13
HANG HEI: Members' Final Meeting Set for May 17
HENU INDUSTRIAL: Creditors' Meeting Set for May 13

HOWARD SCHULTZ: Commences Wind-Up Proceedings
HK ASSOCIATION: Chiu and Tam Step Down as Liquidators
HK CONSTRUCTION: Briscoe and Borrelli Step Down as Liquidators
HUGO EDUCATION: Chan Hung Pan Steps Down as Liquidator
SKY CHARMING (CHINA): Creditors' Proofs of Debt Due May 23


I N D I A

ALLIED NIPPON: CRISIL Assigns 'BB+' Rating on INR130MM Term Loan
DELHI DIAMONDS: CRISIL Rates INR250.0 Million Cash Credit at 'B'
FORUM RETAIL: ICRA Assigns 'LB+' Rating on INR1.32BB Term Loan
FORUM IT: ICRA Rates INR1.30 Billion Term Loan at 'LBB-'
G.P. TRONICS: CRISIL Assigns 'B+' Rating on INR67.5MM Cash Credit

GOLDEN ROCK: CARE Assigns 'CARE BB+' Rating on Various Bank Debts
HORIZON INFRASTRUCTURE: CARE Rates INR200cr LT Loans at 'CARE BB+'
HYUNDAI MOTOR: India Unit to Settle Terminated Workers' Claims
HYUNDAI MOTOR: Indian Unit Domestic Sales Up 28.11% in April
OM PRAKASH: CRISIL Places 'B+' Rating on INR50 Mil. Cash Credit

SHREE RAJASTHAN: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
SHIVAM STEELS: ICRA Assigns 'LBB+' Rating on INR30 Mil. Bank Debts
TRADECOM INTERNATIONAL: ICRA Reaffirms 'LBB' Rating on Bank Debts
VENKATESHWARA SPONGE: Delays in Loan Payment Prompt Junk Ratings


I N D O N E S I A

BANK DANAMON: To Pay IDR766.26 Billion in Dividends
PERUSAHAAN GAS: Posts IDR1.77 Trillion Net Profit in Q1


J A P A N

ALL NIPPON: Posts JPY57.39 Billion in Fiscal Year 2009


K O R E A

HYUNDAI MOTOR: April Sales Up 27.6% to 310,396 Vehicles
KIA MOTORS: Kia America Reports 17.3% Increase in Sales in April


N E W  Z E A L A N D

A2 CORPORATION: Merger Talks With Freedom Nutritional Suspended


S I N G A P O R E

SINGAM PETRO: Court Enters Wind-Up Order


T A I W A N

NANYA TECHNOLOGY: April 2010 Sales Up 97% Year-to-Year


X X X X X X X X

* S&P's Global Corporate Default Tally Remains at 31

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


FOREST ENTERPRISES: Receivers to Sell Bell Bay Mill
---------------------------------------------------
Receivers and managers of Forest Enterprises Australia Limited and
wholly owned subsidiary FEA Carbon Pty Ltd and controllers of
Tasmanian Plantations Pty Ltd, Deloitte partners Tim Norman and
Sal Algeri, have confirmed that the Group's business model was
fundamentally reliant on annual MIS product sales to fund ongoing
operations.

"With an 80% fall in annual investment scheme product sales in
June 2009, and worse expected again in 2010, the business model
was simply not able to fund its existing cost base," said Mr.
Norman.

"There was no financier in place to fund grower subscriptions for
the proposed 2010 scheme and late in the process FEA's main MIS
distributor withdrew support for FEA Scheme product.

"Despite the significant efforts of the board and management team,
particularly over the last 12 months, they were unable to submit a
restructure plan that showed a return of the business to a viable
position that was able to address the significant operating cash
outflows over the next few years."

Mr. Norman has dismissed criticism of the secured creditors that
their actions have been appropriate or premature.

"Eventually one needs to face the reality that if the business
model could not be restructure, funding continued cash deficits
through asset sales and stretching creditor payments was not in
the interest of any class of creditor, including the MIS
investors, or the FEA shareholders."

Mr. Norman confirmed that going forward the receivers have two
main priorities:

   * the receivers will seek to determine the viability and
     funding requirements of each scheme to assist with the
     assessment of options for the forestry and plantation
     assets; and

   * the receivers will commence a sale process for the Bell Bay
     Mill which, on a stand alone basis, is a valuable asset.

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.

Deloitte partners Tim Norman and Sal Algeri have been appointed as
Receivers and Managers of Forest Enterprises Australia Limited and
wholly owned subsidiary FEA Carbon Pty Ltd (FEAC).

Messrs. Norman and Algeri have also been appointed as 'agents for
the mortagee in possession' of Tasmanian Plantations Pty Ltd,
another wholly owned property holding subsidiary 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.


JAK FRUIT: Voluntary Administrators Appointed
---------------------------------------------
Mildura-based JAK Fruit Pty Ltd. has gone into voluntary
administration, with debts of over AU$10 million, fruitnet.com
reports citing the Sunraysia Daily.  Administrator Wayne Benton of
BRI Ferrier was appointed as voluntary administrator on April 27.

JAK Fruit, run by managing director Jason Kotz, owes growers
AU$4.1 million and their banks AU$6 million, the report says.

The report notes the company's Mildura head office has now been
put up for sale.

According to the report Mr. Benton said that he was hopeful that
growers would receive all the money they were owed, but stressed
that 'would be contingent on a few things'.

JAK Fruit Pty Ltd -- http://www.jakfruit.com/-- is a specialized
exporter of Australian Citrus, Table Grapes and Stone Fruit.


LIVING EDGE: Herman Miller Acquires Living Edge For $5 Million
--------------------------------------------------------------
The Receivers and Managers of Living Edge Group Pty Ltd has sold
the Living Edge business to Herman Miller (Aust) Pty Ltd, the
Australian subsidiary of Living Edge's U.S.-based supplier Herman
Miller Inc.

Joint Receiver and Manager Keith Crawford of McGrathNicol said,
"We are pleased to have secured a going concern sale which
incorporates the transmission of the majority of Living Edge's
existing workforce.  Both parties worked constructively to
conclude this sale as quickly as possible to best preserve
business value and to minimize interruption for customers and
other stakeholders."

The Australian reports that Herman Miller acquired the business
for under $5 million.

HM Asia-Pacific vice-president Jeremy Hocking confirmed Living
Edge will continue to operate and that customers who paid deposits
for furniture will have their orders honored, The Australian says.
About 45 of the 75 employees have been retained, The Australian
adds.

                         About Living Edge

The Living Edge Group Pty Ltd -- http://www.livingedge.com.au/--
is an Australian owned company that supplies high design
furniture.  The company has showrooms in Sydney, Melbourne,
Brisbane, Perth, Canberra and Adelaide.

Keith Crawford and Matthew Caddy of McGrathNicol were appointed
Receivers and Managers of the company by its secured lender
National Australia Bank on April 12, 2010.

Mr. Crawford said, "Our objective is to work constructively with
Living Edge's stakeholders to stabilize and prepare the business
for sale."


SCOTT PRINTING: Enters Into Voluntary Administration
----------------------------------------------------
Sydney-based printing group Scott Printing has entered voluntary
administration, ProPrint reports.  Crouch Amirbeaggi was appointed
administrators on April 27, director Andrew Scott told ProPrint.

According to the report, the Scott Printing Group comprises Hippo
Books, Centatime Publishing and Edgecliff Print, though the
director said Edgecliff Print was not included in the
administration.  Mr. Scott told ProPrint the group was continuing
to trade, and he expected them to do so into the future.

ProPrint relates Mr. Scott said he was aiming for a deed of
company arrangement (DOCA), a proposition which would be put to
creditors at the first creditors meeting on May 6.

"The indications from financiers are that they are willing to
support our financial circumstances going forward.  We still feel
the business is viable at current business levels," the report
quoted Mr. Scott as saying.

Hippo Books produces paperback books, while Centatime Publishing
specializes in colour and B&W manuals, brochures and catalogues.
Edgecliff Print offers offset and digital printing, as well as
copying and binding.


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


CHINA EVERBRIGHT: Prepares IPO & May List in Shanghai
-----------------------------------------------------
China Everbright Bank, the Chinese lender preparing for an initial
public offering, could potentially list in Shanghai ahead of
Agricultural Bank of China, Reuters reports, citing the official
China Securities Journal.

Reuters relates the IPO underscores the urgency with which banks
are aiming to raise capital via share sales, out of concern that
markets could quickly tire of the country's needy lenders.

According to Reuters, the state-run newspaper, citing sources,
said Everbright Bank plans to list in Shanghai first and then
later in Hong Kong.

Reuters adds that the underwriters will include China Jianyin
Investment Securities, Shenyin & Wanguo Securities Co, and China
International Capital Corp.

                     About China Everbright Bank

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.  Everbright Bank is 21%-owned by Hong Kong-listed
China Everbright Ltd, an Everbright Group unit.  The Asian
Development Bank is the only foreign stakeholder, with 2%.

                          *     *     *

China Everbright Bank continues to carry Moody's "Ba1" Foreign LT
Bank Deposit rating and "D-" bank Financial Strength rating.

The Troubled Company Reporter-Asia Pacific reported on Aug. 9,
2007, that China approved China Everbright Bank's plan for
financial restructuring, paving the way for a capital injection
and eventual listing.


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


EASE COX: Members' Final Meeting Set for June 8
-----------------------------------------------
Members of Ease Cox International Company Limited will hold their
final meeting on June 8, 2010, at 10:30 a.m., at the Room 3704,
37th Floor, Hopewell Centre, No. 183 Queen's Road East, Wanchai,
in Hong Kong.

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


FAIR & HONEST: Liu Ka Yuen Appointed as Liquidator
--------------------------------------------------
Liu Ka Yuen on April 13, 2010, was appointed as liquidator of Fair
& Honest (HK) Limited.

The liquidator may be reached at:

         Liu Ka Yuen
         Room 2808, 28/F
         Asia Trade Ctr
         79 Lei Muk Road
         Kwai Chung, N.T.
         Hong Kong


FINE RUN: Members' Final Meeting Set for June 1
-----------------------------------------------
Members of Fine Run Holdings Limited will hold their final general
meeting on June 1, 2010, at 9:00 a.m., at the Connaught House 1,
Burlington Road, Dublin 4, in Ireland.

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


FILTEX INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Filtex International Trade Limited, on April 26, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Ng Kwok Cheung Bernard
         Flat B, 16/F
         Empire Land Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


FLEMING FAMILY: Lees and Ng Step Down as Liquidators
----------------------------------------------------
John Robert Lees and Mat Ng stepped down as liquidators of Fleming
Family & Partners (Asia) Limited on April 26, 2010.


FORTIS INVESTMENT: Ng and Bots Appointed as Liquidators
-------------------------------------------------------
Ng Kit Ying Zelinda and Michel Bots on April 26, 2010, were
appointed as liquidators of Fortis Investment Management Hong Kong
Limited.

The liquidators may be reached at:

         Ng Kit Ying Zelinda
         Michel Bots
         31/F., The Center
         99 Queen's Road
         Central, Hong Kong


FRONT MASTER: Creditors' Proofs of Debt Due May 30
--------------------------------------------------
Front Master Development Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 30, 2010, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Chan Wai Hei
         Or Wai Lin Winnie
         Room 1021 Sun Hung Kai Centre
         30 Harbour Road
         Wanchai, Hong Kong


FUNNY INDUSTRIAL: Creditors' Proofs of Debt Due May 31
------------------------------------------------------
Funny Industrial 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 Max Pui Kit
         Room C, Floor 5
         Tower 7, 1 Beacon Hill Road
         Kowloon Tong, Kowloon


GARNET SHIELD: Creditors' Proofs of Debt Due June 1
---------------------------------------------------
Creditors of Garnet Shield 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 26, 2010.

The company's liquidator is:

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


GEORGE ZEE: Members' Final General Meeting Set for June 1
---------------------------------------------------------
Members of George Zee and Company Limited will hold their final
general meeting on June 1, 2010, at 10:00 a.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Cheung Chui Ping Chaplin, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


GLOBAL UNION: Creditors' Proofs of Debt Due May 24
--------------------------------------------------
Global Union Investment Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 24, 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:

         Yan Tat Wah
         5/F., Dah Sing Life Building
         99-105 Des Voeux Road Central
         Hong Kong


GOODWIN MARINE: Members and Creditors' Meetings Set for May 13
--------------------------------------------------------------
Members and creditors of Goodwin Marine & Industries Company
Limited will hold their meetings on May 13, 2010, at 10:00 a.m.,
and 10:15 a.m., respectively at Room 3201, 32nd Floor, One Pacific
Place, 88 Queensway, in Hong Kong.

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


GRAND MARINE: Members and Creditors' Meetings Set for May 13
------------------------------------------------------------
Members and creditors of Grand Marine International Limited will
hold their meetings on May 13, 2010, at 10:00 a.m., and 10:15
a.m., respectively at Room 3201, 32nd Floor, One Pacific Place, 88
Queensway, in Hong Kong.

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


HANG HEI: Members' Final Meeting Set for May 17
-----------------------------------------------
Members of Hang Hei Candle Manufacturing Company Limited will hold
their final general meeting on May 17, 2010, at 5:00 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.


HENU INDUSTRIAL: Creditors' Meeting Set for May 13
--------------------------------------------------
Creditors of Henu Industrial Co. Limited will hold their meeting
on May 13, 2010, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, and 255A of the Companies Ordinance.

The meeting will be held at the 32nd Floor, One Pacific Place, 88
Queensway, in Hong Kong.


HOWARD SCHULTZ: Commences Wind-Up Proceedings
---------------------------------------------
Members of Howard Schultz & Associates (Asia) Limited, on
April 26, 2010, passed a resolution to voluntarily wind-up the
company's operations.

The company's liquidator is:

         Ng Kwok Cheung Bernard
         Flat B, 16/F
         Empire Land Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


HK ASSOCIATION: Chiu and Tam Step Down as Liquidators
-----------------------------------------------------
Chiu Ming Chung Joe and Tam Kwok Kong stepped down as liquidators
of Hong Kong Association for the Protection of Water Resources
Limited on April 17, 2010.


HK CONSTRUCTION: Briscoe and Borrelli Step Down as Liquidators
--------------------------------------------------------------
Stephen Briscoe and Cosimo Borrelli stepped down as liquidators of
Hong Kong Construction (Works) Limited on April 20, 2010.


HUGO EDUCATION: Chan Hung Pan Steps Down as Liquidator
------------------------------------------------------
Chan Hung Pan stepped down as liquidator of Hugo Education
Institute Company Ltd on March 31, 2010.


SKY CHARMING (CHINA): Creditors' Proofs of Debt Due May 23
----------------------------------------------------------
Sky Charming (China) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 23, 2010, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Chan Chiu Yin
         Room 1212, Bank Centre
         636 Nathan Road
         Mongkok, Kowloon
         Hong Kong


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


ALLIED NIPPON: CRISIL Assigns 'BB+' Rating on INR130MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Allied Nippon
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR388.0 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR130.0 Million Term Loan             BB+/Stable (Assigned)
   INR90.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect ANL's exposure to risks related to large
working capital requirements, presence in a niche braking
components segment, and marginal presence in the four-wheeler
segment.  These weaknesses are partially offset by ANL's
established market position in the two-wheeler braking systems
segment, enhanced by strong technical collaboration with Japan
Brake Industrial Company Limited (JBI; Japan), ANL's diversified
revenue profile, and healthy financial risk profile, marked by
healthy revenue growth and, adequate debt protection indicators.

Outlook: Stable

CRISIL believes that ANL will maintain its healthy business risk
profile over the medium term on the back of its tie-up with JBL
for manufacturing friction material.  The outlook may be revised
to 'Positive' if ANL's financial risk profile improves
substantially.  Conversely, the outlook may be revised to
'Negative' in case of more-than-expected increase in debt-funded
capital expenditure, sluggish revenue growth, and decline in
profitability, impacting ANL's overall credit risk profile.

                        About Allied Nippon

Allied Nippon Ltd, incorporated in 1982 by Mr. Ravi Talwar and his
associates, manufactures friction materials from its four plants
in Sahibabad (Ghaziabad), Gurgaon (Haryana), and Parwanoo
(Himachal Pradesh), for automotive applications and the railways.
Its products range comprises brake lining, brake pads, brake
shoes, brake blocks, railway blocks, and railway pads.

ANL has a technical and financial collaboration with JBI, a
Hitachi group company.  JBI holds a stake of around 20 per cent in
ANL, while the Talwar family and associates hold the remainder.

ANL reported a profit after tax (PAT) of INR33 million on net
sales of INR1401 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR50 million on net sales
of INR1469 million for 2007-08.


DELHI DIAMONDS: CRISIL Rates INR250.0 Million Cash Credit at 'B'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Delhi Diamonds Pvt
Ltd's cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR250.0 Million Cash Credit     B+/Stable (Assigned)

The rating reflects DDPL's exposure to risks related to the start-
up phase of its operations, intense competition in the diamond
trading and jewellery industry, the expected weakening in its
financial risk profile, and volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
DDPL derives from its promoters' experience in the gems and
jewellery industry, and low debtor default risk.

Outlook: Stable

CRISIL believes that DDPL's revenues will remain small and its
financial risk profile, weak, over the near term as the company's
operations are in the start-up phase.  The outlook may be revised
to 'Positive' if DDPL generates more-than-expected net cash
accruals resulting in significant improvement in its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if its inventory position deteriorates, resulting in
strained liquidity, or if diamond prices fall, adversely affecting
its profitability.

                       About Delhi Diamonds

DDPL, incorporated in March 2010, trades in polished diamond and
diamond jewellery and manufactures diamond-studded jewellery.
Currently, DDPL operates entirely in the domestic market, with
customers comprising wholesalers as well as retailers in North
India. Mr. Mukesh Soni, the managing director and his brother
Mr. Murari Lal Soni manage the day-to-day operations of the
company.

DDPL's promoters also own Mohan Gems and Jewels Pvt Ltd (MGJPL;
rated 'B+/Stable' by CRISIL).  MGJPL was incorporated in 2006 and
is engaged in the manufacture of gold jewellery ranging from 18
carats to 24 carats.  The company specializes in manufacturing 22
carats (around 90 per cent of total sales of the company) handmade
antique jewellery. All of its sales are domestic, mostly local.


FORUM RETAIL: ICRA Assigns 'LB+' Rating on INR1.32BB Term Loan
--------------------------------------------------------------
ICRA has assigned a 'LB+' rating to the INR1.32 billion term loan
of Forum Retail Private Limited.

The rating factors in the early stage of the project, various
pending regulatory approvals and the market risk since no bookings
have been achieved so far.  Moreover, delays in the project
completion coupled with any slowdown in the real estate sector can
impact the liquidity and the debt repayment ability of the company
in the future.  The rating however derives comfort from successful
completion of a similar project (Forum Shopping Mall) by the group
in the past.

Forum Retail Pvt. Limited is developing a shopping mall with a
total built-up area of 0.66 million sq. ft. in Jamshedpur
(Jharkhand).  The company has entered into a development agreement
with JUSCO (Jamshedpur Utility and Services Company).  The project
has obtained the clearance for the building plan and is in the
process of obtaining other regulatory approvals.  The initial
phase of the project will consist of a retail shops and a
multiplex with the project cost of INR1.97 billion funded by
promoter contribution and INR1.32 billion million term loan.

FIPL had already incurred INR0.14 Billion in the project till
December 2009 which has been funded through largely through
unsecured loans from the promoters.


FORUM IT: ICRA Rates INR1.30 Billion Term Loan at 'LBB-'
--------------------------------------------------------
ICRA has assigned a 'LBB-' rating to the INR1.30 billion term loan
of Forum IT Parks Pvt. Limited.  The long term rating has a stable
outlook.

The rating factors in the execution risk arising from the early
stage of the project and its exposure to any slowdown in the real
estate sector.  Moreover, the project is exposed to market risk as
no bookings have been achieved in the project so far. The rating
however derives comfort from the low land cost of the project,
modest funding risk and the promoter's experience of successful
completing a similar project (Technopolis-I) in the past.

Forum IT Parks Pvt. Limited is developing a commercial complex
with a total built-up area of 0.75 million sq. ft. within the SEZ
located Bantala district (Kolkata).  The project cost for the
first phase is INR1.95 billion is funded by promoters'
contribution of INR0.65 billion and INR1.30 billion million-
term loan (already tied up).  The promoters have also tied up with
private equity investor for funding the project and have obtained
INR0.90 billion for the same.

FITPPL had already incurred INR0.34 billion in the project till
December 2009 which has been funded by a disbursed loan amount of
INR0.21 billion and the rest by promoter's contribution.


G.P. TRONICS: CRISIL Assigns 'B+' Rating on INR67.5MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of G.P. Tronics Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR67.50 Million Cash Credit     B+/Stable (Assigned)
   INR30.00 Million Letter of       P4 (Assigned)
       Credit/ Bank Guarantee

The ratings reflect GP Tronics' weak financial profile and
exposure to risks relating to the small scale and working-capital-
intensive nature of its operations in the power products industry,
and fluctuations in raw material prices.  These weaknesses are,
however, partially offset by the company's established customer
base, strong growth in revenues, and increasing revenue diversity
in the high-growth solar power business.

Outlook: Stable

CRISIL expects GP Tronics' scale of operation to remain small, and
financial risk profile to remain weak over the near to medium
term.  The outlook may be revised to 'Positive' if the company
scales up its operations significantly, and strengthens its
financial flexibility most likely through fresh equity infusions.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability weakens, leading to reduced cash accruals,
and the company undertakes large, debt-funded capital expenditure.

                         About GP Tronics

Established in 1978 as a partnership firm, GP Tronics became a
private limited company in 2004.  The company deals in energy-
related products, and is the authorized distributor for
uninterrupted power supply (UPS) systems manufactured by Emerson
Network Power (India) Ltd.  GP Tronics also manufactures and
installs solar power conditioning units (PCUs) for solar power
plants and solar water heaters.  It has its factory and godown at
Kolkata (West Bengal).  Pulse Power Technologies Pvt Ltd, a group
company, also manufactures solar PCUs.  SSM Techno Pvt Ltd,
another group company, has a service franchise of Emerson UPS
systems in Kolkata. GP Tronics has also let out part of its office
space to Airtel, for which it receives rental income of about INR8
million per annum.

GP Tronics reported a profit after tax (PAT) of INR6.8 million on
net sales of INR178.9 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR4.2 million on
net sales of INR128.5 million for 2007-08.


GOLDEN ROCK: CARE Assigns 'CARE BB+' Rating on Various Bank Debts
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities of Golden Rock Granites Private Limited.  This rating
is applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations and carry high
credit risk. CARE assigns '+' or '-' sign after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.  Also, CARE has
assigned a 'PR4' rating to the Short-term Bank Facilities of
GRGPL.  This rating is applicable for facilities having tenure up
to one year.  Facilities with this rating would have inadequate
capacity for timely repayment of short-term debt obligations and
carry very high credit risk. Such facilities are susceptible to
default.

                               Amount
   Facilities                 (INR cr)        Ratings
   ----------                 --------        -------
   Long-term Bank Facilities    1.45          CARE BB+
   Short-term Bank Facilities  20.25          PR4

Rating Rationale

The ratings are constrained by GRGPL's small size of operations,
high dependence on a single customer, low level of net worth,
relatively high gearing on account of working capital intensive
nature of operations, limited financial flexibility and foreign
exchange risk.  The ratings also factor in the company's long
track record of operation in a niche segment, presence of the
group company in granite quarrying business and a team of artisans
generating designs for the monuments.  Going forward, ability of
GRGPL to expand/diversify into various other segments will be
crucial for its future growth.  In addition, ability of the
company to improve margins along with growth in sales volume will
be key rating sensitivities.

GRGPL belongs to Golden Rock group which has interests in granite
blocks and granite monuments.  The promoters of this group are
Mr.N.Balakrishnan, Mr.K.Balasubramanian, Mr.K.J.Sudhaa and
Mr.K.K.Kandhaswamy all belonging to same family.  GRGPL is engaged
in manufacturing of granite monuments and caters entirely
to the export market.  The total installed capacity is 350
containers per annum as on March 31, 2009.  GRGPL reported a PAT
of INR0.94 cr on a total income of INR37 cr during FY09.


HORIZON INFRASTRUCTURE: CARE Rates INR200cr LT Loans at 'CARE BB+'
------------------------------------------------------------------
CARE has assigned 'CARE BB+' rating to the Long-term Bank
Facilities of Horizon Infrastructure Limited.  This rating is
applicable for facilities having tenure of over one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.
These ratings are assigned to the long-term bank facilities
aggregating INR200 crore.

Rating Rationale

The rating is constrained by HIL's limited experience in executing
large size construction contracts and consequent dependence on
subcontractors, the company's high gearing levels, its reducing
profitability margins and exposure to the project risk associated
with its Special Purpose Vehicles (SPVs).  However, the rating
factors in the reasonable revenue visibility for HIL from the
proposed infrastructure projects of its group companies. Besides,
the rating factors in HIL's promoters' experience in setting up
infrastructure projects.

HIL's ability to raise the projected equity before its scheduled
repayment and to achieve the envisaged revenue and profitability
in view of the company's past trend of declining profitability
margins and inherent risk related to time and cost overrun are the
key rating sensitivities.

HIL is part of the SKIL Group which develops infrastructure
projects.  HIL is mainly into undertaking small construction
contracts.  Besides, HIL has planned to implement three projects
in the fields of education, hospitality and healthcare costing
INR1,963 crore through its various SPVs. The projects are in the
various stages of obtaining statutory approval.  HIL is also
hopeful of receiving part of the construction contracts from these
projects which it will sub-contract.

During FY09, HIL posted a total income of INR96 crore (a y-o-y
growth of 133%) with a PBILDT and PAT margin of 4.71% (9.68% for
FY08) and 3.46% (6.25% for FY08), respectively.  As a result of
the low capital-intensive nature of operations, the gearing levels
are minimal.  However, HIL's investment in the project stage
companies is in excess of its net worth.  During H1FY10, HIL
posted total income of INR45 crore with PBILDT and PAT margin of
4.78% and 12.22%, respectively.


HYUNDAI MOTOR: India Unit to Settle Terminated Workers' Claims
--------------------------------------------------------------
Hyundai Motor India Ltd., a wholly owned subsidiary of
Hyundai Motor Co., has started direct negotiations with its
dismissed employees for a final settlement instead of going
through the workers union, The Economic Times reports.

The Economic Times relates HMIL said in a statement that some
employees who were dismissed on disciplinary grounds had
approached for a direct settlement.

According to the report, the company has arrived at a settlement
with two workers and the process is underway with another 20
employees.  Under the settlement, the dismissed workers will get
their statutory dues and ex-gratia payment.

The company alleged that the Hyundai Motor India Employees Union
(HMIEU) was preventing the workers from signing the direct
settlement.

The report recalls that Hyundai Motor India's workers went on a
six day strike last year protesting the wage agreement the
management negotiated with a workers committee.

                        About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://worldwide.hyundai.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

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

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


HYUNDAI MOTOR: Indian Unit Domestic Sales Up 28.11% in April
------------------------------------------------------------
Hyundai Motor India Ltd reported an increased of 28.11% in its
domestic sales for April 2010, The Financial Express reports.  The
company sold 28,501 units last month, compared with 22,247 units
in April 2009.

The company's total sales soared by 17.24 per cent at 52,020 units
as compared to 44,370 units in the year-ago period.  Exports of
the company grew 6.31 per cent to 23,519 units from 22,123 units
in the year-ago period.

"HMIL's positive performance is a reflection of its strong product
portfolio. The recently launched refurbished i20 has further
strengthened its position, as it has received a tremendous
response from the market and has become the growth driver for the
segment," HMIL Director (Marketing and Sales) Arvind Saxena said.

                             About HMIL

Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of
Hyundai Motor Company, South Korea and is the second largest car
manufacturer in India.  HMIL presently markets 34 variants of
passenger cars across segments.  The Santro in the B segment, the
Getz Prime and the i10 in the B+ segment, the Accent and the Verna
in the C segment, the Sonata Embera in the E segment and the
Tucson in the SUV segment.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://worldwide.hyundai.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

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

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


OM PRAKASH: CRISIL Places 'B+' Rating on INR50 Mil. Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of M/s Om Prakash Amarnath.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        B+/Stable (Assigned)
   INR30 Million Pledge Loan        B+/Stable (Assigned)
   INR70 Million Bank Guarantee     P4 (Assigned)

The ratings reflect OPA's small scale of operations, weak
financial risk profile marked by low net worth and high gearing,
and limited revenue visibility because of a small order book.
These rating weaknesses are partially offset by the firm's long
track record in the civil construction industry.

Outlook: Stable

CRISIL believes that OPA will continue to benefit over the near to
medium term from the promoters' experience in the civil
construction industry.  The outlook may be revised to 'Positive'
if the firm scales up its operations and improves its financial
flexibility.  Conversely, the outlook may be revised to 'Negative'
if the firm's financial risk profile deteriorates because of
significant decline in revenues and profitability.

                          About Om Prakash

Om Prakash Amarnath is a sole proprietorship concern engaged in
civil construction work on contract basis for the past six
decades.  Mr. Omprakash Khatri is the proprietor of the firm. The
firm has executed several projects for companies and government
agencies, including the Indore Development Authority.

OPA posted a net profit of INR16 million on operating income of
INR317 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net profit of INR8 million on operating
income of INR168 million in 2007-08.


SHREE RAJASTHAN: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities and 'PR4' rating to the Short-term Bank Facilities of
Shree Rajasthan Syntex Ltd.  Facilities with 'Double B' rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.  This rating
is applicable for facilities having tenure of more than one year.
Facilities with 'PR Four' rating would have inadequate capacity
for timely payment of short-term debt obligations and carry very
high credit risk.  Such facilities are susceptible to default.
This rating is applicable for facilities having a tenure up to one
year.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position of
the company within the band covered by the rating.

                               Amount
   Facilities                 (INR cr)        Ratings
   ----------                 --------        -------
   Long-term Bank Facilities   164.27         CARE BB+
   Short-term Bank Facilities   24.60         PR4

Rating Rationale

The rating factors in SRSL's weak financial profile as reflected
by net loss incurred in FY09 and 9MFY10, high overall gearing,
vulnerability of its margins to exchange rate fluctuation risk and
highly fragmented and working capital intensive nature of
industry.  These weaknesses are, however, partially offset by the
vast experience of promoters, established track record in yarn
industry and efficient receivable management policy.

The ability to improve financial risk profile especially overall
gearing and profit margins remain the key rating sensitivities.

Incorporated in 1979, SRSL was promoted jointly by RIICO and Shri
V.K. Ladia, a Textile Engineer and graduate from IIM-A.  It is
engaged in the production of cotton, synthetic (grey as well as
dyed) and Polypropylene Multifilament (PMMF) yarn, with 67,584
spindles for synthetic yarn, 14,520 spindles for cotton yarn and
3,600 MTPA production capacity of Polypropylene Multifilament
(PPMF) yarn.  The company manufactures yarn in the range of 18-30
counts, averaging at around 25 counts.  Its manufacturing
facilities for Synthetic and Cotton yarn are located at Dungarpur
(Rajasthan) and for PPMF yarn at Bagru Ravan, Jaipur (Rajasthan).


SHIVAM STEELS: ICRA Assigns 'LBB+' Rating on INR30 Mil. Bank Debts
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR30 million, fund-
based bank facilities of Shivam Steels & Tubes Private Limited.
The outlook on the long-term rating is "stable".  ICRA has also
assigned an 'A4+' rating to the INR150 million, non-fund based
bank facilities of SSTP.

The assigned ratings take into account the high working capital
intensity making an adverse impact on its liquidity position;
small scale of operations; high customer concentration risks; and
significant competition from other pipe manufacturers due to the
fragmented nature of the industry.  The company also remains
exposed to risks arising from wide variations in raw material
(steel) prices, given the cyclicality inherent in the steel
business.  Nevertheless, the ratings favorably factor in the
experience of the promoters in the pipe manufacturing business;
moderate operating profitability supported by high realizations;
recent installation of cold rolling mill, which increases the
extent of vertical integration in business and is expected to
improve margins in future; a favorable outlook on the tube and
pipe industry, driven by the automobile industry; moderate capital
structure of the company at present following the recent
conversion of unsecured loans into equity and its moderate return
on capital employed owing to high asset utilization rates.

Established in 1998, SSTPL is engaged in the manufacture of
Electric Resistance Welded precision steel tubes with its
manufacturing facility located at Shahapur in the Thane District
of Maharashtra.  The installed capacity of the facility is 18,000
MTPA. The products of SSTPL find their applications in
automobiles, bicycles and furniture.

In 2008-09, SSTPL made a profit of INR15.3 million on the back of
net sales of INR384.6 million.  In the first nine months of 2009-
10, SSTPL recorded an operating profit of INR20.4 million on the
back of gross sales of INR259.7 million.


TRADECOM INTERNATIONAL: ICRA Reaffirms 'LBB' Rating on Bank Debts
-----------------------------------------------------------------
ICRA has re-affirmed an 'A4' and 'LBB' rating to the INR60.03
million working capital facilities of Tradecom International Pvt
Ltd.  The outlook assigned to the long term rating is "Stable".

The reaffirmed ratings continue to reflect the relatively small
size of TI's operations and intense competition faced in the
business due to presence of several players in the industry.  The
working capital intensity remains high on account of high debtor
as well as creditor days.  The rating factors in the
susceptibility of the margins to raw material price fluctuations
along with its exposure to foreign exchange fluctuations due to
raw material imports.  However, the ratings favorably factors in
the promoter's long track record in the business of trading and
processing paper, its reputed customer and supplier profile and
comfortable capital structure at present.

Incorporated in 1998, TI was promoted by Mr. Aurora and is engaged
in the business of indenting and trading of paper.  The company
has a registered office in Mumbai.  TI recorded a net profit of
INR7.70 million on an operating income of INR64.60 million for the
year ending March 31, 2009, and net profit of INR4.30 million on
an operating income of INR46.60 million as per the unaudited
figures for quarter ended Dec 2009.


VENKATESHWARA SPONGE: Delays in Loan Payment Prompt Junk Ratings
----------------------------------------------------------------
CRISIL's rating to bank facilities of Venkateshwara Sponge & Iron
Company Pvt Ltd continues to reflect delays by Venkateshwara in
its repayment of term loan obligations, owing to weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit*      D (Reaffirmed)
   INR150 Million Term Loan**       D (Reaffirmed)
   INR10 Million Long-Term Bank     D (Reaffirmed)
                 Loan Facility

   *Includes proposed limit of INR40 Million.
   **Includes proposed limit of INR80 Million.

Venkateshwara, a closely held company set up in 2005, manufactures
sponge iron.  The company commenced commercial production in
February 2008, with an installed capacity of 100 tonnes per day
(tpd).

Venkateshwara reported a loss of INR20 million on net sales of
INR194 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a loss of INR4.5 million on net sales of
INR36.9 million for 2007-08.


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


BANK DANAMON: To Pay IDR766.26 Billion in Dividends
---------------------------------------------------
ANTARA News reports that Bank Danamon Indonesia's shareholders had
agreed to allocate 50% of last year's net profit as dividends.

Bank Danamon finance director Vera Eve Lim said the bank will pay
dividends worth IDR766.26 billion in total, or equal with IDR90.97
per share, according to ANTARA.

The shareholders at their general meeting also agreed on new
boards of directors and commissioners with Ho Hon Cheong (Henry
Ho) appointed as a new president director, replacing Sebastian
Paredes.

Ms. Lim said the bank's net operating income rose 19% to
IDR5.65 trillion and net interest margin increased 12% from a year
earlier, ANTARA reports.  Bank Danamon posted a net profit of
IDR1.53 trillion last year.

ANTARA relates Ms. Lim said the bank last year channeled IDR63.28
trillion in credits, a 5.41% decline compared to the year before.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  As of December 31, 2009,
the Bank had 82 domestic branches, 1,405 domestic supporting
branches and DSP branches, 11 Sharia branches and one overseas
branch.

                           *     *     *

PT Bank Danamon Indonesia continues to carry Fitch Ratings' BB
Long-term foreign currency Issuer Default Rating, 'B' Short-term
foreign currency IDR and 'C/D' Individual Rating.

Bank Danamon also carries Moody's 'Ba3' Long Term Rating, 'Ba3'
Foreign LT Bank Deposits and 'D' BFSR.


PERUSAHAAN GAS: Posts IDR1.77 Trillion Net Profit in Q1
-------------------------------------------------------
PT Perusahaan Gas Negara Tbk reported an unaudited net profit of
IDR1.77 trillion in the first quarter of 2010, ANTARA News
reports.

ANTARA, citing PGN President Director Hendi P Santoso, says the
net profit was supported by the sale of 841 million cubic feet per
day (MMSCFD), 17% increase compared to that in last year's same
period.

Besides gas sales, ANTARA relates, the company's financial
performance in the first quarter of this year was also supported
by the business of natural gas transmission with a volume of 758
MMSCFD, and the appreciation of the rupiah against other
currencies.

"In the first quarter of this year the company booked a business
profit of IDR4.49 trillion with a net profit of IDR1.77 trillion,"
the news agency quoted Santoso as saying.

                             About PGN

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk --
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.  The company is 59.4% owned by the
Government of Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 9, 2009, Moody's Investors Service affirmed Perusahaan
Gas Negara's Ba2 corporate family rating.  At the same time,
Moody's upgraded the senior unsecured debt rating of PGN Euro
Finance 2003 Ltd, which is guaranteed by Perusahaan Gas Negara, to
Ba2 from Ba3.  The outlook on all ratings is stable.


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


ALL NIPPON: Posts JPY57.39 Billion in Fiscal Year 2009
------------------------------------------------------
All Nippon Airways Co. disclosed its consolidated financial
results for the fiscal year ending March 31, 2010.  The company
posted a net loss of JPY57.39 billion in fiscal 2009 ended in
March, compared with a net loss of JPY4.2 billion for 2008.

ANA also booked an operating loss of JPY54.25 billion, compared
with an operating income of JPY7.59 billion in 2008.

For the current fiscal year ending March 31, 2010, ANA expects a
net income of JPY5 billion, an operating income of JPY42 billion
and operating revenues of JPY1.36 trillion.

A full-text copy of the company's financial results is available
for free at http://ResearchArchives.com/t/s?2045

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

                           *     *     *

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


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


HYUNDAI MOTOR: April Sales Up 27.6% to 310,396 Vehicles
-------------------------------------------------------
Hyundai Motor Co. sold 310,396 units last month, up 27.6% April
2009, backed by robust sales at home and overseas, according to
Yonhap News Agency.  Domestic sales gained 16.9% to 55,339 units
and exports climbed 30.1% to 255,057 units, the report says.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://worldwide.hyundai.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

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

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


KIA MOTORS: Kia America Reports 17.3% Increase in Sales in April
----------------------------------------------------------------
Kia Motors America announced April sales of 30,036 units sold, a
17.3-percent increase over the same period last year.  Year-to-
date sales are up 12.9-percent with the all-new Sorento CUV
topping the list as Kia's best-selling vehicle, continuing its run
of impressive sales results since arriving in dealerships in early
January.  As the brand's first vehicle to be assembled in the
U.S., the Sorento posted sales of 8,486 units.  Other top-selling
models include the recent Insurance Institute for Highway Safety
"Top Safety Pick" Forte compact and the highly personalizable
Soul, achieving 5,807 and 5,223 units sold, respectively.

"Kia Motors' exceptional sales results in April follow our best
first quarter in company history and reflect how consumers are
noticing the brand's quality products with unparalleled design
like the all-new Sorento," said Byung Mo Ahn, group president and
CEO of KMA and Kia Motors Manufacturing Georgia (KMMG).  "With
three all-new vehicle models on the horizon this year, including
Sportage, Forte five-door and Optima, the company stands to
continue its momentum in 2010."

Kia Motors America is the marketing and distribution arm of Kia
Motors Corporation.

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

                           *     *     *

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

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


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


A2 CORPORATION: Merger Talks With Freedom Nutritional Suspended
---------------------------------------------------------------
A2 Corporation Ltd has suspended discussions with Freedom
Nutritional Products Ltd. over a full merger.

"The parties believe that there may be an outcome preferable to a
full merger of equals and, as such, discussions about a full
merger have been suspended," A2 Corp. said in a statement to the
stock exchange.

"The on-going discussions involve a potential merger of FNP's
interests in the Australian joint venture (A2 Dairy Products
Australia) with A2C, in exchange for shares in A2C."

The exclusivity arrangements between FNP and A2C announced have
expired.

As reported in the Troubled Company Reporter-Asia Pacific on
April 13, 2010, The National Business Review said A2 Corporation
may quit the NZAX and is looking to move to the ASX if a merger
with Australian-based Freedom Nutritional Products goes ahead.
A2 Corporation currently lists on the NZX alternative market while
Freedom Nutritional Products is listed across the Tasman, NBR
said.

                        About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM) --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

A2 Corp. incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.

The company also reported a net loss of NZ$3.52 million for the 15
months ended June 30, 2009.

The company reported a post-tax loss of NZ$717,172 in the six
months ending December 31, 2009.  This compared to a loss of
NZ$1.99 million for the six months ended September 30, 2008.


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


SINGAM PETRO: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on April 23, 2010, to
wind up the operations of Singam Petro Pte Ltd.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


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


NANYA TECHNOLOGY: April 2010 Sales Up 97% Year-to-Year
------------------------------------------------------
Nanya Technology Corp. has announced net sales of NT$5.22 billion
in April 2010, an increased of 97% from NT$2.65 billion in April
2009 due to recovering demand for its chips from PC makers, Lisa
Wang at The Taipei Times reports.  Net sales for April 2010 was
slightly lower from March's NT$5.26 billion in sales.

Taipei Times relates Nanya Technology said it raised contract
prices by 10% last month, from March, matching the chipmaker's
forecast as customers built up as much inventory as possible to
cope with expected strong PC replacement demand in the second half
of this year.

Shipments, however, fell about 8% month-on-month last month as
output declined during the migration to more cost-efficient
50-nanometer technology and next-generation DD3 chips.  The
migration is expected to be completed later this quarter, paving
the way for a significant increase in output in the second half of
the year, the report adds.

                       About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.

Nanya Technology posted a net loss of NT$35.23 billion, or NT$7.54
per diluted share, for the 2008 fiscal year, compared with a
net loss of NT$12.46 billion in the prior year.

In the fiscal year of 2009, the company posted unaudited sales
revenue of NT$42.456 billion with an operating loss of NT$16.076
billion and a net loss of NT$20.742 billion.


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


* S&P's Global Corporate Default Tally Remains at 31
----------------------------------------------------
The 2010 year-to-date tally of global corporate defaults remains
unchanged at 31, with no issuers defaulting the week, said an
article published April 30 by Standard & Poor's.

By region, the current year-to-date default tallies are 22 in the
U.S., two in Europe, two in the emerging markets, and five in the
other developed region (Australia, Canada, Japan, and New
Zealand).  So far this year, Chapter 11 filings and distressed
exchanges account for 10 defaults each, missed interest or
principal payments are responsible for six, regulatory directives
and receiverships account for one each, and the remaining three
defaulted issuers are confidential.

Of the global corporate defaulters in 2010, 38% of issues with
available recovery ratings had recovery ratings of '6' (indicating
our expectation for negligible recovery of 0%-10%), 12% of the
issues had recovery ratings of '5' (modest recovery prospects of
10%-30%), 12% had recovery ratings of '4' (average recovery
prospects of 30%-50%), and 19% had recovery ratings of '3'
(meaningful recovery prospects of 50%-70%).  And for the remaining
two rating categories, 15% of the issues had recovery ratings of
'2' (substantial recovery prospects of 70%-90%) and 4% of issues
had recovery ratings of '1' (very high recovery prospects of 90%-
100%).

Ultimate recovery rates displayed considerable cyclicality in
2009, in sync with the ebb and flow of liquidity.  A particular
instrument's position in the capital structure, its security and
collateral, company-specific issues, and economic and credit
market conditions are the main factors that influence a recovery
rate.  Preliminary data for 2009 suggest that the shock to
liquidity from events such as the Lehman Brothers' bankruptcy in
the fall of 2008 severely affected exit valuations of defaulted
securities, as well as the values of nondefaulted securities.

Recoveries, which had experienced a golden age of extremely high
rates during 2003-2007, dropped precipitously in 2009, in line
with our expectations.  By early 2009, recovery rates dropped to
39% for loans and revolving credit facilities and 34% for bonds
(on a mean discounted basis in the first four months) from 74% and
51%, respectively, for all of 2008.  The rebound in capital market
sentiment boosted recovery rates later in the year, and by July
2009, recovery rates began to increase from these troughs.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York City
       Contact: http://www.turnaround.org/

Apr. 29, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - East
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
THE COMMERICAL LAW LEAGUE OF AMERICA
    Midwestern Meeting & National Convention
       Westin Michigan Avenue, Chicago, Ill.
          Contact: 1-312-781-2000 or http://www.clla.org/

May 21, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - NYC
       Alexander Hamilton Custom House, SDNY, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York, NY
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Atlanta Consumer Bankruptcy Skills Training
       Georgia State Bar Building, Atlanta, Ga.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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 ***